Real Estate Properties

6 Months Ended

Jun. 30, 2021

Real estate properties consist of the following (dollars in thousands):


	June 30, 2021		December 31, 2020
Land	$	23,317	$	25,585
Building	141,143		154,854
Building improvements	8,724		10,590
Real estate properties	173,184		191,029
Accumulated depreciation	(32,193)		(30,837)
Total real estate properties, net	$	140,991	$	160,192

A summary of real estate property owned is as follows (dollars in thousands):


	December 31, 2020 Balance		Capitalized Costs and Improvements		Depreciation		Sale of Property		June 30, 2021 Balance
Multi-family	$	153,604	$	594	$	(2,897)	$	(16,842)	$	134,459
Land - Daytona, FL	4,379		—		—		—		4,379
Retail shopping center and other	2,209		—		(56)		—		2,153
Total real estate properties	$	160,192	$	594	$	(2,953)	$	(16,842)	$	140,991

Property Dispositions

On May 26, 2021 the Company sold its Kendall Manor-Houston, TX property, which had a book value of $16,842,000, for $24,500,000 and recognized a gain on the sale of the property of $7,279,000. In connection with the sale, the Company paid off the existing debt in the amount of $14,260,000.