Investment in Unconsolidated Joint Venture (Tables)

9 Months Ended

Sep. 30, 2019

Investment in Unconsolidated Joint Venture

Equity Method Investment, Summarized Financial Information, Statement of Financial Position

The balance sheets for the unconsolidated joint venture at September 30, 2019 and December 31, 2018 are as follows (in thousands):

	September 30,		December 31,
	2019		2018
	(unaudited)		(audited)
ASSETS
Real estate, net	$	50,843	$	51,802
Cash and cash equivalents		269		201
Restricted cash		418		392
Tenant and other receivables, net		45		39
Prepaid expenses and other assets, net		83		43
Intangible assets, net		11,891		12,293
Total assets	$	63,549	$	64,770
LIABILITIES
Mortgage payable, net	$	41,265	$	41,135
Accounts payable and accrued expenses		550		583
Total liabilities		41,815		41,718
MEMBERS’ EQUITY
Members’ equity		27,169		27,236
Accumulated deficit		(5,435)		(4,184)
Total members’ equity		21,734		23,052
Total liabilities and members’ equity	$	63,549	$	64,770
Our investment in unconsolidated joint venture	$	10,867	$	11,526

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statements of operations for the unconsolidated joint venture for the three and nine months ended September 30, 2019 and 2018 are as follows (in thousands):

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues
Rental revenues	$	834	$	830	$	2,499	$	2,648
Total revenues		834		830		2,499		2,648
Operating Expenses
Property operating expenses		270		319		715		773
Real estate taxes		12		11		34		34
General and administrative		2		3		7		5
Amortization		134		134		402		402
Depreciation		331		330		992		987
Total operating expenses		749		797		2,150		2,201
Operating income		85		33		349		447
Interest expense, net		478		463		1,471		1,302
Interest expense -amortization of deferred finance costs		43		43		129		129
Net loss	$	(436)	$	(473)	$	(1,251)	$	(984)
Our equity in net loss from unconsolidated joint venture	$	(218)	$	(236)	$	(626)	$	(492)