Investments in Real Estate, net

9 Months Ended

Sep. 30, 2025

Investments in real estate, net consist of:


in thousands	September 30, 2025		December 31, 2024
Building and improvements	$	644,575	$	555,325
Land and land improvements	209,684		165,853
Furniture, fixtures and equipment	10,547		9,056
Total	864,806		730,234
Accumulated depreciation	(65,202)		(49,638)
Investments in real estate, net	$	799,604	$	680,596

Acquisitions

We acquired the following properties during the nine months ended September 30, 2025:


$ in thousands
Property Name	Ownership Interest	Number of Properties	Segment	Acquisition Date	Purchase Price(1)
Tanner Road MHC	100%	1	Corporate and Other	May 2025	$	9,718
Buckhorn Industrial	100%	1	Industrial	August 2025	39,432
Fleetwood Apartments	93%	1	Multifamily	August 2025	42,012
Arizona MHC Portfolio	100%	3	Corporate and Other	September 2025	16,384
Interstate Commerce	100%	1	Industrial	September 2025	38,327







		7			$	145,873

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

The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2025:


$ in thousands	Amount
Building and building improvements	$	87,418
Land and land improvements	43,671
Lease intangibles(1)	15,028

Furniture, fixtures and equipment	752

Below-market lease intangibles	(996)
Total purchase price(2)	$	145,873

(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 acquisitions during the nine months ended September 30, 2025 were as follows:


	In-place lease intangibles	Leasing commissions	Below-market lease intangibles
Weighted-average amortization periods (in years)	5.14	7.66	4.73

Sale of Interest in Consolidated Joint Ventures

In February 2025, we sold a 40% indirect leasehold interest in a student housing property, The Carmin, in which we previously had a 98% ownership interest, to an unaffiliated third party for a sale price of $138.5 million. In connection with the sale, the existing joint venture of the property, of which we have a controlling financial interest, formed a new joint venture with the buyer. The transaction did not qualify as a sale of real estate for financial reporting purposes because we continue to control the joint venture and will continue to account for the entity on a consolidated basis in our condensed consolidated financial statements. We have accounted for the transaction as an equity transaction and have recognized non-controlling interest in our condensed consolidated balance sheets of $4.9 million. Total consideration of $22.0 million for the transaction includes $14.4 million paid in cash by the buyer at the date of the sale and a $7.6 million note receivable from the buyer due within six months from the date of sale, which was repaid in full on August 28, 2025. The difference of $17.1 million between the total consideration of $22.0 million and the non-controlling interest recognized of $4.9 million has been reflected as an increase to additional paid in capital on our condensed consolidated balance sheets.

Purchase of Interest in Consolidated Joint Ventures

In April 2025, we purchased the remaining 5% interest of three industrial properties in our Midwest Industrial portfolio, Meridian Business 940, Capital Park 2919 and 3101 Agler, in which we previously had a 95% ownership interest, from our joint venture partner for a sale price of $1.5 million. This was completed in connection with our DST Program, which includes these three industrial properties. We have accounted for the transaction as an equity transaction as we will continue to account for the entity on a consolidated basis in our condensed consolidated financial statements and recognized a decrease in non-controlling interest in our condensed consolidated balance sheets of $1.4 million. The difference of approximately $32,000 between the total consideration paid of $1.5 million and the decrease in non-controlling interest recognized of $1.4 million has been reflected as a decrease to additional paid in capital on our condensed consolidated balance sheets.

Impairment

During the three and nine months ended September 30, 2025 and 2024, we did not recognize any impairment losses on our real estate investments.