| Schedule of Real Estate Properties Owned |
Real estate properties, consists of the following (dollars in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Land | | $ | 74,246 | | | $ | 74,246 | | | Building | | 616,979 | | | 616,979 | | | Building improvements | | 41,816 | | | 38,410 | | | Real estate properties | | 733,041 | | | 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):
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| | December 31, 2025
Balance | | Improvements | | Depreciation | | | | June 30, 2026
Balance | | Multifamily | | $ | 595,245 | | | $ | 3,406 | | | $ | (13,336) | | | | | $ | 585,315 | | | Retail shopping center and other | | 1,569 | | | — | | | (55) | | | | | 1,514 | | | Total real estate properties | | $ | 596,814 | | | $ | 3,406 | | | $ | (13,391) | | | | | $ | 586,829 | |
At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Land | $ | 54,272 | | | $ | 54,272 | | | Building | 387,415 | | | 387,364 | | | Building improvements | 19,425 | | | 17,562 | | | Real estate properties | 461,112 | | | 459,198 | | | Accumulated depreciation | (103,044) | | | (95,747) | | | Total real estate properties, net | $ | 358,068 | | | $ | 363,451 | | | | | |
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