Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2021

$ in thousands							Initial Cost				Costs Capitalized Subsequent to Acquisition				Gross Amounts at which Carried at the Close of Period(1)
Property Name	Property Location	Property Type	Year Acquired	Year Built	Encumbrances		Land and Land Improvements		Building and Improvements		Land and Land Improvements		Building and Improvements		Land and Land Improvements		Building and Improvements		Total		Accumulated Depreciation		Depreciable Lives(2)
Willows Facility	Redmond, WA	Office	2020	1998	$	—	$	10,503	$	22,101	$	—	$	3,540	$	10,503	$	25,641	$	36,144	$	(697)	(2)
Excelsior Warehouse	Norwalk, CA	Industrial	2020	1984	—		3,865		13,036		—		19		3,865		13,055		16,920		(373)		(2)
Industry Warehouse	Pico Rivera, CA	Industrial	2020	1990	—		2,115		9,180		—		—		2,115		9,180		11,295		(250)		(2)
Meridian Business 940	Aurora, IL	Industrial	2021	1998	—		5,626		19,858		—		—		5,626		19,858		25,484		(165)		(2)
Salem Self Storage	Salem, OR	Self-Storage	2021	2006	—		7,768		35,421		10		12		7,778		35,433		43,211		(280)		(2)
South Loop Storage	Houston, TX	Self-Storage	2021	2002	—		1,881		7,776		—		6		1,881		7,782		9,663		(57)		(2)
Cortona Apartments	St. Louis, MO	Multifamily	2021	2014	45,000		8,376		52,619		7		103		8,383		52,722		61,105		(1,663)		(2)
Bixby Kennesaw	Kennesaw, GA	Student Housing	2021	2020	53,000		5,570		66,130		—		—		5,570		66,130		71,700		(423)		(2)
Tempe Student Housing	Tempe, AZ	Student Housing	2021	2017	65,500		18,406		135,886		—		—		18,406		135,886		154,292		—		(2)
Portfolio Total					$	163,500	$	64,110	$	362,007	$	17	$	3,680	$	64,127	$	365,687	$	429,814	$	(3,908)

(1)As of December 31, 2021, the aggregate cost basis for tax purposes was $462.5 million.

(2)Refer to Note 2 — “Summary of Significant Accounting Policies” to our consolidated financial statements in this Annual Report for details of depreciable lives.

The total included on Schedule III does not include furniture, fixtures and equipment totaling $8.7 million. Accumulated depreciation does not include $0.2 million of accumulated depreciation related to furniture, fixtures and equipment.

The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2021 and 2020:

$ in thousands	December 31, 2021		December 31, 2020
Real Estate:
Balance at the beginning of year	$	60,800	$	—
Additions during the year:
Land and land improvements	47,645		16,483
Building and improvements	321,369		44,317
Balance at the end of the year	$	429,814	$	60,800
Accumulated Depreciation:
Balance at the beginning of year	$	(27)	$	—
Accumulated depreciation	(3,881)		(27)
Balance at the end of the year	$	(3,908)	$	(27)