v3.26.1
Real Estate Properties
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Real Estate Properties Real Estate Properties
Real estate properties, consists of the following (dollars in thousands):
June 30, 2026December 31, 2025
Land$74,246 $74,246 
Building616,979 616,979 
Building improvements41,816 38,410 
  Real estate properties733,041 729,635 
Accumulated depreciation(146,212)(132,821)
  Total real estate properties, net$586,829 $596,814 

A summary of real estate properties owned is as follows (dollars in thousands):

      

December 31, 2025
Balance		 ImprovementsDepreciation June 30, 2026
Balance
Multifamily$595,245 $3,406 $(13,336)$585,315 
Retail shopping center and other1,569 — (55)1,514 
Total real estate properties$596,814 $3,406 $(13,391)$586,829 

On June 2, 2026, the Company entered into an agreement to acquire Ranch Lake Apartments, a 336-unit multi-family property located in Bradenton, Florida. The purchase price is approximately $80,000,000 (subject to customary closing purchase price adjustments), including the assumption of an approximately $45,700,000 mortgage insured by the United States Department of Housing and Urban Development ("HUD"). The mortgage carries an interest rate of 2.91% and matures in 2056.
Note 5 – Real Estate Properties (continued)
The completion of the transaction, which is anticipated to close in the first quarter of 2027, is subject to, among other things, HUD and lender approval of the mortgage assumption, and other customary closing conditions.