Investments in Real Estate

9 Months Ended

Sep. 30, 2024

Real Estate Investments, Net [Abstract]

Note 3 - Investments in Real Estate

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


	September 30, 2024			December 31, 2023
Building and building improvements	$	219,718		$	132,792
Land and land improvements		29,138			22,707
Furniture, fixtures and equipment		1,094			—
Tenant improvements		2,513			621
Total		252,463			156,120
Accumulated depreciation		(5,302	)		(1,607	)
Investment in real estate, net	$	247,161		$	154,513

During the nine months ended September 30, 2024, the Company acquired the following properties, that qualified as asset acquisitions ($ in thousands):


	Property Type	Acquisition Date	Purchase Price
The Beckett (1)	Multifamily	May 2024	$	49,402
PepsiCo / Quaker Distribution Center	Industrial	May 2024		57,839
Total acquisitions			$	107,241

(1)

Formerly known as Hampton Rivers Property.

The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 ($ in thousands):


	The Beckett		PepsiCo / Quaker Distribution Center		Total
Building and building improvements	$	43,844	$	43,044	$	86,888
Land and land improvements		3,770		2,634		6,404
In-place lease intangibles		694		9,256		9,950
Furniture, fixtures and equipment		1,094		—		1,094
Tenant improvements		—		1,892		1,892
Above-market lease intangibles		—		1,013		1,013
Total purchase price	$	49,402	$	57,839	$	107,241

Intangible assets are recorded in other assets on the accompanying condensed consolidated balance sheet. The intangibles of the properties are amortized over the remaining lease terms that they were derived from. As a result, the Company's intangibles have a weighted average amortization period of approximately 12 years. As of September 30, 2024 and December 31, 2023, the Company did not recognize any impairment on its real estate investments.