INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

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

	Number of Properties at December 31, 2020			Investment Balance at
Joint Venture		Location	Ownership %	December 31, 2020		December 31, 2019
NIP Joint Venture	—	N/A	N/A	$	—	$	1,225
110 William Joint Venture	1	New York, New York	60.0%	—		—
353 Sacramento Joint Venture	1	San Francisco, California	55.0%	49,665		42,214
Battery Point Series A-3 Preferred Stock	N/A	N/A	N/A	—		13,991
Pacific Oak Opportunity Zone Fund I	3	Various	N/A	24,996		20,846
PORT II OP LP	7	Southaven, Mississippi	N/A	5,005		—
				$	79,666	$	78,276

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

	December 31, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	246,166	$	242,430
Other assets	44,004		35,747
Total assets	$	290,170	$	278,177
Liabilities and equity:
Notes payable, net	$	316,421	$	292,221
Other liabilities	5,532		10,664
Partners’ deficit	(31,783)		(24,708)
Total liabilities and equity	$	290,170	$	278,177

	For the Years Ended December 31,
	2020		2019		2018
Revenues	$	36,570	$	34,186	$	38,539
Expenses:
Operating, maintenance, and management	8,095		9,213		9,844
Real estate taxes and insurance	7,515		7,064		6,718
Depreciation and amortization	11,849		11,166		15,596
Interest expense	16,252		16,742		17,815
Total expenses	43,711		44,185		49,973
Total other income	66		137		112
Net loss	$	(7,075)	$	(9,862)	$	(11,322)
Company’s share of net loss (1)	$	(4,245)	$	5,917	$	(6,835)

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(1) During the year ended December 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.

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

	December 31, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	182,318	$	180,592
Other assets	19,810		21,822
Total assets	$	202,128	$	202,414
Liabilities and equity:
Notes payable, net	$	109,783	$	115,280
Other liabilities	7,639		11,193
Partners’ capital	84,706		75,941
Total liabilities and equity	$	202,128	$	202,414

	For the Year Ended December 31, 2020		For the Year Ended December 31, 2019		For the Year Ended December 31, 2018
Revenues	$	20,939	$	17,015	$	11,397
Expenses:
Operating, maintenance, and management	3,388		3,785		3,654
Real estate taxes and insurance	2,986		2,822		2,372
Depreciation and amortization	7,007		6,485		5,680
Interest expense	4,293		5,734		5,374
Total expenses	17,674		18,826		17,080
Net income (loss)	$	3,265	$	(1,811)	$	(5,683)
Company’s equity in income (loss) of unconsolidated joint venture	$	1,946	$	(854)	$	(2,995)