INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and December 31, 2022 (dollars in thousands):

	December 31,
	2023		2022
ASSETS
Self storage properties, net	1,831,110		1,891,203
Other assets	37,826		36,873
Total assets	$	1,868,936	$	1,928,076
LIABILITIES AND EQUITY
Debt financing	1,003,223		1,002,301
Other liabilities	28,333		23,808
Equity	837,380		901,967
Total liabilities and equity	$	1,868,936	$	1,928,076

The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):

	Year Ended December 31,
	2023		2022		2021
Total revenue	$	214,292	$	212,832	$	187,861
Property operating expenses	(59,740)		(57,306)		(50,829)
Supervisory, administrative and other expenses	(14,146)		(13,955)		(12,288)
Depreciation and amortization	(68,333)		(68,289)		(61,628)
Interest expense	(41,665)		(41,657)		(41,658)
Acquisition and other expenses	(459)		(899)		(511)
Net income	$	29,949	$	30,726	$	20,947