XML 44 R28.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 17, 2024, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on September 10, 2024 to stockholders of record as of August 19, 2024. We have a 50.0% interest in the McKinney & Olive joint venture. On July 10, 2024, the joint venture paid off at maturity the remaining $134.3 million balance on a secured mortgage loan with a stated interest rate of 4.5% and an effective interest rate of 5.3%. In connection with this loan payoff, we and Granite each contributed $62.1 million to the joint venture. We have a 50.0% interest in the Granite Park Six joint venture. On July 16, 2024, the joint venture paid down the outstanding $70.9 million balance with respect to a $115.0 million construction loan obtained in 2022. The loan, which matures in January 2026, has an interest rate of SOFR plus 394 basis points. In connection with this loan paydown, we and Granite each contributed $35.5 million to the joint venture.