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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2025
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, 2025, 2024 and 2023 totaled $2.8 million, $4.8 million and $4.8 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 $19.2 million and $18.9 million as of December 31, 2025 and 2024, 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 $232.5 million and $101.4 million as of December 31, 2025 and 2024, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. ​ The HVP V, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVP V, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVP V, HVP IV and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. No such fees were recognized during the years ended December 31, 2025, 2024 or 2023. Property transaction fees are included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations. ​ Prior to the Company’s purchase of the remaining interest in HVP IV (see note 4), the Company served as lessor in a ground lease related to land underlying an HVP IV property located in Texas. During the years ended December 31, 2025, 2024, and 2023, the Company recognized income associated with this ground lease of $0.1 million, $0.4 million and $0.4 million, respectively. 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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