As of March 31, 2026, the Company's unconsolidated real estate venture, formed in February 2024 with an affiliate of Heitman Capital Management LLC (the "2024 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 56 self storage properties containing approximately 3.2 million rentable square feet, configured in approximately 24,000 storage units and located across seven states.

As of March 31, 2026, the Company's unconsolidated real estate venture, formed in December 2023 with a state pension fund advised by Heitman Capital Management LLC (the "2023 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 21 self storage properties containing approximately 1.4 million rentable square feet, configured in approximately 9,000 storage units and located across five states.

As of March 31, 2026, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 104 self storage properties containing approximately 7.9 million rentable square feet, configured in approximately 65,000 storage units and located across 17 states.

As of March 31, 2026, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states.

The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	March 31, 2026		December 31, 2025
ASSETS
Self storage properties	$	2,765,856	$	2,762,740
Less accumulated depreciation	(544,369)		(525,006)
Self storage properties, net	2,221,487		2,237,734
Other assets	31,726		35,836
Total assets	$	2,253,213	$	2,273,570
LIABILITIES AND EQUITY
Debt financing	$	1,214,614	$	1,214,325
Other liabilities	32,089		33,068
Equity	1,006,510		1,026,177
Total liabilities and equity	$	2,253,213	$	2,273,570

The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three Months Ended March 31,
	2026		2025
Total revenue	$	63,097	$	61,624
Property operating expenses	(21,539)		(22,416)
Supervisory, administrative and other expenses	(4,221)		(4,041)
Depreciation and amortization	(19,612)		(21,644)
Interest expense	(13,647)		(13,645)

Non-operating (expense)	(97)		(150)
Net income (loss)	$	3,981	$	(272)