Investment in Our Unconsolidated Joint Venture (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016 are as follows (in thousands):

	September 30,		December 31,
	2017		2016
	(unaudited)		(unaudited)
ASSETS
Real estate, net	$	53,350	$	54,310
Cash and cash equivalents		236		77
Restricted cash		327		52
Tenant and other receivables, net		25		101
Prepaid expenses and other assets, net		86		169
Intangible assets, net		13,155		14,362
Total assets	$	67,179	$	69,071
LIABILITIES
Mortgage payable, net	$	40,911	$	40,799
Accounts payable and accrued expenses		547		403
Total liabilities		41,458		41,202
MEMBERS' EQUITY
Members' equity		27,945		28,485
Accumulated deficit		(2,224)		(616)
Total members' equity		25,721		27,869
Total liabilities and members' equity	$	67,179	$	69,071
Our investment in unconsolidated joint venture	$	12,860	$	13,939

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, 2017 are as follows (in thousands):

	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2017		2017
	(unaudited)		(unaudited)
Revenues
Rental revenues	$	827	$	2,504
Other income		2		4
Total revenues		829		2,508
Operating Expenses
Property operating expenses		256		665
Real estate taxes		12		35
General and administrative		3		8
Interest expense, net		375		1,076
Transaction related costs		-		11
Amortization		446		1,338
Depreciation		328		983
Total operating expenses		1,420		4,116
Net loss	$	(591)	$	(1,608)
Our equity in net loss from unconsolidated joint venture	$	(296)	$	(804)