Investments in Unconsolidated Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated real estate ventures

Net investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:

	Number of Stores	Equity Ownership %	Excess Profit % (1)	June 30,		December 31,
				2024		2023
PRISA Self Storage LLC	85	4%	4%	$	9,209	$	9,435
HF1 Sovran HHF Storage Holdings LLC	37	20%	20%	103,775		105,339
Storage Portfolio II JV LLC	36	10%	30%	(8,846)		(8,314)
Storage Portfolio IV JV LLC	32	10%	30%	47,685		48,184
Storage Portfolio I LLC	24	34%	49%	(43,060)		(42,487)
PR II EXR JV LLC	23	25%	25%	106,930		108,160
HF2 Sovran HHF Storage Holdings II LLC	22	15%	15%	41,376		41,613
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	25,586		26,051
HF6 191 V Life Storage Holdings LLC	17	20%	20%	11,566		12,702
ESS-CA TIVS JV LP	16	55%	55%-65%	28,302		29,128
VRS Self Storage, LLC	16	45%	54%	(17,069)		(16,386)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	19,849		20,019
Other unconsolidated real estate ventures	131	10%-50%	10%-50%	316,719		317,104
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		150,000
Net Investments in and Cash distributions in unconsolidated real estate entities	472			$	992,022	$	1,000,548

(1)    Includes pro-rata equity ownership share and 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.