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

During the three months ended March 31, 2024, the Company did not acquire any consolidated retail properties or other real estate investments.

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.

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 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.