Item 2. Properties
Item 2. Properties
As of December 31, 2023, we owned or had ownership interests in 2,377 operating stores. Of these stores, 1,903 are wholly-owned, two are in consolidated joint ventures, and 472 are in unconsolidated joint ventures. In addition, we managed 1,337 stores for third parties bringing the total number of stores which we own and/or manage to 3,714. These stores are located in 42 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, 2023, approximately 2,100,000 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, 2023, the average length of stay was approximately 17.4 months.
The average annual rent per square foot for our existing customers at stabilized stores, net of discounts and bad debt, was $21.25 for the year ended December 31, 2023, compared to $20.50 for the year ended December 31, 2022. Average annual rent per square foot for new leases was $16.19 for the year ended December 31, 2023, compared to $18.32 for the year ended December 31, 2022. The average discounts, as a percentage of rental revenues, during these periods were 2.5% and 3.0%, 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, 2023
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 37 2,913,201 2 150,859 12 757,497 51 3,821,557
Arizona 46 3,431,613 26 2,091,172 43 3,513,713 115 9,036,498
California 218 17,876,246 50 3,715,231 126 11,806,094 394 33,397,571
Colorado 27 1,890,949 13 937,765 32 2,338,587 72 5,167,301
Connecticut 23 1,754,071 8 714,457 14 948,070 45 3,416,598
Delaware — — 2 143,640 3 228,651 5 372,291
Florida 245 18,448,238 56 4,653,439 164 12,618,124 465 35,719,801
Georgia 119 9,050,883 23 1,892,103 49 3,686,856 191 14,629,842
Hawaii 14 942,069 — — 3 159,569 17 1,101,638
Idaho 2 131,569 — — 2 201,847 4 333,416
Illinois 105 7,534,278 12 940,032 44 3,311,178 161 11,785,488
Indiana 91 3,935,511 1 57,777 25 1,790,294 117 5,783,582
Iowa — — — — 2 175,614 2 175,614
Kansas 1 50,219 2 108,921 5 416,764 8 575,904
Kentucky 15 1,065,563 1 51,800 15 1,179,886 31 2,297,249
Louisiana 10 771,538 — — 25 1,777,779 35 2,549,317
Maine 5 353,767 — — 12 750,918 17 1,104,685
Maryland 44 3,473,618 11 899,878 47 3,381,481 102 7,754,977
Massachusetts 64 4,059,829 16 984,594 36 2,388,706 116 7,433,129
Michigan 8 673,399 4 309,052 15 1,186,708 27 2,169,159
Minnesota 8 709,829 8 646,659 14 1,009,746 30 2,366,234
Mississippi 7 560,879 — — 10 736,463 17 1,297,342
Missouri 28 2,240,243 7 509,322 20 1,583,234 55 4,332,799
Nebraska — — — — 4 371,900 4 371,900
Nevada 33 2,907,229 9 840,819 11 1,059,569 53 4,807,617
New Hampshire 17 1,274,725 2 84,165 20 871,125 39 2,230,015
New Jersey 88 7,033,287 33 2,610,319 55 4,290,839 176 13,934,445
New Mexico 11 714,415 10 681,770 15 1,084,218 36 2,480,403
New York 79 5,693,262 28 2,316,671 84 5,883,153 191 13,893,086
North Carolina 52 3,732,706 8 620,612 37 2,666,196 97 7,019,514
Ohio 50 3,357,288 5 325,617 22 1,661,267 77 5,344,172
Oklahoma 4 268,833 — — 20 1,493,518 24 1,762,351
Oregon 8 550,155 2 166,638 7 467,124 17 1,183,917
Pennsylvania 31 2,359,752 12 966,346 51 3,741,143 94 7,067,241
Rhode Island 6 351,451 1 95,844 6 473,601 13 920,896
South Carolina 40 2,977,927 11 708,382 39 3,198,894 90 6,885,203
Tennessee 29 2,410,329 16 1,091,936 24 1,719,250 69 5,221,515
Texas 241 19,927,466 71 5,456,117 122 10,409,683 434 35,793,266
Utah 10 733,895 — — 31 2,512,983 41 3,246,878
Virginia 73 5,956,916 10 759,116 34 2,367,593 117 9,083,625
Washington 14 1,090,894 2 199,770 16 1,262,293 32 2,552,957
Washington, DC 1 100,203 1 104,189 6 538,309 8 742,701
Wisconsin 1 97,938 9 883,232 15 1,245,006 25 2,226,176
Totals 1,905 143,406,183 472 36,718,244 1,337 103,265,443 3,714 283,389,870
(1) Includes two consolidated joint ventures and excludes approximately 17,900 units related to Bargold Storage Systems, LLC ("Bargold"). See Note 5 in the Notes to the Condensed Consolidated Financial Statements.
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