Investment in Unconsolidated Joint Venture (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018 are as follows (in thousands):

	June 30, 2019			December 31, 2018
	(unaudited)			(audited)
ASSETS
Real estate, net	$	51,153		$	51,802
Cash and cash equivalents		230			201
Restricted cash		390			392
Tenant and other receivables, net		33			39
Prepaid expenses and other assets, net		122			43
Intangible assets, net		12,025			12,293
Total assets	$	63,953		$	64,770
LIABILITIES
Mortgage payable, net	$	41,221		$	41,135
Accounts payable and accrued expenses		562			583
Total liabilities		41,783			41,718
MEMBERS' EQUITY
Members' equity		27,169			27,236
Accumulated deficit		(4,999	)		(4,184	)
Total members' equity		22,170			23,052
Total liabilities and members' equity	$	63,953		$	64,770
Our investment in unconsolidated joint venture	$	11,085		$	11,526

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statements of operations for the unconsolidated joint venture for the three and six months ended June 30, 2019 and June 30, 2018 are as follows (in thousands):

	Three Months Ended June 30, 2019			Three Months Ended June 30, 2018			Six Months Ended June 30, 2019			Six Months Ended June 30, 2018
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues
Rental revenues	$	829		$	909		$	1,665		$	1,818
Total revenues		829			909			1,665			1,818
Operating Expenses
Property operating expenses		182			215			445			454
Real estate taxes		11			12			22			23
General and administrative		3			-			5			2
Amortization		134			134			268			268
Depreciation		331			329			661			657
Total operating expenses		661			690			1,401			1,404
Operating income		168			219			264			414
Interest expense, net		497			453			993			839
Interest expense -amortization of deferred finance costs		43			43			86			86
Net loss	$	(372	)	$	(277	)	$	(815	)	$	(511	)
Our equity in net loss from unconsolidated joint venture	$	(186	)	$	(139	)	$	(407	)	$	(256	)