INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and 2019 are as follows (in thousands):

	December 31,		December 31,
	2020		2019
ASSETS
Real estate, net	$	167,749	$	50,508
Cash and cash equivalents		1,344		344
Restricted cash		766		435
Tenant and other receivables, net		254		42
Prepaid expenses and other assets, net		204		66
Intangible assets, net		24,006		11,757
Total assets	$	194,323	$	63,152
LIABILITIES
Mortgages payable, net	$	114,218	$	41,207
Accounts payable and accrued expenses		1,705		598
Total liabilities		115,923		41,805
MEMBERS’ EQUITY
Members’ equity		92,070		27,169
Accumulated deficit		(11,943)		(5,822)
Accumulated other comprehensive loss		(1,727)		—
Total members’ equity		78,400		21,347
Total liabilities and members’ equity	$	194,323	$	63,152
Our investments in unconsolidated joint ventures	$	19,379	$	10,673

Schedule of statement of operations for unconsolidated joint ventures

	For the Year Ended		For the Year Ended		For the Year Ended
	December 31,		December 31,		December 31,
	2020		2019		2018
Revenues
Rental revenues	$	12,747	$	3,314	$	3,447
Total revenues		12,747		3,314		3,447
Operating Expenses
Property operating expenses		3,595		956		1,033
Real estate taxes		94		45		45
General and administrative		10		10		7
Amortization		5,676		536		536
Depreciation		3,833		1,328		1,318
Total operating expenses		13,208		2,875		2,939
Operating (loss) income		(461)		439		508
Interest expense, net		(3,780)		(1,905)		(1,791)
Interest expense -amortization of deferred finance costs		(1,881)		(172)		(172)
Net loss	$	(6,122)	$	(1,638)	$	(1,455)
Our equity in net loss from unconsolidated joint ventures	$	(1,571)	$	(819)	$	(728)