Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 are as follows (in thousands):

	September 30,		December 31,
	2020		2019
		(unaudited)		(audited)
ASSETS
Real estate, net	$	168,801	$	50,508
Cash and cash equivalents		1,688		344
Restricted cash		763		435
Tenant and other receivables, net		293		42
Prepaid expenses and other assets, net		173		66
Intangible assets, net		25,481		11,757
Total assets	$	197,199	$	63,152
LIABILITIES
Mortgages payable, net	$	114,481	$	41,207
Accounts payable and accrued expenses		1,678		598
Total liabilities		116,159		41,805
MEMBERS’ EQUITY
Members’ equity		93,411		27,169
Accumulated deficit		(10,310)		(5,822)
Accumulated other comprehensive loss		(2,061)		—
Total members’ equity		81,040		21,347
Total liabilities and members’ equity	$	197,199	$	63,152
Our investments in unconsolidated joint ventures	$	19,893	$	10,673

Schedule of statement of operations for unconsolidated joint ventures

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

	For the Three		For the Three		For the Nine		For the Nine
	Months Ended		Months Ended		Months Ended		Months Ended
	September 30,		September 30,		September 30,		September 30,
	2020		2019		2020		2019
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues
Rental revenues	$	3,303	$	834	$	9,708	$	2,499
Total revenues		3,303		834		9,708		2,499
Operating Expenses
Property operating expenses		925		270		2,430		715
Real estate taxes		25		12		60		34
General and administrative		3		2		8		7
Amortization		1,475		134		4,201		402
Depreciation		985		331		2,848		992
Total operating expenses		3,413		749		9,547		2,150
Operating (loss) income		(110)		85		161		349
Interest expense, net		(946)		(478)		(2,840)		(1,471)
Interest expense -amortization of deferred finance costs		(69)		(43)		(1,809)		(129)
Net loss	$	(1,125)	$	(436)	$	(4,488)	$	(1,251)
Our equity in net loss from unconsolidated joint ventures	$	(176)	$	(218)	$	(1,302)	$	(626)