Investments in Real Estate, net (Tables)

6 Months Ended

Jun. 30, 2021

Real Estate [Abstract]

Schedule of Investments in Real Estate

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	June 30, 2021		December 31, 2020
Building and improvements	$	98,396	$	44,317
Land and land improvements	24,859		16,483
Furniture, fixtures and equipment	796		—
Total	124,051		60,800
Accumulated depreciation	(1,446)		(27)
Investments in real estate, net	$	122,605	$	60,773

Asset Acquisition

The following table summarizes the allocation of the total cost for the Cortona Apartments:

$ in thousands	Amount
Building and building improvements	$	52,619
Land and land improvements	8,376
Lease intangibles (1)	1,867
Capitalized tax abatement (2)	7,427
Furniture, fixtures and equipment	794
Total purchase price (3)	$	71,083

(1)Lease intangibles consist of in-place leases with a weighted average amortization period of 0.5 years.

(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.