Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

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:

	December 31,
	2021		2020
Condensed Balance Sheets of VAA
Assets
Real estate	$	1,208,716	$	1,217,725
Other assets	72,151		61,472
Total assets	$	1,280,867	$	1,279,197
Liabilities and Partners Capital
Mortgage notes payable	$	854,015	$	830,721
Mezzanine notes payable	242,942		239,878
Other liabilities	40,316		35,632
Our share of partners' capital	71,800		84,983
Outside partner's capital	71,794		87,983
Total liabilities and partners' capital	$	1,280,867	$	1,279,197
Investment in unconsolidated joint ventures
Our share of partners' capital	$	71,800	$	84,983
Our share of Mezzanine note payable and accrued interest	125,306		123,752
Basis adjustment (1)	(144,227)		(156,949)
Total investment in unconsolidated joint ventures	$	52,879	$	51,786

(1)     We amortize the difference between the cost of our investment 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 (loss) income from investments in unconsolidated joint venture:

	For the Years Ended December 31,
	2021		2020		2019
Condensed Statements of Operations of VAA
Revenue
Rental revenue	$	131,455	$	117,336	$	109,746
Other revenue	7,706		6,240		5,631
Total revenue	139,161		123,576		115,377
Expenses
Operating expenses	72,001		62,919		60,516
Depreciation and amortization	31,073		30,456		43,942
Interest	55,129		56,903		61,315
Total expenses	158,203		150,278		165,773
Net loss	$	(19,042)	$	(26,702)	$	(50,396)
Our share of net income (loss) in unconsolidated joint venture	$	14,531	$	(519)	$	(2,758)