Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Deprecation

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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