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Real Estate Investments | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Real Estate Investments | Real Estate Investments 2023 Acquisition Activity The following table details the Company's real estate acquisition activity for the nine months ended September 30, 2023:
Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE | MORTGAGE NOTES PAYABLE, NET |  | CASH CONSIDERATION 1 | REAL ESTATE | OTHER 2 | SQUARE FOOTAGE
Tampa, FL | 3/10/23 | $ | 31,500 |  | $ | — |  |  | $ | 30,499 |  | $ | 30,596 |  | $ | (97) |  | 115,867 |
Colorado Springs, CO | 7/28/23 | 11,450 |  | (5,284) |  |  | 6,024 |  | 11,416 |  | (108) |  | 42,770 |
Total real estate acquisitions |  | $ | 42,950 |  | $ | (5,284) |  |  | $ | 36,523 |  | $ | 42,012 |  | $ | (205) |  | 158,637 |
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. In the third quarter of 2023, the Company acquired a parcel of land previously under a ground lease for $0.8 million and an additional interest in an operating property for $0.6 million. Unconsolidated Joint Ventures The Company's investment in and loss recognized for the three and nine months ended September 30, 2023 and 2022 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 | 2023 | 2022 | 2023 | 2022
Investments in unconsolidated joint ventures, beginning of period | $ | 327,245 |  | $ | 210,781 |  | $ | 327,248 |  | $ | 161,942 |
New investment during the period 1 | — |  | 117,880 |  | 3,824 |  | 167,479 |
Equity loss recognized during the period | (456) |  | (124) |  | (1,253) |  | (776) |
Owner distributions | (1,336) |  | (785) |  | (4,366) |  | (893) |
Investments in unconsolidated joint ventures, end of period | $ | 325,453 |  | $ | 327,752 |  | $ | 325,453 |  | $ | 327,752 |
1 In 2023, this was an additional investment in an existing joint venture in which the Company retained a 40% ownership interest. The investment consisted of the Company's sale of a property in Dallas, Texas to the joint venture. See 2023 Real Estate Asset Dispositions below for additional information. 2023 Real Estate Asset Dispositions The following table details the Company's dispositions for the nine months ended September 30, 2023:
Dollars in thousands | DATE DISPOSED | SALE PRICE | CLOSING ADJUSTMENTS | COMPANY-FINANCED MORTGAGE NOTES | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER (INCLUDING RECEIVABLES) 1 | GAIN/(IMPAIRMENT) | SQUARE FOOTAGE
Tampa/Miami, FL 2 | 1/12/23 | $ | 93,250 |  | $ | (5,875) |  | $ | — |  | $ | 87,375 |  | $ | 87,302 |  | $ | (888) |  | $ | 961 |  | 224,037 |
Dallas, TX 3 | 1/30/23 | 19,210 |  | (141) |  | — |  | 19,069 |  | 18,986 |  | 43 |  | 40 |  | 36,691 |
St. Louis, MO | 2/10/23 | 350 |  | (18) |  | — |  | 332 |  | 398 |  | — |  | (66) |  | 6,500 |
Los Angeles, CA | 3/23/23 | 21,000 |  | (526) |  | — |  | 20,474 |  | 20,610 |  | 52 |  | (188) |  | 37,165 |
Los Angeles, CA 4 | 3/30/23 | 75,000 |  | (8,079) |  | (45,000) |  | 21,921 |  | 88,624 |  | (803) |  | (20,900) |  | 147,078 |
Los Angeles, CA 5 | 5/12/23 | 3,300 |  | (334) |  | — |  | 2,966 |  | 3,268 |  | — |  | (302) |  | — |
Albany, NY | 6/30/23 | 10,000 |  | (1,229) |  | — |  | 8,771 |  | 2,613 |  | (1,040) |  | 7,198 |  | 40,870 |
Houston, TX | 8/2/23 | 8,320 |  | (285) |  | — |  | 8,035 |  | 4,567 |  | 194 |  | 3,274 |  | 57,170 |
Atlanta, GA | 8/22/23 | 25,142 |  | (66) |  | — |  | 25,076 |  | 23,226 |  | (536) |  | 2,386 |  | 55,195 |
Dallas, TX | 9/15/23 | 115,000 |  | (1,504) |  | — |  | 113,496 |  | 64,183 |  | 6,094 |  | 43,219 |  | 161,264 |
Houston, TX | 9/18/23 | 250 |  | (24) |  | — |  | 226 |  | 1,998 |  | — |  | (1,772) |  | 52,040 |
Chicago, IL | 9/27/23 | 59,950 |  | (870) |  | — |  | 59,080 |  | 74,710 |  | (380) |  | (15,250) |  | 104,912 |
Total dispositions |  | $ | 430,772 |  | $ | (18,951) |  | $ | (45,000) |  | $ | 366,821 |  | $ | 390,485 |  | $ | 2,736 |  | $ | 18,600 |  | 922,922 |
1 Includes straight-line rent receivables, leasing commissions and lease inducements. 2 Includes two properties, sold in two separate transactions to the same buyer on the same date. 3 The Company sold this property to a joint venture in which it retained a 40% interest. Sales price and square footage reflect the total sales price paid by the joint venture and total square footage of the property. 4 The Company entered into a mortgage note agreement with the buyer for $45 million. 5 The Company sold a land parcel totaling 0.34 acres. Assets Held for Sale The Company had 17 properties and one corporate entity classified as assets held for sale as of September 30, 2023. The net real estate assets held for sale includes the impact of $15.9 million and $46.4 million, respectively, of impairment charges for the three and nine months ended September 30, 2023. The Company had one property classified as assets held for sale as of December 31, 2022, which was sold in the first quarter of 2023. The table below reflects the assets and liabilities classified as held for sale as of September 30, 2023 and December 31, 2022:
Dollars in thousands |  | September 30, 2023 |  | December 31, 2022
Balance Sheet data: |  |  |  |
Land |  | $ | 14,282 |  |  | $ | 1,700 |
Building and improvements |  | 41,538 |  |  | 15,164 |
Lease intangibles |  | 12,938 |  |  | 1,986 |
|  | 68,758 |  |  | 18,850 |
Accumulated depreciation |  | (13,634) |  |  | — |
Real estate assets held for sale, net |  | 55,124 |  |  | 18,850 |
Operating lease right-of-use assets |  | 585 |  |  | — |
Other assets, net |  | 1,929 |  |  | 43 |
Assets held for sale, net |  | $ | 57,638 |  |  | $ | 18,893 |
Accounts payable and accrued liabilities |  | $ | 1,716 |  |  | $ | 282 |
Operating lease liabilities |  | 1,020 |  |  | — |
Other liabilities |  | 1,078 |  |  | 155 |
Liabilities of assets held for sale |  | $ | 3,814 |  |  | $ | 437 |

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