SELF STORAGE PROPERTIES

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES

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

	March 31, 2025		December 31, 2024
Land	$	1,046,061	$	1,047,416
Buildings and improvements	4,815,383		4,804,789
Furniture and equipment	12,055		11,929
Total self storage properties	5,873,499		5,864,134
Less accumulated depreciation	(1,095,918)		(1,051,638)
Self storage properties, net	$	4,777,581	$	4,812,496

Depreciation expense related to self storage properties amounted to $45.2 million and $45.4 million during the three months ended March 31, 2025 and 2024, respectively.