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Acquisitions, Dispositions and Mortgage Repayments (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisitions

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.

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

1MOB = medical outpatient building.

2Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

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

4Represents a single-tenant property.

5Includes three properties.

6Includes two properties.

7The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%.

Schedule of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date:

Dollars in thousands			PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE			CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS			AMOUNTS RECOGNIZED ON THE CLOSING DATE (as adjusted)
ASSETS
Real estate investments
Land			$	985,926		$	18,359		$	1,004,285
Buildings and improvements			6,960,418			(119,135)			6,841,283
Lease intangible assets(a)			831,920			1,839			833,759
Financing lease right-of-use assets			9,874			3,146			13,020
Construction in progress			10,071			(6,744)			3,327
Land held for development			46,538			—			46,538
Total real estate investments			$	8,844,747		$	(102,535)		$	8,742,212
Assets held for sale, net			707,442			(7,946)			699,496
Investments in unconsolidated joint ventures			67,892			—			67,892
Cash and cash equivalents			26,034			11,403			37,437
Restricted cash			1,123,647			(1,247)			1,122,400
Operating lease right-of-use assets			198,261			16,370			214,631
Other assets, net (b) (c)			209,163			(3,840)			205,323
Total assets acquired			$	11,177,186		$	(87,795)		$	11,089,391
LIABILITIES
Notes and bonds payable			$	3,991,300		$	—		$	3,991,300
Accounts payable and accrued liabilities			1,227,570			17,374			1,244,944
Liabilities of assets held for sale			28,677			(3,939)			24,738
Operating lease liabilities			173,948			10,173			184,121
Financing lease liabilities			10,720			(855)			9,865
Other liabilities			203,210			(8,909)			194,301
Total liabilities assumed			$	5,635,425		$	13,844		$	5,649,269
Net identifiable assets acquired			$	5,541,761		$	(101,639)		$	5,440,122
Non-controlling interest			$	110,702		$	—		$	110,702
Goodwill			$	145,404		$	101,639		$	247,043
(a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years.
(b) Includes $15.9 million of contractual accounts receivable, which approximates fair value.
(c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date.

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

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

Schedule of equity method investments

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

Schedule of Joint Venture Transactions

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

1MOB = medical outpatient building.

2Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

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

4Includes three properties.

5Includes two properties.

Schedule of dispositions

The following table details the Company's dispositions for the year ended December 31, 2023:

Dollars in thousands			Type1			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, FL3			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.

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

1MOB = medical outpatient building

2Includes straight-line rent receivables, leasing commissions and lease inducements.

3Includes two properties.

4The Company deferred the tax gain through a 1031 exchange and reinvested the proceeds.

5Includes four properties.

6Includes five properties.

7Includes six properties.

8Includes nine properties.

9Values 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.

10Values 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.

11These 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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