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Real Estate, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Schedule of Real Estate Investment
The following is a summary of real estate, net, collectively, as of September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):

September 30, 2024December 31, 2023
Land$87,322 $137,883 
Building and improvements681,240 1,020,477 
Furniture, fixture and equipment20,265 38,706 
Operating real estate
$788,827 $1,197,066 
Accumulated depreciation(64,754)(65,247)
Operating real estate, net$724,073 $1,131,819 
Real estate held for sale, net (1)
$31,629 $— 
Real estate, net (2)
$755,702 $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 September 30, 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 as of September 30, 2024 and December 31, 2023. See Note 9 for additional information.
Schedule of Lease Intangibles The following table presents the components of lease intangibles, net as of September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
September 30, 2024December 31, 2023
Lease intangibles$34,065 $54,581 
Accumulated amortization(34,065)(52,203)
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 three and nine months ended September 30, 2024 and 2023, respectively (dollar amounts in thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Depreciation expense on operating real estate$8,131 $6,204 $30,564 $18,371 
Amortization of lease intangibles related to operating real estate— — 2,378 — 
Total depreciation and amortization
$8,131 $6,204 $32,942 $18,371