Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022 ($ in thousands).

SUMMARY OF FINANCIAL POSITION
	Total Assets				Total Debt				Total Equity (Deficit)				Company's Investment
	2023		2022		2023		2022		2023		2022		2023			2022
Operating Properties:
AMCO 120 WT Holdings, LLC	$	80,362	$	81,136	$	—	$	—	$	79,203	$	80,509	$	14,526		$	14,856
Crawford Long - CPI, LLC (1)	22,435		22,857		82,296		62,856		(62,593)		(39,691)		(30,686)		(2)	(19,173)		(2)
Under Development:
Neuhoff Holdings LLC (3)	455,070		321,338		200,640		115,940		225,130		177,734		122,391			93,647
Land:
715 Ponce Holdings LLC	8,610		8,333		—		—		8,477		8,332		4,333			4,261
Sold and Other:
HICO Victory Center LP	—		158		—		—		—		5,818		—			75
	$	566,477	$	433,822	$	282,936	$	178,796	$	250,217	$	232,702	$	110,564		$	93,666

(1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.

(2) Negative investment basis included in deferred income on the consolidated balance sheets.

(3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures in September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%.

The information included in the summary of operations table is for the nine months ended September 30, 2023 and 2022 ($ in thousands).

SUMMARY OF OPERATIONS
	Total Revenues				Net Income (Loss)				Company's Income from Investment
	2023		2022		2023		2022		2023		2022
Operating Properties:
AMCO 120 WT Holdings, LLC	$	8,337	$	8,005	$	2,698	$	2,335	$	537	$	454
Crawford Long - CPI, LLC	9,754		9,811		2,911		3,419		1,352		1,603
Under Development:
Neuhoff Holdings LLC	105		107		59		79		30		39
Land:
715 Ponce Holdings LLC	210		220		145		156		72		78
Sold and Other:
Carolina Square Holdings LP	—		12,140		48		600		24		215
HICO Victory Center LP	—		6,873		(14)		6,871		(7)		4,546
Other	—		28		—		(12)		—		103
	$	18,406	$	37,184	$	5,847	$	13,448	$	2,008	$	7,038

In May 2023, Crawford Long refinanced the mortgage loan for the Medical Offices at Emory Hospital property. Proceeds from the refinancing were used to repay in full its $62.4 million mortgage loan that was set to mature in June 2023. The new $83.0 million mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.

In September 2022, the Company sold its 50% joint venture interest in Carolina Square Holdings LP ("Carolina Square"), which owned a mixed-used 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.

In June 2022, HICO Victory Center LP sold a 3.0 acre land parcel, in Uptown Dallas, held in an unconsolidated joint venture 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.