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INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following (in thousands):

						March 31, 2025						December 31, 2024
Land						$	175,682					$	175,682
Land improvements						5,863						5,863
Buildings and improvements						651,193						636,525
Furniture, fixtures, and equipment						12,234						12,844
Tenant improvements						16,116						26,942
Work in progress						24,983						36,929
Investments in real estate						886,071						894,785
Accumulated depreciation						(179,534)						(185,591)
Net investments in real estate						$	706,537					$	709,194

For the three months ended March 31, 2025 and 2024, the Company recorded depreciation expense of $5.9 million and $5.8 million, respectively.

2025 and 2024 Transactions and Assets Held for Sale—There were no acquisitions or dispositions during the three months ended March 31, 2025 and 2024.

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- References

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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

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