As of March 31, 2023 and December 31, 2022, our investment in unconsolidated joint ventures consisted of the following:


Joint Venture	Hotel Properties	Percent Owned		March 31, 2023		December 31, 2022


SB Partners, LLC	Holiday Inn Express, South Boston, MA	50	%	$	—	$	—
SB Partners Three, LLC	Home2 Suites, South Boston, MA	50	%	4,636		4,989
				$	4,636	$	4,989

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. When we absorb cumulative losses equal to our accounting basis in the joint venture, our investment balance is $0 as presented in the table above.

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.

Loss recognized during the three months ended March 31, 2023 and 2022, for our investments in unconsolidated joint ventures is as follows:


	Three Months Ended March 31,
	2023		2022
Hiren Boston, LLC*	$	—	$	(258)
SB Partners, LLC	—		(310)
SB Partners Three, LLC	(352)		(368)
Loss from Unconsolidated Joint Venture Investments	$	(352)	$	(936)

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 March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022.


	March 31, 2023		December 31, 2022
Assets
Investment in Hotel Properties, Net	$	46,290	$	47,356
Other Assets	11,256		11,803
Total Assets	$	57,546	$	59,159

Liabilities and Equity
Mortgages	$	50,060	$	50,236
Other Liabilities	10,081		10,012
Equity:
Hersha Hospitality Trust	1,877		2,630
Joint Venture Partner(s)	(4,472)		(3,719)

Total Equity	(2,595)		(1,089)

Total Liabilities and Equity	$	57,546	$	59,159


	Three Months Ended March 31,
	2023		2022
Room Revenue	$	2,298	$	2,647
Other Revenue	126		186
Operating Expenses	(1,635)		(2,455)
Lease Expense	(134)		(257)
Property Taxes and Insurance	(374)		(572)
General and Administrative	(10)		(20)
Depreciation and Amortization	(1,072)		(1,253)
Interest Expense	(803)		(668)

Income Tax Expense	98		125
Net Loss	$	(1,506)	$	(2,267)

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 March 31, 2023 and December 31, 2022.


	March 31, 2023		December 31, 2022
Our share of equity recorded on the joint ventures' financial statements	$	1,877	$	2,630
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	2,759		2,359
Investment in Unconsolidated Joint Ventures	$	4,636	$	4,989

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