Variable Interest Entities (“VIEs”)

12 Months Ended

Dec. 31, 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 90.2% of, the Operating Partnership as of December 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 December 31, 2019 and 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 December 31,
(Amounts in thousands)	2019		2018
Real estate, net	$	1,685,391	$	1,699,618
Cash and cash equivalents and restricted cash		69,828		63,450
Investments in unconsolidated joint ventures		69,535		52,923
Preferred equity investments		-		36,042
Accounts and other receivables, net		2,140		2,107
Deferred rent receivable		57,338		51,926
Deferred charges, net		24,030		14,160
Intangible assets, net		29,872		45,818
Other assets		21,132		16,635
Total VIE assets	$	1,959,266	$	1,982,679

Notes and mortgages payable, net	$	1,205,324	$	1,197,644
Accounts payable and accrued expenses		35,252		24,183
Intangible liabilities, net		19,841		31,582
Other liabilities		13,047		5
Total VIE liabilities	$	1,273,464	$	1,253,414

Unconsolidated VIEs

As of December 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 December 31,
(Amounts in thousands)	2019			2018
Investments	$	10,317		$	10,352
Asset management fees and other receivables		37,563	⁽¹⁾		722
Maximum risk of loss	$	47,880		$	11,074

⁽¹⁾

^{Includes a $36,918 note receivable from Fund X. See Note 22, Related Parties.}