ACQUISITIONS AND DISPOSITIONS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2026, the Company acquired one self storage property for approximately $10.4 million. This acquisition was acquired by the Company from a third party. The self storage property acquisition was accounted for as an asset acquisition and accordingly, all transaction costs related to the acquisition were capitalized as part of the basis of the acquired property. The Company allocated the total purchase price of the acquired property to the assets acquired and liabilities assumed based on their relative fair values. 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 $0.2 million resulting in a total fair value of $10.2 million allocated to real estate. The following table summarizes the investments in self storage property acquisitions completed by the Company during the three months ended March 31, 2026 (dollars in thousands):
Dispositions During the three months ended March 31, 2026, the Company sold three self storage properties to third parties for net proceeds of approximately $20.6 million. The Company recorded a net gain on the dispositions of approximately $6.5 million. Assets Held for Sale As of March 31, 2026, the Company classified as held for sale three self storage properties that were sold to a third party in April 2026.
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