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


	September 30,			December 31,
	2025			2024
Buildings and improvements	$	3,411,249		$	3,174,250
Tenant improvements		332,990			304,645
Land		1,147,235			906,031
Construction in progress		30,944			23,704
Right-of-use assets - finance leases (Note 11)		61,366			61,366
Total		4,983,784			4,469,996
Less: Accumulated depreciation and amortization		(989,377	)		(926,022	)
Operating real estate, net		3,994,407			3,543,974
Real estate under development		142,468			129,619
Net investments in real estate	$	4,136,875		$	3,673,593

During the nine months ended September 30, 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
REIT Portfolio
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 - Washington, D.C. (b)	48%	January 23, 2025		245,700
95, 97, and 107 North 6th Street - Brooklyn, NY	100%	April 9, 2025		59,668
85 5th Avenue - New York, NY	100%	April 11, 2025		47,014
70 and 93 North 6th Street - Brooklyn, NY	100%	June 4, 2025		50,323
2117 N. Henderson Avenue (Land Parcel) - Dallas, TX	100%	July 31, 2025		904
Subtotal REIT Portfolio				484,205

Investment Management
Pinewood Square - Lake Worth, FL	100%	March 19, 2025		68,207
The Avenue at West Cobb - Marietta, GA	100%	September 30, 2025		62,701
Subtotal Investment Management				130,908
Total 2025 Acquisitions			$	615,113

(a)

Purchase price includes capitalized transaction costs of $2.4 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 REIT 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.

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 nine months ended September 30, 2025 (in thousands):


	Land		Buildings and improvements		Intangible assets		Intangible liabilities			Debt fair value adjustment			Total
106 Spring Street	$	51,495	$	5,043	$	10,165	$	(11,566	)	$	—		$	55,137
73 Wooster St		15,876		6,775		2,848		(40	)		—			25,459
Renaissance Portfolio		103,962		127,368		20,016		(4,100	)		(1,546	)		245,700
Pinewood Square		17,208		46,208		12,668		(7,877	)		—			68,207
95, 97, and 107 North 6th Street		17,342		36,493		6,167		(334	)		—			59,668
85 5th Avenue		32,718		7,318		6,978		—			—			47,014
70 and 93 North 6th Street		17,058		30,834		5,833		(3,402	)		—			50,323
2117 N. Henderson Avenue		904		—		—		—			—			904
The Avenue at West Cobb		9,647		40,355		15,633		(2,934	)		—			62,701
2025 Total	$	266,210	$	300,394	$	80,308	$	(30,253	)	$	(1,546	)	$	615,113

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 nine months ended September 30, 2025 are as follows:

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, 2025, the Company disposed of the following retail properties (dollars in thousands):


Property and Location	Owner	Date Sold	Sale Price		Gain on Sale (a)
2025 Dispositions
Mad River - Dayton, OH (b)	REIT	August 19, 2025	$	15,020	$	2,756
640 Broadway - New York, NY (c)	IM (Fund III)	September 5, 2025		49,500		172
Total 2025 Dispositions			$	64,520	$	2,928

As of September 30, 2025, the Company classified a portion of 1035 Third Avenue, a consolidated Fund IV Investment Management property, as held for sale. The property was subsequently sold on October 1, 2025 (Note 16). The assets and liabilities of the property held for sale are presented separately in the accompanying condensed consolidated balance sheets and are summarized as follows:

The Company did not have any properties classified as held for sale as of December 31, 2024.

Real estate under development represents the Company’s consolidated properties that have not yet been placed into service and are undergoing substantial development or construction.

Development activity for these properties during the periods presented is summarized below (dollars in thousands):


	January 1, 2025				Nine Months Ended September 30, 2025						September 30, 2025
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
REIT Portfolio (a)		4	$	98,255	$	3,072	$	42,219	$	1,078		6		142,468
IM (Fund III) (b)		1		31,364		—		2,621		33,985		—		—
Total		5	$	129,619	$	3,072	$	44,840	$	35,063		6	$	142,468

(a)

During the nine months ended September 30, 2025, the Company placed two REIT Portfolio properties into development within the Henderson Avenue portfolio.

(b)

During the nine months ended September 30, 2025, the Company transferred out one Investment Management Fund III property that is no longer in development.

The number of properties in the table above refers to full-property development projects; however, certain projects represent only a portion of a property, and the capitalized costs and carrying value of these projects are included in the table above. As of September 30, 2025, consolidated development projects included six properties in the Henderson Avenue Portfolio (REIT Portfolio).

Construction in progress refers to construction activity at operating properties that remain in service during the construction period.