XML 34 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate Agreements
3 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
15. Real Estate Agreements

In February 2017, Real Estate entered into an agreement with a qualified intermediary related to a potential 1031 Exchange.  The qualified intermediary formed an LLC to facilitate the reverse exchange portion of the 1031 Exchange, which was determined to be a VIE.  Real Estate was deemed to be the primary beneficiary of this VIE as it has the ability to direct the activities that most significantly impact its economic performance and has all of the risks and rewards of ownership.  Accordingly, Real Estate consolidated this VIE.  As of June 30, 2017, Real Estate had loaned $60.5 million to the VIE for the purchase of the replacement properties.  The sale of the relinquished property had not been completed as of this filing, and as such, the acquired properties remained in the possession of the VIE. At the earlier of the sale of the relinquished property or 180 days from the acquisition date of each replacement property,  the sole membership interest in each property held within the VIE will be assigned to Real Estate in satisfaction of the outstanding loan, resulting in the property being wholly owned by Real Estate.