Investments in Properties |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments in Properties | 2. Investments in Properties A summary of our Investments in properties, net is below (in thousands):
Acquisitions During the quarter, we completed various acquisitions totaling approximately $802.8 million, primarily consisting of land held for future development and other real estate and development-related investments. These investments included land acquisitions in Charlotte, Chicago, Indianapolis, as well as other investments in real estate and development properties. On June 30, 2026, the Company completed the acquisition of 64% blended partnership interests in the Digital Carver Dulles 9 JV, LLC and Digital Carver Brickyard JV, LLC joint ventures (collectively, the “joint ventures”) (the “June 2026 Acquisition”). Prior to the June 2026 Acquisition, the Company held the remaining 36% blended partnership interests in the joint ventures. After closing, each of the joint ventures became a wholly owned subsidiary of the Operating Partnership, which caused the Company to include the net book value of its 36% blended partnership interests as part of the purchase consideration. In accordance with ASC 805-50, the transaction was treated as a step-acquisition of assets using a cost-accumulation model. The aggregate costs of the acquisition of approximately $5.2 billion allocated was established by combining the historical carrying value of the Company's blended 36% interest ($494 million), the cash and equity paid for the remaining blended 64% interest ($3.5 billion), the company-earned promote ($201 million), direct capitalized transaction costs ($30 million) and the fair value of the assumed debt ($726 million) and other liabilities ($222 million). No gain or loss was recognized on the previously held interests. Dispositions During the quarter, we completed the sale of a asset in the Dallas metro area for gross proceeds of approximately $0.8 million and recognized a gain of approximately $0.6 million. Additionally, we completed the sale of an in the Northern Virginia metro area and recognized a gain of approximately $8.2 million. These assets were not representative of a significant component of our portfolio, nor will the dispositions represent a significant shift in our strategy. |
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