Investments in Non-Consolidated Entities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of 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, 2024	June 30, 2024		December 31, 2023		June 30, 2024		June 30, 2023
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	16,464	$	19,693	$	(1,986)	$	(1,597)
NNN Office JV L.P. ("NNN JV")(2)	20%	16,363		16,237		(74)		(263)
Etna Park 70, LLC(3)	90%	9,685		10,320		(134)		(86)
Etna Park East LLC(4)	90%	2,297		2,245		(92)		(72)
BSH Lessee L.P.(5)	25%	—		—		—		4,608
Lombard Street Lots, LLC (6)	44.1%	2,311		—		—		—
		$	47,120	$	48,495	$	(2,286)	$	2,590

(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. During the six months ended June 30, 2024, NNN JV sold one asset and the Company recognized its share of gains on sale and debt satisfaction costs of $283 and $3, respectively, within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statements of operations.

(3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

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

(5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statements of operations.

(6) In June 2024, the Company determined it no longer controlled and ceased to consolidate the operations of Lombard Street Lots, LLC in its unaudited condensed consolidated financial statements, as a result of an amendment to the LLC agreement. The Company retained significant influence over Lombard Street Lots, LLC and accounted for its interest under the equity method of accounting. The Company recognized a gain on change in control of a subsidiary as a result of the deconsolidation of $209 and recorded its equity method investment in Lombard Street Lots, LLC at a fair value of $2,311. The total assets and liabilities deconsolidated were $4,608 and $4, respectively.