Variable Interest Entities

3 Months Ended

Mar. 31, 2022

Variable Interest Entities [Abstract]

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:


	March 31, 2022		December 31, 2021
ASSETS
Assets:
Net Investment in Real Estate	$	282,200	$	277,984


Operating Lease Right-of-Use Assets	13,066		13,087
Cash and Cash Equivalents	4,639		9,126

Deferred Rent Receivable	10,956		10,984
Prepaid Expenses and Other Assets, Net	9,752		9,480
Total Assets	$	320,613	$	320,661
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities	$	12,812	$	9,496
Operating Lease Liabilities	10,271		10,277
Rents Received in Advance and Security Deposits	6,850		7,470
Partners' Capital	290,680		293,418
Total Liabilities and Partners' Capital	$	320,613	$	320,661

Joint Ventures

Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Additionally, we owned a 49% interest in a joint venture that sold its remaining acres of land and ceased operations during the year ended December 31, 2021 (the "Former Joint Venture" together with the Joint Venture, the "Joint Ventures"). The Joint Ventures were formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area.

Under the operating agreements for the Joint Venture, 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, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture.

During the three months ended March 31, 2022 and 2021, we earned fees of $73 and $162, respectively, from the Joint Ventures, related to asset management and development services, of which we deferred recognition of $36 and $37, respectively, due to our economic interest in the Joint Ventures. At March 31, 2022, we had an aggregate receivable from the Joint Venture of $89.