Investments in real estate, net consisted of the following ($ in thousands):


	June 30, 2025			December 31, 2024
Building and building improvements	$	599,869		$	268,327
Land and land improvements		247,963			106,654
Furniture, fixtures and equipment		7,010			3,881
Total		854,842			378,862
Accumulated depreciation		(20,950	)		(13,792	)
Investments in real estate, net	$	833,892		$	365,070

On April 10, 2025, the Company acquired a 95% interest in a joint venture with a private real estate investment and development firm, to recapitalize a portfolio of infill, highly functional industrial service facility sites (the “Norfolk Industrial Portfolio”). The portfolio includes seven assets, with six located in the Norfolk, Virginia Metropolitan Statistical Area and one in Rockledge, Florida. The total size of the portfolio is 581,000 square feet and it is 100% leased to 16 tenants. The total purchase price was $71.2 million, excluding closing costs.

On May 5, 2025, the Company acquired eight Class-B, shallow-bay warehouses strategically located in infill areas across Dallas, Texas. The total purchase price was $53.0 million, excluding closing costs.

On May 22, 2025, the Company acquired a 100-unit multifamily property in South Easton, Massachusetts for $33.0 million, excluding closing costs (the “Elmstead Acquisition”).

On June 10, 2025, the Company acquired a 300-unit garden style multifamily property in the Jacksonville, Florida for $49.0 million, excluding closing costs.

On June 17, 2025, the Company acquired a 16-property industrial outdoor storage portfolio for $95.3 million, excluding closing costs. This transaction was executed as part of a sale-leaseback agreement with a leading North American transportation provider.

On June 18, 2025, the Company acquired a Class-A, 312-unit garden style multifamily property in the Chicago suburb of Oswego, Illinois for $84.0 million, excluding closing costs.

On June 23, 2025, the Company acquired a stabilized 256-unit workforce housing community in the Mesa submarket of Phoenix, Arizona for $52.0 million, excluding closing costs.

The following table provides details of the properties acquired during the six months ended June 30, 2025 ($ and square feet in thousands):


Property Type	Purchase Price(1)		Number of Transactions		Number of Properties		Sq. Ft./Units
Industrial properties	$	222,197		3		31	1,298 sq. ft.
Multifamily		286,877		6		6	1,320 units
Total	$	509,074		9		37

(1) Purchase price is inclusive of acquisition-related costs.

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2025 ($ in thousands):


	For the Six Months Ended June 30,
	2025
Building and building improvements	$	330,881
Land and land improvements		141,227
Furniture, fixtures, and equipment		3,031
In-place lease and above market intangibles		28,270
Below market intangibles		(4,211	)
Lease inducement asset		11,279
Deferred rental income		(1,403	)
Total purchase price		509,074
Assumed mortgage note, net		(35,313	)
Net working capital assumed		(3,456	)
Deposit applied		(4,033	)
Contributions from non-controlling interests		(6,772	)
Net purchase price	$	459,500