REAL ESTATE PROPERTIES

12 Months Ended

Dec. 31, 2024

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


	December 31,
	2024		2023
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	31,115		25,110
Real estate properties	722,340		716,335
Accumulated depreciation	(106,425)		(80,499)
Total real estate properties, net	$	615,915	$	635,836

A summary of activity in real estate properties, net, for the year ended December 31, 2024 follows (dollars in thousands):


	December 31, 2023 Balance		Improvements		Depreciation		Asset Sale		December 31, 2024 Balance
Multi-family	$	634,045	$	6,005	$	(25,815)	$	—	$	614,235
Retail shopping center - Yonkers, NY/Other	1,791		147		(111)		(147)		1,680
Total real estate properties	$	635,836	$	6,152	$	(25,926)	$	(147)	$	615,915

NOTE 2—REAL ESTATE PROPERTIES (continued)

The following summarizes, by state, information for the year ended December 31, 2024 regarding consolidated properties (dollars in thousands):


Location	Number of Properties	Number of Units	2024 Rental and Other Revenue		% of 2024 Rental and Other Revenue
Tennessee	2	702	$	14,048	15	%
Mississippi	2	776	12,648		13	%
Alabama	3	740	11,391		12	%
Georgia	3	688	10,610		11	%
Florida	2	518	9,458		10	%
Texas	3	600	9,342		10	%
South Carolina	2	474	8,813		9	%
Virginia	1	220	4,868		5	%
North Carolina	1	264	4,295		5	%
Ohio	1	264	3,935		4	%
Missouri	1	174	3,770		4	%
Other (a)	—	—	1,595		2	%
	21	5,420	$	94,773

__________________________________________

(a) Represents non-multi-family revenues.

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, 2024, are as follows (dollars in thousands):


Year Ending December 31,	Amount
2025	$	1,319
2026	1,319
2027	1,319
2028	887
2029	704
Thereafter	4,132
Total	$	9,680

Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in this table.