| STORAGE PROPERTIES |
3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: | | | | | | | | | | June 30, | | December 31, | | | | 2025 | | 2024 | | | | | (in thousands) | | Land | | $ | 1,703,015 | | $ | 1,645,549 | | Buildings and improvements | | | 6,148,331 | | | 5,759,848 | | Equipment | | | 155,294 | | | 147,709 | | Construction in progress | | | 49,805 | | | 33,723 | | Right-of-use assets - finance leases | | | 41,945 | | | 41,945 | | Storage properties | | | 8,098,390 | | | 7,628,774 | | Less: Accumulated depreciation | | | (1,684,787) | | | (1,590,588) | | Storage properties, net | | $ | 6,413,603 | | $ | 6,038,186 | |
The following table summarizes the Company’s acquisition and disposition activity since January 1, 2024. | | | | | | | | | | | | | | | | | Number of | | Transaction Price | | Asset/Portfolio | | Metropolitan Statistical Area | | Transaction Date | | Stores | | (in thousands) | | | | | | | | | | | | | 2025 Acquisitions: | | | | | | | | | | | | | | | | | | | | | | HVP IV Assets | | Various (see note 4) | | February 2025 | | 28 | | $ | 452,785 | (1) | | | | | | | 28 | | $ | 452,785 | | | | | | | | | | | | | 2024 Acquisitions: | | | | | | | | | | | | | | | | | | | | | | Connecticut Assets | | Hartford-West Hartford-East Hartford, CT | | January 2024 | | 2 | | $ | 20,200 | | Oregon Asset | | Portland-Vancouver-Beaverton, OR-WA | | November 2024 | | 1 | | | 10,450 | | Pennsylvania Asset | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | | November 2024 | | 1 | | | 11,500 | | Hines Portfolio (2) | | Dallas-Fort Worth-Arlington, TX | | December 2024 | | 14 | | | 157,250 | | | | | | | | 18 | | $ | 199,400 | |
| (1) | Amount represents the purchase price for the remaining 80% ownership interest in 191 IV CUBE LLC (“HVP IV”), which, at the time of acquisition, owned 28 stores (see note 4). Purchase price includes $44.4 million to repay the Company’s portion of HVP IV’s existing indebtedness. |
| (2) | These stores are owned by consolidated joint ventures in which the Company acquired an 85% ownership interest. Transaction price represents the acquisition of this ownership interest. |
|