Variable Interest Entities ("VIEs")

9 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

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 91.6% of, the Operating Partnership as of September 30, 2024. 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 September 30, 2024 and December 31, 2023, 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
(Amounts in thousands)	September 30, 2024		December 31, 2023
Real estate, net	$	3,220,763	$	3,284,532
Cash and cash equivalents and restricted cash		237,622		176,354
Accounts and other receivables		11,664		10,005
Real estate related fund investments		-		775
Investments in unconsolidated joint ventures		87,329		89,949
Deferred rent receivable		197,284		207,938
Deferred charges, net		40,198		45,190
Intangible assets, net		30,824		38,209
Other assets		21,754		7,374
Total VIE assets	$	3,847,438	$	3,860,326

Notes and mortgages payable, net	$	2,319,284	$	2,450,401
Accounts payable and accrued expenses		58,632		48,952
Intangible liabilities, net		13,740		17,180
Other liabilities		5,436		5,852
Total VIE liabilities	$	2,397,092	$	2,522,385

Unconsolidated VIEs

As of September 30, 2024, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds and an unconsolidated joint venture that were deemed to be VIEs. The following table summarizes our investments in these entities and the maximum risk of loss from these investments.


	As of
(Amounts in thousands)	September 30, 2024		December 31, 2023
Investments in unconsolidated real estate funds	$	4,607	$	4,549
Investment in unconsolidated joint venture		327		-
Asset management fees and other receivables		555		18
Maximum risk of loss	$	5,489	$	4,567