INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investment, Summarized Financial Information, Statement of Financial Position

The balance sheet for the unconsolidated joint venture at December 31, 2016 is as follows (in thousands):

	December 31,
	2016
ASSETS
Real estate, net	$	54,310
Cash and cash equivalents		77
Restricted cash		52
Tenant and other receivables, net		101
Prepaid expenses and other assets, net		169
Intangible assets, net		14,362
Total assets	$	69,071
LIABILITIES
Mortgage payable, net	$	40,799
Accounts payable and accrued expenses		403
Total liabilities		41,202
MEMBERS' EQUITY
Members' equity		28,485
Accumulated deficit		(616)
Total members equity		27,869
Total liabilities and members' equity	$	69,071
Our investment in unconsolidated joint venture	$	13,939

Equity Method Investment, Summarized Financial Information, Statement of Operations

The statement of operations for the unconsolidated joint venture, from acquisition date through December 31, 2016, is as follows (in thousands):

	For the Period from
	December 5, 2016
	(acquisition date) to
	December 31, 2016
Revenues
Rental revenues	$	238
Total revenues		238
Operating Expenses
Property operating expenses		107
Real estate taxes		3
General and administrative		24
Interest expense, net		106
Transaction related costs		395
Amortization		126
Depreciation		93
Total operating expenses		854
Net loss	$	(616)
Our equity in net loss from unconsolidated joint venture	$	(308)