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Real Estate, Net (Tables)
 12 Months Ended
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, 2022December 31, 2021
Land$89,550 $111,182 
Building and improvements611,102 835,635 
Furniture, fixture and equipment13,540 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, 2022December 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,
202220212020
Depreciation expense on operating real estate$47,179 $5,662 $155 
Amortization of lease intangibles related to operating real estate79,645 13,588 231 
Total depreciation and amortization$126,824 $19,250 $386