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Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2020
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 September 30, 2020 and December 31, 2019:
|  | As of September 30, 2020 |  |  | 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) |  |  | September 30, 2020 |  |  | December 31, 2019 |
West Melbourne I, LLC - Phase I |  | 50% |  |  | $ | 40,372 |  |  | 50% |  |  |  | $ | 20,186 |  |  | Feb-2021 | (2) |  | $ | 202 |  |  | $ | 199 |
West Melbourne I, LLC - Phase II |  | 50% |  |  |  | 14,513 |  |  | 50% |  |  |  |  | 7,257 |  |  | Feb-2021 | (2) |  |  | 73 |  |  |  | 78 |
Port Orange I, LLC |  | 50% |  |  |  | 53,513 |  |  | 50% |  |  |  |  | 26,757 |  |  | Feb-2021 | (2) |  |  | 268 |  |  |  | 270 |
Ambassador Infrastructure, LLC |  | 65% |  |  |  | 9,360 |  |  | 100% |  |  |  |  | 9,360 |  |  | Oct-2020 | (3) |  |  | 94 |  |  |  | 101 |
Shoppes at Eagle Point, LLC |  | 50% |  |  |  | 35,189 |  |  | 35% |  | (4) |  |  | 12,740 |  |  | Oct-2020 | (5) |  |  | 127 |  |  |  | 127 |
EastGate Storage, LLC |  | 50% |  |  |  | 6,485 |  |  | 50% |  | (6) |  |  | 3,250 |  |  | Dec-2022 |  |  |  | 33 |  |  |  | 33 |
Self Storage at Mid Rivers, LLC |  | 50% |  |  |  | 5,853 |  |  | 50% |  | (7) |  |  | 2,994 |  |  | Apr-2023 |  |  |  | 30 |  |  |  | 30 |
Parkdale Self Storage, LLC |  | 50% |  |  |  | 6,065 |  |  | 100% |  | (8) |  |  | 6,500 |  |  | Jul-2024 |  |  |  | 65 |  |  |  | 65 |
Hamilton Place Self Storage, LLC |  | 54% |  |  |  | 6,247 |  |  | 100% |  | (9) |  |  | 7,002 |  |  | Sep-2024 |  |  |  | 70 |  |  |  | 70 |
Atlanta Outlet JV, LLC |  | 50% |  |  |  | 4,632 |  |  | 100% |  |  |  |  | 4,632 |  |  | Nov-2023 |  |  |  | — |  |  |  | — |
Louisville Outlet Shoppes, LLC |  | 50% |  |  |  | 9,122 |  |  | 100% |  |  |  |  | 9,122 |  |  | Oct-2021 |  |  |  | — |  |  |  | — |
Total guaranty liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 962 |  |  | $ | 973 |
(1) | Excludes any extension options.
(2) | These loans have two one-year extension options at the joint venture’s election.
(3) | In October 2020, the maturity date was extended to January 2021.
(4) | The guaranty is for a fixed amount of $12,740 throughout the term of the loan, including any extensions.
(5) | In October 2020, the loan was extended to October 2021 with one one-year extension option, at the joint venture's election, for an outside maturity date of October 2022.
(6) | The guaranty may be reduced to 25% once certain debt and operational metrics are met.
(7) | The guaranty may be reduced to 25% once certain debt and operational metrics are met.
(8) | 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.
(9) | Hamilton Place Self Storage, LLC, a 54/46 joint venture, closed on a construction loan with a total borrowing capacity of up to $7,002 for the development of a climate controlled self-storage facility adjacent to Hamilton Place in Chattanooga, TN. The Operating Partnership has guaranteed 100% of the construction loan, but it has a back-up guaranty with its joint venture partner for 50% of the construction loan. The guaranty may be reduced to 50% upon opening, and further reduced to 25% once certain debt and operations metrics are met.

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