Investment in and Advances to Non-Consolidated Entities

Below is a schedule of the Company's investments in and advances to non-consolidated entities:



		Percentage Ownership at	Investment Balance as of
Investment		December 31, 2018	December 31, 2018		December 31, 2017
NNN JV	(1)	20%	$	53,144	$	—
Etna Park 70 LLC	(2)	90%	4,774		5,831
Other	(3)	15% to 25%	8,265		11,645
			$	66,183	$	17,476

(1)

During 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 December 31, 2018, NNN JV had total assets of $757,811 and total liabilities of $492,091. 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 acquire a 151-acre parcel of developable land and pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57-acre parcel with a historical cost of $3,008. The Company acquired control of the parcel via the purchase of the Company's joint venture partners' interest.


(3)	At December 31, 2018, represents two 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 joint ventures.

In December 2018, the Company received $4,312 from a non-consolidated investment in connection with its sale of a six-property office portfolio. In February 2017, the Company sold its 40% tenant-in-common interest in its Oklahoma City, Oklahoma office property for $6,198. 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 gains of $1,777, $1,452 and $5,378, respectively, in connection with these sales, which are included in equity in earnings of non-consolidated entities.

During 2017, the Company recognized an impairment charge of $3,512 on its investment in a retail property in Palm Beach Gardens, Florida due to the bankruptcy of its tenant. This impairment charge reduced the Company's investment balance to zero. During 2018, the property was sold in a foreclosure sale.

LRA earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments were $1,443, $807 and $693 for the years ended December 31, 2018, 2017 and 2016.