INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

As of March 31, 2020 and December 31, 2019, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands):

	Number of Properties as of March 31, 2020			Investment Balance at
Joint Venture		Location	Ownership %	March 31, 2020		December 31, 2019
NIP Joint Venture	—	—	—	$	—	$	1,225
110 William Joint Venture	1	New York, New York	60.0%	—		—
353 Sacramento Joint Venture	1	San Francisco, California	55.0%	42,542		42,214
Battery Point Series A-3 Preferred Units	N/A	N/A	N/A	13,991		13,991
Pacific Oak Opportunity Zone Fund I	2	Various	N/A	21,077		20,846
				$	77,610	$	78,276

110 William Joint Venture

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

Summarized financial information for the 110 William Joint Venture follows (in thousands):

	March 31, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	247,711	$	242,430
Other assets	36,201		35,747
Total assets	$	283,912	$	278,177
Liabilities and equity:
Notes payable, net	$	301,186	$	292,221
Other liabilities	10,125		10,664
Partners’ deficit	(27,399)		(24,708)
Total liabilities and equity	$	283,912	$	278,177

	Three Months Ended March 31,
	2020		2019
Revenues	$	7,982	$	8,259
Expenses:
Operating, maintenance, and management	2,302		2,171
Real estate taxes and insurance	1,823		1,706
Depreciation and amortization	2,643		2,665
Interest expense	3,926		4,608
Total expenses	10,694		11,150
Total other income	22		33
Net loss	$	(2,690)	$	(2,858)
Company’s share of net loss (1)	$	(1,614)	$	(1,715)

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⁽¹⁾ During the three months ended March 31, 2019, the Company recorded $0.3 million of net losses in equity in income of unconsolidated joint ventures and suspended the recording of the Company’s remaining share of net losses.

353 Sacramento Joint Venture

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

Summarized financial information for the 353 Sacramento Joint Venture follows (in thousands):

	March 31, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	183,446	$	180,592
Other assets	17,073		21,822
Total assets	$	200,519	$	202,414
Liabilities and equity:
Notes payable, net	$	115,353	$	115,280
Other liabilities	8,694		11,193
Partners’ capital	76,472		75,941
Total liabilities and equity	$	200,519	$	202,414

	Three Months Ended March 31,
	2020		2019
Revenues	$	4,887	$	4,157
Expenses:
Operating, maintenance, and management	680		831
Real estate taxes and insurance	753		700
Depreciation and amortization	1,603		1,567
Interest expense	1,321		1,419
Total expenses	4,357		4,517
Net income (loss)	$	530	$	(360)
Company’s equity in income (loss) of unconsolidated joint venture	$	328	$	(163)