Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

v3.23.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
 3 Months Ended
Mar. 31, 2023
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, 2023, 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 104 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, 2023, 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.
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023 December 31, 2022
ASSETS
Self storage properties, net $ 1,875,028  $ 1,891,203 
Other assets 34,630  36,873 
Total assets $ 1,909,658  $ 1,928,076 
LIABILITIES AND EQUITY
Debt financing $ 1,002,531  $ 1,002,301 
Other liabilities 22,436  23,808 
Equity 884,691  901,967 
Total liabilities and equity $ 1,909,658  $ 1,928,076 
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
2023 2022
Total revenue $ 53,752  $ 48,998 
Property operating expenses 15,049  13,809 
Net operating income 38,703  35,189 
Supervisory, administrative and other expenses (3,529) (3,202)
Depreciation and amortization (17,883) (15,382)
Interest expense (10,411) (10,410)
Acquisition and other expenses (232) (274)
Net income $ 6,648  $ 5,921