Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s real estate investments comprised the following as of December 31, 2021 and 2020 (in thousands):


	December 31, 2021
	Income producing property		Held for development		Construction in progress		Total
Land	$	256,728	$	6,294	$	12,513	$	275,535
Land improvements	65,565		—		—		65,565
Buildings and improvements	1,336,316		—		—		1,336,316
Development and construction costs	—		—		60,022		60,022
Real estate investments	$	1,658,609	$	6,294	$	72,535	$	1,737,438


	December 31, 2020
	Income producing property		Held for development		Construction in progress		Total
Land	$	261,984	$	13,607	$	5,200	$	280,791
Land improvements	61,275		—		—		61,275
Buildings and improvements	1,357,684		—		—		1,357,684
Development and construction costs	—		—		58,167		58,167
Real estate investments	$	1,680,943	$	13,607	$	63,367	$	1,757,917

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties purchased during the year ended December 31, 2021 (in thousands):


	Delray Beach Plaza		Overlook Village		Greenbrier Square
Land	$	—	$	6,328	$	8,549
Site improvements	4,607		1,727		1,974
Building and improvements	22,544		18,375		19,196

In-place leases	7,209		3,997		6,659
Above-market leases	—		81		1,753
Below-market leases	(3,121)		(2,146)		(1,365)
Finance lease liabilities	(27,940)		—		—
Finance lease right-of-use assets	24,466		—		—
Fair value adjustment on acquired debt	—		—		11
Net assets acquired	$	27,765	$	28,362	$	36,777

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands):


	Nexton Square		Edison Apartments		The Residences at Annapolis Junction
Land	$	9,885	$	3,428	$	14,774
Site improvements	3,690		—		1,786
Building and improvements	24,070		18,227		101,219
Furniture and fixtures	—		355		1,796
In-place leases	5,239		1,882		4,079

Below-market leases	(1,877)		(140)		—


Fair value adjustment on acquired debt	364		(6)		—
Net assets acquired	$	41,371	$	23,746	$	123,654

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands):


	Wendover Village outparcel		One City Center		1405 Point			Red Mill Commons		Marketplace at Hilltop			Thames Street Wharf
Land	$	1,633	$	2,678	$	—	(a)	$	44,252	$	2,023	(b)	$	15,861
Site improvements	50		163		298			2,558		691			150
Building and improvements	888		28,039		92,866			27,790		19,195			64,539
Furniture and fixtures	—		—		2,302			—		—			—
In-place leases	101		15,140		3,371			9,973		4,565			24,385
Above-market leases	111		—		—			1,463		599			—
Below-market leases	—		—		—			(6,221)		(1,136)			(3,636)
Finance lease liabilities	—		—		(8,671)			—		(9,200)			—
Finance lease right-of-use assets	—		—		11,730		(a)	—		12,770		(b)	—
Net assets acquired	$	2,783	$	46,020	$	101,896		$	79,815	$	29,507		$	101,299

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(a) Land is subject to a ground lease.

(b) Portion of land is subject to a ground lease.