Investments in Real Estate

6 Months Ended

Jun. 30, 2023

Real Estate Investments, Net [Abstract]

Investments in Real Estate

Note 3 - Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):

	June 30, 2023
Building and building improvements	$	40,495
Land and land improvements		1,492
Tenant improvements		620
Total		42,607
Accumulated depreciation		(415	)
Investment in real estate, net	$	42,192

As of December 31, 2022, the Company had not acquired any properties and during the three months ended June 30, 2023, the Company did not acquire any properties.

The following table summarizes the purchase price allocation for the property acquired during the six months ended June 30, 2023 ($ in thousands):

	Amount
Building and building improvements	$	40,495
Land and land improvements		1,492
In-place lease intangibles		7,051
Above-market lease intangibles		176
Total purchase price	$	49,214

Intangible assets are recorded in other assets on the accompanying condensed consolidated balance sheet. The amortization period for intangibles of the property is 15 years. As of June 30, 2023, the Company did not recognize any impairment on its real estate investments.