INVESTMENT IN VAA (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of the financial position and results of operations of VAA

The following is a summary of the financial position and results of operations of VAA (dollars in thousands):

	March 31, 2019
Balance Sheet
Net real estate assets	$	1,257,557
Other assets		67,020
Debt, net		(796,065	)
Other liabilities		(275,448	)
Total equity		(253,064	)

		For the Three Months Ended March 31, 2019
Results of Operations
Total revenue	$	27,401
Total property, operating, and maintenance expenses		(14,169	)
Interest expense		(15,070	)
Depreciation and Amortization		(15,233	)
Total other expense		(675	)
Net loss	$	(17,746	)

Below is a reconciliation of our allocation of income or loss from VAA.

	For the Three Months Ended March 31, 2019
VAA net loss	$	(17,746	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan		6,089
In-place lease intangibles - amortization expense		8,336
Depreciation basis differences		1,211
Net loss	$	(2,110	)
Percentage ownership in VAA		50	%
Loss from VAA	$	(1,055	)