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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Effective July 1, 2024, in connection with the internalization of its PRO structure, the Company purchased the PROs' management contracts. As of September 30, 2025, the majority of operations have transitioned to the Company.
Supervisory and Administrative Fees
In connection with the internalization of the PRO structure, the Company entered into new asset management agreements with certain of its former PROs to continue to provide leasing, operating, supervisory and administrative services for certain self storage properties on a transitionary basis. These new asset management agreements generally provide for fees ranging from 4.5% to 5.5% of gross revenue for such managed self storage properties. Under the new asset management agreements with former PROs, during the three months ended September 30, 2025 and 2024, the Company incurred $1.2 million and $3.4 million, respectively, for supervisory and administrative fees and during the nine months ended September 30, 2025, the Company incurred $4.0 million for supervisory and administrative fees. Supervisory and administrative fees are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. From January 1, 2024 through June 30, 2024, the Company incurred $10.2 million for supervisory and administrative fees to its former PROs pursuant to their prior respective management contracts.
Payroll Services
For the self storage properties that were managed by the Company's former PROs, and pursuant to their respective management contracts and new asset management agreements, the employees responsible for operations were employees of the Company's former PROs who charged the Company for the costs associated with the respective employees. For the three months ended September 30, 2025 and 2024, the Company incurred $1.5 million and $4.9 million, respectively, for payroll and related costs reimbursable to these former PROs and for the nine months ended September 30, 2025, the Company incurred $5.2 million for payroll and related costs reimbursable to these former PROs under the new asset management agreements. Such costs are included in property operating expenses in the accompanying condensed consolidated statements of operations. From January 1, 2024 through June 30, 2024, the Company incurred $13.7 million for payroll and related costs reimbursable to its former PROs under the prior asset management agreements.