XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Investment in and Advanced to Non-Consolidated Entities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Noncontrolling Interest [Abstract] |
Investments in and Advances to Affiliates | Below is a schedule of the Company's investments in and advances to non-consolidated entities:
|  | Percentage Ownership at |  | Investment Balance as of
Investment |  | September 30, 2018 |  | September 30, 2018 |  | December 31, 2017
NNN JV | (1) | 20% |  | $ | 53,571 |  |  | $ | — |
Etna Park 70 LLC | (2) | 90% |  | 6,288 |  |  | 5,831 |
Other | (3) | 15% to 25% |  | 11,020 |  |  | 11,645 |
|  |  |  | $ | 70,879 |  |  | $ | 17,476 |
(1) | During the nine months ended September 30, 2018, the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653, were contributed to NNN JV along with cash of $8,053. The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one-year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years. As of September 30, 2018, NNN JV had total assets of $758,307 and total liabilities of $490,451. The properties are encumbered by an aggregate of $466,200 of non-recourse mortgage debt.
(2) | Joint venture formed in 2017 with a developer entity to pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. The Company's initial investment of $5,831 was used to acquire a 151-acre parcel of developable land.
(3) | Represents three joint venture investments, which own single-tenant, net-leased assets. During 2017, the Company received $49,085 in full satisfaction of a construction financing arrangement that the Company previously provided to one of the investments.

X
- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration