Real Estate Properties (Tables)

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Schedule of Real Estate Properties Owned

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

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

	March 31, 2025		December 31, 2024
Land	$	46,601	$	46,331
Building	339,844		344,546
Building improvements	14,917		9,560
Real estate properties	401,362		400,437
Accumulated depreciation	(85,591)		(81,843)
Total real estate properties, net	$	315,771	$	318,594