Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 and December 31, 2020 are as follows (in thousands):

	June 30,		December 31,
	2021		2020
		(unaudited)		(audited)
ASSETS
Real estate, net	$	165,806	$	167,749
Cash and cash equivalents		1,542		1,344
Restricted cash		851		766
Tenant and other receivables, net		187		254
Prepaid expenses and other assets, net		266		204
Intangible assets, net		22,692		24,006
Total assets	$	191,344	$	194,323
LIABILITIES
Mortgages payable, net	$	113,374	$	114,218
Accounts payable and accrued expenses		1,733		1,705
Total liabilities		115,107		115,923
MEMBERS’ EQUITY
Members’ equity		90,131		92,070
Accumulated deficit		(13,894)		(11,943)
Accumulated other comprehensive loss		—		(1,727)
Total members’ equity		76,237		78,400
Total liabilities and members’ equity	$	191,344	$	194,323
Our investments in unconsolidated joint ventures	$	18,318	$	19,379

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, 2021 and 2020 are as follows (in thousands):

	For the Three Months Ended		For the Three Months Ended		For the Six Months Ended		For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues
Rental revenues	$	3,185	$	3,407	$	6,164	$	6,405
Total revenues		3,185		3,407		6,164		6,405
Operating Expenses
Property operating expenses		931		799		1,996		1,505
Real estate taxes		25		24		50		35
General and administrative		3		3		5		5
Amortization		583		1,475		1,314		2,726
Depreciation		988		987		1,972		1,863
Total operating expenses		2,530		3,288		5,337		6,134
Operating income		655		119		827		271
Interest expense, net		(957)		(940)		(1,896)		(1,894)
Interest expense -amortization of deferred finance costs		(73)		(74)		(145)		(1,740)
Interest expense -change in fair market value of interest rate swap		(341)		—		(737)		—
Net loss	$	(716)	$	(895)	$	(1,951)	$	(3,363)
Our equity in net loss from unconsolidated joint ventures	$	(264)	$	(135)	$	(636)	$	(1,126)