Investment and Disposition Activity - (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of acquisitions and aggregate purchase price

Investment activity for the year ending December 31, 2023 is summarized below:

Investment		Location	Acquisition Date	Investment Amount (in thousands)
Emory Dunwoody ASC		Dunwoody, GA	May 16, 2023	$	5,250
CVA Building		Birmingham, AL	May 31, 2023	28,000
Palos Heights Surgery Center		Palos Heights, IL	July 20, 2023	2,600
IJRI Properties Investment	(1)	Indianapolis, IN	September 30, 2023	1,250
Atlanta Medical Condominium Investments		Atlanta, GA	Various	2,620
Davis Joint Venture Investments		Woodbury, MN	Various	11,314
Adjacent Land		Various	Various	1,717
Development Costs		Buford, GA	Various	21,604
Earnouts		Various	Various	2,201
Private Equity Fund Investment	(2)	N/A	Various	434
Loan Investments		Various	Various	51,400
				$	128,390

(1) The Company invested 15.9% in a joint venture that is developing a single outpatient medical facility located in Indiana.

(2) The Company invested additional funds managed by a venture capital firm specializing in real estate technology.

Investment activity for the year ending December 31, 2022 is summarized below:

Investment		Location	Acquisition Date	Investment Amount (in thousands)
City Place Portfolio - Davis Joint Venture	(1)	Woodbury, MN	January 12, 2022	$	8,032
New Albany Medical Center II		New Albany, OH	April 26, 2022	27,688
Calko Medical Center		Brooklyn, NY	September 9, 2022	81,500
Atlanta Medical Condominium Investment		Atlanta, GA	December 5, 2022	400
Earnouts		Various	Various	6,401
Private Equity Fund Investment	(2)	N/A	Various	5,049
Loan Investments		Various	Various	30,609
				$	159,679

(1)The Company acquired a 49% membership interest in three properties through the Davis Joint Venture representing 107,886 square feet at an aggregate valuation of $43.9 million, including an $8.0 million equity contribution and a $14.0 million pro rata share of joint venture debt. On November 21, 2022, the Davis Joint Venture acquired a property representing 42,467 square feet at an aggregate valuation of $16.4 million. The Company did not make an equity contribution towards this property but did acquire a $4.6 million pro rata share of joint venture debt.

(2)The Company invested in funds managed by a venture capital firm specializing in real estate technology.

Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed

The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands):

	December 31, 2023		December 31, 2022
Land	$	8,719	$	9,260
Building and improvements	32,167		98,433
In-place lease intangibles	4,410		12,845
Above market in-place lease intangibles	—		2,768
Below market in-place lease intangibles	(553)		(4,923)
Right-of-use asset	—		79
Net assets acquired	$	44,743	$	118,462
NCI-redeemable	—		(3,307)
Satisfaction of real estate loans receivable	(5,397)		(2,700)
Cash used in acquisition of investment property	$	39,346	$	112,455