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

	March 31, 2021			December 31, 2020
Land	$	767,631		$	776,275
Buildings and improvements		2,847,797			2,848,781
Tenant improvements		196,748			191,046
Construction in progress		6,453			5,751
Right-of-use assets - finance leases (Note 11)		25,086			25,086
Total		3,843,715			3,846,939
Less: Accumulated depreciation and amortization		(605,684	)		(586,800	)
Operating real estate, net		3,238,031			3,260,139
Real estate under development		234,338			247,349
Net investments in real estate	$	3,472,369		$	3,507,488

During the three months ended March 31, 2021 and the year ended December 31, 2020, the Company acquired the following consolidated retail properties and other real estate investments (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
2021 Acquisitions
None

2020 Acquisitions and Conversions
Core
Soho Acquisitions - 37 Greene Street - New York, NY	100%	Jan 9, 2020	$	15,689
917 W. Armitage - Chicago, IL	100%	Feb 13, 2020		3,515
Town Center - Wilmington, DE (Conversion) (Note 4)	100%	Apr 1, 2020		138,939
Subtotal Core				158,143

Fund IV
230-240 W. Broughton Street - Savannah, GA	100%	May 26, 2020		13,219
102 E. Broughton Street - Savannah, GA	100%	May 26, 2020		790
Subtotal Fund IV				14,009
Total 2020 Acquisitions and Conversions			$	172,152

For the year ended December 31, 2020, the Company capitalized $1.3 million of acquisition costs. No debt was assumed in any of the 2020 Acquisitions. Conversions represent notes receivable that were converted to an interest in the underlying collateral in a non-cash transaction.

The purchase prices for the 2020 Acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the periods presented (in thousands):

	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Net Assets Acquired
Land	$	—	$	25,440
Buildings and improvements		—		123,459
Accounts receivable, prepaids and other assets		—		5,770
Acquisition-related intangible assets (Note 6)		—		23,061
Right-of-use asset - Operating lease (Note 11)		—		234
Acquisition-related intangible liabilities (Note 6)		—		(4,569	)
Lease liability - Operating lease (Note 11)		—		(234	)
Accounts payable and other liabilities		—		(1,009	)
Net assets acquired	$	—	$	172,152

Consideration
Cash	$	—	$	21,208
Conversion of note receivable		—		38,674
Conversion of accrued interest		—		1,995
Liabilities assumed		—		116
Existing interest in previously unconsolidated investment		—		109,571
Acquisition of noncontrolling interests		—		588
Total consideration	$	—	$	172,152

During the three months ended March 31, 2021 and the year ended December 31, 2020, the Company disposed of the following consolidated properties and other real estate investments (in thousands):

Property and Location	Owner	Date Sold	Sale Price		Gain on Sale
2021 Dispositions
60 Orange St - Bloomfield, NJ	Core	Jan 29, 2021	$	16,400	$	4,612
Total 2021 Dispositions			$	16,400	$	4,612

2020 Dispositions
163 Highland Ave. (Easement) - Needham, MA	Core	Mar 19, 2020	$	238	$	88
Colonie Plaza - Albany, NY	Fund IV	Apr 13, 2020		15,250		485
Airport Mall (Parcel) - Bangor, ME	Fund IV	Sep 10, 2020		400		24
Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY	Fund III	Nov 30, 2020		6,325		—
Union Township (Parcel) - New Castle, PA	Core	Dec 11, 2020		200		86
Total 2020 Dispositions			$	22,413	$	683

During the three months ended March 31, 2021, Fund III entered into an agreement to sell its 654 Broadway property, which is reflected as assets of properties held for sale at March 31, 2021 on the consolidated balance sheet.

The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the three months ended March 31, 2021 and year ended December 31, 2020 were as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Revenues	$	82		$	870
Expenses		(90	)		(864	)
Gain on disposition of properties		4,612			—
Net income attributable to noncontrolling interests		1			48
Net income attributable to Acadia	$	4,605		$	54

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, 2021				Three Months Ended March 31, 2021						March 31, 2021
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		—	$	63,875	$	—	$	933	$	14,557		—	$	50,251
Fund II		—		74,657		—		535		—		—		75,192
Fund III		1		23,139		—		277		—		1		23,416
Fund IV		2		85,678		—		21		220		2		85,479
Total		3	$	247,349	$	—	$	1,766	$	14,777		3	$	234,338

	January 1, 2020				Year Ended December 31, 2020						December 31, 2020
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		—	$	60,863	$	—	$	3,012	$	—		—	$	63,875
Fund II ^(a)		—		10,703		66,812		3,612		6,470		—		74,657
Fund III		1		36,240		—		70		13,171		1		23,139
Fund IV^(b)		2		145,596		—		1,368		61,286		2		85,678
Total		3	$	253,402	$	66,812	$	8,062	$	80,927		3	$	247,349

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. Core amounts relate to City Center and Fund II amounts relate to the City Point Phase III project.

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.