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Investment in Consolidated and Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2017
Investment in Partially Owned Entities [Abstract] |
Schedule of Variable Interest Entities | As of December 31, 2017, River Oaks and Kyle Marketplace were the Company's only active Reverse 1031 Exchanges.
|  | December 31, 2017 |  | December 31, 2016
Net investment properties |  | $ | 165,875 |  |  | $ | — |
Other assets |  | 18,630 |  |  | — |
Total assets |  | 184,505 |  |  | — |
Other liabilities |  | 11,343 |  |  | — |
Total liabilities |  | 11,343 |  |  | — |
Net assets |  | $ | 173,162 |  |  | $ | — |
Schedule of net equity investment and share of net income or loss |
|  |  |  |  |  | Carrying Value of
|  |  |  |  |  | Investment at December 31,
Entity |  | Description |  | Ownership % |  | 2017 |  | 2016
IAGM Retail Fund I, LLC (a) |  | Multi-tenant retail shopping centers |  | 55% |  | $ | 123,693 |  |  | $ | 126,090 |
Downtown Railyard Venture, LLC (b) |  | Land development |  | 90% |  | 57,183 |  |  | 52,365 |
Other unconsolidated entities |  | Various real estate investments |  | Various |  | (112 | ) |  | 273 |
|  |  |  |  |  | $ | 180,764 |  |  | $ | 178,728 |
(a) | On April 17, 2013, the Company entered into a joint venture, IAGM Retail Fund I, LLC ("IAGM"), with PGGM Private Real Estate Fund ("PGGM"), for the purpose of acquiring, owning, managing, supervising, and disposing of properties and sharing in the profits and losses from those properties and its activities. The Company initially contributed 13 retail properties totaling 2,109,324 square feet from its portfolio to IAGM for an equity interest of $96,788, and PGGM contributed $79,190. The gross disposition price was $409,280. On July 1, 2013, the Company contributed another retail property for a gross disposition price of $34,350. The Company treated these dispositions as a partial sale. The Company amortizes the basis adjustment over 30 years, consistent with the depreciation of the investee's underlying assets. The Company is the managing member of IAGM, responsible for the day-to-day activities and earns fees for venture management, property management, leasing and other services provided.
(b) | On September 30, 2015, the Company was admitted as a member to Downtown Railyard Venture, LLC ("DRV"), which is a joint venture established in order to develop and sell a land development. Simultaneously, the Company structured and closed the sale of a non-core land development to DRV, which for accounting purposes is treated as a contribution of the land development to DRV in exchange for an equity interest of $46,174 in DRV (the foregoing transaction is referred to as the "Railyards Transaction"). Concurrent with the formation of the joint venture, and included in the basis of the Company's investment in DRV, the Company established an $18,088 loan to DRV at a 4.0% interest rate, compounded annually. The loan matures on June 30, 2023. The Company recorded a loss of $12,919 on the Railyards Transaction in 2015 due to the difference between the carrying value of the land and the estimated fair value of the equity interest. The Company's ownership percentage in DRV is based upon a waterfall calculation outlined in the operating agreement. The joint venture partner is the developer and managing member of DRV, responsible for the day-to-day activities and earns fees for managing the venture. During the year ended December 31, 2015, the Company received return of capital proceeds of $4,092 related to the sale of a land parcel and contributed $3,000 in capital to the joint venture.
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following tables present the combined financial information for the Company’s investments in unconsolidated entities.
| As of
| December 31, 2017 |  | December 31, 2016
| (unaudited) |  | (unaudited)
Assets: |  |  |
Real estate assets, net of accumulated depreciation | $ | 586,671 |  |  | $ | 628,667 |
Other assets | 73,423 |  |  | 71,288 |
Total assets | 660,094 |  |  | 699,955 |
Liabilities and equity: |  |  |
Debt, net | 311,574 |  |  | 311,378 |
Other liabilities | 49,032 |  |  | 65,225 |
Equity | 299,488 |  |  | 323,352 |
Total liabilities and equity | 660,094 |  |  | 699,955 |
Company’s share of equity | 193,572 |  |  | 192,124 |
Net excess of the net book value of underlying assets over the cost of investments (net of accumulated amortization of $2,647 and $2,229, respectively) | (12,808 | ) |  | (13,396 | )
Carrying value of investments in unconsolidated entities | $ | 180,764 |  |  | $ | 178,728 |
| Year ended December 31,
| 2017 |  | 2016 |  | 2015
| (unaudited) |  | (unaudited) |  | (unaudited)
Revenues | $ | 62,367 |  |  | $ | 70,385 |  |  | $ | 67,033 |
Expenses: |  |  |  |  |
Interest expense and loan cost amortization | 13,419 |  |  | 13,015 |  |  | 15,319 |
Depreciation and amortization | 26,860 |  |  | 27,209 |  |  | 23,252 |
Operating expenses, ground rent and general and administrative expenses | 22,304 |  |  | 21,671 |  |  | 21,200 |
Impairments | 4,745 |  |  | — |  |  | — |
Total expenses | 67,328 |  |  | 61,895 |  |  | 59,771 |
Net income before gain on sale of real estate | (4,961 | ) |  | 8,490 |  |  | 7,262 |
Gain on sale of real estate | 434 |  |  | — |  |  | 35,462 |
Net income | $ | (4,527 | ) |  | $ | 8,490 |  |  | $ | 42,724 |
Company's share of net income, net of excess basis depreciation of $520, $520, and $520, respectively | $ | (1,930 | ) |  | $ | 4,109 |  |  | $ | 17,307 |
Distributions from unconsolidated entities in excess of the investments' carrying value | 1,126 |  |  | 5,190 |  |  | 17,771 |
Equity in (losses) earnings of unconsolidated entities | $ | (804 | ) |  | $ | 9,299 |  |  | $ | 35,078 |
Schedule of Maturities of Long-term Debt | The unconsolidated entities had total third party mortgage debt of $312,233 at December 31, 2017 that matures as follows:
Maturities during the year ended December 31, |  | Amount
2018 |  | $ | 204,028 |
2019 |  | 16,250 |
2020 |  | — |
2021 |  | 23,150 |
2022 |  | — |
Thereafter |  | 68,805 |
|  | $ | 312,233 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + 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 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=77990344&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=77990344&loc=SL6759159-111685 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5710-111685 + Details
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