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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2020

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

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(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

- 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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