Real Estate and Other Investments

Investment real estate by property-type and geographic distribution are as follows:



	March 31, 2019		December 31, 2018
Industrial	12.8	%	13.1	%
Office	37.8		37.3
Retail	37.0		37.0
Other	12.4		12.6
Total	100.0	%	100.0	%



	March 31, 2019		December 31, 2018
East North Central	5.6	%	5.6	%
East South Central	5.7		5.4
Mountain	11.8		11.9
Pacific	7.1		7.3
South Atlantic	15.0		13.8
West South Central	53.0		53.8
Other	1.8		2.2
Total	100.0	%	100.0	%

American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these entities with the sponsor, but in most cases, its involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary or consolidator of the entity. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third parties that may affect the fair value or risk of its variable interest in the VIEs in 2019 or 2018.

The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands):



	March 31, 2019		December 31, 2018
Investment real estate	$	140,851	$	141,843
Short-term investments	501		500
Cash and cash equivalents	10,446		10,392
Other receivables	4,113		3,939
Other assets	13,366		13,231
Total assets of consolidated VIEs	$	169,277	$	169,905
Notes payable	$	137,490	$	137,963
Other liabilities	6,934		7,145
Total liabilities of consolidated VIEs	$	144,424	$	145,108

The notes payable in the consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $26,216,000 and $26,635,000 at March 31, 2019 and December 31, 2018, respectively.

The total long-term notes payable of the consolidated VIEs consists of the following (in thousands):



Interest rate	Maturity	March 31, 2019		December 31, 2018
LIBOR	2020	$	10,839	$	10,834
90 day LIBOR + 2.5%	2021	42,665		42,399
4% fixed	2022	83,986		84,730
Total		$	137,490	$	137,963

For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):



	March 31, 2019				December 31, 2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Investment in unconsolidated affiliates	$	326,179	$	326,179	$	330,730	$	330,730
Mortgage loans	635,022		635,022		633,533		633,533
Accrued investment income	2,212		2,212		2,191		2,191

As of March 31, 2019, one real estate investment with a carrying value of $4,104,000 met the criteria as held-for-sale.