Real Estate Properties

3 Months Ended

Mar. 31, 2019

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


	March 31, 2019		December 31, 2018
Land	$	163,003	$	155,573
Building	971,630		924,378
Building improvements	44,025		41,003
Real estate properties	1,178,658		1,120,954
Accumulated depreciation	(101,332)		(91,715)
Total real estate properties, net	$	1,077,326	$	1,029,239

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


	December 31, 2018 Balance		Additions		Capitalized Costs and Improvements		Depreciation		March 31, 2019 Balance
Multi-family	$	964,320	$	48,624	$	3,260	$	(9,546)	$	1,006,658
Multi-family lease up - West Nashville, TN	54,555		—		5,820		(45)		60,330
Land - Daytona, FL	8,021		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,343		—		—		(26)		2,317
Total real estate properties	$	1,029,239	$	48,624	$	9,080	$	(9,617)	$	1,077,326

The following table summarizes the allocation of the purchase price with respect to a property purchased during the three months ended March 31, 2019 (dollars in thousands):


	Allocation of Purchase Price
Land	$	4,266
Building and improvements	43,757
Acquisition-related intangible assets	601
Total consideration	$	48,624

The purchase price of the property acquired, inclusive of acquisition costs, was allocated to the acquired assets based on their estimated relative fair values on the acquisition date.