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Variable Interest Entities ("VIEs") | 9 Months Ended
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Sep. 30, 2020
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 91.4% of, the Operating Partnership as of September 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 September 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) |  | September 30, 2020 |  |  | December 31, 2019 |
Real estate, net |  | $ | 3,474,281 |  |  | $ | 1,685,391 |
Cash and cash equivalents and restricted cash |  |  | 120,883 |  |  |  | 69,828 |
Investments in unconsolidated joint ventures |  |  | 67,769 |  |  |  | 69,535 |
Accounts and other receivables |  |  | 3,852 |  |  |  | 2,140 |
Deferred rent receivable |  |  | 183,890 |  |  |  | 57,338 |
Deferred charges, net |  |  | 56,647 |  |  |  | 24,030 |
Intangible assets, net |  |  | 81,066 |  |  |  | 29,872 |
Other assets |  |  | 33,954 |  |  |  | 21,132 |
Total VIE assets |  | $ | 4,022,342 |  |  | $ | 1,959,266 |
Notes and mortgages payable, net |  | $ | 2,456,764 |  |  | $ | 1,205,324 |
Accounts payable and accrued expenses |  |  | 51,383 |  |  |  | 35,252 |
Intangible liabilities, net |  |  | 33,733 |  |  |  | 19,841 |
Other liabilities |  |  | 4,398 |  |  |  | 13,047 |
Total VIE liabilities |  | $ | 2,546,278 |  |  | $ | 1,273,464 |
Unconsolidated VIEs As of September 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) |  | September 30, 2020 |  |  | December 31, 2019 |  |
Investments |  | $ | 12,867 |  |  | $ | 10,317 |  |
Asset management fees and other receivables |  |  | 842 |  |  |  | 37,563 |  | (1)
Maximum risk of loss |  | $ | 13,709 |  |  | $ | 47,880 |  |
(1)Includes a $36,918 note receivable from Fund X that was repaid on March 27, 2020. See Note 20, Related Parties.

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- Definition Variable interest entities. + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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