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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2023
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:
| March 31, 2023 |  | December 31, 2022
ASSETS |  |  |
Assets: |  |  |
Net Investment in Real Estate | $ | 311,953 |  |  | $ | 313,245 |
Operating Lease Right-of-Use Assets | 12,978 |  |  | 13,000 |
Cash and Cash Equivalents | 2,411 |  |  | 2,915 |
Deferred Rent Receivable | 13,864 |  |  | 13,261 |
Prepaid Expenses and Other Assets, Net | 12,923 |  |  | 12,919 |
Total Assets | $ | 354,129 |  |  | $ | 355,340 |
LIABILITIES AND PARTNERS' CAPITAL |  |  |
Liabilities: |  |  |
Accounts Payable, Accrued Expenses and Other Liabilities | $ | 12,648 |  |  | $ | 18,148 |
Operating Lease Liabilities | 10,242 |  |  | 10,249 |
Rents Received in Advance and Security Deposits | 7,045 |  |  | 7,917 |
Partners' Capital | 324,194 |  |  | 319,026 |
Total Liabilities and Partners' Capital | $ | 354,129 |  |  | $ | 355,340 |
Joint Venture Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Since we own our interest in the Joint Venture through a partnership with a third party and we hold the power to direct the activities that most significantly impact the economic performance of the partnership, we consolidate the partnership and reflect our partner's 6% interest in the Joint Venture within the financial statements (see Note 6). The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. Under the operating agreement 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, 2023 and 2022, we earned fees of $1,350 and $73, respectively, from the Joint Venture, related to asset management and development services, of which we deferred recognition of $277 and $36, respectively, due to our economic interest in the Joint Venture. During the three months ended March 31, 2023, we incurred fees of $784 related to third-party development management services associated with the Joint Venture. At March 31, 2023 and December 31, 2022, we had an aggregate receivable from the Joint Venture of $44 and $34, respectively. Net income (loss) of the Joint Venture for the three months ended March 31, 2023 and 2022 was $40,045 and $(45), respectively. Included in net income during the three months ended March 31, 2023 is gain on sale of real estate of $40,041 related to the sale of approximately 31 acres of land for which our economic share of the gain on sale was $19,620. For the three months ended March 31, 2023, we earned incentive fees of $8,045 from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the consolidated statement of operations. The Joint Venture has three buildings under development comprising an aggregate 1.8 million square feet (the "Project") at March 31, 2023. During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third party lender (the "Joint Venture Loan"). As of March 31, 2023, the balance of the Joint Venture Loan is $31,223, exclusive of $1,074 of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $210,300 and the Joint Venture is using a third-party contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

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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 https://asc.fasb.org/topic&trid=2197479 + Details
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