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Real Estate Assets | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Real Estate Assets | REAL ESTATE ASSETS The components of real estate assets are summarized as follows:
| September 30, 2024 |  | December 31, 2023
Land | $ | 4,923,702 |  |  | $ | 4,904,705 |
Buildings, improvements and other intangibles | 22,032,745 |  |  | 21,664,224 |
Right of use asset - finance lease | 143,286 |  |  | 143,842 |
Intangible assets - tenant relationships | 322,771 |  |  | 321,019 |
Intangible lease rights | 27,743 |  |  | 27,743 |
| 27,450,247 |  |  | 27,061,533 |
Less: accumulated depreciation and amortization | (3,168,088) |  |  | (2,624,405) |
Net operating real estate assets | 24,282,159 |  |  | 24,437,128 |
Real estate under development/redevelopment | 103,333 |  |  | 118,745 |
Real estate assets, net | $ | 24,385,492 |  |  | $ | 24,555,873 |
Real estate assets held for sale included in real estate assets, net | $ | 131,527 |  |  | $ | — |
In September 2024, the Company amended existing triple-net lease agreements for land and buildings related to 27 stores that had initially been entered into in June and August 2019. The Company also entered into new triple-net lease agreements for land and buildings related to 12 additional stores. Both the initial 27 stores and the additional 12 stores added to the triple net lease structure are categorized as operating leases and have been presented in real estate assets - operating lease right-of-use assets and operating lease liabilities on the Company's condensed consolidated balance sheets. As of September 30, 2024, the Company had 17 stores classified as held for sale which are included in real estate assets, net. Of the 17 stores, nine had an estimated fair value, net of selling costs, less than the carrying value of the assets. During the three and nine months ended September 30, 2024, the Company recorded estimated losses of $8,961 and $63,620, respectively, in loss on real estate assets held for sale on the Company's condensed consolidated statements of operations. Assets held for sale are included in the self-storage operations segment of the Company’s segment information.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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