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VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”)
In the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 6 — Noncontrolling Interests.
The assets, liabilities and equity of the Funds as of December 31, 2020, were as follows:
Timber Funds2020
Assets:
Cash and cash equivalents$4,053 
Accounts receivable3,620 
Prepaid expenses132 
Other current assets41 
Total current assets7,846 
Timber and timberlands, net of depletion and amortization410,884 
Total assets$418,730 
Liabilities and Equity:
Accounts payable$939 
Intercompany payable (a)1,319 
Accrued taxes314 
Accrued interest513 
Deferred revenue323 
Other current liabilities732 
Total current liabilities4,140 
Long-term debt, net of deferred financing costs60,179 
Funds’ equity354,411 
Total liabilities and equity$418,730 

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.
Ferncliff Investors
We also acquired in the Mergers an ownership interest in a real estate joint venture entity. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture investment’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests.
The assets, liabilities and equity of Ferncliff Investors as of December 31, 2020, were as follows:
Ferncliff Investors2020
Assets:
Cash and cash equivalents$4,503 
Intercompany receivable111 
Total current assets4,614 
Investment in real estate joint venture entity2,112 
Advances to real estate joint venture entity1,000 
Total assets$7,726 
Liabilities and equity:
Other accrued and deferred liabilities$3,447 
Total current liabilities3,447 
Ferncliff Investors’ equity4,279 
Total liabilities and equity$7,726