Unconsolidated Affiliates and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statements of Unconsolidated Affiliates

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



	March 31, 2019			December 31, 2018
ASSETS
Investment in real estate assets	$	2,100,828		$	2,097,088
Accumulated depreciation	(687,230		)	(674,275		)
	1,413,598			1,422,813
Developments in progress	16,961			12,569
Net investment in real estate assets	1,430,559			1,435,382
Other assets	178,916			188,521
Total assets	$	1,609,475		$	1,623,903



	March 31, 2019		December 31, 2018
LIABILITIES
Mortgage and other indebtedness, net	$	1,318,685	$	1,319,949
Other liabilities	33,695		39,777
Total liabilities	1,352,380		1,359,726

OWNERS' EQUITY
The Company	185,123		191,050
Other investors	71,972		73,127
Total owners' equity	257,095		264,177
Total liabilities and owners' equity	$	1,609,475	$	1,623,903



	Total for the Three Months Ended March 31,
	2019		2018
Total revenues	$	55,867	$	57,181
Net income ⁽¹⁾	$	6,010	$	5,309


(1)	The Company's share of net income is $3,308 and $3,739 for the three months ended March 31, 2019 and 2018, respectively.

Schedule of Limited Partners' Capital Account by Class

Noncontrolling interests consist of the following:



	As of
	March 31, 2019		December 31, 2018
Noncontrolling interests:
Operating Partnership	$	46,892	$	55,917
Other consolidated subsidiaries	11,079		12,111
	$	57,971	$	68,028

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of March 31, 2019:



	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—	$	10,605
EastGate Storage, LLC ⁽¹⁾	1,052		6,500
G&I VIII CBL Triangle LLC⁽²⁾	—		—
Self Storage at Mid Rivers, LLC ⁽¹⁾	1,022		5,987
Shoppes at Eagle Point, LLC⁽¹⁾	16,295		12,740


(1)	The debt is guaranteed by the Operating Partnership at 100%. See Note 12 for more information.


(2)	In conjunction with a loss on impairment recorded in September 2018, the Company wrote down its investment in the unconsolidated 90/10 joint venture to zero. The maximum risk of loss is limited to the basis, which is zero.

- 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.

+ References + Details