Commitments and Contingencies	6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We maintain comprehensive property and casualty insurance policies which include coverage for earthquake, rental loss, general liability, umbrella liability, management liability, employee medical insurance and workers compensation coverage through internationally recognized and highly rated insurance carriers, subject to deductibles. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase excess insurance to cover this exposure for a limit of $15.0 million for losses in excess of $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At June 30, 2025, there were approximately 1.5 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $7.2 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $184.9 million at June 30, 2025. We expect to pay approximately $74.6 million in the remainder of 2025 and $104.0 million in 2026, and $6.3 million in 2027 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $59.6 million at June 30, 2025. We expect to pay approximately $1.9 million in the remainder of 2025, $4.1 million in 2026, $2.7 million in 2027, $2.5 million in each of 2028 and 2029, and $45.9 million thereafter for these commitments. We have an unfunded loan commitment totaling $44.1 million at June 30, 2025. We expect to fund the loan in the next twelve months, subject to the satisfaction of certain conditions.

We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

We maintain comprehensive property and casualty insurance policies which include coverage for earthquake, rental loss, general liability, umbrella liability, management liability, employee medical insurance and workers compensation coverage through internationally recognized and highly rated insurance carriers, subject to deductibles.

We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase excess insurance to cover this exposure for a limit of $15.0 million for losses in excess of $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At June 30, 2025, there were approximately 1.5 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $7.2 billion.

We have construction commitments representing future expected payments for construction under contract totaling $184.9 million at June 30, 2025. We expect to pay approximately $74.6 million in the remainder of 2025 and $104.0 million in 2026, and $6.3 million in 2027 for these construction commitments.

We have future contractual payments on land, equipment and office space under various lease commitments totaling $59.6 million at June 30, 2025. We expect to pay approximately $1.9 million in the remainder of 2025, $4.1 million in 2026, $2.7 million in 2027, $2.5 million in each of 2028 and 2029, and $45.9 million thereafter for these commitments.

We have an unfunded loan commitment totaling $44.1 million at June 30, 2025. We expect to fund the loan in the next twelve months, subject to the satisfaction of certain conditions.