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
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 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 81 properties containing approximately 5.6 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states.
On April 12, 2022, the 2016 Joint Venture acquired seven self storage properties for approximately $207.6 million. The 2016 Joint Venture financed the acquisition with capital contributions from venture members, of which the Company contributed approximately $51.9 million.
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022 December 31, 2021
ASSETS
Self storage properties, net $ 1,916,189  $ 1,741,538 
Other assets 37,770  23,562 
Total assets $ 1,953,959  $ 1,765,100 
LIABILITIES AND EQUITY
Debt financing $ 1,001,839  $ 1,001,378 
Other liabilities 23,553  19,493 
Equity 928,567  744,229 
Total liabilities and equity $ 1,953,959  $ 1,765,100 
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and six months ended June 30, 2022 and 2021 (in thousands):
Three Months Ended June 30,
2022 2021
Total revenue $ 53,601  $ 46,086 
Property operating expenses 14,335  12,523 
Net operating income 39,266  33,563 
Supervisory, administrative and other expenses (3,540) (3,014)
Depreciation and amortization (17,298) (15,360)
Interest expense (10,416) (10,415)
Acquisition and other expenses (233) (136)
Net income $ 7,779  $ 4,638 
Six Months Ended June 30,
2022
2021
Total revenue $ 102,599  $ 89,781 
Property operating expenses 28,144  24,311 
Net operating income 74,455  65,470 
Supervisory, administrative and other expenses (6,742) (5,896)
Depreciation and amortization (32,680) (30,882)
Interest expense (20,826) (20,820)
Acquisition and other expenses (507) (257)
Net income $ 13,700  $ 7,615