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, 2022
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, 2022, 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, 2022, 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, 2022 and December 31, 2021 (in thousands):
March 31, 2022 December 31, 2021
ASSETS
Self storage properties, net $ 1,727,229  $ 1,741,538 
Other assets 26,309  23,562 
Total assets $ 1,753,538  $ 1,765,100 
LIABILITIES AND EQUITY
Debt financing $ 1,001,608  $ 1,001,378 
Other liabilities 22,321  19,493 
Equity 729,609  744,229 
Total liabilities and equity $ 1,753,538  $ 1,765,100 
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2022 and 2021 (in thousands):
Three Months Ended March 31,
2022 2021
Total revenue $ 48,998  $ 43,695 
Property operating expenses 13,809  11,788 
Net operating income 35,189  31,907 
Supervisory, administrative and other expenses (3,202) (2,882)
Depreciation and amortization (15,382) (15,522)
Interest expense (10,410) (10,405)
Acquisition and other expenses (274) (121)
Net income $ 5,921  $ 2,977