REAL ESTATE SALES

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

REAL ESTATE SALESDuring the nine months ended September 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 September 30, 2020 and December 31, 2019 (in thousands). No real estate properties were held for sale as of September 30, 2020:


	September 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 nine months ended September 30, 2020 and 2019 (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues
Rental income	$	—	$	6,754	$	1,483	$	65,200
Other operating income	—		684		297		5,456
Total revenues	$	—	$	7,438	$	1,780	$	70,656
Expenses
Operating, maintenance, and management	$	—	$	2,434	$	1,177	$	17,124
Real estate taxes and insurance	—		616		167		8,884
Asset management fees to affiliate	—		602		330		4,858
General and administrative expenses	—		5		24		14
Depreciation and amortization	—		3,000		—		28,318
Interest expense	—		2,598		—		18,110
Total expenses	$	—	$	9,255	$	1,698	$	77,308