Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

v3.10.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
6 Months Ended
Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
As of June 30, 2018, the Company's 2016 Joint Venture owned and operated a portfolio of 72 properties containing approximately 5.0 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states. The 2016 Joint Venture acquired one self storage property for $9.5 million during the six months ended June 30, 2018. The 2016 Joint Venture financed the self storage property acquisition with capital contributions from the 2016 Joint Venture members, of which the Company contributed $2.4 million for its 25% proportionate share.
The following table presents the condensed financial position of the 2016 Joint Venture as of June 30, 2018 and December 31, 2017 (in thousands):
 
June 30, 2018
 
December 31, 2017
ASSETS
 
 
 
Self storage properties, net
$
655,989

 
$
655,973

Other assets
8,217

 
8,397

Total assets
$
664,206

 
$
664,370

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
317,522

 
$
317,359

Other liabilities
5,916

 
4,855

Equity
340,768

 
342,156

Total liabilities and equity
$
664,206

 
$
664,370

 
 
 
 

The following table presents the condensed operating information of the 2016 Joint Venture for the three and six months ended June 30, 2018 and 2017 (in thousands):
 
Three Months Ended June 30,
 
2018
 
2017
Total revenue
$
15,196

 
$
13,059

Property operating expenses
5,000

 
4,432

Net operating income
10,196

 
8,627

Supervisory, administrative and other expenses
(1,072
)
 
(941
)
Depreciation and amortization
(5,527
)
 
(7,676
)
Interest expense
(2,928
)
 
(2,802
)
Acquisition and other expenses
(275
)
 
(267
)
Net income (loss)
$
394

 
$
(3,059
)
 
 
 
 
 
Six Months Ended June 30,
 
2018
 
2017
Total revenue
$
30,002

 
$
25,566

Property operating expenses
10,293

 
8,500

Net operating income
19,709

 
17,066

Supervisory, administrative and other expenses
(2,129
)
 
(1,839
)
Depreciation and amortization
(11,034
)
 
(15,165
)
Interest expense
(5,827
)
 
(5,628
)
Acquisition and other expenses
(537
)
 
(633
)
Net income (loss)
$
182

 
$
(6,199
)