VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The assets and liabilities of The Funds as of June 30, 2020, were as follows:


Timber Funds			June 30, 2020
Assets:
Cash and cash equivalents			$6,973
Accounts receivable			3,213
Prepaid expenses			81
Other current assets			361
Total current assets			10,628
Timber and timberlands, net of depletion and amortization			467,800
Other assets			3
Total assets			$478,431
Liabilities and Equity:
Accounts payable			$636
Intercompany payable (a)			3,837
Current maturities of long-term debt			25,042
Accrued taxes			251
Accrued interest			655
Deferred revenue			1
Other current liabilities			787
Total current liabilities			31,209
Long-term debt			35,617
Funds’ equity			411,605
Total liabilities and equity			$478,431

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

The assets and liabilities of Ferncliff Investors as of June 30, 2020, were as follows:


Ferncliff Investors			June 30, 2020
Assets:
Cash and cash equivalents			$760


Total current assets			760
Investment in real estate joint venture entity			3,141
Advances to real estate joint venture entity			1,000
Total assets			$4,901
Liabilities and equity:

Intercompany payable (a)			$10




Total current liabilities			10

Ferncliff Investors’ equity			4,891
Total liabilities and equity			$4,901

(a)Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

- 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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