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


	September 30,			December 31,
	2023			2022

Land	$	880,882		$	817,802
Buildings and improvements		3,072,499			2,987,594
Tenant improvements		250,452			216,899
Construction in progress		19,894			21,027
Right-of-use assets - finance leases (Note 11)		58,637			25,086
Total		4,282,364			4,068,408
Less: Accumulated depreciation and amortization		(799,689	)		(725,143	)
Operating real estate, net		3,482,675			3,343,265
Real estate under development		92,729			184,602
Net investments in real estate	$	3,575,404		$	3,527,867

During the nine months ended September 30, 2023, the Company acquired the following consolidated retail property (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
Fund V 2023 Acquisition
Cypress Creek - Tampa, FL	100%	July 3, 2023	$	49,374

For the nine months ended September 30, 2023, the Company capitalized $0.2 million of acquisition costs in connection with the Fund V 2023 Acquisition.

The purchase price for the Fund V 2023 Acquisition were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the date of acquisition. The Company determines the fair value of the individual components of income producing 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 following table summarizes the allocation of the purchase price of the property acquired during the period presented (in thousands):


	Nine Months Ended September 30,
	2023
Net Assets Acquired
Land	$	—
Buildings and improvements		39,637
Intangible assets (Note 6)		10,949
Accounts receivable, prepaids and other assets		—
Right-of-use asset - finance lease (Note 11)		25,314
Lease liability - finance lease (Note 11)		(22,076	)
Accounts payable and other liabilities		—
Intangible liabilities (Note 6)		(4,450	)
Net assets acquired	$	49,374

Consideration
Cash	$	48,909
Carrying value of note receivable exchanged in foreclosure (Note 3)		—
Existing interest in previously unconsolidated investment (Note 4)		—
Debt assumed		—
Liabilities assumed		465
Total consideration		49,374
Gain on bargain purchase		—
	$	49,374

The Company determines the fair value of the individual components of income producing 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 are as follows:


	2023
	Low			High
Exit Capitalization Rate		7.00	%		7.00	%
Annual net rental rate per square foot on acquired buildings	$	12.00		$	47.00
Annual net rental rate per square foot on acquired ground lease	$	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 nine months ended September 30, 2023, the Company did not dispose of any consolidated retail properties and other real estate investments.

The Company had one property classified as held for sale at September 30, 2023 and December 31, 2022. Assets of the held for sale property consisted of the following:


	September 30,			December 31,
	2023			2022
Assets
Buildings and improvements	$	12,562		$	12,562
Land		3,380			3,380
Tenant improvements		1,010			1,010
Less: Accumulated depreciation and amortization		(5,895	)		(5,895	)
	$	11,057		$	11,057

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, 2023				Nine Months Ended September 30, 2023						September 30, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	9,914	$	—		2		64,731
Fund II		—		34,072		—		633		34,705		—		—
Fund III		1		25,798		—		2,200		—		1		27,998
Fund IV		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	12,747	$	104,620		3	$	92,729

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 September 30, 2023, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. In addition, at September 30, 2023, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue (Note 4).

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.