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Real Estate
 3 Months Ended
Mar. 31, 2019
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]  
Real Estate

2. Real Estate

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

 

 

 

March 31,

2019

 

 

December 31,

2018

 

Land

 

$

705,402

 

 

$

710,469

 

Buildings and improvements

 

 

2,574,459

 

 

 

2,594,828

 

Tenant improvements

 

 

157,502

 

 

 

151,154

 

Construction in progress

 

 

30,413

 

 

 

44,092

 

Properties under capital lease

 

 

—

 

 

 

76,965

 

Right-of-use assets - finance leases

 

 

82,629

 

 

 

—

 

Right-of-use assets - operating leases

 

 

11,871

 

 

 

—

 

Total

 

 

3,562,276

 

 

 

3,577,508

 

Less: Accumulated depreciation

 

 

(438,033

)

 

 

(416,657

)

Operating real estate, net

 

 

3,124,243

 

 

 

3,160,851

 

Real estate under development, at cost

 

 

193,315

 

 

 

120,297

 

Net investments in real estate

 

$

3,317,558

 

 

$

3,281,148

 

Acquisitions and Conversions

During the three months ended March 31, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands):

 

Property and Location

 

Percent

Acquired

 

 

Date of

Acquisition

 

Purchase

Price

 

2019 Acquisitions

 

 

 

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

 

 

 

Soho Portfolio - 51 and 53 Greene Street (a)

 

100%

 

 

Mar 15, 2019

Mar 27, 2019

 

$

32,194

 

Total 2019 Acquisitions

 

 

 

 

 

 

 

$

32,194

 

 

 

 

 

 

 

 

 

 

 

 

2018 Acquisitions and Conversions

 

 

 

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

 

 

 

Bedford Green Land Parcel - Bedford Hills, NY

 

100%

 

 

Mar 23, 2018

 

$

1,337

 

Subtotal Core

 

 

 

 

 

 

 

 

1,337

 

 

 

 

 

 

 

 

 

 

 

 

Fund IV

 

 

 

 

 

 

 

 

 

 

Broughton Street Partners I - Savannah, GA (Conversion) ( 

 

Number of

Properties

 

 

Carrying

Value

 

 

Transfers In

 

 

Capitalized

Costs

 

 

Transfers Out

 

 

Number of

Properties

 

 

Carrying

Value

 

Core

 

 

1

 

 

$

7,759

 

 

$

57,342

 

 

$

253

 

 

$

—

 

 

 

1

 

 

$

65,354

 

Fund II

 

 

—

 

 

 

7,462

 

 

 

—

 

 

 

738

 

 

 

—

 

 

 

—

 

 

 

8,200

 

Fund III

 

 

1

 

 

 

21,242

 

 

 

12,313

 

 

 

642

 

 

 

—

 

 

 

1

 

 

 

34,197

 

Fund IV

 

 

1

 

 

 

83,834

 

 

 

—

 

 

 

1,730

 

 

 

—

 

 

 

1

 

 

 

85,564

 

Total

 

 

3

 

 

$

120,297

 

 

$

69,655

 

 

$

3,363

 

 

$

—

 

 

 

3

 

 

$

193,315

 

 

The number of properties in the table above refers to projects comprising the entire property; however, certain projects represent a portion of a property as follows: During the three months ended March 31, 2019, the Company placed a portion of one Core property (City Center) and a portion of one Fund III property (Cortlandt Crossing) into development and during 2017 the Company placed Fund II’s City Point Phase I and II project into service. Fund II amounts are comprised of the remaining City Point Phase III project.

 

During the year ended December 31, 2018, the Company placed one Core development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the year ended December 31, 2018.

Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period.