Variable Interest Entities ("VIEs")

3 Months Ended

Mar. 31, 2022

Variable Interest Entities [Abstract]

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 90.8% of, the Operating Partnership as of March 31, 2022. 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, 2022 and December 31, 2021, 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)	March 31, 2022		December 31, 2021
Real estate, net	$	3,398,283	$	3,415,735
Cash and cash equivalents and restricted cash		176,487		198,154
Investments in unconsolidated joint ventures		75,159		76,428
Accounts and other receivables		5,199		6,801
Deferred rent receivable		195,640		197,794
Deferred charges, net		52,101		53,013
Intangible assets, net		59,418		62,380
Other assets		25,322		15,551
Total VIE assets	$	3,987,609	$	4,025,856

Notes and mortgages payable, net	$	2,488,379	$	2,487,871
Accounts payable and accrued expenses		54,127		54,738
Intangible liabilities, net		26,395		27,674
Other liabilities		6,454		6,427
Total VIE liabilities	$	2,575,355	$	2,576,710

Unconsolidated VIEs

As of March 31, 2022, 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, 2022			December 31, 2021
Investments	$	11,573		$	11,421
Asset management fees and other receivables		49,330	⁽¹⁾		9
Maximum risk of loss	$	60,903		$	11,430

⁽¹⁾

Includes $49,316 note receivable from Fund X. See Note 19, Related Parties.