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IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
Impairment of Real Estate
During the years ended December 31, 2024, 2023 and 2022, the Company recognized real estate impairments of $18.5 million, $14.3 million and $94.0 million, respectively, related to six, three and 10 facilities, respectively. These facilities have either been sold or are non-operational.
To estimate the fair value of the impaired facilities, the Company utilized a market approach which considered binding sale agreements, non-binding offers from unrelated third parties or model-derived valuations with significant unobservable inputs, including comparable sales and other local and national industry market data (Level 3 measurements), as applicable. The Company utilized sales price per square foot values ranging from $4 to $73 in its fair value calculations for two non-operational facilities impaired during the year ended December 31, 2024.
The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period and could result in the determination that the full amount of the Company’s investment is not recoverable, resulting in an impairment charge or loss on sale which could be material.
Dispositions
The following table summarizes the Company’s dispositions for the periods presented (dollars in millions):
Year Ended December 31,
202420232022
Number of facilities182818
Consideration, net of closing costs$96.0 $255.6 $87.3 
Net carrying value93.9 332.2 99.3 
Net gain (loss) on sale$2.1 $(76.6)$(12.0)
Related to these facilities, the Company recognized net loss of $2.9 million, $84.1 million and $89.1 million during the years ended December 31, 2024, 2023 and 2022, respectively, which includes (i) impairment of $9.6 million, $14.3 million and $94.0 million for the years ended December 31, 2024, 2023 and 2022, respectively, and (ii) net gain (loss) on sale.
The sale of the disposition facilities does not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results, and therefore the results of operations attributable to these facilities have remained in continuing operations.