Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Joint Ventures

The following is a summary of our investment in unconsolidated joint ventures:


	September 30, 2021		December 31, 2020
Assets (1)
Real estate	$	1,227,945	$	1,230,197
Other assets	114,626		113,537
Total assets	$	1,342,571	$	1,343,734
Liabilities and Partners' Capital (1)
Mortgage notes payable	$	870,000	$	843,522
Mezzanine notes payable	242,942		239,878
Other liabilities	37,992		45,619
Our share of partners' capital	81,676		93,334
Outside partner's capital	109,961		121,381
Total liabilities and partners' capital	$	1,342,571	$	1,343,734
Investment in unconsolidated joint ventures
Our share of partners' capital	$	81,676	$	93,334
Our share of Mezzanine note payable	121,471		119,939
Basis adjustment (2)	(144,709)		(152,848)
Total investment in unconsolidated joint ventures	$	58,438	$	60,425

(1) These amounts include the assets of VAA of $1,277,069 and $1,279,197 at September 30, 2021 and December 31, 2020, respectively, and liabilities of VAA of $1,128,268 and $1,106,231 at September 30, 2021 and December 31, 2020, 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 income (loss) from our investments in unconsolidated joint ventures:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue (1)
Rental revenue	$	33,563	$	29,999	$	96,670	$	86,841
Other revenue	17,080		15,182		50,131		44,018
Total revenue	50,643		45,181		146,801		130,859
Expenses (2)
Operating expenses	32,052		29,629		91,305		84,310
Depreciation and amortization	8,194		8,190		24,393		24,312
Other income	—		—		(2,356)		—
Interest	13,906		12,574		41,971		42,093
Total expenses	54,152		50,393		155,313		150,715
Net loss	$	(3,509)	$	(5,212)	$	(8,512)	$	(19,856)
Our equity in the income (loss) in unconsolidated joint ventures	$	3,543	$	337	$	11,451	$	(642)

(1) These amounts include revenue of VAA of $35,572 and $31,591 during the three months ended September 30, 2021 and 2020, respectively, and $102,403 and $90,875 during the nine months ended September 30, 2021 and 2020, respectively.

(2) These amounts include expenses of VAA of $39,880 and $37,287 during the three months ended September 30, 2021 and 2020, respectively, and $113,885 and $112,333 during the nine months ended September 30, 2021 and 2020, respectively.