Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
 9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
SELF STORAGE PROPERTIES SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
September 30, 2020 December 31, 2019
Land $ 690,581  $ 649,938 
Buildings and improvements 2,683,288  2,435,171 
Furniture and equipment 7,549  6,610 
Total self storage properties 3,381,418  3,091,719 
Less accumulated depreciation (416,423) (337,822)
Self storage properties, net $ 2,964,995  $ 2,753,897 
Depreciation expense related to self storage properties amounted to $26.6 million and $23.8 million during the three months ended September 30, 2020 and 2019, respectively, and $78.6 million and $68.0 million during the nine months ended September 30, 2020 and 2019, respectively.