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STORAGE PROPERTIES | 9 Months Ended
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Sep. 30, 2024
STORAGE PROPERTIES |
STORAGE PROPERTIES | 3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2024 |  | 2023 | ​
​ | ​ | (in thousands) | ​
Land | ​ | $ | 1,616,167 | ​ | $ | 1,594,742 | ​
Buildings and improvements | ​ |  | 5,588,497 | ​ |  | 5,517,544 | ​
Equipment | ​ |  | 141,048 | ​ |  | 144,372 | ​
Construction in progress | ​ |  | 34,624 | ​ |  | 69,010 | ​
Right-of-use assets - finance leases | ​ | ​ | 41,945 | ​ | ​ | 41,945 | ​
Storage properties | ​ |  | 7,422,281 | ​ |  | 7,367,613 | ​
Less: Accumulated depreciation | ​ |  | (1,544,603) | ​ |  | (1,416,377) | ​
Storage properties, net | ​ | $ | 5,877,678 | ​ | $ | 5,951,236 | ​
​ The following table summarizes the Company’s acquisition and disposition activity since January 1, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Number of |  | Transaction Price |
Asset/Portfolio | ​ | Metropolitan Statistical Area | ​ | Transaction Date | ​ | Stores | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 Acquisitions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Connecticut Assets | ​ | Hartford-West Hartford-East Hartford, CT | ​ | January 2024 | ​ | 2 | ​ | $ | 20,200 | ​
​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | $ | 20,200 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​
​
| (1) | This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.

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