Variable Interest Entities ("VIEs")

12 Months Ended

Dec. 31, 2023

Variable Interest Entities [Abstract]

Variable Interest Entities ("VIEs")

12. Variable Interest Entities (“VIEs”)

In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and owned approximately 91.8% of, the Operating Partnership as of December 31, 2023. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of December 31, 2023 and 2022, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.

	As of December 31,
(Amounts in thousands)	2023		2022
Real estate, net	$	3,284,532	$	3,364,482
Cash and cash equivalents and restricted cash		176,354		144,446
Accounts and other receivables		10,005		13,647
Real estate related fund investments		775		105,369
Investments in unconsolidated joint ventures		89,949		77,961
Deferred rent receivable		207,938		197,658
Deferred charges, net		45,190		49,485
Intangible assets, net		38,209		50,553
Other assets		7,374		9,860
Total VIE assets	$	3,860,326	$	4,013,461
Notes and mortgages payable, net	$	2,450,401	$	2,489,902
Accounts payable and accrued expenses		48,952		61,492
Intangible liabilities, net		17,180		21,936
Other liabilities		5,852		6,051
Total VIE liabilities	$	2,522,385	$	2,579,381

Unconsolidated VIEs

As of December 31, 2023, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds that were deemed to be VIEs. The following table summarizes our investments in these unconsolidated real estate related funds and the maximum risk of loss from these investments.

	As of December 31,
(Amounts in thousands)	2023		2022
Investments	$	4,549	$	3,411
Asset management fees and other receivables		18		21
Maximum risk of loss	$	4,567	$	3,432