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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Acquisitions | The following table details the Company's acquisitions for the six months ended June 30, 2022:
Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE |  |  | CASH CONSIDERATION 1 | REAL ESTATE 2 | OTHER 3 | SQUARE FOOTAGE
Dallas, TX | 2/11/22 | $ | 8,175 |  |  |  | $ | 8,185 |  | $ | 8,202 |  | $ | (17) |  | 18,000 |
San Francisco, CA 4 | 3/7/22 | 114,000 |  |  |  | 112,986 |  | 108,687 |  | 4,299 |  | 166,396 |
Atlanta, GA | 4/7/22 | 6,912 |  |  |  | 7,054 |  | 7,178 |  | (124) |  | 21,535 |
Denver, CO | 4/13/22 | 6,320 |  |  |  | 5,254 |  | 5,269 |  | (15) |  | 12,207 |
Colorado Springs, CO 5 | 4/13/22 | 13,680 |  |  |  | 13,686 |  | 13,701 |  | (15) |  | 25,800 |
Seattle, WA | 4/28/22 | 8,350 |  |  |  | 8,334 |  | 8,370 |  | (36) |  | 13,256 |
Houston, TX | 4/28/22 | 36,250 |  |  |  | 36,299 |  | 36,816 |  | (517) |  | 76,781 |
Los Angeles, CA | 4/29/22 | 35,000 |  |  |  | 35,242 |  | 25,400 |  | 9,842 |  | 34,282 |
Oklahoma City, OK | 4/29/22 | 11,100 |  |  |  | 11,259 |  | 11,334 |  | (75) |  | 34,944 |
Raleigh, NC 4 | 5/31/22 | 27,500 |  |  |  | 26,710 |  | 27,127 |  | (417) |  | 85,113 |
Tampa, FL 5 | 6/9/22 | 18,650 |  |  |  | 18,619 |  | 18,212 |  | 407 |  | 55,788 |
Total real estate acquisitions |  | $ | 285,937 |  |  |  | $ | 283,628 |  | $ | 270,296 |  | $ | 13,332 |  | 544,102 |
1 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 2 Excludes financing right of use assets. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes three properties. 5 Includes two properties. Subsequent to June 30, 2022 and unrelated to the Merger, the Company acquired the following property:
Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE |  |  |  |  |  | SQUARE FOOTAGE
Seattle, WA | 8/1/22 | $ | 4,850 |  |  |  |  |  |  | 10,593 |
Schedule of joint venture transactions | The following table details the TIAA Joint Venture acquisitions for the six months ended June 30, 2022:
Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE |  |  | CASH CONSIDERATION 1 | REAL ESTATE | OTHER 2 | SQUARE FOOTAGE | COMPANY OWNERSHIP %
San Francisco, CA 3 | 3/7/22 | $ | 67,175 |  |  |  | $ | 66,789 |  | $ | 65,179 |  | $ | 1,610 |  | 110,865 |  | 50 | %
Los Angeles, CA 4 | 3/7/22 | 33,800 |  |  |  | 32,384 |  | 32,390 |  | (6) |  | 103,259 |  | 50 | %
Total real estate acquisitions |  | $ | 100,975 |  |  |  | $ | 99,173 |  | $ | 97,569 |  | $ | 1,604 |  | 214,124 |  |
1 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 2 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 3 Includes three properties. 4 Includes two properties.
Schedule of equity method investments | The Company's investment in and loss recognized for the three and six months ended June 30, 2022 and 2021 related to its joint ventures accounted for under the equity method are shown in the table below:
| THREE MONTHS ENDED June 30, | SIX MONTHS ENDED June 30, |
Dollars in thousands | 2022 | 2021 | 2022 | 2021 |
Investments in unconsolidated joint ventures, beginning of period 1 | $ | 211,195 |  | $ | 83,943 |  | $ | 161,942 |  | $ | 73,137 |  |
New investments during the period | — |  | 34,138 |  | 49,599 |  | 45,018 |  |
Equity loss recognized during the period 1 | (307) |  | (146) |  | (652) |  | (220) |  |
Owner Distributions | (107) |  | — |  | (108) |  | — |  |
Investments in unconsolidated joint ventures, end of period 1 | $ | 210,781 |  | $ | 117,935 |  | $ | 210,781 |  | $ | 117,935 |  |
1 In addition to the TIAA Joint Venture, the Company also has a 55% and 27% ownership interest, respectively, in two limited liability companies that each own a parking garage in Atlanta, Georgia.
Real estate dispositions | The following table details the Company's dispositions for the six months ended June 30, 2022:
Dollars in millions | DATE DISPOSED | SALE PRICE | CLOSING ADJUSTMENTS | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER (INCLUDING RECEIVABLES) 1 | GAIN/(IMPAIRMENT) | SQUARE FOOTAGE
Loveland, CO 2 | 2/24/22 | $ | 84,950 |  | $ | (45) |  | $ | 84,905 |  | $ | 40,095 |  | $ | 4 |  | $ | 44,806 |  | 150,291 |
San Antonio, TX 2 | 4/15/22 | 25,500 |  | (2,272) |  | 23,228 |  | 14,381 |  | 284 |  | 8,563 |  | 201,523 |
Total dispositions |  | $ | 110,450 |  | $ | (2,317) |  | $ | 108,133 |  | $ | 54,476 |  | $ | 288 |  | $ | 53,369 |  | 351,814 |
1 Includes straight-line rent receivables, leasing commissions and lease inducements. 2 Includes two properties.
Schedule of assets and liabilities held for sale | The table below reflects the assets and liabilities of the properties classified as held for sale as of June 30, 2022 and December 31, 2021:
Dollars in thousands |  | June 30, 2022 |  | December 31, 2021
Other assets, net |  | $ | — |  |  | $ | 57 |
Assets held for sale, net |  | $ | — |  |  | $ | 57 |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 169 |
Other liabilities |  | — |  |  | 125 |
Liabilities of assets held for sale |  | $ | — |  |  | $ | 294 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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