INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

As of June 30, 2020 and December 31, 2019, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands):

	Number of Properties as of June 30, 2020			Investment Balance at
Joint Venture		Location	Ownership %	June 30, 2020		December 31, 2019
NIP Joint Venture	—	—	—	$	—	$	1,225
110 William Joint Venture	1	New York, New York	60.0%	—		—
353 Sacramento Joint Venture	1	San Francisco, California	55.0%	43,207		42,214
Battery Point Series A-3 Preferred Units	N/A	N/A	N/A	13,991		13,991
Pacific Oak Opportunity Zone Fund I	2	Various	N/A	21,280		20,846
				$	78,478	$	78,276

110 William Joint Venture

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

Summarized financial information for the 110 William Joint Venture follows (in thousands):

	June 30, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	247,301	$	242,430
Other assets	39,971		35,747
Total assets	$	287,272	$	278,177
Liabilities and equity:
Notes payable, net	$	308,441	$	292,221
Other liabilities	7,992		10,664
Partners’ deficit	(29,161)		(24,708)
Total liabilities and equity	$	287,272	$	278,177

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues	$	8,617	$	9,442	$	16,599	$	17,701
Expenses:
Operating, maintenance, and management	1,596		2,280		3,898		4,452
Real estate taxes and insurance	1,822		1,725		3,645		3,430
Depreciation and amortization	2,939		2,839		5,582		5,503
Interest expense	4,042		4,124		7,968		8,732
Total expenses	10,399		10,968		21,093		22,117
Total other income	16		39		38		71
Net loss	$	(1,766)	$	(1,487)	$	(4,456)	$	(4,345)
Company’s share of net loss (1)	$	(1,060)	$	(892)	$	(2,674)	$	(2,607)

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⁽¹⁾ During the three and six months ended June 30, 2019, the Company recorded $0 and $0.3 million of net losses in equity in income of unconsolidated joint ventures and suspended the recording of the Company’s remaining share of net losses.

353 Sacramento Joint Venture

Schedule of Equity Method Investments [Line Items]

Schedule of Investments in Unconsolidated Joint Ventures

Summarized financial information for the 353 Sacramento Joint Venture follows (in thousands):

	June 30, 2020		December 31, 2019
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	184,980	$	180,592
Other assets	18,850		21,822
Total assets	$	203,830	$	202,414
Liabilities and equity:
Notes payable, net	$	115,427	$	115,280
Other liabilities	10,792		11,193
Partners’ capital	77,611		75,941
Total liabilities and equity	$	203,830	$	202,414

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues	$	5,364	$	4,187	$	10,251	$	8,345
Expenses:
Operating, maintenance, and management	836		939		1,517		1,769
Real estate taxes and insurance	728		694		1,481		1,395
Depreciation and amortization	1,639		1,563		3,241		3,131
Interest expense	1,021		1,447		2,342		2,866
Total expenses	4,224		4,643		8,581		9,161
Net income (loss)	$	1,140	$	(456)	1,670		(816)
Company’s equity in income (loss) of unconsolidated joint venture	$	665	$	(215)	$	993	$	(379)