Investments in Unconsolidated Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2023

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)	June 30,		December 31,
				2023		2022
PRISA Self Storage LLC	84	4%	4%	$	8,487	$	8,596
Storage Portfolio II JV LLC	36	10%	30%	(7,628)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,511		49,139
Storage Portfolio I LLC	24	34%	49%	(42,000)		(41,372)
PR II EXR JV LLC	23	25%	25%	109,014		110,172
ESS-CA TIVS JV LP	16	55%	60%	29,938		30,778
VRS Self Storage, LLC	16	45%	54%	(15,922)		(15,399)
ARA-EXR JV LLC	12	10%	30%	18,982		19,137
ESS-NYFL JV LP	11	16%	24%	11,031		11,332
Extra Space Northern Properties Six LLC	10	10%	35%	(3,633)		(3,382)
Alan Jathoo JV LLC	9	10%	10%	7,313		7,414
ESS Bristol Investments LLC	8	10%	30%	2,017		2,110
ESS - BGO Atlanta GA JV LLC	8	20%	35%	35,185		30,467
ESS - BGO Storage JV I LLC	6	20%	35%	22,781		7,466
Storage Portfolio V JV LLC	6	10%	30%	9,416		9,517
PR EXR Self Storage, LLC	5	25%	40%	57,984		58,476
Storage Portfolio III JV LLC	5	10%	30%	5,419		5,467
Other unconsolidated real estate ventures	12	20-50%	20-50%	31,697		32,342
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		—
Net Investments in and Cash distributions in unconsolidated real estate entities	323			$	678,592	$	515,060

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

(2)    In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") with a dividend rate of 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.

(3)    In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage Trust VI, Inc. ("Strategic Storage") with a dividend rate of 8.35% per annum, subject to increase after five years. The preferred shares are generally not redeemable for three years, except in the case of a change of control or initial listing of Strategic Storage Trust VI, Inc.. 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.