Investment in Real Estate Partnership (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Equity Method Investments

The table below presents the real estate partnership investment in which the Company holds an ownership interest (in thousands):

		Company’s Investment as of
		September 30, 2021		December 31, 2020
Real estate partnership	Ownership Interest
Pillarstone OP(1)	81.4%	$	34,408	$	33,979
Total real estate partnership(2)		$	34,408	$	33,979

(1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees.

(2) Representing eight property interests and 926,798 square feet of GLA, as of September 30, 2021 and December 31, 2020.

Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands):

	September 30, 2021		December 31, 2020
Assets:
Real estate, net	$	48,563	$	49,113
Other assets	8,442		7,657
Total assets	57,005		56,770
Liabilities and equity:
Notes payable	14,988		15,185
Other liabilities	3,349		3,533
Equity	38,668		38,052
Total liabilities and equity	57,005		56,770
Company’s share of equity	31,494		30,992
Cost of investment in excess of the Company’s share of underlying net book value	2,914		2,987
Carrying value of investment in real estate partnership	$	34,408	$	33,979

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues	$	2,379	$	2,371	$	6,843	$	7,396
Operating expenses	(1,787)		(1,713)		(5,184)		(5,195)
Other expenses	(351)		(391)		(1,033)		(1,184)
Net income	$	241	$	267	$	626	$	1,017

Real Estate Investment Financial Statements, Disclosure

The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s consolidated statements of operations and comprehensive income (loss) (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Pillarstone OP	$	151	$	196	$	429	$	752