12.	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 deemed to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and own approximately 90.5% of, the Operating Partnership as of June 30, 2018. 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 June 30, 2018 and December 31, 2017, 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
(Amounts in thousands)	June 30, 2018		December 31, 2017
Real estate, net	$	1,711,766	$	1,726,800
Cash and restricted cash		79,622		55,658
Investments in unconsolidated joint ventures		40,236		16,031
Preferred equity investments, net		35,925		35,817
Accounts and other receivables, net		1,626		2,550
Deferred rent receivable		47,663		44,000
Deferred charges, net		10,777		8,123
Intangible assets, net		56,230		66,112
Other assets		18,035		929
Total VIE assets	$	2,001,880	$	1,956,020

Notes and mortgages payable, net	$	1,197,126	$	1,196,607
Accounts payable and accrued expenses		29,392		21,211
Intangible liabilities, net		38,754		46,365
Other liabilities		151		155
Total VIE liabilities	$	1,265,423	$	1,264,338

Unconsolidated VIEs

As of June 30, 2018, 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.

	As of
(Amounts in thousands)	June 30, 2018		December 31, 2017
Investments	$	9,292	$	7,253
Asset management fees and other receivables		697		597
Maximum risk of loss	$	9,989	$	7,850