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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2024
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

15. RELATED PARTY TRANSACTIONS

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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 totaled $1.2 million for each of the three-month periods ended September 30, 2024 and 2023 and totaled $3.6 million each of the nine-month periods ended September 30, 2024 and 2023.

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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 $19.2 million and $18.0 million as of September 30, 2024 and December 31, 2023, respectively, and are included in Other assets, net on the consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $97.6 million and $86.3 million as of September 30, 2024 and December 31, 2023, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible.

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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. There were no such fees recognized during the three or nine months ended September 30, 2024 or 2023.

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The Company serves as lessor in a ground lease related to land underlying an HVP IV property located in Texas. The Company recognized income associated with this ground lease of $0.1 million during each of the three-month periods

ended September 30, 2024 and 2023 and of $0.3 million during each of the nine-month periods ended September 30, 2024 and 2023. This income is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

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