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SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired seven self storage properties and annexes to existing properties with an estimated fair value of $64.9 million during the year ended December 31, 2024 and 20 self storage properties and annexes to existing properties with an estimated fair value of $229.5 million during the year ended December 31, 2023. Of these acquisitions, during the year ended December 31, 2024, none of these self storage properties were acquired by the Company from its former PROs. During the year ended December 31, 2023, 19 self storage properties with an estimated fair value of $199.3 million were acquired by the Company from its former PROs.
The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2024 and 2023, $0.3 million and $1.6 million, respectively, of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $1.4 million and $4.8 million during the years ended December 31, 2024 and 2023, respectively, resulting in a total fair value of $63.5 million and $224.7 million allocated to real estate during the years ended December 31, 2024 and 2023, respectively.
The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2024 and 2023 (dollars in thousands):
Acquisitions closed during the Three Months Ended:
Summary of Investment(1)
Number of PropertiesCash and Acquisition Costs
Value of Equity(2)
Other Liabilities/ (Other Assets)Total
March 31, 2024— $— $— $— $— 
June 30, 20243 25,063 — 174 25,237 
September 30, 2024— — — — — 
December 31, 20244 39,514 — 122 39,636 
Total
7 $64,577 $— $296 $64,873 
March 31, 202316 $9,920 $150,531 $85 $160,536 
June 30, 2023— 8,167 5,577 34 13,778 
September 30, 20232 13,666 16,370 78 30,114 
December 31, 20232 16,972 8,062 (12)25,022 
Total
20 $48,725 $180,540 $185 $229,450 
(1)Investment amounts include investments classified as annexes to existing properties.
(2)Value of OP equity represents the fair value of Series A-1 preferred units, Series B Preferred Shares, OP units, subordinated performance units, and LTIP units.
The results of operations for these self storage acquisitions are included in the Company's consolidated statements of operations beginning on the respective closing date for each acquisition. The accompanying consolidated statements of operations includes aggregate revenue of $1.5 million and operating expenses of $1.4 million related to the seven self storage properties acquired during the year ended December 31, 2024. For the year ended December 31, 2023, the accompanying consolidated statements of operations includes aggregate revenue of $12.3 million and operating expenses of $10.9 million related to the 20 self storage properties acquired during such period.
Dispositions
During the year ended December 31, 2024, the Company sold 40 self storage properties to unaffiliated third parties for net proceeds of $273.1 million and contributed 56 self storage properties to the 2024 Joint Venture for net cash proceeds of $343.7 million. The Company recorded a net gain on the dispositions of $63.8 million.
For the year ended December 31, 2023, the Company sold 32 self storage properties and an undeveloped land parcel to unaffiliated third parties for net proceeds of $262.3 million. The Company recorded a net gain on the dispositions of $63.9 million.