Variable Interest Entities (“VIEs”)

12 Months Ended

Dec. 31, 2018

Variable Interest Entities [Abstract]

Variable Interest Entities (“VIEs”)

14. 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 deemed to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and owned approximately 90.3% of, the Operating Partnership as of December 31, 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 December 31, 2018 and 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 following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.

	As of December 31,
(Amounts in thousands)	2018		2017
Real estate, net	$	1,699,618	$	1,726,800
Cash and restricted cash		63,450		55,658
Investments in unconsolidated joint ventures		52,923		16,031
Preferred equity investments, net		36,042		35,817
Accounts and other receivables, net		2,107		2,550
Deferred rent receivable		51,926		44,000
Deferred charges, net		14,160		8,123
Intangible assets, net		45,818		66,112
Other assets		16,635		929
Total VIE assets	$	1,982,679	$	1,956,020
Notes and mortgages payable, net	$	1,197,644	$	1,196,607
Accounts payable and accrued expenses		24,183		21,211
Intangible liabilities, net		31,582		46,365
Other liabilities		5		155
Total VIE liabilities	$	1,253,414	$	1,264,338

Unconsolidated VIEs

As of December 31, 2018, the Operating Partnership held variable interests in entities that own our unconsolidated real estate funds that were deemed to be VIEs. The following table summarizes our investments in these unconsolidated real estate funds and the maximum risk of loss from these investments.

	As of December 31,
(Amounts in thousands)	2018		2017
Investments	$	10,352	$	7,253
Asset management fees and other receivables		722		597
Maximum risk of loss	$	11,074	$	7,850