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VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”)

We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 6 — Noncontrolling Interests.

The assets, liabilities and equity of the Funds as of March 31, 2021, were as follows:

Timber Funds			March 31, 2021
Assets:
Cash and cash equivalents			$4,674
Accounts receivable			3,099
Prepaid expenses			9
Other current assets			237
Total current assets			8,019
Timber and timberlands, net of depletion and amortization			408,338
Other assets			74
Total assets			$416,431
Liabilities and Equity:
Accounts payable			$2,064
Intercompany payable (a)			698
Accrued taxes			174
Accrued interest			505
Deferred revenue			323
Other current liabilities			514
Total current liabilities			4,278
Long-term debt, net of deferred financing costs			59,967
Funds’ equity			352,186
Total liabilities and equity			$416,431

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

Ferncliff Investors

We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests.

The assets, liabilities and equity of Ferncliff Investors as of March 31, 2021, were as follows:

Ferncliff Investors			March 31, 2021
Assets:
Cash and cash equivalents			$139
Intercompany receivable			61
Total current assets			200
Advances to real estate joint venture entity			1,000
Total assets			$1,200
Liabilities and equity:
Total liabilities			$1,892
Ferncliff Investors’ equity			(692)
Total liabilities and equity			$1,200

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- References

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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

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