Variable Interest Entities ("VIEs") (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Assets and Liabilities of Consolidated Variable Interest Entities

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 [Member]

Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments

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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details