Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate Investments, Net [Abstract]

Summary of Investments in Real Estate, Net

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

Summary of Acquired Properties Qualified as Asset Acquisitions

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.

Summary of Purchase Price Allocation for Property Acquired

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