v3.26.1
Real Estate Investments
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Real Estate Investments Real Estate Investments
Unconsolidated Joint Ventures
The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2026 and 2025 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2026202520262025
Investments in unconsolidated joint ventures, beginning of period $467,459 $470,418 $453,607 $473,122 
New investment during the period 1
392 126 19,030 978 
Equity income recognized during the period 2
2,929 158 3,425 159 
Owner distributions(13,747)(7,272)(19,029)(10,829)
Investments in unconsolidated joint ventures, end of period $457,033 $463,430 $457,033 $463,430 
1In the first quarter 2026, the Company contributed $17.7 million towards the acquisition of a property in an existing joint venture.
2Includes a gain on sale of real estate of $2.5 million in April 2026.
Joint Venture Disposition Activity
On April 27, 2026, an unconsolidated joint venture where the Company owns 50%, sold a property for a total purchase price of $18.7 million.
Subsequent Joint Venture Acquisition Activity
In July 2026, an unconsolidated joint venture where the Company owns 20%, acquired two properties for a total purchase price of $86.1 million.
2026 Acquisition Activity
The following table details the Company's acquisitions for the six months ended June 30, 2026.
Dollars in thousandsDATE ACQUIREDPURCHASE PRICESQUARE FOOTAGE
Charlotte, NC 1
4/24/26$3,670 12,418 
1 Represents a condominium unit fully leased by Novant Health under a long-term lease in an existing building, bringing the Company's ownership to 93%.
2026 Disposition Activity
The following table details the Company's dispositions for the six months ended June 30, 2026.
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSCOMPANY-FINANCED MORTGAGE NOTESNET PROCEEDSNET REAL ESTATE INVESTMENTOTHER (INCLUDING RECEIVABLES) GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Atlanta, GA1/14/26$21,900 $(838)$— $21,062 $9,579 $338 $11,145 60,039 
Oklahoma City, OK 1
3/3/2611,500 (2,557)— 8,943 8,520 184 239 186,301 
Atlanta, GA5/27/262,750 (251)— 2,499 2,499 — — — 
Austin, TX6/12/268,900 (356)— 8,544 4,513 261 3,770 12,880 
Amarillo, TX6/18/264,000 (463)— 3,537 3,827 94 (384)64,756 
Total dispositions$49,050 $(4,465)$— $44,585 $28,938 $877 $14,770 323,976 
1Includes two medical outpatient properties.
Subsequent Disposition Activity
On July 2, 2026, the Company sold two land parcels in Dallas, TX for a total purchase price of $5.5 million.

Assets Held for Sale
The Company had 14 properties and three land parcels classified as assets held for sale as of June 30, 2026, and 18 properties and one land parcel classified as assets held for sale as of December 31, 2025.
The table below reflects the assets and liabilities classified as held for sale as of June 30, 2026 and December 31, 2025:
Dollars in thousandsJune 30, 2026December 31, 2025
Balance Sheet data:
Land$18,175 $21,193 
Building and improvements112,143 161,365 
Lease intangibles5,641 7,822 
Personal property62 101 
Land held for development2,500 — 
138,521 190,481 
Accumulated depreciation(48,604)(55,908)
Real estate assets held for sale, net 1
89,917 134,573 
Operating lease right-of-use assets2,598 3,641 
Other assets, net3,380 5,366 
Assets held for sale, net$95,895 $143,580 
Accounts payable and accrued liabilities$5,043 $4,514 
Operating lease liabilities5,721 6,792 
Other liabilities3,335 3,854 
Liabilities of assets held for sale$14,099 $15,160 
1Net real estate assets held for sale include the impact of $41.4 million of impairment charges for the six months ended June 30, 2026.