INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2021

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

Schedule of balance sheets for the unconsolidated joint venture

During the year ended December 31, 2021, we recognized our share of the fair value liability associated with an interest rate swap entered into on February 28, 2020 of approximately $77,000.  The combined balance sheets for our unconsolidated joint ventures at December 31, 2021 and 2020 are as follows (dollars in thousands):

	December 31,		December 31,
	2021		2020
ASSETS
Real estate, net	$	164,143	$	167,749
Cash and cash equivalents		1,244		1,344
Restricted cash		891		766
Tenant and other receivables, net		225		254
Prepaid expenses and other assets, net		315		204
Intangible assets, net		21,527		24,006
Total assets	$	188,345	$	194,323
LIABILITIES
Mortgages payable, net	$	112,934	$	114,218
Accounts payable and accrued expenses		1,849		1,705
Total liabilities		114,783		115,923
MEMBERS’ EQUITY
Members’ equity		87,654		92,070
Accumulated deficit		(14,092)		(11,943)
Accumulated other comprehensive loss		—		(1,727)
Total members’ equity		73,562		78,400
Total liabilities and members’ equity	$	188,345	$	194,323
Our investments in unconsolidated joint ventures	$	17,938	$	19,379

Schedule of statement of operations for unconsolidated joint ventures

The combined statements of operations for the unconsolidated joint ventures for the years ended December 31, 2021, 2020, and 2019 are as follows (dollars in thousands):

	For the Year Ended		For the Year Ended		For the Year Ended
	December 31,		December 31,		December 31,
	2021		2020		2019
Revenues
Rental revenues	$	12,679	$	12,747	$	3,314
Total revenues		12,679		12,747		3,314
Operating Expenses
Property operating expenses		4,055		3,595		956
Real estate taxes		100		94		45
General and administrative		10		10		10
Amortization		2,479		5,676		536
Depreciation		3,937		3,833		1,328
Total operating expenses		10,581		13,208		2,875
Operating income (loss)		2,098		(461)		439
Interest expense, net		(3,806)		(3,780)		(1,905)
Interest expense - amortization of deferred finance costs		(289)		(1,881)		(172)
Interest expense - change in fair market value of interest rate swap		(153)		—		—
Net loss	$	(2,150)	$	(6,122)	$	(1,638)
Our equity in net loss from unconsolidated joint ventures	$	(555)	$	(1,571)	$	(819)