XML 174 R26.htm IDEA: XBRL DOCUMENT
v3.25.1

Real Estate Facilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2024 and 2023 (in thousands):
Real estate facilities |  |  |  |
Balance at December 31, 2022 |  | $ | 1,887,206 |
Acquisitions |  |  | 23,697 |
Impact of foreign exchange rate changes and other |  |  | 4,342 |
Improvements and additions |  |  | 9,501 |
Balance at December 31, 2023 |  |  | 1,924,746 |
Acquisitions |  |  | 180,559 |
Casualty loss (1) |  |  | (6,541 | )
Impact of foreign exchange rate changes and other |  |  | (16,374 | )
Improvements and additions |  |  | 8,806 |
Balance at December 31, 2024 |  | $ | 2,091,196 |
Accumulated depreciation |  |  |  |
Balance at December 31, 2022 |  | $ | (202,683 | )
Depreciation expense |  |  | (52,620 | )
Impact of foreign exchange rate changes |  |  | (541 | )
Balance at December 31, 2023 |  |  | (255,844 | )
Casualty loss (1) |  |  | 1,913 |
Depreciation expense |  |  | (53,975 | )
Impact of foreign exchange rate changes and other |  |  | 2,774 |
Balance at December 31, 2024 |  | $ | (305,132 | )
(1) | Hurricane Helene caused record flooding in late September 2024 in Asheville, North Carolina. One of our 14 wholly-owned properties in this market was severely flooded. As a result of the flooding and related damage, we recorded a net casualty loss related to the flooded property of approximately $4.6 million during the year ended December 31, 2024, to write-off the carrying value. We expect to rebuild and therefore we believe it is probable that we will receive insurance proceeds to offset the casualty loss and we recorded a receivable related to our pending insurance claim amounts as of December 31, 2024. There is no assurance as to when this property will be rebuilt or the performance of this property upon completion or stabilization. The casualty loss was completely offset in our consolidated statements of operations by such expected recovery. Any amount of insurance recovery related to the property damage in excess of the casualty loss incurred is considered a gain contingency, and would be recognized upon final settlement of the claims.
Summary of Purchase Price Allocation for Acquisitions | The following table summarizes the purchase price allocation for the real estate related assets acquired during the year ended De cember 31, 2024 (in thousands):
Acquisition |  | Acquisition Date |  |  | Occupancy Upon Acquisition (1) |  |  | Real Estate Assets |  |  | Intangibles |  |  | Total (2) |  |  | 2024 Revenue (3) |  |  | 2024 Net Operating Income (3)(4) |
Colorado Springs II |  |  | 4/10/2024 |  |  |  | 86 | % |  | $ | 9,841 |  |  | $ | 675 |  |  | $ | 10,516 |  |  | $ | 693 |  |  | $ | 428 |
Spartanburg |  |  | 7/16/2024 |  |  |  | 94 | % |  |  | 12,831 |  |  |  | 401 |  |  |  | 13,232 |  |  |  | 519 |  |  |  | 289 |
Miami |  |  | 9/24/2024 |  |  |  | 96 | % |  |  | 30,408 |  |  |  | 753 |  |  |  | 31,161 |  |  |  | 410 |  |  |  | 228 |
Nantucket |  |  | 11/20/2024 |  |  |  | 91 | % |  |  | 9,239 |  |  |  | 348 |  |  |  | 9,587 |  |  |  | 73 |  |  |  | 56 |
Aurora V |  |  | 12/11/2024 |  |  |  | 85 | % |  |  | 14,067 |  |  |  | 600 |  |  |  | 14,667 |  |  |  | 77 |  |  |  | 35 |
San Jose |  |  | 12/19/2024 |  |  |  | 98 | % |  |  | 19,077 |  |  |  | 539 |  |  |  | 19,616 |  |  |  | 53 |  |  |  | 29 |
Washington, DC |  |  | 12/19/2024 |  |  |  | 88 | % |  |  | 17,598 |  |  |  | 694 |  |  |  | 18,292 |  |  |  | 48 |  |  |  | 26 |
Ladera Ranch (5) |  |  | 12/20/2024 |  |  |  | 94 | % |  |  | 67,498 |  |  |  | 2,532 |  |  |  | 70,030 |  |  |  | 158 |  |  |  | 116 |
|  |  |  |  |  |  |  |  |  | $ | 180,559 |  |  | $ | 6,542 |  |  | $ | 187,101 |  |  | $ | 2,031 |  |  | $ | 1,207 |
(1) | Represent the approximate occupancy percentage of the property at the time of acquisition.
(2) | The allocation noted above is based on a determination of the relative fair value of the total consideration provided and represents the amount paid including capitalized acquisition costs.
(3) | The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their acquisition dates.
(4) | Net operating income excludes corporate general and administrative expenses, interest expense, depreciation, amortization and acquisition related expenses.
(5) | See Note 5 – Debt, for additional information pertaining to a loan issued in connection with the acquisition of this self storage property.

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration