| Summary of Activity in Real Estate Facilities |
The following summarizes the activity in real estate facilities during the nine months ended September 30, 2025 (in thousands):
|
|
|
|
|
Real estate |
|
|
|
Balance at December 31, 2024 |
|
$ |
2,091,196 |
|
Impact of foreign exchange rate
changes and other |
|
|
3,381 |
|
Improvements and additions |
|
|
11,611 |
|
Acquisitions |
|
|
303,992 |
|
Balance at September 30, 2025 |
|
$ |
2,410,180 |
|
Accumulated depreciation |
|
|
|
Balance at December 31, 2024 |
|
$ |
(305,132 |
) |
Depreciation expense |
|
|
(45,712 |
) |
Impact of foreign exchange rate
changes and other |
|
|
1,055 |
|
Balance at September 30, 2025 |
|
$ |
(349,789 |
) |
|
| Summary of Purchase Price Allocation for Acquisitions |
The following table summarizes the purchase price allocations for the real estate related assets acquired during the nine months ended September 30, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition |
|
Acquisition
Date |
|
Occupancy Upon Acquisition(1) |
|
Real Estate
Assets |
|
|
Intangibles |
|
|
Total (2) |
|
|
2025
Revenue(3) |
|
|
Hillside |
|
1/7/2025 |
|
89% |
|
$ |
34,556 |
|
|
$ |
1,388 |
|
|
$ |
35,944 |
|
|
$ |
1,824 |
|
|
Clifton |
|
1/7/2025 |
|
93% |
|
|
37,072 |
|
|
|
1,575 |
|
|
|
38,647 |
|
|
|
2,152 |
|
|
Murfreesboro(4) |
|
2/20/2025 |
|
89% |
|
|
7,578 |
|
|
|
329 |
|
|
|
7,907 |
|
|
|
451 |
|
|
Kelowna |
|
4/15/2025 |
|
88% |
|
|
27,445 |
|
|
|
762 |
|
|
|
28,207 |
|
|
|
707 |
|
|
Lakewood II |
|
5/29/2025 |
|
87% |
|
|
12,242 |
|
|
|
507 |
|
|
|
12,749 |
|
|
|
401 |
|
|
Holzwarth Rd, Houston |
|
6/17/2025 |
|
82% |
|
|
14,525 |
|
|
|
744 |
|
|
|
15,269 |
|
|
|
431 |
|
|
Holcombe Blvd, Houston |
|
6/17/2025 |
|
92% |
|
|
35,835 |
|
|
|
1,686 |
|
|
|
37,521 |
|
|
|
884 |
|
|
Louetta Rd, Houston |
|
6/17/2025 |
|
88% |
|
|
19,141 |
|
|
|
872 |
|
|
|
20,013 |
|
|
|
507 |
|
|
FM 2978, Houston |
|
6/17/2025 |
|
83% |
|
|
13,867 |
|
|
|
643 |
|
|
|
14,510 |
|
|
|
381 |
|
|
Shenandoah, Houston |
|
6/17/2025 |
|
88% |
|
|
19,603 |
|
|
|
910 |
|
|
|
20,513 |
|
|
|
504 |
|
|
Edmonton, Alberta |
|
8/26/2025 |
|
68% |
|
|
9,373 |
|
|
|
346 |
|
|
|
9,719 |
|
|
|
71 |
|
|
Sherwood Park, Alberta |
|
8/26/2025 |
|
72% |
|
|
11,349 |
|
|
|
455 |
|
|
|
11,804 |
|
|
|
87 |
|
|
Red Deer, Alberta |
|
8/26/2025 |
|
72% |
|
|
13,232 |
|
|
|
550 |
|
|
|
13,782 |
|
|
|
100 |
|
|
Canmore, Alberta |
|
8/26/2025 |
|
86% |
|
|
20,202 |
|
|
|
859 |
|
|
|
21,061 |
|
|
|
169 |
|
|
Cochrane, Alberta |
|
8/26/2025 |
|
69% |
|
|
13,372 |
|
|
|
632 |
|
|
|
14,004 |
|
|
|
117 |
|
|
Rahway |
|
9/3/2025 |
|
94% |
|
|
14,600 |
|
|
|
728 |
|
|
|
15,328 |
|
|
|
104 |
|
|
|
|
|
|
|
|
$ |
303,992 |
|
|
$ |
12,986 |
|
|
$ |
316,978 |
|
|
$ |
8,890 |
|
|
(1) Represents the approximate occupancy percentage of the property at the time of acquisition. (2) The allocation noted above is based on a determination of the relative fair value of the total consideration and represents the amount paid including capitalized acquisition costs, as applicable. (3) The operating results of the self storage properties acquired have been included in our consolidated statements of operations since their acquisition dates. (4) This property was sold to SST X on October 30, 2025 for approximately $7.9 million. Please see Note 14 – Subsequent Events for additional detail.
|