Acquisitions, Dispositions and Mortgage Repayments (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

The Company's investment in and loss recognized for the years ended December 31, 2024 and 2023 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:


	DECEMBER 31,
Dollars in thousands	2024		2023
Investments in unconsolidated joint ventures, beginning of period	$	311,511	$	327,248
New investments during the period	172,244		3,824
Equity loss recognized during the period	(135)		(1,682)
Owner distributions	(10,498)		(17,879)
Investments in unconsolidated joint ventures, end of period	$	473,122	$	311,511

Schedule of acquisitions

The following table details the Company's real estate acquisition activity for the year ended December 31, 2023:


Dollars in thousands	DATE ACQUIRED	PURCHASE PRICE		MORTGAGE NOTES PAYABLE, NET		CASH CONSIDERATION 1		REAL ESTATE		OTHER 2		SQUARE FOOTAGE
Tampa, FL	3/10/23	$	31,500	$	—	$	30,499	$	30,596	$	(97)	115,867
Colorado Springs, CO	7/28/23	11,450		(5,284)		6,024		11,416		(108)		42,770

Total real estate acquisitions		$	42,950	$	(5,284)	$	36,523	$	42,012	$	(205)	158,637

1.Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

2.Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.

Schedule of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date:


Dollars in thousands	PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE		CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS		AMOUNTS RECOGNIZED ON THE CLOSING DATE (as adjusted)
ASSETS
Real estate investments
Land	$	985,926	$	18,359	$	1,004,285
Buildings and improvements	6,960,418		(119,135)		6,841,283
Lease intangible assets(a)	831,920		1,839		833,759
Financing lease right-of-use assets	9,874		3,146		13,020
Construction in progress	10,071		(6,744)		3,327
Land held for development	46,538		—		46,538
Total real estate investments	$	8,844,747	$	(102,535)	$	8,742,212
Assets held for sale, net	707,442		(7,946)		699,496
Investments in unconsolidated joint ventures	67,892		—		67,892
Cash and cash equivalents	26,034		11,403		37,437
Restricted cash	1,123,647		(1,247)		1,122,400
Operating lease right-of-use assets	198,261		16,370		214,631
Other assets, net (b) (c)	209,163		(3,840)		205,323
Total assets acquired	$	11,177,186	$	(87,795)	$	11,089,391

LIABILITIES
Notes and bonds payable	$	3,991,300	$	—	$	3,991,300
Accounts payable and accrued liabilities	1,227,570		17,374		1,244,944
Liabilities of assets held for sale	28,677		(3,939)		24,738
Operating lease liabilities	173,948		10,173		184,121
Financing lease liabilities	10,720		(855)		9,865
Other liabilities	203,210		(8,909)		194,301
Total liabilities assumed	$	5,635,425	$	13,844	$	5,649,269
Net identifiable assets acquired	$	5,541,761	$	(101,639)	$	5,440,122
Non-controlling interest	$	110,702	$	—	$	110,702
Goodwill	$	145,404	$	101,639	$	247,043
(a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years.
(b) Includes $15.9 million of contractual accounts receivable, which approximates fair value.
(c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company expected to collect substantially all of the real estate notes receivable proceeds as of the Closing Date.

The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date:


	ESTIMATED FAIR VALUE in millions		ESTIMATED USEFUL LIFE in years
Building	$	27.5	17.0 - 30.0


Tenant Improvements	3.4		5.1 - 5.9
Land	5.5		0
Land Improvements	1.1		6.0 - 10.0

Intangibles
At-market lease intangibles	4.5		5.1 - 5.9
Above-market lease intangibles (lessor)	0.2		1.8 - 4.9
Below-market lease intangibles (lessor)	(0.2)		6.4 - 13.9



Mortgage notes payable assumed, including fair value adjustments	(5.3)


Other assets acquired	0.1
Accounts payable, accrued liabilities and other liabilities assumed	(0.3)
Total cash paid	$	36.5

Schedule of dispositions

The following table details the Company's dispositions and joint venture dispositions for the year ended December 31, 2024:


Dollars in thousands	DATE DISPOSED	SALE PRICE		CLOSING COSTS & CREDITS		COMPANY-FINANCED MORTGAGE NOTES		NET CONSIDERATION		NET REAL ESTATE INVESTMENT		OTHER		GAIN/(IMPAIR-MENT)		SQUARE FOOTAGE
Albany, NY	4/1/24	$	725	$	(60)	$	—	$	665	$	765	$	(82)	$	(18)	14,800
San Angelo, TX	4/12/24	5,085		(128)		—		4,957		4,917		66		(26)		24,580
Houston, TX	5/20/24	250		(9)		—		241		713		(520)		48		37,040
Multiple 1	5/23/24	284,348		(14,270)		—		270,078		254,176		25,836		(9,934)		556,274
Denver, CO	5/30/24	19,000		(628)		—		18,372		18,522		165		(315)		37,130
Austin, TX 1	6/6/24	54,858		(1,575)		—		53,283		27,964		623		24,696		129,879
Minneapolis, MN	6/21/24	1,082		(144)		—		938		303		43		592		50,291
Raleigh, NC 2	6/28/24	99,518		(2,835)		—		96,683		86,810		906		8,967		309,424
Albany, NY	8/2/24	6,300		(847)		—		5,453		5,528		486		(561)		180,000
Charlotte, NC	8/6/24	26,670		(395)		—		26,275		14,853		613		10,809		90,633
Charleston, SC	8/13/24	14,500		(589)		—		13,911		11,488		1		2,422		46,711
Multiple 1	8/23/24	118,000		(8,615)		—		109,385		113,956		548		(5,119)		266,782
Multiple 3	8/27/24	177,250		(7,085)		—		170,165		169,545		5,363		(4,743)		473,003
Austin, TX	9/13/24	42,281		(1,257)		—		41,024		14,561		425		26,038		76,246
Raleigh, NC	9/26/24	1,813		(27)		—		1,786		1,694		50		42		5,934
Houston, TX 4	10/3/24	12,000		(1,001)		(9,630)		1,369		11,266		295		(563)		140,012
Greensboro, NC	10/9/24	12,514		(21)		—		12,493		10,152		296		2,045		35,373
Des Moines, IA	10/15/24	31,750		(1,320)		—		30,430		13,869		1,662		14,899		95,486
Albany, NY	10/15/24	9,500		(521)		—		8,979		7,823		1,193		(37)		80,676
Salt Lake City, UT 5	10/24/24	30,712		(8,962)		—		21,750		26,899		(9,406)		4,257		112,192
Miami, FL	10/25/24	36,789		(706)		—		36,083		35,925		(209)		367		102,186
Miami, FL 6	10/25/24	17,767		(718)		—		17,049		14,650		(210)		2,609		60,761
Cleveland, OH	12/10/24	1,000		(157)		—		843		1,454		57		(668)		31,152
Boise, ID 7	12/12/24	18,350		(2,003)		—		16,347		17,562		345		(1,560)		83,078
Multiple 1	12/18/24	310,250		(6,767)		—		303,483		321,437		6,616		(24,570)		766,622
Atlanta, GA	12/20/24	15,900		(1,318)		—		14,582		13,344		635		603		42,921
Los Angeles, CA 7	12/20/24	64,000		(4,805)		—		59,195		47,322		1,676		10,197		162,554
Tampa, FL	12/27/24	37,500		(402)		—		37,098		41,556		(1,962)		(2,496)		95,896
Wichita Falls, TX	12/27/24	600		(130)		—		470		2,530		14		(2,074)		25,133

Total dispositions		$	1,450,312	$	(67,295)	$	(9,630)	$	1,373,387	$	1,291,584	$	35,525	$	55,907	4,132,769

1.The Company contributed the following medical outpatient properties to a joint venture in which the Company retained 20% ownership: one in each of Raleigh, NC, New York, NY, Philadelphia, PA, Atlanta, GA, Austin, TX, Miami, FL, Denver, CO, Memphis, TN, Indianapolis, IN, and Honolulu, HI; two MOBs in Los Angeles; three MOBs in Houston, TX and Dallas, TX; and five in Seattle, WA. Sale price and square footage reflect the total sale price paid by the joint venture and total square footage of the property. The net proceeds to the Company related to these dispositions totaled $584.9 million.

2.The Company sold seven MOBs in Greensboro, NC and two non-clustered single-tenant MOBs in Raleigh, NC to a single buyer in a single transaction.

3.The Company contributed the following medical outpatient properties to a joint venture in which the Company retained 20% ownership: two in each of Nashville, TN and Denver, CO; one in each of Dallas, TX, San Antonio, TX and Atlanta, GA. Sale price and square footage reflect the total sale price paid by the joint venture and total square footage of the property. The net proceeds to the Company related to these dispositions totaled $148.9 million.

4.The Company provided seller financing of approximately $9.6 million in connection with this sale.

5.The Company sold an MOB that was included in a consolidated joint venture in which the Company held a 63% ownership interest. Proceeds include the Company's pro-rata share of the purchase price as well as amounts due to the Company by the joint venture.

6.Includes two properties.

7.Includes three properties.

The following table details the Company's dispositions for the year ended December 31, 2023:


Dollars in thousands	Type1	DATE DISPOSED	SALE PRICE		CLOSING COSTS & CREDITS		COMPANY-FINANCED NOTES		NET CONSIDERATION		NET REAL ESTATE INVESTMENT		OTHER 2		GAIN/(IMPAIR-MENT)		SQUARE FOOTAGE
Tampa/Miami, FL3	MOB	1/12/23	$	93,250	$	(5,875)	$	—	$	87,375	$	87,302	$	(888)	$	961	224,037
Dallas, TX 4	MOB	1/30/23	19,210		(141)		—		19,069		18,986		43		40		36,691
St. Louis, MO	MOB	2/10/23	350		(18)		—		332		398		—		(66)		6,500
Los Angeles, CA	MOB	3/23/23	21,000		(526)		—		20,474		20,610		52		(188)		37,165
Los Angeles, CA 5	MOB	3/30/23	75,000		(8,079)		(45,000)		21,921		88,624		(803)		(20,900)		147,078
Los Angeles, CA 6	Land	5/12/23	3,300		(334)		—		2,966		3,268		—		(302)		—
Albany, NY	MOB	6/30/23	10,000		(1,229)		—		8,771		2,613		(1,040)		7,198		40,870
Houston, TX	MOB	8/2/23	8,320		(285)		—		8,035		4,567		194		3,274		57,170
Atlanta, GA	MOB	8/22/23	25,140		(66)		—		25,074		23,226		(536)		2,386		55,195
Dallas, TX	Inpatient	9/15/23	115,000		(1,504)		—		113,496		64,183		6,094		43,219		161,264
Houston, TX	MOB	9/18/23	250		(24)		—		226		1,998		—		(1,772)		52,040
Chicago, IL	MOB	9/27/23	59,950		(870)		—		59,080		74,710		(380)		(15,250)		104,912
Evansville, IN 7	MOB	11/13/23	18,500		(63)		—		18,437		17,807		(149)		779		260,520
Houston, TX	Hospital	12/1/23	4,100		(6)		—		4,094		3,486		—		608		83,223
Charleston, SC 8	Office	12/15/23	6,200		(401)		—		5,799		3,415		—		2,384		15,014
Dallas, TX	MOB	12/20/23	43,295		(764)		—		42,531		33,882		(3,782)		12,431		77,827
Los Angeles, CA	Office	12/21/23	19,000		(1,311)		—		17,689		17,787		—		(98)		104,377
Tucson, AZ 9,10	MOB	12/22/23	43,230		(3,770)		(6,000)		33,460		39,786		(26)		(300)		215,471
Miami, FL	MOB	12/22/23	18,250		(756)		—		17,494		17,354		643		(503)		48,000
Sebring, FL	MOB	12/27/23	9,500		(81)		—		9,419		10,438		(512)		(507)		38,949
Boston, MA	MOB	12/28/23	117,197		(2,079)		—		115,118		107,803		9,828		(2,513)		161,254
Florida 11	SNF	12/29/23	77,000		(8,678)		(7,700)		60,622		65,839		(294)		2,777		354,500
Total dispositions			$	787,042	$	(36,860)	$	(58,700)	$	691,482	$	708,082	$	8,444	$	33,658	2,282,057

1.MOB = medical outpatient building; SNF = skilled nursing facility.

2.Includes straight-line rent receivables, leasing commissions and lease inducements.

3.Includes two properties sold in two separate transactions to the same buyer on the same date.

4.The Company sold this property to a joint venture in which it retained a 40% interest. Sales price and square footage reflect the total sales price paid by the joint venture and total square footage of the property.

5.The Company entered into a mortgage loan agreement with the buyer for $45.0 million.

6.The Company sold a land parcel totaling 0.34 acres.

7.Includes five properties sold in three separate transactions to the same buyer on the same date.

8.The Company sold a corporate office in Charleston, SC that was 100% occupied by the Company.

9.Includes 12 properties sold in one transaction to the same buyer.

10.The Company entered into a mezzanine loan with the buyer for $6.0 million.

11.Includes three properties sold in one transaction to the same buyer. The Company entered into a separate note receivable for $7.7 million related to this sale.