Investment in Our Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017 are as follows (in thousands):

	March 31, 2018		December 31,  2017
	(unaudited)		(audited)
ASSETS
Real estate, net	$	52,834	$	53,137
Cash and cash equivalents		249		218
Restricted cash		407		361
Tenant and other receivables, net		16		21
Prepaid expenses and other assets, net		84		71
Intangible assets, net		12,695		12,829
Total assets	$	66,285	$	66,637
LIABILITIES
Mortgage payable, net	$	41,006	$	40,963
Accounts payable and accrued expenses		592		608
Total liabilities		41,598		41,571
MEMBERS' EQUITY
Members' equity		27,651		27,795
Accumulated deficit		(2,964)		(2,729)
Total members' equity		24,687		25,066
Total liabilities and members' equity	$	66,285	$	66,637
Our investment in unconsolidated joint venture	$	12,343	$	12,533

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statements of operations for the unconsolidated joint venture for the three months ended March 31, 2018 and March 31, 2017 are as follows (in thousands):

	Three Months Ended  March 31, 2018		Three Months Ended  March 31, 2017
	(unaudited)		(unaudited)
Revenues
Rental revenues	$	908	$	795
Other income		1		1
Total revenues		909		796
Operating Expenses
Property operating expenses		239		197
Real estate taxes		11		12
General and administrative		3		3
Transaction related costs		-		5
Amortization		134		402
Depreciation		328		327
Total operating expenses		715		946
Operating income (loss)		194		(150)
Interest expense, net		386		349
Interest expense - amortization of deferred finance costs		43		43
Net loss	$	(235)	$	(542)
Our equity in net loss from unconsolidated joint venture	$	(117)	$	(271)