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Real Estate Assets | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Real Estate Assets | REAL ESTATE ASSETS The components of real estate assets are summarized as follows:
| December 31, 2024 |  | December 31, 2023
Land | $ | 4,994,642 |  |  | $ | 4,904,705 |
Buildings, improvements and other intangibles | 22,336,386 |  |  | 21,664,224 |
Right of use assets - finance lease | 140,259 |  |  | 143,842 |
Intangible assets - tenant relationships | 326,440 |  |  | 321,019 |
Intangible lease rights | 27,743 |  |  | 27,743 |
| 27,825,470 |  |  | 27,061,533 |
Less: accumulated depreciation and amortization | (3,339,136) |  |  | (2,624,405) |
Net operating real estate assets | 24,486,334 |  |  | 24,437,128 |
Real estate under development/redevelopment | 101,293 |  |  | 118,745 |
Real estate assets, net | $ | 24,587,627 |  |  | $ | 24,555,873 |
Real estate assets held for sale included in real estate assets, net | $ | 103,756 |  |  | $ | — |
During the year ended December 31, 2024, the Company had 18 stores classified as held for sale. Of the 18 stores, 10 had an estimated fair value, net of selling costs, which was less than their net carrying value. As a result, during the year ended December 31, 2024, the Company recorded estimated losses of $63,250 on its consolidated statements of operations. This amount is shown net of the sale of a property which generated a gain of $37,344. As of December 31, 2024, the Company had 13 stores classified as held for sale which are included in real estate assets, net. Of the 13 stores, five had an estimated fair value, net of selling costs, of $43,107, which was less than the net carrying value of the assets. The loss on these stores is included in gain (loss) on real estate assets held for sale and sold, net. Assets held for sale are included in the self-storage operations segment of the Company’s segment information. 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 consolidated balance sheets. The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $114,614, $59,807, and $13,981 for the years ended December 31, 2024, 2023 and 2022, respectively. The remaining balance of the unamortized lease rights will be amortized over the next four to 38 years. Accumulated amortization related to intangibles was $363,916 and $317,511 as of December 31, 2024 and 2023, respectively.

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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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