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Real Estate, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Real Estate Properties

 

   As of June 28, 2022 
Assets     
Real estate     
Intangible asset  $424 
Real estate under construction   4,633 
Total real estate   5,057 
Accumulated depreciation and amortization   — 
Real estate, net   5,057 
Cash and cash equivalents   87 
Other assets (1)   2,105 
Total assets  $7,249 
      
Liabilities     
Accounts payable  $363 
Accrued expenses and other liabilities   16 
Total liabilities  $379 
      
Amounts attributable to noncontrolling interests (2)  $3,100 
      
Total net assets  $3,770 

 

 

(1) Includes restricted cash of $1.4 million.
   
(2) Represents a non-cash financing activity during the year ended December 31, 2022.
Schedule of Real Estate Under Construction

The following table provides the activity of our Real estate under construction (amounts in thousands):

   2023   2022 
   December 31, 
   2023   2022 
Beginning balance  $133,898   $76,882 
Capitalized costs (1) (2)    155,969    45,907 
Land held for development (3)   4,936    10,958 
Impairment charges (4)   (4,060)   — 
Capitalized interest   387    151 
Ending balance  $291,130   $133,898 

 

 

(1) Includes development fees and employee reimbursement expenditures. See “Note 4 – Related Party Agreements” for additional details regarding our transactions with related parties.

 

(2) Includes direct and indirect project costs to the construction and development of real estate projects, including but not limited to loan fees, property taxes and insurance, incurred of $3.4 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively.

 

(3) Includes the acquisition of land located in Sarasota, Florida during the year ended December 31, 2023 as discussed above. Additionally, includes ground lease payments and straight-line rent adjustments incurred of $0.1 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

 

(4) During the year ended December 31, 2023, we recorded impairment charges of $4.1 million in relation to one of our real estate assets located in Nashville, Tennessee, based on our conclusion that the estimated fair market value of the real estate asset was lower than the carrying value, and as a result, we reduced the carrying value to the estimated fair market value.