Investment in and Advances to Non-Consolidated Entities

3 Months Ended

Mar. 31, 2015

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investment in and Advances to Non-Consolidated Entities

Investment in and Advances to Non-Consolidated Entities

As of March 31, 2015, the Company had ownership interests ranging from 15% to 40% in certain non-consolidated entities, which primarily own single-tenant net-leased assets. The acquisition of these assets were partially funded through non-recourse mortgage debt with an aggregate balance of $61,735 at March 31, 2015 (the Company's proportionate share was $14,152) with rates ranging from 3.7% to 5.2%.

In November 2014, the Company formed a joint venture to construct a private school in Houston, Texas. As of March 31, 2015, the Company had a 25% interest in the joint venture. The anticipated total construction cost is $86,491. The Company may provide construction financing to the joint venture up to $56,686. Upon completion, the property will be net leased for a 20-year term.

In August 2013, the Company invested $5,000 in a joint venture, which acquired the fee interest and the related office building improvements of a property in Baltimore, Maryland. Beginning in October 2015, the Company has the right to require the redemption of its interest in the joint venture in exchange for a distribution to the Company of the fee interest, which is leased for a 99-year term to the joint venture.