Investment in Partially Owned Entities

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investment in Partially Owned Entities

Investment in Partially Owned Entities

During the first quarter of 2020, the Company entered into a 14.99% equity interest in a joint venture with Superfrio Armazéns Gerais S.A. (“SuperFrio” or “Brazil JV”) for Brazilian reals of 117.8 million. Including certain transaction costs, this the Company recorded an initial investment of USD $25.7 million. SuperFrio is a Brazilian-based company that provides temperature-controlled storage and logistics services including storage, warehouse services, and transportation. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

As of March 31, 2020, our investment in unconsolidated joint venture accounted for under the equity method of accounting presented in our Condensed Consolidated Balance Sheet consists of the following (in thousands):

Joint Venture	Location	% Ownership	March 31, 2020
Superfrio	Brazil	14.99%	$23,041