INVESTMENT IN VAA (Tables)

6 Months Ended

Jun. 30, 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 June 30,
	2020			2019
Balance Sheet
Net real estate assets	$	1,232,160		$	1,247,535
Other assets		57,160			56,474
Debt, net		(834,766	)		(812,010	)
Other liabilities		(270,647	)		(272,716	)
Total equity		(183,907	)		(219,283	)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Results of Operations
Total revenue	$	29,725		$	28,927		$	59,284		$	56,328
Total property, operating, and maintenance expenses		(15,541	)		(14,313	)		(29,282	)		(28,482	)
Interest expense		(14,193	)		(14,799	)		(29,267	)		(29,869	)
Depreciation and Amortization		(7,763	)		(15,523	)		(15,420	)		(30,756	)
Total other expense		(95	)		(327	)		(1,076	)		(1,002	)
Net loss	$	(7,867	)	$	(16,035	)	$	(15,761	)	$	(33,781	)

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
VAA net loss	$	(7,867	)	$	(16,035	)	$	(15,761	)	$	(33,781	)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan		5,264			6,401			11,137			12,490
In-place lease intangibles - amortization expense		—			8,429			—			16,765
Depreciation basis differences		1,133			733			2,402			1,944
Net loss	$	(1,470	)	$	(472	)	$	(2,222	)	$	(2,582	)
Percentage ownership in VAA		50	%		50	%		50	%		50	%
Loss from VAA	$	(735	)	$	(236	)	$	(1,111	)	$	(1,291	)