REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2021

Real estate properties, excluding a property held for sale in 2021 (see Note 7), consist of the following (dollars in thousands):


	December 31,
	2021		2020
Land	$	38,822	$	25,585
Building	281,841		154,854
Building improvements	9,354		10,590
Real estate properties	330,017		191,029
Accumulated depreciation	(36,467)		(30,837)
Total real estate properties, net	$	293,550	$	160,192

A summary of activity in real estate properties, net for the year ended December 31, 2021 follows (dollars in thousands):


	December 31, 2020 Balance		Property Acquisitions		Improvements		Depreciation		Asset Sale		Held for Sale		December 31, 2021 Balance
Multi-family	$	153,604	$	160,583	$	1,308	$	(7,116)	$	(16,841)	$	—	$	291,538
Land - Daytona, FL	4,379		—		—		—		—		(4,379)		—
Retail shopping center - Yonkers, NY/Other	2,209		—		—		(111)		(86)		—		2,012
Total real estate properties	$	160,192	$	160,583	$	1,308	$	(7,227)	$	(16,927)	$	(4,379)	$	293,550

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following summarizes, by state, information for the year ended December 31, 2021 regarding consolidated properties (dollars in thousands):


Location	Number of Properties	Number of Units	2021 Rental and Other Revenue from Real Estate Properties		% of 2021 Rental and Other Revenue from Real Estate Properties
Georgia	2	448	$	6,723	21	%
Florida	1	276	4,594		14	%
South Carolina	2	474	4,402		14	%
Virginia	1	220	4,273		13	%
Texas (a)	1	192	3,895		12	%
Tennessee	2	702	3,413		11	%
Ohio	1	264	3,232		10	%
Other (b)	—	—	1,509		5	%



____________________________	10	2,576	$	32,041	100	%

(a) Includes the revenues of Kendall Manor which was sold in May 2021.

(b) Represents non-multi-family revenues

Schedule of Operating Leases, Future Minimum Payments, Receivable

Future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at December 31, 2021, are as follows (dollars in thousands):


Year Ending December 31,	Amount
2022	$	1,185
2023	1,252
2024	953
2025	648
2026	648
Thereafter	865
Total	$	5,551