Schedule III - Real Estate and Accumulated Deprecation

12 Months Ended

Dec. 31, 2023

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

Schedule III - Real Estate and Accumulated Deprecation

Location		Initial Cost to Company						Gross Carrying Amount at Year-End
State/Territory	Number of Stores	Land		Buildings and Improvements		Subsequent Additions		Land		Buildings and Improvements		Total(1)		Accumulated Depreciation		Date Acquired
Alabama	11	$	13,838	$	79,025	$	5,342	$	14,696	$	83,509	$	98,205	$	9,397	2016 - 2022
Arkansas	5	4,302		31,721		650		4,302		32,371		36,673		2,853		2021 - 2022
Arizona	34	48,477		162,188		12,772		48,580		174,857		223,437		42,636		2013 - 2023
California(2)(3)	87	153,023		505,640		37,849		153,125		543,387		696,512		160,069		2008 - 2023
Colorado	22	23,387		94,957		7,072		23,386		102,030		125,416		18,852		2007 - 2022
Connecticut	3	2,515		16,119		599		2,515		16,718		19,233		1,633		2020 - 2022
Florida(2)	76	144,877		558,914		25,461		146,132		583,120		729,252		84,042		2015 - 2023
Georgia	50	44,852		219,051		13,781		45,401		232,283		277,684		43,684		2007 - 2022
Iowa	3	4,223		25,386		4,467		4,365		29,711		34,076		2,737		2021 - 2021
Idaho	5	3,177		16,287		197		3,182		16,479		19,661		3,053		2019 - 2020
Illinois	6	9,310		50,259		368		9,310		50,627		59,937		5,044		2021
Indiana	12	9,281		65,506		809		8,737		66,859		75,596		16,255		2016 - 2021
Kansas	14	10,133		49,697		7,580		11,116		56,294		67,410		11,456		2018 - 2021
Kentucky	5	8,802		37,015		929		8,802		37,944		46,746		5,006		2015 - 2021
Louisiana(3)	25	16,903		99,694		6,281		17,917		104,961		122,878		22,335		2015 - 2021
Massachusetts	7	8,839		65,291		17,493		10,814		80,809		91,623		9,134		2017 - 2021
Maryland	8	9,131		59,650		2,442		10,654		60,569		71,223		9,628		2017 - 2021
Minnesota	4	4,081		16,382		181		4,081		16,563		20,644		1,855		2020 - 2022
Missouri	3	2,944		21,645		323		2,944		21,968		24,912		2,308		2018 - 2022
Montana	1	1,476		6,656		127		1,476		6,783		8,259		729		2021
North Carolina(2)	34	45,484		148,598		9,406		46,708		156,780		203,488		38,803		2007 - 2021
New Hampshire	15	20,987		81,629		7,256		20,991		88,881		109,872		17,976		2013 - 2021
New Jersey	5	4,072		32,873		1,572		4,072		34,445		38,517		6,847		2019 - 2021
New Mexico	10	11,509		58,424		4,405		12,553		61,785		74,338		8,368		2016 - 2022
Nevada	15	22,877		68,230		7,780		23,007		75,880		98,887		18,093		2013 - 2023
New York	2	3,398		33,882		342		3,398		34,224		37,622		2,313		2020 - 2022
Ohio	1	2,059		11,660		84		2,059		11,744		13,803		2,618		2018 - 2018
Oklahoma	33	20,429		77,337		11,705		20,429		89,042		109,471		34,257		2007 - 2020
Oregon	70	85,970		303,534		22,491		88,666		323,329		411,995		82,547		2013 - 2021
Pennsylvania	22	26,091		129,941		5,091		26,242		134,881		161,123		17,743		2019 - 2022
Puerto Rico	15	12,504		220,831		3,690		12,504		224,521		237,025		21,023		2018 - 2023

Location		Initial Cost to Company						Gross Carrying Amount at Year-End
State/Territory	Number of Stores	Land		Buildings and Improvements		Subsequent Additions		Land		Buildings and Improvements		Total(1)		Accumulated Depreciation		Date Acquired
South Carolina	4	11,250		43,882		195		11,095		44,232		55,327		3,134		2015 - 2022
Tennessee	5	7,425		38,568		662		7,425		39,230		46,655		3,475		2021 - 2021
Texas	172	196,279		952,394		52,289		197,467		1,003,495		1,200,962		141,283		2007 - 2023
Utah	1	1,063		2,468		156		1,063		2,624		3,687		297		2021
Virginia	3	4,254		23,879		197		4,254		24,076		28,330		3,712		2017 - 2022
Washington	19	20,409		78,144		2,049		20,411		80,191		100,602		17,908		2013 - 2021
Wisconsin	1	940		4,385		65		940		4,450		5,390		602		2021
Wyoming	1	743		4,881		79		743		4,960		5,703		654		2021
Total(4)	809	$	1,021,314	$	4,496,623	$	274,237	$	1,035,562	$	4,756,612	$	5,792,174	$	874,359
(1) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $5.7 billion (unaudited) at December 31, 2023.
(2) As of December 31, 2023, 46 of our self storage properties were encumbered by an aggregate of $222.8 million of debt financing.
(3) Six of the California properties and one of the Louisiana properties are subject to long-term leasehold agreements.
(4) Excludes self storage properties classified as held for sale consisting of (i) 39 stores to be sold in 2024 to a third party and (ii) 56 stores that were contributed to the 2024 Joint Venture in 2024.
Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment.

	2023		2022		2021
Self Storage properties:
Balance at beginning of year	$	6,391,572	$	5,798,188	$	3,639,192
Acquisitions and improvements	258,560		602,082		2,159,856
Write-off of fully depreciated assets and other	(767)		(1,145)		(860)
Dispositions	(226,379)		(7,553)		—
Reclassification to assets held for sale	(630,812)		—		—
Balance at end of year	$	5,792,174	$	6,391,572	$	5,798,188
Accumulated depreciation:
Balance at beginning of year	$	772,661	$	578,717	$	443,623
Depreciation expense	210,216		196,207		135,147
Write-off of fully depreciated assets and other	(124)		(371)		(53)
Dispositions	(27,781)		(1,892)		—
Reclassification to assets held for sale	(80,613)		—		—
Balance at end of year	$	874,359	$	772,661	$	578,717