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Note 4 - Real Estate Assets Held for Sale | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Real Estate Disclosure [Text Block] |
4. |  | Real estate assets held for sale
In December 2019, the Company’s Investment Management segment acquired a controlling interest in a portfolio of real estate assets (the “Portfolio”) from an unrelated party. The acquisition was accounted for by the acquisition method of accounting for asset purchases that do not constitute the acquisition of a business. The Portfolio consists of land and buildings located in the United Kingdom and associated liabilities. The Portfolio was acquired in connection with the establishment of a new closed-end Investment Management fund (the “Fund”). The Company expects to sell the Portfolio to the Fund, without gain or loss, during 2020. The Fund will be managed by the Company and as is customary for closed-end funds, the Company will have a limited partner equity interest of between 1% and 2%. During 2019, the Portfolio generated $195 of net earnings which was included in Company’s consolidated net earnings. The following table summarizes the real estate assets and associated liabilities held for sale.
|  | 2019
Real estate assets held for sale |  |  |  |
Real estate assets held for sale - current |  | $ | 10,741 |
Real estate assets held for sale - non-current |  |  | 247,376 |
Total real estate assets held for sale |  | $ | 258,117 |
Liabilities related to real estate assets held for sale |  |  |  |
Liabilities related to real estate assets held for sale - current |  | $ | (36,191 | )
Liabilities related to real estate assets held for sale - non-current |  |  | (127,703 | )
Total liabilities related to real estate assets held for sale |  | $ | (163,894 | )
Total net real estate assets held for sale |  | $ | 94,223 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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