| 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 June 30, 2019 and December 31, 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
Self storage properties, net |
$ |
1,863,002 |
|
|
$ |
1,894,412 |
|
Other assets |
29,489 |
|
|
50,915 |
|
Total assets |
$ |
1,892,491 |
|
|
$ |
1,945,327 |
|
LIABILITIES AND EQUITY |
|
|
|
Debt financing |
$ |
947,493 |
|
|
$ |
956,357 |
|
Other liabilities |
19,973 |
|
|
16,516 |
|
Equity |
925,025 |
|
|
972,454 |
|
Total liabilities and equity |
$ |
1,892,491 |
|
|
$ |
1,945,327 |
|
|
|
|
|
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and six months ended June 30, 2019 and 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
2019 |
|
2018 |
Total revenue |
$ |
40,858 |
|
|
$ |
15,196 |
|
Property operating expenses |
12,544 |
|
|
5,000 |
|
Net operating income |
28,314 |
|
|
10,196 |
|
Supervisory, administrative and other expenses |
(2,706 |
) |
|
(1,072 |
) |
Depreciation and amortization |
(21,888 |
) |
|
(5,527 |
) |
Interest expense |
(9,941 |
) |
|
(2,928 |
) |
Acquisition and other expenses |
(419 |
) |
|
(275 |
) |
Net (loss) income |
$ |
(6,640 |
) |
|
$ |
394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Total revenue |
$ |
80,653 |
|
|
$ |
30,002 |
|
Property operating expenses |
25,088 |
|
|
10,293 |
|
Net operating income |
55,565 |
|
|
19,709 |
|
Supervisory, administrative and other expenses |
(5,359 |
) |
|
(2,129 |
) |
Depreciation and amortization |
(43,714 |
) |
|
(11,034 |
) |
Interest expense |
(19,961 |
) |
|
(5,827 |
) |
Loss on sale of self storage properties |
(806 |
) |
|
— |
|
Acquisition and other expenses |
(827 |
) |
|
(537 |
) |
Net (loss) income |
$ |
(15,102 |
) |
|
$ |
182 |
|
|
|
|
|
The combined condensed operating information in the tables above only includes information for the 2018 Joint Venture following the acquisition of the Initial 2018 JV Portfolio in September 2018.
|