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VARIABLE INTEREST ENTITIES
 9 Months Ended
Sep. 30, 2021
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”)
As mentioned in Note 1 - Basis of Presentation and Note 6 — Noncontrolling Interests, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds in July 2021. As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale. As of September 30, 2021, we continue to maintain a 20% ownership interest in Fund II. Based on an analysis of the variable interest entity guidance, we have the power to direct the activities that most significantly impact Fund II’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Fund II. For further information on the Funds, see Note 6 — Noncontrolling Interests.
The assets, liabilities and equity of Fund II as of September 30, 2021, were as follows:
Timber FundsSeptember 30, 2021
Assets:
Cash and cash equivalents$12,202 
Restricted Cash, Timber Funds (Note 22)
49,209 
Accounts receivable513 
Assets held for sale (Note 23) (a)
54,926 
Other current assets79 
Total current assets116,929 
Other assets23 
Total assets$116,952 
Liabilities and Equity:
Accounts payable$547 
Intercompany payable (b)160 
Accrued taxes71 
Deferred revenue164 
Distribution payable, Timber Funds (c)49,209 
Other current liabilities36 
Total current liabilities50,187 
Funds’ equity66,765 
Total liabilities and equity$116,952 
(a)    Included in assets held for sale are timber and timberland assets.
(b)    Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.
(c)    Represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests.
Ferncliff Investors
We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’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 September 30, 2021, were as follows:
Ferncliff InvestorsSeptember 30, 2021
Assets:
Cash and cash equivalents$391 
Total current assets391 
Advances to real estate joint venture entity1,000 
Total assets$1,391 
Liabilities and Equity:
Total liabilities$1,897 
Ferncliff Investors’ equity(506)
Total liabilities and equity$1,391