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Real Estate Properties | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
Real Estate Properties | Real Estate Properties 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):
|  | 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 |
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.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 + Details
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