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INVESTMENT IN VAA (Tables)
 12 Months Ended
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.