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INVESTMENTS IN REAL ESTATE | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
INVESTMENTS IN REAL ESTATE | 3. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following (in thousands):
|  | June 30, 2022 |  | December 31, 2021
Land |  | $ | 149,144 |  |  | $ | 141,236 |
Land improvements |  | 2,697 |  |  | 2,644 |
Buildings and improvements |  | 454,845 |  |  | 454,431 |
Furniture, fixtures, and equipment |  | 4,451 |  |  | 4,398 |
Tenant improvements |  | 30,677 |  |  | 29,733 |
Work in progress |  | 13,446 |  |  | 10,260 |
Investments in real estate |  | 655,260 |  |  | 642,702 |
Accumulated depreciation |  | (152,653) |  |  | (144,718) |
Net investments in real estate |  | $ | 502,607 |  |  | $ | 497,984 |
For the three months ended June 30, 2022 and 2021, the Company recorded depreciation expense of $4.2 million and $4.2 million. For the six months ended June 30, 2022 and 2021, the Company recorded depreciation expense of $8.4 million and $8.5 million. 2022 Transactions—During the six months ended June 30, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties. The purchases were accounted for as asset acquisitions. Please see “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s acquisition of an approximate 44% interest in an office property in February 2022.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price
|  |  |  |  |  |  |  | (in thousands)
3022 S Western Avenue, Los Angeles, CA (1) (3) |  | Multifamily (3) |  | May 20, 2022 |  | 6,000 |  | $ | 5,650 |
3101 S Western Avenue, Los Angeles, CA (2) (4) |  | Multifamily (4) |  | February 11, 2022 |  | 3,752 |  | $ | 2,260 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $191,000, which are not included in the purchase price above. (2)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $14,000, which are not included in the purchase price above. (3)The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 114 residential units starting in 2024. (4)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 45 residential units starting in 2023. There were no dispositions during the six months ended June 30, 2022. 2021 Transactions— There were no acquisitions or dispositions for the six months ended June 30, 2021. The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the date of acquisition. The purchase price of the acquisitions completed during the six months ended June 30, 2022 were less than 10% of the Company’s total assets as of the respective most recent annual consolidated financial statements filed at or prior to the date of acquisitions. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the six months ended June 30, 2022.
| (in thousands)
Land | $ | 7,907 |  |  |  |  |
Land improvements | 52 |  |  |  |  |
Buildings and improvements | 156 |  |  |  |  |
Net assets acquired | $ | 8,115 |  |  |  |  |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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