Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2022

The following table presents condensed balance sheet information for IAGM:


	As of
	June 30, 2022		December 31, 2021
Assets:
Net investment properties	$	214,606	$	288,014
Other assets	35,841		98,696
Total assets	$	250,447	$	386,710
Liabilities and equity:
Mortgages debt, net	$	125,545	$	165,831
Other liabilities	7,062		12,409
Equity	117,840		208,470
Total liabilities and equity	250,447		386,710

Company's share of equity	65,671		115,513
Outside basis difference, net (a)	(8,121)		(7,569)
Carrying value of investments in unconsolidated entities	$	57,550	$	107,944

(a)The outside basis difference reflects unamortized deferred gains on historical property sales from IAGM to the Company.

The following table presents condensed income statement information of IAGM:


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Total income	$	6,604	$	11,421	$	14,983	$	22,850
Depreciation and amortization	(2,519)		(3,793)		(5,424)		(7,557)
Property operating	(1,111)		(2,056)		(2,441)		(4,129)
Real estate taxes	(834)		(2,298)		(2,245)		(4,670)
Asset management fees	(220)		(296)		(471)		(567)
Interest expense, net	(899)		(1,469)		(2,058)		(3,161)
Other income and (expense), net	249		(116)		107		(245)
Loss on debt extinguishment	(91)		—		(202)		(14)
Gain on sale of real estate	1,244		—		4,995		—
Net income	$	2,423	$	1,393	$	7,244	$	2,507

Company's share of net income	$	1,332	$	768	$	3,984	$	1,380
Outside basis adjustment for investee's sale of real estate, net	(616)		7		(552)		15
Equity in earnings of unconsolidated entities	$	716	$	775	$	3,432	$	1,395