XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.19.3

Investments in Non-Consolidated Entities | 9 Months Ended
--- | ---
Sep. 30, 2019
Noncontrolling Interest [Abstract] |
Investments in Non-Consolidated Entities | 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
Investment |  | September 30, 2019 |  | September 30, 2019 |  | December 31, 2018
NNN JV | (1) | 20% |  | $ | 41,780 |  |  | $ | 53,144 |
Etna Park 70 LLC | (2) | 90% |  | 6,661 |  |  | 4,774 |
Other | (3) | 25% |  | 5,355 |  |  | 8,265 |
|  |  |  | $ | 53,796 |  |  | $ | 66,183 |
(1) | During 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.
(2) | The joint venture was formed in 2017 with a developer entity to acquire a 151-acre parcel of developable land and pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57-acre parcel with a historic cost of $3,008. The Company acquired control of the 57-acre parcel via the purchase of the Company's joint venture partners' interest.
(3) | As of September 30, 2019, represents one joint venture investment, which owns a single-tenant, net-leased asset.
In February 2019, a non-consolidated real estate entity, in which the Company owned a 15% ownership interest, sold its only asset and the Company received $2,317 of proceeds. The Company recognized a gain on the transaction of $824, which is included in equity in earnings of non-consolidated entities in its unaudited condensed consolidated statement of operations. During the nine months ended September 30, 2019, NNN JV sold four assets for aggregate gross proceeds of $148,450, resulting in aggregate gains on sale of $17,644. The Company recognized aggregate gains on the transactions of $3,529 within equity in earnings of non-consolidated entities in its unaudited condensed consolidated statement of operations. In conjunction with these property sales, NNN JV received aggregate net proceeds of $45,208 after satisfaction of an aggregate of $101,520 of its non-recourse mortgage indebtedness. As of September 30, 2019, NNN JV had total assets of $603,100 and total liabilities of $394,142. The properties are encumbered by an aggregate of $374,680 of non-recourse mortgage debt as of September 30, 2019.

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
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