The Company’s real estate is comprised of the following for the periods presented (in thousands):


	December 31,			December 31,
	2023			2022

Land	$	872,228		$	817,802
Buildings and improvements		3,128,650			2,987,594
Tenant improvements		257,955			216,899
Construction in progress		23,250			21,027
Right-of-use assets - finance leases (Note 11)		58,637			25,086
Total		4,340,720			4,068,408
Less: Accumulated depreciation and amortization		(823,439	)		(725,143	)
Operating real estate, net		3,517,281			3,343,265
Real estate under development		94,799			184,602
Net investments in real estate	$	3,612,080		$	3,527,867

During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
Fund V 2023 Acquisitions
Cypress Creek - Tampa, FL	100%	July 3, 2023	$	49,374
Maple Tree Place - Williston, VT	100%	November 27, 2023		77,816
Total Fund V 2023 Acquisitions			$	127,190

2022 Acquisitions and Foreclosure
Core
121 Spring Street - New York, NY	100%	Jan 12, 2022	$	39,637
Williamsburg Collection - Brooklyn, NY (a)	(a)	Feb 18, 2022		97,750
8833 Beverly Boulevard - West Hollywood, CA	100%	Mar 2, 2022		24,117
Henderson Avenue Portfolio - Dallas, TX (b)	100%	Apr 18, 2022		85,192
Subtotal Core				246,696

Fund III
640 Broadway - New York, NY (Foreclosure) (c)	100%	Jan 26, 2022		59,207
Subtotal Fund III				59,207
Total 2022 Acquisitions and Foreclosure			$	305,903

The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 10) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations.

The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites. One of the development sites was sold in October 2022.

The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it.

For the years ended December 31, 2023 and 2022, the Company capitalized $1.0 million and $1.2 million of acquisition costs in connection with the Fund V 2023 Acquisitions and the 2022 Acquisitions and Foreclosure, respectively. In addition, during the year ended December 31, 2022, the Company expensed $2.0 million of acquisition costs (including a $1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in General and administrative expenses on the Consolidated Statements of Operations.

The purchase prices for the 2023 Acquisitions and 2022 Acquisitions and Foreclosure were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands):


	Land		Buildings and improvements		Intangible assets		Right-of-use asset		Lease liability			Intangible liabilities			Other assets, net		Net assets acquired
Property Name
Cypress Creek	$	—	$	39,637	$	10,949	$	25,313	$	(22,075	)	$	(4,450	)	$	—	$	49,374
Maple Tree Place		17,597		49,404		18,209		—		—			(7,395	)		—		77,816
2023 Total	$	17,597	$	89,041	$	29,158	$	25,313	$	(22,075	)	$	(11,845	)	$	—	$	127,190


121 Spring Street	$	5,380	$	31,707	$	2,550	$	—	$	—		$	—		$	—	$	39,637
Williamsburg Collection		31,500		60,700		16,401		—		—			(9,688	)		—		98,913
8833 Beverly Boulevard		14,423		8,299		1,395		—		—			—			—		24,117
Henderson Avenue Portfolio		40,764		40,865		7,611		—		—			(4,048	)		—		85,192
640 Broadway (a)		27,831		27,291		1,059		—		(661	)		(390	)		4,077		59,207
2022 Total	$	119,898	$	168,862	$	29,016	$	—	$	(661	)	$	(14,126	)	$	4,077	$	307,066

The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7).

The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows:

The estimate of the portion of the "as-if vacant" value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions.

During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands):


Property and Location	Owner	Sale Date	Sale Price		Gain (Loss) on Sale
2023 Dispositions (a)
None

2022 Dispositions
NE Grocer Portfolio (Selected Assets) - Pennsylvania	Fund IV	Jan 26, 2022 Mar 4, 2022	$	45,350	$	13,784
New Towne (Parcel) - Canton, MI	Fund V	Feb 1, 2022		2,231		1,776
Cortlandt Crossing - Westchester County, NY	Fund III	Feb 9, 2022		65,533		13,255
Lincoln Place - Fairview Heights, IL	Fund IV	May 25, 2022		40,670		12,216
Wake Forest Crossing - Wake Forest, NC	Fund IV	Aug 24, 2022		38,919		8,885
Henderson Avenue (Parcel) - Dallas, TX	Core	Oct 7, 2022		3,050		(194	)
330-340 River Street - Cambridge, MA	Core	Dec 13, 2022		26,400		7,439
Total 2022 Dispositions			$	222,153	$	57,161

Does not include the 146 Geary Street property, which had a carrying value of $19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $20.1 million mortgage loan and accrued interest in default (Note 7).

At December 31, 2023 and 2022, the Company had one Core property under contract for sale with assets totaling $11.1 million, which was probable of disposition within one-year. This property was classified as "held for sale" on the Company's Consolidated Balance Sheets. Assets of property held for sale consisted of the following:

Real estate under development represents the Company’s properties that have not yet been placed into service while undergoing substantial development or construction.

Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands):


	January 1, 2023				Year Ended December 31, 2023						December 31, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	11,266	$	—		2		66,083
Fund II		—		34,072		—		633		34,705		—		—
Fund III		1		25,798		—		2,958		40		1		28,716
Fund IV		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	14,857	$	104,660		3	$	94,799


	January 1, 2022				Year Ended December 31, 2022						December 31, 2022
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value

Core		—	$	42,517	$	9,610	$	2,690	$	—		2	$	54,817
Fund II (a)		—		35,125		—		503		1,556		—		34,072
Fund III		1		24,296		—		1,502		—		1		25,798
Fund IV (b)		1		101,835		—		215		32,135		1		69,915
Total		2	$	203,773	$	9,610	$	4,910	$	33,691		4	$	184,602

(a)

Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development.

(b)

Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8).

The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At December 31, 2023, development projects included: portions of the Henderson 1 & 2 Portfolio, in Core, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company:

At December 31, 2022, development projects included: portions of the Henderson 1 & 2 Portfolio in Core, Broad Hollow Commons in Fund III and a portion of 717 N. Michigan Avenue at Fund IV. During the year ended December 31, 2022, the Company: