Investment in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

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:


	June 30, 2022		December 31, 2021
Assets (1)
Assets held for sale	$	1,119,125	$	1,135,769
Real estate	142,481		142,629
Other assets	62,686		69,457
Total assets	$	1,324,292	$	1,347,855
Liabilities and Partners' Capital (1)
Liabilities on assets held for sale	$	796,076	$	807,382
Mortgage notes payable	86,478		83,955
Mezzanine notes payable	238,952		242,942
Other liabilities	34,512		25,970
Our share of partners' capital	73,623		80,602
Outside partner's capital	94,651		107,004
Total liabilities and partners' capital	$	1,324,292	$	1,347,855
Investment in unconsolidated joint ventures
Our share of partners' capital	$	73,623	$	80,602
Our share of Mezzanine note payable	123,512		125,306
Basis adjustment (2)	(137,884)		(144,287)
Total investment in unconsolidated joint ventures	$	59,251	$	61,621

(1) These amounts include the assets of VAA of $1,261,647 and $1,280,867 at June 30, 2022 and December 31, 2021, respectively, and liabilities of VAA of $332,353 and $329,891 at June 30, 2022 and December 31, 2021, 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 from our investments in unconsolidated joint ventures:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue (1)
Rental revenue	$	4,032	$	3,613	$	7,963	$	7,135
Other revenue	15,901		15,842		25,702		29,673
Total revenue	19,933		19,455		33,665		36,808
Expenses (2)
Operating expenses	25,060		16,385		36,531		30,818
Depreciation and amortization	1,134		1,199		2,322		2,398

Interest	6,253		5,999		12,028		11,937
Total expenses	32,447		23,583		50,881		45,153
Loss from continuing operations	(12,514)		(4,128)		(17,216)		(8,345)
Income from discontinued operations	4,512		686		7,948		3,342
Net loss	$	(8,002)	$	(3,442)	$	(9,268)	$	(5,003)
Equity in the income in unconsolidated joint ventures	$	2,048	$	4,572	$	7,242	$	7,908

(1) These amounts include revenue of VAA of $4,268 and $3,802 for the three months ended June 30, 2022 and 2021, respectively, and $8,341 and $7,481 during the six months ended June 30, 2022 and 2021, respectively.

(2) These amounts include expenses of VAA of $17,486 and $9,246 for the three months ended June 30, 2022 and 2021, respectively, and $26,665 and $17,997 during the six months ended June 30, 2022 and 2021, respectively.