Investments in Real Estate, net (Tables)

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

Schedule of Asset Acquisition

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