INVESTMENT IN UNCONSOLIDATED ENTITIES

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

As of March 31, 2023 and December 31, 2022, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands):


	Number of Properties as of March 31, 2023			Investment Balance as of
Joint Venture		Location	Ownership %	March 31, 2023		December 31, 2022
110 William Joint Venture (1)	1	New York, New York	60.0%	$	—	$	—
353 Sacramento Joint Venture	1	San Francisco, California	55.0%	42,302		45,173
Pacific Oak Opportunity Zone Fund I	3	Various	46.0%	24,951		25,669

				$	67,253	$	70,842

_____________________

(1) The book value of the Company’s investment in the 110 William Joint Venture was $0 due to historical distributions from the 110 William Joint Venture exceeding the Company’s book value. As such, the Company suspended the equity method of accounting and will not record the Company's share of losses or income for the 110 William Joint Venture until the Company’s share of net income exceeds the gain recorded and the Company’s share of the net losses not recognized during the period the equity method was suspended.

Summarized financial information for investment in unconsolidated entities follows (in thousands):


	March 31, 2023		December 31, 2022

Assets:
Real estate held for investment, net	$	479,262	$	471,503
Total assets	532,982		546,142
Liabilities:
Notes payable related to real estate held for investment, net	494,442		490,302
Total liabilities	503,836		501,861
Total equity	$	29,146	$	44,281


	For the Three Months Ended March 31,
	2023		2022
Total revenues	$	11,120	$	17,887
Operating loss	(14,035)		(10,411)
Net loss	$	(13,948)	$	(10,207)