Investments in Real Estate, net (Tables)

12 Months Ended

Dec. 31, 2023

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:

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

Schedule of Asset Acquisition

There were no properties acquired during the year ended December 31, 2023. The following table details the properties acquired during the year ended December 31, 2022:

$ in thousands
Property Name	Ownership Interest	Number of Properties	Segment	Acquisition Date	Purchase Price(1)
Capital Park 2919 (f/k/a Grove City Industrial)	95%	1	Industrial	January 2022	$	28,030
Cortlandt Crossing	100%	1	Grocery-anchored retail	February 2022	65,553
3101 Agler (f/k/a 3101 Agler Road)	95%	1	Industrial	March 2022	20,503
Earth City 13330 (f/k/a Earth City Industrial)	95%	1	Industrial	March 2022	37,418
University Parkway Storage (f/k/a Winston-Salem Self-Storage)	100%	1	Self-storage	April 2022	12,154
Everly Roseland(2)	57%	1	Multifamily	April 2022	162,023
Bend Self-Storage Portfolio (f/k/a Bend Self-Storage)	100%	2	Self-storage	June 2022	18,078
Clarksville Self-Storage Portfolio (f/k/a Clarksville Self-Storage)	100%	3	Self-storage	July 2022	24,529
		11			$	368,288

(1)Purchase price includes acquisition-related costs.

(2)In April 2022, we acquired a 95% consolidated interest in Everly Roseland (f/k/a Everly Roseland Apartments). In May 2022, we sold 40% of our 95% interest in the Everly Roseland 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 properties acquired during the year ended December 31, 2022:

	For the Year Ended December 31,
$ in thousands		2022
Building and improvements		$	244,921
Land and land improvements		93,949
Lease intangibles(1)		26,088
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)		$	368,288

(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 property with expiration date of December 31, 2031. We are amortizing the tax abatement over the remaining useful life as a component of property operating expenses in the consolidated statements of operations.

(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, 2022 were as follows:

	In-place lease intangibles	Leasing commissions	Above-market lease intangibles	Below-market lease intangibles
Weighted-average amortization periods (in years)	7.77	13.39	7.58	9.86