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INVESTMENT IN VAA (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of the financial position and results of operations of VAA | The following is a summary of the financial position and results of operations of VAA (dollars in thousands):
VAA |  | December 31, 2018
Balance Sheet |  |
Net real estate assets |  | $ | 1,257,557 |
Other assets |  |  | 67,020 |
Debt, net |  |  | (791,225 | )
Other liabilities |  |  | (280,288 | )
Total equity |  |  | (253,064 | )
|  | For the period November 19 to December 31, 2018
Results of Operations |  |
Total revenue |  | $ | 12,887 |
Total property, operating, and maintenance expenses |  |  | (4,507 | )
Total other expense |  |  | (18,102 | )
Net loss |  | $ | (9,722 | )
Below is a reconciliation of our allocation of income or loss from VAA (dollars in thousands):
|  | For the period November 19 to December 31, 2018
VAA net loss |  | $ | (9,722 | )
Adjustments to reconcile to income (loss) from VAA |  |  |  |
Interest expense on mezzanine loan |  |  | 2,815 |
In-place lease intangible amortization expense |  |  | 3,983 |
Depreciation basis differences |  |  | 3,012 |
Adjusted net income |  | $ | 88 |
Percentage ownership in VAA |  |  | 50 | %
Earnings from VAA |  | $ | 44 |
Schedule of the location of properties owned by VAA | The following table shows the location of the income-producing properties held for investment by VAA as of December 31, 2018:
|  | Apartments
Location |  | No. |  | Units
Alabama |  |  | 1 |  |  |  | 168 |
Arkansas |  |  | 6 |  |  |  | 1,320 |
Colorado |  |  | 2 |  |  |  | 260 |
Florida |  |  | 2 |  |  |  | 388 |
Georgia |  |  | 1 |  |  |  | 222 |
Louisiana |  |  | 3 |  |  |  | 464 |
Mississippi |  |  | 1 |  |  |  | 196 |
Nevada |  |  | 1 |  |  |  | 308 |
North Carolina |  |  | 1 |  |  |  | 201 |
Tennessee |  |  | 4 |  |  |  | 708 |
Texas-Greater Dallas-Ft Worth |  |  | 13 |  |  |  | 2,323 |
Texas-Greater Houston |  |  | 1 |  |  |  | 176 |
Texas-Other |  |  | 13 |  |  |  | 2,458 |
Total |  |  | 49 |  |  |  | 9,192 |
Schedule of apartment projects in development | At December 31, 2018, VAA apartment projects in development included (dollars in thousands):
Property |  | Location |  | No. of Units |  | Costs to Date (1) |  | Total Projected Costs (1)
Terra Lago apartments |  | Rowlett, TX |  |  | 451 |  |  | $ | 66,395 |  |  | $ | — |
Lakeside lofts apartments |  | Farmers Branch, TX |  |  | 494 |  |  |  | 50,357 |  |  |  | 80,622 |
Sawgrass Creek apartments Phase II |  | Tampa, FL |  |  | 143 |  |  |  | 25,113 |  |  |  | 26,799 |
Total |  |  |  |  | 1,088 |  |  | $ | 141,865 |  |  | $ | 107,421 |
(1) Costs include construction hard costs, construction soft costs and loan borrowing costs.

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- Definition Tabular disclosure of locations of properties owned by joint venture. + References No definition available. + Details
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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