Variable Interest Entities (“VIEs”)

3 Months Ended

Mar. 31, 2019

Variable Interest Entities [Abstract]

Variable Interest Entities (“VIEs”)

11. 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 90.5% of, the Operating Partnership as of March 31, 2019. 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, 2019 and December 31, 2018, 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
(Amounts in thousands)	March 31, 2019		December 31, 2018
Real estate, net	$	1,695,367	$	1,699,618
Cash and restricted cash		77,206		63,450
Investments in unconsolidated joint ventures		66,059		52,923
Preferred equity investments		-		36,042
Accounts and other receivables, net		1,901		2,107
Deferred rent receivable		54,005		51,926
Deferred charges, net		16,825		14,160
Intangible assets, net		41,525		45,818
Other assets		20,122		16,635
Total VIE assets	$	1,973,010	$	1,982,679
Notes and mortgages payable, net	$	1,197,903	$	1,197,644
Accounts payable and accrued expenses		35,875		24,183
Intangible liabilities, net		28,176		31,582
Other liabilities		4,209		5
Total VIE liabilities	$	1,266,163	$	1,253,414

Unconsolidated VIEs

As of March 31, 2019, 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
(Amounts in thousands)	March 31, 2019		December 31, 2018
Investments	$	8,163	$	10,352
Asset management fees and other receivables		11,156		722
Maximum risk of loss	$	19,319	$	11,074