Real Estate, Net (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Real Estate Under Construction

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

	September 30, 2024			December 31, 2023
	(unaudited)
Beginning balance	$	291,130		$	133,898
Placed into service		(231,241	)		—
Capitalized costs (1) (2)		110,385			155,969
Capitalized interest		2,834			387
Impairment charges (3)		(777	)		(4,060	)
Land held for development (4)		—			4,936
	$	172,331		$	291,130

(1)	Includes development fees and employee reimbursement expenditures. See “Note 4 – Related Party Arrangements” 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 $3.9 million and $3.4 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively.
(3)	Impairment charges during nine months ended September 30, 2024 and the year ended December 31, 2023 are 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.
(4)	Includes the acquisition of land located in Sarasota, Florida during the year ended December 31, 2023.