Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2020

Investment in Partially Owned Entities [Abstract]

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following table presents condensed balance sheet information for IAGM.


	As of
	September 30, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation	$	400,521	$	425,585
Other assets	71,437		66,437
Total assets	471,958		492,022
Liabilities and equity:
Mortgages payable, net	242,252		256,732
Other liabilities	17,368		20,765
Equity	212,338		214,525
Total liabilities and equity	471,958		492,022

Company's share of equity	117,645		118,861
Deferred gain, net of accumulated amortization of $19	(939)		—
Carrying value of investments in unconsolidated entities	$	116,706	$	118,861

Combined Condensed Financial Information, continued

The following table presents condensed income statement information of IAGM and the joint venture that was disposed in 2019.


	Three months ended September 30,				Nine months ended September 30,
IAGM	2020		2019		2020		2019
Total income	$	11,911	$	13,284	$	34,449	$	40,037
Depreciation and amortization	(3,837)		(4,687)		(12,495)		(15,626)
Property operating	(2,234)		(2,341)		(6,057)		(6,364)
Real estate taxes	(2,267)		(2,472)		(6,875)		(7,433)
Interest expense, net	(1,744)		(2,630)		(5,712)		(8,418)
General and administrative	(114)		(113)		(358)		(358)
Gain (loss) on sale of real estate, net	—		—		1,741		(559)
Loss on debt extinguishment	—		—		(8)		—
Provision for asset impairment	—		—		—		(1,443)
Net income (loss)	1,715		1,041		4,685		(164)
Other joint venture interest
Net loss	—		—		—		(4,869)
Total net income (loss) of unconsolidated entities	$	1,715	$	1,041	$	4,685	$	(5,033)

Company's share of net income (loss)	$	943	$	572	$	2,530	$	(4,451)
Outside basis adjustment for IAGM's sale of real estate	8		—		(939)		—
Outside basis adjustment for other joint venture's sale of assets	—		—		—		4,403
Equity in earnings (losses) of unconsolidated entities	$	951	$	572	$	1,591	$	(48)

Contractual Obligation, Fiscal Year Maturity Schedule

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of September 30, 2020, for the remainder of 2020, each of the next four years and thereafter.


Scheduled maturities by year:	As of September 30, 2020
2020	$	—
2021	23,150
2022	—
2023	180,125
2024	—
Thereafter	40,680
Total	$	243,955