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Property Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisitions The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:
Consideration TypeJuly 20, 2023
Common stock$11,353,338 
OP units249,470 
Cash for payoff of Life Storage credit facility and debt1,192,000 
Transaction Costs55,318 
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 partnerships325,250 
Cash and other assets107,423 
Intangible assets - other82,000 
Trade name50,000 
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 
The following table summarizes the accumulated amortization related to intangible assets - other:
December 31, 2024For the Year Ended December 31, 2024For the Year Ended December 31, 2023
Intangible Assets:Gross Carrying AmountAccumulated AmortizationAmortization ExpenseAmortization Expense
Intangible assets - other$82,000 $49,819 $34,124 $15,695 
Estimated Aggregate Amortization Expense
Intangible Assets:20252026
Intangible assets - other$19,833 $11,569 
Schedule of Operating Properties Acquired
The following table shows the Company’s acquisitions of stores for the years ended December 31, 2024 and 2023. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”
Consideration PaidTotal
PeriodNumber of StoresTotalCash PaidLoan AssumedFinance Lease LiabilityInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Total 202458$584,168 $479,059 $— $— $1,853 $2,842 $100,414 $584,168 
Total 202314$147,729 $135,577 $12,000 $— $— $152 $— $147,729 
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
Cash and cash equivalents$175 
Fixed assets6,411 
Developed technology500 
Trademarks500 
Customer relationships1,870 
Other assets125 
Accounts payables and accrued liabilities assumed(1,090)
Nets asset acquired8,491 
Goodwill170,811 
Total assets acquired$179,302 
Schedule of 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
Pro Forma
Total revenues$1,930,816 
Schedule of Reconciliation of Purchase Price
The following table summarizes the total consideration transferred to acquire Bargold:
Total cash paid by the company$157,302 
Fair value of Series D Units issued16,000 
Fair value of OP Units issued6,000 
Total consideration transferred$179,302