Investments in Non-Consolidated Entities

9 Months Ended

Sep. 30, 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		September 30, 2021	September 30, 2021		December 31, 2020
NNN Office JV LP ("NNN JV")	(1)	20%	$	26,030	$	31,615
Etna Park 70 LLC	(2)	90%	12,857		12,514
Etna Park East LLC	(3)	90%	7,979		7,484
BSH Lessee L.P.	(4)	25%	4,155		4,851
			$	51,021	$	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 nine months ended September 30, 2020, NNN JV sold two assets and the Company recognized a gain on the transaction of $557 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 net proceeds of $8,504 after the satisfaction of an aggregate of $40,800 of its non-recourse mortgage indebtedness.