Business Description

partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. The Operating Partnership was formed in July 2004 as a Delaware limited partnership and has been engaged in virtually all aspects of the self-storage business, including the ownership, operation, development, management, and acquisition of self-storage properties. ​ As of December 31, 2025, we owned (or partially owned and consolidated) 662 self-storage properties located in 25 states and in the District of Columbia containing an aggregate of approximately 48.4 million rentable square feet. As of December 31, 2025, approximately 88.1% of the rentable square footage at our owned stores was leased to approximately 399,000 customers, and no single customer represented a significant concentration of our revenues. As of December 31, 2025, we owned stores in the District of Columbia and the following 25 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah and Virginia. In addition, as of December 31, 2025, we managed 862 stores for third parties (including 49 stores containing an aggregate of approximately 3.3 million rentable square feet as part of five separate unconsolidated real estate ventures) bringing the total 6 Table of Contents number of stores we owned and/or managed to 1,524. As of December 31, 2025, we managed stores for third parties in the following 39 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin. ​ Our self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. Our customers rent storage units for their exclusive use, typically on a month-to-month basis. We offer climate-controlled units at 560, or approximately 84.6%, of our owned stores, and some of our stores offer outside storage areas for vehicles and boats. All of our stores have a storage associate on-site or virtually to assist our customers, and many of our owned stores have a manager who resides in an apartment at the store. Our customers can access their storage units during business hours, and some of our stores provide customers with 24-hour access through computer-controlled access systems. Our goal is to provide customers with the highest standard of physical attributes and service in the industry. ​ Acquisition and Disposition Activity ​ As of December 31, 2025 and 2024, we owned (or partially owned and consolidated) 662 and 631 stores, respectively, that contained an aggregate of 48.4 million and 45.8 million rentable square feet with occupancy levels of 88.1% and 88.8%, respectively. Additional information about our stores is included in Item 2 of this Report.…