Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

INVESTMENTS IN UNCONSOLIDATED ENTITIES

We hold one investment in the Net Lease Joint Venture, which is accounted for under the equity method of accounting, as our ownership interest in the joint venture does not meet the requirements for consolidation. As of December 31, 2024, the Net Lease Joint Venture did not hold any properties. Refer to Note 2 for additional details.

During the year ended December 31, 2024 we contributed $7.2 million to the joint venture, did not receive any distributions, and recorded a $2.7 million loss from unconsolidated entities in our consolidated statements of operations, which represents our share of start-up costs incurred. As of December 31, 2024, our investment in unconsolidated entities totaled $4.5 million. As of December 31, 2023, we had no investments in unconsolidated entities. There was no income or loss from unconsolidated entities for the years ended December 31, 2023 and 2022.