XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Investments in Non-Consolidated Entities | 9 Months Ended
--- | ---
Sep. 30, 2024
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 |  | Equity in earnings (losses) of non-consolidated entities
Investment | September 30, 2024 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | September 30, 2023
NNN MFG Cold JV L.P. ("MFG Cold JV")(1) | 20% |  | $ | 14,966 |  |  | $ | 19,693 |  |  | $ | (2,903) |  |  | $ | (2,418) |
NNN Office JV L.P. ("NNN JV")(2) | 20% |  | 16,522 |  |  | 16,237 |  |  | (215) |  |  | 720 |
Etna Park 70, LLC(3) | 90% |  | 9,797 |  |  | 10,320 |  |  | (199) |  |  | (184) |
Etna Park East LLC(4) | 90% |  | 2,306 |  |  | 2,245 |  |  | (124) |  |  | (141) |
BSH Lessee L.P.(5) | —% |  | — |  |  | — |  |  | — |  |  | 4,608 |
Lombard Street Lots, LLC (6) | 44.1% |  | 2,308 |  |  | — |  |  | (3) |  |  | — |
|  |  | $ | 45,899 |  |  | $ | 48,495 |  |  | $ | (3,444) |  |  | $ | 2,585 |
(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 nine months ended September 30, 2024, NNN JV sold one asset and the Company recognized its share of gain 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 25% 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. The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments for the nine months ended September 30, 2024 and 2023 were $3,083 and $3,328, respectively.

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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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