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ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

Acquisitions

During the nine months ended September 30, 2025, the Company acquired four self storage properties and two annexes to existing properties for approximately $24.9 million. All of these acquisitions were acquired by the Company from third parties. The self storage property acquisitions were accounted for as asset acquisitions and accordingly, $0.2 million of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company allocated the total purchase price of the acquired properties to the assets acquired and liabilities assumed based on their relative fair values. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $0.6 million resulting in a total fair value of $24.3 million allocated to real estate.

The following table summarizes the investments in self storage property acquisitions completed by the Company during the nine months ended September 30, 2025 (dollars in thousands):

Acquisitions closed during the Three Months Ended:												Summary of Investment(1)
						Number of Properties						Cash and Acquisition Costs						Value of Equity																								Other												Total
									March 31, 2025												3						$	12,434					$	—																													$	1,060											$	13,494
June 30, 2025						1						11,328						—																								48												11,376
September 30, 2025						—						—						—																								—												—
Total						4						$	23,762					$	—																							$	1,108											$	24,870

(1)Investment amounts include investments classified as annexes to existing properties.

Dispositions

During the nine months ended September 30, 2025, the Company sold 12 self storage properties to third parties for net proceeds of approximately $73.1 million. The Company recorded a net gain on the dispositions of approximately $11.0 million.

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- References

No definition available.

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- 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 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/205-20/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

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