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Investments in Real Estate
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
Investments in real estate, net consisted of the following ($ in thousands):
June 30, 2026December 31, 2025
Building and building improvements$904,135 $844,419 
Land and land improvements364,140 345,103 
Furniture, fixtures and equipment8,805 8,355 
Total1,277,080 1,197,877 
Accumulated depreciation(57,999)(38,245)
Investments in real estate, net$1,219,081 $1,159,632 
Acquisitions
On April 24, 2026, the Company acquired a 114-unit, 55+ active adult mid-rise rental community located in the Philadelphia, Pennsylvania Metropolitan Statistical Area for $28.7 million, excluding closing costs.
On June 25, 2026, the Company acquired a seven-building office portfolio in the Boston, Massachusetts Metropolitan Statistical Area. The total purchase price was $61.0 million, excluding closing costs. The portfolio was acquired through a joint venture, of which the Company owns 97.5%.
The following table provides details of the properties acquired during the six months ended June 30, 2026 ($ and square feet in thousands):
Property Type(1)
Purchase Price(2)
Number of TransactionsNumber of PropertiesSq. Ft./Units
Multifamily$28,982 11114 units
Office(3)
61,571 17958 sq. ft
Total$90,553 28
(1) Excludes investment in a joint venture, of which the Company owns 98%, to originate construction loans to develop single-tenant, net leased, retail properties. During the six months ended June 30, 2026, the Company contributed $13.3 million, net of distributions, to the joint venture.
(2) Purchase price is inclusive of acquisition-related costs.
(3) Includes $8.5 million related to certain sales-type leases that were recorded as investments in real estate, net and subsequently reclassified to other assets, net on the Company’s Condensed Consolidated Balance Sheets.
The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2026 ($ in thousands):
For the six months ended June 30, 2026
Building and building improvements$41,211 
Land and land improvements19,786 
Furniture, fixtures and equipment197 
In-place lease and above market intangibles29,412 
Below-market lease intangibles(53)
Total purchase price90,553 
Net working capital assumed(1,365)
Deposit applied(1,000)
Contributions from non-controlling interests(1,544)
Net purchase price$86,644