Variable Interest Entities And Equity Method Investments
|6 Months Ended|
Jun. 30, 2023
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|Variable Interest Entities And Equity Method Investments||VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
Variable Interest Entities
The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:
See Note 14 for additional information on the call and put options related to our investment funds.
Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the six months ended June 30, 2023, joint venture members contributed $922 to joint ventures. One JV member was refunded $20,521, net of adjustments, from debt proceeds received from the JV’s Non-recourse Construction Credit Facility, 6.54%, due July 2024. Our joint ventures generated $622 and $1,044, in earnings during the three and six months ended June 30, 2023, respectively.
Equity Method Investments
Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in earnings from unconsolidated entities on the condensed consolidated statements of income.The following table provides information about our equity method investments in joint ventures:
The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef