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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 6 Months Ended
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Jun. 30, 2015
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE |
Summary of the financial position of the HHF venture | The following is a summary of the financial position of the HHF venture as of June 30, 2015 and December 31, 2014 (in thousands):
|  | June 30, |  | December 31, |
|  | 2015 |  | 2014 |
Assets |  |  |  |  |  |  |
Storage facilities, net |  | $ | 284,665 |  | $ | 291,357 |
Other assets |  |  | 4,447 |  |  | 5,786 |
Total assets |  | $ | 289,112 |  | $ | 297,143 |
Liabilities and equity |  |  |  |  |  |  |
Other liabilities |  | $ | 4,370 |  | $ | 5,725 |
Debt |  |  | 100,000 |  |  | 100,000 |
Equity |  |  |  |  |  |  |
CubeSmart |  |  | 92,371 |  |  | 95,709 |
Joint venture partner |  |  | 92,371 |  |  | 95,709 |
Total liabilities and equity |  | $ | 289,112 |  | $ | 297,143 |
Summary of results of operations of the Real Estate Venture | The following is a summary of results of operations of the real estate venture for the three and six months ended June 30, 2015 and 2014 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Total revenues |  | $ | 7,465 |  | $ | 6,500 |  | $ | 14,525 |  | $ | 13,020 |
Operating expenses |  |  | 3,174 |  |  | 2,842 |  |  | 6,227 |  |  | 5,621 |
Interest expense, net |  |  | 931 |  |  | 610 |  |  | 1,862 |  |  | 610 |
Depreciation and amortization |  |  | 3,560 |  |  | 6,506 |  |  | 7,112 |  |  | 12,985 |
Net loss |  |  | (200) |  |  | (3,458) |  |  | (676) |  |  | (6,196) |
Company’s share of net loss |  |  | (100) |  |  | (1,729) |  |  | (338) |  |  | (3,098) |

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