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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Financial Data and Principal Activities of 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 InterestTotal AssetsTotal LiabilitiesTotal Equity (Deficit)Company's Investment (Deferred Income)
20252024202520242025202420252024
Operating Properties:
AMCO 120 WT Holdings, LLC20%$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, LLC20%88,391 86,517 5,644 3,889 82,747 82,628 16,880 16,768 
Land:
715 Ponce Holdings LLC50%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 RevenuesNet Income (Loss)Company's Income (Loss)
from Investment
202520242025202420252024
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 LLC14,248 1,538 (14,342)(3,769)(7,518)(2,078)
TL CO Proscenium JV, LLC11,411 3,141 118 (187)(133)(60)
Land:
715 Ponce Holdings LLC156 148 62 56 31 28 
$44,342 $23,123 $(9,957)$(158)$(6,152)$(788)