Real Estate Facilities

9 Months Ended

Sep. 30, 2023

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.