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Real Estate, Net (Tables) | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  |  |  |  |  | September 30, 2022 |  |  |  |  |  | December 31, 2021
Land |  |  |  |  |  | $ | 89,550 |  |  |  |  |  |  | $ | 111,182 |
Building and improvements |  |  |  |  |  | 608,448 |  |  |  |  |  |  | 835,635 |
Furniture, fixture and equipment |  |  |  |  |  | 13,054 |  |  |  |  |  |  | 23,546 |
Operating real estate |  |  |  |  |  | $ | 711,052 |  |  |  |  |  |  | $ | 970,363 |
Accumulated depreciation |  |  |  |  |  | (15,314) |  |  |  |  |  |  | (3,890) |
Operating real estate, net |  |  |  |  |  | $ | 695,738 |  |  |  |  |  |  | $ | 966,473 |
Real estate held for sale, net (1) |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 51,110 |
Real estate, net (2) |  |  |  |  |  | $ | 695,738 |  |  |  |  |  |  | $ | 1,017,583 |
(1)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. (2)In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of September 30, 2022, the real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information.
Schedule of Components of Lease Intangibles, Net | The following table presents the components of lease intangibles, net as of September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  | September 30, 2022 |  | December 31, 2021
Lease intangibles |  | $ | 30,094 |  |  | $ | 51,969 |
Accumulated amortization |  | (30,094) |  |  | (12,200) |
Lease intangibles, net (1) |  | $ | — |  |  | $ | 39,769 |
(1)In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of September 30, 2022, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information.
Schedule Of Components Of Income From Real Estate And Expenses | The following table presents the components of income from real estate and expenses related to real estate for the three and nine months ended September 30, 2022 and 2021, respectively, and includes income and expenses related to assets and liabilities of disposal group held for sale (dollar amounts in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Rental income |  | $ | 35,354 |  |  | $ | 3,756 |  |  | $ | 90,779 |  |  | $ | 7,323 |
Other income |  | 5,430 |  |  | 224 |  |  | 11,464 |  |  | 303 |
Total income from real estate |  | $ | 40,784 |  |  | $ | 3,980 |  |  | $ | 102,243 |  |  | $ | 7,626 |
Interest expense, mortgages payable on real estate (1) |  | $ | 16,136 |  |  | $ | 1,147 |  |  | $ | 36,445 |  |  | $ | 1,886 |
Depreciation expense on operating real estate |  | $ | 16,025 |  |  | $ | 1,749 |  |  | $ | 41,269 |  |  | $ | 3,268 |
Amortization of lease intangibles related to operating real estate |  | 16,908 |  |  | 3,993 |  |  | 79,645 |  |  | 6,751 |
Other expenses |  | 20,750 |  |  | 2,807 |  |  | 51,517 |  |  | 5,367 |
Total expenses related to real estate |  | $ | 53,683 |  |  | $ | 8,549 |  |  | $ | 172,431 |  |  | $ | 15,386 |
(1)Included in interest expense in the accompanying condensed consolidated statements of operations.

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