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INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Tables) | 6 Months Ended
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Jun. 30, 2025
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) |  | June 30, |  | December 31,
| 2025 |  | 2024
PRISA Self Storage LLC | 85 |  | 4% |  | 4% |  | $ | 8,815 |  |  | $ | 8,967 |
HF1 Sovran HHF Storage Holdings LLC | 37 |  | 49% |  | 49%-59% |  | 302,275 |  |  | 304,526 |
Storage Portfolio II JV LLC | 36 |  | 10% |  | 30% |  | (10,085) |  |  | (9,584) |
Storage Portfolio IV JV LLC | 32 |  | 10% |  | 30% |  | 46,626 |  |  | 47,150 |
Storage Portfolio I LLC | 24 |  | 34% |  | 49% |  | (43,951) |  |  | (43,803) |
ESS CA-TIVS JV LP (2) | — |  | 55% |  | 55%-65% |  | — |  |  | 27,217 |
HF2 Sovran HHF Storage Holdings II LLC | 22 |  | 49% |  | 49%-59% |  | 113,120 |  |  | 114,034 |
HF5 Life Storage-HIERS Storage LLC | 17 |  | 20% |  | 20% |  | 24,842 |  |  | 25,192 |
HF6 191 V Life Storage Holdings LLC | 17 |  | 20% |  | 20% |  | 10,175 |  |  | 10,821 |
PR II EXR JV LLC (3) | — |  | 25% |  | 25% |  | — |  |  | 105,909 |
VRS Self Storage, LLC | 16 |  | 45% |  | 54% |  | (18,226) |  |  | (17,557) |
HF10 Life Storage HHF Wasatch Holdings LLC | 16 |  | 20% |  | 20% |  | 18,620 |  |  | 19,295 |
Other unconsolidated real estate ventures (2) | 112 |  | 10%-50% |  | 10%-50% |  | 309,945 |  |  | 314,852 |
Strategic Storage Growth Trust III, Inc. Preferred Stock (4) | n/a |  | n/a |  | n/a |  | 100,000 |  |  | — |
Strategic Storage Trust VI, Inc. Preferred Stock (5) | n/a |  | n/a |  | n/a |  | 150,000 |  |  | 150,000 |
SmartStop Self Storage REIT, Inc. Preferred Stock (6) | n/a |  | n/a |  | n/a |  | — |  |  | 200,000 |
Net Investments in and Cash distributions in unconsolidated real estate entities | 414 |  |  |  |  |  | $ | 1,012,156 |  |  | $ | 1,257,019 |
Investments in unconsolidated real estate entities |  |  |  |  |  |  | $ | 1,088,983 |  |  | $ | 1,332,338 |
Cash distributions in unconsolidated real estate ventures |  |  |  |  |  |  | (76,827) |  |  | (75,319) |
Net Investments in and Cash distributions in unconsolidated real estate entities |  |  |  |  |  |  | $ | 1,012,156 |  |  | $ | 1,257,019 |
(1) Includes pro-rata equity ownership share and promoted interest. (2) On April 30, 2025, the Company acquired all of its partners’ membership interests in the ESS-NYFL JV LP and ESS CA-TIVS JV LP joint ventures. The total value of the real estate was recorded at $436,797, which included $258,000 of assumed debt. The Company now owns 100% of the 27 properties that were held in the two joint ventures. (3) On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture. The Company exchanged its 25% ownership interest in 17 properties for its partner’s 75% ownership interest in six properties. The portfolio consisted of 23 properties; therefore, the Company now owns 100% of the six properties, and its partner now owns 100% of the 17 properties. (4) On February 4, 2025, the Company invested $100,000 in shares of newly issued convertible preferred stock of Strategic Storage Growth Trust III, Inc., an affiliate of SmartStop. The dividend rate for the preferred shares is 8.85% 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, and are redeemable thereafter subject to a redemption premium. 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. (5) In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage Trust VI, Inc. 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 condensed 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 7.00% per annum as of October 2024. 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. On April 4, 2025, the Company was repaid its $200,000 preferred equity investment in SmartStop.

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