Investment in Consolidated and Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2018

Investment in Partially Owned Entities [Abstract]

Schedule of Consolidated Variable Interest Entities

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

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

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

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

he 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

Contractual Obligation, Fiscal Year Maturity Schedule

he 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

- 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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