INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of condensed financial information of unconsolidated real estate ventures

The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020		December 31, 2019
ASSETS
Self storage properties, net	$	1,818,225	$	1,835,235
Other assets	23,945		22,413
Total assets	$	1,842,170	$	1,857,648
LIABILITIES AND EQUITY
Debt financing	$	989,601	$	989,182
Other liabilities	20,386		20,487
Equity	832,183		847,979
Total liabilities and equity	$	1,842,170	$	1,857,648

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, 2020 and 2019 (in thousands):

	Three Months Ended June 30,
	2020		2019
Total revenue	$	39,730	$	40,858
Property operating expenses	11,371		12,544
Net operating income	28,359		28,314
Supervisory, administrative and other expenses	(2,640)		(2,706)
Depreciation and amortization	(15,245)		(21,888)
Interest expense	(10,300)		(9,941)
Acquisition and other expenses	(20)		(419)
Net income (loss)	$	154	$	(6,640)

	Six Months Ended June 30,
	2020		2019
Total revenue	$	79,968	$	80,653
Property operating expenses	24,549		25,088
Net operating income	55,419		55,565
Supervisory, administrative and other expenses	(5,309)		(5,359)
Depreciation and amortization	(30,391)		(43,714)
Interest expense	(20,564)		(19,961)
Loss on sale of self storage properties	—		(806)
Acquisition and other expenses	(419)		(827)
Net loss	$	(1,264)	$	(15,102)