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v3.25.1

Real Estate, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
|  | March 31, 2025 |  | December 31, 2024
Land |  | $ | 80,170 |  |  | $ | 80,190 |
Building and improvements |  | 581,595 |  |  | 581,283 |
Furniture, fixture and equipment |  | 17,529 |  |  | 16,866 |
Operating real estate |  | $ | 679,294 |  |  | $ | 678,339 |
Accumulated depreciation |  | (67,728) |  |  | (61,834) |
Operating real estate, net |  | $ | 611,566 |  |  | $ | 616,505 |
Real estate held for sale, net (1) |  | $ | 5,739 |  |  | $ | 6,902 |
Real estate, net (2) |  | $ | 617,305 |  |  | $ | 623,407 |
(1)Real estate held for sale, net includes certain single-family rental properties and is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. (2)The Company is repositioning 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 March 31, 2025 and December 31, 2024. See Note 9 for additional information.
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, 2025 and 2024, respectively (dollar amounts in thousands):
|  | For the Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Depreciation expense on operating real estate |  | $ | 5,895 |  |  | $ | 11,149 |  |  |  |  |
Amortization of lease intangibles related to operating real estate |  | — |  |  | 1,427 |  |  |  |  |
Total depreciation and amortization |  | $ | 5,895 |  |  | $ | 12,576 |  |  |  |  |

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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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