Real Estate and Other Investments

3 Months Ended

Mar. 31, 2020

Investment real estate by property-type and geographic distribution are as follows (in thousands, except percentages):


	March 31, 2020						December 31, 2019
Industrial	$	69,051	12.7	%	$	68,809	12.5	%
Office	216,464		39.7		219,490		39.8
Retail	215,142		39.4		215,800		39.1
Other	44,989		8.2		47,120		8.6
Total	$	545,646	100.0	%	$	551,219	100.0	%


	March 31, 2020						December 31, 2019
East North Central	$	32,818	6.0	%	$	32,539	5.9	%
East South Central	33,864		6.2		34,248		6.2
Mountain	67,719		12.4		68,498		12.4
Pacific	39,911		7.3		40,462		7.3
South Atlantic	83,079		15.2		83,552		15.2
West South Central	274,967		50.4		278,833		50.6
Other	13,288		2.5		13,087		2.4
Total	$	545,646	100.0	%	$	551,219	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, our 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 2020 or 2019.

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


	March 31, 2020		December 31, 2019
Investment real estate	$	134,148	$	134,534
Short-term investments	501		500
Cash and cash equivalents	9,843		11,155
Other receivables	3,030		3,673
Other assets	14,238		15,355
Total assets of consolidated VIEs	$	161,760	$	165,217
Notes payable	$	156,943	$	157,997
Other liabilities	9,210		9,731
Total liabilities of consolidated VIEs	$	166,153	$	167,728

The notes payable in the condensed 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 $3,309,000 and $4,304,000 at March 31, 2020 and December 31, 2019, respectively.

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


Interest rate	Maturity	March 31, 2020		December 31, 2019
LIBOR	2021	$	10,835	$	10,836
4% fixed	2022	80,935		81,709
4.18% fixed	2024	65,173		65,452
Total		$	156,943	$	157,997

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, 2020						December 31, 2019
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Investment in unconsolidated affiliates	$	330,527	$	330,527	$	332,742	$	332,742
Mortgage loans	684,991		684,991		657,528		657,528
Accrued investment income	2,428		2,428		2,198		2,198

As of March 31, 2020, one real estate investment with a carrying value of $3,364,000 met the criteria as held-for-sale.