Investments in Non-Consolidated Entities (Tables)

9 Months Ended

Sep. 30, 2019

Investments in and Advances to Affiliates

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



		Percentage Ownership at	Investment Balance as of
Investment		September 30, 2019	September 30, 2019		December 31, 2018
NNN JV	(1)	20%	$	41,780	$	53,144
Etna Park 70 LLC	(2)	90%	6,661		4,774
Other	(3)	25%	5,355		8,265
			$	53,796	$	66,183

(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.

(2)

The joint venture was 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 historic cost of $3,008. The Company acquired control of the 57-acre parcel via the purchase of the Company's joint venture partners' interest.

(3)

As of September 30, 2019, represents one joint venture investment, which owns a single-tenant, net-leased asset.