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Real Estate Investments
 9 Months Ended
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 thousands2024202320242023
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 
1In 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 thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSNET PROCEEDSNET REAL ESTATE INVESTMENTOTHER (INCLUDING RECEIVABLES) GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Albany, NY4/1/24$725 $(60)$665 $765 $(82)$(18)14,800 
San Angelo, TX4/12/245,085 (128)4,957 4,917 66 (26)24,580 
Houston, TX5/20/24250 (9)241 713 (520)48 37,040 
Multiple 1
5/23/24284,348 (14,270)270,078 254,176 25,836 (9,934)556,274 
Denver, CO5/30/2419,000 (628)18,372 18,522 165 (315)37,130 
Austin, TX 1
6/6/2454,858 (1,575)53,283 27,964 623 24,696 129,879 
Minneapolis, MN6/21/241,082 (144)938 303 43 592 50,291 
Greensboro/Raleigh, NC 2
6/28/2499,518 (2,835)96,683 86,810 906 8,967 309,424 
Albany, NY8/2/246,300 (847)5,453 5,528 486 (561)180,000 
Charlotte, NC8/6/2426,670 (395)26,275 14,853 613 10,809 90,633 
Charleston, SC8/13/2414,500 (589)13,911 11,488 1 2,422 46,711 
Multiple 1
8/23/24118,000 (8,615)109,385 113,956 548 (5,119)266,782 
Multiple 3
8/27/24177,250 (7,085)170,165 169,545 5,363 (4,743)473,003 
Austin, TX9/13/2442,281 (1,257)41,024 14,561 425 26,038 76,246 
Raleigh, NC9/26/241,813 (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 
1The 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.
2The 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 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 thousandsDate DisposedSale PriceSquare Footage
Houston, TX 1
10/3/24$12,000 140,012 
Greensboro, NC10/9/2412,514 35,373 
Des Moines, IA10/15/2431,750 95,486 
Albany, NY10/15/249,500 80,676 
Salt Lake City, UT 2
10/24/2430,712 112,192 
Miami, FL10/25/2436,789 102,186 
Miami, FL10/25/2417,767 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 thousandsSeptember 30, 2024December 31, 2023
Balance Sheet data:
Land$38,469 $1,850 
Building and improvements117,241 6,779 
Lease intangibles16,716 1,017 
Personal property65 — 
Land held for development5,000 — 
177,491 9,646 
Accumulated depreciation(33,997)(913)
Real estate assets held for sale, net 1
143,494 8,733 
Cash and cash equivalents3,358 — 
Operating lease right-of-use assets3,160 — 
Other assets, net6,206 101 
Assets held for sale, net$156,218 $8,834 
Accounts payable and accrued liabilities$3,494 $23 
Operating lease liabilities2,741 — 
Other liabilities1,684 272 
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.