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Investments in Unconsolidated Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2020
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 StoresEquity Ownership %
Excess Profit % (1)
December 31,
 20202019
PR EXR Self Storage, LLC 525%40%$60,092 $59,391 
WICNN JV LLC (3)
1010%35%36,032 36,552 
VRS Self Storage, LLC 1645%54%17,186 17,639 
ESS-NYFL JV LP1116%26%12,211 13,320 
GFN JV, LLC (3)
710%30%18,397 12,168 
PRISA Self Storage LLC 854%4%8,815 9,133 
Alan Jathoo JV LLC910%10%7,780 7,977 
Storage Portfolio III JV LLC510%30%5,726 3,995 
ESS Bristol Investments LLC810%30%2,810 3,046 
Extra Space Northern Properties Six LLC1010%35%(2,541)(2,091)
Storage Portfolio II JV LLC 3610%30%(5,441)(4,827)
Storage Portfolio I LLC 2434%49%(39,144)(38,345)
Other minority owned stores21
10-50%
19-50%
28,395 24,832 
SmartStop Self Storage REIT, Inc. Preferred Stock (2)
n/an/an/a200,000 150,000 
Net Investments in and Cash distributions in unconsolidated real estate entities247350,318 292,790 
(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. In October 2020 the Company purchased the additional $50,000 in SmartStop convertible preferred stock that was previously committed. 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 in equity in earnings and dividend income from unconsolidated real estate entities on the Company's consolidated statements of operations.
(3)The Company had $31,500 and $15,450 of preferred equity in the WICNN JV LLC and GFN JV, LLC joint ventures, respectively, as of December 31, 2020. The Company earns an 8.0% return on its preferred equity in these joint ventures, which has priority over other distributions.
Equity Method Investments Information about these real estate ventures is summarized as follows:
Number of StoresEquity ownership %Total initial investment
For the Year Ended December 31, 201916
10.0% - 50.0%
$19,663 
For the Year Ended December 31, 201828
10.0% - 25.0%
$63,723 
Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures
Equity in earnings and dividend income from unconsolidated real estate entities consists of the following:
 For the Year Ended December 31,
 202020192018
Dividend income from SmartStop preferred stock$9,968 $1,636 $— 
Equity in earnings of PRISA Self Storage LLC2,229 2,327 2,338 
Equity in earnings of Storage Portfolio II JV LLC559 291 79 
Equity in earnings of Storage Portfolio I LLC1,636 1,809 1,886 
Equity in earnings of VRS Self Storage, LLC3,509 3,583 3,640 
Equity in earnings of ESS-NYFL JV LLC(331)(96)— 
Equity in earnings of WICNN JV LLC1,878 1,373 622 
Equity in earnings of Extra Space Northern Properties Six LLC1,088 1,091 1,014 
Equity in earnings of Alan Jathoo JV LLC57 (47)(12)
Equity in earnings of Bristol Investments LLC(67)(262)(152)
Equity in earnings of GFN JV, LLC788 450 22 
Equity in earnings of PR EXR Self Storage, LLC(211)(443)(75)
Equity in earnings of WCOT Self Storage LLC— — 359 
Equity in earnings of Extra Space West Two LLC— — 1,042 
Equity in earnings of Extra Space West One LLC— — 2,526 
Equity in earnings of other minority owned stores1,258 (438)1,163 
$22,361 $11,274 $14,452