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STORAGE PROPERTIES | 12 Months Ended
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Dec. 31, 2025
STORAGE PROPERTIES |
STORAGE PROPERTIES | 3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​
​ | ​ | (in thousands) | ​
Land | ​ | $ | 1,714,247 | ​ | $ | 1,645,549 | ​
Buildings and improvements | ​ |  | 6,203,371 | ​ |  | 5,759,848 | ​
Equipment | ​ |  | 140,027 | ​ |  | 147,709 | ​
Construction in progress | ​ |  | 34,599 | ​ |  | 33,723 | ​
Right-of-use assets - finance leases | ​ | ​ | 41,945 | ​ | ​ | 41,945 | ​
Storage properties | ​ |  | 8,134,189 | ​ |  | 7,628,774 | ​
Less: Accumulated depreciation | ​ |  | (1,758,340) | ​ |  | (1,590,588) | ​
Storage properties, net | ​ | $ | 6,375,849 | ​ | $ | 6,038,186 | ​
​ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2025, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | Number of | ​ ​ ​ | Transaction Price |
Asset/Portfolio | ​ | Metropolitan Statistical Area | ​ | Transaction Date | ​ | Stores | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 Acquisitions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HVP IV Assets | ​ | Various (see note 4) | ​ | February 2025 | ​ | 28 | ​ | $ | 452,785 | (1)
Arizona Asset | ​ | Phoenix-Mesa-Scottsdale, AZ | ​ | November 2025 | ​ | 1 | ​ | ​ | 17,500 | ​
Florida Asset | ​ | Miami-Fort Lauderdale-Pompano Beach, FL | ​ | December 2025 | ​ | 1 | ​ | ​ | 31,500 | ​
​ | ​ | ​ | ​ | ​ | ​ | 30 | ​ | $ | 501,785 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (2) | ​ | 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 (3) | ​ | Chicago-Naperville-Joliet, IL-IN-WI | ​ | December 2023 | ​ | 1 | ​ | $ | 8,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | $ | 8,000 | ​
​
| (1) | Amount represents the purchase price for the remaining 80% ownership interest in 191 IV CUBE LLC (“HVP IV”), which, at the time of acquisition, owned 28 stores (see note 4). Purchase price includes $44.4 million to repay the Company’s portion of HVP IV’s existing indebtedness.
​
| (2) | 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.
​
| (3) | This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.

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