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Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2021

The following table details the Company's acquisitions for the six months ended June 30, 2021:


Dollars in thousands	DATE ACQUIRED	PURCHASE PRICE		CASH CONSIDERATION 1		REAL ESTATE		OTHER 2		SQUARE FOOTAGE
San Diego, CA 3	1/7/21	$	17,150	$	17,182	$	17,182	$	—	22,461
Dallas, TX 4	2/1/21	22,515		22,299		22,641		(342)		121,709
Atlanta, GA 4	2/17/21	9,800		10,027		10,073		(46)		44,567
Washington, D.C.	3/3/21	12,750		12,709		12,658		51		26,496
Houston, TX	5/14/21	13,500		12,986		13,379		(393)		45,393
San Diego, CA 5	5/28/21	102,650		103,984		104,629		(645)		160,394
Greensboro, NC	6/28/21	9,390		9,475		10,047		(572)		25,168
Baltimore, MD	6/29/21	14,600		14,357		14,437		(80)		33,316




Total real estate acquisitions		$	202,355	$	203,019	$	205,046	$	(2,027)	479,504

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

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

3Represents a single-tenant property.

4Includes two properties.

5The Company accounted for this transaction as a financing receivable.

Subsequent to June 30, 2021, the Company acquired the following properties:


Dollars in thousands	DATE ACQUIRED	PURCHASE PRICE		SQUARE FOOTAGE
Denver, CO 1	7/16/21	$	70,426	259,555
Greensboro, NC 2	7/19/21	6,400		18,119
Colorado Springs, CO	7/27/21	33,400		69,526









		$	110,226	347,200

1Includes three properties.

2Represents a single-tenant property.

Schedule of joint venture transactions

The following table details the TIAA Joint Venture acquisition for the six months ended June 30, 2021:


Dollars in thousands	DATE ACQUIRED	PURCHASE PRICE		CASH CONSIDERATION 1		REAL ESTATE		OTHER 2		SQUARE FOOTAGE	OWNERSHIP %
Denver, CO	3/30/21	$	14,375	$	14,056	$	14,550	$	(494)	59,359	50	%
Colorado Springs, CO	4/1/21	7,200		7,288		7,347		(59)		27,510	50	%
Los Angeles, CA	4/8/21	31,335		30,179		30,642		(463)		57,573	50	%
San Antonio, TX	4/30/21	13,600		13,412		13,656		(244)		45,000	50	%
Los Angeles, CA	5/10/21	24,600		24,259		24,147		112		73,078	50	%





Total real estate acquisitions		$	91,110	$	89,194	$	90,342	$	(1,148)	262,520

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

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

Subsequent to June 30, 2021, the TIAA Joint Venture acquired the following properties:


Dollars in thousands	DATE ACQUIRED	PURCHASE PRICE		SQUARE FOOTAGE	OWNERSHIP %
Colorado Springs, CO 1	7/27/21	$	9,133	23,956	50	%

1Includes purchase of adjoining 3.0 acre land parcel.

Schedule of equity method investments

The Company's investment in and loss recognized for the three and six months ended June 30, 2021 and 2020 related to its 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	2021		2020		2021		2020

Investments in unconsolidated joint ventures, beginning of period 1	$	83,943	$	8,000	$	73,137	$	8,130
New investments during the period	34,138		—		45,018		—
Equity loss recognized during the period 1	(146)		(116)		(220)		(127)
Owner distributions	—		(65)		—		(184)
Investments in unconsolidated joint ventures, end of period 1	$	117,935	$	7,819	$	117,935	$	7,819

1In addition to the TIAA Joint Venture, the Company also has a 55% and 27% ownership interest, respectively, in two limited liability companies that each own a parking garage in Atlanta, Georgia.

Real estate dispositions

The following table details the Company's dispositions for the six months ended June 30, 2021:


Dollars in millions	DATE DISPOSED	SALE PRICE		CLOSING ADJUSTMENTS		NET PROCEEDS		NET REAL ESTATE INVESTMENT		OTHER (INCLUDING RECEIVABLES) 1		GAIN/(IMPAIRMENT)		SQUARE FOOTAGE
Los Angeles, CA 2	3/11/21	$	26,000	$	(555)	$	25,445	$	6,046	$	509	$	18,890	73,906
Atlanta, GA 3	4/12/21	8,050		(272)		7,778		5,675		151		1,952		19,732
Richmond, VA 3	5/18/21	52,000		(314)		51,686		29,414		3,270		19,002		142,856
Gadsden, AL 3,4	5/19/21	5,500		(280)		5,220		5,914		175		(869)		120,192

Total dispositions		$	91,550	$	(1,421)	$	90,129	$	47,049	$	4,105	$	38,975	356,686

1Includes straight-line rent receivables, leasing commissions and lease inducements.

2Includes two properties sold to a single purchaser in two transactions which occurred on March 5 and March 11, 2021.

3Previously classified as held for sale.

4Includes three properties.

Schedule of assets and liabilities held for sale

The table below reflects the assets and liabilities of the properties classified as held for sale as of June 30, 2021 and December 31, 2020:


(Dollars in thousands)	June 30, 2021		December 31, 2020
Balance Sheet data:
Land	$	1,664	$	1,664
Building, improvements and lease intangibles	27,466		27,443
Personal property	39		39
	29,169		29,146
Accumulated depreciation	(10,444)		(10,455)
Real estate assets held for sale, net	18,725		18,691

Other assets, net	2,340		1,955
Assets held for sale, net	$	21,065	$	20,646

Accounts payable and accrued liabilities	$	622	$	533
Other liabilities	320		683
Liabilities of assets held for sale	$	942	$	1,216