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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.

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- References

No definition available.

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- 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

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