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ACQUISITIONS AND DISPOSITIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
The following table shows the Company’s acquisitions of stores for the three and six months ended June 30, 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
PeriodNumber of StoresCash PaidLoans AssumedFair Value Adjustment of Debt AssumedInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Q2 202528161,738 258,000 (10,049)34,767 4,472 $— 448,928 
Q1 202517136,025 — — 105,471 847 $5,878 248,221 
Total 202545$297,763 $258,000 $(10,049)$140,238 $5,319 $5,878 $697,149 
Q2 2024327,644 — — — 97 $— 27,741 
Q1 2024635,084 — — — 171 $— 35,255 
Total 20249$62,728 $— $— $— $268 $— $62,996 
On April 30, 2025, the Company acquired all of our partners’ membership interests in the ESS-NYFL JV LP and ESS CA-TIVS JV LP joint ventures. The total value of the real estate was recorded at $436,797, which included $258,000 of assumed debt. The Company now owns 100% of the 27 properties that were held in the two joint ventures.
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 completed the sale of one previously held for sale store during the three months ended June 30, 2025 for approximately $8,900, resulting in a loss of $864. For the six months ended June 30, 2025, the Company completed the sale of 12 previously held for sale stores for approximately $133,755, resulting in a gain of $38,656. 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 six months ended June 30, 2025, 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 six months ended June 30, 2025, presented as gain (loss) on real estate assets held for sale and sold, net.