| STORAGE PROPERTIES |
3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: | | | | | | | | | | December 31, | | | | 2023 | | 2022 | | | | | (in thousands) | | Land | | $ | 1,594,742 | | $ | 1,588,138 | | Buildings and improvements | | | 5,517,544 | | | 5,483,506 | | Equipment | | | 144,372 | | | 144,605 | | Construction in progress | | | 69,010 | | | 37,584 | | Right-of-use assets - finance leases | | | 41,945 | | | 41,945 | | Storage properties | | | 7,367,613 | | | 7,295,778 | | Less: Accumulated depreciation | | | (1,416,377) | | | (1,247,775) | | Storage properties, net | | $ | 5,951,236 | | $ | 6,048,003 | |
The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | Number of | | Transaction Price | | Asset/Portfolio | | Metropolitan Statistical Area | | Transaction Date | | Stores | | (in thousands) | | | | | | | | | | | | | 2023 Acquisition: | | | | | | | | | | | | | | | | | | | | | | New Jersey Asset | | New York-Northern New Jersey-Long Island, NY-NJ-PA | | December 2023 | | 1 | | $ | 22,000 | | | | | | | | 1 | | $ | 22,000 | | | | | | | | | | | | | 2023 Disposition: | | | | | | | | | | | | | | | | | | | | | | Illinois Asset (1) | | Chicago-Naperville-Joliet, IL-IN-WI | | December 2023 | | 1 | | $ | 8,000 | | | | | | | | 1 | | $ | 8,000 | | | | | | | | | | | | | 2022 Acquisitions: | | | | | | | | | | | | | | | | | | | | | | Maryland Asset | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | February 2022 | | 1 | | $ | 32,000 | | Texas Asset | | San Antonio, TX | | June 2022 | | 1 | | | 23,000 | | Georgia Asset | | Atlanta, GA | | July 2022 | | 1 | | | 20,700 | | | | | | | | 3 | | $ | 75,700 | | | | | | | | | | | | | 2021 Acquisitions: | | | | | | | | | | | | | | | | | | | | | | Minnesota Asset (2) | | Minneapolis-St. Paul-Bloomington, MN-WI | | April 2021 | | 1 | | $ | 12,000 | | Maryland Asset | | Baltimore-Towson, MD | | June 2021 | | 1 | | | 22,075 | | New Jersey/Pennsylvania Assets | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | | July 2021 | | 2 | | | 33,000 | | Florida Asset | | Miami-Fort Lauderdale-Pompano Beach, FL | | November 2021 | | 1 | | | 14,750 | | Georgia Asset | | Atlanta-Sandy Springs-Marietta, GA | | November 2021 | | 1 | | | 15,200 | | Pennsylvania Asset | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | | November 2021 | | 1 | | | 24,500 | | Nevada Asset | | Las Vegas-Paradise, NV | | December 2021 | | 1 | | | 21,000 | | Storage West Assets | | Various (see note 4) | | December 2021 | | 57 | | | 1,648,426 | (3) | Illinois Asset | | Chicago-Naperville-Joliet, IL-IN-WI | | December 2021 | | 1 | | | 10,300 | | | | | | | | 66 | | $ | 1,801,251 | | | | | | | | | | | | | 2021 Dispositions: | | | | | | | | | | | | | | | | | | | | | | Colorado/Nevada Assets | | Denver-Aurora, CO / Las Vegas-Paradise, NV | | September 2021 | | 2 | | $ | 16,900 | | North Carolina Assets | | Burlington, NC | | September 2021 | | 2 | | | 21,700 | | Texas Asset | | Houston-Sugar Land-Baytown, TX | | November 2021 | | 1 | | | 5,200 | | | | | | | | 5 | | $ | 43,800 | |
| (1) | This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois. |
| (2) | This store was acquired by a consolidated joint venture in which the Company holds a 50% interest. |
| (3) | Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic |
| | Club was sold by the Company during the year ended December 31, 2022. The California Yacht Club was sold by the Company during the year ended December 31, 2023. |
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