Investments in Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate

Investments in real estate, net consist of:

in thousands	September 30, 2024		December 31, 2023
Building and improvements	$	572,074	$	563,958
Land and land improvements	153,650		148,411
Furniture, fixtures and equipment	13,553		11,349
Total	739,277		723,718
Accumulated depreciation	(53,293)		(38,115)
Investments in real estate, net	$	685,984	$	685,603

Schedule of Asset Acquisition

We acquired the following property during the nine months ended September 30, 2024:

$ in thousands
Property Name	Ownership Interest	Number of Properties	Segment	Acquisition Date	Purchase Price(1)
International Business 4535	100%	1	Industrial	July 2024	$	8,730,884

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

The following table summarizes the allocation of the total cost for International Business 4535 acquired during the nine months ended September 30, 2024:

$ in thousands	Amount
Building and building improvements	$	7,426,926
Land and land improvements	1,864,615
Lease intangibles(1)	955,810
Below-market lease intangibles	(1,516,467)
Total purchase price(2)	$	8,730,884

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

(2)Includes acquisition-related costs.

The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisition of International Business 4535 during the nine months ended September 30, 2024 were as follows:

	In-place lease intangibles	Leasing commissions	Below-market lease intangibles
Weighted-average amortization periods (in years)	5.30	5.30	5.30