Real Estate Facilities (Tables) |
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| Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2025 and 2024 (in thousands):
(1)
Hurricane Helene caused record flooding in late September 2024 in Asheville, North Carolina. One of our wholly-owned properties in this market was severely flooded. As a result of the flooding and related damage, we recorded a net casualty loss related to the flooded property of approximately $4.6 million during the year ended December 31, 2024, to write-off the carrying value at the time of the loss. We believed it was probable that we would receive insurance proceeds to offset the casualty loss and we recorded a receivable for the carrying amount of $4.6 million related to our pending insurance claim as of December 31, 2024. There is no assurance as to when this property will be rebuilt or the performance of this property upon completion or stabilization. The casualty loss was completely offset in our consolidated statements of operations by such expected recovery. Any amount of insurance recovery related to the property damage in excess of the casualty loss incurred is considered a gain contingency, and would be recognized upon final settlement of the claims. As of December 31, 2025, we had received approximately $3.5 million in casualty insurance proceeds, and approximately $1.5 million was pending payment. |
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| Summary of Purchase Price Allocation for Acquisitions | The following table summarizes the purchase price allocation for the real estate related assets acquired during the year ended December 31, 2025 (dollars in thousands):
(1) Represents the approximate occupancy percentage of the property at the time of acquisition. (2) The allocation noted above is based on a determination of the relative fair value of the total consideration and represents the amount paid including capitalized acquisition costs, as applicable. (3) The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their acquisition dates. (4)
This property was sold to SST X on October 30, 2025 for approximately $7.9 million. See below for additional detail. |
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