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INVESTMENT IN VAA (Tables)

9 Months Ended

Sep. 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		September 30, 2019

Net real estate assets		$	1,240,076
Other assets			53,808
Debt, net			(816,581	)
Other liabilities			(274,604	)
Total equity			(202,699	)

Results of Operations		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
Total revenue		$	29,657			$	85,985
Total property, operating, and maintenance expenses			(13,863	)			(42,345	)
Interest expense			(15,425	)			(45,294	)
Depreciation and Amortization			(16,036	)			(46,792	)
Total other expense			(917	)			(1,919	)
Net loss		$	(16,584	)		$	(50,365	)

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

		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
VAA net loss		$	(16,584	)		$	(50,365	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan			6,314				18,804
In-place lease intangibles - amortization expense			9,272				26,037
Depreciation basis differences			621				2,565
Net loss		$	(377	)		$	(2,959	)
Percentage ownership in VAA			50	%			50	%
Loss from VAA		$	(189	)		$	(1,480	)