Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Assets and Liabilities of Consolidated Variable Interest Entities

The table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership

	As of
(Amounts in thousands)	September 30, 2017		December 31, 2016
Real estate, net	$	1,733,361	$	1,336,810
Cash and restricted cash		60,725		17,054
Investments in unconsolidated joint venture		16,077		-
Preferred equity investments		35,763		55,051
Accounts and other receivables		2,208		5,966
Deferred rent receivable		42,533		32,103
Deferred charges, net		7,569		695
Intangible assets, net		71,316		52,139
Other assets		597		14,474
Total VIE assets	$	1,970,149	$	1,514,292

Notes and mortgages payable, net	$	1,196,348	$	872,960
Accounts payable and other accrued expenses		26,095		21,077
Intangible liabilities, net		50,289		48,654
Other liabilities		175		27,782
Total VIE liabilities	$	1,272,907	$	970,473

Unconsolidated VIEs [Member]

Summary of Investments in Unconsolidated Real Estate Funds

As of September 30, 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 September 30, 2017
			Asset Management Fees		Maximum
(Amounts in thousands)	Investments		and Other Receivables		Risk of Loss
Unconsolidated real estate funds	$	8,146	$	617	$	8,763

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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