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Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2018
Unconsolidated JV |
Schedule of Variable Interest Entities through Ground Leases and Carrying Amount and Maximum Exposure to Loss | The following chart details the VIEs through the Company’s ground leases and the aggregate carrying amount and maximum exposure to loss as of September 30, 2018 (dollars in thousands):
|  |  |  |  |  |  |  |  | Owner/ |  |  |  | Carrying
|  |  |  | Land |  |  |  | Operator |  |  |  | Amount and
|  |  |  | Contract |  | # Units in |  | Mortgage |  |  |  | Maximum
|  |  |  | Purchase |  | Apartment |  | from |  | Type of |  | Exposure to
Description of Property(a) |  | Date Acquired |  | Price |  | Complex |  | Third Party(b) |  | Exposure |  | Loss
The Briarbrook Village Apartments, Wheaton, Illinois |  | August 2,2016 |  | $ | 10,530 |  | 342 |  | $ | 39,411 |  | Land |  | $ | 10,536
The Vue Apartments, Beachwood, Ohio |  | August 16, 2016 |  |  | 13,896 |  | 348 |  |  | 67,444 |  | Land |  |  | 13,901
Totals |  |  |  | $ | 24,426 |  | 690 |  | $ | 106,855 |  |  |  | $ | 24,437
| (a) |  | Simultaneously with each purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, 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 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. No other financial support has been provided by the Company to the owner/operator.
Consolidated JV |
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,
|  | 2018 |  | 2017 (a)
Land |  | $ | 14,722 |  | $ | 17,844
Buildings and improvements, net of accumulated depreciation of $3,867 and $3,811, respectively |  |  | 27,893 |  |  | 31,789
Cash |  |  | 902 |  |  | 1,145
Unbilled rent receivable |  |  | 1,196 |  |  | 1,011
Unamortized intangible lease assets, net |  |  | 932 |  |  | 1,241
Escrow, deposits and other assets and receivables |  |  | 878 |  |  | 948
Mortgages payable, net of unamortized deferred financing costs of $407 and $442, respectively |  |  | 27,143 |  |  | 32,252
Accrued expenses and other liabilities |  |  | 689 |  |  | 870
Unamortized intangible lease liabilities, net |  |  | 1,770 |  |  | 2,015
Accumulated other comprehensive income (loss) |  |  | 117 |  |  | (1)
Non-controlling interests in consolidated joint ventures |  |  | 1,439 |  |  | 1,742
| (a) |  | Includes a consolidated joint venture, in which the Company held an 85% interest, located in Fort Bend, Texas which was sold in January 2018 (see Note 5).

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- Definition Tabular disclosure of the Company's variable interest entities ground leases and 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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5728-111685 + Details
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