INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)

12 Months Ended

Dec. 31, 2019

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE

Schedule of balance sheets for the unconsolidated joint venture

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

	December 31,		December 31,
	2019		2018
ASSETS
Real estate, net	$	50,508	$	51,802
Cash and cash equivalents		344		201
Restricted cash		435		392
Tenant and other receivables, net		42		39
Prepaid expenses and other assets, net		66		43
Intangible assets, net		11,757		12,293
Total assets	$	63,152	$	64,770
LIABILITIES
Mortgage payable, net	$	41,207	$	41,135
Accounts payable and accrued expenses		598		583
Total liabilities		41,805		41,718
MEMBERS’ EQUITY
Members’ equity		27,169		27,236
Accumulated deficit		(5,822)		(4,184)
Total members’ equity		21,347		23,052
Total liabilities and members’ equity	$	63,152	$	64,770
Our investment in unconsolidated joint venture	$	10,673	$	11,526

Schedule of statement of operations for unconsolidated joint ventures

	For the Year		For the Year		For the Year
	Ended		Ended		Ended
	December 31,		December 31,		December 31,
	2019		2018		2017
Revenues
Total revenues		3,314		3,447		3,372
Operating Expenses
Property operating expenses		956		1,033		944
Real estate taxes		45		45		47
General and administrative		10		7		26
Amortization		536		536		1,533
Depreciation		1,328		1,318		1,310
Total operating expenses		2,875		2,939		3,860
Operating income (loss)		439		508		(488)
Interest expense, net		(1,905)		(1,791)		(1,452)
Interest expense -amortization of deferred finance costs		(172)		(172)		(173)
Net loss	$	(1,638)	$	(1,455)	$	(2,113)
Our equity in net loss from unconsolidated joint venture	$	(819)	$	(728)	$	(1,057)