Investments in Real Estate, net

6 Months Ended

Jun. 30, 2026

Investments in real estate, net consist of:


in thousands	June 30, 2026		December 31, 2025
Building and improvements	$	715,268	$	688,814
Land and land improvements	233,309		229,513
Furniture, fixtures and equipment	11,036		10,676
Total	959,613		929,003
Accumulated depreciation	(84,616)		(71,426)
Investments in real estate, net	$	874,997	$	857,577

Acquisitions

We acquired the following properties during the six months ended June 30, 2026:

$ in thousands

Property Name

Ownership Interest

Number of
Properties

Segment

Acquisition Date

Purchase

Price(1)

Gateway One

100%

Industrial

April 2026

32,460

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

The following table summarizes the allocation of the total cost for the properties acquired during the six months ended June 30, 2026:


$ in thousands	Amount
Building and building improvements	$	25,250
Land and land improvements	3,346
Lease intangibles(1)	3,894



Below-market lease intangibles	(30)
Total purchase price(2)	$	32,460

(1)Lease intangibles consist of in-place leases and leasing commissions.

(2)Includes acquisition-related costs.

The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisitions during the six months ended June 30, 2026 were as follows:


	In-place lease intangibles	Leasing commissions	Below-market lease intangibles
Weighted-average amortization periods (in years)	7.21	7.24	7.71

Promote Crystallization for Consolidated Joint Venture

In February 2026, one of the third-party partners in The Carmin student housing property joint venture elected to crystallize its promote in accordance with the terms of the limited partnership agreement. The crystallized promote was settled through an $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 and six months ended June 30, 2026 and 2025, we did not recognize any impairment losses on our real estate investments.