ADDED
As of February 20, 2026, 77,112,475 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 50 9A.
economy generally or in specific geographic regions, states, territories or municipalities; the impact of a shutdown of the U.S.
federal income tax purposes ("REIT"); availability of qualified personnel; the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected; risks related to or a consequence of natural disasters or acts of violence, major public health events, active shooters, terrorism, insurrection or war that affect the markets in which we operate; estimates relating to our ability to make distributions to our shareholders in the future; and our understanding of our competition.
As of December 31, 2025, we held ownership interests in and operated a geographically diversified portfolio of 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet, configured in approximately 548,000 storage units, excluding three properties classified as held for sale that were sold to a third party in January 2026.
Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure, which occurred on July 1, 2024, was always a part of our long term vision.
As of December 31, 2025, our property management platform managed and controlled substantially all of our 801 consolidated properties and 262 of our unconsolidated real estate venture properties.
As of December 31, 2025, we owned a geographically diversified portfolio of 801 self storage properties located in 33 states and Puerto Rico, comprising approximately 51.1 million rentable square feet, configured in approximately 403,000 storage units, excluding three properties classified as held for sale that were sold to a third party in January 2026.
During the year ended December 31, 2025, we sold to unaffiliated third parties 15 self storage properties consisting of approximately 1.0 million rentable square feet configured in approximately 7,000 storage units for approximately $96.9 million.
REMOVED
As of February 24, 2025, 76,402,059 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 49 9A.
As of December 31, 2024, we held ownership interests in and operated a geographically diversified portfolio of 1,074 self storage properties located in 42 states and Puerto Rico, comprising approximately 70.2 million rentable square feet, configured in approximately 552,000 storage units.
Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure has always been a part of our long term vision.
Our former structure offered our former PROs a unique opportunity to serve as regional property managers for their managed portfolios and directly participate in the potential upside of those properties while simultaneously diversifying their investment to include a broader portfolio of self storage properties.
Over time, largely through our unconsolidated real estate ventures, retirement of PROs and the internalization of our PRO structure, effective July 1, 2024 (the "Closing Date"), we have developed a full service internally-staffed property management platform.
As a result of the internalization of the PRO structure, we purchased each of the PROs' asset management and property management contracts (collectively, the "management contracts"), certain of the PROs' intellectual property and brands ("PRO IP"), and certain rights with respect to the PROs' tenant insurance programs (together with the management contracts and PRO IP, the "PROs' intangible assets").
We have transitioned the majority of operations in a phased approach, which is expected to continue over the 12 month period following the Closing Date, and we have executed new asset management and property management agreements with a number of our former PROs for all or a part of this transitionary period at newly negotiated management fees.
In connection with the internalization of the PRO structure, on the Closing Date, all 11,906,167 outstanding subordinated performance units and DownREIT subordinated performance units were converted into an aggregate of 17,984,787 OP units and DownREIT OP units.