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STORAGE PROPERTIES

12 Months Ended

Dec. 31, 2024

STORAGE PROPERTIES

STORAGE PROPERTIES

3.  STORAGE PROPERTIES

​

The book value of the Company’s real estate assets is summarized as follows:

​

​	​	​	​	​	​	​	​
​	​	December 31,					​
​		2024			2023		​
​	​	(in thousands)					​
Land	​	$	1,645,549	​	$	1,594,742	​
Buildings and improvements	​		5,759,848	​		5,517,544	​
Equipment	​		147,709	​		144,372	​
Construction in progress	​		33,723	​		69,010	​
Right-of-use assets - finance leases	​	​	41,945	​	​	41,945	​
Storage properties	​		7,628,774	​		7,367,613	​
Less: Accumulated depreciation	​		(1,590,588)	​		(1,416,377)	​
Storage properties, net	​	$	6,038,186	​	$	5,951,236	​

​

The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2024, 2023 and 2022:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		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	​
Oregon Asset	​	Portland-Vancouver-Beaverton, OR-WA	​	November 2024	​	1	​	​	10,450	​
Pennsylvania Asset	​	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	​	November 2024	​	1	​	​	11,500	​
Hines Portfolio (1)	​	Dallas-Fort Worth-Arlington, TX	​	December 2024	​	14	​	​	157,250	​
​	​	​	​	​	​	18	​	$	199,400	​
​	​	​	​	​	​	​	​	​	​	​
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 (2)	​	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	​

​

(1) These stores are owned by consolidated joint ventures in which the Company acquired an 85% ownership interest. Transaction price represents the acquisition of this ownership interest.

​

(2) This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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