Schedule of condensed financial information of joint ventures |
The following table presents the condensed financial position of the 2016 Joint Venture as of June 30, 2018 and December 31, 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
Self storage properties, net |
$ |
655,989 |
|
|
$ |
655,973 |
|
Other assets |
8,217 |
|
|
8,397 |
|
Total assets |
$ |
664,206 |
|
|
$ |
664,370 |
|
LIABILITIES AND EQUITY |
|
|
|
Debt financing |
$ |
317,522 |
|
|
$ |
317,359 |
|
Other liabilities |
5,916 |
|
|
4,855 |
|
Equity |
340,768 |
|
|
342,156 |
|
Total liabilities and equity |
$ |
664,206 |
|
|
$ |
664,370 |
|
|
|
|
|
The following table presents the condensed operating information of the 2016 Joint Venture for the three and six months ended June 30, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
2018 |
|
2017 |
Total revenue |
$ |
15,196 |
|
|
$ |
13,059 |
|
Property operating expenses |
5,000 |
|
|
4,432 |
|
Net operating income |
10,196 |
|
|
8,627 |
|
Supervisory, administrative and other expenses |
(1,072 |
) |
|
(941 |
) |
Depreciation and amortization |
(5,527 |
) |
|
(7,676 |
) |
Interest expense |
(2,928 |
) |
|
(2,802 |
) |
Acquisition and other expenses |
(275 |
) |
|
(267 |
) |
Net income (loss) |
$ |
394 |
|
|
$ |
(3,059 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
Total revenue |
$ |
30,002 |
|
|
$ |
25,566 |
|
Property operating expenses |
10,293 |
|
|
8,500 |
|
Net operating income |
19,709 |
|
|
17,066 |
|
Supervisory, administrative and other expenses |
(2,129 |
) |
|
(1,839 |
) |
Depreciation and amortization |
(11,034 |
) |
|
(15,165 |
) |
Interest expense |
(5,827 |
) |
|
(5,628 |
) |
Acquisition and other expenses |
(537 |
) |
|
(633 |
) |
Net income (loss) |
$ |
182 |
|
|
$ |
(6,199 |
) |
|
|
|
|
|