Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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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.