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Property Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of 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 |
The following table summarizes the accumulated amortization related to intangible assets - other:
| December 31, 2024 | For the Year Ended December 31, 2024 | For the Year Ended December 31, 2023
Intangible Assets: | Gross Carrying Amount | Accumulated Amortization | Amortization Expense | Amortization Expense
Intangible assets - other | $ | 82,000 |  | $ | 49,819 |  | $ | 34,124 |  | $ | 15,695 |
| Estimated Aggregate Amortization Expense
Intangible Assets: | 2025 | 2026
Intangible assets - other | $ | 19,833 |  | $ | 11,569 |
Schedule of Operating Properties Acquired | The following table shows the Company’s acquisitions of stores for the years ended December 31, 2024 and 2023. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”
|  |  | Consideration Paid | Total
Period | Number of Stores |  | Total |  | Cash Paid |  | Loan Assumed | Finance Lease Liability | Investments in Real Estate Ventures | Net Liabilities/ (Assets) Assumed | Value of Equity Issued |  | Real estate assets
Total 2024 | 58 |  | $ | 584,168 |  |  | $ | 479,059 |  |  | $ | — |  | $ | — |  | $ | 1,853 |  | $ | 2,842 |  | $ | 100,414 |  |  | $ | 584,168 |
Total 2023 | 14 |  | $ | 147,729 |  |  | $ | 135,577 |  |  | $ | 12,000 |  | $ | — |  | $ | — |  | $ | 152 |  | $ | — |  |  | $ | 147,729 |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
Cash and cash equivalents | $ | 175 |
Fixed assets | 6,411 |
Developed technology | 500 |
Trademarks | 500 |
Customer relationships | 1,870 |
Other assets | 125 |
Accounts payables and accrued liabilities assumed | (1,090) |
Nets asset acquired | 8,491 |
Goodwill | 170,811 |
Total assets acquired | $ | 179,302 |
Schedule of Revenues and Earnings of Acquired Company | The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:
Total revenues | $ | 9,374 |
Net income from operations | $ | 1,718 |
Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.
| For the Year Ended December 31, 2022 |  |
| Pro Forma |  |
Total revenues | $ | 1,930,816 |  |  |
Schedule of Reconciliation of Purchase Price | The following table summarizes the total consideration transferred to acquire Bargold:
Total cash paid by the company | $ | 157,302 |
Fair value of Series D Units issued | 16,000 |
Fair value of OP Units issued | 6,000 |
Total consideration transferred | $ | 179,302 |

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