Real Estate, Net (Tables)

3 Months Ended

Mar. 31, 2025

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