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Real Estate | 3 Months Ended
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Mar. 31, 2024
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Land |  | $ | 871,084 |  |  | $ | 872,228 |
Buildings and improvements |  |  | 3,137,273 |  |  |  | 3,128,650 |
Tenant improvements |  |  | 264,548 |  |  |  | 257,955 |
Construction in progress |  |  | 22,884 |  |  |  | 23,250 |
Right-of-use assets - finance leases (Note 11) |  |  | 58,637 |  |  |  | 58,637 |
Total |  |  | 4,354,426 |  |  |  | 4,340,720 |
Less: Accumulated depreciation and amortization |  |  | (854,731 | ) |  |  | (823,439 | )
Operating real estate, net |  |  | 3,499,695 |  |  |  | 3,517,281 |
Real estate under development |  |  | 96,594 |  |  |  | 94,799 |
Net investments in real estate |  | $ | 3,596,289 |  |  | $ | 3,612,080 |
Acquisitions During the three months ended March 31, 2024, the Company did not acquire any consolidated retail properties or other real estate investments. Dispositions During the three months ended March 31, 2024, the Company did not dispose of any consolidated retail properties or other real estate investments. 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. Properties Held for Sale The Company had two properties classified as held for sale as of March 31, 2024 and 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. The Company sold the two properties held for sale as of March 31, 2024 in April 2024 and repaid the related debt upon disposition (Note 16). Assets of the held for sale properties consisted of the following:
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Land |  | $ | 4,524 |  |  | $ | 3,380 |
Buildings and improvements |  |  | 8,412 |  |  |  | 12,562 |
Tenant improvements |  |  | 44 |  |  |  | 1,010 |
Less: Accumulated depreciation and amortization |  |  | (1,833 | ) |  |  | (5,895 | )
|  | $ | 11,147 |  |  | $ | 11,057 |
Real Estate Under Development 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 |  |  | Three Months Ended March 31, 2024 |  |  | March 31, 2024 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 66,083 |  |  | $ | — |  |  | $ | 1,615 |  |  | $ | — |  |  |  | 2 |  |  |  | 67,698 |
Fund III |  |  | 1 |  |  |  | 28,716 |  |  |  | — |  |  |  | 180 |  |  |  | — |  |  |  | 1 |  |  |  | 28,896 |
Total |  |  | 3 |  |  | $ | 94,799 |  |  | $ | — |  |  | $ | 1,795 |  |  | $ | — |  |  |  | 3 |  |  | $ | 96,594 |
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. As of March 31, 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 three months ended March 31, 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.

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- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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