Investments in Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate

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

Schedule of Asset Acquisition

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