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Real Estate Investments (Tables)

6 Months Ended

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

1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

2Excludes financing right of use assets.

3Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.

4Includes three properties.

5Includes 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

1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

2Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.

3Includes three properties.

4Includes 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

1In 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

1Includes straight-line rent receivables, leasing commissions and lease inducements.

2Includes 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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Schedule of Assets and Liabilities Held for Sale

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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.

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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
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