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VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The assets, liabilities and equity of Fund II as of September 30, 2021, were as follows:


Timber Funds			September 30, 2021
Assets:
Cash and cash equivalents			$12,202
Restricted Cash, Timber Funds (Note 22)			49,209
Accounts receivable			513

Assets held for sale (Note 23) (a)			54,926
Other current assets			79
Total current assets			116,929

Other assets			23
Total assets			$116,952
Liabilities and Equity:
Accounts payable			$547
Intercompany payable (b)			160

Accrued taxes			71

Deferred revenue			164
Distribution payable, Timber Funds (c)			49,209
Other current liabilities			36
Total current liabilities			50,187

Funds’ equity			66,765
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.

The assets, liabilities and equity of Ferncliff Investors as of September 30, 2021, were as follows:


Ferncliff Investors			September 30, 2021
Assets:
Cash and cash equivalents			$391



Total current assets			391

Advances to real estate joint venture entity			1,000
Total assets			$1,391
Liabilities and Equity:






Total liabilities			$1,897

Ferncliff Investors’ equity			(506)
Total liabilities and equity			$1,391

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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