RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

14.  RELATED PARTY TRANSACTIONS

The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2023, 2022 and 2021 were $4.8 million, $5.1 million and $4.9 million, respectively.

The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $18.0 million and $15.9 million as of December 31, 2023 and 2022, respectively, and are included in Other Assets, net on the Company’s consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $86.3 million and $64.4 million as of December 31, 2023 and 2022, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible.

The HVP V, HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVP V, HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVP V, HVPSE, HVP IV and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the years ended December 31, 2022 and 2021, the Company recognized $0.6 million and $1.3 million, respectively, in fees associated with property transactions. No

such fees were recognized during the year ended December 31, 2023. Property transaction fees are included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

In April 2022, the Company began serving as lessor in a ground lease related to land underlying an HVP IV property located in Texas (see note 4). During the years ended December 31, 2023 and 2022, the Company recognized income associated with this ground lease of $0.4 million and $0.2 million, respectively. This income is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.