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STORAGE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

STORAGE PROPERTIES

Summary of real estate assets

​

​	​	​	​	​	​	​	​
​	​	December 31,					​
​		2022			2021		​
​	​	(in thousands)					​
Land	​	$	1,588,138	​	$	1,565,463	​
Buildings and improvements	​		5,483,506	​		5,368,383	​
Equipment	​		144,605	​		129,531	​
Construction in progress	​		37,584	​		78,221	​
Right-of-use assets - finance leases	​	​	41,945	​	​	41,896	​
Storage properties	​		7,295,778	​		7,183,494	​
Less: Accumulated depreciation	​		(1,247,775)	​		(1,085,824)	​
Storage properties, net	​	$	6,048,003	​	$	6,097,670	​

Schedule of acquisitions and dispositions of real estate assets

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		Number of		Purchase / Sale Price
Asset/Portfolio	​	Metropolitan Statistical Area	​	Transaction Date	​	Stores	​	(in thousands)		​
​	​	​	​	​	​	​	​	​	​	​
2022 Acquisitions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Maryland Asset	​	Washington-Arlington-Alexandria, DC-VA-MD-WV	​	February 2022	​	1	​	$	32,000	​
Texas Asset	​	San Antonio, TX	​	June 2022	​	1	​	​	23,000	​
Georgia Asset	​	Atlanta, GA	​	July 2022	​	1	​	​	20,700	​
​	​	​	​	​	​	3	​	$	75,700	​
​	​	​	​	​	​	​	​	​	​	​
2021 Acquisitions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Minnesota Asset (1)	​	Minneapolis-St. Paul-Bloomington, MN-WI	​	April 2021	​	1	​	$	12,000	​
Maryland Asset	​	Baltimore-Towson, MD	​	June 2021	​	1	​	​	22,075	​
New Jersey/Pennsylvania Assets	​	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	​	July 2021	​	2	​	​	33,000	​
Florida Asset	​	Miami-Fort Lauderdale-Pompano Beach, FL	​	November 2021	​	1	​	​	14,750	​
Georgia Asset	​	Atlanta-Sandy Springs-Marietta, GA	​	November 2021	​	1	​	​	15,200	​
Pennsylvania Asset	​	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	​	November 2021	​	1	​	​	24,500	​
Nevada Asset	​	Las Vegas-Paradise, NV	​	December 2021	​	1	​	​	21,000	​
Storage West Assets	​	Various (see note 4)	​	December 2021	​	57	​	​	1,648,426	(2)
Illinois Asset	​	Chicago-Naperville-Joliet, IL-IN-WI	​	December 2021	​	1	​	​	10,300	​
​	​	​	​	​	​	66	​	$	1,801,251	​
​	​	​	​	​	​	​	​	​	​	​
2021 Dispositions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Colorado/Nevada Assets	​	Denver-Aurora, CO / Las Vegas-Paradise, NV	​	September 2021	​	2	​	$	16,900	​
North Carolina Assets	​	Burlington, NC	​	September 2021	​	2	​	​	21,700	​
Texas Asset	​	Houston-Sugar Land-Baytown, TX	​	November 2021	​	1	​	​	5,200	​
​	​	​	​	​	​	5	​	$	43,800	​
​	​	​	​	​	​	​	​	​	​	​
2020 Acquisitions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Texas Asset	​	San Antonio, TX	​	February 2020	​	1	​	$	9,025	​
Maryland Asset	​	Baltimore-Towson, MD	​	April 2020	​	1	​	​	17,200	​
New Jersey Asset	​	New York-Northern New Jersey-Long Island, NY-NJ-PA	​	April 2020	​	1	​	​	48,450	​
Florida Asset	​	Palm Bay-Melbourne-Titusville, FL	​	November 2020	​	1	​	​	3,900	​
Texas Asset	​	Austin-Round Rock, TX	​	November 2020	​	1	​	​	10,750	​
Texas Asset	​	Dallas-Fort Worth-Arlington, TX	​	November 2020	​	1	​	​	10,150	​
Nevada Asset	​	Las Vegas-Paradise, NV	​	December 2020	​	1	​	​	16,800	​
New York Asset	​	New York-Northern New Jersey-Long Island, NY-NJ-PA	​	December 2020	​	1	​	​	6,750	​
Florida Asset	​	Tampa-St. Petersburg-Clearwater, FL	​	December 2020	​	1	​	​	10,000	​
Virginia Asset	​	Washington-Arlington-Alexandria, DC-VA-MD-WV	​	December 2020	​	1	​	​	17,350	​
Storage Deluxe Assets	​	New York-Northern New Jersey-Long Island, NY-NJ-PA	​	December 2020	​	8	​	​	540,000	​
Florida Assets	​	Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL	​	December 2020	​	3	​	​	45,500	​
​	​	​	​	​	​	21	​	$	735,875	​
​	​	​	​	​	​	​	​	​	​	​
2020 Disposition:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
New York Asset	​	New York-Northern New Jersey-Long Island, NY-NJ-PA	​	December 2020	​	1	​	$	12,750	​
​	​	​	​	​	​	1	​	$	12,750	​

​

(1) Acquired by a consolidated joint venture in which the Company holds a 50% interest.

​

(2) Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic Club was sold by the Company during the year ended December 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of December 31, 2022 (see note 4).

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