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Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2024

(Amounts in thousands)


					Initial Cost to Company										Gross Carrying Amount at December 31, 2024
Description	ST		Encumbrance (6)		Land		Building and Improvements		Total		Adjustments and Costs to Land, Building and Improvements Subsequent to Acquisition				Land		Building and Improvements		Total (1)		Accumulated Depreciation		Date of Construction	Date Acquired
Morrisville	NC	(4)	$	—	$	531	$	1,891	$	2,422	$	207			$	531	$	2,098	$	2,629	$	819	2004		11/3/2014
Cary	NC	(4)		—		1,064		3,301		4,365		264				1,064		3,566		4,630		1,327	1998/2005/2006		11/3/2014
Raleigh	NC	(4)		—		1,186		2,540		3,726		413				1,186		2,954		4,140		1,330	1999		11/3/2014
Myrtle Beach I	SC			8,491		1,482		4,476		5,958		616				1,482		5,093		6,575		2,023	1998/2005-2007		11/3/2014
Myrtle Beach II	SC			6,736		1,690		3,654		5,344		422				1,690		4,077		5,767		1,649	1999/2006		11/3/2014
Whittier	CA			4,323		2,730		2,917		5,647		869				2,730		3,786		6,516		1,646	1989		2/19/2015
La Verne	CA			2,976		1,950		2,037		3,987		353				1,950		2,391		4,341		1,112	1986		1/23/2015
Santa Ana	CA			4,882		4,890		4,007		8,897		839				4,890		4,846		9,736		2,116	1978		2/5/2015
Upland	CA			3,394		2,950		3,017		5,967		714				2,950		3,732		6,682		1,673	1979		1/29/2015
La Habra	CA			3,440		2,060		2,357		4,417		659				2,060		3,017		5,077		1,231	1981		2/5/2015
Monterey Park	CA			2,417		2,020		2,217		4,237		426				2,020		2,644		4,664		1,027	1987		2/5/2015
Huntington Beach	CA			6,555		5,460		4,857		10,317		584				5,460		5,442		10,902		2,268	1986		2/5/2015
Chico	CA			1,093		400		1,337		1,737		393				400		1,731		2,131		769	1984		1/23/2015
Lancaster	CA			1,581		200		1,517		1,717		555				200		2,073		2,273		1,012	1980		1/29/2015
Riverside	CA			2,185		370		2,327		2,697		795				370		3,123		3,493		1,342	1985		1/23/2015
Fairfield	CA			2,580		730		2,947		3,677		432				730		3,380		4,110		1,337	1984		1/23/2015
Lompoc	CA			2,650		1,000		2,747		3,747		402				1,000		3,150		4,150		1,238	1982		2/5/2015
Santa Rosa	CA			6,881		3,150		6,717		9,867		893				3,150		7,611		10,761		3,109	1979-1981		1/29/2015
Vallejo	CA	(4)		—		990		3,947		4,937		568				990		4,516		5,506		1,768	1981		1/29/2015
Federal Heights	CO			2,232		1,100		3,347		4,447		428				1,100		3,776		4,876		1,777	1983		1/29/2015
Aurora	CO			4,510		810		5,907		6,717		1,030				810		6,938		7,748		2,878	1984		2/5/2015
Littleton	CO			2,046		1,680		2,457		4,137		395				1,680		2,852		4,532		1,235	1985		1/23/2015
Bloomingdale	IL			2,232		810		3,857		4,667		552				810		4,410		5,220		1,771	1987		2/19/2015
Crestwood	IL			1,534		250		2,097		2,347		438				250		2,536		2,786		1,111	1987		1/23/2015
Forestville	MD			3,254		1,940		4,347		6,287		1,181				1,940		5,529		7,469		2,676	1988		1/23/2015
Warren I	MI			1,836		230		2,967		3,197		705				230		3,673		3,903		1,535	1996		5/8/2015
Sterling Heights	MI			2,162		250		3,287		3,537		1,003				250		4,291		4,541		1,705	1977		5/21/2015
Troy	MI			3,208		240		4,177		4,417		523				240		4,701		4,941		1,886	1988		5/8/2015
Warren II	MI			2,115		240		3,067		3,307		772				240		3,840		4,080		1,626	1987		5/8/2015
Beverly	NJ			1,302		400		1,697		2,097		472				400		2,169		2,569		835	1988		5/28/2015
Everett	WA			2,557		2,010		2,957		4,967		862				2,010		3,819		5,829		1,529	1986		2/5/2015
Foley	AL			3,882		1,839		5,717		7,556		1,194				1,839		6,912		8,751		2,674	1985/1996/2006		9/11/2015
Tampa	FL			1,534		718		2,257		2,975		733				718		2,992		3,710		1,135	1985		11/3/2015
Boynton Beach	FL			7,671		1,983		15,233		17,216		618				1,983		15,852		17,835		4,389	2004		1/7/2016
Lancaster II	CA			2,209		670		3,711		4,381		413				670		4,125		4,795		1,472	1991		1/11/2016
Milton (2)	ONT			7,834		1,453		7,930		9,383		85		(3)		1,405		8,064		9,469		2,294	2006		2/11/2016
Burlington I (2)	ONT			9,817		3,293		10,279		13,572		209		(3)		3,184		10,597		13,781		3,002	2011		2/11/2016
Oakville I (2)	ONT			11,844		2,655		13,072		15,727		3,765		(3)		2,567		16,927		19,494		4,341	2016		2/11/2016
Oakville II (2)	ONT			10,128		2,983		9,346		12,329		(408	)	(3)		2,805		9,117		11,922		2,712	2004		2/29/2016
Burlington II (2)	ONT			6,402		2,944		5,126		8,070		(215	)	(3)		2,768		5,087		7,855		1,513	2008		2/29/2016
Xenia	OH	(4)		—		275		2,665		2,940		185				275		2,850		3,125		1,031	2003		4/20/2016
Sidney	OH	(4)		—		255		1,806		2,061		243				255		2,050		2,305		1,064	2003		4/20/2016
Troy	OH	(4)		—		151		2,596		2,747		3,039				151		5,636		5,787		1,169	2003		4/20/2016
Greenville	OH	(4)		—		83		1,909		1,992		1,121				83		3,031		3,114		789	2003		4/20/2016


						Initial Cost to Company											Gross Carrying Amount at December 31, 2024
Description	ST			Encumbrance (6)		Land		Building and Improvements		Total		Adjustments and Costs to Land, Building and Improvements Subsequent to Acquisition					Land		Building and Improvements		Total (1)		Accumulated Depreciation		Date of Construction	Date Acquired
Washington Court House	OH	(4)			—		255		1,882		2,137		214					255		2,097		2,352		774	2003		4/20/2016
Richmond	IN	(4)			—		223		2,944		3,167		333					223		3,279		3,502		1,214	2003		4/20/2016
Connersville	IN	(4)			—		156		1,652		1,808		158					156		1,811		1,967		682	2003		4/20/2016
Port St. Lucie I	FL	(4)			—		2,590		6,340		8,930		318					2,590		6,658		9,248		2,091	1999		4/29/2016
Sacramento	CA	(4)			—		1,205		6,617		7,822		385					991		7,217		8,208		2,081	2006		5/9/2016
Oakland	CA	(4)			—		5,711		6,902		12,613		399					5,711		7,302		13,013		2,118	1979		5/18/2016
Concord	CA	(4)			—		19,090		17,203		36,293		1,258					19,090		18,462		37,552		5,448	1988/1998		5/18/2016
Pompano Beach	FL				8,205		3,948		16,656		20,604		388					3,948		17,045		20,993		4,454	1979		6/1/2016
Lake Worth	FL				9,910		12,108		10,804		22,912		(292	)				12,108		10,513		22,621		3,914	1998/2003		6/1/2016
Jupiter	FL				11,104		16,030		10,557		26,587		491					16,030		11,049		27,079		3,342	1992/2012		6/1/2016
Royal Palm Beach	FL				9,316		11,425		13,275		24,700		397					11,425		13,674		25,099		4,634	2001/2003		6/1/2016
Port St. Lucie II	FL				6,897		5,131		8,410		13,541		468					5,131		8,879		14,010		2,873	2002		6/1/2016
Wellington	FL	(4)			—		10,234		11,663		21,897		393					10,234		12,057		22,291		3,393	2005		6/1/2016
Doral	FL	(4)			—		11,336		11,485		22,821		456					11,336		11,942		23,278		3,447	1998		6/1/2016
Plantation	FL				15,267		12,989		19,225		32,214		877					12,989		20,103		33,092		5,658	2002/2012		6/1/2016
Naples	FL	(4)			—		11,789		12,771		24,560		457					11,789		13,229		25,018		3,664	2002		6/1/2016
Delray	FL				11,379		17,097		12,984		30,081		464					17,097		13,449		30,546		3,861	2003		6/1/2016
Baltimore	MD	(4)			—		3,898		22,428		26,326		768					3,898		23,197		27,095		6,833	1990/2014		6/1/2016
Sonoma	CA				6,795		3,468		3,680		7,148		234					3,468		3,915		7,383		1,232	1984		6/14/2016
Las Vegas I	NV				11,159		2,391		11,118		13,509		383					2,391		11,502		13,893		3,035	2002		7/28/2016
Las Vegas II	NV				11,208		3,840		9,917		13,757		373					3,840		10,291		14,131		2,978	2000		9/23/2016
Las Vegas III	NV				8,474		2,566		6,339		8,905		509					2,566		6,849		9,415		2,032	1989		9/27/2016
Asheville I	NC	(4	)		—		3,620		11,174		14,794		604					3,620		11,778		15,398		3,470	1988/2005/2015		12/30/2016
Asheville II	NC	(4	)		—		1,765		3,107		4,872		281					1,765		3,389		5,154		1,066	1984		12/30/2016
Hendersonville I	NC	(4	)		—		1,082		3,441		4,523		(455	)				1,082		2,987		4,069		1,088	1982		12/30/2016
Asheville III	NC	(4	)		—		5,097		4,620		9,717		314					5,097		4,935		10,032		1,620	1991/2002		12/30/2016
Arden	NC	(4	)		—		1,790		10,266		12,056		596					1,790		10,863		12,653		2,891	1973		12/30/2016
Asheville IV	N C	(4	)		—		4,558		4,455		9,013		321					4,558		4,777		9,335		1,587	1985/1986/2005		12/30/2016
Asheville V	NC	(4	)		—		2,415		7,826		10,241		463					2,415		8,290		10,705		2,449	1978/2009/2014		12/30/2016
Asheville VI	NC	(4	)		—		1,306		5,121		6,427		296					1,306		5,419		6,725		1,509	2004		12/30/2016
Asheville VIII (5)	NC	(4	)		—		1,765		6,163		7,928		(6,163	)				1,765		—		1,765		—	1968/2002		12/30/2016
Hendersonville II	NC	(4	)		—		2,598		5,037		7,635		357					2,598		5,396		7,994		1,881	1989/2003		12/30/2016
Asheville VII	NC	(4	)		—		782		2,140		2,922		114					782		2,254		3,036		711	1999		12/30/2016
Sweeten Creek Land	NC				—		348		—		348		—					348		—		348		—	N/A		12/30/2016
Highland Center Land	NC				—		50		—		50		—					50		—		50		—	N/A		12/30/2016
Aurora II	CO	(4	)		—		1,585		8,196		9,781		169					1,585		8,367		9,952		2,629	2012		1/11/2017
Dufferin (2)	ONT				17,111		6,259		16,287		22,546		322		(3	)		6,169		16,700		22,869		4,332	2015		2/1/2017
Mavis (2)	ONT				13,131		4,657		14,494		19,151		71		(3	)		4,591		14,632		19,223		3,735	2013		2/1/2017
Brewster (2)	ONT				9,670		4,136		9,527		13,663		7		(3	)		4,077		9,595		13,672		2,519	2013		2/1/2017
Granite (2)	ONT				8,858		3,126		8,701		11,827		27		(3)			3,082		8,774		11,856		2,177	1998/2016		2/1/2017
Centennial (2)	ONT				7,537		1,715		11,429		13,144		(104	)	(3)			1,690		11,350		13,040		2,737	2016/2017		2/1/2017
Ft. Pierce	FL				8,765		1,153		12,398		13,551		523					1,153		12,923		14,076		2,422	2008		1/24/2019
Russell Blvd, Las Vegas II	NV	(4)			—		3,434		15,449		18,883		874					3,510		16,249		19,759		3,772	1996		1/24/2019
Jones Blvd, Las Vegas I	NV	(4)			—		1,975		12,565		14,540		271					1,975		12,837		14,812		2,399	1999		1/24/2019
Airport Rd, Colorado Springs	CO	(4)			—		870		7,878		8,748		366					870		8,244		9,114		1,666	1983		1/24/2019
Riverside	CA	(4)			—		1,260		6,996		8,256		527					1,260		7,523		8,783		1,595	1980		1/24/2019


						Initial Cost to Company										Gross Carrying Amount at December 31, 2024
Description	ST			Encumbrance (6)		Land		Building and Improvements		Total		Adjustments and Costs to Land, Building and Improvements Subsequent to Acquisition				Land		Building and Improvements		Total (1)		Accumulated Depreciation		Date of Construction	Date Acquired
Stockton	CA	(4)			—		784		7,706		8,490		247				784		7,955		8,739		1,639	1984		1/24/2019
Azusa	CA	(4)			—		4,385		9,154		13,539		247				4,385		9,400		13,785		1,836	1986		1/24/2019
Romeoville	IL	(4)			—		965		5,755		6,720		377				965		6,133		7,098		1,359	1986		1/24/2019
Elgin	IL	(4)			—		1,162		2,895		4,057		201				1,162		3,096		4,258		858	1986		1/24/2019
San Antonio I	TX	(4)			—		1,603		9,196		10,799		221				1,603		9,417		11,020		1,865	1998		1/24/2019
Kingwood	TX	(4)			—		1,016		9,359		10,375		380				1,016		9,738		10,754		1,990	2001		1/24/2019
Aurora III	CO	(4)			—		1,678		5,958		7,636		138				1,678		6,096		7,774		1,592	2015		1/24/2019
Stoney Creek I (2)	ONT				8,144		2,363		8,154		10,517		(638	)	(3)		2,195		7,684		9,879		1,555	N/A		1/24/2019
Torbarrie (2)	ONT				7,836		2,714		5,263		7,977		7,047		(3)		2,521		12,504		15,025		2,279	1980		1/24/2019
Baseline	AZ	(4)			—		1,307		11,385		12,692		244				1,307		11,629		12,936		2,375	2016		1/24/2019
3173 Sweeten Creek Rd, Asheville	NC	(4)			—		1,036		8,765		9,801		1,235				1,036		9,999		11,035		1,864	1982		1/24/2019
Elk Grove	IL	(4)			—		2,384		6,000		8,384		1,496				2,384		7,496		9,880		1,437	2016		1/24/2019
Garden Grove	CA	(4)			—		8,076		13,152		21,228		319				8,076		13,472		21,548		2,673	2017		1/24/2019
Deaverview Rd, Asheville	NC	(4)			—		1,449		4,412		5,861		330				1,449		4,742		6,191		1,080	1992		1/24/2019
Highland Center Blvd, Asheville	NC	(4	)		—		1,764		4,823		6,587		322				1,764		5,145		6,909		1,136	1994		1/24/2019
Sarasota	FL	(4	)		—		1,084		7,360		8,444		342				1,084		7,702		8,786		1,456	2017		1/24/2019
Mount Pleasant	SC	(4	)		—		1,055		5,679		6,734		143				1,055		5,821		6,876		1,102	2016		1/24/2019
Nantucket	MA				20,207		5,855		33,211		39,066		238				5,855		33,448		39,303		6,060	2002		1/24/2019
Pembroke Pines	FL	(4	)		—		3,147		14,296		17,443		161				3,147		14,457		17,604		2,784	2018		1/24/2019
Riverview	FL	(4	)		—		1,593		7,102		8,695		3,375				2,406		9,665		12,071		1,816	2018		1/24/2019
Eastlake	CA	(4	)		—		2,120		15,418		17,538		179				2,120		15,597		17,717		2,769	2018		1/24/2019
McKinney	TX	(4	)		—		2,177		9,321		11,498		270				2,102		9,666		11,768		1,837	2016		1/24/2019
Hualapai Way, Las Vegas	NV	(4	)		—		743		9,019		9,762		113				743		9,132		9,875		1,728	2018		1/24/2019
Gilbert	AZ	(4	)		—		1,380		9,021		10,401		386				1,038		9,749		10,787		1,759	2019		7/11/2019
Industrial, Jensen Beach	FL				4,009		894		6,969		7,863		46				894		7,016		7,910		888	1979		3/17/2021
Emmett F Lowry Expy, Texas City	TX				5,112		940		8,643		9,583		247				940		8,890		9,830		1,114	2010		3/17/2021
Van Buren Blvd, Riverside II	CA				3,510		2,308		7,393		9,701		282				2,308		7,676		9,984		919	1984		3/17/2021
Las Vegas Blvd, Las Vegas	NV				5,413		923		11,036		11,959		126				923		11,161		12,084		1,269	1996		3/17/2021
Goodlette Rd, Naples	FL	(4	)		—		2,468		18,647		21,115		631				2,468		19,278		21,746		2,215	2001		3/17/2021
Centennial Pkwy, LV II	NV				7,118		1,397		15,194		16,591		74				1,397		15,267		16,664		1,798	2006		3/17/2021
Texas Ave, College Station	TX	(4	)		—		3,530		5,584		9,114		217				3,530		5,800		9,330		809	2004		3/17/2021
Meridian Ave, Puyallup	WA				6,616		5,748		9,884		15,632		254				5,748		10,138		15,886		1,417	1990		3/17/2021
Westheimer Pkwy, Katy	TX	(4	)		—		1,213		6,424		7,637		40				1,213		6,464		7,677		773	2003		3/17/2021
FM 1488, The Woodlands II	TX	(4	)		—		1,946		8,906		10,852		113				1,946		9,019		10,965		1,136	2007		3/17/2021
Hwy 290, Cypress	TX	(4	)		—		2,832		5,260		8,092		133				2,832		5,393		8,225		732	2002		3/17/2021
Lake Houston Pkwy, Humble	TX	(4	)		—		2,476		6,539		9,015		111				2,476		6,651		9,127		966	2004		3/17/2021
Gosling Rd, The Woodlands	TX	(4	)		—		1,249		7,314		8,563		113				1,249		7,427		8,676		931	2002		3/17/2021
Queenston Blvd, Houston	TX	(4	)		—		778		5,242		6,020		334				778		5,577		6,355		723	2007		3/17/2021
Jim Johnson Rd, Plant City	FL				8,722		1,177		20,046		21,223		208				1,177		20,254		21,431		2,869	2004		3/17/2021
Frelinghuysen Ave, Newark	NJ	(4	)		—		10,701		24,755		35,456		2,000				10,701		26,754		37,455		3,370	1931		3/17/2021
Redmond Fall City Rd, Redmond	WA	(4	)		—		3,875		7,061		10,936		111				3,875		7,172		11,047		966	1997		3/17/2021


						Initial Cost to Company											Gross Carrying Amount at December 31, 2024
Description	ST			Encumbrance (6)		Land		Building and Improvements		Total		Adjustments and Costs to Land, Building and Improvements Subsequent to Acquisition					Land		Building and Improvements		Total (1)		Accumulated Depreciation		Date of Construction	Date Acquired
Greenway Rd, Surprise	AZ	(4	)		—		1,340		7,588		8,928		93					1,340		7,681		9,021		949	2019		3/17/2021
Marshall Farms Rd, Ocoee	FL	(4	)		—		1,253		10,931		12,184		291					1,252		11,223		12,475		1,284	2019		3/17/2021
Ardrey Kell Rd, Charlotte	NC	(4	)		—		1,316		15,140		16,456		—					1,315		15,140		16,455		1,738	2018		3/17/2021
University City Blvd, Charlotte II	NC	(4	)		—		1,135		11,302		12,437		37					1,134		11,338		12,472		1,333	2017		3/17/2021
Hydraulic Rd, Charlottesville	VA	(4	)		—		1,846		16,268		18,114		215					1,846		16,484		18,330		1,856	2017		3/17/2021
Metcalf St, Escondido	CA	(4	)		—		1,019		18,019		19,038		193					1,019		18,213		19,232		2,022	2019		3/17/2021
Tamiami Trail, Punta Gorda	FL	(4	)		—		2,035		15,765		17,800		264					2,035		16,029		18,064		1,883	1992		3/17/2021
Iroquois Shore Rd, Oakville (2)	ONT				9,641		1,423		18,638		20,061		(2,508	)	(3	)		1,239		16,314		17,553		1,774	2020		4/16/2021
Van Buren Blvd, Riverside III	CA	(4	)		—		3,705		6,512		10,217		262					3,705		6,774		10,479		957	1996		5/27/2021
Alameda Pkwy, Lakewood	CO	(4	)		—		2,134		14,751		16,885		524					2,134		15,275		17,409		1,574	1998		10/19/2021
Algonquin Rd, Algonquin	IL	(4	)		—		717		17,439		18,156		693					717		18,132		18,849		1,734	1987		2/8/2022
Pell Circle, Sacramento	CA	(4	)		—		1,797		22,829		24,626		326					1,797		23,155		24,952		2,053	1981		5/10/2022
St Johns Commons Rd, St Johns	FL	(4	)		—		1,099		14,432		15,531		178					1,099		14,611		15,710		1,163	2017		5/17/2022
Mills Station Rd, Sacramento	CA	(4	)		—		2,686		13,075		15,761		57					2,686		13,132		15,818		1,158	1979		6/1/2022
Capitol Dr, Milwaukee	WI	(4	)		—		543		9,133		9,676		193					543		9,326		9,869		767	1941		6/1/2022
Happy Valley Rd, Phoenix	AZ	(4	)		—		1,311		16,909		18,220		21					1,311		16,930		18,241		1,342	2018		6/1/2022
West Rd, Houston	TX	(4	)		—		1,066		11,782		12,848		237					1,066		12,020		13,086		992	1996		6/1/2022
Bothell Everett, Mill Creek	WA	(4	)		—		4,814		28,675		33,489		381					4,814		29,056		33,870		2,663	2003		6/1/2022
NE 12th Ave, Homestead	FL	(4	)		—		1,607		32,910		34,517		62					1,607		32,971		34,578		2,525	2019		6/1/2022
Durango Dr, Las Vegas	NV	(4	)		—		2,675		26,985		29,660		16					2,675		27,001		29,676		2,092	2019		6/1/2022
State Rd 54, Lutz	FL	(4	)		—		1,897		23,290		25,187		128					1,897		23,418		25,315		1,883	2020		6/1/2022
34th St N, St. Petersburg	FL	(4	)		—		2,355		26,031		28,386		177					2,355		26,208		28,563		1,993	2019		6/1/2022
93rd Ave SW, Olympia	WA	(4	)		—		2,159		18,459		20,618		106					2,159		18,564		20,723		1,582	2006		6/1/2022
Aurora IV	CO	(4	)		—		1,223		10,445		11,668		180					1,223		10,626		11,849		874	2018		6/28/2022


						Initial Cost to Company								Gross Carrying Amount at December 31, 2024
Description	ST			Encumbrance (6)		Land		Building and Improvements		Total		Adjustments and Costs to Land, Building and Improvements Subsequent to Acquisition		Land		Building and Improvements		Total (1)		Accumulated Depreciation		Date of Construction	Date Acquired
Walnut Grove Ave, San Gabriel	CA	(4	)		—		9,449		14,265		23,714		68		9,449		14,333		23,782		537	2023		7/13/2023
Colorado Springs II (Boychuk Ave)	CO	(4	)		—		2,795		7,047		9,842		218		2,795		7,264		10,059		219	2002		4/11/2024
SpartanBurg	SC	(4	)		—		1,613		11,217		12,830		94		1,613		11,311		12,924		160	2020		7/16/2024
Miami	FL	(4	)		—		3,855		26,553		30,408		—		3,855		26,553		30,408		209	2023		9/24/2024
Nantucket II	MA				10,642		4,330		4,909		9,239		—		4,330		4,909		9,239		17	2016		11/20/2024
Aurora V	CO				17,756		2,509		11,558		14,067		—		2,509		11,558		14,067		21	2019		12/11/2024
San Jose	CA				21,845		3,497		15,580		19,077		6		3,497		15,586		19,083		16	2000		12/19/2024
Washington, DC	DC				21,957		3,362		14,236		17,598		—		3,362		14,236		17,598		14	2019		12/19/2024
Ladera Ranch	CA				70,000		30,936		36,561		67,497		—		30,936		36,561		67,497		35	2003		12/20/2024
Corporate Office	CA				3,736		975		5,525		6,500		714		975		6,239		7,214		1,011	2018		1/24/2019

				$	557,543	$	481,712	$	1,544,803	$	2,026,515	$	64,598	$	480,539	$	1,610,657	$	2,091,196	$	305,132

(1)

The aggregate cost of real estate for United States federal income tax purposes is approximately $2,109 million.

(2)

This property is located in Ontario, Canada.

(3)

The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions.

(4)

The equity interest in these wholly-owned subsidiaries that directly own these unencumbered real estate assets comprise the borrowing base of the Credit Facility and the 2032 Private Placement Notes, and such equity interests were pledged as of December 31, 2024 for the benefit of the lenders thereunder. The outstanding principal balance of the Credit Facility and the 2032 Private Placement Notes was approximately $614.8 million and $150.0 million, respectively, as of December 31, 2024.

(5)

Amounts for this property’s building and improvements, and accumulated depreciation reflect the write down of the carrying value of approximately $6.5 million and $1.9 million, respectively, due to a casualty loss sustained at the property. Please see Note 3 – Real Estate of the Notes to the Consolidated Financial Statements for additional detail.

(6)

Unless otherwise stated, such amount represents an allocation of the outstanding principal balance as of December 31, 2024 of the loan encumbering each property. Such property along with certain other properties serve as collateral for the respective loan on a joint and several basis. As such, the allocation amongst each property encumbering the loan was determined by allocating the loan balance, based upon the proportional historical appraised values, as applicable, as utilized by the lender at the inception of the loan.

Activity in real estate facilities during 2024, 2023, and 2022 was as follows:


	2024			2023			2022
Real estate facilities
Balance at beginning of year	$	1,924,746		$	1,887,206		$	1,593,624
Facility acquisitions		180,559			23,697			298,342
Casualty loss		(6,541	)
Impact of foreign exchange rate changes and other		(16,374	)		4,342			(12,984	)
Improvements and additions		8,806			9,501			8,224

Balance at end of year	$	2,091,196		$	1,924,746		$	1,887,206

Accumulated depreciation
Balance at beginning of year	$	(255,844	)	$	(202,683	)	$	(155,927	)
Casualty loss		1,913			—			—
Depreciation expense		(53,975	)		(52,620	)		(48,400	)
Impact of foreign exchange rate changes and other		2,774			(541	)		1,644

Balance at end of year	$	(305,132	)	$	(255,844	)	$	(202,683	)

Construction in process
Balance at beginning of year	$	5,977		$	4,491		$	1,799
Net additions and assets placed into service		3,526			1,486			2,692

Balance at end of year	$	9,503		$	5,977		$	4,491

Real estate facilities, net	$	1,795,567		$	1,674,879		$	1,689,014