Investments in Unconsolidated Real Estate Entities (Tables)

12 Months Ended

Dec. 31, 2023

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 Stores	Equity Ownership %	Excess Profit % (1)	December 31,
				2023		2022
PRISA Self Storage LLC	85	4%	4%	$	9,435	$	8,596
HF1 Sovran HHF Storage Holdings LLC	37	20%	20%	105,339		—
Storage Portfolio II JV LLC	36	10%	30%	(8,314)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,184		49,139
Storage Portfolio I LLC	24	34%	49%	(42,487)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,160		110,172
HF2 Sovran HHF Storage Holdings II LLC	22	15%	15%	41,613		—
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	26,051		—
HF6 191 V Life Storage Holdings LLC	17	20%	20%	12,702		—
ESS-CA TIVS JV LP	16	55%	55%-65%	29,128		30,778
VRS Self Storage, LLC	16	45%	54%	(16,386)		(15,399)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,019		—
Other unconsolidated real estate ventures	131	10%-50%	10%-50%	317,104		180,346
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	472			$	1,000,548	$	515,060

(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.

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,
	2023		2022		2021
Equity in earnings of PRISA Self Storage LLC	$	3,320	$	3,272	$	2,719
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1)	1,553		—		—
Equity in earnings of Storage Portfolio II JV LLC	3,094		3,398		1,802
Equity in earnings of Storage Portfolio IV JV LLC	1,319		917		112
Equity in earnings of Storage Portfolio I LLC	5,182		4,684		2,833
Equity in earnings of PR II EXR JV LLC	2,227		1,229		(8)
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1)	691		—		—
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1)	377		—		—
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1)	(735)		—		—
Equity in earnings of ESS-CA TIVS JV LP	3,873		2,753		1,274
Equity in earnings of VRS Self Storage, LLC	5,253		5,401		4,352
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1)	40		—		—
Equity in earnings of other minority owned stores (1)	7,740		7,265		6,774
Dividend income from SmartStop preferred stock	12,500		12,509		12,500
Dividend income from Strategic Storage preferred stock	8,401		—		—
	$	54,835	$	41,428	$	32,358

(1)The earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.