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Investment in Partially Owned Entities | 6 Months Ended
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Jun. 30, 2017
Investment in Partially Owned Entities [Abstract] |
Investment in Partially Owned Entities | Investment in Partially Owned Entities Unconsolidated Entities The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these entities are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements. The Company analyzed the joint venture agreements and determined that the joint ventures were not variable interest entities. The Company also considered the joint venture partners' participating rights under the joint venture agreements and determined that the joint venture partners have the ability to participate in major decisions, which equates to shared decision making. Accordingly, the Company has significant influence but does not control the joint ventures. Therefore, these joint ventures are not consolidated by the Company and the equity method of accounting is used to account for these investments. Under the equity method of accounting, the net equity investment of the Company and the Company's share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income (loss).
|  |  |  |  |  | Carrying Value of Investment at
Entity |  | Description |  | Ownership % |  | June 30, 2017 |  | December 31, 2016
IAGM Retail Fund I, LLC |  | Multi-tenant retail shopping centers |  | 55% |  | $ | 126,451 |  |  | $ | 126,090 |
Downtown Railyard Venture, LLC |  | Land development |  | (a) |  | 55,508 |  |  | 52,365 |
Other unconsolidated entities |  | Various real estate investments |  | Various |  | 254 |  |  | 273 |
|  |  |  |  |  | $ | 182,213 |  |  | $ | 178,728 |
(a) | The Company's ownership percentage in Downtown Railyard Venture, LLC ("DRV") is based upon a waterfall calculation outlined in the operating agreement.
A gain on the sale of a joint venture for the development of a student housing community of $1,434 was recorded for the six months ended June 30, 2016 and is included as part of net income (loss) from discontinued operations on the consolidated statements of operations and comprehensive income (loss). Combined Financial Information The following tables present the combined condensed financial information for the Company's unconsolidated entities.
| As of
| June 30, 2017 |  | December 31, 2016
Assets: |  |  |
Real estate assets, net of accumulated depreciation | $ | 625,782 |  |  | $ | 628,667 |
Other assets | 71,157 |  |  | 71,288 |
Total assets | $ | 696,939 |  |  | $ | 699,955 |
Liabilities and equity: |  |  |
Mortgage debt | 311,476 |  |  | 311,378 |
Other liabilities | 58,806 |  |  | 65,225 |
Equity | 326,657 |  |  | 323,352 |
Total liabilities and equity | $ | 696,939 |  |  | $ | 699,955 |
Company's share of equity | $ | 195,311 |  |  | $ | 192,124 |
Net excess of the net book value of underlying assets over the cost of investments (net of accumulated amortization of $2,527 and $2,229, respectively) | (13,098 | ) |  | (13,396 | )
Carrying value of investments in unconsolidated entities | $ | 182,213 |  |  | $ | 178,728 |
| Three months ended June 30, |  | Six months ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 16,944 |  |  | $ | 19,846 |  |  | $ | 33,764 |  |  | $ | 37,134 |
Expenses: |  |  |  |  |  |  |
Interest expense and loan cost amortization | 3,276 |  |  | 778 |  |  | 6,527 |  |  | 6,638 |
Depreciation and amortization | 6,422 |  |  | 8,352 |  |  | 12,614 |  |  | 14,667 |
Operating expenses, ground rent and general and administrative expenses | 5,986 |  |  | 7,045 |  |  | 12,270 |  |  | 10,666 |
Total expenses | 15,684 |  |  | 16,175 |  |  | 31,411 |  |  | 31,971 |
Net income | $ | 1,260 |  |  | $ | 3,671 |  |  | $ | 2,353 |  |  | $ | 5,163 |
Company's share of net income, net of excess basis depreciation of $130, $130, $260 and $260, respectively | $ | 675 |  |  | $ | 2,241 |  |  | $ | 1,247 |  |  | $ | 3,260 |
Distributions from unconsolidated entities in excess of the investments' carrying value | — |  |  | 355 |  |  | — |  |  | 630 |
Equity in earnings of unconsolidated entities | $ | 675 |  |  | $ | 2,596 |  |  | $ | 1,247 |  |  | $ | 3,890 |
The unconsolidated entities had total third party debt of $311,476 at June 30, 2017 that matures as follows:
Maturities during the year ended December 31, |  | Amount
2017 |  | $ | — |
2018 |  | 203,906 |
2019 |  | 16,247 |
2020 |  | — |
2021 |  | 22,973 |
Thereafter |  | 68,350 |
|  | $ | 311,476 |
Of the total outstanding debt related to assets held by the Company's unconsolidated joint ventures, approximately $23,000 is recourse to the Company. It is anticipated that the joint ventures will be able to repay or refinance all of their debt on a timely basis.

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- Definition Investment in partially owned entities. + References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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