REAL ESTATE PROPERTIES

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES

Real estate properties, excluding a property held for sale in 2021 (see Note 7), consist of the following (dollars in thousands):

	December 31,
	2022		2021
Land	$	74,246	$	38,822
Building	617,041		281,841
Building improvements	15,511		9,354
Real estate properties	706,798		330,017
Accumulated depreciation	(55,195)		(36,467)
Total real estate properties, net	$	651,603	$	293,550

A summary of activity in real estate properties, net for the year ended December 31, 2022 follows (dollars in thousands):

	December 31, 2021 Balance		Partner Buyouts		Improvements		Depreciation		December 31, 2022 Balance
Multi-family	$	291,538	$	370,513	$	6,295	$	(18,645)	$	649,701
Retail shopping center - Yonkers, NY/Other	2,012		—		—		(110)		1,902
Total real estate properties	$	293,550	$	370,513	$	6,295	$	(18,755)	$	651,603

NOTE 2—REAL ESTATE PROPERTIES (Continued)

The following summarizes, by state, information for the year ended December 31, 2022 regarding consolidated properties (dollars in thousands):

Location	Number of Properties	Number of Units	2022 Rental and Other Revenue		% of 2022 Rental and Other Revenue
Tennessee	2	702	$	13,812	20	%
Georgia	3	688	8,785		12	%
South Carolina	2	474	8,111		12	%
Florida	2	518	7,605		11	%
Texas	3	600	7,578		11	%
Mississippi	2	776	5,438		8	%
Alabama	3	740	5,099		7	%
Virginia	1	220	4,556		6	%
Ohio	1	264	3,563		5	%
Missouri	1	174	2,630		4	%
North Carolina	1	264	1,824		3	%
Other (a)	—	—	1,514		2	%
	21	5,420	$	70,515

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(a) Represents non-multi-family revenues.

Future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at December 31, 2022, are as follows (dollars in thousands):

Year Ending December 31,	Amount
2023	$	1,252
2024	953
2025	648
2026	648
2027	648
Thereafter	217
Total	$	4,366

Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in this table.