Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Condensed Balance Sheets of VAA
Assets
Real estate	$	1,217,725	$	1,242,957
Other assets	63,102		62,222
Total assets	$	1,280,827	$	1,305,179
Liabilities and Partners Capital
Mortgage notes payable	$	830,721	$	832,858
Mezzanine notes payable	239,878		240,422
Other liabilities	37,262		30,790
Our share of partners' capital	84,983		99,775
Outside partner's capital	87,983		101,334
Total liabilities and partners' capital	$	1,280,827	$	1,305,179
Investment in unconsolidated joint ventures
Our share of partners' capital	$	84,983	$	99,775
Our share of Mezzanine note payable	119,939		120,211
Basis adjustment (1)	(153,136)		(160,838)
Our investment in unconsolidated joint ventures	51,786		59,148
Investment ARL common shares	—		606
Investment in ARL preferred shares	—		22,026
Total investment in unconsolidated joint ventures	$	51,786	$	81,780

(1)     We amortize the difference between the cost of our investment 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 (loss) income from investments in unconsolidated joint ventures:

	For the Years Ended December 31,
	2020		2019		2018
Condensed Statements of Operations of VAA
Revenue
Rental revenue	$	117,336	$	109,746	$	11,568
Other revenue	5,779		5,631		1,319
Total revenue	123,115		115,377		12,887
Expenses
Operating expenses	62,458		60,516		9,827
Depreciation and amortization	30,456		43,942		6,987
Interest	56,903		61,315		5,795
Total expenses	149,817		165,773		22,609
Net loss	$	(26,702)	$	(50,396)	$	(9,722)
Our share of net (loss) income in unconsolidated joint ventures	$	(519)	$	(2,758)	$	1,129