INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
ASSETS
Self storage properties, net	$	1,755,082	$	1,799,522
Other assets	27,805		24,397
Total assets	$	1,782,887	$	1,823,919
LIABILITIES AND EQUITY
Debt financing	$	1,001,148	$	1,000,464
Other liabilities	22,145		21,612
Equity	759,594		801,843
Total liabilities and equity	$	1,782,887	$	1,823,919

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, 2021 and 2020 (in thousands):

	Three Months Ended September 30,
	2021		2020
Total revenue	$	49,234	$	41,878
Property operating expenses	13,470		13,005
Net operating income	35,764		28,873
Supervisory, administrative and other expenses	(3,210)		(2,780)
Depreciation and amortization	(15,368)		(15,320)
Interest expense	(10,420)		(10,303)
Acquisition and other expenses	(92)		(381)
Net income	$	6,674	$	89

	Nine Months Ended September 30,
	2021		2020
Total revenue	$	139,015	$	121,846
Property operating expenses	37,781		37,554
Net operating income	101,234		84,292
Supervisory, administrative and other expenses	(9,106)		(8,089)
Depreciation and amortization	(46,250)		(45,711)
Interest expense	(31,240)		(30,867)
Acquisition and other expenses	(349)		(800)
Net income (loss)	$	14,289	$	(1,175)