XML 96 R47.htm IDEA: XBRL DOCUMENT

Unconsolidated Affiliates and Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statements of Unconsolidated Affiliates

Condensed combined financial statement information of the unconsolidated affiliates is as follows:



	September 30, 2019			December 31, 2018
ASSETS
Investment in real estate assets	$	2,135,627		$	2,097,088
Accumulated depreciation	(741,802		)	(674,275		)
	1,393,825			1,422,813
Developments in progress	27,309			12,569
Net investment in real estate assets	1,421,134			1,435,382
Other assets	150,597			188,521
Total assets	$	1,571,731		$	1,623,903
LIABILITIES
Mortgage and other indebtedness, net	$	1,252,003		$	1,319,949
Other liabilities	44,194			39,777
Total liabilities	1,296,197			1,359,726

OWNERS' EQUITY
The Company	173,340			191,050
Other investors	102,194			73,127
Total owners' equity	275,534			264,177
Total liabilities and owners' equity	$	1,571,731		$	1,623,903



	Total for the Three Months Ended September 30,
	2019		2018
Total revenues	$	52,867	$	54,579
Net income (loss) ⁽¹⁾	$	81,300	$	(85,136	)


(1)	The Company's share of net income (loss) is $(1,759) and $1,762 for the three months ended September 30, 2019 and 2018, respectively.



	Total for the Nine Months Ended September 30,
	2019		2018
Total revenues	$	162,964	$	166,843
Net income (loss) ⁽¹⁾	$	90,303	$	(72,585	)

(1)

The Company's share of net income is $3,421 and $9,869 for the nine months ended September 30, 2019 and 2018, respectively.

Schedule of Financings of Unconsolidated Affiliates

The Company's unconsolidated affiliates had the following loan activity in 2019:

Date

Property

Stated
Interest Rate

Maturity Date

Amount

Financed or

Extended

May

Parkdale Self Storage ⁽¹⁾

5.25%

⁽²⁾

July 2024

6,500

September

Hamilton Place Self Storage ⁽³⁾

LIBOR + 2.75

September 2024

7,002

(1)

Parkdale Self Storage, LLC, a 50/50 joint venture, closed on a construction loan with a total borrowing capacity of up to $6,500 for the development of a climate controlled self-storage facility adjacent to Parkdale Mall in Beaumont, TX. The Company's share of the outstanding balance of the construction loan was $189 at September 30, 2019. The Operating Partnership has a joint and several guaranty with its 50/50 partner. Therefore, the maximum guarantee is 100% of the loan. See Note 12 for more information.

(2)

The interest rate is variable and is the greater of 5.25% or LIBOR + 2.80%.

Schedule of Limited Partners' Capital Account by Class

Noncontrolling interests consist of the following:



	As of
	September 30, 2019		December 31, 2018
Noncontrolling interests:
Operating Partnership	$	28,279	$	55,917
Other consolidated subsidiaries	8,134		12,111
	$	36,413	$	68,028

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of September 30, 2019:



	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—	$	10,050
Bullseye, LLC	5		5
Continental 425 Fund LLC	7,243		7,243
EastGate Storage, LLC ⁽¹⁾	885		3,250
Hamilton Place Self Storage, LLC ⁽¹⁾	1,463		7,002
Parkdale Self Storage, LLC ⁽¹⁾	1,190		6,500
Self-Storage at Mid Rivers, LLC ⁽¹⁾	844		2,994
Shoppes at Eagle Point, LLC⁽¹⁾	16,268		16,268

(1)

The Operating Partnership has guaranteed all or a portion of the debt of each of the VIEs listed above. See Note 12 for more information.

- 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.

+ References + Details