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STORAGE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2023

STORAGE PROPERTIES

Summary of real estate assets

​

​	​	​	​	​	​	​	​
​	​	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	​

Schedule of acquisitions and dispositions of real estate assets

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		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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