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Investments in Unconsolidated Real Estate Entities (Tables) | 3 Months Ended
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Mar. 31, 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) |  | March 31, |  | December 31,
| 2024 |  | 2023
PRISA Self Storage LLC | 85 |  | 4% |  | 4% |  | $ | 9,365 |  |  | $ | 9,435 |
HF1 Sovran HHF Storage Holdings LLC | 37 |  | 20% |  | 20% |  | 104,679 |  |  | 105,339 |
Storage Portfolio II JV LLC | 36 |  | 10% |  | 30% |  | (8,528) |  |  | (8,314) |
Storage Portfolio IV JV LLC | 32 |  | 10% |  | 30% |  | 48,006 |  |  | 48,184 |
Storage Portfolio I LLC | 24 |  | 34% |  | 49% |  | (42,661) |  |  | (42,487) |
PR II EXR JV LLC | 23 |  | 25% |  | 25% |  | 107,530 |  |  | 108,160 |
HF2 Sovran HHF Storage Holdings II LLC | 22 |  | 15% |  | 15% |  | 41,411 |  |  | 41,613 |
HF5 Life Storage-HIERS Storage LLC | 17 |  | 20% |  | 20% |  | 25,988 |  |  | 26,051 |
HF6 191 V Life Storage Holdings LLC | 17 |  | 20% |  | 20% |  | 11,474 |  |  | 12,702 |
ESS-CA TIVS JV LP | 16 |  | 55% |  | 55%-65% |  | 28,720 |  |  | 29,128 |
VRS Self Storage, LLC | 16 |  | 45% |  | 54% |  | (16,756) |  |  | (16,386) |
HF10 Life Storage HHF Wasatch Holdings LLC | 16 |  | 20% |  | 20% |  | 20,033 |  |  | 20,019 |
Other unconsolidated real estate ventures | 131 |  | 10%-50% |  | 10%-50% |  | 314,784 |  |  | 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 |  |  |  |  |  | $ | 994,044 |  |  | $ | 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.

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