13.	Variable Interest Entities

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 90.7% of, the Operating Partnership as of December 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 December 31, 2017 and 2016, the Operating Partnership held interests in consolidated VIEs owning properties, a real estate fund and preferred equity investments 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 table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.

	As of December 31,
(Amounts in thousands)	2017		2016
Real estate, net	$	1,726,800	$	1,336,810
Cash and restricted cash		55,658		17,054
Investments in unconsolidated joint ventures		16,031		-
Preferred equity investments, net		35,817		55,051
Accounts and other receivables, net		2,550		695
Deferred rent receivable		44,000		32,103
Deferred charges, net		8,123		5,966
Intangible assets, net		66,112		52,139
Other assets		929		14,474
Total VIE assets	$	1,956,020	$	1,514,292

Notes and mortgages payable, net	$	1,196,607	$	872,960
Accounts payable and other accrued expenses		21,211		21,077
Intangible liabilities, net		46,365		48,654
Other liabilities		155		27,782
Total VIE liabilities	$	1,264,338	$	970,473

Unconsolidated VIEs

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

	Unconsolidated Real Estate Funds
	As of December 31,
(Amounts in thousands)	2017		2016
Investments	$	7,253	$	28,173
Asset Management Fees and Other Receivables	$	597	$	1,680
Maximum Risk of Loss	$	7,850	$	29,853