Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

9. Investment in Unconsolidated Joint Ventures

The following is a summary of the financial position and results of operations of our unconsolidated joint ventures:

	September 30, 2020								December 31, 2019
	VAA			ARL		Total			VAA			ARL		Total
Assets
Property, net	$	1,224,905		$	31,719	$	1,256,624		$	1,242,957		$	35,213	$	1,278,170
Other assets		56,660			69,165		125,825			62,222			67,441		129,663
Total Assets	$	1,281,565		$	100,884	$	1,382,449		$	1,305,179		$	102,654	$	1,407,833
Liabilities and partners' capital
Mortgage and other notes payable	$	832,819		$	6,702	$	839,521		$	832,779		$	8,327	$	841,106
Other liabilities		270,534			23,599		294,133			271,290			26,947		298,237
Company's capital		89,106			635		89,741			100,555			606		101,161
Outside partner's capital		89,106			69,948		159,054			100,555			66,774		167,329
Total liabilties and partners' capital	$	1,281,565		$	100,884	$	1,382,449		$	1,305,179		$	102,654	$	1,407,833
Investments in unconsolidated joint ventures
Company's capital	$	89,106		$	635	$	89,741		$	100,555		$	606	$	101,161
Basis adjustments		(40,601	)		22,031		(18,570	)		(41,407	)		22,026		(19,381	)
Investment in unconsolidated joint ventures	$	48,505		$	22,666	$	71,171		$	59,148		$	22,632	$	81,780

	For the Three Months Ended September 30,
	2020									2019
	VAA			ARL			Total			VAA			ARL			Total
Revenue
Rents	$	29,998		$	—		$	29,998		$	27,347		$	60		$	27,407
Other		1,593			3,000			4,593			2,310			114			2,424
Interest		1			1,075			1,076			56			1,622			1,678
Total revenue		31,592			4,075			35,667			29,713			1,796			31,509
Expenses
Operating		16,172			(470	)		15,702			14,138			860			14,998
Depreciation and amortization		7,832			—			7,832			16,036			—			16,036
Interest		13,839			1,331			15,170			15,424			2,383			17,807
Other expenses (income)		(556	)		—			(556	)		699			—			699
Total expenses		37,287			861			38,148			46,297			3,243			49,540
Net (loss) income	$	(5,695	)	$	3,214		$	(2,481	)	$	(16,584	)	$	(1,447	)	$	(18,031	)
Company's equity in net (loss) income	$	336		$	29		$	365		$	(165	)	$	(13	)	$	(178	)

  

	For the Nine Months Ended September 30,
	2020								2019
	VAA			ARL		Total			VAA			ARL		Total
Revenue
Rents	$	86,841		$	—	$	86,841		$	79,435		$	60	$	79,495
Other		4,034			5,269		9,303			6,550			4,262		10,812
Interest		38			3,358		3,396			139			4,845		4,984
Total revenue		90,913			8,627		99,540			86,124			9,167		95,291
Expenses
Operating		47,463			453		47,916			42,345			2,339		44,684
Depreciation and amortization		23,253			—		23,253			46,792			—		46,792
Interest		43,107			4,296		47,403			45,294			6,154		51,448
Other expenses (income)		(1,453	)		—		(1,453	)		2,058			—		2,058
Total expenses		112,370			4,749		117,119			136,489			8,493		144,982
Net (loss) income	$	(21,457	)	$	3,878	$	(17,579	)	$	(50,365	)	$	674	$	(49,691	)
Company's equity in net (loss) income	$	(775	)	$	35	$	(740	)	$	(1,480	)	$	6	$	(1,474	)