Investments in Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2021

Our investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:


Description	Depreciable Life
Building		30 - 40 years
Building and land improvements		1 - 10 years
Furniture, fixtures and equipment		1 - 7 years
Lease intangibles and leasehold improvements		Over lease term

Investments in real estate, net consist of:


$ in thousands	September 30, 2021			December 31, 2020
Building and improvements	$	229,793		$	44,317
Land and land improvements		45,350			16,483
Furniture, fixtures and equipment		3,294			—

Total		278,437			60,800
Accumulated depreciation		(2,241	)		(27	)

Investments in real estate, net	$	276,196		$	60,773

Asset Acquisition

The following table details the properties acquired during the nine months ended September 30, 2021:


$ in thousands
Property Name	Ownership Interest			Number of Properties		Segment		Acquisition Date		Purchase Price (1)
Cortona Apartments		100	%		1		Multifamily		January 2021	$	71,083
Meridian Business 940		95	%		1		Industrial		September 2021		29,615
Bixby Kennesaw		98	%		1		Student housing		September 2021		78,663
Salem Self Storage		100	%		3		Self-storage		September 2021		47,872
South Loop Storage		100	%		1		Self-storage		September 2021		11,141

					7					$	238,374

(1)

Purchase price is inclusive of acquisition-related costs.

The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2021:


$ in thousands	Amount
Building and building improvements	$	182,488
Land and land improvements		28,866
Lease intangibles (1)		14,996
Capitalized tax abatement (2)		7,427
Furniture, fixtures and equipment		3,276
Above-market lease intangibles		1,321

Total purchase price (3)	$	238,374

(1)

Lease intangibles consist of

in-place

leases and leasing commissions.

(2)

We obtained a tax abatement in conjunction with our purchase of the Cortona Apartments with an expiration date of December 31, 2038 and are amortizing the tax abatement over the remaining useful life of the tax abatement.

(3)

Includes acquisition-related costs.

The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the nine months ended September 30, 2021 were as follows:


	In-place lease intangibles		Leasing commissions		Above-market lease intangibles
Weighted-average amortization periods (in years)		2.95		13.88		14.03