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MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Mortgage loans and Notes payable |  |
Principal amount of debt | $ 2,800,000 | $ 2,800,000
Total mortgage loans and notes payable | 205,500 | 205,915
Net book value of self-storage facilities | 6,446,196 | 6,038,186
Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | 204,170 |
Principal amount of debt | 204,170 | 204,471
Plus: Unamortized fair value adjustment | 5,736 | 6,137
Less: Loan procurement costs, net | (4,406) | (4,693)
Total mortgage loans and notes payable | 205,500 | 205,915
Net book value of self-storage facilities | 401,900 | 403,900
Long Island City II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 17,246 | 17,368
Effective interest rate (as a percent) | 2.25% |
Long Island City III, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 17,247 | 17,371
Effective interest rate (as a percent) | 2.25% |
Allen, TX | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 7,377 | 7,432
Effective interest rate (as a percent) | 6.29% |
Dallas-Fort Worth, TX | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 108,000 | 108,000
Effective interest rate (as a percent) | 6.23% |
Flushing II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 54,300 | $ 54,300
Effective interest rate (as a percent) | 2.15% |
Joint Venture |  |
Mortgage loans and Notes payable |  |
Percentage of voting interest acquired | 85.00% | 85.00%

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