v3.26.1
Investments in Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Financial Data and Principal Activities of Unconsolidated Joint Ventures
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the Summary of Financial Position table is as of March 31, 2026, and December 31, 2025, ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Company's Ownership InterestTotal AssetsTotal LiabilitiesTotal Equity (Deficit)Company's Investment (Deferred Income)
20262025202620252026202520262025
Operating Properties:
AMCO 120 WT Holdings, LLC20%$72,843 $73,982 $1,313 $1,732 $71,530 $72,250 $13,051 $13,201 
Crawford Long - CPI, LLC (1)50%22,113 20,882 84,269 83,869 (62,156)(62,987)(30,672)(2)(31,067)(2)
Neuhoff Holdings LLC (3)50%586,891 591,844 270,009 271,606 316,882 320,238 176,866 178,723 
TL CO Proscenium JV, LLC20%100,571 94,240 6,193 3,498 94,378 90,742 19,156 18,479 
Land:
715 Ponce Holdings LLC50%9,564 9,518 23 11 9,541 9,507 4,915 4,898 
$791,982 $790,466 $361,807 $360,716 $430,175 $429,750 $183,316 $184,234 

(1) Crawford Long - CPI, LLC has a 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 on June 1, 2032. The Company provides a customary "non-recourse carve-out guaranty" for this loan.
(2) Negative balance is included in deferred income on the consolidated balance sheets.
(3) The Neuhoff Holdings LLC properties have commenced initial operations. Included in the total liabilities above is a construction loan which had an initial borrowing capacity up to $312.7 million, of which the Company's share was $156.4 million. In September 2025, the joint venture entered into the first amendment to the construction loan, repaid $39.2 million of outstanding principal (reducing the current loan capacity to $273.5 million), and extended the maturity date to September 30, 2026. The construction loan now has a total outstanding principal amount of $251.1 million, of which the Company's share is $125.6 million. The updated interest rate applicable to the construction loan is based on SOFR plus 3.00% with a minimum rate of 6.25%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the current maturity date. The Company and its joint venture partner guarantee their respective halves of the borrower's obligations to pay certain required equity contributions and project carrying costs, as well as timely completion of project construction. The Company and its partner also provide a customary "non-recourse carve-out guaranty". Contemporaneous with the first amendment to the construction loan, the Company loaned its joint venture partner $19.6 million to fund its related contribution to the Neuhoff joint venture (see note 3).

The information included in the Summary of Operations table below is for the three months ended March 31, 2026, and 2025 ($ in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income (Loss)
from Investment
202620252026202520262025
Operating Properties:
AMCO 120 WT Holdings, LLC$2,478 $2,645 $432 $702 $82 $136 
Crawford Long - CPI, LLC 3,465 3,443 832 780 383 359 
Neuhoff Holdings LLC7,089 3,029 (5,293)(4,678)(2,996)(2,293)
TL CO Proscenium JV, LLC2,961 3,919 (363)(145)(128)(79)
Land:
715 Ponce Holdings LLC64 31 34 (11)17 (6)
$16,057 $13,067 $(4,358)$(3,352)$(2,642)$(1,883)