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Investments in Unconsolidated Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Real Estate Entities
Net Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:
 
Number of Stores
Equity Ownership %
 
Excess Profit % (1)
 
December 31,
 
2019
 
2018
PRISA Self Storage LLC
85
4%
 
4%
 
$
9,133

 
$
9,334

Storage Portfolio II JV LLC
36
10%
 
30%
 
(4,827
)
 
(4,233
)
Storage Portfolio I LLC
24
34%
 
49%
 
(38,345
)
 
(38,129
)
VRS Self Storage, LLC
16
45%
 
54%
 
17,639

 
18,281

ESS-NYFL JV LP
11
16%
 
24%
 
13,320

 
—

WICNN JV LLC (3)
10
10%
 
25%
 
36,552

 
26,885

Extra Space Northern Properties Six LLC
10
10%
 
35%
 
(2,091
)
 
(1,700
)
Alan Jathoo JV LLC
9
10%
 
10%
 
7,977

 
8,180

PR EXR Self Storage, LLC
5
25%
 
40%
 
59,391

 
19,841

ESS Bristol Investments LLC
8
10%
 
28%
 
3,046

 
2,331

GFN JV, LLC (3)
5
10%
 
30%
 
12,168

 
10,586

Extra Space West Two LLC (4)
—
5%
 
40%
 
—

 
3,818

Extra Space West One LLC (4)
—
5%
 
40%
 
—

 
(1,038
)
Other minority owned stores
22
10-50%
 
19-50%
 
28,827

 
25,973

SmartStop Self Storage REIT, Inc. Preferred Stock (2)
n/a
n/a
 
n/a
 
150,000

 
—

Net Investments in and Cash distributions in unconsolidated real estate entities
241
 
 
 
 
$
292,790

 
$
80,129


(1)
Includes pro-rata equity ownership share and promoted interest.
(2)
In October 2019, the Company invested $150,000 in shares of newly issued convertible preferred stock of SmartStop, with an additional commitment to purchase up to $50,000 of the preferred shares over the 12 months after the original purchase. The dividend rate for the preferred shares is 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the management fees and other income line on the Company's consolidated statements of operations.
(3)
The Company had $31,500 and $10,335 of preferred equity in the WICNN JV LLC and GFN JV, LLC joint ventures, respectively, as of December 31, 2019. The Company earns an 8.0% return on its preferred equity in these joint ventures, which has priority over other distributions.
(4)
In January 2019, the Company purchased its joint venture partners' 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 100.0% of the joint ventures and the related stores.
Equity Method Investments Information about these new real estate ventures is summarized as follows:
 
Number of Stores
 
Equity ownership %
 
Total initial investment
For the Year Ended December 31, 2019
16
 
10.0%-50.0%
 
$
19,663

For the Year Ended December 31, 2018
28
 
10.0% -50.0%
 
$
63,723

For the Year Ended December 31, 2017
39
 
10.0% - 25.0%
 
$
13,341
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,
 
2019
 
2018
 
2017
Equity in earnings of PRISA Self Storage LLC
$
2,327

 
$
2,338

 
$
2,430

Equity in earnings of Storage Portfolio II JV LLC
291

 
79

 
33

Equity in earnings of Storage Portfolio I LLC
1,809

 
1,886

 
2,684

Equity in earnings of VRS Self Storage, LLC
3,583

 
3,640

 
3,562

Equity in earnings of ESS-NYFL JV LLC
(96
)
 
—

 
—

Equity in earnings of WICNN JV LLC
1,373

 
622

 
—

Equity in earnings of Extra Space Northern Properties Six LLC
1,091

 
1,014

 
918

Equity in earnings of Alan Jathoo JV LLC
(47
)
 
(12
)
 
—

Equity in earnings of Bristol Investments LLC
(262
)
 
(152
)
 
—

Equity in earnings of GFN JV, LLC
450

 
22

 
—

Equity in earnings of PR EXR Self Storage, LLC
(443
)
 
(75
)
 
(105
)
Equity in earnings of WCOT Self Storage LLC
—

 
359

 
1,033

Equity in earnings of Extra Space West Two LLC
—

 
1,042

 
1,210

Equity in earnings of Extra Space West One LLC
—

 
2,526

 
2,502

Equity in earnings of other minority owned stores
1,198

 
1,163

 
1,064

 
$
11,274

 
$
14,452

 
$
15,331