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INVESTMENT IN VAA (Tables)

3 Months Ended

Mar. 31, 2020

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):

			For the period ended March 31,
			2020				2019
Balance Sheet
Net real estate assets			$	1,239,252			$	1,257,557
Other assets				48,968				67,020
Debt, net				(834,826	)			(796,065	)
Other liabilities				(261,620	)			(275,448	)
Total equity				(191,774	)			(253,064	)

			For the Three Months Ended March 31,
			2020				2019
Results of Operations
Total revenue			$	29,660			$	27,401
Total property, operating, and maintenance expenses				(13,842	)			(14,169	)
Interest expense				(15,074	)			(15,070	)
Depreciation and Amortization				(7,657	)			(15,233	)
Total other expense				(982	)			(675	)
Net loss			$	(7,895	)		$	(17,746	)

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

		For the Three Months Ended March 31,
		2020				2019
VAA net loss		$	(7,895	)		$	(17,746	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan			5,873				6,089
In-place lease intangibles - amortization expense			—				8,336
Depreciation basis differences			1,270				1,211
Net loss		$	(752	)		$	(2,110	)
Percentage ownership in VAA			50	%			50	%
Loss from VAA		$	(376	)		$	(1,055	)