INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

6 Months Ended

Jun. 30, 2022

Equity Method Investment And Joint Venture [Abstract]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

On November 30, 2021, we acquired interests in two joint venture partnerships, Pathfinder Core AREIT JV NNN Holdings, LLC (“Net Lease JV I”) and Pathfinder Core AREIT Net Lease Aggregator LLC (“Net Lease JV II”), for purposes of investing in properties across the U.S. with triple net lease agreements. On December 21, 2021, we also acquired interests in another joint venture partnership, AREIT-McDowell Vue Parent LLC (“Vue 1400 JV”), with third party investors for purposes of acquiring a 316 unit residential property in West Palm Beach, Florida. We record our investments in these joint venture partnerships under the equity method on our consolidated balance sheets as we have the ability to exercise significant influence in each partnership but do not have control of the entities.

The following table summarizes our investments in unconsolidated joint venture partnerships as of June 30, 2022 and December 31, 2021:

			Investment in Unconsolidated Joint
		Ownership	Venture Partnerships as of
($ in thousands)	Segment	Percentage	June 30, 2022		December 31, 2021
Vue 1400 JV	Residential	85%	$	25,845	$	26,117
Net Lease JV I	Net Lease	50%		16,393		16,267
Net Lease JV II	Net Lease	50%		63,166		15,041
Total investment in unconsolidated joint venture partnerships			$	105,404	$	57,425