VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

VARIABLE INTEREST ENTITIES

As of September 30, 2018 and December 31, 2017, we consolidated multiple variable interest entities (“VIE’s”) relating to three projects: two are comprised of real estate holdings and one is an operating hotel property. We are deemed to be the primary beneficiaries of these consolidated VIE’s as we have the power to direct the activities that most significantly affect their economic performance and we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our consolidated VIE’s are only available to settle the obligations of the respective entities. Our condensed consolidated balance sheets included the assets and liabilities of these VIE’s. Our condensed consolidated statement of operations includes net loss for the nine months ended September 30, 2018 and year ended December 31, 2017. These are primarily comprised of the following (in thousands):

Assets, Liabilities, and Losses of Consolidated VIE's	September 30, 2018			* 12/31/2017
Total assets	$	81,950		$	69,480
Total liabilities	34,960			30,240
Net loss	(70		)	(1,480		)

* As Restated

During the nine months ended September 30, 2018, the Hotel Fund raised $9.8 million in Preferred Interests and made distributions of earnings to holders of those Preferred Interests of $0.2 million.