Real Estate Properties (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 30, 2021		December 31, 2020
Land	$	29,489	$	25,585
Building	220,272		154,854
Building improvements	8,839		10,590
Real estate properties	258,600		191,029
Accumulated depreciation	(33,980)		(30,837)
Total real estate properties, net	$	224,620	$	160,192

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


	December 31, 2020 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sale of Property		September 30, 2021 Balance
Multi-family	$	153,604	$	85,301	$	794	$	(4,657)	$	(16,841)	$	218,201
Land - Daytona, FL	4,379		—		—		—		—		4,379
Retail shopping center and other	2,209		—		—		(83)		(86)		2,040
Total real estate properties	$	160,192	$	85,301	$	794	$	(4,740)	$	(16,927)	$	224,620

At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):


	September 30, 2021		December 31, 2020
Land	$	105,480	$	148,341
Building	827,494		1,029,739
Building improvements	35,949		42,698
Real estate properties	968,923		1,220,778
Accumulated depreciation	(144,299)		(145,600)
Total real estate properties, net	$	824,624	$	1,075,178

Schedule of Asset Acquisition Allocation of Book Value

The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date:


	Purchase Price Allocation
Land	$	6,172,000
Building and Improvements	77,532,000
Acquisition related intangible assets	1,597,000
	$	85,301,000