Variable Interest Entities ("VIEs")

3 Months Ended

Mar. 31, 2017

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 determined to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and own approximately 87.3% of, the Operating Partnership as of March 31, 2017. 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, 2017 and December 31, 2016, the Operating Partnership held variable interests in the entities owning a real estate fund, preferred equity investments and a property 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, 2017		December 31, 2016
Rental property, net	$	1,331,814	$	1,336,810
Cash and restricted cash		61,047		17,054
Preferred equity investments		55,294		55,051
Accounts and other receivables		584		5,966
Deferred rent receivable		37,339		32,103
Deferred charges, net		6,044		695
Intangible assets, net		48,922		52,139
Other assets		419		14,474
Total VIE assets	$	1,541,463	$	1,514,292

Notes and mortgages payable, net	$	967,833	$	872,960
Accounts payable and other accrued expenses		19,292		21,077
Intangible liabilities, net		45,650		48,654
Interest rate swap liabilities		-		21,227
Other liabilities		11,127		6,555
Total VIE liabilities	$	1,043,902	$	970,473

Unconsolidated VIEs

As of March 31, 2017, the Operating Partnership held variable interests in entities that own certain real estate funds that were deemed to be VIEs. The table below summarizes our investments in these unconsolidated real estate funds.

	As of March 31, 2017
			Asset Management Fees		Maximum
(Amounts in thousands)	Investments		and other Receivables		Risk of Loss
Unconsolidated real estate funds	$	23,913	$	2,015	$	25,928