Investments in Non-Consolidated Entities

9 Months Ended

Sep. 30, 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	September 30, 2023	September 30, 2023		December 31, 2022		September 30, 2023		September 30, 2022
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	21,082	$	26,592	$	(2,418)	$	(1,243)
NNN Office JV L.P. ("NNN JV")(2)	20%	15,850		12,900		720		16,870
Etna Park 70, LLC(3)	90%	13,297		12,975		(184)		(101)
Etna Park East LLC(4)	90%	2,122		2,126		(141)		(90)
BSH Lessee L.P.(5)	25%	—		3,613		4,608		144
		$	52,351	$	58,206	$	2,585	$	15,580

(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 2023 and 2022, NNN JV sold one and three assets, respectively, and the Company recognized its share of aggregate gains on sale of $1,010 and $22,896, respectively, 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. In the second quarter of 2023, the joint venture commenced development of a 250,020 square foot industrial speculative development project for an estimated cost of $29,200. In July 2023, the Company, through a wholly-owned subsidiary entered into an agreement to fund all of the construction costs to complete the project until a point at which the portion of the improved land can be sub-divided and sold to the Company. As of September 30, 2023, the Company paid approximately $8,500 which is accounted for as a deposit on the anticipated purchase of the property. The deposit is included in other assets within the unaudited condensed consolidated balance sheet.

(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 nine months ended September 30, 2023 and 2022 were $3,328 and $4,263, respectively.