Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

v3.7.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
3 Months Ended
Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
As of March 31, 2017, the Company's unconsolidated real estate venture (the "Joint Venture") owned and operated a portfolio of 66 properties containing approximately 4.5 million rentable square feet, configured in approximately 36,000 storage units and located across 12 states. The following table presents the condensed financial position of the Joint Venture as of March 31, 2017 and December 31, 2016 (in thousands):
 
March 31, 2017
 
December 31, 2016
ASSETS
 
 
 
Self storage properties, net
$
610,633

 
$
614,754

Other assets
16,521

 
19,936

Total assets
$
627,154

 
$
634,690

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
317,109

 
$
317,047

Other liabilities
5,041

 
4,498

Equity
305,004

 
313,145

Total liabilities and equity
$
627,154

 
$
634,690

 
 
 
 

The following table presents the condensed operating information of the Joint Venture for the three months ended March 31, 2017 (in thousands):
 
Three Months Ended
March 31, 2017
Total revenue
$
12,507

Property operating expenses
4,068

Net operating income
8,439

Supervisory, administrative and other expenses
(898
)
Depreciation and amortization
(7,489
)
Interest expense
(2,826
)
Acquisition and other expenses
(366
)
Net loss
$
(3,140
)