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Investment in and Advanced to Non-Consolidated Entities (Tables)
9 Months Ended
Sep. 30, 2018
Noncontrolling Interest [Abstract]  
Investments in and Advances to Affiliates
Below is a schedule of the Company's investments in and advances to non-consolidated entities:
 
 
Percentage Ownership at
 
Investment Balance as of
Investment
 
September 30, 2018
 
September 30, 2018
 
December 31, 2017
NNN JV
(1)
20%
 
$
53,571

 
$

Etna Park 70 LLC
(2)
90%
 
6,288

 
5,831

Other
(3)
15% to 25%
 
11,020

 
11,645

 
 
 
 
$
70,879

 
$
17,476

(1)
During the nine months ended September 30, 2018, the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653, were contributed to NNN JV along with cash of $8,053. The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one-year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years. As of September 30, 2018, NNN JV had total assets of $758,307 and total liabilities of $490,451. The properties are encumbered by an aggregate of $466,200 of non-recourse mortgage debt.
(2)
Joint venture formed in 2017 with a developer entity to pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. The Company's initial investment of $5,831 was used to acquire a 151-acre parcel of developable land.
(3)
Represents three joint venture investments, which own single-tenant, net-leased assets. During 2017, the Company received $49,085 in full satisfaction of a construction financing arrangement that the Company previously provided to one of the investments.