v3.26.1
Investments in Unconsolidated Joint Ventures
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES INVESTMENTS IN 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 June 30, 2026 and December 31, 2025 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Company's Ownership InterestTotal AssetsTotal LiabilitiesTotal Equity (Deficit)Company's Investment (Deferred Income)
20262025202620252026202520262025
Operating Properties:
AMCO 120 WT Holdings, LLC20%$72,169 $73,982 $1,051 $1,732 $71,118 $72,250 $12,950 $13,201 
Crawford Long - CPI, LLC (1)50%22,904 20,882 85,362 83,869 (62,458)(62,987)(30,844)(2)(31,067)(2)
Neuhoff Holdings LLC (3)50%587,735 591,844 273,928 271,606 313,807 320,238 174,919 178,723 
TL CO Proscenium JV, LLC20%104,855 94,240 5,546 3,498 99,309 90,742 19,980 18,479 
Land:
715 Ponce Holdings LLC50%9,642 9,518 42 11 9,600 9,507 4,943 4,898 
$797,305 $790,466 $365,929 $360,716 $431,376 $429,750 $181,948 $184,234 

(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. Total liabilities include 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 $254.0 million, of which the Company's share is $127.0 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 interest rate on the loan as of June 30, 2026, was 6.630%. Subject to certain conditions, the joint venture has one option to extend the maturity date for an additional 12 months. 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 customary "non-recourse carve-out guaranties." Contemporaneous with the first amendment to the construction loan, the Company loaned its joint venture partner $19.6 million to fund its related contribution to the Neuhoff joint venture (see note 3).
The information included in the Summary of Operations table below is for the six months ended June 30, 2026, and 2025 ($ in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income (Loss)
from Investment
202620252026202520262025
Operating Properties:
AMCO 120 WT Holdings, LLC$5,084 $5,142 $1,158 $1,142 $222 $214 
Crawford Long - CPI, LLC 6,936 7,128 1,530 1,584 701 729 
Neuhoff Holdings LLC14,671 8,211 (10,450)(8,444)(5,636)(4,354)
TL CO Proscenium JV, LLC5,973 7,626 (433)113 (190)(79)
Land:
715 Ponce Holdings LLC150 107 92 39 46 20 
$32,814 $28,214 $(8,103)$(5,566)$(4,857)$(3,470)