REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31,
	2023		2022
Land	$	74,246	$	74,246
Building	616,979		617,041
Building improvements	25,110		15,511
Real estate properties	716,335		706,798
Accumulated depreciation	(80,499)		(55,195)
Total real estate properties, net	$	635,836	$	651,603

A summary of activity in real estate properties, net, for the year ended December 31, 2023 follows (dollars in thousands):


	December 31, 2022 Balance		Improvements		Depreciation		Asset Sale		December 31, 2023 Balance
Multi-family	$	649,701	$	9,537	$	(25,193)	$	—	$	634,045
Retail shopping center - Yonkers, NY/Other	1,902		106		(111)		(106)		1,791
Total real estate properties	$	651,603	$	9,643	$	(25,304)	$	(106)	$	635,836

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following summarizes, by state, information for the year ended December 31, 2023 regarding consolidated properties (dollars in thousands):


Location	Number of Properties	Number of Units	2023 Rental and Other Revenue		% of 2023 Rental and Other Revenue
Tennessee	2	702	$	14,088	15	%
Mississippi	2	776	12,184		13	%
Alabama	3	740	11,194		12	%
Georgia	3	688	10,571		11	%
Florida	2	518	9,428		10	%
Texas	3	600	9,231		11	%
South Carolina	2	474	8,585		9	%
Virginia	1	220	4,586		5	%
North Carolina	1	264	4,168		4	%
Missouri	1	174	3,802		4	%
Ohio	1	264	3,751		4	%
Other (a)	—	—	1,481		2	%
	21	5,420	$	93,069

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(a) Represents non-multi-family revenues.

Schedule of Operating Leases, Future Minimum Payments, Receivable

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, 2023, are as follows (dollars in thousands):


Year Ending December 31,	Amount
2024	$	1,289
2025	1,319
2026	1,319
2027	1,319
2028	887
Thereafter	4,837
Total	$	10,970