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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended
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Dec. 31, 2017
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES |
Summary of the financial position of the ventures | The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2017 and 2016 (in thousands):
|  | December 31, |  | December 31, |
|  | 2017 |  | 2016 |
Assets |  |  |  |  |  |  |
Storage properties, net |  | $ | 647,668 |  | $ | 667,975 |
Other assets |  |  | 8,284 |  |  | 17,003 |
Total assets |  | $ | 655,952 |  | $ | 684,978 |
Liabilities and equity |  |  |  |  |  |  |
Other liabilities |  | $ | 6,853 |  | $ | 6,516 |
Debt |  |  | 346,475 |  |  | 345,631 |
Equity |  |  |  |  |  |  |
CubeSmart |  |  | 91,206 |  |  | 98,682 |
Joint venture partners |  |  | 211,418 |  |  | 234,149 |
Total liabilities and equity |  | $ | 655,952 |  | $ | 684,978 |
Summary of results of operations of the ventures | The following is a summary of results of operations of the Ventures for the years ended December 31, 2017, 2016 and 2015 (in thousands):
|  |  | Year ended December 31, |
|  |  | 2017 |  | 2016 |  | 2015 |
Total revenues |  |  | $ | 81,058 |  | $ | 64,931 |  | $ | 31,249 |
Operating expenses |  |  |  | 34,705 |  |  | 29,900 |  |  | 15,042 |
Interest expense, net |  |  |  | 11,703 |  |  | 9,432 |  |  | 3,846 |
Depreciation and amortization |  |  |  | 45,086 |  |  | 53,701 |  |  | 16,214 |
Net loss |  |  |  | (10,436) |  |  | (28,102) |  |  | (3,853) |
Company’s share of net loss |  |  |  | (1,386) |  |  | (2,662) |  |  | (411) |

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