Investments in Non-Consolidated Entities

3 Months Ended

Mar. 31, 2023

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				Equity in earnings (losses) of non-consolidated entities
Investment	March 31, 2023	March 31, 2023		December 31, 2022		March 31, 2023		March 31, 2022
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	24,320	$	26,592	$	(802)	$	(150)
NNN Office JV L.P. ("NNN JV")(2)	20%	12,769		12,900		(131)		11,451
Etna Park 70 LLC(3)	90%	13,347		12,975		(38)		(25)
Etna Park East LLC(4)	90%	2,135		2,126		(33)		(24)
BSH Lessee L.P.(5)	25%	—		3,613		4,608		49
		$	52,571	$	58,206	$	3,604	$	11,301

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

(2) NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2022, NNN JV sold two assets and the Company recognized its share of aggregate gains on sale of $11,315 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations.

(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.

(5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations.

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 for the three months ended March 31, 2023 and 2022 were $1,208 and $1,451, respectively.