INVESTMENT IN VAA (Tables)

12 Months Ended

Dec. 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):

	As of December 31,
Balance Sheet	2019			2018
Net real estate assets	$	1,242,957		$	1,257,557
Other assets		62,222			67,020
Debt, net		(832,779	)		(791,225	)
Other liabilities		(271,291	)		(280,288	)
Total equity		(201,109	)		(253,064	)

Results of Operations		For the Year Ended December 31, 2019			For the period November 19 to December 31, 2018
Total revenue	$	115,377		$	12,887
Total property, operating, and maintenance expenses		(56,967	)		(4,507	)
Interest expense		(61,487	)		(5,818	)
Depreciation and Amortization		(43,942	)		(6,987	)
Total other expense		(3,377	)		(5,297	)
Net loss	$	(50,396	)	$	(9,722	)

The following is a reconciliation from VAA's net loss to TCI's equity in earnings of VAA (dollars in thousands):

	For the Year Ended December 31, 2019			For the period November 19 to December 31, 2018
VAA net loss	$	(50,396	)	$	(9,722	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan		25,014			2,815
In-place lease intangibles - amortization expense		14,703			3,983
Depreciation basis differences		5,132			3,012
Net loss	$	(5,547	)	$	88
Percentage ownership in VAA		50	%		50	%
Loss from VAA	$	(2,774	)	$	44

Schedule of the location of properties owned by VAA

The following table sets forth the location of our real estate held for investment (income-producing properties only) by asset type as of December 31, 2019:

	Apartments
Location	No.		Units
Alabama		1		168
Arkansas		5		1,122
Colorado		2		260
Florida		2		388
Georgia		1		222
Louisiana		3		464
Mississippi		1		196
North Carolina		1		201
Nevada		1		308
Tennessee		4		708
Texas-Greater Dallas-Ft Worth		19		3,709
Texas-Greater Houston		2		416
Texas-Other		9		1,726
Total		51		9,888

Schedule of apartment projects in development

At December 31, 2019, our apartment projects in development included (dollars in thousands):

Property	Location	No. of Units		Costs to Date (1)		Total Projected Costs (1)
Lakeside Lofts apartments	Farmers Branch, TX		249	$	50,357	$	80,622
Total			249	$	50,357	$	80,622

(1) Costs include construction hard costs, construction soft costs and loan borrowing costs.