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


	March 31,			December 31,
	2025			2024
Buildings and improvements	$	3,359,373		$	3,174,250
Tenant improvements		311,562			304,645
Land		1,088,389			906,031
Construction in progress		28,807			23,704
Right-of-use assets - finance leases (Note 11)		61,366			61,366
Total		4,849,497			4,469,996
Less: Accumulated depreciation and amortization		(954,293	)		(926,022	)
Operating real estate, net		3,895,204			3,543,974
Real estate under development		142,110			129,619
Net investments in real estate	$	4,037,314		$	3,673,593

During the three months ended March 31, 2025, the Company acquired the following retail properties and other retail investments (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price (a)
2025 Acquisitions
Core
106 Spring Street - New York, NY	100%	January 9, 2025	$	55,137
73 Wooster Street - New York, NY	100%	January 9, 2025		25,459
Renaissance Portfolio (b)	48%	January 23, 2025		245,700
Subtotal Core				326,296

Investment Management
Pinewood Square - Lake Worth, FL	100%	March 19, 2025		68,207
Total 2025 Acquisitions (c)			$	394,503

(a)

Purchase price includes capitalized transaction costs of $0.8 million.

(b)

On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing mortgage loan indebtedness of $156.1 million in aggregate (Note 7). Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting (Note 4). Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company determined it should consolidate its investment within its Core Portfolio effective January 23, 2025. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of the Renaissance Portfolio, at fair value and recognized a $9.6 million loss on change in control representing the difference between the carrying value and fair value of its existing equity method interest immediately before consolidation of the portfolio in its Condensed Consolidated Statements of Operations related to the remeasurement of its previously held equity interest.

(c)

The Company acquired additional retail properties subsequent to March 31, 2025 (Note 16).

The purchase prices for the acquisitions (excluding any properties that were acquired in development) 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 three months ended March 31, 2025 (in thousands):


	Land		Buildings and improvements		Intangible assets		Intangible liabilities			Debt fair value adjustment			Total
106 Spring Street - New York, NY	$	51,108	$	5,460	$	10,391	$	(11,822	)	$	—		$	55,137
73 Wooster St - New York, NY		15,876		6,775		2,848		(40	)		—			25,459
Renaissance Portfolio - Washington, D.C.		101,765		129,042		20,583		(3,795	)		(1,895	)		245,700
Pinewood Square - Lake Worth, FL		17,208		46,208		12,668		(7,877	)		—			68,207
2025 Total	$	185,957	$	187,485	$	46,490	$	(23,534	)	$	(1,895	)	$	394,503

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. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. 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 the three months ended March 31, 2025 are as follows:


	2025
	Low			High
Exit Capitalization Rate		5.75	%		6.75	%
Discount Rate		7.75	%		11.50	%
Annual net rental rate per square foot on acquired buildings	$	15.00		$	850.00
Interest rate on assumed debt		6.35	%		6.35	%

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.

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, 2025				Three Months Ended March 31, 2025						March 31, 2025
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core (a)		4	$	98,255	$	2,166	$	10,560	$	1,066		4		109,915
Fund III		1		31,364		—		831		—		1		32,195
Total		5	$	129,619	$	2,166	$	11,391	$	1,066		5	$	142,110

(a)

During the first quarter of 2025, the Company placed one property in development and one property in service within the Henderson Avenue portfolio.

The number of properties in the table above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. As of March 31, 2025, consolidated development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III.

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.