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Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Consolidated Joint Venture-VIEs

Variable Interest Entities

Summary of Variable Interest Entities carrying amounts and classification carrying amounts and balance sheet classification

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Note 6 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued)

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):

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2020			2019
Land	​	$	12,158	​	$	12,158
Buildings and improvements, net of accumulated depreciation of $4,559 and $4,334, respectively	​	​	23,999	​	​	24,223
Cash	​	​	873	​	​	888
Unbilled rent receivable	​	​	866	​	​	859
Unamortized intangible lease assets, net	​	​	716	​	​	745
Escrow, deposits and other assets and receivables	​	​	1,267	​	​	1,204
Mortgages payable, net of unamortized deferred financing costs of $298 and $313, respectively	​	​	23,993	​	​	24,199
Accrued expenses and other liabilities	​	​	749	​	​	562
Unamortized intangible lease liabilities, net	​	​	574	​	​	591
Accumulated other comprehensive loss	​	​	(181)	​	​	(65)
Non-controlling interests in consolidated joint ventures	​	​	1,209	​	​	1,221

X

- 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
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
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