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IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
Impairment of Real Estate
During the six months ended June 30, 2025, the Company recognized real estate impairment of $4.1 million related to one closed facility. During the six months ended June 30, 2024, the Company recognized real estate impairments of $18.5 million related to four facilities that were sold and two non-operational facilities that were subsequently sold.
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 the two non-operational facilities impaired during the six months ended June 30, 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):
Six Months Ended June 30,
20252024
Number of facilities6 4 
Consideration, net of closing costs (1)
$37.1 $6.2 
Net carrying value27.1 4.4 
Net gain on sale$10.0 $1.8 
(1)    The Company received $33.5 million of net proceeds on July 1, 2025 related to dispositions that closed on June 30, 2025.
Related to these facilities, the Company recognized net income of $11.2 million and net loss of $8.4 million during the six months ended June 30, 2025 and 2024, respectively, which includes (i) impairment of $11.5 million for the six months ended June 30, 2024 and (ii) net gain 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.