Investments in Real Estate, net

3 Months Ended

Mar. 31, 2026

Investments in real estate, net consist of:


in thousands	March 31, 2026		December 31, 2025
Building and improvements	$	689,194	$	688,814
Land and land improvements	229,721		229,513
Furniture, fixtures and equipment	10,864		10,676
Total	929,779		929,003
Accumulated depreciation	(77,903)		(71,426)
Investments in real estate, net	$	851,876	$	857,577

Promote Crystallization for Consolidated Joint Venture

During the three months ended March 31, 2026, one of the third-party partners in The Carmin student housing property joint venture elected to crystallize their promote in accordance with the terms of the limited partnership agreement. The crystallized promote was settled through a $8.9 million cash distribution to the non-controlling interest and an increase in their ownership in the joint venture, resulting in a $0.1 million increase to non-controlling interest. We have accounted for the transaction as an equity transaction as we will continue to account for the entity on a consolidated basis in our condensed consolidated financial statements. The total consideration of $9.0 million has been reflected as a decrease to additional paid in capital on our condensed consolidated balance sheets.

Impairment

During the three months ended March 31, 2026 and 2025, we did not recognize any impairment losses on our real estate investments.