INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)

12 Months Ended

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

	December 31, 2018			December 31, 2017
ASSETS
Real estate, net	$	51,802		$	53,137
Cash and cash equivalents		201			218
Restricted cash		392			361
Tenant and other receivables, net		39			21
Prepaid expenses and other assets, net		43			71
Intangible assets, net		12,293			12,829
Total assets	$	64,770		$	66,637
LIABILITIES
Mortgage payable, net	$	41,135		$	40,963
Accounts payable and accrued expenses		583			608
Total liabilities		41,718			41,571
MEMBERS’ EQUITY
Members’ equity		27,236			27,795
Accumulated deficit		(4,184	)		(2,729	)
Total members’ equity		23,052			25,066
Total liabilities and members’ equity	$	64,770		$	66,637
Our investment in unconsolidated joint venture	$	11,526		$	12,533

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statements of operations for the unconsolidated joint venture for the years ended December 31, 2018 and 2017, and for the period from December 5, 2016 through December 31, 2016 are as follows (dollars in thousands):

	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period From December 5, 2016 to December 31, 2016
Revenues
Rental revenues	$	3,442		$	3,367		$	238
Other income		5			5			-
Total revenues		3,447			3,372			238
Operating Expenses
Property operating expenses		1,033			944			107
Real estate taxes		45			47			3
General and administrative		7			26			419
Amortization		536			1,533			112
Depreciation		1,318			1,310			93
Total operating expenses		2,939			3,860			734
Operating income (loss)		508			(488	)		(496	)
Interest expense, net		1,791			1,452			106
Interest expense -amortization of deferred finance costs		172			173			14
Net loss	$	(1,455	)	$	(2,113	)	$	(616	)
Our equity in net loss from unconsolidated joint venture	$	(728	)	$	(1,057	)	$	(308	)