INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)

12 Months Ended

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)