Annual report pursuant to Section 13 and 15(d)

SELF STORAGE PROPERTIES

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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.