XML 42 R34.htm IDEA: XBRL DOCUMENT
v3.23.1

Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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:
|  | March 31, 2023 |  | December 31, 2022
Assets (1) |  |  |  |
Real estate |  | $ | 13,634 |  |  | $ | 13,140 |
Cash, cash equivalents and restricted cash |  | 24,180 |  |  | 66,364 |
Other assets |  | 55,258 |  |  | 35,938 |
Total assets |  | $ | 93,072 |  |  | $ | 115,442 |
Liabilities and Partners' Capital (1) |  |  |  |
Liabilities from discontinued operations |  | $ | — |  |  | $ | 8,824 |
Mortgage notes payable |  | 14,953 |  |  | 16,267 |
Other liabilities |  | 25,977 |  |  | 13,412 |
Our share of partners' capital |  | 12,641 |  |  | 27,973 |
Outside partner's capital |  | 39,501 |  |  | 48,966 |
Total liabilities and partners' capital |  | $ | 93,072 |  |  | $ | 115,442 |
Investment in unconsolidated joint ventures |  |  |  |
Our share of partners' capital |  | $ | 12,641 |  |  | $ | 27,973 |
Basis adjustment (2) |  | 28 |  |  | 253 |
Total investment in unconsolidated joint ventures |  | $ | 12,669 |  |  | $ | 28,226 |
(1) These amounts include the assets of VAA of $7,178 and $52,404 at March 31, 2023 and December 31, 2022, respectively, and liabilities of VAA of $162 and $10,812 at March 31, 2023 and December 31, 2022, 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 March 31,
|  |  |  |  | 2023 |  | 2022
Revenue (1) |  |  |  |  |  |  |
Rental revenue |  |  |  |  | $ | — |  |  | $ | 3,931 |
Other revenue |  |  |  |  | 10,636 |  |  | 9,801 |
Total revenue |  |  |  |  | 10,636 |  |  | 13,732 |
Expenses (2) |  |  |  |  |  |  |
Operating expenses |  |  |  |  | 9,401 |  |  | 11,471 |
Depreciation and amortization |  |  |  |  | 247 |  |  | 1,188 |
Interest |  |  |  |  | (156) |  |  | 5,775 |
Total expenses |  |  |  |  | 9,492 |  |  | 18,434 |
Income (loss) from continuing operations |  |  |  |  | 1,144 |  |  | (4,702) |
Income from discontinued operations (3) |  |  |  |  | 754 |  |  | 3,436 |
Net income (loss) |  |  |  |  | $ | 1,898 |  |  | $ | (1,266) |
Equity in income from unconsolidated joint ventures |  |  |  |  | $ | 2,419 |  |  | $ | 5,194 |
(1) These amounts include revenue of VAA of $4,073 during the three months ended March 31, 2022. (2) These amounts include expenses of VAA of $(622) and $9,179 during the three months ended March 31, 2023 and 2022, respectively. (3) These amounts represent the VAA Sale Portfolio.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration