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Real Estate Investments (Tables)
9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Unconsolidated Joint Venture Acquisitions
The Company's investment in and income (losses) recognized for the three and nine months ended September 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
September 30,
NINE MONTHS ENDED
September 30,
Dollars in thousands2025202420252024
Investments in unconsolidated joint ventures, beginning of period $463,430 $374,841 $473,122 $311,511 
New investment during the period 1
567 44,332 1,546 110,879 
Equity income (loss) recognized during the period 287 208 446 (360)
Owner distributions(5,657)(2,297)(16,487)(4,946)
Investments in unconsolidated joint ventures, end of period $458,627 $417,084 $458,627 $417,084 
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.
Schedule of Dispositions
The following table details the Company's dispositions for the nine months ended September 30, 2025.
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSCOMPANY-FINANCED MORTGAGE NOTESNET PROCEEDSNET REAL ESTATE INVESTMENTOTHER (INCLUDING RECEIVABLES) GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Boston, MA2/7/25$4,500 $(135)$— $4,365 $4,325 $15 $25 30,304 
Denver, CO 1
2/14/258,600 (2,144)— 6,456 7,948 113 (1,605)69,715 
Houston, TX 3/20/2515,000 (4,087)(5,400)5,513 14,343 347 (3,777)127,933 
Boston, MA 4/30/25486 (47)— 439 60 377 — 
Boston, MA5/23/253,000 (36)— 2,964 2,631 27 306 33,176 
Jacksonville, FL6/26/258,100 (11)— 8,089 23,064 (529)(14,446)53,169 
Yakima, WA6/26/2531,000 (2,256)— 28,744 8,689 343 19,712 91,561 
Houston, TX 6/27/2510,500 (15)— 10,485 10,250 42 193 — 
South Bend, IN7/15/2543,100 (283)— 42,817 29,481 (7)13,343 205,573 
Milwaukee, WI7/29/2542,000 (913)— 41,087 40,644 270 173 147,406 
Naples, FL7/29/2519,250 (2,692)— 16,558 15,586 559 413 61,359 
New York, NY7/30/2525,000 (1,290)— 23,710 15,531 364 7,815 89,893 
Boston, MA8/25/25450 (45)— 405 413 32 (40)9,010 
Lakeland, FL 2
8/27/257,325 (772)— 6,553 6,899 234 (580)31,158 
Salem, OR8/29/254,000 (427)— 3,573 3,482 159 (68)21,026 
Milwaukee, WI 1
9/29/2560,000 (2,203)— 57,797 61,485 (2,884)(804)220,747 
Tampa, FL9/30/2522,000 (778)— 21,222 6,218 646 14,358 47,962 
Dallas, TX 2 4
9/30/2558,800 (1,885)— 56,915 26,822 5,379 24,714 448,879 
Chicago, IL9/30/2518,700 (477)— 18,223 18,417 (181)(13)56,531 
Columbus, OH 3
9/30/2533,750 (2,470)— 31,280 27,884 410 2,986 117,060 
Miami, FL9/30/2562,000 (1,867)— 60,133 45,152 2,580 12,401 152,976 
Total dispositions$477,561 $(24,833)$(5,400)$447,328 $369,324 $7,921 $75,483 2,015,438 
1Includes two medical outpatient properties.
2Includes four medical outpatient properties.
3Includes three medical outpatient properties.
4Proceeds held in a cash escrow account and recorded in other assets. Cash was received by the Company on October 1, 2025.
Subsequent to September 30, 2025, the Company disposed of the following land parcel and a property which was classified as held for sale as of September 30, 2025:
Dollars in thousandsDate DisposedSale PriceSquare Footage
New Haven, CT10/16/25$725 — 
Des Moines, IA10/29/257,225 152,655 
Total$7,950 152,655 
Schedule of Assets Held for Sale
The table below reflects the assets and liabilities classified as held for sale as of September 30, 2025 and December 31, 2024:
Dollars in thousandsSeptember 30, 2025December 31, 2024
Balance Sheet data:
Land$39,835 $10,859 
Building and improvements705,959 3,410 
Lease intangibles26,631 3,286 
Personal property792 — 
Financing lease right-of-use assets727 — 
Land held for development3,836 — 
777,780 17,555 
Accumulated depreciation(241,075)(5,275)
Real estate assets held for sale, net 1
536,705 12,280 
Cash and cash equivalents152 — 
Operating lease right-of-use assets39,225 — 
Other assets, net28,665 617 
Assets held for sale, net$604,747 $12,897 
Accounts payable and accrued liabilities$13,504 $694 
Operating lease liabilities47,150 — 
Financing lease liabilities623 — 
Other liabilities8,531 589 
Liabilities of assets held for sale$69,808 $1,283 
Redeemable noncontrolling interest held for sale$1,221 $— 
1Net real estate assets held for sale include the impact of $65.2 million of impairment charges for the nine months ended September 30, 2025.