Net investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	March 31,		December 31,
				2026		2025
PRISA Self Storage LLC	85	4%	4%	$	8,716	$	8,736
HF1 Sovran HHF Storage Holdings LLC	37	49%	49%-59%	300,789		301,794
Storage Portfolio II JV LLC	36	10%	30%	(10,835)		(10,588)
Storage Portfolio IV JV LLC	32	10%	30%	46,153		46,310
Storage Portfolio I LLC	24	34%	49%	(44,829)		(44,537)
HF2 Sovran HHF Storage Holdings II LLC	22	49%	49%-59%	112,330		112,551
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	24,417		24,580
HF6 191 V Life Storage Holdings LLC	17	20%	20%	9,178		9,525
VRS Self Storage, LLC	16	45%	54%	(18,623)		(18,576)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	17,853		18,082
Other unconsolidated real estate ventures	106	10%-50%	10%-50%	300,165		295,205
Strategic Storage Growth Trust III, Inc. Preferred Stock (2)	n/a	n/a	n/a	100,000		100,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		150,000
Net Investments in and Cash distributions in unconsolidated real estate entities	408			$	995,314	$	993,082

Investments in unconsolidated real estate entities				$	1,069,602	$	1,066,783
Cash distributions in unconsolidated real estate ventures				(74,288)		(73,701)
Net Investments in and Cash distributions in unconsolidated real estate entities				$	995,314	$	993,082

(2) On February 4, 2025, the Company invested $100,000 in shares of convertible preferred stock with a dividend rate of 8.85% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing, and are redeemable thereafter subject to a redemption premium.