Investments in Unconsolidated Real Estate Venture (Tables)

12 Months Ended

Dec. 31, 2023

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	2023		2022
MedBase Venture	53.0%	$	284,544	$	271,644

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:	2023		2022
Real estate, net	$	449,956	$	430,823
Other assets, net (1)		97,190		90,100
Total assets	$	547,146	$	520,923
Total liabilities (2)	$	10,854	$	9,026
Total equity		536,292		511,897
Total liabilities and equity	$	547,146	$	520,923
Company’s share of equity	$	284,169	$	271,269
Basis differential (3)		375		375
Carrying value of the Company’s investment in the unconsolidated venture	$	284,544	$	271,644

(1)At December 31, 2023 and 2022, this amount included right-of-use assets - finance leases totaling approximately $4.8 million and $4.9 million, respectively, representing a ground lease at VA – Lubbock.

(2)At December 31, 2023 and 2022, this amount included lease liabilities - finance leases totaling approximately $5.0 million and $5.0 million, respectively, 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:	2023		2022		2021
Total revenue	$	40,693	$	25,898	$	1,864
Operating income		10,567		6,530		548
Net income		10,402		6,366		512
Company’s share of net income	$	5,498	$	3,374	$	271