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


	June 30,			December 31,
	2024			2023

Land	$	849,524		$	872,228
Buildings and improvements		3,106,413			3,128,650
Tenant improvements		283,309			257,955
Construction in progress		21,023			23,250
Right-of-use assets - finance leases (Note 11)		58,637			58,637
Total		4,318,906			4,340,720
Less: Accumulated depreciation and amortization		(871,994	)		(823,439	)
Operating real estate, net		3,446,912			3,517,281
Real estate under development		101,802			94,799
Net investments in real estate	$	3,548,714		$	3,612,080

During the six months ended June 30, 2024, the Company did not acquire any retail properties and other real estate investments.

During the six months ended June 30, 2024, The Company disposed of the following properties and other real estate investments:


Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale
2024 Dispositions
2208-2216 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024	$	9,777	$	1,239
2207 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024		4,283		1,130
Shops at Grand - Queens, NY	Core	5/16/2024		48,250		(2,213	)
Canton Marketplace (Outparcel) - Canton, GA	Fund V	6/28/2024		2,200		601
Total 2024 Dispositions (a)			$	64,510	$	757

(a)

During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

On May 16, 2024, the Company sold a 95% interest in the Shops at Grand property located in Queens, NY for $48.3 million and retained a 5% ownership interest through an investment in a newly formed joint venture which was fair valued at $2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $2.2 million related to transaction costs, which is included in the Gain on disposition of properties in the Condensed and Consolidated Statements of Operations.

The Company had one property classified as held for sale as of December 31, 2023. The property as of December 31, 2023 was moved to Investments in real estate, at cost during the first quarter of 2024, as the Company no longer believes it is probable the asset will be disposed within the next twelve months.

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

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


	January 1, 2024				Six Months Ended June 30, 2024						June 30, 2024
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	66,083	$	—	$	5,893	$	—		2		71,976
Fund III		1		28,716		—		1,110		—		1		29,826
Total		3	$	94,799	$	—	$	7,003	$	—		3	$	101,802

The number of properties in the table above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. As of June 30, 2024, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III.

During the six months ended June 30, 2024, the Company did not place any assets into service.

Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.