Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Changes Made to Financial Results by Segment

The following changes have been made to our financial results by segment tables:


	For the Year Ended December 31, 2022						For the Year Ended December 31, 2021
$ in thousands	As Reported		Adjustment		As Revised		As Reported		Adjustment		As Revised
Income from unconsolidated investments, net	$	27,585	$	(9,475)	$	18,110	$	23,209	$	(11,498)	$	11,711
Segment net operating income	$	62,488	$	(9,475)	$	53,013	$	32,458	$	(11,498)	$	20,960
Segment depreciation and amortization	$	(60,233)	$	9,475	$	(50,758)	$	(30,518)	$	11,498	$	(19,020)
Segment income from unconsolidated entities	$	27,585	$	(9,475)	$	18,110	$	23,209	$	(11,498)	$	11,711
Depreciation and amortization attributable to unconsolidated entities	$	(19,218)	$	9,475	$	(9,743)	$	(20,061)	$	11,498	$	(8,563)

Schedule of Investments in Real Estate Useful Lives

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						Over lease term(1)
Leasehold improvements						Shorter of lease term or economic life of improvements

(1)Multifamily and self-storage properties use a half-life for the average length of the leases to approximate the average remaining length of leases. Student housing properties use the remaining life of the leases for the current school year.

Investments in real estate, net consist of:


$ in thousands	December 31, 2023		December 31, 2022
Building and improvements	$	563,958	$	612,374
Land and land improvements	148,411		158,191
Furniture, fixtures and equipment	11,349		11,514
Total	723,718		782,079
Accumulated depreciation	(38,115)		(22,618)
Investments in real estate, net	$	685,603	$	759,461