Investment in Unconsolidated Real Estate Entity	6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Real Estate Entity	4. Investment in Unconsolidated Real Estate Entity Throughout all periods presented, we had an approximate 35% equity interest in Shurgard. At June 30, 2025, we owned 35,196,725 common shares of Shurgard. Based upon the closing price at June 30, 2025 (€37.00 per share of Shurgard common stock, at 1.174 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.4 billion. Our equity in earnings of Shurgard comprise our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the six months ended June 30, 2025 and 2024, we received $2.4 million and $2.0 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $0.8 million and $0.7 million of intra-entity profits and losses for the six months ended June 30, 2025 and 2024, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our Consolidated Statements of Income. At June 30, 2025, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $31.1 million ($62.6 million at December 31, 2024). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $5.8 million and $4.0 million during the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, we transferred $25.7 million of the Shurgard Basis Differential to Real Estate Facilities. As of June 30, 2025 and 2024, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $30.5 million other comprehensive income and $6.8 million other comprehensive loss during the six months ended June 30, 2025 and 2024, respectively.

Throughout all periods presented, we had an approximate 35% equity interest in Shurgard. At June 30, 2025, we owned 35,196,725 common shares of Shurgard. Based upon the closing price at June 30, 2025 (€37.00 per share of Shurgard common stock, at 1.174 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.4 billion.

Our equity in earnings of Shurgard comprise our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the six months ended June 30, 2025 and 2024, we received $2.4 million and $2.0 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $0.8 million and $0.7 million of intra-entity profits and losses for the six months ended June 30, 2025 and 2024, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our Consolidated Statements of Income.

At June 30, 2025, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $31.1 million ($62.6 million at December 31, 2024). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $5.8 million and $4.0 million during the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, we transferred $25.7 million of the Shurgard Basis Differential to Real Estate Facilities.

As of June 30, 2025 and 2024, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $30.5 million other comprehensive income and $6.8 million other comprehensive loss during the six months ended June 30, 2025 and 2024, respectively.