Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

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


	As of December 31,
	2022		2021
Assets (1)
Assets from discontinued operations	$	—	$	1,135,769
Real estate	13,140		142,629
Other assets	102,302		69,457
Total assets	$	115,442	$	1,347,855
Liabilities and Partners Capital (1)
Liabilities from discontinued operations	$	8,824	$	807,382
Mortgage notes payable	16,267		83,955
Mezzanine notes payable	—		242,942
Other liabilities	13,412		25,970
Our share of partners' capital	27,973		80,602
Outside partner's capital	48,966		107,004
Total liabilities and partners' capital	$	115,442	$	1,347,855
Investment in unconsolidated joint ventures
Our share of partners' capital	$	27,973	$	80,602
Our share of Mezzanine note payable and accrued interest	—		125,306
Basis adjustment (2)	253		(144,287)
Total investment in unconsolidated joint ventures	$	28,226	$	61,621

(1) These amounts include the assets of $52,404 and $1,280,867 of VAA at December 31, 2022 and 2021, respectively, and liabilities of $1,988 and $1,137,273 of VAA at December 31, 2022 and 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 our income (loss) from investments in unconsolidated joint ventures:


	For the Years Ended December 31,
	2022		2021		2020		3/31/2024
Revenue (1)
Rental revenue	$	11,362	$	14,632	$	13,402
Other revenue	41,093		60,514		40,568
Total revenue	52,455		75,146		53,970
Expenses (1)
Operating expenses	55,831		66,503		45,870
Depreciation and amortization	3,499		4,857		4,403
Interest	15,839		23,744		24,231
Total expenses	75,169		95,104		74,504
Loss from continuing operations	(22,714)		(19,958)		(20,534)
Income (loss) from discontinued operations (2)	708,341		7,416		(4,567)
Net income (loss)	$	685,627	$	(12,542)	$	(25,101)
Our share of net income (loss) in unconsolidated joint ventures	$	469,268	$	14,634	$	(379)

(1) These amounts include revenue of $11,963, $15,336 and $14,024 of VAA during the years ended December 31, 2022, 2021 and 2020, respectively, and expenses of $36,076, $39,438 and $36,159 of VAA during the years ended December 31, 2022, 2021 and 2020, respectively.

(2) The amount for the year ended December 31, 2022, includes $738,444 gain on sale of asset and $31,281 loss on early extinguishment of debt that were incurred in connection with the sale of the VAA Sale Portfolio.