| Schedule III Real Estate and Accumulated Depreciation |
SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2025 (Dollars in thousands)
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Initial Cost to Company |
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|
Gross Carrying Amount at December 31, 2025 |
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|
Description |
|
ST |
|
Encumbrance(5) |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total |
|
|
Adjustments and Costs to
Land, Building and Improvements
Subsequent
to Acquisition |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total (1) |
|
|
Accumulated
Depreciation |
|
|
Date of
Construction |
|
Date
Acquired |
Morrisville |
|
NC |
|
$ |
— |
|
|
$ |
531 |
|
|
$ |
1,891 |
|
|
$ |
2,422 |
|
|
$ |
206 |
|
|
$ |
531 |
|
|
$ |
2,097 |
|
|
$ |
2,628 |
|
|
$ |
(870 |
) |
|
2004 |
|
11/3/2014 |
Cary |
|
NC |
|
|
— |
|
|
|
1,064 |
|
|
|
3,301 |
|
|
|
4,365 |
|
|
|
283 |
|
|
|
1,064 |
|
|
|
3,584 |
|
|
|
4,648 |
|
|
|
(1,430 |
) |
|
1998/2005/2006 |
|
11/3/2014 |
Raleigh |
|
NC |
|
|
— |
|
|
|
1,186 |
|
|
|
2,540 |
|
|
|
3,726 |
|
|
|
398 |
|
|
|
1,186 |
|
|
|
2,938 |
|
|
|
4,124 |
|
|
|
(1,417 |
) |
|
1999 |
|
11/3/2014 |
Myrtle Beach I |
|
SC |
|
|
8,492 |
|
|
|
1,482 |
|
|
|
4,476 |
|
|
|
5,958 |
|
|
|
595 |
|
|
|
1,482 |
|
|
|
5,071 |
|
|
|
6,553 |
|
|
|
(2,133 |
) |
|
1998/2005-2007 |
|
11/3/2014 |
Myrtle Beach II |
|
SC |
|
|
6,736 |
|
|
|
1,690 |
|
|
|
3,654 |
|
|
|
5,344 |
|
|
|
442 |
|
|
|
1,690 |
|
|
|
4,096 |
|
|
|
5,786 |
|
|
|
(1,753 |
) |
|
1999/2006 |
|
11/3/2014 |
Whittier |
|
CA |
|
|
4,232 |
|
|
|
2,730 |
|
|
|
2,917 |
|
|
|
5,647 |
|
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|
935 |
|
|
|
2,730 |
|
|
|
3,852 |
|
|
|
6,582 |
|
|
|
(1,796 |
) |
|
1989 |
|
2/19/2015 |
La Verne |
|
CA |
|
|
2,913 |
|
|
|
1,950 |
|
|
|
2,037 |
|
|
|
3,987 |
|
|
|
413 |
|
|
|
1,950 |
|
|
|
2,450 |
|
|
|
4,400 |
|
|
|
(1,197 |
) |
|
1986 |
|
1/23/2015 |
Santa Ana |
|
CA |
|
|
4,778 |
|
|
|
4,890 |
|
|
|
4,007 |
|
|
|
8,897 |
|
|
|
962 |
|
|
|
4,890 |
|
|
|
4,969 |
|
|
|
9,859 |
|
|
|
(2,311 |
) |
|
1978 |
|
2/5/2015 |
Upland |
|
CA |
|
|
3,322 |
|
|
|
2,950 |
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|
3,017 |
|
|
|
5,967 |
|
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|
783 |
|
|
|
2,950 |
|
|
|
3,800 |
|
|
|
6,750 |
|
|
|
(1,798 |
) |
|
1979 |
|
1/29/2015 |
La Habra |
|
CA |
|
|
3,368 |
|
|
|
2,060 |
|
|
|
2,357 |
|
|
|
4,417 |
|
|
|
683 |
|
|
|
2,060 |
|
|
|
3,040 |
|
|
|
5,100 |
|
|
|
(1,310 |
) |
|
1981 |
|
2/5/2015 |
Monterey Park |
|
CA |
|
|
2,366 |
|
|
|
2,020 |
|
|
|
2,217 |
|
|
|
4,237 |
|
|
|
352 |
|
|
|
2,020 |
|
|
|
2,569 |
|
|
|
4,589 |
|
|
|
(1,055 |
) |
|
1987 |
|
2/5/2015 |
Huntington Beach |
|
CA |
|
|
6,417 |
|
|
|
5,460 |
|
|
|
4,857 |
|
|
|
10,317 |
|
|
|
656 |
|
|
|
5,460 |
|
|
|
5,513 |
|
|
|
10,973 |
|
|
|
(2,461 |
) |
|
1986 |
|
2/5/2015 |
Chico |
|
CA |
|
|
1,070 |
|
|
|
400 |
|
|
|
1,337 |
|
|
|
1,737 |
|
|
|
415 |
|
|
|
400 |
|
|
|
1,752 |
|
|
|
2,152 |
|
|
|
(843 |
) |
|
1984 |
|
1/23/2015 |
Lancaster |
|
CA |
|
|
1,547 |
|
|
|
200 |
|
|
|
1,517 |
|
|
|
1,717 |
|
|
|
572 |
|
|
|
200 |
|
|
|
2,089 |
|
|
|
2,289 |
|
|
|
(1,107 |
) |
|
1980 |
|
1/29/2015 |
Riverside |
|
CA |
|
|
2,139 |
|
|
|
370 |
|
|
|
2,327 |
|
|
|
2,697 |
|
|
|
846 |
|
|
|
370 |
|
|
|
3,173 |
|
|
|
3,543 |
|
|
|
(1,477 |
) |
|
1985 |
|
1/23/2015 |
Fairfield |
|
CA |
|
|
2,526 |
|
|
|
730 |
|
|
|
2,947 |
|
|
|
3,677 |
|
|
|
510 |
|
|
|
730 |
|
|
|
3,457 |
|
|
|
4,187 |
|
|
|
(1,441 |
) |
|
1984 |
|
1/23/2015 |
Lompoc |
|
CA |
|
|
2,594 |
|
|
|
1,000 |
|
|
|
2,747 |
|
|
|
3,747 |
|
|
|
355 |
|
|
|
1,000 |
|
|
|
3,102 |
|
|
|
4,102 |
|
|
|
(1,297 |
) |
|
1982 |
|
2/5/2015 |
Santa Rosa |
|
CA |
|
|
6,735 |
|
|
|
3,150 |
|
|
|
6,717 |
|
|
|
9,867 |
|
|
|
892 |
|
|
|
3,150 |
|
|
|
7,609 |
|
|
|
10,759 |
|
|
|
(3,383 |
) |
|
1979-1981 |
|
1/29/2015 |
Vallejo |
|
CA |
|
|
— |
|
|
|
990 |
|
|
|
3,947 |
|
|
|
4,937 |
|
|
|
674 |
|
|
|
990 |
|
|
|
4,621 |
|
|
|
5,611 |
|
|
|
(1,933 |
) |
|
1981 |
|
1/29/2015 |
Federal Heights |
|
CO |
|
|
2,184 |
|
|
|
1,100 |
|
|
|
3,347 |
|
|
|
4,447 |
|
|
|
418 |
|
|
|
1,100 |
|
|
|
3,765 |
|
|
|
4,865 |
|
|
|
(1,873 |
) |
|
1983 |
|
1/29/2015 |
Aurora |
|
CO |
|
|
4,415 |
|
|
|
810 |
|
|
|
5,907 |
|
|
|
6,717 |
|
|
|
1,038 |
|
|
|
810 |
|
|
|
6,945 |
|
|
|
7,755 |
|
|
|
(3,117 |
) |
|
1984 |
|
2/5/2015 |
Littleton |
|
CO |
|
|
2,002 |
|
|
|
1,680 |
|
|
|
2,457 |
|
|
|
4,137 |
|
|
|
422 |
|
|
|
1,680 |
|
|
|
2,879 |
|
|
|
4,559 |
|
|
|
(1,342 |
) |
|
1985 |
|
1/23/2015 |
Bloomingdale |
|
IL |
|
|
2,184 |
|
|
|
810 |
|
|
|
3,857 |
|
|
|
4,667 |
|
|
|
632 |
|
|
|
810 |
|
|
|
4,489 |
|
|
|
5,299 |
|
|
|
(1,957 |
) |
|
1987 |
|
2/19/2015 |
Crestwood |
|
IL |
|
|
1,502 |
|
|
|
250 |
|
|
|
2,097 |
|
|
|
2,347 |
|
|
|
480 |
|
|
|
250 |
|
|
|
2,577 |
|
|
|
2,827 |
|
|
|
(1,209 |
) |
|
1987 |
|
1/23/2015 |
Forestville |
|
MD |
|
|
3,186 |
|
|
|
1,940 |
|
|
|
4,347 |
|
|
|
6,287 |
|
|
|
1,188 |
|
|
|
1,940 |
|
|
|
5,535 |
|
|
|
7,475 |
|
|
|
(2,898 |
) |
|
1988 |
|
1/23/2015 |
Warren I |
|
MI |
|
|
1,798 |
|
|
|
230 |
|
|
|
2,967 |
|
|
|
3,197 |
|
|
|
738 |
|
|
|
230 |
|
|
|
3,705 |
|
|
|
3,935 |
|
|
|
(1,671 |
) |
|
1996 |
|
5/8/2015 |
Sterling Heights |
|
MI |
|
|
2,116 |
|
|
|
250 |
|
|
|
3,287 |
|
|
|
3,537 |
|
|
|
994 |
|
|
|
250 |
|
|
|
4,281 |
|
|
|
4,531 |
|
|
|
(1,852 |
) |
|
1977 |
|
5/21/2015 |
Troy |
|
MI |
|
|
3,140 |
|
|
|
240 |
|
|
|
4,177 |
|
|
|
4,417 |
|
|
|
568 |
|
|
|
240 |
|
|
|
4,745 |
|
|
|
4,985 |
|
|
|
(2,068 |
) |
|
1988 |
|
5/8/2015 |
Warren II |
|
MI |
|
|
2,071 |
|
|
|
240 |
|
|
|
3,067 |
|
|
|
3,307 |
|
|
|
752 |
|
|
|
240 |
|
|
|
3,819 |
|
|
|
4,059 |
|
|
|
(1,746 |
) |
|
1987 |
|
5/8/2015 |
Beverly |
|
NJ |
|
|
1,274 |
|
|
|
400 |
|
|
|
1,697 |
|
|
|
2,097 |
|
|
|
514 |
|
|
|
400 |
|
|
|
2,211 |
|
|
|
2,611 |
|
|
|
(934 |
) |
|
1988 |
|
5/28/2015 |
Everett |
|
WA |
|
|
2,503 |
|
|
|
2,010 |
|
|
|
2,957 |
|
|
|
4,967 |
|
|
|
832 |
|
|
|
2,010 |
|
|
|
3,789 |
|
|
|
5,799 |
|
|
|
(1,604 |
) |
|
1986 |
|
2/5/2015 |
Foley |
|
AL |
|
|
3,800 |
|
|
|
1,839 |
|
|
|
5,717 |
|
|
|
7,556 |
|
|
|
1,198 |
|
|
|
1,839 |
|
|
|
6,915 |
|
|
|
8,754 |
|
|
|
(2,982 |
) |
|
1985/1996/2006 |
|
9/11/2015 |
Tampa |
|
FL |
|
|
1,502 |
|
|
|
718 |
|
|
|
2,257 |
|
|
|
2,975 |
|
|
|
778 |
|
|
|
718 |
|
|
|
3,035 |
|
|
|
3,753 |
|
|
|
(1,253 |
) |
|
1985 |
|
11/3/2015 |
Boynton Beach |
|
FL |
|
|
7,509 |
|
|
|
1,983 |
|
|
|
15,233 |
|
|
|
17,216 |
|
|
|
550 |
|
|
|
1,983 |
|
|
|
15,783 |
|
|
|
17,766 |
|
|
|
(4,827 |
) |
|
2004 |
|
1/7/2016 |
Lancaster II |
|
CA |
|
|
2,162 |
|
|
|
670 |
|
|
|
3,711 |
|
|
|
4,381 |
|
|
|
406 |
|
|
|
670 |
|
|
|
4,117 |
|
|
|
4,787 |
|
|
|
(1,616 |
) |
|
1991 |
|
1/11/2016 |
Milton(2) |
|
ONT |
|
|
8,213 |
|
|
|
1,453 |
|
|
|
7,930 |
|
|
|
9,383 |
|
|
|
566 |
|
(3) |
|
1,473 |
|
|
|
8,476 |
|
|
|
9,949 |
|
|
|
(2,676 |
) |
|
2006 |
|
2/11/2016 |
Burlington I(2) |
|
ONT |
|
|
10,293 |
|
|
|
3,293 |
|
|
|
10,279 |
|
|
|
13,572 |
|
|
|
865 |
|
(3) |
|
3,339 |
|
|
|
11,098 |
|
|
|
14,437 |
|
|
|
(3,506 |
) |
|
2011 |
|
2/11/2016 |
Oakville I(2) |
|
ONT |
|
|
12,418 |
|
|
|
2,655 |
|
|
|
13,072 |
|
|
|
15,727 |
|
|
|
4,754 |
|
(3) |
|
2,692 |
|
|
|
17,789 |
|
|
|
20,481 |
|
|
|
(5,162 |
) |
|
2016 |
|
2/11/2016 |
Oakville II(2) |
|
ONT |
|
|
— |
|
|
|
2,983 |
|
|
|
9,346 |
|
|
|
12,329 |
|
|
|
178 |
|
(3) |
|
2,941 |
|
|
|
9,566 |
|
|
|
12,507 |
|
|
|
(3,167 |
) |
|
2004 |
|
2/29/2016 |
Burlington II(2) |
|
ONT |
|
|
— |
|
|
|
2,944 |
|
|
|
5,126 |
|
|
|
8,070 |
|
|
|
164 |
|
(3) |
|
2,902 |
|
|
|
5,332 |
|
|
|
8,234 |
|
|
|
(1,781 |
) |
|
2008 |
|
2/29/2016 |
Xenia |
|
OH |
|
|
— |
|
|
|
275 |
|
|
|
2,665 |
|
|
|
2,940 |
|
|
|
185 |
|
|
|
275 |
|
|
|
2,850 |
|
|
|
3,125 |
|
|
|
(1,157 |
) |
|
2003 |
|
4/20/2016 |
Sidney |
|
OH |
|
|
— |
|
|
|
255 |
|
|
|
1,806 |
|
|
|
2,061 |
|
|
|
3,635 |
|
|
|
255 |
|
|
|
5,441 |
|
|
|
5,696 |
|
|
|
(1,251 |
) |
|
2003/2025 |
|
4/20/2016 |
Troy |
|
OH |
|
|
— |
|
|
|
151 |
|
|
|
2,596 |
|
|
|
2,747 |
|
|
|
3,054 |
|
|
|
151 |
|
|
|
5,650 |
|
|
|
5,801 |
|
|
|
(1,393 |
) |
|
2003/2025 |
|
4/20/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company |
|
|
Gross Carrying Amount at December 31, 2025 |
|
|
|
|
|
Description |
|
ST |
|
Encumbrance(5) |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total |
|
|
Adjustments and Costs to
Land, Building and Improvements
Subsequent
to Acquisition |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total (1) |
|
|
Accumulated
Depreciation |
|
|
Date of
Construction |
|
Date
Acquired |
Greenville |
|
OH |
|
$ |
— |
|
|
$ |
83 |
|
|
$ |
1,909 |
|
|
$ |
1,992 |
|
|
$ |
1,118 |
|
|
$ |
83 |
|
|
$ |
3,027 |
|
|
$ |
3,110 |
|
|
$ |
(909 |
) |
|
2003/2025 |
|
4/20/2016 |
Washington Court House |
|
OH |
|
|
— |
|
|
|
255 |
|
|
|
1,882 |
|
|
|
2,137 |
|
|
|
214 |
|
|
|
255 |
|
|
|
2,096 |
|
|
|
2,351 |
|
|
|
(873 |
) |
|
2003 |
|
4/20/2016 |
Richmond |
|
IN |
|
|
— |
|
|
|
223 |
|
|
|
2,944 |
|
|
|
3,167 |
|
|
|
336 |
|
|
|
223 |
|
|
|
3,280 |
|
|
|
3,503 |
|
|
|
(1,370 |
) |
|
2003 |
|
4/20/2016 |
Connersville |
|
IN |
|
|
— |
|
|
|
156 |
|
|
|
1,652 |
|
|
|
1,808 |
|
|
|
158 |
|
|
|
156 |
|
|
|
1,810 |
|
|
|
1,966 |
|
|
|
(768 |
) |
|
2003 |
|
4/20/2016 |
Port St. Lucie I |
|
FL |
|
|
— |
|
|
|
2,590 |
|
|
|
6,340 |
|
|
|
8,930 |
|
|
|
329 |
|
|
|
2,590 |
|
|
|
6,669 |
|
|
|
9,259 |
|
|
|
(2,287 |
) |
|
1999 |
|
4/29/2016 |
Sacramento |
|
CA |
|
|
— |
|
|
|
1,205 |
|
|
|
6,617 |
|
|
|
7,822 |
|
|
|
517 |
|
|
|
991 |
|
|
|
7,348 |
|
|
|
8,339 |
|
|
|
(2,242 |
) |
|
2006 |
|
5/9/2016 |
Oakland |
|
CA |
|
|
— |
|
|
|
5,711 |
|
|
|
6,902 |
|
|
|
12,613 |
|
|
|
449 |
|
|
|
5,711 |
|
|
|
7,351 |
|
|
|
13,062 |
|
|
|
(2,366 |
) |
|
1979 |
|
5/18/2016 |
Concord |
|
CA |
|
|
— |
|
|
|
19,090 |
|
|
|
17,203 |
|
|
|
36,293 |
|
|
|
1,349 |
|
|
|
19,090 |
|
|
|
18,552 |
|
|
|
37,642 |
|
|
|
(6,170 |
) |
|
1988/1998 |
|
5/18/2016 |
Pompano Beach |
|
FL |
|
|
— |
|
|
|
3,948 |
|
|
|
16,656 |
|
|
|
20,604 |
|
|
|
449 |
|
|
|
3,948 |
|
|
|
17,105 |
|
|
|
21,053 |
|
|
|
(4,959 |
) |
|
1979 |
|
6/1/2016 |
Lake Worth |
|
FL |
|
|
— |
|
|
|
12,108 |
|
|
|
10,804 |
|
|
|
22,912 |
|
|
|
(337 |
) |
|
|
12,108 |
|
|
|
10,467 |
|
|
|
22,575 |
|
|
|
(4,299 |
) |
|
1998/2003 |
|
6/1/2016 |
Jupiter |
|
FL |
|
|
— |
|
|
|
16,030 |
|
|
|
10,557 |
|
|
|
26,587 |
|
|
|
513 |
|
|
|
16,030 |
|
|
|
11,070 |
|
|
|
27,100 |
|
|
|
(3,758 |
) |
|
1992/2012 |
|
6/1/2016 |
Royal Palm Beach |
|
FL |
|
|
— |
|
|
|
11,425 |
|
|
|
13,275 |
|
|
|
24,700 |
|
|
|
427 |
|
|
|
11,425 |
|
|
|
13,702 |
|
|
|
25,127 |
|
|
|
(5,202 |
) |
|
2001/2003 |
|
6/1/2016 |
Port St. Lucie II |
|
FL |
|
|
6,897 |
|
|
|
5,131 |
|
|
|
8,410 |
|
|
|
13,541 |
|
|
|
1,050 |
|
|
|
5,131 |
|
|
|
9,460 |
|
|
|
14,591 |
|
|
|
(3,214 |
) |
|
2002 |
|
6/1/2016 |
Wellington |
|
FL |
|
|
— |
|
|
|
10,234 |
|
|
|
11,663 |
|
|
|
21,897 |
|
|
|
491 |
|
|
|
10,234 |
|
|
|
12,154 |
|
|
|
22,388 |
|
|
|
(3,818 |
) |
|
2005 |
|
6/1/2016 |
Doral |
|
FL |
|
|
— |
|
|
|
11,336 |
|
|
|
11,485 |
|
|
|
22,821 |
|
|
|
450 |
|
|
|
11,336 |
|
|
|
11,935 |
|
|
|
23,271 |
|
|
|
(3,849 |
) |
|
1998 |
|
6/1/2016 |
Plantation |
|
FL |
|
|
15,267 |
|
|
|
12,989 |
|
|
|
19,225 |
|
|
|
32,214 |
|
|
|
861 |
|
|
|
12,989 |
|
|
|
20,086 |
|
|
|
33,075 |
|
|
|
(6,325 |
) |
|
2002/2012 |
|
6/1/2016 |
Naples |
|
FL |
|
|
— |
|
|
|
11,789 |
|
|
|
12,771 |
|
|
|
24,560 |
|
|
|
579 |
|
|
|
11,789 |
|
|
|
13,350 |
|
|
|
25,139 |
|
|
|
(4,114 |
) |
|
2002 |
|
6/1/2016 |
Delray |
|
FL |
|
|
— |
|
|
|
17,097 |
|
|
|
12,984 |
|
|
|
30,081 |
|
|
|
567 |
|
|
|
17,097 |
|
|
|
13,551 |
|
|
|
30,648 |
|
|
|
(4,324 |
) |
|
2003 |
|
6/1/2016 |
Baltimore |
|
MD |
|
|
— |
|
|
|
3,898 |
|
|
|
22,428 |
|
|
|
26,326 |
|
|
|
894 |
|
|
|
3,898 |
|
|
|
23,322 |
|
|
|
27,220 |
|
|
|
(7,661 |
) |
|
1990/2014 |
|
6/1/2016 |
Sonoma |
|
CA |
|
|
6,795 |
|
|
|
3,468 |
|
|
|
3,680 |
|
|
|
7,148 |
|
|
|
226 |
|
|
|
3,468 |
|
|
|
3,906 |
|
|
|
7,374 |
|
|
|
(1,369 |
) |
|
1984 |
|
6/14/2016 |
Las Vegas I |
|
NV |
|
|
11,159 |
|
|
|
2,391 |
|
|
|
11,118 |
|
|
|
13,509 |
|
|
|
356 |
|
|
|
2,391 |
|
|
|
11,474 |
|
|
|
13,865 |
|
|
|
(3,348 |
) |
|
2002 |
|
7/28/2016 |
Las Vegas II |
|
NV |
|
|
11,208 |
|
|
|
3,840 |
|
|
|
9,917 |
|
|
|
13,757 |
|
|
|
404 |
|
|
|
3,840 |
|
|
|
10,321 |
|
|
|
14,161 |
|
|
|
(3,330 |
) |
|
2000 |
|
9/23/2016 |
Las Vegas III |
|
NV |
|
|
8,474 |
|
|
|
2,566 |
|
|
|
6,339 |
|
|
|
8,905 |
|
|
|
565 |
|
|
|
2,566 |
|
|
|
6,904 |
|
|
|
9,470 |
|
|
|
(2,223 |
) |
|
1989 |
|
9/27/2016 |
Asheville I |
|
NC |
|
|
— |
|
|
|
3,620 |
|
|
|
11,174 |
|
|
|
14,794 |
|
|
|
512 |
|
|
|
3,620 |
|
|
|
11,686 |
|
|
|
15,306 |
|
|
|
(3,794 |
) |
|
1988/2005/2015 |
|
12/30/2016 |
Asheville II |
|
NC |
|
|
— |
|
|
|
1,765 |
|
|
|
3,107 |
|
|
|
4,872 |
|
|
|
308 |
|
|
|
1,765 |
|
|
|
3,415 |
|
|
|
5,180 |
|
|
|
(1,200 |
) |
|
1984 |
|
12/30/2016 |
Hendersonville I |
|
NC |
|
|
— |
|
|
|
1,082 |
|
|
|
3,441 |
|
|
|
4,523 |
|
|
|
(471 |
) |
|
|
1,082 |
|
|
|
2,970 |
|
|
|
4,052 |
|
|
|
(1,187 |
) |
|
1982 |
|
12/30/2016 |
Asheville III |
|
NC |
|
|
— |
|
|
|
5,097 |
|
|
|
4,620 |
|
|
|
9,717 |
|
|
|
314 |
|
|
|
5,097 |
|
|
|
4,934 |
|
|
|
10,031 |
|
|
|
(1,826 |
) |
|
1991/2002 |
|
12/30/2016 |
Arden |
|
NC |
|
|
— |
|
|
|
1,790 |
|
|
|
10,266 |
|
|
|
12,056 |
|
|
|
617 |
|
|
|
1,790 |
|
|
|
10,883 |
|
|
|
12,673 |
|
|
|
(3,249 |
) |
|
1973 |
|
12/30/2016 |
Asheville IV |
|
NC |
|
|
— |
|
|
|
4,558 |
|
|
|
4,455 |
|
|
|
9,013 |
|
|
|
298 |
|
|
|
4,558 |
|
|
|
4,753 |
|
|
|
9,311 |
|
|
|
(1,765 |
) |
|
1985/1986/2005 |
|
12/30/2016 |
Asheville V |
|
NC |
|
|
— |
|
|
|
2,415 |
|
|
|
7,826 |
|
|
|
10,241 |
|
|
|
455 |
|
|
|
2,415 |
|
|
|
8,281 |
|
|
|
10,696 |
|
|
|
(2,752 |
) |
|
1978/2009/2014 |
|
12/30/2016 |
Asheville VI |
|
NC |
|
|
— |
|
|
|
1,306 |
|
|
|
5,121 |
|
|
|
6,427 |
|
|
|
313 |
|
|
|
1,306 |
|
|
|
5,434 |
|
|
|
6,740 |
|
|
|
(1,697 |
) |
|
2004 |
|
12/30/2016 |
Asheville VIII (4) |
|
NC |
|
|
— |
|
|
|
1,765 |
|
|
|
6,163 |
|
|
|
7,928 |
|
|
|
(6,163 |
) |
|
|
1,765 |
|
|
|
- |
|
|
|
1,765 |
|
|
|
— |
|
|
1968/2002 |
|
12/30/2016 |
Hendersonville II |
|
NC |
|
|
— |
|
|
|
2,598 |
|
|
|
5,037 |
|
|
|
7,635 |
|
|
|
370 |
|
|
|
2,598 |
|
|
|
5,407 |
|
|
|
8,005 |
|
|
|
(2,121 |
) |
|
1989/2003 |
|
12/30/2016 |
Asheville VII |
|
NC |
|
|
— |
|
|
|
782 |
|
|
|
2,140 |
|
|
|
2,922 |
|
|
|
110 |
|
|
|
782 |
|
|
|
2,250 |
|
|
|
3,032 |
|
|
|
(800 |
) |
|
1999 |
|
12/30/2016 |
Sweeten Creek Land |
|
NC |
|
|
— |
|
|
|
348 |
|
|
|
— |
|
|
|
348 |
|
|
|
— |
|
|
|
348 |
|
|
|
— |
|
|
|
348 |
|
|
|
— |
|
|
N/A |
|
12/30/2016 |
Highland Center Land |
|
NC |
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
N/A |
|
12/30/2016 |
Aurora II |
|
CO |
|
|
— |
|
|
|
1,585 |
|
|
|
8,196 |
|
|
|
9,781 |
|
|
|
173 |
|
|
|
1,585 |
|
|
|
8,369 |
|
|
|
9,954 |
|
|
|
(2,952 |
) |
|
2012 |
|
1/11/2017 |
Dufferin(2) |
|
ONT |
|
|
— |
|
|
|
6,259 |
|
|
|
16,287 |
|
|
|
22,546 |
|
|
|
1,415 |
|
(3) |
|
6,468 |
|
|
|
17,493 |
|
|
|
23,961 |
|
|
|
(5,129 |
) |
|
2015 |
|
2/1/2017 |
Mavis(2) |
|
ONT |
|
|
13,767 |
|
|
|
4,657 |
|
|
|
14,494 |
|
|
|
19,151 |
|
|
|
1,064 |
|
(3) |
|
4,813 |
|
|
|
15,402 |
|
|
|
20,215 |
|
|
|
(4,435 |
) |
|
2013 |
|
2/1/2017 |
Brewster(2) |
|
ONT |
|
|
10,138 |
|
|
|
4,136 |
|
|
|
9,527 |
|
|
|
13,663 |
|
|
|
683 |
|
(3) |
|
4,275 |
|
|
|
10,071 |
|
|
|
14,346 |
|
|
|
(2,994 |
) |
|
2013 |
|
2/1/2017 |
Granite(2) |
|
ONT |
|
|
9,287 |
|
|
|
3,126 |
|
|
|
8,701 |
|
|
|
11,827 |
|
|
|
646 |
|
(3) |
|
3,231 |
|
|
|
9,242 |
|
|
|
12,473 |
|
|
|
(2,580 |
) |
|
1998/2016 |
|
2/1/2017 |
Centennial(2) |
|
ONT |
|
|
7,902 |
|
|
|
1,715 |
|
|
|
11,429 |
|
|
|
13,144 |
|
|
|
580 |
|
(3) |
|
1,772 |
|
|
|
11,952 |
|
|
|
13,724 |
|
|
|
(3,238 |
) |
|
2016/2017 |
|
2/1/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company |
|
|
Gross Carrying Amount at December 31, 2025 |
|
|
|
|
|
Description |
|
ST |
|
Encumbrance(5) |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total |
|
|
Adjustments and Costs to
Land, Building and Improvements
Subsequent
to Acquisition |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total (1) |
|
|
Accumulated
Depreciation |
|
|
Date of
Construction |
|
Date
Acquired |
Ft. Pierce |
|
FL |
|
$ |
8,765 |
|
|
$ |
1,153 |
|
|
$ |
12,398 |
|
|
$ |
13,551 |
|
|
$ |
531 |
|
|
$ |
1,153 |
|
|
$ |
12,929 |
|
|
$ |
14,082 |
|
|
$ |
(2,859 |
) |
|
2008 |
|
1/24/2019 |
Russell Blvd, Las Vegas II |
|
NV |
|
|
— |
|
|
|
3,434 |
|
|
|
15,449 |
|
|
|
18,883 |
|
|
|
1,004 |
|
|
|
3,510 |
|
|
|
16,377 |
|
|
|
19,887 |
|
|
|
(4,436 |
) |
|
1996 |
|
1/24/2019 |
Jones Blvd, Las Vegas I |
|
NV |
|
|
— |
|
|
|
1,975 |
|
|
|
12,565 |
|
|
|
14,540 |
|
|
|
290 |
|
|
|
1,975 |
|
|
|
12,855 |
|
|
|
14,830 |
|
|
|
(2,801 |
) |
|
1999 |
|
1/24/2019 |
Airport Rd, Colorado Springs |
|
CO |
|
|
— |
|
|
|
870 |
|
|
|
7,878 |
|
|
|
8,748 |
|
|
|
429 |
|
|
|
870 |
|
|
|
8,307 |
|
|
|
9,177 |
|
|
|
(1,956 |
) |
|
1983 |
|
1/24/2019 |
Riverside |
|
CA |
|
|
— |
|
|
|
1,260 |
|
|
|
6,996 |
|
|
|
8,256 |
|
|
|
566 |
|
|
|
1,260 |
|
|
|
7,562 |
|
|
|
8,822 |
|
|
|
(1,879 |
) |
|
1980 |
|
1/24/2019 |
Stockton |
|
CA |
|
|
— |
|
|
|
784 |
|
|
|
7,706 |
|
|
|
8,490 |
|
|
|
276 |
|
|
|
784 |
|
|
|
7,982 |
|
|
|
8,766 |
|
|
|
(1,928 |
) |
|
1984 |
|
1/24/2019 |
Azusa |
|
CA |
|
|
— |
|
|
|
4,385 |
|
|
|
9,154 |
|
|
|
13,539 |
|
|
|
1,263 |
|
|
|
4,385 |
|
|
|
10,417 |
|
|
|
14,802 |
|
|
|
(2,187 |
) |
|
1986 |
|
1/24/2019 |
Romeoville |
|
IL |
|
|
— |
|
|
|
965 |
|
|
|
5,755 |
|
|
|
6,720 |
|
|
|
455 |
|
|
|
965 |
|
|
|
6,210 |
|
|
|
7,175 |
|
|
|
(1,602 |
) |
|
1986 |
|
1/24/2019 |
Elgin |
|
IL |
|
|
— |
|
|
|
1,162 |
|
|
|
2,895 |
|
|
|
4,057 |
|
|
|
205 |
|
|
|
1,162 |
|
|
|
3,100 |
|
|
|
4,262 |
|
|
|
(1,008 |
) |
|
1986 |
|
1/24/2019 |
San Antonio I |
|
TX |
|
|
— |
|
|
|
1,603 |
|
|
|
9,196 |
|
|
|
10,799 |
|
|
|
357 |
|
|
|
1,603 |
|
|
|
9,553 |
|
|
|
11,156 |
|
|
|
(2,187 |
) |
|
1998 |
|
1/24/2019 |
Kingwood |
|
TX |
|
|
— |
|
|
|
1,016 |
|
|
|
9,359 |
|
|
|
10,375 |
|
|
|
422 |
|
|
|
1,016 |
|
|
|
9,781 |
|
|
|
10,797 |
|
|
|
(2,347 |
) |
|
2001 |
|
1/24/2019 |
Aurora III |
|
CO |
|
|
— |
|
|
|
1,678 |
|
|
|
5,958 |
|
|
|
7,636 |
|
|
|
147 |
|
|
|
1,678 |
|
|
|
6,105 |
|
|
|
7,783 |
|
|
|
(1,867 |
) |
|
2015 |
|
1/24/2019 |
Stoney Creek I(2) |
|
ONT |
|
|
— |
|
|
|
2,363 |
|
|
|
8,154 |
|
|
|
10,517 |
|
|
|
(116 |
) |
(3) |
|
2,301 |
|
|
|
8,100 |
|
|
|
10,401 |
|
|
|
(1,913 |
) |
|
N/A |
|
1/24/2019 |
Torbarrie(2) |
|
ONT |
|
|
8,216 |
|
|
|
2,714 |
|
|
|
5,263 |
|
|
|
7,977 |
|
|
|
7,811 |
|
(3) |
|
2,643 |
|
|
|
13,145 |
|
|
|
15,788 |
|
|
|
(2,893 |
) |
|
1980 |
|
1/24/2019 |
Baseline |
|
AZ |
|
|
— |
|
|
|
1,307 |
|
|
|
11,385 |
|
|
|
12,692 |
|
|
|
312 |
|
|
|
1,307 |
|
|
|
11,697 |
|
|
|
13,004 |
|
|
|
(2,795 |
) |
|
2016 |
|
1/24/2019 |
3173 Sweeten Creek Rd, Asheville |
|
NC |
|
|
— |
|
|
|
1,036 |
|
|
|
8,765 |
|
|
|
9,801 |
|
|
|
1,241 |
|
|
|
1,036 |
|
|
|
10,006 |
|
|
|
11,042 |
|
|
|
(2,185 |
) |
|
1982 |
|
1/24/2019 |
Elk Grove |
|
IL |
|
|
— |
|
|
|
2,384 |
|
|
|
6,000 |
|
|
|
8,384 |
|
|
|
1,561 |
|
|
|
2,384 |
|
|
|
7,561 |
|
|
|
9,945 |
|
|
|
(1,759 |
) |
|
2016 |
|
1/24/2019 |
Garden Grove |
|
CA |
|
|
— |
|
|
|
8,076 |
|
|
|
13,152 |
|
|
|
21,228 |
|
|
|
342 |
|
|
|
8,076 |
|
|
|
13,494 |
|
|
|
21,570 |
|
|
|
(3,139 |
) |
|
2017 |
|
1/24/2019 |
Deaverview Rd, Asheville |
|
NC |
|
|
— |
|
|
|
1,449 |
|
|
|
4,412 |
|
|
|
5,861 |
|
|
|
360 |
|
|
|
1,449 |
|
|
|
4,772 |
|
|
|
6,221 |
|
|
|
(1,272 |
) |
|
1992 |
|
1/24/2019 |
Highland Center Blvd, Asheville |
|
NC |
|
|
— |
|
|
|
1,764 |
|
|
|
4,823 |
|
|
|
6,587 |
|
|
|
364 |
|
|
|
1,764 |
|
|
|
5,187 |
|
|
|
6,951 |
|
|
|
(1,344 |
) |
|
1994 |
|
1/24/2019 |
Sarasota |
|
FL |
|
|
— |
|
|
|
1,084 |
|
|
|
7,360 |
|
|
|
8,444 |
|
|
|
356 |
|
|
|
1,084 |
|
|
|
7,716 |
|
|
|
8,800 |
|
|
|
(1,723 |
) |
|
2017 |
|
1/24/2019 |
Mount Pleasant |
|
SC |
|
|
— |
|
|
|
1,055 |
|
|
|
5,679 |
|
|
|
6,734 |
|
|
|
145 |
|
|
|
1,055 |
|
|
|
5,824 |
|
|
|
6,879 |
|
|
|
(1,291 |
) |
|
2016 |
|
1/24/2019 |
Nantucket |
|
MA |
|
|
20,207 |
|
|
|
5,855 |
|
|
|
33,211 |
|
|
|
39,066 |
|
|
|
1,165 |
|
|
|
5,855 |
|
|
|
34,376 |
|
|
|
40,231 |
|
|
|
(7,108 |
) |
|
2002 |
|
1/24/2019 |
Pembroke Pines |
|
FL |
|
|
— |
|
|
|
3,147 |
|
|
|
14,296 |
|
|
|
17,443 |
|
|
|
406 |
|
|
|
3,147 |
|
|
|
14,702 |
|
|
|
17,849 |
|
|
|
(3,280 |
) |
|
2018 |
|
1/24/2019 |
Riverview |
|
FL |
|
|
— |
|
|
|
1,593 |
|
|
|
7,102 |
|
|
|
8,695 |
|
|
|
3,439 |
|
|
|
2,406 |
|
|
|
9,728 |
|
|
|
12,134 |
|
|
|
(2,179 |
) |
|
2018 |
|
1/24/2019 |
Eastlake |
|
CA |
|
|
— |
|
|
|
2,120 |
|
|
|
15,418 |
|
|
|
17,538 |
|
|
|
192 |
|
|
|
2,120 |
|
|
|
15,610 |
|
|
|
17,730 |
|
|
|
(3,247 |
) |
|
2018 |
|
1/24/2019 |
McKinney |
|
TX |
|
|
— |
|
|
|
2,177 |
|
|
|
9,321 |
|
|
|
11,498 |
|
|
|
279 |
|
|
|
2,102 |
|
|
|
9,675 |
|
|
|
11,777 |
|
|
|
(2,164 |
) |
|
2016 |
|
1/24/2019 |
Hualapai Way, Las Vegas |
|
NV |
|
|
— |
|
|
|
743 |
|
|
|
9,019 |
|
|
|
9,762 |
|
|
|
141 |
|
|
|
743 |
|
|
|
9,160 |
|
|
|
9,903 |
|
|
|
(2,028 |
) |
|
2018 |
|
1/24/2019 |
Gilbert |
|
AZ |
|
|
— |
|
|
|
1,380 |
|
|
|
9,021 |
|
|
|
10,401 |
|
|
|
396 |
|
|
|
1,038 |
|
|
|
9,759 |
|
|
|
10,797 |
|
|
|
(2,086 |
) |
|
2019 |
|
7/11/2019 |
Industrial, Jensen Beach |
|
FL |
|
|
4,009 |
|
|
|
894 |
|
|
|
6,969 |
|
|
|
7,863 |
|
|
|
93 |
|
|
|
894 |
|
|
|
7,062 |
|
|
|
7,956 |
|
|
|
(1,119 |
) |
|
1979 |
|
3/17/2021 |
Emmett F Lowry Expy, Texas City |
|
TX |
|
|
5,112 |
|
|
|
940 |
|
|
|
8,643 |
|
|
|
9,583 |
|
|
|
332 |
|
|
|
940 |
|
|
|
8,975 |
|
|
|
9,915 |
|
|
|
(1,425 |
) |
|
2010 |
|
3/17/2021 |
Van Buren Blvd, Riverside II |
|
CA |
|
|
3,510 |
|
|
|
2,308 |
|
|
|
7,393 |
|
|
|
9,701 |
|
|
|
346 |
|
|
|
2,308 |
|
|
|
7,739 |
|
|
|
10,047 |
|
|
|
(1,185 |
) |
|
1984 |
|
3/17/2021 |
Las Vegas Blvd, Las Vegas |
|
NV |
|
|
5,413 |
|
|
|
923 |
|
|
|
11,036 |
|
|
|
11,959 |
|
|
|
197 |
|
|
|
923 |
|
|
|
11,233 |
|
|
|
12,156 |
|
|
|
(1,619 |
) |
|
1996 |
|
3/17/2021 |
Goodlette Rd, Naples |
|
FL |
|
|
— |
|
|
|
2,468 |
|
|
|
18,647 |
|
|
|
21,115 |
|
|
|
967 |
|
|
|
2,468 |
|
|
|
19,614 |
|
|
|
22,082 |
|
|
|
(2,856 |
) |
|
2001 |
|
3/17/2021 |
Centennial Pkwy, LV II |
|
NV |
|
|
7,118 |
|
|
|
1,397 |
|
|
|
15,194 |
|
|
|
16,591 |
|
|
|
101 |
|
|
|
1,397 |
|
|
|
15,295 |
|
|
|
16,692 |
|
|
|
(2,278 |
) |
|
2006 |
|
3/17/2021 |
Texas Ave, College Station |
|
TX |
|
|
— |
|
|
|
3,530 |
|
|
|
5,584 |
|
|
|
9,114 |
|
|
|
220 |
|
|
|
3,530 |
|
|
|
5,804 |
|
|
|
9,334 |
|
|
|
(1,040 |
) |
|
2004 |
|
3/17/2021 |
Meridian Ave, Puyallup |
|
WA |
|
|
6,616 |
|
|
|
5,748 |
|
|
|
9,884 |
|
|
|
15,632 |
|
|
|
425 |
|
|
|
5,748 |
|
|
|
10,309 |
|
|
|
16,057 |
|
|
|
(1,810 |
) |
|
1990 |
|
3/17/2021 |
Westheimer Pkwy, Katy |
|
TX |
|
|
— |
|
|
|
1,213 |
|
|
|
6,424 |
|
|
|
7,637 |
|
|
|
60 |
|
|
|
1,213 |
|
|
|
6,484 |
|
|
|
7,697 |
|
|
|
(978 |
) |
|
2003 |
|
3/17/2021 |
FM 1488, The Woodlands II |
|
TX |
|
|
— |
|
|
|
1,946 |
|
|
|
8,906 |
|
|
|
10,852 |
|
|
|
134 |
|
|
|
1,946 |
|
|
|
9,040 |
|
|
|
10,986 |
|
|
|
(1,446 |
) |
|
2007 |
|
3/17/2021 |
Hwy 290, Cypress |
|
TX |
|
|
— |
|
|
|
2,832 |
|
|
|
5,260 |
|
|
|
8,092 |
|
|
|
141 |
|
|
|
2,832 |
|
|
|
5,401 |
|
|
|
8,233 |
|
|
|
(930 |
) |
|
2002 |
|
3/17/2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company |
|
|
Gross Carrying Amount at December 31, 2025 |
|
|
|
|
|
Description |
|
ST |
|
Encumbrance(5) |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total |
|
|
Adjustments and Costs to
Land, Building and Improvements
Subsequent
to Acquisition |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total (1) |
|
|
Accumulated
Depreciation |
|
|
Date of
Construction |
|
Date
Acquired |
Lake Houston Pkwy, Humble |
|
TX |
|
$ |
— |
|
|
$ |
2,476 |
|
|
$ |
6,539 |
|
|
$ |
9,015 |
|
|
$ |
124 |
|
|
$ |
2,476 |
|
|
$ |
6,663 |
|
|
$ |
9,139 |
|
|
$ |
(1,224 |
) |
|
2004 |
|
3/17/2021 |
Gosling Rd, The Woodlands |
|
TX |
|
|
— |
|
|
|
1,249 |
|
|
|
7,314 |
|
|
|
8,563 |
|
|
|
124 |
|
|
|
1,249 |
|
|
|
7,438 |
|
|
|
8,687 |
|
|
|
(1,185 |
) |
|
2002 |
|
3/17/2021 |
Queenston Blvd, Houston |
|
TX |
|
|
— |
|
|
|
778 |
|
|
|
5,242 |
|
|
|
6,020 |
|
|
|
362 |
|
|
|
778 |
|
|
|
5,604 |
|
|
|
6,382 |
|
|
|
(932 |
) |
|
2007 |
|
3/17/2021 |
Jim Johnson Rd, Plant City |
|
FL |
|
|
8,722 |
|
|
|
1,177 |
|
|
|
20,046 |
|
|
|
21,223 |
|
|
|
267 |
|
|
|
1,177 |
|
|
|
20,313 |
|
|
|
21,490 |
|
|
|
(3,637 |
) |
|
2004 |
|
3/17/2021 |
Frelinghuysen Ave, Newark |
|
NJ |
|
|
— |
|
|
|
10,701 |
|
|
|
24,755 |
|
|
|
35,456 |
|
|
|
2,030 |
|
|
|
10,701 |
|
|
|
26,785 |
|
|
|
37,486 |
|
|
|
(4,289 |
) |
|
1931 |
|
3/17/2021 |
Redmond Fall City Rd, Redmond |
|
WA |
|
|
— |
|
|
|
3,875 |
|
|
|
7,061 |
|
|
|
10,936 |
|
|
|
148 |
|
|
|
3,875 |
|
|
|
7,209 |
|
|
|
11,084 |
|
|
|
(1,230 |
) |
|
1997 |
|
3/17/2021 |
Greenway Rd, Surprise |
|
AZ |
|
|
— |
|
|
|
1,340 |
|
|
|
7,588 |
|
|
|
8,928 |
|
|
|
99 |
|
|
|
1,340 |
|
|
|
7,687 |
|
|
|
9,027 |
|
|
|
(1,200 |
) |
|
2019 |
|
3/17/2021 |
Marshall Farms Rd, Ocoee |
|
FL |
|
|
— |
|
|
|
1,253 |
|
|
|
10,931 |
|
|
|
12,184 |
|
|
|
312 |
|
|
|
1,253 |
|
|
|
11,243 |
|
|
|
12,496 |
|
|
|
(1,640 |
) |
|
2019 |
|
3/17/2021 |
Ardrey Kell Rd, Charlotte |
|
NC |
|
|
— |
|
|
|
1,316 |
|
|
|
15,140 |
|
|
|
16,456 |
|
|
|
11 |
|
|
|
1,316 |
|
|
|
15,151 |
|
|
|
16,467 |
|
|
|
(2,198 |
) |
|
2018 |
|
3/17/2021 |
University City Blvd, Charlotte II |
|
NC |
|
|
— |
|
|
|
1,135 |
|
|
|
11,302 |
|
|
|
12,437 |
|
|
|
78 |
|
|
|
1,135 |
|
|
|
11,380 |
|
|
|
12,515 |
|
|
|
(1,689 |
) |
|
2017 |
|
3/17/2021 |
Hydraulic Rd, Charlottesville |
|
VA |
|
|
— |
|
|
|
1,846 |
|
|
|
16,268 |
|
|
|
18,114 |
|
|
|
229 |
|
|
|
1,846 |
|
|
|
16,497 |
|
|
|
18,343 |
|
|
|
(2,360 |
) |
|
2017 |
|
3/17/2021 |
Metcalf St, Escondido |
|
CA |
|
|
— |
|
|
|
1,019 |
|
|
|
18,019 |
|
|
|
19,038 |
|
|
|
219 |
|
|
|
1,019 |
|
|
|
18,238 |
|
|
|
19,257 |
|
|
|
(2,569 |
) |
|
2019 |
|
3/17/2021 |
Tamiami Trail, Punta Gorda |
|
FL |
|
|
— |
|
|
|
2,035 |
|
|
|
15,765 |
|
|
|
17,800 |
|
|
|
302 |
|
|
|
2,035 |
|
|
|
16,067 |
|
|
|
18,102 |
|
|
|
(2,401 |
) |
|
1992 |
|
3/17/2021 |
Iroquois Shore Rd, Oakville (2) |
|
ONT |
|
|
— |
|
|
|
1,423 |
|
|
|
18,638 |
|
|
|
20,061 |
|
|
|
(1,645 |
) |
(3) |
|
1,299 |
|
|
|
17,117 |
|
|
|
18,416 |
|
|
|
(2,365 |
) |
|
2020 |
|
4/16/2021 |
Van Buren Blvd, Riverside III |
|
CA |
|
|
— |
|
|
|
3,705 |
|
|
|
6,512 |
|
|
|
10,217 |
|
|
|
364 |
|
|
|
3,705 |
|
|
|
6,876 |
|
|
|
10,581 |
|
|
|
(1,236 |
) |
|
1996 |
|
5/27/2021 |
Alameda Pkwy, Lakewood |
|
CO |
|
|
— |
|
|
|
2,134 |
|
|
|
14,751 |
|
|
|
16,885 |
|
|
|
972 |
|
|
|
2,134 |
|
|
|
15,723 |
|
|
|
17,857 |
|
|
|
(2,094 |
) |
|
1998 |
|
10/19/2021 |
Algonquin Rd, Algonquin |
|
IL |
|
|
— |
|
|
|
717 |
|
|
|
17,439 |
|
|
|
18,156 |
|
|
|
702 |
|
|
|
717 |
|
|
|
18,141 |
|
|
|
18,858 |
|
|
|
(2,380 |
) |
|
1987 |
|
2/8/2022 |
Pell Circle, Sacramento |
|
CA |
|
|
— |
|
|
|
1,797 |
|
|
|
22,829 |
|
|
|
24,626 |
|
|
|
1,241 |
|
|
|
1,797 |
|
|
|
24,070 |
|
|
|
25,867 |
|
|
|
(2,904 |
) |
|
1981 |
|
5/10/2022 |
St Johns Commons Rd, St Johns |
|
FL |
|
|
— |
|
|
|
1,099 |
|
|
|
14,432 |
|
|
|
15,531 |
|
|
|
184 |
|
|
|
1,099 |
|
|
|
14,616 |
|
|
|
15,715 |
|
|
|
(1,614 |
) |
|
2017 |
|
5/17/2022 |
Mills Station Rd, Sacramento |
|
CA |
|
|
— |
|
|
|
2,686 |
|
|
|
13,075 |
|
|
|
15,761 |
|
|
|
69 |
|
|
|
2,686 |
|
|
|
13,144 |
|
|
|
15,830 |
|
|
|
(1,610 |
) |
|
1979 |
|
6/1/2022 |
Capitol Dr, Milwaukee |
|
WI |
|
|
— |
|
|
|
543 |
|
|
|
9,133 |
|
|
|
9,676 |
|
|
|
244 |
|
|
|
543 |
|
|
|
9,377 |
|
|
|
9,920 |
|
|
|
(1,093 |
) |
|
1941 |
|
6/1/2022 |
Happy Valley Rd, Phoenix |
|
AZ |
|
|
— |
|
|
|
1,311 |
|
|
|
16,909 |
|
|
|
18,220 |
|
|
|
27 |
|
|
|
1,311 |
|
|
|
16,936 |
|
|
|
18,247 |
|
|
|
(1,861 |
) |
|
2018 |
|
6/1/2022 |
West Rd, Houston |
|
TX |
|
|
— |
|
|
|
1,066 |
|
|
|
11,782 |
|
|
|
12,848 |
|
|
|
246 |
|
|
|
1,066 |
|
|
|
12,028 |
|
|
|
13,094 |
|
|
|
(1,384 |
) |
|
1996 |
|
6/1/2022 |
Bothell Everett, Mill Creek |
|
WA |
|
|
— |
|
|
|
4,814 |
|
|
|
28,675 |
|
|
|
33,489 |
|
|
|
423 |
|
|
|
4,814 |
|
|
|
29,098 |
|
|
|
33,912 |
|
|
|
(3,708 |
) |
|
2003 |
|
6/1/2022 |
NE 12th Ave, Homestead |
|
FL |
|
|
— |
|
|
|
1,607 |
|
|
|
32,910 |
|
|
|
34,517 |
|
|
|
61 |
|
|
|
1,607 |
|
|
|
32,971 |
|
|
|
34,578 |
|
|
|
(3,506 |
) |
|
2019 |
|
6/1/2022 |
Durango Dr, Las Vegas |
|
NV |
|
|
— |
|
|
|
2,675 |
|
|
|
26,985 |
|
|
|
29,660 |
|
|
|
28 |
|
|
|
2,675 |
|
|
|
27,013 |
|
|
|
29,688 |
|
|
|
(2,903 |
) |
|
2019 |
|
6/1/2022 |
State Rd 54, Lutz |
|
FL |
|
|
— |
|
|
|
1,897 |
|
|
|
23,290 |
|
|
|
25,187 |
|
|
|
163 |
|
|
|
1,897 |
|
|
|
23,453 |
|
|
|
25,350 |
|
|
|
(2,621 |
) |
|
2020 |
|
6/1/2022 |
34th St N, St. Petersburg |
|
FL |
|
|
— |
|
|
|
2,355 |
|
|
|
26,031 |
|
|
|
28,386 |
|
|
|
177 |
|
|
|
2,355 |
|
|
|
26,208 |
|
|
|
28,563 |
|
|
|
(2,772 |
) |
|
2019 |
|
6/1/2022 |
93rd Ave SW, Olympia |
|
WA |
|
|
— |
|
|
|
2,159 |
|
|
|
18,459 |
|
|
|
20,618 |
|
|
|
165 |
|
|
|
2,159 |
|
|
|
18,624 |
|
|
|
20,783 |
|
|
|
(2,209 |
) |
|
2006 |
|
6/1/2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company |
|
|
Gross Carrying Amount at December 31, 2025 |
|
|
|
|
|
Description |
|
ST |
|
Encumbrance(5) |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total |
|
|
Adjustments and Costs to
Land, Building and Improvements
Subsequent
to Acquisition |
|
|
Land |
|
|
Building and
Improvements |
|
|
Total (1) |
|
|
Accumulated
Depreciation |
|
|
Date of
Construction |
|
Date
Acquired |
Aurora IV |
|
CO |
|
$ |
— |
|
|
$ |
1,223 |
|
|
$ |
10,445 |
|
|
$ |
11,668 |
|
|
$ |
196 |
|
|
$ |
1,223 |
|
|
$ |
10,641 |
|
|
$ |
11,864 |
|
|
$ |
(1,231 |
) |
|
2018 |
|
6/28/2022 |
Walnut Grove Ave, San Gabriel |
|
CA |
|
|
— |
|
|
|
9,449 |
|
|
|
14,265 |
|
|
|
23,714 |
|
|
|
143 |
|
|
|
9,449 |
|
|
|
14,408 |
|
|
|
23,857 |
|
|
|
(1,001 |
) |
|
2023 |
|
7/13/2023 |
Colorado Springs II (Boychuk Ave) |
|
CO |
|
|
— |
|
|
|
2,795 |
|
|
|
7,047 |
|
|
|
9,842 |
|
|
|
266 |
|
|
|
2,795 |
|
|
|
7,313 |
|
|
|
10,108 |
|
|
|
(541 |
) |
|
2002 |
|
4/11/2024 |
SpartanBurg |
|
SC |
|
|
— |
|
|
|
1,613 |
|
|
|
11,217 |
|
|
|
12,830 |
|
|
|
160 |
|
|
|
1,613 |
|
|
|
11,377 |
|
|
|
12,990 |
|
|
|
(519 |
) |
|
2020 |
|
7/16/2024 |
Miami |
|
FL |
|
|
— |
|
|
|
3,855 |
|
|
|
26,553 |
|
|
|
30,408 |
|
|
|
115 |
|
|
|
3,855 |
|
|
|
26,668 |
|
|
|
30,523 |
|
|
|
(996 |
) |
|
2023 |
|
9/24/2024 |
Nantucket II |
|
MA |
|
|
— |
|
|
|
4,330 |
|
|
|
4,909 |
|
|
|
9,239 |
|
|
|
36 |
|
|
|
4,330 |
|
|
|
4,945 |
|
|
|
9,275 |
|
|
|
(171 |
) |
|
2016 |
|
11/20/2024 |
Aurora V |
|
CO |
|
|
— |
|
|
|
2,509 |
|
|
|
11,558 |
|
|
|
14,067 |
|
|
|
212 |
|
|
|
2,509 |
|
|
|
11,770 |
|
|
|
14,279 |
|
|
|
(395 |
) |
|
2019 |
|
12/11/2024 |
San Jose |
|
CA |
|
|
— |
|
|
|
3,497 |
|
|
|
15,580 |
|
|
|
19,077 |
|
|
|
281 |
|
|
|
3,497 |
|
|
|
15,861 |
|
|
|
19,358 |
|
|
|
(489 |
) |
|
2000 |
|
12/19/2024 |
Washington, DC |
|
DC |
|
|
— |
|
|
|
3,362 |
|
|
|
14,236 |
|
|
|
17,598 |
|
|
|
221 |
|
|
|
3,362 |
|
|
|
14,457 |
|
|
|
17,819 |
|
|
|
(436 |
) |
|
2019 |
|
12/19/2024 |
Ladera Ranch |
|
CA |
|
|
42,000 |
|
|
|
30,936 |
|
|
|
36,561 |
|
|
|
67,497 |
|
|
|
333 |
|
|
|
30,936 |
|
|
|
36,894 |
|
|
|
67,830 |
|
|
|
(1,129 |
) |
|
2003 |
|
12/20/2024 |
Hillside |
|
NJ |
|
|
— |
|
|
|
7,394 |
|
|
|
27,162 |
|
|
|
34,556 |
|
|
|
192 |
|
|
|
7,394 |
|
|
|
27,354 |
|
|
|
34,748 |
|
|
|
(926 |
) |
|
2019 |
|
1/7/2025 |
Clifton |
|
NJ |
|
|
— |
|
|
|
8,217 |
|
|
|
28,855 |
|
|
|
37,072 |
|
|
|
369 |
|
|
|
8,217 |
|
|
|
29,224 |
|
|
|
37,441 |
|
|
|
(971 |
) |
|
2020 |
|
1/7/2025 |
Kelowna(2) |
|
BC |
|
|
17,524 |
|
|
|
1,856 |
|
|
|
25,588 |
|
|
|
27,444 |
|
|
|
424 |
|
(3) |
|
1,883 |
|
|
|
25,985 |
|
|
|
27,868 |
|
|
|
(535 |
) |
|
2020 |
|
4/15/2025 |
Lakewood II |
|
CO |
|
|
— |
|
|
|
4,320 |
|
|
|
7,923 |
|
|
|
12,243 |
|
|
|
133 |
|
|
|
4,320 |
|
|
|
8,056 |
|
|
|
12,376 |
|
|
|
(157 |
) |
|
2005 |
|
5/29/2025 |
Holcombe Blvd, Houston |
|
TX |
|
|
— |
|
|
|
3,808 |
|
|
|
32,027 |
|
|
|
35,835 |
|
|
|
229 |
|
|
|
3,808 |
|
|
|
32,256 |
|
|
|
36,064 |
|
|
|
(506 |
) |
|
2012 |
|
6/17/2025 |
Holzwarth Rd, Houston |
|
TX |
|
|
8,714 |
|
|
|
2,525 |
|
|
|
12,000 |
|
|
|
14,525 |
|
|
|
221 |
|
|
|
2,525 |
|
|
|
12,221 |
|
|
|
14,746 |
|
|
|
(209 |
) |
|
2017 |
|
6/17/2025 |
Louetta Rd, Houston |
|
TX |
|
|
— |
|
|
|
3,879 |
|
|
|
15,262 |
|
|
|
19,141 |
|
|
|
134 |
|
|
|
3,879 |
|
|
|
15,396 |
|
|
|
19,275 |
|
|
|
(282 |
) |
|
2001 |
|
6/17/2025 |
FM 2978, Houston |
|
TX |
|
|
— |
|
|
|
3,531 |
|
|
|
10,336 |
|
|
|
13,867 |
|
|
|
150 |
|
|
|
3,531 |
|
|
|
10,486 |
|
|
|
14,017 |
|
|
|
(194 |
) |
|
2016 |
|
6/17/2025 |
Shenandoah, Houston |
|
TX |
|
|
— |
|
|
|
4,676 |
|
|
|
14,927 |
|
|
|
19,603 |
|
|
|
338 |
|
|
|
4,676 |
|
|
|
15,265 |
|
|
|
19,941 |
|
|
|
(250 |
) |
|
2005 |
|
6/17/2025 |
Edmonton, Alberta(2) |
|
AB |
|
|
— |
|
|
|
2,121 |
|
|
|
7,251 |
|
|
|
9,372 |
|
|
|
97 |
|
(3) |
|
2,143 |
|
|
|
7,326 |
|
|
|
9,469 |
|
|
|
(76 |
) |
|
1998 |
|
8/26/2025 |
Sherwood Park, Alberta(2) |
|
AB |
|
|
— |
|
|
|
1,556 |
|
|
|
9,793 |
|
|
|
11,349 |
|
|
|
140 |
|
(3) |
|
1,572 |
|
|
|
9,917 |
|
|
|
11,489 |
|
|
|
(103 |
) |
|
2000 |
|
8/26/2025 |
Red Deer, Alberta(2) |
|
AB |
|
|
— |
|
|
|
995 |
|
|
|
12,237 |
|
|
|
13,232 |
|
|
|
154 |
|
(3) |
|
1,005 |
|
|
|
12,381 |
|
|
|
13,386 |
|
|
|
(130 |
) |
|
2008 |
|
8/26/2025 |
Canmore, Alberta(2) |
|
AB |
|
|
— |
|
|
|
2,219 |
|
|
|
17,982 |
|
|
|
20,201 |
|
|
|
202 |
|
(3) |
|
2,241 |
|
|
|
18,162 |
|
|
|
20,403 |
|
|
|
(185 |
) |
|
1999 |
|
8/26/2025 |
Cochrane, Alberta(2) |
|
AB |
|
|
— |
|
|
|
6,275 |
|
|
|
7,097 |
|
|
|
13,372 |
|
|
|
132 |
|
(3) |
|
6,333 |
|
|
|
7,171 |
|
|
|
13,504 |
|
|
|
(85 |
) |
|
2003 |
|
8/26/2025 |
Rahway |
|
NJ |
|
|
— |
|
|
|
2,005 |
|
|
|
12,595 |
|
|
|
14,600 |
|
|
|
6 |
|
|
|
2,005 |
|
|
|
12,601 |
|
|
|
14,606 |
|
|
|
(123 |
) |
|
2021 |
|
9/3/2025 |
Stoneybrook, Winter Garden, FL |
|
FL |
|
|
— |
|
|
|
3,400 |
|
|
|
11,176 |
|
|
|
14,576 |
|
|
|
18 |
|
|
|
3,400 |
|
|
|
11,194 |
|
|
|
14,594 |
|
|
|
(57 |
) |
|
2007 |
|
11/4/2025 |
Corporate Office |
|
CA |
|
|
3,635 |
|
|
|
975 |
|
|
|
5,525 |
|
|
|
6,500 |
|
|
|
807 |
|
|
|
975 |
|
|
|
6,332 |
|
|
|
7,307 |
|
|
|
(1,236 |
) |
|
2018 |
|
6/28/2019 |
|
|
|
|
$ |
383,962 |
|
|
$ |
540,489 |
|
|
$ |
1,797,014 |
|
|
$ |
2,337,503 |
|
|
$ |
89,860 |
|
|
$ |
541,330 |
|
|
$ |
1,886,033 |
|
|
$ |
2,427,363 |
|
|
$ |
(366,447 |
) |
|
|
|
|
(1)The aggregate cost of real estate for United States federal income tax purposes is approximately $2,461 million. (2)This property is located in Canada. (3)The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. (4)Amounts for this property's building and improvements, and accumulated depreciation reflect the write down of the carrying value of approximately $6.5 million and $1.9 million, respectively, due to a casualty loss sustained at the property. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional detail. (5)Unless otherwise stated, such amount represents an allocation of the outstanding principal balance as of December 31, 2025 of the loan encumbering each property. Such property along with certain other properties serve as collateral for the respective loan on a joint and several basis. As such, the allocation amongst each property encumbering the loan was determined by allocating the loan balance, based upon the proportional historical appraised values, as applicable, as utilized by the lender at the inception of the loan. Activity in real estate facilities during 2025, 2024, and 2023 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Real estate facilities |
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
2,091,196 |
|
|
$ |
1,924,746 |
|
|
$ |
1,887,206 |
|
Facility acquisitions |
|
|
318,568 |
|
|
|
180,559 |
|
|
|
23,697 |
|
Casualty loss |
|
|
— |
|
|
|
(6,541 |
) |
|
|
— |
|
Impact of foreign exchange rate changes and other |
|
|
9,982 |
|
|
|
(16,374 |
) |
|
|
4,342 |
|
Improvements and additions |
|
|
17,713 |
|
|
|
8,806 |
|
|
|
9,501 |
|
Disposition of real estate |
|
|
(10,096 |
) |
|
|
— |
|
|
|
— |
|
Balance at end of year |
|
$ |
2,427,363 |
|
|
$ |
2,091,196 |
|
|
$ |
1,924,746 |
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
(305,132 |
) |
|
$ |
(255,844 |
) |
|
$ |
(202,683 |
) |
Casualty loss |
|
|
— |
|
|
|
1,913 |
|
|
|
— |
|
Depreciation expense |
|
|
(61,986 |
) |
|
|
(53,975 |
) |
|
|
(52,620 |
) |
Disposition of real estate |
|
|
2,460 |
|
|
|
— |
|
|
|
— |
|
Impact of foreign exchange rate changes and other |
|
|
(1,789 |
) |
|
|
2,774 |
|
|
|
(541 |
) |
Balance at end of year |
|
$ |
(366,447 |
) |
|
$ |
(305,132 |
) |
|
$ |
(255,844 |
) |
Construction in process |
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
9,503 |
|
|
$ |
5,977 |
|
|
$ |
4,491 |
|
Net additions and assets placed into service |
|
|
(3,060 |
) |
|
|
3,526 |
|
|
|
1,486 |
|
Balance at end of year |
|
$ |
6,443 |
|
|
$ |
9,503 |
|
|
$ |
5,977 |
|
Real estate facilities, net |
|
$ |
2,067,359 |
|
|
$ |
1,795,567 |
|
|
$ |
1,674,879 |
|
|