We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of Aimco are that of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary, and therefore consolidates our eight VIEs that own interests in real estate. In addition, we have nine unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The nine unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, our investment in the Edgewater joint venture, and our investments in the DC joint ventures.

Details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2022, and December 31, 2021, (in thousands, except for VIE count):


	June 30, 2022				December 31, 2021
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	8		9		9		6
Assets
Real estate, net	$	205,053	$	—	$	564,909	$	—
Mezzanine investment		—		354,365		—		337,797
Right-of-use lease assets		96,254		—		429,768		—
Receivable from lease termination		186,318		—		—		—
Unconsolidated real estate partnerships		—		27,149		—		13,005
Other assets, net		28,548		59,686		43,715		35,773
Liabilities
Deferred tax liabilities		—		—		124,747		—
Accrued liabilities and other		56,606		—		30,519		—
Construction loans, net		133,985		—		163,570		—
Lease liabilities		95,399		—		435,093		—

As of June 30, 2022, we acquired all of the outstanding redeemable non-controlling interests in an entity reported as a consolidated VIE as of December 31, 2021. The changes in consolidated VIE assets and liabilities from December 31, 2021 to June 30, 2022 in the table above are primarily due to the impact of: (i) the declassification of the entity described above as a VIE; (ii) the recognition of a receivable from lease termination of $186.3 million due to lease modifications; and (iii) the derecognition of right-of-use lease assets and lease liabilities of $326.1 million and $337.3 million, respectively, due to the lease modifications described in Note 3.

As of June 30, 2022, one of our consolidated VIEs had an outstanding construction loan. In conjunction with this loan, we made customary guarantees. In certain situations, the loan's lenders may have recourse to our general credit. As of June 30, 2022, we estimate our maximum exposure equals the $134.0 million outstanding loan balance. Other consolidated VIEs' creditors do not have recourse to our general credit.

We own an interest in four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California. We also own investments in the Edgewater joint venture to develop a 2.8-acre site in Miami's Edgewater neighborhood, and the DC joint ventures to develop a ground-up and mixed-use retail and cultural space in Bethesda, Maryland. The joint ventures were formed during the six months ended June 30, 2022. See Note 3 for further information.

Our investment balances of $27.1 million and $13.0 million as of June 30, 2022 and December 31, 2021, respectively, represented our maximum exposure to loss in these unconsolidated VIEs.

AIR owns an interest in a partnership that owns Parkmerced Apartments, of which it is not the primary beneficiary, and under the terms of the Separation Agreement, AIR is obligated to transfer ownership of the subsidiaries that hold this interest to us upon receipt of required third-party consents. Our investment balances of $354.4 million and $337.8 million as of June 30, 2022 and December 31, 2021, respectively, represent our indirect interest in notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE.