Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

v3.10.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 9 Months Ended
Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of condensed financial information of joint ventures
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of September 30, 2018 and December 31, 2017 (in thousands):
 
September 30, 2018
 
December 31, 2017
ASSETS
 
 
 
Self storage properties, net
$
1,911,714

 
$
655,973

Other assets
57,687

 
8,397

Total assets
$
1,969,401

 
$
664,370

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
956,193

 
$
317,359

Other liabilities
17,825

 
4,855

Equity
995,383

 
342,156

Total liabilities and equity
$
1,969,401

 
$
664,370

 
 
 
 

The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Total revenue
$
23,090

 
$
14,494

 
$
53,092

 
$
40,060

Property operating expenses
6,766

 
4,989

 
17,059

 
13,489

Net operating income
16,324

 
9,505

 
36,033

 
26,571

Supervisory, administrative and other expenses
(1,594
)
 
(1,034
)
 
(3,723
)
 
(2,873
)
Depreciation and amortization
(7,801
)
 
(8,168
)
 
(18,835
)
 
(23,333
)
Interest expense
(4,836
)
 
(2,880
)
 
(10,663
)
 
(8,508
)
Loss on sale of self storage properties
(820
)
 
—

 
(820
)
 
—

Acquisition and other expenses
(307
)
 
(269
)
 
(844
)
 
(902
)
Net income (loss)
$
966

 
$
(2,846
)
 
$
1,148

 
$
(9,045
)
 
 
 
 
 
 
 
 

The combined condensed operating information in the table above only includes information for the 2018 Joint Venture following the acquisition of the Portfolio in September 2018.