INVESTMENT IN VAA (Tables)

3 Months Ended

Mar. 31, 2020

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): 

	For the period ended March 31,
	2020			2019
Balance Sheet
Net real estate assets	$	1,239,252		$	1,257,557
Other assets		48,968			67,020
Debt, net		(834,826	)		(796,065	)
Other liabilities		(261,620	)		(275,448	)
Total equity		(191,774	)		(253,064	)

	For the Three Months Ended March 31,
	2020			2019
Results of Operations
Total revenue	$	29,660		$	27,401
Total property, operating, and maintenance expenses		(13,842	)		(14,169	)
Interest expense		(15,074	)		(15,070	)
Depreciation and Amortization		(7,657	)		(15,233	)
Total other expense		(982	)		(675	)
Net loss	$	(7,895	)	$	(17,746	)

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

	For the Three Months Ended March 31,
	2020			2019
VAA net loss	$	(7,895	)	$	(17,746	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan		5,873			6,089
In-place lease intangibles - amortization expense		—			8,336
Depreciation basis differences		1,270			1,211
Net loss	$	(752	)	$	(2,110	)
Percentage ownership in VAA		50	%		50	%
Loss from VAA	$	(376	)	$	(1,055	)