Investments in Unconsolidated Real Estate Venture (Tables)

12 Months Ended

Dec. 31, 2024

Unconsolidated Real Estate Ventures [Abstract]

Summary of Investment in Unconsolidated Real Estate Ventures

The following is a summary of our investment in our unconsolidated real estate venture (dollars in thousands):

		As of December 31,
Joint Venture	Ownership Interest	2024		2023
MedBase Venture	53.0%	$	316,521	$	284,544

Summary of Financial Information for Unconsolidated Real Estate Venture

The following is a summary of financial information for our unconsolidated real estate venture:

	As of December 31,
Balance sheet information:	2024		2023
Real estate, net	$	501,938	$	449,956
Other assets, net (1)		105,808		97,190
Total assets	$	607,746	$	547,146
Total liabilities (2)	$	11,142	$	10,854
Total equity		596,604		536,292
Total liabilities and equity	$	607,746	$	547,146
Company’s share of equity	$	316,146	$	284,169
Basis differential (3)		375		375
Carrying value of the Company’s investment in the unconsolidated venture	$	316,521	$	284,544

(1)At December 31, 2024 and 2023, this amount included right-of-use assets - finance leases totaling approximately $4.7 million and $4.8 million, respectively, representing a ground lease at VA – Lubbock.

(2)At both December 31, 2024 and 2023, this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(3)This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level.

	For the year ended December 31,
Income statement information:	2024		2023		2022
Total revenue	$	45,517	$	40,693	$	25,898
Operating income		11,572		10,567		6,530
Net income		11,408		10,402		6,366
Company’s share of net income	$	6,051	$	5,498	$	3,374