INVESTMENT IN UNCONSOLIDATED JOINT VENTURES PARTNERSHIPS

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES PARTNERSHIPS

4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

The Company has entered into joint venture partnerships with third-party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. The Company reports its investments in the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”) under the equity method on its consolidated balance sheets due to the fact that the Company maintains significant influence in each partnership. The following table summarizes the Company’s investment in the unconsolidated joint venture partnerships:

	As of				Investment in Unconsolidated Joint Venture Partnerships as of
	December 31, 2019		December 31, 2018
($ in thousands)	Ownership Percentage	Number of Buildings (1)	Ownership Percentage	Number of Buildings (1)	December 31, 2019		December 31, 2018
BTC I Partnership	20.0%	39	20.0%	36	$	102,965	$	97,128
BTC II Partnership	8.0%	21	8.0%	13	29,195		16,741
Total joint venture partnerships		60		49	$	132,160	$	113,869

(1) Represents acquired or completed buildings.