INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
As of March 31, 2018, the Company's Joint Venture owned and operated a portfolio of 72 properties containing approximately 5.0 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states. The Joint Venture acquired one self storage property for $9.5 million during the three months ended March 31, 2018. The Joint Venture financed the self storage property acquisition with capital contributions from the Joint Venture members, of which the Company contributed $2.4 million for its 25% proportionate share.
The following table presents the condensed financial position of the Joint Venture as of March 31, 2018 and December 31, 2017 (in thousands):
The following table presents the condensed operating information of the Joint Venture for the three months ended March 31, 2018 and 2017, respectively (in thousands):
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