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Real Estate, Net (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):
|  | December 31, 2024 |  | December 31, 2023
Land |  | $ | 80,190 |  |  | $ | 137,883 |
Building and improvements |  | 581,283 |  |  | 1,020,477 |
Furniture, fixture and equipment |  | 16,866 |  |  | 38,706 |
Operating real estate |  | $ | 678,339 |  |  | $ | 1,197,066 |
Accumulated depreciation |  | (61,834) |  |  | (65,247) |
Operating real estate, net |  | $ | 616,505 |  |  | $ | 1,131,819 |
Real estate held for sale, net (1) |  | $ | 6,902 |  |  | $ | — |
Real estate, net (2) |  | $ | 623,407 |  |  | $ | 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 certain single-family rental properties as of December 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 consolidated balance sheets as of December 31, 2024 and 2023. 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
2025 |  | $ | 23,514 |
2026 |  | $ | 23,514 |
2027 |  | $ | 21,592 |
2028 |  | $ | 21,327 |
2029 |  | $ | 20,905 |
Schedule of Lease Intangibles | The following table presents the components of lease intangibles, net as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):
|  | December 31, 2024 |  | December 31, 2023
Lease intangibles |  | $ | 26,738 |  |  | $ | 54,581 |
Accumulated amortization |  | (26,738) |  |  | (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 years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Depreciation expense on operating real estate |  |  |  |  |  | $ | 37,444 |  |  | $ | 24,620 |  |  | $ | 47,179 |
Amortization of lease intangibles related to operating real estate |  |  |  |  |  | 2,378 |  |  | — |  |  | 79,645 |
Total depreciation and amortization (1) |  |  |  |  |  | $ | 39,822 |  |  | $ | 24,620 |  |  | $ | 126,824 |
(1)Amounts for the year ended December 31, 2022 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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- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
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