Investment in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

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

The balance sheets for the unconsolidated joint venture at March 31, 2017 and December 31, 2016 is as follows (in thousands):

	March 31,		December 31,
	2017		2016
ASSETS
Real estate, net	$	53,982	$	54,310
Cash and cash equivalents		309		77
Restricted cash		330		52
Tenant and other receivables, net		42		101
Prepaid expenses and other assets, net		103		169
Intangible assets, net		13,960		14,362
Total assets	$	68,726	$	69,071
LIABILITIES
Mortgage payable, net	$	40,842	$	40,799
Accounts payable and accrued expenses		533		403
Total liabilities		41,375		41,202
MEMBERS' EQUITY
Members' equity		28,509		28,485
Accumulated deficit		(1,158)		(616)
Total members equity		27,351		27,869
Total liabilities and members' equity	$	68,726	$	69,071
Our investment in unconsolidated joint venture	$	13,676	$	13,939

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statement of operations for the unconsolidated joint venture for the three months ended March 31, 2017 is as follows (in thousands):

	Three Months
	Ended March
	31, 2017
Revenues
Rental revenues	$	795
Other income		1
Total revenues		796
Operating Expenses
Property operating expenses		197
Real estate taxes		12
General and administrative		3
Interest expense, net		349
Transaction related costs		5
Amortization		445
Depreciation		327
Total operating expenses		1,338
Net loss	$	(542)
Our equity in net loss from unconsolidated joint venture	$	(271)