Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

v3.7.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
6 Months Ended
Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
As of June 30, 2017, the Company's unconsolidated real estate venture owned and operated a portfolio of 70 properties containing approximately 4.9 million rentable square feet, configured in approximately 39,000 storage units and located across 13 states. The unconsolidated real estate venture acquired four self storage properties with an estimated fair value of $49.8 million during the six months ended June 30, 2017. The unconsolidated real estate venture financed the self storage property acquisitions with capital contributions from the unconsolidated real estate venture members, of which the Company contributed $12.5 million for its 25% proportionate share in the unconsolidated real estate venture.
The following table presents the condensed financial position of the unconsolidated real estate venture as of June 30, 2017 and December 31, 2016 (in thousands):
 
June 30, 2017
 
December 31, 2016
ASSETS
 
 
 
Self storage properties, net
$
655,233

 
$
614,754

Other assets
14,141

 
19,936

Total assets
$
669,374

 
$
634,690

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
317,192

 
$
317,047

Other liabilities
5,764

 
4,498

Equity
346,418

 
313,145

Total liabilities and equity
$
669,374

 
$
634,690

 
 
 
 

The following table presents the condensed operating information of the unconsolidated real estate venture for the three and six months ended June 30, 2017 (in thousands):
 
Three Months Ended June 30, 2017
 
Six Months Ended
June 30, 2017
Total revenue
$
13,059

 
$
25,566

Property operating expenses
4,432

 
8,500

Net operating income
8,627

 
17,066

Supervisory, administrative and other expenses
(941
)
 
(1,839
)
Depreciation and amortization
(7,676
)
 
(15,165
)
Interest expense
(2,802
)
 
(5,628
)
Acquisition and other expenses
(267
)
 
(633
)
Net loss
$
(3,059
)
 
$
(6,199
)