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Real Estate Facilities | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Real Estate Facilities | Real Estate Facilities Activity in real estate facilities during the nine months ended September 30, 2023 is as follows:
| Nine Months Ended September 30, 2023
| (Amounts in thousands)
Operating facilities, at cost: |  |  |  |  |
Beginning balance | $ | 24,219,126 |  |  |  |  |
Capital expenditures to maintain real estate facilities | 153,120 |  |  |  |  |
Capital expenditures for property enhancements | 124,298 |  |  |  |  |
Capital expenditures for energy efficiencies (LED lighting, solar) | 46,357 |  |  |  |  |
Acquisitions | 2,284,590 |  |  |  |  |
Dispositions and other | (3,461) |  |  |  |  |
Developed or expanded facilities opened for operation | 172,644 |  |  |  |  |
Ending balance | 26,996,674 |  |  |  |  |
Accumulated depreciation: |  |  |  |  |
Beginning balance | (8,554,155) |  |  |  |  |
Depreciation expense | (636,631) |  |  |  |  |
Dispositions and other | 2,635 |  |  |  |  |
Ending balance | (9,188,151) |  |  |  |  |
Construction in process: |  |  |  |  |
Beginning balance | 372,992 |  |  |  |  |
Costs incurred to develop and expand real estate facilities | 257,527 |  |  |  |  |
Acquisitions | 2,922 |  |  |  |  |
Write-off of cancelled projects | (3,733) |  |  |  |  |
Developed or expanded facilities opened for operation | (172,644) |  |  |  |  |
Ending balance | 457,064 |  |  |  |  |
Total real estate facilities at September 30, 2023 | $ | 18,265,587 |  |  |  |  |
During the nine months ended September 30, 2023, in addition to the Simply Acquisition, we acquired 26 self-storage facilities (1.9 million net rentable square feet of storage space), for a total cost of $301.3 million in cash. Approximately $8.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $172.6 million during the nine months ended September 30, 2023, adding 0.9 million net rentable square feet of self-storage space. Construction in process at September 30, 2023 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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