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Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dispositions

In April 2024, we transferred ownership of a property in Warrenville, Illinois, and the related non-recourse mortgage loan, which had an aggregate net asset carrying value of approximately $19.5 million and mortgage principal outstanding of $19.8 million, respectively, on the date of transfer, to the mortgage lender (Note 9).

In April 2024, we transferred ownership of a property in Tempe, Arizona, and the related non-recourse mortgage loan, which had an aggregate net asset carrying value of approximately $13.3 million and mortgage principal outstanding of $13.2 million, respectively, on the date of transfer, to the mortgage lender (Note 9).

In April 2024, we sold two properties for gross proceeds totaling $98.5 million, including (i) a property in Collierville, Tennessee, for gross proceeds of $62.5 million, and (ii) a property in Hoffman Estates, Illinois, for gross proceeds of $36.0 million. These properties were included in the collateral pool for the NLOP Financing Arrangements at the time of sales and net proceeds from the sales were used to repay portions of the NLOP Financing Arrangements, as described below (Note 9).

Repayments of NLOP Financing Arrangements

In April 2024, we repaid $78.1 million and $14.5 million of outstanding principal on the NLOP Mortgage Loan and NLOP Mezzanine Loan, respectively, using proceeds from the sales of properties described above (Note 9). As a result of these repayments, we reached the second deleveraging threshold for the NLOP Mortgage Loan, which was repayments on the original loan balance totaling 25% (or $83.8 million) on or prior to November 1, 2025 (Note 9). Following the sales of the properties described above, as of the date of this Report, the NLOP Financing Arrangements were collateralized by 34 of our properties (Note 9).