Investment in Consolidated and Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2019

Investment in Partially Owned Entities [Abstract]

The following table reflects the assets, liabilities and net assets of the Company's VIE as of December 31, 2018.



	December 31, 2018
Net investment properties	$	39,634
Other assets	4,457
Total assets	44,091
Liabilities	385
Net assets	$	43,706

Schedule of Net Equity Investment and Share of Net Income or Loss

Under the equity method of accounting, the net equity investment of the Company and the Company's share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income.



		Current Ownership %	Carrying Value of Investment as of December 31,
Entity	Description	Current Ownership %	2019		2018
IAGM Retail Fund I, LLC	Multi-tenant retail shopping centers	55%	$	118,861	$	126,195
Downtown Railyard Venture, LLC	Land development	—%	—		30,049
Other unconsolidated entities	Various real estate investments	—%	—		(112		)
			$	118,861	$	156,132

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following tables present the combined financial information for the Company’s investments in unconsolidated entities.



	As of
	December 31, 2019		December 31, 2018
	(unaudited)		(unaudited)
Assets:
Real estate assets, net of accumulated depreciation	$	425,585	$	494,583
Other assets	66,437		103,565
Total assets	492,022		598,148
Liabilities and equity:
Mortgage debt, net	256,732		272,629
Other liabilities	20,765		42,569
Equity	214,525		282,950
Total liabilities and equity	492,022		598,148
Company's share of equity	118,861		185,814
Outside basis difference (a)	—		(29,682		)
Carrying value of investments in unconsolidated entities	$	118,861	$	156,132


(a)	The outside basis difference principally related to the DRV impairment recorded in 2018.



	Year ended December 31,
	2019			2018			2017
	(unaudited)			(unaudited)			(unaudited)
Revenues	$	53,464		$	58,322		$	62,367
Expenses:
Interest expense and loan cost amortization	10,882			13,205			13,419
Depreciation and amortization	20,135			21,001			26,860
Operating, general and administrative expenses	18,670			19,732			22,304
Provision for asset impairment	1,443			3,673			4,745
Total expenses	51,130			57,611			67,328
Income (loss) before sale of real estate and debt extinguishments	2,334			711			(4,961		)
(Loss) gain on sale of real estate	(5,540		)	(4,123		)	434
Loss on debt extinguishment	—			(20		)	—
Net loss	$	(3,206	)	$	(3,432	)	$	(4,527	)

Company's share of net loss, net of excess basis depreciation of $0, $0, and $520, respectively	$	(3,446	)	$	(1,870	)	$	(1,930	)
Distributions from unconsolidated entities in excess of the investments' carrying value	—			410			1,126
Impairment of investment in unconsolidated entity	—			(29,933		)	—
Outside basis adjustment for investee's sale of real estate	4,403			—			—
Equity in earnings (losses) and (impairment), net, of unconsolidated entities	$	957		$	(31,393	)	$	(804	)

Schedule of Maturities of Long-term Debt

The following table presents the scheduled maturities of IAGM's total third party mortgage debt of $258,827 as of December 31, 2019, for each of the next five years, and thereafter:



	Maturities during the year ending December 31,
	2020		2021		2022		2023		2024		Thereafter		Total
Mortgages payable	$	14,872	$	23,150	$	—	$	180,125	$	—	$	40,680	$	258,827

- 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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