Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023		December 31, 2022
Assets (1)

Real estate	$	13,886	$	13,140
Cash, cash equivalents and restricted cash	20,449		66,364
Other assets	56,381		35,938
Total assets	$	90,716	$	115,442
Liabilities and Partners' Capital (1)
Liabilities from discontinued operations	$	—	$	8,824
Mortgage notes payable	13,444		16,267

Other liabilities	28,562		13,412
Our share of partners' capital	10,256		27,973
Outside partner's capital	38,454		48,966
Total liabilities and partners' capital	$	90,716	$	115,442
Investment in unconsolidated joint ventures
Our share of partners' capital	$	10,256	$	27,973

Basis adjustment (2)	—		253
Total investment in unconsolidated joint ventures	$	10,256	$	28,226

(1) These amounts include the assets of VAA of $1,447 and $52,404 at September 30, 2023 and December 31, 2022, respectively, and liabilities of VAA of $93 and $10,812 at September 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue (1)
Rental revenue	$	—	$	3,342	$	—	$	11,305
Other revenue	22,268		15,417		49,532		41,119
Total revenue	22,268		18,759		49,532		52,424
Expenses (2)
Operating expenses	16,581		17,335		38,803		53,866
Depreciation and amortization	534		1,177		1,177		3,499

Interest	76		5,368		123		17,396
Total expenses	17,191		23,880		40,103		74,761
Income (loss) from continuing operations	5,077		(5,121)		9,429		(22,337)
Income from discontinued operations (3)	(78)		704,700		743		712,648
Net income	$	4,999	$	699,579	$	10,172	$	690,311
Equity in income from unconsolidated joint ventures	$	234	$	464,143	$	2,946	$	471,385

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

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

(3) These amounts represent the net (expense) income of the VAA Sale Portfolio.