Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 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:

	As of December 31,
	2021		2020
Assets (1)
Real estate	1,220,391		1,230,197
Other assets	127,464		113,537
Total assets	$	1,347,855	$	1,343,734
Liabilities and Partners Capital (1)
Mortgage notes payable	867,430		843,522
Mezzanine notes payable	242,942		239,878
Other liabilities	49,877		45,619
Our share of partners' capital	80,602		93,334
Outside partner's capital	107,004		121,381
Total liabilities and partners' capital	$	1,347,855	$	1,343,734
Investment in unconsolidated joint ventures
Our share of partners' capital	$	80,602	$	93,334
Our share of Mezzanine note payable and accrued interest	125,306		123,752
Basis adjustment (2)	(144,287)		(156,661)
Total investment in unconsolidated joint ventures	$	61,621	$	60,425

(1)    These amounts include the assets of $1,280,867 and $1,279,197 of VAA at December 31, 2021 and 2020, respectively, and liabilities of $1,137,273 and $1,106,231 of VAA at December 31, 2021 and 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 our income (loss) from investments in unconsolidated joint ventures:

	For the Years Ended December 31,
	2021		2020		2019		3/31/2024
Revenue (1)
Rental revenue	$	131,455	$	117,336	$	109,746
Other revenue	67,516		45,725		59,069
Total revenue	198,971		163,061		168,815
Expenses (1)
Operating expenses	125,513		99,305		109,588
Depreciation and amortization	32,566		31,515		45,453
Interest	55,790		57,342		61,867
Total expenses	213,869		188,162		216,908
Net loss	$	(14,898)	$	(25,101)	$	(48,093)
Our share of net (loss) income in unconsolidated joint ventures	$	14,634	$	(379)	$	(2,313)

(1)    These amounts include revenue of $139,161, $123,576 and $115,377 of VAA during the years ended December 31, 2021, 2020 and 2019, respectively, and expenses of $155,847, $150,278 and $165,773 of VAA during the years ended December 31, 2021, 2020 and 2019, respectively.