Unconsolidated Affiliates and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Condensed combined financial statement information - unconsolidated affiliates

Condensed combined financial statement information of the unconsolidated affiliates is as follows:



	March 31, 2018			December 31, 2017
ASSETS
Investment in real estate assets	$	2,092,145		$	2,089,262
Accumulated depreciation	(634,287		)	(618,922		)
	1,457,858			1,470,340
Developments in progress	44,379			36,765
Net investment in real estate assets	1,502,237			1,507,105
Other assets	195,692			201,114
Total assets	$	1,697,929		$	1,708,219

LIABILITIES
Mortgage and other indebtedness, net	$	1,246,902		$	1,248,817
Other liabilities	40,862			41,291
Total liabilities	1,287,764			1,290,108

OWNERS' EQUITY
The Company	214,387			216,292
Other investors	195,778			201,819
Total owners' equity	410,165			418,111
Total liabilities and owners' equity	$	1,697,929		$	1,708,219



	Total for the Three Months Ended March 31,
	2018			2017
Total revenues	$	57,181		$	59,699
Depreciation and amortization	(19,787		)	(20,629		)
Interest income	353			400
Interest expense	(12,458		)	(12,838		)
Operating expenses	(19,980		)	(18,748		)
Income from continuing operations before loss on sales of real estate assets	5,309			7,884
Loss on sales of real estate assets	—			(71		)
Net income ⁽¹⁾	$	5,309		$	7,813


(1)	The Company's share of net income is $3,739 and $5,373 for the three months ended March 31, 2018 and 2017, respectively.

The Company's unconsolidated affiliates had the following loan activity in 2018:



Date	Property	Stated Interest Rate	Maturity Date		Amount Extended
February	Hammock Landing - Phase I	LIBOR + 2.0%	April 2018	⁽¹⁾	$	42,147
February	Hammock Landing - Phase II	LIBOR + 2.0%	April 2018	⁽¹⁾	16,277
February	The Pavilion at Port Orange	LIBOR + 2.0%	April 2018	⁽¹⁾	56,948


(1)	The loan was amended to extend the maturity date from February 2018 and has an extension option for an outside maturity date of February 2019.

Schedule of limited partners' capital account by class

Noncontrolling interests consist of the following:



	As of
	March 31, 2018		December 31, 2017
Noncontrolling interests:
Operating Partnership	$	86,723	$	86,773
Other consolidated subsidiaries	8,084		9,701
	$	94,807	$	96,474

Schedule of variable interest entities

The table below lists the Company's unconsolidated VIEs as of March 31, 2018:



	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—	$	10,605
EastGate Storage, LLC ⁽¹⁾	1,121		6,500
G&I VIII CBL Triangle LLC	1,469		1,469
Shoppes at Eagle Point, LLC⁽¹⁾	15,866		36,400


(1)	The debt is guaranteed by the Operating Partnership at 100%. See Note 11 for more information.

- 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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