Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

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

	June 30, 2024			December 31, 2023
Building and building improvements	$	244,553		$	201,033
Land and land improvements		99,895			76,912
Furniture, fixtures and equipment		3,761			3,265
Total		348,209			281,210
Accumulated depreciation		(9,367	)		(5,737	)
Investments in real estate, net	$	338,842		$	275,473

Summary of Property Acquired

The following table provides details of the properties acquired during the six months ended June 30, 2024 ($ in thousands):

Property Type	Purchase Price(1)		Number of Transactions		Number of Properties		Sq. Ft. (in thousands)/Units
Single-family rental property(2)	$	26,143		3		1	72 units
Retail		48,878		1		1	100 sq. ft.
Total	$	75,021		4		2

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

(2) The 72 townhomes acquired during the six months ended June 30, 2024 are included as a single property.

Summary of Purchase Price Allocation for Properties Acquired

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands):

	Amount
Building and building improvements	$	42,881
Land and land improvements		22,969
Furniture, fixtures and equipment		442
In-place lease intangibles		9,921
Above-market lease intangibles		137
Below-market lease intangibles		(1,329	)
Total purchase price		75,021
Other acquisition costs		(402	)
Deposit applied		(7,258	)
Non-controlling interest deemed contributions		(2,422	)
Net purchase price	$	64,939