Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

v3.20.4
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of condensed financial information of unconsolidated real estate ventures
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of December 31, 2020 and December 31, 2019 (in thousands):
December 31,
2020 2019
ASSETS
Self storage properties, net $ 1,799,522  $ 1,835,235 
Other assets 24,397  22,413 
Total assets $ 1,823,919  $ 1,857,648 
LIABILITIES AND EQUITY
Debt financing $ 1,000,464  $ 989,182 
Other liabilities 21,612  20,487 
Equity 801,843  847,979 
Total liabilities and equity $ 1,823,919  $ 1,857,648 
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2020 and 2019 and the period ended December 31, 2018 (in thousands):
Year Ended December 31,
2020 2019 2018
Total revenue $ 164,762  $ 162,827  $ 94,507 
Property operating expenses 49,632  49,845  30,229 
Net operating income 115,130  112,982  64,278 
Supervisory, administrative and other expenses
(10,935) (10,818) (6,397)
Depreciation and amortization (61,188) (79,556) (40,930)
Interest expense (41,204) (39,936) (20,718)
Loss on sale of self storage properties —  (806) (820)
Acquisition and other expenses (969) (1,971) (1,188)
Net income (loss) $ 834  $ (20,105) $ (5,775)