Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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:


	September 30, 2022		December 31, 2021
Assets (1)
Assets held for sale	$	—	$	1,135,769
Real estate	141,670		142,629
Other assets (2)	679,634		69,457
Total assets	$	821,304	$	1,347,855
Liabilities and Partners' Capital (1)
Liabilities on assets held for sale	$	7,326	$	807,382
Mortgage notes payable	85,825		83,955
Mezzanine notes payable	—		242,942
Other liabilities	28,945		25,970
Our share of partners' capital	339,108		80,602
Outside partner's capital	360,100		107,004
Total liabilities and partners' capital	$	821,304	$	1,347,855
Investment in unconsolidated joint ventures
Our share of partners' capital	$	339,108	$	80,602
Our share of Mezzanine note payable	—		125,306
Basis adjustment (3)	(25,709)		(144,287)
Total investment in unconsolidated joint ventures	$	313,399	$	61,621

(1) These amounts include the assets of VAA of $758,266 and $1,280,867 at September 30, 2022 and December 31, 2021, respectively, and liabilities of VAA of $87,079 and $329,891 at September 30, 2022 and December 31, 2021, respectively.

(2) Includes cash and cash equivalents of $581,955 at September 30, 2022.

(3) 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue (1)
Rental revenue	$	3,342	$	3,703	$	11,305	$	10,838
Other revenue	15,417		15,230		41,119		44,903
Total revenue	18,759		18,933		52,424		55,741
Expenses (2)
Operating expenses	17,335		17,225		53,866		48,043
Depreciation and amortization	1,177		1,244		3,499		3,642

Interest	5,368		5,994		17,396		17,931
Total expenses	23,880		24,463		74,761		69,616
Loss from continuing operations	(5,121)		(5,530)		(22,337)		(13,875)
Income from discontinued operations (3)	704,700		2,021		712,648		5,363
Net income (loss)	$	699,579	$	(3,509)	$	690,311	$	(8,512)
Equity in the income in unconsolidated joint ventures	$	464,143	$	3,543	$	471,385	$	11,451

(1) These amounts include revenue of VAA of $3,591 and $3,862 for the three months ended September 30, 2022 and 2021, respectively, and $11,932 and $11,343 during the nine months ended September 30, 2022 and 2021, respectively.

(2) These amounts include expenses of VAA of $9,003 and $10,191 for the three months ended September 30, 2022 and 2021, respectively, and $35,668 and $28,188 during the nine months ended September 30, 2022 and 2021, respectively.

(3) These amounts represent the VAA Sale Portfolio.