Variable Interest Entities

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest EntitiesThe Company conducts a significant portion of its business with joint venture partners. Many of the Company's consolidated joint ventures that own properties were determined to be VIEs because the voting rights of some equity partners are not proportional to their obligations to absorb the expected loses of the entity and their rights to receive expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impacts the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.

The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (dollars in thousands):

	September 30, 2019 (unaudited)		December 31, 2018 (unaudited)
ASSETS
Real estate properties, net of accumulated depreciation of $67,264 and $53,637	$	677,189	$	584,074
Cash and cash equivalents	7,408		5,207
Deposits and escrows	10,186		11,705
Other assets	4,238		6,302
Total Assets	$	699,021	$	607,288
LIABILITIES
Mortgages payable, net of deferred costs of $4,209 and $3,786	$	521,494	$	446,779
Accounts payable and accrued liabilities	14,780		11,816
Total Liabilities	$	536,274	$	458,595