Company Quick10K Filing
Resource Apartment REIT III
Price1.00 EPS8,146,091
Shares-0 P/E0
MCap-0 P/FCF-0
Net Debt113 EBIT-4
TEV113 TEV/EBIT-29
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-20
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-22
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-29
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-06-10
8-K 2020-04-28
8-K 2020-03-27
8-K 2020-03-16
8-K 2019-07-17
8-K 2019-06-24
8-K 2019-04-28
8-K 2019-04-15
8-K 2019-02-12
8-K 2018-12-17
8-K 2018-12-14
8-K 2018-12-11
8-K 2018-09-14
8-K 2018-08-29
8-K 2018-07-23
8-K 2018-07-18
8-K 2018-07-10
8-K 2018-06-27
8-K 2018-04-23
8-K 2018-04-13
8-K 2018-03-22
8-K 2018-02-12

RREIO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Nature of Business and Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 - Supplemental Cash Flow Information
Note 4 - Restricted Cash
Note 5 - Rental Properties, Net
Note 6 - Disposition of Property
Note 7 - Identified Intangible Assets, Net
Note 8 - Mortgage Notes Payable
Note 9 - Certain Relationships and Related Party Transactions
Note 10 - Earnings per Share
Note 12 - Fair Value Measures and Disclosures
Note 13 - Derivatives and Hedging Activities
Note 14 - Operating Expense Limitation
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ck0001652926-ex311_7.htm
EX-31.2 ck0001652926-ex312_8.htm
EX-32.1 ck0001652926-ex321_9.htm
EX-32.2 ck0001652926-ex322_6.htm

Resource Apartment REIT III Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
240192144964802015201620182020
Assets, Equity
4.93.41.80.3-1.3-2.82015201620182020
Rev, G Profit, Net Income
20124-4-12-202015201620182020
Ops, Inv, Fin

10-Q 1 ck0001652926-10q_20200331.htm 10-Q ck0001652926-10q_20200331.htm

(Back to Index)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES   EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES   EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 000-55923

RESOURCE APARTMENT REIT III, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland

 

47-4608249

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

1845 Walnut Street, 18th Floor, Philadelphia, PA, 19103

(Address of principal executive offices) (Zip code)

 

 

 

(215) 231-7050

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

n/a

 

n/a

 

n/a

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer.

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes No

 

As of May 4, 2020, there were 625,848 outstanding shares of Class A common stock, 1,121,639 outstanding shares of Class T common stock, and 10,406,822 outstanding shares of Class I common stock of Resource Apartment REIT III, Inc.

 

 

 

 


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RESOURCE APARTMENT REIT III, INC.

INDEX TO QUARTERLY REPORT

ON FORM 10-Q

 

 

 

PAGE

PART I

FINANCIAL INFORMATION

 

 

 

 

ITEM 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – March 31, 2020 (unaudited) and December 31, 2019

4

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss - For the Three Months Ended March 31, 2020 and 2019 (unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended March 31, 2020 and 2019 (unaudited)

7

 

 

 

 

Consolidated Statements of Cash Flows - For the Three Months Ended March 31, 2020 and 2019 (unaudited)

8

 

 

 

 

Notes to Consolidated Financial Statements – March 31, 2020 (unaudited)

9

 

 

 

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

44

 

 

 

ITEM 4.

Controls and Procedures

44

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

ITEM 1.

Legal Proceedings

45

 

 

 

ITEM 1A.

Risk Factors

45

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

 

 

 

ITEM 6.

Exhibits

48

 

 

 

SIGNATURES

49

 

 

 

2


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Forward-Looking Statements

Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.  In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expects," "intend," "may," "plan," "potential," "project," "should," "will" and "would" or the negative of these terms or other comparable terminology.  You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, particularly its ability to collect rent, the personal financial condition of its tenants and their ability to pay rent, and the real estate market and the global economy and financial markets. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, you should interpret many of the risks identified in our Annual Report on Form 10-K for the year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Actual results may differ materially from those contemplated by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances after the date of this report, except as may be required under applicable law.

3

 

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PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Rental properties, net

 

$

192,812

 

 

$

196,483

 

Identified intangible assets, net

 

 

 

 

 

173

 

Total investments

 

 

192,812

 

 

 

196,656

 

 

 

 

 

 

 

 

 

 

Cash

 

 

25,193

 

 

 

28,430

 

Restricted cash

 

 

1,761

 

 

 

1,916

 

Tenant receivables, net

 

 

36

 

 

 

31

 

Due from related parties

 

 

2

 

 

 

 

Prepaid expenses and other assets

 

 

937

 

 

 

599

 

Total assets

 

$

220,741

 

 

$

227,632

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

143,980

 

 

$

145,503

 

Accounts payable and accrued expenses

 

 

1,516

 

 

 

2,552

 

Accrued real estate taxes

 

 

724

 

 

 

601

 

Due to related parties

 

 

3,036

 

 

 

4,938

 

Tenant prepayments

 

 

158

 

 

 

194

 

Security deposits

 

 

391

 

 

 

382

 

Distributions payable

 

 

 

 

 

1,587

 

Total liabilities

 

 

149,805

 

 

 

155,757

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01: 10,000,000 shares authorized, none issued and

   outstanding

 

 

 

 

 

 

Convertible stock, par value $0.01: 50,000 shares authorized, issued and outstanding

 

 

1

 

 

 

1

 

Class A common stock, par value $0.01: 25,000,000 shares authorized, 625,848 and 628,691 issued and outstanding, respectively

 

 

6

 

 

 

6

 

Class T common stock, par value $0.01: 25,000,000 shares authorized, 1,121,639 and 1,115,458 issued and outstanding, respectively

 

 

11

 

 

 

11

 

Class I common stock, par value $0.01: 75,000,000 shares authorized, 10,406,822 and 10,327,291 issued and outstanding, respectively

 

 

104

 

 

 

103

 

Additional paid-in capital

 

 

104,480

 

 

 

103,725

 

Accumulated other comprehensive loss

 

 

(26

)

 

 

(32

)

Accumulated deficit

 

 

(33,640

)

 

 

(31,939

)

Total stockholders’ equity

 

 

70,936

 

 

 

71,875

 

Total liabilities and stockholders’ equity

 

$

220,741

 

 

$

227,632

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

 

 

2020

 

 

2019

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental income

 

$

5,089

 

 

$

3,723

 

 

Total revenues

 

 

5,089

 

 

 

3,723

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Rental operating - expenses

 

 

869

 

 

 

682

 

 

Rental operating - payroll

 

 

489

 

 

 

371

 

 

Rental operating - real estate taxes

 

 

730

 

 

 

497

 

 

Subtotal- rental operating

 

 

2,088

 

 

 

1,550

 

 

Property management fees

 

 

 

 

 

2

 

 

Management fees - related parties

 

 

780

 

 

 

574

 

 

General and administrative

 

 

416

 

 

 

860

 

 

Loss on disposal of assets

 

 

129

 

 

 

87

 

 

Depreciation and amortization expense

 

 

2,360

 

 

 

2,237

 

 

Total expenses

 

 

5,773

 

 

 

5,310

 

 

Loss before net gains on dispositions

 

 

(684

)

 

 

(1,587

)

 

Net gain on disposition of property

 

 

530

 

 

 

 

 

Loss before other income (expense)

 

 

(154

)

 

 

(1,587

)

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

 

27

 

 

 

70

 

 

Interest expense

 

 

(1,543

)

 

 

(1,268

)

 

Total other income (expense)

 

 

(1,516

)

 

 

(1,198

)

 

Net loss

 

$

(1,670

)

 

$

(2,785

)

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

Designated derivatives, fair value adjustments

 

 

6

 

 

 

(2

)

 

Total other comprehensive (loss) income

 

 

6

 

 

 

(2

)

 

Comprehensive loss

 

$

(1,664

)

 

$

(2,787

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - (continued)

(in thousands, except per share data)

(unaudited)

 

 

 

 

Three Months Ended

March 31,

 

 

 

 

2020

 

 

2019

 

 

Class A common stock:

 

 

 

 

 

 

 

 

 

Net loss attributable to Class A common stockholders

 

$

(88

)

 

$

(170

)

 

Net loss per Class A share, basic and diluted

 

$

(0.14

)

 

$

(0.27

)

 

Weighted average Class A common shares outstanding, basic and diluted

 

 

629

 

 

 

635

 

 

 

 

 

 

 

 

 

 

 

 

Class T common stock:

 

 

 

 

 

 

 

 

 

Net loss attributable to Class T common stockholders

 

$

(130

)

 

$

(325

)

 

Net loss per Class T share, basic and diluted

 

$

(0.12

)

 

$

(0.29

)

 

Weighted average Class T common shares outstanding, basic and diluted

 

 

1,118

 

 

 

1,114

 

 

 

 

 

 

 

 

 

 

 

 

Class R common stock:

 

 

 

 

 

 

 

 

 

Net loss attributable to Class R common stockholders

 

$

 

 

$

(2,200

)

 

Net loss per Class R share, basic and diluted

 

$

 

 

$

(0.28

)

 

Weighted average Class R common shares outstanding, basic and diluted

 

 

 

 

 

7,937

 

 

 

 

 

 

 

 

 

 

 

 

Class I common stock:

 

 

 

 

 

 

 

 

 

Net loss attributable to Class I common stockholders

 

$

(1,452

)

 

$

(90

)

 

Net loss per Class I share, basic and diluted

 

$

(0.14

)

 

$

(0.24

)

 

Weighted average Class I common shares outstanding, basic and diluted

 

 

10,355

 

 

 

380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

 

6

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(in thousands)

(unaudited)

 

 

 

Common Stock

 

 

Convertible Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Shares

 

 

T

Shares

 

 

R

Shares

 

 

I

Shares

 

 

A

Shares

 

 

T

Shares

 

 

R

Shares

 

 

I

Shares

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Total

 

Balance, at January 1, 2020

 

 

629

 

 

 

1,115

 

 

 

 

 

 

10,327

 

 

$

6

 

 

$

11

 

 

$

 

 

$

103

 

 

 

50

 

 

$

1

 

 

$

103,725

 

 

$

(32

)

 

$

(31,939

)

 

$

71,875

 

True-up of prior year cash distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

(31

)

Common stock issued through distribution reinvestment plan

 

 

2

 

 

 

10

 

 

 

 

 

 

82

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

856

 

 

 

 

 

 

 

 

 

857

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,670

)

 

 

(1,670

)

Share redemptions

 

 

(5

)

 

 

(3

)

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(101

)

 

 

 

 

 

 

 

 

(101

)

Balance, at March 31, 2020

 

 

626

 

 

 

1,122

 

 

 

 

 

 

10,407

 

 

$

6

 

 

$

11

 

 

$

 

 

$

104

 

 

 

50

 

 

$

1

 

 

$

104,480

 

 

$

(26

)

 

$

(33,640

)

 

$

70,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, at January 1, 2019

 

 

634

 

 

 

1,111

 

 

 

7,182

 

 

 

330

 

 

$

6

 

 

$

11

 

 

$

72

 

 

$

3

 

 

 

50

 

 

$

1

 

 

$

77,896

 

 

$

(40

)

 

$

(15,459

)

 

$

62,490

 

Issuance of common stock

 

 

 

 

 

 

 

 

1,510

 

 

 

126

 

 

 

 

 

 

 

 

 

15

 

 

 

2

 

 

 

 

 

 

 

 

 

15,777

 

 

 

 

 

 

 

 

 

15,794

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,876

)

 

 

 

 

 

 

 

 

(1,876

)

Cash distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,258

)

 

 

(1,258

)

Common stock issued through distribution reinvestment plan

 

 

3

 

 

 

8

 

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

577

 

 

 

 

 

 

 

 

 

577

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,785

)

 

 

(2,785

)

Balance, at March 31, 2019

 

 

637

 

 

 

1,119

 

 

 

8,744

 

 

 

456

 

 

$

6

 

 

$

11

 

 

$

87

 

 

$

5

 

 

 

50

 

 

$

1

 

 

$

92,374

 

 

$

(42

)

 

$

(19,502

)

 

$

72,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this consolidated financial statement.

 

7

 

(Back to Index)


(Back to Index)

 

RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(1,670

)

 

$

(2,785

)

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Loss on disposal of assets

 

 

129

 

 

 

87

 

Depreciation and amortization

 

 

2,360

 

 

 

2,237

 

Amortization of deferred financing costs

 

 

74

 

 

 

59

 

Net gain on disposition of property

 

 

(530

)

 

 

 

Realized loss on change in fair value of interest rate cap

 

 

6

 

 

 

1

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Tenant receivables, net

 

 

(8

)

 

 

7

 

Due from related parties

 

 

(2

)

 

 

3

 

Prepaid expenses and other assets

 

 

(341

)

 

 

(155

)

Due to related parties

 

 

(1,901

)

 

 

(408

)

Accounts payable and accrued expenses

 

 

37

 

 

 

645

 

Tenant prepayments

 

 

(37

)

 

 

53

 

Security deposits

 

 

22

 

 

 

1

 

Net cash used in operating activities

 

 

(1,861

)

 

 

(255

)