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Real Estate Investments | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Real Estate Investments | Real Estate Investments 2025 Acquisition Activity The Company had no real estate acquisition activity for the six months ended June 30, 2025. Unconsolidated Joint Ventures The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2025 and 2024 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 | 2025 | 2024 | 2025 | 2024
Investments in unconsolidated joint ventures, beginning of period | $ | 470,418 |  | $ | 309,754 |  | $ | 473,122 |  | $ | 311,511 |
New investment during the period | 126 |  | 66,547 |  | 978 |  | 66,547 |
Equity income (loss) recognized during the period | 158 |  | (146) |  | 159 |  | (568) |
Owner distributions | (7,272) |  | (1,314) |  | (10,829) |  | (2,649) |
Investments in unconsolidated joint ventures, end of period | $ | 463,430 |  | $ | 374,841 |  | $ | 463,430 |  | $ | 374,841 |
2025 Real Estate Asset Dispositions The following table details the Company's dispositions for the six months ended June 30, 2025.
Dollars in thousands | DATE DISPOSED | SALE PRICE | CLOSING ADJUSTMENTS | COMPANY-FINANCED MORTGAGE NOTES | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER (INCLUDING RECEIVABLES) | GAIN/(IMPAIRMENT) | SQUARE FOOTAGE
Boston, MA | 2/7/25 | $ | 4,500 |  | $ | (135) |  | $ | — |  | $ | 4,365 |  | $ | 4,325 |  | $ | 15 |  | $ | 25 |  | 30,304 |
Denver, CO 1 | 2/14/25 | 8,600 |  | (2,144) |  | — |  | 6,456 |  | 7,948 |  | 113 |  | (1,605) |  | 69,715 |
Houston, TX | 3/20/25 | 15,000 |  | (4,087) |  | (5,400) |  | 5,513 |  | 14,343 |  | 347 |  | (3,777) |  | 127,933 |
Boston, MA | 4/30/25 | 486 |  | (49) |  | — |  | 437 |  | 60 |  | — |  | 377 |  | — |
Boston, MA | 5/23/25 | 3,000 |  | (48) |  | — |  | 2,952 |  | 2,631 |  | 15 |  | 306 |  | 33,176 |
Jacksonville, FL | 6/26/25 | 8,100 |  | (43) |  | — |  | 8,057 |  | 23,064 |  | (561) |  | (14,446) |  | 53,169 |
Yakima, WA | 6/26/25 | 31,000 |  | (2,380) |  | — |  | 28,620 |  | 8,689 |  | 219 |  | 19,712 |  | 91,561 |
Houston, TX | 6/27/25 | 10,500 |  | (57) |  | — |  | 10,443 |  | 10,250 |  | — |  | 193 |  | — |
Total dispositions | $ | 81,186 |  | $ | (8,943) |  | $ | (5,400) |  | $ | 66,843 |  | $ | 71,310 |  | $ | 148 |  | $ | 785 |  | 405,858 |
1 Includes two medical outpatient properties. Subsequent to June 30, 2025, the Company disposed of the following properties, which were classified as held for sale as of June 30, 2025:
Dollars in thousands | Date Disposed | Sale Price | Square Footage
South Bend, IN | 7/15/25 | $ | 43,100 |  | 205,573 |
Milwaukee, WI 1 | 7/29/25 | 42,000 |  | 147,406 |
Naples, FL | 7/29/25 | 19,250 |  | 61,359 |
New York, NY | 7/30/25 | 25,000 |  | 89,893 |
Total |  | $ | 129,350 |  | 504,231 |
1 Includes two medical outpatient properties. Assets Held for Sale The Company had 25 properties and a land parcel held for development classified as assets held for sale as of June 30, 2025, and three properties classified as assets held for sale as of December 31, 2024. The table below reflects the assets and liabilities classified as held for sale as of June 30, 2025 and December 31, 2024:
Dollars in thousands |  | June 30, 2025 |  | December 31, 2024
Balance Sheet data: |  |  |  |
Land |  | $ | 18,330 |  |  | $ | 10,859 |
Building and improvements |  | 443,895 |  |  | 3,410 |
Lease intangibles |  | 25,768 |  |  | 3,286 |
Personal property |  | 633 |  |  | — |
Land held for development |  | 3,836 |  |  | — |
|  | 492,462 |  |  | 17,555 |
Accumulated depreciation |  | (164,327) |  |  | (5,275) |
Real estate assets held for sale, net 1 |  | 328,135 |  |  | 12,280 |
Cash and cash equivalents |  | 151 |  |  | — |
Operating lease right-of-use assets |  | 15,248 |  |  | — |
Other assets, net |  | 14,673 |  |  | 617 |
Assets held for sale, net |  | $ | 358,207 |  |  | $ | 12,897 |
Accounts payable and accrued liabilities |  | $ | 6,761 |  |  | $ | 694 |
Operating lease liabilities |  | 19,384 |  |  | — |
Other liabilities |  | 4,133 |  |  | 589 |
Liabilities of assets held for sale |  | $ | 30,278 |  |  | $ | 1,283 |
Redeemable noncontrolling interest held for sale |  | $ | 1,221 |  |  | $ | — |
1 Net real estate assets held for sale include the impact of $54.5 million of impairment charges for the six months ended June 30, 2025.

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