INVESTMENTS IN REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2022

Investments in real estate consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Land	$	143,508	$	141,236
Land improvements	2,648		2,644
Buildings and improvements	454,695		454,431
Furniture, fixtures, and equipment	4,405		4,398
Tenant improvements	29,508		29,733
Work in progress	11,191		10,260
Investments in real estate	645,955		642,702
Accumulated depreciation	(148,511)		(144,718)
Net investments in real estate	$	497,444	$	497,984

Schedule Of Asset Acquisition

During the three months ended March 31, 2022, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition. Please see “Investments in Unconsolidated Entities” (Note 4) below for information on the Company’s acquisition of an approximate 44% interest in an office property in February 2022.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

3101 S Western Avenue, Los Angeles, CA (2)

Multifamily (2)

February 11, 2022

3,752

2,260

(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $14,000, which are not included in the purchase price above.

(2)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 45 residential units.

Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the aforementioned acquisition during the three months ended March 31, 2022.




	(in thousands)
Land	$	2,271
Land improvements	3





Net assets acquired	$	2,274