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STORAGE PROPERTIES | 12 Months Ended
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Dec. 31, 2023
STORAGE PROPERTIES |
STORAGE PROPERTIES | 3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Land | ​ | $ | 1,594,742 | ​ | $ | 1,588,138 | ​
Buildings and improvements | ​ |  | 5,517,544 | ​ |  | 5,483,506 | ​
Equipment | ​ |  | 144,372 | ​ |  | 144,605 | ​
Construction in progress | ​ |  | 69,010 | ​ |  | 37,584 | ​
Right-of-use assets - finance leases | ​ | ​ | 41,945 | ​ | ​ | 41,945 | ​
Storage properties | ​ |  | 7,367,613 | ​ |  | 7,295,778 | ​
Less: Accumulated depreciation | ​ |  | (1,416,377) | ​ |  | (1,247,775) | ​
Storage properties, net | ​ | $ | 5,951,236 | ​ | $ | 6,048,003 | ​
​ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Number of |  | Transaction Price |
Asset/Portfolio | ​ | Metropolitan Statistical Area | ​ | Transaction Date | ​ | Stores | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 Acquisition: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
New Jersey Asset | ​ | New York-Northern New Jersey-Long Island, NY-NJ-PA | ​ | December 2023 | ​ | 1 | ​ | $ | 22,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | $ | 22,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 Disposition: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Illinois Asset (1) | ​ | Chicago-Naperville-Joliet, IL-IN-WI | ​ | December 2023 | ​ | 1 | ​ | $ | 8,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | $ | 8,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (2) | ​ | 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 | (3)
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 | ​
​
| (1) | This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.
​
| (2) | This store was acquired by a consolidated joint venture in which the Company holds a 50% interest.
​
| (3) | 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 was sold by the Company during the year ended December 31, 2023.

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