| 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, 2022 and December 31, 2021 (in thousands):
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December 31, |
|
2022 |
|
2021 |
| ASSETS |
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|
| Self storage properties, net |
1,891,203 |
|
|
1,741,538 |
|
| Other assets |
36,873 |
|
|
23,562 |
|
| Total assets |
$ |
1,928,076 |
|
|
1,765,100 |
| LIABILITIES AND EQUITY |
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|
|
| Debt financing |
1,002,301 |
|
|
1,001,378 |
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| Other liabilities |
23,808 |
|
|
19,493 |
|
| Equity |
901,967 |
|
|
744,229 |
|
| Total liabilities and equity |
$ |
1,928,076 |
|
|
$ |
1,765,100 |
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|
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the three years ended December 31, 2022, 2021 and 2020 (in thousands):
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Year Ended December 31, |
|
2022 |
|
2021 |
|
2020 |
| Total revenue |
$ |
212,832 |
|
|
$ |
187,861 |
|
|
$ |
164,762 |
|
| Property operating expenses |
57,306 |
|
|
50,829 |
|
|
49,632 |
|
| Net operating income |
155,526 |
|
|
137,032 |
|
|
115,130 |
|
Supervisory, administrative and other expenses |
(13,955) |
|
|
(12,288) |
|
|
(10,935) |
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| Depreciation and amortization |
(68,289) |
|
|
(61,628) |
|
|
(61,188) |
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| Interest expense |
(41,657) |
|
|
(41,658) |
|
|
(41,204) |
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| Loss on sale of self storage properties |
— |
|
|
— |
|
|
— |
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| Acquisition and other expenses |
(899) |
|
|
(511) |
|
|
(969) |
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| Net income |
$ |
30,726 |
|
|
$ |
20,947 |
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|
$ |
834 |
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