Real Estate, Net (Tables)

3 Months Ended

Mar. 31, 2023

The following is a summary of real estate, net, collectively, as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):


	March 31, 2023		December 31, 2022
Land	$	89,550	$	89,550
Building and improvements	629,123		611,102
Furniture, fixture and equipment	14,496		13,540
Real estate	$	733,169	$	714,192
Accumulated depreciation	(27,263)		(21,224)


Real estate, net (1)	$	705,906	$	692,968

(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, 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 Income From Real Estate And Expenses

The following table presents depreciation and amortization expenses for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands):


	For the Three Months Ended March 31,
	2023		2022
Depreciation expense on operating real estate	$	6,039	$	10,111
Amortization of lease intangibles related to operating real estate	—		25,475
Total depreciation and amortization (1)	$	6,039	$	35,586

(1)Amounts for the three months ended March 31, 2022 include depreciation and amortization of multi-family properties that have been reclassified to assets held in the disposal group held for sale