INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020		December 31, 2019
ASSETS
Self storage properties, net	$	1,803,992	$	1,835,235
Other assets	26,094		22,413
Total assets	$	1,830,086	$	1,857,648
LIABILITIES AND EQUITY
Debt financing	$	989,819	$	989,182
Other liabilities	23,462		20,487
Equity	816,805		847,979
Total liabilities and equity	$	1,830,086	$	1,857,648

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, 2020 and 2019 (in thousands):

	Three Months Ended September 30,
	2020		2019
Total revenue	$	41,878	$	41,600
Property operating expenses	13,005		12,727
Net operating income	28,873		28,873
Supervisory, administrative and other expenses	(2,780)		(2,750)
Depreciation and amortization	(15,320)		(20,788)
Interest expense	(10,303)		(9,934)
Acquisition and other expenses	(381)		(314)
Net income (loss)	$	89	$	(4,913)

	Nine Months Ended September 30,
	2020		2019
Total revenue	$	121,846	$	122,253
Property operating expenses	37,554		37,815
Net operating income	84,292		84,438
Supervisory, administrative and other expenses	(8,089)		(8,109)
Depreciation and amortization	(45,711)		(64,502)
Interest expense	(30,867)		(29,895)
Loss on sale of self storage properties	—		(806)
Acquisition and other expenses	(800)		(1,141)
Net loss	$	(1,175)	$	(20,015)