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Investment in Unconsolidated Joint Ventures | 3 Months Ended
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Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of March 31, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2021 and 2020 (in thousands):
|  | Total Assets |  | Total Debt |  | Total Equity |  | Company’s Investment |
SUMMARY OF FINANCIAL POSITION: |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
DC Charlotte Plaza LLLP |  | $ | 172,479 |  |  | $ | 173,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,542 |  |  | $ | 90,648 |  |  | $ | 47,853 |  |  | $ | 47,941 |  |
Austin 300 Colorado Project, LP |  | 166,909 |  |  | 165,586 |  |  | 88,159 |  |  | 86,848 |  |  | 68,760 |  |  | 68,567 |  |  | 38,855 |  |  | 38,488 |  |
AMCO 120 WT Holdings, LLC |  | 85,688 |  |  | 85,449 |  |  | — |  |  | — |  |  | 84,176 |  |  | 84,311 |  |  | 15,716 |  |  | 15,735 |  |
HICO Victory Center LP |  | 15,923 |  |  | 16,544 |  |  | — |  |  | — |  |  | 15,813 |  |  | 15,709 |  |  | 10,638 |  |  | 10,595 |  |
Carolina Square Holdings LP |  | 117,694 |  |  | 118,616 |  |  | 134,284 |  |  | 77,034 |  |  | (35,227) |  |  | 21,888 |  |  | (12,988) |  | (1) | 12,430 |  |
Crawford Long - CPI, LLC |  | 27,349 |  |  | 29,641 |  |  | 65,892 |  |  | 66,423 |  |  | (40,280) |  |  | (38,253) |  |  | (19,323) |  | (1) | (18,289) |  | (1)
Other |  | 1,313 |  |  | 1,313 |  |  | — |  |  | — |  |  | 1,316 |  |  | 1,316 |  |  | 291 |  |  | 292 |  |
|  | $ | 587,355 |  |  | $ | 590,853 |  |  | $ | 288,335 |  |  | $ | 230,305 |  |  | $ | 185,100 |  |  | $ | 244,186 |  |  | $ | 81,042 |  |  | $ | 107,192 |  |
|  | Total Revenues |  |  |  | Net Income (Loss) |  |  |  | Company's Share of Income (Loss) |  |
SUMMARY OF OPERATIONS: |  | 2021 |  | 2020 |  |  |  | 2021 |  | 2020 |  |  |  | 2021 |  | 2020 |  |
DC Charlotte Plaza LLLP |  | $ | 5,059 |  |  | $ | 5,276 |  |  |  |  | $ | 1,795 |  |  | $ | 1,789 |  |  |  |  | $ | 836 |  |  | $ | 750 |  |  |
Austin 300 Colorado Project, LP |  | 1,672 |  |  | 98 |  |  |  |  | 193 |  |  | 44 |  |  |  |  | 84 |  |  | 22 |  |  |
AMCO 120 WT Holdings, LLC |  | 1,607 |  |  | 138 |  |  |  |  | (135) |  |  | (509) |  |  |  |  | (21) |  |  | (141) |  |  |
Carolina Square Holdings LP |  | 3,977 |  |  | 3,706 |  |  |  |  | 1,088 |  |  | 530 |  |  |  |  | 520 |  |  | 254 |  |  |
HICO Victory Center LP |  | 83 |  |  | 126 |  |  |  |  | 83 |  |  | 126 |  |  |  |  | 42 |  |  | 63 |  |  |
Charlotte Gateway Village, LLC |  | — |  |  | 6,572 |  |  |  |  | (4) |  |  | 3,296 |  |  |  |  | (2) |  |  | 1,647 |  |  |
Crawford Long - CPI, LLC |  | 3,117 |  |  | 3,343 |  |  |  |  | 973 |  |  | 1,035 |  |  |  |  | 444 |  |  | 497 |  |  |
Other |  | — |  |  | 196 |  |  |  |  | — |  |  | 61 |  |  |  |  | — |  |  | 333 |  |  |
|  | $ | 15,515 |  |  | $ | 19,455 |  |  |  |  | $ | 3,993 |  |  | $ | 6,372 |  |  |  |  | $ | 1,903 |  |  | $ | 3,425 |  |  |
(1) Negative bases are included in deferred income on the consolidated balance sheets. In March 2021, Carolina Square Holdings LP ("Carolina Square"), a 50% owned joint venture with NR 123 Franklin LLC ("Northwood Ravin"), issued a non-recourse mortgage note with a principal balance of $135.7 million. Proceeds from the issuance of this mortgage note were used to repay in full its $77.5 million construction loan that was set to mature May 1, 2021 and to make a pro-rata distribution of $26.0 million to each partner. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 1.80% and matures on March 18, 2026. In March 2020, the Company sold its 50% owned joint venture interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, to its partner for a gross sales price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a ga in of $44.6 million o n the sale of its interest in Gateway, net of $188,000 of estimated state income tax. In February 2020, as part of its strategy to dispose of non-core assets, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross sales price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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