Variable Interest Entities ("VIEs")

6 Months Ended

Jun. 30, 2020

Variable Interest Entities [Abstract]

12.	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 91.4% of, the Operating Partnership as of June 30, 2020. 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, 2020 and December 31, 2019, the Operating Partnership held interests in consolidated VIEs owning properties and a real estate fund 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, 2020		December 31, 2019
Real estate, net	$	3,490,042	$	1,685,391
Cash and cash equivalents and restricted cash		110,860		69,828
Investments in unconsolidated joint ventures		67,986		69,535
Accounts and other receivables		5,636		2,140
Deferred rent receivable		178,933		57,338
Deferred charges, net		56,572		24,030
Intangible assets, net		85,662		29,872
Other assets		24,016		21,132
Total VIE assets	$	4,019,707	$	1,959,266

Notes and mortgages payable, net	$	2,449,538	$	1,205,324
Accounts payable and accrued expenses		47,631		35,252
Intangible liabilities, net		36,297		19,841
Other liabilities		4,380		13,047
Total VIE liabilities	$	2,537,846	$	1,273,464

Unconsolidated VIEs

As of June 30, 2020, 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, 2020		December 31, 2019
Investments	$	13,041	$	10,317
Asset management fees and other receivables		652		37,563	⁽¹⁾
Maximum risk of loss	$	13,693	$	47,880

⁽¹⁾Includes a $36,918 note receivable from Fund X that was repaid on March 27, 2020. See Note 20, Related Parties.