RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2025 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | 16. 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 totaled $0.6 million and $1.5 million for the three and six months ended June 30, 2025, respectively, compared to $1.2 million and $2.4 million, respectively, during the same periods in 2024. 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 $24.6 million and $18.9 million as of June 30, 2025 and December 31, 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 $116.1 million and $101.4 million as of June 30, 2025 and December 31, 2024, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party amounts 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 certain property transactions by HVP V, 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 six months ended June 30, 2025 or 2024. 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. The Company recognized income associated with this ground lease of $0.1 million during the six months ended June 30, 2025 and recognized income associated with this ground lease of $0.1 million and $0.2 million during the three and six months ended June 30, 2024, respectively. No income associated with this ground lease was recognized during the three months ended June 30, 2025. 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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