SELF STORAGE PROPERTIES

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES

Self storage properties, excluding properties classified as held for sale, are summarized as follows (dollars in thousands):

	December 31,
	2023		2022
Land	$	1,035,562	$	1,111,326
Buildings and improvements	4,746,105		5,269,383
Furniture and equipment	10,507		10,863
Total self storage properties	5,792,174		6,391,572
Less accumulated depreciation	(874,359)		(772,661)
Self storage properties, net	$	4,917,815	$	5,618,911

Depreciation expense related to self storage properties amounted to $210.2 million, $195.9 million and $135.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.