Investments in Non-Consolidated Entities

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

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		December 31, 2020	December 31, 2020		December 31, 2019
NNN JV	(1)	20%	$	31,615	$	39,288
Etna Park 70 LLC	(2)	90%	12,514		8,352
Etna Park 70 East LLC	(3)	90%	7,484		4,310
BSH Lessee L.P.	(4)	25%	4,851		5,218
			$	56,464	$	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 parcel of land. The Company determined that it is not the primary beneficiary.

(3) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary.

(4) A joint venture investment, which owns a single-tenant, net-leased asset.

During 2020, NNN JV sold two assets and the Company recognized aggregate gains on the transactions of $557 within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. In conjunction with these property sales, NNN JV received aggregate net proceeds of $8,504 after the satisfaction of an aggregate of $40,800 of its non-recourse mortgage indebtedness. The NNN JV distributed $1,701 of the net proceeds to the Company as a result of the property sales.

During 2019, NNN JV sold four assets and the Company recognized aggregate gains on the transactions of $3,529 within equity in earnings of non-consolidated entities in its consolidated statement of operations. In conjunction with these property sales, NNN JV received aggregate net proceeds of $45,208 after satisfaction of an aggregate of $101,520 of its non-recourse mortgage indebtedness. The NNN JV distributed $7,549 of the net proceeds to the Company as a result of the property sales.

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 of non-consolidated entities in its consolidated statement of operations.

In December 2018, the Company received $4,312 from a non-consolidated investment in connection with its sale of a six-property office portfolio.

The Company 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 $3,028, $3,596 and $1,443 for the years ended December 31, 2020, 2019 and 2018.