Investments in Non-Consolidated Entities

3 Months Ended

Mar. 31, 2021

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		March 31, 2021	March 31, 2021		December 31, 2020
NNN Office JV LP ("NNN JV")	(1)	20%	$	29,168	$	31,615
Etna Park 70 LLC	(2)	90%	12,791		12,514
Etna Park East LLC	(3)	90%	7,716		7,484
BSH Lessee L.P.	(4)	25%	4,510		4,851
			$	54,185	$	56,464

(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 the three months ended March 31, 2020, NNN JV sold one asset and the Company recognized a gain on the transaction of $550 within equity in earnings of non-consolidated entities in its unaudited condensed consolidated statement of operations. In conjunction with this property sale, NNN JV received net proceeds of $3,419 after the satisfaction of an aggregate of $12,960 of its non-recourse mortgage indebtedness. During the three months ended March 31, 2021, NNN JV did not sell any properties.