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Real Estate, Net (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
|  | March 31, 2024 |  | December 31, 2023
Land |  | $ | 133,522 |  |  | $ | 137,883 |
Building and improvements |  | 1,005,596 |  |  | 1,020,477 |
Furniture, fixture and equipment |  | 41,792 |  |  | 38,706 |
Operating real estate |  | $ | 1,180,910 |  |  | $ | 1,197,066 |
Accumulated depreciation |  | (74,229) |  |  | (65,247) |
Operating real estate, net |  | $ | 1,106,681 |  |  | $ | 1,131,819 |
Real estate held for sale, net (1) |  | $ | 47,540 |  |  | $ | — |
Real estate, net (2) |  | $ | 1,154,221 |  |  | $ | 1,131,819 |
(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. Includes one multi-family apartment property in a joint venture entity that owns several multi-family properties (and is not included in the repositioning referenced in (2) below) and certain single-family rental properties as of March 31, 2024. (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, 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. In December 2023 and March 2024, 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 condensed consolidated balance sheets as of the respective dates. See Note 9 for additional information.
Schedule of Lease Intangibles | The following table presents the components of lease intangibles, net as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
|  | March 31, 2024 |  | December 31, 2023
Lease intangibles |  | $ | 56,656 |  |  | $ | 54,581 |
Accumulated amortization |  | (55,705) |  |  | (52,203) |
Lease intangibles, net |  | $ | 951 |  |  | $ | 2,378 |
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, 2024 and 2023, respectively (dollar amounts in thousands):
|  | For the Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Depreciation expense on operating real estate |  | $ | 11,149 |  |  | $ | 6,039 |  |  |  |  |
Amortization of lease intangibles related to operating real estate |  | 1,427 |  |  | — |  |  |  |  |
Total depreciation and amortization |  | $ | 12,576 |  |  | $ | 6,039 |  |  |  |  |

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