Real Estate Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
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| Schedule of Unconsolidated Joint Venture Acquisitions |
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 thousands | 2026 | | 2025 | 2026 | | 2025 | | | | | | | | | 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.
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| Schedule of Acquisitions |
The following table details the Company's acquisitions for the six months ended June 30, 2026. | | | | | | | | | | | | | Dollars in thousands | DATE ACQUIRED | PURCHASE PRICE | SQUARE 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%.
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| Schedule of Dispositions |
The following table details the Company's dispositions for the six months ended June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dollars in thousands | DATE DISPOSED | SALE PRICE | CLOSING ADJUSTMENTS | COMPANY-FINANCED MORTGAGE NOTES | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER (INCLUDING RECEIVABLES) | GAIN/(IMPAIRMENT) | SQUARE FOOTAGE | | Atlanta, GA | 1/14/26 | $ | 21,900 | | $ | (838) | | $ | — | | $ | 21,062 | | $ | 9,579 | | $ | 338 | | $ | 11,145 | | 60,039 | | Oklahoma City, OK 1 | 3/3/26 | 11,500 | | (2,557) | | — | | 8,943 | | 8,520 | | 184 | | 239 | | 186,301 | | | Atlanta, GA | 5/27/26 | 2,750 | | (251) | | — | | 2,499 | | 2,499 | | — | | — | | — | | | Austin, TX | 6/12/26 | 8,900 | | (356) | | — | | 8,544 | | 4,513 | | 261 | | 3,770 | | 12,880 | | | Amarillo, TX | 6/18/26 | 4,000 | | (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.
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| Schedule of Assets Held for Sale |
The table below reflects the assets and liabilities classified as held for sale as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | Dollars in thousands | | June 30, 2026 | December 31, 2025 | | Balance Sheet data: | | | | | Land | | $ | 18,175 | | $ | 21,193 | | | Building and improvements | | 112,143 | | 161,365 | | | Lease intangibles | | 5,641 | | 7,822 | | | Personal property | | 62 | | 101 | | | | | | | | | | | Land held for development | | 2,500 | | — | | | | 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 assets | | 2,598 | | 3,641 | | | Other assets, net | | 3,380 | | 5,366 | | | Assets held for sale, net | | $ | 95,895 | | $ | 143,580 | | | | | | | Accounts payable and accrued liabilities | | $ | 5,043 | | $ | 4,514 | | | Operating lease liabilities | | 5,721 | | 6,792 | | | | | | | Other liabilities | | 3,335 | | 3,854 | | | Liabilities of assets held for sale | | $ | 14,099 | | $ | 15,160 | | | | | |
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