Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 are as follows (in thousands):

	June 30,		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 and six months ended June 30, 2023 and 2022 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,
	2023		2022		2023		2022
Revenues
Rental revenues	$	—	$	2,759	$	1,788	$	6,022
Total revenues		—		2,759		1,788		6,022
Operating Expenses
Property operating expenses		—		769		563		1,881
Real estate taxes		—		17		10		42
General and administrative		—		(12)		—		(10)
Amortization		—		493		299		1,076
Depreciation		—		762		437		1,723
Total operating expenses		—		2,029		1,309		4,712
Gain on sale of real estate		—		8,981		—		8,981
Operating income		—		9,711		479		10,291
Gain on sale of interest rate swap		—		2,005		—		2,005
Interest expense		—		(782)		(483)		(1,712)
Interest expense - amortization of deferred finance costs		—		(56)		(31)		(128)
Interest (expense) income - change in fair market value of interest rate swap		—		(1,528)		—		153
Net income (loss)	$	—	$	9,350	$	(35)	$	10,609
Our equity in net (loss) income from unconsolidated joint ventures	$	—	$	4,560	$	—	$	5,306