SELF STORAGE PROPERTIES

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES

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

	September 30, 2023		December 31, 2022
Land	$	1,152,156	$	1,111,326
Buildings and improvements	5,453,118		5,269,383
Furniture and equipment	11,413		10,863
Total self storage properties	6,616,687		6,391,572
Less accumulated depreciation	(930,885)		(772,661)
Self storage properties, net	$	5,685,802	$	5,618,911

Depreciation expense related to self storage properties amounted to $53.2 million and $49.8 million during the three months ended September 30, 2023 and 2022, respectively and $158.3 million and $144.3 million during the nine months ended September 30, 2023 and 2022, respectively.