INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and December 31, 2019 (in thousands):

	December 31,
	2020		2019
ASSETS
Self storage properties, net	$	1,799,522	$	1,835,235
Other assets	24,397		22,413
Total assets	$	1,823,919	$	1,857,648
LIABILITIES AND EQUITY
Debt financing	$	1,000,464	$	989,182
Other liabilities	21,612		20,487
Equity	801,843		847,979
Total liabilities and equity	$	1,823,919	$	1,857,648

The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2020 and 2019 and the period ended December 31, 2018 (in thousands):

	Year Ended December 31,
	2020		2019		2018
Total revenue	$	164,762	$	162,827	$	94,507
Property operating expenses	49,632		49,845		30,229
Net operating income	115,130		112,982		64,278
Supervisory, administrative and other expenses	(10,935)		(10,818)		(6,397)
Depreciation and amortization	(61,188)		(79,556)		(40,930)
Interest expense	(41,204)		(39,936)		(20,718)
Loss on sale of self storage properties	—		(806)		(820)
Acquisition and other expenses	(969)		(1,971)		(1,188)
Net income (loss)	$	834	$	(20,105)	$	(5,775)