Related Party and Affiliated Real Estate Joint Venture Transactions

12 Months Ended

Dec. 31, 2016

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

The Company provides management services to certain joint ventures, third parties and other related party stores. Management agreements provide generally for management fees of 6.0% of cash collected from total revenues for the management of operations at the stores. In addition, the Company receives an asset management fee equal to 0.5% multiplied by the total asset value of the stores owned by the SPI joint venture, provided certain requirements are met.

Management fee revenues for related party and affiliated real estate joint ventures and other income are summarized as follows:



		For the Year Ended December 31,
Entity	Type	2016		2015		2014
VRS	Affiliated real estate joint ventures	$	1,053	$	1,398	$	1,326
PREXR	Affiliated real estate joint ventures	20		—		—
SP I	Affiliated real estate joint ventures	2,160		2,075		1,999
PRISA	Affiliated real estate joint ventures	6,117		5,809		5,466
ESW II	Affiliated real estate joint ventures	482		452		410
ESSM	Affiliated real estate joint ventures	162		152		132
WCOT	Affiliated real estate joint ventures	1,819		1,799		1,680
PRISA II	Affiliated real estate joint ventures	3,469		4,703		4,635
ESW	Affiliated real estate joint ventures	555		515		480
ESNPS	Affiliated real estate joint ventures	620		584		550
HSRE-ESP IA, LLC ("HSRE")	Affiliated real estate joint ventures	—		—		1,201
Other	Franchisees, third parties and other	23,385		16,674		10,336
		$	39,842	$	34,161	$	28,215

Receivables from related parties and affiliated real estate joint ventures balances are summarized as follows:



	December 31, 2016		December 31, 2015
Mortgage notes receivable	$	15,860	$	—
Other receivables from stores	751		2,205
	$	16,611	$	2,205

Mortgage notes receivable consist of short-term mortgage notes to joint ventures and one three-year revolving line of credit to a joint venture. These short-term mortgage notes have a maturity of less than a year and the Company believes they are fully collectible. Other receivables from stores consist of amounts due for management fees, asset management fees and expenses paid on behalf of the stores that the Company manages. The Company believes that all of these related party and affiliated real estate joint venture receivables are fully collectible. The Company does not have any payables to related parties at December 31, 2016, or 2015.

The Company has entered into an annual aircraft dry lease and service and management agreement with SpenAero, L.C. (“SpenAero”), an affiliate of Spencer F. Kirk, who was the Company's Chief Executive Officer through December 31, 2016 and continues to serve as a member of the Company's Board of Directors. Under the terms of the agreement, the Company pays a defined hourly rate for use of the aircraft. During the years ended December 31, 2016, 2015 and 2014, the Company paid SpenAero $1,180, $1,163 and $1,059, respectively. The services that the Company receives from SpenAero are similar in nature and comparable in price to those that are provided to other outside third parties.