Real Estate Facilities

6 Months Ended

Jun. 30, 2025

3. Real Estate Facilities

Activity in real estate facilities during the six months ended June 30, 2025 is as follows:


	Six Months Ended June 30, 2025


	(Amounts in thousands)
Operating facilities, at cost:
Beginning balance	$	28,478,738
Capital expenditures to maintain real estate facilities	85,555

Capital expenditures for energy efficiencies (LED lighting, solar)	31,202
Acquisitions	288,227

Transfers, dispositions, and retirements, net	19,564
Developed or expanded facilities opened for operation	208,406

Ending balance	29,111,692
Accumulated depreciation:
Beginning balance	(10,426,186)
Depreciation expense	(514,075)
Dispositions and retirements	2,095
Ending balance	(10,938,166)
Construction in process:
Beginning balance	308,101
Costs incurred to develop and expand real estate facilities	160,172

Write-off of cancelled projects and transfer to other assets	(2,572)
Developed or expanded facilities opened for operation	(208,406)
Ending balance	257,295
Total real estate facilities at June 30, 2025	$	18,430,821

During the six months ended June 30, 2025, we acquired 25 self-storage facilities (1.8 million net rentable square feet of storage space), for a total cost of $303.3 million in cash. Approximately $15.1 million of the total cost was allocated to intangible assets. During the six months ended June 30, 2025, we completed development and redevelopment activities costing $208.4 million, adding 0.9 million net rentable square feet of self-storage space. Construction in process at June 30, 2025 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During the six months ended June 30, 2025, we recognized $3.8 million of impairment write-down of certain land development parcels that are or will be marketed for sale. These land development parcels were included in other assets on the Consolidated Balance Sheet, and the related impairment write-down was classified as real estate acquisition and development expense on the Consolidated Statements of Income.