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Real Estate, Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  |  |  |  |  | December 31, 2023 |  |  |  |  |  | December 31, 2022
Land |  |  |  |  |  | $ | 137,883 |  |  |  |  |  |  | $ | 89,550 |
Building and improvements |  |  |  |  |  | 1,020,477 |  |  |  |  |  |  | 611,102 |
Furniture, fixture and equipment |  |  |  |  |  | 38,706 |  |  |  |  |  |  | 13,540 |
Real estate |  |  |  |  |  | $ | 1,197,066 |  |  |  |  |  |  | $ | 714,192 |
Accumulated depreciation |  |  |  |  |  | (65,247) |  |  |  |  |  |  | (21,224) |
Real estate, net (1) |  |  |  |  |  | $ | 1,131,819 |  |  |  |  |  |  | $ | 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 consolidated balance sheets. In December 2023, certain of the joint venture equity investments in multi-family properties were determined to no longer meet held for sale criteria and the associated real estate, net was reclassified to real estate, net 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
2024 |  | $ | 45,390 |
2025 |  | $ | 45,390 |
2026 |  | $ | 45,271 |
2027 |  | $ | 40,063 |
2028 |  | $ | 38,088 |
Schedule of Lease Intangibles | The following table presents the components of lease intangibles, net as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  | December 31, 2023 |  | December 31, 2022
Lease intangibles |  | $ | 54,581 |  |  | $ | 30,094 |
Accumulated amortization |  | (52,203) |  |  | (30,094) |
Lease intangibles, net |  | $ | 2,378 |  |  | $ | — |
Schedule Of Components Of Income From Real Estate And Expenses | The following table presents depreciation and amortization expenses for the years ended December 31, 2023, 2022 and 2021, respectively (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Depreciation expense on operating real estate |  |  |  |  |  | $ | 24,620 |  |  | $ | 47,179 |  |  | $ | 5,662 |
Amortization of lease intangibles related to operating real estate |  |  |  |  |  | — |  |  | 79,645 |  |  | 13,588 |
Total depreciation and amortization (1) |  |  |  |  |  | $ | 24,620 |  |  | $ | 126,824 |  |  | $ | 19,250 |
(1)Amounts for the years ended December 31, 2022 and 2021 include depreciation and amortization of multi-family properties that have been reclassified to assets held in disposal group held for sale.

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