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


	June 30, 2025		December 31, 2024
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	35,387		31,115
Real estate properties	726,612		722,340
Accumulated depreciation	(119,546)		(106,425)
Total real estate properties, net	$	607,066	$	615,915

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


	December 31, 2024 Balance		Improvements		Depreciation		June 30, 2025 Balance
Multi-family	$	614,235	$	4,114	$	(13,066)	$	605,283
Retail shopping center and other	1,680		158		(55)		1,783
Total real estate properties	$	615,915	$	4,272	$	(13,121)	$	607,066