Real Estate Assets

6 Months Ended

Jun. 30, 2024

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	June 30, 2024		December 31, 2023
Land	$	4,903,843	$	4,904,705
Buildings, improvements and other intangibles	21,803,131		21,664,224
Right of use asset - finance lease	141,861		143,842
Intangible assets - tenant relationships	321,091		321,019
Intangible lease rights	27,743		27,743
	27,197,669		27,061,533
Less: accumulated depreciation and amortization	(2,984,371)		(2,624,405)
Net operating real estate assets	24,213,298		24,437,128
Real estate under development/redevelopment	127,519		118,745
Real estate assets, net	$	24,340,817	$	24,555,873
Real estate assets held for sale included in real estate assets, net	$	51,934	$	—

As of June 30, 2024, the Company had seven stores classified as held for sale. The estimated fair value less selling costs of these assets is less than the carrying value of the assets and, therefore, an estimated loss of $54,659 related to these assets has been recorded in Loss on real estate assets held for sale on the Company's condensed consolidated statements of operations for the three months ended June 30, 2024. Assets held for sale are included in the self-storage operations segment of the Company’s segment information.