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Investments in Unconsolidated Joint Ventures | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | INVESTMENTS 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 Summary of Financial Position table is as of September 30, 2025 and December 31, 2024 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
| Company's Ownership Interest |  | Total Assets |  | Total Liabilities |  | Total Equity (Deficit) |  | Company's Investment (Deferred Income) |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Operating Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMCO 120 WT Holdings, LLC | 20% |  | $ | 74,428 |  |  | $ | 74,984 |  |  | $ | 1,857 |  |  | $ | 1,254 |  |  | $ | 72,571 |  |  | $ | 73,730 |  |  | $ | 13,282 |  |  | $ | 13,503 |  |
Crawford Long - CPI, LLC (1) | 50% |  | 20,744 |  |  | 19,306 |  |  | 84,547 |  |  | 83,571 |  |  | (63,803) |  |  | (64,265) |  |  | (31,454) |  | (2) | (31,626) |  | (2)
Neuhoff Holdings LLC (3) | 50% |  | 596,719 |  |  | 573,495 |  |  | 273,278 |  |  | 306,055 |  |  | 323,442 |  |  | 267,440 |  |  | 180,477 |  |  | 150,376 |  |
TL CO Proscenium JV, LLC | 20% |  | 88,391 |  |  | 86,517 |  |  | 5,644 |  |  | 3,889 |  |  | 82,747 |  |  | 82,628 |  |  | 16,880 |  |  | 16,768 |  |
Land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
715 Ponce Holdings LLC | 50% |  | 9,503 |  |  | 9,442 |  |  | 55 |  |  | 57 |  |  | 9,448 |  |  | 9,385 |  |  | 4,868 |  |  | 4,831 |  |
|  |  | $ | 789,785 |  |  | $ | 763,744 |  |  | $ | 365,381 |  |  | $ | 394,826 |  |  | $ | 424,405 |  |  | $ | 368,918 |  |  | $ | 184,053 |  |  | $ | 153,852 |  |
(1) Crawford Long - CPI, LLC has a mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures on June 1, 2032. The Company provides a customary "non-recourse carve-out guaranty" for this loan. (2) Negative balance is included in deferred income on the consolidated balance sheets. (3) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized. Included in the total liabilities above is a construction loan which had an initial borrowing capacity up to $312.7 million, of which the Company's share was $156.4 million. In September 2025, the joint venture entered into the first amendment to the construction loan, repaid $39.2 million of outstanding principal (reducing the current loan capacity to $273.5 million), and extended the maturity date to September 30, 2026. The construction loan now has a total outstanding principal amount of $250 million, of which the Company's share is $125 million. The updated interest rate applicable to the construction loan is based on SOFR plus 3.00% with a minimum rate of 6.25%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the current maturity date. The Company and its joint venture partner guarantee their respective halves of the borrower's obligations to pay certain required equity contributions and project carrying costs, as well as timely completion of project construction. The Company and its partner also provide a customary "non-recourse carve-out guaranty". Contemporaneous with the loan transaction, the Company loaned its joint venture partner $19.6 million to fund its related contribution to the Neuhoff joint venture (see note 3). The information included in the Summary of Operations table below is for the nine months ended September 30, 2025 and 2024 ($ in thousands).
SUMMARY OF OPERATIONS
| Total Revenues |  | Net Income (Loss) |  | Company's Income (Loss) from Investment
| 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  |
Operating Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMCO 120 WT Holdings, LLC | $ | 7,734 |  |  | $ | 8,312 |  |  |  |  | $ | 1,743 |  |  | $ | 1,452 |  |  |  |  | $ | 330 |  |  | $ | 276 |  |  |
Crawford Long - CPI, LLC | 10,793 |  |  | 9,984 |  |  |  |  | 2,462 |  |  | 2,290 |  |  |  |  | 1,138 |  |  | 1,046 |  |  |
Neuhoff Holdings LLC | 14,248 |  |  | 1,538 |  |  |  |  | (14,342) |  |  | (3,769) |  |  |  |  | (7,518) |  |  | (2,078) |  |  |
TL CO Proscenium JV, LLC | 11,411 |  |  | 3,141 |  |  |  |  | 118 |  |  | (187) |  |  |  |  | (133) |  |  | (60) |  |  |
Land: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
715 Ponce Holdings LLC | 156 |  |  | 148 |  |  |  |  | 62 |  |  | 56 |  |  |  |  | 31 |  |  | 28 |  |  |
| $ | 44,342 |  |  | $ | 23,123 |  |  |  |  | $ | (9,957) |  |  | $ | (158) |  |  |  |  | $ | (6,152) |  |  | $ | (788) |  |  |

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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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