Real Estate Properties (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Summary of Real Estate Properties Owned

Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands):

	March 31, 2022		December 31, 2021
Land	$	42,158	$	38,822
Building	315,279		281,841
Building improvements	10,156		9,354
Real estate properties	367,593		330,017
Accumulated depreciation	(39,259)		(36,467)
Total real estate properties, net	$	328,334	$	293,550

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

	December 31, 2021 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sale of Property		March 31, 2022 Balance
Multi-family	$	291,538	$	36,802	$	802	$	(2,792)	$	—	$	326,350
Land - Daytona, FL	4,379		—		—		—		(4,379)		—
Retail shopping center and other	2,012		—		—		(28)		—		1,984
Total real estate properties	$	297,929	$	36,802	$	802	$	(2,820)	$	(4,379)	$	328,334

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

	March 31, 2022		December 31, 2021
Land	$	92,378	$	97,230
Building	678,140		739,577
Building improvements	30,658		31,055
Real estate properties	801,176		867,862
Accumulated depreciation	(125,930)		(133,615)
Total real estate properties, net	$	675,246	$	734,247

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 (dollars in thousands):

	Purchase Price Allocation
Land	$	3,336
Building and improvements	33,404
Total land and buildings	36,740
Acquisition related intangible assets	797
Total Asset	$	37,537
Acquisition related mortgage intangible	$	62