INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020		December 31, 2019
ASSETS
Self storage properties, net	$	1,833,094	$	1,835,235
Other assets	24,202		22,413
Total assets	$	1,857,296	$	1,857,648
LIABILITIES AND EQUITY
Debt financing	$	989,382	$	989,182
Other liabilities	22,144		20,487
Equity	845,770		847,979
Total liabilities and equity	$	1,857,296	$	1,857,648

The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020		2019
Total revenue	$	40,238	$	39,795
Property operating expenses	13,178		12,544
Net operating income	27,060		27,251
Supervisory, administrative and other expenses	(2,669)		(2,653)
Depreciation and amortization	(15,146)		(21,826)
Interest expense	(10,264)		(10,020)
Loss on sale of self storage properties	—		(806)
Acquisition and other expenses	(399)		(408)
Net loss	$	(1,418)	$	(8,462)