Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Investments in Unconsolidated Joint Ventures

Schedule of balance sheets for the unconsolidated joint venture

The combined balance sheets for our unconsolidated joint ventures at June 30, 2022 and December 31, 2021 are as follows (dollars in thousands):

	June 30,		December 31,
	2022		2021
ASSETS
Real estate, net	$	114,874	$	164,143
Cash and cash equivalents		1,370		1,244
Restricted cash		670		891
Tenant and other receivables, net		224		225
Prepaid expenses and other assets, net		1,032		315
Intangible assets, net		9,945		21,527
Total assets	$	128,115	$	188,345
LIABILITIES
Mortgages payable, net	$	80,401	$	112,934
Accounts payable and accrued expenses		1,420		1,849
Total liabilities		81,821		114,783
MEMBERS’ EQUITY
Members’ equity		49,777		87,654
Accumulated deficit		(3,483)		(14,092)
Total members’ equity		46,294		73,562
Total liabilities and members’ equity	$	128,115	$	188,345
Our investments in unconsolidated joint ventures	$	4,643	$	17,938

Schedule of statement of operations for unconsolidated joint ventures

The statements of operations for our unconsolidated joint ventures for the three and six months ended June 30, 2022 and 2021 are as follows (dollars in thousands):

	For the Three Months Ended		For the Three Months Ended		For the Six Months Ended		For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Revenues
Rental revenues	$	2,759	$	3,185	$	6,022	$	6,164
Total revenues		2,759		3,185		6,022		6,164
Operating Expenses
Property operating expenses		769		931		1,881		1,996
Real estate taxes		17		25		42		50
General and administrative		(12)		3		(10)		5
Amortization		493		583		1,076		1,314
Depreciation		762		988		1,723		1,972
Total operating expenses		2,029		2,530		4,712		5,337
Operating income		730		655		1,310		827
Gain on sale of real estate		8,981		—		8,981		—
Gain on sale of interest rate swap		2,005		—		2,005		—
Interest expense		(782)		(957)		(1,712)		(1,896)
Interest expense - amortization of deferred finance costs		(56)		(73)		(128)		(145)
Interest (expense) income - change in fair market value of interest rate swap		(1,528)		(341)		153		(737)
Net income (loss)	$	9,350	$	(716)	$	10,609	$	(1,951)
Our equity in net income (loss) from unconsolidated joint ventures	$	4,560	$	(264)	$	5,306	$	(636)