


	Nine Months Ended September 30, 2026
	(Amounts in thousands)
Operating facilities, at cost:
Beginning balance	$	30,078,257
Capital expenditures to maintain real estate facilities	123,124
Capital expenditures for property enhancements	37,171
Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting)	49,453
Acquisitions	6,754,578
Transfers, dispositions, and retirements, net	(1,170)
Developed or expanded facilities opened for operation	84,090
Ending balance	37,125,503
Accumulated depreciation:
Beginning balance	(11,468,054)
Depreciation expense	(853,955)
Transfers, dispositions and retirements	254
Ending balance	(12,321,755)
Construction in process:
Beginning balance	194,355
Costs incurred to develop and expand real estate facilities	202,086
Acquisitions	8,217
Transfer from Other Assets	5,846
Write-off of cancelled projects	(4,124)
Developed or expanded facilities opened for operation	(84,090)
Ending balance	322,290
Total real estate facilities, net at September 30, 2026	$	25,126,038

During the nine months ended September 30, 2026, excluding the acquisitions of NSA and PS Canada, we acquired 48 self-storage facilities (3.4 million net rentable square feet of storage space), for a total cost of $501.7 million in cash which were accounted for as asset acquisitions. Approximately $28.9 million of the total cost was allocated to intangible assets. During the nine months ended September 30, 2026, the Company recognized a gain of $26.5 million related to the disposal of one property due to an eminent domain ruling recorded to Gain on sale of real estate in the Consolidated Statements of Income. During the nine months ended September 30, 2026, we completed development and redevelopment activities costing $84.1 million, adding 0.5 million net rentable square feet of self-storage space. Construction in process at September 30, 2026 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.