XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

ACQUISITIONS AND DISPOSITIONS | 3 Months Ended
--- | ---
Mar. 31, 2025
Real Estate [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2025 and 2024. 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.”
|  |  |  | Total |  |
Period | Number of Stores |  | Cash Paid | Loan Assumed | Finance Lease Liability | Investments in Real Estate Ventures | Net Liabilities/ (Assets) Assumed | Value of Equity Issued |  | Real estate assets |  |
Q1 2025 | 17 |  | 136,025 |  | — |  | — |  | 105,471 |  | 847 |  | $ | 5,878 |  |  | 248,221 |  |  |
Q1 2024 | 6 |  | 35,084 |  | — |  | — |  | — |  | 171 |  | $ | — |  |  | 35,255 |  |  |
On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture. The Company exchanged its 25% ownership interest in 17 properties for its partner's 75% ownership interest in six properties. The portfolio consisted of 23 properties; therefore, the Company now owns 100% of the six properties, and its partner now owns 100% of the 17 properties, which the Company will continue to manage. Dispositions The Company disposed of 11 previously held for sale stores during the three months ended March 31, 2025 for approximately $124,855, resulting in a gain of $39,520. This amount is shown net of $3,759 in losses related to the sale of three land parcels and three properties listed for sale during the quarter where the estimated fair value, net of selling costs, was less than the net carrying value of the assets. The net gain is shown on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2025, presented as gain on real estate assets held for sale and sold, net.

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration