Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

$ 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 Commerce 9805	Redmond, WA	Office	2020	1998	$	—	$	8,660	$	18,109	$	—	$	3,531	$	8,660	$	21,639	$	30,299	$	(2,884)	(2)
13034 Excelsior	Norwalk, CA	Industrial	2020	1984	—		3,865		13,036		—		451		3,865		13,487		17,352		(1,089)		(2)
5201 Industry	Pico Rivera, CA	Industrial	2020	1990	—		2,115		9,180		—		—		2,115		9,180		11,295		(741)		(2)
Midwest Industrial Portfolio	IL, OH, MO	Industrial	2021/ 2022	1995/ 1998/ 2000/ 2021	70,000		15,715		86,688		—		339		15,715		87,027		102,742		(5,400)		(2)
Salem Self-Storage Portfolio	Salem, OR	Self-Storage	2021	2006	—		7,768		35,421		61		128		7,829		35,549		43,378		(2,422)		(2)
South Loop Storage	Houston, TX	Self-Storage	2021	2002	—		1,881		7,776		15		52		1,896		7,828		9,724		(500)		(2)
Bixby Kennesaw	Kennesaw, GA	Student Housing	2021	2020	53,000		5,570		66,130		133		143		5,703		66,273		71,976		(3,814)		(2)
The Carmin	Tempe, AZ	Student Housing	2021	2017	65,500		18,406		135,886		—		2,152		18,406		138,038		156,444		(7,118)		(2)
University Parkway Storage	Winston-Salem, NC	Self-Storage	2022	2008	—		2,267		8,718		22		23		2,289		8,741		11,030		(423)		(2)
Bend Self-Storage Portfolio	Bend, OR	Self-Storage	2022	2018	—		3,350		13,189		13		17		3,363		13,206		16,569		(574)		(2)
Clarksville Self-Storage Portfolio	Clarksville, TN	Self-Storage	2022	2002	—		4,660		17,259		327		25		4,987		17,284		22,271		(855)		(2)
Everly Roseland	Roseland, NJ	Multifamily	2022	1980	110,874		53,200		102,347		—		6,667		53,200		109,014		162,214		(6,594)		(2)
Cortlandt Crossing	Mohegan Lake, NY	Grocery-Anchored Retail	2022	2018	39,660		20,383		36,578		—		114		20,383		36,692		57,075		(2,455)		(2)
Portfolio Total					$	339,034	$	147,840	$	550,317	$	571	$	13,642	$	148,411	$	563,958	$	712,369	$	(34,869)

(1)As of December 31, 2023, the aggregate cost basis for tax purposes was $697.1 million.

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

The total included on Schedule III does not include furniture, fixtures and equipment totaling $11.3 million. Accumulated depreciation does not include $3.2 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, 2023, 2022 and 2021:

$ in thousands	December 31, 2023		December 31, 2022		December 31, 2021
Real Estate:
Balance at the beginning of year	$	770,565	$	429,814	$	60,800
Additions during the year:
Land and land improvements	444		94,063		47,645
Building and improvements	8,458		246,688		321,369
Dispositions during the year:
Land and land improvements	(8,381)		—		—
Building and improvements	(51,139)		—		—
Impairment of investments in real estate	(7,578)		—		—
Balance at the end of the year	$	712,369	$	770,565	$	429,814
Accumulated Depreciation:
Balance at the beginning of year	$	(20,860)	$	(3,908)	$	(27)
Accumulated depreciation	(18,897)		(16,952)		(3,881)
Dispositions	4,888		—		—
Balance at the end of the year	$	(34,869)	$	(20,860)	$	(3,908)