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 | | | | __________________________________________ (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.
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