WASHINGTON,Washington, DC 20549
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, |
OR
OR | ||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
| ||
20-1024732 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
6745 Engle Road Suite 300 Cleveland, Ohio | ||
(Address of Principal Executive Offices) | 44130-7993 ( |
Title of each class | Name of each exchange on which registered | |
Common Shares, $0.01 par value per share | New York Stock Exchange |
NOo registrant was $548,074,482. 57,010,162.Registrantregistrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.YES þNO o¨Registrant’sregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of thisForm 10-K or any amendment to thisForm 10-K.þoRegistrantregistrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” inRule 12b-2 of the Exchange Act.Act Rule 12b-2)Act).YESo¨NO þ2004,2005, the last business day of the Registrant’sregistrant’s most recently completed second quarter, there was nothe aggregate market value of common shares held by non-affiliates of the Registrant. The Registrant completed its initial public offering on October 27, 2004.March 21, 2005,February 15, 2006, the number of common shares of the Registrantregistrant outstanding was 37,345,162.20052006 Annual Meeting of Shareholders of the Registrant to be filed subsequently with the SEC are incorporated by reference into Part III of this report.
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• | national and local economic, business, real estate and other market conditions; | |
• | the competitive environment in which we operate; | |
• | the execution of our business plan; | |
• | financing risks; | |
• | increases in interest rates and operating costs; | |
• | our ability to maintain our status as a real estate investment trust (“REIT”) for federal income tax purposes; | |
• | acquisition and development risks; | |
• | changes in real estate and zoning laws or regulations; | |
• | risks related to natural disasters; | |
• | potential environmental and other liabilities; | |
• | other factors affecting the real estate industry generally or the self-storage industry in particular; and | |
• | other risks identified in this Annual Report onForm 10-K and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate. |
We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
otherwise except as may be required in securities laws.
ITEM 1. | BUSINESS |
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Our goal is to provide customers with the highest standard of facilities and service in the industry. To that end, approximately 53% of our facilities include climate controlled units, compared to the national average of 24% as cited by the 2006 Self-Storage Almanac.
Revolving Credit Facility.On October 27, 2004, concurrently with the closing of our IPO, we and our operating partnership entered into a three-year, $150.0 million secured revolving credit facility with Lehman Brothers Inc. and Wachovia Capital Markets, LLC, as joint advisors, joint lead arrangers and joint bookrunners.
The facility is scheduled to mature on October 27, 2007, with the option for us to extend the maturity date to October 27, 2008. Borrowings under the facility bear interest at a variable rate based upon a base rate or a Eurodollar rate plus, in each case, a spread depending on our leverage ratio. The credit facility is secured by certain of our self-storage facilities and requires that we maintain a minimum “borrowing base” of properties. We intend to use this new credit facility principally to finance the future acquisition and development of self-storage facilities and for general working capital purposes.
Fixed Rate Mortgage Loans.Also on October 27, 2004, and concurrently with the closing of our IPO, three of our subsidiaries entered into three separate fixed rate mortgage loans with an aggregate principal amountoffering, of approximately $270.0 million ($90.0 million each). Affiliates of Lehman Brothers served as the lenders under these mortgage loans. The mortgage loans are secured by certain of our self-storage facilities, bear interest at 5.09%, 5.19%$378.7 million.
Post-IPO 2004 Acquisition Activities.
• |
Quarterly Distribution.On November 16, 2004, our board of trustees declared a pro-rated quarterly distribution of $0.2009 per common share for the period commencing upon completion of our IPO on October 27, 2004 and ending December 31, 2004. The distribution was paid on January 24, 2005 to common shareholders of record on January 10, 2005. This initial pro-rated distribution was based on a distribution of $0.28 per share for a full quarter.
Subsequent 2005 Events.
Consolidation of Vero Beach, |
• | Acquisition of Option Facility. |
facility) and $3.5 million |
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• | Acquisition of |
• | Acquisition of Ford Storage |
• | Acquisition ofA-1 |
• | Acquisition of Option Facilities. | ||
• | Acquisition of Liberty Self-Stor Portfolio. In April 2005, we acquired 18 self-storage facilities from Liberty Self-Stor Ltd., a subsidiary of Liberty Self-Stor, Inc., for consideration of approximately $34.0 million. These facilities total approximately 926,000 rentable square feet and are located in Ohio and New York. In June 2005, we sold one of these facilities, containing approximately 17,000 rentable square feet, for approximately $0.6 million. In addition, in November 2005 we sold three more of these facilities, containing approximately 184,000 rentable square feet, for approximately $5.6 million. | ||
• | Acquisition of Frisco I & II, TX and Ocoee, FL Facilities. In April 2005, we acquired three self-storage facilities from two parties for consideration of approximately $14.9 million. The final purchase price was | ||
• | Acquisition of Extra Closet Facilities. In May 2005, we acquired two facilities from Extra Closet for consideration of approximately $6.8 million. These facilities total approximately 99,000 rentable square feet and are located in Illinois. | ||
• | Acquisition of Tempe, AZ Facility. In July 2005, we acquired one self-storage facility, located in Tempe, Arizona, for consideration of approximately $2.9 million. This facility contains approximately 54,000 rentable square feet. | ||
• | Acquisition of Clifton, NJ Facility. In July 2005, we acquired one self-storage facility, located in Clifton, New Jersey, for consideration of approximately $16.8 million. This facility contains approximately 106,000 rentable square feet. | ||
• | Acquisition of National Self Storage Portfolio. In July 2005, we completed the acquisition of 71 self-storage facilities from various partnerships and other entities affiliated with National Self Storage and the Schomac Group, Inc. (“National Self Storage”) for an aggregate consideration of approximately $212.0 million. The final purchase price was adjusted to $214.5 million |
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rentable square |
• | Acquisition of Elizabeth, NJ and Hoboken, NJ Facilities. In August 2005, we acquired two self-storage facilities, one located in Elizabeth, New Jersey and one in Hoboken, New Jersey, for consideration of approximately $8.2 million. These facilities total approximately 75,000 rentable square feet. | |
• | ||
• | Acquisition of Miami, FL Facilities. In September 2005, we acquired two self-storage facilities located in Miami, Florida for consideration of approximately $17.8 million. These facilities total approximately 152,000 rentable square feet. We now operate these two facilities as one facility. | |
• | Acquisition of Pensacola, FL Facility. In September 2005, we acquired one self-storage facility located in Pensacola, Florida for consideration of approximately $7.9 million. This facility contains approximately 79,000 rentable square feet. | |
• | Acquisition of Texas Portfolio. In September 2005, we acquired four self-storage facilities located in Texas for consideration of approximately $15.6 million. These facilities total approximately 227,000 rentable square feet. The purchase price was adjusted during the fourth quarter of 2005 to $15.5 million, as a result of additional acquisition adjustments. In November 2005, we acquired an additional self-storage facility from this seller for approximately $5.5 million in cash. This facility contains approximately 76,000 rentable square feet and is located in San Antonio, Texas. We also have agreed to acquire from this seller an additional seven self-storage facilities, for additional consideration of approximately $40.7 million. As described below under “2006 Transactions — Acquisition Activities,” we acquired four of the seven facilities, for consideration of approximately $22.5 million, in March 2006, and we expect to acquire the remaining three facilities, for aggregate consideration of approximately $18.2 million, during the first half of 2006. | |
• | Acquisition of Dallas, TX Portfolio. In October 2005, we acquired six self-storage facilities located in Dallas, Texas for consideration of approximately $17.6 million, consisting of approximately $12.5 million in cash and the assumption of approximately $5.1 million of indebtedness. The final purchase price was adjusted during the fourth quarter of 2005 to $17.9 million primarily as a result of the fair market value adjustment of debt. The facilities total approximately 323,000 rentable square feet. We also have agreed to acquire from this seller an additional two self-storage facilities, for additional consideration of approximately $4.4 million and the assumption of $7.1 million of existing debt. As described below under “2006 Transactions — Acquisition Activities,” we acquired the two facilities, for consideration of approximately $11.5 million, in January 2006. | |
• | Acquisition of Jacksonville, FL Facility. In November 2005, we acquired one self-storage facility located in Jacksonville, Florida for consideration of approximately $7.2 million. This facility contains approximately 79,000 rentable square feet. | |
• | Acquisition of California Portfolio. In December 2005, we acquired six self-storage facilities located in California for consideration of approximately $57.0 million. The final purchase price was adjusted during the fourth quarter of 2005 to $57.2 million primarily as a result of the assumption of certain promissory notes. These facilities total approximately 448,000 rentable square feet. | |
• | Acquisition of Fredericksburg, VA Facilities. In December 2005, we acquired two self-storage facilities located in Fredericksburg, Virginia for consideration of approximately $13.3 million. The purchase price was adjusted during the fourth quarter of 2005 to $13.4 million as a result of additional acquisition adjustments. These facilities total approximately 131,000 rentable square feet. |
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• | Acquisition of Nashville, TN Portfolio. In December 2005, we acquired three self-storage facilities located in Nashville, Tennessee for consideration of approximately $14.7 million. These facilities total approximately 269,000 rentable square feet. We also agreed to acquire from this seller an additional two self-storage facilities, for additional consideration of approximately $13.1 million. As described below under “2006 Transactions — Acquisition Activities,” we acquired the two facilities, for consideration of approximately $13.1 million, in January 2006. |
• | Lehman Brothers Fixed Rate Mortgage Loan. In July 2005, one of our subsidiaries entered into | |
• | LaSalle Bank Fixed Rate Mortgage Loan. In August 2005, one of our subsidiaries entered into a fixed rate mortgage loan agreement with LaSalle Bank National Association in the principal amount of $80.0 million. The mortgage loan, which is secured by | |
• | AEGON USA Fixed Rate Mortgage Loan. In November 2005, one of our subsidiaries entered into a fixed rate mortgage loan with Transamerica Financial Life Insurance Company, a subsidiary of AEGON USA Realty Advisors, Inc., in the principal amount of $72.5 million. The mortgage loan, which is secured by 37 of our self-storage facilities, bears interest at 5.97% and matures in November 2015. We assumed the obligation to enter into this loan in connection with the National Self Storage acquisition. | |
• | Repayment of Balance under Revolving Credit Facility. We used a portion of the proceeds from our October 2005 public offering to pay down the outstanding balance under our $150.0 million secured revolving credit facility. The facility was scheduled to terminate on October 27, 2007, with the option for |
• | Acquisition of Nashville, TN Portfolio. In January 2006, we acquired two self-storage facilities located in Nashville, Tennessee for consideration of approximately | |
• | Acquisition of Dallas, TX Portfolio. In January 2006, we acquired two self-storage facilities located |
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Activities,” we initially acquired six of |
• | Acquisition of U-Stor Self Storage Portfolio. In February 2006, we acquired three self-storage facilities located in Colorado for consideration of approximately $10.9 million. These facilities total approximately 173,000 rentable square feet. We also have agreed to acquire from this seller an additional self-storage facility, for additional consideration of approximately $3.5 million including the assumption of $2.1 million of indebtedness, during the first half of 2006. | |
• | Acquisition of Sure Save Portfolio. In February 2006, we acquired 24 self-storage facilities from Crownridge Storage Portfolio, LLC and Williams Storage Portfolio III, LLC for consideration of approximately $164.5 million. These facilities total approximately 1.8 million rentable square feet and are located in Arizona, California, Nevada, New Mexico and Texas. | |
• | Acquisition of Texas Portfolio. In March 2006, we acquired four self-storage facilities located in Texas for consideration of approximately $22.5 million. These facilities total approximately 273,000 rentable square feet and are part of a portfolio of 12 self-storage facilities located in Texas that we agreed to acquire pursuant to an agreement entered into in July 2005. As described above under “2005 Transactions — Acquisition, Disposition and Consolidation Activities,” we initially acquired four of these facilities, for aggregate consideration of $15.6 million, in September 2005 and |
• | Term Loan Agreement. In February 2006, we and our operating partnership entered into a | |
• | Revolving Credit Facility. In February 2006, we and our operating partnership entered into a new three-year $250.0 million unsecured revolving credit facility with Wachovia Bank, National Association, replacing our existing $150.0 million secured revolving facility. The |
Proposed Acquisitions.As of March 23, 2005, we had entered into definitive agreements to acquire 89 self-storage facilities, as discussed below, for a total purchase price of approximately $272.3 million.
The proposed acquisitions are comprised of the following unrelated transactions:
We expect these acquisitions to close on or before June 30, 2005. The closings of the transactions are contingent upon the satisfaction of certain customary conditions. There are no assurances that the conditions will be met or that the transactions will be consummated.
Business Strategy
• | Maximize cash flow from our facilities — We seek to maximize cash flow from our facilities by: |
• | Increasing rents — Our operating strategy focuses on achieving the highest sustainable rent levels at each of our facilities. | |
• | Increasing occupancy levels — We focus on increasing occupancy levels at our newly developed, recently acquired or recently expanded facilities. |
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• | Controlling operating expenses — Our regional managers are focused on maximizing profitability at each of our facilities by controlling operating expenses. | |
• | Expanding and improving our facilities — Where we believe we can achieve attractive returns on investment, we expand facilities that have reached near full occupancy or upgrade our facilities by adding features such as climate-controlled units and enhanced security systems. |
• | Acquire facilities within our targeted markets — We believe the self-storage industry will continue to provide us with opportunities for growth through acquisitions due to the highly fragmented composition of the industry, the lack of sophistication among many operators, the economies of scale available to a large self-storage operator and the difficulties smaller operators face in obtaining capital. We intend to acquire facilities primarily in areas that we consider to be growth markets, such as Arizona, California, Colorado, Florida, Georgia, Illinois, Texas and the Northeastern United States. | |
• | Utilize our development expertise in selective new developments — We seek to use our development expertise and access to multiple financing sources to pursue new developments in areas where we have facilities and perceive there to be unmet demand. | |
• | Focus on expanding our commercial customer base — We seek to focus on expanding the base of commercial customers that use our facilities for their storage and distribution needs. Towards this end, we develop and acquire our facilities with features specifically designed to accommodate commercial customers. | |
• | Continue to grow ancillary revenues — We seek to enhance the cash flow from our facilities by increasing the sales of products and services, such as packing supplies and equipment rentals, that complement our customers’ use of our self-storage facilities. These revenues are included in the Company’s taxable REIT subsidiary. |
• | Targeted Markets — Our targeted markets include areas where we currently maintain management that can be extended to additional facilities, or where we believe that we can acquire a significant number of facilities efficiently and within a short period of time. We evaluate both the broader market and the immediate area, typically five miles around the facility, for their ability to support above-average demographic growth. We will seek to grow our presence primarily in areas that we consider to be growth markets, such as Arizona, California, Colorado, Florida, Georgia, Illinois, Texas and the Northeastern United States and to enter new markets should suitable opportunities arise. | |
• | Quality of Facility — We focus on self-storage facilities that have good visibility and are located near retail centers, which typically provide high traffic corridors and are generally located near residential communities and commercial customers. In addition, we seek to acquire facilities with anon-site apartment for the manager, security cameras and gated access, accessibility for tractor trailers and good construction. | |
• | Growth Potential — We target acquisitions that offer growth potential through increased operating efficiency and, in some cases, through additional leasing efforts, renovations or expansions. In addition to acquisitions of single facilities, we seek to invest in portfolio acquisitions, searching for situations where there is significant potential for increased operating efficiency and an ability to spread our fixed costs across a large base of facilities. |
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management team and our active history of actively acquiring self-storage facilities give us an advantage in identifying attractive potential acquisitions, as we are well-known within the self-storage brokerage community and are often approached directly by principals interested in selling their facilities. Furthermore, we believe that our ability to offer our operating partnership units as a form of acquisition consideration has helped us, and will continue to help us, pursue acquisitions from tax-sensitive private sellers through tax-deferred transactions.
2005 (See Note 2 to the Consolidated and Combined Financial Statements.)
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In order to assess the potential for cleanup liability, we obtained an environmental assessment of each of our facilities from a qualified and reputable environmental consulting firm (and intend
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• | risks related to our operations; | |
• | risks related to our organization and structure; and | |
• | tax risks. |
These risks are not the only ones that we may face. Additional risks not presently known to us or that we currently consider immaterial may also impair our business operations and hinder our ability to make expected distributions to our shareholders.
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• | changes in the national, regional and local economic climate; | |
• | hurricanes and other natural disasters that could damage our facilities, cause service interruptions and result in uninsured damages; | |
• | local or regional oversupply, increased competition or reduction in demand for self-storage space; | |
• | inability to collect rent from customers; | |
• | inability to finance facility acquisitions, capital improvements and development on favorable terms; | |
• | increased operating costs, including maintenance, insurance premiums and real estate taxes; | |
• | costs of complying with changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes; and | |
• | the relative illiquidity of real estate investments. |
In addition, prolonged periods of economic slowdown or recession, rising interest rates or declining demand for self-storage, or the public perception that any of these events may occur, could result in a general decline in rental revenues, which could impair our ability to satisfy our debt service obligations and to make distributions to our shareholders.
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Since
currently have acquired or entered into agreements to acquire an additional 8948 self-storage facilities. In addition, we expect to acquire additional self-storage facilities in the future. We cannot assure you that we will be able to adapt our management, administrative, accounting and operational systems or hire and retain sufficient operational staff to integrate these facilities into our portfolio and manage any future acquisition or development of additional facilities without operating disruptions or unanticipated costs. As we acquire or develop additional facilities, we will be subject to risks associated with managing new facilities, including customer retention and mortgage default. In addition, acquisitions or developments may cause disruptions in our operations and divert management’s attention away fromday-to-day operations. Furthermore, our profitability may suffer because of acquisition-related costs or amortization costs for acquired goodwill and other intangible assets. Our failure to successfully integrate any future facilities into our portfolio could have an adverse effect on our operating costs and our ability to make distributions to our shareholders.
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• | requiring us to use a substantial portion of our cash flow from operations to pay interest, which reduces the amount available for distributions; | |
• | making us more vulnerable to economic and industry downturns and reducing our flexibility in responding to changing business and economic conditions; and | |
• | limiting our ability to borrow more money for operating or capital needs or to finance acquisitions in the future. |
In addition to the risks discussed above and those normally associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest, we also are subject to the risk that we will not be able to refinance the existing indebtedness on our facilities (which, in most cases, will not have been fully amortized at maturity) and that the terms of any refinancing we could obtain would not be as favorable as the terms of our existing indebtedness. In particular, as of December 31, 2004,2005, we had $106.1$104.2 million of indebtedness outstanding pursuant to two multi-facility mortgage loans with anticipated repayment dates in 2006. If we are not successful in refinancing debt when it becomes due, we may be forced to dispose of facilities on disadvantageous terms, which might adversely affect our ability to service other debt and to meet our other obligations.
In the future, we
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given the relative risk of loss, the cost of the coverage and industry practice. We do not carry insurance for losses such as loss from riots, war or acts of God, and, in some cases, flooding, because such coverage is not available or is not available at commercially reasonable rates. Some of our policies, such as those covering losses due to terrorism, floods and earthquakes, are insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses. If we experience a loss at a facility that is uninsured or that exceeds policy limits, we could lose the capital invested in that facility as well as the anticipated future cash flows from that facility. Inflation, changes in building codes and ordinances, environmental considerations, and other factors also might make it impractical or undesirable to use insurance proceeds to replace a facility after it has been damaged or destroyed. In addition, if the damaged facilities are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these facilities were irreparably damaged.
In order
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of fines or the award of damages to private litigants affected by the noncompliance. Although we believe that our facilities comply in all material respects with these requirements (or would be eligible for applicable exemptions from material requirements because of adaptive assistance provided), a determination that one or more of our facilities is not in compliance with the ADA or similar state or local requirements would result in the incurrence of additional costs associated with bringing the facilities into compliance. If we are required to make substantial modifications to comply with the ADA or similar state or local requirements, we may be required to incur significant unanticipated expenditures.
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• | discourage a tender offer or other transactions or a change in management or control that might involve a premium price for our shares or otherwise be in the best interests of our shareholders; or | |
• | compel a shareholder who has acquired our shares in excess of these ownership limitations to dispose of the additional shares and, as a result, to forfeit the benefits of owning the additional shares. Any acquisition of our common shares in violation of these ownership restrictions will be voidab initioand will result in automatic transfers of our common shares to a charitable trust, which will be responsible for selling the common shares to permitted transferees and distributing at least a portion of the proceeds to the prohibited transferees. |
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• | “business combination moratorium/fair price” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested shareholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof) for five years after the most recent date on which the shareholder becomes an interested shareholder, and thereafter imposes stringent fair price and super-majority shareholder voting requirements on these combinations; and |
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• | “control share” provisions that provide that “control shares” of our company (defined as shares which, when aggregated with other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power in electing trustees) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares” from a party other than the issuer) have no voting rights except to the extent approved by our shareholders by the affirmative vote of at least two thirds of all the votes entitled to be cast on the matter, excluding all interested shares, and are subject to redemption in certain circumstances. |
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• | our operating performance and the performance of other similar companies; | |
• | actual or anticipated differences in our quarterly operating results; | |
• | changes in our revenues or earnings estimates or recommendations by securities analysts; | |
• | publication of research reports about us or our industry by securities analysts; | |
• | additions and departures of key personnel; | |
• | changes in market interest rates; | |
• | strategic decisions by us or our competitors, such as acquisitions, divestments, spin-offs, joint ventures, strategic investments or changes in business strategy; | |
• | the passage of legislation or other regulatory developments that adversely affect us or our industry; | |
• | speculation in the press or investment community; | |
• | actions by institutional shareholders or hedge funds; | |
• | changes in accounting principles; |
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• | terrorist acts; and | |
• | general market conditions, including factors unrelated to our performance. |
of our common shares. If our shareholders sell, or the market perceives that our shareholders intend to sell, substantial amounts of our common shares in the public market, the market price of our common shares could decline significantly. These sales also might make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem appropriate.
certain exceptions, limitations and conditions precedent.
capital gains). The fact that we hold substantially all of our assets through the operating partnership and its subsidiaries further complicates the application of the REIT
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If we fail to qualify as a REIT for federal income tax purposes and are able to avail ourselves of one or more of the statutory savings provisions in order to maintain our REIT status, we would nevertheless be required to pay penalty taxes of $50,000 or more for each such failure.
New legislation, enacted October 22, 2004, contained several provisions applicable to REITs, including provisions that could provide relief under specified circumstances in the event we violate a provision of the Internal Revenue Code that would result in our failure to qualify as a REIT. If these relief provisions, which generally would apply to us beginning January 1, 2005, are inapplicable to a particular set of circumstances, we would fail to qualify as a REIT. Even if those relief provisions apply, we would be subject to a penalty tax of at least $50,000 for each disqualifying event in most cases.
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
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ITEM 2. | PROPERTIES |
State | Number of Facilities | Number of Units | Total Rentable Square Feet | % of Total Rentable Square Feet | Occupancy(1) | |||||||
Florida | 47 | 29,478 | 3,217,366 | 24.8 | % | 86.1 | % | |||||
Illinois | 25 | 13,407 | 1,517,252 | 11.7 | % | 77.1 | % | |||||
California | 25 | 11,434 | 1,353,227 | 10.4 | % | 83.9 | % | |||||
Ohio | 19 | 8,908 | 1,121,327 | 8.6 | % | 84.0 | % | |||||
New Jersey | 11 | 7,247 | 760,149 | 5.9 | % | 84.3 | % | |||||
Indiana | 9 | 5,419 | 606,599 | 4.7 | % | 74.9 | % | |||||
North Carolina | 8 | 4,743 | 555,779 | 4.3 | % | 84.7 | % | |||||
Connecticut | 8 | 3,877 | 415,090 | 3.2 | % | 71.5 | % | |||||
Tennessee | 7 | 3,070 | 374,271 | 2.9 | % | 86.1 | % | |||||
Mississippi | 6 | 3,071 | 388,690 | 3.0 | % | 75.1 | % | |||||
Louisiana | 6 | 2,329 | 334,324 | 2.6 | % | 87.6 | % | |||||
Maryland | 4 | 3,299 | 418,638 | 3.2 | % | 83.5 | % | |||||
Georgia | 5 | 3,635 | 431,387 | 3.3 | % | 83.4 | % | |||||
Michigan | 4 | 1,787 | 272,911 | 2.1 | % | 78.0 | % | |||||
Arizona | 4 | 2,223 | 242,030 | 1.9 | % | 82.5 | % | |||||
Alabama | 3 | 1,655 | 234,631 | 1.8 | % | 71.1 | % | |||||
South Carolina | 3 | 1,281 | 214,113 | 1.6 | % | 80.8 | % | |||||
Pennsylvania | 2 | 1,585 | 177,411 | 1.4 | % | 88.5 | % | |||||
New York | 2 | 1,563 | 168,444 | 1.3 | % | 78.9 | % | |||||
Massachusetts | 2 | 1,134 | 115,541 | 0.9 | % | 72.9 | % | |||||
Wisconsin | 1 | 489 | 58,713 | 0.4 | % | 82.2 | % | |||||
Total | 201 | 111,634 | 12,977,893 | 100.0 | % | 82.2 | % |
Total | % of Total | |||||||||||||||||||
Number of | Number of | Rentable | Rentable | |||||||||||||||||
State | Facilities | Units | Square Feet | Square Feet | Occupancy (1) | |||||||||||||||
Florida | 52 | 34,506 | 3,759,740 | 18.0% | 87.9% | |||||||||||||||
California | 43 | 22,430 | 2,567,399 | 12.2% | 77.5% | |||||||||||||||
Ohio | 30 | 13,232 | 1,709,650 | 8.2% | 80.0% | |||||||||||||||
Texas | 28 | 12,610 | 1,593,438 | 7.7% | 76.2% | |||||||||||||||
Illinois | 27 | 14,157 | 1,616,430 | 7.8% | 76.4% | |||||||||||||||
Arizona | 21 | 10,086 | 1,079,820 | 5.2% | 87.1% | |||||||||||||||
Tennessee | 18 | 8,665 | 1,096,615 | 5.3% | 82.3% | |||||||||||||||
Connecticut | 17 | 7,373 | 873,860 | 4.2% | 75.7% | |||||||||||||||
New Jersey | 14 | 9,697 | 940,657 | 4.5% | 79.7% | |||||||||||||||
Colorado | 12 | 5,753 | 646,415 | 3.1% | 78.8% | |||||||||||||||
New Mexico | 10 | 3,788 | 407,459 | 2.0% | 90.4% | |||||||||||||||
Indiana | 9 | 5,419 | 606,599 | 2.9% | 72.4% | |||||||||||||||
North Carolina | 8 | 4,743 | 555,779 | 2.7% | 87.1% | |||||||||||||||
Louisiana | 6 | 2,329 | 334,324 | 1.6% | 97.1% | |||||||||||||||
Mississippi | 6 | 2,478 | 318,130 | 1.5% | 83.9% | |||||||||||||||
New York | 6 | 3,195 | 335,300 | 1.6% | 80.7% | |||||||||||||||
Georgia | 5 | 3,635 | 431,387 | 2.1% | 76.4% | |||||||||||||||
Maryland | 5 | 4,097 | 505,808 | 2.4% | 79.3% | |||||||||||||||
Utah | 5 | 2,376 | 244,948 | 1.2% | 84.5% | |||||||||||||||
Michigan | 4 | 1,787 | 272,911 | 1.3% | 80.1% | |||||||||||||||
Alabama | 3 | 1,655 | 234,631 | 1.1% | 82.7% | |||||||||||||||
South Carolina | 3 | 1,281 | 214,113 | 1.0% | 74.2% | |||||||||||||||
Massachusetts | 2 | 1,134 | 115,541 | 0.6% | 71.2% | |||||||||||||||
Pennsylvania | 2 | 1,585 | 177,411 | 0.9% | 83.8% | |||||||||||||||
Virginia | 2 | 1,091 | 131,368 | 0.6% | 71.6% | |||||||||||||||
Wisconsin | 1 | 489 | 58,713 | 0.3% | 70.9% | |||||||||||||||
Total/Weighted Average | 339 | 179,591 | 20,828,446 | 100.0% | 81.2% |
(1) | Represents total occupied square feet divided by total rentable square feet, as of December 31, |
25
Year | ||||||||||||||||||||||||||
Acquired/ | Year | Rentable | Manager | % Climate | ||||||||||||||||||||||
Facility Location | Developed(1) | Built | Square Feet | Occupancy(2) | Units | Apartment(3) | Controlled(4) | |||||||||||||||||||
Mobile I, AL † | 1997 | 1987 | 65,256 | 89.9% | 490 | N | 7.4% | |||||||||||||||||||
Mobile II, AL † | 1997 | 1974/90 | 126,050 | 75.8% | 794 | N | 1.3% | |||||||||||||||||||
Mobile III, AL | 1998 | 1988/94 | 43,325 | 92.1% | 371 | Y | 33.8% | |||||||||||||||||||
Chandler, AZ | 2005 | 1985 | 47,888 | 85.9% | 520 | Y | 0.0% | |||||||||||||||||||
Glendale, AZ | 1998 | 1987 | 56,580 | 87.7% | 575 | Y | 0.0% | |||||||||||||||||||
Green Valley, AZ | 2005 | 1985 | 25,400 | 83.0% | 280 | N | 8.0% | |||||||||||||||||||
Scottsdale, AZ | 1998 | 1995 | 81,300 | 88.4% | 608 | Y | 10.9% | |||||||||||||||||||
Tempe, AZ | 2005 | 1975 | 53,525 | 84.5% | 408 | Y | 14.0% | |||||||||||||||||||
Tucson I, AZ | 1998 | 1974 | 60,000 | 91.4% | 504 | Y | 0.0% | |||||||||||||||||||
Tucson II, AZ | 1998 | 1988 | 44,150 | 84.0% | 536 | Y | 100.0% | |||||||||||||||||||
Tucson III, AZ | 2005 | 1979 | 49,858 | 86.3% | 579 | N | 0.0% | |||||||||||||||||||
Tucson IV, AZ | 2005 | 1982 | 48,372 | 89.9% | 553 | Y | 0.0% | |||||||||||||||||||
Tucson IX, AZ | 2005 | 1984 | 68,866 | 89.1% | 662 | Y | 0.0% | |||||||||||||||||||
Tucson V, AZ | 2005 | 1982 | 45,428 | 85.2% | 467 | Y | 0.0% | |||||||||||||||||||
Tucson VI, AZ | 2005 | 1982 | 41,028 | 91.5% | 457 | Y | 0.0% | |||||||||||||||||||
Tucson VII, AZ | 2005 | 1982 | 52,838 | 92.4% | 640 | Y | 0.0% | |||||||||||||||||||
Tucson VIII, AZ | 2005 | 1979 | 46,850 | 85.7% | 525 | Y | 0.0% | |||||||||||||||||||
Tucson X, AZ | 2005 | 1981 | 46,550 | 84.1% | 496 | N | 0.0% | |||||||||||||||||||
Tucson XI, AZ | 2005 | 1974 | 43,100 | 88.9% | 471 | Y | 0.0% | |||||||||||||||||||
Tucson XII, AZ | 2005 | 1974 | 42,772 | 89.1% | 516 | N | 0.0% | |||||||||||||||||||
Tucson XIII, AZ | 2005 | 1974 | 46,192 | 89.4% | 591 | Y | 0.0% | |||||||||||||||||||
Tucson XIV, AZ | 2005 | 1976 | 49,595 | 87.2% | 590 | Y | 9.0% | |||||||||||||||||||
Tucson XV, AZ † | 2005 | 1985 | 66,510 | 87.3% | 62 | N | 0.0% | |||||||||||||||||||
Tucson XVI, AZ † | 2005 | 1984 | 63,018 | 77.5% | 46 | N | 0.0% | |||||||||||||||||||
Apple Valley I, CA | 1997 | 1984 | 73,580 | 74.3% | 620 | Y | 0.0% | |||||||||||||||||||
Apple Valley II, CA | 1997 | 1988 | 62,325 | 79.2% | 511 | Y | 5.3% | |||||||||||||||||||
Benicia, CA | 2005 | 1988/93/05 | 75,040 | 70.4% | 612 | Y | 0.0% | |||||||||||||||||||
Bloomington I, CA | 1997 | 1987 | 31,246 | 75.8% | 226 | N | 0.0% | |||||||||||||||||||
Bloomington II, CA † | 1997 | 1987 | 26,060 | 100.0% | 22 | N | 0.0% | |||||||||||||||||||
Citrus Heights, CA | 2005 | 1987 | 75,906 | 71.0% | 696 | Y | 0.0% | |||||||||||||||||||
Diamond Bar, CA | 2005 | 1988 | 105,685 | 84.1% | 919 | Y | 0.0% | |||||||||||||||||||
Fallbrook, CA | 1997 | 1985/88 | 46,534 | 86.8% | 430 | Y | 0.0% | |||||||||||||||||||
Hemet, CA | 1997 | 1989 | 66,260 | 94.5% | 454 | Y | 0.0% | |||||||||||||||||||
Highland, CA | 1997 | 1987 | 74,951 | 77.7% | 848 | Y | 0.0% | |||||||||||||||||||
Lancaster, CA | 2001 | 1987 | 60,875 | 78.2% | 416 | Y | 0.0% | |||||||||||||||||||
Murrieta, CA | 2005 | 1996 | 50,309 | 82.8% | 492 | Y | 0.0% | |||||||||||||||||||
North Highlands, CA | 2005 | 1980 | 57,219 | 76.6% | 497 | Y | 0.0% | |||||||||||||||||||
Ontario, CA | 1998 | 1982 | 80,280 | 71.1% | 840 | Y | 0.0% | |||||||||||||||||||
Orangevale, CA | 2005 | 1980 | 50,892 | 82.0% | 580 | Y | 0.0% | |||||||||||||||||||
Pleasanton, CA | 2005 | 2003 | 83,676 | 58.2% | 639 | Y | 0.0% | |||||||||||||||||||
Rancho Cordova, CA | 2005 | 1979 | 54,128 | 78.3% | 486 | Y | 0.0% |
Facility Location | Year Acquired/ Developed(1) | Year Built | Rentable Square Feet | Occupancy(2) | Units | Manager Apartment(3) | % Climate Controlled(4) | ||||||||||
Mobile I, AL | 1997 | 1987 | 65,256 | 75.8 | % | 490 | N | 7.4 | % | ||||||||
Mobile II, AL† | 1997 | 1974/90 | 126,050 | 64.2 | % | 794 | N | 1.3 | % | ||||||||
Mobile III, AL | 1998 | 1988/94 | 43,325 | 84.2 | % | 371 | Y | 33.8 | % | ||||||||
Glendale, AZ | 1998 | 1987 | 56,580 | 84.3 | % | 575 | Y | 0.0 | % | ||||||||
Scottsdale, AZ | 1998 | 1995 | 81,300 | 83.4 | % | 608 | Y | 10.9 | % | ||||||||
Tucson I, AZ | 1998 | 1974 | 60,000 | 82.7 | % | 504 | Y | 0.0 | % | ||||||||
Tucson II, AZ | 1998 | 1988 | 44,150 | 78.1 | % | 536 | Y | 100.0 | % | ||||||||
Apple Valley I, CA | 1997 | 1984 | 73,580 | 92.6 | % | 620 | Y | 0.0 | % | ||||||||
Apple Valley II, CA | 1997 | 1988 | 62,325 | 85.5 | % | 511 | Y | 5.3 | % | ||||||||
Bloomington I, CA | 1997 | 1987 | 31,246 | 70.7 | % | 226 | N | 0.0 | % | ||||||||
Bloomington II, CA† | 1997 | 1987 | 26,060 | 100.0 | % | 22 | N | 0.0 | % | ||||||||
Fallbrook, CA | 1997 | 1985/88 | 46,534 | 86.6 | % | 430 | Y | 0.0 | % | ||||||||
Hemet, CA | 1997 | 1989 | 66,260 | 94.8 | % | 454 | Y | 0.0 | % | ||||||||
Highland, CA | 1997 | 1987 | 74,951 | 84.5 | % | 848 | Y | 0.0 | % | ||||||||
Lancaster, CA | 2001 | 1987 | 60,875 | 79.0 | % | 416 | Y | 0.0 | % | ||||||||
Ontario, CA | 1998 | 1982 | 80,280 | 83.4 | % | 840 | Y | 0.0 | % | ||||||||
Redlands, CA | 1997 | 1985 | 63,005 | 90.6 | % | 563 | N | 0.0 | % | ||||||||
Rialto, CA | 1997 | 1987 | 100,083 | 86.4 | % | 808 | Y | 0.0 | % | ||||||||
Riverside I, CA | 1997 | 1989 | 28,860 | 90.0 | % | 249 | N | 0.0 | % | ||||||||
Riverside II, CA† | 1997 | 1989 | 21,880 | 91.2 | % | 20 | N | 0.0 | % | ||||||||
Riverside III, CA | 1998 | 1989 | 46,920 | 88.7 | % | 384 | Y | 0.0 | % | ||||||||
San Bernardino I, CA | 1997 | 1985 | 46,600 | 79.5 | % | 453 | Y | 5.3 | % | ||||||||
San Bernardino II, CA | 1997 | 1987 | 83,418 | 79.8 | % | 625 | Y | 2.0 | % | ||||||||
San Bernardino III, CA | 1997 | 1987 | 32,102 | 81.9 | % | 246 | N | 0.0 | % | ||||||||
San Bernardino IV, CA | 1997 | 1989 | 57,400 | 87.2 | % | 591 | Y | 0.0 | % | ||||||||
San Bernardino V, CA | 1997 | 1991 | 41,781 | 78.3 | % | 408 | Y | 0.0 | % | ||||||||
San Bernardino VI, CA | 1997 | 1985/92 | 35,007 | 79.4 | % | 413 | N | 0.0 | % | ||||||||
Sun City, CA | 1998 | 1989 | 38,635 | 83.6 | % | 305 | N | 0.0 | % | ||||||||
Temecula I, CA | 1998 | 1985 | 39,725 | 85.7 | % | 316 | N | 0.0 | % | ||||||||
Temecula II, CA | 2003 | * | 2003 | 42,475 | 57.7 | % | 392 | Y | 89.5 | % | |||||||
Vista, CA | 2001 | 1988 | 74,781 | 90.3 | % | 614 | Y | 0.0 | % | ||||||||
Yucaipa, CA | 1997 | 1989 | 78,444 | 69.7 | % | 680 | Y | 0.0 | % | ||||||||
Bloomfield, CT | 1997 | 1987/93/94 | 48,900 | 68.2 | % | 455 | Y | 6.6 | % | ||||||||
Branford, CT | 1995 | 1986 | 51,079 | 79.2 | % | 438 | Y | 2.2 | % | ||||||||
Enfield, CT | 2001 | 1989 | 52,975 | 71.3 | % | 384 | Y | 0.0 | % | ||||||||
Gales Ferry, CT | 1995 | 1987/89 | 51,780 | 63.7 | % | 592 | N | 4.8 | % | ||||||||
Manchester, CT | 2002 | 1999/00/01 | 47,400 | 70.2 | % | 519 | N | 37.0 | % | ||||||||
Milford, CT | 1994 | 1975 | 45,181 | 78.3 | % | 388 | N | 3.1 | % | ||||||||
Mystic, CT | 1994 | 1975/86 | 50,250 | 76.8 | % | 551 | Y | 2.4 | % | ||||||||
South Windsor, CT | 1994 | 1976 | 67,525 | 66.8 | % | 550 | Y | 0.8 | % | ||||||||
Boca Raton, FL | 2001 | 1998 | 38,203 | 95.8 | % | 605 | N | 67.9 | % | ||||||||
Boynton Beach, FL | 2001 | 1999 | 62,042 | 93.4 | % | 800 | Y | 54.0 | % | ||||||||
Bradenton I, FL | 2004 | 1979 | 68,480 | 81.0 | % | 676 | N | 2.8 | % | ||||||||
Bradenton II, FL | 2004 | 1996 | 88,103 | 87.4 | % | 904 | Y | 40.2 | % | ||||||||
Cape Coral, FL | 2000 | * | 2000 | 76,789 | 94.5 | % | 902 | Y | 83.0 | % | |||||||
Dania, FL | 1994 | 1988 | 58,319 | 96.5 | % | 483 | Y | 26.9 | % | ||||||||
Dania Beach, FL | 2004 | 1984 | 264,375 | 53.4 | % | 1,928 | N | 21.0 | % | ||||||||
Davie, FL | 2001 | * | 2001 | 81,235 | 88.6 | % | 839 | Y | 55.6 | % | |||||||
Deerfield Beach, FL | 1998 | * | 1998 | 57,770 | 96.6 | % | 527 | Y | 39.2 | % | |||||||
DeLand, FL | 1998 | 1987 | 38,577 | 96.1 | % | 412 | Y | 0.0 | % |
Facility Location Delray Beach, FL Fernandina Beach, FL Fort Lauderdale, FL Fort Myers, FL Lake Worth, FL† Lakeland I, FL Lakeland II, FL Leesburg, FL Lutz I, FL Lutz II, FL Margate I, FL† Margate II, FL† Merrit Island, FL Miami I, FL Miami II, FL Miami III, FL Miami IV, FL Miami V, FL Naples I, FL Naples II, FL Naples III, FL Naples IV, FL Ocala, FL Orange City, FL Orlando, FL Pembroke Pines, FL Royal Palm Beach, FL† Sarasota, FL St. Augustine, FL Stuart I, FL Stuart II, FL Tampa I, FL Tampa II, FL Vero Beach I, FL Vero Beach II, FL West Palm Beach I, FL West Palm Beach II, FL Alpharetta, GA Decatur, GA Norcross, GA Peachtree City, GA Smyrna, GA Addison, IL Aurora, IL Bartlett I, IL Bartlett II, IL Bellwood, IL Des Plaines, IL Elk Grove Village, IL Glenview, IL Gurnee, IL Harvey, IL Joliet, IL Lake Zurich, IL Lombard, IL Mount Prospect, IL Mundelein, IL North Chicago, IL Plainfield, IL Schaumburg, IL Year Acquired/
Developed(1) Year Built Rentable
Square Feet Occupancy(2) Units Manager
Apartment(3) % Climate
Controlled(4) 2001 1999 68,531 97.4 % 819 Y 39.0 % 1996 1986 91,480 96.2 % 683 Y 21.7 % 1999 * 1999 70,544 96.9 % 655 Y 46.0 % 1998 * 1998 67,256 93.5 % 611 Y 67.0 % 1998 1998/02 167,946 88.0 % 1,293 N 44.9 % 1994 1988 49,111 99.2 % 463 Y 78.1 % 1996 1984 48,600 92.3 % 356 Y 19.5 % 1997 1988 51,995 93.9 % 447 Y 5.1 % 2004 2000 72,795 92.9 % 658 Y 34.0 % 2004 1999 69,378 92.7 % 549 Y 20.4 % 1994 1979/81 55,677 92.1 % 343 N 10.5 % 1996 1985 66,135 93.8 % 317 Y 65.0 % 2000 * 2000 50,523 94.2 % 470 Y 56.4 % 1995 * 1995 47,200 81.3 % 556 Y 52.2 % 1994 1987 57,165 53.2 % 598 Y 0.1 % 1994 1989 67,360 94.9 % 573 Y 7.8 % 1995 1987 58,298 80.9 % 610 Y 7.0 % 1995 1976 77,825 62.9 % 369 Y 4.0 % 1996 1996 48,150 92.4 % 349 Y 26.6 % 1997 1985 65,994 81.8 % 647 Y 43.9 % 1997 1981/83 80,709 72.4 % 889 Y 24.0 % 1998 1990 40,023 81.1 % 444 N 41.4 % 1994 1988 42,086 91.8 % 360 Y 9.7 % 2004 2001 59,781 78.8 % 680 N 39.0 % 1997 1987 51,770 87.7 % 453 Y 4.8 % 1997 * 1997 67,505 92.7 % 692 Y 73.1 % 1994 1988 98,851 90.8 % 670 N 79.2 % 1998 * 1998 70,798 91.6 % 532 Y 43.0 % 1996 1985 59,830 83.2 % 581 Y 29.6 % 1997 1986 41,694 96.6 % 524 Y 27.0 % 1997 1995 89,541 97.8 % 896 Y 34.1 % 1994 1987 60,150 77.9 % 416 Y 0.0 % 2001 1985 56,047 78.3 % 476 Y 16.8 % 1997 1986 24,260 97.9 % 219 N 23.3 % 1998 1987 26,255 96.7 % 263 N 23.9 % 2001 1997 68,295 93.3 % 1,028 Y 47.3 % 2004 1996 93,915 97.3 % 913 Y 77.0 % 2001 1996 90,685 81.6 % 670 Y 74.9 % 1998 1986 148,680 75.0 % 1,409 Y 3.1 % 2001 1997 85,460 86.2 % 598 Y 55.1 % 2001 1997 50,034 88.6 % 449 N 74.6 % 2001 2000 56,528 99.4 % 509 Y 100.0 % 2004 1979 31,775 83.5 % 377 Y 0.0 % 2004 1996 74,440 68.7 % 573 Y 6.9 % 2004 1987 41,394 86.7 % 430 Y 0.5 % 2004 1987/01 51,725 86.9 % 421 Y 33.5 % 2001 1999 86,700 83.7 % 724 Y 52.1 % 2004 1978 74,600 86.2 % 643 Y 0.0 % 2004 1987 63,638 75.2 % 655 Y 0.3 % 2004 1998 100,345 81.2 % 764 Y 100.0 % 2004 1987/95 80,500 73.6 % 741 Y 34.0 % 2004 1987 59,816 80.6 % 587 Y 3.0 % 2004 1993 74,750 68.9 % 481 Y 23.3 % 2004 1988 46,635 76.9 % 450 Y 0.0 % 2004 1981 61,242 77.0 % 520 Y 18.3 % 2004 1979 65,200 74.0 % 610 Y 12.6 % 2004 1990 44,900 70.4 % 509 Y 8.9 % 2004 1985/90 53,500 79.0 % 445 N 0.0 % 2004 1998 54,375 77.6 % 410 N 0.0 % 2004 �� 1988 31,157 77.0 % 325 N 0.8 %
Facility Location Streamwood, IL Waukegan, IL West Chicago, IL Westmont, IL Wheeling I, IL Wheeling II, IL Woodridge, IL Indianapolis I, IN Indianapolis II, IN Indianapolis III, IN Indianapolis IV, IN Indianapolis V, IN Indianapolis VI, IN Indianapolis VII, IN Indianapolis VIII, IN Indianapolis IX, IN Baton Rouge I, LA Baton Rouge II, LA Baton Rouge III, LA Baton Rouge IV, LA Prairieville, LA Slidell, LA Boston, MA Leominster, MA Baltimore, MD California, MD Laurel, MD† Temple Hills, MD Grand Rapids, MI Portage, MI Romulus, MI Wyoming, MI Biloxi, MS Gautier, MS Gulfport I, MS Gulfport II, MS Gulfport III, MS Waveland, MS Belmont, NC Burlington I, NC Burlington II, NC Cary, NC Charlotte, NC Fayetteville I, NC Fayetteville II, NC Raleigh, NC Brick, NJ Cranford, NJ East Hanover, NJ Fairview, NJ Jersey City, NJ Linden I, NJ Linden II, NJ† Morris Township, NJ (5) Parsippany, NJ Randolph, NJ Sewell, NJ Jamaica, NY North Babylon, NY Boardman, OH Year Acquired/
Developed(1) Year Built Rentable
Square Feet Occupancy(2) Units Manager
Apartment(3) % Climate
Controlled(4) 2004 1982 64,565 71.6 % 578 N 0.0 % 2004 1977/79 79,950 73.9 % 715 Y 8.4 % 2004 1979 48,625 76.0 % 440 Y 0.0 % 2004 1979 53,900 80.6 % 403 Y 0.0 % 2004 1974 54,900 69.4 % 505 Y 0.0 % 2004 1979 68,025 70.0 % 624 Y 7.3 % 2004 1987 50,595 85.2 % 477 Y 0.0 % 2004 1987/88 43,800 84.0 % 332 N 0.0 % 2004 1997 45,100 78.9 % 460 Y 15.6 % 2004 1999 61,325 77.6 % 506 Y 32.6 % 2004 1976 68,494 68.4 % 616 Y 0.0 % 2004 1999 75,025 84.7 % 596 Y 33.5 % 2004 1976 73,693 69.2 % 730 Y 0.0 % 2004 1992 95,290 68.8 % 884 Y 0.0 % 2004 1975 81,676 74.2 % 738 Y 0.0 % 2004 1976 62,196 75.5 % 557 Y 0.0 % 1997 1980 55,984 84.9 % 464 Y 9.7 % 1997 1980 72,082 83.2 % 499 Y 33.7 % 1997 1982 61,078 93.5 % 451 Y 10.2 % 1998 1995 8,920 95.5 % 84 N 100.0 % 1998 1991 56,520 84.8 % 306 Y 3.0 % 2001 1998 79,740 90.1 % 525 Y 46.5 % 2002 2001 61,360 69.7 % 630 Y 100.0 % 1998 * 1987/88/00 54,181 76.6 % 504 Y 45.1 % 2001 1999/00 93,750 78.2 % 808 Y 45.5 % 2004 1998 67,528 91.1 % 722 Y 40.1 % 2001 1978/99/00 161,530 82.5 % 956 N 63.7 % 2001 2000 95,830 85.2 % 813 Y 77.6 % 1996 1976 87,295 71.1 % 508 Y 0.0 % 1996 1980 50,671 92.2 % 340 N 0.0 % 1997 * 1997 43,970 72.9 % 318 Y 10.7 % 1996 1987 90,975 79.1 % 621 N 0.0 % 1997 1978/93 66,188 78.9 % 620 Y 7.4 % 1997 1981 35,775 68.1 % 306 Y 3.2 % 1997 1970 73,460 64.2 % 513 Y 0.0 % 1997 1986 64,745 66.0 % 436 Y 18.8 % 1997 1977/93 61,451 87.9 % 486 Y 33.2 % 1998 1982/83/84/93 87,071 82.1 % 710 Y 23.7 % 2001 1996/97/98 81,215 80.3 % 569 N 7.8 % 2001 1990/91/93/94/98 110,502 81.2 % 951 N 4.0 % 2001 1991 39,802 86.6 % 392 Y 11.9 % 2001 1993/94/97 110,464 73.0 % 751 N 8.5 % 1999 * 1999 69,246 92.0 % 740 N 52.4 % 1997 1981 41,600 97.3 % 352 N 0.0 % 1997 1993/95 54,425 98.9 % 557 Y 11.9 % 1998 1994/95 48,525 87.7 % 431 Y 8.2 % 1994 1981 51,892 86.6 % 456 Y 0.0 % 1994 1987 91,450 87.6 % 848 Y 7.9 % 1994 1983 107,874 79.6 % 1,019 N 1.6 % 1997 1989 28,021 87.9 % 452 N 100.0 % 1994 1985 91,736 82.2 % 1,095 Y 0.0 % 1994 1983 100,625 80.4 % 1,125 N 2.7 % 1994 1982 36,000 100.0 % 26 N 0.0 % 1997 1972 76,175 81.3 % 573 Y 1.3 % 1997 1981 66,375 88.2 % 613 Y 1.4 % 2002 1998/99 52,232 85.1 % 592 Y 82.5 % 2001 1984/98 57,769 82.5 % 448 N 4.4 % 2001 2000 90,156 73.7 % 928 Y 100.0 % 1998 * 1988/99 78,288 84.9 % 635 Y 9.1 % 1980 * 1980/89 66,187 83.0 % 525 Y 16.1 %
Facility Location Brecksville, OH Centerville I, OH Centerville II, OH Dayton, OH Euclid I, OH Euclid II, OH Hudson, OH† Lakewood, OH Mason, OH Miamisburg, OH Middleburg Heights, OH North Canton I, OH North Canton II, OH North Olmsted I, OH North Olmsted II, OH North Randall, OH Warrensville Heights, OH Youngstown, OH Levittown, PA Philadelphia, PA Hilton Head I, SC† Hilton Head II, SC Summerville, SC Knoxville I, TN Knoxville II, TN Knoxville III, TN Knoxville IV, TN Knoxville V, TN Memphis I, TN Memphis II, TN Milwaukee, WI Total/Weighted Average Year Acquired/
Developed(1) Year Built Rentable
Square Feet Occupancy(2) Units Manager
Apartment(3) % Climate
Controlled(4) 1998 1970/89 64,764 86.5 % 410 Y 34.2 % 2004 1976 86,590 78.2 % 654 Y 0.0 % 2004 1976 43,600 83.0 % 310 N 0.0 % 2004 1978 43,420 93.1 % 351 N 0.0 % 1988 * 1988 47,260 72.6 % 441 Y 21.9 % 1988 * 1988 48,058 79.4 % 381 Y 0.0 % 1998 1987 68,470 85.0 % 421 N 13.9 % 1989 * 1989 39,523 88.1 % 486 Y 24.5 % 1998 1981 33,700 91.0 % 282 Y 0.0 % 2004 1975 61,050 78.2 % 432 Y 0.0 % 1980 * 1980 94,150 81.1 % 667 Y 0.0 % 1979 * 1979 45,532 93.5 % 290 Y 0.0 % 1983 * 1983 44,380 83.3 % 354 Y 15.8 % 1979 * 1979 48,910 83.6 % 449 Y 1.2 % 1988 * 1988 48,050 83.0 % 406 Y 14.1 % 1998 * 1998/02 80,452 82.2 % 803 N 90.3 % 1980 * 1980/82/98 90,531 86.9 % 746 Y 0.0 % 1977 * 1977 66,700 91.6 % 500 Y 0.0 % 2001 2000 78,230 87.4 % 671 Y 36.2 % 2001 1999 99,181 89.4 % 914 N 91.6 % 1997 1981/84 116,766 75.2 % 545 Y 5.4 % 1997 1979/80 47,620 88.4 % 297 Y 0.0 % 1998 1989 49,727 86.8 % 439 Y 10.1 % 1997 1984 29,452 87.7 % 297 Y 5.4 % 1997 1985 38,550 98.7 % 350 Y 7.0 % 1998 1991 45,864 86.3 % 425 Y 6.7 % 1998 1983 59,070 78.0 % 456 N 1.1 % 1998 1977 43,050 86.6 % 376 N 0.0 % 2001 1999 86,075 85.3 % 622 N 51.3 % 2001 2000 72,210 85.7 % 544 N 46.2 % 2004 1988/92/96 58,713 82.8 % 489 Y 0.0 % ��
(201 Facilities) 12,977,893 82.2 % 111,634 Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Redlands, CA 1997 1985 63,005 83.9% 563 N 0.0% Rialto, CA 1997 1987 100,083 71.5% 808 Y 0.0% Riverside I, CA 1997 1989 28,860 79.2% 249 N 0.0% Riverside II, CA † 1997 1989 21,880 100.0% 20 N 0.0% Riverside III, CA 1998 1989 46,920 88.6% 384 Y 0.0% Roseville, CA 2005 1979 60,144 84.9% 594 Y 0.0% Sacramento I, CA 2005 1979 56,724 70.4% 565 Y 0.0% Sacramento II, CA 2005 1986 62,090 67.7% 585 Y 0.0% San Bernardino I, CA 1997 1985 46,600 75.5% 453 Y 5.3% San Bernardino II, CA 1997 1987 83,418 62.7% 625 Y 2.0% San Bernardino III, CA 1997 1987 32,102 89.6% 246 N 0.0% San Bernardino IV, CA 1997 1989 57,400 73.1% 591 Y 0.0% San Bernardino V, CA 1997 1991 41,781 81.0% 408 Y 0.0% San Bernardino VI, CA 1997 1985/92 35,007 72.5% 413 N 0.0% San Bernardino VII, CA 2005 2002/04 83,756 73.5% 636 Y 11.8% San Marcos, CA 2005 1979 37,620 80.2% 252 Y 0.0% South Sacramento, CA 2005 1979 51,890 53.2% 435 Y 0.0% Sun City, CA 1998 1989 38,635 81.1% 305 N 0.0% Temecula I, CA 1998 1985 39,725 92.5% 316 N 0.0% Temecula II, CA 2003 * 2003 42,475 76.8% 392 Y 89.5% Vista I, CA 2001 1988 74,781 90.2% 614 Y 0.0% Vista II, CA 2005 2001/02/03 147,991 72.2% 1330 Y 3.6% Walnut, CA 2005 1987 50,934 85.1% 541 Y 0.0% Westminster, CA 2005 1983/98 70,213 87.4% 650 Y 0.0% W. Sacramento, CA 2005 1984 39,955 88.6% 487 Y 0.0% Yucaipa, CA 1997 1989 78,444 76.7% 680 Y 0.0% Aurora I, CO 2005 1981 74,817 70.5% 641 Y 0.0% Aurora II, CO 2005 1984 57,454 73.8% 514 Y 0.0% Aurora III, CO 2005 1977 33,410 72.5% 317 Y 0.0% Avon, CO 2005 1989 28,175 96.6% 397 Y 0.0% Colorado Springs, CO 2005 1986 48,005 78.3% 513 Y 0.0% Denver, CO 2005 1987 57,145 85.5% 453 Y 0.0% Englewood, CO 2005 1981 51,230 87.7% 372 Y 0.0% Federal Heights, CO 2005 1980 55,080 69.8% 576 Y 0.0% Golden, CO 2005 1985 88,792 74.8% 648 Y 0.0% Littleton I , CO 2005 1987 53,690 85.4% 457 Y 38.0% Littleton II, CO 2005 1982 46,315 87.8% 365 Y 0.0% Northglenn, CO 2005 1980 52,302 77.0% 500 Y 0.0% Bloomfield, CT 1997 1987/93/94 48,900 61.9% 455 Y 6.6% Branford, CT 1995 1986 51,079 78.3% 438 Y 2.2% Bristol, CT 2005 1989/99 53,625 87.9% 504 N 22.4% East Windsor, CT 2005 1986/89 46,100 62.9% 326 N 0.0% Enfield, CT 2001 1989 52,975 79.0% 384 Y 0.0% Gales Ferry, CT 1995 1987/89 51,780 60.6% 592 N 4.8% Manchester I, CT (6) 2002 1999/00/01 47,400 58.5% 519 N 37.0% Manchester II, CT 2005 1984 53,237 79.2% 419 N 0.0%
27
Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Milford, CT 1994 1975 45,181 81.0% 388 N 3.1% Monroe, CT 2005 1996/03 66,909 90.1% 411 N 0.0% Mystic, CT 1994 1975/86 50,250 72.0% 551 Y 2.4% Newington I, CT † 2005 1978/97 54,920 87.7% 264 N 0.0% Newington II, CT 2005 1979/81 36,490 86.2% 222 N 0.0% Old Saybrook I, CT 2005 1982/88/00 91,288 77.7% 725 N 6.3% Old Saybrook II, CT 2005 1988/02 26,875 74.7% 256 N 30.0% South Windsor, CT 1994 1976 67,525 64.0% 550 Y 0.8% Stamford, CT 2005 1997 29,326 86.9% 369 N 31.2% Boca Raton, FL 2001 1998 38,203 97.5% 605 N 67.9% Boynton Beach I, FL 2001 1999 62,042 96.1% 800 Y 54.0% Boynton Beach II, FL 2005 2001 62,276 91.0% 609 Y 81.5% Bradenton I, FL 2004 1979 68,480 75.2% 676 N 2.8% Bradenton II, FL 2004 1996 88,103 84.6% 904 Y 40.2% Cape Coral, FL 2000 * 2000 76,789 96.4% 902 Y 83.0% Dania Beach, FL (6) 2004 1984 264,375 84.5% 1928 N 21.0% Dania, FL 1994 1988 58,319 98.5% 483 Y 26.9% Davie, FL 2001 * 2001 81,235 91.9% 839 Y 55.6% Deerfield Beach, FL 1998 * 1998 57,770 97.1% 527 Y 39.2% DeLand, FL 1998 1987 38,577 93.5% 412 Y 0.0% Delray Beach, FL 2001 1999 68,531 97.0% 819 Y 39.0% Fernandina Beach, FL † 1996 1986 91,480 95.8% 683 Y 21.7% Ft. Lauderdale, FL 1999 1999 70,544 97.8% 655 Y 46.0% Ft. Myers, FL 1998 1998 67,256 95.3% 611 Y 67.0% Gulf Breeze, FL 2005 1982/04 79,455 97.0% 701 N 64.0% Jacksonville, FL 2005 2005 79,366 14.9% 761 N 100.0% Lake Worth, FL † 1998 1998/02 167,946 89.3% 1293 N 44.9% Lakeland I, FL 1994 1988 49,111 96.5% 463 Y 78.1% Lakeland II, FL 1996 1984 48,600 86.6% 356 Y 19.5% Leesburg, FL 1997 1988 51,995 91.7% 447 Y 5.1% Lutz I, FL 2004 2000 72,795 85.9% 658 Y 34.0% Lutz II, FL 2004 1999 69,378 86.4% 549 Y 20.4% Margate I, FL † 1994 1979/81 55,677 91.2% 343 N 10.5% Margate II, FL † 1996 1985 66,135 93.2% 317 Y 65.0% Merrit Island, FL 2000 2000 50,523 94.1% 470 Y 56.4% Miami I, FL 1995 1995 47,200 89.0% 556 Y 52.2% Miami II, FL 1994 1987 57,165 65.3% 598 Y 0.1% Miami III, FL 1994 1989 67,360 93.8% 573 Y 7.8% Miami IV, FL 1995 1987 58,298 86.5% 610 Y 7.0% Miami V, FL 1995 1976 77,825 81.1% 369 Y 4.0% Miami VI, FL 2005 1988/03 152,075 76.8% 1504 N 93.0% Naples I, FL 1996 1996 48,150 90.4% 349 Y 26.6% Naples II, FL 1997 1985 65,994 91.7% 647 Y 43.9% Naples III, FL 1997 1981/83 80,709 83.4% 889 Y 24.0% Naples IV, FL 1998 1990 40,023 83.8% 444 N 41.4% Ocala, FL 1994 1988 42,086 93.9% 360 Y 9.7% Ocoee, FL 2005 1997 76,258 93.9% 665 Y 15.5%
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Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Orange City, FL 2004 2001 59,781 83.9% 680 N 39.0% Orlando I, FL (6) 1997 1987 51,770 85.2% 453 Y 4.8% Orlando II, FL 2005 2002/04 92,944 87.2% 788 N 74.1% Pembroke Pines, FL 1997 1997 67,505 95.3% 692 Y 73.1% Royal Palm Beach, FL † 1994 1988 98,851 83.5% 670 N 79.2% Sarasota, FL 1998 1998 70,798 90.5% 532 Y 43.0% St. Augustine, FL 1996 1985 59,830 86.8% 581 Y 29.6% Stuart I, FL 1997 1986 41,694 95.8% 524 Y 27.0% Stuart II, FL 1997 1995 89,541 95.9% 896 Y 34.1% Tampa I, FL 1994 1987 60,150 89.4% 416 Y 0.0% Tampa II, FL 2001 1985 56,047 88.2% 476 Y 16.8% Vero Beach, FL 1997 1986/87 50,515 95.5% 482 N 23.9% West Palm Beach I, FL 2001 1997 68,295 95.8% 1028 Y 47.3% West Palm Beach II, FL 2004 1996 93,915 95.7% 913 Y 77.0% Alpharetta, GA 2001 1996 90,685 71.1% 670 Y 74.9% Decatur, GA 1998 1986 148,680 71.7% 1409 Y 3.1% Norcross, GA 2001 1997 85,460 79.6% 598 Y 55.1% Peachtree City, GA 2001 1997 50,034 73.5% 449 N 74.6% Smyrna, GA 2001 2000 56,528 94.7% 509 Y 100.0% Addison, IL 2004 1979 31,775 92.0% 377 Y 0.0% Aurora, IL 2004 1996 74,440 61.0% 573 Y 6.9% Bartlett I, IL 2004 1987 41,394 86.3% 430 Y 0.5% Bartlett II, IL 2004 1987 51,725 78.4% 421 Y 33.5% Bellwood, IL 2001 1999 86,700 89.3% 724 Y 52.1% Des Plaines, IL (6) 2004 1978 74,600 81.2% 643 Y 0.0% Elk Grove Village, IL 2004 1987 63,638 85.7% 655 Y 0.3% Glenview, IL 2004 1998 100,345 74.6% 764 Y 100.0% Gurnee, IL 2004 1987 80,500 65.3% 741 Y 34.0% Harvey, IL 2004 1987 59,816 92.5% 587 Y 3.0% Joliet, IL 2004 1993 74,750 62.2% 481 Y 23.3% Lake Zurich, IL 2004 1988 46,635 81.1% 450 Y 0.0% Lombard, IL † 2004 1981 61,242 80.2% 520 Y 18.3% Mount Prospect, IL 2004 1979 65,200 70.9% 610 Y 12.6% Mundelein, IL 2004 1990 44,900 65.4% 509 Y 8.9% North Chicago, IL 2004 1985 53,500 85.1% 445 N 0.0% Plainfield I, IL 2004 1998 54,375 80.3% 410 N 0.0% Plainfield II, IL 2005 2000 52,450 70.5% 368 N 16.8% Schaumburg, IL 2004 1988 31,157 84.0% 325 N 0.8% Streamwood, IL 2004 1982 64,565 71.0% 578 N 0.0% Warrensville, IL 2005 1977/89 46,728 87.7% 382 N 0.0% Waukegan, IL 2004 1977 79,950 72.3% 715 Y 8.4% West Chicago, IL 2004 1979 48,625 80.0% 440 Y 0.0% Westmont, IL 2004 1979 53,900 69.2% 403 Y 0.0% Wheeling I, IL 2004 1974 54,900 74.5% 505 Y 0.0% Wheeling II, IL 2004 1979 68,025 64.7% 624 Y 7.3% Woodridge, IL 2004 1987 50,595 82.4% 477 Y 0.0%
29
Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Indianapolis I, IN 2004 1987 43,800 79.1% 332 N 0.0% Indianapolis II, IN 2004 1997 45,100 81.2% 460 Y 15.6% Indianapolis III, IN 2004 1999 61,325 79.9% 506 Y 32.6% Indianapolis IV, IN �� 2004 1976 68,494 61.4% 616 Y 0.0% Indianapolis IX, IN 2004 1976 62,196 74.5% 557 Y 0.0% Indianapolis V, IN 2004 1999 75,025 81.2% 596 Y 33.5% Indianapolis VI, IN 2004 1976 73,693 71.7% 730 Y 0.0% Indianapolis VII, IN 2004 1992 95,290 60.8% 884 Y 0.0% Indianapolis VIII, IN 2004 1975 81,676 72.4% 738 Y 0.0% Baton Rouge I, LA 1997 1980 55,984 99.0% 464 Y 9.7% Baton Rouge II, LA 1997 1980 72,082 94.0% 499 Y 33.7% Baton Rouge III, LA 1997 1982 61,078 99.4% 451 Y 10.2% Baton Rouge IV, LA 1998 1995 8,920 99.7% 84 N 100.0% Prairieville, LA 1998 1991 56,520 93.9% 306 Y 3.0% Slidell, LA 2001 1998 79,740 98.7% 525 Y 46.5% Boston, MA 2002 2001 61,360 68.8% 630 Y 100.0% Leominster, MA 1998 1987/88/00 54,181 73.9% 504 Y 45.1% Baltimore, MD 2001 1999/00 93,750 75.0% 808 Y 45.5% California, MD 2004 1998 67,528 82.9% 722 Y 40.1% Gaithersburg, MD 2005 1998 87,170 67.8% 798 Y 100.0% Laurel, MD † 2001 1978/99/00 161,530 82.4% 956 N 63.7% Temple Hills, MD 2001 2000 95,830 86.3% 813 Y 77.6% Grand Rapids, MI 1996 1976 87,295 77.3% 508 Y 0.0% Portage, MI (6) 1996 1980 50,671 90.8% 340 N 0.0% Romulus, MI 1997 1997 43,970 65.2% 318 Y 10.7% Wyoming, MI 1996 1987 90,975 84.0% 621 N 0.0% Biloxi, MS 1997 1978/93 66,188 94.6% 620 Y 7.4% Gautier, MS 1997 1981 35,775 97.2% 306 Y 3.2% Gulfport I, MS 1997 1970 73,460 83.0% 513 Y 0.0% Gulfport II, MS 1997 1986 64,745 88.7% 436 Y 18.8% Gulfport III, MS 1997 1977/93 61,451 82.5% 486 Y 33.2% Waveland, MS 1998 1982/83/84/93 16,511 2.5% 117 Y 23.7% Belmont, NC 2001 1996/97/98 81,215 94.4% 569 N 7.8% Burlington I, NC 2001 1990/91/93/94/98 110,502 84.1% 951 N 4.0% Burlington II, NC 2001 1991 39,802 82.1% 392 Y 11.9% Cary, NC 2001 1993/94/97 110,464 78.2% 751 N 8.5% Charlotte, NC 1999 1999 69,246 92.3% 740 N 52.4% Fayetteville I, NC 1997 1981 41,600 93.2% 352 N 0.0% Fayetteville II, NC 1997 1993/95 54,425 97.4% 557 Y 11.9% Raleigh, NC 1998 1994/95 48,525 81.8% 431 Y 8.2% Brick, NJ 1994 1981 51,892 81.0% 456 Y 0.0% Clifton, NJ 2005 2001 105,625 78.9% 1014 Y 100.0% Cranford, NJ 1994 1987 91,450 83.2% 848 Y 7.9% East Hanover, NJ 1994 1983 107,874 77.2% 1019 N 1.6% Elizabeth, NJ 2005 1925/97 40,202 54.3% 686 N 45.0% Fairview, NJ 1997 1989 28,021 83.7% 452 N 100.0% Hoboken, NJ 2005 1945/97 34,681 86.7% 750 N 100.0%
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Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Jersey City, NJ 1994 1985 91,736 82.3% 1095 Y 0.0% Linden I, NJ 1994 1983 100,625 72.0% 1125 N 2.7% Linden II, NJ † 1994 1982 36,000 100.0% 26 N 0.0% Morris Township, NJ (5) 1997 1972 76,175 79.6% 573 Y 1.3% Parsippany, NJ 1997 1981 66,375 86.8% 613 Y 1.4% Randolph, NJ 2002 1998/99 52,232 77.1% 592 Y 82.5% Sewell, NJ 2001 1984/98 57,769 81.6% 448 N 4.4% Albuquerque I, NM 2005 1985 65,876 87.3% 633 Y 0.0% Albuquerque II, NM 2005 1985 59,022 97.6% 553 Y 0.0% Albuquerque III, NM 2005 1978 41,163 89.7% 460 Y 0.0% Albuquerque IV, NM 2005 1986 56,554 80.1% 536 Y 0.0% Carlsbad, NM 2005 1975 40,159 92.9% 348 Y 0.0% Deming, NM 2005 1973/83 33,100 82.7% 256 Y 0.0% Las Cruces, NM 2005 1984 44,050 96.8% 406 Y 0.0% Lovington, NM 2005 1975 15,950 93.1% 172 Y 0.0% Silver City, NM 2005 1972 27,075 99.3% 256 Y 0.0% Truth or Consequences, NM 2005 1977/99/00 24,510 89.7% 168 Y 0.0% Endicott, NY 2005 1989 35,330 81.5% 297 Y 0.0% Jamaica, NY 2001 2000 90,156 68.0% 928 Y 100.0% New Rochelle, NY † 2005 1998 30,343 89.1% 402 N 0.0% North Babylon, NY 1998 1988/99 78,288 78.0% 635 Y 9.1% Riverhead, NY 2005 1985/86/99 41,410 87.6% 346 N 0.0% Southold, NY † 2005 1989 59,773 93.8% 587 N 0.0% Boardman, OH 1980 1980/89 66,187 80.5% 525 Y 16.1% Brecksville, OH † 1998 1970/89 64,764 82.6% 410 Y 34.2% Canton I, OH 2005 1979/87 40,545 75.0% 414 Y 0.0% Canton II, OH 2005 1997 31,700 85.7% 201 N 0.0% Centerville I, OH 2004 1976 86,590 75.5% 654 Y 0.0% Centerville II, OH 2004 1976 43,600 76.8% 310 N 0.0% Cleveland I, OH 2005 1997/99 46,400 81.0% 353 Y 0.0% Cleveland II, OH 2005 2000 58,652 50.0% 591 Y 0.0% Dayton I, OH 2004 1978 43,420 83.7% 351 N 0.0% Dayton II, OH 2005 1989/00 47,550 67.4% 368 N 0.0% Euclid I, OH 1988 * 1988 47,260 77.4% 441 Y 21.9% Euclid II, OH 1988 * 1988 48,058 76.3% 381 Y 0.0% Hudson, OH † 1998 1987 68,470 88.9% 421 N 13.9% Lakewood, OH 1989 * 1989 39,523 81.7% 486 Y 24.5% Louisville, OH 2005 1988/90 60,402 88.8% 390 N 0.0% Marblehead, OH 2005 1988/98 76,500 66.8% 388 N 0.0% Mason, OH 1998 1981 33,700 89.2% 282 Y 0.0% Mentor, OH 2005 1983/99 61,284 77.7% 454 N 23.1% Miamisburg, OH † 2004 1975 61,050 84.3% 432 Y 0.0% Middleburg Hts, OH 1980 * 1980 94,150 76.2% 667 Y 0.0% North Canton I, OH 1979 * 1979 45,532 92.0% 290 Y 0.0% North Canton II, OH 1983 * 1983 44,380 90.8% 354 Y 15.8% North Olmsted I, OH 1979 * 1979 48,910 86.4% 449 Y 1.2%
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Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) North Olmsted II, OH 1988 * 1988 48,050 80.2% 406 Y 14.1% North Randall, OH 1998 * 1998/02 80,452 79.1% 803 N 90.3% Perry, OH 2005 1992/97 68,851 73.1% 431 Y 0.0% Warrensville Hts, OH 1980 * 1980/82/98 90,531 84.9% 746 Y 0.0% Westlake, OH 2005 2001 62,800 96.3% 460 Y 0.0% Willoughby, OH 2005 1997 33,639 75.7% 274 Y 0.0% Youngstown, OH 1977 * 1977 66,700 87.1% 500 Y 0.0% Levittown, PA 2001 2000 78,230 85.8% 671 Y 36.2% Philadelphia, PA 2001 1999 99,181 82.3% 914 N 91.6% Hilton Head I, SC † 1997 1981/84 116,766 70.1% 545 Y 5.4% Hilton Head II, SC † 1997 1979/80 47,620 83.6% 297 Y 0.0% Summerville, SC 1998 1989 49,727 74.7% 439 Y 10.1% Alcoa, TN 2005 1986 42,550 85.5% 351 Y 0.0% Antioch, TN 2005 1985/98 76,445 80.8% 565 Y 8.5% Cordova, TN 2005 1987 54,725 67.1% 388 Y 0.0% Knoxville I, TN 1997 1984 29,452 83.8% 297 Y 5.4% Knoxville II, TN 1997 1985 38,550 91.9% 350 Y 7.0% Knoxville III, TN 1998 1991 45,864 87.3% 425 Y 6.7% Knoxville IV, TN 1998 1983 59,070 82.3% 456 N 1.1% Knoxville V, TN 1998 1977 43,050 88.3% 376 N 0.0% Knoxville VI, TN 2005 1975 64,040 94.0% 576 Y 0.0% Knoxville VII, TN 2005 1983 55,394 92.5% 448 Y 0.0% Knoxville VIII, TN 2005 1978 97,098 81.6% 777 Y 0.0% Memphis I, TN 2001 1999 86,075 88.0% 622 N 51.3% Memphis II, TN 2001 2000 72,210 91.9% 544 N 46.2% Memphis III, TN 2005 1983 39,790 70.3% 365 Y 5.0% Memphis IV, TN 2005 1986 38,950 80.7% 330 Y 0.0% Memphis V, TN 2005 1981 61,270 50.6% 474 Y 0.0% Nashville I, TN 2005 1984 109,090 67.0% 686 Y 0.0% Nashville II, TN 2005 1986/00 82,992 82.0% 635 Y 13.2% Austin, TX 2005 2001 59,758 90.4% 549 Y 70.0% Baytown, TX 2005 1981 39,150 74.4% 380 Y 0.0% Bryan, TX 2005 1994 60,650 68.9% 498 Y 0.0% College Station, TX 2005 1993 26,750 81.6% 348 N 0.0% Dallas, TX 2005 2000 59,905 74.4% 568 Y 40.0% El Paso I, TX 2005 1980 60,034 79.9% 552 Y 0.0% El Paso II, TX 2005 1980 49,296 87.7% 428 Y 0.0% El Paso III, TX 2005 1980 71,500 83.5% 649 Y 0.0% El Paso IV, TX 2005 1983 73,776 82.0% 584 Y 0.0% El Paso V, TX 2005 1982 63,050 87.5% 402 Y 0.0% El Paso VI, TX 2005 1985 36,820 84.3% 271 Y 0.0% El Paso VII, TX † 2005 1982 35,800 81.5% 19 N 0.0% Fort Worth, TX 2005 2000 50,731 68.2% 409 Y 40.0% Frisco I, TX 2005 1996 51,079 78.0% 447 Y 17.4% Frisco II, TX 2005 1998/02 71,539 82.4% 514 Y 25.6% Greenville I , TX 2005 2001/04 60,560 76.4% 458 Y 30.6% Greenville II, TX 2005 2001 45,850 69.8% 320 N 40.5%
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Year Acquired/ Year Rentable Manager % Climate Developed(1) Built Square Feet Occupancy(2) Units Apartment(3) Controlled(4) Houston I, TX 2005 1981 101,780 81.7% 631 Y 0.0% Houston II, TX 2005 1977 74,700 75.0% 435 Y 0.0% Houston III, TX 2005 1984 62,370 66.7% 492 Y 0.0% Houston IV, TX 2005 1987 44,175 87.3% 401 Y 6.0% La Porte, TX 2005 1984 45,050 73.6% 440 Y 19.0% McKinney, TX 2005 1996 52,970 94.5% 373 Y 12.6% N Richland Hills, TX 2005 2002 57,375 70.1% 459 Y 62.0% Roanoke, TX 2005 1996/01 59,600 80.5% 483 Y 31.9% San Antonio, TX 2005 2005 75,120 1.2% 581 Y 79.0% Sherman I, TX 2005 1998 55,425 86.9% 525 Y 20.0% Sherman II, TX 2005 1996 48,625 90.5% 394 Y 36.0% Murray II, UT 2005 1978 47,246 86.6% 350 Y 0.0% Murray I, UT 2005 1976 60,780 87.4% 702 N 0.0% Murray III, UT † 2005 1978 26,400 80.0% 24 Y 0.0% Salt Lake City I, UT 2005 1976 56,646 78.9% 778 Y 0.0% Salt Lake City II, UT 2005 1978 53,876 87.4% 522 Y 0.0% Fredericksburg I, VA 2005 2001/04 69,750 63.1% 581 N 26.5% Fredericksburg II, VA 2005 1998/01 61,618 81.3% 510 N 100.0% Milwaukee, WI 2004 1988 58,713 70.9% 489 Y 0.0% 20,828,446 81.2% 179,591
* | Denotes facilities developed by us. |
† | Denotes facilities that contain a material amount of commercial rentable square footage. All of this commercial space, which was developed in conjunction with the self-storage units, is located within or adjacent to our self-storage facilities and is managed by our self-storage facility managers. As of December 31, |
(1) | Represents the year acquired, for those facilities acquired from a third party, or the year developed, for those facilities developed by us. |
(2) | Represents occupied square feet divided by total rentable square |
(3) | Indicates whether a facility has anon-site apartment where a manager |
(4) | Represents the percentage of rentable square feet in climate-controlled |
(5) | We do not own the land at this facility. We | |
(6) | We have ground leases for certain small parcels of land adjacent to these facilities that expire between 2007 and 2015. |
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Year Acquired(1) | Number of Facilities | Current Rentable Square Feet | Average Occupancy During the Twelve Months Ended December 31, | ||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||||
1996 or earlier | 41 | 2,599,851 | 84.5 | % | 83.2 | % | 80.9 | % | 81.2 | % | 83.5 | % | |||||||
1997 | 46 | 2,672,957 | 83.1 | % | 82.2 | % | 81.0 | % | 82.8 | % | 84.1 | % | |||||||
1998 | 25 | 1,478,077 | 84.0 | % | 82.1 | % | 81.3 | % | 84.2 | % | 85.0 | % | |||||||
1999 | 2 | 138,054 | 45.6 | % | 67.2 | % | 81.3 | % | 82.0 | % | 88.0 | % | |||||||
2000 | 6 | 418,024 | 71.0 | % | 76.0 | % | 81.7 | % | 85.5 | % | 87.6 | % | |||||||
2001 | 27 | 2,107,610 | 73.6 | % | 75.7 | % | 80.6 | % | 84.9 | % | |||||||||
2002 | 7 | 405,966 | 83.3 | % | 82.9 | % | 83.9 | % | |||||||||||
2003 | 1 | 42,475 | 20.4 | % | 48.7 | % | |||||||||||||
2004 | 46 | 3,114,879 | 77.6 | % | |||||||||||||||
All Existing Facilities | 201 | 12,977,893 | 83.0 | % | 81.3 | % | 79.9 | % | 82.1 | % | 84.0 | % |
Current | Average Occupancy During the Twelve Months Ended | |||||||||||||||||||||||||||
Number of | Rentable | December 31,(2) | ||||||||||||||||||||||||||
Year Acquired(1) | Facilities | Square Feet | 2001 | 2002 | 2003 | 2004 | 2005 | |||||||||||||||||||||
1996 or earlier | 41 | 2,599,851 | 83.2 | % | 80.9 | % | 81.2 | % | 83.5 | % | 83.4 | % | ||||||||||||||||
1997 | 46 | 2,699,212 | 82.2 | % | 81.0 | % | 82.8 | % | 84.1 | % | 83.7 | % | ||||||||||||||||
1998 | 24 | 1,381,262 | 82.1 | % | 81.3 | % | 84.2 | % | 85.0 | % | 85.4 | % | ||||||||||||||||
1999 | 2 | 138,054 | 67.2 | % | 81.3 | % | 82.0 | % | 88.0 | % | 92.4 | % | ||||||||||||||||
2000 | 6 | 418,024 | 76.0 | % | 81.7 | % | 85.5 | % | 87.6 | % | 87.5 | % | ||||||||||||||||
2001 | 27 | 2,107,610 | 73.6 | % | 75.7 | % | 80.6 | % | 84.9 | % | 85.4 | % | ||||||||||||||||
2002 | 7 | 405,966 | 83.3 | % | 82.9 | % | 83.9 | % | 81.9 | % | ||||||||||||||||||
2003 | 1 | 42,475 | 20.4 | % | 48.7 | % | 74.9 | % | ||||||||||||||||||||
2004 | 46 | 3,114,879 | 77.6 | % | 77.9 | % | ||||||||||||||||||||||
2005 | 139 | 7,921,113 | 80.3 | % | ||||||||||||||||||||||||
All Facilities Owned as of December 31, 2005 | 339 | 20,828,446 | 81.3 | % | 79.9 | % | 82.1 | % | 84.0 | % | 82.2 | % |
(1) | For facilities developed by us, |
Existing Facilities by Year Acquired—Annual Rent Per Occupied Square Foot
Year Acquired(1) | Number of Facilities | Annual Rent Per Occupied Square Foot for the Twelve Months Ended December 31, | |||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||
1996 or earlier | 41 | $ | 10.26 | $ | 10.71 | $ | 10.79 | $ | 10.59 | $ | 10.66 | ||||||
1997 | 46 | $ | 8.40 | $ | 8.81 | $ | 9.04 | $ | 9.21 | $ | 9.52 | ||||||
1998 | 25 | $ | 8.54 | $ | 8.73 | $ | 8.82 | $ | 8.89 | $ | 9.34 | ||||||
1999 | 2 | $ | 7.14 | $ | 7.10 | $ | 7.66 | $ | 8.25 | $ | 9.50 | ||||||
2000 | 6 | $ | 7.66 | $ | 13.10 | $ | 13.33 | $ | 13.26 | $ | 13.29 | ||||||
2001 | 27 | $ | 11.21 | $ | 10.88 | $ | 10.12 | $ | 10.56 | ||||||||
2002 | 7 | $ | 14.41 | $ | 13.31 | $ | 13.49 | ||||||||||
2003 | 1 | $ | 8.75 | $ | 12.94 | ||||||||||||
2004 | 46 | $ | 12.22 | ||||||||||||||
All Existing Facilities | 201 | $ | 9.13 | $ | 9.77 | $ | 10.13 | $ | 10.04 | $ | 10.44 |
(2) | Determined by dividing the sum of the month-end occupied square feet for the group of facilities for each twelve month period by the sum of their month-end rentable square feet for the period. |
Annual Rent Per Occupied Square Foot For the Twelve Months Ended | ||||||||||||||||||||||||
Number of | December 31,(2) | |||||||||||||||||||||||
Year Acquired(1) | Facilities | 2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||||||
1996 or earlier | 41 | $ | 10.71 | $ | 10.79 | $ | 10.59 | $ | 10.66 | $ | 10.98 | |||||||||||||
1997 | 46 | $ | 8.81 | $ | 9.04 | $ | 9.21 | $ | 9.52 | $ | 10.01 | |||||||||||||
1998 | 24 | $ | 8.73 | $ | 8.82 | $ | 8.89 | $ | 9.34 | $ | 9.72 | |||||||||||||
1999 | 2 | $ | 7.10 | $ | 7.66 | $ | 8.25 | $ | 9.50 | $ | 10.81 | |||||||||||||
2000 | 6 | $ | 13.10 | $ | 13.33 | $ | 13.26 | $ | 13.29 | $ | 14.41 | |||||||||||||
2001 | 27 | $ | 11.21 | $ | 10.88 | $ | 10.12 | $ | 10.56 | $ | 11.04 | |||||||||||||
2002 | 7 | $ | 14.41 | $ | 13.31 | $ | 13.49 | $ | 13.91 | |||||||||||||||
2003 | 1 | $ | 8.75 | $ | 12.94 | $ | 13.21 | |||||||||||||||||
2004 | 46 | $ | 12.22 | $ | 10.73 | |||||||||||||||||||
2005 | 139 | $ | 8.90 | |||||||||||||||||||||
All Facilities Owned as of December 31, 2005 | 339 | $ | 9.77 | $ | 10.13 | $ | 10.04 | $ | 10.44 | $ | 10.37 |
34
The following tables set forth a reconciliation of our annual rent per occupied square foot data to the historical financial results for the periods presented.
Average Occupied Square Feet for the Twelve Months Ended December 31,(2) | ||||||||||||
Year Acquired(1) | Number of Facilities | 2000 | 2001 | 2002 | 2003 | 2004 | ||||||
1996 or earlier | 41 | 2,194,358 | 2,162,101 | 2,101,927 | 2,112,101 | 2,170,825 | ||||||
1997 | 46 | 2,218,478 | 2,189,309 | 2,162,901 | 2,212,059 | 2,247,471 | ||||||
1998 | 25 | 1,183,996 | 1,176,562 | 1,187,768 | 1,244,593 | 1,257,058 | ||||||
1999 | 2 | 63,455 | 93,479 | 113,112 | 114,052 | 121,776 | ||||||
2000 | 6 | 21,681 | 277,770 | 296,103 | 321,549 | 366,338 | ||||||
2001 | 27 | 410,084 | 1,544,456 | 1,701,143 | 1,790,554 | |||||||
2002 | 7 | 153,790 | 339,036 | 340,977 | ||||||||
2003 | 1 | 3,606 | 20,694 | |||||||||
2004 | 46 | 402,889 | ||||||||||
All Existing Facilities | 201 | 5,681,968 | 6,309,305 | 7,560,057 | 8,048,139 | 8,718,582 |
Total Revenues for the Twelve Months Ended December 31,(3) | |||||||||||||||||
Year Acquired(1) | Number of Facilities | 2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||
1996 or earlier | 41 | $ | 22,523 | $ | 23,165 | $ | 22,683 | $ | 22,372 | $ | 23,140 | ||||||
1997 | 46 | 18,639 | 19,297 | 19,561 | 20,382 | 21,392 | |||||||||||
1998 | 25 | 10,109 | 10,274 | 10,475 | 11,061 | 11,739 | |||||||||||
1999 | 2 | 453 | 664 | 866 | 941 | 1,156 | |||||||||||
2000 | 6 | 166 | 3,639 | 3,947 | 4,265 | 4,867 | |||||||||||
2001 | 27 | 4,597 | 16,800 | 17,224 | 18,914 | ||||||||||||
2002 | 7 | 2,216 | 4,513 | 4,600 | |||||||||||||
2003 | 1 | 32 | 268 | ||||||||||||||
2004 | 46 | 4,925 | |||||||||||||||
All Existing Facilities—Before Adjustments | 201 | $ | 51,890 | $ | 61,636 | $ | 76,548 | $ | 80,790 | $ | 91,001 | ||||||
Plus: | |||||||||||||||||
Revenues from Discontinued Operations(4) | 1,033 | 553 | — | — | — | ||||||||||||
Other Adjustments(5) | 167 | 87 | 37 | 24 | 607 | ||||||||||||
Total Revenues(6) | $ | 53,090 | $ | 62,276 | $ | 76,585 | $ | 80,814 | $ | 91,608 |
(1) | For facilities developed by us, | |
(2) | Determined by dividing the aggregate rental revenue for each twelve month period by the average of the month-end occupied square feet for the period. Rental revenue includes customer rental revenues, access, administrative and late fees and revenues from auctions, but does not include ancillary revenues generated at our facilities. |
Average Occupied Square Feet For the Twelve Months Ended | ||||||||||||||||||||||||
Number of | December 31,(2) | |||||||||||||||||||||||
Year Acquired(1) | Facilities | 2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||||||
1996 or earlier | 41 | 2,162,101 | 2,101,927 | 2,112,101 | 2,170,825 | 2,167,726 | ||||||||||||||||||
1997 | 46 | 2,189,309 | 2,162,901 | 2,212,059 | 2,247,471 | 2,257,945 | ||||||||||||||||||
1998 | 24 | 1,176,562 | 1,187,768 | 1,244,593 | 1,257,058 | 1,216,370 | ||||||||||||||||||
1999 | 2 | 93,479 | 113,112 | 114,052 | 121,776 | 127,585 | ||||||||||||||||||
2000 | 6 | 277,770 | 296,103 | 321,549 | 366,338 | 365,632 | ||||||||||||||||||
2001 | 27 | 410,084 | 1,544,456 | 1,701,143 | 1,790,554 | 1,800,901 | ||||||||||||||||||
2002 | 7 | 153,790 | 339,036 | 340,977 | 332,649 | |||||||||||||||||||
2003 | 1 | 3,606 | 20,694 | 31,801 | ||||||||||||||||||||
2004 | 46 | 402,889 | 2,425,283 | |||||||||||||||||||||
2005 | 139 | 3,157,146 | ||||||||||||||||||||||
All Facilities Owned as of December 31, 2005 | 339 | 6,309,305 | 7,560,057 | 8,048,139 | 8,718,582 | 13,883,038 |
Number of | Total Revenues for the Twelve Months Ended December 31,(3) | |||||||||||||||||||||||
Year Acquired(1) | Facilities | 2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
1996 or earlier | 41 | $ | 23,408 | $ | 22,683 | $ | 22,372 | $ | 23,140 | $ | 23,800 | |||||||||||||
1997 | 46 | 19,499 | 19,561 | 20,382 | 21,558 | 22,599 | ||||||||||||||||||
1998 | 24 | 10,382 | 10,475 | 11,061 | 11,573 | 11,818 | ||||||||||||||||||
1999 | 2 | 664 | 866 | 941 | 1,156 | 1,379 | ||||||||||||||||||
2000 | 6 | 3,639 | 3,947 | 4,265 | 4,867 | 5,269 | ||||||||||||||||||
2001 | 27 | 4,597 | 16,800 | 17,224 | 18,914 | 19,883 | ||||||||||||||||||
2002 | 7 | 2,216 | 4,513 | 4,600 | 4,627 | |||||||||||||||||||
2003 | 1 | 32 | 268 | 420 | ||||||||||||||||||||
2004 | 46 | 4,925 | 26,021 | |||||||||||||||||||||
2005 | 139 | 28,104 | ||||||||||||||||||||||
All Facilities Owned as of December 31, 2005 — Before Adjustments | 339 | $ | 62,189 | $ | 76,548 | $ | 80,790 | $ | 91,001 | $ | 143,920 | |||||||||||||
Plus: | ||||||||||||||||||||||||
Other Adjustments(4) | 87 | 37 | 24 | 607 | 4,201 | |||||||||||||||||||
Total Revenues(5) | $ | 62,276 | $ | 76,585 | $ | 80,814 | $ | 91,608 | $ | 148,121 |
35
(1) | For facilities developed by us, “Year Acquired” represents the year in which such facilities were acquired by our operating partnership from an affiliated entity, which in some cases is later than the year developed. | |
(2) | Represents the average of the aggregate month-end occupied square feet for the |
(3) | Represents the result obtained by multiplying annual rent per occupied square foot by the average occupied square feet for the twelve month period for each group of facilities. |
(4) | Between 2001 and |
(5) | Represents total revenues as presented in |
On January 5, 2005,
On March 18, 2005, we exercised ourthree option to purchase the Orlando II, FL and the Boynton Beach II, FL facilities from Rising Tide Development for an aggregate purchase price of $11.8approximately $17.4 million, consisting of $6.7an aggregate of $6.8 million in cash (which cash was used to pay off mortgage indebtedness secured by the facility) and $5.1 million payable in units in our operating partnership. The facilities contain an aggregate of approximately 129,000 rentable square feetpartnership and were 90.1% and 90.3% occupied, respectively, as of December 31, 2004.$10.6 million in cash.
36
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
On October 19, 2004, our sole shareholder at the time authorized and approved, by unanimous written consent, our IPO transactions, our 2004 Equity Incentive Plan, and the issuance
2005.
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Market Information
2004 | High | Low | Cash Distributions Declared | ||||
Fourth quarter (October 22, 2004 to December 31, 2004) | 17.77 | 16.40 | $ | 0.2009 |
On February 22, 2005, our board of trustees declared a quarterly distribution of $0.28 per common share for the period ending March 31, 2005. The distribution is payable on April 25, 2005 to common shareholders of record on April 11, 2005. This quarterly distribution of $0.28 per common share is equivalent to $1.12 per common share on an annualized basis.
Cash Dividends | ||||||||||||
High | Low | Declared | ||||||||||
2004 | ||||||||||||
Fourth quarter (October 22 through December 31) | $ | 17.77 | $ | 16.40 | $ | 0.2009 | ||||||
2005 | ||||||||||||
First quarter | $ | 17.58 | $ | 15.90 | $ | 0.28 | ||||||
Second quarter | $ | 19.99 | $ | 16.64 | $ | 0.28 | ||||||
Third quarter | $ | 22.13 | $ | 18.82 | $ | 0.28 | ||||||
Fourth quarter | $ | 21.93 | $ | 19.04 | $ | 0.29 |
The characterization of the Company’s dividends for 2005 was 46% ordinary income and 54% return of capital.
Recent Sales
(a) Upon our formation in July 2004, High Tide LLC was issued 100 common sharescapital, rather than a dividend, for total consideration of $1,500 in cash in order to provide our initial capitalization. In October 2004, High Tide LLC was reorganizedfederal income tax purposes. Distributions that are treated as a Maryland REIT throughreturn of capital for federal income tax purposes generally will not be taxable as a merger into us pursuantdividend to a reorganizationU.S. shareholder, but will reduce the shareholder’s basis in its shares (but not below zero) and merger agreement. Upon completiontherefore can result in the shareholder having a higher gain upon a subsequent sale of this merger, those shares were canceled and retired without paymentsuch shares. Return of any consideration therefor. The issuancecapital distributions in excess of a shareholder’s basis generally will be treated as gain from the sale of such shares was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act.
for federal income tax purposes.
The foregoing issuances occurred pursuant to agreements dated as of July 30, 2004. All of such persons irrevocably committed to the transfer of such interests and assets prior to the filing of our registration statement on Form S-11 relating to our IPO. The issuance of such units and shares was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act.
(b) The effective date of our registration statement filed on Form S-11 (File No. 333-117848) under the Securities Act relating to the IPO was October 21, 2004. An aggregate of 28,750,000 common shares were sold (including 3,750,000 common shares sold pursuant to the underwriters’ over-allotment option) at an offering price of $16.00 per share. Lehman Brothers Inc. acted as sole bookrunning manager of the IPO. Citigroup Global Markets, Inc., Wachovia Capital Markets, LLC, AG Edwards & Sons, Inc., Legg Mason Wood Walker, Incorporated and Raymond James & Associates, Inc. acted as co-managers of the IPO.
The IPO has been completed. The aggregate sales price for all of the shares sold in the IPO was $460.0 million. Theafter deducting underwriting discount and commissions and expenses of the offering. A portion of these proceeds was used to repay certain outstanding indebtedness, including (i) $108.3 million to repay the outstanding balance under our then existing revolving credit facility and (ii) $39.8 million to repay outstanding mortgage loans secured by 37 of our facilities. Approximately
37
We utilized the netoffering. A portion of these proceeds from the IPOwas used to repay a portion(i) approximately $135.1 million of our existing term loan provided by an affiliate of Lehman Brothers ($135.1 million),(ii) $16.6 million, plus $0.9 million for prepayment penalties, to repay mortgage indebtedness secured by our facilities ($16.6(iii) $23.0 million plus $0.9 million to pay associated prepayment penalties), to fund the purchase of U-Store-It Mini Warehouse Co., our management company ($23.0 million, of which approximately $18.7 million was paid to us by Robert J. Amsdell and Barry L. Amsdell in repayment of loans), to repay the outstanding balance of a loan made to us by Robert J. Amsdell and Barry L. Amsdell ($1.6 million) and (iv) $221.8 million to acquire the 46 acquisition facilities ($221.8 million).facilities.
38
(c) We did not repurchase any of our common shares during the period covered by this report.
ITEM 6. | SELECTED FINANCIAL DATA |
The owners of the Predecessor were entities owned by Robert J. Amsdell and Barry L. Amsdell and certain others who had minor ownership interests.
39
The Company | The Predecessor(1) | |||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||
October 21, | January 1, | |||||||||||||||||||||||
Year Ended | through | through | ||||||||||||||||||||||
December 31, | December 31, | October 20, | Year Ended December 31, | |||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Rental income | $ | 138,120 | $ | 21,314 | $ | 65,631 | $ | 76,898 | $ | 72,719 | $ | 59,120 | ||||||||||||
Other property related income | 10,001 | 1,452 | 3,211 | 3,916 | 3,866 | 3,156 | ||||||||||||||||||
Total revenues | 148,121 | 22,766 | 68,842 | 80,814 | 76,585 | 62,276 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Property operating expenses | 54,952 | 9,635 | 26,031 | 28,096 | 26,075 | 20,977 | ||||||||||||||||||
Property operating expense — related party | 43 | — | — | — | — | — | ||||||||||||||||||
Depreciation | 39,949 | 5,800 | 16,528 | 19,494 | 19,656 | 14,168 | ||||||||||||||||||
General and administrative | 17,786 | 4,140 | — | — | — | — | ||||||||||||||||||
General and administrative — related party | 736 | 114 | — | — | — | — | ||||||||||||||||||
Management fees — related party(2) | — | — | 3,689 | 4,361 | 4,115 | 3,358 | ||||||||||||||||||
Total operating expenses | 113,466 | 19,689 | 46,248 | 51,951 | 49,846 | 38,503 | ||||||||||||||||||
Operating income | 34,655 | 3,077 | 22,594 | 28,863 | 26,739 | 23,773 | ||||||||||||||||||
Interest: | ||||||||||||||||||||||||
Interest expense on loans | (32,370 | ) | (4,428 | ) | (19,385 | ) | (15,128 | ) | (15,944 | ) | (13,430 | ) | ||||||||||||
Loan procurement amortization expense | (1,785 | ) | (240 | ) | (5,727 | ) | (1,015 | ) | (1,079 | ) | (1,182 | ) | ||||||||||||
Early extinguishment of debt | (93 | ) | (7,012 | ) | — | — | — | — | ||||||||||||||||
Costs incurred to acquire management company — related party | — | (22,152 | ) | — | — | — | — | |||||||||||||||||
Loss on sale of storage facilities | — | — | — | — | — | (2,459 | ) | |||||||||||||||||
Interest income | 2,405 | 37 | 69 | 12 | — | — | ||||||||||||||||||
Other | (47 | ) | (78 | ) | — | — | — | — | ||||||||||||||||
Income (loss) from continuing operations before minority interest | 2,765 | (30,796 | ) | (2,449 | ) | 12,732 | 9,716 | 6,702 | ||||||||||||||||
Minority interest | (199 | ) | 898 | — | — | — | — | |||||||||||||||||
Income (loss) from continuing operations | 2,566 | (29,898 | ) | (2,449 | ) | 12,732 | 9,716 | 6,702 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from operations | 32 | — | — | 171 | 312 | 194 | ||||||||||||||||||
Gain on sale of storage facilities | 179 | — | — | 3,329 | — | — | ||||||||||||||||||
Income from discontinued operations | 211 | — | — | 3,500 | 312 | 194 | ||||||||||||||||||
Net income (loss) | $ | 2,777 | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | $ | 10,028 | $ | 6,896 | ||||||||||
40
The Company | The Predecessor(1) | |||||||||||||||||||||||
Period October 21, 2004 through December 31, | Period January 1, 2004 through October 20, | Year Ended December 31, | ||||||||||||||||||||||
2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Rental income | $ | 21,314 | $ | 65,631 | $ | 76,898 | $ | 72,719 | $ | 59,120 | $ | 49,992 | ||||||||||||
Other property related income | 1,452 | 3,211 | 3,916 | 3,866 | 3,156 | 3,098 | ||||||||||||||||||
Total revenues | 22,766 | 68,842 | 80,814 | 76,585 | 62,276 | 53,090 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Property operating expenses | 9,635 | 26,031 | 28,096 | 26,075 | 20,977 | 17,580 | ||||||||||||||||||
Depreciation | 5,800 | 16,528 | 19,494 | 19,656 | 14,168 | 12,786 | ||||||||||||||||||
General and administrative | 4,254 | — | — | — | — | — | ||||||||||||||||||
Management fees—related party | — | 3,689 | 4,361 | 4,115 | 3,358 | 2,836 | ||||||||||||||||||
Total operating expenses | 19,689 | 46,248 | 51,951 | 49,846 | 38,503 | 33,202 | ||||||||||||||||||
Operating income | 3,077 | 22,594 | 28,863 | 26,739 | 23,773 | 19,888 | ||||||||||||||||||
Interest expense | (4,428 | ) | (19,385 | ) | (15,128 | ) | (15,944 | ) | (13,430 | ) | (11,514 | ) | ||||||||||||
Loan procurement amortization expense | (240 | ) | (5,727 | ) | (1,015 | ) | (1,079 | ) | (1,182 | ) | (898 | ) | ||||||||||||
Early extinguishment of debt | (7,012 | ) | — | — | — | — | — | |||||||||||||||||
Costs incurred to acquire management company | (22,152 | ) | — | — | — | — | — | |||||||||||||||||
Gain (loss) on sale of storage facilities | — | — | — | — | (2,459 | ) | 448 | |||||||||||||||||
Other | (41 | ) | 69 | 12 | — | — | — | |||||||||||||||||
Income (loss) from continuing operations before minority interest | (30,796 | ) | (2,449 | ) | 12,732 | 9,716 | 6,702 | 7,924 | ||||||||||||||||
Minority interest | 898 | — | — | — | — | — | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from operations | — | — | 171 | 312 | 194 | 326 | ||||||||||||||||||
Gain on sale of storage facilities | — | — | 3,329 | — | — | — | ||||||||||||||||||
Income from discontinued operations | — | — | 3,500 | 312 | 194 | 326 | ||||||||||||||||||
Net income (loss) | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | $ | 10,028 | $ | 6,896 | $ | 8,250 | ||||||||||
Net loss per share (basic and diluted) | $ | (0.80 | ) | |||||||||||||||||||||
Weighted average common shares outstanding (basic and diluted) | 37,477,920 | |||||||||||||||||||||||
Distribution declared | $ | 0.2009
| ||||||||||||||||||||||
The Company | The Predecessor(1) | |||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||
October 21, | January 1, | |||||||||||||||||||||||
Year Ended | through | through | ||||||||||||||||||||||
December 31, | December 31, | October 20, | Year Ended December 31, | |||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||||||||||
Basic and diluted earnings (loss) per share from continuing operations | $ | 0.07 | $ | (0.80 | ) | |||||||||||||||||||
Basic and diluted earnings per share from discontinued operations | — | — | ||||||||||||||||||||||
Basic and diluted earnings (loss) per share | $ | 0.07 | $ | (0.80 | ) | |||||||||||||||||||
Weighted average basic common shares outstanding(3) | 42,120 | 37,478 | ||||||||||||||||||||||
Weighted average diluted common shares outstanding(3) | 42,203 | 37,478 | ||||||||||||||||||||||
Distribution declared(4) | $ | 1.13 | $ | 0.2009 | ||||||||||||||||||||
Balance Sheet Data (as of end of period): | ||||||||||||||||||||||||
Storage facilities, net | $ | 1,246,295 | $ | 729,155 | $ | 395,599 | $ | 411,232 | $ | 378,179 | ||||||||||||||
Total assets | 1,481,488 | 775,874 | 412,219 | 421,400 | 392,016 | |||||||||||||||||||
Loans payable and capital lease obligations | 669,338 | 380,652 | 271,945 | 270,413 | 242,184 | |||||||||||||||||||
Total liabilities | 714,376 | 405,432 | 280,470 | 278,987 | 249,854 | |||||||||||||||||||
Minority interest | 64,108 | 11,062 | — | — | — | |||||||||||||||||||
Shareholders’/owners’ equity | 703,004 | 359,380 | 131,749 | 142,413 | 142,162 | |||||||||||||||||||
Total liabilities and shareholders’/owners’ equity | 1,481,488 | 775,874 | 412,219 | 421,400 | 392,016 | |||||||||||||||||||
Other Data: | ||||||||||||||||||||||||
Net operating income | 93,126 | 13,131 | 42,811 | 52,718 | 50,510 | 41,299 | ||||||||||||||||||
Funds from operations for the operating partnership | 42,914 | (24,996 | ) | 14,079 | 32,604 | 29,885 | 23,812 | |||||||||||||||||
Number of facilities (end of period) | 339 | 201 | 155 | 155 | 159 | 152 | ||||||||||||||||||
Total rentable square feet (end of period) | 20,828,446 | 12,977,893 | 9,683,014 | 9,863,014 | 10,050,274 | 9,520,547 | ||||||||||||||||||
Occupancy (end of period) | 81.2 | % | 82.2 | % | 85.2 | % | 82.6 | % | 79.2 | % | 78.6 | % | ||||||||||||
Cash dividends declared per share(4) | $ | 1.13 | $ | 0.2009 | ||||||||||||||||||||
Cash Flow data: | ||||||||||||||||||||||||
Net cash flow provided by (used in): | ||||||||||||||||||||||||
Operating activities | $ | 48,850 | $ | 9,415 | $ | 25,523 | $ | 34,227 | $ | 31,642 | $ | 23,570 | ||||||||||||
Investing activities | (392,694 | ) | (229,075 | ) | (5,114 | ) | (2,507 | ) | (33,212 | ) | (127,683 | ) | ||||||||||||
Financing activities | 516,457 | 246,078 | (25,845 | ) | (25,729 | ) | (818 | ) | 105,049 | |||||||||||||||
Reconciliation of Net Income (Loss) to Funds from Operations (FFO): | ||||||||||||||||||||||||
Net Income (loss)(5) | $ | 2,777 | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | $ | 10,028 | $ | 6,896 | ||||||||||
Plus: | ||||||||||||||||||||||||
Depreciation | 39,949 | 5,800 | 16,528 | 19,494 | 19,656 | 14,168 | ||||||||||||||||||
Minority interest | 199 | (898 | ) | — | — | — | — | |||||||||||||||||
Depreciation included in discontinued operations | 168 | — | — | 207 | 201 | 289 | ||||||||||||||||||
Loss on sale of storage facilities | — | — | — | — | — | 2,459 |
41
The Company | The Predecessor(1) | |||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||
October 21, | January 1, | |||||||||||||||||||||||
Year Ended | through | through | ||||||||||||||||||||||
December 31, | December 31, | October 20, | Year Ended December 31, | |||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||
Gain on sale of storage facilities | (179 | ) | — | — | (3,329 | ) | — | — | ||||||||||||||||
FFO for the operating partnership | $ | 42,914 | $ | (24,996 | ) | $ | 14,079 | $ | 32,604 | $ | 29,885 | $ | 23,812 | |||||||||||
FFO allocable to minority interest | $ | (2,864 | ) | $ | (733 | ) | ||||||||||||||||||
FFO attributable to common shareholders | $ | 40,050 | $ | (24,263 | ) | |||||||||||||||||||
Reconciliation of Net Income (Loss) to Net Operating Income: | ||||||||||||||||||||||||
Net Income (loss)(5) | $ | 2,777 | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | $ | 10,028 | $ | 6,896 | ||||||||||
Plus: | ||||||||||||||||||||||||
Interest: | ||||||||||||||||||||||||
Interest expense on loans | 32,370 | 4,428 | 19,385 | 15,128 | 15,944 | 13,430 | ||||||||||||||||||
Loan procurement amortization expense | 1,785 | 240 | 5,727 | 1,015 | 1,079 | 1,182 | ||||||||||||||||||
Minority interest | 199 | (898 | ) | — | — | — | — | |||||||||||||||||
Early extinguishment of debt | 93 | 7,012 | — | — | — | — | ||||||||||||||||||
Costs incurred to acquire management company — related party(5) | — | 22,152 | — | — | — | — | ||||||||||||||||||
Loss on sale of storage facilities | — | — | — | — | — | 2,459 | ||||||||||||||||||
Other | 47 | 78 | — | — | — | — | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Income from discontinued operations | (32 | ) | — | — | (171 | ) | (312 | ) | (194 | ) | ||||||||||||||
Gain on sale of storage facilities | (179 | ) | — | — | (3,329 | ) | — | — | ||||||||||||||||
Interest income | (2,405 | ) | (37 | ) | (69 | ) | (12 | ) | — | — | ||||||||||||||
Operating income | $ | 34,655 | $ | 3,077 | $ | 22,594 | $ | 28,863 | $ | 26,739 | $ | 23,773 | ||||||||||||
Plus: | ||||||||||||||||||||||||
General and administrative/ Management fees to related party | 18,522 | 4,254 | 3,689 | 4,361 | 4,115 | 3,358 | ||||||||||||||||||
Depreciation | 39,949 | 5,800 | 16,528 | 19,494 | 19,656 | 14,168 | ||||||||||||||||||
Net operating income | $ | 93,126 | $ | 13,131 | $ | 42,811 | $ | 52,718 | $ | 50,510 | $ | 41,299 | ||||||||||||
(1) | Represents historical financial data of our operating partnership, |
Period October 21, 2004 through December 31, Period January 1, 2004 through October 20, Balance Sheet Data (as of end of period): Storage facilities, net of accumulated depreciation Total assets Loans payable and capital lease obligations Total liabilities Minority interest Shareholders’/owners’ equity Total liabilities and shareholders’/owners’ equity Cash Flow data: Net cash flow provided by (used in): Operating activities Investing activities Financing activities Other data: Net operating income(2) Funds from operations(3) Number of facilities (end of period) Total rentable square feet (end of period) Occupancy (end of period) Reconciliation of Net Income to Funds from Operations(3): Net Income (Loss) Plus: Depreciation Depreciation included in discontinued operations Loss on sale of storage facilities Less: Minority interest Gain on sale of storage facilities FFO for the operating partnership FFO allocable to minority interest FFO attributable to common shareholders Reconciliation of Net Income (Loss) to Net Operating Income (3): Net Income (Loss) Plus: Management fees to related party/general and administrative(4) Depreciation Interest expense Loan procurement amortization expense (Gain) Loss from discontinued operations Early extinguishment of debt Costs incurred to acquire management company Other Less: Income from discontinued operations Minority interest Gain on sale of storage facilities Net operating income The Company The Predecessor(1) Year Ended December 31, 2004 2004 2003 2002 2001 2000 (Dollars in thousands, except per share data) $ 729,155 $ 395,599 $ 411,232 $ 378,179 $ 255,911 775,874 412,219 421,400 392,016 268,307 380,652 271,945 270,413 242,184 148,149 405,432 280,470 278,987 249,854 155,309 11,062 — — — — 359,380 131,749 142,413 142,162 112,999 775,874 412,219 421,400 392,016 268,307 $ 9,415 $ 25,523 $ 34,227 $ 31,642 $ 23,570 $ 22,304 (229,075 ) (5,114 ) (2,507 ) (33,212 ) (127,683 ) (654 ) 246,078 (25,845 ) (25,729 ) (818 ) 105,049 (21,172 ) 13,131 42,811 52,718 50,510 41,299 35,510 (24,996 ) 14,079 32,604 29,885 23,812 20,717 201 155 155 159 152 130 12,977,893 9,683,014 9,863,014 10,050,274 9,520,547 7,647,052 82.2 % 85.2 % 82.6 % 79.2 % 78.6 % 80.9 % $ (29,898 ) $ (2,449 ) $ 16,232 $ 10,028 $ 6,896 $ 8,250 5,800 16,528 19,494 19,656 14,168 12,786 — — 207 201 289 129 — — — — 2,459 — (898 ) — — — — — — (3,329 ) — — (448 ) $ (24,996 ) $ 14,079 $ 32,604 $ 29,885 $ 23,812 $ 20,717 $ 733 $ (24,263 ) $ (29,898 ) $ (2,449 ) $ 16,232 $ 10,028 $ 6,896 $ 8,250 4,254 3,689 4,361 4,115 3,358 2,836 5,800 16,528 19,494 19,656 14,168 12,786 4,428 19,385 15,128 15,944 13,430 11,514 240 5,727 1,015 1,079 1,182 898 — — — — 2,459 (448 ) 7,012 — — — 22,152 — — — — — 41 (69 ) (12 ) — — — — — (171 ) (312 ) (194 ) (326 ) (898 ) — — — — — — — (3,329 ) — — — $ 13,131 $ 42,811 $ 52,718 $ 50,510 $ 41,299 $ 35,510
(2) | Prior to | |
(3) | Excludes 5,198,855 operating partnership units issued at our IPO and in connection with the acquisition of facilities subsequent to our IPO. Operating partnership units have been excluded from the earnings per share calculations as there would be no effect on the earnings per share since, upon conversion, the minority interests’ share of income would also be added back to net income. |
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(4) | The Company’s board of trustees declared a pro rata dividend of $0.2009 per common share on November 16, 2004 and full quarterly dividends of $0.28 per common share on February 22, 2005, May 31, 2005 and August 24, 2005 and $0.29 per common share on November 30, 2005. | |
(5) | For the period from October 21, 2004 through December 31, 2004, amount includes a one-time management contract termination charge of approximately $22.2 million related to the termination of our management contracts as a result of the purchase of U-Store-It Mini Warehouse Co. and approximately $7.0 million of expenses related to the early extinguishment of debt at the time of our IPO. Additionally, for the period from October 21, 2004 through December 31, 2004, general and |
We use NOI
We believe NOI is useful to investors in evaluating our operating performance because:
There are material limitations to using a measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income. We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.
facilities. Given the nature of our business as a real estate owner and operator, we believe that FFO is helpful to management and investors as a starting point in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to fund our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the White Paper or that interpret the White Paper differently than we do.
• | It is one of the | |
• | It is |
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indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets; and |
• | We believe it helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of our basis in our assets from our operating results. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
On October 7, 2005, the Company completed a secondary public offering, pursuant to which it sold an aggregate of 19,665,000 common shares (including 2,565,000 shares pursuant to the exercise of the underwriters’ option) at an offering price of $20.35 per share, for gross proceeds of $400.2 million. feet, respectively. Where appropriate, the following discussion includes analysis of the effects of the Company’s initial public offering (“IPO”), the formation transactions and related refinancing transactions and certain other transactions. The Company makes certain statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements”.Statements.” Certain risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this report entitled “Risk Factors.”OVERVIEWapproximately $460.0 million.in–housein-house capabilities in the operation, design, development, leasing, and acquisition of self-storage facilities. At the completion of the IPODecember 31, 2005 and its formation transactions,2004, the Company owned 339 and 201 self-storage facilities, respectively, totaling approximately 20.8 and 13.0 million rentable square feet.We experiencewe intendthe Company intends to focus on increasing our internal growth and selectively pursuing targeted acquisitions and developments of self-storage facilities. We intend to incur additional debt in connection with any such future acquisitions or developments.
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2005 related to hurricane damage (See Note 16 to the Consolidated and Combined Financial Statements).
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There have been no recent accounting pronouncements or interpretations method of settlement are dependent on future events that havemay be outside the control of the Company. FIN 47 requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. FIN 47 is intended to provide more information about long-lived assets, more information about future cash outflows for these obligations and more consistent recognition of these liabilities. The Company initially adopted FIN 47 at December 31, 2005 and the adoption of this interpretation did not yet been implemented that will have a material impact on our financial statements.
the Company.
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In 2003, one self-storage facility was acquired for approximately $3.2 million and the Company completed and placed in service one expansion of an existing self-storage facility for approximately $2.5 million. During this same period four self-storage facilities and one commercial property were sold, which facilities and property have been accounted for as discontinued operations.
($ in thousands) | ||||||||
2004(1) | 2003 | |||||||
REVENUES: | ||||||||
Rental income | $ | 86,945 | $ | 76,898 | ||||
Other property related income | 4,663 | 3,916 | ||||||
Total revenues | 91,608 | 80,814 | ||||||
OPERATING EXPENSES: | ||||||||
Property operating expenses | 35,666 | 28,096 | ||||||
Depreciation | 22,328 | 19,494 | ||||||
General and administrative | 4,254 | — | ||||||
Management fees - related party | 3,689 | 4,361 | ||||||
Total operating expenses | 65,937 | 51,951 | ||||||
OPERATING INCOME | 25,671 | 28,863 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest expense | (23,813 | ) | (15,128 | ) | ||||
Loan procurement amortization expense | (5,967 | ) | (1,015 | ) | ||||
Early extinguishment of debt | (7,012 | ) | — | |||||
Cost incurred to acquire management company | (22,152 | ) | — | |||||
Other | 28 | 12 | ||||||
Total other expense | (58,916 | ) | (16,131 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (33,245 | ) | 12,732 |
Year Ended December 31, | ||||||||
2005 | 2004 (1) | |||||||
(Dollars in thousands) | ||||||||
REVENUES: | ||||||||
Rental income | $ | 138,120 | $ | 86,945 | ||||
Other property related income | 10,001 | 4,663 | ||||||
Total revenues | 148,121 | 91,608 | ||||||
OPERATING EXPENSES: | ||||||||
Property operating expenses | 54,952 | 35,666 | ||||||
Property operating expense — related party | 43 | — | ||||||
Depreciation | 39,949 | 22,328 | ||||||
General and administrative | 17,786 | 4,140 | ||||||
General and administrative — related party | 736 | 114 | ||||||
Management fees — related party | — | 3,689 | ||||||
Total operating expenses | 113,466 | 65,937 | ||||||
OPERATING INCOME | 34,655 | 25,671 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest: | ||||||||
Interest expense on loans | (32,370 | ) | (23,813 | ) | ||||
Loan procurement amortization expense | (1,785 | ) | (5,967 | ) | ||||
Early extinguishment of debt | (93 | ) | (7,012 | ) | ||||
Cost incurred to acquire management company — related party | — | (22,152 | ) | |||||
Interest income | 2,405 | 106 | ||||||
Other | (47 | ) | (78 | ) | ||||
Total other expense | (31,890 | ) | (58,916 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST | $ | 2,765 | $ | (33,245 | ) | |||
(1) | The twelve months ended December 31, 2004 represents consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and combined operating results for the Predecessor from January 1, 2004 to October 20, 2004. The operating results for the year ended December 31, 2004 are not comparable to future expected operating results of the Company since they include various IPO-related charges. |
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Year Ended December 31, | ||||||||
2004(1) | 2003 | |||||||
(Dollars in thousands) | ||||||||
REVENUES: | ||||||||
Rental income | $ | 86,945 | $ | 76,898 | ||||
Other property related income | 4,663 | 3,916 | ||||||
Total revenues | 91,608 | 80,814 | ||||||
OPERATING EXPENSES: | ||||||||
Property operating expenses | 35,666 | 28,096 | ||||||
Property operating expense — related party | — | — | ||||||
Depreciation | 22,328 | 19,494 | ||||||
General and administrative | 4,140 | — | ||||||
General and administrative — related party | 114 | — | ||||||
Management fees — related party | 3,689 | 4,361 | ||||||
Total operating expenses | 65,937 | 51,951 | ||||||
OPERATING INCOME | 25,671 | 28,863 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest: | ||||||||
Interest expense on loans | (23,813 | ) | (15,128 | ) | ||||
Loan procurement amortization expense | (5,967 | ) | (1,015 | ) | ||||
Early extinguishment of debt | (7,012 | ) | — | |||||
Cost incurred to acquire management company — related party | (22,152 | ) | — | |||||
Interest income | 106 | 12 | ||||||
Other | (78 | ) | — | |||||
Total other expense | (58,916 | ) | (16,131 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST | $ | (33,245 | ) | $ | 12,732 | |||
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(1) | The twelve months ended December 31, 2004 represents consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and combined operating results for the Predecessor from January 1, 2004 to October 20, 2004. The operating results for the year ended December 31, 2004 are not comparable to future expected operating results of the Company since they include various IPO-related charges. |
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Acquisition and Development Activities
The comparabilitythree months ended September 30, 2005 caused damage at certain of the Company’s resultsself-storage facilities located in Alabama, Louisiana and Mississippi. Under the provisions of operationsSFAS 144, “Accounting for the Impairment of or Disposal of Long-Lived Assets” (“SFAS 144”), the Company determined there were indicators of impairment and accordingly tested the assets for recoverability. After an assessment of the damage sustained at the Waveland, Mississippi facility, the Company determined that a charge for impairment of approximately $2.3 million was required because the estimated undiscounted future cash flows did not support the carrying value. The Company has comprehensive insurance coverage for property damage. Although the Company currently expects the insurance proceeds to cover the entire loss incurred, the Company was required to record the impairment charge, and to record an offsetting insurance recovery balance of $2.3 million, of which $0.5 million was received in October 2005. While the Company expects the insurance proceeds will be sufficient to cover the entire replacement cost of the damaged facility, certain deductibles and limitations will apply and no assurances can be made that proceeds will be sufficient to cover the costs of the entire restoration. To the extent that insurance proceeds, which are on a replacement cost basis, ultimately exceed the net book value of the damaged facility, a gain will be recognized in the period when all contingencies related to the insurance claim have been resolved. The related insurance receivable is significantly affected by development, redevelopment, acquisition and disposition activitiesincluded in 2003 and 2002. Atother assets as of December 31, 2003 and 2002 the Company owned interests in 155 and 159 self-storage facilities and related assets, respectively.
In 2003, one self-storage facility was acquired for approximately $3.2 million,2005 and the Company completedasset impairment charge and placedinsurance recovery are recorded net in service one expansion of an existing self-storage facilitythe same line item for approximately $2.5 million. During this same period four self-storage facilities and one commercial property were sold, which have been accounted for as discontinued operations.
In 2002, three facilities were acquired for approximately $19.4 million and the Company completed and placed in service four significant development facilities for approximately $19.1 million and nine expansions of existing facilities for approximately $5.2 million.
A comparison of income from continuing operationsoperating expenses for the yearsyear ended December 31, 2003 and 2002 is as follows:
($ in thousands) | ||||||||
2003 | 2002 | |||||||
REVENUES: | ||||||||
Rental income | $ | 76,898 | $ | 72,719 | ||||
Other property related income | 3,916 | 3,866 | ||||||
Total revenues | 80,814 | 76,585 | ||||||
OPERATING EXPENSES: | ||||||||
Property operating expenses | 28,096 | 26,075 | ||||||
Depreciation | 19,494 | 19,656 | ||||||
Management fees - related party | 4,361 | 4,115 | ||||||
Total operating expenses | 51,951 | 49,846 | ||||||
OPERATING INCOME | 28,863 | 26,739 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest expense | (15,128 | ) | (15,944 | ) | ||||
Loan procurement amortization expense | (1,015 | ) | (1,079 | ) | ||||
Other | 12 | — | ||||||
Total other expense | (16,131 | ) | (17,023 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 12,732 | 9,716 |
Comparison of Operating Results for the Years Ended December 31, 2003 and 2002 (Not including discontinued operations)
Total Revenues
Rental income increased from $72.7 million in 2002 to $76.9 million in 2003, an increase of $4.2 million, or 5.8%. $3.5 million of this increase is attributable to increased occupancy and $0.7 million of this increase is attributable to increased rents.
Other property related income remained flat at $3.9 million in 2002 and 2003.
Total Operating Expenses
Property operating expenses increased from $26.1 million in 2002 to $28.1 million in 2003, an increase of $2.0 million, or 7.7%. Payroll expenses increased by approximately $0.6 million, attributable to higher incentive payments as a result of increased revenues and increased number of personnel. Property taxes and insurance increased by approximately $0.7 million. This increase is primarily attributable to increased assessed values resulting in higher real estate taxes. Other operating costs increased by approximately $1.0 million. This increase is primarily attributable to significantly higher snow removal costs associated with the unusually severe winter in 2003.
Management fees increased from $4.1 million in 2002 to $4.4 million in 2003, or 7.3%. This increase is attributable to higher revenues, on which management fees are based. Most of our management agreements during the periods presented provided that management fees were based on 5.35% of total revenues collected.
Depreciation decreased from $19.7 million in 2002 to $19.5 million in 2003, or 1.0%. This decrease is attributable to fully amortized equipment with lives significantly shorter than new buildings and improvements.
Interest expense decreased from $15.9 million in 2002 to $15.1 million in 2003, or 5.0%. The decrease is due to lower interest rates in 2003 on variable rate debt outstanding during both periods.
Impact of 2004 Hurricanes
2005.
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Three months ended December 31, | Percent Change | Year Ended December 31, | Percent Change | Year Ended December 31, | Percent Change | ||||||||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2003 | 2002 | ||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Same-store revenues | $ | 20,663 | $ | 19,177 | 7.7 | % | $ | 79,403 | $ | 74,661 | 6.4 | % | $ | 60,958 | $ | 59,300 | 2.8 | % | |||||||||
Same-store property operating expenses | 7,914 | 6,749 | 17.3 | % | 29,085 | 25,410 | 14.5 | % | 20,657 | 19,589 | 5.5 | % | |||||||||||||||
Non same-store revenues | 6,933 | 1,661 | 12,205 | 6,153 | 19,856 | 17,285 | |||||||||||||||||||||
Non same-store property operating expenses | 4,188 | 822 | 6,581 | 2,686 | 7,439 | 6,486 | |||||||||||||||||||||
Total revenues | 27,596 | 20,838 | 91,608 | 80,814 | 80,814 | 76,585 | |||||||||||||||||||||
Total property operating expenses | 12,102 | 7,571 | 35,666 | 28,096 | 28,096 | 26,075 | |||||||||||||||||||||
Number of facilities included in same-store analysis | 142 | 142 | 121 |
Year Ended | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||
2005 | 2004 (1) | Change | 2004 (1) | 2003 | Change | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Same-store revenues | $ | 89,403 | $ | 85,627 | 4.4 | % | $ | 79,403 | $ | 74,661 | 6.4 | % | ||||||||||||
Same-store property operating expenses | $ | 30,710 | $ | 32,754 | (6.2 | )% | $ | 29,085 | $ | 25,410 | 14.5 | % | ||||||||||||
Non same-store revenues | $ | 58,718 | $ | 5,981 | $ | 12,205 | $ | 6,153 | ||||||||||||||||
Non same-store property operating expenses | $ | 24,285 | $ | 2,912 | $ | 6,581 | $ | 2,686 | ||||||||||||||||
Total revenues | $ | 148,121 | $ | 91,608 | $ | 91,608 | $ | 80,814 | ||||||||||||||||
Total property operating expenses | $ | 54,995 | $ | 35,666 | $ | 35,666 | $ | 28,096 | ||||||||||||||||
Number of facilities included in same-store analysis | 153 | 142 |
(1) | The twelve months ended December 31, 2004 represents same store sales for the consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and combined operating results for the Predecessor from January 1, 2004 to October 20, 2004. |
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Same-store revenues
Year Ended December 31, | ||||||||||||
2005 | 2004 (1) | Increase | ||||||||||
(Dollars in millions) | ||||||||||||
Net cash flow provided by (used in): | ||||||||||||
Operating activities | $ | 48.9 | $ | 34.9 | $ | 14.0 | ||||||
Investing activities | $ | (392.7 | ) | $ | (234.2 | ) | $ | 158.5 | ||||
Financing activities | $ | 516.5 | $ | 220.2 | $ | 296.3 |
(1) | The twelve months ended December 31, 2004 represents cash flows for the consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and combined operating results for the Predecessor from January 1, 2004 to October 20, 2004. |
Same-store property operating expenses146 self storage facilities in 2005.
completion of certain financing agreements of approximately $232.5 million compared to proceeds from the IPO and new borrowings totaling approximately $695.0 million, partially offset by the repayment of certain existing loans in 2004 of approximately $585.6 million.
($ in millions) | Increase | |||||||||
2004 | 2003 | $ | ||||||||
Net cash flow provided by (used in): | ||||||||||
Operating activities | $ | 34.9 | $ | 34.2 | 0.7 | |||||
Investing activities | $ | (234.2 | ) | $ | (2.5 | ) | 231.7 | |||
Financing activities | $ | 220.2 | $ | (25.7 | ) | 245.9 |
Comparison of the Year Ended December 31, 2004 to the Year Ended December 31, 2003
Year Ended December 31, | ||||||||||||
2004 (1) | 2003 | Increase | ||||||||||
(Dollars in millions) | ||||||||||||
Net cash flow provided by (used in): | ||||||||||||
Operating activities | $ | 34.9 | $ | 34.2 | $ | 0.7 | ||||||
Investing activities | $ | (234.2 | ) | $ | (2.5 | ) | $ | 231.7 | ||||
Financing activities | $ | 220.2 | $ | (25.7 | ) | $ | 245.9 |
(1) | The twelve months ended December 31, 2004 represents cash flows for the consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and combined operating results for the Predecessor from January 1, 2004 to October 20, 2004. |
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A comparison of cash flow operating, investing and financing activities for the years ended December 31, 2003 and 2002 is as follows:
($ in millions) | Increase (decrease) | ||||||||||
2003 | 2002 | $ | |||||||||
Net cash flow provided by (used in): | |||||||||||
Operating activities | $ | 34.2 | $ | 31.6 | 2.6 | ||||||
Investing activities | $ | (2.5 | ) | $ | (33.2 | ) | 30.7 | ||||
Financing activities | $ | (25.7 | ) | $ | (0.8 | ) | (24.9 | ) |
Cash provided by operations increased from $31.6 million in 2002 to $34.2 million in 2003, an increase of $2.6 million, or 8.2%. This increase is primarily attributable to an increase in the income from continuing operations.
Cash used in investing activities decreased from $33.2 million in 2002 to $2.5 million in 2003, a decrease of $30.7 million, or 92.5%. This decrease is primarily attributable to a decrease in acquisitions and improvements of self-storage facilities in 2003, as compared to 2002.
Cash used in financing activities increased from $0.8 million in 2002 to $25.7 million in 2003, an increase of $24.9 million. This increase is primarily attributable to lower borrowings and partner contributions required as a result of the reduced level of acquisition activity of self-storage facilities in 2003 as compared to 2002.
Liquidity and Capital Resources
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On October 27, 2004, our operating partnership entered into a $150 million revolving credit facility, which was undrawn at December 31, 2004. The Company may use borrowings under the facility to satisfy a portion of its short-term and long-term liquidity needs.
The Company has approximately $110.5 million of indebtedness outstanding pursuant to four existing mortgage loans secured by 53 of its facilities. These mortgage loans, which were incurred prior to the IPO, include:
Each of these loans representing this indebtedness has customary restrictions on transfer or encumbrances of the mortgaged facilities.
Also in connection with the IPO, on October 27, 2004, theFebruary 2006, our operating partnership entered into a new three-year, $150.0$250.0 million unsecured revolving credit facility. The credit facility which was undrawnallows us to increase the amount that may be borrowed up to $350.0 million at December 31, 2004.a later date. The facility is scheduled to mature on October 27, 2007,in February 2009, with the option to extend thefor aone-year extended maturity date to October 27, 2008.date. Borrowings under the facility bear interest, at a variable rate based upon aour option, at either an alternative base rate or a Eurodollar rate, plus, in each case, a spreadplus an applicable margin depending on the Company’sour leverage ratio. The credit facilityalternative base interest rate is secured by certaina fluctuating rate equal to the higher of the Company’s self-storage facilities and requires thatprime rate or the Company maintainsum of the federal funds effective rate plus 50 basis points. The applicable margin for the alternative base rate will vary from 1.15% to 1.60%. The Eurodollar rate is a minimum “borrowing base” of properties.periodic fixed rate equal to LIBOR. The primary purpose ofapplicable margin for the Eurodollar rate will vary from 0.15% to 0.60%. We intend to use this new credit facility isprincipally to fundfinance the future acquisition andacquisitions, development ofself-storage facilities, debt repayments and for general working capital purposes (as noted above,purposes. Upon entering into this agreement, we utilized the Company may use itfacility to satisfy other short and longrepay a $30.0 million 60-day term liquidity needs). The revolvingloan.
• | Maximum total indebtedness to total asset value of 65%; | |
• | Minimum interest coverage ratio of 2.0:1.0; | |
• | Minimum fixed charge coverage ratio of 1.6:1.0; | |
• | Minimum tangible net worth of $675.0 million plus 75% of net proceeds from equity issuances after December 31, 2005. |
The revolving credit facility also has customary restrictions on transfer or encumbrances of the facilities that secure the loan.
The Company’sOur cash flow from operations has historically has been one itsof our primary sources of liquidity to fund debt service, distributions and capital expenditures. The Company derivesWe derive substantially all of itsour revenue from customers who lease space from us at itsour facilities. Therefore, the Company’sour ability to generate cash from operations is dependent on the rents that the Company iswe are able to charge and collect from itsour customers. While the
Company believeswe believe that facilities in which the Company invests—we invest — self-storage facilities—facilities — are less sensitive to near-term economic downturns, prolonged economic downturns will adversely affect its cash flow from operations.
As a REIT, the Company is now required to distribute at least 90% of its REIT taxable income, excluding capital gains, to its shareholders on an annual basis in
purposes, we are required to distribute at least 90% of our REIT taxable income, excluding capital gains, to our shareholders on an annual basis or pay federal income tax.
56
The Company believes
December 31, | ||||||||||||
2005 | 2004 | Increase | ||||||||||
(Dollars in thousands) | ||||||||||||
Selected Assets | ||||||||||||
Storage facilities — net | $ | 1,246,295 | $ | 729,155 | $ | 517,140 | ||||||
Restricted cash | 14,672 | 7,211 | 7,461 | |||||||||
Other assets | 8,986 | 3,399 | 5,587 | |||||||||
Selected Liabilities | ||||||||||||
Accounts payable and accrued expenses | $ | 18,872 | $ | 10,958 | $ | 7,914 | ||||||
Rents received in advance | 8,857 | 5,835 | 3,022 | |||||||||
Distributions payable | 16,624 | 7,532 | 9,092 |
57
Payments Due by Period | |||||||||||||||
Contractual Obligations | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | ||||||||||
Loans Payable | $ | 380,496 | $ | 2,352 | $ | 114,116 | $ | 97,800 | $ | 166,228 | |||||
Contractual Capital Lease Obligations | 156 | 85 | 71 | — | — | ||||||||||
Ground Leases and Third Party Office Lease | 837 | 169 | 298 | 126 | 244 | ||||||||||
Related Party Office Lease | 3,359 | 262 | 632 | 663 | 1,802 | ||||||||||
Employment Contracts | 3,117 | 1,100 | 2,017 | — | — | ||||||||||
Total | $ | 387,965 | $ | 3,968 | $ | 117,134 | $ | 98,589 | $ | 168,274 | |||||
The Company expects2005:
Payments Due by Period | ||||||||||||||||||||
Less Than 1 | 1-3 | 3-5 | More Than 5 | |||||||||||||||||
Contractual Obligations | Total | Year | Years | Years | Years | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Loans and Notes Payable | $ | 665,941 | $ | 111,449 | $ | 29,267 | $ | 205,783 | $ | 319,442 | ||||||||||
Interest Payments | 176,689 | 35,450 | 58,734 | 48,372 | 34,133 | |||||||||||||||
Contractual Capital Lease Obligations | 56 | 39 | 17 | — | — | |||||||||||||||
Ground Leases and Third Party Office Lease | 670 | 152 | 224 | 94 | 200 | |||||||||||||||
Related Party Office Lease | 4,188 | 473 | 884 | 908 | 1,923 | |||||||||||||||
Employment Contracts | 3,535 | 1,508 | 1,990 | 37 | — | |||||||||||||||
Total | $ | 851,079 | $ | 149,071 | $ | 91,116 | $ | 255,194 | $ | 355,698 | ||||||||||
The Company doesrevolving credit facility.
arrangements.
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
In connection with the Company’s IPO and the formation transactions, the Company repaid all of its existing outstanding variable rate debt. As a result, all of our outstanding debt was fixed rate debt at December 31, 2004.
2005.
58
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
effective as of December 31, 2005.
ITEM 9B. | OTHER INFORMATION |
None.
ITEM 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |
20052006 (the “Proxy Statement”) under the captions “Proposal 1: Election of Trustees,” “Executive Officers” and “Information Regarding Corporate Governance and the Board of Trustees and Committee Meetings.its Committees.” The information required by this item regarding compliance with Section 16(a) of the Exchange Act is hereby incorporated by reference to the material appearing in the Proxy Statement under the caption “Other Matters—Matters — Section 16(a) Beneficial Ownership Reporting Compliance.”
59
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a)) | ||||
(a) | (b) | (c) | |||||
Equity compensation plans approved by shareholders | 938,500 | $ | 16.00 | 1,905,810 | |||
Equity compensation plans not approved by shareholders | — | — | — | ||||
Total | 938,500 | $ | 16.00 | 1,905,810 |
2005.
Number of securities | ||||||||||||
remaining available for | ||||||||||||
Number of securities to | Weighted-average | future issuance under equity | ||||||||||
be issued upon exercise | exercise price of | compensation plans | ||||||||||
of outstanding options, | outstanding options, | (excluding securities | ||||||||||
Plan Category | warrants and rights | warrants and rights | reflected in column(a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved by shareholders | 899,000 | (1) | $ | 16.00 | (2) | 1,766,257 | ||||||
Equity compensation plans not approved by shareholders | — | — | — | |||||||||
Total | 899,000 | $ | 16.00 | 1,766,257 | ||||||||
(1) | Excludes 314,428 shares subject to outstanding restricted share unit awards. | |
(2) | This number reflects the weighted-average exercise price of outstanding options and has been calculated exclusive of outstanding restricted unit awards. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
60
Exhibit No. | ||||
| ||||
.1* | Agreement for Sale and Purchase, dated as of October 3, 2005, by and between Crownridge Storage Portfolio, LLC, Williams Storage Portfolio III, LLC, and U-Store-It, L.P., incorporated by reference to Exhibit 2.1 to the Company’s Current Report onForm 8-K, filed on February 10, 2006. | |||
2 | .2* | First Amendment to Agreement for Sale and Purchase, dated as of November 17, 2005, by and between Crownridge Storage Portfolio, LLC, Williams Storage Portfolio III, LLC, and U-Store-It, L.P., incorporated by reference to Exhibit 2.2 to the Company’s Current Report onForm 8-K, filed on February 10, 2006. | ||
2 | .3* | Second Amendment to Agreement for Sale and Purchase, dated as of December 1, 2005, by and between Crownridge Storage Portfolio, LLC, Williams Storage Portfolio III, LLC, and U-Store-It, L.P., incorporated by reference to Exhibit 2.3 to the Company’s Current Report onForm 8-K, filed on February 10, 2006. | ||
3 | .1* | Articles of Amendment and Restatement of Declaration of Trust of U-Store-It Trust, incorporated by reference to Exhibit 3.1 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||
| .2* | Bylaws of U-Store-It Trust, incorporated by reference to Exhibit 3.2 to Amendment No. 2 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||
| .1* | Form of Common Share Certificate, incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||
Second Amended and Restated Agreement of Limited Partnership of U-Store-It, L.P. dated as of October 27, 2004, incorporated by reference to Exhibit 10.1 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Loan Agreement dated as of October 27, 2004 by and between YSI I LLC and Lehman Brothers | ||||
Loan Agreement dated as of October 27, 2004 by and between YSI II LLC and Lehman Brothers Holdings Inc. d/b/a/ Lehman Capital, a division of Lehman Brothers Holdings Inc., incorporated by reference to Exhibit 10.3 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. |
10 | .4* | |||
Loan Agreement dated as of October 27, 2004 by and between YSI III LLC and Lehman Brothers Bank, FSB, incorporated by reference to Exhibit 10.4 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Credit Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P., the several lenders from time to time parties thereto, Lehman Brothers Inc., Wachovia Capital Markets, LLC, SunTrust Bank, LaSalle Bank National Association and Lehman Commercial Paper Inc., incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K, filed on November 2, 2004. | ||||
10 | ||||
2004 Equity Incentive Plan of U-Store-It Trust effective as of October 19, 2004, incorporated by reference to Exhibit 10.6 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Stock Purchase Agreement dated as of October 27, 2004 by and among U-Store-It Trust, Robert J. Amsdell, Barry L. Amsdell, Todd C. Amsdell, the Robert J. Amsdell Family Irrevocable Trust dated June 4, 1998 and the Loretta Amsdell Family Irrevocable Trust dated June 4, 1998, relating to the purchase of U-Store-It Mini Warehouse Co., incorporated by reference to Exhibit 10.7 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Marketing and Ancillary Services Agreement dated as of October 27, 2004 by and between U-Store-It Mini Warehouse Co. and Rising Tide Development, LLC incorporated by reference to Exhibit 10.8 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Property Management Agreement dated as of October 27, 2004 by and between YSI Management LLC and Rising Tide Development, LLC, incorporated by reference to Exhibit 10.9 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. |
61
Exhibit No. | ||||
10 | .10* | Option Agreement dated as of October 27, 2004 by and between U-Store-It, L.P. and Rising Tide Development, LLC, incorporated by reference to Exhibit 10.10 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||
10 | ||||
Registration Rights Agreement dated as of October 27, 2004 by and among U-Store-It Trust, Robert J. Amsdell, Barry L. Amsdell, Todd C. Amsdell, the Robert J. Amsdell Family Irrevocable Trust dated June 4, 1998, the Loretta Amsdell Family Irrevocable Trust dated June 4, 1998, Amsdell Holdings I, Inc., Amsdell and Amsdell and Robert J. Amsdell, Trustee, incorporated by reference to Exhibit 10.11 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Robert J. Amsdell, incorporated by reference to Exhibit 10.12 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Steven G. Osgood, incorporated by reference to Exhibit 10.13 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Barry L. Amsdell, incorporated by reference to Exhibit 10.14 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
10 | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Todd C. Amsdell, incorporated by reference to Exhibit 10.15 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. |
10 | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Tedd D. Towsley, incorporated by reference to Exhibit 10.16 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and John C. Dannemiller, incorporated by reference to Exhibit 10.17 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Thomas A Commes, incorporated by reference to Exhibit 10.18 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and David J. LaRue, incorporated by reference to Exhibit 10.19 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and Harold S. Haller, incorporated by reference to Exhibit 10.20 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of October 27, 2004 by and among U-Store-It Trust, U-Store-It, L.P. and William M. Diefenderfer III, incorporated by reference to Exhibit 10.21 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Indemnification Agreement dated as of February 22, 2006 by and among U-Store-It Trust, U-Store-It, L.P. and Kathleen A. Weigand, incorporated by reference to Exhibit 10.2 to the Company’s Current Report onForm 8-K, filed on February 28, 2006. | ||||
10 | .23*† | Noncompetition Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Robert J. Amsdell, incorporated by reference to Exhibit 10.22 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||
Noncompetition Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Steven G. Osgood, incorporated by reference to Exhibit 10.23 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Noncompetition Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Todd C. Amsdell, incorporated by reference to Exhibit 10.24 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. |
62
Exhibit No. | ||||
.26*† | Noncompetition Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Tedd D. Towsley, incorporated by reference to Exhibit 10.25 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | |||
Noncompetition Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Barry L. Amsdell, incorporated by reference to Exhibit 10.26 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Employment Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Robert J. Amsdell, incorporated by reference to Exhibit 10.27 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Employment Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Steven G. Osgood, incorporated by reference to Exhibit 10.28 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Employment Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Todd C. Amsdell, incorporated by reference to Exhibit 10.29 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. | ||||
Employment Agreement dated as of October 27, 2004 by and between U-Store-It Trust and Tedd D. Towsley, incorporated by reference to Exhibit 10.30 to the Company’s Current Report onForm 8-K, filed on November 2, 2004. |
10 | .32*† | Employment Agreement dated as of February 22, 2006 by and between U-Store-It Trust and Kathleen A. Weigand, incorporated by reference to Exhibit 10.1 to the Company’s Current Report onForm 8-K filed on February 28, 2006. | ||
10 | ||||
Purchase and Sale Agreement dated as of August 13, 2004 by and between Acquiport/Amsdell I Limited Partnership and Metro Storage LLC, incorporated by reference to Exhibit 10.17 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||||
10 | ||||
Amendment to Purchase and Sale Agreement dated as of September 8, 2004 by and between Acquiport/Amsdell I Limited Partnership and Metro Storage LLC, incorporated by reference to Exhibit 10.18 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||||
10 | ||||
Contribution Agreement dated as of July 30, 2004 by and between Acquiport/Amsdell I Limited Partnership and Robert J. Amsdell, as Trustee incorporated by reference to Exhibit 10.2 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||||
10 | ||||
Contribution Agreement dated as July 30, 2004 by and between Acquiport/Amsdell I Limited Partnership and Amsdell Holdings I, Inc. incorporated by reference to Exhibit 10.3 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. | ||||
10 | ||||
Contribution Agreement dated as of July 30, 2004 by and between Acquiport/Amsdell I Limited Partnership and Amsdell and Amsdell incorporated by reference to Exhibit 10.4 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. | ||||
10 | ||||
Agreement and Plan of Merger and Reorganization dated as of July 30, 2004 by and between the Company and High Tide LLC incorporated by reference to Exhibit 10.5 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. | ||||
10 | ||||
Agreement and Plan of Merger dated as of July 30, 2004 by and between the Company and Amsdell Partners, Inc. incorporated by reference to Exhibit 10.6 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. | ||||
10 | ||||
Partnership Reorganization Agreement dated as of July 30, 2004 by and among High Tide LLC, Amsdell Partners, Inc., Amsdell Holdings I, Inc. and Acquiport/Amsdell I Limited Partnership incorporated by reference to Exhibit 10.7 to Amendment No. 1 to the Company’s Registration Statement onForm S-11, FileNo. 333-117848. | ||||
10 | ||||
Purchase and Sale Agreement, dated as of March 1, 2005, by and between U-Store-It, L.P. and various partnerships and other entities affiliated with National Self Storage and The Schomac Group, Inc. named therein incorporated by reference to Exhibit 10.1 to the Company’s Current Report onForm 8-K, filed on |
63
Exhibit No. | ||||
10 | .42*† | Form of NonQualified Share Option | ||
10 | ||||
Office Lease, dated March 29, 2005, by and between Amsdell and Amsdell and U-Store-It, L.P., incorporated by reference to Exhibit 10.41 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2004, filed on March 31, 2005. | ||||
10 | ||||
10 | ||||
Schedule of 2004 Bonuses for Named Executive Officers, incorporated by reference to Exhibit 10.44 to the Company’s Annual Report onForm 10-K for the year ended December 31, 2004, filed on March 31, 2005. | ||||
10 | .46*† | Schedule of 2005 Bonuses for Named Executive Officers, incorporated by reference to Exhibit 10.1 to the Company’s Current Report onForm 8-K, filed on December 23, 2005. | ||
10 | .47† | Schedule of 2006 Bonus Structure for Named Executive Officers. | ||
10 | ||||
Form of Deferred Share Agreement. | ||||
10 | .49† | Deferred Share Agreement, dated as of December 22, 2005, by and between U-Store-It Trust and Robert J. Amsdell. | ||
10 | .50† | Deferred Share Agreement, dated as of December 22, 2005, by and between U-Store-It Trust and Steven G. Osgood. | ||
10 | .51† | Deferred Share Agreement, dated as of December 22, 2005, by and between U-Store-It Trust and Todd C. Amsdell. | ||
10 | .52† | Deferred Share Agreement, dated as of December 22, 2005, by and between U-Store-It Trust and Tedd D. Towsley. | ||
10 | .53*† | Deferred Share Agreement, dated as of February 22, 2006, by and between U-Store-It Trust and Kathleen A. Weigand incorporated by reference to Exhibit 10.3 to the Company’s Current Report onForm 8-K filed on March 1, 2006. | ||
10 | .54*† | Form of NonQualified Share Option Agreement (Deferred | ||
10 | ||||
Form of Trustee Restricted Share | ||||
10 | ||||
10 | ||||
10 | ||||
10 | .59* | Non-Exclusive Aircraft Lease Agreement dated July 1, 2005 by and between Aqua Sun Investments, L.L.C. and U-Store-It, L.P., incorporated by reference to | ||
10 | .60* | Amendment to Purchase and Sale Agreement, dated May 31, 2005 by and between U-Store-It, L.P. and various partnerships and other entities affiliated with National Self Storage and the Schomac Group, Inc. named therein, incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2005, filed on August 12, 2005. | ||
10 | .61* | Second Amendment to Purchase and Sale Agreement, dated July 5, 2005 by and between U-Store-It, L.P. and various partnerships and other entities affiliated with National Self Storage and the Schomac Group, Inc. named therein, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2005, filed on August 12, 2005. |
64
Exhibit No. | ||||
10 | .62* | Third Amendment to Purchase and Sale Agreement, dated July 20, 2005 by and between U-Store-It, L.P. and various partnerships and other entities affiliated with National Self Storage and the Schomac Group, Inc. named therein, incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2005, filed on August 12, 2005. | ||
10 | .63* | Loan Agreement, dated July 19, 2005 by and between YSI VI LLC and Lehman Brothers Bank, FSB, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2005, filed on November 14, 2005. | ||
10 | .64* | Loan Agreement, dated August 4, 2005 by and between YASKY LLC and LaSalle Bank National Association, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2005, filed on November 14, 2005. | ||
10 | .65* | Secured Promissory Note, dated November 1, 2005 between YSI XX LP and Transamerica Financial Life Insurance Company, incorporated by reference to Exhibit 10.1 to the Company’s Current Report onForm 8-K, filed on November 4, 2005. | ||
10 | .66* | Form of Security Interest regarding fixed rate mortgage loan between YSI XX LP and TransAmerica Financial Life Insurance Company, incorporated by reference to Exhibit 10.2 to the Company’s Current Report onForm 8-K, filed on November 4, 2005. | ||
21 | .1 | List of Subsidiaries. | ||
23 | .1 | Consent of Independent Registered Public Accounting Firm. | ||
31 | .1 | Certification of Chief Executive Officer required byRule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31 | .2 | Certification of Chief Financial Officer required byRule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
99 | .1* | Acknowledgement and Agreement of Adjustment to Acquisition Consideration, dated May 14, 2005, by and between Rising Tide Development, LLC and U-Store-It, L.P., incorporated by reference to Exhibit 99.1 to the Company’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2004, filed on August 12, 2005. |
* | ||
Incorporated herein by reference as above indicated. |
† | Denotes a management contract or compensatory plan, contract or arrangement. |
65
By: | /s/ Steven G. Osgood |
Signature | Title | Date | ||||
By: | /s/ Robert J. Amsdell Robert J. Amsdell | Chairman of the Board of Trustees and Chief Executive Officer (Principal Executive Officer) | March 1, 2006 | |||
By: | /s/ Steven G. Osgood Steven G. Osgood | President and Chief Financial Officer (Principal Financial Officer) | March 1, 2006 | |||
By: | /s/ Tedd D. Towsley Tedd D. Towsley | Vice President and Treasurer (Principal Accounting Officer) | March 1, 2006 | |||
By: | /s/ Barry L. Amsdell Barry L. Amsdell | Trustee | March 1, 2006 | |||
By: | /s/ Thomas A. Commes Thomas A. Commes | Trustee | March 1, 2006 | |||
By: | /s/ John C. Dannemiller John C. Dannemiller | Trustee | March 1, 2006 | |||
By: | /s/ William M. Diefenderfer III William M. Diefenderfer III | Trustee | March 1, 2006 | |||
By: | /s/ Harold S. Haller Harold S. Haller | Trustee | March 1, 2006 | |||
By: | /s/ David J. LaRue David J. LaRue | Trustee | March 1, 2006 |
66
The response to this portion of Item 15 is submitted as a separate section of this report.
Page No. | ||||
Consolidated and Combined Financial Statements of U-Store-It Trust | ||||
F-1 | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-10 |
F-1
F-2
herein.
F-3
March 30, 2005
ACQUIPORT/AMSDELL (THE “PREDECESSOR”“COMPANY”)
December 31, | ||||||||
2005 | 2004 | |||||||
(Dollars in thousands, except par value amounts) | ||||||||
ASSETS | ||||||||
Storage facilities — net | $ | 1,246,295 | $ | 729,155 | ||||
Cash and cash equivalents | 201,098 | 28,485 | ||||||
Restricted cash | 14,672 | 7,211 | ||||||
Loan procurement costs — net of amortization | 10,437 | 7,624 | ||||||
Other assets | 8,631 | 3,138 | ||||||
Other assets due from related parties | 355 | 261 | ||||||
TOTAL ASSETS | $ | 1,481,488 | $ | 775,874 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
LIABILITIES | ||||||||
Loans payable | $ | 669,282 | $ | 380,496 | ||||
Capital lease obligations | 56 | 156 | ||||||
Accounts payable and accrued expenses | 18,798 | 10,958 | ||||||
Accounts payable and accrued expenses due to related party | 74 | — | ||||||
Distributions payable | 16,624 | 7,532 | ||||||
Rents received in advance | 8,857 | 5,835 | ||||||
Security deposits | 685 | 455 | ||||||
Total Liabilities | 714,376 | 405,432 | ||||||
COMMITMENTS AND CONTINGENCIES | — | — | ||||||
MINORITY INTEREST | 64,108 | 11,062 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common shares, $.01 par value, 200,000,000 shares authorized, 57,010,162 in 2005 and 37,345,162 in 2004 issued and outstanding | 570 | 373 | ||||||
Additional paid in capital | 795,244 | 396,662 | ||||||
Accumulated deficit | (91,253 | ) | (37,430 | ) | ||||
Unearned share grant compensation | (1,557 | ) | (225 | ) | ||||
Total shareholders’ equity | 703,004 | 359,380 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,481,488 | $ | 775,874 | ||||
F-4
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
THE | THE | |||||||||||||||
COMPANY | PREDECESSOR | |||||||||||||||
For the Period | For the Period | |||||||||||||||
Year Ended | October 21, 2004 | January 1, 2004 | Year Ended | |||||||||||||
December 31, | to December 31, | to October 20, | December 31, | |||||||||||||
2005 | 2004 | 2004 | 2003 | |||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Rental income | $ | 138,120 | $ | 21,314 | $ | 65,631 | $ | 76,898 | ||||||||
Other property related income | 10,001 | 1,452 | 3,211 | 3,916 | ||||||||||||
Total revenues | 148,121 | 22,766 | 68,842 | 80,814 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 54,952 | 9,635 | 26,031 | 28,096 | ||||||||||||
Property operating expense — related party | 43 | — | — | — | ||||||||||||
Depreciation | 39,949 | 5,800 | 16,528 | 19,494 | ||||||||||||
General and administrative | 17,786 | 4,140 | — | — | ||||||||||||
General and administrative — related party | 736 | 114 | — | — | ||||||||||||
Management fees — related party | — | — | 3,689 | 4,361 | ||||||||||||
Total operating expenses | 113,466 | 19,689 | 46,248 | 51,951 | ||||||||||||
OPERATING INCOME | 34,655 | 3,077 | 22,594 | 28,863 | ||||||||||||
OTHER EXPENSE: | ||||||||||||||||
Interest: | ||||||||||||||||
Interest expense on loans | (32,370 | ) | (4,428 | ) | (19,385 | ) | (15,128 | ) | ||||||||
Loan procurement amortization expense | (1,785 | ) | (240 | ) | (5,727 | ) | (1,015 | ) | ||||||||
Early extinguishment of debt | (93 | ) | (7,012 | ) | — | — | ||||||||||
Costs incurred to acquire management company — related party | — | (22,152 | ) | — | — | |||||||||||
Interest income | 2,405 | 37 | 69 | 12 | ||||||||||||
Other | (47 | ) | (78 | ) | — | — | ||||||||||
Total other expense | (31,890 | ) | (33,873 | ) | (25,043 | ) | (16,131 | ) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST | 2,765 | (30,796 | ) | (2,449 | ) | 12,732 | ||||||||||
MINORITY INTEREST | (199 | ) | 898 | — | — | |||||||||||
NET INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS | 2,566 | (29,898 | ) | (2,449 | ) | 12,732 | ||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
Income from operations | 32 | — | — | 171 | ||||||||||||
Gain on sale of storage facilities | 179 | — | — | 3,329 | ||||||||||||
Income from discontinued operations | 211 | — | — | 3,500 | ||||||||||||
NET INCOME (LOSS) | $ | 2,777 | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | ||||||
Basic and diluted earnings (loss) per share from continuing operations | $ | 0.07 | $ | (0.80 | ) | |||||||||||
Basic and diluted earnings per share from discontinued operations | — | — | ||||||||||||||
Basic and diluted earnings (loss) per share | $ | 0.07 | $ | (0.80 | ) | |||||||||||
Weighted-average common shares outstanding — basic | 42,120 | 37,478 | ||||||||||||||
Weighted-average common shares outstanding — diluted | 42,203 | 37,478 | ||||||||||||||
Distributions declared per share of common stock | $ | 1.13 | $ | 0.2009 | ||||||||||||
F-5
(in thousands)
Common Shares | Additional Paid in Capital | Unearned Grant Shares Compensation | Retained Deficit | Owners’ Equity (Deficit) | Total | ||||||||||||||||||||
Number | Amount | ||||||||||||||||||||||||
The Predecessor | |||||||||||||||||||||||||
Balance at January 1, 2002 | — | $ | — | $ | — | $ | — | $ | — | $ | 142,162 | $ | 142,162 | ||||||||||||
Net income | — | — | — | — | — | 10,028 | 10,028 | ||||||||||||||||||
Cash contributions | — | — | — | — | — | 16,666 | 16,666 | ||||||||||||||||||
Cash distributions | — | — | — | — | — | (26,443 | ) | (26,443 | ) | ||||||||||||||||
Balance at December 31, 2002 | — | — | — | — | — | 142,413 | 142,413 | ||||||||||||||||||
Net income | — | — | — | — | — | 16,232 | 16,232 | ||||||||||||||||||
Cash contributions | — | — | — | — | — | 1,788 | 1,788 | ||||||||||||||||||
Cash distributions | — | — | — | — | — | (28,684 | ) | (28,684 | ) | ||||||||||||||||
Balance at December 31, 2003 | — | — | — | — | — | 131,749 | 131,749 | ||||||||||||||||||
Net loss | — | — | — | — | — | (2,449 | ) | (2,449 | ) | ||||||||||||||||
Contributions | — | — | — | — | — | 128,724 | 128,724 | ||||||||||||||||||
Cash distributions | — | — | — | — | — | (18,297 | ) | (18,297 | ) | ||||||||||||||||
Issuance of note receivable from owner | — | — | — | — | — | (277,152 | ) | (277,152 | ) | ||||||||||||||||
Balance at October 20, 2004 | — | — | — | — | — | (37,425 | ) | (37,425 | ) | ||||||||||||||||
The Company | |||||||||||||||||||||||||
Reclassify Predecessor owners’ deficit | — | — | (37,961 | ) | — | — | 37,961 | — | |||||||||||||||||
Reclassify Predecessor owners’ deficit relative to contribution of facilities at historic cost for partnership units | — | — | 536 | — | — | (536 | ) | — | |||||||||||||||||
Net proceeds from sale of common shares | 28,750 | 287 | 424,702 | — | — | — | 424,989 | ||||||||||||||||||
Grant of restricted shares | — | — | 2,675 | (2,675 | ) | — | — | — | |||||||||||||||||
Amortization of restricted shares | — | — | — | 2,450 | — | — | 2,450 | ||||||||||||||||||
Issuance of restricted shares | 20 | — | — | — | — | — | — | ||||||||||||||||||
Issuance of shares to former owners, property contributions | 7,409 | 74 | (74 | ) | — | — | — | — | |||||||||||||||||
Issuance of shares to former owners, management company acquisition | 1,166 | 12 | 18,648 | 18,660 | |||||||||||||||||||||
Share compensation expense | — | — | 96 | — | — | — | 96 | ||||||||||||||||||
Record minority interests for former owners’ continuing interests | — | — | (11,960 | ) | — | — | — | (11,960 | ) | ||||||||||||||||
Net loss | — | — | — | — | (29,898 | ) | — | (29,898 | ) | ||||||||||||||||
Distributions | — | — | — | — | (7,532 | ) | — | (7,532 | ) | ||||||||||||||||
37,345 | $ | 373 | $ | 396,662 | $ | (225 | ) | $ | (37,430 | ) | $ | — | $ | 359,380 | |||||||||||
Additional | Unearned | Owners’ | ||||||||||||||||||||||||||
Common Shares | Paid in | Grant Shares | Accumulated | Equity | ||||||||||||||||||||||||
Number | Amount | Capital | Compensation | Deficit | (Deficit) | Total | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
The Predecessor | ||||||||||||||||||||||||||||
Balance at December 31, 2002 | — | $ | — | $ | — | $ | — | $ | — | $ | 142,413 | $ | 142,413 | |||||||||||||||
Net income | — | — | — | — | — | 16,232 | 16,232 | |||||||||||||||||||||
Cash contributions | — | — | — | — | — | 1,788 | 1,788 | |||||||||||||||||||||
Cash distributions | — | — | — | — | — | (28,684 | ) | (28,684 | ) | |||||||||||||||||||
Balance at December 31, 2003 | — | — | — | — | — | 131,749 | 131,749 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (2,449 | ) | (2,449 | ) | |||||||||||||||||||
Contributions | — | — | — | — | — | 128,724 | 128,724 | |||||||||||||||||||||
Cash distributions | — | — | — | — | — | (18,297 | ) | (18,297 | ) | |||||||||||||||||||
Issuance of note receivable from owner | — | — | — | — | — | (277,152 | ) | (277,152 | ) | |||||||||||||||||||
Balance at October 20, 2004 | — | — | — | — | — | (37,425 | ) | (37,425 | ) | |||||||||||||||||||
The Company | ||||||||||||||||||||||||||||
Reclassify Predecessor owners’ deficit | — | — | (37,961 | ) | — | — | 37,961 | — | ||||||||||||||||||||
Reclassify Predecessor owners’ deficit relative to contribution of facilities at historic cost for partnership units | — | — | 536 | — | — | (536 | ) | — | ||||||||||||||||||||
Net proceeds from sale of common shares | 28,750 | 287 | 424,702 | — | — | — | 424,989 | |||||||||||||||||||||
Grant of restricted share units | — | — | 2,675 | (2,675 | ) | — | — | — | ||||||||||||||||||||
Amortization of restricted share units | — | — | — | 2,450 | — | — | 2,450 | |||||||||||||||||||||
Issuance of restricted shares | 20 | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of shares to former owners, property contributions | 7,409 | 74 | (74 | ) | — | — | — | — | ||||||||||||||||||||
Issuance of shares to former owners, management company acquisition | 1,166 | 12 | 18,648 | 18,660 | ||||||||||||||||||||||||
Share compensation expense | — | — | 96 | — | — | — | 96 | |||||||||||||||||||||
Record minority interests for former owners’ continuing interests | — | — | (11,960 | ) | — | — | — | (11,960 | ) | |||||||||||||||||||
Net loss | — | — | — | — | (29,898 | ) | — | (29,898 | ) | |||||||||||||||||||
Distributions | — | — | — | — | (7,532 | ) | — | (7,532 | ) | |||||||||||||||||||
Balance at December 31, 2004 | 37,345 | $ | 373 | $ | 396,662 | $ | (225 | ) | $ | (37,430 | ) | $ | — | $ | 359,380 | |||||||||||||
Net proceeds from sale of common shares | 19,665 | 197 | 378,550 | — | — | — | 378,747 | |||||||||||||||||||||
Grant of restricted share units | — | — | 3,066 | (3,066 | ) | — | — | — | ||||||||||||||||||||
Issuance of restricted share units | — | — | 82 | — | — | — | 82 | |||||||||||||||||||||
Amortization of restricted share units | — | — | — | 1,734 | — | — | 1,734 | |||||||||||||||||||||
Share compensation expense | — | — | 510 | — | — | — | 510 | |||||||||||||||||||||
Adjustment for minority interest in operating partnership | — | — | 16,374 | — | — | — | 16,374 | |||||||||||||||||||||
Net income | — | — | — | — | 2,777 | — | 2,777 | |||||||||||||||||||||
Accretion of operating partnership units | — | — | — | — | (2,976 | ) | — | (2,976 | ) | |||||||||||||||||||
Distributions | — | — | — | — | (53,624 | ) | — | (53,624 | ) | |||||||||||||||||||
Balance at December 31, 2005 | 57,010 | $ | 570 | $ | 795,244 | $ | (1,557 | ) | $ | (91,253 | ) | $ | — | $ | 703,004 | |||||||||||||
F-6
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
THE COMPANY | THE PREDECESSOR | |||||||||||||||
For the Period | For the Period | |||||||||||||||
Year Ended | October 21, 2004 to | January 1, 2004 to | Year Ended | |||||||||||||
December 31, | December 31, | October 20, | December 31, | |||||||||||||
2005 | 2004 | 2004 | 2003 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income (loss) | $ | 2,777 | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 41,902 | 6,040 | 22,255 | 20,716 | ||||||||||||
Early extinguishment of debt | 93 | 7,012 | — | — | ||||||||||||
Equity compensation expense | 2,244 | 2,546 | — | — | ||||||||||||
Accretion of fair market value of debt | (378 | ) | — | — | — | |||||||||||
Costs incurred to acquire management company — related party | — | 22,152 | — | — | ||||||||||||
Minority interest | 199 | (898 | ) | — | — | |||||||||||
Gain on sale of storage facilities | (179 | ) | — | — | (3,329 | ) | ||||||||||
Changes in other operating accounts: | ||||||||||||||||
Other assets | (3,187 | ) | 3,021 | 118 | 657 | |||||||||||
Accounts payable and accrued expenses | 5,421 | (1,978 | ) | 5,664 | (205 | ) | ||||||||||
Other liabilities | (42 | ) | 1,418 | (65 | ) | 156 | ||||||||||
Net cash provided by operating activities | 48,850 | 9,415 | 25,523 | 34,227 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Acquisitions, additions and improvements to storage facilities | (383,760 | ) | (224,525 | ) | (2,865 | ) | (8,808 | ) | ||||||||
Acquisitions, additions and improvements to storage facilities — related party | (10,889 | ) | (451 | ) | — | — | ||||||||||
Acquisition of management company, net — related party | — | (3,492 | ) | — | — | |||||||||||
Net proceeds from sales of storage facilities | 6,203 | — | — | 8,068 | ||||||||||||
Insurance settlements | 500 | — | 583 | — | ||||||||||||
Increase in restricted cash | (4,748 | ) | (607 | ) | (2,832 | ) | (1,767 | ) | ||||||||
Net cash used in investing activities | (392,694 | ) | (229,075 | ) | (5,114 | ) | (2,507 | ) |
F-7
($ in thousands)
THE COMPANY | THE PREDECESSOR | |||||||||||||||
For the Period October 21, 2004 to December 31, 2004 | For the Period January 1, 2004 to October 20, 2004 | Year ended December 31, 2003 | Year ended December 31, 2002 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income (loss) | $ | (29,898 | ) | $ | (2,449 | ) | $ | 16,232 | $ | 10,028 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 6,040 | 22,255 | 20,716 | 20,936 | ||||||||||||
Early extinguishment of debt | 7,012 | — | — | — | ||||||||||||
Share compensation expense | 2,546 | — | — | — | ||||||||||||
Costs incurred to acquire management company | 22,152 | — | — | — | ||||||||||||
Minority interest in net loss of subsidiaries | (898 | ) | — | — | — | |||||||||||
Gain on sales of storage facilities | — | — | (3,329 | ) | — | |||||||||||
Changes in other operating accounts: | ||||||||||||||||
Other assets | 3,021 | 118 | 657 | (33 | ) | |||||||||||
Accounts payable and accrued expenses | (1,978 | ) | 5,664 | (205 | ) | 602 | ||||||||||
Other liabilities | 1,418 | (65 | ) | 156 | 109 | |||||||||||
Net cash provided by operating activities | 9,415 | 25,523 | 34,227 | 31,642 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Additions and improvements to storage facilities | (224,976 | ) | (2,865 | ) | (8,808 | ) | (33,319 | ) | ||||||||
Acquisition of management company, net | (3,492 | ) | — | — | — | |||||||||||
Disposals of storage facilities | — | 583 | — | — | ||||||||||||
Net proceeds from sales of storage facilities | — | — | 8,068 | — | ||||||||||||
Increase in restricted cash | (607 | ) | (2,832 | ) | (1,767 | ) | 107 | |||||||||
Net cash used in investing activities | (229,075 | ) | (5,114 | ) | (2,507 | ) | (33,212 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from sale of common shares | 424,989 | — | — | — | ||||||||||||
Proceeds from: | ||||||||||||||||
Loans payable | 270,000 | 424,500 | 3,934 | 30,392 | ||||||||||||
Notes payable—related parties | — | 3,961 | — | — | ||||||||||||
Principal payments on: | ||||||||||||||||
Loans payable | (437,849 | ) | (147,725 | ) | (2,093 | ) | (21,040 | ) | ||||||||
Notes payable—related parties | (1,600 | ) | (2,361 | ) | — | — | ||||||||||
Capital lease obligations | (21 | ) | (197 | ) | (309 | ) | (233 | ) | ||||||||
Cash contributions from owners | — | 108 | 1,788 | 16,666 | ||||||||||||
Loan made to owners | — | (277,152 | ) | — | — | |||||||||||
Cash distributions to owners | — | (18,297 | ) | (28,684 | ) | (26,443 | ) | |||||||||
Pre-payment penalty on debt extinguishment | (887 | ) | — | — | — | |||||||||||
Loan procurement costs | (8,554 | ) | (8,682 | ) | (365 | ) | (160 | ) | ||||||||
Net cash provided by (used in) financing activities | 246,078 | (25,845 | ) | (25,729 | ) | (818 | ) | |||||||||
NET INCREASE (DECREASE) IN CASH | 26,418 | (5,436 | ) | 5,991 | (2,388 | ) | ||||||||||
CASH—Beginning of period | 2,067 | 7,503 | 1,512 | 3,900 | ||||||||||||
CASH—End of period | $ | 28,485 | $ | 2,067 | $ | 7,503 | $ | 1,512 | ||||||||
CASH PAID FOR INTEREST | $ | 9,032 | $ | 15,080 | $ | 15,648 | $ | 15,386 | ||||||||
CASH PAID FOR TAXES | $ | 25 | $ | — | $ | — | $ | — | ||||||||
THE COMPANY THE PREDECESSOR For the Period For the Period Year Ended October 21, 2004 to January 1, 2004 to Year Ended December 31, December 31, October 20, December 31, 2005 2004 2004 2003 (Dollars in thousands) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from sale of common shares 378,747 424,989 — — Proceeds from: Loans payable 232,457 270,000 424,500 3,934 Notes payable — related parties — — 3,961 — Principal payments on: Loans payable (43,075 ) (437,849 ) (147,725 ) (2,093 ) Notes payable — related parties — (1,600 ) (2,361 ) — Capital lease obligations (100 ) (21 ) (197 ) (309 ) Cash contributions from owners — — 108 1,788 Loan made to owners — — (277,152 ) — Cash distributions to owners — — (18,297 ) (28,684 ) Minority interest distributions (2,349 ) — — — Shareholder distributions (44,532 ) — — — Pre-payment penalty on debt extinguishment — (887 ) — — Loan procurement costs (4,691 ) (8,554 ) (8,682 ) (365 ) Net cash provided by (used in) financing activities 516,457 246,078 (25,845 ) (25,729 ) NET INCREASE (DECREASE) IN CASH 172,613 26,418 (5,436 ) 5,991 CASH AND CASH EQUIVALENTS — Beginning of period 28,485 2,067 7,503 1,512 CASH AND CASH EQUIVALENTS — End of period $ 201,098 $ 28,485 $ 2,067 $ 7,503 CASH PAID FOR INTEREST $ 33,893 $ 9,032 $ 15,080 $ 15,648 CASH PAID FOR TAXES $ 315 $ 25 $ — $ — Supplemental disclosure of noncash activities: Contribution of facilities from prior owners for operating partnership units: Investment in real estate $ — $ 10,762 $ — $ — Mortgage loans — (10,365 ) — — Other, net — 139 — — Net assets acquired — 536 — —
F-8
THE COMPANY THE PREDECESSOR For the Period For the Period Year Ended October 21, 2004 to January 1, 2004 to Year Ended December 31, December 31, October 20, December 31, 2005 2004 2004 2003 (Dollars in thousands) Acquisition of management company from prior owners: Assets acquired (excluding cash of $730) — 659 — — Liabilities assumed — (536 ) — — Net assets acquired — 123 — — Acquisition of facilities: Issuance of OP units (68,594 ) — — — Mortgage loans (99,782 ) — — — Other, net (1,660 ) (4,526 ) — — Acquisition of partnership interests: Investment in real estate — — 128,672 — — — (128,672 ) — Reclassification of owners’ deficit to additional paid in capital — 37,961 — — Accrual for transfer of deferred financing fee assumed at merger date — (2,547 ) 2,547 — Record minority interest for limited partnership units in the operating partnership by reclassifying from additional paid in capital — 11,960 — — Items capitalized for funds yet to be disbursed — (427 ) — — Accrual for offering costs (reclassified to shareholders equity) — (3,668 ) 3,668 — Accrual for distributions 16,624 7,532 — — Grant of restricted share units and restricted shares to management executives and trustees 3,148 2,675 — —
F-9
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS—(Continued)
($ in thousands)
THE COMPANY | THE PREDECESSOR | ||||||||||||||
For the Period October 21, 2004 to December 31, 2004 | For the Period January 1, 2004 to October 20, 2004 | Year ended December 31, 2003 | Year ended December 31, 2002 | ||||||||||||
Supplemental disclosure of noncash activities: | |||||||||||||||
Contribution of facilities from prior owners for operating partnership units: | |||||||||||||||
Investment in real estate | $ | 10,762 | $ | — | $ | — | $ | — | |||||||
Mortgage loans | (10,365 | ) | — | — | — | ||||||||||
Other, net | 139 | — | — | — | |||||||||||
Net assets acquired | 536 | — | — | — | |||||||||||
Acquisition of management company from prior owners: | |||||||||||||||
Assets acquired (excluding cash of $730) | 659 | — | — | — | |||||||||||
Liabilities assumed | (536 | ) | — | — | — | ||||||||||
Net assets acquired | 123 | — | — | — | |||||||||||
Acquisition of 46 facilities: | |||||||||||||||
Investment in real estate | 223,437 | — | — | — | |||||||||||
Mortgage loans | (90,000 | ) | — | — | — | ||||||||||
Other, net | (4,526 | ) | — | — | — | ||||||||||
Net assets acquired | 128,911 | — | — | — | |||||||||||
Acquisition of three facilities: | |||||||||||||||
Investment in real estate | — | — | — | 19,497 | |||||||||||
Other, net | — | — | — | (70 | ) | ||||||||||
Net assets acquired | — | — | — | 19,427 | |||||||||||
Acquisition of four facilities: | |||||||||||||||
Investment in real estate, from related party | — | — | — | 19,110 | |||||||||||
Mortgage loans, assumed | — | — | — | (19,110 | ) | ||||||||||
Net assets acquired | — | — | — | — | |||||||||||
Acquisition of partnership interests: | |||||||||||||||
Investment in real estate | — | 128,672 | — | — | |||||||||||
Contribution related to step-up in basis | — | (128,672 | ) | — | — | ||||||||||
Acquisition of minority interest: | |||||||||||||||
Investment in real estate | — | — | — | 577 | |||||||||||
Elimination of receivable | — | — | — | (125 | ) | ||||||||||
Cash paid to acquire the facilities | — | — | — | 452 | |||||||||||
Reclassification of owners’ deficit to additional paid in capital | 37,961 | — | — | — | |||||||||||
Accrual for transfer of deferred financing fee assumed at merger date | (2,547 | ) | 2,547 | — | — | ||||||||||
Record minority interest for limited partnership units in the operating partnership by reclassifying from additional paid in capital | 11,960 | — | — | — | |||||||||||
Items capitalized for funds yet to be disbursed | (427 | ) | — | — | — | ||||||||||
Accrual for offering costs (reclassified to shareholders equity) | (3,668 | ) | 3,668 | — | — | ||||||||||
Accrual for distributions | 7,532 | — | — | — | |||||||||||
Grant of deferred share units and restricted shares to management executives and trustees | 2,675 | — | — | — | |||||||||||
See accompanying notes to the consolidated and combined financial statements.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
1. ORGANIZATION
1. | ORGANIZATION |
The Predecessor was comprised
F-10
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
consolidation and combination. At December 31, 2004 and 2003, the Company and the Predecessor owned 201 and 155 self-storage facilities, respectively.
In connection with the IPO, Amsdell Partners, Inc., the prior corporate general partner of the Operating Partnership, and High Tide LLC, which previously owned substantially all of the limited partner interests in the Operating Partnership, merged with and into the Company, with the Participants receiving approximately 8.6 million common shares of the Company. Additionally, the Participants exchanged their interests in U-Store-It Mini Warehouse Co. (the prior manager of the self-storage facilities), for approximately $23.0 million. Concurrently with the purchase of U-Store-It Mini Warehouse Co., the Company contributed its ownership interest in U-Store-It Mini Warehouse Co. and its membership interests in YSI Management LLC to the Operating Partnership for units. The mergers of Amsdell Partners, Inc. and High Tide LLC with and into the Company were accounted for as mergers of entities under common control and accordingly, were recorded by the Company at the transferors’ historical cost basis. The purchase of the management company has been determined to not represent the purchase of a “business” for purposes of applying Financial Accounting Standards Board Statement (“FASB”) No. 141, “Business Combinations” and is recorded as a contract termination charge, net of assets and liabilities assumed of $0.8 million.
In May 2004, an entity (High Tide LLC) controlled by members of the Amsdell family acquired the only outside partnership interests in Acquiport I, which were held by partners that were not affiliated with the Amsdell family. High Tide LLC obtained an approximate $277.0 million loan from Acquiport I (the “High Tide Note”) to fund its purchase of approximately 71.8% of these partnership interests. As discussed in the following paragraph, this loan was funded with proceeds of the term loan. For financial statement purposes, the Acquiport I loan receivable from High Tide LLC was presented as a component of equity. In addition, Acquiport I applied push down accounting relating to this change in ownership, resulting in a step-up in basis of partnership assets of approximately $129.0 million, which is recorded to storage facilities. This step-up in basis was recorded in accordance with the Predecessor’s policy relating to purchase price allocations. The High Tide Note was settled upon completion of the Company’s IPO.
One of the partners’ limited partnership interests purchased by High Tide LLC was purchased from an institutional investment fund and the other was purchased from an entity controlled by an officer of Acquiport/Amsdell (Square Foot Companies, LLC, which owned a 0.61% interest in Acquiport I). Acquiport I provided funding for the acquisition to High Tide LLC utilizing proceeds of a $424.5 million term loan that Acquiport I obtained from an affiliate of Lehman Brothers. The remaining proceeds of this term loan were used to pay off Acquiport I’s revolving line of credit of approximately $142.0 million and to pay financing costs. The loan was repaid in full on October 27, 2004 with a portion of the proceeds from the IPO. As a result of this purchase, the Amsdell family ownership of Acquiport I increased from approximately 28% to 100%, leaving no unaffiliated partners.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2005 and 2004, respectively.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
prior to October 21, 2004 represent the operations of the Predecessor. The combination did not require any material adjustments to conform the accounting policies of the separate entities. All significant intercompany balances and transactions have been eliminated in the consolidated and combined financial statements. The real estate entities included in the accompanying consolidated and combined financial statements of the Predecessor have been consolidated and combined on the basis that, for the periods presented, such entities were under common management.
2005.
frequent.
F-11
Consolidated and Combined Financial Statements).
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
Accounts receivable was $4.2 million and $2.3 million as of December 31, 2005 and 2004, respectively. The Company has recorded an allowance of approximately $0.8 million and $0.3 million related to accounts receivable as of December 31, 2005 and 2004, respectively.
F-12
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
The characterization of the Company’s dividends for 2005 was 46% ordinary income and 54% return of capital.
F-13
The Company has elected to recognize compensation expense on a straight-line method over the requisite service period. Additionally, certain restricted share units awarded to our chief executive officer vest immediately upon his retirement from the company as he has reached the retirement age set forth in his award agreement. Accordingly, share compensation expense related to this issuance, was expensed fully in 2005.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
F-14
3. STORAGE FACILITIES
operations, respectively.
3. | STORAGE FACILITIES |
The Company | The Predecessor | |||||||
Description | December 31, 2004 | December 31, 2003 | ||||||
($ in thousands) | ||||||||
Land | $ | 136,168 | $ | 51,449 | ||||
Buildings and improvements | 635,718 | 388,410 | ||||||
Equipment | 79,742 | 55,322 | ||||||
Total | 851,628 | 495,181 | ||||||
Less accumulated depreciation | (122,473 | ) | (99,582 | ) | ||||
Storage facilities—net | $ | 729,155 | $ | 395,599 | ||||
December 31, | December 31, | |||||||
Description | 2005 | 2004 | ||||||
(Dollars in thousands) | ||||||||
Land | $ | 301,188 | $ | 136,168 | ||||
Buildings and improvements | 958,759 | 635,718 | ||||||
Equipment | 125,456 | 79,742 | ||||||
Construction in progress | 1,383 | — | ||||||
Total | 1,386,786 | 851,628 | ||||||
Less accumulated depreciation | (140,491 | ) | (122,473 | ) | ||||
Storage facilities — net | $ | 1,246,295 | $ | 729,155 | ||||
• | Consolidation of Vero Beach, Florida Facilities. In January 2005, the Company consolidated the operations of its two self-storage facilities located in Vero Beach, Florida into one facility. | |
• | Acquisition of Option Facility. In January 2005, the Company purchased the San Bernardino VII, California facility from Rising Tide Development (a related party) for approximately $7.3 million, consisting of $3.8 million in cash (which cash was used to pay off mortgage indebtedness secured by |
F-15
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
the facility) and $3.5 million in units in our operating partnership. This facility contains approximately 84,000 rentable square feet. |
• | Acquisition of Gaithersburg, MD Facility. In January 2005, the Company acquired one self-storage facility in Gaithersburg, Maryland for consideration of approximately $10.7 million, consisting of $4.3 million in cash and the assumption of $6.4 million of indebtedness. The purchase price was adjusted during the second quarter of 2005 to $11.8 million, primarily as a result of the fair market value adjustment for debt. This facility contains approximately 87,000 rentable square feet. | |
• | Acquisition of Ford Storage Portfolio. In March 2005, the Company acquired five self-storage facilities, located in central Connecticut, from Ford Storage for consideration of approximately $15.5 million. These facilities total approximately 258,000 rentable square feet. | |
• | Acquisition ofA-1 Self Storage Portfolio. In March 2005, the Company acquired five self-storage properties, located in Connecticut, fromA-1 Self Storage for consideration of approximately $21.7 million. These facilities total approximately 201,000 rentable square feet. The Company now operates two of these facilities as one facility. In May 2005, the Company acquired an additional self-storage facility fromA-1 Self Storage for approximately $6.4 million in cash. This facility contains approximately 30,000 rentable square feet and is located in New York. | |
• | Acquisition of Option Facilities. In March 2005, the Company purchased the Orlando II, Florida and the Boynton Beach II, Florida facilities from Rising Tide Development (a related party) for consideration of approximately $11.8 million, consisting of $6.8 million in cash and $5.0 million in units of our operating partnership. An adjustment to the purchase price was finalized during the second quarter of 2005, resulting in a revised purchase price of approximately $10.1 million, which consisted of $6.8 million in cash and $3.3 million in units of our operating partnership after a price reduction of $1.7 million in May 2005. These facilities total approximately 155,000 rentable square feet. | |
• | Acquisition of Liberty Self-Stor Portfolio. In April 2005, the Company acquired 18 self-storage facilities from Liberty Self-Stor Ltd., a subsidiary of Liberty Self-Stor, Inc., for consideration of approximately $34.0 million. These facilities total approximately 926,000 rentable square feet and are located in Ohio and New York. In June 2005, the Company sold one of these facilities, containing approximately 17,000 rentable square feet, for approximately $0.6 million. In addition, in November 2005 the Company sold three more of these facilities, containing approximately 184,000 rentable square feet, for approximately $5.6 million. | |
• | Acquisition of Frisco I & II, TX and Ocoee, FL Facilities. In April 2005, the Company acquired three self-storage facilities from two parties for consideration of approximately $14.9 million. The final purchase price was adjusted to $15.2 million primarily as a result of the fair market value adjustment of debt. These facilities total approximately 199,000 rentable square feet and are located in Texas and Florida. | |
• | Acquisition of Extra Closet Facilities. In May 2005, the Company acquired two facilities from Extra Closet for consideration of approximately $6.8 million. These facilities total approximately 99,000 rentable square feet and are located in Illinois. | |
• | Acquisition of Tempe, AZ Facility. In July 2005, the Company acquired one self-storage facility, located in Tempe, Arizona, for consideration of approximately $2.9 million. This facility contains approximately 54,000 rentable square feet. | |
• | Acquisition of Clifton, NJ Facility. In July 2005, the Company acquired one self-storage facility, located in Clifton, New Jersey, for consideration of approximately $16.8 million. This facility contains approximately 106,000 rentable square feet. |
F-16
4. LOANS PAYABLE
A summary of outstanding indebtedness as of December 31, 2004 and 2003 is as follows ($ in thousands):
The Company | The Predecessor | |||||
Description | December 31, 2004 | December 31, 2003 | ||||
The $90,000 loan from Lehman Brothers Holdings, Inc. (“Lehman Capital”) to YSI I LLC requires interest only payments until November 2005 and monthly debt service payments of $517 per month from November 2005 through May 2010. Interest is paid at the fixed rate of 5.19% through May 2010. The loan is collateralized by first mortgage liens against 21 storage facilities of YSI I LLC, which had a net book value of $96,529 at December 31, 2004. | $ | 90,000 | $ | — | ||
The $90,000 loan from Lehman Capital to YSI II LLC requires interest only payments until November 2005 and monthly debt service payments of $524 per month from November 2005 through January 2011. Interest is paid at the fixed rate of 5.325% through January 2011. The loan is collateralized by first mortgage liens against 18 storage facilities of YSI II LLC, which had a net book value of $98,059 at December 31, 2004. | 90,000 | — | ||||
The $90,000 loan from Lehman Brothers Bank, FSB (“Lehman Brothers Bank”) to YSI III LLC, requires interest only payments until November 2005 and monthly debt service payments of $511 per month from November 2005 through November 2009. Interest is paid at the fixed rate of 5.085% through November 2009. The loan is collateralized by first mortgage liens against 26 storage facilities of YSI III LLC, which had a net book value of $130,152 at December 31, 2004. | 90,000 | — | ||||
The $70,000 loan from Lehman Capital to Acquiport III requires payments of $548 per month which includes interest payable monthly at 8.16% per annum through November 1, 2006, which is referred to in the loan agreement as the “anticipated repayment date.” The Company intends to repay the loan on or before the anticipated repayment date. After October 31, 2006, the loan requires interest at the greater of 13.16% and a defined Treasury rate plus 5%, additional monthly principal payments based on defined net cash flow and final repayment by November 1, 2025. The loan is collateralized by first mortgage liens against 41 storage facilities of Acquiport III, which had a net book value of $113,191, and restricted cash of $1,319 at December 31, 2004. | 66,217 | 67,162 | ||||
The $42,000 mortgage loan from Lehman Brothers Bank to USI II requires principal payments of $300 per month and interest at 7.13% per annum through December 11, 2006, which is referred to in the loan agreement as the “anticipated repayment date.” The Company intends to repay the loan on or before the anticipated repayment date. After December 10, 2006, the loan requires interest at the greater of 12.13% and a defined Treasury rate plus 5%, additional monthly principal payments based on defined net cash flow and final repayment by December 11, 2025. The loan is collateralized by first mortgage liens against all 10 storage facilities of USI II, which had a net book value of $41,239 at December 31, 2004. | 39,878 | 40,564 |
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
• | Acquisition of National Self Storage Portfolio. In July 2005, the Company completed the acquisition of 71 self-storage facilities from various partnerships and other entities affiliated with National Self Storage and the Schomac Group, Inc. (“National Self Storage”) for an aggregate consideration of approximately $212.0 million. The final purchase price was adjusted to $214.5 million during the third quarter of 2005 primarily as a result of the fair market value adjustment of debt. The final purchase price consisted of approximately $61.8 million of units in our operating partnership, the assumption of approximately $83.0 million of outstanding debt, including the fair market value adjustment of debt, by our operating partnership, and approximately $69.7 million in cash. These facilities total approximately 3.7 million rentable square feet and include self-storage facilities located in our existing markets in Southern California, Arizona and Tennessee and in new markets in Texas, Northern California, New Mexico, Colorado and Utah. The Company now operates two of these facilities as one facility. | |
• | Acquisition of Elizabeth, NJ and Hoboken, NJ Facilities. In August 2005, the Company acquired two self-storage facilities, one located in Elizabeth, New Jersey and one in Hoboken, New Jersey, for consideration of approximately $8.2 million. These facilities total approximately 75,000 rentable square feet. | |
• | Acquisition of Colorado Portfolio. In September 2005, the Company acquired seven self-storage facilities located in Colorado for consideration of approximately $19.5 million. These facilities total approximately 317,000 rentable square feet. The purchase price was adjusted during the fourth quarter of 2005 to $19.6 million as a result of additional acquisition costs. | |
• | Acquisition of Miami, FL Facilities. In September 2005, the Company acquired two self-storage facilities located in Miami, Florida for consideration of approximately $17.8 million. These facilities total approximately 152,000 rentable square feet. The Company now operates these two facilities as one facility. | |
• | Acquisition of Pensacola, FL Facility. In September 2005, the Company acquired one self-storage facility located in Pensacola, Florida for consideration of approximately $7.9 million. This facility contains approximately 79,000 rentable square feet. | |
• | Acquisition of Texas Portfolio. In September 2005, the Company acquired four self-storage facilities located in Texas for consideration of approximately $15.6 million. These facilities total approximately 227,000 rentable square feet. The purchase price was adjusted during the fourth quarter of 2005 to $15.5 million, as a result of additional acquisition costs. In November 2005, the Company acquired an additional self-storage facility from this seller for approximately $5.5 million in cash. This facility contains approximately 76,000 rentable square feet and is located in San Antonio, Texas. The Company also has agreed to acquire from this seller an additional seven self-storage facilities, for additional consideration of approximately $40.7 million. As described below in Note 18, Subsequent Events. The Company acquired four of the seven facilities, for consideration of approximately $22.5 million in March of 2006, and the Company expects to acquire the remaining three facilities, for aggregate consideration of approximately $18.2 million, during the first half of 2006. | |
• | Acquisition of Dallas, TX Portfolio. In October 2005, the Company acquired six self-storage facilities located in Dallas, Texas for consideration of approximately $17.6 million, consisting of approximately $12.5 million in cash and the assumption of approximately $5.1 million of indebtedness. The final purchase price was adjusted during the fourth quarter of 2005 to $17.9 million primarily as a result of the fair market value adjustment of debt. The facilities total approximately 323,000 rentable square feet. The Company also has agreed to acquire from this seller an additional two self-storage facilities, for additional consideration of approximately $4.4 million and the assumption of $7.1 million of existing |
F-17
The Company | The Predecessor | |||
Description | December 31, 2004 | December 31, 2003 | ||
The other loans payable assumed in conjunction with the acquisition of facilities require interest payable monthly at fixed rates ranging from 7.71% to 8.43% per annum and a weighted average of 8.01% at December 31, 2004 and 7.38% to 8.43% per annum and a weighted average of 7.74% at December 31, 2003. These loans require monthly payments of principal and interest, are due from 2008 to 2009, contain covenants with respect to net worth and are collateralized by first mortgage liens against two facilities at December 31, 2004 with a net book value of $7,488. | 4,401 | 9,648 | ||
The $180,000 unsecured revolving line of credit from First Union Securities, Inc. (“First Union”) to Acquiport I required interest only payments at the base rate (defined as the higher of prime rate and the Federal funds rate plus 0.5%) or the adjusted LIBOR rate as defined by the line of credit agreement as selected by the borrower from time to time. At December 31, 2003, the outstanding balance required interest at 3.57% pursuant to the LIBOR contract entered into under the terms of the credit agreement. This loan was paid in full on May 4, 2004. | — | 142,462 | ||
The $6,183 mortgage loan from Wachovia to Lake Worth, FL required interest payable monthly at a variable rate of LIBOR plus 200 basis points. For time periods prior to August 16, 2004, the Company fixed the interest rate at 6.85% through an executed interest rate swap agreement. The loan was collateralized by a first mortgage lien against the facility, which had a net book value of $9,543, at December 31, 2003. This loan was paid off as part of the IPO and the Formation Transactions. | — | 5,816 | ||
The $2,200 mortgage loan from Charter One Bank to Lakewood, OH required interest payable monthly at 2.50% plus the Current Index (defined as the weekly average yield on the United States Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board). The rate of interest changes every 12 months but shall never exceeded 13.00% per annum or be less than 7.00% per annum. The loan required monthly payments for principal and interest. The loan was collateralized by a first mortgage lien against the property, which had a net book value of $1,120, at December 31, 2003. Interest at December 31, 2003 was 7.00%. This loan was paid off as part of the IPO and the Formation Transactions. | — | 2,033 | ||
The $2,000 construction loan from Wachovia to Lake Worth, FL required interest payable monthly at LIBOR. The terms of the construction loan required completion within 24 months of the loan agreement at which time the loan converted to a permanent loan. Interest only payments were required through the construction phase. Conversion to a permanent loan was effective on December 20, 2003 with a maturity date of December 19, 2004. At December 31, 2003, the outstanding balance required monthly payments of principal and interest at 3.15% per annum, and the loan was collateralized by a second mortgage lien against the facility, which had a net book value of $9,543 at December 31, 2003. This loan was paid off as part of the IPO and the Formation Transactions. | — | 2,000 |
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
debt. As described below in Note 18, Subsequent Events, the Company acquired the two facilities, for consideration of approximately $11.5 million, in January 2006. |
• | Acquisition of Jacksonville, FL Facility. In November 2005, the Company acquired one self-storage facility located in Jacksonville, Florida for consideration of approximately $7.2 million. This facility contains approximately 79,000 rentable square feet. | |
• | Acquisition of California Portfolio. In December 2005, the Company acquired six self-storage facilities located in California for consideration of approximately $57.0 million. The final purchase price was adjusted during the fourth quarter of 2005 to $57.2 million primarily as a result of the assumption of certain promissory notes. These facilities total approximately 448,000 rentable square feet. | |
• | Acquisition of Fredericksburg, VA Facilities. In December 2005, the Company acquired two self-storage facilities located in Fredericksburg, Virginia for consideration of approximately $13.3 million. The purchase price was adjusted during the fourth quarter of 2005 to $13.4 million as a result of additional acquisition costs. These facilities total approximately 131,000 rentable square feet. | |
• | Acquisition of Nashville, TN Portfolio. In December 2005, the Company acquired three self-storage facilities located in Nashville, Tennessee for consideration of approximately $14.7 million. These facilities total approximately 269,000 rentable square feet. The Company also agreed to acquire from this seller an additional two self-storage facilities, for additional consideration of approximately $13.1 million. As described below in Note 17, Subsequent Events, the Company acquired the two facilities, for consideration of approximately $13.1 million, in January 2006. |
2005 | 2004 | |||||||
Balance — Beginning of year | 201 | 155 | ||||||
Facilities acquired | 146 | 46 | ||||||
Facilities consolidated(1) | (4 | ) | — | |||||
Facilities sold | (4 | ) | — | |||||
Balance — End of Year | 339 | 201 | ||||||
(1) | The Company operates two of the facilities owned as of December 31, 2004 as one facility and six of the facilities acquired in 2005 as three facilities. |
F-18
The Company | The Predecessor | |||||
Description | December 31, 2004 | December 31, 2003 | ||||
The $1,287 mortgage loan from First Security—State to Acquiport I required interest only payments payable monthly at a fixed rate of 9.35% per annum through April 1, 2006. The loan was collateralized by a first mortgage lien against one storage facility which had a net book value of $1,412 at December 31, 2003. This loan was paid off as part of the IPO and the Formation Transactions. | — | 1,153 | ||||
The Vero Beach I, FL facility participated with other non-combined entities in a $10,000 revolving credit facility with Huntington National Bank. Interest was payable monthly at 2.50% per annum plus the thirty day LIBOR rate. The credit facility had a maturity date of December 12, 2006. The amount of allocated debt associated with specific draws related to the Vero Beach I, FL facility was $733. A first mortgage lien against the storage facility had been pledged as collateral for the credit facility, which had a net book value of $918 at December 31, 2003. Interest at December 31, 2003 was 3.71%. This loan was paid off as part of the IPO and the Formation Transactions. | — | 733 | ||||
The Operating Partnership has a $150,000 secured revolving credit facility with a group of banks led by Lehman Brothers, Inc. and Wachovia Capital Markets, LLC. The credit facility bears interest at a variable rate based upon a base rate or a Eurodollar rate plus, in each case, a spread depending on our leverage ratio. No amounts were outstanding under this facility at December 31, 2004. This credit facility is scheduled to mature in October 2007, with an option to extend the term for one year at the Company’s option. | — | — | ||||
In April 2004, Acquiport I entered into a loan agreement with Lehman Brothers Bank for $424,500. A portion of the proceeds was used to pay off the $180,000 unsecured revolving line of credit from First Union. The remaining proceeds were used to pay costs and expenses incurred in connection with the closing of the loan, including, without limitation, loaning a portion of the proceeds to High Tide LLC pursuant to the High Tide Note (Note 1), or for other general corporate purposes. The loan required an initial escrow deposit of $610 for taxes, insurance and to establish a replacement reserve. This loan was paid off as part of the IPO and the Formation Transactions. | — | — | ||||
Total | $ | 380,496 | $ | 271,571 | ||
4. | REVOLVING CREDIT FACILITY |
5. | LOANS AND NOTES PAYABLE |
F-19
F-20
December 31, | December 31, | |||||||
2005 | 2004 | |||||||
(Dollars in thousands) | ||||||||
8.16% loans due November 2006 | $ | 65,090 | $ | 66,217 | ||||
7.13% loans due December 2006 | 39,132 | 39,878 | ||||||
5.085% loans due November 2009 | 89,870 | 90,000 | ||||||
5.19% loans due May 2010 | 89,872 | 90,000 | ||||||
5.325% loans due January 2011 | 89,875 | 90,000 | ||||||
5.13% loans due August 2012 | 80,000 | — | ||||||
4.96% loans due September 2012 | 80,000 | — | ||||||
5.97% loans due November 2015 | 72,352 | — | ||||||
Other fixed rate mortgage loans payable with maturity dates ranging from 2007 through 2014 at stated interest rates ranging from 6.02% to 8.96% and effective interest rates ranging from 5.00% to 5.97%, reflecting 17 mortgage loans at December 31, 2005 and two mortgage loans at December 31, 2004 | 59,588 | 4,401 | ||||||
Other notes | 162 | — | ||||||
665,941 | 380,496 | |||||||
Fair market value adjustment on loans and notes, net | 3,341 | — | ||||||
Total | $ | 669,282 | $ | 380,496 | ||||
Year | Amount | ||
2005 | $ | 2,352 | |
2006 | 109,037 | ||
2007 | 5,079 | ||
2008 | 7,641 | ||
2009 | 90,159 | ||
2010 and Thereafter | 166,228 | ||
Total | $ | 380,496 | |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
5. MINORITY INTERESTS
Minority2005:
Year | Amount | |||
(Dollars in thousands) | ||||
2006 | $ | 111,449 | ||
2007 | 12,704 | |||
2008 | 16,563 | |||
2009 | 93,877 | |||
2010 | 111,906 | |||
2011 and thereafter | 319,442 | |||
$ | 665,941 | |||
6. | MINORITY INTERESTS |
F-21
6. RELATED PARTY TRANSACTIONS
7. | RELATED PARTY TRANSACTIONS |
F-22
which 100,202 units in the operating partnership previously issued to Rising Tide Development were cancelled and $28,057 in cash (representing the distribution paid with respect to such units in April 2005) was returned to the Company.
During 2003, the Predecessor purchased two storage facilities from an affiliated entity for $5.7 million.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
The Company engages,$0.4 and $0.3 million, respectively, and is included in other assets. This receivable represents expenses paid on behalf of Rising Tide Development by YSI Management LLC that will be reimbursed under standard business terms.
The Company’s principal office, which is located in Cleveland, Ohio and is approximately 19,000 square feet, is leased from a partnershipAmsdell, an entity owned by Robert J. Amsdell and Barry L. Amsdell, for office space of approximately 18,000 square feet at The Parkview Building, an approximately 40,000 square foot multi-tenant office building located at 6745 Engle Road, plus approximately 4,000 square feet of an 18,000 square foot office building located at 6751 Engle Road, which are both part of Airport Executive Park, a50-acre office and flex development located in Cleveland, Ohio. Airport Executive Park is owned by Amsdell and Amsdell. This new lease, which was effective as of January 1, 2005, replaced the original office lease, entered into in October
F-23
F-24
($ in thousands) | |||
Related Party Amount | |||
2005 | $ | 262 | |
2006 | 308 | ||
2007 | 324 | ||
2008 | 324 | ||
2009 | 339 | ||
2010 and Thereafter | 1,802 | ||
Total | $ | 3,359 | |
Related Party | ||||
Amount | ||||
(Dollars in thousands) | ||||
2006 | $ | 473 | ||
2007 | 446 | |||
2008 | 438 | |||
2009 | 454 | |||
2010 | 454 | |||
2011 and Thereafter | 1,923 | |||
Total | $ | 4,188 | ||
F-25
Todd C. Amsdell, our Chief Operating Officer, earned
Additional related party disclosures are discussed in Notes 1, 5, 9, 11 and 15.
7. FAIR VALUE OF FINANCIAL INSTRUMENTS
conditions precedent, beginning as early as March 2006.
8. | FAIR VALUE OF FINANCIAL INSTRUMENTS |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
8. DISCONTINUED OPERATIONS
2004.
9. | DISCONTINUED OPERATIONS |
F-26
Year ended December 31, | ||||||||
Description | 2003 | 2002 | ||||||
($ in thousands) | ||||||||
Revenues | $ | 1,015 | $ | 1,199 | ||||
Property operating expenses | (399 | ) | (440 | ) | ||||
Depreciation | (207 | ) | (201 | ) | ||||
Management fees to related party | (52 | ) | (64 | ) | ||||
Interest expense | (186 | ) | (182 | ) | ||||
Income from operations | 171 | 312 | ||||||
Gain on sale of storage facilities | 3,329 | — | ||||||
Income from discontinued operations | $ | 3,500 | $ | 312 | ||||
9. COMMITMENTS AND CONTINGENCIES
Year Ended December 31, | ||||||||||||
Description | 2005 | 2004 | 2003 | |||||||||
(Dollars in thousands) | ||||||||||||
Revenues | $ | 546 | $ | — | $ | 1,015 | ||||||
Property operating expenses | (246 | ) | — | (399 | ) | |||||||
Depreciation | (168 | ) | — | (207 | ) | |||||||
Management fees to related party | (28 | ) | — | (52 | ) | |||||||
Interest expense | (72 | ) | — | (186 | ) | |||||||
Income from operations | 32 | — | 171 | |||||||||
Gain on sale of storage facilities | 179 | — | 3,329 | |||||||||
Income from discontinued operations | $ | 211 | $ | — | $ | 3,500 | ||||||
10. | COMMITMENTS AND CONTINGENCIES |
Amount | |||
($ in thousands) | |||
2005 | $ | 115 | |
2006 | 49 | ||
2007 | 22 | ||
Total future minimum lease payments | 186 | ||
Less—imputed interest at 8% | 30 | ||
Present value of lease payments | $ | 156 | |
Amount | ||||
(Dollars in thousands) | ||||
2006 | $ | 49 | ||
2007 | 22 | |||
Total future minimum lease payments | 71 | |||
Less — imputed interest at 8% | 15 | |||
Present value of lease payments | $ | 56 | ||
F-27
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
Third Party Amount | Related Party Amount | |||||
($ in thousands) | ||||||
2005 | $ | 169 | $ | 262 | ||
2006 | 152 | 308 | ||||
2007 | 146 | 324 | ||||
2008 | 76 | 324 | ||||
2009 | 50 | 339 | ||||
2010 and Thereafter | 244 | 1,802 | ||||
Total | $ | 837 | $ | 3,359 | ||
Third Party | Related Party | |||||||
Amount | Amount | |||||||
(Dollars in thousands) | ||||||||
2006 | $ | 152 | $ | 473 | ||||
2007 | 148 | 446 | ||||||
2008 | 76 | 438 | ||||||
2009 | 50 | 454 | ||||||
2010 | 44 | 454 | ||||||
2011 and Thereafter | 200 | 1,923 | ||||||
Total | $ | 670 | $ | 4,188 | ||||
10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
11. | RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS |
As of December 31, 2005, the Company had not entered into any contracts of this nature.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
11. SHARE-BASED EMPLOYEE COMPENSATION PLANS
12. | SHARE-BASED COMPENSATION PLANS |
F-28
Assumptions: | 2004 | |||
Risk-free interest rate | 4.38 | % | ||
Expected dividend yield | 7.0 | % | ||
Volatility | 26.25 | % | ||
Weighted average expected life of the options | 10 years | |||
Weighted average fair value of options granted | $ | 1.90 |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
The Company determined the volatility by comparing a 100 day period of volatility of industry competitors in June 2004. No options were granted in 2005.
F-29
Common Shares Subject to Options | Weighted Average Exercise Price Per Option | ||||
Options granted | 950,000 | $ | 16.00 | ||
Options canceled | 11,500 | $ | 16.00 | ||
Options exercised | — | — | |||
Balance at December 31, 2004 | 938,500 | $ | 16.00 |
2005 | 2004 | |||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||
Common Shares | Exercise Price | Common Shares | Exercise Price | |||||||||||||
Subject to Options | Per Option | Subject to Options | Per Option | |||||||||||||
Outstanding at beginning of period | 938,500 | $ | 16.00 | — | — | |||||||||||
Options granted | — | — | 950,000 | $ | 16.00 | |||||||||||
Options canceled | 39,500 | $ | 16.00 | 11,500 | $ | 16.00 | ||||||||||
Options exercised | — | — | — | — | ||||||||||||
Outstanding at end of period | 899,000 | $ | 16.00 | 938,500 | $ | 16.00 | ||||||||||
Options Outstanding | Options Not Exercisable | |||||||||||
Exercise Prices | Options | Weighted- Average remaining Contractual life In years | Weighted average exercise price | Options | Weighted average exercise price | |||||||
$16.00 | 500,000 | 2.8 | $ | 16.00 | 500,000 | $ | 16.00 | |||||
$16.00 | 438,500 | 4.8 | $ | 16.00 | 438,500 | $ | 16.00 |
2005:
Options Outstanding | Options Not Exercisable | |||||||||||||||||||
Weighted- | ||||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||||
Remaining | Average | Average | ||||||||||||||||||
Contractual Life | Exercise | Exercise | ||||||||||||||||||
Exercise Prices | Options | in Years | Price | Options | Price | |||||||||||||||
$16.00 | 500,000 | 1.8 | $ | 16.00 | 333,333 | $ | 16.00 | |||||||||||||
$16.00 | 399,000 | 3.8 | $ | 16.00 | 399,000 | $ | 16.00 |
F-30
Assumptions: | 2005 | |||
Risk-free interest rate | 4.69 | % | ||
Volatility of total annual return | 19.0 | % | ||
Weighted average expected life of the units | 5 years | |||
Weighted average fair value of units granted | $ | 18.73 |
F-31
13. | EARNINGS PER SHARE AND SHAREHOLDER’S EQUITY |
For the Period October 21, December 31, 2004 | ||||
Net loss attributable to common shares | $ | (29,898 | ) | |
Weighted average common shares outstanding—basic | 37,477,920 | |||
Potentially dilutive common shares(1): | ||||
Share options | — | |||
Restricted shares | — | |||
Adjusted weighted average common shares outstanding—diluted | 37,477,920 | |||
Net loss per share—basic and diluted | $ | (0.80 | ) |
For the Period | ||||||||
October 21, 2004 | ||||||||
Year Ended | through | |||||||
December 31, | December 31, | |||||||
2005 | 2004 | |||||||
(Dollars and shares in thousands,except per share amounts) | ||||||||
Income (loss) from continuing operations | $ | 2,566 | $ | (29,898 | ) | |||
Discontinued operations | 211 | — | ||||||
Net income (loss) attributable to common shares | $ | 2,777 | $ | (29,898 | ) | |||
Weighted average common shares outstanding — basic | 42,120 | 37,478 | ||||||
Potentially dilutive common shares(1): | ||||||||
Share options and restricted share units | 83 | — — | ||||||
Adjusted weighted average common shares outstanding — diluted | 42,203 | 37,478 | ||||||
Income (loss) from continuing operations per share — basic and diluted | $ | 0.07 | $ | (0.80 | ) | |||
Income (loss) from discontinued operations — basic and diluted | — | — | ||||||
Net income (loss) per share — basic and diluted | $ | 0.07 | $ | (0.80 | ) | |||
(1) | For the year ended 2005, the potentially dilutive shares of 45,467 were not included in the earnings per share calculation as the shares were based on meeting market conditions that have not occurred as of December 31, 2005. For the period October 21, 2004 through December 31, 2004, the potentially dilutive shares of |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
On November 16, 2004, the board of trustees declared a distribution to common shareholders of record and the Operating Partnership declared a distribution to unitholders of record, in each case as of January 10, 2005, of $0.2009 per common share and Unit, for the period commencing upon completion of the IPO and ending December 31, 2004. This distribution was paid on January 24, 2005. This initial pro-rated distribution was based on a distribution of $0.28 per share for a full quarter.
F-32
In May 2004,
14. | INCOME TAXES |
December 31, | ||||||||
2005 | 2004 | |||||||
(Dollars in millions) | ||||||||
Income tax provision | ||||||||
Current | ||||||||
U.S. Federal | $ | — | $ | 0.1 | ||||
Deferred | ||||||||
U.S. Federal | — | — | ||||||
Income tax provision | $ | — | $ | 0.1 | ||||
Effective income tax rate | ||||||||
Statutory federal income tax rate | 34 | % | 34 | % | ||||
State and local income taxes | 9 | % | 9 | % | ||||
Effective income tax rate | 43 | % | 43 | % | ||||
December 31, | ||||||||||||||||
2005 | 2004 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Deferred taxes Share based compensation | $ | 1.6 | $ | 1.6 | $ | 0.9 | $ | 0.9 | ||||||||
Other | 0.1 | — | 0.1 | — | ||||||||||||
Deferred taxes | $ | 1.7 | $ | 1.6 | $ | 1.0 | $ | 0.9 | ||||||||
15. | PRO FORMA FINANCIAL INFORMATION (UNAUDITED) |
Concurrently with, or shortly after, completiontime of the IPO the Company completed the acquisition of 46 self-storage facilities:
through December 31, 2005.
F-33
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS — (Continued)
The pro forma information excludes $2.5 million of compensation expense related to the IPO, $7.0 million of losses on early extinguishment of debt, $4.5 million of loan procurement amortization expense, $22.2 million for the costs incurred to acquire U-Store-It Mini Warehouse Co., a reduction of $11.4 million of interest expense related to the buyout of former partners, an increase in $11.7 for additional interest expense and loan amortization expense as the result of the incurrence of new senior mortgage debt and the payoff of other related debt, all of which were incurred during the year ended December 31, 2004. Additionally, we have included an estimate for annualized general and administrative expenses primarily relating to executive employment agreements and other costs as a result of being a public company. The pro forma information is based on the assumption that the Company’s common shares and loans payable had been outstanding as of the beginning of the period presented.
2005 | 2004 | |||||||
(unaudited) | ||||||||
(Dollars in thousands, except per share data) | ||||||||
Pro forma total revenues | $ | 180,828 | $ | 171,258 | ||||
Pro forma net income | $ | 6,950 | $ | (18,574 | ) | |||
Pro forma diluted earnings per share | $ | 0.16 | $ | (0.50 | ) |
F-34
2004 | 2003 | |||||
(unaudited) | ||||||
Pro forma revenues | $ | 117,371 | $ | 108,181 | ||
Pro forma net income | $ | 6,236 | $ | 6,363 | ||
Pro forma earnings per common share—basic | $ | 0.17 | $ | 0.17 | ||
Pro forma earnings per common share—diluted | $ | 0.17 | $ | 0.17 |
17. | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
Consolidated and Combined Quarter Ended | |||||||||||||||||||
Year | March 31, | June 30, | September 30, | December 31,(1) | Year Ended December 31, | ||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||||
2004 | |||||||||||||||||||
Revenues | $ | 20,524 | $ | 21,207 | $ | 22,281 | $ | 27,596 | $ | 91,608 | |||||||||
Income (loss) before minority interests | 3,084 | (1,223 | ) | (2,271 | ) | (32,835 | ) | (33,245 | ) | ||||||||||
Net income (loss) | 3,084 | (1,223 | ) | (2,271 | ) | (31,937 | ) | (32,347 | ) | ||||||||||
Net loss per share—basic and diluted | — | — | — | (0.80 | ) | (0.80 | ) | ||||||||||||
2003 | |||||||||||||||||||
Revenues | $ | 19,391 | $ | 19,904 | $ | 20,681 | $ | 20,838 | $ | 80,814 | |||||||||
Gain on sale of storage facilities | — | 293 | 1,288 | 1,748 | 3,329 | ||||||||||||||
Net income | 2,135 | 3,909 | 4,918 | 5,270 | 16,232 |
Consolidated and Combined Quarter Ended | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
Year | March 31, | June 30, | September 30, | December 31,(1)(2) | December 31, | |||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
2005 | ||||||||||||||||||||
Revenues | $ | 29,715 | $ | 33,784 | $ | 41,303 | $ | 43,319 | $ | 148,121 | ||||||||||
Income (loss) before minority interests | 1,677 | 2,301 | 1,860 | (3,073 | ) | 2,765 | ||||||||||||||
Net income (loss) | 1,617 | 2,204 | 1,665 | (2,709 | ) | 2,777 | ||||||||||||||
Net loss per share — basic and diluted | 0.04 | 0.06 | 0.04 | (0.05 | ) | 0.07 | ||||||||||||||
2004 | ||||||||||||||||||||
Revenues | $ | 20,524 | $ | 21,207 | $ | 22,281 | $ | 27,596 | $ | 91,608 | ||||||||||
Income (loss) before minority interests | 3,084 | (1,223 | ) | (2,271 | ) | (32,835 | ) | (33,245 | ) | |||||||||||
Net income (loss) | 3,084 | (1,223 | ) | (2,271 | ) | (31,937 | ) | (32,347 | ) | |||||||||||
Net loss per share-basic and diluted | — | — | — | (.80 | ) | (.80 | ) |
(1) | The | |
(2) | The quarter ended December 31, 2005 includes approximately $1.5 million of compensation expense for restricted share units and approximately $2.1 million of bonuses for certain management employees. |
15. SUBSEQUENT EVENTS
18. | SUBSEQUENT EVENTS |
• | Acquisition of |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
|
• | Acquisition of |
F-35
• | Acquisition of U-Stor Self Storage Portfolio. In February 2006, the Company acquired three self-storage facilities located in Colorado for consideration of approximately $10.9 million. These facilities total approximately 173,000 rentable square feet. The Company also has agreed to acquire from this seller an additional self-storage facility, for additional consideration of approximately $3.5 million including the assumption of $2.1 million of indebtedness, during the first half of 2006. | |
• | Acquisition of Sure Save Portfolio. In February 2006, the Company acquired 24 self-storage facilities from Crownridge Storage Portfolio, LLC and Williams Storage Portfolio III, LLC for consideration of approximately $164.5 million. These facilities total approximately 1.8 million rentable square feet and are located in Arizona, California, Nevada, New Mexico and Texas. | |
• | Term Loan Agreement. In February 2006 the Company entered into a60-day, unsecured $30 million term loan agreement with Wachovia Bank, National Association as the lender. The term loan bears interest at LIBOR plus 175 basis points. The loan proceeds were | |
• | Revolving Credit Facility. In February 2006 the Company and | |
• | Acquisition of Texas Portfolio. In March 2006, the Company acquired four self-storage facilities located in Texas, for consideration of approximately $22.5 million. These facilities total approximately 273,000 rentable square feet and are part of a portfolio of 12 self-storage facilities located in Texas that the Company agreed to acquire pursuant to an agreement entered into in July 2005. As described above in Note 3, the Company initially acquired four of these facilities, for aggregate consideration of $15.6 million, in September 2005, and one of these facilities for $5.5 million, in November 2005. The Company expects to acquire the remaining three facilities, for aggregate consideration of approximately $18.2 million, during the first half of 2006. These three facilities total approximately 213,000 rentable square feet. |
F-36
In addition, the Company has entered into definitive agreements to acquire an additional 89 self-storage facilities, as discussed below, for a total purchase price of $272.3 million.
The acquisitions are comprised of the following unrelated transactions:
The Company expects these acquisitions to close on or before June 30, 2005. The closings of the transactions are contingent upon the satisfaction of certain customary conditions. There are no assurances that the conditions will be met or that the transactions will be consummated.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
On March 29, 2005, the Company entered into an office lease agreement with Amsdell and Amsdell, an entity owned by Robert J. Amsdell and Barry L. Amsdell, for office space of approximately 18,000 square feet at The Parkview Building, an approximately 40,000 square foot multi-tenant office building located at 6745 Engle Road, plus approximately 4,000 square feet of an approximately 18,000 square foot office building located at 6751 Engle Road, which are both part of Airport Executive Park, a 50-acre office and flex development located in Cleveland, Ohio. Airport Executive Park is owned by Amsdell and Amsdell. The lease is effective as of January 1, 2005 and has a ten-year term, with one five-year extension option exercisable by us. The aggregate amount of rent payable under this lease in 2005 will be approximately $260,000.
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
20042005 Initial Cost Gross Carrying Amount Building Costs at December 31, 2005 and Subsequent Building and Accumulated Year Encum- Improve- to Improve- Depreciation Acquired/ brances Land ments Acquisition Land ments Total (O) Developed (Dollars in thousands) Mobile I, AL (N ) 149 1,429 572 225 1,925 2,150 489 1997 Mobile II, AL (F ) 226 2,524 749 301 3,198 3,499 1,025 1997 Mobile III, AL (A ) 167 1,849 240 237 2,019 2,256 447 1998 Chandler, AZ (N ) 327 1,257 73 327 1,330 1,657 31 2005 Glendale, AZ (A ) 201 2,265 806 418 2,854 3,272 546 1998 Green Valley, AZ (H ) 298 1,153 18 298 1,171 1,469 26 2005 Scottsdale, AZ (A ) 443 4,879 1,521 883 5,960 6,843 1,132 1998 Tempe, AZ (F ) 749 2,159 18 749 2,177 2,926 57 2005 Tucson I, AZ (A ) 188 2,078 712 384 2,594 2,978 499 1998 Tucson II, AZ (A ) 188 2,078 786 391 2,661 3,052 497 1998 Tucson, AZ (L ) 711 2,736 5 711 2,741 3,452 65 2005 Tucson, AZ (L ) 532 2,048 44 532 2,092 2,624 48 2005 Tucson, AZ (L ) 674 2,595 31 674 2,626 3,300 61 2005 Tucson, AZ (L ) 515 1,980 28 515 2,008 2,523 47 2005 Tucson, AZ (L ) 440 1,692 37 440 1,729 2,169 40 2005 Tucson, AZ (L ) 670 2,576 34 670 2,610 3,280 61 2005 Tucson, AZ (L ) 589 2,265 20 589 2,285 2,874 53 2005 Tucson, AZ (L ) 724 2,786 23 724 2,809 3,533 65 2005 Tucson, AZ (L ) 424 1,633 22 424 1,655 2,079 39 2005 Tucson, AZ (L ) 439 1,689 41 439 1,730 2,169 40 2005 Tucson, AZ (L ) 671 2,582 40 671 2,622 3,293 61 2005 Tucson, AZ (L ) 587 2,258 11 587 2,269 2,856 54 2005 Tucson, AZ 1,264 540 2,076 31 540 2,107 2,647 48 2005 Tucson, AZ 1,358 707 2,721 9 707 2,730 3,437 63 2005 Apple Valley I, CA (D ) 140 1,570 1,386 476 2,620 3,096 470 1997 Apple Valley II, CA (G ) 160 1,787 1,109 431 2,625 3,056 514 1997 Benicia, CA (N ) 2,392 7,028 4 2,392 7,032 9,424 34 2005 Bloomington I, CA (N ) 42 463 365 100 770 870 166 1997 Bloomington II, CA (N ) 54 604 408 144 922 1,066 175 1997 Citrus Heights, CA (L ) 1,633 4,793 20 1,633 4,813 6,446 116 2005 Diamond Bar, CA 2,618 2,522 7,404 9 2,524 7,411 9,935 174 2005 Fallbrook, CA (C ) 133 1,492 1,362 433 2,554 2,987 441 1997 Hemet, CA (D ) 125 1,396 1,236 417 2,340 2,757 417 1997 Highland, CA (D ) 215 2,407 1,770 582 3,810 4,392 735 1997 Lancaster, CA (G ) 390 2,247 813 556 2,894 3,450 512 2001 Murrieta, CA (N ) 1,883 5,532 3 1,883 5,535 7,418 26 2005 North Highlands, CA (L ) 868 2,546 9 868 2,555 3,423 61 2005 Ontario, CA (A ) 292 3,289 1,713 688 4,606 5,294 789 1998 Orangevale, CA (L ) 1,423 4,175 15 1,423 4,190 5,613 100 2005 Pleasanton, CA (N ) 2,799 8,222 4 2,799 8,226 11,025 39 2005 Rancho Cordova, CA (L ) 1,094 3,212 12 1,094 3,224 4,318 77 2005 Redlands, CA (C ) 196 2,192 1,032 449 2,971 3,420 652 1997 Rialto, CA (A ) 277 3,098 1,542 672 4,245 4,917 896 1997 Riverside I, CA (N ) 42 465 489 141 855 996 160 1997
F-37
(Dollars in thousands)
Initial Cost | Gross Carrying Amount at December 31, 2004 | |||||||||||||||||||||||||
Description | Encum- brances | Land | Building and Improve- ments | Costs Sub- sequent to Acqui- sition | Land | Building and Improve- ments | Total | Accum- ulated Deprecia- tion (G) | Year Acquired/ Developed | |||||||||||||||||
Mobile I, AL | (F | ) | $ | 149 | $ | 1,429 | $ | 744 | $ | 225 | $ | 2,097 | $ | 2,322 | $ | 635 | 1997 | |||||||||
Mobile II, AL | (F | ) | 226 | 2,524 | 729 | 301 | 3,178 | 3,479 | 929 | 1997 | ||||||||||||||||
Mobile III, AL | (A | ) | 167 | 1,849 | 459 | 237 | 2,238 | 2,475 | 603 | 1998 | ||||||||||||||||
Glendale, AZ | (A | ) | 201 | 2,265 | 1,038 | 418 | 3,086 | 3,504 | 719 | 1998 | ||||||||||||||||
Scottsdale, AZ | (A | ) | 443 | 4,879 | 2,040 | 883 | 6,479 | 7,362 | 1,486 | 1998 | ||||||||||||||||
Tucson I, AZ | (A | ) | 188 | 2,078 | 947 | 384 | 2,829 | 3,213 | 658 | 1998 | ||||||||||||||||
Tucson II, AZ | (A | ) | 188 | 2,078 | 1,021 | 391 | 2,896 | 3,287 | 655 | 1998 | ||||||||||||||||
Apple Valley I, CA | (D | ) | 140 | 1,570 | 1,590 | 476 | 2,824 | 3,300 | 599 | 1997 | ||||||||||||||||
Apple Valley II, CA | (F | ) | 160 | 1,787 | 1,331 | 431 | 2,847 | 3,278 | 656 | 1997 | ||||||||||||||||
Bloomington I, CA | (F | ) | 42 | 463 | 434 | 100 | 839 | 939 | 214 | 1997 | ||||||||||||||||
Bloomington II, CA | (F | ) | 54 | 604 | 443 | 144 | 957 | 1,101 | 211 | 1997 | ||||||||||||||||
Fallbrook, CA | (C | ) | 133 | 1,492 | 1,527 | 432 | 2,720 | 3,152 | 539 | 1997 | ||||||||||||||||
Hemet, CA | (D | ) | 125 | 1,396 | 1,375 | 417 | 2,479 | 2,896 | 510 | 1997 | ||||||||||||||||
Highland, CA | (D | ) | 215 | 2,407 | 1,998 | 582 | 4,038 | 4,620 | 894 | 1997 | ||||||||||||||||
Lancaster, CA | (F | ) | 390 | 2,247 | 780 | 556 | 2,861 | 3,417 | 382 | 2001 | ||||||||||||||||
Ontario, CA | (A | ) | 292 | 3,289 | 1,926 | 688 | 4,819 | 5,507 | 1,026 | 1998 | ||||||||||||||||
Redlands, CA | (C | ) | 196 | 2,192 | 1,228 | 449 | 3,167 | 3,616 | 806 | 1997 | ||||||||||||||||
Rialto, CA | (A | ) | 277 | 3,098 | 1,865 | 672 | 4,568 | 5,240 | 1,095 | 1997 | ||||||||||||||||
Riverside I, CA | (F | ) | 42 | 465 | 552 | 141 | 918 | 1,059 | 207 | 1997 | ||||||||||||||||
Riverside II, CA | (F | ) | 42 | 423 | 379 | 114 | 730 | 844 | 163 | 1997 | ||||||||||||||||
Riverside III, CA | (A | ) | 91 | 1,035 | 1,089 | 310 | 1,905 | 2,215 | 395 | 1998 | ||||||||||||||||
San Bernardino I, CA | (F | ) | 67 | 748 | 867 | 217 | 1,465 | 1,682 | 297 | 1997 | ||||||||||||||||
San Bernardino II, CA | (C | ) | 152 | 1,704 | 1,424 | 450 | 2,830 | 3,280 | 607 | 1997 | ||||||||||||||||
San Bernardino III, CA | (F | ) | 51 | 572 | 976 | 182 | 1,417 | 1,599 | 261 | 1997 | ||||||||||||||||
San Bernardino IV, CA | (C | ) | 152 | 1,695 | 1,397 | 444 | 2,800 | 3,244 | 601 | 1997 | ||||||||||||||||
San Bernardino V, CA | (F | ) | 112 | 1,251 | 949 | 306 | 2,006 | 2,312 | 463 | 1997 | ||||||||||||||||
San Bernardino VI, CA | (F | ) | 98 | 1,093 | 802 | 242 | 1,751 | 1,993 | 421 | 1997 | ||||||||||||||||
Sun City, CA | (A | ) | 140 | 1,579 | 930 | 324 | 2,325 | 2,649 | 522 | 1998 | ||||||||||||||||
Temecula I, CA | (A | ) | 184 | 2,038 | 1,241 | 435 | 3,028 | 3,463 | 654 | 1998 | ||||||||||||||||
Temecula II, CA | (F | ) | 476 | 2,697 | 6 | 476 | 2,703 | 3,179 | 155 | 2003 | ||||||||||||||||
Vista, CA | (D | ) | 711 | 4,076 | 1,899 | 1,118 | 5,568 | 6,686 | 636 | 2001 | ||||||||||||||||
Yucaipa, CA | (C | ) | 198 | 2,221 | 1,583 | 525 | 3,477 | 4,002 | 798 | 1997 | ||||||||||||||||
Bloomfield, CT | (A | ) | 78 | 880 | 2,181 | 360 | 2,779 | 3,139 | 443 | 1997 | ||||||||||||||||
Branford, CT | (A | ) | 217 | 2,433 | 1,417 | 504 | 3,563 | 4,067 | 1,059 | 1995 | ||||||||||||||||
Enfield, CT | (D | ) | 424 | 2,424 | 265 | 473 | 2,640 | 3,113 | 609 | 2001 | ||||||||||||||||
Gales Ferry, CT | (A | ) | 240 | 2,697 | 1,277 | 489 | 3,725 | 4,214 | 971 | 1995 | ||||||||||||||||
Manchester, CT | (D | ) | 540 | 3,096 | 208 | 563 | 3,281 | 3,844 | 598 | 2002 | ||||||||||||||||
Milford, CT | (B | ) | 87 | 1,050 | 1,024 | 274 | 1,887 | 2,161 | 427 | 1994 | ||||||||||||||||
Mystic, CT | (B | ) | 136 | 1,645 | 1,678 | 410 | 3,049 | 3,459 | 662 | 1994 | ||||||||||||||||
South Windsor, CT | (B | ) | 90 | 1,127 | 950 | 272 | 1,895 | 2,167 | 368 | 1994 |
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Riverside II, CA | (N | ) | 42 | 423 | 330 | 114 | 681 | 795 | 135 | 1997 | ||||||||||||||||||||||||||
Riverside III, CA | (A | ) | 91 | 1,035 | 936 | 310 | 1,752 | 2,062 | 289 | 1998 | ||||||||||||||||||||||||||
Roseville, CA | (L | ) | 1,284 | 3,767 | 9 | 1,284 | 3,776 | 5,060 | 90 | 2005 | ||||||||||||||||||||||||||
Sacramento, CA | (L | ) | 1,152 | 3,380 | 27 | 1,152 | 3,407 | 4,559 | 80 | 2005 | ||||||||||||||||||||||||||
Sacramento, CA | (L | ) | 790 | 2,319 | 10 | 790 | 2,329 | 3,119 | 57 | 2005 | ||||||||||||||||||||||||||
Sacramento, CA | (L | ) | 1,406 | 4,128 | 16 | 1,406 | 4,144 | 5,550 | 99 | 2005 | ||||||||||||||||||||||||||
San Bernardino I, CA | (N | ) | 67 | 748 | 798 | 217 | 1,396 | 1,613 | 244 | 1997 | ||||||||||||||||||||||||||
San Bernardino II, CA | (C | ) | 152 | 1,704 | 1,271 | 451 | 2,676 | 3,127 | 513 | 1997 | ||||||||||||||||||||||||||
San Bernardino III, CA | (F | ) | 51 | 572 | 1,018 | 182 | 1,459 | 1,641 | 303 | 1997 | ||||||||||||||||||||||||||
San Bernardino IV, CA | (C | ) | 152 | 1,695 | 1,558 | 444 | 2,961 | 3,405 | 682 | 1997 | ||||||||||||||||||||||||||
San Bernardino V, CA | (F | ) | 112 | 1,251 | 970 | 306 | 2,027 | 2,333 | 520 | 1997 | ||||||||||||||||||||||||||
San Bernardino VI, CA | (F | ) | 98 | 1,093 | 822 | 242 | 1,771 | 2,013 | 470 | 1997 | ||||||||||||||||||||||||||
San Bernardino, CA | (G | ) | 1,872 | 5,391 | 9 | 1,872 | 5,400 | 7,272 | 277 | 2005 | ||||||||||||||||||||||||||
San Marcos, CA | (I | ) | 775 | 2,288 | 9 | 776 | 2,296 | 3,072 | 54 | 2005 | ||||||||||||||||||||||||||
Sun City, CA | (A | ) | 140 | 1,579 | 762 | 324 | 2,157 | 2,481 | 403 | 1998 | ||||||||||||||||||||||||||
Temecula I | (A | ) | 184 | 2,038 | 1,033 | 435 | 2,820 | 3,255 | 510 | 1998 | ||||||||||||||||||||||||||
Temecula II, CA | (N | ) | 476 | 2,697 | 6 | 476 | 2,703 | 3,179 | 288 | 2003 | ||||||||||||||||||||||||||
Vista, CA | (N | ) | 4,629 | 13,599 | 3 | 4,629 | 13,602 | 18,231 | 65 | 2005 | ||||||||||||||||||||||||||
Vista, CA | (D | ) | 711 | 4,076 | 1,972 | 1,118 | 5,641 | 6,759 | 883 | 2001 | ||||||||||||||||||||||||||
Walnut, CA | (N | ) | 1,578 | 4,635 | 4 | 1,578 | 4,639 | 6,217 | 22 | 2005 | ||||||||||||||||||||||||||
West Sacramento, CA | (N | ) | 1,222 | 3,590 | 3 | 1,222 | 3,593 | 4,815 | 17 | 2005 | ||||||||||||||||||||||||||
Westminister, CA | (I | ) | 1,740 | 5,142 | 10 | 1,740 | 5,152 | 6,892 | 120 | 2005 | ||||||||||||||||||||||||||
Yucaipa, CA | (C | ) | 198 | 2,221 | 1,381 | 526 | 3,274 | 3,800 | 645 | 1997 | ||||||||||||||||||||||||||
Aurora, CO | (N | ) | 736 | 1,637 | 35 | 736 | 1,672 | 2,408 | 24 | 2005 | ||||||||||||||||||||||||||
Aurora, CO | (N | ) | 352 | 783 | 8 | 352 | 791 | 1,143 | 12 | 2005 | ||||||||||||||||||||||||||
Avon, OH | (N | ) | 1,012 | 2,252 | 6 | 1,012 | 2,258 | 3,270 | 33 | 2005 | ||||||||||||||||||||||||||
Centennial, CO | (L | ) | 1,268 | 2,820 | 14 | 1,268 | 2,834 | 4,102 | 69 | 2005 | ||||||||||||||||||||||||||
Colorado Springs, CO | (N | ) | 771 | 1,717 | 20 | 771 | 1,737 | 2,508 | 25 | 2005 | ||||||||||||||||||||||||||
Denver, CO | (N | ) | 1,105 | 2,459 | 8 | 1,105 | 2,467 | 3,572 | 36 | 2005 | ||||||||||||||||||||||||||
Denver, CO | (L | ) | 878 | 1,953 | 15 | 878 | 1,968 | 2,846 | 48 | 2005 | ||||||||||||||||||||||||||
Denver, CO | (L | ) | 1,343 | 2,986 | 91 | 1,343 | 3,077 | 4,420 | 73 | 2005 | ||||||||||||||||||||||||||
Englewood, CO | (N | ) | 981 | 2,183 | 13 | 981 | 2,196 | 3,177 | 32 | 2005 | ||||||||||||||||||||||||||
Golden, CO | (L | ) | 1,683 | 3,744 | 11 | 1,683 | 3,755 | 5,438 | 91 | 2005 | ||||||||||||||||||||||||||
Littleton, CO | (N | ) | 1,121 | 2,495 | 7 | 1,121 | 2,502 | 3,623 | 37 | 2005 | ||||||||||||||||||||||||||
Northglenn, CO | (L | ) | 862 | 1,917 | 41 | 862 | 1,958 | 2,820 | 48 | 2005 | ||||||||||||||||||||||||||
Bloomfield, CT | (A | ) | 78 | 880 | 2,162 | 360 | 2,760 | 3,120 | 505 | 1997 | ||||||||||||||||||||||||||
Branford, CT | (A | ) | 217 | 2,433 | 1,072 | 504 | 3,218 | 3,722 | 819 | 1995 | ||||||||||||||||||||||||||
Bristol, CT | (G | ) | 1,819 | 3,161 | 22 | 1,821 | 3,181 | 5,002 | 154 | 2005 | ||||||||||||||||||||||||||
East Windsor, CT | (F | ) | 744 | 1,294 | 46 | 744 | 1,340 | 2,084 | 65 | 2005 | ||||||||||||||||||||||||||
Enfield, CT | (D | ) | 424 | 2,424 | 267 | 473 | 2,642 | 3,115 | 773 | 2001 | ||||||||||||||||||||||||||
Gales Ferry, CT | (A | ) | 240 | 2,697 | 1,247 | 489 | 3,695 | 4,184 | 1,052 | 1995 | ||||||||||||||||||||||||||
Manchester, CT | (D | ) | 540 | 3,096 | 212 | 563 | 3,285 | 3,848 | 807 | 2002 | ||||||||||||||||||||||||||
Manchester, CT | (G | ) | 996 | 1,730 | 18 | 996 | 1,748 | 2,744 | 84 | 2005 | ||||||||||||||||||||||||||
Milford, CT | (B | ) | 87 | 1,050 | 948 | 274 | 1,811 | 2,085 | 397 | 1994 | ||||||||||||||||||||||||||
Monroe, CT | (G | ) | 2,004 | 3,483 | 105 | 2,004 | 3,588 | 5,592 | 170 | 2005 | ||||||||||||||||||||||||||
Mystic, CT | (B | ) | 136 | 1,645 | 1,570 | 410 | 2,941 | 3,351 | 646 | 1994 | ||||||||||||||||||||||||||
Newington, CT | (G | ) | 1,059 | 1,840 | 11 | 1,059 | 1,850 | 2,909 | 90 | 2005 | ||||||||||||||||||||||||||
Newington, CT | (G | ) | 911 | 1,584 | 26 | 911 | 1,610 | 2,521 | 77 | 2005 | ||||||||||||||||||||||||||
Old Saybrook, CT | (G | ) | 3,092 | 5,374 | 160 | 3,094 | 5,532 | 8,626 | 263 | 2005 |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) ANDF-38
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
Initial Cost | Gross Carrying Amount at December 31, 2004 | ||||||||||||||||||
Description | Encum- brances | Land | Building and Improve- ments | Costs Sub- sequent to Acqui- sition | Land | Building and Improve- ments | Total | Accum- ulated Deprecia- tion (G) | Year Acquired/ Developed | ||||||||||
Boca Raton, FL | (C | ) | 529 | 3,054 | 1,369 | 812 | 4,140 | 4,952 | 724 | 2001 | |||||||||
Boynton Beach, FL | (F | ) | 667 | 3,796 | 1,466 | 958 | 4,971 | 5,929 | 914 | 2001 | |||||||||
Bradenton, FL | (F | ) | 1,931 | 5,561 | 3 | 1,931 | 5,564 | 7,495 | 48 | 2004 | |||||||||
Bradenton, FL | (F | ) | 1,180 | 3,324 | 8 | 1,180 | 3,332 | 4,512 | 28 | 2004 | |||||||||
Cape Coral, FL | (C | ) | 472 | 2,769 | 2,159 | 830 | 4,570 | 5,400 | 887 | 2000 | |||||||||
Dania, FL | (F | ) | 205 | 2,068 | 1,442 | 481 | 3,234 | 3,715 | 834 | 1994 | |||||||||
Dania Beach, FL | (F | ) | 3,584 | 10,324 | 3 | 3,584 | 10,327 | 13,911 | 88 | 2004 | |||||||||
Davie, FL | (D | ) | 1,268 | 7,183 | 525 | 1,373 | 7,603 | 8,976 | 1,074 | 2001 | |||||||||
Deerfield Beach, FL | (F | ) | 946 | 2,999 | 1,746 | 1,311 | 4,380 | 5,691 | 525 | 1998 | |||||||||
DeLand, FL | (A | ) | 113 | 1,258 | 848 | 286 | 1,933 | 2,219 | 413 | 1998 | |||||||||
Delray Beach, FL | (F | ) | 798 | 4,539 | 485 | 883 | 4,939 | 5,822 | 1,069 | 2001 | |||||||||
Fernandina Beach, FL | (A | ) | 189 | 2,111 | 3,463 | 523 | 5,240 | 5,763 | 1,149 | 1996 | |||||||||
Ft. Lauderdale, FL | (D | ) | 937 | 3,646 | 2,126 | 1,384 | 5,325 | 6,709 | 681 | 1999 | |||||||||
Ft. Myers, FL | (F | ) | 303 | 3,329 | 236 | 328 | 3,540 | 3,868 | 901 | 1998 | |||||||||
Lake Worth, FL | (C | ) | 183 | 6,597 | 4,785 | 183 | 11,382 | 11,565 | 2,539 | 1998 | |||||||||
Lakeland I, FL | (F | ) | 81 | 896 | 882 | 256 | 1,603 | 1,859 | 447 | 1994 | |||||||||
Lakeland II, FL | (F | ) | 49 | 551 | 409 | 103 | 906 | 1,009 | 248 | 1996 | |||||||||
Leesburg, FL | (A | ) | 96 | 1,079 | 705 | 214 | 1,666 | 1,880 | 410 | 1997 | |||||||||
Lutz, FL | (F | ) | 992 | 2,868 | 4 | 992 | 2,872 | 3,864 | 25 | 2004 | |||||||||
Lutz, FL | (F | ) | 901 | 2,478 | 7 | 901 | 2,485 | 3,386 | 21 | 2004 | |||||||||
Margate I, FL | (F | ) | 161 | 1,763 | 1,318 | 399 | 2,843 | 3,242 | 563 | 1994 | |||||||||
Margate II, FL | (A | ) | 132 | 1,473 | 1,747 | 383 | 2,969 | 3,352 | 666 | 1996 | |||||||||
Merrit Island, FL | (F | ) | 716 | 2,983 | 373 | 796 | 3,276 | 4,072 | 422 | 2000 | |||||||||
Miami I, FL | (D | ) | 179 | 1,999 | 1,513 | 484 | 3,207 | 3,691 | 705 | 1995 | |||||||||
Miami II, FL | (F | ) | 188 | 2,052 | 567 | 286 | 2,521 | 2,807 | 628 | 1994 | |||||||||
Miami III, FL | (F | ) | 253 | 2,544 | 1,520 | 561 | 3,756 | 4,317 | 1,008 | 1994 | |||||||||
Miami IV, FL | (F | ) | 193 | 2,174 | 1,640 | 516 | 3,491 | 4,007 | 834 | 1995 | |||||||||
Miami V, FL | (A | ) | 193 | 2,165 | 1,085 | 364 | 3,079 | 3,443 | 858 | 1995 | |||||||||
Naples I, FL | (F | ) | 90 | 1,010 | 2,231 | 270 | 3,061 | 3,331 | 592 | 1996 | |||||||||
Naples II, FL | (F | ) | 148 | 1,652 | 4,288 | 558 | 5,530 | 6,088 | 1,035 | 1997 | |||||||||
Naples III, FL | (F | ) | 139 | 1,561 | 3,483 | 598 | 4,585 | 5,183 | 1,177 | 1997 | |||||||||
Ocala, FL | (F | ) | 55 | 558 | 548 | 155 | 1,006 | 1,161 | 259 | 1994 | |||||||||
Orange City, FL | (F | ) | 1,191 | 3,209 | 3 | 1,191 | 3,212 | 4,403 | 27 | 2004 | |||||||||
Orlando, FL | (A | ) | 187 | 2,088 | 423 | 240 | 2,458 | 2,698 | 755 | 1997 | |||||||||
Pembroke Pines, FL | (D | ) | 337 | 3,772 | 2,897 | 953 | 6,053 | 7,006 | 1,336 | 1997 | |||||||||
Royal Palm Beach, FL | (C | ) | 205 | 2,148 | 2,745 | 741 | 4,357 | 5,098 | 1,379 | 1994 | |||||||||
Sarasota, FL | (F | ) | 333 | 3,656 | 989 | 529 | 4,449 | 4,978 | 1,017 | 1998 | |||||||||
St. Augustine, FL | (A | ) | 135 | 1,515 | 3,165 | 383 | 4,432 | 4,815 | 949 | 1996 | |||||||||
Stuart I, FL | (A | ) | 154 | 1,726 | 1,060 | 319 | 2,621 | 2,940 | 673 | 1997 | |||||||||
Stuart II, FL | (F | ) | 324 | 3,625 | 2,651 | 685 | 5,915 | 6,600 | 1,365 | 1997 | |||||||||
Naples IV, FL | (A | ) | 262 | 2,980 | 721 | 407 | 3,556 | 3,963 | 955 | 1998 | |||||||||
Tampa I, FL | (F | ) | 124 | 1,252 | 543 | 220 | 1,699 | 1,919 | 536 | 1994 | |||||||||
Tampa II, FL | (F | ) | 330 | 1,887 | 410 | 330 | 2,297 | 2,627 | 436 | 2001 | |||||||||
Vero Beach I, FL | (F | ) | 71 | 774 | 223 | 171 | 897 | 1,068 | 178 | 1997 | |||||||||
Vero Beach II, FL | (F | ) | 88 | 1,009 | 227 | 88 | 1,236 | 1,324 | 363 | 1998 | |||||||||
West Palm Beach, FL | 2,542 | 719 | 3,420 | 1,367 | 835 | 4,671 | 5,506 | 964 | 2001 | ||||||||||
West Palm Beach, FL | (F | ) | 2,129 | 8,671 | 8 | 2,129 | 8,679 | 10,808 | 86 | 2004 | |||||||||
Alpharetta, GA | (C | ) | 806 | 4,720 | 745 | 967 | 5,304 | 6,271 | 1,082 | 2001 |
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Old Saybrook, CT | (G | ) | 1,135 | 1,973 | 55 | 1,137 | 2,026 | 3,163 | 97 | 2005 | ||||||||||||||||||||||||||
South Windsor, CT | (B | ) | 90 | 1,127 | 933 | 272 | 1,878 | 2,150 | 408 | 1994 | ||||||||||||||||||||||||||
Stamford, CT | (G | ) | 1,941 | 3,374 | 40 | 1,943 | 3,412 | 5,355 | 163 | 2005 | ||||||||||||||||||||||||||
Boca Raton, FL | (C | ) | 529 | 3,054 | 1,453 | 813 | 4,223 | 5,036 | 944 | 2001 | ||||||||||||||||||||||||||
Boynton Beach, FL | (G | ) | 667 | 3,796 | 1,491 | 958 | 4,996 | 5,954 | 1,182 | 2001 | ||||||||||||||||||||||||||
Bradenton, FL | (N | ) | 1,931 | 5,561 | 79 | 1,931 | 5,640 | 7,571 | 338 | 2004 | ||||||||||||||||||||||||||
Bradenton, FL | (N | ) | 1,180 | 3,324 | 38 | 1,180 | 3,362 | 4,542 | 203 | 2004 | ||||||||||||||||||||||||||
Cape Coral, FL | (C | ) | 472 | 2,769 | 2,192 | 830 | 4,603 | 5,433 | 1,040 | 2000 | ||||||||||||||||||||||||||
Dania Beach, FL | (N | ) | 3,584 | 10,324 | 182 | 3,584 | 10,506 | 14,090 | 630 | 2004 | ||||||||||||||||||||||||||
Dania, FL | (N | ) | 205 | 2,068 | 1,187 | 481 | 2,979 | 3,460 | 664 | 1994 | ||||||||||||||||||||||||||
Davie, FL | (D | ) | 1,268 | 7,183 | 591 | 1,373 | 7,669 | 9,042 | 1,551 | 2001 | ||||||||||||||||||||||||||
Deerfield Beach, FL | (F | ) | 946 | 2,999 | 1,770 | 1,311 | 4,404 | 5,715 | 651 | 1998 | ||||||||||||||||||||||||||
DeLand, FL | (A | ) | 113 | 1,258 | 695 | 286 | 1,780 | 2,066 | 306 | 1998 | ||||||||||||||||||||||||||
Delray Beach, FL | (F | ) | 798 | 4,539 | 500 | 883 | 4,954 | 5,837 | 1,358 | 2001 | ||||||||||||||||||||||||||
Fernandina Beach, FL | (A | ) | 189 | 2,111 | 3,207 | 523 | 4,984 | 5,507 | 1,006 | 1996 | ||||||||||||||||||||||||||
Ft. Lauderdale, FL | (D | ) | 937 | 3,646 | 2,144 | 1,384 | 5,343 | 6,727 | 836 | 1999 | ||||||||||||||||||||||||||
Ft. Myers, FL | (F | ) | 303 | 3,329 | 252 | 328 | 3,556 | 3,884 | 1,002 | 1998 | ||||||||||||||||||||||||||
Gulf Breeze, FL | (N | ) | 2,035 | 5,863 | 5 | 2,035 | 5,868 | 7,903 | 76 | 2005 | ||||||||||||||||||||||||||
Jacksonville, FL | (N | ) | 1,862 | 5,362 | 9 | 1,862 | 5,371 | 7,233 | 46 | 2005 | ||||||||||||||||||||||||||
Lake Worth, FL | (C | ) | 183 | 6,597 | 4,893 | 183 | 11,490 | 11,673 | 3,063 | 1998 | ||||||||||||||||||||||||||
Lakeland I, FL | (F | ) | 81 | 896 | 891 | 256 | 1,612 | 1,868 | 498 | 1994 | ||||||||||||||||||||||||||
Lakeland II, FL | (N | ) | 49 | 551 | 376 | 103 | 873 | 976 | 244 | 1996 | ||||||||||||||||||||||||||
Leesburg, FL | (A | ) | 96 | 1,079 | 691 | 214 | 1,652 | 1,866 | 439 | 1997 | ||||||||||||||||||||||||||
Lutz, FL | (N | ) | 901 | 2,478 | 33 | 901 | 2,511 | 3,412 | 152 | 2004 | ||||||||||||||||||||||||||
Lutz, FL | (N | ) | 992 | 2,868 | 28 | 992 | 2,896 | 3,888 | 175 | 2004 | ||||||||||||||||||||||||||
Margate I, FL | (F | ) | 161 | 1,763 | 1,334 | 399 | 2,859 | 3,258 | 659 | 1994 | ||||||||||||||||||||||||||
Margate II, FL | (A | ) | 132 | 1,473 | 1,552 | 383 | 2,774 | 3,157 | 537 | 1996 | ||||||||||||||||||||||||||
Merrit Island, FL | (F | ) | 716 | 2,983 | 398 | 796 | 3,301 | 4,097 | 609 | 2000 | ||||||||||||||||||||||||||
Miami I, FL | (D | ) | 179 | 1,999 | 1,509 | 484 | 3,203 | 3,687 | 803 | 1995 | ||||||||||||||||||||||||||
Miami II, FL | (N | ) | 188 | 2,052 | 588 | 286 | 2,542 | 2,828 | 697 | 1994 | ||||||||||||||||||||||||||
Miami III, FL | (G | ) | 253 | 2,544 | 1,205 | 561 | 3,441 | 4,002 | 797 | 1994 | ||||||||||||||||||||||||||
Miami IV, FL | (N | ) | 193 | 2,174 | 1,644 | 516 | 3,495 | 4,011 | 910 | 1995 | ||||||||||||||||||||||||||
Miami V, FL | (A | ) | 193 | 2,165 | 826 | 364 | 2,820 | 3,184 | 674 | 1995 | ||||||||||||||||||||||||||
Miami, FL | (N | ) | 4,577 | 13,185 | 4 | 4,577 | 13,189 | 17,766 | 170 | 2005 | ||||||||||||||||||||||||||
Naples I, FL | (N | ) | 90 | 1,010 | 2,216 | 270 | 3,046 | 3,316 | 669 | 1996 | ||||||||||||||||||||||||||
Naples II, FL | (G | ) | 148 | 1,652 | 4,083 | 558 | 5,325 | 5,883 | 979 | 1997 | ||||||||||||||||||||||||||
Naples III, FL | (F | ) | 139 | 1,561 | 3,517 | 598 | 4,619 | 5,217 | 1,327 | 1997 | ||||||||||||||||||||||||||
Naples IV, FL | (A | ) | 262 | 2,980 | 374 | 407 | 3,209 | 3,616 | 691 | 1998 | ||||||||||||||||||||||||||
Ocala, FL | (N | ) | 55 | 558 | 463 | 155 | 921 | 1,076 | 206 | 1994 | ||||||||||||||||||||||||||
Ocoee, FL | (N | ) | 1,286 | 3,705 | 29 | 1,286 | 3,735 | 5,021 | 129 | 2005 | ||||||||||||||||||||||||||
Orange City, FL | (N | ) | 1,191 | 3,209 | 42 | 1,191 | 3,251 | 4,442 | 196 | 2004 | ||||||||||||||||||||||||||
Orlando, FL | (A | ) | 187 | 2,088 | 404 | 240 | 2,439 | 2,679 | 800 | 1997 | ||||||||||||||||||||||||||
Orlando, FL | (F | ) | 1,030 | 2,968 | 32 | 1,030 | 3,000 | 4,030 | 115 | 2005 | ||||||||||||||||||||||||||
Pembroke Pines, FL | (D | ) | 337 | 3,772 | 2,472 | 953 | 5,628 | 6,581 | 1,040 | 1997 | ||||||||||||||||||||||||||
Royal Palm Beach, FL | (C | ) | 205 | 2,148 | 2,522 | 742 | 4,133 | 4,875 | 1,278 | 1994 | ||||||||||||||||||||||||||
Sarasota, FL | (F | ) | 333 | 3,656 | 997 | 529 | 4,457 | 4,986 | 1,146 | 1998 | ||||||||||||||||||||||||||
St. Augustine, FL | (A | ) | 135 | 1,515 | 2,956 | 383 | 4,223 | 4,606 | 856 | 1996 | ||||||||||||||||||||||||||
Stuart I, FL | (A | ) | 154 | 1,726 | 1,085 | 319 | 2,646 | 2,965 | 728 | 1997 | ||||||||||||||||||||||||||
Stuart II, FL | (G | ) | 324 | 3,625 | 2,258 | 685 | 5,522 | 6,207 | 1,074 | 1997 |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) ANDF-39
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
Initial Cost | Gross Carrying Amount at December 31, 2004 | ||||||||||||||||||
Description | Encum- brances | Land | Building and Improve- ments | Costs Sub- sequent to Acqui- sition | Land | Building and Improve- ments | Total | Accum- ulated Deprecia- tion (G) | Year Acquired/ Developed | ||||||||||
Decatur, GA | (A | ) | 616 | 6,776 | 328 | 616 | 7,104 | 7,720 | 2,080 | 1998 | |||||||||
Norcross, GA | (D | ) | 514 | 2,930 | 590 | 632 | 3,402 | 4,034 | 541 | 2001 | |||||||||
Peachtree City, GA | 1,859 | 435 | 2,532 | 460 | 529 | 2,898 | 3,427 | 482 | 2001 | ||||||||||
Smyrna, GA | (C | ) | 750 | 4,271 | 42 | 750 | 4,313 | 5,063 | 870 | 2001 | |||||||||
Addison, IL | (E | ) | 428 | 3,531 | 6 | 428 | 3,537 | 3,965 | 30 | 2004 | |||||||||
Aurora, IL | (F | ) | 644 | 3,652 | 3 | 644 | 3,655 | 4,299 | 31 | 2004 | |||||||||
Bartlett, IL | (F | ) | 1,126 | 2,197 | 3 | 1,126 | 2,200 | 3,326 | 19 | 2004 | |||||||||
Bartlett, IL | (F | ) | 931 | 2,493 | 6 | 931 | 2,499 | 3,430 | 21 | 2004 | |||||||||
Bellwood, IL | (F | ) | 1,012 | 5,768 | 443 | 1,012 | 6,211 | 7,223 | 1,144 | 2001 | |||||||||
Des Plaines, IL | (E | ) | 1,564 | 4,327 | 5 | 1,564 | 4,332 | 5,896 | 37 | 2004 | |||||||||
Elk Grove Village, IL | (E | ) | 1,446 | 3,535 | 3 | 1,446 | 3,538 | 4,984 | 30 | 2004 | |||||||||
Glenview, IL | (E | ) | 3,740 | 10,367 | 2 | 3,740 | 10,369 | 14,109 | 89 | 2004 | |||||||||
Gurnee, IL | (E | ) | 1,521 | 5,440 | 2 | 1,521 | 5,442 | 6,963 | 47 | 2004 | |||||||||
Harvey, IL | (E | ) | 869 | 3,635 | 6 | 869 | 3,641 | 4,510 | 31 | 2004 | |||||||||
Joliet, IL | (E | ) | 547 | 4,704 | 2 | 547 | 4,706 | 5,253 | 40 | 2004 | |||||||||
Lake Zurich, IL | (E | ) | 2,102 | 2,187 | 2 | 2,102 | 2,189 | 4,291 | 19 | 2004 | |||||||||
Lombard, IL | (E | ) | 1,305 | 3,938 | 3 | 1,305 | 3,941 | 5,246 | 34 | 2004 | |||||||||
Mount Prospect, IL | (E | ) | 1,701 | 3,114 | 4 | 1,701 | 3,118 | 4,819 | 27 | 2004 | |||||||||
Mundelein, IL | (E | ) | 1,498 | 2,782 | 2 | 1,498 | 2,784 | 4,282 | 24 | 2004 | |||||||||
North Chicago, IL | (E | ) | 1,073 | 3,006 | 2 | 1,073 | 3,008 | 4,081 | 26 | 2004 | |||||||||
Plainfield, IL | (F | ) | 1,770 | 1,715 | 2 | 1,770 | 1,717 | 3,487 | 15 | 2004 | |||||||||
Schaumburg, IL | (F | ) | 538 | 645 | 2 | 538 | 647 | 1,185 | 6 | 2004 | |||||||||
Streamwood, IL | (F | ) | 1,447 | 1,662 | 2 | 1,447 | 1,664 | 3,111 | 14 | 2004 | |||||||||
Waukegan, IL | (E | ) | 1,198 | 4,363 | 2 | 1,198 | 4,365 | 5,563 | 37 | 2004 | |||||||||
West Chicago, IL | (F | ) | 1,071 | 2,249 | 2 | 1,071 | 2,251 | 3,322 | 19 | 2004 | |||||||||
Westmont, IL | (E | ) | 1,155 | 3,873 | 1 | 1,155 | 3,874 | 5,029 | 33 | 2004 | |||||||||
Wheeling, IL | (F | ) | 857 | 3,213 | 2 | 857 | 3,215 | 4,072 | 28 | 2004 | |||||||||
Wheeling, IL | (E | ) | 793 | 3,816 | 2 | 793 | 3,818 | 4,611 | 33 | 2004 | |||||||||
Woodridge, IL | (E | ) | 943 | 3,397 | 2 | 943 | 3,399 | 4,342 | 29 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 1,229 | 2,834 | 3 | 1,229 | 2,837 | 4,066 | 24 | 2004 | |||||||||
Indianapolis, IN | (F | ) | 641 | 3,154 | 2 | 641 | 3,156 | 3,797 | 27 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 2,138 | 3,633 | 2 | 2,138 | 3,635 | 5,773 | 31 | 2004 | |||||||||
Indianapolis, IN | (F | ) | 406 | 3,496 | 2 | 406 | 3,498 | 3,904 | 30 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 908 | 4,755 | 2 | 908 | 4,757 | 5,665 | 41 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 1,133 | 4,103 | 3 | 1,133 | 4,106 | 5,239 | 35 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 887 | 3,548 | 3 | 887 | 3,551 | 4,438 | 30 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 1,871 | 1,230 | 2 | 1,871 | 1,232 | 3,103 | 11 | 2004 | |||||||||
Indianapolis, IN | (E | ) | 669 | 2,434 | 2 | 669 | 2,436 | 3,105 | 21 | 2004 | |||||||||
Baton Rouge I, LA | (F | ) | 112 | 1,248 | 621 | 208 | 1,773 | 1,981 | 481 | 1997 | |||||||||
Baton Rouge II, LA | (F | ) | 118 | 1,181 | 1,055 | 267 | 2,087 | 2,354 | 508 | 1997 | |||||||||
Baton Rouge III, LA | (F | ) | 133 | 1,487 | 763 | 271 | 2,112 | 2,383 | 566 | 1997 | |||||||||
Baton Rouge IV, LA | (A | ) | 32 | 377 | 156 | 64 | 501 | 565 | 126 | 1998 | |||||||||
Prairieville, LA | (A | ) | 90 | 1,004 | 235 | 90 | 1,239 | 1,329 | 343 | 1998 | |||||||||
Slidell, LA | (D | ) | 188 | 3,175 | 1,513 | 802 | 4,074 | 4,876 | 592 | 2001 | |||||||||
Boston, MA | (C | ) | 1,516 | 8,628 | 115 | 1,516 | 8,743 | 10,259 | 1,341 | 2002 | |||||||||
Leominster, MA | (D | ) | 90 | 1,519 | 2,248 | 338 | 3,519 | 3,857 | 592 | 1998 | |||||||||
Baltimore, MD | (F | ) | 1,050 | 5,997 | 705 | 1,159 | 6,593 | 7,752 | 1,173 | 2001 | |||||||||
California, MD | (F | ) | 1,486 | 4,280 | 5 | 1,486 | 4,285 | 5,771 | 37 | 2004 |
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Tampa I, FL | (N | ) | 124 | 1,252 | 359 | 220 | 1,515 | 1,735 | 402 | 1994 | ||||||||||||||||||||||||||
Tampa II, FL | (N | ) | 330 | 1,887 | 412 | 330 | 2,299 | 2,629 | 566 | 2001 | ||||||||||||||||||||||||||
Tampa, FL | (G | ) | 1,589 | 4,576 | 9 | 1,589 | 4,584 | 6,173 | 177 | 2005 | ||||||||||||||||||||||||||
Vero Beach, FL | (N | ) | 159 | 1,783 | 333 | 259 | 2,016 | 2,275 | 475 | 1998/1997 | ||||||||||||||||||||||||||
West Palm Beach, FL | 2,542 | 719 | 3,420 | 1,387 | 835 | 4,691 | 5,526 | 1,233 | 2001 | |||||||||||||||||||||||||||
West Palm Beach, FL | (N | ) | 2,129 | 8,671 | 96 | 2,129 | 8,767 | 10,896 | 605 | 2004 | ||||||||||||||||||||||||||
Alpharetta, GA | (C | ) | 806 | 4,720 | 788 | 967 | 5,347 | 6,314 | 1,458 | 2001 | ||||||||||||||||||||||||||
Decatur, GA | (A | ) | 616 | 6,776 | (463 | ) | 616 | 6,313 | 6,929 | 1,477 | 1998 | |||||||||||||||||||||||||
Norcross, GA | (D | ) | 514 | 2,930 | 608 | 632 | 3,420 | 4,052 | 733 | 2001 | ||||||||||||||||||||||||||
Peachtree City, GA | 1,859 | 435 | 2,532 | 477 | 529 | 2,915 | 3,444 | 647 | 2001 | |||||||||||||||||||||||||||
Smyrna, GA | (C | ) | 750 | 4,271 | 56 | 750 | 4,327 | 5,077 | 1,146 | 2001 | ||||||||||||||||||||||||||
Addison, IL | (E | ) | 428 | 3,531 | 57 | 428 | 3,588 | 4,016 | 215 | 2004 | ||||||||||||||||||||||||||
Aurora, IL | (N | ) | 644 | 3,652 | 30 | 644 | 3,682 | 4,326 | 221 | 2004 | ||||||||||||||||||||||||||
Bartlett, IL | (N | ) | 931 | 2,493 | 45 | 931 | 2,538 | 3,469 | 152 | 2004 | ||||||||||||||||||||||||||
Bartlett, IL | (G | ) | 1,126 | 2,197 | 53 | 1,126 | 2,250 | 3,376 | 135 | 2004 | ||||||||||||||||||||||||||
Bellwood, IL | (G | ) | 1,012 | 5,768 | 484 | 1,012 | 6,252 | 7,264 | 1,532 | 2001 | ||||||||||||||||||||||||||
Des Plaines, IL | (E | ) | 1,564 | 4,327 | 28 | 1,564 | 4,355 | 5,919 | 263 | 2004 | ||||||||||||||||||||||||||
Elk Grove Village, IL | (E | ) | 1,446 | 3,535 | 143 | 1,446 | 3,678 | 5,124 | 220 | 2004 | ||||||||||||||||||||||||||
Glenview, IL | (E | ) | 3,740 | 10,367 | 33 | 3,740 | 10,400 | 14,140 | 624 | 2004 | ||||||||||||||||||||||||||
Gurnee, IL | (E | ) | 1,521 | 5,440 | 128 | 1,521 | 5,568 | 7,089 | 329 | 2004 | ||||||||||||||||||||||||||
Harvey, IL | (E | ) | 869 | 3,635 | 40 | 869 | 3,675 | 4,544 | 221 | 2004 | ||||||||||||||||||||||||||
Joliet, IL | (E | ) | 547 | 4,704 | 39 | 547 | 4,743 | 5,290 | 286 | 2004 | ||||||||||||||||||||||||||
Lake Zurich, IL | (E | ) | 2,102 | 2,187 | 40 | 2,102 | 2,227 | 4,329 | 134 | 2004 | ||||||||||||||||||||||||||
Lombard, IL | (E | ) | 1,305 | 3,938 | 189 | 1,305 | 4,127 | 5,432 | 240 | 2004 | ||||||||||||||||||||||||||
Mount Prospect, IL | (E | ) | 1,701 | 3,114 | 52 | 1,701 | 3,166 | 4,867 | 190 | 2004 | ||||||||||||||||||||||||||
Mundelein, IL | (E | ) | 1,498 | 2,782 | 59 | 1,498 | 2,841 | 4,339 | 170 | 2004 | ||||||||||||||||||||||||||
North Chicago, IL | (E | ) | 1,073 | 3,006 | 55 | 1,073 | 3,061 | 4,134 | 184 | 2004 | ||||||||||||||||||||||||||
Plainfield, IL | (N | ) | 1,770 | 1,715 | 46 | 1,770 | 1,761 | 3,531 | 108 | 2004 | ||||||||||||||||||||||||||
Plainfield, IL | (N | ) | 694 | 2,000 | 50 | 694 | 2,050 | 2,744 | 63 | 2005 | ||||||||||||||||||||||||||
Schaumburg, IL | (N | ) | 538 | 645 | 69 | 538 | 714 | 1,252 | 43 | 2004 | ||||||||||||||||||||||||||
Streamwood, IL | (F | ) | 1,447 | 1,662 | 80 | 1,447 | 1,742 | 3,189 | 105 | 2004 | ||||||||||||||||||||||||||
Warrenville, IL | (F | ) | 1,066 | 3,072 | 25 | 1,066 | 3,097 | 4,163 | 93 | 2005 | ||||||||||||||||||||||||||
Waukegan, IL | (E | ) | 1,198 | 4,363 | 56 | 1,198 | 4,419 | 5,617 | 266 | 2004 | ||||||||||||||||||||||||||
West Chicago, IL | (G | ) | 1,071 | 2,249 | 74 | 1,071 | 2,323 | 3,394 | 138 | 2004 | ||||||||||||||||||||||||||
Westmont, IL | (E | ) | 1,155 | 3,873 | 32 | 1,155 | 3,905 | 5,060 | 235 | 2004 | ||||||||||||||||||||||||||
Wheeling, IL | (F | ) | 857 | 3,213 | 111 | 857 | 3,324 | 4,181 | 196 | 2004 | ||||||||||||||||||||||||||
Wheeling, IL | (E | ) | 793 | 3,816 | 167 | 793 | 3,983 | 4,776 | 232 | 2004 | ||||||||||||||||||||||||||
Woodridge, IL | (E | ) | 943 | 3,397 | 39 | 943 | 3,436 | 4,379 | 207 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (N | ) | 641 | 3,154 | 49 | 641 | 3,203 | 3,844 | 192 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (F | ) | 406 | 3,496 | 74 | 406 | 3,570 | 3,976 | 213 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 1,871 | 1,230 | 51 | 1,871 | 1,281 | 3,152 | 77 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 669 | 2,434 | 59 | 669 | 2,493 | 3,162 | 152 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 1,229 | 2,834 | 33 | 1,229 | 2,867 | 4,096 | 172 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 2,138 | 3,633 | 51 | 2,138 | 3,684 | 5,822 | 221 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 908 | 4,755 | 183 | 908 | 4,938 | 5,846 | 290 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 887 | 3,548 | 76 | 887 | 3,624 | 4,511 | 215 | 2004 | ||||||||||||||||||||||||||
Indianapolis, IN | (E | ) | 1,133 | 4,103 | 80 | 1,133 | 4,183 | 5,316 | 249 | 2004 | ||||||||||||||||||||||||||
Baton Rouge I, LA | (N | ) | 112 | 1,248 | 479 | 208 | 1,631 | 1,839 | 376 | 1997 | ||||||||||||||||||||||||||
Baton Rouge II, LA | (F | ) | 118 | 1,181 | 1,072 | 267 | 2,104 | 2,371 | 574 | 1997 |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) ANDF-40
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
Initial Cost | Gross Carrying Amount at December 31, 2004 | ||||||||||||||||||
Description | Encum- brances | Land | Building and Improve- ments | Costs Sub- sequent to Acqui- sition | Land | Building and Improve- ments | Total | Accum- ulated Deprecia- tion (G) | Year Acquired/ Developed | ||||||||||
Laurel, MD | (C | ) | 1,409 | 8,035 | 2,958 | 1,928 | 10,474 | 12,402 | 1,517 | 2001 | |||||||||
Temple Hills, MD | (D | ) | 1,541 | 8,788 | 1,878 | 1,800 | 10,407 | 12,207 | 1,570 | 2001 | |||||||||
Grand Rapids, MI | (F | ) | 185 | 1,821 | 1,167 | 325 | 2,848 | 3,173 | 766 | 1996 | |||||||||
Portage, MI | (F | ) | 104 | 1,160 | 699 | 237 | 1,726 | 1,963 | 431 | 1996 | |||||||||
Romulus, MI | (F | ) | �� | 308 | 1,743 | 520 | 418 | 2,153 | 2,571 | 259 | 1997 | ||||||||
Wyoming, MI | (F | ) | 191 | 2,135 | 917 | 354 | 2,889 | 3,243 | 776 | 1996 | |||||||||
Biloxi, MS | (F | ) | 148 | 1,652 | 670 | 279 | 2,191 | 2,470 | 578 | 1997 | |||||||||
Gautier, MS | (F | ) | 93 | 1,040 | 120 | 93 | 1,160 | 1,253 | 387 | 1997 | |||||||||
Gulfport I, MS | (F | ) | 128 | 1,438 | 563 | 156 | 1,973 | 2,129 | 662 | 1997 | |||||||||
Gulfport II, MS | (F | ) | 117 | 1,306 | 492 | 179 | 1,736 | 1,915 | 530 | 1997 | |||||||||
Gulfport III, MS | (F | ) | 172 | 1,928 | 864 | 338 | 2,626 | 2,964 | 693 | 1997 | |||||||||
Waveland, MS | (A | ) | 215 | 2,481 | 1,040 | 392 | 3,344 | 3,736 | 866 | 1998 | |||||||||
Belmont, NC | (F | ) | 385 | 2,196 | 364 | 451 | 2,494 | 2,945 | 499 | 2001 | |||||||||
Burlington I, NC | (F | ) | 498 | 2,837 | 84 | 498 | 2,921 | 3,419 | 641 | 2001 | |||||||||
Burlington II, NC | (F | ) | 320 | 1,829 | 126 | 340 | 1,935 | 2,275 | 362 | 2001 | |||||||||
Cary, NC | (F | ) | 543 | 3,097 | 111 | 543 | 3,208 | 3,751 | 474 | 2001 | |||||||||
Charlotte, NC | (C | ) | 782 | 4,429 | 1,294 | 1,068 | 5,437 | 6,505 | 629 | 1999 | |||||||||
Fayetteville I, NC | (F | ) | 156 | 1,747 | 773 | 301 | 2,375 | 2,676 | 582 | 1997 | |||||||||
Fayetteville II, NC | (C | ) | 213 | 2,301 | 872 | 399 | 2,987 | 3,386 | 769 | 1997 | |||||||||
Raleigh, NC | (A | ) | 209 | 2,398 | 421 | 296 | 2,732 | 3,028 | 720 | 1998 | |||||||||
Brick, NJ | (B | ) | 234 | 2,762 | 1,289 | 485 | 3,800 | 4,285 | 957 | 1994 | |||||||||
Cranford, NJ | (B | ) | 290 | 3,493 | 2,357 | 779 | 5,361 | 6,140 | 1,351 | 1994 | |||||||||
East Hanover, NJ | (B | ) | 504 | 5,763 | 4,016 | 1,315 | 8,968 | 10,283 | 2,277 | 1994 | |||||||||
Fairview, NJ | (F | ) | 246 | 2,759 | 438 | 246 | 3,197 | 3,443 | 953 | 1997 | |||||||||
Jersey City, NJ | (B | ) | 397 | 4,507 | 2,922 | 1,010 | 6,816 | 7,826 | 1,771 | 1994 | |||||||||
Linden I, NJ | (B | ) | 517 | 6,008 | 3,452 | 1,170 | 8,807 | 9,977 | 1,728 | 1994 | |||||||||
Linden II, NJ | (B | ) | 0 | 2 | 854 | 189 | 667 | 856 | 14 | 1994 | |||||||||
Morris Township, NJ | (D | ) | 500 | 5,602 | 2,915 | 1,072 | 7,945 | 9,017 | 1,924 | 1997 | |||||||||
Parsippany, NJ | (A | ) | 475 | 5,322 | 2,359 | 909 | 7,247 | 8,156 | 1,825 | 1997 | |||||||||
Randolph, NJ | (D | ) | 855 | 4,872 | 1,163 | 1,108 | 5,782 | 6,890 | 932 | 2002 | |||||||||
Sewell, NJ | (C | ) | 484 | 2,766 | 1,073 | 706 | 3,617 | 4,323 | 693 | 2001 | |||||||||
Jamaica, NY | (D | ) | 2,043 | 11,658 | 241 | 2,043 | 11,899 | 13,942 | 2,186 | 2001 | |||||||||
North Babylon, NY | (C | ) | 225 | 2,514 | 3,809 | 568 | 5,980 | 6,548 | 1,147 | 1998 | |||||||||
Boardman, OH | (C | ) | 64 | 745 | 2,067 | 287 | 2,589 | 2,876 | 1,005 | 1980 | |||||||||
Brecksville, OH | (A | ) | 228 | 2,545 | 1,199 | 442 | 3,530 | 3,972 | 834 | 1998 | |||||||||
Centerville, OH | (E | ) | 471 | 3,705 | 4 | 471 | 3,709 | 4,180 | 32 | 2004 | |||||||||
Centerville, OH | (F | ) | 332 | 1,757 | 2 | 332 | 1,759 | 2,091 | 15 | 2004 | |||||||||
Dayton, OH | (F | ) | 323 | 2,070 | 2 | 323 | 2,072 | 2,395 | 18 | 2004 | |||||||||
Euclid I, OH | (A | ) | 200 | 1,053 | 1,793 | 317 | 2,729 | 3,046 | 1,117 | 1988 | |||||||||
Euclid II, OH | (A | ) | 359 | 0 | 1,559 | 461 | 1,457 | 1,918 | 229 | 1988 | |||||||||
Hudson, OH | (A | ) | 195 | 2,198 | 556 | 274 | 2,675 | 2,949 | 710 | 1998 | |||||||||
Lakewood, OH | (F | ) | 405 | 854 | 398 | 405 | 1,252 | 1,657 | 573 | 1989 | |||||||||
Mason, OH | (A | ) | 127 | 1,419 | 184 | 149 | 1,581 | 1,730 | 467 | 1998 | |||||||||
Miamisburg, OH | (E | ) | 375 | 2,410 | 2 | 375 | 2,412 | 2,787 | 21 | 2004 | |||||||||
Middleburg Heights, OH | (A | ) | 63 | 704 | 1,691 | 332 | 2,126 | 2,458 | 474 | 1980 | |||||||||
North Canton I, OH | (F | ) | 209 | 846 | 729 | 304 | 1,480 | 1,784 | 887 | 1979 | |||||||||
North Canton II, OH | (F | ) | 70 | 1,226 | 1,196 | 239 | 2,253 | 2,492 | 1,364 | 1983 | |||||||||
North Olmsted I, OH | (A | ) | 63 | 704 | 1,204 | 214 | 1,757 | 1,971 | 460 | 1979 |
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Baton Rouge III, LA | (N | ) | 133 | 1,487 | 568 | 271 | 1,917 | 2,188 | 429 | 1997 | ||||||||||||||||||||||||||
Baton Rouge IV, LA | (A | ) | 32 | 377 | 115 | 64 | 460 | 524 | 100 | 1998 | ||||||||||||||||||||||||||
Prairieville, LA | (A | ) | 90 | 1,004 | 128 | 90 | 1,132 | 1,222 | 272 | 1998 | ||||||||||||||||||||||||||
Slidell, LA | (D | ) | 188 | 3,175 | 1,543 | 802 | 4,104 | 4,906 | 811 | 2001 | ||||||||||||||||||||||||||
Boston, MA | (C | ) | 1,516 | 8,628 | 127 | 1,516 | 8,755 | 10,271 | 1,902 | 2002 | ||||||||||||||||||||||||||
Leominster, MA | (D | ) | 90 | 1,519 | 2,266 | 338 | 3,537 | 3,875 | 698 | 1998 | ||||||||||||||||||||||||||
Baltimore, MD | (G | ) | 1,050 | 5,997 | 799 | 1,173 | 6,673 | 7,846 | 1,577 | 2001 | ||||||||||||||||||||||||||
California, MD | (N | ) | 1,486 | 4,280 | 40 | 1,486 | 4,320 | 5,806 | 259 | 2004 | ||||||||||||||||||||||||||
Gaithersburg, MD | 6,421 | 3,124 | 9,000 | 15 | 3,124 | 9,015 | 12,139 | 465 | 2005 | |||||||||||||||||||||||||||
Laurel, MD | (C | ) | 1,409 | 8,035 | 3,070 | 1,929 | 10,585 | 12,514 | 2,068 | 2001 | ||||||||||||||||||||||||||
Temple Hills, MD | (D | ) | 1,541 | 8,788 | 1,897 | 1,800 | 10,426 | 12,226 | 2,121 | 2001 | ||||||||||||||||||||||||||
Grand Rapids, MI | (F | ) | 185 | 1,821 | 1,174 | 325 | 2,855 | 3,180 | 874 | 1996 | ||||||||||||||||||||||||||
Portage, MI | (N | ) | 104 | 1,160 | 725 | 237 | 1,752 | 1,989 | 497 | 1996 | ||||||||||||||||||||||||||
Romulus, MI | (F | ) | 308 | 1,743 | 529 | 418 | 2,162 | 2,580 | 383 | 1997 | ||||||||||||||||||||||||||
Wyoming, MI | (F | ) | 191 | 2,135 | 924 | 354 | 2,896 | 3,250 | 887 | 1996 | ||||||||||||||||||||||||||
Biloxi, MS | (N | ) | 148 | 1,652 | 588 | 279 | 2,109 | 2,388 | 444 | 1997 | ||||||||||||||||||||||||||
Gautier, MS | (N | ) | 93 | 1,040 | 2 | 93 | 1,042 | 1,135 | 290 | 1997 | ||||||||||||||||||||||||||
Gulfport I, MS | (N | ) | 128 | 1,438 | 513 | 156 | 1,923 | 2,079 | 514 | 1997 | ||||||||||||||||||||||||||
Gulfport II, MS | (N | ) | 117 | 1,306 | 448 | 179 | 1,692 | 1,871 | 408 | 1997 | ||||||||||||||||||||||||||
Gulfport III, MS | (G | ) | 172 | 1,928 | 743 | 338 | 2,505 | 2,843 | 537 | 1997 | ||||||||||||||||||||||||||
Waveland, MS | (A | ) | 215 | 2,481 | (2,131 | ) | 392 | 173 | 565 | 49 | 1998 | |||||||||||||||||||||||||
Belmont, NC | (N | ) | 385 | 2,196 | 436 | 451 | 2,566 | 3,017 | 649 | 2001 | ||||||||||||||||||||||||||
Burlington I, NC | (F | ) | 498 | 2,837 | 95 | 498 | 2,932 | 3,430 | 820 | 2001 | ||||||||||||||||||||||||||
Burlington II, NC | (N | ) | 320 | 1,829 | 163 | 340 | 1,972 | 2,312 | 478 | 2001 | ||||||||||||||||||||||||||
Cary, NC | (F | ) | 543 | 3,097 | 133 | 543 | 3,230 | 3,773 | 611 | 2001 | ||||||||||||||||||||||||||
Charlotte, NC | (C | ) | 782 | 4,429 | 1,297 | 1,068 | 5,440 | 6,508 | 909 | 1999 | ||||||||||||||||||||||||||
Fayetteville I, NC | (N | ) | 156 | 1,747 | 692 | 301 | 2,294 | 2,595 | 561 | 1997 | ||||||||||||||||||||||||||
Fayetteville II, NC | (C | ) | 213 | 2,301 | 634 | 399 | 2,749 | 3,148 | 582 | 1997 | ||||||||||||||||||||||||||
Raleigh, NC | (A | ) | 209 | 2,398 | 176 | 296 | 2,487 | 2,783 | 521 | 1998 | ||||||||||||||||||||||||||
Brick, NJ | (B | ) | 234 | 2,762 | 1,120 | 485 | 3,631 | 4,116 | 899 | 1994 | ||||||||||||||||||||||||||
Clifton, NJ | (F | ) | 4,346 | 12,520 | 19 | 4,346 | 12,539 | 16,885 | 323 | 2005 | ||||||||||||||||||||||||||
Cranford, NJ | (B | ) | 290 | 3,493 | 1,937 | 779 | 4,941 | 5,720 | 1,093 | 1994 | ||||||||||||||||||||||||||
East Hanover, NJ | (B | ) | 504 | 5,763 | 3,301 | 1,315 | 8,253 | 9,568 | 1,834 | 1994 | ||||||||||||||||||||||||||
Elizabeth, NJ | (N | ) | 751 | 2,164 | 47 | 751 | 2,211 | 2,962 | 47 | 2005 | ||||||||||||||||||||||||||
Fairview, NJ | (N | ) | 246 | 2,759 | 148 | 246 | 2,907 | 3,153 | 744 | 1997 | ||||||||||||||||||||||||||
Hoboken, NJ | (N | ) | 1,370 | 3,947 | 146 | 1,370 | 4,093 | 5,463 | 85 | 2005 | ||||||||||||||||||||||||||
Jersey City, NJ | (B | ) | 397 | 4,507 | 2,381 | 1,010 | 6,275 | 7,285 | 1,410 | 1994 | ||||||||||||||||||||||||||
Linden I, NJ | (B | ) | 517 | 6,008 | 2,845 | 1,170 | 8,200 | 9,370 | 1,378 | 1994 | ||||||||||||||||||||||||||
Linden II, NJ | (B | ) | — | 2 | 854 | 189 | 667 | 856 | 32 | 1994 | ||||||||||||||||||||||||||
Morris Township, NJ | (D | ) | 500 | 5,602 | 2,321 | 1,072 | 7,351 | 8,423 | 1,552 | 1997 | ||||||||||||||||||||||||||
Parsippany, NJ | (A | ) | 475 | 5,322 | 1,841 | 909 | 6,729 | 7,638 | 1,465 | 1997 | ||||||||||||||||||||||||||
Randolph, NJ | (D | ) | 855 | 4,872 | 1,180 | 1,108 | 5,799 | 6,907 | 1,272 | 2002 | ||||||||||||||||||||||||||
Sewell, NJ | (C | ) | 484 | 2,766 | 1,074 | 707 | 3,617 | 4,324 | 898 | 2001 | ||||||||||||||||||||||||||
Albuquerque, NM | (L | ) | 1,039 | 3,395 | 65 | 1,039 | 3,460 | 4,499 | 85 | 2005 | ||||||||||||||||||||||||||
Albuquerque, NM | (L | ) | 1,163 | 3,801 | 59 | 1,163 | 3,860 | 5,023 | 95 | 2005 | ||||||||||||||||||||||||||
Albuquerque, NM | (L | ) | 664 | 2,171 | 57 | 664 | 2,228 | 2,892 | 55 | 2005 | ||||||||||||||||||||||||||
Albuquerque, NM | 1,020 | 519 | 1,697 | 57 | 519 | 1,754 | 2,273 | 42 | 2005 | |||||||||||||||||||||||||||
Carlsbad, NM | (H | ) | 490 | 1,613 | 17 | 490 | 1,630 | 2,120 | 38 | 2005 | ||||||||||||||||||||||||||
Deming, NM | (H | ) | 338 | 1,114 | 13 | 338 | 1,127 | 1,465 | 27 | 2005 |
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) ANDF-41
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
Initial Cost | Gross Carrying Amount at December 31, 2004 | |||||||||||||||||||||||||
Description | Encum- brances | Land | Building and Improve- ments | Costs Sub- sequent to Acqui- sition | Land | Building and Improve- ments | Total | Accum- ulated Deprecia- tion (G) | Year Acquired/ Developed | |||||||||||||||||
North Olmsted II, OH | (C | ) | 290 | 1,129 | 1,007 | 469 | 1,957 | 2,426 | 709 | 1988 | ||||||||||||||||
North Randall, OH | (C | ) | 515 | 2,323 | 2,712 | 898 | 4,652 | 5,550 | 688 | 1998 | ||||||||||||||||
Warrensville Heights, OH | (B | ) | 525 | 766 | 2,876 | 935 | 3,232 | 4,167 | 527 | 1980 | ||||||||||||||||
Youngstown, OH | (F | ) | 67 | 0 | 1,582 | 204 | 1,445 | 1,649 | 699 | 1977 | ||||||||||||||||
Levittown, PA | (C | ) | 926 | 5,296 | 749 | 926 | 6,045 | 6,971 | 1,035 | 2001 | ||||||||||||||||
Philadelphia, PA | (D | ) | 1,461 | 8,334 | 417 | 1,461 | 8,751 | 10,212 | 2,058 | 2001 | ||||||||||||||||
Hilton Head I, SC | (A | ) | 129 | 1,446 | 6,357 | 798 | 7,134 | 7,932 | 1,649 | 1997 | ||||||||||||||||
Hilton Head II, SC | (A | ) | 150 | 1,767 | 996 | 315 | 2,598 | 2,913 | 681 | 1997 | ||||||||||||||||
Summerville, SC | (A | ) | 143 | 1,643 | 710 | 313 | 2,183 | 2,496 | 549 | 1998 | ||||||||||||||||
Knoxville I, TN | (F | ) | 99 | 1,113 | 221 | 102 | 1,331 | 1,433 | 421 | 1997 | ||||||||||||||||
Knoxville II, TN | (F | ) | 117 | 1,308 | 259 | 129 | 1,555 | 1,684 | 431 | 1997 | ||||||||||||||||
Knoxville III, TN | (A | ) | 182 | 2,053 | 772 | 331 | 2,676 | 3,007 | 673 | 1998 | ||||||||||||||||
Knoxville IV, TN | (A | ) | 158 | 1,771 | 771 | 310 | 2,390 | 2,700 | 562 | 1998 | ||||||||||||||||
Knoxville V, TN | (A | ) | 134 | 1,493 | 482 | 235 | 1,874 | 2,109 | 478 | 1998 | ||||||||||||||||
Memphis I, TN | (F | ) | 677 | 3,880 | 781 | 677 | 4,661 | 5,338 | 811 | 2001 | ||||||||||||||||
Memphis II, TN | (F | ) | 395 | 2,276 | 74 | 395 | 2,350 | 2,745 | 452 | 2001 | ||||||||||||||||
Milwaukee, WI | (E | ) | 375 | 4,333 | 3 | 375 | 4,336 | 4,711 | 37 | 2004 | ||||||||||||||||
Corporate Office, OH | 0 | 0 | 1,400 | 0 | 1,400 | 1,400 | 686 | 1977 | ||||||||||||||||||
$ | 105,785 | $ | 553,169 | $ | 192,674 | $ | 136,168 | $ | 715,460 | $ | 851,628 | $ | 122,473 | |||||||||||||
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Las Cruces, NM | (H | ) | 611 | 2,012 | 29 | 611 | 2,041 | 2,652 | 48 | 2005 | ||||||||||||||||||||||||||
Lovington, NM | (H | ) | 168 | 554 | 17 | 168 | 571 | 739 | 14 | 2005 | ||||||||||||||||||||||||||
Silver City, NM | (H | ) | 153 | 504 | 14 | 153 | 518 | 671 | 12 | 2005 | ||||||||||||||||||||||||||
Truth or Consequences, NM | (H | ) | 10 | 34 | 21 | 10 | 55 | 65 | 1 | 2005 | ||||||||||||||||||||||||||
Endicott, NY | (N | ) | 779 | 838 | 14 | 779 | 852 | 1,631 | 39 | 2005 | ||||||||||||||||||||||||||
Jamaica, NY | (D | ) | 2,043 | 11,658 | 262 | 2,043 | 11,920 | 13,963 | 2,923 | 2001 | ||||||||||||||||||||||||||
New Rochelle, NY | (F | ) | 1,673 | 4,827 | 27 | 1,674 | 4,853 | 6,527 | 167 | 2005 | ||||||||||||||||||||||||||
North Babylon, NY | (C | ) | 225 | 2,514 | 3,818 | 569 | 5,988 | 6,557 | 1,329 | 1998 | ||||||||||||||||||||||||||
Riverhead, NY | (N | ) | 1,068 | 1,149 | 44 | 1,068 | 1,193 | 2,261 | 54 | 2005 | ||||||||||||||||||||||||||
Southold, NY | (N | ) | 2,079 | 2,238 | 36 | 2,079 | 2,274 | 4,353 | 104 | 2005 | ||||||||||||||||||||||||||
Boardman, OH | (C | ) | 64 | 745 | 2,068 | 287 | 2,590 | 2,877 | 1,092 | 1980 | ||||||||||||||||||||||||||
Brecksville, OH | (A | ) | 228 | 2,545 | 920 | 442 | 3,251 | 3,693 | 656 | 1998 | ||||||||||||||||||||||||||
Canton, OH | (N | ) | 138 | 679 | 55 | 137 | 735 | 872 | 31 | 2005 | ||||||||||||||||||||||||||
Canton, OH | (N | ) | 122 | 595 | 26 | 120 | 623 | 743 | 25 | 2005 | ||||||||||||||||||||||||||
Centerville, OH | (E | ) | 471 | 3,705 | 51 | 471 | 3,756 | 4,227 | 225 | 2004 | ||||||||||||||||||||||||||
Centerville, OH | (G | ) | 332 | 1,757 | 34 | 332 | 1,791 | 2,123 | 107 | 2004 | ||||||||||||||||||||||||||
Cleveland, OH | (N | ) | 525 | 2,592 | 83 | 524 | 2,676 | 3,200 | 107 | 2005 | ||||||||||||||||||||||||||
Cleveland, OH | (N | ) | 290 | 1,427 | 113 | 289 | 1,541 | 1,830 | 63 | 2005 | ||||||||||||||||||||||||||
Dayton, OH | (N | ) | 441 | 2,176 | 75 | 440 | 2,252 | 2,692 | 91 | 2005 | ||||||||||||||||||||||||||
Dayton, OH | (G | ) | 323 | 2,070 | 36 | 323 | 2,106 | 2,429 | 126 | 2004 | ||||||||||||||||||||||||||
Euclid I, OH | (A | ) | 200 | 1,053 | 1,843 | 317 | 2,779 | 3,096 | 1,193 | 1988 | ||||||||||||||||||||||||||
Euclid II, OH | (A | ) | 359 | — | 1,544 | 461 | 1,442 | 1,903 | 250 | 1988 | ||||||||||||||||||||||||||
Hudson, OH | (A | ) | 195 | 2,198 | 383 | 274 | 2,502 | 2,776 | 546 | 1998 | ||||||||||||||||||||||||||
Lakewood, OH | (N | ) | 405 | 854 | 373 | 405 | 1,227 | 1,632 | 588 | 1989 | ||||||||||||||||||||||||||
Louisville, OH | (N | ) | 257 | 1,260 | 38 | 255 | 1,300 | 1,555 | 53 | 2005 | ||||||||||||||||||||||||||
Marblehead, OH | (N | ) | 374 | 1,843 | 65 | 373 | 1,909 | 2,282 | 75 | 2005 | ||||||||||||||||||||||||||
Mason, OH | (A | ) | 127 | 1,419 | 17 | 149 | 1,414 | 1,563 | 347 | 1998 | ||||||||||||||||||||||||||
Mentor, OH | (N | ) | 206 | 1,011 | 43 | 204 | 1,056 | 1,260 | 43 | 2005 | ||||||||||||||||||||||||||
Miamisburg, OH | (E | ) | 375 | 2,410 | 59 | 375 | 2,469 | 2,844 | 148 | 2004 | ||||||||||||||||||||||||||
Middleburg Heights, OH | (A | ) | 63 | 704 | 1,600 | 332 | 2,035 | 2,367 | 432 | 1980 | ||||||||||||||||||||||||||
North Canton I, OH | (N | ) | 209 | 846 | 460 | 304 | 1,211 | 1,515 | 665 | 1979 | ||||||||||||||||||||||||||
North Canton II, OH | (N | ) | 70 | 1,226 | (45 | ) | 239 | 1,012 | 1,251 | 151 | 1983 | |||||||||||||||||||||||||
North Olmsted I, OH | (A | ) | 63 | 704 | 1,089 | 214 | 1,642 | 1,856 | 390 | 1979 | ||||||||||||||||||||||||||
North Olmsted II, OH | (C | ) | 290 | 1,129 | 987 | 469 | 1,937 | 2,406 | 730 | 1988 | ||||||||||||||||||||||||||
North Randall, OH | (C | ) | 515 | 2,323 | 2,744 | 899 | 4,683 | 5,582 | 876 | 1998 | ||||||||||||||||||||||||||
Perry, OH | (N | ) | 290 | 1,427 | 60 | 288 | 1,489 | 1,777 | 60 | 2005 | ||||||||||||||||||||||||||
Warrensville Heights, OH | (B | ) | 525 | 766 | 2,783 | 935 | 3,139 | 4,074 | 515 | 1980 | ||||||||||||||||||||||||||
Westlake, OH | (N | ) | 509 | 2,508 | 80 | 508 | 2,589 | 3,097 | 105 | 2005 | ||||||||||||||||||||||||||
Willoughby, OH | (N | ) | 239 | 1,178 | 70 | 238 | 1,249 | 1,487 | 51 | 2005 | ||||||||||||||||||||||||||
Youngstown, OH | (F | ) | 67 | — | 1,596 | 204 | 1,459 | 1,663 | 733 | 1977 | ||||||||||||||||||||||||||
Levittown, PA | (C | ) | 926 | 5,296 | 757 | 926 | 6,053 | 6,979 | 1,384 | 2001 | ||||||||||||||||||||||||||
Philadelphia, PA | (D | ) | 1,461 | 8,334 | 460 | 1,461 | 8,794 | 10,255 | 2,753 | 2001 | ||||||||||||||||||||||||||
Hilton Head I, SC | (A | ) | 129 | 1,446 | 6,482 | 798 | 7,259 | 8,057 | 1,628 | 1997 | ||||||||||||||||||||||||||
Hilton Head II, SC | (A | ) | 150 | 1,767 | 977 | 320 | 2,574 | 2,894 | 707 | 1997 | ||||||||||||||||||||||||||
Summerville, SC | (A | ) | 143 | 1,643 | 513 | 313 | 1,986 | 2,299 | 402 | 1998 | ||||||||||||||||||||||||||
Alcoa, TN | (M | ) | 254 | 2,113 | 23 | 255 | 2,135 | 2,390 | 49 | 2005 | ||||||||||||||||||||||||||
Antioch, TN | (N | ) | 588 | 4,906 | — | 588 | 4,906 | 5,494 | — | 2005 |
F-42
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Cordova, TN | (I | ) | 296 | 2,482 | 81 | 296 | 2,563 | 2,859 | 56 | 2005 | ||||||||||||||||||||||||||
Knoxville I, TN | (N | ) | 99 | 1,113 | 72 | 102 | 1,182 | 1,284 | 299 | 1997 | ||||||||||||||||||||||||||
Knoxville II, TN | (N | ) | 117 | 1,308 | 131 | 129 | 1,427 | 1,556 | 343 | 1997 | ||||||||||||||||||||||||||
Knoxville III, TN | (A | ) | 182 | 2,053 | 524 | 331 | 2,428 | 2,759 | 491 | 1998 | ||||||||||||||||||||||||||
Knoxville IV, TN | (A | ) | 158 | 1,771 | 565 | 310 | 2,184 | 2,494 | 408 | 1998 | ||||||||||||||||||||||||||
Knoxville V, TN | (A | ) | 134 | 1,493 | 320 | 235 | 1,712 | 1,947 | 360 | 1998 | ||||||||||||||||||||||||||
Knoxville, TN | (M | ) | 439 | 3,653 | 31 | 440 | 3,683 | 4,123 | 84 | 2005 | ||||||||||||||||||||||||||
Knoxville, TN | (M | ) | 312 | 2,594 | 23 | 311 | 2,618 | 2,929 | 60 | 2005 | ||||||||||||||||||||||||||
Knoxville, TN | (M | ) | 585 | 4,869 | 47 | 584 | 4,917 | 5,501 | 112 | 2005 | ||||||||||||||||||||||||||
Memphis I, TN | (G | ) | 677 | 3,880 | 967 | 677 | 4,847 | 5,524 | 1,089 | 2001 | ||||||||||||||||||||||||||
Memphis II, TN | (N | ) | 395 | 2,276 | 85 | 395 | 2,361 | 2,756 | 605 | 2001 | ||||||||||||||||||||||||||
Memphis, TN | (I | ) | 212 | 1,779 | 55 | 212 | 1,834 | 2,046 | 42 | 2005 | ||||||||||||||||||||||||||
Memphis, TN | (I | ) | 160 | 1,342 | 46 | 160 | 1,388 | 1,548 | 32 | 2005 | ||||||||||||||||||||||||||
Memphis, TN | (I | ) | 209 | 1,753 | 31 | 209 | 1,784 | 1,993 | 42 | 2005 | ||||||||||||||||||||||||||
Nashville, TN | (N | ) | 405 | 3,379 | — | 405 | 3,379 | 3,784 | — | 2005 | ||||||||||||||||||||||||||
Nashville, TN | (N | ) | 593 | 4,950 | — | 593 | 4,950 | 5,543 | — | 2005 | ||||||||||||||||||||||||||
Austin, TX | (N | ) | 2,239 | 2,038 | 5 | 2,239 | 2,042 | 4,281 | 28 | 2005 | ||||||||||||||||||||||||||
Baytown, TX | (K | ) | 946 | 863 | 17 | 947 | 879 | 1,826 | 24 | 2005 | ||||||||||||||||||||||||||
Bryan, TX | (K | ) | 1,394 | 1,268 | 29 | 1,395 | 1,296 | 2,691 | 35 | 2005 | ||||||||||||||||||||||||||
College Station, TX | (J | ) | 812 | 740 | 19 | 812 | 759 | 1,571 | 17 | 2005 | ||||||||||||||||||||||||||
Dallas, TX | (N | ) | 2,475 | 2,253 | 5 | 2,475 | 2,258 | 4,733 | 32 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (L | ) | 1,983 | 1,805 | 66 | 1,983 | 1,871 | 3,854 | 42 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (L | ) | 1,319 | 1,201 | 28 | 1,319 | 1,229 | 2,548 | 28 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (L | ) | 2,408 | 2,192 | 24 | 2,408 | 2,216 | 4,624 | 50 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (L | ) | 2,073 | 1,888 | 43 | 2,073 | 1,931 | 4,004 | 43 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (H | ) | 1,758 | 1,617 | 4 | 1,758 | 1,621 | 3,379 | 36 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (H | ) | 660 | 607 | 11 | 660 | 618 | 1,278 | 14 | 2005 | ||||||||||||||||||||||||||
El Paso, TX | (H | ) | 563 | 517 | 18 | 563 | 535 | 1,098 | 12 | 2005 | ||||||||||||||||||||||||||
Fort Worth, TX | (N | ) | 1,253 | 1,141 | 5 | 1,253 | 1,146 | 2,399 | 16 | 2005 | ||||||||||||||||||||||||||
Frisco, TX | (F | ) | 1,093 | 3,148 | 20 | 1,093 | 3,167 | 4,260 | 109 | 2005 | ||||||||||||||||||||||||||
Frisco, TX | 3,618 | 1,564 | 4,507 | 24 | 1,564 | 4,531 | 6,095 | 155 | 2005 | |||||||||||||||||||||||||||
Greenville, TX | (N | ) | 1,848 | 1,682 | 4 | 1,848 | 1,686 | 3,534 | 23 | 2005 | ||||||||||||||||||||||||||
Greenville, TX | (N | ) | 1,337 | 1,217 | 9 | 1,337 | 1,226 | 2,563 | 17 | 2005 | ||||||||||||||||||||||||||
Houston, TX | (K | ) | 1,420 | 1,296 | 26 | 1,421 | 1,321 | 2,742 | 35 | 2005 | ||||||||||||||||||||||||||
Houston, TX | (K | ) | 1,510 | 1,377 | 32 | 1,511 | 1,408 | 2,919 | 38 | 2005 | ||||||||||||||||||||||||||
Houston, TX | 580 | 575 | 524 | 27 | 575 | 551 | 1,126 | 12 | 2005 | |||||||||||||||||||||||||||
Houston, TX | (J | ) | 960 | 875 | 19 | 961 | 893 | 1,854 | 20 | 2005 | ||||||||||||||||||||||||||
La Porte, TX | (K | ) | 842 | 761 | 21 | 843 | 781 | 1,624 | 21 | 2005 | ||||||||||||||||||||||||||
McKinney, TX | 1,437 | 1,632 | 1,486 | 6 | 1,632 | 1,492 | 3,124 | 14 | 2005 | |||||||||||||||||||||||||||
North Richland Hills, TX | (N | ) | 2,252 | 2,049 | 5 | 2,252 | 2,054 | 4,306 | 28 | 2005 | ||||||||||||||||||||||||||
Roanoke, TX | (N | ) | 1,337 | 1,217 | 13 | 1,337 | 1,230 | 2,567 | 17 | 2005 | ||||||||||||||||||||||||||
San Antonio, TX | (N | ) | 2,895 | 2,635 | 4 | 2,895 | 2,639 | 5,534 | 24 | 2005 | ||||||||||||||||||||||||||
Sherman, TX | 1,671 | 1,904 | 1,733 | 8 | 1,904 | 1,741 | 3,645 | 16 | 2005 | |||||||||||||||||||||||||||
Sherman, TX | 2,000 | 1,337 | 1,217 | — | 1,337 | 1,217 | 2,554 | 11 | 2005 | |||||||||||||||||||||||||||
Murray, UT | (L | ) | 3,847 | 1,017 | 20 | 3,847 | 1,037 | 4,884 | 25 | 2005 | ||||||||||||||||||||||||||
Murray, UT | (L | ) | 1,182 | 312 | 13 | 1,182 | 325 | 1,507 | 8 | 2005 | ||||||||||||||||||||||||||
Murray, UT | (L | ) | 965 | 255 | 7 | 965 | 262 | 1,227 | 6 | 2005 | ||||||||||||||||||||||||||
Salt Lake City, UT | (L | ) | 2,695 | 712 | 30 | 2,695 | 742 | 3,437 | 19 | 2005 |
F-43
Initial Cost | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
Building | Costs | at December 31, 2005 | ||||||||||||||||||||||||||||||||||
and | Subsequent | Building and | Accumulated | Year | ||||||||||||||||||||||||||||||||
Encum- | Improve- | to | Improve- | Depreciation | Acquired/ | |||||||||||||||||||||||||||||||
Description | brances | Land | ments | Acquisition | Land | ments | Total | (O) | Developed | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | (L | ) | 2,074 | 548 | 19 | 2,074 | 567 | 2,641 | 14 | 2005 | ||||||||||||||||||||||||||
Fredericksburg, VA | (N | ) | 1,680 | 4,840 | 2 | 1,680 | 4,842 | 6,522 | — | 2005 | ||||||||||||||||||||||||||
Fredericksburg, VA | (N | ) | 1,757 | 5,062 | 3 | 1,757 | 5,065 | 6,822 | — | 2005 | ||||||||||||||||||||||||||
Milwaukee, WI | (E | ) | 375 | 4,333 | 62 | 375 | 4,395 | 4,770 | 262 | 2004 | ||||||||||||||||||||||||||
Corporate Office, OH | — | — | 3,359 | — | 3,359 | 3,359 | 1,182 | 1977 | ||||||||||||||||||||||||||||
Construction in Progress | — | 1,383 | — | 1,383 | 1,383 | — | ||||||||||||||||||||||||||||||
270,776 | 932,709 | 183,301 | 301,188 | 1,085,598 | 1,386,786 | 140,491 | ||||||||||||||||||||||||||||||
(A) | This facility is part of the 41 storage facilities pool which secures the |
(B) | This facility is part of the 10 storage facilities pool which secures the |
(C) | This facility is part of the 21 storage facilities pool which secures the |
(D) | This facility is part of the 18 storage facilities pool which secures the |
(E) | This facility is part of the 26 storage facilities pool which secures the |
(F) | This facility is part of the 29 storage facilities pool which secures the $80,000 loan from LaSalle Bank. | |
(G) | This facility is part of the 24 storage facilities pool which secures the $80,000 loan from Lehman Brothers Bank. | |
(H) | This facility is part of the 10 storage facilities pool which secures the $8,437 loan from LaSalle Bank. | |
(I) | This facility is part of the 6 storage facilities pool which secures the $10,464 loan from LaSalle Bank. | |
(J) | This facility is part of the 2 storage facilities pool which secures the $1,759 loan from Wells Fargo and GMAS. | |
(K) | This facility is part of the 5 storage facilities pool which secures the $4,555 loan from LaSalle Bank and Deutsche Bank. | |
(L) | This facility is part of the 37 storage facilities pool which secures the $72,458 loan from AEGON USA Realty Advisors. | |
(M) | This facility is part of the 4 storage facilities pool which secures the $8,506 loan from LaSalle Bank and Morgan Bank. | |
(N) | This facility participates in the $150.0 million revolving line of credit from Lehman Brothers, |
(O) | Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to |
F-44
U-STORE-IT TRUST AND SUBSIDIARIES (“THE COMPANY”) AND
ACQUIPORT/AMSDELL (THE “PREDECESSOR”)
2004(1) | 2003 | 2002 | |||||||||
Storage Facilities | |||||||||||
Balance of beginning of year | $ | 495,181 | $ | 492,067 | $ | 439,358 | |||||
Acquisitions & Improvements | 228,500 | 8,808 | 52,709 | ||||||||
Dispositions and other | (725 | ) | (5,694 | ) | — | ||||||
Step up adjustment | 128,672 | — | — | ||||||||
Balance at end of year | $ | 851,628 | $ | 495,181 | $ | 492,067 | |||||
Accumulated Depreciation | |||||||||||
Balance at beginning of year | 99,582 | 80,835 | 61,179 | ||||||||
Depreciation expense | 22,328 | 19,494 | 19,656 | ||||||||
Disposition and other | 563 | (747 | ) | — | |||||||
Balance at end of year | 122,473 | 99,582 | 80,835 | ||||||||
Net storage facility assets | $ | 729,155 | $ | 395,599 | $ | 411,232 | |||||
2005 | 2004 | 2003 | ||||||||||
(Dollars in thousands) | ||||||||||||
Storage facilities | ||||||||||||
Balance at beginning of year | 851,628 | 495,181 | 492,067 | |||||||||
Acquisitions & improvements | 564,305 | 228,500 | 8,808 | |||||||||
Dispositions and other | (30,530 | ) | (725 | ) | (5,694 | ) | ||||||
Construction in progress | 1,383 | — | — | |||||||||
Step up adjustment | — | 128,672 | — | |||||||||
Balance at end of year | 1,386,786 | 851,628 | 495,181 | |||||||||
Accumulated Depreciation | ||||||||||||
Balance at beginning of year | 122,473 | 99,582 | 80,835 | |||||||||
Depreciation expense | 39,949 | 22,328 | 19,494 | |||||||||
Dispositions and other | (21,931 | ) | 563 | (747 | ) | |||||||
Balance at end of year | 140,491 | 122,473 | 99,582 | |||||||||
Net Storage facility assets | 1,246,295 | 729,155 | 395,599 | |||||||||
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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F-45
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:
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EXHIBIT INDEX