Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 are as follows (dollars in thousands):

	September 30,		December 31,
	2022		2021
ASSETS
Real estate, net	$	114,225	$	164,143
Cash and cash equivalents		1,336		1,244
Restricted cash		694		891
Tenant and other receivables, net		246		225
Prepaid expenses and other assets, net		2,106		315
Intangible assets, net		9,496		21,527
Total assets	$	128,103	$	188,345
LIABILITIES
Mortgages payable, net	$	80,448	$	112,934
Accounts payable and accrued expenses		1,504		1,849
Total liabilities		81,952		114,783
MEMBERS’ EQUITY
Members’ equity		49,777		87,654
Accumulated deficit		(3,626)		(14,092)
Total members’ equity		46,151		73,562
Total liabilities and members’ equity	$	128,103	$	188,345
Our investments in unconsolidated joint ventures	$	4,494	$	17,938

Schedule of statement of operations for unconsolidated joint ventures

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

	For the Three Months Ended		For the Three Months Ended		For the Nine Months Ended		For the Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Revenues
Rental revenues	$	2,617	$	3,291	$	8,639	$	9,455
Total revenues		2,617		3,291		8,639		9,455
Operating Expenses
Property operating expenses		879		1,004		2,760		3,000
Real estate taxes		15		25		57		75
General and administrative		—		3		(10)		8
Amortization		449		583		1,525		1,897
Depreciation		654		985		2,377		2,957
Total operating expenses		1,997		2,600		6,709		7,937
Operating income		620		691		1,930		1,518
Gain on sale of real estate		—		—		8,981		—
Gain on sale of interest rate swap		—		—		2,005		—
Interest expense		(717)		(959)		(2,429)		(2,855)
Interest expense - amortization of deferred finance costs		(46)		(71)		(174)		(216)
Interest income (expense) - change in fair market value of interest rate swap		—		193		153		(544)
Net (loss) income	$	(143)	$	(146)	$	10,466	$	(2,097)
Our equity in net (loss) income from unconsolidated joint ventures	$	(14)	$	—	$	5,292	$	(636)