Real Estate Properties (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Schedule of Real Estate Properties Owned

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

	March 31, 2024		December 31, 2023
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	26,710		25,110
Real estate properties	717,935		716,335
Accumulated depreciation	(86,934)		(80,499)
Total real estate properties, net	$	631,001	$	635,836

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

	December 31, 2023 Balance		Improvements		Depreciation		March 31, 2024 Balance
Multi-family	$	634,045	$	1,600	$	(6,407)	$	629,238
Retail shopping center and other	1,791		—		(28)		1,763
Total real estate properties	$	635,836	$	1,600	$	(6,435)	$	631,001

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

	March 31, 2024		December 31, 2023
Land	$	46,331	$	46,331
Building	329,534		291,473
Building improvements	8,567		8,040
Real estate properties	384,432		345,844
Accumulated depreciation	(72,863)		(69,970)
Total real estate properties, net	$	311,569	$	275,874