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Investment in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures On November 19, 2018, we formed the VAA joint venture with the Macquarie Group (“Macquarie”). In connection with the formation of VAA, we sold a 50% ownership interest in certain multifamily properties to Macquarie for a $236,800 cash payment, resulting in a gain on sale of assets of $154,100. We then immediately transferred our respective ownership interests in the multifamily projects ("VAA Portfolio") to VAA in exchange for a 50% voting interest / 49% profit participation interest ("Class A interest") in VAA a nd note payable (“Mezzanine Loan”) in accordance with the terms of a contribution agreement (the “Contribution”). Upon completion of the Contribution, VAA owned and controlled 52 multifamily properties. VAA assumed all liabilities of those properties, including mortgage debt insured by the Department of Housing and Urban Development (“HUD”). Concurrent with the Contributi on, VAA issued Class B interests with a 2% profits participation interest and no voting rights to Daniel J. Moos, our former President and Chief Executive Officer (“Class B Member”). The Class B Member serves as the Manager of VAA. Interest on the Mezzanine loan is limited to cash generated from the properties and matures concurrently with the termination of VAA. Accordingly, we account for our interest in the Mezzanine Loan as additional equity interest and includes any interest payments accrued as income from unconsolidated joint ventures. We also own a 20% ownership interest in a 20% interest in Gruppa Florentina, LLC ("Milano"), which operates several pizza parlors in Central and Northern California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo & Vito’s Pizzerias. The following is a summary of our investment in unconsolidated joint ventures:
|  | As of December 31,
|  | 2020 |  | 2019
Assets (1) |  |  |  |
Real estate |  | 1,230,197 |  |  | 1,255,998 |
Other assets |  | 113,537 |  |  | 107,006 |
Total assets |  | $ | 1,343,734 |  |  | $ | 1,363,004 |
Liabilities and Partners Capital (1) |  |  |  |
Mortgage notes payable |  | 843,522 |  |  | 843,053 |
Mezzanine notes payable |  | 239,878 |  |  | 240,422 |
Other liabilities |  | 45,619 |  |  | 37,118 |
Our share of partners' capital |  | 93,334 |  |  | 108,035 |
Outside partner's capital |  | 121,381 |  |  | 134,376 |
Total liabilities and partners' capital |  | $ | 1,343,734 |  |  | $ | 1,363,004 |
Investment in unconsolidated joint ventures |  |  |  |
Our share of partners' capital |  | $ | 93,334 |  |  | $ | 108,035 |
Our share of Mezzanine note payablestr |  | 119,939 |  |  | 120,211 |
Basis adjustment (2) |  | (152,848) |  |  | (160,591) |
Total investment in unconsolidated joint ventures |  | $ | 60,425 |  |  | $ | 67,655 |
(1) These amounts include the assets of $1,280,827 and $1,305,179 of VAA at December 31, 2020 and 2019, respectively, and liabilities of $1,107,861 and $1,104,070 of VAA at December 31, 2020 and 2019, respectively. (2) We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of our underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The following is a summary of our income (loss) from investments in unconsolidated joint ventures:
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Revenue (1) |  |  |  |  |  |
Rental revenue |  | $ | 117,336 |  |  | $ | 109,746 |  |  | $ | 11,568 |
Other revenue |  | 57,515 |  |  | 59,069 |  |  | 53,603 |
Total revenue |  | 174,851 |  |  | 168,815 |  |  | 65,171 |
Expenses (1) |  |  |  |  |  |
Operating expenses |  | 110,108 |  |  | 109,588 |  |  | 57,922 |
Depreciation and amortization |  | 31,921 |  |  | 45,453 |  |  | 8,506 |
Interest |  | 57,455 |  |  | 61,867 |  |  | 6,432 |
Total expenses |  | 199,484 |  |  | 216,908 |  |  | 72,860 |
Net loss |  | $ | (24,633) |  |  | $ | (48,093) |  |  | $ | (7,689) |
Our share of net (loss) income in unconsolidated joint ventures |  | $ | (379) |  |  | $ | (2,313) |  |  | $ | 1,513 |
(1) These amounts include revenue of $123,115, $115,377 and $12,877 of VAA during the years ended December 31, 2020, 2019 and 2018, respectively, and expenses of $149,817, $165,773 and $22,609 of VAA during the years ended December 31, 2020, 2019 and 2018, respectively.

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- References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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