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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2021
Variable Interest Entities [Abstract] |
Variable Interest Entities | Variable Interest Entities Other Real Estate Partnerships The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts:
| September 30, 2021 |  | December 31, 2020
ASSETS |  |  |
Assets: |  |  |
Net Investment in Real Estate | $ | 260,228 |  |  | $ | 245,396 |
Operating Lease Right-of-Use Assets | 13,109 |  |  | 13,173 |
Cash and Cash Equivalents | 3,343 |  |  | 4,090 |
Deferred Rent Receivable | 11,068 |  |  | 9,219 |
Prepaid Expenses and Other Assets, Net | 10,602 |  |  | 8,077 |
Total Assets | $ | 298,350 |  |  | $ | 279,955 |
LIABILITIES AND PARTNERS' CAPITAL |  |  |
Liabilities: |  |  |
Mortgage Loans Payable, Net | $ | 2,469 |  |  | $ | 6,292 |
Accounts Payable, Accrued Expenses and Other Liabilities | 10,884 |  |  | 10,067 |
Operating Lease Liabilities | 10,284 |  |  | 10,304 |
Rents Received in Advance and Security Deposits | 3,875 |  |  | 4,130 |
Partners' Capital | 270,838 |  |  | 249,162 |
Total Liabilities and Partners' Capital | $ | 298,350 |  |  | $ | 279,955 |
Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a joint venture ("Joint Venture I") and a 43% interest in another joint venture ("Joint Venture II", together with Joint Venture I, the "Joint Ventures"). The Joint Ventures were both formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. During the nine months ended September 30, 2021, Joint Venture I sold its remaining acres of land. Under the operating agreements for each of the Joint Ventures, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, both of the Joint Ventures' operating agreements provide us the ability to earn incentive fees based on the ultimate financial performance of each of the Joint Ventures. During the nine months ended September 30, 2021 and 2020, we earned fees of $341 and $616, respectively, from the Joint Ventures related to asset management and development services we provided to the Joint Ventures, of which we deferred recognition of $51 and $263, respectively, due to our economic interest in the Joint Ventures. At September 30, 2021, we had an aggregate receivable from the Joint Ventures of $60. For the nine months ended September 30, 2021, net income of the Joint Ventures was $14,873. For the nine months ended September 30, 2020, net loss of the Joint Ventures was $531. Included in net income during the nine months ended September 30, 2021 is gain on sale of real estate of $15,028 related to the sale of 138 net developable acres of land for which our economic share of the gain on sale, inclusive of incentive fees, is $10,166. However, since the Company was the purchaser of the 138 net developable acres from Joint Venture I, we netted our portion of gain on sale and incentive fees against the basis of the land acquired. As part of our assessment of the appropriate accounting treatment for the Joint Ventures, we reviewed the operating agreements of each Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. Each operating agreement contains certain protective rights, such as the requirement of both members' approvals to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. Also, we and our Joint Venture partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing, and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of each Joint Venture. As such, we concluded to account for our investments in each Joint Venture under the equity method of accounting.

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- Definition Variable Interest Entities [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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