STORAGE PROPERTIES

3 Months Ended

Mar. 31, 2024

STORAGE PROPERTIES

STORAGE PROPERTIES

3. STORAGE PROPERTIES

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

	March 31,		December 31,
	2024		2023
	(in thousands)
Land	$	1,599,314	$	1,594,742
Buildings and improvements		5,542,740		5,517,544
Equipment		141,954		144,372
Construction in progress		71,635		69,010
Right-of-use assets - finance leases		41,945		41,945
Storage properties		7,397,588		7,367,613
Less: Accumulated depreciation		(1,458,854)		(1,416,377)
Storage properties, net	$	5,938,734	$	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.