Investment in and Advances to Non-Consolidated Entities

3 Months Ended

Mar. 31, 2016

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, 2016, the Company had ownership interests ranging from 15% to 40% in certain non-consolidated entities, which primarily own single-tenant net-leased assets. The acquisitions of these assets by the non-consolidated entities were partially funded through non-recourse mortgage debt with an aggregate balance of $47,476 at March 31, 2016 (the Company's proportionate share was $8,561) with rates ranging from 3.7% to 4.7%. In January 2016, the Company received $6,681 in connection with the sale of a non-consolidated office property in Russellville, Arkansas. The Company recognized a gain of $5,378 relating to the sale, which is included in equity in earnings of non-consolidated entities.

In November 2014, the Company formed a joint venture to construct a private school in Houston, Texas. As of March 31, 2016, the Company had a 25% interest in the joint venture. The total anticipated construction cost is $86,491. The Company is contractually obligated to provide construction financing to the joint venture up to $56,686, of which $23,639 had been funded as of March 31, 2016. Upon completion, the property will be net leased for a 20-year term.