Investments in Unconsolidated Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2021

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,
				2021		2020
PR EXR Self Storage, LLC	5	25%	40%	$	59,633	$	60,092
WICNN JV LLC (2)	—	10%	35%	—		36,032
ESS-CA TIVS JV LP (3)	16	55%	60%	33,543		—
GFN JV, LLC (2)	—	10%	30%	—		18,397
ESS-NYFL JV LP	11	16%	24%	11,959		12,211
PRISA Self Storage LLC	85	4%	4%	8,694		8,815
Alan Jathoo JV LLC	9	10%	10%	7,651		7,780
Storage Portfolio IV JV LLC	15	10%	30%	20,528		—
Storage Portfolio III JV LLC	5	10%	30%	5,613		5,726
ESS Bristol Investments LLC	8	10%	30%	2,715		2,810
Extra Space Northern Properties Six LLC	10	10%	35%	(2,855)		(2,541)
Storage Portfolio II JV LLC	36	10%	30%	(5,954)		(5,441)
VRS Self Storage, LLC	16	45%	54%	(14,570)		17,186
Storage Portfolio I LLC	24	34%	49%	(39,817)		(39,144)
Other minority owned stores	17	10-50%	19-50%	23,429		28,395
SmartStop Self Storage REIT, Inc. Preferred Stock (4)	n/a	n/a	n/a	200,000		200,000
Net Investments in and Cash distributions in unconsolidated real estate entities	257			$	310,569	$	350,318

(1) Includes pro-rata equity ownership share and maximum potential promoted interest.

(2) In June 2021, the WICNN JV LLC and GFN JV, LLC joint ventures sold all 17 of the stores owned by the joint ventures to a third party. Subsequent to the sales, these joint ventures were dissolved. As a result of these transactions, the Company recorded a gain of $5,739, which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's condensed consolidated statements of operations.

(3) The Company sold 16 operating stores to this newly formed joint venture in March 2021. The Company received cash of $132,759 and an interest in the new joint venture valued at $33,878. This joint venture is unconsolidated and the Company accounts for its investment under the equity method of accounting as the Company does not have voting control but does exercise significant influence over the joint venture.

(4) The Company invested in shares of convertible preferred stock of SmartStop. 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.