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Real Estate, Net (Tables)
 12 Months Ended
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, 2024December 31, 2023
Land$80,190 $137,883 
Building and improvements581,283 1,020,477 
Furniture, fixture and equipment16,866 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, 2024December 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,
202420232022
Depreciation expense on operating real estate$37,444 $24,620 $47,179 
Amortization of lease intangibles related to operating real estate2,378 — 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.