Real Estate Assets

12 Months Ended

Dec. 31, 2023

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	December 31, 2023		December 31, 2022
Land	$	4,904,705	$	2,356,746
Buildings, improvements and other intangibles	21,664,224		9,425,468
Right of use asset - finance lease	143,842		136,259
Intangible assets - tenant relationships	321,019		152,775
Intangible lease rights	27,743		12,943
	27,061,533		12,084,191
Less: accumulated depreciation and amortization	(2,624,405)		(2,138,524)
Net operating real estate assets	24,437,128		9,945,667
Real estate under development/redevelopment	118,745		52,311
Real estate assets, net	$	24,555,873	$	9,997,978
Real estate assets held for sale included in real estate assets, net	$	—	$	—

The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $59,807, $13,981, and $4,778 for the years ended December 31, 2023, 2022 and 2021, respectively. The remaining balance of the unamortized lease rights will be amortized over the next five to 39 years. Accumulated amortization related to intangibles was 317,511 and 144,144 as of December 31, 2023 and 2022, respectively.