Variable Interest Entities ("VIEs")

9 Months Ended

Sep. 30, 2021

Variable Interest Entities [Abstract]

Variable Interest Entities ("VIEs")

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 90.9% of, the Operating Partnership as of September 30, 2021. 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 September 30, 2021 and December 31, 2020, 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)	September 30, 2021		December 31, 2020
Real estate, net	$	3,437,064	$	3,470,766
Cash and cash equivalents and restricted cash		206,019		134,647
Investments in unconsolidated joint ventures		70,656		67,505
Accounts and other receivables		3,887		6,871
Deferred rent receivable		202,051		192,401
Deferred charges, net		50,621		55,156
Intangible assets, net		65,742		76,545
Other assets		34,250		21,496
Total VIE assets	$	4,070,290	$	4,025,387
Notes and mortgages payable, net	$	2,487,363	$	2,457,272
Accounts payable and accrued expenses		59,348		51,590
Intangible liabilities, net		29,084		33,566
Other liabilities		5,842		4,486
Total VIE liabilities	$	2,581,637	$	2,546,914

Unconsolidated VIEs

As of September 30, 2021, 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)	September 30, 2021		December 31, 2020
Investments	$	12,225	$	12,917
Asset management fees and other receivables		23		561
Maximum risk of loss	$	12,248	$	13,478