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Investment in Consolidated and Unconsolidated Entities | 9 Months Ended
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Sep. 30, 2018
Investment in Partially Owned Entities [Abstract] |
Investment in Consolidated and Unconsolidated Entities | Investment in Consolidated and Unconsolidated Entities Consolidated Entities During the second quarter of 2018, the Company entered into purchase agreements structured as Reverse 1031 Exchanges and loaned $152,300 to the VIEs to acquire PGA Plaza and Kennesaw Marketplace, which were the Company's only active Reverse 1031 Exchanges. As of September 30, 2018, the Company was deemed to be the primary beneficiary as it has the ability to direct the activities of the entities that most significantly impact economic performance and has all of the risks and rewards of ownership. Accordingly, the Company consolidated each active Reverse 1031 Exchange at September 30, 2018. The liabilities of the VIEs are non-recourse to the Company, and the assets must first be used to settle obligations of the VIEs. The following table presents the net assets of the VIEs as of September 30, 2018.
| September 30, 2018
Net investment properties | $ | 142,329 |
Other assets | 14,225 |
Total assets | 156,554 |
Other liabilities | (6,614 | )
Net assets | $ | 149,940 |
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.
|  |  |  |  |  | Carrying Value of Investment as of
Entity |  | Description |  | Ownership % |  | September 30, 2018 |  | December 31, 2017
IAGM Retail Fund I, LLC |  | Multi-tenant retail shopping centers |  | 55% |  | $ | 128,286 |  |  | $ | 123,693 |
Downtown Railyard Venture, LLC |  | Land development |  | 90% |  | 59,961 |  |  | 57,183 |
Other unconsolidated entities |  | Various real estate investments |  | Various |  | (112 | ) |  | (112 | )
|  |  |  |  |  | $ | 188,135 |  |  | $ | 180,764 |
On April 17, 2013, the Company entered into a joint venture, IAGM Retail Fund I, LLC ("IAGM"), with PGGM Private Real Estate Fund, for the purpose of acquiring, owning, managing, supervising, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. The Company contributed 14 properties to IAGM during the year ended December 31, 2013, and treated the contribution as a partial sale under Topic 360-20, "Property, Plant and Equipment - Real Estate Sales," and deferred an aggregate gain of $15,625 as a result of the property sales into the joint venture. Through December 31, 2017, the Company was amortizing the basis adjustment over 30 years, consistent with the depreciation period of the investee's underlying assets. In accordance with the provisions of ASU No. 2017-05, full gain recognition may be required for property sales in which the Company has continuing involvement, where those gains may have been deferred under prior GAAP. As of January 1, 2018, with the adoption of ASU No. 2017-05, the Company's remaining $12,756 of the aforementioned deferred gain has been recognized through beginning distributions in excess of accumulated net income. During the three months ended September 30, 2018, IAGM recognized a provision for asset impairment of $1,405 on one retail property. During the nine months ended September 30, 2018, IAGM recognized a provision for asset impairment of $3,673 on three retail properties. During the nine months ended September 30, 2018, IAGM disposed of one retail property and recognized a loss on sale of $3,905. For the three and nine months ended September 30, 2018, the Company's share of IAGM's provision for asset impairment was $773 and $2,020, respectively, and its share of the loss on sale for the nine months ended September 30, 2018, was $2,148. Combined Financial Information The following tables present the combined condensed financial information for the Company's unconsolidated entities.
| As of
| September 30, 2018 |  | December 31, 2017
Assets: |  |  |
Real estate assets, net of accumulated depreciation | $ | 545,014 |  |  | $ | 586,671 |
Other assets | 99,630 |  |  | 73,423 |
Total assets | $ | 644,644 |  |  | $ | 660,094 |
Liabilities and equity: |  |  |
Debt, net | 311,699 |  |  | 311,574 |
Other liabilities | 45,858 |  |  | 49,032 |
Equity | 287,087 |  |  | 299,488 |
Total liabilities and equity | $ | 644,644 |  |  | $ | 660,094 |
Company's share of equity | $ | 187,905 |  |  | $ | 193,572 |
Cost of investments in excess of the Company's share of underlying net book value, net of accumulated amortization of $0 and $2,647, respectively. | 230 |  |  | (12,808 | )
Carrying value of investments in unconsolidated entities | $ | 188,135 |  |  | $ | 180,764 |
| Three months ended September 30, |  | Nine months ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Revenues | $ | 15,087 |  |  | $ | 15,543 |  |  | $ | 44,951 |  |  | $ | 49,307 |
Expenses: |  |  |  |  |  |  |
Interest expense and loan cost amortization | 3,434 |  |  | 3,505 |  |  | 10,240 |  |  | 10,032 |
Depreciation and amortization | 5,124 |  |  | 6,234 |  |  | 16,401 |  |  | 18,848 |
Operating expenses, ground rent and general and administrative expenses | 4,766 |  |  | 5,193 |  |  | 15,774 |  |  | 17,463 |
Provision for asset impairment | 1,405 |  |  | — |  |  | 3,673 |  |  | — |
Total expenses | 14,729 |  |  | 14,932 |  |  | 46,088 |  |  | 46,343 |
Net income (loss) before gain (loss) on sale of real estate | 358 |  |  | 611 |  |  | (1,137 | ) |  | 2,964 |
Gain (loss) on sale of real estate | 13 |  |  | — |  |  | (3,892 | ) |  | — |
Net income (loss) | $ | 371 |  |  | $ | 611 |  |  | $ | (5,029 | ) |  | $ | 2,964 |
Company's share of net income (loss), net of excess basis depreciation of $0, $130, $0 and $390, respectively | $ | (93 | ) |  | $ | 648 |  |  | $ | (3,069 | ) |  | $ | 1,895 |
Distributions from unconsolidated entities in excess of the investments' carrying value | 50 |  |  | — |  |  | 274 |  |  | — |
Equity in (losses) earnings of unconsolidated entities | $ | (43 | ) |  | $ | 648 |  |  | $ | (2,795 | ) |  | $ | 1,895 |
The following table shows the scheduled maturities of IAGM's mortgages payable as of September 30, 2018 for the remainder of 2018, each of the next four years, and thereafter.
| Maturities during the year ending December 31, |  |  |  |
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
Mortgages payable | $ | 188,925 |  |  | 31,353 |  |  | — |  |  | 23,150 |  |  | — |  |  | 68,805 |  |  | $ | 312,233 |
On June 30, 2018, IAGM entered into a one-year extension on a non-recourse mortgage loan with a balance of $15,103 related to one retail property. The original maturity date of June 30, 2018 has been extended to June 30, 2019. On October 5, 2018, IAGM used proceeds from the sale of Victory Lakes to extinguish $38,300 of mortgages payable at two retail properties maturing in 2018 and on November 2, 2018, IAGM entered into a non-revolving, senior secured term loan facility of $152,000 to refinance its remaining mortgages payable maturing in 2018, as disclosed in "Note 12. Subsequent Events." As of September 30, 2018, $23,000 of mortgages payable by the joint venture are recourse to the Company. Subsequent to the execution of the November 2, 2018 non-revolving, senior secured term loan facility, these mortgages payable are no longer recourse of the Company.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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