Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2019

Investments In Partially Owned Entities [Abstract]

Summary of Companys Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of June 30, 2019 and December 31, 2018 (amounts in thousands except for ownership percentage):

	June 30, 2019		December 31, 2018		Ownership Percentage
Investments in Unconsolidated Entities:
Wisconsin Place Developer (VIE) (1)	$	41,383	$	42,365	33.3%
Operating Properties (Non-VIE) (2)		—		10,494	20.0%
Other		11,524		5,490	Varies
Investments in Unconsolidated Entities	$	52,907	$	58,349

(1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility.  The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity.  As a result, the entity qualifies as a VIE.  The joint venture does not have a controlling financial interest in the VIE and is

not the VIE’s primary beneficiary.  The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.  As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

(2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units as of December 31, 2018.  During the six months ended June 30, 2019, the Company and its joint venture partner sold both properties under separate agreements to unaffiliated parties.  See Note 4 for additional discussion.