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Real Estate and Other Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investment Real Estate by Property-Type and Geographic Distribution

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



	September 30, 2019		December 31, 2018
Industrial	12.5	%	13.1	%
Office	39.7		37.3
Retail	39.0		37.0
Other	8.8		12.6
Total	100.0	%	100.0	%



	September 30, 2019		December 31, 2018
East North Central	5.8	%	5.6	%
East South Central	6.2		5.4
Mountain	12.4		11.9
Pacific	7.4		7.3
South Atlantic	15.1		13.8
West South Central	50.6		53.8
Other	2.5		2.2
Total	100.0	%	100.0	%

Assets and Liabilities Related to VIEs

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



	September 30, 2019		December 31, 2018
Investment real estate	$	136,355	$	141,843
Short-term investments	501		500
Cash and cash equivalents	9,633		10,392
Other receivables	4,345		3,939
Other assets	14,439		13,231
Total assets of consolidated VIEs	$	165,273	$	169,905
Notes payable	$	159,043	$	137,963
Other liabilities	8,841		7,145
Total liabilities of consolidated VIEs	$	167,884	$	145,108

Schedule of Long-term Notes Payable of Consolidated VIEs

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



Interest rate	Maturity	September 30, 2019		December 31, 2018
LIBOR	2021	$	10,840	$	10,834
4.18% fixed	2024	65,728		42,399
4% fixed	2022	82,475		84,730
Total		$	159,043	$	137,963

Carrying Amount and Maximum Exposure to Loss Related to VIEs

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands):



	September 30, 2019				December 31, 2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Investment in unconsolidated affiliates	$	326,537	$	326,537	$	330,730	$	330,730
Mortgage loans	590,432		590,432		633,533		633,533
Accrued investment income	2,018		2,018		2,191		2,191

- 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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