Real Estate, Net (Tables)

9 Months Ended

Sep. 30, 2022

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.