XML 23 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Operating Real Estate
9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
Operating Real Estate Operating Real Estate
The following table presents operating real estate, net (dollars in thousands):
September 30, 2023 (Unaudited)December 31, 2022
Land$121,424 $121,518 
Land improvements19,913 18,945 
Buildings and improvements932,261 957,924 
Tenant improvements372 372 
Construction in progress8,956 6,736 
Furniture, fixtures and equipment103,876 91,058 
Subtotal$1,186,802 $1,196,553 
Less: Accumulated depreciation(292,557)(263,551)
Operating real estate, net$894,245 $933,002 
For the three and nine months ended September 30, 2023, depreciation expense was $9.8 million and $29.1 million, respectively. For the three and nine months ended September 30, 2022, depreciation expense was $9.6 million and $28.9 million, respectively.
Within the table above, operating real estate has been reduced by accumulated impairment losses of $220.2 million and $181.5 million as of September 30, 2023 and December 31, 2022, respectively. Impairment losses on the Company’s operating real estate totaled $38.7 million and $31.5 million for the nine months ended September 30, 2023 and 2022, respectively, and are
recorded in impairment losses on the consolidated statements of operations. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion.