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, 2021 and December 31, 2020 (in thousands):
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December 31, |
|
2021 |
|
2020 |
ASSETS |
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|
|
Self storage properties, net |
$ |
1,741,538 |
|
|
$ |
1,799,522 |
|
Other assets |
23,562 |
|
|
24,397 |
|
Total assets |
$ |
1,765,100 |
|
|
$ |
1,823,919 |
|
LIABILITIES AND EQUITY |
|
|
|
Debt financing |
$ |
1,001,378 |
|
|
$ |
1,000,464 |
|
Other liabilities |
19,493 |
|
|
21,612 |
|
Equity |
744,229 |
|
|
801,843 |
|
Total liabilities and equity |
$ |
1,765,100 |
|
|
$ |
1,823,919 |
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|
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2021, 2020, and 2019 (in thousands):
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Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
Total revenue |
$ |
187,861 |
|
|
$ |
164,762 |
|
|
$ |
162,827 |
|
Property operating expenses |
50,829 |
|
|
49,632 |
|
|
49,845 |
|
Net operating income |
137,032 |
|
|
115,130 |
|
|
112,982 |
|
Supervisory, administrative and other expenses |
(12,288) |
|
|
(10,935) |
|
|
(10,818) |
|
Depreciation and amortization |
(61,628) |
|
|
(61,188) |
|
|
(79,556) |
|
Interest expense |
(41,658) |
|
|
(41,204) |
|
|
(39,936) |
|
Loss on sale of self storage properties |
— |
|
|
— |
|
|
(806) |
|
Acquisition and other expenses |
(511) |
|
|
(969) |
|
|
(1,971) |
|
Net income (loss) |
$ |
20,947 |
|
|
$ |
834 |
|
|
$ |
(20,105) |
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