Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

The following is a summary of our investment in unconsolidated joint ventures:

	As of December 31,
	2023		2022
Assets (1)
Real estate	$	13,897	$	13,140
Cash, cash equivalents and restricted cash	20,047		66,364
Other assets	57,005		35,938
Total assets	$	90,949	$	115,442
Liabilities and Partners Capital (1)
Liabilities from discontinued operations	$	—	$	8,824
Mortgage notes payable	13,841		16,267
Other liabilities	27,947		13,412
Our share of partners' capital	10,207		27,973
Outside partner's capital	38,954		48,966
Total liabilities and partners' capital	$	90,949	$	115,442
Investment in unconsolidated joint ventures
Our share of partners' capital	$	10,207	$	27,973
Basis adjustment (2)	(147)		253
Total investment in unconsolidated joint ventures	$	10,060	$	28,226

(1)    These amounts include the assets of $1,032 and $52,404 of VAA at December 31, 2023 and 2022, respectively, and liabilities of $135 and $10,812 of VAA at December 31, 2023 and 2022, 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,
	2023		2022		2021
Revenue (1)
Rental revenue	$	—	$	11,362	$	14,632
Other revenue	60,057		41,093		60,514
Total revenue	60,057		52,455		75,146
Expenses (1)
Operating expenses	54,517		55,831		66,503
Depreciation and amortization	1,361		3,499		4,857
Interest	459		15,839		23,744
Total expenses	56,337		75,169		95,104
Income (loss) from continuing operations	3,720		(22,714)		(19,958)
Income from discontinued operations (2)	1,837		708,341		7,416
Net income (loss)	$	5,557	$	685,627	$	(12,542)
Our share of net income in unconsolidated joint ventures	$	3,242	$	469,268	$	14,634

(1)    These amounts include revenue of $0, $11,963 and $15,336 of VAA during the years ended December 31, 2023, 2022 and 2021, respectively, and expenses of $(283), $36,076 and $39,438 of VAA during the years ended December 31, 2023, 2022 and 2021, respectively.

(2)     The amount for the year ended December 31, 2022, includes $738,444 gain on sale of asset and $31,281 loss on early extinguishment of debt that were incurred in connection with the sale of the VAA Sale Portfolio.