Investments in Unconsolidated Real Estate Entities (Tables)

9 Months Ended

Sep. 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)	September 30,		December 31,
				2023		2022
PRISA Self Storage LLC	84	4%	4%	$	8,475	$	8,596
Sovran HHF Storage Holdings LLC	37	20%	20%	106,509		—
Storage Portfolio II JV LLC	36	10%	30%	(7,724)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,261		49,139
Storage Portfolio I LLC	24	34%	49%	(42,061)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,716		110,172
Sovran HHF Storage Holdings II LLC	22	15%	15%	42,220		—
Life Storage-HIERS Storage LLC	17	20%	20%	26,237		—
191 V Life Storage Holdings LLC	17	20%	20%	13,410		—
ESS-CA TIVS JV LP	16	55%	59%	29,610		30,778
VRS Self Storage, LLC	16	45%	55%	(15,932)		(15,399)
Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,568		—
GII Life Storage Holdings	13	35%	35%	18,189		—
ARA-EXR JV LLC	12	10%	30%	18,967		19,137
ESS-NYFL JV LP	11	16%	26%	10,880		11,332
Extra Space Northern Properties Six LLC	10	10%	35%	(3,728)		(3,382)
Alan Jathoo JV LLC	9	10%	10%	7,258		7,414
ESS Bristol Investments LLC	8	10%	30%	1,979		2,110
ESS - BGO Atlanta GA JV LLC	8	20%	35%	35,037		30,467
Storage Portfolio V JV LLC	7	10%	30%	9,561		9,517
ESS - BGO Storage JV I LLC	6	20%	35%	22,572		7,466
Life Storage Spacemax, LLC	6	40%	40%	33,730		—
PR EXR Self Storage, LLC	5	25%	40%	57,797		58,476
Storage Portfolio III JV LLC	5	10%	30%	5,378		5,467
Lake Wobegon Storage LLC	5	50%	50%	8,150		3,441
Other unconsolidated real estate ventures	26	10%-50%	10%-50%	94,045		28,901
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	471			$	1,008,104	$	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 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 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. 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.