XML 32 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments in Non-Consolidated Entities
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [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 atInvestment Balance as of
December 31,		Equity in earnings (losses) of non-consolidated entities
Years ended December 31,
InvestmentDecember 31, 2024
2024
2023
2024
2023
2022
NNN MFG Cold JV L.P. (“MFG Cold JV”)(1)
20%$10,428 $19,693 $(3,250)$(3,300)$(2,050)
NNN Office JV L.P. (“Office JV”)(2)
20%15,189 16,237 504 508 18,156 
Etna Park 70 LLC(3)
90%9,732 10,320 (264)(258)(137)
Etna Park 70 East LLC(4)
90%2,360 2,245 (167)(192)(174)
BSH Lessee L.P.(5)
—%— — — 4,608 211 
Lombard Street Lots, LLC (6)
44.1%2,309 — (2)— — 
$40,018 $48,495 $(3,179)$1,366 $16,006 
(1)MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company. During 2024 MFG Cold JV sold one asset and the Company recognized its share of gain on sale of $9 in connection with the disposition of the asset, and, in addition, the Company recognized its share of a gain on debt satisfaction of $555 within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations.
(2)    Office JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2024 and 2023, Office JV sold three and one assets, respectively, and the Company recognized its share of aggregate gains on sale of $1,382 and $1,010, respectively, within equity in earnings (losses) of non-consolidated entities within its consolidated statements of operations.
(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land. In the second quarter of 2023, the joint venture commenced development of a 250,020 square foot industrial speculative development project for an estimated cost of $30,200. During 2023, the Company's wholly owned subsidiary purchased the land and building improvements for approximately $15,897 and recorded it in real estate, at cost on its consolidated balance sheets.
(4)    Joint venture formed in 2019 with a developer entity to acquire a parcel of land.
(5)    A joint venture investment that sold its sole 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 consolidated statements of operations.
(6)    The joint venture holds an interest in a parking garage in Baltimore, MD. In June 2024, the Company determined it no longer controlled and ceased to consolidate the operations of Lombard Street Lots, LLC in its 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 services. Advisory fees earned from these non-consolidated investments were $4,105, $4,337 and $5,615 for the years ended December 31, 2024, 2023 and 2022