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Real Estate and Other Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investment Real Estate by Property-Type and Geographic Distribution

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	%

Assets and Liabilities Related to VIEs

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

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	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

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):


	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

- 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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