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Real Estate, Net (Tables) | 12 Months Ended
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Dec. 31, 2022
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of December 31, 2022 and 2021, respectively (dollar amounts in thousands):
|  |  |  |  |  | December 31, 2022 |  |  |  |  |  | December 31, 2021
Land |  |  |  |  |  | $ | 89,550 |  |  |  |  |  |  | $ | 111,182 |
Building and improvements |  |  |  |  |  | 611,102 |  |  |  |  |  |  | 835,635 |
Furniture, fixture and equipment |  |  |  |  |  | 13,540 |  |  |  |  |  |  | 23,546 |
Operating real estate |  |  |  |  |  | $ | 714,192 |  |  |  |  |  |  | $ | 970,363 |
Accumulated depreciation |  |  |  |  |  | (21,224) |  |  |  |  |  |  | (3,890) |
Operating real estate, net |  |  |  |  |  | $ | 692,968 |  |  |  |  |  |  | $ | 966,473 |
Real estate held for sale, net (1) (2) |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 51,110 |
Real estate, net |  |  |  |  |  | $ | 692,968 |  |  |  |  |  |  | $ | 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 December 31, 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 consolidated balance sheets. See Note 9 for additional information. The estimated depreciation expense related to operating real estate is as follows (dollar amounts in thousands):
Year Ending December 31, |  | Depreciation Expense
2023 |  | $ | 23,780 |
2024 |  | $ | 23,780 |
2025 |  | $ | 23,780 |
2026 |  | $ | 23,780 |
2027 |  | $ | 21,587 |
Schedule of Components of Lease Intangibles, Net | The following table presents the components of lease intangibles, net as of December 31, 2022 and 2021, respectively (dollar amounts in thousands):
|  | December 31, 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 December 31, 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 consolidated balance sheets. See Note 9 for additional information.
Schedule Of Components Of Income From Real Estate And Expenses | The following table presents depreciation and amortization expenses for the years ended December 31, 2022, 2021 and 2020, respectively, (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
|  |  |  |  |  | 2022 |  | 2021 |  | 2020
Depreciation expense on operating real estate |  |  |  |  |  | $ | 47,179 |  |  | $ | 5,662 |  |  | $ | 155 |
Amortization of lease intangibles related to operating real estate |  |  |  |  |  | 79,645 |  |  | 13,588 |  |  | 231 |
Total depreciation and amortization |  |  |  |  |  | $ | 126,824 |  |  | $ | 19,250 |  |  | $ | 386 |

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