Investments in Unconsolidated Entities

Unconsolidated Entities

As of March 31, 2020, 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 March 31, 2020 and September 30, 2019:



in thousands	March 31, 2020		September 30, 2019
Investment in unconsolidated entities	$	4,040	$	3,962
Total equity of unconsolidated entities	6,679		9,969
Total outstanding borrowings of unconsolidated entities	12,614		12,658

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



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2020		2019		2020		2019
Equity in income of unconsolidated entities	$	147	$	81	$	134	$	17

For the three and six months ended March 31, 2020 and 2019, 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 March 31, 2020 and September 30, 2019, 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 six months ended March 31, 2020 and 2019, 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 March 31, 2020, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.