Investment in Consolidated and Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2017

Investment in Partially Owned Entities [Abstract]

Schedule of Consolidated Variable Interest Entities

The following were the assets and liabilities of the consolidated VIEs. The liabilities of the VIEs are not recourse to the Company, and the assets must be used first to settle obligations of the VIEs. As of September 30, 2017, River Oaks and Kyle Marketplace were the Company's only active Reverse 1031 Exchanges.



	September 30, 2017		December 31, 2016
Net investment properties	$	167,017	$	—
Other assets	17,024		—
Total assets	184,041		—
Other liabilities	10,649		—
Total liabilities	10,649		—
Net assets	$	173,392	$	—

Schedule of Net Equity Investment and Share of Net Income or Loss

nder 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.



			Carrying Value of Investment as of
Entity	Description	Ownership %	September 30, 2017			December 31, 2016
IAGM Retail Fund I, LLC	Multi-tenant retail shopping centers	55%	$	128,778		$	126,090
Downtown Railyard Venture, LLC	Land development	90%	56,429			52,365
Other unconsolidated entities	Various real estate investments	Various	(111		)	273
			$	185,096		$	178,728

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following tables present the combined condensed financial information for the Company's unconsolidated entities.



	September 30, 2017			December 31, 2016
Assets:
Real estate assets, net of accumulated depreciation	$	624,500		$	628,667
Other assets	77,869			71,288
Total assets	$	702,369		$	699,955
Liabilities and equity:
Mortgage debt	311,525			311,378
Other liabilities	61,487			65,225
Equity	329,357			323,352
Total liabilities and equity	$	702,369		$	699,955
Company's share of equity	$	198,044		$	192,124
Excess of the net book value, net, of underlying assets over the cost of investments (net of accumulated amortization of $2,677 and $2,229, respectively)	(12,948		)	(13,396		)
Carrying value of investments in unconsolidated entities	$	185,096		$	178,728



	Three months ended September 30,					Nine months ended September 30,
	2017		2016			2017		2016
Revenues	$	15,543	$	15,420		$	49,307	$	52,554
Expenses:
Interest expense and loan cost amortization	3,505		3,334			10,032		9,972
Depreciation and amortization	6,234		6,325			18,848		20,992
Operating expenses, ground rent and general and administrative expenses	5,193		4,398			17,463		15,064
Total expenses	14,932		14,057			46,343		46,028
Net income	$	611	$	1,363		$	2,964	$	6,526

Company's share of net income (loss), net of excess basis depreciation of $130, $130, $390 and $390, respectively	$	648	$	(152	)	$	1,895	$	3,107
Distributions from unconsolidated entities in excess of the investments' carrying value	—		4,001			—		4,632
Equity in earnings of unconsolidated entities	$	648	$	3,849		$	1,895	$	7,739

Schedule of Debt Maturities of the Unconsolidated Entities

The unconsolidated entities had total third party debt of $311,525 at September 30, 2017 that matures as follows:



Maturities during the year ended December 31,	Amount
2017	$	—
2018	203,931
2019	16,247
2020	—
2021	22,984
Thereafter	68,363
	$	311,525

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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