XML 36 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Equity Method Investments

As of September 30, 2022, we had equity investments in joint ventures as follows:

Joint Venture						DHC Ownership						DHC Carrying Value of Investment at September 30, 2022						Number of Properties						Location						Square Feet
Seaport Innovation LLC						10%						$	108,395					1						MA						1,134,479
The LSMD Fund REIT LLC						20%						51,081						10						CA, MA, NY, TX, WA						1,068,763
												$	159,476					11												2,203,242

The following table provides a summary of the mortgage debts of these joint ventures:

Joint Venture						Coupon Rate						Maturity Date						Principal Balance at September 30, 2022 (1)
Mortgage Notes Payable (secured by one property in Massachusetts) (2)						3.53%						8/6/2026						$	620,000
Mortgage Notes Payable (secured by nine properties in five states)						3.46%						2/11/2032						189,800
Mortgage Notes Payable (secured by one property in California) (3)						4.75%						2/9/2024						266,825
						3.82%												$	1,076,625

(1)Amounts are not adjusted for our minority equity interest.

(2)Following the deconsolidation in December 2021 of the net assets of the Seaport JV, we no longer include this $620,000 of secured debt financing in our condensed consolidated balance sheet; however, we continue to provide certain guaranties on this debt.

(3)The maturity date of February 9, 2024 is subject to three, one year extension options and requires interest to be paid at an annual rate based on the secured overnight financing rate, or SOFR, plus a premium of 1.90%. The interest rate is as of September 30, 2022. This joint venture has also purchased an interest rate cap through February 2024 with a SOFR strike rate equal to 4.00%.

Schedule of Real Estate Property Acquisition

The table below represents the purchase price allocation (including net closing adjustments) of this acquisition:

Date						Location						Type of Property						Number of Properties						Square Feet									Cash Paid (1)						Land						Buildings and Improvements												Acquired Real Estate Leases
July 2022						California						Life Science						1						88,508									$	75,105					$	15,774					$	45,249											$	14,082

(1)Cash paid includes closings costs.

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Name:	us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RealEstateAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration