Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2021

Variable Interest Entities [Abstract]

The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2021 was as follows (in thousands):

VIE Type

Asset/Liability Type

Maximum Loss

Exposure

and Carrying

Amount(1)

Continuing operations:

Loans receivable and unconsolidated joint ventures

Loans receivable, net and Investments in unconsolidated joint ventures

21,970

Loan - seller financing

Loans receivable, net

1,865

CMBS and LLC investment

Marketable debt and LLC investment

35,610

Discontinued operations:

VIE tenant - operating leases(2)

Lease intangibles, net and straight-line rent receivables

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(1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest).

(2)The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.

Consolidated Assets and Liabilities of Variable Interest Entities

Total assets and total liabilities include VIE assets and liabilities as follows (in thousands):


	March 31, 2021		December 31, 2020
Assets
Buildings and improvements	$	2,487,025	$	2,988,599
Development costs and construction in progress	48,600		85,595
Land	341,842		433,574
Accumulated depreciation and amortization	(533,328)		(602,491)
Net real estate	2,344,139		2,905,277

Accounts receivable, net	5,095		12,009
Cash and cash equivalents	16,464		16,550
Restricted cash	6		7,977
Intangible assets, net	89,692		179,027
Assets held for sale and discontinued operations, net	698,318		704,966
Right-of-use asset, net	89,017		95,407
Other assets, net	61,470		59,063
Total assets	$	3,304,201	$	3,980,276
Liabilities
Mortgage debt	4,537		39,085

Intangible liabilities, net	33,714		56,467
Liabilities related to assets held for sale and discontinued operations, net	186,562		190,919
Lease liability	90,397		97,605
Accounts payable, accrued liabilities, and other liabilities	53,438		102,391
Deferred revenue	31,279		90,183
Total liabilities	$	399,927	$	576,650

Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands):


	March 31, 2021		December 31, 2020
Assets
Buildings and improvements	$	633,243	$	639,759
Development costs and construction in progress	103		68
Land	105,769		106,209
Accumulated depreciation and amortization	(55,021)		(57,235)
Net real estate	684,094		688,801
Accounts receivable, net	1,885		1,700
Cash and cash equivalents	6,516		6,306
Restricted cash	1,388		3,124

Right-of-use asset, net	1,387		1,391
Other assets, net	3,048		3,644
Total assets	$	698,318	$	704,966
Liabilities
Mortgage debt	$	171,085	$	176,702

Lease liability	1,387		1,392
Accounts payable, accrued liabilities, and other liabilities	12,119		11,003
Deferred revenue	1,971		1,822
Total liabilities	$	186,562	$	190,919

- 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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