Item 2. Properties
Item 2. Properties
As of December 31, 2022, we owned or had ownership interests in 1,451 operating stores. Of these stores, 1,132 are wholly-owned, one is in a consolidated joint venture, and 318 are in unconsolidated joint ventures. In addition, we managed 887 stores for third parties bringing the total number of stores which we own and/or manage to 2,338. 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, 2022, approximately 1,335,000 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, 2022, the average length of stay was approximately 16.4 months.
The average annual rent per square foot for our existing customers at stabilized stores, net of discounts and bad debt, was $21.09 for the year ended December 31, 2022, compared to $17.68 for the year ended December 31, 2021. Average annual rent per square foot for new leases was $18.55 for the year ended December 31, 2022, compared to $19.30 for the year ended December 31, 2021. The average discounts, as a percentage of rental revenues, during these periods were 2.9% and 3.3%, 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, 2022
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 9 677,643 2 150,808 4 276,695 15 1,105,146
Arizona 25 1,781,391 10 767,735 21 1,813,435 56 4,362,561
California 177 13,617,759 49 3,589,268 101 9,245,648 327 26,452,675
Colorado 17 1,148,067 9 664,076 26 1,889,128 52 3,701,271
Connecticut 7 538,856 7 575,724 8 512,463 22 1,627,043
Delaware — — 2 143,330 2 149,951 4 293,281
Florida 112 8,666,633 44 3,648,367 111 8,681,681 267 20,996,681
Georgia 67 5,188,222 15 1,215,893 23 1,758,268 105 8,162,383
Hawaii 14 942,888 — — 3 159,393 17 1,102,281
Idaho 2 131,569 — — 1 78,180 3 209,749
Illinois 60 3,692,816 10 740,744 30 2,104,187 100 6,537,747
Indiana 91 3,941,553 1 57,866 20 1,463,018 112 5,462,437
Kansas 1 50,059 2 108,920 3 228,935 6 387,914
Kentucky 13 958,359 1 51,771 9 782,473 23 1,792,603
Louisiana 5 386,984 — — 11 808,823 16 1,195,807
Maine — — — — 8 572,791 8 572,791
Maryland 35 2,951,121 11 898,882 39 2,758,372 85 6,608,375
Massachusetts 47 3,006,416 9 613,696 30 1,919,036 86 5,539,148
Michigan 8 667,567 4 309,126 9 646,509 21 1,623,202
Minnesota 7 584,395 4 304,882 16 1,171,513 27 2,060,790
Mississippi 3 234,245 — — — — 3 234,245
Missouri 6 431,381 2 119,650 13 985,543 21 1,536,574
Nebraska — — — — 3 277,866 3 277,866
Nevada 14 1,039,354 4 474,116 8 764,572 26 2,278,042
New Hampshire 2 134,764 2 84,165 5 332,146 9 551,075
New Jersey 64 5,113,817 17 1,228,570 38 2,891,480 119 9,233,867
New Mexico 11 698,987 10 683,085 12 899,202 33 2,281,274
New York 28 2,046,133 18 1,511,452 36 2,214,518 82 5,772,103
North Carolina 23 1,727,329 5 401,432 21 1,638,229 49 3,766,990
Ohio 24 1,463,573 5 325,138 8 645,184 37 2,433,895
Oklahoma 1 61,983 — — 19 1,502,667 20 1,564,650
Oregon 8 549,012 1 65,165 10 737,843 19 1,352,020
Pennsylvania 21 1,547,076 9 678,998 34 2,497,016 64 4,723,090
Rhode Island 2 134,752 — — 3 241,095 5 375,847
South Carolina 23 1,713,004 11 708,571 27 2,272,571 61 4,694,146
Tennessee 22 1,855,296 13 880,621 12 898,630 47 3,634,547
Texas 111 9,108,367 27 2,124,488 85 7,491,410 223 18,724,265
Utah 10 697,387 — — 24 1,950,333 34 2,647,720
Virginia 53 4,267,954 9 703,835 26 1,735,604 88 6,707,393
Washington 9 684,906 — — 13 1,060,316 22 1,745,222
Washington, DC 1 99,939 1 103,553 4 310,872 6 514,364
Wisconsin — — 4 370,993 11 856,701 15 1,227,694
Totals 1,133 82,541,557 318 24,304,920 887 69,224,297 2,338 176,070,774
(1) REIT owned property count includes one store owned in a consolidated joint venture.
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