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Investments in Real Estate, net (Tables)
 12 Months Ended
Dec. 31, 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:
DescriptionDepreciable Life
Building
30 - 40 years
Building and land improvements
1 - 10 years
Furniture, fixtures and equipment
1 - 7 years
Lease intangibles Over lease term
Leasehold improvementsShorter of lease term or economic life of improvements
Investments in real estate, net consist of:
$ in thousandsDecember 31, 2021December 31, 2020
Building and improvements$365,687 $44,317 
Land and land improvements64,127 16,483 
Furniture, fixtures and equipment8,690 — 
Total438,504 60,800 
Accumulated depreciation(4,131)(27)
Investments in real estate, net$434,373 $60,773 
Asset Acquisition
The following table details the properties acquired during the year ended December 31, 2021:
$ in thousands
Property NameOwnership InterestNumber of
Properties		SegmentAcquisition Date
Purchase
Price(1)
Cortona Apartments100%1MultifamilyJanuary 2021$71,083 
Meridian Business 94095%1IndustrialSeptember 202129,615 
Bixby Kennesaw98%1Student housingSeptember 202178,663 
Salem Self Storage100%3Self-storageSeptember 202147,872 
South Loop Storage100%1Self-storageSeptember 202111,141 
Tempe Student Housing98%1Student housingDecember 2021163,692 
8$402,066 
(1)Purchase price includes acquisition-related costs.
The following table details the properties acquired during the year ended December 31, 2020:
$ in thousands
Property NameOwnership InterestNumber of
Properties		SegmentAcquisition Date
Purchase Price(1)
Willows Facility100%1OfficeDecember 2020$35,729 
Excelsior Warehouse100%1IndustrialDecember 202018,594 
Industry Warehouse100%1IndustrialDecember 202012,483 
3$66,806 
(1)Purchase price includes acquisition-related costs.
The following table summarizes the allocation of the total cost for properties acquired during the years ended December 31, 2021 and 2020:
For the Year Ended December 31,
$ in thousands20212020
Building and improvements$317,690 $44,318 
Land and land improvements47,627 16,482 
Lease intangibles(1)
19,416 7,611 
Capitalized tax abatement(2)
7,427 — 
Furniture, fixtures and equipment8,646 — 
Above-market lease intangibles1,322 — 
Below-market lease intangibles(72)(1,605)
Other10 — 
Total purchase price(3)
$402,066 $66,806 
(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 its remaining useful life. See Note 7 — “Other Assets” for additional information on the capitalized tax abatement.
(3)Includes acquisition-related costs.
The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2021 were as follows:
In-place lease intangiblesLeasing commissionsAbove-market lease intangiblesBelow-market lease intangibles
Weighted-average amortization periods (in years)2.813.313.80.75
The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the year ended December 31, 2020 were as follows:
In-place lease intangiblesLeasing commissionsBelow-market lease intangibles
Weighted-average amortization periods (in years)9.49.88.3