11.

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 determined to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and own approximately 80.5% of, the Operating Partnership as of March 31, 2016. 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 March 31, 2016, the Operating Partnership held variable interests in the entities owning certain real estate fund investments, preferred equity and a property that were determined to be VIEs. As of December 31, 2015, the Operating Partnership held variable interests in the entities owning certain funds that were determined to be VIEs. The Operating Partnership is required to consolidate its interest in these entities because it is deemed to be the primary beneficiary and has the power to direct the activities of these entities that most significantly affect economic performance and the obligation to absorb losses and rights to receive benefits that could potentially be significant to the entity. 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 table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.

	As of
(Amounts in thousands)	March 31, 2016		December 31, 2015
Rental property, net	$	1,339,491	$	63,511
Investments, at fair value		-		8,025
Cash and restricted cash		24,807		497
Preferred equity investments		54,304		-
Deferred rent receivable		21,106		-
Accounts and other receivables		992		-
Deferred charges, net		5,148		-
Intangible assets, net		66,099		-
Other assets		360		-
Total VIE assets	$	1,512,307	$	72,033

Notes and mortgages payable, net	$	857,893	$	-
Loans payable to noncontrolling interests		-		45,662
Accounts payable and other accrued expenses		29,794		-
Intangible liabilities, net		60,823		-
Interest rate swap liabilities		50,046		-
Other liabilities		3,208		195
Total VIE liabilities	$	1,001,764	$	45,857

Unconsolidated VIEs

The adoption of ASU 2015-02 resulted in the deconsolidation of all of our real estate funds that were accounted for at fair value, except for the Residential Fund. The table below summarizes our investments in these unconsolidated real estate funds that are VIEs.

As of March 31, 2016

Asset Management

Maximum Risk

Fee and other

Risk of

(Amounts in thousands)

Investments

Receivable

Loss

Unconsolidated real estate funds

26,880

765

27,645