As of September 30, 2023 and December 31, 2022, our investment in unconsolidated joint ventures consisted of the following:


Joint Venture	Hotel Properties	Percent Owned			September 30, 2023		December 31, 2022


SB Partners, LLC	Holiday Inn Express, South Boston, MA	50	%	*	$	—	$	—
SB Partners Three, LLC	Home2 Suites, South Boston, MA	50	%		4,068		4,989
					$	4,068	$	4,989

*In the third quarter of 2023, we received a $500 non-refundable deposit from our joint venture partner to buy our 50% interest. The deposit will be credited against the purchase price at closing, which we anticipate will occur in the fourth quarter of 2023, subject to customary closing conditions.

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.

Income (Loss) recognized during the three and nine months ended September 30, 2023 and 2022 for our investments in unconsolidated joint ventures is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Hiren Boston, LLC*	$	—	$	394	$	—	$	436
SB Partners, LLC	—		—		—		(310)
SB Partners Three, LLC	5		84		(421)		(227)
Income (Loss) from Unconsolidated Joint Venture Investments	$	5	$	478	$	(421)	$	(101)

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, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022.


	September 30, 2023		December 31, 2022
Assets
Investment in Hotel Properties, Net	$	44,247	$	47,356
Other Assets	12,131		11,803
Total Assets	$	56,378	$	59,159

Liabilities and Equity
Mortgages	$	49,304	$	50,236
Other Liabilities	10,196		10,012
Equity:
Hersha Hospitality Trust	1,613		2,630
Joint Venture Partner(s)	(4,735)		(3,719)

Total Equity	(3,122)		(1,089)

Total Liabilities and Equity	$	56,378	$	59,159


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Room Revenue	$	5,668	$	8,166	$	13,003	$	17,661
Other Revenue	208		405		531		909
Operating Expenses	(2,854)		(4,156)		(7,182)		(10,239)
Lease Expense	(159)		(320)		(478)		(834)
Property Taxes and Insurance	(417)		(588)		(1,170)		(1,732)
General and Administrative	7		(71)		78		(107)
Depreciation and Amortization	(1,041)		(1,244)		(3,184)		(3,746)
Interest Expense	(851)		(923)		(2,490)		(2,364)

Income Tax Expense	(140)		(114)		(140)		(62)
Net Income (Loss)	$	421	$	1,155	$	(1,032)	$	(514)

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, 2023 and December 31, 2022.


	September 30, 2023		December 31, 2022
Our share of equity recorded on the joint ventures' financial statements	$	1,613	$	2,630
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	2,455		2,359
Investment in Unconsolidated Joint Ventures	$	4,068	$	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.