Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Equity Method Investments

The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2025 and 2024 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	2025		2024		2025		2024
Investments in unconsolidated joint ventures, beginning of period	$	470,418	$	309,754	$	473,122	$	311,511
New investment during the period	126		66,547		978		66,547
Equity income (loss) recognized during the period	158		(146)		159		(568)
Owner distributions	(7,272)		(1,314)		(10,829)		(2,649)
Investments in unconsolidated joint ventures, end of period	$	463,430	$	374,841	$	463,430	$	374,841

Schedule of dispositions

The following table details the Company's dispositions for the six months ended June 30, 2025.

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
Boston, MA	2/7/25	$	4,500	$	(135)	$	—	$	4,365	$	4,325	$	15	$	25	30,304
Denver, CO 1	2/14/25	8,600		(2,144)		—		6,456		7,948		113		(1,605)		69,715
Houston, TX	3/20/25	15,000		(4,087)		(5,400)		5,513		14,343		347		(3,777)		127,933
Boston, MA	4/30/25	486		(49)		—		437		60		—		377		—
Boston, MA	5/23/25	3,000		(48)		—		2,952		2,631		15		306		33,176
Jacksonville, FL	6/26/25	8,100		(43)		—		8,057		23,064		(561)		(14,446)		53,169
Yakima, WA	6/26/25	31,000		(2,380)		—		28,620		8,689		219		19,712		91,561
Houston, TX	6/27/25	10,500		(57)		—		10,443		10,250		—		193		—
Total dispositions		$	81,186	$	(8,943)	$	(5,400)	$	66,843	$	71,310	$	148	$	785	405,858

1Includes two medical outpatient properties.

Subsequent to June 30, 2025, the Company disposed of the following properties, which were classified as held for sale as of June 30, 2025:

Dollars in thousands	Date Disposed	Sale Price		Square Footage
South Bend, IN	7/15/25	$	43,100	205,573
Milwaukee, WI 1	7/29/25	42,000		147,406
Naples, FL	7/29/25	19,250		61,359
New York, NY	7/30/25	25,000		89,893
Total		$	129,350	504,231

1Includes two medical outpatient properties.

Schedule of Assets and Liabilities Held for Sale

The table below reflects the assets and liabilities classified as held for sale as of June 30, 2025 and December 31, 2024:

Dollars in thousands	June 30, 2025		December 31, 2024
Balance Sheet data:
Land	$	18,330	$	10,859
Building and improvements	443,895		3,410
Lease intangibles	25,768		3,286
Personal property	633		—
Land held for development	3,836		—
	492,462		17,555
Accumulated depreciation	(164,327)		(5,275)
Real estate assets held for sale, net 1	328,135		12,280
Cash and cash equivalents	151		—
Operating lease right-of-use assets	15,248		—
Other assets, net	14,673		617
Assets held for sale, net	$	358,207	$	12,897
Accounts payable and accrued liabilities	$	6,761	$	694
Operating lease liabilities	19,384		—
Other liabilities	4,133		589
Liabilities of assets held for sale	$	30,278	$	1,283
Redeemable noncontrolling interest held for sale	$	1,221	$	—

1Net real estate assets held for sale include the impact of $54.5 million of impairment charges for the six months ended June 30, 2025.