SELF STORAGE PROPERTIES

3 Months Ended

Mar. 31, 2026

Self storage properties are summarized as follows (dollars in thousands):


	March 31, 2026		December 31, 2025
Land	$	1,031,731	$	1,031,235
Buildings and improvements	4,788,680		4,771,184
Furniture and equipment	12,494		12,435
Total self storage properties	5,832,905		5,814,854
Less accumulated depreciation	(1,256,764)		(1,213,537)
Self storage properties, net	$	4,576,141	$	4,601,317

Depreciation expense related to self storage properties amounted to $43.9 million and $45.2 million during the three months ended March 31, 2026 and 2025, respectively.