| 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, 2019 and December 31, 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
Self storage properties, net |
$ |
1,849,177 |
|
|
$ |
1,894,412 |
|
Other assets |
27,632 |
|
|
50,915 |
|
Total assets |
$ |
1,876,809 |
|
|
$ |
1,945,327 |
|
LIABILITIES AND EQUITY |
|
|
|
Debt financing |
$ |
947,678 |
|
|
$ |
956,357 |
|
Other liabilities |
23,559 |
|
|
16,516 |
|
Equity |
905,572 |
|
|
972,454 |
|
Total liabilities and equity |
$ |
1,876,809 |
|
|
$ |
1,945,327 |
|
|
|
|
|
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and nine months ended September 30, 2019 and 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2019 |
|
2018 |
Total revenue |
$ |
41,600 |
|
|
$ |
23,090 |
|
Property operating expenses |
12,727 |
|
|
6,766 |
|
Net operating income |
28,873 |
|
|
16,324 |
|
Supervisory, administrative and other expenses |
(2,750 |
) |
|
(1,594 |
) |
Depreciation and amortization |
(20,788 |
) |
|
(7,801 |
) |
Interest expense |
(9,934 |
) |
|
(4,836 |
) |
Loss on sale of self storage properties |
— |
|
|
(820 |
) |
Acquisition and other expenses |
(314 |
) |
|
(307 |
) |
Net (loss) income |
$ |
(4,913 |
) |
|
$ |
966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
Total revenue |
$ |
122,253 |
|
|
$ |
53,092 |
|
Property operating expenses |
37,815 |
|
|
17,059 |
|
Net operating income |
84,438 |
|
|
36,033 |
|
Supervisory, administrative and other expenses |
(8,109 |
) |
|
(3,723 |
) |
Depreciation and amortization |
(64,502 |
) |
|
(18,835 |
) |
Interest expense |
(29,895 |
) |
|
(10,663 |
) |
Loss on sale of self storage properties |
(806 |
) |
|
(820 |
) |
Acquisition and other expenses |
(1,141 |
) |
|
(844 |
) |
Net (loss) income |
$ |
(20,015 |
) |
|
$ |
1,148 |
|
|
|
|
|
|