INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and December 31, 2021 (in thousands):

	December 31,
	2022		2021
ASSETS
Self storage properties, net	1,891,203		1,741,538
Other assets	36,873		23,562
Total assets	$	1,928,076	1,765,100
LIABILITIES AND EQUITY
Debt financing	1,002,301		1,001,378
Other liabilities	23,808		19,493
Equity	901,967		744,229
Total liabilities and equity	$	1,928,076	$	1,765,100

The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the three years ended December 31, 2022, 2021 and 2020 (in thousands):

	Year Ended December 31,
	2022		2021		2020
Total revenue	$	212,832	$	187,861	$	164,762
Property operating expenses	57,306		50,829		49,632
Net operating income	155,526		137,032		115,130
Supervisory, administrative and other expenses	(13,955)		(12,288)		(10,935)
Depreciation and amortization	(68,289)		(61,628)		(61,188)
Interest expense	(41,657)		(41,658)		(41,204)
Loss on sale of self storage properties	—		—		—
Acquisition and other expenses	(899)		(511)		(969)
Net income	$	30,726	$	20,947	$	834