As of December 31, 2025, we owned or had ownership interests in 2,425 operating stores.
−Removed: Of these stores, 1,967 are wholly-owned, nine are in consolidated joint ventures, and 460 are in unconsolidated joint ventures.
+Added: Of these stores, 2,007 are wholly-owned, 11 are in consolidated joint ventures, and 407 are in unconsolidated joint ventures.
In addition, we managed 1,856 stores for third parties, bringing the total number of stores which we own and/or manage to 4,281.
These stores are located in 43 states and Washington, D.C.
−Removed: The majority of our stores are clustered around large population centers.
−Removed: The clustering of assets around these population centers enables us to reduce our operating costs through economies of scale.
+Added: The clustering of assets around population centers enables us to reduce our operating costs through economies of scale.
Our acquisitions have given us an increased scale in many core markets as well as a foothold in many markets where we had no previous presence.
2 unchanged sentences
Although leases are short-term in duration, the typical tenant tends to remain at our stores for an extended period of time.
−Removed: For same-stores as of December 31, 2024, the average length of stay for tenants who had vacated was approximately 17.5 months.
+Added: For same-store properties as of December 31, 2025, the average length of stay for tenants who had vacated was approximately 17.0 months.
Our store portfolio is made up of different types of construction and building configurations.
7 unchanged sentences
Arizona 52 4,078,237 26 2,108,366 71 5,647,796 149 11,834,399
+Added: Arkansas — — — — 5 546,177 5 546,177
California 227 18,686,371 42 3,204,718 157 14,637,661 426 36,528,750
40 unchanged sentences
Totals 2,018 152,968,072 407 31,691,966 1,856 145,733,769 4,281 330,393,807
−Removed: (1) Includes nine consolidated joint ventures and excludes approximately 18,500 units related to Bargold Storage Systems, LLC (“Bargold”).
−Removed: See Note 5 in the notes to the consolidated financial statements.
+Added: (1) Includes 11 stores in consolidated joint ventures.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.