Investments in Unconsolidated Entities

Unconsolidated Entities

As of June 30, 2019, the Company participated in certain joint ventures and had investments in unconsolidated entities in which it had less than a controlling interest. The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of June 30, 2019 and September 30, 2018:



in thousands	June 30, 2019		September 30, 2018
Investment in unconsolidated entities	$	3,941	$	4,035
Total equity of unconsolidated entities	3,553		10,113
Total outstanding borrowings of unconsolidated entities	13,229		12,266

Equity in income from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:



	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2019		2018		2019		2018
Equity in income of unconsolidated entities	$	299	$	147	$	316	$	302

For the three and nine months ended June 30, 2019 and 2018, there were no impairments related to investments in unconsolidated entities.

Guarantees

Historically, the Company's joint ventures typically obtained secured acquisition, development, and construction financing. In addition, the Company and its joint venture partners provided varying levels of guarantees of debt and other debt-related obligations for these unconsolidated entities. However, as of June 30, 2019 and September 30, 2018, the Company had no outstanding guarantees or other debt-related obligations related to our investments in unconsolidated entities.

The Company and its joint venture partners generally provide unsecured environmental indemnities to land development joint venture project lenders. These indemnities obligate the Company to reimburse the project lenders for claims related to environmental matters for which they are held responsible. During the three and nine months ended June 30, 2019 and 2018, the Company was not required to make any payments related to environmental indemnities.

In assessing the need to record a liability for these guarantees, the Company considers its historical experience in being required to perform under the guarantees, the fair value of the collateral underlying these guarantees, and the financial condition of the applicable unconsolidated entities. In addition, the fair value of the collateral of unconsolidated entities is monitored to ensure that the related borrowings do not exceed the specified percentage of the value of the property securing the borrowings. As of June 30, 2019, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.