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INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Schedule of 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

Schedule of Asset Acquisitions

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.

Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed

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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Tabular disclosure of asset acquisition.

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 50
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-Name Accounting Standards Codification
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