Investments in Non-Consolidated Entities

6 Months Ended

Jun. 30, 2026

Investments in Non-Consolidated Entities

Below is a schedule of the Company's investments in non-consolidated entities:


	Percentage Ownership at	Investment Balance as of				Equity in earnings (losses) of non-consolidated entities
Investment	June 30, 2026	June 30, 2026		December 31, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	1,193	$	2,880	$	(1,810)	$	(1,538)
NNN Office JV L.P. ("NNN JV")(2)	20%	13,222		14,762		(1,554)		(210)
Etna Park 70, LLC(3)	90%	9,733		9,084		(133)		(107)
Etna Park East LLC(4)	90%	2,767		2,390		(94)		(85)
Lombard Street Lots, LLC (5)	44.1%	2,316		2,314		1		2
		$	29,231	$	31,430	$	(3,590)	$	(1,938)

(1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company.

(2) NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company.

(3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. During the six months ended June 30, 2026, the joint venture commenced development of two speculative development projects consisting of a 750,000 square foot facility and a 161,000 square foot facility.

(4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land.

(5) Lombard Street Lots, LLC ground leases a parcel of land to a parking operator.

The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions and asset management. Advisory fees earned from these non-consolidated investments for the six months ended June 30, 2026 and 2025 were $1,941 and $1,945, respectively.