Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

v3.8.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
3 Months Ended
Mar. 31, 2018
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):
 
March 31, 2018
 
December 31, 2017
ASSETS
 
 
 
Self storage properties, net
$
660,645

 
$
655,973

Other assets
8,727

 
8,397

Total assets
$
669,372

 
$
664,370

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
317,440

 
$
317,359

Other liabilities
5,693

 
4,855

Equity
346,239

 
342,156

Total liabilities and equity
$
669,372

 
$
664,370

 
 
 
 

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):
 
Three Months Ended March 31,
 
2018
 
2017
Total revenue
$
14,806

 
$
12,507

Property operating expenses
5,293

 
4,068

Net operating income
9,513

 
8,439

Supervisory, administrative and other expenses
(1,057
)
 
(898
)
Depreciation and amortization
(5,507
)
 
(7,489
)
Interest expense
(2,899
)
 
(2,826
)
Acquisition and other expenses
(262
)
 
(366
)
Net loss
$
(212
)
 
$
(3,140
)