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.

We are the sole general partner of, and owned approximately 92.1% of, the Operating Partnership as of March 31, 2025. 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, 2025 and December 31, 2024, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds 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, 2025		December 31, 2024
Real estate, net	$	3,522,958	$	3,199,972
Cash and cash equivalents and restricted cash		306,798		280,258
Accounts and other receivables		12,926		10,067
Investments in unconsolidated joint ventures		70,617		76,579
Deferred rent receivable		199,812		192,939
Deferred charges, net		46,897		38,610
Intangible assets, net		27,224		28,569
Other assets		21,445		7,078
Total VIE assets	$	4,208,677	$	3,834,072

Notes and mortgages payable, net	$	2,322,477	$	2,320,880
Accounts payable and accrued expenses		57,814		54,877
Intangible liabilities, net		11,546		12,581
Other liabilities		5,327		5,334
Total VIE liabilities	$	2,397,164	$	2,393,672

As of March 31, 2025, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds and an unconsolidated joint venture that were deemed to be VIEs. The following table summarizes our investments in these entities and the maximum risk of loss from these investments.


	As of
(Amounts in thousands)	March 31, 2025		December 31, 2024
Investments in unconsolidated real estate funds	$	4,678	$	4,649
Investment in unconsolidated joint venture		2,521		1,212
Asset management fees and other receivables		524		482
Maximum risk of loss	$	7,723	$	6,343