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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Acquisitions | The following table details the Company's acquisitions for the nine months ended September 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 |
Q1 2022 subtotal |  | 122,175 |  |  |  | 121,171 |  | 116,889 |  | 4,282 |  | 184,396 |
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 |
Q2 2022 subtotal |  | 163,762 |  |  |  | 162,457 |  | 153,407 |  | 9,050 |  | 359,706 |
Seattle, WA | 8/1/22 | 4,850 |  |  |  | 4,806 |  | 4,882 |  | (76) |  | 10,593 |
Raleigh, NC | 8/9/22 | 3,783 |  |  |  | 3,878 |  | 3,932 |  | (54) |  | 11,345 |
Jacksonville, FL | 8/9/22 | 18,195 |  |  |  | 18,508 |  | 18,583 |  | (75) |  | 34,133 |
Atlanta, GA | 8/10/22 | 11,800 |  |  |  | 11,525 |  | 12,038 |  | (513) |  | 43,496 |
Denver, CO | 8/11/22 | 14,800 |  |  |  | 13,902 |  | 13,918 |  | (16) |  | 34,785 |
Raleigh, NC | 8/18/22 | 11,375 |  |  |  | 10,670 |  | 10,547 |  | 123 |  | 31,318 |
Nashville, TN | 9/15/22 | 21,000 |  |  |  | 20,764 |  | 20,572 |  | 192 |  | 61,932 |
Austin, TX | 9/29/22 | 5,450 |  |  |  | 5,449 |  | 5,572 |  | (123) |  | 15,000 |
Q3 2022 subtotal |  | 91,253 |  |  |  | 89,502 |  | 90,044 |  | (542) |  | 242,602 |
Total real estate acquisitions |  | $ | 377,190 |  |  |  | $ | 373,130 |  | $ | 360,340 |  | $ | 12,790 |  | 786,704 |
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 September 30, 2022, the Company acquired the following property:
Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE |  |  |  |  |  | SQUARE FOOTAGE
Jacksonville, FL | 10/12/22 | $ | 3,600 |  |  |  |  |  |  | 6,200 |
Schedule of joint venture transactions | The following table details the joint venture acquisitions for the nine months ended September 30, 2022. These joint venture acquisitions are not consolidated for purposes of the Company's Condensed Consolidated Financial Statements.
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 joint venture 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 nine months ended September 30, 2022 and 2021 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
| THREE MONTHS ENDED September 30, | NINE MONTHS ENDED September 30, |
Dollars in thousands | 2022 | 2021 | 2022 | 2021 |
Investments in unconsolidated joint ventures, beginning of period | $ | 210,781 |  | $ | 117,935 |  | $ | 161,942 |  | $ | 73,137 |  |
New investments during the period 1 | 117,880 |  | 4,593 |  | 167,479 |  | 49,612 |  |
Equity loss recognized during the period | (124) |  | (183) |  | (776) |  | (404) |  |
Owner distributions | (785) |  | — |  | (893) |  | — |  |
Investments in unconsolidated joint ventures, end of period 1 | $ | 327,752 |  | $ | 122,345 |  | $ | 327,752 |  | $ | 122,345 |  |
1 Includes unconsolidated joint ventures acquired as part of the Merger, as well as investments in two joint ventures representing a 20% and 40% ownership interest in portfolios in Los Angeles, California and Dallas, Texas, respectively. Also, see 2022 Real Estate Asset Dispositions below for additional information.
Real estate dispositions | The following table details the Company's dispositions for the nine months ended September 30, 2022:
Dollars in thousands | 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 |
GA, FL, PA 3, 8 | 7/29/22 | 133,100 |  | (8,109) |  | 124,991 |  | 124,991 |  | — |  | — |  | 316,739 |
GA, FL, TX 5, 8 | 8/4/22 | 160,917 |  | (5,893) |  | 155,024 |  | 151,819 |  | 3,205 |  | — |  | 343,545 |
Los Angeles, CA 3, 6, 8 | 8/5/22 | 134,845 |  | (3,102) |  | 131,743 |  | 131,332 |  | 411 |  | — |  | 283,780 |
Dallas, TX 5, 7, 8 | 8/30/22 | 114,290 |  | (682) |  | 113,608 |  | 113,608 |  | — |  | — |  | 189,385 |
Indianapolis, IN 4, 9 | 8/31/22 | 238,845 |  | (5,846) |  | 232,999 |  | 84,767 |  | 4,324 |  | 143,908 |  | 506,406 |
Total dispositions |  | $ | 892,447 |  | $ | (25,949) |  | $ | 866,498 |  | $ | 660,993 |  | $ | 8,228 |  | $ | 197,277 |  | 1,991,669 |
1 Includes straight-line rent receivables, leasing commissions and lease inducements. 2 Includes two properties. 3 Includes four properties. 4 Includes five properties. 5 Includes six properties. 6 Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture that purchased these properties. 7 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture that purchased these properties. 8 These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation. 9 Two of the five properties included in this portfolio were acquired in the Merger and were included as assets held for sale in the purchase price allocation. Subsequent to September 30, 2022, the Company disposed of the following properties:
Dollars in thousands | DATE DISPOSED | SALE PRICE | SQUARE FOOTAGE
Dallas, TX 1, 2 | 10/4/22 | $ | 104,025 |  | 291,328 |
Houston, TX 2 | 10/21/22 | 32,000 |  | 134,910 |
Total dispositions |  | $ | 136,025 |  | 426,238 |
1 Includes two properties. 2 These properties were classified as assets held for sale as of September 30, 2022.
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 September 30, 2022 and December 31, 2021:
Dollars in thousands |  | September 30, 2022 |  | December 31, 2021
Balance Sheet data: |  |  |  |
Land |  | $ | 10,594 |  |  | $ | — |
Building and improvements |  | 199,821 |  |  | — |
Lease intangibles |  | 11,389 |  |  | — |
Personal property |  | 211 |  |  | — |
Financing lease right-of-use assets |  | 307 |  |  | — |
|  | 222,322 |  |  | — |
Accumulated depreciation |  | (47,051) |  |  | — |
Real estate assets held for sale, net |  | 175,271 |  |  | — |
Operating lease right-of-use assets |  | 1,193 |  |  | — |
Other assets, net |  | 8,610 |  |  | 57 |
Assets held for sale, net |  | $ | 185,074 |  |  | $ | 57 |
Accounts payable and accrued liabilities |  | $ | 3,768 |  |  | $ | 169 |
Operating lease liabilities |  | $ | 864 |  |  | $ | — |
Financing lease liabilities |  | $ | 2,427 |  |  | $ | — |
Other liabilities |  | 3,585 |  |  | 125 |
Liabilities of assets held for sale |  | $ | 10,644 |  |  | $ | 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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