Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Unconsolidated Joint Ventures

The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of September 30, 2019 and December 31, 2018 (dollars in thousands):



	September 30, 2019						December 31, 2018
	NRP			GRP I			NRP			GRP I
Ownership percentage	20		%	15		%	20		%	15		%
Number of properties	11			17			13			17
Investment balance	$	15,428		$	27,702		$	16,198		$	29,453
Unamortized basis adjustments⁽¹⁾	4,158			—			6,026			—


⁽¹⁾	Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value.

The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and nine months ended September 30, 2018 (in thousands):



	Three Months Ended					Nine Months Ended
	September 30, 2019					September 30, 2019
	NRP		GRP I			NRP		GRP I
Income (loss) from unconsolidated joint ventures, net	$	2,733	$	(22	)	$	2,531	$	(87	)
Amortization and write-off of basis adjustments⁽¹⁾	1,159		—			1,868		—
Distributions	600		241			1,433		1,665


⁽¹⁾	These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. When a property is sold, the remaining basis difference related to that property is written off.