Item 2. Properties
Item 2. Properties
As of December 31, 2024, we owned or had ownership interests in 2,436 operating stores. Of these stores, 1,967 are wholly-owned, nine are in consolidated joint ventures, and 460 are in unconsolidated joint ventures. In addition, we managed 1,575 stores for third parties, bringing the total number of stores which we own and/or manage to 4,011. 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, 2024, approximately 2,300,000 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-stores as of December 31, 2024, the average length of stay for tenants who had vacated was approximately 17.5 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, 2024
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 38 2,987,221 2 150,969 16 1,084,695 56 4,222,895
Arizona 49 3,771,769 25 2,027,537 55 4,529,430 129 10,328,736
California 219 17,983,242 50 3,712,358 138 12,960,557 407 34,656,157
Colorado 27 1,890,657 13 937,299 34 2,526,528 74 5,354,484
Connecticut 23 1,756,585 8 713,802 17 1,204,561 48 3,674,948
Delaware — — 2 143,640 4 307,406 6 451,046
Florida 256 19,360,722 53 4,438,210 205 16,056,994 514 39,855,926
Georgia 120 9,222,783 24 2,000,134 62 4,839,995 206 16,062,912
Hawaii 14 940,588 — — 4 266,115 18 1,206,703
Idaho 2 131,834 — — 4 361,562 6 493,396
Illinois 104 7,413,941 12 938,687 60 4,776,772 176 13,129,400
Indiana 92 4,042,289 1 57,520 27 2,053,840 120 6,153,649
Iowa — — — — 1 86,899 1 86,899
Kansas 1 50,214 2 108,721 3 237,095 6 396,030
Kentucky 15 1,093,826 1 51,641 15 1,190,501 31 2,335,968
Louisiana 10 771,278 — — 17 1,254,605 27 2,025,883
Maine 5 354,587 — — 11 720,771 16 1,075,358
Maryland 44 3,509,382 11 898,791 54 4,007,263 109 8,415,436
Massachusetts 65 4,141,967 16 985,007 42 2,623,578 123 7,750,552
Michigan 11 849,219 4 309,047 12 980,912 27 2,139,178
Minnesota 7 587,957 8 646,123 12 842,308 27 2,076,388
Mississippi 7 561,979 — — 6 531,198 13 1,093,177
Missouri 29 2,392,972 7 507,934 25 1,922,055 61 4,822,961
Nebraska — — — — 5 445,475 5 445,475
Nevada 33 2,941,784 9 836,425 17 1,635,004 59 5,413,213
New Hampshire 17 1,283,090 2 84,165 13 647,645 32 2,014,900
New Jersey 90 7,120,589 33 2,624,984 73 5,572,247 196 15,317,820
New Mexico 12 760,554 10 681,178 15 1,083,026 37 2,524,758
New York 80 5,741,538 28 2,317,882 97 6,909,859 205 14,969,279
North Carolina 54 3,915,513 6 476,894 42 3,404,025 102 7,796,432
Ohio 50 3,434,502 5 327,067 21 1,690,019 76 5,451,588
Oklahoma 4 269,753 — — 35 2,477,175 39 2,746,928
Oregon 8 549,877 2 166,658 7 479,867 17 1,196,402
Pennsylvania 31 2,400,533 12 940,991 60 4,450,801 103 7,792,325
Rhode Island 6 350,492 1 95,844 7 535,208 14 981,544
South Carolina 46 3,381,830 5 308,968 39 3,328,941 90 7,019,739
Tennessee 31 2,513,825 16 1,092,321 30 2,075,933 77 5,682,079
Texas 274 22,071,842 71 5,498,389 166 13,740,460 511 41,310,691
Utah 10 733,548 — — 46 3,726,944 56 4,460,492
Virginia 73 5,948,330 10 758,592 39 2,745,603 122 9,452,525
Washington 16 1,281,053 1 77,435 17 1,376,362 34 2,734,850
Washington, DC 1 100,203 1 104,206 6 534,367 8 738,776
Wisconsin 2 175,990 9 881,703 16 1,447,954 27 2,505,647
Totals 1,976 148,789,858 460 35,901,122 1,575 123,672,555 4,011 308,363,545
(1) Includes nine consolidated joint ventures and excludes approximately 18,500 units related to Bargold Storage Systems, LLC (“Bargold”). See Note 5 in the notes to the consolidated financial statements.
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