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Investment in Real Estate Partnership (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Equity Method Investments

The table below presents the real estate partnership investment in which the Company holds an ownership interest (in thousands):

									Company’s Investment as of
									September 30, 2020						December 31, 2019
Real estate partnership			Ownership Interest
Pillarstone OP(1)			81.4%						$	34,849					$	34,097
Total real estate partnership(2)									$	34,849					$	34,097

(1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees.

(2) Representing eight property interests and 926,798 square feet of GLA, as of September 30, 2020 and December 31, 2019.

Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands):

						September 30,						December 31,
						2020						2019
Assets:
Real estate, net						$	49,512					$	50,338
Other assets						8,926						6,742
Total assets						58,438						57,080
Liabilities and equity:
Notes payable						15,250						15,434
Other liabilities						4,102						3,575
Equity						39,086						38,071
Total liabilities and equity						58,438						57,080
Company’s share of equity						31,835						31,008
Cost of investment in excess of the Company’s share of underlying net book value						3,014						3,089
Carrying value of investment in real estate partnership						$	34,849					$	34,097

						Three Months Ended September 30,												Nine Months Ended September 30,
						2020						2019						2020						2019
Revenues						$	2,371					$	3,863					$	7,396					$	11,536
Operating expenses						(1,713)						(2,410)						(5,195)						(7,218)
Other expenses						(391)						(776)						(1,184)						(2,341)
Net income						$	267					$	677					$	1,017					$	1,977

Real Estate Investment Financial Statements, Disclosure

The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s consolidated statements of operations and comprehensive income (loss) (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2020						2019						2020						2019
Pillarstone OP						$	196					$	524					$	752					$	1,480

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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X

- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

+ References

No definition available.

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