XML 41 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Investment in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Investments in Unconsolidated Joint Ventures
The following is a summary of our investment in unconsolidated joint ventures:
June 30, 2021December 31, 2020
Assets (1)
Real estate$1,235,313 $1,230,197 
Other assets113,474 113,537 
   Total assets$1,348,787 $1,343,734 
Liabilities and Partners Capital (1)
Mortgage notes payable$871,503 $843,522 
Mezzanine notes payable245,356 239,878 
Other liabilities36,783 45,619 
Our share of partners' capital84,964 93,334 
Outside partner's capital110,181 121,381 
   Total liabilities and partners' capital$1,348,787 $1,343,734 
Investment in unconsolidated joint ventures
Our share of partners' capital$122,678 $93,334 
Our share of Mezzanine note payable84,964 119,939 
Basis adjustment (2)(147,306)(152,848)
   Total investment in unconsolidated joint ventures$60,336 $60,425 
(1)    These amounts include the assets of VAA of $1,284,063 and $1,279,197 at June 30, 2021 and December 31, 2020, respectively, and liabilities of VAA of $1,130,957 and $1,106,231 at June 30, 2021 and December 31, 2020, respectively.
(2)     We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of our underlying equity into income on a straight-line basis consistent with the lives of the underlying assets.
The following is a summary of income (loss) from our investments in unconsolidated joint ventures:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue (1)
   Rental revenue$32,037 $28,648 $63,107 $56,842 
   Other revenue17,762 14,057 33,051 28,836 
      Total revenue49,799 42,705 96,158 85,678 
Expenses (2)
   Operating expenses31,214 27,584 59,253 54,681 
   Depreciation and amortization8,137 8,114 16,199 16,122 
   Other income— — (2,356)— 
   Interest13,890 14,337 28,065 29,519 
      Total expenses53,241 50,035 101,161 100,322 
Net loss$(3,442)$(7,330)$(5,003)$(14,644)
Our equity in the income (loss) in unconsolidated joint ventures$4,572 $(719)$7,908 $(979)
(1)    These amounts include revenue of VAA of $34,146 and $29,725 during the three months ended June 30, 2021 and 2020, respectively, and $66,831 and $59,284 during the six months ended June 30, 2021 and 2020, respectively.
(2)    These amounts include expenses of VAA of $38,904 and $37,593 during the three months ended June 30, 2021 and 2020, respectively, and $74,005 and $75,046 during the six months ended June 30, 2021 and 2020, respectively.