Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Asset Acquisitions

The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:

Consideration Type	July 20, 2023
Common stock	$	11,353,338
OP units	249,470
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	$	12,850,127

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:

	July 20, 2023
Real estate assets	$	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	$	12,850,127

	September 30, 2023				Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Intangible Assets:	Gross Carrying Amount		Accumulated Amortization		Amortization Expense		Amortization Expense
Trade name	$	50,000	$	—	$	—	$	—
Intangible assets - other	82,000		4,723		4,723		4,723
	132,000		4,723		4,723		4,723

	Estimated Aggregate Amortization Expense
Intangible Assets:	2024		2025		2026
Trade name	$	—	$	—	$	—
Intangible assets - other	23,375		19,833		11,569
	$	23,375	$	19,833	$	11,569

All store acquisitions are considered asset acquisitions under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."

												Total
Period	Number of Stores	Cash Paid		Finance Lease Liability		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued		Real estate assets
Q3 2023	3	$	18,578	$	—	$	—	$	86	$	—	$	18,664
Q2 2023	3	32,888		—		—		26		—		32,914
Q1 2023	1	13,111		—		—		6		—		13,117
Total 2023	7	$	64,577	$	—	$	—	$	118	$	—	$	64,695
Q3 2022	118	$	639,106	$	—	$	338	$	(2,291)	$	125,000	$	762,153
Q2 2022	15	220,933		6,823		—		811		—		228,567
Q1 2022	14	185,910		—		747		274		40,965		227,896
Total 2022	147	$	1,045,949	$	6,823	$	1,085	$	(1,206)	$	165,965	$	1,218,616

Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.

Cash and cash equivalents	$	175
Fixed assets	6,411
Developed technology	500
Trademarks	500
Customer relationships	1,870
Other assets	125
Accounts payables and accrued liabilities assumed	(1,090)
Nets asset acquired	8,491
Goodwill	170,811
Total assets acquired	$	179,302

Revenues and Earnings of Acquired Company

The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:

Total revenues	$	9,374
Net income from operations	$	1,718

Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.

	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
	Pro Forma		Pro Forma
Total revenues	$	1,930,816	$	1,592,021