Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2022

Investments in Unconsolidated Joint Ventures

Schedule of balance sheets for the unconsolidated joint venture

The combined balance sheets for our unconsolidated joint ventures at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands):

	March 31,		December 31,
	2022		2021
ASSETS
Real estate, net	$	163,303	$	164,143
Cash and cash equivalents		1,393		1,244
Restricted cash		929		891
Tenant and other receivables, net		229		225
Prepaid expenses and other assets, net		1,055		315
Intangible assets, net		20,944		21,527
Total assets	$	187,853	$	188,345
LIABILITIES
Mortgages payable, net	$	111,326	$	112,934
Accounts payable and accrued expenses		1,821		1,849
Total liabilities		113,147		114,783
MEMBERS’ EQUITY
Members’ equity		87,539		87,654
Accumulated deficit		(12,833)		(14,092)
Total members’ equity		74,706		73,562
Total liabilities and members’ equity	$	187,853	$	188,345
Our investments in unconsolidated joint ventures	$	18,517	$	17,938

Schedule of statement of operations for unconsolidated joint ventures

The statements of operations for our unconsolidated joint ventures for the three months ended March 31, 2022 and 2021 are as follows (dollars in thousands):

	For the Three Months Ended		For the Three Months Ended
	March 31,		March 31,
	2022		2021
Revenues
Rental revenues	$	3,263	$	2,979
Total revenues		3,263		2,979
Operating Expenses
Property operating expenses		1,112		1,065
Real estate taxes		25		25
General and administrative		2		2
Amortization		583		731
Depreciation		961		984
Total operating expenses		2,683		2,807
Operating income		580		172
Interest expense		(930)		(939)
Interest expense - amortization of deferred finance costs		(72)		(72)
Interest income (expense) - change in fair market value of interest rate swap		1,681		(396)
Net income (loss)	$	1,259	$	(1,235)
Our equity in net income (loss) from unconsolidated joint ventures	$	746	$	(372)