REAL ESTATE SALES

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

During the six months ended June 30, 2020, the Company sold a multifamily apartment complex held through a consolidated joint venture. In connection with the sale, the Company, through an indirect wholly owned subsidiary, provided seller financing to the purchaser by originating a real estate loan receivable. See Note 6, “Real Estate Loan Receivable - Recent Origination - Hardware Village First Mortgage.” 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 June 30, 2020 and December 31, 2019 (in thousands). No real estate properties were held for sale as of June 30, 2020:


	June 30, 2020		December 31, 2019
Real estate held for sale, net:
Total real estate, at cost	$	—	$	127,346
Accumulated depreciation and amortization	—		(5,082)


Total real estate held for sale, net	$	—	$	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 and six months ended June 30, 2020 and 2019 (in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020		2019		2020		2019
Revenues
Rental income	$	413	$	29,895	$	1,483	$	58,446
Other operating income	61		2,691		297		5,275
Total revenues	$	474	$	32,586	$	1,780	$	63,721
Expenses
Operating, maintenance, and management	$	331	$	7,796	$	1,177	$	14,690
Real estate taxes and insurance	50		4,369		167		8,268
Asset management fees to affiliate	201		2,010		330		4,011
General and administrative expenses	(26)		9		24		9
Depreciation and amortization	—		12,679		—		25,318
Interest expense	—		8,103		—		15,512
Total expenses	$	556	$	34,966	$	1,698	$	67,808