| 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 September 30, 2023 and December 31, 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
| ASSETS |
|
|
|
| Self storage properties, net |
$ |
1,845,712 |
|
|
$ |
1,891,203 |
|
| Other assets |
41,932 |
|
|
36,873 |
|
| Total assets |
$ |
1,887,644 |
|
|
$ |
1,928,076 |
|
| LIABILITIES AND EQUITY |
|
|
|
| Debt financing |
$ |
1,002,993 |
|
|
$ |
1,002,301 |
|
| Other liabilities |
32,047 |
|
|
23,808 |
|
| Equity |
852,604 |
|
|
901,967 |
|
| Total liabilities and equity |
$ |
1,887,644 |
|
|
$ |
1,928,076 |
|
|
|
|
|
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2023 |
|
2022 |
| Total revenue |
$ |
53,989 |
|
|
$ |
53,601 |
|
| Property operating expenses |
15,084 |
|
|
14,335 |
|
| Net operating income |
38,905 |
|
|
39,266 |
|
| Supervisory, administrative and other expenses |
(3,564) |
|
|
(3,540) |
|
| Depreciation and amortization |
(17,147) |
|
|
(17,298) |
|
| Interest expense |
(10,417) |
|
|
(10,416) |
|
|
|
|
|
| Acquisition and other expenses |
(123) |
|
|
(233) |
|
| Net income |
$ |
7,654 |
|
|
$ |
7,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
| Total revenue |
$ |
161,426 |
|
|
$ |
102,599 |
|
| Property operating expenses |
45,246 |
|
|
28,144 |
|
| Net operating income |
116,180 |
|
|
74,455 |
|
| Supervisory, administrative and other expenses |
(10,654) |
|
|
(6,742) |
|
| Depreciation and amortization |
(52,290) |
|
|
(32,680) |
|
| Interest expense |
(31,247) |
|
|
(20,826) |
|
|
|
|
|
| Acquisition and other expenses |
(310) |
|
|
(507) |
|
| Net income |
$ |
21,679 |
|
|
$ |
13,700 |
|
|
|
|
|
|