Item 2. Properties
Item 2. Properties
As of December 31, 2021, we owned or had ownership interests in 1,268 operating stores. Of these stores, 981 are wholly-owned, four are in a consolidated joint venture, and 283 are in unconsolidated joint ventures. In addition, we managed 828 stores for third parties bringing the total number of stores which we own and/or manage to 2,096. These stores are located in 41 states, and Washington, D.C. The majority of our stores are clustered around large population centers. The clustering of assets around these 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, 2021, approximately 1,250,000 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 stores that were stabilized as of December 31, 2021, the average length of stay was approximately 14.7 months.
The average annual rent per square foot for our existing customers at stabilized stores, net of discounts and bad debt, was $18.03 for the year ended December 31, 2021, compared to $16.21 for the year ended December 31, 2020. Average annual rent per square foot for new leases was $19.53 for the year ended December 31, 2021, compared to $14.64 for the year ended December 31, 2020. The average discounts, as a percentage of rental revenues, during these periods were 3.2% and 3.2%, respectively.
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. We have a number of multi-floor buildings with elevator access only, and a number of facilities featuring ground-floor access only.
The following table presents additional information regarding net rentable square feet and the number of stores by state:
As of December 31, 2021
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 8 591,634 1 75,711 7 500,522 16 1,167,867
Arizona 23 1,624,442 9 673,854 20 1,693,975 52 3,992,271
California 173 12,470,619 49 3,585,534 77 7,399,311 299 23,455,464
Colorado 17 1,151,511 3 270,604 25 1,785,787 45 3,207,902
Connecticut 6 469,426 7 575,824 8 552,007 21 1,597,257
Delaware — — 1 76,645 2 138,474 3 215,119
Florida 105 8,011,723 37 3,057,327 115 9,087,058 257 20,156,108
Georgia 71 5,483,850 8 648,012 22 1,753,910 101 7,885,772
Hawaii 13 863,635 — — 3 159,388 16 1,023,023
Idaho — — — — 2 131,564 2 131,564
Illinois 37 2,821,824 10 741,698 31 2,165,181 78 5,728,703
Indiana 14 927,531 1 58,216 17 1,158,507 32 2,144,254
Kansas 1 50,209 2 108,920 6 466,496 9 625,625
Kentucky 10 829,290 1 51,178 8 704,881 19 1,585,349
Louisiana 4 312,159 — — 9 680,815 13 992,974
Maine — — — — 8 575,386 8 575,386
Maryland 34 2,848,279 7 552,868 39 2,783,152 80 6,184,299
Massachusetts 46 2,970,320 10 640,714 25 1,556,339 81 5,167,373
Michigan 8 565,449 4 302,676 5 420,218 17 1,288,343
Minnesota 7 585,125 4 305,406 15 1,130,794 26 2,021,325
Mississippi 3 231,542 — — — — 3 231,542
Missouri 4 260,700 2 119,275 13 912,707 19 1,292,682
Nebraska — — — — 3 278,061 3 278,061
Nevada 14 1,038,777 4 473,751 7 744,039 25 2,256,567
New Hampshire 2 135,840 2 84,165 5 358,872 9 578,877
New Jersey 62 4,937,280 16 1,143,657 33 2,554,345 111 8,635,282
New Mexico 10 647,403 10 677,034 12 904,852 32 2,229,289
New York 28 2,042,566 18 1,503,833 30 1,898,832 76 5,445,231
North Carolina 23 1,732,374 5 401,772 17 1,298,584 45 3,432,730
Ohio 16 1,240,197 5 325,163 6 551,345 27 2,116,705
Oklahoma — — — — 18 1,458,951 18 1,458,951
Oregon 8 552,096 1 65,245 9 661,486 18 1,278,827
Pennsylvania 21 1,538,581 9 678,909 33 2,393,416 63 4,610,906
Rhode Island 2 134,902 — — 5 422,148 7 557,050
South Carolina 23 1,713,388 11 710,450 25 2,116,885 59 4,540,723
Tennessee 21 1,776,159 12 810,966 9 642,969 42 3,230,094
Texas 101 8,267,256 23 1,844,974 76 6,608,519 200 16,720,749
Utah 10 696,966 — — 25 1,964,335 35 2,661,301
Virginia 50 4,033,833 10 767,328 31 2,221,694 91 7,022,855
Washington 9 683,813 — — 14 1,149,570 23 1,833,383
Washington, DC 1 100,039 1 103,732 6 530,224 8 733,995
Wisconsin — — — — 7 592,546 7 592,546
Totals 985 74,340,738 283 21,435,441 828 65,108,145 2,096 160,884,324
(1) REIT owned property count includes four stores owned in a consolidated joint venture.
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