Investments in Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2026

Investments in real estate, net consist of:


in thousands	September 30, 2026		December 31, 2025
Building and improvements	$	782,958	$	688,814
Land and land improvements	261,236		229,513
Furniture, fixtures and equipment	11,317		10,676
Total	1,055,511		929,003
Accumulated depreciation	(91,551)		(71,426)
Investments in real estate, net	$	963,960	$	857,577

Schedule of Asset Acquisition

We acquired the following properties during the nine months ended September 30, 2026:


$ in thousands
Property Name	Ownership Interest	Number of Properties	Segment	Acquisition Date	Purchase Price(1)
Gateway One	100%	1	Industrial	April 2026	$	32,460
Imperial Beach Storage	100%	1	Self-Storage	July 2026	15,571
Knightdale Marketplace(2)	100%	1	Retail	September 2026	85,928









		3			$	133,959

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

(2)Knightdale Marketplace is a portion of a single shopping center comprised of Knightdale East, Knightdale West, and Knightdale Parcel A. Knightdale East and Knightdale West are held through the DST Program, while Knightdale Parcel A was acquired separately by the Operating Partnership and is not included in IREX VI Retail DST.

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


$ in thousands	Amount
Building and improvements	$	90,977
Land and land improvements	31,120
Lease intangibles(1)	19,625



Below-market lease intangibles	(7,763)
Total purchase price(2)	$	133,959

(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 nine months ended September 30, 2026 were as follows:


	In-place lease intangibles	Leasing commissions	Below-market lease intangibles
Weighted-average amortization periods (in years)	9.03	11.04	11.00