The following summarizes the activity in real estate facilities during the years ended December 31, 2025 and 2024 (in thousands):


Real estate facilities
Balance at December 31, 2023	$	1,924,746
Acquisitions		180,559
Casualty loss (1)		(6,541	)
Impact of foreign exchange rate changes and other		(16,374	)
Improvements and additions		8,806
Balance at December 31, 2024		2,091,196
Acquisitions		318,568
Impact of foreign exchange rate changes and other		9,982
Improvements and additions		17,713
Disposition of real estate		(10,096	)
Balance at December 31, 2025	$	2,427,363
Accumulated depreciation
Balance at December 31, 2023	$	(255,844	)
Casualty loss (1)		1,913
Depreciation expense		(53,975	)
Impact of foreign exchange rate changes and other		2,774
Balance at December 31, 2024		(305,132	)
Depreciation expense		(61,986	)
Disposition of real estate		2,460
Impact of foreign exchange rate changes and other		(1,789	)
Balance at December 31, 2025	$	(366,447	)

(1)

Hurricane Helene caused record flooding in late September 2024 in Asheville, North Carolina. One of our wholly-owned properties in this market was severely flooded. As a result of the flooding and related damage, we recorded a net casualty loss related to the flooded property of approximately $4.6 million during the year ended December 31, 2024, to write-off the carrying value at the time of the loss. We believed it was probable that we would receive insurance proceeds to offset the casualty loss and we recorded a receivable for the carrying amount of $4.6 million related to our pending insurance claim as of December 31, 2024. There is no assurance as to when this property will be rebuilt or the performance of this property upon completion or stabilization. The casualty loss was completely offset in our consolidated statements of operations by such expected recovery. Any amount of insurance recovery related to the property damage in excess of the casualty loss incurred is considered a gain contingency, and would be recognized upon final settlement of the claims. As of December 31, 2025, we had received approximately $3.5 million in casualty insurance proceeds, and approximately $1.5 million was pending payment.

The following table summarizes the purchase price allocation for the real estate related assets acquired during the year ended December 31, 2025 (dollars in thousands):


Acquisition	Acquisition Date	Occupancy Upon Acquisition (1)	Real Estate Assets		Intangibles		Total (2)		2025 Revenue (3)
Hillside	01/07/2025	89%	$	34,556	$	1,388	$	35,944	$	2,435
Clifton	01/07/2025	93%		37,072		1,575		38,647		2,930
Murfreesboro (4)	02/20/2025	89%		7,578		329		7,907		515
Kelowna	04/15/2025	88%		27,445		762		28,207		1,087
Lakewood II	05/29/2025	87%		12,242		507		12,749		711
Holzwarth Rd, Houston	06/17/2025	82%		14,525		744		15,269		816
Holcombe Blvd, Houston	06/17/2025	92%		35,835		1,686		37,521		1,621
Louetta Rd, Houston	06/17/2025	88%		19,141		872		20,013		935
FM 2978, Houston	06/17/2025	83%		13,867		643		14,510		717
Shenandoah, Houston	06/17/2025	88%		19,603		910		20,513		988
Edmonton, Alberta	08/26/2025	68%		9,373		346		9,719		247
Sherwood Park, Alberta	08/26/2025	72%		11,349		455		11,804		299
Red Deer, Alberta	08/26/2025	72%		13,232		550		13,782		337
Canmore, Alberta	08/26/2025	86%		20,202		859		21,061		573
Cochrane, Alberta	08/26/2025	69%		13,372		632		14,004		388
Rahway	09/03/2025	94%		14,600		728		15,328		426
Winter Garden	11/04/2025	89%		14,576		686		15,262		204
			$	318,568	$	13,672	$	332,240	$	15,229

(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. See below for additional detail.

On October 30, 2025, we sold our Murfreesboro, Tennessee property to SST X for approximately $7.9 million, which was equal to the purchase price we paid for the property in February 2025, plus an additional amount to cover certain post-closing adjustments and capital improvements we made on the property since acquisition. This transaction was approved by the nominating and corporate governance committee of our board of directors and the board of directors of SST X, including its independent trustees. We recognized a gain on disposition of real estate of approximately $0.3 million in connection with this transaction.

In May 2025, we learned that two of our self storage properties in Asheville, North Carolina, the Asheville III and Asheville IV properties, may be impacted by the current plan for an extensive and prolonged highway expansion project. We are in the preliminary stages of evaluating the impact that this project may have on these two properties, including how much of each property may be taken. The aggregate rentable square feet and carrying value of these properties as of December 31, 2025, was approximately 115,000 square feet and $15.8 million, respectively. We will continue to work with the authorities and their representatives to further understand the impact to our properties, attempt to mitigate the impact to us and our tenants, and as needed, negotiate the fair value of any property that may ultimately be taken. We do not expect the potential taking of land under eminent domain to have a material impact on our results of operations and we evaluated these properties for impairment, concluding that as of December 31, 2025 there continues to be no impairment. The total revenue for the Asheville III and Asheville IV properties for the year ended December 31, 2025 was approximately $1.1 million and $0.9 million, respectively.

As of February 27, 2026, we, through our wholly-owned subsidiaries were party to a purchase and sale agreement with an unaffiliated third party for the acquisition of one parcel of land located in Canada, which had not closed as of December 31, 2025. The total purchase price for this property is approximately $4.7 million, plus closing costs. There can be no assurance that we will complete this acquisition. If we fail to acquire this property, in addition to the incurred acquisition costs, we may also forfeit earnest money of approximately $0.3 million as a result.

We may assign the above purchase and sale agreement to one of our Managed REITs and/or contribute such property to a joint venture.