Investments in Unconsolidated Real Estate Ventures - (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Real Estate Ventures

Investments in unconsolidated real estate ventures consist of the following:

	Equity Ownership %	Excess Profit Participation %	December 31,
			2016			2015
VRS Self Storage LLC ("VRS")	45%	54%	$	20,433		$	39,091
PR EXR Self Storage, LLC ("PREXR")	25%	40%	12,430			—
Storage Portfolio I LLC ("SP I")	25%	25-40%	11,782			11,813
PRISA Self Storage LLC ("PRISA")	4%	4%	10,152			10,309
Extra Space West Two LLC ("ESW II")	5%	40%	4,048			4,122
Clarendon Storage Associates Limited Partnership ("Clarendon")	50%	50%	3,111			3,131
Extra Space of Santa Monica LLC ("ESSM")	48%	48%	1,202			1,200
WCOT Self Storage LLC ("WCOT")	5%	20%	160			3,783
PRISA II Self Storage LLC ("PRISA II")	—%	—%	—			8,323
Extra Space West One LLC ("ESW")	5%	40%	(546		)	(405		)
Extra Space Northern Properties Six LLC ("ESNPS")	10%	35%	(905		)	(470		)
Other minority owned properties	10-50%	19-50%	17,703			6,148
			79,570			87,045
Investments in Strategic Storage Growth Trust "SSGT"			—			15,962
Total			$	79,570		$	103,007

Equity Method Investments

Information about these real estate ventures is summarized as follows:

Joint venture	Date of initial contribution	Initial Investment		Equity Ownership %	Number of operating stores owned
BH Ridgelake LLC	12/21/2016	$	1,301	20.0%	1
ESS-GS Portland & Broadway LLC	10/19/2016	1,250		25.0%	1
ESS-GS Vancouver-139th LLC	9/14/2016	806		25.0%	1
ESS-H Elmont Associates LLC	8/16/2016	4,712		50.0%	1
ESS-GS Hillsboro-73rd LLC	7/8/2016	376		25.0%	1
BH Storage Columbia LLC	5/20/2016	1,034		20.0%	1
PR EXR Self-Storage, LLC	4/8/2016	12,114		25.0%	1
ESS-H Baychester Investments LLC	3/31/2016	4,794		44.4%	1
ESS-H Bloomfield Investment LLC	12/30/2015	2,885		50.0%	1

Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures

Equity in earnings of unconsolidated real estate ventures consists of the following:

	For the Year Ended December 31,
	2016			2015		2014
Equity in earnings of VRS	$	2,919		$	4,041	$	3,510
Equity in earnings of PREXR	(172		)	—		—
Equity in earnings of SP I	2,380			1,951		1,541
Equity in earnings of PRISA	1,912			1,013		929
Equity in earnings of ESW II	174			145		102
Equity in earnings of Clarendon	620			581		551
Equity in earnings of ESSM	596			493		424
Equity in earnings of WCOT	614			569		498
Equity in earnings of PRISA II	1,016			793		764
Equity in earnings of ESW	2,269			1,875		1,571
Equity in earnings of ESNPS	823			633		513
Equity in earnings of other minority owned properties	(256		)	257		138
	$	12,895		$	12,351	$	10,541

Summary of Unaudited Information Related to Real Estate Ventures' Debt

Information (unaudited) related to the real estate ventures’ debt at December 31, 2016, is presented below:

	Loan Amount		Current Interest Rate		Debt Maturity
VRS - Swapped to fixed	$	52,100	3.19	%	June 2020
PREXR	—		—	%	Unleveraged
SP I - Fixed	86,285		4.66	%	April 2018
PRISA	—		—	%	Unleveraged
ESW II - Swapped to fixed	18,072		3.57	%	February 2019
Clarendon - Swapped to fixed	7,596		5.93	%	September 2018
ESSM - Variable	13,374		2.52	%	May 2021
WCOT - Swapped to fixed	87,500		3.34	%	August 2019
ESW - Variable	17,150		2.02	%	August 2020
ESNPS - Variable	35,500		2.12	%	July 2025
Other minority owned properties	67,087		Various		Various

Condensed Financial Information of Unconsolidated Real Estate Ventures

Combined, condensed unaudited financial information of VRS, PREXR, SP I, PRISA, ESW II, PRISA II, WCOT, ESW and ESNPS as of December 31, 2016 and 2015, and for the years ended December 31, 2016, 2015 and 2014, follows:

	December 31,
	2016		2015
Balance Sheets:
Assets:
Net real estate assets	$	906,637	$	1,389,974
Other	34,116		33,703
	$	940,753	$	1,423,677
Liabilities and members' equity:
Notes payable	$	296,607	$	299,730
Other liabilities	19,878		25,715
Members' equity	624,268		1,098,232
	$	940,753	$	1,423,677

	For the Year Ended December 31,
	2016			2015			2014
Statements of Income:
Rents and other income	$	269,858		$	286,857		$	273,231
Expenses	(143,805		)	(155,851		)	(153,973		)
Gain on sale of real estate	—			60,495			—
Net income	$	126,053		$	191,501		$	119,258