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Investment in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2022 and December 31, 2021 (in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2022202120222021202220212022 2021 
Operating Properties:
AMCO 120 WT Holdings, LLC$82,207 $83,546 $— $— $81,254 $82,739 $14,987 $15,347 
Carolina Square Holdings LP— 113,011 — 132,654 — (34,066)— (15,786)(1)
Crawford Long - CPI, LLC 25,932 24,709 63,302 64,566 (39,802)(40,221)(19,208)(1)(19,356)(1)
Under Development:
Neuhoff Holdings LLC297,800 133,691 90,582 28,390 166,877 93,218 87,080 47,529 
Land:
715 Ponce Holdings LLC8,402 8,150 — — 8,306 8,150 4,247 4,165 
HICO Victory Center LP161 16,421 — — 136 15,962 75 10,723 
Other:
Other— 518 — — — 11 — 47 
$414,502 $380,046 $153,884 $225,610 $216,771 $125,793 $87,181 $42,669 
(1) Negative bases are included in deferred income on the consolidated balance sheets.
The information included in the summary of operations table is for the nine months ended September 30, 2022 and 2021 (in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income (Loss)
from Investment
202220212022202120222021
Operating Properties:
AMCO 120 WT Holdings, LLC$8,005 $6,385 $2,335 $234 $454 $38 
Carolina Square Holdings LP12,140 12,478 600 1,713 215 776 
Crawford Long - CPI, LLC 9,811 9,743 3,419 3,049 1,603 1,412 
Under Development:
Neuhoff Holdings LLC107 — 79 — 39 — 
Land:
715 Ponce Holdings LLC220 25 156 11 78 7 
HICO Victory Center LP6,873 199 6,871 199 4,546 111 
Other:
Other 28 21,975 (12)7,365 103 3,482 
$37,184 $50,805 $13,448 $12,571 $7,038 $5,826 

On September 29, 2022, the Company sold its 50% joint venture interest in Carolina Square Holdings LP ("Carolina Square"), which owned a mixed-use property in Chapel Hill, to its partner for a gross sales price of $105.0 million. The Company recognized a gain of $56.3 million on the sale of its interest in Carolina Square.
On June 30, 2022, HICO Victory Center LP sold a 3.0 acre land parcel in Uptown Dallas for a gross price of $23.1 million. The Company's share of the gain from the transaction was $4.5 million and is included in income from unconsolidated joint ventures on the statements of operations.
On September 30, 2021, the Company sold its 50% joint venture interest in DC Charlotte Plaza, LLLP ("DCCP"), which owned a 281,000 square foot office building in Charlotte, to its partner for a gross sales price of $60.8 million. The sale was triggered by the exercise of the partners' purchase option as stipulated in the partnership agreement. The Company recognized a gain of $13.1 million on the sale of its interest in DCCP.
On July 28, 2021, Neuhoff Holdings LLC ("Neuhoff"), a 50-50 joint venture, was formed for the purpose of developing a mixed-use property in Nashville. The Company made an initial contribution of $35.1 million for its interest in the land and development costs incurred to date. In addition to the existing assets of the joint venture, Neuhoff also has rights to adjacent parcels for future development. On September 30, 2021, the joint venture closed on a construction loan with a borrowing capacity up to $312.7 million. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 3.45% and matures on September 30, 2025. The mortgage loan provides for use of alternative interest rates should LIBOR not be available to us. There can be no assurances as to what alternative rates may be and whether such interest rates will be more or less favorable than LIBOR.
On July 28, 2021, 715 Ponce Holdings LLC ("715 Ponce"), a 50-50 joint venture, was formed for the purpose of developing a property in Midtown Atlanta in the future. The Company made an initial contribution of $4.0 million for its interest in the land held by the joint venture.