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Investment in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2022
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 December 31, 2022 and 2021 (in thousands). The information included in the summary of operations table is for the years ended December 31, 2022, 2021, and 2020 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
| Total Assets |  | Total Debt |  | Total Equity (Deficit) |  | Company's Investment |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Operating Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMCO 120 WT Holdings, LLC | $ | 81,136 |  |  | $ | 83,546 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,509 |  |  | $ | 82,739 |  |  | $ | 14,856 |  |  | $ | 15,347 |  |
Crawford Long - CPI, LLC | 22,857 |  |  | 24,709 |  |  | 62,856 |  |  | 64,566 |  |  | (39,691) |  |  | (40,221) |  |  | (19,173) |  | (1) | (19,356) |  | (1)
Under Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neuhoff Holdings LLC | 321,338 |  |  | 133,691 |  |  | 115,940 |  |  | 28,390 |  |  | 177,734 |  |  | 93,218 |  |  | 93,647 |  |  | 47,529 |  |
Land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
715 Ponce Holdings LLC | 8,333 |  |  | 8,150 |  |  | — |  |  | — |  |  | 8,332 |  |  | 8,150 |  |  | 4,261 |  |  | 4,165 |  |
Sold and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square Holdings LP | — |  |  | 113,011 |  |  | — |  |  | 132,654 |  |  | — |  |  | (34,066) |  |  | — |  |  | (15,786) |  | (1)
HICO Victory Center LP | 158 |  |  | 16,421 |  |  | — |  |  | — |  |  | 5,818 |  |  | 15,962 |  |  | 75 |  |  | 10,723 |  |
Other | — |  |  | 518 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 47 |  |
| $ | 433,822 |  |  | $ | 380,046 |  |  | $ | 178,796 |  |  | $ | 225,610 |  |  | $ | 232,702 |  |  | $ | 125,793 |  |  | $ | 93,666 |  |  | $ | 42,669 |  |
(1) These negative balances are included in deferred income on the consolidated balance sheets.
SUMMARY OF OPERATIONS
| Total Revenues |  | Net Income (Loss) |  | Company's Income (Loss) from Investment
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Operating Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMCO 120 WT Holdings, LLC | $ | 10,844 |  |  | $ | 8,894 |  |  | $ | 3,000 |  |  | $ | 3,245 |  |  | $ | 639 |  |  | $ | 2,740 |  |  | $ | 632 |  |  | $ | 115 |  |  | $ | (552) |
Crawford Long - CPI, LLC | 13,298 |  |  | 13,118 |  |  | 12,650 |  |  | 4,530 |  |  | 4,032 |  |  | 3,797 |  |  | 2,117 |  |  | 1,869 |  |  | 1,808 |
Under Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neuhoff Holdings LLC | 140 |  |  | 51 |  |  | — |  |  | 94 |  |  | 51 |  |  | — |  |  | 47 |  |  | 25 |  |  | — |
Land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
715 Ponce Holdings LLC | 287 |  |  | 84 |  |  | — |  |  | 183 |  |  | 55 |  |  | — |  |  | 91 |  |  | 27 |  |  | — |
Sold and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square Holdings LP | 12,071 |  |  | 16,518 |  |  | 14,581 |  |  | 503 |  |  | 2,187 |  |  | 3,061 |  |  | 164 |  |  | 982 |  |  | 1,472 |
HICO Victory Center LP | 92 |  |  | 232 |  |  | 356 |  |  | 6,735 |  |  | 232 |  |  | 356 |  |  | 4,546 |  |  | 125 |  |  | 178 |
Austin 300 Colorado Project, LP | 33 |  |  | 8,747 |  |  | 841 |  |  | 17 |  |  | 2,012 |  |  | 466 |  |  | 8 |  |  | 972 |  |  | 233 |
Charlotte Gateway Village, LLC | — |  |  | 378 |  |  | 6,692 |  |  | (1) |  |  | 369 |  |  | 3,202 |  |  | 100 |  |  | 185 |  |  | 1,658 |
DC Charlotte Plaza LLLP | (5) |  |  | 15,217 |  |  | 20,439 |  |  | (28) |  |  | 5,491 |  |  | 7,272 |  |  | (36) |  |  | 2,539 |  |  | 3,380 |
Other | — |  |  | — |  |  | 4,300 |  |  | — |  |  | (151) |  |  | 515 |  |  | 31 |  |  | (38) |  |  | (230) |
| $ | 36,760 |  |  | $ | 63,239 |  |  | $ | 62,859 |  |  | $ | 15,278 |  |  | $ | 14,917 |  |  | $ | 21,409 |  |  | $ | 7,700 |  |  | $ | 6,801 |  |  | $ | 7,947 |
Joint Ventures with Operating Properties AMCO 120 WT Holdings, LLC ("AMCO") — AMCO is a joint venture between the Company, with a 20% interest, and affiliates of AMLI Residential (“AMLI”), with an 80% interest, formed to develop, own, and operate 120 West Trinity, a mixed-use property in Decatur, Georgia. The property contains 33,000 square feet of office space, 19,000 square feet of retail space, and 330 apartment units. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions are funded in proportion to the members' percentage interests. The assets of the venture in the above table include a cash balance of $407,000 at December 31, 2022. Crawford Long—CPI, LLC ("Crawford Long") — Crawford Long is a 50-50 joint venture between the Company and Emory University that owns Emory University Hospital Midtown, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $62.9 million, 3.5% fixed rate mortgage note which matures on June 1, 2023. The assets of the venture in the above table include a cash balance of $2.0 million at December 31, 2022. Joint Ventures with Properties Under Development Neuhoff Holdings LLC ("Neuhoff") — Neuhoff is a 50-50 joint venture between the Company and Neuhoff Acquisition LLC ("JPM") formed for the purpose of developing a $563.0 million mixed-use property in Nashville, Tennessee. The Company made an initial contribution of $35.1 million for its interest in the land and development costs incurred prior to joint venture formation. In addition to the existing assets of the joint venture, Neuhoff also has rights to adjacent parcels for future development. On September 30, 2021, the joint venture closed on a construction loan with a borrowing capacity up to $312.7 million. The mortgage bears interest at the London Interbank Offering Rate ("LIBOR") plus 3.45% to 3.60% and matures on September 30, 2025. The assets of the venture in the above table include a cash balance of $961,000 at December 31, 2022. Joint Ventures with Land Holdings 715 Ponce Holdings LLC ("715 Ponce") — 715 Ponce is a 50-50 joint venture between the Company and 715 Acquisition LLC ("JPM") formed for the purpose of a future development in Midtown Atlanta, Georgia. The Company made an initial contribution of $4.0 million for its interest in the land held by the joint venture. The assets of the venture in the above table include a cash balance of $114,000 at December 31, 2022. Sold and Other Joint Ventures Carolina Square Holdings LP ("Carolina Square") — Carolina Square was a 50-50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin"), that owned and operated a mixed-use property in Chapel Hill, North Carolina. On September 29, 2022, the Company sold its 50% interest in Carolina Square to its partner for a gross sales price of $105.0 million. The Company recognized a gain of $56.3 million on the sale of its interest in Carolina Square, net of $179,000 of state income tax. HICO Victory Center LP ("HICO") — HICO is a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), which owned a land parcel in Dallas, Texas. The Company funded 75% of the cost of land while Hines Victory funded 25%. Pursuant to the joint venture agreement, all predevelopment expenditures, other than land, were funded equally by the partners. On June 30, 2022, HICO sold the land parcel for a gross price of $23.1 million. The Company's share of the $6.8 million gain from the transaction was $4.5 million and is included in income from unconsolidated joint ventures on the statements of operations. The Company accounted for its investment in HICO under the equity method because it did not control the activities of the venture. The assets of the venture in the above table include a cash balance of $158,000 at December 31, 2022. Austin 300 Colorado Project, LP ("300 Colorado") — 300 Colorado was a 50-50 joint venture between the Company, 3C Block 28 Partners, LP ("3CB"), and 3C RR Xylem, LP ("3CRR"), formed to develop, own, and operate a 369,000 square foot office property in Austin, Texas. On December 2, 2021, the Company purchased the remaining 50% interest from its partners for a gross price of $162.5 million. As a result, the Company consolidated 300 Colorado and recorded the assets and liabilities at fair value on the transaction date. The construction loan was paid off concurrent with the Company's purchase of its partners' interest. Upon consolidation, the Company recognized a $62.5 million gain on this acquisition achieved in stages and recorded this amount in gain on investment property transactions. Charlotte Gateway Village, LLC ("Gateway") — Gateway was a 50-50 joint venture between the Company and Bank of America Corporation (“BOA”), which owned and operated Gateway Village, a 1.1 million square foot office building in Charlotte, North Carolina. On March 31, 2020 the Company sold its interest in Gateway to its partner for a gross purchase price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represented a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.6 million on the sale of its interest in Gateway included in gain on sales of investments in unconsolidated joint ventures, net of $227,000 of state income tax. DC Charlotte Plaza LLLP ("Charlotte Plaza") — Charlotte Plaza was a 50-50 joint venture between the Company and Dimensional Fund Advisors ("DFA"), formed to develop, own, and operate DFA's 281,000 square foot regional headquarters building in Charlotte, North Carolina. On September 30, 2021, the Company sold its interest in Charlotte Plaza for a gross price of $60.8 million. The sale was triggered by the exercise of the partner's purchase option as stipulated in the partnership agreement. The Company recognized a gain of $13.1 million on the sale of its interest in Charlotte Plaza and recorded this amount in gain on sales of investments in unconsolidated joint ventures. CL Realty, LLC ("CL Realty") — CL Realty was a 50-50 joint venture between the Company and Forestar Group, Inc., that owned land near Padre Island in Texas. In December 2020, CL Realty sold the land to a third party. The Company's share of net proceeds was $2.2 million and share of loss on the sale, included in income from unconsolidated joint ventures, was $598,000. TEMCO Associates, LLC ("Temco") — Temco was a 50-50 joint venture between the Company and Forestar Group, Inc., that owned a golf course in Georgia. In December 2020, the Company sold its remaining interest in Temco, to its venture partner for a gross purchase price of $786,000 and recognized a loss of $145,000 on the sale, included in gain on sales of investments in unconsolidated joint ventures. Wildwood Associates ("Wildwood") — Wildwood was a 50-50 joint venture between the Company and IBM which owned 6.3 acres of undeveloped land in the Wildwood Office Park in Atlanta, Georgia. In February 2020, the Company sold its remaining interest in the Wildwood Associates joint venture to its venture partner for a gross purchase 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 and which is included in the gain on sales of investments in unconsolidated joint ventures. At December 31, 2022, the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $178.8 million. These loans are mortgage or construction loans, all of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans. The Company recognized $2.8 million, $3.3 million, and $2.6 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2022, 2021, and 2020, respectively.

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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