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, 2020
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, 2020, 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, 2020, 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 2016 Joint Venture acquired two self storage properties for $12.1 million during the three months ended March 31, 2020. The 2016 Joint Venture financed these acquisitions with capital contributions from the 2016 Joint Venture members, of which the Company contributed $3.1 million for its 25% proportionate share.
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020 December 31, 2019
ASSETS
Self storage properties, net $ 1,833,094    $ 1,835,235   
Other assets 24,202    22,413   
Total assets $ 1,857,296    $ 1,857,648   
LIABILITIES AND EQUITY
Debt financing $ 989,382    $ 989,182   
Other liabilities 22,144    20,487   
Equity 845,770    847,979   
Total liabilities and equity $ 1,857,296    $ 1,857,648   
The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2020 and 2019 (in thousands):
Three Months Ended March 31,
2020 2019
Total revenue $ 40,238    $ 39,795   
Property operating expenses 13,178    12,544   
Net operating income 27,060    27,251   
Supervisory, administrative and other expenses (2,669)   (2,653)  
Depreciation and amortization (15,146)   (21,826)  
Interest expense (10,264)   (10,020)  
Loss on sale of self storage properties —    (806)  
Acquisition and other expenses (399)   (408)  
Net loss $ (1,418)   $ (8,462)