| Schedule of condensed financial information of joint ventures |
The following table presents the condensed financial position of the unconsolidated real estate venture as of September 30, 2017 and December 31, 2016 (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Self storage properties, net |
$ |
651,024 |
|
|
$ |
614,754 |
|
Other assets |
10,314 |
|
|
19,936 |
|
Total assets |
$ |
661,338 |
|
|
$ |
634,690 |
|
LIABILITIES AND EQUITY |
|
|
|
Debt financing |
$ |
317,277 |
|
|
$ |
317,047 |
|
Other liabilities |
5,880 |
|
|
4,498 |
|
Equity |
338,181 |
|
|
313,145 |
|
Total liabilities and equity |
$ |
661,338 |
|
|
$ |
634,690 |
|
|
|
|
|
The following table presents the condensed operating information of the unconsolidated real estate venture for the three and nine months ended September 30, 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017 |
|
Nine Months Ended
September 30, 2017 |
Total revenue |
$ |
14,494 |
|
|
$ |
40,060 |
|
Property operating expenses |
4,989 |
|
|
13,489 |
|
Net operating income |
9,505 |
|
|
26,571 |
|
Supervisory, administrative and other expenses |
(1,034 |
) |
|
(2,873 |
) |
Depreciation and amortization |
(8,168 |
) |
|
(23,333 |
) |
Interest expense |
(2,880 |
) |
|
(8,508 |
) |
Acquisition and other expenses |
(269 |
) |
|
(902 |
) |
Net loss |
$ |
(2,846 |
) |
|
$ |
(9,045 |
) |
|
|
|
|
|