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Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2020
Variable Interest Entities |
Schedule of Variable Interest Entities | The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2020 was as follows (in thousands):
VIE Type |  | Asset/Liability Type |  | Maximum Loss Exposure and Carrying Amount(1)
Continuing operations: |  |  |  |
Unconsolidated joint ventures |  | Loans receivable, net and Investments in unconsolidated joint ventures |  | $ | 22,113 |
Loan - Seller Financing |  | Loans receivable, net |  | 2,288 |
CMBS and LLC investment |  | Marketable debt and LLC investment |  | 35,453 |
Discontinued operations: |  |  |  |
VIE tenant - operating leases(2) |  | Lease intangibles, net and straight-line rent receivables |  | $ | 186 |
_______________________________________ (1)The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2)The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.
Schedule of Consolidated Assets and Liabilities of Variable Interest Entities | Total assets and total liabilities include VIE assets and liabilities as follows (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Assets |  |  |  |
Buildings and improvements |  | $ | 2,988,599 |  |  | $ | 2,498,524 |
Development costs and construction in progress |  | 85,595 |  |  | 67,244 |
Land |  | 433,574 |  |  | 410,903 |
Accumulated depreciation and amortization |  | (602,491) |  |  | (534,339) |
Net real estate |  | 2,905,277 |  |  | 2,442,332 |
Accounts receivable, net |  | 12,009 |  |  | 9,508 |
Cash and cash equivalents |  | 16,550 |  |  | 35,726 |
Restricted cash |  | 7,977 |  |  | 9,895 |
Intangible assets, net |  | 179,027 |  |  | 167,022 |
Assets held for sale and discontinued operations, net |  | 704,966 |  |  | 880,362 |
Right-of-use asset, net |  | 95,407 |  |  | 92,664 |
Other assets, net |  | 59,063 |  |  | 48,119 |
Total assets |  | $ | 3,980,276 |  |  | $ | 3,685,628 |
Liabilities |  |  |  |
Mortgage debt |  | $ | 39,085 |  |  | $ | 44,199 |
Intangible liabilities, net |  | 56,467 |  |  | 39,545 |
Liabilities related to assets held for sale and discontinued operations, net |  | 190,919 |  |  | 187,544 |
Lease liability |  | 97,605 |  |  | 90,875 |
Accounts payable, accrued liabilities, and other liabilities |  | 102,391 |  |  | 112,301 |
Deferred revenue |  | 90,183 |  |  | 94,538 |
Total liabilities |  | $ | 576,650 |  |  | $ | 569,002 |
Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Assets |  |  |  |
Buildings and improvements |  | $ | 639,759 |  |  | $ | 737,581 |
Development costs and construction in progress |  | 68 |  |  | 41 |
Land |  | 106,209 |  |  | 115,673 |
Accumulated depreciation and amortization |  | (57,235) |  |  | (34,235) |
Net real estate |  | 688,801 |  |  | 819,060 |
Accounts receivable, net |  | 1,700 |  |  | 2,478 |
Cash and cash equivalents |  | 6,306 |  |  | 11,301 |
Restricted cash |  | 3,124 |  |  | 3,700 |
Intangible assets, net |  | — |  |  | 39,817 |
Right-of-use asset, net |  | 1,391 |  |  | — |
Other assets, net |  | 3,644 |  |  | 4,006 |
Total assets |  | $ | 704,966 |  |  | $ | 880,362 |
Liabilities |  |  |  |
Mortgage debt |  | $ | 176,702 |  |  | $ | 174,567 |
Lease liability |  | 1,392 |  |  | — |
Accounts payable, accrued liabilities, and other liabilities |  | 11,003 |  |  | 10,531 |
Deferred revenue |  | 1,822 |  |  | 2,446 |
Total liabilities |  | $ | 190,919 |  |  | $ | 187,544 |

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5728-111685 + Details
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