Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

Investments in Unconsolidated Joint Ventures

Schedule of balance sheets for the unconsolidated joint venture

The combined balance sheets for the unconsolidated joint ventures at March 31, 2023 and December 31, 2022 are as follows (in thousands):

	March 31,		December 31,
	2023		2022
ASSETS
Real estate, net	$	—	$	113,571
Cash and cash equivalents		—		1,345
Restricted cash		—		731
Tenant and other receivables, net		—		197
Prepaid expenses and other assets, net		—		2,185
Intangible assets, net		—		9,047
Total assets	$	—	$	127,076
LIABILITIES
Mortgages payable, net	$	—	$	80,495
Accounts payable and accrued expenses		—		1,507
Total liabilities		—		82,002
MEMBERS’ EQUITY
Members’ equity		—		48,677
Accumulated deficit		—		(3,603)
Total members’ equity		—		45,074
Total liabilities and members’ equity	$	—	$	127,076
Our investments in unconsolidated joint ventures	$	—	$	4,386

Schedule of statement of operations for unconsolidated joint ventures

The combined statements of operations for the unconsolidated joint ventures through the date of sale for the three months ended March 31, 2023 and 2022 are as follows (in thousands):

	For the Three Months Ended		For the Three Months Ended
	March 31,		March 31,
	2023		2022
Revenues
Rental revenues	$	1,788	$	3,263
Total revenues		1,788		3,263
Operating Expenses
Property operating expenses		563		1,112
Real estate taxes		10		25
General and administrative		—		2
Amortization		299		583
Depreciation		437		961
Total operating expenses		1,309		2,683
Operating income		479		580
Interest expense		(483)		(930)
Interest expense - amortization of deferred finance costs		(31)		(72)
Interest income - change in fair market value of interest rate swap		—		1,681
Net (loss) income	$	(35)	$	1,259
Our equity in net (loss) income from unconsolidated joint ventures	$	(4)	$	746