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INVESTMENT IN VAA (Tables)
 6 Months Ended
Jun. 30, 2019
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):

 

Balance Sheet   June 30,
2019		  
Net real estate assets   $ 1,247,535  
Other assets     56,474  
Debt, net     (812,010 )
Other liabilities     (272,716 )
Total equity   $ (219,283 )

 

Results of Operations   Three Months Ended
June 30, 2019		     Six Months Ended
June 30, 2019		  
Total revenue   $ 28,927     $ 56,328  
Total property, operating, and maintenance expenses     (14,313 )     (28,482 )
Interest expense     (14,799 )     (29,869 )
Depreciation and Amortization     (15,523 )     (30,756 )
Total other expense     (327 )     (1,002 )
Net loss   $ (16,035 )   $ (33,781 )

 

Below is a reconciliation of our allocation of income or loss from VAA.

 

    Three Months Ended
June 30, 2019		     Six Months Ended
June 30, 2019		  
VAA net loss   $ (16,035 )   $ (33,781 )
Adjustments to reconcile to income (loss) from VAA                
Interest expense on mezzanine loan     6,401       12,490  
In-place lease intangibles - amortization expense     8,429       16,765  
Depreciation basis differences     733       1,944  
Net loss   $ (472 )   $ (2,582 )
Percentage ownership in VAA     50 %     50 %
Loss from VAA   $ (236 )   $ (1,291 )