Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Joint Ventures

The following is a summary of our investment in VAA:

	September 30, 2022		December 31, 2021
Condensed balance sheet of VAA
Assets
Assets held for sale	$	—	$	1,135,769
Real estate	128,530		130,954
Other assets (1)	629,736		14,144
	$	758,266	$	1,280,867
Liabilities and partners' capital
Liabilities on assets held for sale	$	7,326	$	807,382
Mortgage notes payable	69,558		70,540
Mezzanine notes payable	—		242,942
Other liabilities	17,521		16,409
Our share of partners' capital	332,039		71,800
Outside partner's capital	331,822		71,794
	$	758,266	$	1,280,867
Investment in VAA
Our share of partners' capital	$	332,039	$	71,800
Our share of Mezzanine note payable and accrued interest	—		125,306
Basis adjustment (2)	(25,739)		(144,227)
Total investment in VAA	$	306,300	$	52,879

(1) Includes cash and cash equivalents of $581,955 at September 30, 2022.

(2)    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 income from VAA:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue
Rental revenue	$	3,342	$	3,703	$	11,305	$	10,838
Other revenue	249		159		627		505
Total revenue	3,591		3,862		11,932		11,343
Expenses
Operating expenses	3,032		3,484		16,174		8,128
Depreciation and amortization	836		842		2,525		2,522
Interest	5,135		5,865		16,969		17,538
Total expenses	9,003		10,191		35,668		28,188
Loss from continuing operations	(5,412)		(6,329)		(23,736)		(16,845)
Income from discontinued operations	704,700		2,021		712,648		5,363
Net income (loss)	$	699,288	$	(4,308)	$	688,912	$	(11,482)
Equity in the income in unconsolidated joint ventures	$	464,085	$	3,627	$	470,428	$	11,535