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Investments in Unconsolidated Real Estate Entities (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  | 2024 |  | 2023
PRISA Self Storage LLC | 85 |  | 4% |  | 4% |  | $ | 8,967 |  |  | $ | 9,435 |
HF1 Sovran HHF Storage Holdings LLC (2) | 37 |  | 49% |  | 49%-59% |  | 304,526 |  |  | 105,339 |
Storage Portfolio II JV LLC | 36 |  | 10% |  | 30% |  | (9,584) |  |  | (8,314) |
Storage Portfolio IV JV LLC | 32 |  | 10% |  | 30% |  | 47,150 |  |  | 48,184 |
Storage Portfolio I LLC | 24 |  | 34% |  | 49% |  | (43,803) |  |  | (42,487) |
PR II EXR JV LLC | 23 |  | 25% |  | 25% |  | 105,909 |  |  | 108,160 |
HF2 Sovran HHF Storage Holdings II LLC (2) | 22 |  | 49% |  | 49%-59% |  | 114,034 |  |  | 41,613 |
HF5 Life Storage-HIERS Storage LLC | 17 |  | 20% |  | 20% |  | 25,192 |  |  | 26,051 |
HF6 191 V Life Storage Holdings LLC | 17 |  | 20% |  | 20% |  | 10,821 |  |  | 12,702 |
ESS-CA TIVS JV LP | 16 |  | 55% |  | 55%-65% |  | 27,217 |  |  | 29,128 |
VRS Self Storage, LLC | 16 |  | 45% |  | 54% |  | (17,557) |  |  | (16,386) |
HF10 Life Storage HHF Wasatch Holdings LLC | 16 |  | 20% |  | 20% |  | 19,295 |  |  | 20,019 |
Other unconsolidated real estate ventures (3) (4) | 119 |  | 10%-50% |  | 10%-50% |  | 314,852 |  |  | 317,104 |
SmartStop Self Storage REIT, Inc. Preferred Stock (6) | n/a |  | n/a |  | n/a |  | 200,000 |  |  | 200,000 |
Strategic Storage Trust VI, Inc. Preferred Stock (5) | n/a |  | n/a |  | n/a |  | 150,000 |  |  | 150,000 |
Net Investments in and Cash distributions in unconsolidated real estate entities | 460 |  |  |  |  |  | $ | 1,257,019 |  |  | $ | 1,000,548 |
Investments in unconsolidated real estate entities |  |  |  |  |  |  | $ | 1,332,338 |  |  | $ | 1,071,617 |
Cash distributions in unconsolidated real estate ventures |  |  |  |  |  |  | (75,319) |  |  | (71,069) |
Net Investments in and Cash distributions in unconsolidated real estate entities |  |  |  |  |  |  | $ | 1,257,019 |  |  | $ | 1,000,548 |
(1)Includes pro-rata equity ownership share and promoted interest. (2)In November 2024, the Company acquired additional ownership interest in HF1 Sovran HHF Storage Holdings LLC and HF2 Sovran HHF Storage Holdings II LLC from its partner in the unconsolidated joint ventures for cash consideration of $251,235. The transaction increased the equity ownership percentages from 20% and 15%, respectively, to 49% in each unconsolidated joint venture. The additional investment is presented on the Company's consolidated balance sheets under investments in unconsolidated real estate entities. (3)In September 2024, the Company sold its membership interest in the Alan Jathoo JV LLC unconsolidated joint venture, which held nine stores, to its partner in such joint venture and recognized a gain of $3,406 on the transaction. This gain and the gain from the ESS Bristol Investments LLC transaction referenced below are presented in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest on the Company's consolidated statements of operations for the year ended December 31, 2024. (4)In August 2024, the ESS Bristol Investments LLC unconsolidated joint venture sold five of its eight stores to another of the Company's unconsolidated joint ventures, and the Company recognized a gain of $10,324 for its pro rata share of the transaction. The Company then acquired its partner's membership interest in the remaining three stores held by ESS Bristol Investments LLC, which is now presented under real estate assets, net on the Company's consolidated balance sheets. (5)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 on the Company's consolidated statements of operations. (6)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. On November 1, 2024, the dividend rate increased to 7.00% per annum, and is now subject to increase each year. 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 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,
| 2024 |  | 2023 |  | 2022
Equity in earnings of PRISA Self Storage LLC | $ | 3,212 |  |  | $ | 3,320 |  |  | $ | 3,272 |
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1) | 4,977 |  |  | 1,553 |  |  | — |
Equity in earnings of Storage Portfolio II JV LLC | 2,661 |  |  | 3,094 |  |  | 3,398 |
Equity in earnings of Storage Portfolio IV JV LLC | 1,440 |  |  | 1,319 |  |  | 917 |
Equity in earnings of Storage Portfolio I LLC | 4,822 |  |  | 5,182 |  |  | 4,684 |
Equity in earnings of PR II EXR JV LLC | 2,351 |  |  | 2,227 |  |  | 1,229 |
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1) | 2,466 |  |  | 691 |  |  | — |
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1) | 761 |  |  | 377 |  |  | — |
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1) | (891) |  |  | (735) |  |  | — |
Equity in earnings of ESS-CA TIVS JV LP | 3,574 |  |  | 3,873 |  |  | 2,753 |
Equity in earnings of VRS Self Storage, LLC | 5,186 |  |  | 5,253 |  |  | 5,401 |
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1) | 598 |  |  | 40 |  |  | — |
Equity in earnings of other minority owned stores (1) | 10,847 |  |  | 7,740 |  |  | 7,265 |
Dividend income from SmartStop preferred stock | 12,755 |  |  | 12,500 |  |  | 12,509 |
Dividend income from Strategic Storage preferred stock | 12,513 |  |  | 8,401 |  |  | — |
| $ | 67,272 |  |  | $ | 54,835 |  |  | $ | 41,428 |
(1)For the year ended December 31, 2023, the earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.

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