Investments in Unconsolidated Real Estate Venture |
3 Months Ended | ||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||
| Unconsolidated Real Estate Ventures [Abstract] | |||||||||||||||||||||||||||||
| Investments in Unconsolidated Real Estate Venture | 4. Investment in Unconsolidated Real Estate Venture The following is a summary of our investment in the JV (dollars in thousands):
On October 13, 2021, we formed an unconsolidated real estate venture, which we refer to as the JV, with a global investor to fund the acquisition of a portfolio of ten properties that encompasses 1,214,165 leased square feet (the “VA Portfolio”). We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement. We have joint approval rights with our JV partner on major decisions, including those regarding property operations. As such, we hold a non-controlling interest in the joint venture and account for the JV under the equity method of accounting. |
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