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


	March 31, 2025		December 31, 2024
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	33,260		31,115
Real estate properties	724,485		722,340
Accumulated depreciation	(112,966)		(106,425)
Total real estate properties, net	$	611,519	$	615,915

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


	December 31, 2024 Balance		Improvements		Depreciation		March 31, 2025 Balance
Multi-family	$	614,235	$	2,089	$	(6,513)	$	609,811
Retail shopping center and other	1,680		56		(28)		1,708
Total real estate properties	$	615,915	$	2,145	$	(6,541)	$	611,519