INVESTMENT IN AN UNCONSOLIDATED ENTITY (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investment in Unconsolidated Entity

The SREIT reports its financial statements in accordance with the International Financial Reporting Standards and uses the US dollar as its reporting currency, as such, the Company must make certain adjustments to the SREIT’s financial information to reflect U.S. GAAP before applying the equity method of accounting. Summarized financial information for the SREIT in accordance with U.S. GAAP follows (in thousands):


	As of
	June 30, 2020		December 31, 2019
Assets:
Real estate, net	$	1,348,075	$	1,201,050
Cash and cash equivalents	33,843		37,862
Other assets	26,791		21,628
Total assets:	$	1,408,709	$	1,260,540
Liabilities and equity
Notes payable, net	$	478,799	$	432,824
Accounts payable and other liabilities	75,476		40,716
Equity	854,434		787,000
Total liabilities and equity	$	1,408,709	$	1,260,540


	For the Three Months Ended June 30, 2020		For the Six Months Ended June 30, 2020
Revenues	$	36,908	$	72,370
Expenses:
Operating, maintenance, and management	6,945		13,764
Real estate taxes and insurance	5,185		9,863
Asset management fees	1,865		3,661
General and administrative expenses	384		989
Depreciation and amortization	16,844		32,327
Interest expense	8,727		26,743
Total expenses	39,950		87,347
Other income	—		3
Net loss	$	(3,042)	$	(14,974)
Equity in loss of an unconsolidated entity ⁽¹⁾	$	(835)	$	(4,092)

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⁽¹⁾ Equity in loss of an unconsolidated entity for the six months ended June 30, 2020 excludes the $2.1 million gain recorded to reflect the net effect to the Company’s investment as a result of the net proceeds raised by the SREIT in a private offering in February 2020, which was classified in equity in loss from an unconsolidated entity on the consolidated statement of operations.