Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
 9 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
2018 Joint Venture
As of September 30, 2020, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), owned and operated a portfolio of 103 self storage properties containing approximately 7.8 million rentable square feet, configured in approximately 63,000 storage units and located across 17 states.
2016 Joint Venture
As of September 30, 2020, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), owned and operated a portfolio of 74 properties containing approximately 4.9 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states.
The 2016 Joint Venture acquired two self storage properties for $12.1 million during the nine months ended September 30, 2020. The 2016 Joint Venture financed these acquisitions with capital contributions from the 2016 Joint Venture members, of which the Company contributed $3.1 million for its 25% proportionate share.
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of September 30, 2020 and December 31, 2019 (in thousands):
September 30, 2020 December 31, 2019
ASSETS
Self storage properties, net $ 1,803,992  $ 1,835,235 
Other assets 26,094  22,413 
Total assets $ 1,830,086  $ 1,857,648 
LIABILITIES AND EQUITY
Debt financing $ 989,819  $ 989,182 
Other liabilities 23,462  20,487 
Equity 816,805  847,979 
Total liabilities and equity $ 1,830,086  $ 1,857,648 

The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and nine months ended September 30, 2020 and 2019 (in thousands):
Three Months Ended September 30,
2020 2019
Total revenue $ 41,878  $ 41,600 
Property operating expenses 13,005  12,727 
Net operating income 28,873  28,873 
Supervisory, administrative and other expenses (2,780) (2,750)
Depreciation and amortization (15,320) (20,788)
Interest expense (10,303) (9,934)
Acquisition and other expenses (381) (314)
Net income (loss) $ 89  $ (4,913)
Nine Months Ended September 30,
2020 2019
Total revenue $ 121,846  $ 122,253 
Property operating expenses 37,554  37,815 
Net operating income 84,292  84,438 
Supervisory, administrative and other expenses (8,089) (8,109)
Depreciation and amortization (45,711) (64,502)
Interest expense (30,867) (29,895)
Loss on sale of self storage properties —  (806)
Acquisition and other expenses (800) (1,141)
Net loss $ (1,175) $ (20,015)