Real Estate Properties (Tables)

6 Months Ended

Jun. 30, 2019

Real Estate [Abstract]

Summary of real estate properties owned

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

Summary of the allocation of purchase price

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