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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)
 12 Months Ended
Dec. 31, 2014
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES  
Summary of the financial position of the HHF venture

 

The following is a summary of the financial position of the HHF venture as of December 31, 2014 and 2013 (in thousands):

 

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Storage facilities, net

 

$
291,357 

 

$
302,557 

 

Other assets

 
5,786 

 
11,688 

 

Total assets

 

$
297,143 

 

$
314,245 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

Other liabilities

 

$
5,725 

 

$
1,625 

 

Debt

 
100,000 

 

—

 

Equity

 

 

 

 

 

CubeSmart

 
95,709 

 
156,310 

 

Joint venture partner

 
95,709 

 
156,310 

 

Total liabilities and equity

 

$
297,143 

 

$
314,245 

 

 

Summary of results of operations of the Real Estate Venture

 

The following is a summary of results of operations of the real estate ventures for the years ended December 31, 2014, 2013 and 2012 (in thousands).

 

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Total revenues

 

$
26,852

 

$
1,600

 

$
7,229

 

Operating expenses

 
11,754

 
1,742

 
3,010

 

Interest expense, net

 
2,522

 

—

 
2,690

 

Depreciation and amortization

 
25,086

 
2,160

 
2,691

 

Net loss

 
(12,510

)
(2,302

)
(1,162

)

Company’s share of net loss

 
(6,255

)
(1,151

)
(745

)