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
3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
2018 Joint Venture
As of March 31, 2021, 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 64,000 storage units and located across 17 states.
2016 Joint Venture
As of March 31, 2021, 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 following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021 December 31, 2020
ASSETS
Self storage properties, net $ 1,784,520  $ 1,799,522 
Other assets 24,981  24,397 
Total assets $ 1,809,501  $ 1,823,919 
LIABILITIES AND EQUITY
Debt financing $ 1,000,686  $ 1,000,464 
Other liabilities 20,055  21,612 
Equity 788,760  801,843 
Total liabilities and equity $ 1,809,501  $ 1,823,919 

The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2021 and 2020 (in thousands):
Three Months Ended March 31,
2021 2020
Total revenue $ 43,695  $ 40,238 
Property operating expenses 11,788  13,178 
Net operating income 31,907  27,060 
Supervisory, administrative and other expenses (2,882) (2,669)
Depreciation and amortization (15,522) (15,146)
Interest expense (10,405) (10,264)
Acquisition and other expenses (121) (399)
Net income (loss) $ 2,977  $ (1,418)