Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of condensed financial information of unconsolidated real estate ventures
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of December 31, 2021 and December 31, 2020 (in thousands):
December 31,
2021 2020
ASSETS
Self storage properties, net $ 1,741,538  $ 1,799,522 
Other assets 23,562  24,397 
Total assets $ 1,765,100  $ 1,823,919 
LIABILITIES AND EQUITY
Debt financing $ 1,001,378  $ 1,000,464 
Other liabilities 19,493  21,612 
Equity 744,229  801,843 
Total liabilities and equity $ 1,765,100  $ 1,823,919 
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2021, 2020, and 2019 (in thousands):
Year Ended December 31,
2021 2020 2019
Total revenue $ 187,861  $ 164,762  $ 162,827 
Property operating expenses 50,829  49,632  49,845 
Net operating income 137,032  115,130  112,982 
Supervisory, administrative and other expenses
(12,288) (10,935) (10,818)
Depreciation and amortization (61,628) (61,188) (79,556)
Interest expense (41,658) (41,204) (39,936)
Loss on sale of self storage properties —  —  (806)
Acquisition and other expenses (511) (969) (1,971)
Net income (loss) $ 20,947  $ 834  $ (20,105)