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Acquisitions, Dispositions and Mortgage Repayments | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions, Dispositions and Mortgage Repayments | Acquisitions, Dispositions and Mortgage Repayments 2023 Acquisition Activity The following table details the Company's real estate acquisition activity for the year ended December 31, 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 second quarter of 2023, the Company entered into a joint venture agreement for the development of a medical office building in Scottsdale, Arizona. The Company holds a 90% interest in the joint venture and determined the arrangement meets the criteria to be consolidated. The joint venture acquired an $8.8 million land parcel to be developed with the Company contributing cash of $8.3 million. In the third quarter of 2023, the Company acquired the fee interest in a parcel of land previously held under a ground lease for $0.8 million and an additional interest in an operating property for $0.6 million. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date:
| ESTIMATED FAIR VALUE in millions | ESTIMATED USEFUL LIFE in years
Building | $ | 27.5 |  | 17.0 - 30.0
Tenant Improvements | 3.4 |  | 5.1 - 5.9
Land | 5.5 |  | — |
Land Improvements | 1.1 |  | 6.0 - 10.0
Intangibles |  |
At-market lease intangibles | 4.5 |  | 5.1 - 5.9
Above-market lease intangibles (lessor) | 0.2 |  | 1.8 - 4.9
Below-market lease intangibles (lessor) | (0.2) |  | 6.4 - 13.9
Mortgage notes payable assumed, including fair value adjustments | (5.3) |  |
Other assets acquired | 0.1 |  |
Accounts payable, accrued liabilities and other liabilities assumed | (0.3) |  |
Total cash paid | $ | 36.5 |  |
Unconsolidated Joint Ventures As of December 31, 2023, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. The Company recognizes distributions from unconsolidated joint ventures utilizing the nature of distribution approach and classifies the distributions based on the nature of the underlying activity that generated the distribution. The distributions from unconsolidated joint ventures for the years ended December 31, 2023 and 2022 were classified as operating activities. The Company's investment in and loss recognized for the years ended December 31, 2023 and 2022 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
| DECEMBER 31,
Dollars in millions | 2023 | 2022
Investments in unconsolidated joint ventures, beginning of period | $ | 327.2 |  | $ | 161.9 |
New investments during the period | 3.8 |  | 167.9 |
Equity loss recognized during the period | (1.7) |  | (0.7) |
Owner distributions | (17.8) |  | (1.9) |
Investments in unconsolidated joint ventures, end of period | $ | 311.5 |  | $ | 327.2 |
2022 Acquisitions The following table details the Company's acquisitions, exclusive of the Merger, for the year ended December 31, 2022:
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE |  |  | CASH CONSIDERATION 2 | REAL ESTATE | OTHER 3 | SQUARE FOOTAGE unaudited
Dallas, TX 4 | MOB | 2/11/22 | $ | 8,175 |  |  |  | $ | 8,185 |  | $ | 8,202 |  | $ | (17) |  | 18,000
San Francisco, CA 5 | MOB | 3/7/22 | 114,000 |  |  |  | 112,986 |  | 108,687 |  | 4,299 |  | 166,396
Atlanta, GA | MOB | 4/7/22 | 6,912 |  |  |  | 7,054 |  | 7,178 |  | (124) |  | 21,535
Denver, CO | MOB | 4/13/22 | 6,320 |  |  |  | 5,254 |  | 5,269 |  | (15) |  | 12,207
Colorado Springs, CO 6 | MOB | 4/13/22 | 13,680 |  |  |  | 13,686 |  | 13,701 |  | (15) |  | 25,800
Seattle, WA | MOB | 4/28/22 | 8,350 |  |  |  | 8,334 |  | 8,370 |  | (36) |  | 13,256
Houston, TX | MOB | 4/28/22 | 36,250 |  |  |  | 36,299 |  | 36,816 |  | (517) |  | 76,781
Los Angeles, CA | MOB | 4/29/22 | 35,000 |  |  |  | 35,242 |  | 25,400 |  | 9,842 |  | 34,282
Oklahoma City, OK | MOB | 4/29/22 | 11,100 |  |  |  | 11,259 |  | 11,334 |  | (75) |  | 34,944
Raleigh, NC 5 | MOB | 5/31/22 | 27,500 |  |  |  | 26,710 |  | 27,127 |  | (417) |  | 85,113
Tampa, FL 6 | MOB | 6/9/22 | 18,650 |  |  |  | 18,619 |  | 18,212 |  | 407 |  | 55,788
Seattle, WA | MOB | 8/1/22 | 4,850 |  |  |  | 4,806 |  | 4,882 |  | (76) |  | 10,593
Raleigh, NC | MOB | 8/9/22 | 3,783 |  |  |  | 3,878 |  | 3,932 |  | (54) |  | 11,345
Jacksonville, FL | MOB | 8/9/22 | 18,195 |  |  |  | 18,508 |  | 18,583 |  | (75) |  | 34,133
Atlanta, GA | MOB | 8/10/22 | 11,800 |  |  |  | 11,525 |  | 12,038 |  | (513) |  | 43,496
Denver, CO | MOB | 8/11/22 | 14,800 |  |  |  | 13,902 |  | 13,918 |  | (16) |  | 34,785
Raleigh, NC | MOB | 8/18/22 | 11,375 |  |  |  | 10,670 |  | 10,547 |  | 123 |  | 31,318
Nashville, TN | MOB | 9/15/22 | 21,000 |  |  |  | 20,764 |  | 20,572 |  | 192 |  | 61,932
Austin, TX | MOB | 9/29/22 | 5,450 |  |  |  | 5,449 |  | 5,572 |  | (123) |  | 15,000
Jacksonville, FL 4 | MOB | 10/12/22 | 3,600 |  |  |  | 3,530 |  | 3,609 |  | (79) |  | 6,200
Houston, TX | MOB | 11/21/22 | 5,500 |  |  |  | 5,469 |  | 5,513 |  | (44) |  | 28,369
Austin, TX 7 | MOB | 12/28/22 | 888 |  |  |  | 890 |  | 889 |  | 1 |  | 2,219
Denver, CO | MOB | 12/28/22 | 16,400 |  |  |  | 16,170 |  | 16,467 |  | (297) |  | 39,692
|  |  | $ | 403,578 |  |  |  | $ | 399,189 |  | $ | 386,818 |  | $ | 12,371 |  | 863,184 |
1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Represents a single-tenant property. 5 Includes three properties. 6 Includes two properties. 7 The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2022 as of the acquisition date:
| ESTIMATED FAIR VALUE in millions | ESTIMATED USEFUL LIFE in years
Building | $ | 250.7 |  | 14.0 - 38.0
Tenant Improvements | 20.7 |  | 1.5 - 13.4
Land | 76.1 |  | — |
Land Improvements | 11.2 |  | 5.0 - 14.0
Intangibles |  |
At-market lease intangibles | 28.1 |  | 1.5 - 13.4
Above-market lease intangibles (lessor) | 15.9 |  | 1.3 - 15.6
Below-market lease intangibles (lessor) | (2.2) |  | 1.3 - 19.3
Below-market lease intangibles (lessee) | 1.2 |  | 13.1
Other assets acquired | 0.4 |  |
Accounts payable, accrued liabilities and other liabilities assumed | (2.9) |  |
Total cash paid | $ | 399.2 |  |
Unconsolidated Joint Ventures The following table details the joint venture acquisitions for the year ended December 31, 2022:
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE |  |  | CASH CONSIDERATION 2 | REAL ESTATE | OTHER 3 | SQUARE FOOTAGE unaudited
San Francisco, CA 4 | MOB | 3/7/22 | $ | 67,175 |  |  |  | $ | 66,789 |  | $ | 65,179 |  | $ | 1,610 |  | 110,865
Los Angeles, CA 5 | MOB | 3/7/22 | 33,800 |  |  |  | 32,384 |  | 32,390 |  | (6) |  | 103,259
|  |  | $ | 100,975 |  |  |  | $ | 99,173 |  | $ | 97,569 |  | $ | 1,604 |  | 214,124 |
1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes three properties. 5 Includes two properties. 2023 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2023:
Dollars in thousands | Type 1 | DATE DISPOSED | SALE PRICE | CLOSING ADJ | COMPANY-FINANCED NOTES | NET PROCEEDS | NET REAL ESTATE | OTHER (INCLUDING RECEIVABLES) 2 | GAIN/(IMPAIR-MENT) | SQUARE FOOTAGE
Tampa/Miami, FL 3 | MOB | 1/12/23 | $ | 93,250 |  | $ | (5,875) |  | $ | — |  | $ | 87,375 |  | $ | 87,302 |  | $ | (888) |  | $ | 961 |  | 224,037 |
Dallas, TX 4 | MOB | 1/30/23 | 19,210 |  | (141) |  | — |  | 19,069 |  | 18,986 |  | 43 |  | 40 |  | 36,691 |
St. Louis, MO | MOB | 2/10/23 | 350 |  | (18) |  | — |  | 332 |  | 398 |  | — |  | (66) |  | 6,500 |
Los Angeles, CA | MOB | 3/23/23 | 21,000 |  | (526) |  | — |  | 20,474 |  | 20,610 |  | 52 |  | (188) |  | 37,165 |
Los Angeles, CA 5 | MOB | 3/30/23 | 75,000 |  | (8,079) |  | (45,000) |  | 21,921 |  | 88,624 |  | (803) |  | (20,900) |  | 147,078 |
Los Angeles, CA 6 | LAND | 5/12/23 | 3,300 |  | (334) |  | — |  | 2,966 |  | 3,268 |  | — |  | (302) |  | — |
Albany, NY | MOB | 6/30/23 | 10,000 |  | (1,229) |  | — |  | 8,771 |  | 2,613 |  | (1,040) |  | 7,198 |  | 40,870 |
Houston, TX | MOB | 8/2/23 | 8,320 |  | (285) |  | — |  | 8,035 |  | 4,567 |  | 194 |  | 3,274 |  | 57,170 |
Atlanta, GA | MOB | 8/22/23 | 25,140 |  | (66) |  | — |  | 25,074 |  | 23,226 |  | (536) |  | 2,386 |  | 55,195 |
Dallas, TX | INPATIENT | 9/15/23 | 115,000 |  | (1,504) |  | — |  | 113,496 |  | 64,183 |  | 6,094 |  | 43,219 |  | 161,264 |
Houston, TX | MOB | 9/18/23 | 250 |  | (24) |  | — |  | 226 |  | 1,998 |  | — |  | (1,772) |  | 52,040 |
Chicago, IL | MOB | 9/27/23 | 59,950 |  | (870) |  | — |  | 59,080 |  | 74,710 |  | (380) |  | (15,250) |  | 104,912 |
Evansville, IN 7 | MOB | 11/13/23 | 18,500 |  | (63) |  | — |  | 18,437 |  | 17,807 |  | (149) |  | 779 |  | 260,520 |
Houston, TX | HOSPITAL | 12/1/23 | 4,100 |  | (6) |  | — |  | 4,094 |  | 3,486 |  | — |  | 608 |  | 83,223 |
Charleston, SC 8 | OFFICE | 12/15/23 | 6,200 |  | (401) |  | — |  | 5,799 |  | 3,415 |  | — |  | 2,384 |  | 15,014 |
Dallas, TX | MOB | 12/20/23 | 43,295 |  | (764) |  | — |  | 42,531 |  | 33,882 |  | (3,782) |  | 12,431 |  | 77,827 |
Los Angeles, CA | OFFICE | 12/21/23 | 19,000 |  | (1,311) |  | — |  | 17,689 |  | 17,787 |  | — |  | (98) |  | 104,377 |
Tucson, AZ 9,10 | MOB | 12/22/23 | 43,230 |  | (3,770) |  | (6,000) |  | 33,460 |  | 39,786 |  | (26) |  | (300) |  | 215,471 |
Miami, FL | MOB | 12/22/23 | 18,250 |  | (756) |  | — |  | 17,494 |  | 17,354 |  | 643 |  | (503) |  | 48,000 |
Sebring, FL | MOB | 12/27/23 | 9,500 |  | (81) |  | — |  | 9,419 |  | 10,438 |  | (512) |  | (507) |  | 38,949 |
Boston, MA | MOB | 12/28/23 | 117,197 |  | (2,079) |  | — |  | 115,118 |  | 107,803 |  | 9,828 |  | (2,513) |  | 161,254 |
Jacksonville/Orlando/Miami, FL 11 | SNF | 12/29/23 | 77,000 |  | (8,678) |  | (7,700) |  | 60,622 |  | 65,839 |  | (294) |  | 2,777 |  | 354,500 |
Total dispositions |  |  | $ | 787,042 |  | $ | (36,860) |  | $ | (58,700) |  | $ | 691,482 |  | $ | 708,082 |  | $ | 8,444 |  | $ | 33,658 |  | 2,282,057 |
1.MOB = medical outpatient building; SNF = skilled nursing facility. 2.Includes straight-line rent receivables, leasing commissions and lease inducements. 3.Includes two properties sold in two separate transactions to the same buyer on the same date. 4.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. 5.The Company entered into a mortgage loan agreement with the buyer for $45.0 million. 6.The Company sold a land parcel totaling 0.34 acres. 7.Includes five properties sold in three separate transactions to the same buyer on the same date. 8.The Company sold a corporate office in Charleston, SC that was 100% occupied by the Company. 9.Includes 12 properties sold in one transaction to the same buyer. 10.The Company entered into a mezzanine loan with the buyer for $6.0 million. 11.Includes three properties sold in one transaction to the same buyer. The Company entered into a separate note receivable for $7.7 million related to this sale. 2022 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2022:
Dollars in thousands | TYPE 1 | DATE DISPOSED | SALES PRICE | CLOSING ADJUSTMENTS | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER including receivables 2 | GAIN/ (IMPAIRMENT) | SQUARE FOOTAGE unaudited
Loveland, CO 3, 4 | MOB | 2/24/22 | $ | 84,950 |  | $ | (45) |  | $ | 84,905 |  | $ | 40,095 |  | $ | 4 |  | $ | 44,806 |  | 150,291 |
San Antonio, TX 3 | MOB | 4/15/22 | 25,500 |  | (2,272) |  | 23,228 |  | 14,381 |  | 284 |  | 8,563 |  | 201,523 |
GA, FL, PA 5, 11 | MOB | 7/29/22 | 133,100 |  | (8,109) |  | 124,991 |  | 124,991 |  | — |  | — |  | 316,739 |
GA, FL, TX 7, 11 | MOB | 8/4/22 | 160,917 |  | (5,893) |  | 155,024 |  | 151,819 |  | 3,205 |  | — |  | 343,545 |
Los Angeles, CA 5, 9, 11 | MOB | 8/5/22 | 134,845 |  | (3,102) |  | 131,743 |  | 131,332 |  | 411 |  | — |  | 283,780 |
Dallas, TX 7, 10, 11 | MOB | 8/30/22 | 114,290 |  | (682) |  | 113,608 |  | 113,608 |  | — |  | — |  | 189,385 |
Indianapolis, IN 6, 12 | MOB | 8/31/22 | 238,845 |  | (5,846) |  | 232,999 |  | 84,767 |  | 4,324 |  | 143,908 |  | 506,406 |
Dallas, TX 3 | MOB | 10/4/22 | 104,025 |  | (5,883) |  | 98,142 |  | 38,872 |  | 6,436 |  | 52,834 |  | 291,328 |
Houston, TX | MOB | 10/21/22 | 32,000 |  | (280) |  | 31,720 |  | 10,762 |  | 744 |  | 20,214 |  | 134,910 |
College Station, TX | MOB | 11/10/22 | 49,177 |  | (3,755) |  | 45,422 |  | 44,918 |  | 475 |  | 28 |  | 122,942 |
El Paso, TX | MOB | 12/22/22 | 55,326 |  | (4,002) |  | 51,324 |  | 56,427 |  | (1,897) |  | (3,205) |  | 110,465 |
Atlanta, GA 8 | MOB | 12/22/22 | 91,243 |  | (4,326) |  | 86,917 |  | 109,051 |  | 235 |  | (22,369) |  | 348,416 |
St. Louis, MO | MOB | 12/28/22 | 18,000 |  | (1,471) |  | 16,529 |  | 18,340 |  | 4 |  | (1,815) |  | 69,394 |
|  |  | $ | 1,242,218 |  | $ | (45,666) |  | $ | 1,196,552 |  | $ | 939,363 |  | $ | 14,225 |  | $ | 242,964 |  | 3,069,124 |
1 MOB = medical outpatient building 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes two properties. 4 The Company deferred the tax gain through a 1031 exchange and reinvested the proceeds. 5 Includes four properties. 6 Includes five properties. 7 Includes six properties. 8 Includes nine properties. 9 Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture with an unrelated third party that purchased these properties. 10 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture with an unrelated third party that purchased these properties. 11 These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation. 12Two 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.

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