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


	December 31,			December 31,
	2024			2023
Buildings and improvements	$	3,174,250		$	3,128,650
Tenant improvements		304,645			257,955
Land		906,031			872,228
Construction in progress		23,704			23,250
Right-of-use assets - finance leases (Note 11)		61,366			58,637
Total		4,469,996			4,340,720
Less: Accumulated depreciation and amortization		(926,022	)		(823,439	)
Operating real estate, net		3,543,974			3,517,281
Real estate under development		129,619			94,799
Net investments in real estate	$	3,673,593		$	3,612,080

During the years ended December 31, 2024 and 2023, the Company acquired the following retail properties and other real estate investments (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price (a)
2024 Acquisitions
Core
Bleecker Street Portfolio (4 assets) - New York, NY	100%	September 19, 2024	$	20,347
1718 N. Henderson Ave (Land Parcel) - Dallas, TX	100%	September 19, 2024		1,063
123-129 N. 6th Street - Brooklyn, NY	100%	October 11, 2024		35,343
92-94 Greene Street - New York, NY	100%	October 17, 2024		43,594
109 N. 6th Street - Brooklyn, NY	100%	October 24, 2024		19,040
1834 N. Henderson Ave - Dallas, TX	100%	November 21, 2024		2,144
2107-2115 N. Henderson Ave (Land Parcel) - Dallas, TX	100%	November 25, 2024		11,082
Subtotal Core				132,613

Investment Management
Walk at Highwoods Preserve - Tampa, FL (b)	100%	July 3, 2024		31,766
Total 2024 Acquisitions				164,379

2023 Acquisitions
Investment Management
Cypress Creek - Tampa, FL	100%	July 3, 2023	$	49,374
Maple Tree Place - Williston, VT	100%	November 27, 2023		77,816
Total 2023 Acquisitions			$	127,190

(a)

Purchase price includes capitalized transaction costs.

(b)

On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20% non-controlling ownership interest. Refer to the disposition table below and Note 4.

For the years ended December 31, 2024 and 2023, the Company capitalized $2.9 million and $1.0 million of acquisition costs in connection with the 2024 Acquisitions and 2023 Acquisitions, respectively, which are included in Net investments in real estate on the Consolidated Balance Sheets.

The purchase prices for the 2024 Acquisitions (excluding any properties that were acquired in development(a)) and 2023 Acquisitions 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, 2024 and 2023 (in thousands):


	Land		Buildings and improvements		Intangible assets		Right-of-use asset		Lease liability			Intangible liabilities			Other assets, net		Net assets acquired
Bleecker Street Portfolio (4 assets)	$	4,962	$	10,460	$	3,695	$	2,729	$	(1,071	)	$	(428	)	$	—	$	20,347
Walk at Highwoods Preserve		9,730		18,026		8,631		—		—			(4,621	)		—		31,766
123-129 N. 6th Street		13,083		25,428		3,280		—		—			(6,448	)		—		35,343
109 N. 6th Street		5,142		13,146		3,081		—		—			(2,329	)		—		19,040
92-94 Greene Street		32,499		10,406		3,694		—		—			(3,005	)		—		43,594
1834 N. Henderson Ave		1,002		1,142		—		—		—			—			—		2,144
2024 Total (a)	$	66,418	$	78,608	$	22,381	$	2,729	$	(1,071	)	$	(16,831	)	$	—	$	152,234

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

(a)

Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition.

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 2024 and 2023, respectively, are as follows:


	2024						2023
	Low			High			Low			High
Exit Capitalization Rate		5.50	%		8.00	%		7.00	%		8.50	%
Discount Rate		7.50	%		10.00	%		10.00	%		10.25	%
Annual net rental rate per square foot on acquired buildings	$	17.00		$	615.00		$	4.00		$	47.00
Annual net rental rate per square foot on acquired master lease	$	29.11		$	29.11		$	1.04		$	1.91

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, 2024 and 2023, the Company disposed of the following properties and other real estate investments (in thousands):


Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale (a)
2024 Dispositions
2208-2216 Fillmore Street - San Francisco, CA	Fund IV	April 3, 2024	$	9,777	$	1,239
2207 Fillmore Street - San Francisco, CA	Fund IV	April 3, 2024		4,283		1,130
Shops at Grand - Queens, NY (b)	Core	May 16, 2024		48,250		(2,213	)
Canton Marketplace (Outparcel) - Canton, GA	Fund V	June 28, 2024		2,200		601
Walk at Highwoods Preserve - Tampa, FL (c)	Investment Management	October 25, 2024		31,366		(393	)
Total 2024 Dispositions			$	95,876	$	364

2023 Dispositions
None

(a)

During the first quarter of 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.

(b)

On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5% non-controlling ownership interest 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 Loss on disposition of properties in the Consolidated Statements of Operations.

(c)

On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $31.4 million and retained a 20% non-controlling ownership interest which was valued at $6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations.

At December 31, 2024, the Company did not have any properties held for sale. At December 31, 2023, the Company had one Core property classified as held for sale, with total assets of properties held for sale of $11.1 million, which was transferred 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 of 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				Year Ended December 31, 2024						December 31, 2024
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	66,083	$	12,156	$	20,016	$	—		4		98,255
Fund III		1		28,716		—		2,648		—		1		31,364
Total		3	$	94,799	$	12,156	$	22,664	$	—		5	$	129,619


	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

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, 2024, consolidated development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the year ended December 31, 2024, the Company acquired two development land parcels in the Henderson Avenue Portfolio (Note 2); the Company did not place any assets into service.

At December 31, 2023, development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company:

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.