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Investments in Unconsolidated Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2021
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,
 20212020
PR EXR Self Storage, LLC 525%40%$59,393 $60,092 
WICNN JV LLC (2)
—10%35%— 36,032 
VRS Self Storage, LLC 1645%54%(14,269)17,186 
ESS-CA TIVS JV LP (3)
1655%60%32,288 — 
GFN JV, LLC (2)
—10%30%— 18,397 
ESS-NYFL JV LP1116%24%11,796 12,211 
PRISA Self Storage LLC 854%4%8,792 8,815 
Alan Jathoo JV LLC910%10%7,621 7,780 
Storage Portfolio IV JV LLC2710%30%40,174 — 
Storage Portfolio III JV LLC510%30%5,596 5,726 
ESS Bristol Investments LLC810%30%2,628 2,810 
Extra Space Northern Properties Six LLC1010%35%(3,029)(2,541)
Storage Portfolio II JV LLC 3610%30%(6,116)(5,441)
Storage Portfolio I LLC 2434%49%(40,168)(39,144)
PR II EXR JV LLC1825%25%70,403 — 
Other minority owned stores13
10-50%
19-50%
18,635 28,395 
SmartStop Self Storage REIT, Inc. Preferred Stock (4)
n/an/an/a200,000 200,000 
Net Investments in and Cash distributions in unconsolidated real estate entities283$393,744 $350,318 
(1)Includes pro-rata equity ownership share and 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 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 $33,556. 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 consolidated statement of operations.
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,
 202120202019
Dividend income from SmartStop preferred stock$12,500 $9,968 $1,636 
Equity in earnings of PRISA Self Storage LLC2,719 2,229 2,327 
Equity in earnings of Storage Portfolio II JV LLC1,802 559 291 
Equity in earnings of Storage Portfolio I LLC2,833 1,636 1,809 
Equity in earnings of VRS Self Storage, LLC4,352 3,509 3,583 
Equity in earnings of ESS-NYFL JV LLC427 (331)(96)
Equity in earnings of WICNN JV LLC1,050 1,878 1,373 
Equity in earnings of Extra Space Northern Properties Six LLC1,363 1,088 1,091 
Equity in earnings of Alan Jathoo JV LLC270 57 (47)
Equity in earnings of Bristol Investments LLC177 (67)(262)
Equity in earnings of GFN JV, LLC546 788 450 
Equity in earnings of PR EXR Self Storage, LLC491 (211)(443)
Equity in earnings of Storage Portfolio IV JV LLC112 — — 
Equity in earnings of ESS-CA TIVS JV LP1,274 — — 
Equity in earnings of PR II EXR JV LLC(8)— — 
Equity in earnings of other minority owned stores2,450 1,258 (438)
$32,358 $22,361 $11,274