Investments in Unconsolidated Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated real estate ventures

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)	September 30,		December 31,
				2020		2019
PR EXR Self Storage, LLC	5	25%	40%	$	60,343	$	59,391
WICNN JV LLC	10	10%	35%	36,161		36,552
VRS Self Storage, LLC	16	45%	54%	17,303		17,639
ESS-NYFL JV LP	11	16%	26%	12,341		13,320
GFN JV, LLC	7	10%	30%	18,473		12,168
PRISA Self Storage LLC	85	4%	4%	8,908		9,133
Alan Jathoo JV LLC	9	10%	10%	7,824		7,977
Storage Portfolio III JV LLC	5	10%	30%	5,761		3,995
ESS Bristol Investments LLC	8	10%	30%	2,807		3,046
Extra Space Northern Properties Six LLC	10	10%	35%	(2,422)		(2,091)
Storage Portfolio II JV LLC	36	10%	30%	(5,244)		(4,827)
Storage Portfolio I LLC	24	34%	49%	(38,860)		(38,345)
Other minority owned stores	21	10-50%	19-50%	27,864		24,832
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	150,000		150,000
Net Investments in and Cash distributions in unconsolidated real estate entities	247			$	301,259	$	292,790

(1) Includes pro-rata equity ownership share and maximum potential 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 equity in earnings and dividend income from unconsolidated real estate entities line on the Company's condensed consolidated statements of operations. On October 26, 2020, the Company invested the additional $50,000 in SmartStop convertible preferred stock that was previously committed.