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Contingencies (Tables)
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantees
The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018:
 
 
As of June 30, 2019
 
Obligation Recorded to
Reflect Guaranty
Unconsolidated
Affiliate
 
Company's
Ownership
Interest
 
Outstanding
Balance
 
Percentage
Guaranteed
by the
Operating
Partnership
 
 
Maximum
Guaranteed
Amount
 
Debt
Maturity
Date (1)
 
6/30/2019
 
12/31/2018
West Melbourne I, LLC
- Phase I (2)
 
50%
 
$
40,197

 
50
%
 
 
$
20,099

 
Feb-2021
 
 
$
201

 
$
203

West Melbourne I, LLC
- Phase II (2)
 
50%
 
15,827

 
50
%
 
 
7,914

 
Feb-2021
 
 
79

 
80

Port Orange I, LLC
 
50%
 
54,629

 
50
%
 
 
27,315

 
Feb-2021
 
 
273

 
280

Ambassador
Infrastructure, LLC
 
65%
 
10,050

 
100
%
 
 
10,050

 
Aug-2020
 
 
101

 
106

Shoppes at
Eagle Point, LLC
 
50%
 
35,189

 
35
%
(3) 
 
12,740

 
Oct-2020
(4) 
 
127

 
364

EastGate Storage, LLC
 
50%
 
6,000

 
50
%
(5) 
 
3,000

 
Dec-2022
 
 
32

 
65

Self-Storage at
Mid Rivers, LLC
 
50%
 
5,434

 
50
%
(6) 
 
2,717

 
Apr-2023
 
 
30

 
60

Parkdale Self Storage, LLC
 
50%
 
—

 
100
%
(7) 
 
6,500

 
Jul-2024
 
 
—

 
—

 
 
 
 
 
 
Total guaranty liability
 
 
$
843

 
$
1,158

(1)
Excludes any extension options.
(2)
The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively.
(3)
The guaranty is for a fixed amount of $12,740 throughout the term of the loan, including any extensions.
(4)
The loan has one two-year extension option, at the joint venture's election, for an outside maturity date of October 2022.
(5)
The guaranty was reduced to 50% once construction was completed during the second quarter of 2019. The guaranty may be further reduced to 25% once certain debt and operational metrics are met.
(6)
The Company received a 1% fee for the guaranty when the loan was issued in April 2018. The guaranty was reduced to 50% once construction was completed during the second quarter of 2019. The guaranty may be further reduced to 25% once certain debt and operational metrics are met.
(7)
Parkdale Self Storage, LLC, a 50/50 joint venture, closed on a construction loan with a total borrowing capacity of up to $6,500 for the development of a climate controlled self-storage facility adjacent to Parkdale Mall in Beaumont, TX. The Operating Partnership has a joint and several guaranty with its 50/50 partner. Therefore, the maximum guarantee is 100% of the loan.