XML 35 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party and Affiliated Real Estate Joint Venture Transactions
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
Related Party and Affiliated Real Estate Joint Venture Transactions
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
The Company provides management services to certain joint ventures and third parties for a fee. 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
 
2017
 
2016
 
2015
PRISA
 
Affiliated real estate joint ventures
 
$
6,303

 
$
6,117

 
$
5,809

SP I
 
Affiliated real estate joint ventures
 
1,450

 
1,397

 
1,312

WCOT
 
Affiliated real estate joint ventures
 
1,159

 
1,819

 
1,799

VRS
 
Affiliated real estate joint ventures
 
1,038

 
1,053

 
1,398

ESNPS
 
Affiliated real estate joint ventures
 
645

 
620

 
584

ESW
 
Affiliated real estate joint ventures
 
590

 
555

 
515

ESW II
 
Affiliated real estate joint ventures
 
502

 
482

 
452

PRISA II
 
Affiliated real estate joint ventures
 

 
3,469

 
4,703

Other
 
Franchisees, third parties and other
 
27,692

 
24,330

 
17,589

 
 
 
 
$
39,379

 
$
39,842

 
$
34,161



Receivables from related parties and affiliated real estate joint ventures balances are summarized as follows:
 
 
December 31, 2017
 
December 31, 2016
Mortgage notes receivable
 
$

 
$
15,860

Other receivables from stores
 
2,847

 
751

 
 
$
2,847

 
$
16,611


Mortgage notes receivable consisted 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 had a maturity of less than a year and were repaid prior to December 31, 2017. 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 did not have any payables to related parties at December 31, 2017 or 2016.
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, 2017, 2016 and 2015, the Company paid SpenAero $167, $1,180 and $1,163, respectively.