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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Equity Method Investments | The Company's investment in and loss recognized for the three and six months ended June 30, 2024 and 2023 related to its unconsolidated 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 | 2024 | 2023 | 2024 | 2023
Investments in unconsolidated joint ventures, beginning of period | $ | 309,754 |  | $ | 327,746 |  | $ | 311,511 |  | $ | 327,248 |
New investment during the period 1 | 66,547 |  | — |  | 66,547 |  | 3,824 |
Equity loss recognized during the period | (146) |  | (17) |  | (568) |  | (797) |
Owner distributions | (1,314) |  | (484) |  | (2,649) |  | (3,030) |
Investments in unconsolidated joint ventures, end of period | $ | 374,841 |  | $ | 327,245 |  | $ | 374,841 |  | $ | 327,245 |
1In the second quarter of 2024, the Company contributed 11 properties into a new joint venture in which it retained a 20% ownership interest. See 2024 "Real Estate Asset Dispositions" below for additional information. In 2023, there 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 contribution of a property in Dallas, Texas to the joint venture.
Schedule of dispositions | The following table details the Company's dispositions and joint venture contributions for the six months ended June 30, 2024.
Dollars in thousands | DATE DISPOSED | SALE PRICE | CLOSING ADJUSTMENTS |  | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER (INCLUDING RECEIVABLES) | GAIN/(IMPAIRMENT) | SQUARE FOOTAGE
Albany, NY | 4/1/24 | $ | 725 |  | $ | (60) |  |  | $ | 665 |  | $ | 765 |  | $ | (82) |  | $ | (18) |  | 14,800 |
San Angelo, TX | 4/12/24 | 5,085 |  | (128) |  |  | 4,957 |  | 4,917 |  | 66 |  | (26) |  | 24,580 |
Houston, TX | 5/20/24 | 250 |  | (9) |  |  | 241 |  | 713 |  | (520) |  | 48 |  | 37,040 |
Multiple 1 | 5/23/24 | 284,348 |  | (14,270) |  |  | 270,078 |  | 254,176 |  | 25,836 |  | (9,934) |  | 556,274 |
Denver, CO | 5/30/24 | 19,000 |  | (628) |  |  | 18,372 |  | 18,522 |  | 165 |  | (315) |  | 37,130 |
Austin, TX 1 | 6/6/24 | 54,858 |  | (1,575) |  |  | 53,283 |  | 27,964 |  | 623 |  | 24,696 |  | 129,879 |
Minneapolis, MN | 6/21/24 | 1,082 |  | (144) |  |  | 938 |  | 303 |  | 43 |  | 592 |  | 50,291 |
Greensboro/Raleigh, NC 2, 3 | 6/28/24 | 99,518 |  | (2,835) |  |  | 96,683 |  | 86,810 |  | 906 |  | 8,967 |  | 309,424 |
Total dispositions |  | $ | 464,866 |  | $ | (19,649) |  |  | $ | 445,217 |  | $ | 394,170 |  | $ | 27,037 |  | $ | 24,010 |  | 1,159,418 |
1 The Company contributed the following medical outpatient properties to a joint venture in which the Company retained 20% ownership: one in each of Raleigh, NC, New York, NY, Philadelphia, PA, Atlanta, GA and Austin, TX; two medical outpatient properties in Los Angeles and four in Seattle, WA. Sale price and square footage reflect the total sale price paid by the joint venture and total square footage of the property. The net proceeds to the Company related to these dispositions totaled $256.8 million. 2 The Company sold seven medical outpatient properties in Greensboro, NC and two medical outpatient properties in Raleigh, NC to a single buyer in a single transaction. 3The amount in the net proceeds column for this portfolio disposition includes the receivable for the cash held in escrow that closed on June 28, 2024 and was received by the Company on July 1, 2024. These proceeds were recorded as a receivable in other assets, net as of June 30, 2024.
Schedule of Assets and Liabilities Held for Sale | The table below reflects the assets and liabilities classified as held for sale as of June 30, 2024 and December 31, 2023:
Dollars in thousands |  | June 30, 2024 |  | December 31, 2023
Balance Sheet data: |  |  |  |
Land |  | $ | 2,330 |  |  | $ | 1,850 |
Building and improvements |  | 43,342 |  |  | 6,779 |
Lease intangibles |  | 1,017 |  |  | 1,017 |
|  | 46,689 |  |  | 9,646 |
Accumulated depreciation |  | (13,600) |  |  | (913) |
Real estate assets held for sale, net |  | 33,089 |  |  | 8,733 |
Cash and cash equivalents |  | — |  |  | — |
Operating lease right-of-use assets |  | 850 |  |  | — |
Other assets, net |  | 591 |  |  | 101 |
Assets held for sale, net |  | $ | 34,530 |  |  | $ | 8,834 |
Accounts payable and accrued liabilities |  | $ | 531 |  |  | $ | 23 |
Operating lease liabilities |  | 589 |  |  | — |
Other liabilities |  | 685 |  |  | 272 |
Liabilities of assets held for sale |  | $ | 1,805 |  |  | $ | 295 |

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