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Investments in Unconsolidated Real Estate Ventures
 6 Months Ended
Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Ventures
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES
Investments in unconsolidated real estate ventures represent the Company's noncontrolling interests in properties. The Company accounts for these investments using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement.
In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits than its equity interest.

The Company separately reports investments with net equity less than zero in cash distributions in unconsolidated real estate ventures in the condensed consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non‑cash charges for depreciation and amortization while distributions do not.

During May 2019, the Company entered into a new joint venture, ESS-NYFL JV LP with two joint venture partners. The Company contributed a total of $13,936 to this joint venture for the purchase of 11 operating stores and four annex sites and received a 16.0% interest in the joint venture.

During the six months ended June 30, 2019, the Company contributed a total of $54,779 to its joint ventures for the purchase of 16 operating stores and six stores acquired at the issuance of certificate of occupancy.
Net 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 % (1)
 
June 30,
 
December 31,
 
2019
 
2018
PRISA Self Storage LLC
85
 
4%
 
4%
 
$
9,213

 
$
9,334

Storage Portfolio II JV LLC
36
 
10%
 
30%
 
(4,774
)
 
(4,233
)
Storage Portfolio I LLC
24
 
34%
 
49%
 
(38,400
)
 
(38,129
)
VRS Self Storage, LLC
16
 
45%
 
54%
 
17,704

 
18,281

ESS-NYFL JV LP
15
 
16%
 
24%
 
14,231

 
—

Extra Space Northern Properties Six LLC
10
 
10%
 
35%
 
(1,903
)
 
(1,700
)
WICNN JV LLC
9
 
10%
 
25%
 
32,635

 
26,885

Alan Jathoo JV LLC
9
 
10%
 
10%
 
8,086

 
8,180

ESS Bristol Investments LLC
8
 
10%
 
28%
 
2,936

 
2,331

GFN JV, LLC
5
 
10%
 
25%
 
12,324

 
10,586

Extra Space West Two LLC (2)
—
 
5%
 
40%
 
—

 
3,818

Extra Space West One LLC (2)
—
 
5%
 
40%
 
—

 
(1,038
)
Other minority owned stores
22
 
10-50%
 
19-50%
 
77,347

 
45,814

Net Investments in and Cash distributions in unconsolidated real estate ventures
239
 
 
 
 
 
$
129,399

 
$
80,129


(1) Includes pro-rata equity ownership share and promoted interest.
(2) In January 2019, the Company purchased its joint venture partners' 95% interests in the Extra Space West One LLC and Extra Space West Two LLC joint ventures, which owned a total of 12 stores. The Company paid $172,505 of cash to acquire the equity interests, and subsequent to this acquisition, the Company owned 100% of the joint ventures and the related stores.