Item 2. Properties

As of December 31, 2025, we owned or had ownership interests in 2,425 operating stores. Of these stores, 2,007 are wholly-owned, 11 are in consolidated joint ventures, and 407 are in unconsolidated joint ventures. In addition, we managed 1,856 stores for third parties, bringing the total number of stores which we own and/or manage to 4,281. These stores are located in 43 states and Washington, D.C. The clustering of assets around 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, 2025, approximately 2,445,000 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-store properties as of December 31, 2025, the average length of stay for tenants who had vacated was approximately 17.0 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:

(1) Includes 11 stores in consolidated joint ventures.