Investments in Unconsolidated Real Estate Entities (Tables)

3 Months Ended

Mar. 31, 2022

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)	March 31,		December 31,
				2022		2021
PRISA Self Storage LLC	85	4%	4%	$	8,746	$	8,792
Storage Portfolio II JV LLC	36	10%	30%	(6,336)		(6,116)
Storage Portfolio IV JV LLC	29	10%	30%	44,156		40,174
Storage Portfolio I LLC	24	34%	49%	(40,447)		(40,168)
PR II EXR JV LLC	18	25%	25%	70,131		70,403
ESS-CA TIVS JV LP	16	55%	60%	32,582		32,288
VRS Self Storage, LLC	16	45%	54%	(14,619)		(14,269)
ESS-NYFL JV LP	11	16%	24%	11,746		11,796
Extra Space Northern Properties Six LLC	10	10%	35%	(3,104)		(3,029)
Alan Jathoo JV LLC	9	10%	10%	7,556		7,621
ESS Bristol Investments LLC	8	10%	30%	2,204		2,628
PR EXR Self Storage, LLC	5	25%	40%	59,172		59,393
Storage Portfolio III JV LLC	5	10%	30%	5,562		5,596
Other minority owned stores	16	20-50%	20-50%	33,436		18,635
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Net Investments in and Cash distributions in unconsolidated real estate entities	288			$	410,785	$	393,744

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

(2) 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.