SELF STORAGE PROPERTIES

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES

Self storage properties are summarized as follows (dollars in thousands):

	June 30, 2023		December 31, 2022
Land	$	1,147,189	$	1,111,326
Buildings and improvements	5,420,665		5,269,383
Furniture and equipment	11,313		10,863
Total self storage properties	6,579,167		6,391,572
Less accumulated depreciation	(877,707)		(772,661)
Self storage properties, net	$	5,701,460	$	5,618,911

Depreciation expense related to self storage properties amounted to $53.1 million and $47.8 million during the three months ended June 30, 2023 and 2022, respectively and $105.2 million and $94.5 million during the six months ended June 30, 2023 and 2022, respectively.