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CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 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 consolidated balance sheets as of December 31, 2019 and 2018:

 

 

 

As of December 31, 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)

 

 

12/31/2019

 

 

12/31/2018

 

West Melbourne I, LLC - Phase I

 

50%

 

 

$

39,807

 

 

50%

 

 

 

$

19,904

 

 

Feb-2021

(2)

 

$

199

 

 

$

203

 

West Melbourne I, LLC - Phase II

 

50%

 

 

 

15,647

 

 

50%

 

 

 

 

7,824

 

 

Feb-2021

(2)

 

 

78

 

 

 

80

 

Port Orange I, LLC

 

50%

 

 

 

54,071

 

 

50%

 

 

 

 

27,036

 

 

Feb-2021

(2)

 

 

270

 

 

 

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%

 

 

 

6,219

 

 

50%

 

(5)

 

 

3,250

 

 

Dec-2022

 

 

 

33

 

 

 

65

 

Self Storage at Mid Rivers, LLC

 

50%

 

 

 

5,604

 

 

50%

 

(6)

 

 

2,994

 

 

Apr-2023

 

 

 

30

 

 

 

60

 

Parkdale Self Storage, LLC

 

50%

 

 

 

2,688

 

 

100%

 

(7)

 

 

6,500

 

 

Jul-2024

 

 

 

65

 

 

 

—

 

Hamilton Place Self Storage, LLC

 

54%

 

 

 

—

 

 

100%

 

(8)

 

 

7,002

 

 

Sep-2024

 

 

 

70

 

 

 

—

 

Atlanta Outlet JV, LLC

 

50%

 

 

 

4,443

 

 

100%

 

(9)

 

 

4,443

 

 

Feb-2020

 

 

 

—

 

 

 

—

 

Louisville Outlet Shoppes, LLC

 

50%

 

 

 

9,242

 

 

100%

 

(10)

 

 

9,242

 

 

Jul-2020

 

 

 

—

 

 

 

—

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

973

 

 

$

1,158

 

 

(1)

Excludes any extension options.

( 2 )

The loan has two one-year extension options at the joint venture’s election.

( 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 )

The Operating Partnership has a joint and several guaranty with its 50/50 partner. Therefore, the maximum guarantee is 100% of the loan.

( 8 )

The Operating Partnership has guaranteed 100% of the construction loan, but it has a back-up guaranty from its joint venture partner for 50% of the construction loan.

( 9 )

In December 2019, the Company deconsolidated this entity. See Note 7 for more information.

( 10 )

In November 2019, the Company deconsolidated this entity. See Note 7 for more information.