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Real Estate Investments | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Real Estate Investments | Real Estate Investments 2024 Acquisition Activity The Company had no real estate acquisition activity for the nine months ended September 30, 2024. Unconsolidated Joint Ventures The Company's investment in and income (losses) recognized for the three and nine months ended September 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 September 30, | NINE MONTHS ENDED September 30,
Dollars in thousands | 2024 | 2023 | 2024 | 2023
Investments in unconsolidated joint ventures, beginning of period | $ | 374,841 |  | $ | 327,245 |  | $ | 311,511 |  | $ | 327,248 |
New investment during the period 1 | 44,332 |  | — |  | 110,879 |  | 3,824 |
Equity income (loss) recognized during the period | 208 |  | (456) |  | (360) |  | (1,253) |
Owner distributions | (2,297) |  | (1,336) |  | (4,946) |  | (4,366) |
Investments in unconsolidated joint ventures, end of period | $ | 417,084 |  | $ | 325,453 |  | $ | 417,084 |  | $ | 325,453 |
1 In the third quarter of 2024, the Company contributed seven properties into a new joint venture in which it retained a 20% ownership interest. The Company also contributed four properties into a joint venture entered into in the second quarter of 2024, for a total of 15 properties, 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, TX to the joint venture. 2024 Real Estate Asset Dispositions The following table details the Company's dispositions and joint venture contributions for the nine months ended September 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 | 6/28/24 | 99,518 |  | (2,835) |  |  | 96,683 |  | 86,810 |  | 906 |  | 8,967 |  | 309,424 |
Albany, NY | 8/2/24 | 6,300 |  | (847) |  |  | 5,453 |  | 5,528 |  | 486 |  | (561) |  | 180,000 |
Charlotte, NC | 8/6/24 | 26,670 |  | (395) |  |  | 26,275 |  | 14,853 |  | 613 |  | 10,809 |  | 90,633 |
Charleston, SC | 8/13/24 | 14,500 |  | (589) |  |  | 13,911 |  | 11,488 |  | 1 |  | 2,422 |  | 46,711 |
Multiple 1 | 8/23/24 | 118,000 |  | (8,615) |  |  | 109,385 |  | 113,956 |  | 548 |  | (5,119) |  | 266,782 |
Multiple 3 | 8/27/24 | 177,250 |  | (7,085) |  |  | 170,165 |  | 169,545 |  | 5,363 |  | (4,743) |  | 473,003 |
Austin, TX | 9/13/24 | 42,281 |  | (1,257) |  |  | 41,024 |  | 14,561 |  | 425 |  | 26,038 |  | 76,246 |
Raleigh, NC | 9/26/24 | 1,813 |  | (27) |  |  | 1,786 |  | 1,694 |  | 50 |  | 42 |  | 5,934 |
Total dispositions |  | $ | 851,680 |  | $ | (38,464) |  |  | $ | 813,216 |  | $ | 725,795 |  | $ | 34,523 |  | $ | 52,898 |  | 2,298,727 |
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, Austin, TX, Houston, TX, Miami, FL, and Denver, CO; two medical outpatient properties in Los Angeles, CA and five 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 $343.1 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. 3 The Company contributed the following medical outpatient properties to a joint venture in which the Company retained 20% ownership: two in each of Nashville, TN and Denver, CO; one in each of Dallas, TX, San Antonio, TX and Atlanta, GA. 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 $148.9 million. Subsequent to September 30, 2024, the Company disposed of the following properties, which were classified as held for sale as of September 30, 2024:
Dollars in thousands | Date Disposed | Sale Price | Square Footage
Houston, TX 1 | 10/3/24 | $ | 12,000 |  | 140,012 |
Greensboro, NC | 10/9/24 | 12,514 |  | 35,373 |
Des Moines, IA | 10/15/24 | 31,750 |  | 95,486 |
Albany, NY | 10/15/24 | 9,500 |  | 80,676 |
Salt Lake City, UT 2 | 10/24/24 | 30,712 |  | 112,192 |
Miami, FL | 10/25/24 | 36,789 |  | 102,186 |
Miami, FL | 10/25/24 | 17,767 |  | 60,761 |
Total |  | $ | 151,032 |  | $ | 626,686 |
1. The Company provided seller financing of approximately $9.6 million in connection with this sale. 2. The Company sold a medical outpatient property that was included in a consolidated joint venture in which the Company held a 63% ownership interest. Assets Held for Sale The Company had 10 properties classified as assets held for sale as of September 30, 2024, and one property classified as assets held for sale as of December 31, 2023. The table below reflects the assets and liabilities classified as held for sale as of September 30, 2024, and December 31, 2023:
Dollars in thousands |  | September 30, 2024 |  | December 31, 2023
Balance Sheet data: |  |  |  |
Land |  | $ | 38,469 |  |  | $ | 1,850 |
Building and improvements |  | 117,241 |  |  | 6,779 |
Lease intangibles |  | 16,716 |  |  | 1,017 |
Personal property |  | 65 |  |  | — |
Land held for development |  | 5,000 |  |  | — |
|  | 177,491 |  |  | 9,646 |
Accumulated depreciation |  | (33,997) |  |  | (913) |
Real estate assets held for sale, net 1 |  | 143,494 |  |  | 8,733 |
Cash and cash equivalents |  | 3,358 |  |  | — |
Operating lease right-of-use assets |  | 3,160 |  |  | — |
Other assets, net |  | 6,206 |  |  | 101 |
Assets held for sale, net |  | $ | 156,218 |  |  | $ | 8,834 |
Accounts payable and accrued liabilities |  | $ | 3,494 |  |  | $ | 23 |
Operating lease liabilities |  | 2,741 |  |  | — |
Other liabilities |  | 1,684 |  |  | 272 |
Liabilities of assets held for sale |  | $ | 7,919 |  |  | $ | 295 |
Non-controlling interest held for sale |  | $ | 11,147 |  |  | $ | — |
1Net real estate assets held for sale include the impact of $34.6 million of impairment charges for the nine months ended September 30, 2024.

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