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INVESTMENT IN VAA (Tables)
 12 Months Ended
Dec. 31, 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):

 

    As of December 31,
Balance Sheet   2019   2018
         
Net real estate assets   $ 1,242,957     $ 1,257,557  
Other assets     62,222       67,020  
Debt, net     (832,779 )     (791,225 )
Other liabilities     (271,291 )     (280,288 )
Total equity     (201,109 )     (253,064 )

 

Results of Operations   For the Year Ended December 31, 2019   For the period November 19 to December 31, 2018
Total revenue   $ 115,377     $ 12,887  
Total property, operating, and maintenance expenses     (56,967 )     (4,507 )
Interest expense     (61,487 )     (5,818 )
Depreciation and Amortization     (43,942 )     (6,987 )
Total other expense     (3,377 )     (5,297 )
Net loss   $ (50,396 )   $ (9,722 )

 

The following is a reconciliation from VAA’s net loss to TCI’s equity in earnings from VAA (dollars in thousands):

 

    For the Year Ended December 31, 2019   For the period November 19 to December 31, 2018
VAA net loss   $ (50,396 )   $ (9,722 )
Adjustments to reconcile to income (loss) from VAA                
  Interest expense on mezzanine loan     25,014       2,815  
  In-place lease intangibles - amortization expense     14,703       3,983  
  Depreciation basis differences     5,132       3,012  
 Net loss   $ (5,547 )   $ 88  
Percentage ownership in VAA     50 %     50 %
Loss from VAA   $ (2,774 )   $ 44  

 
Schedule of the location of properties owned by VAA

The following table sets forth the location of our real estate held for investment (income-producing properties only) by asset type as of December 31, 2019:

 

 

Apartments  

 

Location

 

 

No.

 

 

 

Units

 

Alabama

 

 

1

 

 

 

168

 

Arkansas

 

 

5

 

 

 

1,122

 

Colorado

 

 

2

 

 

 

260

 

Florida

 

 

2

 

 

 

388

 

Georgia

 

 

1

 

 

 

222

 

Louisiana

 

 

3

 

 

 

464

 

Mississippi

 

 

1

 

 

 

196

 

North Carolina

 

 

1

 

 

 

201

 

Nevada

 

 

1

 

 

 

308

 

Tennessee

 

 

4

 

 

 

708

 

Texas-Greater Dallas-Ft Worth

 

 

19

 

 

 

3,749

 

Texas-Greater Houston

 

 

2

 

 

 

416

 

Texas-Other

 

 

9

 

 

 

1,726

 

 Total

 

 

51

 

 

 

9,888

 

 

Schedule of apartment projects in development

At December 31, 2019, our apartment projects in development included (dollars in thousands):

 

Property   Location     No. of Units     Costs to Date (1)     Total Projected Costs (1)  
Lakeside Lofts apartments   Farmers Branch, TX       249     $    50,357     $      80,622  
Total          249   $  50,357     $    80,622  

  

(1) Costs include construction hard costs, construction soft costs and loan borrowing costs.