INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 (dollars in thousands):

	September 30, 2024		December 31, 2023
ASSETS
Self storage properties	$	2,696,454	$	2,200,522
Less accumulated depreciation	(424,994)		(369,412)
Self storage properties, net	2,271,460		1,831,110
Other assets	52,666		37,826
Total assets	$	2,324,126	$	1,868,936
LIABILITIES AND EQUITY
Debt financing	$	1,212,881	$	1,003,223
Other liabilities	40,451		28,333
Equity	1,070,794		837,380
Total liabilities and equity	$	2,324,126	$	1,868,936

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, 2024 and 2023 (dollars in thousands):

	Three Months Ended September 30,
	2024		2023
Total revenue	$	63,293	$	53,989
Property operating expenses	(19,471)		(15,084)
Supervisory, administrative and other expenses	(4,150)		(3,564)
Depreciation and amortization	(21,671)		(17,147)
Interest expense	(13,650)		(10,417)
Non-operating expenses	(1,037)		(123)
Net income	$	3,314	$	7,654

	Nine Months Ended September 30,
	2024		2023
Total revenue	$	180,105	$	161,426
Property operating expenses	(56,523)		(45,246)
Supervisory, administrative and other expenses	(11,683)		(10,654)
Depreciation and amortization	(60,441)		(52,290)
Interest expense	(39,405)		(31,247)
Non-operating expenses	(192)		(310)
Net income	$	11,861	$	21,679