Investments in Non-Consolidated Entities Investments in Non-Consolidated Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

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		December 31, 2021	December 31, 2021		December 31, 2020
MFG Cold JV	(1)	20%	$	30,752	$	—
NNN Office JV L.P.	(2)	20%	24,112		31,615
Etna Park 70 LLC	(3)	90%	12,874		12,514
Etna Park 70 East LLC	(4)	90%	2,797		7,484
BSH Lessee L.P.	(5)	25%	4,024		4,851
			$	74,559	$	56,464

(1)    During 2021, the Company disposed of 22 special purpose industrial assets to MFG Cold JV for an aggregate disposition price of $550,000, net of $2,775 of purchase price adjustments, and acquired a 20% interest in the MFG Cold JV. The Company recognized a gain of $239,386 in connection with the disposition of the assets, and, in addition, MFG Cold JV assumed $25,850 of non-recourse mortgage debt in the transaction. MFG Cold JV obtained $381,000 of non-recourse mortgage financing which bears interest at one month Term SOFR plus 245 basis points and has an initial term of two years but can be extended for three additional terms of one year each. MFG Cold JV entered into an interest rate agreement which caps the one-month Term SOFR component of the $381,000 mortgage financing at 3% for two years.

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

(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

(4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. During the fourth quarter of 2021, a land parcel was distributed from the Etna Park 70 East LLC to The Cubes at Etna East, a consolidated development joint venture.

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