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Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2016
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures |
Schedule of variable interest entities ground leases information | The following chart details the Company’s variable interest entities through its ground leases at September 30, 2016 (dollars in thousands):
|  |  |  |  |  | Improved by |  |  |
|  |  |  | Contract |  | # Units in |  | Owner/Operator |
|  |  |  | Purchase |  | Apartment |  | Mortgage from |
Description of Property |  | Date Acquired |  | Price |  | Complex (a) |  | Third Party (b) |
Land - The Meadows Apartments, Lakemoor, Illinois |  | March 24, 2015 |  | $ | 9,300 |  | 496 |  | $ | 43,824 |
Land - The Briarbrook Village Apartments, Wheaton, Illinois |  | August 2, 2016 |  | 10,530 |  | 342 |  | 39,411 |
Land - The Vue Apartments, Beachwood, Ohio |  | August 16, 2016 |  | 13,896 |  | 348 |  | 67,444 |
Totals |  |  |  | $ | 33,726 |  | 1,186 |  | $ | 150,679 |
| (a) |  | With each purchase, the Company simultaneously entered into a triple net ground lease with the owner/operator of the applicable complex. Affiliates of Strategic Properties of North America are the owner/operators of these properties.
| (b) |  | Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party which, together with the Company’s purchase of the land, provided substantially all of the aggregate funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. Other than as described above, no other financial support has been provided by the Company to the owner/operator.
Summary of our variable interests in identified VIEs aggregate carrying amount and maximum exposure to loss | The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September 30, 2016 (amounts in thousands):
|  |  |  | Carrying Amount and |
Property |  | Type of Exposure |  | Maximum Exposure to Loss |
The Meadows Apartments, Lakemoor, Illinois |  | Land |  | $ | 9,592 |
The Briarbrook Village Apartments, Wheaton, Illinois |  | Land |  | 10,536 |
The Vue Apartments, Beachwood, Ohio |  | Land |  | 13,901 |
Total |  |  |  | $ | 34,029 |
Summary of our variable interests in identified VIEs | The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands):
|  | September 30, |  | December 31, |
|  | 2016 |  | 2015 |
Land |  | $ | 18,400 |  | $ | 18,400 |
Buildings and improvements, net of depreciation of $2,907 and $2,076, respectively |  | 34,349 |  | 34,287 |
Cash |  | 1,869 |  | 1,960 |
Unbilled rent receivable |  | 935 |  | 330 |
Unamortized intangible lease assets, net |  | 1,694 |  | 1,996 |
Escrow, deposits and other assets and receivables |  | 1,596 |  | 752 |
Mortgages payable, net of deferred financing costs of $640 and $438, respectively |  | 36,062 |  | 25,926 |
Accrued expenses and other liabilities |  | 1,274 |  | 793 |
Unamortized intangible lease liabilities, net |  | 2,247 |  | 2,392 |
Accumulated other comprehensive loss |  | (282 | ) | (126 | )
Non-controlling interests in consolidated joint ventures |  | 1,750 |  | 1,931 |

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- Definition Tabular disclosure of the Company's variable interests in identified VIE's aggregate carrying amount and maximum exposure to loss. + References No definition available. + Details
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- Definition Tabular disclosure of the Company's variable interest entities ground leases information. + References No definition available. + Details
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- Definition Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Disclosure + References No definition available. + Details
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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685 + Details
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