As of September 30, 2020 and December 31, 2019, our investment in unconsolidated joint ventures consisted of the following:


		Percent
Joint Venture	Hotel Properties	Owned		September 30, 2020		December 31, 2019

Cindat Hersha Owner JV, LLC	Hilton and IHG branded hotels in NYC	31	%	$	—	$	—
Hiren Boston, LLC	Courtyard by Marriott, South Boston, MA	50	%	322		1,434
SB Partners, LLC	Holiday Inn Express, South Boston, MA	50	%	—		—
SB Partners Three, LLC	Home2 Suites, South Boston, MA	50	%	6,760		7,012
				$	7,082	$	8,446

On January 3, 2020, we entered into an agreement with our joint venture partner for our partner to purchase our membership interests in Hiren Boston, LLC and SB Partners, LLC. Net proceeds from the sale of our interests are anticipated to be approximately $24,000 and this transaction is expected to close during the first half of 2021.

As of September 30, 2020, based on the income allocation methodology within Cindat Hersha Owner JV, LLC, the Company has absorbed cumulative losses equal to our accounting basis in the joint venture resulting in a $0 investment balance in the table above, however, we currently maintain a positive equity balance within the venture. This difference is due to difference in our basis inside the venture versus our basis outside of the venture, which is explained later in this note.

For SB Partners, LLC, Hiren Boston, LLC, and SB Partners Three, LLC, income or loss is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. This results in an income allocation consistent with our percentage of ownership interests.

Any difference between the carrying amount of any of our investments noted above and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets.

Income (loss) recognized during the three and nine months ended September 30, 2020 and 2019, for our investments in unconsolidated joint ventures is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cindat Hersha Owner JV, LLC	$	—	$	—	$	—	$	—
Hiren Boston, LLC	(457)		79		(1,337)		217
SB Partners, LLC	—		—		(600)		375
SB Partners Three, LLC	(212)		(41)		(252)		(74)
(Loss) Income from Unconsolidated Joint Venture Investments	$	(669)	$	38	$	(2,189)	$	518

The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019.


	September 30, 2020		December 31, 2019
Assets
Investment in Hotel Properties, Net	$	585,369	$	579,287
Other Assets	24,381		33,891
Total Assets	$	609,750	$	613,178

Liabilities and Equity
Mortgages and Notes Payable	$	449,952	$	430,282
Other Liabilities	27,646		19,185
Equity:
Hersha Hospitality Trust	6,859		9,588
Joint Venture Partner(s)	125,657		154,998
Accumulated Other Comprehensive Loss	(364)		(875)
Total Equity	132,152		163,711

Total Liabilities and Equity	$	609,750	$	613,178


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Room Revenue	$	4,035	$	25,098	$	20,966	$	68,444
Other Revenue	122		604		909		1,848
Operating Expenses	(3,621)		(12,142)		(15,234)		(34,063)
Lease Expense	(170)		(164)		(524)		(529)
Property Taxes and Insurance	(3,282)		(3,161)		(9,720)		(9,264)
General and Administrative	(567)		(1,603)		(2,083)		(4,314)
Depreciation and Amortization	(3,972)		(3,731)		(11,812)		(11,085)
Interest Expense	(5,487)		(7,038)		(17,356)		(21,381)


Net Loss	$	(12,942)	$	(2,137)	$	(34,854)	$	(10,344)

The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of September 30, 2020 and December 31, 2019.


	September 30, 2020		December 31, 2019
Our share of equity recorded on the joint ventures' financial statements	$	6,859	$	9,588
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	223		(1,142)
Investment in Unconsolidated Joint Ventures	$	7,082	$	8,446

(1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:

•the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements;

•accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and