Real Estate Properties

6 Months Ended

Jun. 30, 2019

Real estate properties, including properties held for sale, consist of the following (dollars in thousands):


	June 30, 2019		December 31, 2018
Land	$	164,838	$	155,573
Building	1,022,194		924,378
Building improvements	46,297		41,003
Real estate properties	1,233,329		1,120,954
Accumulated depreciation	(111,675)		(91,715)
Total real estate properties, net	$	1,121,654	$	1,029,239

A summary of real estate properties owned, including properties held for sale, is as follows (dollars in thousands):


	December 31, 2018 Balance		Additions		Capitalized Costs and Improvements		Depreciation		June 30, 2019 Balance
Multi-family	$	964,320	$	92,170	$	6,837	$	(19,682)	$	1,043,645
Multi-family lease-up - West Nashville, TN	54,555		—		13,372		(227)		67,700
Land - Daytona, FL	8,021		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,343		—		—		(55)		2,288
Total real estate properties	$	1,029,239	$	92,170	$	20,209	$	(19,964)	$	1,121,654

The following table summarizes the allocation of the purchase price with respect to two properties purchased during the six months ended June 30, 2019 (dollars in thousands):


	Allocation of Purchase Price
Land	$	6,101
Building and improvements	84,987
Acquisition-related intangible assets	1,082
Total consideration	$	92,170

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