Item 2. Properties
Item 2. Properties
As of December 31, 2025, we owned or had ownership interests in 2,425 operating stores. 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. 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.
As of December 31, 2025, approximately 2,445,000 tenants were leasing storage units at the operating stores that we own and/or manage, primarily on a month-to-month basis, providing the flexibility to increase rental rates over time as market conditions permit. Existing tenants generally receive rate increases at least annually, for which no direct correlation has been drawn to our vacancy trends. Although leases are short-term in duration, the typical tenant tends to remain at our stores for an extended period of time. 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. Most often sites are what we consider “hybrid” facilities, a mix of both drive-up buildings and multi-floor buildings.
The following table presents additional information regarding net rentable square feet and the number of stores by state:
As of December 31, 2025
REIT Owned JV Owned Managed Total
Location Property Count (1)
Net Rentable Square Feet Property Count Net Rentable Square Feet Property Count Net Rentable Square Feet Property Count Net Rentable Square Feet
Alabama 35 2,805,944 2 150,935 21 1,471,635 58 4,428,514
Arizona 52 4,078,237 26 2,108,366 71 5,647,796 149 11,834,399
Arkansas — — — — 5 546,177 5 546,177
California 227 18,686,371 42 3,204,718 157 14,637,661 426 36,528,750
Colorado 27 1,889,603 13 936,704 42 3,096,667 82 5,922,974
Connecticut 23 1,754,500 8 713,027 18 1,275,484 49 3,743,011
Delaware — — 1 76,633 7 510,185 8 586,818
Florida 256 19,852,079 41 3,251,030 244 18,967,153 541 42,070,262
Georgia 122 9,336,929 16 1,335,841 76 5,853,337 214 16,526,107
Hawaii 16 1,056,269 — — 4 275,635 20 1,331,904
Idaho 2 131,504 — — 6 756,807 8 888,311
Illinois 107 7,805,382 9 716,847 61 4,949,921 177 13,472,150
Indiana 94 4,176,352 1 57,617 32 2,432,004 127 6,665,973
Iowa — — — — 1 86,776 1 86,776
Kansas 1 50,314 2 108,646 3 237,438 6 396,398
Kentucky 14 1,043,630 1 51,641 15 1,133,351 30 2,228,622
Louisiana 10 772,238 1 88,870 16 1,187,585 27 2,048,693
Maine 5 352,502 — — 12 798,821 17 1,151,323
Maryland 45 3,615,574 8 628,767 60 4,655,069 113 8,899,410
Massachusetts 67 4,230,026 16 986,651 47 2,845,690 130 8,062,367
Michigan 11 845,112 4 309,067 16 1,269,854 31 2,424,033
Minnesota 7 586,932 8 645,914 13 952,911 28 2,185,757
Mississippi 5 416,094 — — 7 601,063 12 1,017,157
Missouri 29 2,394,483 7 507,418 25 1,981,093 61 4,882,994
Nebraska — — — — 5 445,395 5 445,395
Nevada 41 3,513,977 10 918,405 22 1,914,451 73 6,346,833
New Hampshire 17 1,286,450 — — 15 732,248 32 2,018,698
New Jersey 92 7,362,821 29 2,304,425 91 7,184,275 212 16,851,521
New Mexico 12 761,089 10 681,163 17 1,235,726 39 2,677,978
New York 83 6,031,527 22 1,844,251 104 7,292,950 209 15,168,728
North Carolina 55 4,058,524 5 396,381 65 5,101,376 125 9,556,281
Ohio 49 3,414,836 5 327,163 26 2,157,831 80 5,899,830
Oklahoma 4 269,633 — — 43 3,037,910 47 3,307,543
Oregon 8 546,755 3 243,310 5 365,766 16 1,155,831
Pennsylvania 33 2,561,048 10 787,591 69 5,246,784 112 8,595,423
Rhode Island 6 348,717 1 95,174 6 484,980 13 928,871
South Carolina 47 3,436,222 1 94,752 48 4,064,674 96 7,595,648
Tennessee 33 2,657,798 16 1,090,741 33 2,305,241 82 6,053,780
Texas 267 21,600,208 66 5,094,325 216 17,583,808 549 44,278,341
Utah 23 1,590,350 3 193,889 46 3,732,276 72 5,516,515
Virginia 74 6,079,129 9 699,285 40 2,795,998 123 9,574,412
Washington 16 1,281,595 1 77,540 20 1,573,656 37 2,932,791
Washington, DC 1 100,373 1 104,148 6 534,512 8 739,033
Wisconsin 2 186,945 9 860,731 20 1,773,799 31 2,821,475
Totals 2,018 152,968,072 407 31,691,966 1,856 145,733,769 4,281 330,393,807
(1) Includes 11 stores in consolidated joint ventures.
20