Investments in Real Estate, net

6 Months Ended

Jun. 30, 2022

Investments in real estate, net consist of:


$ in thousands	June 30, 2022		December 31, 2021
Building and improvements	$	593,944	$	365,687
Land and land improvements	153,429		64,127
Furniture, fixtures and equipment	11,060		8,690
Total	758,433		438,504
Accumulated depreciation	(12,116)		(4,131)
Investments in real estate, net	$	746,317	$	434,373

The following table details the properties acquired during the six months ended June 30, 2022:


$ in thousands
Property Name	Ownership Interest	Number of Properties	Segment	Acquisition Date	Purchase Price(1)
Grove City Industrial	95%	1	Industrial	January 2022	$	28,030
Cortlandt Crossing	100%	1	Grocery-Anchored Retail	February 2022	65,553
3101 Agler Road	95%	1	Industrial	March 2022	20,503
Earth City Industrial	95%	1	Industrial	March 2022	37,418
Winston-Salem Self-Storage	100%	1	Self-Storage	April 2022	12,154
Everly Roseland Apartments(2)	57%	1	Multifamily	April 2022	162,023
Bend Self-Storage	100%	2	Self-Storage	June 2022	18,078





		8			$	343,759

(1)Purchase price is inclusive of acquisition-related costs.

(2)In April 2022, we acquired a 95% consolidated interest in the Everly Roseland Apartments property. In May 2022, we sold 40% of our 95% interest in the Everly Roseland Apartments to an affiliate of Invesco. We continue to consolidate the property subsequent to the sale due to our controlling financial interest.

The following table summarizes the allocation of the total cost for the properties acquired during the six months ended June 30, 2022:


$ in thousands	Amount
Building and building improvements	$	227,662
Land and land improvements	89,289
Lease intangibles(1)	23,478
Capitalized tax abatement(2)	1,666
Furniture, fixtures and equipment	2,263
Above-market lease intangibles	629
Below-market lease intangibles	(1,228)
Total purchase price(3)	$	343,759

(1)Lease intangibles consist of in-place leases and leasing commissions.

(2)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler Road property with an expiration date of December 31, 2031 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 six months ended June 30, 2022 were as follows:


	In-place lease intangibles	Leasing commissions	Above-market lease intangibles	Below-market lease intangibles
Weighted-average amortization periods (in years)	8.76	13.39	7.58	9.86

We did not record any impairment losses on investments in real estate for the three and six months ended June 30, 2022.