Investments in Non-Consolidated Entities

9 Months Ended

Sep. 30, 2020

Investments in Non-Consolidated Entities

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


		Percentage Ownership at	Investment Balance as of
Investment		September 30, 2020	September 30, 2020		December 31, 2019
NNN Office JV LP ("NNN JV")	(1)	20%	$	32,723	$	39,288
Etna Park 70 LLC	(2)	90%	11,352		8,352
Etna Park East LLC	(3)	90%	7,391		4,310
Other	(4)	25%	5,023		5,218
			$	56,489	$	57,168

(1) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company.

(2) Joint venture formed in 2017 with a developer entity to acquire a 151-acre parcel of developable land and to pursue industrial build-to-suit opportunities. The Company determined that it is not the primary beneficiary. 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 57-acre parcel via the purchase of the Company's joint venture partners' interests.

(3) Joint venture formed in 2019 with a developer entity to acquire a 129.6-acre parcel of land and to pursue industrial build-to-suit opportunities. The Company determined it is not the primary beneficiary.

(4) As of September 30, 2020, represents one joint venture investment, which owns a single-tenant, net-leased asset.

During the nine months ended September 30, 2020, NNN JV sold two assets and the Company recognized an aggregate gain on the transactions of $557 within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statement of operations. In conjunction with these property sales, NNN JV received net proceeds of $8,504 after the satisfaction of $40,800 of its non-recourse mortgage indebtedness.

During the nine months ended September 30, 2019, NNN JV sold four assets and the Company recognized aggregate gains on the transactions of $3,529 within equity in earnings (losses) of non-consolidated entities in its unaudited condensed consolidated statement of operations. In conjunction with these property sales, NNN JV received aggregate net proceeds of $45,208 after the satisfaction of an aggregate of $101,520 of its non-recourse mortgage indebtedness.

In February 2019, a non-consolidated real estate entity, in which the Company owned a 15% ownership interest, sold its only asset and the Company received $2,317 of proceeds. The Company recognized a gain on the transaction of $824, which is included in equity in earnings (losses) on non-consolidated entities within its unaudited condensed consolidated statement of operations.