v3.26.3
Investments in Unconsolidated Real Estate Entities
9 Months Ended
Sep. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Entities
5. Investments in Unconsolidated Real Estate Entities
The following is a summary of our investments in unconsolidated real estate entities for the periods indicated below (amounts in thousands):
Ownership %
Number of Properties
Net Rentable Square Feet
Carrying Amount of Investment (a)
Investment Name
At September 30, 2026At September 30, 2026At December 31, 2025
Shurgard
35 %33818.9$349,068 $388,586 
Legacy NSA JVs (b)25 %26218.2364,400 — 
PS-NSA JV20 %31319.7169,930 — 
Total investment in unconsolidated entities
$883,398 $388,586 
(a) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $151.5 million as of September 30, 2026.
(b) Represents our interests in four joint ventures acquired in connection with our acquisition of NSA.