Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

4. Investments in Unconsolidated Entities

The Company holds three investments in joint ventures that it accounts for under the equity method of accounting, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. The joint ventures are owned by the Company and other institutional investors or public companies and include 52 industrial and two net lease properties. Refer to Note 2 for additional details.

The following table details the Company’s equity investment in unconsolidated entities as of March 31, 2021 and December 31, 2020 ($ in thousands):

Joint Venture	Segment	Ownership Interest	March 31, 2021		December 31, 2020
MGM Grand & Mandalay Bay⁽¹⁾	Net Lease	49.9%	$	826,466	$	816,220
WC Infill Industrial Portfolio⁽²⁾	Industrial	85.0%		227,116		—
Vault Industrial Portfolio⁽²⁾	Industrial	41.0%		156,227		—
Total			$	1,209,809	$	816,220

⁽¹⁾	Includes $9.3 million and $9.4 million of BREIT outside basis attributable to the MGM Grand & Mandalay Bay joint venture as of March 31, 2021 and December 31, 2020, respectively.

⁽²⁾	The Company elected the fair value option, as such the investments are recorded at the Company’s estimated fair value.

The following table details the Company’s income from unconsolidated entities for the three months ended March 31, 2021 ($ in thousands):

Joint Venture	Ownership Interest	Total Revenue of Unconsolidated Joint Ventures		Net Income of Unconsolidated Joint Ventures		BREIT's Share		Amortization of Outside Basis			BREIT Income from Unconsolidated Entities
MGM Grand & Mandalay Bay	49.9%	$	98,681	$	50,869	$	25,384	$	(38	)	$	25,346
WC Infill Industrial Portfolio⁽¹⁾	85.0%		—		—		—		—			5,359
Vault Industrial Portfolio⁽¹⁾	41.0%		—		—		—		—			3,977
Total											$	34,682

⁽¹⁾	As the Company elected the fair value option for these investments, the net income from unconsolidated entities represents the fair value mark to market changes in the Company’s investment in such joint ventures.

The following table details the Company’s income from unconsolidated entities for the three months ended March 31, 2020 ($ in thousands):

Joint Venture

Ownership

Interest

Total

Revenue

Net Income of Unconsolidated Joint Ventures

BREIT's

Amortization of Outside Basis

BREIT

Income from Unconsolidated Entities

MGM Grand & Mandalay Bay

49.9%

50,437

26,632

13,289

(20

)

13,269