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 June 30, 2020 and December 31, 2019 (in thousands):
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June 30, 2020 |
|
December 31, 2019 |
ASSETS |
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|
|
Self storage properties, net |
$ |
1,818,225 |
|
|
$ |
1,835,235 |
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Other assets |
23,945 |
|
|
22,413 |
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Total assets |
$ |
1,842,170 |
|
|
$ |
1,857,648 |
|
LIABILITIES AND EQUITY |
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|
|
Debt financing |
$ |
989,601 |
|
|
$ |
989,182 |
|
Other liabilities |
20,386 |
|
|
20,487 |
|
Equity |
832,183 |
|
|
847,979 |
|
Total liabilities and equity |
$ |
1,842,170 |
|
|
$ |
1,857,648 |
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|
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|
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and six months ended June 30, 2020 and 2019 (in thousands):
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Three Months Ended June 30, |
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2020 |
|
2019 |
Total revenue |
$ |
39,730 |
|
|
$ |
40,858 |
|
Property operating expenses |
11,371 |
|
|
12,544 |
|
Net operating income |
28,359 |
|
|
28,314 |
|
Supervisory, administrative and other expenses |
(2,640) |
|
|
(2,706) |
|
Depreciation and amortization |
(15,245) |
|
|
(21,888) |
|
Interest expense |
(10,300) |
|
|
(9,941) |
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|
|
|
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Acquisition and other expenses |
(20) |
|
|
(419) |
|
Net income (loss) |
$ |
154 |
|
|
$ |
(6,640) |
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Six Months Ended June 30, |
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|
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2020 |
|
2019 |
Total revenue |
$ |
79,968 |
|
|
$ |
80,653 |
|
Property operating expenses |
24,549 |
|
|
25,088 |
|
Net operating income |
55,419 |
|
|
55,565 |
|
Supervisory, administrative and other expenses |
(5,309) |
|
|
(5,359) |
|
Depreciation and amortization |
(30,391) |
|
|
(43,714) |
|
Interest expense |
(20,564) |
|
|
(19,961) |
|
Loss on sale of self storage properties |
— |
|
|
(806) |
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Acquisition and other expenses |
(419) |
|
|
(827) |
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Net loss |
$ |
(1,264) |
|
|
$ |
(15,102) |
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