Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 was as follows (in thousands):

VIE Type

Asset Type

Maximum Loss

Exposure

and Carrying

Amount(1)

Continuing operations:

CMBS and LLC investment

Other assets, net

36,088

_______________________________________

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

Consolidated Assets and Liabilities of Variable Interest Entities

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


	September 30, 2021		December 31, 2020
Assets
Buildings and improvements	$	2,419,928	$	2,988,599
Development costs and construction in progress	62,400		85,595
Land	459,425		433,574
Accumulated depreciation and amortization	(541,890)		(602,491)
Net real estate	2,399,863		2,905,277

Accounts receivable, net	7,950		12,009
Cash and cash equivalents	31,670		16,550
Restricted cash	86		7,977
Intangible assets, net	117,073		179,027
Assets held for sale and discontinued operations, net	3,480		704,966
Right-of-use asset, net	107,492		95,407
Other assets, net	67,268		59,063
Total assets	$	2,734,882	$	3,980,276
Liabilities
Mortgage debt	$	144,333	$	39,085

Intangible liabilities, net	24,863		56,467
Liabilities related to assets held for sale and discontinued operations, net	3,032		190,919
Lease liability	98,042		97,605
Accounts payable, accrued liabilities, and other liabilities	58,025		102,391
Deferred revenue	33,474		90,183
Total liabilities	$	361,769	$	576,650

Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands):


	September 30, 2021		December 31, 2020
Assets
Buildings and improvements	$	—	$	639,759
Development costs and construction in progress	—		68
Land	—		106,209
Accumulated depreciation and amortization	—		(57,235)
Net real estate	—		688,801
Accounts receivable, net	1,298		1,700
Cash and cash equivalents	1,419		6,306
Restricted cash	—		3,124

Right-of-use asset, net	—		1,391
Other assets, net	763		3,644
Total assets	$	3,480	$	704,966
Liabilities
Mortgage debt	$	—	$	176,702

Lease liability	—		1,392
Accounts payable, accrued liabilities, and other liabilities	3,032		11,003
Deferred revenue	—		1,822
Total liabilities	$	3,032	$	190,919

- 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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