Investments in Non-Consolidated Entities

6 Months Ended

Jun. 30, 2022

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		June 30, 2022	June 30, 2022		December 31, 2021
NNN MFG Cold JV L.P. ("MFG Cold JV")	(1)	20%	$	28,851	$	30,752
NNN Office JV L.P. ("NNN JV")	(2)	20%	11,486		24,112
Etna Park 70 LLC	(3)	90%	12,931		12,874
Etna Park East LLC	(4)	90%	2,116		2,797
BSH Lessee L.P.	(5)	25%	3,748		4,024
			$	59,132	$	74,559

(1) MFG Cold JV is a joint venture formed in 2021 and owns special purpose industrial properties formerly owned by the Company.

(2) NNN JV 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. The Company determined that it is not the primary beneficiary.

(4) 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.

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

During the six months ended June 30, 2022, NNN JV sold three assets and recognized aggregate gains of $114,481 and the Company recognized its share of the aggregate gains on the transactions of $22,896 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 $141,050 after the satisfaction of an aggregate of $166,460 of its non-recourse mortgage indebtedness. NNN JV distributed $28,147 of net proceeds to the Company as a result of the property sales.

The following is a summary of the results of operations of NNN JV for the six months ended June 30, 2022 and 2021:


	Six months ended June 30,
	2022		2021
Total gross revenues	$	27,070	$	30,418
Depreciation expense	(14,392)		(19,375)
Property operating	(4,880)		(4,689)
General and administrative	(1,108)		(1,101)
Gains on sales of properties	114,481		—
Impairment charges	(21,067)		—
Debt satisfaction losses, net	(7,474)		—
Interest expense	(4,869)		(5,981)
Income (loss) from continuing operations	87,761		(728)
Provision for income taxes	(273)		(53)
Net income (loss)	$	87,488	$	(781)