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

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