INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022		December 31, 2021
ASSETS
Self storage properties, net	$	1,727,229	$	1,741,538
Other assets	26,309		23,562
Total assets	$	1,753,538	$	1,765,100
LIABILITIES AND EQUITY
Debt financing	$	1,001,608	$	1,001,378
Other liabilities	22,321		19,493
Equity	729,609		744,229
Total liabilities and equity	$	1,753,538	$	1,765,100

The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31,
	2022		2021
Total revenue	$	48,998	$	43,695
Property operating expenses	13,809		11,788
Net operating income	35,189		31,907
Supervisory, administrative and other expenses	(3,202)		(2,882)
Depreciation and amortization	(15,382)		(15,522)
Interest expense	(10,410)		(10,405)
Acquisition and other expenses	(274)		(121)
Net income	$	5,921	$	2,977