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ACQUISITIONS AND DISPOSITIONS
3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company did not acquire any self storage properties during the three months ended March 31, 2024. Self storage property acquisitions are accounted for as asset acquisitions and accordingly, transaction costs related to acquisitions are capitalized as part of the basis of the acquired properties. The Company recognizes the estimated fair value of acquired assets and assumed liabilities on the respective dates of such acquisitions.
Dispositions
During the three months ended March 31, 2024, the Company sold 39 self storage properties to a third party for net proceeds of $265.1 million and contributed 56 self storage properties to the 2024 Joint Venture for net proceeds of $343.7 million. The Company recorded a net gain on the dispositions of $61.2 million.