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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2020

Variable Interest Entities [Abstract]

The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at September 30, 2020 was as follows (in thousands):

VIE Type

Asset/Liability Type

Maximum Loss

Exposure

and Carrying

Amount(1)

VIE tenant - operating leases(2)

Lease intangibles, net and straight-line rent receivables

1,950

Unconsolidated joint ventures

Loans receivable, net and Investments in unconsolidated joint ventures

28,879

Loan - seller financing

Loans receivable, net

8,453

CMBS and LLC investment

Marketable debt and LLC investment

35,302

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(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest).

(2)The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.

Consolidated Assets and Liabilities of Variable Interest Entities

Total assets and total liabilities include VIE assets and liabilities as follows (in thousands):


	September 30, 2020		December 31, 2019
Assets
Buildings and improvements	$	2,977,513	$	3,236,105
Development costs and construction in progress	114,929		67,285
Land	445,578		526,576
Accumulated depreciation and amortization	(634,028)		(568,574)
Net real estate	2,903,992		3,261,392

Accounts receivable, net	8,397		11,986
Cash and cash equivalents	51,532		47,027
Restricted cash	14,894		13,596
Intangible assets, net	134,147		206,840
Right-of-use asset, net	91,444		92,664
Other assets, net	55,342		52,124
Total assets	$	3,259,748	$	3,685,629
Liabilities
Mortgage debt	216,594		218,767

Intangible liabilities, net	17,361		39,545
Lease liability	91,582		90,875
Accounts payable, accrued liabilities, and other liabilities	115,514		122,832



Deferred revenue	89,587		96,985
Total liabilities	$	530,638	$	569,004

- 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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