Variable Interest Entities ("VIEs")

6 Months Ended

Jun. 30, 2019

Variable Interest Entities [Abstract]

13.	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 90.4% of, the Operating Partnership as of June 30, 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 June 30, 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)	June 30, 2019		December 31, 2018
Real estate, net	$	1,693,813	$	1,699,618
Cash and restricted cash		69,570		63,450
Investments in unconsolidated joint ventures		69,346		52,923
Preferred equity investments		-		36,042
Accounts and other receivables, net		1,239		2,107
Deferred rent receivable		55,070		51,926
Deferred charges, net		22,845		14,160
Intangible assets, net		37,501		45,818
Other assets		22,570		16,635
Total VIE assets	$	1,971,954	$	1,982,679

Notes and mortgages payable, net	$	1,198,162	$	1,197,644
Accounts payable and accrued expenses		40,281		24,183
Intangible liabilities, net		25,266		31,582
Other liabilities		4,230		5
Total VIE liabilities	$	1,267,939	$	1,253,414

Unconsolidated VIEs

As of June 30, 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)	June 30, 2019			December 31, 2018
Investments	$	8,263		$	10,352
Asset management fees and other receivables		171,435	⁽¹⁾		722
Maximum risk of loss	$	179,698		$	11,074

⁽¹⁾

^{Includes a $170,000 note receivable from Fund X. See Note 20, Related Parties.}