Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

Investments in Unconsolidated Joint Ventures

Schedule of balance sheets for the unconsolidated joint venture

The combined balance sheets for our unconsolidated joint ventures at June 30, 2020 and December 31, 2019 are as follows (in thousands):

	June 30,		December 31,
	2020		2019
		(unaudited)		(audited)
ASSETS
Real estate, net	$	169,786	$	50,508
Cash and cash equivalents		1,676		344
Restricted cash		814		435
Tenant and other receivables, net		194		42
Prepaid expenses and other assets, net		1,010		66
Intangible assets, net		26,956		11,757
Total assets	$	200,436	$	63,152
LIABILITIES
Mortgages payable, net	$	112,344	$	41,207
Accounts payable and accrued expenses		1,690		598
Total liabilities		114,034		41,805
MEMBERS’ EQUITY
Members’ equity		95,587		27,169
Accumulated deficit		(9,185)		(5,822)
Total members’ equity		86,402		21,347
Total liabilities and members’ equity	$	200,436	$	63,152
Our investments in unconsolidated joint ventures	$	20,308	$	10,673

Schedule of statement of operations for unconsolidated joint ventures

The statements of operations for our unconsolidated joint ventures for the three and six months ended June 30, 2020 and 2019 are as follows (in thousands):

	For the Three		For the Three		For the Six		For the Six
	Months Ended		Months Ended		Months Ended		Months Ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues
Rental revenues	$	3,407	$	829	$	6,405	$	1,665
Total revenues		3,407		829		6,405		1,665
Operating Expenses
Property operating expenses		799		182		1,505		445
Real estate taxes		24		11		35		22
General and administrative		3		3		5		5
Amortization		1,475		134		2,726		268
Depreciation		987		331		1,863		661
Total operating expenses		3,288		661		6,134		1,401
Operating income		119		168		271		264
Interest expense, net		(940)		(497)		(1,894)		(993)
Interest expense -amortization of deferred finance costs		(74)		(43)		(1,740)		(86)
Net loss	$	(895)	$	(372)	$	(3,363)	$	(815)
Our equity in net loss from unconsolidated joint ventures	$	(135)	$	(186)	$	(1,126)	$	(407)