Quarterly report pursuant to Section 13 or 15(d)

Investment in Joint Ventures (Tables)

v3.4.0.3
Investment in Joint Ventures (Tables)
3 Months Ended
Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Unconsolidated Joint Ventures' Financial Statements

A summary of the unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2016 is as follows:

 

dollars in thousands)

      

Balance Sheet Data:

  

Investment in storage facilities, net

   $ 527,662   

Investment in office building

     5,007   

Other assets

     17,238   
  

 

 

 

Total Assets

   $ 549,907   
  

 

 

 

Due to the Company

   $ 672   

Mortgages payable

     223,401   

Other liabilities

     6,006   
  

 

 

 

Total Liabilities

     230,079   

Unaffiliated partners’ equity

     257,098   

Company equity

     62,730   
  

 

 

 

Total Partners’ Equity

     319,828   
  

 

 

 

Total Liabilities and Partners’ Equity (Deficiency)

   $ 549,907   
  

 

 

 

Income Statement Data:

  

Total revenues

   $ 18,005   

Property operating expenses

     (5,951

Administrative, management and call center fees

     (1,303

Depreciation and amortization of customer list

     (3,106

Amortization of financing fees

     (89

Income tax expense

     (58

Interest expense

     (2,574
  

 

 

 

Net income

   $ 4,924