REAL ESTATE HELD FOR SALE

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

As of March 31, 2020, the Company had classified a multifamily apartment complex held through a consolidated joint venture as held for sale. During the year ended December 31, 2019, the Company, through 12 wholly owned subsidiaries, sold 11 of its properties (the “Singapore Portfolio”) to various subsidiaries of the SREIT, which was listed on the Singapore Stock Exchange (“SGX”) on July 19, 2019 (the “Singapore Transaction”). The Company sold the Singapore Portfolio to the SREIT on July 18, 2019. The sale price of the Singapore Portfolio was $1.2 billion, before third-party closing costs, closing credits and other costs of approximately $20.0 million and excluding disposition fees paid to the Advisor of $9.5 million.

The following summary presents the components of real estate held for sale, net as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020		December 31, 2019
Real estate held for sale, net:
Total real estate, at cost	$	128,297	$	127,346
Accumulated depreciation and amortization	(5,082)		(5,082)


Total real estate held for sale, net	$	123,215	$	122,264

The results of operations for the multifamily apartment complex held through a consolidated joint venture and the Singapore Portfolio are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the Singapore Portfolio and the multifamily apartment complex held through a consolidated joint venture for the three months ended March 31, 2020 and 2019 (in thousands):


	For the Three Months Ended March 31,
	2020		2019
Revenues
Rental income	$	1,070	$	28,551
Other operating income	236		3,198
Total revenues	$	1,306	$	31,749
Expenses
Operating, maintenance, and management	$	846	$	6,894
Real estate taxes and insurance	117		3,899
Asset management fees to affiliate	129		2,001
General and administrative expenses	50		—
Depreciation and amortization	—		12,639
Interest expense	—		7,409
Total expenses	$	1,142	$	32,842