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

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)