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Real Estate, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Schedule of Real Estate Investment
The following is a summary of real estate, net, collectively, as of December 31, 2021 and 2020, respectively (dollar amounts in thousands):

December 31, 2021December 31, 2020
Land$111,182 $5,400 
Building and improvements835,635 43,764 
Furniture, fixture and equipment23,546 1,522 
Operating real estate$970,363 $50,686 
Accumulated depreciation (1)
(3,890)(154)
Operating real estate, net$966,473 $50,532 
Real estate held for sale, net (2)
$51,110 $— 
Real estate, net$1,017,583 $50,532 

(1)Depreciation expense for the years ended December 31, 2021 and 2020 totaled $5.7 million and $0.2 million, respectively, and is included in expenses related to real estate on the accompanying consolidated statements of operations. For the year ended December 31, 2019, the Company recognized no depreciation expense.
(2)Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.

The estimated depreciation expense related to operating real estate held in Consolidated VIEs is as follows (dollar amounts in thousands):

Year Ending December 31,Depreciation Expense
2022$33,351 
2023$33,351 
2024$33,351 
2025$33,351 
2026$32,668