XML 51 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Unconsolidated Real Estate Ventures - (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Real Estate Ventures
Investments in unconsolidated real estate ventures and cash distributions in unconsolidated real estate ventures consist of the following:
 
Number of Stores
Equity Ownership %
 
Excess Profit %
 
December 31,
 
2018
 
2017
WICNN JV LLC
7
10%
 
25%
 
$
26,885

 
$
—

VRS Self Storage, LLC
16
45%
 
54%
 
18,281

 
19,467

PRISA Self Storage LLC
85
4%
 
4%
 
9,334

 
9,638

Alan Jathoo JV LLC
9
10%
 
10%
 
8,180

 
—

Extra Space West Two LLC (1)
5
5%
 
40%
 
3,818

 
3,939

ESS Bristol Investments LLC
7
10%
 
28%
 
2,331

 
1,258

WCOT Self Storage LLC
—
5%
 
20%
 
—

 
(357
)
Extra Space West One LLC (1)
7
5%
 
40%
 
(1,038
)
 
(900
)
Extra Space Northern Properties Six LLC
10
10%
 
35%
 
(1,700
)
 
(1,279
)
Storage Portfolio II JV LLC
36
10%
 
30%
 
(4,233
)
 
(3,140
)
Storage Portfolio I LLC
24
34%
 
49%
 
(38,129
)
 
11,495

Other minority owned stores (17 joint ventures)
23
10-50%
 
19-50%
 
56,400

 
29,970

Net Investments in and Cash distributions in unconsolidated real estate ventures
229
 
 
 
 
$
80,129

 
$
70,091


(1)
Subsequent to year end, the Company acquired its joint venture partner's interests in Extra Space West One LLC and Extra Space West Two LLC joint ventures. The 12 stores owned by these joint ventures became wholly-owned by the Company subsequent to this acquisition. The Company paid cash of $172,515 and assumed an existing loan of $17,157.
Equity Method Investments
Information about these real estate ventures is summarized as follows:
 
Number of Stores
 
Equity ownership %
 
Investment in new stores
For the Year Ended December 31, 2018(1)
28
 
10.0% -50.0%
 
$
63,723

For the Year Ended December 31, 2017
39
 
10.0% - 25.0%
 
$
13,341

For the Year Ended December 31, 2016
8
 
20.0% - 50.0%
 
$
26,387



(1)
Included in the new unconsolidated joint ventures for the year ended December 31, 2018 were two new joint ventures (WICNN JV LLC and GFV JV, LLC), in which the Company has $22,734 and $8,720 of preferred equity, respectively. The Company earns an 8.0% return on its preferred equity in these joint ventures, which has priority over other distributions.
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,
 
2018
 
2017
 
2016
Equity in earnings of WICNN JV LLC
$
622

 
$
—

 
$
—

Equity in earnings of VRS Self Storage, LLC
3,640

 
3,562

 
2,919

Equity in earnings of PRISA Self Storage LLC
2,338

 
2,430

 
1,912

Equity in earnings of Alan Jathoo JV LLC
(12
)
 
—

 
—

Equity in earnings of Extra Space West Two LLC
1,042

 
1,210

 
174

Equity in earnings of ESS Bristol Investments LLC
(152
)
 
—

 
—

Equity in earnings of Extra Space West One LLC
2,526

 
2,502

 
2,269

Equity in earnings of WCOT Self Storage LLC
359

 
1,033

 
614

Equity in earnings of Extra Space Northern Properties Six LLC
1,014

 
918

 
823

Equity in earnings of Storage Portfolio I LLC
1,886

 
2,684

 
2,380

Equity in earnings of Storage Portfolio II JV LLC
79

 
33

 
—

Equity in earnings of other minority owned stores
1,110

 
959

 
1,804

 
$
14,452

 
$
15,331

 
$
12,895