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Acquisitions and Dispositions (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Asset Acquisitions | The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:
Consideration Type | July 20, 2023
Common stock | $ | 11,353,338 |
OP units | 249,470 |
Cash for payoff of Life Storage credit facility and debt | 1,192,000 |
Transaction Costs | 55,318 |
Total consideration | $ | 12,850,127 |
The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:
| July 20, 2023
Real estate assets | $ | 14,587,735 |
Equity investment in joint venture partnerships | 325,250 |
Cash and other assets | 107,423 |
Intangible assets - other | 82,000 |
Trade name | 50,000 |
Unsecured senior notes | (2,106,866) |
Accounts payable, accrued expenses and other liabilities | (191,077) |
Noncontrolling interests | (4,338) |
Fair value of net assets acquired | $ | 12,850,127 |
All store acquisitions are considered asset acquisitions under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."
|  |  |  |  | Total
Period | Number of Stores |  | Cash Paid |  |  | Finance Lease Liability | Investments in Real Estate Ventures | Net Liabilities/ (Assets) Assumed | Value of Equity Issued |  |  | Real estate assets
Q1 2024 | 6 |  | $ | 35,084 |  |  |  | $ | — |  | $ | — |  | $ | 171 |  | $ | — |  |  |  | $ | 35,255 |
Q1 2023 | 1 |  | 13,111 |  |  |  | — |  | — |  | 6 |  | — |  |  |  | 13,117 |

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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- References No definition available. + Details
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