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Investments in Non-Consolidated Entities | 3 Months Ended
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Mar. 31, 2022
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 |  | March 31, 2022 |  | March 31, 2022 |  | December 31, 2021
NNN MFG Cold JV L.P. ("MFG Cold JV") | (1) | 20% |  | $ | 30,601 |  |  | $ | 30,752 |
NNN Office JV L.P. ("NNN JV") | (2) | 20% |  | 24,051 |  |  | 24,112 |
Etna Park 70 LLC | (3) | 90% |  | 12,927 |  |  | 12,874 |
Etna Park East LLC | (4) | 90% |  | 2,112 |  |  | 2,797 |
BSH Lessee L.P. | (5) | 25% |  | 3,884 |  |  | 4,024 |
|  |  |  | $ | 73,575 |  |  | $ | 74,559 |
(1) MFG Cold JV is a joint venture formed in 2021 and owns special purpose industrial properties formerly owned by the Company. (2) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary. (5) A joint venture investment, which owns a single-tenant, net-leased asset. During the three months ended March 31, 2022, NNN JV sold two assets and the Company recognized a gain on the transaction of $11,315 within equity in earnings (losses) of non-consolidated entities in its unaudited condensed consolidated statement of operations. In conjunction with these property sales, NNN JV received net proceeds of $57,879 after the satisfaction of an aggregate of $108,960 of its non-recourse mortgage indebtedness. NNN JV distributed $11,513 of net proceeds to the Company as a result of the property sales. The following is a summary of the results of operations of NNN JV for the three months ended March 31, 2022 and 2021:
| Three months ended March 31,
| 2022 |  | 2021
Total gross revenues | $ | 14,391 |  |  | $ | 15,186 |
Depreciation expense | (7,958) |  |  | (9,685) |
Property operating | (2,412) |  |  | (2,345) |
General and administrative | (558) |  |  | (566) |
Gain on sale | 56,576 |  |  | — |
Interest expense | (2,532) |  |  | (2,981) |
Income from continuing operations | 57,507 |  |  | (391) |
Provision for income taxes | (250) |  |  | (26) |
Net income | $ | 57,257 |  |  | $ | (417) |

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- 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 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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- References No definition available. + Details
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