x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
2016
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 20-1076777 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Name of exchange on which registered | |
Common Stock, $0.01 par value | New York Stock Exchange, Inc. |
Large accelerated filer | x | Accelerated filer | ||||
Non-accelerated filer | Smaller reporting company |
125,912,481.
EXTRA SPACE STORAGE INC.
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Spencer F. Kirk served as our Chief Executive Officer through December 31, 2016 and continues to serve on the Company's board of directors. Joseph D. Margolis succeeded Mr. Kirk as the Company's Chief Executive Officer effective January 1, 2017.
21, 2017.
Self-storage stores
We91.2% in 2016.
December 31, 2014.2016. We believe this fragmentation will contribute to continued consolidation at some level in the future. We also believe that we are well positioned to compete for acquisitions given our historical reputation for closing deals.
acquisitions.
Storage.
As of December 31, 2014 | ||||||||||||||||||||||||||
Line of Credit | Amount Drawn (1) | Capacity (1) | Interest Rate | Origination Date | Maturity | Basis Rate (2) | Notes | |||||||||||||||||||
Credit Line 1 | $ | 7,000 | $ | 85,000 | 2.1 | % | 6/4/2010 | 6/3/2016 | LIBOR plus 1.9 | % | (3) | |||||||||||||||
Credit Line 2 | 41,000 | 50,000 | 1.9 | % | 11/16/2010 | 2/13/2017 | LIBOR plus 1.8 | % | (4) | |||||||||||||||||
Credit Line 3 | 50,000 | 80,000 | 1.9 | % | 4/29/2011 | 11/18/2016 | LIBOR plus 1.7 | % | (4) | |||||||||||||||||
Credit Line 4 | 40,000 | 50,000 | 1.8 | % | 9/29/2014 | 9/29/2017 | LIBOR plus 1.7 | % | (4) | |||||||||||||||||
|
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| |||||||||||||||||||||||
$ | 138,000 | $ | 265,000 | |||||||||||||||||||||||
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|
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(amounts in thousands).
As of December 31, 2016 | |||||||||||||||
Revolving Lines of Credit | Amount Drawn | Capacity | Interest Rate | Origination Date | Maturity | Basis Rate (1) | |||||||||
Credit Line 1 (2) | $ | 3,000 | $ | 100,000 | 2.40% | 6/4/2010 | 6/30/2018 | LIBOR plus 1.7% | |||||||
Credit Line 2 (3)(4) | 362,000 | 500,000 | 2.20% | 10/14/2016 | 10/14/2020 | LIBOR plus 1.4% | |||||||||
$ | 365,000 | $ | 600,000 | ||||||||||||
(1) 30-day USD LIBOR | |||||||||||||||
(2) Secured by mortgages on certain real estate assets. One two-year extension available. | |||||||||||||||
(3) Unsecured. Two six-month extensions available. | |||||||||||||||
(4) Basis Rate as of December 31, 2016. Rate is subject to change based on our consolidated leverage ratio. |
We
As of December 31, 2016, we had two parcels of land that were categorized as held for sale.
assets themselves. In addition, our potential acquisition targets may find our competitors to be more attractive suitors because they may have greater resources, may be willing to pay more or may have a more compatible operating philosophy. In addition, the number of entities and the amount of funds competing for suitable investment in stores may increase. This competition would result in increased demand for these assets and therefore increased prices paid for them. Because of an increased interest insingle-store acquisitions amongtax-motivated individual purchasers, we may pay higher prices if we purchase single stores in comparison with portfolio acquisitions. If we pay higher prices for stores or other assets, our profitability will be reduced.2,2282,723 field personnel as of February 18, 201521, 2017 in the management and operation of our stores. The general professionalism of our sitestore managers and staff are contributing factors to a site’sstore’s ability to successfully secure rentals and retain tenants. We also rely upon our field personnel to maintain clean and secure stores. If we are unable to successfully recruit, train and retain qualified field personnel, the quality of service we strive to provide at our stores could be adversely affected which could lead to decreased occupancy levels and reduced operating performance.
We do not always obtain independent appraisals of our stores, and thus the consideration paid for these stores may exceed the value that may be indicated bythird-party appraisals.
We do not always obtainthird-party appraisals in connection with our acquisition of stores and the consideration being paid by us in exchange for those stores may exceed the value determined bythird-party appraisals. In such cases, the value of the stores was determined by our senior management team.
future depends on the significant relationships our executive management team has developed with our institutional joint venture partners, such as affiliates of Prudential Financial, Inc. There is no guarantee that any of them will remain employed by us. We do not maintain key person life insurance on any of our officers. The loss of services of one or more members of our executive management team could harm our business and our prospects.
officers and/or directors from focusing their time and efforts on our business. Consequently, actions by or disputes with partners orco-venturers might result in subjecting stores owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of ourthird-party partners orco-venturers, which could harm our financial condition.
our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limit may delay or impede a transaction or a change of control that might involve a premium price for our securities or otherwise be in the best interests of our stockholders. Different ownership limits apply to the family of Kenneth M. Woolley, certain of his affiliates, family members and estates and trusts formed for the benefit of the foregoing; to Spencer F. Kirk, certain of his affiliates, family members and estates and trusts formed for the benefit of the foregoing; and to certain designated investment entities as defined in our charter.
law changes and changes in environmental protection laws may also increase our costs, lower the value of our investments and decrease our income, which would adversely affect our business, financial condition and operating results.
2014,2016, we had approximately $2.4$4.4 billion of debt outstanding, of which approximately $846 million$1.3 billion, or 35.5%30.0% was subject to variable interest rates (excluding debt with interest rate swaps). This variable rate debt had a weighted average interest rate of approximately 2.0%2.3% per annum. Increases in interest rates on this variable rate debt would increase our interest expense, which could harm our cash flow and our ability to pay cash distributions. For example, if market rates of interest on this variable rate debt increased by 100 basis points, (excluding variable rate debt with interest rate floors), the increase in interest expense would decrease future earnings and cash flows by approximately $8.1$13.1 million annually.
deduct interest payments made to us. ESM Reinsurance Limited, awholly-owned subsidiary of Extra Space Management, Inc., generates income from insurance premiums that are subject to federal income tax and state insurance premiums tax. In addition, we will be subject to a 100% penalty tax on certain amounts if the economic arrangements among our tenants, our taxable REIT subsidiary and us are not comparable to similar arrangements among unrelated parties or if we receive payments for inventory or property held for sale to customers in the
years prior to the January 1 of the current year.
December 31, 2013.2015. Average annual rent per square foot for new leases was $14.53$17.02 for the year ended December 31, 2014,2016, compared to $14.18$15.91 for the year ended December 31, 2013.2015. The average discounts, as a percentage of rental revenues, during these periods were 3.8%3.3% and 4.4%3.2%, respectively.
2015.
Company | Pro forma | Company | Pro forma | Company | Pro forma | |||||||||||||||||||||||
Location | Number of Stores | Number of Units as of December 31, 2014 (1) | Number of Units as of December 31, 2013 | Net Rentable Square Feet as of December 31, 2014 (2) | Net Rentable Square Feet as of December 31, 2013 | Square Foot Occupancy % December 31, 2014 | Square Foot Occupancy % December 31, 2013 | |||||||||||||||||||||
Wholly-Owned Stores | ||||||||||||||||||||||||||||
Alabama | 5 | 2,903 | 2,888 | 342,971 | 342,796 | 84.2 | % | 83.6 | % | |||||||||||||||||||
Arizona | 11 | 6,954 | 6,949 | 814,433 | 814,933 | 91.3 | % | 87.8 | % | |||||||||||||||||||
California | 121 | 90,462 | 89,920 | 9,368,905 | 9,373,563 | 92.7 | % | 88.1 | % | |||||||||||||||||||
Colorado | 12 | 5,913 | 5,827 | 739,274 | 737,345 | 87.6 | % | 86.7 | % | |||||||||||||||||||
Connecticut | 5 | 3,132 | 3,130 | 299,734 | 301,174 | 90.7 | % | 89.3 | % | |||||||||||||||||||
Florida | 57 | 39,142 | 39,286 | 4,198,104 | 4,232,112 | 92.1 | % | 88.6 | % | |||||||||||||||||||
Georgia | 22 | 12,963 | 13,048 | 1,633,500 | 1,633,869 | 89.8 | % | 87.1 | % | |||||||||||||||||||
Hawaii | 5 | 5,626 | 5,708 | 336,872 | 338,210 | 93.1 | % | 83.2 | % | |||||||||||||||||||
Illinois | 18 | 12,293 | 12,166 | 1,270,379 | 1,267,164 | 89.9 | % | 90.3 | % | |||||||||||||||||||
Indiana | 9 | 4,754 | 4,711 | 555,335 | 553,158 | 89.6 | % | 86.4 | % | |||||||||||||||||||
Kansas | 1 | 507 | 504 | 50,361 | 50,360 | 89.6 | % | 91.7 | % | |||||||||||||||||||
Kentucky | 4 | 2,180 | 2,156 | 253,741 | 254,141 | 90.7 | % | 89.4 | % | |||||||||||||||||||
Louisiana | 2 | 1,408 | 1,414 | 149,990 | 150,065 | 92.4 | % | 91.5 | % | |||||||||||||||||||
Maryland | 23 | 17,301 | 17,234 | 1,817,090 | 1,817,305 | 90.4 | % | 89.9 | % | |||||||||||||||||||
Massachusetts | 35 | 21,472 | 21,327 | 2,175,301 | 2,173,269 | 91.4 | % | 91.7 | % | |||||||||||||||||||
Michigan | 3 | 1,799 | 1,792 | 254,239 | 252,784 | 91.7 | % | 89.2 | % | |||||||||||||||||||
Missouri | 6 | 3,224 | 3,208 | 386,151 | 376,256 | 90.4 | % | 88.0 | % | |||||||||||||||||||
Nevada | 5 | 3,194 | 3,219 | 548,910 | 546,574 | 92.3 | % | 88.4 | % | |||||||||||||||||||
New Hampshire | 2 | 1,013 | 1,002 | 125,748 | 125,773 | 94.2 | % | 91.8 | % | |||||||||||||||||||
New Jersey | 49 | 37,937 | 37,785 | 3,683,524 | 3,678,943 | 92.1 | % | 91.3 | % | |||||||||||||||||||
New Mexico | 3 | 1,575 | 1,573 | 217,074 | 216,154 | 85.9 | % | 85.0 | % | |||||||||||||||||||
New York | 19 | 16,812 | 16,534 | 1,360,668 | 1,351,830 | 90.6 | % | 90.0 | % | |||||||||||||||||||
North Carolina | 7 | 4,814 | 4,764 | 507,954 | 502,474 | 89.4 | % | 82.4 | % | |||||||||||||||||||
Ohio | 19 | 10,426 | 10,254 | 1,365,074 | 1,353,710 | 89.9 | % | 88.7 | % | |||||||||||||||||||
Oregon | 3 | 2,152 | 2,144 | 250,450 | 250,410 | 93.4 | % | 92.5 | % | |||||||||||||||||||
Pennsylvania | 9 | 5,758 | 5,724 | 651,136 | 648,885 | 89.8 | % | 88.9 | % | |||||||||||||||||||
Rhode Island | 2 | 1,198 | 1,183 | 131,291 | 131,321 | 94.7 | % | 91.6 | % | |||||||||||||||||||
South Carolina | 6 | 3,340 | 3,326 | 418,445 | 418,430 | 90.5 | % | 90.5 | % | |||||||||||||||||||
Tennessee | 10 | 5,590 | 5,487 | 755,023 | 753,427 | 92.3 | % | 88.9 | % | |||||||||||||||||||
Texas | 32 | 20,863 | 20,919 | 2,438,266 | 2,456,062 | 90.2 | % | 86.0 | % | |||||||||||||||||||
Utah | 8 | 4,242 | 4,024 | 523,056 | 502,931 | 88.9 | % | 90.1 | % |
Location Total Wholly-Owned Stabilized Joint-Venture Stores Alabama Arizona California Colorado Connecticut Delaware Florida Georgia Illinois Indiana Kansas Kentucky Maryland Massachusetts Michigan Missouri Nevada New Hampshire New Jersey New Mexico New York Ohio Oregon Pennsylvania Tennessee Texas Virginia Washington, DC Total Joint-Venture Stabilized Managed Stores Alabama Arizona California Colorado Connecticut Florida Georgia Hawaii Illinois Indiana Company Pro forma Company Pro forma Company Pro forma Number of
Stores Number of
Units as of
December 31,
2014 (1) Number of
Units as of
December 31,
2013 Net Rentable
Square Feet
as of
December 31,
2014 (2) Net Rentable
Square Feet
as of
December 31,
2013 Square Foot
Occupancy %
December 31,
2014 Square Foot
Occupancy %
December 31,
2013 Virginia 29 22,150 22,367 2,385,358 2,383,499 85.9 % 84.9 % Washington 6 3,576 3,535 427,783 427,573 88.8 % 84.7 % 548 376,673 375,108 40,436,140 40,416,500 91.0 % 88.4 % 2 1,153 1,148 145,146 145,153 88.2 % 90.3 % 7 4,253 4,224 492,578 492,831 92.4 % 90.4 % 71 51,213 50,909 5,259,033 5,253,108 93.6 % 91.4 % 2 1,318 1,323 159,220 158,863 94.1 % 89.9 % 7 5,307 5,296 611,625 611,790 92.2 % 92.7 % 1 591 590 71,705 71,705 93.2 % 92.4 % 19 15,265 15,189 1,533,406 1,526,503 91.9 % 89.4 % 2 1,069 1,056 152,794 151,524 91.6 % 86.6 % 5 3,471 3,442 365,183 364,933 92.0 % 90.4 % 5 2,206 2,166 288,028 284,826 90.3 % 90.5 % 2 844 843 109,375 109,605 92.0 % 83.4 % 4 2,274 2,228 257,439 254,769 87.0 % 87.6 % 12 9,776 9,731 955,190 954,975 90.6 % 90.2 % 13 6,946 6,904 784,024 782,515 90.6 % 90.9 % 8 4,816 4,781 613,403 611,243 92.1 % 89.8 % 1 534 531 61,075 61,225 91.3 % 83.8 % 5 3,037 3,046 327,993 327,113 88.2 % 87.7 % 2 792 781 84,391 83,615 90.4 % 91.4 % 16 12,976 12,947 1,356,864 1,357,003 89.9 % 90.3 % 7 3,602 3,605 397,494 398,245 89.5 % 85.4 % 13 14,171 14,177 1,106,187 1,107,419 92.2 % 91.0 % 8 3,984 3,963 531,197 531,522 88.1 % 88.6 % 1 653 652 64,970 64,970 91.8 % 90.4 % 10 7,980 7,961 805,238 802,240 90.4 % 89.6 % 17 9,454 9,354 1,241,742 1,240,082 92.2 % 89.7 % 17 10,619 10,563 1,388,575 1,387,706 93.9 % 92.2 % 13 9,378 9,359 994,659 994,449 91.0 % 89.7 % 1 1,530 1,530 102,017 102,017 92.8 % 91.3 % 271 189,212 188,299 20,260,551 20,231,949 91.9 % 90.4 % 7 2,339 2,339 355,310 355,310 84.8 % 84.8 % 3 1,216 1,225 228,131 228,847 91.6 % 86.4 % 60 40,380 40,464 5,361,785 5,351,908 87.4 % 79.1 % 15 7,899 7,867 1,013,722 1,009,232 90.9 % 90.5 % 1 465 477 61,865 61,600 91.6 % 88.3 % 32 19,838 19,767 2,369,188 2,365,253 89.0 % 84.6 % 10 5,269 5,275 837,151 836,748 88.7 % 85.5 % 6 5,043 5,056 350,155 345,174 87.0 % 82.3 % 6 3,778 3,760 390,381 384,091 88.7 % 89.6 % 9 5,042 5,035 618,727 618,777 90.0 % 86.5 %
Location Kentucky Louisiana Maryland Mississippi Missouri Nevada New Jersey New Mexico North Carolina Ohio Pennsylvania South Carolina Tennessee Texas Utah Virginia Washington, DC Puerto Rico Total Managed Stabilized Total Stabilized Stores Company Pro forma Company Pro forma Company Pro forma Number of
Stores Number of
Units as of
December 31,
2014 (1) Number of
Units as of
December 31,
2013 Net Rentable
Square Feet
as of
December 31,
2014 (2) Net Rentable
Square Feet
as of
December 31,
2013 Square Foot
Occupancy %
December 31,
2014 Square Foot
Occupancy %
December 31,
2013 1 551 547 67,268 67,268 91.6 % 85.7 % 1 999 1,006 133,490 135,035 85.2 % 77.0 % 11 6,579 6,562 652,981 653,501 89.6 % 86.1 % 2 1,886 1,893 281,558 281,823 86.5 % 79.2 % 2 1,119 1,209 127,821 152,021 88.4 % 85.5 % 4 3,028 3,058 317,215 316,940 77.9 % 76.5 % 3 1,635 1,621 181,588 181,138 90.2 % 91.5 % 2 1,121 1,119 131,112 131,112 89.9 % 87.0 % 3 1,600 1,571 205,218 205,981 90.7 % 83.9 % 8 2,956 2,947 429,161 428,739 87.0 % 83.3 % 15 6,945 6,948 861,472 859,332 88.0 % 85.1 % 2 1,187 1,222 157,535 157,535 83.4 % 83.5 % 4 1,990 1,968 280,686 280,621 86.0 % 85.1 % 22 11,601 11,314 1,570,516 1,535,062 84.4 % 83.4 % 3 1,596 1,607 257,090 256,860 84.9 % 82.3 % 3 1,764 1,763 177,969 177,969 87.4 % 87.3 % 2 1,267 1,262 112,334 112,409 92.8 % 91.8 % 4 2,666 2,701 287,133 288,190 87.5 % 84.2 % 241 141,759 141,583 17,818,562 17,778,476 87.7 % 83.3 % 1,060 707,644 704,990 78,515,253 78,426,925 90.5 % 87.8 %
Company | Pro forma | Company | Pro forma | Company | Pro forma | |||||||||||||||
Location | Number of Stores | Number of Units as of December 31, 2016 (1) | Number of Units as of December 31, 2015 | Net Rentable Square Feet as of December 31, 2016 (2) | Net Rentable Square Feet as of December 31, 2015 | Square Foot Occupancy % December 31, 2016 | Square Foot Occupancy % December 31, 2015 | |||||||||||||
Wholly-Owned Stores | ||||||||||||||||||||
Alabama | 8 | 4,635 | 4,585 | 556,241 | 559,526 | 89.3 | % | 88.3 | % | |||||||||||
Arizona | 21 | 12,795 | 12,677 | 1,408,358 | 1,414,864 | 91.7 | % | 90.4 | % | |||||||||||
California | 143 | 109,771 | 108,156 | 11,425,653 | 11,399,051 | 93.8 | % | 94.8 | % | |||||||||||
Colorado | 13 | 6,685 | 6,562 | 823,284 | 822,499 | 89.6 | % | 89.4 | % | |||||||||||
Connecticut | 6 | 3,856 | 3,847 | 395,257 | 395,411 | 91.4 | % | 92.7 | % | |||||||||||
Florida | 77 | 55,459 | 54,612 | 5,873,089 | 5,848,836 | 92.6 | % | 92.8 | % | |||||||||||
Georgia | 48 | 28,956 | 28,281 | 3,715,001 | 3,698,127 | 90.4 | % | 90.1 | % | |||||||||||
Hawaii | 9 | 8,534 | 8,445 | 602,171 | 599,373 | 95.2 | % | 92.1 | % | |||||||||||
Illinois | 25 | 17,359 | 17,139 | 1,913,921 | 1,930,543 | 90.1 | % | 89.6 | % | |||||||||||
Indiana | 15 | 7,848 | 7,718 | 940,069 | 944,399 | 91.2 | % | 88.5 | % | |||||||||||
Kansas | 1 | 533 | 532 | 49,999 | 49,991 | 97.6 | % | 91.9 | % | |||||||||||
Kentucky | 10 | 5,874 | 5,840 | 756,870 | 755,610 | 90.0 | % | 86.2 | % | |||||||||||
Louisiana | 2 | 1,406 | 1,406 | 149,930 | 150,090 | 93.7 | % | 92.1 | % | |||||||||||
Maryland | 28 | 21,372 | 21,271 | 2,189,772 | 2,191,424 | 90.6 | % | 91.3 | % | |||||||||||
Massachusetts | 37 | 23,124 | 22,891 | 2,295,634 | 2,305,068 | 91.0 | % | 92.2 | % | |||||||||||
Minnesota | 1 | 765 | 765 | 74,400 | 74,400 | 73.2 | % | 76.7 | % | |||||||||||
Mississippi | 3 | 1,510 | 1,477 | 217,922 | 221,482 | 87.2 | % | 81.9 | % | |||||||||||
Missouri | 6 | 3,292 | 3,238 | 386,161 | 385,961 | 90.7 | % | 93.2 | % | |||||||||||
Nevada | 15 | 9,110 | 9,132 | 1,313,820 | 1,314,665 | 92.9 | % | 89.9 | % | |||||||||||
New Hampshire | 2 | 1,045 | 1,029 | 126,053 | 126,133 | 91.9 | % | 93.0 | % | |||||||||||
New Jersey | 58 | 45,721 | 45,213 | 4,498,968 | 4,495,243 | 92.6 | % | 91.5 | % | |||||||||||
New Mexico | 12 | 6,590 | 6,575 | 748,843 | 750,433 | 91.7 | % | 91.9 | % | |||||||||||
New York | 22 | 20,088 | 20,022 | 1,651,030 | 1,648,534 | 90.1 | % | 91.7 | % | |||||||||||
North Carolina | 11 | 6,876 | 6,806 | 761,677 | 761,323 | 90.5 | % | 92.0 | % | |||||||||||
Ohio | 17 | 9,534 | 9,460 | 1,248,860 | 1,246,238 | 91.7 | % | 91.0 | % | |||||||||||
Oregon | 3 | 2,140 | 2,156 | 250,180 | 250,130 | 91.2 | % | 92.7 | % | |||||||||||
Pennsylvania | 14 | 9,667 | 9,651 | 1,047,731 | 1,044,720 | 90.3 | % | 87.3 | % | |||||||||||
Rhode Island | 2 | 1,280 | 1,235 | 131,421 | 131,356 | 93.9 | % | 91.4 | % | |||||||||||
South Carolina | 20 | 11,331 | 11,228 | 1,509,641 | 1,515,789 | 88.3 | % | 87.5 | % | |||||||||||
Tennessee | 23 | 12,869 | 12,723 | 1,764,606 | 1,781,216 | 90.6 | % | 89.1 | % | |||||||||||
Texas | 85 | 55,509 | 54,871 | 7,151,963 | 7,112,255 | 88.7 | % | 89.3 | % | |||||||||||
Utah | 8 | 4,394 | 4,231 | 543,202 | 523,056 | 88.8 | % | 94.1 | % | |||||||||||
Virginia | 39 | 29,909 | 29,484 | 3,164,742 | 3,163,910 | 90.4 | % | 89.5 | % | |||||||||||
Washington | 7 | 4,301 | 4,285 | 509,278 | 509,358 | 95.2 | % | 91.1 | % | |||||||||||
Washington, DC | 1 | 1,220 | 1,214 | 99,689 | 99,439 | 93.8 | % | 91.5 | % | |||||||||||
Total Wholly-Owned Stabilized | 796 | 547,748 | 541,116 | 60,618,052 | 60,543,119 | 91.4 | % | 91.3 | % | |||||||||||
Joint-Venture Stores | ||||||||||||||||||||
Alabama | 1 | 619 | 601 | 75,356 | 74,866 | 91.2 | % | 93.4 | % | |||||||||||
Arizona | 6 | 3,745 | 3,689 | 429,173 | 428,724 | 94.9 | % | 93.6 | % | |||||||||||
California | 47 | 34,034 | 33,526 | 3,283,592 | 3,277,679 | 94.4 | % | 95.2 | % | |||||||||||
Colorado | 2 | 1,313 | 1,308 | 157,986 | 158,375 | 89.2 | % | 93.9 | % | |||||||||||
Connecticut | 5 | 3,762 | 3,763 | 403,910 | 404,790 | 92.2 | % | 92.8 | % | |||||||||||
Delaware | 1 | 518 | 597 | 64,510 | 71,610 | 93.0 | % | 81.2 | % | |||||||||||
Florida | 12 | 10,010 | 9,894 | 1,003,254 | 1,002,944 | 91.8 | % | 93.8 | % | |||||||||||
Georgia | 1 | 611 | 605 | 81,820 | 81,950 | 85.5 | % | 89.5 | % | |||||||||||
Illinois | 4 | 2,691 | 2,695 | 288,115 | 287,400 | 90.6 | % | 89.6 | % | |||||||||||
Indiana | 1 | 445 | 446 | 56,650 | 57,114 | 94.7 | % | 91.4 | % | |||||||||||
Kansas | 2 | 846 | 846 | 109,375 | 109,165 | 91.4 | % | 90.5 | % | |||||||||||
Kentucky | 3 | 1,377 | 1,449 | 153,895 | 171,525 | 91.6 | % | 85.5 | % | |||||||||||
Maryland | 7 | 5,896 | 5,860 | 529,369 | 529,527 | 90.6 | % | 91.7 | % | |||||||||||
Massachusetts | 9 | 5,111 | 5,008 | 534,107 | 536,027 | 92.1 | % | 91.7 | % | |||||||||||
Michigan | 5 | 3,203 | 3,166 | 396,179 | 395,764 | 92.7 | % | 92.7 | % | |||||||||||
Missouri | 1 | 543 | 538 | 61,375 | 61,075 | 89.2 | % | 91.7 | % | |||||||||||
Nevada | 2 | 1,209 | 1,203 | 123,565 | 123,495 | 94.2 | % | 94.5 | % | |||||||||||
New Hampshire | 2 | 796 | 801 | 83,685 | 85,111 | 90.5 | % | 94.8 | % | |||||||||||
New Jersey | 13 | 10,377 | 10,288 | 1,030,147 | 1,028,267 | 91.2 | % | 92.2 | % | |||||||||||
New Mexico | 2 | 1,046 | 1,048 | 134,371 | 134,115 | 90.5 | % | 91.3 | % | |||||||||||
New York | 8 | 7,721 | 7,668 | 650,917 | 648,615 | 93.1 | % | 93.1 | % | |||||||||||
Ohio | 5 | 2,879 | 2,860 | 381,432 | 381,462 | 90.5 | % | 89.6 | % | |||||||||||
Oregon | 1 | 651 | 655 | 64,970 | 64,970 | 93.7 | % | 94.0 | % | |||||||||||
Pennsylvania | 4 | 2,684 | 2,680 | 312,895 | 311,091 | 90.9 | % | 88.2 | % | |||||||||||
Tennessee | 6 | 3,824 | 3,774 | 474,790 | 474,875 | 92.2 | % | 91.5 | % | |||||||||||
Texas | 10 | 5,795 | 5,725 | 672,669 | 673,611 | 89.8 | % | 93.9 | % | |||||||||||
Virginia | 7 | 5,091 | 5,074 | 514,037 | 513,932 | 88.0 | % | 89.6 | % | |||||||||||
Washington, DC | 1 | 1,694 | 1,547 | 104,450 | 102,488 | 88.1 | % | 89.4 | % | |||||||||||
Total Joint-Venture Stabilized | 168 | 118,491 | 117,314 | 12,176,594 | 12,190,567 | 92.2 | % | 92.8 | % | |||||||||||
Managed Stores | ||||||||||||||||||||
Alabama | 11 | 5,755 | 5,596 | 754,204 | 738,753 | 90.5 | % | 88.0 | % | |||||||||||
Arizona | 2 | 1,122 | 1,055 | 156,791 | 166,623 | 92.8 | % | 96.0 | % | |||||||||||
California | 72 | 49,282 | 48,538 | 5,897,368 | 5,826,771 | 93.5 | % | 92.2 | % | |||||||||||
Colorado | 16 | 8,988 | 8,733 | 1,067,294 | 1,035,678 | 86.8 | % | 85.5 | % | |||||||||||
Connecticut | 2 | 1,414 | 1,312 | 182,140 | 171,775 | 92.4 | % | 93.4 | % | |||||||||||
Florida | 46 | 31,743 | 31,622 | 3,823,063 | 3,838,650 | 92.5 | % | 92.4 | % | |||||||||||
Georgia | 8 | 4,069 | 3,921 | 578,752 | 580,042 | 93.0 | % | 92.5 | % | |||||||||||
Hawaii | 6 | 4,578 | 4,817 | 352,453 | 349,952 | 91.9 | % | 92.5 | % | |||||||||||
Illinois | 11 | 6,489 | 6,518 | 698,319 | 698,247 | 90.4 | % | 83.8 | % | |||||||||||
Indiana | 4 | 2,022 | 2,017 | 238,283 | 237,493 | 91.0 | % | 84.6 | % | |||||||||||
Kentucky | 2 | 1,331 | 1,333 | 218,707 | 219,777 | 89.0 | % | 90.8 | % | |||||||||||
Louisiana | 1 | 987 | 985 | 133,325 | 131,865 | 95.0 | % | 90.9 | % | |||||||||||
Maryland | 19 | 14,008 | 13,924 | 1,370,012 | 1,366,149 | 91.2 | % | 87.5 | % | |||||||||||
Massachusetts | 3 | 1,546 | 1,531 | 182,945 | 182,735 | 93.3 | % | 94.7 | % | |||||||||||
Michigan | 6 | 3,352 | 3,335 | 416,434 | 416,290 | 92.4 | % | 86.3 | % | |||||||||||
Missouri | 4 | 2,154 | 2,215 | 253,639 | 251,792 | 92.3 | % | 80.5 | % | |||||||||||
Nevada | 10 | 7,956 | 7,986 | 944,870 | 944,420 | 91.8 | % | 87.1 | % | |||||||||||
New Jersey | 5 | 3,181 | 3,176 | 307,035 | 309,529 | 91.8 | % | 88.9 | % | |||||||||||
New Mexico | 1 | 819 | 806 | 107,695 | 103,535 | 92.7 | % | 86.4 | % | |||||||||||
New York | 3 | 2,675 | 2,679 | 219,448 | 220,248 | 89.5 | % | 91.2 | % | |||||||||||
North Carolina | 17 | 7,264 | 7,212 | 1,013,263 | 1,012,737 | 92.7 | % | 91.3 | % | |||||||||||
Ohio | 5 | 2,268 | 2,206 | 274,870 | 272,915 | 90.5 | % | 92.7 | % | |||||||||||
Oklahoma | 11 | 5,771 | 5,768 | 959,984 | 960,786 | 80.7 | % | 80.5 | % | |||||||||||
Oregon | 1 | 447 | 455 | 39,430 | 39,419 | 91.1 | % | 97.7 | % | |||||||||||
Pennsylvania | 18 | 10,747 | 10,649 | 1,247,860 | 1,244,340 | 91.3 | % | 90.4 | % | |||||||||||
South Carolina | 4 | 2,619 | 2,609 | 351,148 | 348,771 | 93.1 | % | 89.2 | % | |||||||||||
Tennessee | 4 | 2,152 | 2,125 | 282,263 | 290,183 | 94.0 | % | 90.4 | % | |||||||||||
Texas | 34 | 19,788 | 19,545 | 2,808,646 | 2,730,806 | 85.9 | % | 87.5 | % | |||||||||||
Utah | 5 | 2,760 | 2,532 | 404,827 | 380,047 | 93.6 | % | 92.2 | % | |||||||||||
Virginia | 7 | 4,245 | 4,242 | 437,319 | 437,929 | 89.3 | % | 89.3 | % | |||||||||||
Washington | 3 | 1,552 | 1,561 | 181,697 | 181,769 | 89.1 | % | 87.9 | % | |||||||||||
Puerto Rico | 4 | 2,735 | 2,676 | 289,704 | 286,772 | 87.3 | % | 87.4 | % | |||||||||||
Total Managed Stabilized | 345 | 215,819 | 213,679 | 26,193,788 | 25,976,798 | 90.9 | % | 89.7 | % | |||||||||||
Total Stabilized Stores | 1,309 | 882,058 | 872,109 | 98,988,434 | 98,710,484 | 91.4 | % | 91.0 | % |
(1) | Represents unit count as of December 31, |
(2) | Represents net rentable square feet as of December 31, |
2015.
Company | Pro forma | Company | Pro forma | Company | Pro forma | |||||||||||||||||||||||
Location | Number of Stores | Number of Units as of December 31, 2014 (1) | Number of Units as of December 31, 2013 | Net Rentable Square Feet as of December 31, 2014 (2) | Net Rentable Square Feet as of December 31, 2013 | Square Foot Occupancy % December 31, 2014 | Square Foot Occupancy % December 31, 2013 | |||||||||||||||||||||
Wholly-Owned Stores | ||||||||||||||||||||||||||||
Arizona | 1 | 615 | 631 | 71,115 | 71,355 | 89.9 | % | 73.0 | % | |||||||||||||||||||
California | 1 | — | 568 | — | 57,893 | 0.0 | % | 95.0 | % | |||||||||||||||||||
Connecticut | 1 | 1,121 | — | 90,565 | — | 51.8 | % | 0.0 | % | |||||||||||||||||||
Florida | 1 | 534 | 558 | 75,591 | — | 79.0 | % | 0.0 | % | |||||||||||||||||||
Georgia | 1 | 598 | 595 | 52,365 | 51,590 | 91.0 | % | 43.9 | % | |||||||||||||||||||
Maryland | 1 | 988 | 988 | 103,171 | 102,777 | 74.5 | % | 37.3 | % | |||||||||||||||||||
Massachusetts | 1 | 687 | 686 | 72,880 | 72,465 | 81.3 | % | 72.5 | % | |||||||||||||||||||
New York | 1 | 822 | 822 | 100,480 | 100,480 | 91.8 | % | 78.9 | % | |||||||||||||||||||
Texas | 1 | 840 | 836 | 93,565 | 93,220 | 57.1 | % | 9.1 | % | |||||||||||||||||||
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|
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|
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|
|
| |||||||||||||||
Total Wholly-Owned in Lease-up | 9 | 6,205 | 5,684 | 659,732 | 549,780 | 75.8 | % | 56.1 | % | |||||||||||||||||||
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| |||||||||||||||
Managed Stores | ||||||||||||||||||||||||||||
Colorado | 1 | 488 | 488 | 54,985 | 54,992 | 83.2 | % | 78.5 | % | |||||||||||||||||||
Florida | 1 | 629 | 619 | 68,015 | 68,015 | 89.1 | % | 80.1 | % | |||||||||||||||||||
Georgia | 1 | 598 | 604 | 76,197 | 75,927 | 88.6 | % | 74.1 | % | |||||||||||||||||||
Illinois | 1 | 673 | 675 | 46,417 | 46,599 | 55.1 | % | 10.8 | % | |||||||||||||||||||
Maryland | 3 | 2,248 | 2,256 | 214,860 | 215,035 | 86.3 | % | 76.2 | % | |||||||||||||||||||
New York | 1 | 348 | — | 33,764 | — | 32.9 | % | 0.0 | % | |||||||||||||||||||
South Carolina | 3 | 2,248 | — | 229,652 | — | 32.2 | % | 0.0 | % | |||||||||||||||||||
Texas | 3 | 2,129 | 2,237 | 264,227 | 273,368 | 84.3 | % | 56.9 | % | |||||||||||||||||||
Utah | 2 | 952 | — | 124,217 | 57,180 | 75.6 | % | 40.7 | % | |||||||||||||||||||
Virginia | 2 | 1,058 | 600 | 106,126 | 54,640 | 60.3 | % | 51.3 | % | |||||||||||||||||||
Washington | 1 | 600 | — | 54,935 | — | 4.9 | % | 0.0 | % | |||||||||||||||||||
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|
| |||||||||||||||
Total Managed in Lease-up | 19 | 11,971 | 7,479 | 1,273,395 | 845,756 | 67.0 | % | 62.6 | % | |||||||||||||||||||
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|
|
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|
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|
| |||||||||||||||
Total Lease-up Stores | 28 | 18,176 | 13,163 | 1,933,127 | 1,395,536 | 70.0 | % | 60.0 | % | |||||||||||||||||||
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Company | Pro forma | Company | Pro forma | Company | Pro forma | |||||||||||||||
Location | Number of Stores | Number of Units as of December 31, 2016 (1) | Number of Units as of December 31, 2015 | Net Rentable Square Feet as of December 31, 2016 (2) | Net Rentable Square Feet as of December 31, 2015 | Square Foot Occupancy % December 31, 2016 | Square Foot Occupancy % December 31, 2015 | |||||||||||||
Wholly-Owned Stores | ||||||||||||||||||||
Arizona | 2 | 1,496 | 894 | 185,887 | 122,092 | 90.5 | % | 72.9 | % | |||||||||||
California (3) | 4 | 2,633 | 1,210 | 260,216 | 133,252 | 73.1 | % | 37.7 | % | |||||||||||
Connecticut | 1 | 1,108 | 1,107 | 89,820 | 89,820 | 92.3 | % | 90.0 | % | |||||||||||
Florida | 2 | 1,238 | 1,235 | 153,893 | 158,283 | 92.9 | % | 67.5 | % | |||||||||||
Georgia | 5 | 3,115 | 1,898 | 352,755 | 219,515 | 67.4 | % | 63.5 | % | |||||||||||
Illinois | 4 | 3,568 | 1,667 | 308,723 | 134,464 | 56.7 | % | 69.8 | % | |||||||||||
Maryland | 1 | 988 | 988 | 103,135 | 103,135 | 94.2 | % | 89.8 | % | |||||||||||
Massachusetts | 3 | 2,719 | 754 | 206,276 | 67,431 | 68.4 | % | 79.8 | % | |||||||||||
North Carolina | 3 | 2,517 | 1,986 | 231,083 | 187,024 | 73.1 | % | 52.3 | % | |||||||||||
Oregon | 1 | 597 | 597 | 76,797 | 76,347 | 96.2 | % | 67.9 | % | |||||||||||
South Carolina | 2 | 1,366 | 1,344 | 137,295 | 137,350 | 82.2 | % | 65.7 | % | |||||||||||
Texas | 10 | 6,112 | 6,131 | 788,381 | 716,894 | 84.8 | % | 68.0 | % | |||||||||||
Utah | 1 | 617 | — | 77,336 | — | 20.7 | % | — | % | |||||||||||
Virginia | 1 | 558 | 502 | 55,900 | 56,405 | 93.6 | % | 89.2 | % | |||||||||||
Total Wholly-Owned in Lease-up | 40 | 28,632 | 20,313 | 3,027,497 | 2,202,012 | 76.9 | % | 67.4 | % | |||||||||||
Joint-Venture Stores | ||||||||||||||||||||
Arizona | 1 | 603 | 606 | 62,200 | 62,200 | 87.1 | % | 39.2 | % | |||||||||||
Colorado | 1 | 816 | — | 84,830 | — | 38.1 | % | — | % | |||||||||||
Florida | 1 | 637 | — | 66,816 | — | 1.5 | % | — | % | |||||||||||
New Jersey | 1 | 869 | 873 | 74,152 | 74,521 | 92.8 | % | 45.3 | % | |||||||||||
New York | 3 | 3,853 | 1,109 | 209,522 | 66,950 | 49.6 | % | 25.7 | % | |||||||||||
Oregon | 2 | 795 | 285 | 71,605 | 27,100 | 45.1 | % | 31.8 | % | |||||||||||
South Carolina | 1 | 669 | 649 | 78,085 | 70,570 | 66.4 | % | 28.0 | % | |||||||||||
Texas | 1 | 533 | — | 55,275 | — | 58.6 | % | — | % | |||||||||||
Washington | 1 | 634 | — | 82,485 | — | 66.8 | % | — | % | |||||||||||
Total Joint-Venture in Lease-up | 12 | 9,409 | 3,522 | 784,970 | 301,341 | 55.0 | % | 34.4 | % | |||||||||||
Managed Stores | ||||||||||||||||||||
Arizona | 1 | 836 | — | 89,695 | — | 62.9 | % | — | % | |||||||||||
California | 5 | 3,920 | 1,608 | 491,191 | 209,030 | 66.1 | % | 58.4 | % | |||||||||||
Colorado | 4 | 2,417 | 1,173 | 273,520 | 134,844 | 64.1 | % | 59.0 | % | |||||||||||
Connecticut | 1 | 360 | — | 37,436 | — | 71.6 | % | — | % | |||||||||||
Florida | 3 | 1,994 | 1,407 | 194,571 | 150,438 | 88.1 | % | 60.3 | % | |||||||||||
Georgia | 3 | 1,922 | 553 | 225,376 | 69,367 | 43.5 | % | 54.4 | % | |||||||||||
Illinois | 8 | 4,919 | 672 | 492,235 | 46,417 | 34.3 | % | 83.6 | % | |||||||||||
Indiana | 2 | 964 | — | 111,112 | — | 45.3 | % | — | % | |||||||||||
Kentucky | 2 | 1,439 | — | 138,076 | — | 8.0 | % | — | % | |||||||||||
Maryland | 3 | 1,726 | 1,318 | 144,230 | 115,650 | 84.8 | % | 75.7 | % | |||||||||||
Massachusetts | 2 | 1,920 | 902 | 153,533 | 70,106 | 48.0 | % | 56.7 | % | |||||||||||
Minnesota | 1 | 626 | — | 62,597 | — | 93.8 | % | — | % | |||||||||||
Missouri | 1 | 608 | — | 63,100 | — | 41.6 | % | — | % | |||||||||||
Nevada | 1 | 1,450 | 1,470 | 197,351 | 196,486 | 88.8 | % | 66.2 | % | |||||||||||
New Hampshire | 1 | 372 | — | 35,196 | — | 47.6 | % | — | % | |||||||||||
New Jersey | 2 | 882 | — | 126,396 | — | 43.6 | % | — | % | |||||||||||
New York | 1 | 534 | 344 | 56,150 | 33,684 | 77.0 | % | 91.0 | % | |||||||||||
North Carolina | 7 | 4,284 | 1,611 | 464,431 | 199,433 | 55.1 | % | 54.2 | % | |||||||||||
Ohio | 2 | 736 | 528 | 87,663 | 64,500 | 60.7 | % | 59.3 | % | |||||||||||
Oklahoma | 1 | 360 | — | 68,235 | — | 13.6 | % | — | % | |||||||||||
South Carolina | 4 | 2,905 | 1,616 | 325,511 | 165,011 | 48.6 | % | 65.6 | % | |||||||||||
Texas | 7 | 4,846 | 570 | 534,569 | 65,409 | 22.8 | % | 2.4 | % | |||||||||||
Utah | 1 | 375 | — | 44,149 | — | 62.9 | % | — | % | |||||||||||
Virginia | 1 | 455 | 455 | 51,299 | 51,289 | 91.0 | % | 93.2 | % | |||||||||||
Wisconsin | 2 | 1,935 | — | 226,813 | — | 21.0 | % | — | % | |||||||||||
Total Managed in Lease-up | 66 | 42,785 | 14,227 | 4,694,435 | 1,571,664 | 50.6 | % | 61.1 | % | |||||||||||
Total Lease-up Stores | 118 | 80,826 | 38,062 | 8,506,902 | 4,075,017 | 60.4 | % | 62.5 | % |
(1) | Represents unit count as of December 31, |
(2) | Represents net rentable square feet as of December 31, |
(3) | In October 2014, a store located in Venice, California was damaged by fire. In 2016, the store was re-opened for operation and is continuing to lease up. |
fact that we are currently vigorously defending any legal proceedings against us.
Range | Dividends Declared | |||||||||||||
Year | Quarter | High | Low | |||||||||||
2013 | 1st | $ | 40.97 | $ | 36.50 | $ | 0.25 | |||||||
2nd | 45.29 | 38.87 | 0.40 | |||||||||||
3rd | 47.11 | 39.98 | 0.40 | |||||||||||
4th | 49.29 | 40.32 | 0.40 | |||||||||||
2014 | 1st | 50.10 | 41.48 | 0.40 | ||||||||||
2nd | 54.44 | 47.57 | 0.47 | |||||||||||
3rd | 54.87 | 50.11 | 0.47 | |||||||||||
4th | 60.56 | 51.10 | 0.47 |
Range | Dividends Declared | ||||||||||||
Year | Quarter | High | Low | ||||||||||
2015 | 1st | $ | 67.65 | $ | 57.11 | $ | 0.47 | ||||||
2nd | 70.50 | 63.54 | 0.59 | ||||||||||
3rd | 77.51 | 65.82 | 0.59 | ||||||||||
4th | 90.22 | 75.55 | 0.59 | ||||||||||
2016 | 1st | 93.46 | 78.42 | 0.59 | |||||||||
2nd | 94.04 | 84.95 | 0.78 | ||||||||||
3rd | 94.38 | 76.17 | 0.78 | ||||||||||
4th | 77.66 | 68.78 | 0.78 |
We have historically made regular quarterly distributions to our stockholders.
On December 9, 2014, our Operating Partnership issued 50,620 common Operating Partnership units (“OP Units”) in connection with the acquisition of a single store in California. The store was acquired in exchange for the common OP Units, valued at $3.0 million, and approximately $6.3 million of cash.
For the Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Property rental | $ | 559,868 | $ | 446,682 | $ | 346,874 | $ | 268,725 | $ | 232,447 | ||||||||||
Tenant reinsurance and management fees | 87,287 | 73,931 | 62,522 | 61,105 | 49,050 | |||||||||||||||
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| |||||||||||
Total revenues | 647,155 | 520,613 | 409,396 | 329,830 | 281,497 | |||||||||||||||
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Expenses: | ||||||||||||||||||||
Property operations | 172,416 | 140,012 | 114,028 | 95,481 | 86,165 | |||||||||||||||
Tenant reinsurance | 10,427 | 9,022 | 7,869 | 6,143 | 6,505 | |||||||||||||||
Acquisition related costs, loss on sublease and severance | 9,826 | 8,618 | 5,351 | 5,033 | 3,235 | |||||||||||||||
General and administrative | 60,942 | 54,246 | 50,454 | 49,683 | 44,428 | |||||||||||||||
Depreciation and amortization | 115,076 | 95,232 | 74,453 | 58,014 | 50,349 | |||||||||||||||
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| |||||||||||
Total expenses | 368,687 | 307,130 | 252,155 | 214,354 | 190,682 | |||||||||||||||
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| |||||||||||
Income from operations | 278,468 | 213,483 | 157,241 | 115,476 | 90,815 | |||||||||||||||
Interest expense | (84,013 | ) | (73,034 | ) | (72,294 | ) | (69,062 | ) | (65,780 | ) | ||||||||||
Interest income | 6,457 | 5,599 | 6,666 | 5,877 | 5,748 | |||||||||||||||
Loss on extinguishment of debt related to portfolio acquisition, gain (loss) on sale of real estate, earnout from prior acquisitions and property casualty loss, net | (12,009 | ) | (8,193 | ) | — | — | — | |||||||||||||
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| |||||||||||
Income before equity in earnings of real estate ventures and income tax expense | 188,903 | 137,855 | 91,613 | 52,291 | 30,783 | |||||||||||||||
Equity in earnings of real estate ventures | 10,541 | 11,653 | 10,859 | 7,287 | 6,753 | |||||||||||||||
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests | 4,022 | 46,032 | 30,630 | — | — | |||||||||||||||
Income tax expense | (7,570 | ) | (9,984 | ) | (5,413 | ) | (1,155 | ) | (4,162 | ) | ||||||||||
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| |||||||||||
Net income | 195,896 | 185,556 | 127,689 | 58,423 | 33,374 | |||||||||||||||
Noncontrolling interests in Operating Partnership and other noncontrolling interests | (17,541 | ) | (13,480 | ) | (10,380 | ) | (7,974 | ) | (7,043 | ) | ||||||||||
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| |||||||||||
Net income attributable to common stockholders | $ | 178,355 | $ | 172,076 | $ | 117,309 | $ | 50,449 | $ | 26,331 | ||||||||||
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Earnings per common share | ||||||||||||||||||||
Basic | $ | 1.54 | $ | 1.54 | $ | 1.15 | $ | 0.55 | $ | 0.30 | ||||||||||
Diluted | $ | 1.53 | $ | 1.53 | $ | 1.14 | $ | 0.54 | $ | 0.30 | ||||||||||
Weighted average number of shares | ||||||||||||||||||||
Basic | 115,713,807 | 111,349,361 | 101,766,385 | 92,097,008 | 87,324,104 | |||||||||||||||
Diluted | 121,435,267 | 113,105,094 | 103,767,365 | 96,683,508 | 92,050,453 | |||||||||||||||
Cash dividends paid per common share | $ | 1.81 | $ | 1.45 | $ | 0.85 | $ | 0.56 | $ | 0.40 |
Balance Sheet Data Total assets Total notes payable, notes payable to trusts, exchangeable senior notes and lines of credit Noncontrolling interests Total stockholders’ equity Other Data Net cash provided by operating activities Net cash used in investing activities Net cash provided by (used in) financing activities As of December 31, 2014 2013 2012 2011 2010 $ 4,402,107 $ 3,977,140 $ 3,223,477 $ 2,517,524 $ 2,249,820 $ 2,369,884 $ 1,946,647 $ 1,577,599 $ 1,363,656 $ 1,246,918 $ 174,558 $ 173,425 $ 53,524 $ 54,814 $ 57,670 $ 1,737,425 $ 1,758,470 $ 1,491,807 $ 1,018,947 $ 881,401 $ 337,581 $ 271,259 $ 215,879 $ 144,164 $ 104,815 $ (564,948 ) $ (366,976 ) $ (606,938 ) $ (251,919 ) $ (83,706 ) $ 148,307 $ 191,655 $ 395,360 $ 87,489 $ (106,309 )
For the Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Revenues: | |||||||||||||||||||
Property rental | $ | 864,742 | $ | 676,138 | $ | 559,868 | $ | 446,682 | $ | 346,874 | |||||||||
Tenant reinsurance, management fees and other income | 127,133 | 106,132 | 87,287 | 73,931 | 62,522 | ||||||||||||||
Total revenues | 991,875 | 782,270 | 647,155 | 520,613 | 409,396 | ||||||||||||||
Expenses: | |||||||||||||||||||
Property operations | 250,005 | 203,965 | 172,416 | 140,012 | 114,028 | ||||||||||||||
Tenant reinsurance | 15,555 | 13,033 | 10,427 | 9,022 | 7,869 | ||||||||||||||
Acquisition related costs and other | 12,111 | 69,401 | 9,826 | 8,618 | 5,351 | ||||||||||||||
General and administrative | 81,806 | 67,758 | 60,942 | 54,246 | 50,454 | ||||||||||||||
Depreciation and amortization | 182,560 | 133,457 | 115,076 | 95,232 | 74,453 | ||||||||||||||
Total expenses | 542,037 | 487,614 | 368,687 | 307,130 | 252,155 | ||||||||||||||
Income from operations | 449,838 | 294,656 | 278,468 | 213,483 | 157,241 | ||||||||||||||
Interest expense | (138,459 | ) | (98,992 | ) | (84,013 | ) | (73,034 | ) | (72,294 | ) | |||||||||
Interest income | 10,998 | 8,311 | 6,457 | 5,599 | 6,666 | ||||||||||||||
Loss on extinguishment of debt related to portfolio acquisition, gain (loss) on real estate transactions, earnout from prior acquisitions, sale of other assets and property casualty loss, net | 8,465 | 1,501 | (12,009 | ) | (8,193 | ) | — | ||||||||||||
Income before equity in earnings of real estate ventures and income tax expense | 330,842 | 205,476 | 188,903 | 137,855 | 91,613 | ||||||||||||||
Equity in earnings of unconsolidated real estate ventures | 12,895 | 12,351 | 10,541 | 11,653 | 10,859 | ||||||||||||||
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests | 69,199 | 2,857 | 4,022 | 46,032 | 30,630 | ||||||||||||||
Income tax expense | (15,847 | ) | (11,148 | ) | (7,570 | ) | (9,984 | ) | (5,413 | ) | |||||||||
Net income | 397,089 | 209,536 | 195,896 | 185,556 | 127,689 | ||||||||||||||
Noncontrolling interests in Operating Partnership and other noncontrolling interests | (30,962 | ) | (20,062 | ) | (17,541 | ) | (13,480 | ) | (10,380 | ) | |||||||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | $ | 172,076 | $ | 117,309 | |||||||||
Earnings per common share | |||||||||||||||||||
Basic | $ | 2.92 | $ | 1.58 | $ | 1.54 | $ | 1.54 | $ | 1.15 | |||||||||
Diluted | $ | 2.91 | $ | 1.56 | $ | 1.53 | $ | 1.53 | $ | 1.14 | |||||||||
Weighted average number of shares | |||||||||||||||||||
Basic | 125,087,554 | 119,816,743 | 115,713,807 | 111,349,361 | 101,766,385 | ||||||||||||||
Diluted | 125,948,076 | 126,918,869 | 121,435,267 | 113,105,094 | 103,767,365 | ||||||||||||||
Cash dividends paid per common share | $ | 2.93 | $ | 2.24 | $ | 1.81 | $ | 1.45 | $ | 0.85 |
As of December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Balance Sheet Data | |||||||||||||||||||
Total assets | $ | 7,091,446 | $ | 6,071,407 | $ | 4,381,987 | $ | 3,977,140 | $ | 3,223,477 | |||||||||
Total notes payable, notes payable to trusts, exchangeable senior notes and revolving lines of credit, net | $ | 4,306,223 | $ | 3,535,621 | $ | 2,349,764 | $ | 1,946,647 | $ | 1,577,599 | |||||||||
Noncontrolling interests | $ | 351,274 | $ | 283,527 | $ | 174,558 | $ | 173,425 | $ | 53,524 | |||||||||
Total stockholders' equity | $ | 2,244,892 | $ | 2,089,077 | $ | 1,737,425 | $ | 1,758,470 | $ | 1,491,807 | |||||||||
Other Data | |||||||||||||||||||
Net cash provided by operating activities | $ | 539,263 | $ | 367,329 | $ | 337,581 | $ | 271,259 | $ | 215,879 | |||||||||
Net cash used in investing activities | $ | (1,032,035 | ) | $ | (1,625,664 | ) | $ | (564,948 | ) | $ | (366,976 | ) | $ | (606,938 | ) | ||||
Net cash provided by financing activities | $ | 460,831 | $ | 1,286,471 | $ | 148,307 | $ | 191,655 | $ | 395,360 |
years prior to the January 1 of the current year.
party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If we are determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with our financial statements. As of December 31, 2014,2016, we had no consolidated VIEs. Additionally, our Operating Partnership has notes payable to three trusts that are VIEs under condition (ii)(a) above. Since the Operating Partnership is not the primary beneficiary of the trusts, these VIEs are not consolidated.
claims liability. Prior year claim reserves are adjusted as experience develops or new information becomes known. The impact of such adjustments is included in the current period operations. The unpaid claims liability is not discounted to its present value. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts of two thousand dollars to ten thousand dollars of insurance coverage in exchange for a monthly fee. Our exposure per claim is limited by the maximum amount of coverage chosen by each tenant. We purchase reinsurance for losses exceeding a set amount on any one event. We do not currently have any amounts recoverable under the reinsurance arrangements.
In May 2014, the FinancialACCOUNT PRONOUNCEMENTS:
2015
For the Year Ended December 31, | ||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||
Revenues: | ||||||||||||||
Property rental | $ | 864,742 | $ | 676,138 | $ | 188,604 | 27.9 | % | ||||||
Tenant reinsurance | 87,291 | 71,971 | 15,320 | 21.3 | % | |||||||||
Management fees and other income | 39,842 | 34,161 | 5,681 | 16.6 | % | |||||||||
Total revenues | $ | 991,875 | $ | 782,270 | $ | 209,605 | 26.8 | % |
For the Year Ended December 31, | ||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||
Expenses: | ||||||||||||||
Property operations | $ | 250,005 | $ | 203,965 | $ | 46,040 | 22.6 | % | ||||||
Tenant reinsurance | 15,555 | 13,033 | 2,522 | 19.4 | % | |||||||||
Acquisition related costs and other | 12,111 | 69,401 | (57,290 | ) | (82.5 | )% | ||||||||
General and administrative | 81,806 | 67,758 | 14,048 | 20.7 | % | |||||||||
Depreciation and amortization | 182,560 | 133,457 | 49,103 | 36.8 | % | |||||||||
Total expenses | $ | 542,037 | $ | 487,614 | $ | 54,423 | 11.2 | % |
For the Year Ended December 31, | ||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||
Other income and expenses: | ||||||||||||||
Gain on real estate transactions, earnout from prior acquisition and sale of other assets | $ | 8,465 | $ | 1,501 | $ | 6,964 | 464.0 | % | ||||||
Interest expense | (133,479 | ) | (95,682 | ) | (37,797 | ) | 39.5 | % | ||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (4,980 | ) | (3,310 | ) | (1,670 | ) | 50.5 | % | ||||||
Interest income | 6,148 | 3,461 | 2,687 | 77.6 | % | |||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | — | — | ||||||||||
Equity in earnings of unconsolidated real estate ventures | 12,895 | 12,351 | 544 | 4.4 | % | |||||||||
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests | 69,199 | 2,857 | 66,342 | 2,322.1 | % | |||||||||
Income tax expense | (15,847 | ) | (11,148 | ) | (4,699 | ) | 42.2 | % | ||||||
Total other expense, net | $ | (52,749 | ) | $ | (85,120 | ) | $ | 32,371 | (38.0 | )% | ||||
For the Year Ended December 31, | ||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||
Net income allocated to noncontrolling interests: | ||||||||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | $ | (14,700 | ) | $ | (11,718 | ) | $ | (2,982 | ) | 25.4 | % | |||
Net income allocated to Operating Partnership and other noncontrolling interests | (16,262 | ) | (8,344 | ) | (7,918 | ) | 94.9 | % | ||||||
Total income allocated to noncontrolling interests: | $ | (30,962 | ) | $ | (20,062 | ) | $ | (10,900 | ) | 54.3 | % |
For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | $ Change | % Change | |||||||||||||
Revenues: | ||||||||||||||||
Property rental | $ | 559,868 | $ | 446,682 | $ | 113,186 | 25.3 | % | ||||||||
Tenant reinsurance | 59,072 | 47,317 | 11,755 | 24.8 | % | |||||||||||
Management fees | 28,215 | 26,614 | 1,601 | 6.0 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total revenues | $ | 647,155 | $ | 520,613 | $ | 126,542 | 24.3 | % | ||||||||
|
|
|
|
|
|
|
|
For the Year Ended December 31, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
Revenues: | ||||||||||||||
Property rental | $ | 676,138 | $ | 559,868 | $ | 116,270 | 20.8 | % | ||||||
Tenant reinsurance | 71,971 | 59,072 | 12,899 | 21.8 | % | |||||||||
Management fees and other income | 34,161 | 28,215 | 5,946 | 21.1 | % | |||||||||
Total revenues | $ | 782,270 | $ | 647,155 | $ | 135,115 | 20.9 | % |
Occupancy at our stabilized stores increased to 91.1% at December 31, 2015, as compared to 89.6% at December 31, 2014.
2014.
December 31, 2014.
For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | $ Change | % Change | |||||||||||||
Expenses: | ||||||||||||||||
Property operations | $ | 172,416 | $ | 140,012 | $ | 32,404 | 23.1 | % | ||||||||
Tenant reinsurance | 10,427 | 9,022 | 1,405 | 15.6 | % | |||||||||||
Acquisition related costs | 9,826 | 8,618 | 1,208 | 14.0 | % | |||||||||||
General and administrative | 60,942 | 54,246 | 6,696 | 12.3 | % | |||||||||||
Depreciation and amortization | 115,076 | 95,232 | 19,844 | 20.8 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | $ | 368,687 | $ | 307,130 | $ | 61,557 | 20.0 | % | ||||||||
|
|
|
|
|
|
|
|
For the Year Ended December 31, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
Expenses: | ||||||||||||||
Property operations | $ | 203,965 | $ | 172,416 | $ | 31,549 | 18.3 | % | ||||||
Tenant reinsurance | 13,033 | 10,427 | 2,606 | 25.0 | % | |||||||||
Acquisition related costs | 69,401 | 9,826 | 59,575 | 606.3 | % | |||||||||
General and administrative | 67,758 | 60,942 | 6,816 | 11.2 | % | |||||||||
Depreciation and amortization | 133,457 | 115,076 | 18,381 | 16.0 | % | |||||||||
Total expenses | $ | 487,614 | $ | 368,687 | $ | 118,927 | 32.3 | % |
2014.
2014.
31, 2015.
2014.
For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | $ Change | % Change | |||||||||||||
Other income and expenses: | ||||||||||||||||
Gain (loss) on sale of real estate and earnout from prior acquisitions | $ | (10,285 | ) | $ | 960 | $ | (11,245 | ) | (1,171.4 | %) | ||||||
Property casualty loss, net | (1,724 | ) | — | (1,724 | ) | 100.0 | % | |||||||||
Loss on extinguishment of debt related to portfolio acquisition | — | (9,153 | ) | 9,153 | (100.0 | %) | ||||||||||
Interest expense | (81,330 | ) | (71,630 | ) | (9,700 | ) | 13.5 | % | ||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (2,683 | ) | (1,404 | ) | (1,279 | ) | 91.1 | % | ||||||||
Interest income | 1,607 | 749 | 858 | 114.6 | % | |||||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | — | — | ||||||||||||
Equity in earnings of unconsolidated real estate ventures | 10,541 | 11,653 | (1,112 | ) | (9.5 | %) | ||||||||||
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests | 4,022 | 46,032 | (42,010 | ) | (91.3 | %) | ||||||||||
Income tax expense | (7,570 | ) | (9,984 | ) | 2,414 | (24.2 | %) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total other expense, net | $ | (82,572 | ) | $ | (27,927 | ) | $ | (54,645 | ) | 195.7 | % | |||||
|
|
|
|
|
|
|
|
For the Year Ended December 31, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
Other income and expenses: | ||||||||||||||
Gain (loss) on real estate transactions, earnout from prior acquisitions and sale of other assets | $ | 1,501 | $ | (10,285 | ) | $ | 11,786 | (114.6 | )% | |||||
Property casualty loss, net | — | (1,724 | ) | 1,724 | (100.0 | )% | ||||||||
Interest expense | (95,682 | ) | (81,330 | ) | (14,352 | ) | 17.6 | % | ||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (3,310 | ) | (2,683 | ) | (627 | ) | 23.4 | % | ||||||
Interest income | 3,461 | 1,607 | 1,854 | 115.4 | % | |||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | — | — | % | |||||||||
Equity in earnings of unconsolidated real estate ventures | 12,351 | 10,541 | 1,810 | 17.2 | % | |||||||||
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests | 2,857 | 4,022 | (1,165 | ) | (29.0 | )% | ||||||||
Income tax expense | (11,148 | ) | (7,570 | ) | (3,578 | ) | 47.3 | % | ||||||
Total other expense, net | $ | (85,120 | ) | $ | (82,572 | ) | $ | (2,548 | ) | 3.1 | % |
During 2011, we acquired a store located in Florida. As part of this acquisition, we agreed to make an additional cash payment to the sellers if the acquired store exceeded a specified amount of net rental income for any twelve-month period prior to June 30, 2015. At the acquisition date, $133 was recorded as the estimated amount that would be due, and we believed that it was unlikely that any significant additional payment would be made as a result of this earnout provision. Because the rental growth of the stores is trending significantly higher than expected, we estimated that an additional earnout payment of $2,500 will be due to the seller. This amount is included in gain (loss) on sale of real estate and earnout from prior acquisitions on our consolidated statements of operations for the year ended December 31, 2014.
The gain on sale of real estate assets recorded for the year ended December 31, 2013 was related to two transactions: (1) we recorded a gain of $800 as a result of the condemnation of a portion of land in California that resulted from eminent domain, and (2) we recorded a gain of $160 as a result of the sale of one store in Florida for $3,250 in cash.
Loss on Extinguishment of Debt Related to Portfolio Acquisition—The loss on extinguishment of debt occurred as part of a loan assumption and immediate defeasance upon closing of a portfolio acquisition during the year ended December 31, 2013.
2014.
year and an increase in our average cash balance. As part of the SmartStop acquisition on October 1, 2015, we issued an $84,331 note receivable that accrues interest at 7.0% annually. We recorded approximately $1,476 of interest income related to this note receivable during the year ended December 31, 2015.
Units.
the joint ventures.
On November 1, 2013, we acquired an additional 49% equity interest from our joint venture partners, which retained a 1% interest in the
In February 2013, we acquired our partners’ equity interests in two joint ventures that each held one store. As a result of the acquisitions, we recognizednon-cash gains of $2,556, which represents the increase in the fair values of our prior interests in the joint ventures from their formations to the acquisition dates.
Income Tax Expense—The decreaseincrease in income tax expense relates primarily to an increase in income earned by our TRS when compared to the same periods in the prior year. Additionally, during the year ended December 31, 2014, we recorded the initial tax benefit related to a royalty chargedfee that we charge quarterly to our captive insurance subsidiary, which reduced the insurance captive by the Operating Partnershiptax expense for access to and use of customer lists and intellectual property. The effect of this change lowered the taxable income of the TRS.
that period.
For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | $ Change | % Change | |||||||||||||
Net income allocated to noncontrolling interests: | ||||||||||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | $ | (10,991 | ) | $ | (8,006 | ) | $ | (2,985 | ) | 37.3 | % | |||||
Net income allocated to Operating Partnership and other noncontrolling interests | (6,550 | ) | (5,474 | ) | (1,076 | ) | 19.7 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total income allocated to noncontrolling interests: | $ | (17,541 | ) | $ | (13,480 | ) | $ | (4,061 | ) | 30.1 | % | |||||
|
|
|
|
|
|
|
|
For the Year Ended December 31, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
Net income allocated to noncontrolling interests: | ||||||||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | $ | (11,718 | ) | $ | (10,991 | ) | $ | (727 | ) | 6.6 | % | |||
Net income allocated to Operating Partnership and other noncontrolling interests | (8,344 | ) | (6,550 | ) | (1,794 | ) | 27.4 | % | ||||||
Total income allocated to noncontrolling interests: | $ | (20,062 | ) | $ | (17,541 | ) | $ | (2,521 | ) | 14.4 | % |
Between
Comparison of the Year Ended December 31, 2013 to the Year Ended December 31, 2012
Overview
Results for the year ended December 31, 2013, included the operations of 779 stores (525 of which were consolidated and 254 of which were in joint ventures accounted for using the equity method) compared to the results for the year ended December 31, 2012, which included the operations of 729 stores (449 of which were consolidated and 280 of which were in joint ventures accounted for using the equity method).
Revenues
The following table presents information on revenues earned for the years indicated:
For the Year Ended December 31, | ||||||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||||
Revenues: | ||||||||||||||||
Property rental | $ | 446,682 | $ | 346,874 | $ | 99,808 | 28.8 | % | ||||||||
Tenant reinsurance | 47,317 | 36,816 | 10,501 | 28.5 | % | |||||||||||
Management fees | 26,614 | 25,706 | 908 | 3.5 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total revenues | $ | 520,613 | $ | 409,396 | $ | 111,217 | 27.2 | % | ||||||||
|
|
|
|
|
|
|
|
Property Rental—The change in property rental revenues consists primarilypercentage of an increase of $75,401 associated with acquisitions completed in 2013 and 2012. We acquired 78 stores during 2013 and 91 stores during 2012. In addition, revenues increased by $21,551 as a result of increases in occupancy and rental rates to existing customers at our stabilized stores. We have seen no significant increase in overall customer renewal rates; our average length of stay is approximately twelve months. For existing customers we generally seek to increase rental rates approximately 7% to 10% at least annually. Occupancy at our stabilized stores increased to 88.0% at December 31, 2013, as compared to 86.3% at December 31, 2012. Rental rates to new tenants increased by approximately 2.7% over the same period in the prior year.
Tenant Reinsurance—The increase in tenant reinsurance revenues was partially due to the increase in overall customer participation to approximately 68.7% at December 31, 2013, compared to approximately 67.0% at December 31, 2012. In addition, we operated 1,029 stores at December 31, 2013, compared to 910 stores at December 31, 2012.
Management Fees—Our taxable REIT subsidiary, Extra Space Management, Inc., manages stores owned by our joint ventures and third parties. Management fees generally represent 6.0% of cash collected from stores owned by third parties and unconsolidated joint ventures. We also earn an asset management fee from the SPI joint venture, equal to 0.50% multiplied by the total asset value, provided certain conditions are met.
Expenses
The following table presents information on expenses for the years indicated:
For the Year Ended December 31, | ||||||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||||
Expenses: | ||||||||||||||||
Property operations | $ | 140,012 | $ | 114,028 | $ | 25,984 | 22.8 | % | ||||||||
Tenant reinsurance | 9,022 | 7,869 | 1,153 | 14.7 | % | |||||||||||
Acquisition related costs | 8,618 | 5,351 | 3,267 | 61.1 | % | |||||||||||
General and administrative | 54,246 | 50,454 | 3,792 | 7.5 | % | |||||||||||
Depreciation and amortization | 95,232 | 74,453 | 20,779 | 27.9 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | $ | 307,130 | $ | 252,155 | $ | 54,975 | 21.8 | % | ||||||||
|
|
|
|
|
|
|
|
Property Operations—The increase in property operations expense consists primarily of an increase of $24,335 related to acquisitions completed in 2013 and 2012. We acquired 78 stores during the year ended December 31, 2013 and 91 stores during the year ended December 31, 2012.
Tenant Reinsurance—Tenant reinsurance expense represents the costs that are incurred to provide tenant reinsurance. The change is due primarily to the increase in the number of stores we owned and/or managed. At December 31, 2013, we owned and/or managed 1,029 stores compared to 910 stores at December 31, 2012. In addition, there was an increase in overall customer participation to approximately 68.7% at December 31, 2013 from approximately 67.0% at December 31, 2012.
Acquisition Related Costs—These costs relate to acquisition activities during the periods indicated. The increase for the year ended December 31, 2013 when compared to the prior year was related primarily to the expense of $2,441 of defeasance reimbursement costs paid to the seller in a store acquisition in December 2013.
General and Administrative—General and administrative expenses primarily include all expenses not related to our stores, including corporate payroll, travel and professional fees. The expenses are recognized as incurred. General and administrative expenses increased over the prior year primarily as a result of the costs related to the management of additional stores. During the year ended December 31, 2013, we acquired 78 stores, 47 of which we did not previously manage. We did not observe any material trends specific to payroll, travel or other expenses that contributed significantly to the increase in general and administrative expenses apart from the increase due to the management of additional stores.
Depreciation and Amortization—Depreciation and amortization expense increased as a result of the acquisition of new stores. We acquired 78 stores during the year ended December 31, 2013, and 91 stores during the year ended December 31, 2012.
Other Income and Expenses
The following table presents information on other revenues and expenses for the years indicated:
For the Year Ended December 31, | ||||||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||||
Other income and expenses: | ||||||||||||||||
Gain (loss) on sale of real estate and earnout from prior acquisitions | $ | 960 | $ | — | $ | 960 | 100.0% | |||||||||
Loss on extinguishment of debt related to portfolio acquisition | (9,153) | — | (9,153) | 100.0% | ||||||||||||
Interest expense | (71,630) | (71,850) | 220 | (0.3%) | ||||||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (1,404) | (444) | (960) | 216.2% | ||||||||||||
Interest income | 749 | 1,816 | (1,067) | (58.8%) | ||||||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | — | — | ||||||||||||
Equity in earnings of unconsolidated real estate ventures | 11,653 | 10,859 | 794 | 7.3% | ||||||||||||
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners' interests | 46,032 | 30,630 | 15,402 | 50.3% | ||||||||||||
Income tax expense | (9,984) | (5,413) | (4,571) | 84.4% | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total other expense, net | $ | (27,927) | $ | (29,552) | $ | 1,625 | (5.5%) | |||||||||
|
|
|
|
|
|
|
|
Gain (Loss) on Sale of Real Estate Assets and earnout from prior acquisitions—The gain on sale of real estate assets recorded for the year ended December 31, 2013 was related to two transactions: (1) we recorded a gain of $800 as a result of the condemnation of a portion of land in California that resulted from eminent domain, and (2) we recorded a gain of $160 as a result of the sale of one store in Florida for $3,250 in cash.
Loss on Extinguishment of Debt Related to Portfolio Acquisition—The loss on extinguishment of debt occurred as part of a loan assumption and immediate defeasance upon closing of a portfolio acquisition during the year ended December 31, 2013.
Interest Expense—Interest expense remained fairly constant as the increase in the total amount of debt outstanding was offset by a decrease in the average interest rate. At December 31, 2013, our total face value of debt was $1,958,586, compared to total face value of debt of $1,574,280 at December 31, 2012. The average interest rate was 3.8% as of December 31, 2013, compared to 4.2% as of December 31, 2012.
Non-cash Interest Expense Related to Amortization of Discount on Equity Component of Exchangeable Senior Notes—Our Operating Partnership had $87,663 of its 3.625% Exchangeable Senior Notes due 2027 (the “Notes due 2027”) outstanding prior to April 2012, when all of the Notes due 2027 were surrendered for exchange. In June 2013, our Operating Partnership issued $250,000 of its Notes due 2033.
Interest Income—Interest income represents amounts earned on cash and cash equivalents deposited with financial institutions and interest earned on notes receivable. The decrease relates primarily to the payoff of two note receivables in December 2012 when the related stores were purchased by us.
Interest Income on Note Receivable from Preferred Operating Partnership Unit Holder—Represents interest on a $100,000 loan to the holder of the Series A Units.
Equity in Earnings of Unconsolidated Real Estate Ventures—The increase in equity in earnings of unconsolidated real estate ventures was due primarily to an increase in revenues at joint ventures, which resulted from higher occupancy and rental rates to new and existing customers. This increase was partially offset by a slight decrease in equity in earnings due to the acquisition of our joint venture partners’ interests in several joint ventures during 2012 and 2013.
Equity in Earnings of Unconsolidated Real Estate Ventures—Gain on Sale of Real Estate Assets and Purchase of Joint Venture Partners’ Interests—In December 2013, we acquired our partners’ equity interest in five joint ventures that each held one store. Each of these joint venture partners was associated with Grupe. As a result of these transactions, we recordednon-cash gains of $9,339, which represents the increase in the fair values of our prior interests in the Grupe joint ventures from their formations to the acquisition dates.
On November 1, 2013, we acquired an additional 49% equity interest from our joint venture partners, which retained a 1% interest in HSRE. This transaction resulted in anon-cash gain of $34,136, which represents the increase in the fair value of our 50% interest in HSRE from the formation of the joint venture to the acquisition date.
In February 2013, we acquired our partners’ equity interests in two joint ventures that each held one store. As a result of the acquisitions, we recognizednon-cash gains of $2,556, which represents the increase in the fair values of our prior interests in the joint ventures from their formations to the acquisition dates.
In December 2012, two joint ventures in which we held a 20% equity interest, each sold its only store. As a result of the sales, the joint ventures were dissolved, and we received cash proceeds which resulted in a gain of $1,409.
On November 30, 2012, we acquired our joint venture partner’s 80% interest in the Storage Portfolio Bravo II LLC joint venture (“SPB II”). This transaction resulted in anon-cash gain of $10,171, which represents the increase in fair value of our 20% interest in SPB II from the formation of the joint venture to the acquisition date.
On July 2, 2012, we acquired Prudential Real Estate Investors’ (“PREI®”) 94.9% interest in the ESS PRISA III LLC joint venture (“PRISA III”). This transaction resulted in anon-cash gain of $13,499, which represents the increase in fair value of our 5.1% interest in PRISA III from the formation of the joint venture to the acquisition date.
In February 2012, a joint venture in which we held a 40% equity interest sold its only store. As a result of the sale, the joint venture was dissolved, and we received cash proceeds which resulted in a gain of $5,550.
Income Tax Expense—The increase in income tax expense relates primarily to increased tenant reinsurance income earned by our taxable REIT subsidiary and lower solar tax credits when compared to the prior year.
Net Income Allocated to Noncontrolling Interests
The following table presents information on net income allocated to noncontrolling interests for the years indicated:
For the Year Ended December 31, | ||||||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||||
Net income allocated to noncontrolling interests: | ||||||||||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | $ | (8,006 | ) | $ | (6,876 | ) | $ | (1,130 | ) | 16.4 | % | |||||
Net income allocated to Operating Partnership and other noncontrolling interests | (5,474 | ) | (3,504 | ) | (1,970 | ) | 56.2 | % | ||||||||
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Total income allocated to noncontrolling interests: | $ | (13,480 | ) | $ | (10,380 | ) | $ | (3,100 | ) | 29.9 | % | |||||
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Net Income Allocated to Preferred Operating Partnership Noncontrolling Interests—In December 2013, as part of a portfolio acquisition, our Operating Partnership issued 407,996 Series C Units. The Series C Units have a liquidation value of $42.10 per unit. From issuance until the fifth anniversary of issuance, the Series C Units receive distributions at an annual rate of $0.18 plus thethen-payable quarterly distribution per common OP Unit.
During August and September 2013, as part of a portfolio acquisition, our Operating Partnership issued 1,342,727 Series B Units. The Series B Units have a liquidation value of $25.00 per unit and receive distributions at an annual rate of 6.0%.
Income allocated to the Preferred Operating Partnership noncontrolling interests for the year ended December 31, 2013 represents the fixed distributions paid to the holders of the Series A Units, Series B Units, and Series C Units plus approximately 0.9% of the remaining net income allocated after adjustment for the fixed distribution paid.
For the year ended December 31, 2012, income allocated to the Preferred Operating Partnership noncontrolling interest equals the fixed distribution paid to the Series A Unit holder, plus approximately 0.9% of the remaining net income allocated after the adjustment for the fixed distribution paid. The increase in the percentage was primarily a result of the issuance of the Series B Units and Series C Units as noted above.
Net Income Allocated to Operating Partnership and Other Noncontrolling Interests—Income allocated to the Operating Partnership represents approximately 3.6% and 2.9% of net income after the allocation of the fixed distribution paidnoncontrolling interest increased due to the Preferred Operating Partnership unit holders for the years ended December 31, 2013 and 2012, respectively.
OP Units issued in conjunction with acquisitions during 2015.
FFO should not be considered a replacement of net income computed in accordance with GAAP.
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to common stockholders | $ | 178,355 | $ | 172,076 | $ | 117,309 | ||||||
Adjustments: | ||||||||||||
Real estate depreciation | 96,819 | 78,943 | 64,301 | |||||||||
Amortization of intangibles | 12,394 | 11,463 | 6,763 | |||||||||
(Gain) loss on sale of real estate and earnout from prior acquisitions | 10,285 | (960 | ) | — | ||||||||
Unconsolidated joint venture real estate depreciation and amortization | 4,395 | 5,676 | 7,014 | |||||||||
Unconsolidated joint venture gain on purchase of partners’ interests | (4,022 | ) | (46,032 | ) | (30,630 | ) | ||||||
Distributions paid on Series A Preferred Operating Partnership units | (5,750 | ) | (5,750 | ) | (5,750 | ) | ||||||
Income allocated to Operating Partnership noncontrolling interests | 17,530 | 13,431 | 10,349 | |||||||||
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Funds from operations | $ | 310,006 | $ | 228,847 | $ | 169,356 | ||||||
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For the Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | ||||||
Adjustments: | ||||||||||||
Real estate depreciation | 155,358 | 115,924 | 96,819 | |||||||||
Amortization of intangibles | 20,467 | 11,094 | 12,394 | |||||||||
(Gain) loss on real estate transactions, earnout from prior acquisition and sale of other assets | (8,465 | ) | (1,501 | ) | 10,285 | |||||||
Unconsolidated joint venture real estate depreciation and amortization | 4,505 | 4,233 | 4,395 | |||||||||
Unconsolidated joint venture gain on sale of real estate and purchase of partners' interests | (69,199 | ) | (2,857 | ) | (4,022 | ) | ||||||
Distributions paid on Series A Preferred Operating Partnership units | (5,085 | ) | (5,088 | ) | (5,750 | ) | ||||||
Income allocated to Operating Partnership noncontrolling interests | 30,962 | 20,064 | 17,530 | |||||||||
Funds from operations attributable to common stockholders and unit holders | $ | 494,670 | $ | 331,343 | $ | 310,006 |
We consider our
For the Three Months Ended December 31, | Percent Change | For the Year Ended December 31, | Percent Change | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Same-store rental and tenant reinsurance revenues | $ | 121,819 | $ | 113,546 | 7.3 | % | $ | 477,884 | $ | 444,353 | 7.5 | % | ||||||||||||
Same-store operating and tenant reinsurance expenses | 34,669 | 33,942 | 2.1 | % | 139,835 | 135,547 | 3.2 | % | ||||||||||||||||
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Same-store net operating income | $ | 87,150 | $ | 79,604 | 9.5 | % | $ | 338,049 | $ | 308,806 | 9.5 | % | ||||||||||||
Non same-store rental and tenant reinsurance revenues | $ | 38,317 | $ | 21,684 | 76.7 | % | $ | 141,056 | $ | 49,646 | 184.1 | % | ||||||||||||
Non same-store operating and tenant reinsurance expenses | $ | 10,971 | $ | 5,832 | 88.1 | % | $ | 43,008 | $ | 13,487 | 218.9 | % | ||||||||||||
Total rental and tenant reinsurance revenues | $ | 160,136 | $ | 135,230 | 18.4 | % | $ | 618,940 | $ | 493,999 | 25.3 | % | ||||||||||||
Total operating and tenant reinsurance expenses | $ | 45,640 | $ | 39,774 | 14.7 | % | $ | 182,843 | $ | 149,034 | 22.7 | % | ||||||||||||
Same-store square foot occupancy as of quarter end | 91.4 | % | 89.5 | % | 91.4 | % | 89.5 | % | ||||||||||||||||
Properties included in same-store | 442 | 442 | 442 | 442 |
2015
For the Three Months Ended December 31, | Percent | For the Year Ended December 31, | Percent | ||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||
Same-store rental and tenant reinsurance revenues | $ | 179,003 | $ | 170,234 | 5.2% | $ | 708,063 | $ | 662,213 | 6.9% | |||||||||
Non same-store rental and tenant reinsurance revenues | 72,364 | 45,333 | 59.6% | 243,970 | 85,896 | 184.0% | |||||||||||||
Total property rental and tenant reinsurance revenues | 251,367 | 215,567 | 16.6% | 952,033 | 748,109 | 27.3% | |||||||||||||
Same-store operating and tenant reinsurance expenses | 46,169 | 47,142 | (2.1)% | 189,973 | 187,939 | 1.1% | |||||||||||||
Non same-store operating and tenant reinsurance expenses | 21,163 | 15,706 | 34.7% | 75,587 | 29,059 | 160.1% | |||||||||||||
Total property operating and tenant reinsurance expenses | 67,332 | 62,848 | 7.1% | 265,560 | 216,998 | 22.4% | |||||||||||||
Same-store net operating income | 132,834 | 123,092 | 7.9% | 518,090 | 474,274 | 9.2% | |||||||||||||
Non same-store net operating income | 51,201 | 29,627 | 72.8% | 168,383 | 56,837 | 196.3% | |||||||||||||
Total net operating income | 184,035 | 152,719 | 20.5% | 686,473 | 531,111 | 29.3% | |||||||||||||
Management fees and other income | 9,649 | 10,192 | 39,842 | 34,161 | |||||||||||||||
Acquisition related costs and other | (2,987 | ) | (63,698 | ) | (12,111 | ) | (69,401 | ) | |||||||||||
General and administrative | (18,355 | ) | (18,138 | ) | (81,806 | ) | (67,758 | ) | |||||||||||
Depreciation and amortization | (49,158 | ) | (40,766 | ) | (182,560 | ) | (133,457 | ) | |||||||||||
Income from operations | $ | 123,184 | $ | 40,309 | $ | 449,838 | $ | 294,656 | |||||||||||
Same-store square foot occupancy as of quarter end | 92.0% | 92.8% | 92.0% | 92.8% | |||||||||||||||
Properties included in same-store | 564 | 564 | 564 | 564 |
repairs and maintenance expense.
For the Three Months Ended December 31, | Percent Change | For the Year Ended December 31, | Percent Change | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Same-store rental and tenant reinsurance revenues | $ | 88,056 | $ | 82,603 | 6.6 | % | $ | 345,825 | $ | 321,962 | 7.4 | % | ||||||||||||
Same-store operating and tenant reinsurance expenses | 26,071 | 25,704 | 1.4 | % | 104,377 | 102,379 | 2.0 | % | ||||||||||||||||
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Same-store net operating income | $ | 61,985 | $ | 56,899 | 8.9 | % | $ | 241,448 | $ | 219,583 | 10.0 | % | ||||||||||||
Nonsame-store rental and tenant reinsurance revenues | $ | 47,174 | $ | 24,834 | 90.0 | % | $ | 148,174 | $ | 61,728 | 140.0 | % | ||||||||||||
Nonsame-store operating and tenant reinsurance expenses | $ | 13,703 | $ | 8,819 | 55.4 | % | $ | 44,657 | $ | 19,518 | 128.8 | % | ||||||||||||
Total rental and tenant reinsurance revenues | $ | 135,230 | $ | 107,437 | 25.9 | % | $ | 493,999 | $ | 383,690 | 28.7 | % | ||||||||||||
Total operating and tenant reinsurance expenses | $ | 39,774 | $ | 34,523 | 15.2 | % | $ | 149,034 | $ | 121,897 | 22.3 | % | ||||||||||||
Same-store square foot occupancy as of quarter end | 89.2 | % | 87.9 | % | 89.2 | % | 87.9 | % |
2014
For the Three Months Ended December 31, | Percent | For the Year Ended December 31, | Percent | ||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||
Same-store rental and tenant reinsurance revenues | $ | 151,761 | $ | 138,471 | 9.6% | $ | 590,979 | $ | 540,664 | 9.3% | |||||||||
Non same-store rental and tenant reinsurance revenues | 63,806 | 21,665 | 194.5% | 157,130 | 78,276 | 100.7% | |||||||||||||
Total property rental and tenant reinsurance revenues | 215,567 | 160,136 | 34.6% | 748,109 | 618,940 | 20.9% | |||||||||||||
Same-store operating and tenant reinsurance expenses | 41,702 | 39,802 | 4.8% | 166,166 | 161,135 | 3.1% | |||||||||||||
Non same-store operating and tenant reinsurance expenses | 21,146 | 5,838 | 262.2% | 50,832 | 21,708 | 134.2% | |||||||||||||
Total property operating and tenant reinsurance expenses | 62,848 | 45,640 | 37.7% | 216,998 | 182,843 | 18.7% | |||||||||||||
Same-store net operating income | 110,059 | 98,669 | 11.5% | 424,813 | 379,529 | 11.9% | |||||||||||||
Non same-store net operating income | 42,660 | 15,827 | 169.5% | 106,298 | 56,568 | 87.9% | |||||||||||||
Total net operating income | 152,719 | 114,496 | 33.4% | 531,111 | 436,097 | 21.8% | |||||||||||||
Management fees and other income | 10,192 | 5,048 | 34,161 | 28,215 | |||||||||||||||
Acquisition related costs and other | (63,698 | ) | (5,941 | ) | (69,401 | ) | (9,826 | ) | |||||||||||
General and administrative | (18,138 | ) | (14,506 | ) | (67,758 | ) | (60,942 | ) | |||||||||||
Depreciation and amortization | (40,766 | ) | (29,181 | ) | (133,457 | ) | (115,076 | ) | |||||||||||
Income from operations | $ | 40,309 | $ | 69,916 | $ | 294,656 | $ | 278,468 | |||||||||||
Same-store square foot occupancy as of quarter end | 92.9% | 91.4% | 92.9% | 91.4% | |||||||||||||||
Properties included in same-store | 503 | 503 | 503 | 503 |
property insurance expense.
2015
Cash used in investing activities was $564,948 and $366,976 for the years ended December 31, 2014 and 2013, respectively. The change was primarily the result of an increase of $153,579 in the amount of cash used to acquire new stores in 2014 when compared to 2013. There was also an increase of $24,258 in cash used to purchase/issue notes receivable, and an increase of $17,062 in cash used in the development and redevelopment of real estate assets.
Cash provided by financing activities was $148,307 and $191,655 for the years ended December 31, 2014 and 2013, respectively. The net decrease was due to a number of factors, including a decrease of $205,988 in the cash proceeds received from the sale of common stock, a decrease of $246,250 in the proceeds from issuance of
exchangeable senior notes, and an increase of $47,077 in cash paid as dividends on common stock. These decreases were offset by an increase of $335,479 in the proceeds from notes payable and lines of credit, and a decrease of $131,244 in principal payments on notes payable and revolving lines of credit.
credit of $191,128 and a decrease in the cash paid for the repurchase of exchangeable senior notes of
$205,017.2014
$4,812.
cash outflows were partially offset by an increase of $45,080 in cash received as returns of investments in unconsolidated real estate ventures.
existing exchangeable senior notes, and an increase of $59,211 in cash paid as dividends on our common stock.
As of December 31, 2014 | ||||||||||||||||||||||||||
Line of Credit | Amount Drawn (1) | Capacity (1) | Interest Rate | Origination Date | Maturity | Basis Rate (2) | Notes | |||||||||||||||||||
Credit Line 1 | $ | 7,000 | $ | 85,000 | 2.1 | % | 6/4/2010 | 6/3/2016 | LIBOR plus 1.9% | (3) | ||||||||||||||||
Credit Line 2 | 41,000 | 50,000 | 1.9 | % | 11/16/2010 | 2/13/2017 | LIBOR plus 1.8% | (4) | ||||||||||||||||||
Credit Line 3 | 50,000 | 80,000 | 1.9 | % | 4/29/2011 | 11/18/2016 | LIBOR plus 1.7% | (4) | ||||||||||||||||||
Credit Line 4 | 40,000 | 50,000 | 1.8 | % | 9/29/2014 | 9/29/2017 | LIBOR plus 1.7% | (4) | ||||||||||||||||||
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$ | 138,000 | $ | 265,000 | |||||||||||||||||||||||
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us.
As of December 31, 2016 | ||||||||||||||||
Revolving Lines of Credit | Amount Drawn | Capacity | Interest Rate | Origination Date | Maturity | Basis Rate (1) | ||||||||||
Credit Line 1 (2) | $ | 3,000 | $ | 100,000 | 2.4 | % | 6/4/2010 | 6/30/2018 | LIBOR plus 1.7% | |||||||
Credit Line 2 (3)(4) | 362,000 | 500,000 | 2.2 | % | 10/14/2016 | 10/14/2020 | LIBOR plus 1.4% | |||||||||
$ | 365,000 | $ | 600,000 | |||||||||||||
(1) 30-day USD LIBOR | ||||||||||||||||
(2) Secured by mortgages on certain real estate assets. One two-year extension available. | ||||||||||||||||
(3) Unsecured. Two six-month extensions available. | ||||||||||||||||
(4) Basis Rate as of December 31, 2016. Rate is subject to change based on our consolidated leverage ratio. |
2016.
sources of financing based on anticipated funding needs.
Payments due by Period: | ||||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||||
Operating leases | $ | 65,386 | $ | 6,125 | $ | 8,782 | $ | 5,186 | $ | 45,293 | ||||||||||
Notes payable, notes payable to trusts and lines of credit | ||||||||||||||||||||
Interest | 349,846 | 74,769 | 108,613 | 60,603 | 105,861 | |||||||||||||||
Principal | 2,379,657 | 251,466 | 799,641 | 824,089 | 504,461 | |||||||||||||||
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Total contractual obligations | $ | 2,794,889 | $ | 332,360 | $ | 917,036 | $ | 889,878 | $ | 655,615 | ||||||||||
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2016:
Payments due by Period: | |||||||||||||||||||
Less Than | After | ||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | |||||||||||||||
Operating leases | $ | 120,926 | $ | 6,123 | $ | 12,801 | $ | 11,977 | $ | 90,025 | |||||||||
Notes payable, notes payable to trusts and revolving lines of credit | |||||||||||||||||||
Interest | 573,411 | 127,630 | 218,184 | 109,191 | 118,406 | ||||||||||||||
Principal | 4,363,697 | 311,075 | 936,309 | 2,432,353 | 683,960 | ||||||||||||||
Total contractual obligations | $ | 5,058,034 | $ | 444,828 | $ | 1,167,294 | $ | 2,553,521 | $ | 892,391 |
Item 7a. Quantitative and Qualitative Disclosures About |
Market Risk
March 2, 2015
December 31, 2014 | December 31, 2013 | |||||||
Assets: | ||||||||
Real estate assets, net | $ | 4,135,696 | $ | 3,636,544 | ||||
Investments in unconsolidated real estate ventures | 85,711 | 88,125 | ||||||
Cash and cash equivalents | 47,663 | 126,723 | ||||||
Restricted cash | 25,245 | 21,451 | ||||||
Receivables from related parties and affiliated real estate joint ventures | 11,778 | 7,542 | ||||||
Other assets, net | 96,014 | 96,755 | ||||||
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Total assets | $ | 4,402,107 | $ | 3,977,140 | ||||
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Liabilities, Noncontrolling Interests and Equity: | ||||||||
Notes payable | $ | 1,872,067 | $ | 1,588,596 | ||||
Premium on notes payable | 3,281 | 4,948 | ||||||
Exchangeable senior notes | 250,000 | 250,000 | ||||||
Discount on exchangeable senior notes | (13,054 | ) | (16,487 | ) | ||||
Notes payable to trusts | 119,590 | 119,590 | ||||||
Lines of credit | 138,000 | — | ||||||
Accounts payable and accrued expenses | 65,521 | 60,601 | ||||||
Other liabilities | 54,719 | 37,997 | ||||||
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| |||||
Total liabilities | 2,490,124 | 2,045,245 | ||||||
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Commitments and contingencies | ||||||||
Noncontrolling Interests and Equity: | ||||||||
Extra Space Storage Inc. stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding | — | — | ||||||
Common stock, $0.01 par value, 500,000,000 shares authorized, 116,360,239 and 115,755,527 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 1,163 | 1,157 | ||||||
Paid-in capital | 1,995,484 | 1,973,159 | ||||||
Accumulated other comprehensive income (loss) | (1,484 | ) | 10,156 | |||||
Accumulated deficit | (257,738 | ) | (226,002 | ) | ||||
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Total Extra Space Storage Inc. stockholders’ equity | 1,737,425 | 1,758,470 | ||||||
Noncontrolling interest represented by Preferred Operating Partnership units, net of $120,230 notes receivable | 81,152 | 80,947 | ||||||
Noncontrolling interests in Operating Partnership | 92,422 | 91,453 | ||||||
Other noncontrolling interests | 984 | 1,025 | ||||||
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| |||||
Total noncontrolling interests and equity | 1,911,983 | 1,931,895 | ||||||
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| |||||
Total liabilities, noncontrolling interests and equity | $ | 4,402,107 | $ | 3,977,140 | ||||
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December 31, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Real estate assets, net | $ | 6,770,447 | $ | 5,689,309 | |||
Investments in unconsolidated real estate ventures | 79,570 | 103,007 | |||||
Cash and cash equivalents | 43,858 | 75,799 | |||||
Restricted cash | 13,884 | 30,738 | |||||
Receivables from related parties and affiliated real estate joint ventures | 16,611 | 2,205 | |||||
Other assets, net | 167,076 | 170,349 | |||||
Total assets | $ | 7,091,446 | $ | 6,071,407 | |||
Liabilities, Noncontrolling Interests and Equity: | |||||||
Notes payable, net | $ | 3,213,588 | $ | 2,758,567 | |||
Exchangeable senior notes, net | 610,314 | 623,863 | |||||
Notes payable to trusts, net | 117,321 | 117,191 | |||||
Revolving lines of credit | 365,000 | 36,000 | |||||
Accounts payable and accrued expenses | 101,388 | 82,693 | |||||
Other liabilities | 87,669 | 80,489 | |||||
Total liabilities | 4,495,280 | 3,698,803 | |||||
Commitments and contingencies | |||||||
Noncontrolling Interests and Equity: | |||||||
Extra Space Storage Inc. stockholders' equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding | — | — | |||||
Common stock, $0.01 par value, 500,000,000 shares authorized, 125,881,460 and 124,119,531 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 1,259 | 1,241 | |||||
Additional paid-in capital | 2,566,120 | 2,431,754 | |||||
Accumulated other comprehensive income (loss) | 16,770 | (6,352 | ) | ||||
Accumulated deficit | (339,257 | ) | (337,566 | ) | |||
Total Extra Space Storage Inc. stockholders' equity | 2,244,892 | 2,089,077 | |||||
Noncontrolling interest represented by Preferred Operating Partnership units, net of $120,230 notes receivable | 147,920 | 80,531 | |||||
Noncontrolling interests in Operating Partnership | 203,354 | 202,834 | |||||
Other noncontrolling interests | — | 162 | |||||
Total noncontrolling interests and equity | 2,596,166 | 2,372,604 | |||||
Total liabilities, noncontrolling interests and equity | $ | 7,091,446 | $ | 6,071,407 |
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Property rental | $ | 559,868 | $ | 446,682 | $ | 346,874 | ||||||
Tenant reinsurance | 59,072 | 47,317 | 36,816 | |||||||||
Management fees | 28,215 | 26,614 | 25,706 | |||||||||
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Total revenues | 647,155 | 520,613 | 409,396 | |||||||||
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Expenses: | ||||||||||||
Property operations | 172,416 | 140,012 | 114,028 | |||||||||
Tenant reinsurance | 10,427 | 9,022 | 7,869 | |||||||||
Acquisition related costs | 9,826 | 8,618 | 5,351 | |||||||||
General and administrative | 60,942 | 54,246 | 50,454 | |||||||||
Depreciation and amortization | 115,076 | 95,232 | 74,453 | |||||||||
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| |||||||
Total expenses | 368,687 | 307,130 | 252,155 | |||||||||
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| |||||||
Income from operations | 278,468 | 213,483 | 157,241 | |||||||||
Gain (loss) on sale of real estate and earnout from prior acquisitions | (10,285 | ) | 960 | — | ||||||||
Property casualty loss, net | (1,724 | ) | — | — | ||||||||
Loss on extinguishment of debt related to portfolio acquisition | — | (9,153 | ) | — | ||||||||
Interest expense | (81,330 | ) | (71,630 | ) | (71,850 | ) | ||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (2,683 | ) | (1,404 | ) | (444 | ) | ||||||
Interest income | 1,607 | 749 | 1,816 | |||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | 4,850 | |||||||||
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Income before equity in earnings of unconsolidated real estate ventures and income tax expense | 188,903 | 137,855 | 91,613 | |||||||||
Equity in earnings of unconsolidated real estate ventures | 10,541 | 11,653 | 10,859 | |||||||||
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests | 4,022 | 46,032 | 30,630 | |||||||||
Income tax expense | (7,570 | ) | (9,984 | ) | (5,413 | ) | ||||||
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| |||||||
Net income | 195,896 | 185,556 | 127,689 | |||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | (10,991 | ) | (8,006 | ) | (6,876 | ) | ||||||
Net income allocated to Operating Partnership and other noncontrolling interests | (6,550 | ) | (5,474 | ) | (3,504 | ) | ||||||
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Net income attributable to common stockholders | $ | 178,355 | $ | 172,076 | $ | 117,309 | ||||||
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Earnings per common share | ||||||||||||
Basic | $ | 1.54 | $ | 1.54 | $ | 1.15 | ||||||
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Diluted | $ | 1.53 | $ | 1.53 | $ | 1.14 | ||||||
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Weighted average number of shares | ||||||||||||
Basic | 115,713,807 | 111,349,361 | 101,766,385 | |||||||||
Diluted | 121,435,267 | 113,105,094 | 103,767,365 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Property rental | $ | 864,742 | $ | 676,138 | $ | 559,868 | |||||
Tenant reinsurance | 87,291 | 71,971 | 59,072 | ||||||||
Management fees and other income | 39,842 | 34,161 | 28,215 | ||||||||
Total revenues | 991,875 | 782,270 | 647,155 | ||||||||
Expenses: | |||||||||||
Property operations | 250,005 | 203,965 | 172,416 | ||||||||
Tenant reinsurance | 15,555 | 13,033 | 10,427 | ||||||||
Acquisition related costs and other | 12,111 | 69,401 | 9,826 | ||||||||
General and administrative | 81,806 | 67,758 | 60,942 | ||||||||
Depreciation and amortization | 182,560 | 133,457 | 115,076 | ||||||||
Total expenses | 542,037 | 487,614 | 368,687 | ||||||||
Income from operations | 449,838 | 294,656 | 278,468 | ||||||||
Gain (loss) on real estate transactions, earnout from prior acquisition and sale of other assets | 8,465 | 1,501 | (10,285 | ) | |||||||
Property casualty loss, net | — | — | (1,724 | ) | |||||||
Interest expense | (133,479 | ) | (95,682 | ) | (81,330 | ) | |||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (4,980 | ) | (3,310 | ) | (2,683 | ) | |||||
Interest income | 6,148 | 3,461 | 1,607 | ||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | 4,850 | 4,850 | 4,850 | ||||||||
Income before equity in earnings of unconsolidated real estate ventures and income tax expense | 330,842 | 205,476 | 188,903 | ||||||||
Equity in earnings of unconsolidated real estate ventures | 12,895 | 12,351 | 10,541 | ||||||||
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests | 69,199 | 2,857 | 4,022 | ||||||||
Income tax expense | (15,847 | ) | (11,148 | ) | (7,570 | ) | |||||
Net income | 397,089 | 209,536 | 195,896 | ||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | (14,700 | ) | (11,718 | ) | (10,991 | ) | |||||
Net income allocated to Operating Partnership and other noncontrolling interests | (16,262 | ) | (8,344 | ) | (6,550 | ) | |||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | |||||
Earnings per common share | |||||||||||
Basic | $ | 2.92 | $ | 1.58 | $ | 1.54 | |||||
Diluted | $ | 2.91 | $ | 1.56 | $ | 1.53 | |||||
Weighted average number of shares | |||||||||||
Basic | 125,087,554 | 119,816,743 | 115,713,807 | ||||||||
Diluted | 125,948,076 | 126,918,869 | 121,435,267 |
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 195,896 | $ | 185,556 | $ | 127,689 | ||||||
Other comprehensive income (loss): | ||||||||||||
Change in fair value of interest rate swaps | (12,061 | ) | 25,335 | (6,587 | ) | |||||||
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Total comprehensive income | 183,835 | 210,891 | 121,102 | |||||||||
Less: comprehensive income attributable to noncontrolling interests | 17,120 | 14,386 | 10,130 | |||||||||
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Comprehensive income attributable to common stockholders | $ | 166,715 | $ | 196,505 | $ | 110,972 | ||||||
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For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income | $ | 397,089 | $ | 209,536 | $ | 195,896 | |||||
Other comprehensive income (loss): | |||||||||||
Change in fair value of interest rate swaps | 24,598 | (4,929 | ) | (12,061 | ) | ||||||
Total comprehensive income | 421,687 | 204,607 | 183,835 | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 32,438 | 20,001 | 17,120 | ||||||||
Comprehensive income attributable to common stockholders | $ | 389,249 | $ | 184,606 | $ | 166,715 |
Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating Partnership | Other | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Noncontrolling Interests and Equity | ||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | $ | 30,202 | $ | 33,568 | $ | 17,177 | $ | — | $ | 91,453 | $ | 1,025 | 115,755,527 | $ | 1,157 | $ | 1,973,159 | $ | 10,156 | $ | (226,002 | ) | $ | 1,931,895 | ||||||||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | — | — | — | 211,747 | 2 | 3,093 | — | — | 3,095 | ||||||||||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 117,370 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (23,595 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 4,984 | — | — | 4,984 | ||||||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with store acquisitions | — | 8,334 | 13,783 | 13,710 | 2,982 | — | — | — | — | — | — | 38,809 | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | (10,240 | ) | — | — | — | (398 | ) | — | 299,190 | 3 | 10,635 | — | — | — | ||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | (4,794 | ) | — | — | — | — | — | — | — | — | — | — | (4,794 | ) | ||||||||||||||||||||||||||||||||
Issuance of note receivable to Series C unit holders | — | — | (20,230 | ) | — | — | — | — | — | — | — | — | (20,230 | ) | ||||||||||||||||||||||||||||||||
Net income | 7,036 | 2,387 | 1,551 | 17 | 6,538 | 12 | — | — | — | — | 178,355 | 195,896 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | (74 | ) | — | — | — | (347 | ) | — | — | — | — | (11,640 | ) | — | (12,061 | ) | ||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 3,613 | — | — | 3,613 | ||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,321 | ) | (2,386 | ) | (1,551 | ) | (17 | ) | (7,806 | ) | — | — | — | — | — | — | (19,081 | ) | ||||||||||||||||||||||||||||
Distributions to other noncontrolling interests | — | — | — | — | — | (53 | ) | — | — | — | — | — | (53 | ) | ||||||||||||||||||||||||||||||||
Dividends paid on common stock at $1.81 per share | — | — | — | — | — | — | — | — | — | — | (210,091 | ) | (210,091 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2014 | $ | 14,809 | $ | 41,903 | $ | 10,730 | $ | 13,710 | $ | 92,422 | $ | 984 | 116,360,239 | $ | 1,163 | $ | 1,995,484 | $ | (1,484 | ) | $ | (257,738 | ) | $ | 1,911,983 |
Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating Partnership | Other | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Noncontrolling Interests and Equity | ||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of options | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 79,974 | $ | 1 | $ | 1,541 | $ | — | $ | — | $ | 1,542 | |||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 174,558 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (18,090 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | — | — | 6,735,000 | 67 | 446,810 | — | — | 446,877 | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 6,055 | — | — | 6,055 | ||||||||||||||||||||||||||||||||||
Purchase of remaining equity interest in existing consolidated joint venture | — | — | — | — | — | (822 | ) | — | — | (446 | ) | — | — | (1,268 | ) | |||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with acquisitions | — | — | — | — | 142,399 | — | — | — | — | — | — | 142,399 | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | — | — | — | — | (28,106 | ) | — | 787,850 | 8 | 28,098 | — | — | — | |||||||||||||||||||||||||||||||||
Repurchase of equity portion of 2013 exchangeable senior notes | — | — | — | — | — | — | — | — | (70,112 | ) | — | — | (70,112 | ) | ||||||||||||||||||||||||||||||||
Issuance of 2015 exchangeable senior notes - equity component | — | — | — | — | — | — | — | — | 22,597 | — | — | 22,597 | ||||||||||||||||||||||||||||||||||
Net income | 6,445 | 2,514 | 2,074 | 685 | 8,344 | — | — | — | — | — | 189,474 | 209,536 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (15 | ) | — | — | — | (46 | ) | — | — | — | — | (4,868 | ) | — | (4,929 | ) | ||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 1,727 | — | — | 1,727 | ||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,050 | ) | (2,515 | ) | (2,074 | ) | (685 | ) | (12,179 | ) | — | — | — | — | — | — | (24,503 | ) | ||||||||||||||||||||||||||||
Dividends paid on common stock at $2.24 per share | — | — | — | — | — | — | — | — | — | — | (269,302 | ) | (269,302 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | $ | 14,189 | $ | 41,902 | $ | 10,730 | $ | 13,710 | $ | 202,834 | $ | 162 | 124,119,531 | $ | 1,241 | $ | 2,431,754 | $ | (6,352 | ) | $ | (337,566 | ) | $ | 2,372,604 |
Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating Partnership | Other | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Noncontrolling Interests and Equity | ||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of options | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 97,855 | $ | — | $ | 1,444 | $ | — | $ | — | $ | 1,444 | |||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 119,931 | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (9,947 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | — | — | 1,381,300 | 14 | 123,408 | — | — | 123,422 | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 8,045 | — | — | 8,045 | ||||||||||||||||||||||||||||||||||
Purchase of remaining equity interest in existing consolidated joint venture | — | — | — | — | 800 | (162 | ) | — | — | (638 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with acquisitions | — | — | — | — | 7,247 | — | — | — | — | — | — | 7,247 | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for sale of property | — | — | — | — | (7,689 | ) | — | — | — | — | — | — | (7,689 | ) | ||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock and cash | — | — | — | — | (1,083 | ) | — | 23,850 | — | 577 | — | — | (506 | ) | ||||||||||||||||||||||||||||||||
Issuance of Preferred D Units in the Operating Partnership in conjunction with acquisitions | — | — | — | 67,193 | — | — | — | — | — | — | — | 67,193 | ||||||||||||||||||||||||||||||||||
Repurchase of equity portion of 2013 exchangeable senior notes | — | — | — | — | — | — | 148,940 | 2 | (874 | ) | — | — | (872 | ) | ||||||||||||||||||||||||||||||||
Net income | 7,645 | 2,514 | 2,570 | 1,971 | 16,262 | — | — | — | — | — | 366,127 | 397,089 | ||||||||||||||||||||||||||||||||||
Other comprehensive income loss | 201 | — | — | — | 1,275 | — | — | — | — | 23,122 | — | 24,598 | ||||||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 2,404 | — | — | 2,404 | ||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,650 | ) | (2,514 | ) | (2,570 | ) | (1,971 | ) | (16,292 | ) | — | — | — | — | — | — | (30,997 | ) | ||||||||||||||||||||||||||||
Dividends paid on common stock at $2.93 per share | — | — | — | — | — | — | — | — | — | — | (367,818 | ) | (367,818 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | $ | 14,385 | $ | 41,902 | $ | 10,730 | $ | 80,903 | $ | 203,354 | $ | — | 125,881,460 | $ | 1,259 | $ | 2,566,120 | $ | 16,770 | $ | (339,257 | ) | $ | 2,596,166 |
Consolidated Statements of Stockholders’ Equity
(dollars in thousands, except share data)
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating | Accumulated | Accumulated | Total | ||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Partnership | Other | Shares | Par Value | Paid-in Capital | Income | Deficit | Equity | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2011 | $ | 29,695 | $ | — | $ | — | $ | — | $ | 24,018 | $ | 1,101 | 94,783,590 | $ | 948 | $ | 1,290,021 | $ | (7,936 | ) | $ | (264,086 | ) | $ | 1,073,761 | |||||||||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | — | — | — | 768,853 | 7 | 10,260 | — | — | 10,267 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 182,052 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (16,792 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | — | — | 14,030,000 | 140 | 429,448 | — | — | 429,588 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock related to settlement of exchangeable senior notes | — | — | — | — | — | — | 684,685 | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 4,356 | — | — | 4,356 | ||||||||||||||||||||||||||||||||||||
New issuance of Operating Partnership units | — | — | — | — | 429 | — | — | — | — | — | — | 429 | ||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | — | — | — | — | (2,479 | ) | — | 304,817 | 3 | 2,476 | — | — | — | |||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | — | — | — | — | (155 | ) | — | — | — | — | — | — | (155 | ) | ||||||||||||||||||||||||||||||||||
Net income | 6,876 | — | — | — | 3,473 | 31 | — | — | — | — | 117,309 | 127,689 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (61 | ) | — | — | — | (189 | ) | — | — | — | — | (6,337 | ) | — | (6,587 | ) | ||||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 3,476 | — | — | 3,476 | ||||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (6,592 | ) | — | — | — | (2,605 | ) | — | — | — | — | — | — | (9,197 | ) | |||||||||||||||||||||||||||||||||
Distributions to other noncontrolling interests | — | — | — | — | — | (18 | ) | — | — | — | — | — | (18 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid on common stock at $0.85 per share | — | — | — | — | — | — | — | — | — | — | (88,287 | ) | (88,287 | ) | ||||||||||||||||||||||||||||||||||
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Balances at December 31, 2012 | $ | 29,918 | $ | — | $ | — | $ | — | $ | 22,492 | $ | 1,114 | 110,737,205 | $ | 1,107 | $ | 1,740,037 | $ | (14,273 | ) | $ | (235,064 | ) | $ | 1,545,331 | |||||||||||||||||||||||
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Extra Space Storage Inc.
Consolidated Statements of Stockholders’ Equity
(dollars in thousands, except share data)
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating | Accumulated | Accumulated | Total | ||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Partnership | Other | Shares | Par Value | Paid-in Capital | Income | Deficit | Equity | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | — | — | — | 391,543 | 4 | 5,892 | — | — | 5,896 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 137,602 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (23,323 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | — | — | 4,500,000 | 45 | 205,943 | — | — | 205,988 | ||||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 4,819 | — | — | 4,819 | ||||||||||||||||||||||||||||||||||||
Purchase of additional equity interests in existing consolidated joint ventures | — | — | — | — | — | (1,008 | ) | — | — | (1,481 | ) | — | — | (2,489 | ) | |||||||||||||||||||||||||||||||||
Noncontrolling interest related to consolidated joint venture | — | — | — | — | — | 870 | — | — | — | — | — | 870 | ||||||||||||||||||||||||||||||||||||
Issuance of exchangeable senior notes—equity component | — | — | — | — | — | — | — | — | 14,496 | — | — | 14,496 | ||||||||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with store acquisitions | — | 33,568 | 17,177 | — | 68,471 | — | — | — | — | — | — | 119,216 | ||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | — | — | — | — | (260 | ) | — | 12,500 | — | 260 | — | — | — | |||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | — | — | — | — | (41 | ) | — | — | — | — | — | — | (41 | ) | ||||||||||||||||||||||||||||||||||
Net income | 7,255 | 673 | 78 | — | 5,425 | 49 | — | — | — | — | 172,076 | 185,556 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | 214 | — | — | — | 692 | — | — | — | — | 24,429 | — | 25,335 | ||||||||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 3,193 | — | — | 3,193 | ||||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,185 | ) | (673 | ) | (78 | ) | — | (5,326 | ) | — | — | — | — | — | — | (13,262 | ) | |||||||||||||||||||||||||||||||
Distributions to other noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends paid on common stock at $1.45 per share | — | — | — | — | — | — | — | — | — | — | (163,014 | ) | (163,014 | ) | ||||||||||||||||||||||||||||||||||
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Balances at December 31, 2013 | $ | 30,202 | $ | 33,568 | $ | 17,177 | $ | — | $ | 91,453 | $ | 1,025 | 115,755,527 | $ | 1,157 | $ | 1,973,159 | $ | 10,156 | $ | (226,002 | ) | $ | 1,931,895 | ||||||||||||||||||||||||
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Extra Space Storage Inc.
Consolidated Statements of Stockholders’ Equity
(dollars in thousands, except share data)
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Operating Partnership | Operating | Accumulated | Accumulated | Total | ||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Partnership | Other | Shares | Par Value | Paid-in Capital | Income | Deficit | Equity | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | — | — | — | 211,747 | 2 | 3,093 | — | — | 3,095 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 117,370 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (23,595 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 4,984 | — | — | 4,984 | ||||||||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with store acquisitions | — | 8,334 | 13,783 | 13,710 | 2,982 | — | — | — | — | — | — | 38,809 | ||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | (10,240 | ) | — | — | — | (398 | ) | — | 299,190 | 3 | 10,635 | — | — | — | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | (4,794 | ) | — | — | — | — | — | — | — | — | — | — | (4,794 | ) | ||||||||||||||||||||||||||||||||||
Issuance of note receivable to Series C unit holders | — | — | (20,230 | ) | — | — | — | — | — | — | — | — | (20,230 | ) | ||||||||||||||||||||||||||||||||||
Net income | 7,036 | 2,387 | 1,551 | 17 | 6,538 | 12 | — | — | — | — | 178,355 | 195,896 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | (74 | ) | — | — | — | (347 | ) | — | — | — | — | (11,640 | ) | — | (12,061 | ) | ||||||||||||||||||||||||||||||||
Tax effect from vesting of restricted stock grants and stock option exercises | — | — | — | — | — | — | — | — | 3,613 | — | — | 3,613 | ||||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,321 | ) | (2,386 | ) | (1,551 | ) | (17 | ) | (7,806 | ) | — | — | — | — | — | — | (19,081 | ) | ||||||||||||||||||||||||||||||
Distributions to other noncontrolling interests | — | — | — | — | — | (53 | ) | — | — | — | — | — | (53 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid on common stock at $1.81 per share | — | — | — | — | — | — | — | — | — | — | (210,091 | ) | (210,091 | ) | ||||||||||||||||||||||||||||||||||
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Balances at December 31, 2014 | $ | 14,809 | $ | 41,903 | $ | 10,730 | $ | 13,710 | $ | 92,422 | $ | 984 | 116,360,239 | $ | 1,163 | $ | 1,995,484 | $ | (1,484 | ) | $ | (257,738 | ) | $ | 1,911,983 | |||||||||||||||||||||||
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See accompanying notes.
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 195,896 | $ | 185,556 | $ | 127,689 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 115,076 | 95,232 | 74,453 | |||||||||
Amortization of deferred financing costs | 6,592 | 5,997 | 5,889 | |||||||||
Loss on earnout related to prior acquisition | 2,500 | — | — | |||||||||
Property casualty loss | 1,724 | — | — | |||||||||
Loss on extinguishment of debt related to portfolio acquisition | — | 9,153 | — | |||||||||
Gain on sale of real estate assets | — | (960 | ) | — | ||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | 2,683 | 1,404 | 444 | |||||||||
Non-cash interest benefit related to amortization of premium on notes payable | (3,079 | ) | (1,194 | ) | (1,270 | ) | ||||||
Compensation expense related to stock-based awards | 4,984 | 4,819 | 4,356 | |||||||||
Gain on purchase of joint venture partners’ interests | (3,438 | ) | (46,032 | ) | (23,670 | ) | ||||||
Distributions from unconsolidated real estate ventures in excess of earnings | 4,510 | 4,838 | 2,581 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables from related parties and affiliated real estate joint ventures | 71 | 1,277 | 7,439 | |||||||||
Other assets | (1,498 | ) | 8,725 | 8,746 | ||||||||
Accounts payable and accrued expenses | 4,920 | 8,302 | 7,220 | |||||||||
Other liabilities | 6,640 | (5,858 | ) | 2,002 | ||||||||
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Net cash provided by operating activities | 337,581 | 271,259 | 215,879 | |||||||||
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Cash flows from investing activities: | ||||||||||||
Acquisition of real estate assets | (503,538 | ) | (349,959 | ) | (601,727 | ) | ||||||
Development and redevelopment of real estate assets | (23,528 | ) | (6,466 | ) | (3,759 | ) | ||||||
Proceeds from sale of real estate assets | — | 6,964 | — | |||||||||
Investments in unconsolidated real estate ventures | — | (1,516 | ) | (1,423 | ) | |||||||
Return of investment in unconsolidated real estate ventures | — | — | 2,421 | |||||||||
Change in restricted cash | (3,794 | ) | (4,475 | ) | 8,792 | |||||||
Issuance of notes receivable | (29,258 | ) | (5,000 | ) | (7,875 | ) | ||||||
Purchase of equipment and fixtures | (4,830 | ) | (6,524 | ) | (3,367 | ) | ||||||
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Net cash used in investing activities | (564,948 | ) | (366,976 | ) | (606,938 | ) | ||||||
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Cash flows from financing activities: | ||||||||||||
Proceeds from the sale of common stock, net of offering costs | — | 205,988 | 429,588 | |||||||||
Net proceeds from the issuance of exchangeable senior notes | — | 246,250 | — | |||||||||
Proceeds from notes payable and lines of credit | 917,664 | 582,185 | 1,074,263 | |||||||||
Principal payments on notes payable and lines of credit | (533,128 | ) | (664,372 | ) | (921,831 | ) | ||||||
Deferred financing costs | (5,305 | ) | (7,975 | ) | (11,607 | ) | ||||||
Repurchase of exchangeable senior notes | — | — | (87,663 | ) | ||||||||
Redemption of Operating Partnership units held by noncontrolling interest | (4,794 | ) | (41 | ) | (155 | ) | ||||||
Net proceeds from exercise of stock options | 3,095 | 5,896 | 10,267 | |||||||||
Dividends paid on common stock | (210,091 | ) | (163,014 | ) | (88,287 | ) | ||||||
Distributions to noncontrolling interests | (19,134 | ) | (13,262 | ) | (9,215 | ) | ||||||
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Net cash provided by financing activities | 148,307 | 191,655 | 395,360 | |||||||||
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Net (decrease) increase in cash and cash equivalents | (79,060 | ) | 95,938 | 4,301 | ||||||||
Cash and cash equivalents, beginning of the period | 126,723 | 30,785 | 26,484 | |||||||||
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Cash and cash equivalents, end of the period | $ | 47,663 | $ | 126,723 | $ | 30,785 | ||||||
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Supplemental schedule of cash flow information | ||||||||||||
Interest paid | $ | 75,218 | $ | 66,705 | $ | 65,687 | ||||||
Income taxes paid | 3,418 | 1,916 | 831 | |||||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
Redemption of Operating Partnership units held by noncontrolling interests for common stock | ||||||||||||
Noncontrolling interests in Operating Partnership | $ | 10,638 | $ | 260 | $ | 2,479 | ||||||
Common stock and paid-in capital | (10,638 | ) | (260 | ) | (2,479 | ) | ||||||
Tax effect from vesting of restricted stock grants and option exercises | ||||||||||||
Other assets | $ | 3,613 | $ | 3,193 | $ | 3,476 | ||||||
Paid-in capital | (3,613 | ) | (3,193 | ) | (3,476 | ) | ||||||
Acquisitions of real estate assets | ||||||||||||
Real estate assets, net | $ | 77,156 | $ | 331,230 | $ | 159,297 | ||||||
Notes payable assumed | (38,347 | ) | (110,803 | ) | (150,284 | ) | ||||||
Notes payable assumed and immediately defeased | — | (98,960 | ) | — | ||||||||
Notes payable issued to seller | — | — | (8,584 | ) | ||||||||
Value of Operating Partnership units issued | (38,809 | ) | (119,216 | ) | (429 | ) | ||||||
Receivables from related parties and affiliated real estate joint ventures | — | (2,251 | ) | — |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 397,089 | $ | 209,536 | $ | 195,896 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 182,560 | 133,457 | 115,076 | ||||||||
Amortization of deferred financing costs | 12,922 | 7,779 | 6,592 | ||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | 4,980 | 3,310 | 2,683 | ||||||||
Non-cash interest expense related to amortization of premium on notes payable | (872 | ) | (2,409 | ) | (3,079 | ) | |||||
Compensation expense related to stock-based awards | 8,045 | 6,055 | 4,984 | ||||||||
Gain on sale of real estate assets and purchase of joint venture partners' interests | (69,199 | ) | (2,857 | ) | (3,438 | ) | |||||
Loss (gain) on real estate transactions, earnout from prior acquisition and sale of other assets | (8,465 | ) | (1,501 | ) | 2,500 | ||||||
Property casualty loss | — | — | 1,724 | ||||||||
Distributions from unconsolidated real estate ventures in excess of earnings | 3,534 | 4,531 | 4,510 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables from related parties and affiliated real estate joint ventures | 1,367 | (1,436 | ) | 71 | |||||||
Other assets | (2,981 | ) | (1,172 | ) | (1,498 | ) | |||||
Accounts payable and accrued expenses | 10,075 | 108 | 4,920 | ||||||||
Other liabilities | 208 | 11,928 | 6,640 | ||||||||
Net cash provided by operating activities | 539,263 | 367,329 | 337,581 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of SmartStop, net of cash acquired | — | (1,200,853 | ) | — | |||||||
Acquisition of real estate assets | (1,086,523 | ) | (349,897 | ) | (503,538 | ) | |||||
Development and redevelopment of real estate assets | (23,279 | ) | (26,931 | ) | (23,528 | ) | |||||
Proceeds from sale of real estate assets, investments in real estate ventures and other assets | 60,813 | 800 | — | ||||||||
Change in restricted cash | 16,854 | 1,282 | (3,794 | ) | |||||||
Investment in unconsolidated real estate ventures | (28,241 | ) | (3,434 | ) | — | ||||||
Return of investment in unconsolidated real estate ventures | 16,953 | 45,080 | — | ||||||||
Purchase/issuance of notes receivable | (26,429 | ) | (84,331 | ) | (29,258 | ) | |||||
Principal payments received from notes receivable | 42,785 | — | — | ||||||||
Purchase of equipment and fixtures | (4,968 | ) | (7,380 | ) | (4,830 | ) | |||||
Net cash used in investing activities | (1,032,035 | ) | (1,625,664 | ) | (564,948 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from the sale of common stock, net of offering costs | 123,424 | 446,877 | — | ||||||||
Net proceeds from the issuance of 2015 exchangeable senior notes | — | 563,500 | — | ||||||||
Repurchase of exchangeable senior notes | (22,195 | ) | (227,212 | ) | — | ||||||
Proceeds from notes payable and revolving lines of credit | 1,900,357 | 2,121,802 | 917,664 | ||||||||
Principal payments on notes payable and revolving lines of credit | (1,122,442 | ) | (1,313,570 | ) | (533,128 | ) | |||||
Deferred financing costs | (17,486 | ) | (9,779 | ) | (5,305 | ) | |||||
Net proceeds from exercise of stock options | 1,444 | 1,542 | 3,095 | ||||||||
Proceeds from termination of interest rate cap | 1,650 | — | — | ||||||||
Purchase of interest rate cap | — | (2,884 | ) | — | |||||||
Payment of earnout from prior acquisition | (4,600 | ) | — | — | |||||||
Redemption of Operating Partnership units held by noncontrolling interests | (506 | ) | — | (4,794 | ) | ||||||
Dividends paid on common stock | (367,818 | ) | (269,302 | ) | (210,091 | ) | |||||
Distributions to noncontrolling interests | (30,997 | ) | (24,503 | ) | (19,134 | ) | |||||
Net cash provided by financing activities | 460,831 | 1,286,471 | 148,307 | ||||||||
Net increase (decrease) in cash and cash equivalents | (31,941 | ) | 28,136 | (79,060 | ) | ||||||
Cash and cash equivalents, beginning of the period | 75,799 | 47,663 | 126,723 | ||||||||
Cash and cash equivalents, end of the period | $ | 43,858 | $ | 75,799 | $ | 47,663 | |||||
Supplemental schedule of cash flow information | |||||||||||
Interest paid | 122,265 | 89,507 | 75,218 | ||||||||
Income taxes paid | 14,864 | 1,782 | 3,418 | ||||||||
Supplemental schedule of noncash investing and financing activities: | |||||||||||
Redemption of Operating Partnership units held by noncontrolling interests for common stock | |||||||||||
Noncontrolling interests in Operating Partnership | $ | (577 | ) | $ | (28,106 | ) | $ | (10,638 | ) | ||
Common stock and paid-in capital | 577 | 28,106 | 10,638 | ||||||||
Tax effect from vesting of restricted stock grants and option exercises | |||||||||||
Other assets | $ | 2,404 | $ | 1,727 | $ | 3,613 | |||||
Additional paid-in capital | (2,404 | ) | (1,727 | ) | (3,613 | ) | |||||
Acquisitions of real estate assets | |||||||||||
Real estate assets, net | $ | 84,163 | $ | 158,009 | $ | 77,158 | |||||
Value of Operating Partnership units issued | (74,440 | ) | (142,399 | ) | (38,811 | ) | |||||
Notes payable assumed | (9,723 | ) | — | (38,347 | ) |
Receivables from related parties and affiliated real estate joint ventures | — | (15,610 | ) | — | |||||||
Accrued construction costs and capital expenditures | |||||||||||
Acquisition of real estate assets | $ | 8,497 | $ | 2,332 | $ | 2,799 | |||||
Development and redevelopment of real estate assets | 125 | — | — | ||||||||
Other liabilities | (8,622 | ) | (2,332 | ) | (2,799 | ) | |||||
Distribution of real estate from investments in unconsolidated real estate ventures | |||||||||||
Real estate assets, net | $ | 25,055 | $ | — | $ | — | |||||
Investments in unconsolidated real estate ventures | (25,055 | ) | — | — | |||||||
Disposition of real estate assets | |||||||||||
Real estate assets, net | $ | (7,689 | ) | $ | — | $ | — | ||||
Operating Partnership units redeemed | 7,689 | — | — | ||||||||
Acquisition of noncontrolling interests | |||||||||||
Operating Partnership units issued | $ | (800 | ) | $ | — | $ | — | ||||
Other noncontrolling interests | 162 | — | — | ||||||||
Additional paid-in capital | 638 | — | — |
Notes to Consolidated Financial Statements
December 31, 2014
(amounts
data, unless otherwise stated
Reclassifications
Certain amounts in the financial statements and supporting note disclosures have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.
Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2014,2016, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Other assets—Cash Flow Hedge Swap Agreements | $ | 3,583 | $ | — | $ | 3,583 | $ | — | ||||||||
Other liabilities—Cash Flow Hedge Swap Agreements | $ | (3,533 | ) | $ | — | $ | (3,533 | ) | $ | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | December 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Other assets - Cash Flow Hedge Swap Agreements | $ | 23,844 | $ | — | $ | 23,844 | $ | — | |||||||
Other liabilities - Cash Flow Hedge Swap Agreements | $ | (2,447 | ) | $ | — | $ | (2,447 | ) | $ | — |
2015.
As of December 31, 2016, the Company had two parcels of undeveloped land classified as held for sale. The estimated fair value less selling costs of these assets is greater than the carrying value of the assets, and therefore no loss has been recorded.
December 31, 2014 | December 31, 2013 | |||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
Notes receivable from Preferred Operating Partnership unit holders | $ | 126,380 | $ | 120,230 | $ | 103,491 | $ | 100,000 | ||||||||
Fixed rate notes payable and notes payable to trusts | $ | 1,320,370 | $ | 1,283,893 | $ | 1,365,290 | $ | 1,368,885 | ||||||||
Exchangeable senior notes | $ | 276,095 | $ | 250,000 | $ | 251,103 | $ | 250,000 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||
Notes receivable from Preferred Operating Partnership unit holders | $ | 125,642 | $ | 120,230 | $ | 128,216 | $ | 120,230 | |||||||
Fixed rate notes receivable | $ | 53,450 | $ | 52,201 | $ | 86,814 | $ | 84,331 | |||||||
Fixed rate notes payable and notes payable to trusts | $ | 2,404,996 | $ | 2,417,558 | $ | 1,828,486 | $ | 1,806,904 | |||||||
Exchangeable senior notes | $ | 706,827 | $ | 638,170 | $ | 770,523 | $ | 660,364 |
part of the purchase price.
that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.
respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series C Convertible Redeemable Preferred Units (“Series C Units”), Series D Redeemable Preferred Units (“Series D Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.
For the Year Ended December 31, | |||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||
Number of Units | Equivalent Shares (if converted) | Number of Units | Equivalent Shares (if converted) | Number of Units | Equivalent Shares (if converted) | ||||||||||||
Common OP Units | 5,564,631 | 5,564,631 | — | — | — | — | |||||||||||
Series A Units (Variable Only) | 875,480 | 875,480 | — | — | — | — | |||||||||||
Series B Units | 1,676,087 | 499,966 | 1,676,087 | 579,640 | 1,592,062 | 764,385 | |||||||||||
Series C Units | 704,016 | 353,646 | 704,016 | 410,002 | 605,256 | 489,366 | |||||||||||
Series D Units | 1,853,193 | 552,796 | 548,390 | 189,649 | 13,522 | 6,492 | |||||||||||
10,673,407 | 7,846,519 | 2,928,493 | 1,179,291 | 2,210,840 | 1,260,243 |
data, unless otherwise stated
For the purposes of computing the diluted impact on earnings per (continued)
For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series C Units into common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Series C Units outstanding as of December 31, 2014 of $29,639 by the closing price of the Company’s common stock as of December 31, 2014 of $58.64 per share. Assuming full exchange for common shares as of December 31, 2014, 505,441 shares would have been issued to the holders of the Series C Units.
For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series D Units into common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Series D Units outstanding as of December 31, 2014 of $13,710 by the closing price of the Company’s common stock as of December 31, 2014 of $58.64 per share. Assuming full exchange for common shares as of December 31, 2014, 233,795 shares would have been issued to the holders of Series D Units.
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to common stockholders | $ | 178,355 | $ | 172,076 | $ | 117,309 | ||||||
Earnings and dividends allocated to participating securities | (490 | ) | (567 | ) | (279 | ) | ||||||
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Earnings for basic computations | 177,865 | 171,509 | 117,030 | |||||||||
Earnings and dividends allocated to participating securities | — | 567 | 279 | |||||||||
Income allocated to noncontrolling interest—Preferred Operating Partnership (Series A Units) and Operating Partnership | 13,575 | 7,255 | 6,876 | |||||||||
Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership (Series A Units) | (5,586 | ) | (5,750 | ) | (5,750 | ) | ||||||
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Net income for diluted computations | $ | 185,854 | $ | 173,581 | $ | 118,435 | ||||||
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Weighted average common shares outstanding: | ||||||||||||
Average number of common shares outstanding—basic | 115,713,807 | 111,349,361 | 101,766,385 | |||||||||
Series A Units | 961,747 | 989,980 | 989,980 | |||||||||
OP Units | 4,335,837 | — | — | |||||||||
Unvested restricted stock awards included for treasury stock method | — | 425,705 | 523,815 | |||||||||
Shares related to exchangeable senior notes and dilutive stock options | 423,876 | 340,048 | 487,185 | |||||||||
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Average number of common shares outstanding—diluted | 121,435,267 | 113,105,094 | 103,767,365 | |||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.54 | $ | 1.54 | $ | 1.15 | ||||||
Diluted | $ | 1.53 | $ | 1.53 | $ | 1.14 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | |||||
Earnings and dividends allocated to participating securities | (792 | ) | (601 | ) | (490 | ) | |||||
Earnings for basic computations | 365,335 | 188,873 | 177,865 | ||||||||
Earnings and dividends allocated to participating securities | 792 | — | — | ||||||||
Income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) and Operating Partnership | — | 14,790 | 13,575 | ||||||||
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) | — | (5,088 | ) | (5,586 | ) | ||||||
Net income for diluted computations | $ | 366,127 | $ | 198,575 | $ | 185,854 | |||||
Weighted average common shares outstanding: | |||||||||||
Average number of common shares outstanding - basic | 125,087,554 | 119,816,743 | 115,713,807 | ||||||||
OP Units | — | 5,451,357 | 4,335,837 | ||||||||
Series A Units | — | 875,480 | 961,747 | ||||||||
Unvested restricted stock awards included for treasury stock method | 299,585 | — | — | ||||||||
Shares related to exchangeable senior notes and dilutive stock options | 560,937 | 775,289 | 423,876 | ||||||||
Average number of common shares outstanding - diluted | 125,948,076 | 126,918,869 | 121,435,267 | ||||||||
Earnings per common share | |||||||||||
Basic | $ | 2.92 | $ | 1.58 | $ | 1.54 | |||||
Diluted | $ | 2.91 | $ | 1.56 | $ | 1.53 |
and cash flows from contracts with customers. ASU 2014-09 is2014-9 includes all contracts with customers to provide goods and services in the ordinary course of business, except for certain contracts that are specifically excluded from the scope, such as lease contracts and insurance contracts. ASU 2014-9 was originally effective for reporting periods beginning after December 15, 2016, and early adoption is prohibited.2016. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. ManagementIn July 2015, the FASB approved a one-year deferral of the effective date of the standard. The new standard will now become effective for annual and interim periods beginning after December 15, 2017 with early adoption on the original effective date permitted. The Company has determined that its property rental revenue and tenant reinsurance revenue will not be subject to the guidance in ASU 2014-9, as they qualify as lease contract and insurance contracts, which are excluded from its scope. The Company's management fee revenue will be included in the scope of ASU 2014-9, however, based on the Company's initial assessment, it appears that revenue recognized under ASU 2014-9 will not differ materially from revenue recognized under existing guidance. We continue to assess all potential impacts of ASU 2014-9. The Company anticipates adopting the standard using the modified retrospective transition method as of January 1, 2018.
December 31, 2014 | December 31, 2013 | |||||||
Land—operating | $ | 1,132,175 | $ | 1,009,500 | ||||
Land—development | 21,062 | 10,421 | ||||||
Buildings and improvements | 3,487,935 | 3,032,218 | ||||||
Intangible assets—tenant relationships | 72,293 | 65,811 | ||||||
Intangible lease rights | 8,697 | 8,698 | ||||||
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4,722,162 | 4,126,648 | |||||||
Less: accumulated depreciation and amortization | (604,336 | ) | (496,754 | ) | ||||
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Net operating real estate assets | 4,117,826 | 3,629,894 | ||||||
Real estate under development/redevelopment | 17,870 | 6,650 | ||||||
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Net real estate assets | $ | 4,135,696 | $ | 3,636,544 | ||||
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Real estate assets held for sale included in net real estate assets | $ | — | $ | 5,625 | ||||
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December 31, 2016 | December 31, 2015 | ||||||
Land - operating | $ | 1,664,659 | $ | 1,384,009 | |||
Land - development | 26,982 | 17,313 | |||||
Buildings, improvements and other intangibles | 5,833,836 | 4,886,397 | |||||
Intangible assets - tenant relationships | 111,528 | 95,891 | |||||
Intangible lease rights | 12,443 | 8,877 | |||||
7,649,448 | 6,392,487 | ||||||
Less: accumulated depreciation and amortization | (900,861 | ) | (728,087 | ) | |||
Net operating real estate assets | 6,748,587 | 5,664,400 | |||||
Real estate under development/redevelopment | 21,860 | 24,909 | |||||
Net real estate assets | $ | 6,770,447 | $ | 5,689,309 | |||
Real estate assets held for sale included in net real estate assets | $ | 1,970 | $ | 10,774 |
Consideration Paid | Acquisition Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Location | Number of Stores | Date of Acquisition | Total | Cash Paid | Loan Assumed | Non-cash gain | Notes Issued to/ from Seller | Previous equity interest | Net Liabilities/ (Assets) Assumed | Value of OP Units Issued | Number of OP Units Issued | Land | Building | Intangible | Closing costs - expensed (1) | Notes | ||||||||||||||||||||||||||||||||||||||||||||
Florida | 4 | 12/23/2014 | $ | 32,954 | $ | 19,122 | $ | — �� | $ | — | $ | — | $ | — | $ | 122 | $ | 13,710 | 548,390 | $ | 12,502 | $ | 19,640 | $ | 482 | $ | 330 | |||||||||||||||||||||||||||||||||
New Jersey, Virginia | 5 | 12/18/2014 | 47,747 | 42,167 | — | — | — | — | 5,580 | — | — | 4,259 | 42,440 | 688 | 360 | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||
New York | 1 | 12/11/2014 | 20,115 | 20,125 | — | — | — | — | (10 | ) | — | — | 12,085 | 7,665 | — | 365 | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||
North Carolina, South Carolina, Texas | 7 | 12/11/2014 | 60,279 | 60,086 | — | — | — | — | 193 | — | — | 19,661 | 36,339 | 876 | 3,403 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||
California | 1 | 12/9/2014 | 9,298 | 6,300 | — | — | — | — | 15 | 2,983 | 50,620 | 4,508 | 4,599 | 178 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
Colorado | 1 | 10/24/2014 | 6,253 | 6,202 | — | — | — | — | 51 | — | — | 2,077 | 4,087 | 82 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Georgia | 1 | 10/22/2014 | 11,030 | 11,010 | — | — | — | — | 20 | — | — | 588 | 10,295 | 121 | 26 | |||||||||||||||||||||||||||||||||||||||||||||
Florida | 1 | 9/3/2014 | 4,259 | 4,225 | — | — | — | — | 34 | — | — | 529 | 3,604 | 81 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
Texas | 1 | 8/8/2014 | 11,246 | 6,134 | 5,157 | — | — | — | (45 | ) | — | — | 1,047 | 9,969 | 181 | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Georgia | 1 | 8/6/2014 | 11,337 | 11,290 | — | — | — | — | 47 | — | — | 1,132 | 10,080 | 111 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 1 | 6/18/2014 | 7,310 | 7,307 | — | — | — | — | 3 | — | — | 2,940 | 4,265 | 93 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
California | 1 | 5/28/2014 | 17,614 | 294 | 14,079 | — | — | — | (92 | ) | 3,333 | 69,735 | 4,707 | 12,604 | 265 | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Washington | 1 | 4/30/2014 | 4,388 | 4,388 | — | — | — | — | — | — | — | 437 | 3,808 | 102 | 41 | |||||||||||||||||||||||||||||||||||||||||||||
California | 3 | 4/25/2014 | 35,275 | 2,726 | 19,111 | 3,438 | — | 129 | (580 | ) | 10,451 | 226,285 | 6,853 | 27,666 | 579 | 177 | (5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Florida | 1 | 4/15/2014 | 10,186 | 10,077 | — | — | — | — | 109 | — | — | 1,640 | 8,358 | 149 | 39 | |||||||||||||||||||||||||||||||||||||||||||||
Georgia | 1 | 4/3/2014 | 23,649 | 15,158 | — | — | — | — | 157 | 8,334 | 333,360 | 2,961 | 19,819 | 242 | 627 | |||||||||||||||||||||||||||||||||||||||||||||
Alabama | 1 | 3/20/2014 | 13,813 | 13,752 | — | — | — | — | 61 | — | — | 2,381 | 11,224 | 200 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Connecticut | 1 | 3/17/2014 | 15,138 | 15,169 | — | — | — | — | (31 | ) | — | — | 1,072 | 14,028 | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||
California | 1 | 3/4/2014 | 7,000 | 6,974 | — | — | — | — | 26 | — | — | 2,150 | 4,734 | 113 | 3 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||
Texas | 1 | 2/5/2014 | 14,191 | 14,152 | — | — | — | — | 39 | — | — | 1,767 | 12,368 | 38 | 18 | |||||||||||||||||||||||||||||||||||||||||||||
Virginia | 17 | 1/7/2014 | 200,588 | 200,525 | — | — | — | — | 63 | — | — | 53,878 | 142,840 | 2,973 | 897 | |||||||||||||||||||||||||||||||||||||||||||||
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2014 Totals | 52 | $ | 563,670 | $ | 477,183 | $ | 38,347 | $ | 3,438 | $ | — | $ | 129 | $ | 5,762 | $ | 38,811 | 1,228,390 | $ | 139,174 | $ | 410,432 | $ | 7,554 | $ | 6,510 | ||||||||||||||||||||||||||||||||||
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Texas | 1 | 12/9/2013 | $ | 4,616 | $ | 4,610 | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | — | — | $ | 2,033 | $ | 2,495 | $ | 70 | $ | 18 | |||||||||||||||||||||||||||||||||
Hawaii | 1 | 12/6/2013 | 8,029 | 7,987 | — | — | — | — | 42 | — | — | — | 7,776 | 218 | 35 | |||||||||||||||||||||||||||||||||||||||||||||
California | 2 | 12/3/2013 | 24,334 | 16,588 | — | 4,208 | — | (1,263 | ) | 67 | 4,734 | 112,446 | 6,061 | 15,402 | 392 | 2,479 | (7 | ) | ||||||||||||||||||||||||||||||||||||||||||
California | 6 | 12/2/2013 | 48,514 | 26,114 | 4,342 | 5,131 | — | 311 | 173 | 12,443 | 295,550 | 8,859 | 38,347 | 864 | 444 | (7 | ) | |||||||||||||||||||||||||||||||||||||||||||
Florida | 2 | 11/8/2013 | 27,547 | 27,572 | — | — | — | — | (25 | ) | — | — | 3,909 | 23,221 | 374 | 43 | ||||||||||||||||||||||||||||||||||||||||||||
Florida | 1 | 11/7/2013 | 10,500 | 10,460 | — | — | — | — | 40 | — | — | 2,108 | 8,028 | 161 | 203 | |||||||||||||||||||||||||||||||||||||||||||||
Various states | 16 | 11/4/2013 | 96,711 | 98,424 | — | — | — | — | (1,713 | ) | — | — | 24,248 | 70,160 | 1,874 | 429 | ||||||||||||||||||||||||||||||||||||||||||||
Various states | 19 | 11/1/2013 | 187,825 | 43,475 | 99,339 | 34,137 | — | 12,373 | (1,499 | ) | — | — | 85,123 | 99,500 | 3,203 | 1 | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Georgia | 1 | 10/15/2013 | 12,414 | 12,382 | — | — | — | — | 32 | — | — | 1,773 | 10,456 | 174 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 1 | 10/15/2013 | 5,535 | 5,519 | — | — | — | — | 16 | — | — | 3,614 | 1,788 | 126 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
California | 1 | 9/26/2013 | 10,928 | 4,791 | — | — | — | — | 51 | 6,086 | 177,107 | 3,138 | 7,429 | 181 | 180 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||
California | 19 | 8/29/2013 | 186,427 | 96,085 | — | — | — | — | 519 | 89,823 | 2,613,728 | 100,446 | 81,830 | 2,997 | 1,154 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||
Arizona | 2 | 7/25/2013 | 9,313 | 9,183 | — | — | — | — | 130 | — | — | 2,001 | 7,110 | 192 | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Maryland | 1 | 6/10/2013 | 13,688 | 419 | 7,122 | — | — | — | 17 | 6,130 | 143,860 | 2,160 | 11,340 | — | 188 | |||||||||||||||||||||||||||||||||||||||||||||
Texas | 1 | 5/8/2013 | 7,104 | 7,057 | — | — | — | — | 47 | — | — | 1,374 | 5,636 | 86 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Hawaii | 2 | 5/3/2013 | 27,560 | 27,491 | — | — | — | — | 69 | — | — | 5,991 | 20,976 | 438 | 155 | |||||||||||||||||||||||||||||||||||||||||||||
Illinois | 1 | 2/13/2013 | 11,083 | 7,592 | — | 341 | 2,251 | 1,173 | (274 | ) | — | — | 1,318 | 9,485 | 190 | 90 | ||||||||||||||||||||||||||||||||||||||||||||
Maryland | 1 | 2/13/2013 | 12,321 | 8,029 | — | 2,215 | — | 2,273 | (196 | ) | — | — | 1,266 | 10,789 | 260 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
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2013 Totals | 78 | $ | 704,449 | $ | 413,778 | $ | 110,803 | $ | 46,032 | $ | 2,251 | $ | 14,867 | $ | (2,498 | ) | $ | 119,216 | 3,342,691 | $ | 255,422 | $ | 431,768 | $ | 11,800 | $ | 5,461 | |||||||||||||||||||||||||||||||||
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assets.
Consideration Paid | Fair Value | ||||||||||||||||||||||||||||||
Property Location | Number of Stores | Date of Acquisition | Total | Cash Paid | Loan Assumed | Notes issued to/from Seller | Net Liabilities/(Assets) Assumed | Value of OP Units Issued | Number of OP Units Issued | Real estate assets | |||||||||||||||||||||
Arizona | 1 | 12/21/2016 | $ | 9,513 | $ | 9,500 | $ | — | $ | — | $ | 13 | $ | — | — | $ | 9,513 | ||||||||||||||
Washington | 1 | 11/22/2016 | 12,743 | 12,726 | — | — | 17 | — | — | 12,743 | |||||||||||||||||||||
Hawaii | 2 | 11/18/2016 | 15,394 | 15,356 | — | — | 38 | — | — | 15,394 | |||||||||||||||||||||
Georgia | 1 | 11/17/2016 | 7,998 | 8,009 | — | — | (11 | ) | — | — | 7,998 | ||||||||||||||||||||
Various states (1) | 11 | 11/17/2016 | 152,953 | 153,017 | — | — | (64 | ) | — | — | 161,072 | ||||||||||||||||||||
California | 1 | 11/17/2016 | 17,892 | 17,860 | — | — | 32 | — | — | 17,892 | |||||||||||||||||||||
North Carolina | 1 | 11/14/2016 | 13,242 | 13,241 | — | — | 1 | — | — | 13,242 | |||||||||||||||||||||
Illinois | 1 | 11/8/2016 | 12,304 | 9 | — | — | 139 | 12,156 | 486,244 | 12,304 | |||||||||||||||||||||
Maryland | 1 | 11/2/2016 | 14,807 | 9,040 | — | — | (75 | ) | 5,842 | 77,575,000 | 14,807 | ||||||||||||||||||||
Texas | 1 | 10/25/2016 | 6,743 | 6,685 | — | — | 58 | — | — | 6,743 | |||||||||||||||||||||
Minnesota | 1 | 10/12/2016 | 17,744 | 17,729 | — | — | 15 | — | — | 17,744 | |||||||||||||||||||||
Texas | 3 | 10/6/2016 | 22,302 | 22,131 | — | — | 171 | — | — | 22,302 | |||||||||||||||||||||
Utah | 1 | 10/4/2016 | 8,429 | 3,750 | — | — | 4,679 | — | — | 8,429 | |||||||||||||||||||||
California | 1 | 10/4/2016 | 8,500 | 8,516 | — | — | (16 | ) | — | — | 8,500 | ||||||||||||||||||||
California | 1 | 9/21/2016 | 13,800 | 13,782 | — | — | 18 | — | — | 13,800 | |||||||||||||||||||||
Various states(2) | 23 | 9/16/2016 | 237,542 | 237,800 | — | — | (258 | ) | — | — | 248,530 | ||||||||||||||||||||
California | 1 | 8/31/2016 | 3,990 | 3,998 | — | — | (8 | ) | — | — | 3,990 | ||||||||||||||||||||
Texas | 1 | 8/12/2016 | 9,993 | 9,915 | — | — | 78 | — | — | 9,993 | |||||||||||||||||||||
Hawaii | 1 | 7/14/2016 | 30,955 | 30,850 | — | — | 105 | — | — | 30,955 | |||||||||||||||||||||
Massachusetts | 1 | 6/30/2016 | 13,807 | 13,751 | — | — | 56 | — | — | 13,807 | |||||||||||||||||||||
Georgia | 1 | 6/30/2016 | 7,900 | 6,696 | — | — | 4 | 1,200 | 13,764 | 7,900 | |||||||||||||||||||||
Illinois | 4 | 6/10/2016 | 55,851 | — | — | — | 814 | 55,037 | 2,201,467 | 55,851 | |||||||||||||||||||||
Texas | 4 | 6/2/2016 | 37,478 | 37,246 | — | — | 232 | — | — | 37,478 | |||||||||||||||||||||
South Carolina | 1 | 5/10/2016 | 8,249 | 8,230 | — | — | 19 | — | — | 8,249 | |||||||||||||||||||||
Washington, DC | 1 | 5/5/2016 | 32,968 | 23,163 | 9,723 | — | 82 | — | — | 32,968 | |||||||||||||||||||||
Indiana | 5 | 4/22/2016 | 26,983 | 26,849 | — | — | 134 | — | — | 26,983 | |||||||||||||||||||||
Colorado | 1 | 4/19/2016 | 7,904 | 7,869 | — | — | 35 | — | — | 7,904 | |||||||||||||||||||||
Arizona | 1 | 4/18/2016 | 8,154 | 8,029 | — | — | 125 | — | — | 8,154 | |||||||||||||||||||||
Texas | 1 | 4/15/2016 | 10,978 | 10,922 | — | — | 56 | — | — | 10,978 | |||||||||||||||||||||
Arizona | 1 | 4/5/2016 | 5,000 | 4,999 | — | — | 1 | — | — | 5,000 | |||||||||||||||||||||
Hawaii | 1 | 4/5/2016 | 28,992 | 28,935 | — | — | 57 | — | — | 28,992 | |||||||||||||||||||||
New Mexico | 1 | 3/29/2016 | 10,958 | 10,928 | — | — | 30 | — | — | 10,958 | |||||||||||||||||||||
New Mexico | 1 | 3/29/2016 | 17,940 | 17,905 | — | — | 35 | — | — | 17,940 | |||||||||||||||||||||
Georgia | 3 | 3/29/2016 | 25,087 | 25,069 | — | — | 18 | — | — | 25,087 |
Consideration Paid | Fair Value | ||||||||||||||||||||||||||||||
Property Location | Number of Stores | Date of Acquisition | Total | Cash Paid | Loan Assumed | Notes issued to/from Seller | Net Liabilities/(Assets) Assumed | Value of OP Units Issued | Number of OP Units Issued | Real estate assets | |||||||||||||||||||||
Texas | 1 | 3/21/2016 | 9,994 | 9,969 | — | — | 25 | — | — | 9,994 | |||||||||||||||||||||
Illinois | 1 | 2/25/2016 | 16,721 | 16,738 | — | — | (17 | ) | — | — | 16,721 | ||||||||||||||||||||
Massachusetts | 1 | 2/16/2016 | 16,169 | 16,174 | — | — | (5 | ) | — | — | 16,169 | ||||||||||||||||||||
Various states (3) | 6 | 2/2/2016 | 53,898 | 53,940 | — | — | (42 | ) | — | — | 98,082 | ||||||||||||||||||||
Texas | 3 | 1/14/2016 | 22,625 | 22,523 | — | — | 102 | — | — | 22,625 | |||||||||||||||||||||
Florida | 1 | 1/12/2016 | 9,001 | 8,980 | — | — | 21 | — | — | 9,001 | |||||||||||||||||||||
Texas | 3 | 1/7/2016 | 27,537 | 27,435 | — | — | 102 | — | — | 27,537 | |||||||||||||||||||||
New Mexico | 2 | 1/7/2016 | 15,607 | 15,495 | — | — | 112 | — | — | 15,607 | |||||||||||||||||||||
2016 Totals | 99 | $ | 1,086,645 | $ | 995,759 | $ | 9,723 | $ | — | $ | 6,928 | $ | 74,235 | 2,779,050 | $ | 1,149,936 | |||||||||||||||
California | 1 | 12/11/2015 | $ | 9,708 | $ | 9,712 | $ | — | $ | — | $ | (4 | ) | $ | — | $ | — | $ | 9,708 | ||||||||||||
North Carolina | 1 | 12/8/2015 | 5,301 | 5,327 | — | — | (26 | ) | — | — | 5,301 | ||||||||||||||||||||
Oregon | 1 | 11/24/2015 | 9,992 | 9,994 | — | — | (2 | ) | — | — | 9,992 | ||||||||||||||||||||
Florida | 3 | 11/19/2015 | 20,003 | 19,951 | — | — | 52 | — | — | 20,003 | |||||||||||||||||||||
Texas | 1 | 11/16/2015 | 14,396 | 7,115 | — | — | 60 | 7,221 | 91,434 | 14,396 | |||||||||||||||||||||
Texas | 1 | 10/23/2015 | 8,700 | 8,678 | — | — | 22 | — | — | 8,700 | |||||||||||||||||||||
New Jersey | 1 | 10/7/2015 | 7,240 | 7,204 | — | — | 36 | — | — | 7,240 | |||||||||||||||||||||
Various (4) | 122 | 10/1/2015 | 1,176,893 | 1,218,173 | — | — | (69,936 | ) | 28,656 | 376,848 | 1,176,898 | ||||||||||||||||||||
Maryland | 1 | 9/10/2015 | 6,091 | 6,109 | — | — | (18 | ) | — | — | 6,091 | ||||||||||||||||||||
North Carolina | 1 | 6/19/2015 | 6,976 | 6,915 | — | — | 61 | — | — | 6,976 | |||||||||||||||||||||
Florida | 1 | 6/18/2015 | 17,547 | 12,567 | — | — | 207 | 4,773 | 71,054 | 17,547 | |||||||||||||||||||||
Florida (5) | 1 | 6/17/2015 | 4,923 | 359 | — | 4,601 | (37 | ) | — | — | 6,023 | ||||||||||||||||||||
Illinois | 1 | 6/8/2015 | 10,049 | 9,973 | — | — | 76 | — | — | 10,049 | |||||||||||||||||||||
Massachusetts | 1 | 5/13/2015 | 12,500 | 12,503 | — | — | (3 | ) | — | — | 12,500 | ||||||||||||||||||||
Georgia | 1 | 5/7/2015 | 6,496 | 6,456 | — | — | 40 | — | — | 6,496 | |||||||||||||||||||||
North Carolina | 1 | 5/5/2015 | 10,994 | 10,963 | — | — | 31 | — | — | 10,994 | |||||||||||||||||||||
Georgia | 1 | 4/24/2015 | 6,498 | 6,449 | — | — | 49 | — | — | 6,498 | |||||||||||||||||||||
Arizona, Texas | 22 | 4/15/2015 | 177,673 | 75,102 | — | — | 822 | 101,749 | 1,504,277 | 177,673 | |||||||||||||||||||||
Texas | 1 | 4/14/2015 | 8,640 | 8,570 | — | — | 70 | — | — | 8,640 | |||||||||||||||||||||
California (6) | 1 | 3/30/2015 | 12,334 | 1,700 | — | 11,009 | (375 | ) | — | — | 12,699 | ||||||||||||||||||||
South Carolina | 2 | 3/30/2015 | 13,136 | 13,114 | — | — | 22 | — | — | 13,136 | |||||||||||||||||||||
Virginia | 1 | 3/17/2015 | 4,996 | 4,988 | — | — | 8 | — | — | 4,996 | |||||||||||||||||||||
Texas | 1 | 2/24/2015 | 13,554 | 13,503 | — | — | 51 | — | — | 13,554 | |||||||||||||||||||||
Texas | 3 | 1/13/2015 | 41,869 | 41,771 | — | — | 98 | — | — | 41,869 | |||||||||||||||||||||
2015 Totals | 171 | $ | 1,606,509 | $ | 1,517,196 | $ | — | $ | 15,610 | $ | (68,696 | ) | $ | 142,399 | 2,043,613 | $ | 1,607,979 | ||||||||||||||
(1) | On November 17, 2016, the Company acquired 11 stores from its ESS WCOT LLC joint venture ("WCOT") in a step acquisition. These stores are located in California, Georgia, Maryland, New Mexico, Tennessee and Virginia. The Company owns 5.0% of WCOT, with the other 95.0% owned by affiliates of Prudential Global Investment Management ("Prudential"). WCOT created a new subsidiary, Extra Space Properties 132 LLC ("ESP 132") and transferred 11 stores into ESP 132. WCOT then distributed ESP 132 to the Company and Prudential on a pro rata basis. This |
(2) |
(3) | On February 2, 2016, the Company acquired six stores from its VRS Self Storage LLC joint venture (“VRS”) in a step acquisition. These stores are located in Florida, Maryland, Nevada, New York, and Tennessee. The Company owns 45.0% of VRS, with the other 55.0% owned by affiliates of Prudential. VRS created a new subsidiary, Extra Space Properties 122 LLC (“ESP 122”) and transferred six stores into ESP 122. VRS then distributed ESP 122 to the Company and Prudential on a pro rata basis. This distribution was accounted for as a spinoff, and was therefore recorded at the net carrying amount of the properties of $17,261. Immediately after the distribution, the Company acquired Prudential’s 55.0% interest in ESP 122 for $53,940, resulting in 100% ownership of ESP 122 and the related six stores. Based on the purchase price of Prudential’s share of ESP 122, the Company determined that the fair value of its investment in ESP 122 immediately prior to the acquisition of Prudential’s share was $44,184, and the Company recorded a gain of $26,923 as a result of re-measuring to fair value its existing equity interest in ESP 122. This gain is included in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners’ interests on the Company’s consolidated statements of operations. The Company recorded fixed assets related to this acquisition of $98,082, which includes total cash paid, the investment in ESP 122, and the step acquisition gain, less net assets acquired. |
(4) | This represents the acquisition of SmartStop Self Storage, Inc. (“SmartStop”). See below for more detailed information about this acquisition. |
(5) | The Company determined the consideration paid for this store was below its market value, and recognized a $1,100 gain, representing the difference between the fair value of the store and the consideration paid. |
(6) | This represents the acquisition of a |
Total purchase price | $ | 1,391,272 | |
Less: amount paid for Excluded Assets by Strategic 1031 | (90,360 | ) | |
Total purchase price attributable to the Company | $ | 1,300,912 | |
Total cash paid by the Company | $ | 1,272,256 | |
Fair value of OP Units issued to certain SmartStop unit holders | 28,656 | ||
1,300,912 | |||
Less: Cash paid for transaction costs | 8,053 | ||
Less: Cash paid for defeasance and prepayment fees | 38,360 | ||
Less: Severance and share-based compensation to SmartStop employees | 7,665 | ||
Total consideration transferred | $ | 1,246,834 |
Land | $ | 179,700 | |
Buildings | 978,368 | ||
Intangibles | 18,830 | ||
Investments in unconsolidated real estate ventures | 60,981 | ||
Other assets | 34,500 | ||
Total assets acquired | 1,272,379 | ||
Accounts payable and accrued liabilities assumed | 17,064 | ||
Other liabilities assumed | 8,481 | ||
Total net assets acquired | $ | 1,246,834 |
On December 11, 2013, the Company sold 50% of its ownership in a parcel of undeveloped land held for sale located in California for $2,025. The buyer holds their 50% interest as a tenant in common. No gain or loss was recorded as a result of the sale. As the Company’s interest is now held as a tenant in common, the value of the land was reclassified from land to investment in unconsolidated real estate venturesOther assets on the Company’s consolidated balance sheets.
On December 6, 2013, the Company sold a store located in Florida for $3,250 in cash. As a result of this transaction, a gain of $160 was recorded.
In June 2013, the Company recorded a gain of $800 due to the condemnation of a portion of land at one store in California that resulted from eminent domain.
On May 16, 2013, the Company sold a store located in New York for $950. No gain or loss was recorded as a result of the sale.
On July 31, 2012, the Company acquired the land it had previously been leasing associated with a store in Bethesda, Maryland for a cash payment of $3,671.
As noted above, during
The following pro forma financial information is based on the combined historical financial statements of the Company and 3966 of the stores acquired, and presents the Company’s results as if the acquisitions had occurred as of January 1, 2013:
For the Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Total revenues | $ | 659,804 | $ | 550,687 | ||||
Net income attributable to common stockholders | 183,643 | 179,792 | ||||||
Earnings per common share | ||||||||
Basic | $ | 1.58 | $ | 1.61 | ||||
Diluted | $ | 1.57 | $ | 1.60 |
2015 (unaudited):
For the Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Pro Forma | Pro Forma | ||||||
Total revenues | $ | 1,025,639 | $ | 831,730 | |||
Net income attributable to common stockholders | $ | 381,883 | $ | 212,313 |
For the Year Ended December 31, 2014 | ||||
Total revenues | $ | 25,783 | ||
Net income attributable to common stockholders | $ | 6,671 |
2016:
Year Ended December 31, 2016 | |||
Total revenues | $ | 44,712 | |
Net income attributable to common stockholders | $ | 12,560 |
During the year ended December 31, 2015, the Company recorded a gain of $400 to adjust the existing liability to the actual amount owed to the sellers as of June 30, 2015. This gain is included in gain (loss) on real estate transactions, earnout from prior acquisition and sale of other assets on the Company’s consolidated statements of operations for the year ended December 31, 2015.
Equity Ownership % | Excess Profit Participation % | Investment Balance at December 31, | ||||||||||
2014 | 2013 | |||||||||||
Extra Space West One LLC (“ESW”) | 5% | 40% | $ | (95 | ) | $ | 138 | |||||
Extra Space West Two LLC (“ESW II”) | 5% | 40% | 4,197 | 4,286 | ||||||||
Extra Space Northern Properties Six LLC (“ESNPS”) | 10% | 35% | (87 | ) | 263 | |||||||
Extra Space of Santa Monica LLC (“ESSM”) | 48% | 48% | 1,153 | 2,541 | ||||||||
Clarendon Storage Associates Limited Partnership (“Clarendon”) | 50% | 50% | 3,148 | 3,155 | ||||||||
PRISA Self Storage LLC (“PRISA”) | 2% | 17% | 10,520 | 10,737 | ||||||||
PRISA II Self Storage LLC (“PRISA II”) | 2% | 17% | 9,008 | 9,143 | ||||||||
VRS Self Storage LLC (“VRS”) | 45% | 54% | 40,363 | 41,810 | ||||||||
WCOT Self Storage LLC (“WCOT”) | 5% | 20% | 3,972 | 4,145 | ||||||||
Storage Portfolio I LLC (“SP I”) | 25% | 25-40% | 12,042 | 12,343 | ||||||||
Other minority owned properties | 18-50% | 19-50% | 1,490 | (436 | ) | |||||||
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$ | 85,711 | $ | 88,125 | |||||||||
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Equity Ownership % | Excess Profit Participation % | December 31, | |||||||||
2016 | 2015 | ||||||||||
VRS Self Storage LLC ("VRS") | 45% | 54% | $ | 20,433 | $ | 39,091 | |||||
PR EXR Self Storage, LLC ("PREXR") | 25% | 40% | 12,430 | — | |||||||
Storage Portfolio I LLC ("SP I") | 25% | 25-40% | 11,782 | 11,813 | |||||||
PRISA Self Storage LLC ("PRISA") | 4% | 4% | 10,152 | 10,309 | |||||||
Extra Space West Two LLC ("ESW II") | 5% | 40% | 4,048 | 4,122 | |||||||
Clarendon Storage Associates Limited Partnership ("Clarendon") | 50% | 50% | 3,111 | 3,131 | |||||||
Extra Space of Santa Monica LLC ("ESSM") | 48% | 48% | 1,202 | 1,200 | |||||||
WCOT Self Storage LLC ("WCOT") | 5% | 20% | 160 | 3,783 | |||||||
PRISA II Self Storage LLC ("PRISA II") | —% | —% | — | 8,323 | |||||||
Extra Space West One LLC ("ESW") | 5% | 40% | (546 | ) | (405 | ) | |||||
Extra Space Northern Properties Six LLC ("ESNPS") | 10% | 35% | (905 | ) | (470 | ) | |||||
Other minority owned properties | 10-50% | 19-50% | 17,703 | 6,148 | |||||||
79,570 | 87,045 | ||||||||||
Investments in Strategic Storage Growth Trust "SSGT" | — | 15,962 | |||||||||
Total | $ | 79,570 | $ | 103,007 |
Between
Joint venture | Date of initial contribution | Initial Investment | Equity Ownership % | Number of operating stores owned | |||||
BH Ridgelake LLC | 12/21/2016 | $ | 1,301 | 20.0% | 1 | ||||
ESS-GS Portland & Broadway LLC | 10/19/2016 | 1,250 | 25.0% | 1 | |||||
ESS-GS Vancouver-139th LLC | 9/14/2016 | 806 | 25.0% | 1 | |||||
ESS-H Elmont Associates LLC | 8/16/2016 | 4,712 | 50.0% | 1 | |||||
ESS-GS Hillsboro-73rd LLC | 7/8/2016 | 376 | 25.0% | 1 | |||||
BH Storage Columbia LLC | 5/20/2016 | 1,034 | 20.0% | 1 | |||||
PR EXR Self-Storage, LLC | 4/8/2016 | 12,114 | 25.0% | 1 | |||||
ESS-H Baychester Investments LLC | 3/31/2016 | 4,794 | 44.4% | 1 | |||||
ESS-H Bloomfield Investment LLC | 12/30/2015 | 2,885 | 50.0% | 1 |
On November 1, 2013, the Company acquired its joint venture partner’s 49% interest inHSRE-ESP IA, LLC (“HSRE”), an existing joint venture, for $43,475 in cashthousands, except store and the assumption of a $96,516 loan. The result of this acquisition is that the Company owns a 99% interest in HSRE. The joint venture partner retained a 1% interest, valued at $870, which was recorded at fair value based on the fair value of the assets in the joint venture and is included in other noncontrolling interests on the Company’s consolidated balance sheets. HSRE owns 19 stores in various states. The stores are now consolidated as the Company owns the majority interest in the joint venture. Prior to the acquisition date, the Company accounted for its 50% interest in the joint venture as anequity-method investment. The acquisition date fair value of the previous equity interest was approximately $43,500, and is included as consideration transferred. The Company recognized anon-cash gain of $34,137 as a result ofre-measuring its prior equity interest in HSRE held before the acquisition.
On February 13, 2013, the Company acquired its joint venture partner’s 48% equity interest in Extra Space of Eastern Avenue LLC (“Eastern Avenue”), which owned one store located in Maryland, for approximately $5,979. Prior to the acquisition, the remaining 52% interest was owned by the Company, which accounted for its investment in Eastern Avenue using the equity method. The Company recorded anon-cash gain of $2,215 related to this transaction, which represents the increase in fair value of the Company’s interest in Eastern Avenue from its formation to the acquisition date.
On February 13, 2013, the Company acquired its joint venture partner’s 61% equity interest in Extra Space of Montrose Avenue LLC (“Montrose”), which owned one store located in Illinois, for approximately $6,878. Prior to the acquisition, the remaining 39% interest was owned by the Company, which accounted for its investment in Montrose using the equity method. The Company recorded anon-cash gain of $341 related to this transaction, which represents the increase in fair value of the Company’s interest in the joint venture from its formation to the acquisition date.
On December 20, 2012 two joint ventures in which the Company held 20% interests each sold their only self-storage stores. Both stores were located in Illinois. As a result of the sale, the joint ventures were dissolved, and the Company received cash proceeds which resulted in a gain of $1,409.
On November 30, 2012, the Company completed the acquisition of its joint venture partner’s 80% interest in SPB II, which owned 21 stores located in eleven states. Prior to the acquisition, the remaining 20% interest was owned by the Company, which accounted for its investment in SPB II using the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages tore-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $10,171 related to this transaction, which represents the increase in fair value of the Company’s 20% interest in SPB II from the time the Company purchased its interest in the joint venture to the acquisition date.
On July 2, 2012, the Company completed the acquisition of PREI®’s 94.9% interest in PRISA III, which was formed in 2005 and owned 36 stores located in 18 states. Prior to the acquisition, the remaining 5.1% interest was owned by the Company, which accounted for its investment in PRISA III using the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages tore-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $13,499 related to this transaction, which represents the increase in fair value of the Company’s 5.1% interest in PRISA III from the formation of the joint venture to the acquisition date.
On February 17, 2012, a joint venture in which the Company held a 40% equity interest sold its only store. The store was located in New York. As a result of the sale, the joint venture was dissolved, and the Company received cash proceeds which resulted in a gain of $5,550.
On January 15, 2012, the Company sold its 40% equity interest inU-Storage de Mexico S.A. and related entities to its joint venture partners for $4,841. The Company received cash of $1,492 and a note receivable of $3,349. No gain or loss was recorded on the sale. The note receivable was due December 15, 2014, and has been paid in full.
share data, unless otherwise stated
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Equity in earnings of ESW | $ | 1,571 | $ | 1,406 | $ | 1,263 | ||||||
Equity in earnings of ESW II | 102 | 50 | 26 | |||||||||
Equity in earnings of ESNPS | 513 | 461 | 382 | |||||||||
Equity in earnings of ESSM | 424 | 369 | 314 | |||||||||
Equity in earnings of Clarendon | 551 | 516 | 471 | |||||||||
Equity in earnings of HSRE-ESP IA, LLC (“HSRE”) | — | 1,428 | 1,298 | |||||||||
Equity in earnings of PRISA | 929 | 890 | 821 | |||||||||
Equity in earnings of PRISA II | 764 | 703 | 643 | |||||||||
Equity in earnings of VRS | 3,510 | 3,464 | 2,849 | |||||||||
Equity in earnings of WCOT | 498 | 448 | 370 | |||||||||
Equity in earnings of SP I | 1,541 | 1,243 | 1,103 | |||||||||
Equity in earnings of other minority owned properties | 138 | 675 | 1,319 | |||||||||
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$ | 10,541 | $ | 11,653 | $ | 10,859 | |||||||
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For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Equity in earnings of VRS | $ | 2,919 | $ | 4,041 | $ | 3,510 | |||||
Equity in earnings of PREXR | (172 | ) | — | — | |||||||
Equity in earnings of SP I | 2,380 | 1,951 | 1,541 | ||||||||
Equity in earnings of PRISA | 1,912 | 1,013 | 929 | ||||||||
Equity in earnings of ESW II | 174 | 145 | 102 | ||||||||
Equity in earnings of Clarendon | 620 | 581 | 551 | ||||||||
Equity in earnings of ESSM | 596 | 493 | 424 | ||||||||
Equity in earnings of WCOT | 614 | 569 | 498 | ||||||||
Equity in earnings of PRISA II | 1,016 | 793 | 764 | ||||||||
Equity in earnings of ESW | 2,269 | 1,875 | 1,571 | ||||||||
Equity in earnings of ESNPS | 823 | 633 | 513 | ||||||||
Equity in earnings of other minority owned properties | (256 | ) | 257 | 138 | |||||||
$ | 12,895 | $ | 12,351 | $ | 10,541 |
Loan Amount | Current Interest Rate | Debt Maturity | ||||||||
ESNPS—Fixed | $ | 34,500 | 5.27 | % | June 2015 | |||||
ESW—Fixed | 16,700 | 5.00 | % | September 2015 | ||||||
SP I—Fixed | 91,543 | 4.66 | % | April 2018 | ||||||
Clarendon—Swapped to fixed | 7,888 | 5.93 | % | September 2018 | ||||||
ESW II—Swapped to fixed | 18,924 | 3.57 | % | February 2019 | ||||||
VRS—Swapped to fixed | 52,100 | 3.34 | % | July 2019 | ||||||
WCOT—Swapped to fixed | 87,500 | 3.34 | % | August 2019 | ||||||
ESSM—Variable | 13,878 | 4.19 | % | May 2021 | ||||||
PRISA | — | — | Unleveraged | |||||||
PRISA II | — | — | Unleveraged | |||||||
Other minority owned properties | 10,296 | Various | Various |
Loan Amount | Current Interest Rate | Debt Maturity | ||||||
VRS - Swapped to fixed | $ | 52,100 | 3.19 | % | June 2020 | |||
PREXR | — | — | % | Unleveraged | ||||
SP I - Fixed | 86,285 | 4.66 | % | April 2018 | ||||
PRISA | — | — | % | Unleveraged | ||||
ESW II - Swapped to fixed | 18,072 | 3.57 | % | February 2019 | ||||
Clarendon - Swapped to fixed | 7,596 | 5.93 | % | September 2018 | ||||
ESSM - Variable | 13,374 | 2.52 | % | May 2021 | ||||
WCOT - Swapped to fixed | 87,500 | 3.34 | % | August 2019 | ||||
ESW - Variable | 17,150 | 2.02 | % | August 2020 | ||||
ESNPS - Variable | 35,500 | 2.12 | % | July 2025 | ||||
Other minority owned properties | 67,087 | Various | Various |
December 31, | ||||||||
2014 | 2013 | |||||||
Balance Sheets: | ||||||||
Assets: | ||||||||
Net real estate assets | $ | 1,442,755 | $ | 1,474,754 | ||||
Other | 34,636 | 33,642 | ||||||
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$ | 1,477,391 | $ | 1,508,396 | |||||
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Liabilities and members’ equity: | ||||||||
Notes payable | $ | 301,267 | $ | 304,121 | ||||
Other liabilities | 23,490 | 22,488 | ||||||
Members’ equity | 1,152,634 | 1,181,787 | ||||||
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$ | 1,477,391 | $ | 1,508,396 | |||||
�� |
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Statements of Income: Rents and other income Expenses Net income For the Year Ended December 31, 2014 2013 2012 (a) $ 273,231 $ 260,487 $ 266,222 153,973 149,595 164,285 $ 119,258 $ 110,892 $ 101,937
Variable Interests in Unconsolidated Real Estate Joint Ventures:
The Company has an interest in one unconsolidated joint venture with an unrelated third party which is a variable interest entity (“VIE”). The Company holds an 18% equity interest and a 50% profit interest in the VIE joint venture (“VIE JV”), and has 50% of the voting rights in the VIE JV. Qualification as a VIE was based on the determination that the equity investment at risk for the joint venture was not sufficient based on a qualitative and quantitative analysis performed by the Company. The Company performed a qualitative analysis for the joint venture to determine which party was the primary beneficiary of each VIE. The Company determined that since the powers to direct the activities most significant to the economic performance of the entity is shared equally by the Company and its joint venture partner, there is no primary beneficiary. Accordingly, the interest is recorded using the equity method.
The VIE JV owns
December 31, | |||||||
2016 | 2015 | ||||||
Balance Sheets: | |||||||
Assets: | |||||||
Net real estate assets | $ | 906,637 | $ | 1,389,974 | |||
Other | 34,116 | 33,703 | |||||
$ | 940,753 | $ | 1,423,677 | ||||
Liabilities and members' equity: | |||||||
Notes payable | $ | 296,607 | $ | 299,730 | |||
Other liabilities | 19,878 | 25,715 | |||||
Members' equity | 624,268 | 1,098,232 | |||||
$ | 940,753 | $ | 1,423,677 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Statements of Income: | |||||||||||
Rents and other income | $ | 269,858 | $ | 286,857 | $ | 273,231 | |||||
Expenses | (143,805 | ) | (155,851 | ) | (153,973 | ) | |||||
Gain on sale of real estate | — | 60,495 | — | ||||||||
Net income | $ | 126,053 | $ | 191,501 | $ | 119,258 |
The Company’s maximum exposure to loss for this joint venture as of December 31, 2014, is the total of the amounts payable to the Company and the Company’s investment balances in the joint venture. The Company believes that the risk of incurring a material loss as a result of having to perform on the loan guarantee is unlikely and, therefore, no liability has been recorded related to this guarantee. Also, repossessing and/or selling the store and land that collateralize the amounts payable to the Company could provide funds sufficient to reimburse the Company.
The following table compares the liability balance and the maximum exposure to loss related to the Company’s VIE JV as of December 31, 2014:
Liability Balance | Investment Balance | Amounts Payable to the Company | Maximum Exposure to Loss | Difference | ||||||||||||||||
Extra Space of Sacramento One LLC | $ | — | $ | (1,264 | ) | $ | 10,590 | $ | 9,326 | $ | (9,326 | ) | ||||||||
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$60,495.
The components of other assets are summarized as follows:
December 31, 2014 | December 31, 2013 | |||||||
Equipment and fixtures | $ | 24,913 | $ | 21,774 | ||||
Less: accumulated depreciation | (15,183 | ) | (12,805 | ) | ||||
Other intangible assets | 7,130 | 6,460 | ||||||
Deferred financing costs, net | 21,483 | 21,881 | ||||||
Prepaid expenses and deposits | 8,891 | 8,355 | ||||||
Receivables, net | 31,946 | 26,278 | ||||||
Notes receivable | 9,661 | 5,747 | ||||||
Investments in Trusts | 3,590 | 3,590 | ||||||
Income taxes receivable | — | 1,845 | ||||||
Fair value of interest rate swaps | 3,583 | 13,630 | ||||||
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$ | 96,014 | $ | 96,755 | |||||
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In September 2014, the Company established a credit facility with an existing partner. Under the credit facility, the Company has agreed to fund a series of loans to a variety of the partner’s subsidiaries, with a total not exceeding $100,000. The loans will be secured by mortgages of stores that are subject to approval by the Company. The loans are expected to close over the next three years, will bear interest at Libor plus 2.55%, and have terms of five years each. The closing of each loan is intended to be accompanied by a simultaneous put/call option agreement, under which the partner’s subsidiaries can require the Company to buy the store, and whereby the Company can require the partner’s subsidiaries to sell the stores. No amounts have been drawn on this credit facility as of December 31, 2014.
2016 or 2015.
December 31, 2014 | December 31, 2013 | |||||||
Fixed Rate | ||||||||
Mortgage loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 2.8% and 6.7%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between May 2015 and February 2023. | $ | 1,164,303 | $ | 1,249,295 | ||||
Variable Rate | ||||||||
Mortgage loans with banks bearing floating interest rates based on LIBOR. Interest rates based on LIBOR are between LIBOR plus 1.65% (1.82% at December 31, 2014 and 1.97% December 31, 2013) and LIBOR plus 2.0% (2.17% at December 31, 2014 and 2.26% December 31, 2013). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between May 2015 and March 2021. | 707,764 | 339,301 | ||||||
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$ | 1,872,067 | $ | 1,588,596 | |||||
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Notes Payable | December 31, 2016 | December 31, 2015 | Fixed Rate | Variable Rate | Basis Rate | Maturity Dates | |||||||||
Secured fixed rate notes payable (1) | $ | 2,297,968 | $ | 1,613,490 | 2.8 - 6.1% | March 2017 - September 2026 | |||||||||
Secured variable rate notes payable (1) | 642,970 | 1,094,985 | 2.4 - 2.8% | Libor plus 1.6 - 2.0% | January 2017 - October 2023 | ||||||||||
Unsecured fixed rate notes payable | — | 73,825 | 3.1% | March 2020 | |||||||||||
Unsecured variable rate notes payable | 300,000 | — | 2.1% | Libor plus 1.4% | October 2021 - October 2023 | ||||||||||
Total | 3,240,938 | 2,782,300 | |||||||||||||
Plus: Premium on notes payable | — | 872 | |||||||||||||
Less: unamortized debt issuance costs | (27,350 | ) | (24,605 | ) | |||||||||||
Total | $ | 3,213,588 | $ | 2,758,567 | |||||||||||
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. |
2015 | $ | 251,466 | ||
2016 | 185,732 | |||
2017 | 475,910 | |||
2018 | 127,078 | |||
2019 | 447,012 | |||
Thereafter | 384,869 | |||
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$ | 1,872,067 | |||
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Certain mortgage and construction loans with variable interest rates are subject to interest rate floors starting at 1.90%. 2016:
2017 | $ | 311,075 | |
2018 | 356,018 | ||
2019 | 514,121 | ||
2020 | 831,289 | ||
2021 | 664,064 | ||
Thereafter | 564,371 | ||
$ | 3,240,938 |
2016.
As of December 31, 2016 | |||||||||||||||
Revolving Lines of Credit | Amount Drawn | Capacity | Interest Rate | Origination Date | Maturity | Basis Rate (1) | |||||||||
Credit Line 1 (2) | $ | 3,000 | $ | 100,000 | 2.4% | 6/4/2010 | 6/30/2018 | LIBOR plus 1.7% | |||||||
Credit Line 2 (3)(4) | 362,000 | 500,000 | 2.2% | 10/14/2016 | 10/14/2020 | LIBOR plus 1.4% | |||||||||
$ | 365,000 | $ | 600,000 | ||||||||||||
(1) 30-day USD LIBOR | |||||||||||||||
(2) Secured by mortgages on certain real estate assets. One two-year extension available. | |||||||||||||||
(3) Unsecured. Two six-month extensions available. | |||||||||||||||
(4) Basis Rate as of December 31, 2016. Rate is subject to change based on our consolidated leverage ratio. |
Hedge Product | Range of Notional Amounts | Strike | Effective Dates | Maturity Dates | ||||
Swap Agreements |
Asset (Liability) Derivatives | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Derivatives designated as hedging instruments: | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Swap Agreements | Other assets | $ | 3,583 | Other assets | $ | 13,630 | ||||||
Swap Agreements | Other liabilities | $ | (3,533 | ) | Other liabilities | $ | (3,684 | ) |
Asset (Liability) Derivatives | |||||||
December 31, 2016 | December 31, 2015 | ||||||
Derivatives designated as hedging instruments: | Fair Value | ||||||
Other assets | $ | 23,844 | $ | 4,996 | |||
Other liabilities | $ | (2,447 | ) | $ | (6,991 | ) |
Type | Classification of Income (Expense) | For the Year Ended December 31, 2014 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Swap Agreements | Interest expense | $ | (8,780 | ) | $ | (8,917 | ) | $ | (6,758 | ) | ||||||
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Gain (loss) recognized in OCI | Location of amounts reclassified from OCI into income | Gain (loss) reclassified from OCI | ||||||||||
Type | December 31, 2014 | For the Year Ended December 31, 2014 | ||||||||||
Swap Agreements | $ | (18,557 | ) | Interest expense | $ | (8,780 | ) | |||||
|
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|
|
Gain (loss) recognized in OCI | Location of amounts reclassified from OCI into income | Gain (loss) reclassified from OCI | ||||||||||
Type | December 31, 2013 | For the Year Ended December 31, 2013 | ||||||||||
Swap Agreements | $ | 13,718 | Interest expense | $ | (8,917 | ) | ||||||
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Gain (loss) recognized in OCI For the Year Ended December 31, | Location of amounts reclassified from OCI into income | Gain (loss) reclassified from OCI For the Year Ended December 31, | ||||||||||||||||||||
Type | 2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||||
Swap Agreements | $ | 6,388 | $ | (17,669 | ) | Interest expense | $ | (18,800 | ) | $ | (12,487 | ) | $ | (8,780 | ) |
$2,836.
Company’s investments in the Trusts’ common securities. The net amount is the notes payable that the Trusts owe to third parties for their investments in the Trusts’ preferred securities.
Notes payable to Trusts | Investment Balance | Maximum exposure to loss | Difference | |||||||||||||
Trust | $ | 36,083 | $ | 1,083 | $ | 35,000 | $ | — | ||||||||
Trust II | 42,269 | 1,269 | 41,000 | — | ||||||||||||
Trust III | 41,238 | 1,238 | 40,000 | — | ||||||||||||
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| |||||||||
$ | 119,590 | $ | 3,590 | $ | 116,000 | $ | — | |||||||||
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|
2016:
Notes payable to Trusts | Investment Balance | Maximum exposure to loss | Difference | ||||||||||||
Trust | $ | 36,083 | $ | 1,083 | $ | 35,000 | $ | — | |||||||
Trust II | 42,269 | 1,269 | 41,000 | — | |||||||||||
Trust III | 41,238 | 1,238 | 40,000 | — | |||||||||||
119,590 | 3,590 | 116,000 | — | ||||||||||||
Unamortized debt issuance costs | (2,269 | ) | |||||||||||||
$ | 117,321 | $ | 3,590 | $ | 116,000 | $ | — |
and the 2015 Notes can be exchanged during any calendar quarter, if the last reported sale price of the common stock of the Company is greater than or equal to 130% of the exchange price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. The price of the Company’s common stock exceeded 130% of the exchange price for the required time period for the 2013 Notes during the quarter ended December 31, 2016. Therefore, holders of the 2013 Notes may elect to exchange such notes during the quarter ending March 31, 2017. The price of the Company’s common stock did not exceed 130% of the exchange price for the required time period for the 2015 Notes during the quarter ended December 31, 2016.
2013 Notes.
, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance.
December 31, 2014 | December 31, 2013 | |||||||
Carrying amount of equity component | $ | 14,496 | $ | 14,496 | ||||
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| |||||
Principal amount of liability component | $ | 250,000 | $ | 250,000 | ||||
Unamortized discount—equity component | (10,448 | ) | (13,131 | ) | ||||
Unamortized cash discount | (2,606 | ) | (3,356 | ) | ||||
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| |||||
Net carrying amount of liability component | $ | 236,946 | $ | 233,513 | ||||
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On March 27, 2007, the Company’s Operating Partnership issued $250,000 of 3.625% Exchangeable Senior Notes due 2027. The Notes due 2027 bore interest at 3.625% per annum and contained an exchange settlement feature, which provided that under certain circumstances, the Notes due 2027 could have been exchanged for cash (up to the principal amount) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock at the option of the Operating Partnership. The Company accounted for the liability and equity components of the Notes due 2027 separately as required under GAAP. The effective interest rate on the liability component of the Notes due 2027 was 5.75%.
On March 1, 2012, the Company announced that the holders of the Operating Partnership’sthen-outstanding $87,663 principal amount of the Notes due 2027 had the right to surrender their notes for repurchase by the Operating Partnership on April 1, 2012 for 100% of the principal amount, pursuant to the holders’ rights under the indenture governing the Notes due 2027.
As of April 3, 2012, the Company received notice that the holders of the entire $87,663 principal amount of the Notes due 2027 had surrendered their notes for exchange. On April 26, 2012, the Company settled the exchange by paying cash for the principal amount, as required by the indenture, and issuing 684,685 shares of common stock for the value in excess of the principal amount. The issuance of shares was reflected as an increase inpaid-in-capital with a corresponding decrease inpaid-in-capital attributable to the reacquisition of the equity component of the convertible debt.
December 31, 2016 | December 31, 2015 | ||||||
Carrying amount of equity component - 2013 Notes | $ | — | $ | — | |||
Carrying amount of equity component - 2015 Notes | 22,597 | 22,597 | |||||
Carrying amount of equity components | $ | 22,597 | $ | 22,597 | |||
Principal amount of liability component - 2013 Notes | $ | 63,170 | $ | 85,364 | |||
Principal amount of liability component - 2015 Notes | 575,000 | 575,000 | |||||
Unamortized discount - equity component - 2013 Notes | (1,187 | ) | (2,605 | ) | |||
Unamortized discount - equity component - 2015 Notes | (17,355 | ) | (21,565 | ) | |||
Unamortized cash discount - 2013 Notes | (281 | ) | (633 | ) | |||
Unamortized debt issuance costs | (9,033 | ) | (11,698 | ) | |||
Net carrying amount of liability components | $ | 610,314 | $ | 623,863 |
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Contractual interest | $ | 5,936 | $ | 3,134 | $ | 790 | ||||||
Amortization of discount | 2,683 | 1,404 | 444 | |||||||||
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| |||||||
Total interest expense recognized | $ | 8,619 | $ | 4,538 | $ | 1,234 | ||||||
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Allindicated:
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Contractual interest | $ | 19,483 | $ | 9,939 | $ | 5,936 | |||||
Amortization of discount | 4,980 | 3,310 | 2,683 | ||||||||
Total interest expense recognized | $ | 24,463 | $ | 13,249 | $ | 8,619 |
As of December 31, 2014 | ||||||||||||||||||
Line of Credit | Amount Drawn (1) | Capacity (1) | Interest Rate | Origination Date | Maturity | Basis Rate (2) | Notes | |||||||||||
Credit Line 1 | $ | 7,000 | $ | 85,000 | 2.1% | 6/4/2010 | 6/3/2016 | LIBOR plus 1.9% | (3) | |||||||||
Credit Line 2 | 41,000 | 50,000 | 1.9% | 11/16/2010 | 2/13/2017 | LIBOR plus 1.8% | (4) | |||||||||||
Credit Line 3 | 50,000 | 80,000 | 1.9% | 4/29/2011 | 11/18/2016 | LIBOR plus 1.7% | (4) | |||||||||||
Credit Line 4 | 40,000 | 50,000 | 1.8% | 9/29/2014 | 9/29/2017 | LIBOR plus 1.7% | (4) | |||||||||||
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| |||||||||||||||
$ | 138,000 | $ | 265,000 | |||||||||||||||
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|
principal amount, and issued a total of 130,909 shares of common stock valued at $11,380 for the exchange value in excess of the principal amount.
February 2016 | April 2016 | September 2015 | |||||||||
Principal amount repurchased | $ | 19,639 | $ | 2,555 | $ | 164,636 | |||||
Amount allocated to: | |||||||||||
Extinguishment of liability component | $ | 18,887 | $ | 2,476 | $ | 157,100 | |||||
Reacquisition of equity component | 12,132 | 1,766 | 70,112 | ||||||||
Total consideration paid for repurchase | $ | 31,019 | $ | 4,242 | $ | 227,212 | |||||
Exchangeable senior notes repurchased | $ | 19,639 | $ | 2,555 | $ | 164,636 | |||||
Extinguishment of liability component | (18,887 | ) | (2,476 | ) | (157,100 | ) | |||||
Discount on exchangeable senior notes | (716 | ) | (72 | ) | (6,931 | ) | |||||
Related debt issuance costs | (36 | ) | (7 | ) | (605 | ) | |||||
Gain/(loss) on repurchase | $ | — | $ | — | $ | — |
December 31, 2014 | December 31, 2013 | |||||||
Deferred rental income | $ | 28,485 | $ | 24,037 | ||||
Lease obligation liability | 713 | 2,076 | ||||||
Fair value of interest rate swaps | 3,533 | 3,684 | ||||||
Income taxes payable | 672 | 671 | ||||||
Deferred tax liability | 5,367 | 3,481 | ||||||
Earnout provisions on acquisitions | 8,033 | 133 | ||||||
Unpaid claims liability | 1,832 | 1,236 | ||||||
Other miscellaneous liabilities | 6,084 | 2,679 | ||||||
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| |||||
$ | 54,719 | $ | 37,997 | |||||
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|
December 31, 2016 | December 31, 2015 | ||||||
Deferred rental income | $ | 43,923 | $ | 35,904 | |||
Fair value of interest rate swaps | 2,447 | 6,991 | |||||
Income taxes payable | 1,695 | 2,223 | |||||
Deferred tax liability | 9,838 | 10,728 | |||||
Earnout provisions on acquisitions | 5,184 | 5,510 | |||||
Unpaid claims liability | 10,134 | 11,313 | |||||
Other miscellaneous liabilities | 14,448 | 7,820 | |||||
$ | 87,669 | $ | 80,489 |
Included in other miscellaneous liabilities is unpaidare claims related to the Company’s tenant reinsurance program. For the years ended December 31, 2014, 20132016, 2015 and 2012,2014, the number of claims made were 2,942, 2,3164,055, 3,959 and 2,060,2,942, respectively. The following table presents information on the portion of the Company’s unpaid claims liability that relates to tenant insurance for the periods presented:
For the Year Ended December 31, | ||||||||||||
Tenant Reinsurance Claims: | 2014 | 2013 | 2012 | |||||||||
Unpaid claims liability at beginning of year | $ | 1,236 | $ | 1,414 | $ | 715 | ||||||
Claims and claim adjustment expense for claims incurred in the current year | 5,126 | 3,817 | 3,417 | |||||||||
Claims and claim adjustment expense for claims incurred in the prior years | (345 | ) | (116 | ) | 22 | |||||||
Payments for current year claims | (3,367 | ) | (2,627 | ) | (2,028 | ) | ||||||
Payments for prior year claims | (818 | ) | (1,252 | ) | (712 | ) | ||||||
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| |||||||
Unpaid claims liability at the end of the year | $ | 1,832 | $ | 1,236 | $ | 1,414 | ||||||
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indicated:
For the Year Ended December 31, | |||||||||||
Tenant Reinsurance Claims: | 2016 | 2015 | 2014 | ||||||||
Unpaid claims liability at beginning of year | $ | 3,908 | $ | 3,121 | $ | 2,112 | |||||
Claims and claim adjustment expense for claims incurred in the current year | 7,250 | 6,421 | 5,126 | ||||||||
Claims and claim adjustment expense (benefit) for claims incurred in the prior years | 87 | — | (345 | ) | |||||||
Payments for current year claims | (5,423 | ) | (4,283 | ) | (2,954 | ) | |||||
Payments for prior year claims | (1,926 | ) | (1,351 | ) | (818 | ) | |||||
Unpaid claims liability at the end of the year | $ | 3,896 | $ | 3,908 | $ | 3,121 |
For the Year Ended December 31, | ||||||||||||||
Entity | Type | 2014 | 2013 | 2012 | ||||||||||
ESW | Affiliated real estate joint ventures | $ | 480 | $ | 450 | $ | 430 | |||||||
ESW II | Affiliated real estate joint ventures | 410 | 382 | 354 | ||||||||||
ESNPS | Affiliated real estate joint ventures | 550 | 528 | 498 | ||||||||||
ESSM | Affiliated real estate joint ventures | 132 | 117 | 107 | ||||||||||
HSRE | Affiliated real estate joint ventures | 1,201 | 1,146 | 1,094 | ||||||||||
PRISA | Affiliated real estate joint ventures | 5,466 | 5,215 | 5,174 | ||||||||||
PRISA II | Affiliated real estate joint ventures | 4,635 | 4,397 | 4,138 | ||||||||||
VRS | Affiliated real estate joint ventures | 1,326 | 1,286 | 1,207 | ||||||||||
WCOT | Affiliated real estate joint ventures | 1,680 | 1,601 | 1,520 | ||||||||||
SP I | Affiliated real estate joint ventures | 1,999 | 1,953 | 1,885 | ||||||||||
Other | Franchisees, third parties and other | 10,336 | 9,539 | 9,299 | ||||||||||
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| |||||||||
$ | 28,215 | $ | 26,614 | $ | 25,706 | |||||||||
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For the Year Ended December 31, | ||||||||||||||
Entity | Type | 2016 | 2015 | 2014 | ||||||||||
VRS | Affiliated real estate joint ventures | $ | 1,053 | $ | 1,398 | $ | 1,326 | |||||||
PREXR | Affiliated real estate joint ventures | 20 | — | — | ||||||||||
SP I | Affiliated real estate joint ventures | 2,160 | 2,075 | 1,999 | ||||||||||
PRISA | Affiliated real estate joint ventures | 6,117 | 5,809 | 5,466 | ||||||||||
ESW II | Affiliated real estate joint ventures | 482 | 452 | 410 | ||||||||||
ESSM | Affiliated real estate joint ventures | 162 | 152 | 132 | ||||||||||
WCOT | Affiliated real estate joint ventures | 1,819 | 1,799 | 1,680 | ||||||||||
PRISA II | Affiliated real estate joint ventures | 3,469 | 4,703 | 4,635 | ||||||||||
ESW | Affiliated real estate joint ventures | 555 | 515 | 480 | ||||||||||
ESNPS | Affiliated real estate joint ventures | 620 | 584 | 550 | ||||||||||
HSRE-ESP IA, LLC ("HSRE") | Affiliated real estate joint ventures | — | — | 1,201 | ||||||||||
Other | Franchisees, third parties and other | 23,385 | 16,674 | 10,336 | ||||||||||
$ | 39,842 | $ | 34,161 | $ | 28,215 |
December 31, 2014 | December 31, 2013 | |||||||
Mortgage notes receivable | $ | 10,590 | $ | 5,818 | ||||
Other receivables from stores | 1,188 | 1,724 | ||||||
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| |||||
$ | 11,778 | $ | 7,542 | |||||
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|
December 31, 2016 | December 31, 2015 | |||||||
Mortgage notes receivable | $ | 15,860 | $ | — | ||||
Other receivables from stores | 751 | 2,205 | ||||||
$ | 16,611 | $ | 2,205 |
Centershift, a related party service provider, was partially owned by one of the Company’s board members, whose interest was sold in February 2014. Effective January 1, 2004, the Company entered into a license agreement with Centershift which secured a perpetual right for continued use of STORE (the site management software used at all sites operated by the Company) in all aspects of the Company’s property acquisition, development, redevelopment and operational activities. On October 1, 2013, the Company bought out the remainder of its three year contract with Centershift for $1,500, which was included in general and administrative expense for the year ended December 31, 2013. In addition, during the year ended December 31, 2013, the Company purchased a copy of the STORE source code and some equipment from Centershift for $2,600. Subsequent to these purchases, the Company no longer has any contractual liability to Centershift. During the years ended December 31, 2014, 2013 and 2012, the Company paid Centershift $0, $1,095 and $1,235, respectively, relating to the purchase of software and license agreements.
2016, or 2015.
terms of the agreement, the Company pays a defined hourly rate for use of the aircraft. During the years ended December 31, 2014, 20132016, 2015 and 2012,2014, the Company paid SpenAero $1,059, $803$1,180, $1,163 and $649,$1,059, respectively. The services that the Company receives from SpenAero are similar in nature and comparable in price to those that are provided to other outside third parties.
On November 9, 2012, the Company issued and sold 5,980,000 shares of its common stock in a public offering at a price to the underwriter of $33.98 per share. The Company received gross proceeds of $203,200. Transaction costs were $300, resulting in net proceeds of $202,900.
On April 16, 2012, the Company issued and sold 8,050,000 shares of its common stock in a public offering at a price to the underwriter of $28.22 per share. The Company received gross proceeds of $227,171. Transaction costs were $483, resulting in net proceeds of $226,688.
$416,611.
The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.
Under the Partnership Agreement, Series A Units in the amount of $115,000 bear a fixed priority return of 5.0% and have a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the common OP Units. The Series A Units became redeemable at the option of the holder on September 1, 2008, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock.
Units.
In addition, the D-3 Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance. The D-1 Units and D-4 Units are not exchangeable for common OP Units.
that all of the unitOP Unit holders exercised their right to redeem all of their OP Units on December 31, 20142016 and the Company elected to pay thenon-controlling members OP Unit holders cash, the Company would have paid $258,722$419,874 in cash consideration to redeem the units.
In
In October 2014, 6,859787,850 OP unitsUnits, and 18,859 OP Units, respectively, were redeemed in exchange for the Company’s common stock. In December 2014, 12,000 OP units were redeemed in exchange for the Company’s common stock.
In October 2013, 12,500
issued with a total value of $1,200.
In December 2012, 304,817$205.
Arizona and Texas. As part of the consideration for this acquisition, 1,504,277 OP Units were issued with a total value of $101,749.
In November 2013,
In May 2013,Company.
In February 2013, the Company purchased oneCompany.
The Company has the following plans under which
Option grants are issued with an exercise price equal to the closing price of stock on the date of grant. Unless otherwise determined by the Compensation, Nominating and Governance Committee (“CNG Committee”) at the time of grant, options shall vest ratably over afour-year period beginning on the date of grant. Each option willwi
As of December 31, 2014, 2,270,790 shares were available for issuance under the Plans.
Options | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value as of December 31, 2014 | ||||||||||||
Outstanding at December 31, 2011 | 1,798,861 | $ | 13.25 | |||||||||||||
Granted | 67,084 | 27.18 | ||||||||||||||
Exercised | (768,853 | ) | 13.55 | |||||||||||||
Forfeited | — | — | ||||||||||||||
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| |||||||||||||
Outstanding at December 31, 2012 | 1,097,092 | $ | 13.89 | |||||||||||||
Granted | 49,075 | 38.40 | ||||||||||||||
Exercised | (391,543 | ) | 14.81 | |||||||||||||
Forfeited | — | — | ||||||||||||||
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| |||||||||||||
Outstanding at December 31, 2013 | 754,624 | $ | 15.01 | |||||||||||||
Granted | 31,000 | 47.50 | ||||||||||||||
Exercised | (211,747 | ) | 14.85 | |||||||||||||
Forfeited | (5,150 | ) | 28.28 | |||||||||||||
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| |||||||||||||
Outstanding at December 31, 2014 | 568,727 | $ | 16.62 | 4.77 | $ | 23,898 | ||||||||||
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| |||||||||||||
Vested and Expected to Vest | 563,432 | $ | 16.40 | 4.73 | $ | 23,798 | ||||||||||
Ending Exercisable | 457,131 | $ | 12.26 | 4.03 | $ | 21,204 |
Options | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value as of December 31, 2016 | ||||||||
Outstanding at December 31, 2013 | 754,624 | $ | 15.01 | |||||||||
Granted | 31,000 | 47.50 | ||||||||||
Exercised | (211,747 | ) | 14.85 | |||||||||
Forfeited | (5,150 | ) | 28.28 | |||||||||
Outstanding at December 31, 2014 | 568,727 | $ | 16.62 | |||||||||
Granted | 89,575 | 69.93 | ||||||||||
Exercised | (79,974 | ) | 18.79 | |||||||||
Forfeited | (5,699 | ) | 39.83 | |||||||||
Outstanding at December 31, 2015 | 572,629 | $ | 24.42 | |||||||||
Granted | 35,800 | 85.99 | ||||||||||
Exercised | (97,855 | ) | 14.75 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2016 | 510,574 | $ | 30.60 | 4.78 | $ | 24,129 | ||||||
Vested and Expected to Vest | 494,881 | $ | 29.20 | 4.65 | $ | 24,038 | ||||||
Ending Exercisable | 384,810 | $ | 17.82 | 3.62 | $ | 22,865 |
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Expected volatility | 40 | % | 42 | % | 44 | % | ||||||
Dividend yield | 4 | % | 4 | % | 5 | % | ||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 0.9 | % | ||||||
Average expected term (years) | 5 | 5 | 5 |
For the Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Expected volatility | 37.0 | % | 38.0 | % | 40.0 | % | ||
Dividend yield | 3.6 | % | 3.6 | % | 3.8 | % | ||
Risk-free interest rate | 1.3 | % | 1.5 | % | 1.5 | % | ||
Average expected term (years) | 5 | 5 | 5 |
Options Outstanding | Options Exercisable | |||||||||||||||||||
Exercise Price | Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||
$6.22—$6.22 | 174,765 | 4.13 | $ | 6.22 | 174,765 | $ | 6.22 | |||||||||||||
$11.59—$12.85 | 113,910 | 4.96 | 12.07 | 113,910 | 12.07 | |||||||||||||||
$13.04—$16.83 | 118,750 | 2.22 | 15.24 | 118,750 | 15.24 | |||||||||||||||
$19.60—$38.40 | 132,552 | 6.83 | 28.78 | 48,956 | 26.47 | |||||||||||||||
$47.50—$47.50 | 28,750 | 8.90 | 47.50 | 750 | 47.50 | |||||||||||||||
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$6.22—$47.50 | 568,727 | 4.77 | $ | 16.62 | 457,131 | $ | 12.26 | |||||||||||||
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Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price | Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||
$6.22 - $6.22 | 157,750 | 2.13 | $ | 6.22 | 157,750 | $ | 6.22 | |||||||||
$11.59 - $11.59 | 28,080 | 3.13 | 11.59 | 28,080 | 11.59 | |||||||||||
$12.21 - $12.21 | 77,400 | 3.18 | 12.21 | 77,400 | 12.21 | |||||||||||
$19.6 - $28.11 | 59,660 | 4.78 | 24.23 | 59,660 | 24.23 | |||||||||||
$28.79 - $38.4 | 37,659 | 6.05 | 37.44 | 27,197 | 37.08 | |||||||||||
$47.5 - $47.5 | 24,650 | 7.14 | 47.50 | 12,328 | 47.50 | |||||||||||
$65.36 - $65.36 | 20,395 | 8.15 | 65.36 | 5,100 | 65.36 | |||||||||||
$65.45 - $65.45 | 19,180 | 8.14 | 65.45 | 4,795 | 65.45 | |||||||||||
$73.52 - $73.52 | 50,000 | 8.59 | 73.52 | 12,500 | 73.52 | |||||||||||
$85.99 - $85.99 | 35,800 | 9.15 | 85.99 | — | — | |||||||||||
$6.22 - $85.99 | 510,574 | 4.78 | $ | 30.60 | 384,810 | $ | 17.82 |
Restricted Stock Grants | Shares | Weighted-Average Grant-Date Fair Value | ||||||
Unreleased at December 31, 2011 | 662,766 | $ | 12.81 | |||||
Granted | 182,052 | 28.39 | ||||||
Released | (287,754 | ) | 12.98 | |||||
Cancelled | (16,792 | ) | 14.03 | |||||
|
|
|
| |||||
Unreleased at December 31, 2012 | 540,272 | $ | 17.93 | |||||
Granted | 137,602 | 39.51 | ||||||
Released | (259,191 | ) | 15.11 | |||||
Cancelled | (23,323 | ) | 23.62 | |||||
|
|
|
| |||||
Unreleased at December 31, 2013 | 395,360 | $ | 26.96 | |||||
Granted | 117,370 | 49.25 | ||||||
Released | (197,386 | ) | 23.07 | |||||
Cancelled | (23,595 | ) | 37.19 | |||||
|
|
|
| |||||
Unreleased at December 31, 2014 | 291,749 | $ | 37.73 | |||||
|
|
|
|
Restricted Stock Grants | Shares | Weighted-Average Grant-Date Fair Value | ||||
Unreleased at December 31, 2013 | 395,360 | $ | 26.96 | |||
Granted | 117,370 | 49.25 | ||||
Released | (197,386 | ) | 23.07 | |||
Cancelled | (23,595 | ) | 37.19 | |||
Unreleased at December 31, 2014 | 291,749 | $ | 37.73 | |||
Granted | 174,558 | 69.18 | ||||
Released | (129,808 | ) | 34.86 | |||
Cancelled | (18,090 | ) | 44.54 | |||
Unreleased at December 31, 2015 | 318,409 | $ | 55.75 | |||
Granted | 119,931 | 87.61 | ||||
Released | (128,808 | ) | 50.05 | |||
Cancelled | (9,947 | ) | 67.36 | |||
Unreleased at December 31, 2016 | 299,585 | $ | 70.57 |
For the Year Ended December 31, 2014 | ||||||||||||
Federal | State | Total | ||||||||||
Current expense | $ | 6,020 | $ | 1,374 | $ | 7,394 | ||||||
Tax credits | (2,176 | ) | — | (2,176 | ) | |||||||
Change in deferred benefit | 803 | 1,549 | 2,352 | |||||||||
|
|
|
|
|
| |||||||
Total tax expense | $ | 4,647 | $ | 2,923 | $ | 7,570 | ||||||
|
|
|
|
|
|
Current expense Tax credits Change in deferred benefit Total tax expense For the Year Ended December 31, 2013 Federal State Total $ 9,572 $ 615 $ 10,187 (4,556 ) — (4,556 ) 4,353 — 4,353 $ 9,369 $ 615 $ 9,984
For the Year Ended December 31, 2012 | ||||||||||||
Federal | State | Total | ||||||||||
Current expense | $ | 8,240 | $ | 612 | $ | 8,852 | ||||||
Tax credits | (5,528 | ) | — | (5,528 | ) | |||||||
Change in deferred benefit | 2,089 | — | 2,089 | |||||||||
|
|
|
|
|
| |||||||
Total tax expense | $ | 4,801 | $ | 612 | $ | 5,413 | ||||||
|
|
|
|
|
|
For the Year Ended December 31, 2016 | |||||||||||
Federal | State | Total | |||||||||
Current expense | $ | 14,627 | $ | 2,368 | $ | 16,995 | |||||
Tax credits/true-up | (312 | ) | — | (312 | ) | ||||||
Change in deferred benefit | (369 | ) | (467 | ) | (836 | ) | |||||
Total tax expense | $ | 13,946 | $ | 1,901 | $ | 15,847 |
For the Year Ended December 31, 2015 | |||||||||||
Federal | State | Total | |||||||||
Current expense | $ | 3,736 | $ | 1,640 | $ | 5,376 | |||||
Tax credits/true-up | 274 | — | 274 | ||||||||
Change in deferred benefit | 7,016 | (1,518 | ) | 5,498 | |||||||
Total tax expense | $ | 11,026 | $ | 122 | $ | 11,148 |
For the Year Ended December 31, 2014 | |||||||||||
Federal | State | Total | |||||||||
Current expense | $ | 6,020 | $ | 1,374 | $ | 7,394 | |||||
Tax credits/true-up | (2,176 | ) | — | (2,176 | ) | ||||||
Change in deferred benefit | 803 | 1,549 | 2,352 | ||||||||
Total tax expense | $ | 4,647 | $ | 2,923 | $ | 7,570 |
For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Expected tax at statutory rate | $ | 71,215 | 35.0 | % | $ | 67,012 | 35.0 | % | ||||||||
Non-taxable REIT income | (64,402 | ) | (31.7 | %) | (53,519 | ) | (27.9 | %) | ||||||||
State and local tax expense—net of federal benefit | 1,109 | 0.6 | % | 615 | 0.3 | % | ||||||||||
Change in valuation allowance | 1,663 | 0.8 | % | 435 | 0.2 | % | ||||||||||
Tax Credits (WOTC & Solar) | (2,176 | ) | (1.1 | %) | (4,562 | ) | (2.4 | %) | ||||||||
Miscellaneous | 161 | 0.1 | % | 3 | 0.0 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total provision | $ | 7,570 | 3.7 | % | $ | 9,984 | 5.2 | % | ||||||||
|
|
|
|
|
|
|
|
For the Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Expected tax at statutory rate | $ | 144,708 | 35.0 | % | $ | 77,151 | 35.0 | % | $ | 71,215 | 35.0 | % | ||||||||
Non-taxable REIT income | (131,112 | ) | (31.7 | )% | (67,084 | ) | (30.4 | )% | (64,402 | ) | (31.7 | )% | ||||||||
State and local tax expense - net of federal benefit | 2,399 | 0.6 | % | 1,249 | 0.6 | % | 1,109 | 0.6 | % | |||||||||||
Change in valuation allowance | (845 | ) | (0.2 | )% | (624 | ) | (0.3 | )% | 1,663 | 0.8 | % | |||||||||
Tax credits/true-up | (312 | ) | (0.1 | )% | 274 | 0.1 | % | (2,176 | ) | (1.1 | )% | |||||||||
Miscellaneous | 1,009 | 0.2 | % | 182 | 0.1 | % | 161 | 0.1 | % | |||||||||||
Total provision | $ | 15,847 | 3.8 | % | $ | 11,148 | 5.1 | % | $ | 7,570 | 3.7 | % |
December 31, 2014 | December 31, 2013 | |||||||
Deferred Tax Liabilities: | ||||||||
Fixed Assets | $ | (16,586 | ) | $ | (14,557 | ) | ||
Other | (269 | ) | (663 | ) | ||||
State Deferred Taxes | (1,576 | ) | — | |||||
|
|
|
| |||||
Total Deferred Tax Liabilities | (18,431 | ) | (15,220 | ) | ||||
|
|
|
| |||||
Deferred Tax Assets: | ||||||||
Capitive Insurance Subsidiary | 447 | 400 | ||||||
Accrued liabilities | 1,232 | 1,043 | ||||||
Stock compensation | 1,176 | 1,394 | ||||||
Solar Credit | 9,342 | 8,480 | ||||||
Other | 840 | 422 | ||||||
State Deferred Taxes | 6,260 | 4,570 | ||||||
|
|
|
| |||||
Total Deferred Tax Assets | 19,297 | 16,309 | ||||||
|
|
|
| |||||
Valuation Allowance | (6,233 | ) | (4,570 | ) | ||||
|
|
|
| |||||
Net deferred income tax liability | $ | (5,367 | ) | $ | (3,481 | ) | ||
|
|
|
|
December 31, 2016 | December 31, 2015 | ||||||
Deferred tax liabilities: | |||||||
Fixed assets | $ | (16,488 | ) | $ | (17,360 | ) | |
Other | (201 | ) | (221 | ) | |||
State deferred taxes | (1,242 | ) | (1,523 | ) | |||
Total deferred tax liabilities | (17,931 | ) | (19,104 | ) | |||
Deferred tax assets: | |||||||
Captive insurance subsidiary | 413 | 429 | |||||
Accrued liabilities | 2,741 | 2,633 | |||||
Stock compensation | 1,713 | 1,346 | |||||
Solar credit | — | 2,167 | |||||
Other | 1,548 | 309 | |||||
SmartStop TRS | 365 | 1,085 | |||||
State deferred taxes | 6,078 | 6,016 | |||||
Total deferred tax assets | 12,858 | 13,985 | |||||
Valuation allowance | (4,765 | ) | (5,609 | ) | |||
Net deferred income tax liabilities | $ | (9,838 | ) | $ | (10,728 | ) |
December 31, 2014 | December 31, 2013 | |||||||
Balance Sheet | ||||||||
Investment in unconsolidated real estate ventures | ||||||||
Rental operations | $ | 85,711 | $ | 88,125 | ||||
|
|
|
| |||||
Total assets | ||||||||
Rental operations | $ | 4,109,673 | $ | 3,641,746 | ||||
Tenant reinsurance | 39,383 | 34,393 | ||||||
Property management, acquisition and development | 253,051 | 301,001 | ||||||
|
|
|
| |||||
$ | 4,402,107 | $ | 3,977,140 | |||||
|
|
|
|
Statement of Operations Total revenues Rental operations Tenant reinsurance Property management, acquisition and development Operating expenses, including depreciation and amortization Rental operations Tenant reinsurance Property management, acquisition and development Income (loss) from operations Rental operations Tenant reinsurance Property management, acquisition and development Gain (loss) on sale of real estate and earnout from prior acquisitions Property management, acquisition and development Property casualty loss, net Rental operations Loss on extinguishment of debt related to portfolio acquisition Property management, acquisition and development Interest expense Rental operations Property management, acquisition and development Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes Property management, acquisition and development Interest income Tenant reinsurance Property management, acquisition and development Interest income on note receivable from Preferred Operating Partnership unit holder Property management, acquisition and development Equity in earnings of unconsolidated real estate ventures Rental operations Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets and purchase of joint venture partners’ interests Rental operations Income tax (expense) benefit Rental operations Tenant reinsurance Property management, acquisition and development Net income (loss) Rental operations Tenant reinsurance Property management, acquisition and development Depreciation and amortization expense Rental operations Property management, acquisition and development Statement of Cash Flows Acquisition of real estate assets Property management, acquisition and development Development and redevelopment of real estate assets Property management, acquisition and development For The Year Ended December 31, 2014 2013 2012 $ 559,868 $ 446,682 $ 346,874 59,072 47,317 36,816 28,215 26,614 25,706 $ 647,155 $ 520,613 $ 409,396 $ 279,497 $ 229,229 $ 184,540 10,427 9,022 7,869 78,763 68,879 59,746 $ 368,687 $ 307,130 $ 252,155 $ 280,371 $ 217,453 $ 162,334 48,645 38,295 28,947 (50,548 ) (42,265 ) (34,040 ) $ 278,468 $ 213,483 $ 157,241 $ (10,285 ) $ 960 $ — $ (1,724 ) $ — $ — $ — $ (9,153 ) $ — $ (80,160 ) $ (69,702 ) $ (70,472 ) (1,170 ) (1,928 ) (1,378 ) $ (81,330 ) $ (71,630 ) $ (71,850 ) $ (2,683 ) $ (1,404 ) $ (444 ) $ 17 $ 17 $ 12 1,590 732 1,804 $ 1,607 $ 749 $ 1,816 $ 4,850 $ 4,850 $ 4,850 $ 10,541 $ 11,653 $ 10,859 $ 4,022 $ 46,032 $ 30,630 $ (1,157 ) $ (149 ) $ (660 ) (8,662 ) (13,409 ) (10,399 ) 2,249 3,574 5,646 $ (7,570 ) $ (9,984 ) $ (5,413 ) $ 211,893 $ 205,287 $ 132,691 40,000 24,903 18,560 (55,997 ) (44,634 ) (23,562 ) $ 195,896 $ 185,556 $ 127,689 $ 107,081 $ 89,217 $ 70,512 7,995 6,015 3,941 $ 115,076 $ 95,232 $ 74,453 $ (503,538 ) $ (349,959 ) $ (601,727 ) $ (23,528 ) $ (6,466 ) $ (3,759 )
December 31, 2016 | December 31, 2015 | ||||||
Balance Sheet | |||||||
Investment in unconsolidated real estate ventures | |||||||
Rental operations | $ | 79,570 | $ | 103,007 | |||
Total assets | |||||||
Rental operations | $ | 6,731,292 | $ | 5,674,030 | |||
Tenant reinsurance | 44,524 | 37,696 | |||||
Property management, acquisition and development | 315,630 | 359,681 | |||||
$ | 7,091,446 | $ | 6,071,407 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Statement of Operations | |||||||||||
Total revenues | |||||||||||
Rental operations | $ | 864,742 | $ | 676,138 | $ | 559,868 | |||||
Tenant reinsurance | 87,291 | 71,971 | 59,072 | ||||||||
Property management, acquisition and development | 39,842 | 34,161 | 28,215 | ||||||||
991,875 | 782,270 | 647,155 | |||||||||
Operating expenses, including depreciation and amortization | |||||||||||
Rental operations | 423,575 | 328,380 | 279,497 | ||||||||
Tenant reinsurance | 15,555 | 13,033 | 10,427 | ||||||||
Property management, acquisition and development | 102,907 | 146,201 | 78,763 | ||||||||
542,037 | 487,614 | 368,687 | |||||||||
Income (loss) from operations | |||||||||||
Rental operations | 441,167 | 347,758 | 280,371 | ||||||||
Tenant reinsurance | 71,736 | 58,938 | 48,645 | ||||||||
Property management, acquisition and development | (63,065 | ) | (112,040 | ) | (50,548 | ) | |||||
449,838 | 294,656 | 278,468 | |||||||||
Gain (loss) on real estate transactions, earnout from prior acquisition and sale of other assets | |||||||||||
Property management, acquisition and development | 8,465 | 1,501 | (10,285 | ) | |||||||
Property casualty loss, net | |||||||||||
Rental operations | — | — | (1,724 | ) | |||||||
Interest expense | |||||||||||
Rental operations | (129,907 | ) | (93,711 | ) | (80,160 | ) | |||||
Property management, acquisition and development | (3,572 | ) | (1,971 | ) | (1,170 | ) | |||||
(133,479 | ) | (95,682 | ) | (81,330 | ) | ||||||
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes | |||||||||||
Property management, acquisition and development | (4,980 | ) | (3,310 | ) | (2,683 | ) | |||||
Interest income | |||||||||||
Property management, acquisition and development | 6,148 | 3,461 | 1,607 | ||||||||
Interest income on note receivable from Preferred Operating Partnership unit holder | |||||||||||
Property management, acquisition and development | 4,850 | 4,850 | 4,850 | ||||||||
Equity in earnings of unconsolidated real estate ventures | |||||||||||
Rental operations | 12,895 | 12,351 | 10,541 | ||||||||
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of partners' interests | |||||||||||
Property management, acquisition and development | 69,199 | 2,857 | 4,022 | ||||||||
Income tax (expense) benefit | |||||||||||
Rental operations | (2,320 | ) | (1,729 | ) | (1,157 | ) |
Tenant reinsurance | (12,610 | ) | (9,780 | ) | (8,662 | ) | |||||
Property management, acquisition and development | (917 | ) | 361 | 2,249 | |||||||
(15,847 | ) | (11,148 | ) | (7,570 | ) | ||||||
Net income (loss) | |||||||||||
Rental operations | 321,835 | 264,669 | 207,871 | ||||||||
Tenant reinsurance | 59,138 | 49,173 | 40,000 | ||||||||
Property management, acquisition and development | 16,116 | (104,306 | ) | (51,975 | ) | ||||||
$ | 397,089 | $ | 209,536 | $ | 195,896 | ||||||
Depreciation and amortization expense | |||||||||||
Rental operations | $ | 173,570 | $ | 124,415 | $ | 107,081 | |||||
Property management, acquisition and development | 8,990 | 9,042 | 7,995 | ||||||||
$ | 182,560 | $ | 133,457 | $ | 115,076 | ||||||
Statement of Cash Flows | |||||||||||
Acquisition of real estate assets | |||||||||||
Property management, acquisition and development | $ | (1,086,523 | ) | $ | (1,550,750 | ) | $ | (503,538 | ) | ||
Development and redevelopment of real estate assets | |||||||||||
Property management, acquisition and development | $ | (23,279 | ) | $ | (26,931 | ) | $ | (23,528 | ) | ||
Less than 1 year | $ | 6,125 | ||
Year 2 | 5,054 | |||
Year 3 | 3,728 | |||
Year 4 | 2,899 | |||
Year 5 | 2,287 | |||
Thereafter | 45,293 | |||
|
| |||
$ | 65,386 | |||
|
|
Less than 1 year | $ | 6,123 | |
Year 2 | 6,677 | ||
Year 3 | 6,124 | ||
Year 4 | 6,080 | ||
Year 5 | 5,897 | ||
Thereafter | 90,025 | ||
$ | 120,926 |
As of December 31, 2014, the
For the Three Months Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Revenues | $ | 152,180 | $ | 160,240 | $ | 167,368 | $ | 167,367 | ||||||||
Cost of operations | 91,782 | 89,579 | 89,875 | 97,451 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Revenues less cost of operations | $ | 60,398 | $ | 70,661 | $ | 77,493 | $ | 69,916 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net income | $ | 41,209 | $ | 46,008 | $ | 59,193 | $ | 49,486 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net income attributable to common stockholders | $ | 37,340 | $ | 41,665 | $ | 54,228 | $ | 45,122 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Earnings per common share—basic | $ | 0.32 | $ | 0.36 | $ | 0.47 | $ | 0.39 | ||||||||
Earnings per common share—diluted | $ | 0.32 | $ | 0.36 | $ | 0.47 | $ | 0.39 |
For the Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Revenues | $ | 119,322 | $ | 126,246 | $ | 133,111 | $ | 141,934 | ||||||||
Cost of operations | 72,593 | 72,871 | 77,047 | 84,619 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Revenues less cost of operations | $ | 46,729 | $ | 53,375 | $ | 56,064 | $ | 57,315 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net income | $ | 33,931 | $ | 37,101 | $ | 32,352 | $ | 82,172 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net income attributable to common stockholders | $ | 31,425 | $ | 34,466 | $ | 29,245 | $ | 76,940 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Earnings per common share—basic | $ | 0.28 | $ | 0.31 | $ | 0.26 | $ | 0.68 | ||||||||
Earnings per common share—diluted | $ | 0.28 | $ | 0.31 | $ | 0.26 | $ | 0.67 |
On January 13, 2015, However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.
For the Three Months Ended | |||||||||||||||
March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | ||||||||||||
Revenues | $ | 229,403 | $ | 244,273 | $ | 257,183 | $ | 261,016 | |||||||
Cost of operations | 135,775 | 133,971 | 134,459 | 137,832 | |||||||||||
Revenues less cost of operations | $ | 93,628 | $ | 110,302 | $ | 122,724 | $ | 123,184 | |||||||
Net income | $ | 89,407 | $ | 90,040 | $ | 127,226 | $ | 90,416 | |||||||
Net income attributable to common stockholders | $ | 82,592 | $ | 83,044 | $ | 118,088 | $ | 82,403 | |||||||
Earnings per common share—basic | $ | 0.66 | $ | 0.66 | $ | 0.94 | $ | 0.65 | |||||||
Earnings per common share—diluted | $ | 0.66 | $ | 0.66 | $ | 0.93 | $ | 0.65 | |||||||
For the Three Months Ended | |||||||||||||||
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | ||||||||||||
Revenues | $ | 173,154 | $ | 185,860 | $ | 197,497 | $ | 225,759 | |||||||
Cost of operations | 97,718 | 104,253 | 100,193 | 185,450 | |||||||||||
Revenues less cost of operations | $ | 75,436 | $ | 81,607 | $ | 97,304 | $ | 40,309 | |||||||
Net income | $ | 58,636 | $ | 60,956 | $ | 78,200 | $ | 11,744 | |||||||
Net income attributable to common stockholders | $ | 53,742 | $ | 55,339 | $ | 71,718 | $ | 8,675 | |||||||
Earnings per common share—basic | $ | 0.46 | $ | 0.47 | $ | 0.58 | $ | 0.07 | |||||||
Earnings per common share—diluted | $ | 0.46 | $ | 0.47 | $ | 0.58 | $ | 0.07 |
Georgia and Illinois.
received a cash payment of $33,071 related to its loans receivable from Strategic 1031 leaving a remaining principal balance of $20,608.
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
08/23/2010 | Auburn / Dean Rd | AL | $ | 2,460 | $ | 324 | $ | 1,895 | $ | 122 | $ | 325 | $ | 2,016 | $ | 2,341 | $ | 265 | ||||||||||||||||||||
08/23/2010 | Auburn / Opelika Rd | AL | — | 92 | 138 | 163 | 92 | 301 | 393 | 77 | ||||||||||||||||||||||||||||
07/02/2012 | Birmingham / Grace Baker Rd | AL | 4,586 | 790 | 9,369 | 36 | 790 | 9,405 | 10,195 | 596 | ||||||||||||||||||||||||||||
03/20/2014 | Birmingham / Lorna Rd | AL | — | 2,381 | 11,224 | 55 | 2,381 | 11,279 | 13,660 | 229 | ||||||||||||||||||||||||||||
08/31/2007 | Hoover | AL | 2,670 | 1,313 | 2,858 | 647 | 1,313 | 3,505 | 4,818 | 1,047 | ||||||||||||||||||||||||||||
07/25/2013 | Chandler | AZ | 4,250 | 547 | 4,213 | 165 | 547 | 4,378 | 4,925 | 173 | ||||||||||||||||||||||||||||
08/18/2004 | Mesa / Madero Ave | AZ | 3,235 | 849 | 2,547 | 194 | 849 | 2,741 | 3,590 | 781 | ||||||||||||||||||||||||||||
07/02/2012 | Mesa / N. Alma School Rd | AZ | 3,184 | 1,129 | 4,402 | 51 | 1,129 | 4,453 | 5,582 | 286 | ||||||||||||||||||||||||||||
12/27/2012 | Mesa / E Southern Ave | AZ | 5,435 | 2,973 | 5,545 | 253 | 2,973 | 5,798 | 8,771 | 311 | ||||||||||||||||||||||||||||
07/25/2013 | Mesa / Southern Ave | AZ | — | 1,453 | 2,897 | 130 | 1,453 | 3,027 | 4,480 | 117 | ||||||||||||||||||||||||||||
04/01/2006 | Peoria / 75th Ave | AZ | 4,268 | 652 | 4,105 | 148 | 652 | 4,253 | 4,905 | 971 | ||||||||||||||||||||||||||||
01/31/2011 | Peoria / W Beardsley Rd | AZ | — | 1,060 | 4,731 | 15 | 1,060 | 4,746 | 5,806 | 482 | ||||||||||||||||||||||||||||
07/01/2005 | Phoenix / East Bell Rd | AZ | 6,936 | 1,441 | 7,982 | 678 | 1,441 | 8,660 | 10,101 | 2,331 | ||||||||||||||||||||||||||||
06/30/2006 | Phoenix / N Cave Creek Rd | AZ | 3,315 | 552 | 3,530 | 255 | 551 | 3,786 | 4,337 | 925 | ||||||||||||||||||||||||||||
01/02/2007 | Phoenix / E Greenway Pkwy | AZ | — | 669 | 4,135 | 318 | 669 | 4,453 | 5,122 | 995 | ||||||||||||||||||||||||||||
11/30/2012 | Phoenix / N 32nd St | AZ | 7,006 | 2,257 | 7,820 | 156 | 2,257 | 7,976 | 10,233 | 438 | ||||||||||||||||||||||||||||
11/30/2012 | Tucson | AZ | — | 1,090 | 7,845 | 45 | 1,090 | 7,890 | 8,980 | 435 | ||||||||||||||||||||||||||||
06/25/2007 | Alameda | CA | — | 2,919 | 12,984 | 2,063 | 2,919 | 15,047 | 17,966 | 3,582 | ||||||||||||||||||||||||||||
08/29/2013 | Alhambra | CA | — | 10,109 | 6,065 | 224 | 10,109 | 6,289 | 16,398 | 205 | ||||||||||||||||||||||||||||
08/29/2013 | Anaheim / S Adams St | CA | — | 3,593 | 3,330 | 198 | 3,593 | 3,528 | 7,121 | 125 | ||||||||||||||||||||||||||||
08/29/2013 | Anaheim / S State College Blvd | CA | — | 2,519 | 2,886 | 179 | 2,519 | 3,065 | 5,584 | 108 | ||||||||||||||||||||||||||||
04/25/2014 | Anaheim / Old Canal Rd | CA | — | 2,765 | 12,680 | 98 | 2,765 | 12,778 | 15,543 | 232 | ||||||||||||||||||||||||||||
07/01/2008 | Antelope | CA | 4,105 | 1,525 | 8,345 | (282 | ) | (b) | 1,185 | 8,403 | 9,588 | 1,361 | ||||||||||||||||||||||||||
10/19/2011 | Bellflower | CA | 1,247 | 640 | 1,350 | 92 | 639 | 1,443 | 2,082 | 123 | ||||||||||||||||||||||||||||
05/15/2007 | Belmont | CA | — | 3,500 | 7,280 | 82 | 3,500 | 7,362 | 10,862 | 1,406 | ||||||||||||||||||||||||||||
06/25/2007 | Berkeley | CA | 19,363 | 1,716 | 19,602 | 1,963 | 1,716 | 21,565 | 23,281 | 4,516 | ||||||||||||||||||||||||||||
10/19/2011 | Bloomington / Bloomington Ave | CA | — | 934 | 1,937 | 167 | 934 | 2,104 | 3,038 | 226 | ||||||||||||||||||||||||||||
10/19/2011 | Bloomington / Linden Ave | CA | — | 647 | 1,303 | 157 | 647 | 1,460 | 2,107 | 147 | ||||||||||||||||||||||||||||
08/10/2000 | Burbank / W Verdugo Ave | CA | 13,837 | 3,199 | 5,082 | 1,803 | 3,618 | 6,466 | 10,084 | 2,467 | ||||||||||||||||||||||||||||
08/29/2013 | Burbank / Thornton Ave | CA | — | 4,061 | 5,318 | 214 | 4,061 | 5,532 | 9,593 | 187 | ||||||||||||||||||||||||||||
04/08/2011 | Burlingame | CA | 5,327 | 2,211 | 5,829 | 131 | 2,211 | 5,960 | 8,171 | 586 | ||||||||||||||||||||||||||||
03/14/2011 | Carson | CA | — | — | 9,709 | 99 | — | 9,808 | 9,808 | 958 | ||||||||||||||||||||||||||||
06/25/2007 | Castro Valley | CA | — | — | 6,346 | 395 | — | 6,741 | 6,741 | 1,326 | ||||||||||||||||||||||||||||
10/19/2011 | Cerritos | CA | 16,947 | 8,728 | 15,895 | 594 | 8,728 | 16,489 | 25,217 | 1,443 | ||||||||||||||||||||||||||||
11/01/2013 | Chatsworth | CA | 10,497 | 9,922 | 7,599 | 249 | 9,922 | 7,848 | 17,770 | 1,096 | ||||||||||||||||||||||||||||
06/01/2004 | Claremont / South Mills Ave | CA | 2,949 | 1,472 | 2,012 | 262 | 1,472 | 2,274 | 3,746 | 691 | ||||||||||||||||||||||||||||
10/19/2011 | Claremont / W Arrow Hwy | CA | — | 1,375 | 1,434 | 202 | 1,375 | 1,636 | 3,011 | 149 | ||||||||||||||||||||||||||||
06/25/2007 | Colma | CA | 22,769 | 3,947 | 22,002 | 2,290 | 3,947 | 24,292 | 28,239 | 5,290 | ||||||||||||||||||||||||||||
09/01/2008 | Compton | CA | 4,692 | 1,426 | 7,582 | 43 | 1,426 | 7,625 | 9,051 | 1,242 | ||||||||||||||||||||||||||||
08/29/2013 | Concord | CA | — | 3,082 | 2,822 | 171 | 3,082 | 2,993 | 6,075 | 97 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
09/21/2009 | El Cajon | CA | — | 1,100 | 6,380 | 87 | 1,100 | 6,467 | 7,567 | 869 | ||||||||||||||||||||||||||||
06/25/2007 | El Sobrante | CA | — | 1,209 | 4,018 | 1,572 | 1,209 | 5,590 | 6,799 | 1,352 | ||||||||||||||||||||||||||||
12/02/2013 | Elk Grove / Power Inn Rd | CA | — | 894 | 6,949 | 44 | 894 | 6,993 | 7,887 | 187 | ||||||||||||||||||||||||||||
12/02/2013 | Elk Grove / Stockton Blvd | CA | — | 640 | 8,640 | 16 | 640 | 8,656 | 9,296 | 232 | ||||||||||||||||||||||||||||
05/01/2010 | Emeryville | CA | — | 3,024 | 11,321 | 160 | 3,024 | 11,481 | 14,505 | 1,364 | ||||||||||||||||||||||||||||
12/02/2013 | Fair Oaks | CA | 4,275 | 644 | 11,287 | 4 | 644 | 11,291 | 11,935 | 302 | ||||||||||||||||||||||||||||
09/15/2002 | Fontana / Valley Blvd 1 | CA | 3,189 | 961 | 3,846 | 420 | 1,001 | 4,226 | 5,227 | 1,391 | ||||||||||||||||||||||||||||
10/15/2003 | Fontana / Valley Blvd 2 | CA | 5,287 | 1,246 | 3,356 | 463 | 1,300 | 3,765 | 5,065 | 1,119 | ||||||||||||||||||||||||||||
10/19/2011 | Fontana / Foothill Blvd | CA | 3,914 | 684 | 3,951 | 216 | 684 | 4,167 | 4,851 | 360 | ||||||||||||||||||||||||||||
10/19/2011 | Fontana / Baseline Ave | CA | — | 778 | 4,723 | 129 | 777 | 4,853 | 5,630 | 430 | ||||||||||||||||||||||||||||
10/19/2011 | Fontana / Foothill Blvd | CA | — | 768 | 4,208 | 173 | 768 | 4,381 | 5,149 | 380 | ||||||||||||||||||||||||||||
06/01/2004 | Gardena | CA | — | 3,710 | 6,271 | 2,260 | 4,110 | 8,131 | 12,241 | 2,075 | ||||||||||||||||||||||||||||
06/01/2004 | Glendale | CA | — | — | 6,084 | 254 | — | 6,338 | 6,338 | 1,814 | ||||||||||||||||||||||||||||
07/02/2012 | Hawaiian Gardens | CA | 9,323 | 2,964 | 12,478 | 198 | 2,964 | 12,676 | 15,640 | 839 | ||||||||||||||||||||||||||||
06/01/2004 | Hawthorne | CA | 3,803 | 1,532 | 3,871 | 251 | 1,532 | 4,122 | 5,654 | 1,217 | ||||||||||||||||||||||||||||
06/26/2007 | Hayward | CA | 8,461 | 3,149 | 8,006 | 3,081 | 3,149 | 11,087 | 14,236 | 2,586 | ||||||||||||||||||||||||||||
07/01/2005 | Hemet | CA | 4,967 | 1,146 | 6,369 | 319 | 1,146 | 6,688 | 7,834 | 1,742 | ||||||||||||||||||||||||||||
10/19/2011 | Hesperia | CA | — | 156 | 430 | 149 | 156 | 579 | 735 | 76 | ||||||||||||||||||||||||||||
07/02/2012 | Hollywood | CA | 10,074 | 4,555 | 10,590 | 66 | 4,555 | 10,656 | 15,211 | 679 | ||||||||||||||||||||||||||||
08/10/2000 | Inglewood | CA | 5,396 | 1,379 | 3,343 | 963 | 1,529 | 4,156 | 5,685 | 1,683 | ||||||||||||||||||||||||||||
10/19/2011 | Irvine | CA | 4,989 | 3,821 | 3,999 | 88 | 3,821 | 4,087 | 7,908 | 354 | ||||||||||||||||||||||||||||
05/28/2014 | La Quinta | CA | 13,242 | 4,706 | 12,604 | 113 | 4,706 | 12,717 | 17,423 | 207 | ||||||||||||||||||||||||||||
10/19/2011 | Lake Elsinore / Central Ave | CA | 3,224 | 587 | 4,219 | 228 | 587 | 4,447 | 5,034 | 378 | ||||||||||||||||||||||||||||
10/19/2011 | Lake Elsinore / Collier Ave | CA | — | 294 | 2,105 | 86 | 294 | 2,191 | 2,485 | 194 | ||||||||||||||||||||||||||||
07/28/2006 | Lancaster / West Ave J-8 | CA | 5,627 | 1,347 | 5,827 | 283 | 1,347 | 6,110 | 7,457 | 1,440 | ||||||||||||||||||||||||||||
10/17/2009 | Lancaster / 23rd St W | CA | — | 1,425 | 5,855 | 98 | 1,425 | 5,953 | 7,378 | 781 | ||||||||||||||||||||||||||||
06/01/2004 | Livermore | CA | — | 1,134 | 4,615 | 272 | 1,134 | 4,887 | 6,021 | 1,381 | ||||||||||||||||||||||||||||
10/19/2011 | Long Beach / E Artesia Blvd | CA | 2,697 | 1,772 | 2,539 | 160 | 1,772 | 2,699 | 4,471 | 242 | ||||||||||||||||||||||||||||
11/01/2013 | Long Beach / W Wardlow Rd | CA | 5,811 | 5,859 | 4,992 | 12 | 5,859 | 5,004 | 10,863 | 775 | ||||||||||||||||||||||||||||
03/23/2000 | Los Angeles / Casitas Ave | CA | 8,838 | 1,431 | 2,976 | 765 | 1,611 | 3,561 | 5,172 | 1,362 | ||||||||||||||||||||||||||||
12/31/2007 | Los Angeles / La Cienega | CA | 10,079 | 3,991 | 9,774 | 89 | 3,991 | 9,863 | 13,854 | 1,790 | ||||||||||||||||||||||||||||
09/01/2008 | Los Angeles / S Central Ave | CA | 4,787 | 2,200 | 8,108 | 50 | 2,200 | 8,158 | 10,358 | 1,333 | ||||||||||||||||||||||||||||
07/02/2012 | Los Angeles / Fountain Ave | CA | 5,138 | 3,099 | 4,889 | 73 | 3,099 | 4,962 | 8,061 | 320 | ||||||||||||||||||||||||||||
12/02/2013 | Los Angeles / S Western Ave | CA | — | 287 | 2,011 | 186 | 287 | 2,197 | 2,484 | 58 | ||||||||||||||||||||||||||||
04/25/2014 | Los Angeles / Slauson Ave | CA | 7,487 | 2,400 | 8,605 | 61 | 2,401 | 8,665 | 11,066 | 158 | ||||||||||||||||||||||||||||
07/17/2012 | Los Gatos | CA | — | 2,550 | 8,257 | 59 | 2,550 | 8,316 | 10,866 | 618 | ||||||||||||||||||||||||||||
01/01/2004 | Manteca | CA | 3,625 | 848 | 2,543 | 171 | 848 | 2,714 | 3,562 | 796 | ||||||||||||||||||||||||||||
11/01/2013 | Marina Del Rey | CA | 17,245 | 19,928 | 18,742 | 48 | 19,928 | 18,790 | 38,718 | 2,105 | ||||||||||||||||||||||||||||
08/29/2013 | Menlo Park | CA | — | 7,675 | 1,812 | 186 | 7,675 | 1,998 | 9,673 | 65 | ||||||||||||||||||||||||||||
06/01/2007 | Modesto / Crows Landing | CA | 3,153 | 909 | 3,043 | 287 | 909 | 3,330 | 4,239 | 748 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
08/29/2013 | Modesto / Sylvan Ave | CA | — | 1,647 | 4,215 | 157 | 1,647 | 4,372 | 6,019 | 143 | ||||||||||||||||||||||||||||
07/02/2012 | Moreno Valley | CA | 2,084 | 482 | 3,484 | 40 | 482 | 3,524 | 4,006 | 226 | ||||||||||||||||||||||||||||
11/01/2013 | North Highlands | CA | 2,062 | 799 | 2,801 | 11 | 799 | 2,812 | 3,611 | 379 | ||||||||||||||||||||||||||||
05/01/2006 | North Hollywood / Van Owen | CA | 6,867 | 3,125 | 9,257 | 201 | 3,125 | 9,458 | 12,583 | 2,111 | ||||||||||||||||||||||||||||
08/29/2013 | North Hollywood / Coldwater Canyon | CA | — | 4,501 | 4,465 | 302 | 4,501 | 4,767 | 9,268 | 160 | ||||||||||||||||||||||||||||
08/29/2013 | Northridge | CA | — | 3,641 | 2,872 | 260 | 3,641 | 3,132 | 6,773 | 107 | ||||||||||||||||||||||||||||
04/24/2000 | Oakland / Fallon St | CA | 4,187 | — | 3,777 | 1,037 | — | 4,814 | 4,814 | 1,906 | ||||||||||||||||||||||||||||
08/29/2013 | Oakland / 29th Ave | CA | — | 6,359 | 5,753 | 257 | 6,359 | 6,010 | 12,369 | 200 | ||||||||||||||||||||||||||||
12/02/2013 | Oakland / San Leandro St | CA | — | 1,668 | 7,652 | 123 | 1,668 | 7,775 | 9,443 | 210 | ||||||||||||||||||||||||||||
07/01/2005 | Oceanside / Oceanside Blvd 1 | CA | 9,091 | 3,241 | 11,361 | 872 | 3,241 | 12,233 | 15,474 | 3,235 | ||||||||||||||||||||||||||||
12/09/2014 | Oceanside / Oceanside Blvd 2 | CA | — | 4,508 | 4,599 | — | 4,508 | 4,599 | 9,107 | — | ||||||||||||||||||||||||||||
11/30/2012 | Orange | CA | 12,392 | 4,847 | 12,341 | 227 | 4,847 | 12,568 | 17,415 | 699 | ||||||||||||||||||||||||||||
12/02/2013 | Oxnard | CA | — | 5,421 | 6,761 | 77 | 5,421 | 6,838 | 12,259 | 183 | ||||||||||||||||||||||||||||
08/01/2009 | Pacoima | CA | 2,211 | 3,050 | 7,597 | 94 | 3,050 | 7,691 | 10,741 | 1,057 | ||||||||||||||||||||||||||||
01/01/2005 | Palmdale | CA | 4,746 | 1,225 | 5,379 | 2,229 | 1,225 | 7,608 | 8,833 | 1,938 | ||||||||||||||||||||||||||||
10/19/2011 | Paramount | CA | 2,596 | 1,404 | 2,549 | 159 | 1,404 | 2,708 | 4,112 | 246 | ||||||||||||||||||||||||||||
08/31/2000 | Pico Rivera / Beverly Blvd | CA | 4,073 | 1,150 | 3,450 | 185 | 1,150 | 3,635 | 4,785 | 1,265 | ||||||||||||||||||||||||||||
03/04/2014 | Pico Rivera / San Gabriel River Pkwy | CA | — | 2,150 | 4,734 | — | 2,150 | 4,734 | 6,884 | 96 | ||||||||||||||||||||||||||||
10/19/2011 | Placentia | CA | 6,743 | 4,798 | 5,483 | 225 | 4,798 | 5,708 | 10,506 | 492 | ||||||||||||||||||||||||||||
05/24/2007 | Pleasanton | CA | 6,955 | 1,208 | 4,283 | 431 | 1,208 | 4,714 | 5,922 | 1,134 | ||||||||||||||||||||||||||||
06/01/2004 | Richmond / Lakeside Dr | CA | 4,872 | 953 | 4,635 | 613 | 953 | 5,248 | 6,201 | 1,579 | ||||||||||||||||||||||||||||
09/26/2013 | Richmond / Meeker Ave | CA | — | 3,139 | 7,437 | 213 | 3,139 | 7,650 | 10,789 | 250 | ||||||||||||||||||||||||||||
08/18/2004 | Riverside | CA | — | 1,075 | 4,042 | 544 | 1,075 | 4,586 | 5,661 | 1,363 | ||||||||||||||||||||||||||||
12/02/2013 | Rocklin | CA | — | 1,745 | 8,005 | 42 | 1,745 | 8,047 | 9,792 | 214 | ||||||||||||||||||||||||||||
11/04/2013 | Rohnert Park | CA | — | 990 | 8,094 | 50 | 990 | 8,144 | 9,134 | 235 | ||||||||||||||||||||||||||||
07/01/2005 | Sacramento / Auburn Blvd | CA | 3,936 | 852 | 4,720 | 519 | 852 | 5,239 | 6,091 | 1,444 | ||||||||||||||||||||||||||||
12/31/2007 | Sacramento / Stockton Blvd | CA | 2,886 | 952 | 6,936 | 447 | 1,075 | 7,260 | 8,335 | 803 | ||||||||||||||||||||||||||||
10/01/2010 | Sacramento / Franklin Blvd | CA | 3,035 | 1,738 | 5,522 | 117 | 1,844 | 5,533 | 7,377 | 618 | ||||||||||||||||||||||||||||
06/01/2004 | San Bernardino / W Club Center Dr | CA | — | 1,213 | 3,061 | 135 | 1,173 | 3,236 | 4,409 | 932 | ||||||||||||||||||||||||||||
06/01/2006 | San Bernardino / Sterling Ave. | CA | — | 750 | 5,135 | 109 | 750 | 5,244 | 5,994 | 1,114 | ||||||||||||||||||||||||||||
08/29/2013 | San Diego | CA | — | 5,919 | 6,729 | 300 | 5,919 | 7,029 | 12,948 | 234 | ||||||||||||||||||||||||||||
10/19/2011 | San Dimas | CA | 5,394 | 1,867 | 6,354 | 173 | 1,867 | 6,527 | 8,394 | 559 | ||||||||||||||||||||||||||||
06/14/2007 | San Francisco / Folsom | CA | 12,203 | 8,457 | 9,928 | 1,806 | 8,457 | 11,734 | 20,191 | 2,746 | ||||||||||||||||||||||||||||
08/29/2013 | San Francisco / Egbert Ave | CA | — | 5,098 | 4,054 | 253 | 5,098 | 4,307 | 9,405 | 140 | ||||||||||||||||||||||||||||
09/01/2009 | San Jose / N 10th St | CA | 10,784 | 5,340 | 6,821 | 250 | 5,340 | 7,071 | 12,411 | 943 | ||||||||||||||||||||||||||||
07/26/2012 | San Jose / Charter Park Dr | CA | 2,455 | 2,428 | 2,323 | 228 | 2,428 | 2,551 | 4,979 | 182 | ||||||||||||||||||||||||||||
08/01/2007 | San Leandro / Doolittle Dr | CA | 14,454 | 4,601 | 9,777 | 3,486 | 4,601 | 13,263 | 17,864 | 2,870 | ||||||||||||||||||||||||||||
10/01/2010 | San Leandro / Washington Ave | CA | — | 3,343 | 6,630 | (73 | ) | (f) | 3,291 | 6,609 | 9,900 | 729 | ||||||||||||||||||||||||||
08/29/2013 | San Ramon | CA | — | 4,819 | 5,819 | 197 | 4,819 | 6,016 | 10,835 | 195 | ||||||||||||||||||||||||||||
08/29/2013 | Santa Ana | CA | — | 3,485 | 2,382 | 197 | 3,485 | 2,579 | 6,064 | 87 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
07/30/2009 | Santa Clara | CA | 8,082 | 4,750 | 8,218 | 32 | 4,750 | 8,250 | 13,000 | 1,130 | ||||||||||||||||||||||||||||
07/02/2012 | Santa Cruz | CA | 8,596 | 1,588 | 11,160 | 71 | 1,588 | 11,231 | 12,819 | 713 | ||||||||||||||||||||||||||||
10/04/2007 | Santa Fe Springs | CA | 6,467 | 3,617 | 7,022 | 318 | 3,617 | 7,340 | 10,957 | 1,505 | ||||||||||||||||||||||||||||
10/19/2011 | Santa Maria / Farnel Rd | CA | 2,944 | 1,556 | 2,740 | 292 | 1,556 | 3,032 | 4,588 | 278 | ||||||||||||||||||||||||||||
10/19/2011 | Santa Maria / Skyway Dr | CA | 3,186 | 1,310 | 3,526 | 107 | 1,309 | 3,634 | 4,943 | 310 | ||||||||||||||||||||||||||||
08/31/2004 | Sherman Oaks | CA | 16,513 | 4,051 | 12,152 | 469 | 4,051 | 12,621 | 16,672 | 3,398 | ||||||||||||||||||||||||||||
Simi Valley | CA | — | 5,533 | — | (5,533 | ) | (d,b g) | — | — | — | — | |||||||||||||||||||||||||||
08/29/2013 | Stanton | CA | — | 5,022 | 2,267 | 219 | 5,022 | 2,486 | 7,508 | 89 | ||||||||||||||||||||||||||||
05/19/2002 | Stockton / Jamestown | CA | 2,436 | 649 | 3,272 | 241 | 649 | 3,513 | 4,162 | 1,168 | ||||||||||||||||||||||||||||
12/02/2013 | Stockton / Pacific Ave | CA | — | 3,619 | 2,443 | 63 | 3,619 | 2,506 | 6,125 | 68 | ||||||||||||||||||||||||||||
04/25/2014 | Sunland | CA | 5,039 | 1,688 | 6,381 | 37 | 1,688 | 6,418 | 8,106 | 117 | ||||||||||||||||||||||||||||
08/29/2013 | Sunnyvale | CA | — | 10,732 | 5,004 | 193 | 10,732 | 5,197 | 15,929 | 172 | ||||||||||||||||||||||||||||
05/02/2008 | Sylmar | CA | — | 3,058 | 4,671 | 255 | 3,058 | 4,926 | 7,984 | 973 | ||||||||||||||||||||||||||||
Thousand Oaks | CA | — | 4,500 | — | (1,000 | ) | (d) | 3,500 | — | 3,500 | — | |||||||||||||||||||||||||||
07/15/2003 | Tracy / E 11th St 1 | CA | 5,035 | 778 | 2,638 | 779 | 911 | 3,284 | 4,195 | 997 | ||||||||||||||||||||||||||||
04/01/2004 | Tracy / E 11th St 2 | CA | 3,101 | 946 | 1,937 | 280 | 946 | 2,217 | 3,163 | 733 | ||||||||||||||||||||||||||||
06/25/2007 | Vallejo | CA | 2,934 | 1,177 | 2,157 | 1,075 | 1,177 | 3,232 | 4,409 | 928 | ||||||||||||||||||||||||||||
08/29/2013 | Van Nuys | CA | — | 7,939 | 2,576 | 335 | 7,939 | 2,911 | 10,850 | 98 | ||||||||||||||||||||||||||||
08/31/2004 | Venice | CA | — | 2,803 | 8,410 | (3,057 | ) | (h) | 2,803 | 5,353 | 8,156 | 1,442 | ||||||||||||||||||||||||||
08/29/2013 | Ventura | CA | — | 3,453 | 2,837 | 188 | 3,453 | 3,025 | 6,478 | 107 | ||||||||||||||||||||||||||||
10/19/2011 | Victorville | CA | — | 151 | 751 | 155 | 151 | 906 | 1,057 | 94 | ||||||||||||||||||||||||||||
07/01/2005 | Watsonville | CA | 3,187 | 1,699 | 3,056 | 252 | 1,699 | 3,308 | 5,007 | 895 | ||||||||||||||||||||||||||||
09/01/2009 | West Sacramento | CA | — | 2,400 | 7,425 | 97 | 2,400 | 7,522 | 9,922 | 1,030 | ||||||||||||||||||||||||||||
06/19/2002 | Whittier | CA | 3,328 | — | 2,985 | 186 | — | 3,171 | 3,171 | 1,048 | ||||||||||||||||||||||||||||
08/29/2013 | Wilmington | CA | — | 6,792 | 10,726 | 17 | 6,792 | 10,743 | 17,535 | 357 | ||||||||||||||||||||||||||||
09/15/2000 | Arvada | CO | 1,808 | 286 | 1,521 | 683 | 286 | 2,204 | 2,490 | 1,008 | ||||||||||||||||||||||||||||
05/25/2011 | Castle Rock | CO | 1,091 | 407 | 3,077 | 183 | 407 | 3,260 | 3,667 | 327 | ||||||||||||||||||||||||||||
08/31/2007 | Colorado Springs / Dublin Blvd | CO | 3,811 | 781 | 3,400 | 255 | 781 | 3,655 | 4,436 | 788 | ||||||||||||||||||||||||||||
11/25/2008 | Colorado Springs / S 8th St | CO | 4,123 | 1,525 | 4,310 | 304 | 1,525 | 4,614 | 6,139 | 809 | ||||||||||||||||||||||||||||
06/10/2011 | Colorado Springs / Austin Bluffs Pkwy | CO | 1,726 | 296 | 4,199 | 261 | 296 | 4,460 | 4,756 | 451 | ||||||||||||||||||||||||||||
10/24/2014 | Colorado Springs / Stetson Hills Blvd | CO | — | 2,077 | 4,087 | 32 | 2,077 | 4,119 | 6,196 | — | ||||||||||||||||||||||||||||
09/15/2000 | Denver / E 40th Ave | CO | 2,559 | 602 | 2,052 | 1,369 | 745 | 3,278 | 4,023 | 1,283 | ||||||||||||||||||||||||||||
07/01/2005 | Denver / W 96th Ave | CO | 3,659 | 368 | 1,574 | 262 | 368 | 1,836 | 2,204 | 546 | ||||||||||||||||||||||||||||
07/18/2012 | Fort Carson | CO | — | — | 6,945 | 99 | — | 7,044 | 7,044 | 452 | ||||||||||||||||||||||||||||
09/01/2006 | Parker | CO | 4,822 | 800 | 4,549 | 780 | 800 | 5,329 | 6,129 | 1,330 | ||||||||||||||||||||||||||||
09/15/2000 | Thornton | CO | 2,804 | 212 | 2,044 | 1,141 | 248 | 3,149 | 3,397 | 1,303 | ||||||||||||||||||||||||||||
09/15/2000 | Westminster | CO | 2,115 | 291 | 1,586 | 1,081 | 299 | 2,659 | 2,958 | 1,241 | ||||||||||||||||||||||||||||
03/17/2014 | Bridgeport | CT | — | 1,072 | 14,028 | 107 | 1,072 | 14,135 | 15,207 | 286 | ||||||||||||||||||||||||||||
07/02/2012 | Brookfield | CT | 5,099 | 991 | 7,891 | 119 | 991 | 8,010 | 9,001 | 522 | ||||||||||||||||||||||||||||
01/15/2004 | Groton | CT | — | 1,277 | 3,992 | 406 | 1,277 | 4,398 | 5,675 | 1,420 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
12/31/2007 | Middletown | CT | 2,789 | 932 | 2,810 | 195 | 932 | 3,005 | 3,937 | 576 | ||||||||||||||||||||||||||||
11/04/2013 | Newington | CT | — | 1,363 | 2,978 | 407 | 1,363 | 3,385 | 4,748 | 94 | ||||||||||||||||||||||||||||
08/16/2002 | Wethersfield | CT | 4,069 | 709 | 4,205 | 227 | 709 | 4,432 | 5,141 | 1,451 | ||||||||||||||||||||||||||||
05/02/2012 | Auburndale | FL | 1,271 | 470 | 1,076 | 142 | 470 | 1,218 | 1,688 | 98 | ||||||||||||||||||||||||||||
07/15/2009 | Bonita Springs | FL | — | 2,198 | 8,215 | 107 | 2,198 | 8,322 | 10,520 | 1,128 | ||||||||||||||||||||||||||||
12/23/2014 | Bradenton | FL | — | 1,333 | 3,677 | — | 1,333 | 3,677 | 5,010 | — | ||||||||||||||||||||||||||||
11/30/2012 | Brandon | FL | 4,609 | 1,327 | 5,656 | 128 | 1,327 | 5,784 | 7,111 | 327 | ||||||||||||||||||||||||||||
06/19/2008 | Coral Springs | FL | 6,288 | 3,638 | 6,590 | 274 | 3,638 | 6,864 | 10,502 | 1,275 | ||||||||||||||||||||||||||||
01/06/2006 | Deland | FL | 2,780 | 1,318 | 3,971 | 303 | 1,318 | 4,274 | 5,592 | 1,038 | ||||||||||||||||||||||||||||
08/26/2004 | Fort Lauderdale / NW 31st Ave | FL | — | 1,587 | 4,205 | 353 | 1,587 | 4,558 | 6,145 | 1,333 | ||||||||||||||||||||||||||||
05/04/2011 | Fort Lauderdale / S State Rd 7 | FL | 7,046 | 2,750 | 7,002 | 561 | 2,750 | 7,563 | 10,313 | 749 | ||||||||||||||||||||||||||||
11/30/2012 | Fort Lauderdale / Commercial Blvd | FL | 5,094 | 1,576 | 5,397 | 275 | 1,576 | 5,672 | 7,248 | 319 | ||||||||||||||||||||||||||||
08/26/2004 | Fort Myers / Cypress Lake Dr | FL | 2,776 | 1,691 | 4,711 | 320 | 1,691 | 5,031 | 6,722 | 1,436 | ||||||||||||||||||||||||||||
07/01/2005 | Fort Myers / San Carlos Blvd | FL | 4,124 | 1,985 | 4,983 | 479 | 1,985 | 5,462 | 7,447 | 1,510 | ||||||||||||||||||||||||||||
03/08/2005 | Greenacres | FL | 2,575 | 1,463 | 3,244 | 146 | 1,463 | 3,390 | 4,853 | 915 | ||||||||||||||||||||||||||||
08/01/2008 | Hialeah / Okeechobee Rd | FL | — | 2,800 | 7,588 | 127 | 2,800 | 7,715 | 10,515 | 1,278 | ||||||||||||||||||||||||||||
01/01/2010 | Hialeah / E 65th Street | FL | — | 1,750 | 7,150 | 105 | 1,750 | 7,255 | 9,005 | 933 | ||||||||||||||||||||||||||||
09/01/2010 | Hialeah / W 84th St | FL | — | 1,678 | 6,807 | 75 | 1,678 | 6,882 | 8,560 | 761 | ||||||||||||||||||||||||||||
11/20/2007 | Hollywood | FL | 6,741 | 3,214 | 8,689 | 326 | 3,214 | 9,015 | 12,229 | 1,762 | ||||||||||||||||||||||||||||
12/28/2012 | Kenneth City | FL | 2,389 | 805 | 3,345 | 41 | 805 | 3,386 | 4,191 | 182 | ||||||||||||||||||||||||||||
05/02/2012 | Lakeland / Harden Blvd | FL | 3,847 | 593 | 4,701 | 168 | 593 | 4,869 | 5,462 | 370 | ||||||||||||||||||||||||||||
05/02/2012 | Lakeland / South Florida Ave | FL | 5,526 | 871 | 6,905 | 211 | 871 | 7,116 | 7,987 | 508 | ||||||||||||||||||||||||||||
09/03/2014 | Lakeland / US Hwy 98 | FL | — | 529 | 3,604 | 55 | 529 | 3,659 | 4,188 | 28 | ||||||||||||||||||||||||||||
12/27/2012 | Land O Lakes | FL | — | 798 | 4,490 | (7 | ) | (e) | 799 | 4,482 | 5,281 | 246 | ||||||||||||||||||||||||||
08/26/2004 | Madeira Beach | FL | 3,695 | 1,686 | 5,163 | 248 | 1,686 | 5,411 | 7,097 | 1,517 | ||||||||||||||||||||||||||||
08/10/2000 | Margate | FL | 3,329 | 430 | 3,139 | 707 | 469 | 3,807 | 4,276 | 1,467 | ||||||||||||||||||||||||||||
08/10/2000 | Miami / NW 12th St | FL | — | 1,325 | 4,395 | 947 | 1,440 | 5,227 | 6,667 | 2,036 | ||||||||||||||||||||||||||||
08/10/2000 | Miami / SW 72nd Street | FL | 7,893 | 5,315 | 4,305 | 1,385 | 5,859 | 5,146 | 11,005 | 1,937 | ||||||||||||||||||||||||||||
05/31/2007 | Miami / SW 186th St | FL | 4,439 | 1,238 | 7,597 | 317 | 1,238 | 7,914 | 9,152 | 1,673 | ||||||||||||||||||||||||||||
02/04/2011 | Miami / SW 147th Ave | FL | — | 2,375 | 5,543 | 98 | 2,374 | 5,642 | 8,016 | 516 | ||||||||||||||||||||||||||||
10/25/2011 | Miami / Hammocks Blvd | FL | — | 521 | 5,198 | 129 | 521 | 5,327 | 5,848 | 477 | ||||||||||||||||||||||||||||
07/02/2012 | Miami / NW 2nd Ave | FL | 5,676 | 1,979 | 6,513 | 154 | 1,979 | 6,667 | 8,646 | 440 | ||||||||||||||||||||||||||||
07/02/2012 | Miami / Coral Way | FL | 8,006 | 3,257 | 9,713 | 116 | 3,257 | 9,829 | 13,086 | 638 | ||||||||||||||||||||||||||||
11/08/2013 | Miami / SW 68th Ave | FL | 10,079 | 3,305 | 11,997 | 23 | 3,305 | 12,020 | 15,325 | 347 | ||||||||||||||||||||||||||||
11/30/2009 | Miami Gardens | FL | 6,757 | 4,798 | 9,475 | 129 | 4,798 | 9,604 | 14,402 | 1,254 | ||||||||||||||||||||||||||||
12/27/2012 | N Fort Myers | FL | — | 799 | 2,372 | (3,171 | ) | (a) | — | — | — | — | ||||||||||||||||||||||||||
11/01/2013 | Naples | FL | 5,061 | 1,990 | 4,887 | 310 | 1,990 | 5,197 | 7,187 | 485 | ||||||||||||||||||||||||||||
11/08/2013 | Naranja | FL | 8,645 | 603 | 11,223 | 28 | 603 | 11,251 | 11,854 | 325 | ||||||||||||||||||||||||||||
08/10/2000 | North Lauderdale | FL | 4,101 | 428 | 3,516 | 1,013 | 459 | 4,498 | 4,957 | 1,869 | ||||||||||||||||||||||||||||
06/01/2004 | North Miami | FL | 8,645 | 1,256 | 6,535 | 583 | 1,256 | 7,118 | 8,374 | 2,128 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
03/08/2005 | Ocoee | FL | 3,047 | 872 | 3,642 | 240 | 872 | 3,882 | 4,754 | 1,089 | ||||||||||||||||||||||||||||
08/26/2004 | Orlando / LB McLeod Rd | FL | 4,272 | 1,216 | 5,008 | 422 | 1,216 | 5,430 | 6,646 | 1,556 | ||||||||||||||||||||||||||||
03/08/2005 | Orlando / Hunters Creek | FL | 4,026 | 2,233 | 9,223 | 375 | 2,233 | 9,598 | 11,831 | 2,616 | ||||||||||||||||||||||||||||
03/08/2005 | Orlando / Metrowest | FL | 5,688 | 1,474 | 6,101 | 278 | 1,474 | 6,379 | 7,853 | 1,715 | ||||||||||||||||||||||||||||
03/08/2005 | Orlando / Waterford Lakes | FL | 3,834 | 1,166 | 4,816 | 1,286 | 1,166 | 6,102 | 7,268 | 1,553 | ||||||||||||||||||||||||||||
07/15/2010 | Orlando / Orange Blossom Trail | FL | — | 625 | 2,133 | 82 | 625 | 2,215 | 2,840 | 284 | ||||||||||||||||||||||||||||
11/07/2013 | Palm Springs | FL | — | 2,108 | 8,028 | 110 | 2,108 | 8,138 | 10,246 | 242 | ||||||||||||||||||||||||||||
Plantation | FL | — | 3,850 | — | (1,504 | ) | (d) | 2,346 | — | 2,346 | — | |||||||||||||||||||||||||||
08/26/2004 | Port Charlotte | FL | — | 1,389 | 4,632 | 228 | 1,389 | 4,860 | 6,249 | 1,359 | ||||||||||||||||||||||||||||
08/26/2004 | Riverview | FL | 2,351 | 654 | 2,953 | 271 | 654 | 3,224 | 3,878 | 934 | ||||||||||||||||||||||||||||
11/30/2012 | Sarasota / Clark Rd | FL | 7,896 | 4,666 | 9,016 | 233 | 4,666 | 9,249 | 13,915 | 518 | ||||||||||||||||||||||||||||
12/23/2014 | Sarasota / Washington Blvd | FL | — | 1,192 | 2,919 | — | 1,192 | 2,919 | 4,111 | — | ||||||||||||||||||||||||||||
12/03/2012 | Seminole | FL | 2,473 | 1,133 | 3,017 | 165 | 1,133 | 3,182 | 4,315 | 177 | ||||||||||||||||||||||||||||
12/23/2014 | South Pasadena | FL | — | 8,890 | 10,106 | — | 8,890 | 10,106 | 18,996 | — | ||||||||||||||||||||||||||||
04/15/2014 | Stuart | FL | — | 1,640 | 8,358 | 130 | 1,640 | 8,488 | 10,128 | 157 | ||||||||||||||||||||||||||||
11/01/2013 | Tamiami | FL | 5,718 | 5,042 | 7,164 | 216 | 5,042 | 7,380 | 12,422 | 792 | ||||||||||||||||||||||||||||
11/22/2006 | Tampa / Cypress St | FL | 3,601 | 883 | 3,533 | 149 | 881 | 3,684 | 4,565 | 828 | ||||||||||||||||||||||||||||
03/27/2007 | Tampa / W Cleveland St | FL | 3,779 | 1,425 | 4,766 | 309 | 1,425 | 5,075 | 6,500 | 1,160 | ||||||||||||||||||||||||||||
12/23/2014 | Tampa / W Hillsborough Ave | FL | — | 1,086 | 2,937 | — | 1,086 | 2,937 | 4,023 | — | ||||||||||||||||||||||||||||
08/26/2004 | Valrico | FL | 4,476 | 1,197 | 4,411 | 258 | 1,197 | 4,669 | 5,866 | 1,335 | ||||||||||||||||||||||||||||
01/13/2006 | Venice | FL | 6,811 | 1,969 | 5,903 | 316 | 1,969 | 6,219 | 8,188 | 1,564 | ||||||||||||||||||||||||||||
08/10/2000 | West Palm Beach / N Military Trail 1 | FL | — | 1,312 | 2,511 | 948 | 1,416 | 3,355 | 4,771 | 1,335 | ||||||||||||||||||||||||||||
08/10/2000 | West Palm Beach / Forest Hill Bl | FL | — | 1,164 | 2,511 | 730 | 1,246 | 3,159 | 4,405 | 1,239 | ||||||||||||||||||||||||||||
07/01/2005 | West Palm Beach / Southern Blvd | FL | 3,749 | 1,752 | 4,909 | 423 | 1,752 | 5,332 | 7,084 | 1,535 | ||||||||||||||||||||||||||||
12/01/2011 | West Palm Beach / S Military Trail | FL | 3,399 | 1,729 | 4,058 | 99 | 1,730 | 4,156 | 5,886 | 341 | ||||||||||||||||||||||||||||
11/01/2013 | West Palm Beach / N Military Trail 2 | FL | 2,437 | 1,595 | 2,833 | 74 | 1,595 | 2,907 | 4,502 | 329 | ||||||||||||||||||||||||||||
08/08/2006 | Alpharetta | GA | 2,528 | 1,893 | 3,161 | 170 | 1,893 | 3,331 | 5,224 | 787 | ||||||||||||||||||||||||||||
08/26/2004 | Atlanta / Cheshire Bridge Rd NE | GA | 7,820 | 3,737 | 8,333 | 646 | 3,737 | 8,979 | 12,716 | 2,497 | ||||||||||||||||||||||||||||
08/26/2004 | Atlanta / Roswell Rd | GA | — | 1,665 | 2,028 | 256 | 1,665 | 2,284 | 3,949 | 689 | ||||||||||||||||||||||||||||
02/28/2005 | Atlanta / Virginia Ave | GA | 6,432 | 3,319 | 8,325 | 556 | 3,319 | 8,881 | 12,200 | 2,442 | ||||||||||||||||||||||||||||
04/03/2014 | Atlanta / Mt Vernon Hwy | GA | — | 2,961 | 19,819 | 71 | 2,961 | 19,890 | 22,851 | 362 | ||||||||||||||||||||||||||||
08/06/2014 | Atlanta / Chattahoochee Ave | GA | — | 1,132 | 10,080 | 77 | 1,132 | 10,157 | 11,289 | 98 | ||||||||||||||||||||||||||||
10/22/2014 | Atlanta / Edgewood Ave SE | GA | — | 588 | 10,295 | 1 | 588 | 10,296 | 10,884 | — | ||||||||||||||||||||||||||||
11/04/2013 | Augusta | GA | 2,064 | 710 | 2,299 | 51 | 710 | 2,350 | 3,060 | 69 | ||||||||||||||||||||||||||||
01/17/2006 | Dacula | GA | 3,723 | 1,993 | 3,001 | 155 | 1,993 | 3,156 | 5,149 | 765 | ||||||||||||||||||||||||||||
06/17/2010 | Douglasville | GA | — | 1,209 | 719 | 326 | 1,209 | 1,045 | 2,254 | 179 | ||||||||||||||||||||||||||||
06/14/2007 | Duluth | GA | 3,448 | 1,454 | 4,151 | 148 | 1,454 | 4,299 | 5,753 | 876 | ||||||||||||||||||||||||||||
11/30/2012 | Eastpoint | GA | 5,584 | 1,718 | 6,388 | 111 | 1,718 | 6,499 | 8,217 | 361 | ||||||||||||||||||||||||||||
06/17/2010 | Kennesaw | GA | — | 673 | 1,151 | 157 | 673 | 1,308 | 1,981 | 183 | ||||||||||||||||||||||||||||
11/04/2013 | Lawrenceville | GA | 3,400 | 2,117 | 2,784 | 282 | 2,117 | 3,066 | 5,183 | 93 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
11/12/2009 | Lithonia | GA | — | 1,958 | 3,645 | 120 | 1,958 | 3,765 | 5,723 | 518 | ||||||||||||||||||||||||||||
06/17/2010 | Marietta | GA | — | 887 | 2,617 | 306 | 887 | 2,923 | 3,810 | 383 | ||||||||||||||||||||||||||||
08/26/2004 | Snellville | GA | — | 2,691 | 4,026 | 314 | 2,691 | 4,340 | 7,031 | 1,252 | ||||||||||||||||||||||||||||
08/26/2004 | Stone Mountain / Annistown Rd | GA | 2,828 | 1,817 | 4,382 | 296 | 1,817 | 4,678 | 6,495 | 1,323 | ||||||||||||||||||||||||||||
07/01/2005 | Stone Mountain / S Hairston Rd | GA | 2,573 | 925 | 3,505 | 331 | 925 | 3,836 | 4,761 | 1,036 | ||||||||||||||||||||||||||||
06/14/2007 | Sugar Hill / Nelson Brogdon Blvd 1 | GA | — | 1,371 | 2,547 | 208 | 1,371 | 2,755 | 4,126 | 597 | ||||||||||||||||||||||||||||
06/14/2007 | Sugar Hill / Nelson Brogdon Blvd 2 | GA | — | 1,368 | 2,540 | 231 | 1,368 | 2,771 | 4,139 | 597 | ||||||||||||||||||||||||||||
10/15/2013 | Tucker | GA | — | 1,773 | 10,456 | 49 | 1,773 | 10,505 | 12,278 | 326 | ||||||||||||||||||||||||||||
08/26/2004 | Alpharetta | GL | — | 1,973 | 1,587 | 262 | 1,973 | 1,849 | 3,822 | 558 | ||||||||||||||||||||||||||||
05/03/2013 | Honolulu | HI | — | 4,674 | 18,350 | 58 | 4,674 | 18,408 | 23,082 | 771 | ||||||||||||||||||||||||||||
06/25/2007 | Kahului | HI | — | 3,984 | 15,044 | 692 | 3,984 | 15,736 | 19,720 | 3,291 | ||||||||||||||||||||||||||||
06/25/2007 | Kapolei / Farrington Hwy 1 | HI | 9,495 | — | 24,701 | 449 | — | 25,150 | 25,150 | 5,018 | ||||||||||||||||||||||||||||
12/06/2013 | Kapolei / Farrington Hwy 2 | HI | — | — | 7,776 | 11 | — | 7,787 | 7,787 | 208 | ||||||||||||||||||||||||||||
05/03/2013 | Wahiawa | HI | — | 1,317 | 2,626 | 77 | 1,317 | 2,703 | 4,020 | 116 | ||||||||||||||||||||||||||||
11/04/2013 | Bedford Park | IL | 2,469 | 922 | 3,289 | 125 | 922 | 3,414 | 4,336 | 100 | ||||||||||||||||||||||||||||
07/01/2005 | Chicago / South Wabash | IL | 4,124 | 621 | 3,428 | 2,312 | 621 | 5,740 | 6,361 | 1,384 | ||||||||||||||||||||||||||||
07/01/2005 | Chicago / West Addison | IL | 2,999 | 449 | 2,471 | 776 | 449 | 3,247 | 3,696 | 1,000 | ||||||||||||||||||||||||||||
07/01/2005 | Chicago / West Harrison | IL | 2,718 | 472 | 2,582 | 733 | 472 | 3,315 | 3,787 | 1,055 | ||||||||||||||||||||||||||||
02/13/2013 | Chicago / Montrose | IL | 8,459 | 1,318 | 9,485 | 61 | 1,318 | 9,546 | 10,864 | 464 | ||||||||||||||||||||||||||||
11/04/2013 | Chicago / 60th Street | IL | — | 1,363 | 5,850 | 129 | 1,363 | 5,979 | 7,342 | 173 | ||||||||||||||||||||||||||||
11/04/2013 | Chicago / 87th St | IL | — | 2,881 | 6,324 | 9 | 2,881 | 6,333 | 9,214 | 183 | ||||||||||||||||||||||||||||
11/04/2013 | Chicago / Pulaski Rd | IL | 3,743 | 1,143 | 6,138 | 111 | 1,143 | 6,249 | 7,392 | 180 | ||||||||||||||||||||||||||||
Chicago / Stony Island | IL | — | 1,925 | — | — | 1,925 | — | 1,925 | — | |||||||||||||||||||||||||||||
07/15/2003 | Crest Hill | IL | 2,377 | 847 | 2,946 | 786 | 968 | 3,611 | 4,579 | 1,074 | ||||||||||||||||||||||||||||
10/01/2007 | Gurnee | IL | — | 1,374 | 8,296 | 125 | 1,374 | 8,421 | 9,795 | 1,580 | ||||||||||||||||||||||||||||
12/01/2011 | Highland Park | IL | 7,120 | 5,798 | 6,016 | 86 | 5,798 | 6,102 | 11,900 | 499 | ||||||||||||||||||||||||||||
11/04/2013 | Lincolnshire | IL | 3,585 | 1,438 | 5,128 | 2 | 1,438 | 5,130 | 6,568 | 148 | ||||||||||||||||||||||||||||
12/01/2008 | Naperville / Ogden Avenue | IL | — | 2,800 | 7,355 | (724 | ) | (d) | 1,950 | 7,481 | 9,431 | 1,183 | ||||||||||||||||||||||||||
12/01/2011 | Naperville / State Route 59 | IL | 4,834 | 1,860 | 5,793 | 91 | 1,860 | 5,884 | 7,744 | 475 | ||||||||||||||||||||||||||||
05/03/2008 | North Aurora | IL | 2,447 | 600 | 5,833 | 141 | 600 | 5,974 | 6,574 | 1,043 | ||||||||||||||||||||||||||||
07/02/2012 | Skokie | IL | 3,996 | 1,119 | 7,502 | 206 | 1,119 | 7,708 | 8,827 | 501 | ||||||||||||||||||||||||||||
10/15/2002 | South Holland | IL | 2,464 | 839 | 2,879 | 349 | 865 | 3,202 | 4,067 | 1,047 | ||||||||||||||||||||||||||||
08/01/2008 | Tinley Park | IL | — | 1,823 | 4,794 | 981 | 1,548 | 6,050 | 7,598 | 825 | ||||||||||||||||||||||||||||
10/10/2008 | Carmel | IN | — | 1,169 | 4,393 | 263 | 1,169 | 4,656 | 5,825 | 853 | ||||||||||||||||||||||||||||
06/27/2011 | Connersville | IN | 1,114 | 472 | 315 | 109 | 472 | 424 | 896 | 60 | ||||||||||||||||||||||||||||
10/31/2008 | Ft Wayne | IN | 3,974 | 1,899 | 3,292 | 290 | 1,899 | 3,582 | 5,481 | 688 | ||||||||||||||||||||||||||||
08/31/2007 | Indianapolis / E 65th St | IN | — | 588 | 3,457 | 306 | 588 | 3,763 | 4,351 | 844 | ||||||||||||||||||||||||||||
10/10/2008 | Indianapolis / Dandy Trail-Windham Lake Dr | IN | — | 850 | 4,545 | 387 | 850 | 4,932 | 5,782 | 949 | ||||||||||||||||||||||||||||
10/10/2008 | Indianapolis / Southport Rd-Kildeer Dr | IN | — | 426 | 2,903 | 333 | 426 | 3,236 | 3,662 | 646 | ||||||||||||||||||||||||||||
11/30/2012 | Indianapolis / E 86th St | IN | 1,083 | 646 | 1,294 | 159 | 646 | 1,453 | 2,099 | 94 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
10/10/2008 | Mishawaka | IN | 2,607 | 630 | 3,349 | 290 | 630 | 3,639 | 4,269 | 691 | ||||||||||||||||||||||||||||
06/27/2011 | Richmond | IN | — | 723 | 482 | 428 | 723 | 910 | 1,633 | 107 | ||||||||||||||||||||||||||||
04/13/2006 | Wichita | KS | 2,075 | 366 | 1,897 | 376 | 366 | 2,273 | 2,639 | 662 | ||||||||||||||||||||||||||||
06/27/2011 | Covington | KY | 1,992 | 839 | 2,543 | 128 | 839 | 2,671 | 3,510 | 272 | ||||||||||||||||||||||||||||
07/01/2005 | Louisville / Bardstown Rd | KY | 2,812 | 586 | 3,244 | 389 | 586 | 3,633 | 4,219 | 1,024 | ||||||||||||||||||||||||||||
07/01/2005 | Louisville / Warwick Ave | KY | 4,403 | 1,217 | 4,611 | 211 | 1,217 | 4,822 | 6,039 | 1,281 | ||||||||||||||||||||||||||||
12/01/2005 | Louisville / Wattbourne Ln | KY | 4,714 | 892 | 2,677 | 232 | 892 | 2,909 | 3,801 | 728 | ||||||||||||||||||||||||||||
08/26/2004 | Metairie | LA | 3,768 | 2,056 | 4,216 | 184 | 2,056 | 4,400 | 6,456 | 1,235 | ||||||||||||||||||||||||||||
08/26/2004 | New Orleans | LA | 5,327 | 4,058 | 4,325 | 688 | 4,058 | 5,013 | 9,071 | 1,490 | ||||||||||||||||||||||||||||
06/01/2003 | Ashland | MA | — | 474 | 3,324 | 346 | 474 | 3,670 | 4,144 | 1,339 | ||||||||||||||||||||||||||||
05/01/2004 | Auburn | MA | — | 918 | 3,728 | 325 | 918 | 4,053 | 4,971 | 1,543 | ||||||||||||||||||||||||||||
11/04/2013 | Billerica | MA | — | 3,023 | 6,697 | 108 | 3,023 | 6,805 | 9,828 | 196 | ||||||||||||||||||||||||||||
05/01/2004 | Brockton / Centre St - Rte 123 | MA | — | 647 | 2,762 | 178 | 647 | 2,940 | 3,587 | 1,053 | ||||||||||||||||||||||||||||
11/04/2013 | Brockton / Oak St | MA | — | 829 | 6,195 | 327 | 829 | 6,522 | 7,351 | 187 | ||||||||||||||||||||||||||||
11/09/2012 | Danvers | MA | 7,662 | 3,115 | 5,736 | 149 | 3,115 | 5,885 | 9,000 | 323 | ||||||||||||||||||||||||||||
03/04/2002 | Dedham / Milton St | MA | — | 2,127 | 3,041 | 626 | 2,127 | 3,667 | 5,794 | 1,407 | ||||||||||||||||||||||||||||
02/06/2004 | Dedham / Allied Dr | MA | — | 2,443 | 7,328 | 1,393 | 2,443 | 8,721 | 11,164 | 2,659 | ||||||||||||||||||||||||||||
02/06/2004 | East Somerville | MA | — | — | — | 152 | — | 152 | 152 | 107 | ||||||||||||||||||||||||||||
07/01/2005 | Everett | MA | — | 692 | 2,129 | 786 | 692 | 2,915 | 3,607 | 942 | ||||||||||||||||||||||||||||
05/01/2004 | Foxboro | MA | — | 759 | 4,158 | 466 | 759 | 4,624 | 5,383 | 1,886 | ||||||||||||||||||||||||||||
07/02/2012 | Framingham | MA | — | — | — | 35 | — | 35 | 35 | 7 | ||||||||||||||||||||||||||||
05/01/2004 | Hudson | MA | 3,328 | 806 | 3,122 | 404 | 806 | 3,526 | 4,332 | 1,471 | ||||||||||||||||||||||||||||
12/31/2007 | Jamaica Plain | MA | 9,469 | 3,285 | 11,275 | 599 | 3,285 | 11,874 | 15,159 | 2,179 | ||||||||||||||||||||||||||||
10/18/2002 | Kingston | MA | — | 555 | 2,491 | 155 | 555 | 2,646 | 3,201 | 995 | ||||||||||||||||||||||||||||
06/22/2001 | Lynn | MA | — | 1,703 | 3,237 | 432 | 1,703 | 3,669 | 5,372 | 1,366 | ||||||||||||||||||||||||||||
03/31/2004 | Marshfield | MA | 4,602 | 1,039 | 4,155 | 243 | 1,026 | 4,411 | 5,437 | 1,285 | ||||||||||||||||||||||||||||
11/14/2002 | Milton | MA | — | 2,838 | 3,979 | 6,642 | 2,838 | 10,621 | 13,459 | 2,458 | ||||||||||||||||||||||||||||
11/04/2013 | North Andover | MA | — | 773 | 4,120 | 120 | 773 | 4,240 | 5,013 | 123 | ||||||||||||||||||||||||||||
10/15/1999 | North Oxford | MA | — | 482 | 1,762 | 470 | 526 | 2,188 | 2,714 | 924 | ||||||||||||||||||||||||||||
02/28/2001 | Northborough | MA | 4,544 | 280 | 2,715 | 537 | 280 | 3,252 | 3,532 | 1,339 | ||||||||||||||||||||||||||||
08/15/1999 | Norwood | MA | 6,626 | 2,160 | 2,336 | 1,783 | 2,220 | 4,059 | 6,279 | 1,434 | ||||||||||||||||||||||||||||
07/01/2005 | Plainville | MA | 4,991 | 2,223 | 4,430 | 434 | 2,223 | 4,864 | 7,087 | 1,580 | ||||||||||||||||||||||||||||
02/06/2004 | Quincy | MA | 6,910 | 1,359 | 4,078 | 424 | 1,359 | 4,502 | 5,861 | 1,320 | ||||||||||||||||||||||||||||
05/15/2000 | Raynham | MA | — | 588 | 2,270 | 737 | 669 | 2,926 | 3,595 | 1,109 | ||||||||||||||||||||||||||||
12/01/2011 | Revere | MA | 4,963 | 2,275 | 6,935 | 154 | 2,275 | 7,089 | 9,364 | 575 | ||||||||||||||||||||||||||||
06/01/2003 | Saugus | MA | — | 1,725 | 5,514 | 577 | 1,725 | 6,091 | 7,816 | 2,013 | ||||||||||||||||||||||||||||
06/15/2001 | Somerville | MA | 11,922 | 1,728 | 6,570 | 779 | 1,731 | 7,346 | 9,077 | 2,531 | ||||||||||||||||||||||||||||
07/01/2005 | Stoneham | MA | 5,918 | 944 | 5,241 | 179 | 944 | 5,420 | 6,364 | 1,415 | ||||||||||||||||||||||||||||
05/01/2004 | Stoughton | MA | — | 1,754 | 2,769 | 315 | 1,754 | 3,084 | 4,838 | 1,221 | ||||||||||||||||||||||||||||
07/02/2012 | Tyngsboro | MA | 3,463 | 1,843 | 5,004 | 45 | 1,843 | 5,049 | 6,892 | 327 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
02/06/2004 | Waltham | MA | 5,176 | 3,770 | 11,310 | 1,115 | 3,770 | 12,425 | 16,195 | 3,613 | ||||||||||||||||||||||||||||
09/14/2000 | Weymouth | MA | — | 2,806 | 3,129 | 231 | 2,806 | 3,360 | 6,166 | 1,328 | ||||||||||||||||||||||||||||
02/06/2004 | Woburn | MA | — | — | — | 267 | — | 267 | 267 | 119 | ||||||||||||||||||||||||||||
05/01/2004 | Worcester / Millbury St | MA | 4,476 | 896 | 4,377 | 3,172 | 896 | 7,549 | 8,445 | 2,504 | ||||||||||||||||||||||||||||
12/01/2006 | Worcester / Ararat St | MA | 4,086 | 1,350 | 4,433 | 162 | 1,350 | 4,595 | 5,945 | 998 | ||||||||||||||||||||||||||||
04/17/2007 | Annapolis / Trout Rd | MD | 6,437 | 5,248 | 7,247 | 204 | 5,248 | 7,451 | 12,699 | 1,550 | ||||||||||||||||||||||||||||
08/31/2007 | Annapolis / Renard Ct - Annex | MD | 6,039 | 1,375 | 8,896 | 325 | 1,375 | 9,221 | 10,596 | 1,899 | ||||||||||||||||||||||||||||
07/01/2005 | Arnold | MD | 8,904 | 2,558 | 9,446 | 453 | 2,558 | 9,899 | 12,457 | 2,559 | ||||||||||||||||||||||||||||
11/01/2008 | Baltimore / Moravia Rd | MD | 4,424 | 800 | 5,955 | 113 | 800 | 6,068 | 6,868 | 990 | ||||||||||||||||||||||||||||
06/01/2010 | Baltimore / N Howard St | MD | — | 1,900 | 5,277 | 136 | 1,900 | 5,413 | 7,313 | 654 | ||||||||||||||||||||||||||||
05/31/2012 | Baltimore / Eastern Ave 1 | MD | 4,540 | 1,185 | 5,051 | 130 | 1,185 | 5,181 | 6,366 | 358 | ||||||||||||||||||||||||||||
02/13/2013 | Baltimore / Eastern Ave 2 | MD | 7,108 | 1,266 | 10,789 | 79 | 1,266 | 10,868 | 12,134 | 531 | ||||||||||||||||||||||||||||
07/01/2005 | Bethesda | MD | 11,997 | 3,671 | 18,331 | 1,400 | 3,671 | 19,731 | 23,402 | 5,407 | ||||||||||||||||||||||||||||
10/20/2010 | Capitol Heights | MD | 8,276 | 1,461 | 9,866 | 208 | 1,461 | 10,074 | 11,535 | 1,145 | ||||||||||||||||||||||||||||
03/07/2012 | Cockeysville | MD | 3,853 | 465 | 5,600 | 204 | 465 | 5,804 | 6,269 | 449 | ||||||||||||||||||||||||||||
07/01/2005 | Columbia | MD | 7,873 | 1,736 | 9,632 | 282 | 1,736 | 9,914 | 11,650 | 2,542 | ||||||||||||||||||||||||||||
Edgewood | MD | — | 1,000 | — | (575 | ) | (d) | 425 | — | 425 | — | |||||||||||||||||||||||||||
01/11/2007 | Ft. Washington | MD | 9,040 | 4,920 | 9,174 | 227 | 4,920 | 9,401 | 14,321 | 1,997 | ||||||||||||||||||||||||||||
07/02/2012 | Gambrills | MD | 4,842 | 1,905 | 7,104 | 102 | 1,905 | 7,206 | 9,111 | 456 | ||||||||||||||||||||||||||||
07/08/2011 | Glen Burnie | MD | 4,514 | 1,303 | 4,218 | 309 | 1,303 | 4,527 | 5,830 | 469 | ||||||||||||||||||||||||||||
06/10/2013 | Hanover | MD | 7,437 | 2,160 | 11,340 | 55 | 2,160 | 11,395 | 13,555 | 454 | ||||||||||||||||||||||||||||
02/06/2004 | Lanham | MD | 12,121 | 3,346 | 10,079 | 621 | 2,618 | 11,428 | 14,046 | 3,442 | ||||||||||||||||||||||||||||
12/27/2007 | Laurel | MD | 5,977 | 3,000 | 5,930 | 92 | 3,000 | 6,022 | 9,022 | 1,149 | ||||||||||||||||||||||||||||
12/27/2012 | Lexington Park | MD | — | 4,314 | 8,412 | 131 | 4,314 | 8,543 | 12,857 | 455 | ||||||||||||||||||||||||||||
09/17/2008 | Pasadena / Fort Smallwood Rd | MD | 3,751 | 1,869 | 3,056 | 703 | 1,869 | 3,759 | 5,628 | 840 | ||||||||||||||||||||||||||||
03/24/2011 | Pasadena / Mountain Rd | MD | — | 3,500 | 7,407 | 130 | 3,500 | 7,537 | 11,037 | 705 | ||||||||||||||||||||||||||||
08/01/2011 | Randallstown | MD | 4,548 | 764 | 6,331 | 280 | 764 | 6,611 | 7,375 | 612 | ||||||||||||||||||||||||||||
09/01/2006 | Rockville | MD | 12,185 | 4,596 | 11,328 | 322 | 4,596 | 11,650 | 16,246 | 2,568 | ||||||||||||||||||||||||||||
07/01/2005 | Towson / East Joppa Rd 1 | MD | 3,843 | 861 | 4,742 | 221 | 861 | 4,963 | 5,824 | 1,331 | ||||||||||||||||||||||||||||
07/02/2012 | Towson / East Joppa Rd 2 | MD | 6,125 | 1,094 | 9,598 | 117 | 1,094 | 9,715 | 10,809 | 619 | ||||||||||||||||||||||||||||
07/02/2012 | Belleville | MI | 3,898 | 954 | 4,984 | 84 | 954 | 5,068 | 6,022 | 325 | ||||||||||||||||||||||||||||
07/01/2005 | Grandville | MI | 1,593 | 726 | 1,298 | 408 | 726 | 1,706 | 2,432 | 572 | ||||||||||||||||||||||||||||
07/01/2005 | Mt Clemens | MI | 1,968 | 798 | 1,796 | 477 | 798 | 2,273 | 3,071 | 653 | ||||||||||||||||||||||||||||
08/31/2007 | Florissant | MO | 3,412 | 1,241 | 4,648 | 328 | 1,241 | 4,976 | 6,217 | 1,118 | ||||||||||||||||||||||||||||
07/01/2005 | Grandview | MO | 1,031 | 612 | 1,770 | 404 | 612 | 2,174 | 2,786 | 713 | ||||||||||||||||||||||||||||
06/01/2000 | St Louis / Forest Park | MO | 2,564 | 156 | 1,313 | 617 | 173 | 1,913 | 2,086 | 833 | ||||||||||||||||||||||||||||
06/01/2000 | St Louis / Halls Ferry Rd | MO | 2,593 | 631 | 2,159 | 622 | 690 | 2,722 | 3,412 | 1,093 | ||||||||||||||||||||||||||||
08/31/2007 | St Louis / Gravois Rd | MO | 2,664 | 676 | 3,551 | 325 | 676 | 3,876 | 4,552 | 879 | ||||||||||||||||||||||||||||
08/31/2007 | St Louis / Old Tesson Rd | MO | 6,624 | 1,444 | 4,162 | 350 | 1,444 | 4,512 | 5,956 | 1,006 | ||||||||||||||||||||||||||||
10/15/2013 | Cary | NC | 4,311 | 3,614 | 1,788 | 3 | 3,614 | 1,791 | 5,405 | 55 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
12/11/2014 | Greensboro / High Point Rd | NC | — | 1,069 | 4,199 | — | 1,069 | 4,199 | 5,268 | — | ||||||||||||||||||||||||||||
12/11/2014 | Greensboro / Lawndale Drive | NC | — | 3,725 | 7,036 | — | 3,723 | 7,038 | 10,761 | — | ||||||||||||||||||||||||||||
12/11/2014 | Hickory | NC | — | 875 | 5,418 | 3 | 875 | 5,421 | 6,296 | — | ||||||||||||||||||||||||||||
06/18/2014 | Raleigh | NC | — | 2,940 | 4,265 | 26 | 2,940 | 4,291 | 7,231 | 60 | ||||||||||||||||||||||||||||
12/11/2014 | Winston-Salem / Peters Creek Pkwy | NC | — | 1,548 | 3,495 | — | 1,548 | 3,495 | 5,043 | — | ||||||||||||||||||||||||||||
12/11/2014 | Winston-Salem / University Pkwy | NC | — | 1,131 | 5,084 | — | 1,131 | 5,084 | 6,215 | — | ||||||||||||||||||||||||||||
04/15/1999 | Merrimack | NH | 3,840 | 754 | 3,299 | 599 | 817 | 3,835 | 4,652 | 1,289 | ||||||||||||||||||||||||||||
07/01/2005 | Nashua | NH | — | — | 755 | 102 | — | 857 | 857 | 328 | ||||||||||||||||||||||||||||
01/01/2005 | Avenel | NJ | 7,612 | 1,518 | 8,037 | 383 | 1,518 | 8,420 | 9,938 | 2,289 | ||||||||||||||||||||||||||||
12/28/2004 | Bayville | NJ | 3,747 | 1,193 | 5,312 | 389 | 1,193 | 5,701 | 6,894 | 1,595 | ||||||||||||||||||||||||||||
09/01/2008 | Bellmawr | NJ | 3,296 | 3,600 | 4,765 | 307 | 3,675 | 4,997 | 8,672 | 760 | ||||||||||||||||||||||||||||
07/18/2012 | Berkeley Heights | NJ | 6,981 | 1,598 | 7,553 | 93 | 1,598 | 7,646 | 9,244 | 494 | ||||||||||||||||||||||||||||
12/18/2014 | Burlington | NJ | — | 477 | 6,534 | 10 | 477 | 6,544 | 7,021 | — | ||||||||||||||||||||||||||||
11/30/2012 | Cherry Hill / Marlton Pike | NJ | 2,600 | 2,323 | 1,549 | 157 | 2,323 | 1,706 | 4,029 | 108 | ||||||||||||||||||||||||||||
12/18/2014 | Cherry Hill / Rockhill Rd | NJ | — | 536 | 3,407 | 20 | 536 | 3,427 | 3,963 | — | ||||||||||||||||||||||||||||
11/30/2012 | Cranbury | NJ | 6,910 | 3,543 | 5,095 | 295 | 3,543 | 5,390 | 8,933 | 307 | ||||||||||||||||||||||||||||
12/18/2014 | Denville | NJ | — | 584 | 14,398 | — | 584 | 14,398 | 14,982 | — | ||||||||||||||||||||||||||||
12/31/2001 | Edison | NJ | — | 2,519 | 8,547 | 733 | 2,519 | 9,280 | 11,799 | 3,257 | ||||||||||||||||||||||||||||
12/31/2001 | Egg Harbor Township | NJ | 4,088 | 1,724 | 5,001 | 718 | 1,724 | 5,719 | 7,443 | 2,140 | ||||||||||||||||||||||||||||
03/15/2007 | Ewing | NJ | — | 1,552 | 4,720 | (61 | ) | (c, d) | 1,562 | 4,649 | 6,211 | 1,000 | ||||||||||||||||||||||||||
07/18/2012 | Fairfield | NJ | 6,083 | — | 9,402 | 93 | — | 9,495 | 9,495 | 610 | ||||||||||||||||||||||||||||
11/30/2012 | Fort Lee | NJ | — | 4,402 | 9,831 | 251 | 4,402 | 10,082 | 14,484 | 557 | ||||||||||||||||||||||||||||
03/15/2001 | Glen Rock | NJ | — | 1,109 | 2,401 | 558 | 1,222 | 2,846 | 4,068 | 962 | ||||||||||||||||||||||||||||
07/01/2005 | Hackensack / South River St | NJ | — | 2,283 | 11,234 | 862 | 2,283 | 12,096 | 14,379 | 3,299 | ||||||||||||||||||||||||||||
12/18/2014 | Hackensack / Railroad Ave | NJ | — | 2,053 | 9,882 | 13 | 2,053 | 9,895 | 11,948 | — | ||||||||||||||||||||||||||||
08/23/2012 | Hackettstown | NJ | 5,960 | 2,144 | 6,660 | 138 | 2,144 | 6,798 | 8,942 | 426 | ||||||||||||||||||||||||||||
07/02/2012 | Harrison | NJ | 3,592 | 300 | 6,003 | 367 | 300 | 6,370 | 6,670 | 405 | ||||||||||||||||||||||||||||
12/31/2001 | Hazlet | NJ | 7,700 | 1,362 | 10,262 | 605 | 1,362 | 10,867 | 12,229 | 3,784 | ||||||||||||||||||||||||||||
07/02/2002 | Hoboken | NJ | 7,876 | 2,687 | 6,092 | 309 | 2,687 | 6,401 | 9,088 | 2,117 | ||||||||||||||||||||||||||||
12/31/2001 | Howell | NJ | 3,310 | 2,440 | 3,407 | 446 | 2,440 | 3,853 | 6,293 | 1,435 | ||||||||||||||||||||||||||||
12/31/2001 | Iselin | NJ | 4,764 | 505 | 4,524 | 564 | 505 | 5,088 | 5,593 | 1,890 | ||||||||||||||||||||||||||||
11/30/2012 | Lawnside | NJ | — | 1,249 | 5,613 | 214 | 1,249 | 5,827 | 7,076 | 330 | ||||||||||||||||||||||||||||
02/06/2004 | Lawrenceville | NJ | 5,421 | 3,402 | 10,230 | 493 | 3,402 | 10,723 | 14,125 | 3,165 | ||||||||||||||||||||||||||||
07/01/2005 | Linden | NJ | 3,731 | 1,517 | 8,384 | 253 | 1,517 | 8,637 | 10,154 | 2,199 | ||||||||||||||||||||||||||||
12/22/2004 | Lumberton | NJ | 4,094 | 831 | 4,060 | 249 | 831 | 4,309 | 5,140 | 1,264 | ||||||||||||||||||||||||||||
03/15/2001 | Lyndhurst | NJ | — | 2,679 | 4,644 | 1,019 | 2,928 | 5,414 | 8,342 | 1,796 | ||||||||||||||||||||||||||||
08/23/2012 | Mahwah | NJ | 11,084 | 1,890 | 13,112 | 218 | 1,890 | 13,330 | 15,220 | 846 | ||||||||||||||||||||||||||||
12/16/2011 | Maple Shade | NJ | 4,161 | 1,093 | 5,492 | 143 | 1,093 | 5,635 | 6,728 | 463 | ||||||||||||||||||||||||||||
12/07/2001 | Metuchen | NJ | 5,663 | 1,153 | 4,462 | 341 | 1,153 | 4,803 | 5,956 | 1,654 | ||||||||||||||||||||||||||||
08/28/2012 | Montville | NJ | 8,083 | 1,511 | 11,749 | 107 | 1,511 | 11,856 | 13,367 | 734 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
02/06/2004 | Morrisville | NJ | — | 2,487 | 7,494 | 1,214 | 2,487 | 8,708 | 11,195 | 2,600 | ||||||||||||||||||||||||||||
07/02/2012 | Mt Laurel | NJ | 3,046 | 329 | 5,217 | 109 | 329 | 5,326 | 5,655 | 354 | ||||||||||||||||||||||||||||
11/02/2006 | Neptune | NJ | 7,340 | 4,204 | 8,906 | 358 | 4,204 | 9,264 | 13,468 | 2,029 | ||||||||||||||||||||||||||||
07/18/2012 | Newark | NJ | 7,430 | 806 | 8,340 | 107 | 806 | 8,447 | 9,253 | 547 | ||||||||||||||||||||||||||||
07/25/2003 | North Bergen / River Rd | NJ | 9,178 | 2,100 | 6,606 | 307 | 2,100 | 6,913 | 9,013 | 2,162 | ||||||||||||||||||||||||||||
07/01/2005 | North Bergen / 83rd St | NJ | 10,160 | 2,299 | 12,728 | 496 | 2,299 | 13,224 | 15,523 | 3,381 | ||||||||||||||||||||||||||||
10/06/2011 | North Bergen / Kennedy Blvd | NJ | — | 861 | 17,127 | 170 | 861 | 17,297 | 18,158 | 1,438 | ||||||||||||||||||||||||||||
07/18/2012 | North Brunswick | NJ | 6,212 | 2,789 | 4,404 | 125 | 2,789 | 4,529 | 7,318 | 304 | ||||||||||||||||||||||||||||
12/31/2001 | Old Bridge | NJ | 5,605 | 2,758 | 6,450 | 1,001 | 2,758 | 7,451 | 10,209 | 2,691 | ||||||||||||||||||||||||||||
05/01/2004 | Parlin / Cheesequake Rd | NJ | — | — | 5,273 | 432 | — | 5,705 | 5,705 | 2,249 | ||||||||||||||||||||||||||||
07/01/2005 | Parlin / Route 9 North | NJ | — | 2,517 | 4,516 | 523 | 2,517 | 5,039 | 7,556 | 1,562 | ||||||||||||||||||||||||||||
07/18/2012 | Parsippany | NJ | 6,409 | 2,353 | 7,798 | 113 | 2,354 | 7,910 | 10,264 | 521 | ||||||||||||||||||||||||||||
06/02/2011 | Pennsauken | NJ | 3,712 | 1,644 | 3,115 | 228 | 1,644 | 3,343 | 4,987 | 365 | ||||||||||||||||||||||||||||
12/09/2009 | South Brunswick | NJ | 2,983 | 1,700 | 5,835 | 143 | 1,700 | 5,978 | 7,678 | 776 | ||||||||||||||||||||||||||||
07/01/2005 | Toms River | NJ | 4,920 | 1,790 | 9,935 | 385 | 1,790 | 10,320 | 12,110 | 2,772 | ||||||||||||||||||||||||||||
12/28/2004 | Union / Green Ln | NJ | 6,416 | 1,754 | 6,237 | 402 | 1,754 | 6,639 | 8,393 | 1,872 | ||||||||||||||||||||||||||||
11/30/2012 | Union / Route 22 West | NJ | — | 1,133 | 7,239 | 153 | 1,133 | 7,392 | 8,525 | 410 | ||||||||||||||||||||||||||||
11/30/2012 | Watchung | NJ | — | 1,843 | 4,499 | 191 | 1,843 | 4,690 | 6,533 | 261 | ||||||||||||||||||||||||||||
08/31/2007 | Albuquerque / Calle Cuervo NW | NM | 4,643 | 1,298 | 4,628 | 633 | 1,298 | 5,261 | 6,559 | 1,153 | ||||||||||||||||||||||||||||
11/30/2012 | Albuquerque / Airport Dr NW | NM | 1,908 | 755 | 1,797 | 46 | 755 | 1,843 | 2,598 | 105 | ||||||||||||||||||||||||||||
07/02/2012 | Santa Fe | NM | 5,815 | 3,066 | 7,366 | 338 | 3,066 | 7,704 | 10,770 | 505 | ||||||||||||||||||||||||||||
11/30/2012 | Henderson | NV | 8,260 | 2,934 | 8,897 | 169 | 2,934 | 9,066 | 12,000 | 501 | ||||||||||||||||||||||||||||
02/22/2000 | Las Vegas / N Lamont St | NV | 1,169 | 251 | 717 | 530 | 278 | 1,220 | 1,498 | 567 | ||||||||||||||||||||||||||||
06/22/2011 | Las Vegas / Jones Blvd | NV | 2,432 | 1,441 | 1,810 | 136 | 1,441 | 1,946 | 3,387 | 205 | ||||||||||||||||||||||||||||
11/30/2012 | Las Vegas / W Sahara Ave | NV | 4,417 | 773 | 6,006 | 103 | 773 | 6,109 | 6,882 | 345 | ||||||||||||||||||||||||||||
11/30/2012 | Las Vegas / W Tropicana Ave | NV | — | 400 | 4,936 | 79 | 400 | 5,015 | 5,415 | 284 | ||||||||||||||||||||||||||||
11/01/2013 | Las Vegas / North Lamb Blvd | NV | 3,655 | 279 | 3,900 | 15 | 279 | �� | 3,915 | 4,194 | 544 | |||||||||||||||||||||||||||
07/02/2012 | Amsterdam | NY | — | 715 | 241 | (956 | ) | (a) | — | — | — | — | ||||||||||||||||||||||||||
12/19/2007 | Bohemia | NY | — | 1,456 | 1,398 | 375 | 1,456 | 1,773 | 3,229 | 383 | ||||||||||||||||||||||||||||
08/26/2004 | Bronx / Fordham Rd | NY | 9,422 | 3,995 | 11,870 | 775 | 3,995 | 12,645 | 16,640 | 3,584 | ||||||||||||||||||||||||||||
12/01/2011 | Bronx / Edson Av | NY | 17,879 | 3,450 | 21,210 | 376 | 3,450 | 21,586 | 25,036 | 1,729 | ||||||||||||||||||||||||||||
10/02/2008 | Brooklyn / 3rd Ave | NY | 19,604 | 12,993 | 10,405 | 338 | 12,993 | 10,743 | 23,736 | 1,797 | ||||||||||||||||||||||||||||
05/21/2010 | Brooklyn / Atlantic Ave | NY | 7,977 | 2,802 | 6,536 | 231 | 2,802 | 6,767 | 9,569 | 860 | ||||||||||||||||||||||||||||
07/02/2012 | Brooklyn / 64th St | NY | 21,565 | 16,188 | 23,309 | 333 | 16,257 | 23,573 | 39,830 | 1,518 | ||||||||||||||||||||||||||||
12/11/2014 | Brooklyn / Avenue M | NY | — | 12,085 | 7,665 | — | 12,085 | 7,665 | 19,750 | — | ||||||||||||||||||||||||||||
10/02/2008 | Centereach | NY | 4,132 | 2,226 | 1,657 | 216 | 2,226 | 1,873 | 4,099 | 357 | ||||||||||||||||||||||||||||
08/10/2012 | Central Valley | NY | — | 2,800 | 12,173 | 447 | 2,800 | 12,620 | 15,420 | 810 | ||||||||||||||||||||||||||||
11/23/2010 | Freeport | NY | — | 5,676 | 3,784 | 802 | 5,676 | 4,586 | 10,262 | 627 | ||||||||||||||||||||||||||||
07/02/2012 | Hauppauge | NY | 5,580 | 1,238 | 7,095 | 345 | 1,238 | 7,440 | 8,678 | 489 | ||||||||||||||||||||||||||||
07/02/2012 | Hicksville | NY | 8,787 | 2,581 | 10,677 | 62 | 2,581 | 10,739 | 13,320 | 682 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
07/02/2012 | Kingston | NY | 4,874 | 837 | 6,199 | 91 | 837 | 6,290 | 7,127 | 405 | ||||||||||||||||||||||||||||
11/26/2002 | Mt Vernon / N Mac Questen Pkwy | NY | 8,167 | 1,926 | 7,622 | 935 | 1,926 | 8,557 | 10,483 | 2,692 | ||||||||||||||||||||||||||||
07/01/2005 | Mt Vernon / Northwest St | NY | — | 1,585 | 6,025 | 2,940 | 1,585 | 8,965 | 10,550 | 2,305 | ||||||||||||||||||||||||||||
02/07/2002 | Nanuet | NY | 3,640 | 2,072 | 4,644 | 1,722 | 2,739 | 5,699 | 8,438 | 1,924 | ||||||||||||||||||||||||||||
07/01/2005 | New Paltz | NY | 4,451 | 2,059 | 3,715 | 431 | 2,059 | 4,146 | 6,205 | 1,232 | ||||||||||||||||||||||||||||
07/01/2005 | New York | NY | 18,847 | 3,060 | 16,978 | 739 | 3,060 | 17,717 | 20,777 | 4,593 | ||||||||||||||||||||||||||||
12/04/2000 | Plainview | NY | 7,583 | 4,287 | 3,710 | 689 | 4,287 | 4,399 | 8,686 | 1,741 | ||||||||||||||||||||||||||||
07/18/2012 | Poughkeepsie | NY | 5,960 | 1,038 | 7,862 | 94 | 1,038 | 7,956 | 8,994 | 518 | ||||||||||||||||||||||||||||
07/02/2012 | Ridge | NY | 6,157 | 1,762 | 6,934 | 34 | 1,762 | 6,968 | 8,730 | 442 | ||||||||||||||||||||||||||||
06/27/2011 | Cincinnati / Glencrossing Way | OH | — | 1,217 | 1,941 | 131 | 1,217 | 2,072 | 3,289 | 214 | ||||||||||||||||||||||||||||
06/27/2011 | Cincinnati / Glendale-Milford Rd | OH | 4,541 | 1,815 | 5,733 | 253 | 1,815 | 5,986 | 7,801 | 619 | ||||||||||||||||||||||||||||
06/27/2011 | Cincinnati / Hamilton Ave | OH | — | 2,941 | 2,177 | 228 | 2,941 | 2,405 | 5,346 | 283 | ||||||||||||||||||||||||||||
06/27/2011 | Cincinnati / Wooster Pk | OH | — | 1,445 | 3,755 | 234 | 1,445 | 3,989 | 5,434 | 423 | ||||||||||||||||||||||||||||
07/01/2005 | Columbus / Innis Rd | OH | 2,718 | 483 | 2,654 | 636 | 483 | 3,290 | 3,773 | 1,058 | ||||||||||||||||||||||||||||
11/01/2013 | Columbus / Kenny Rd | OH | 3,562 | 1,227 | 5,057 | 76 | 1,227 | 5,133 | 6,360 | 643 | ||||||||||||||||||||||||||||
11/04/2013 | Fairfield | OH | — | 904 | 3,856 | 284 | 904 | 4,140 | 5,044 | 122 | ||||||||||||||||||||||||||||
06/27/2011 | Greenville | OH | — | 189 | 302 | 77 | 189 | 379 | 568 | 49 | ||||||||||||||||||||||||||||
06/27/2011 | Hamilton | OH | — | 673 | 2,910 | 112 | 673 | 3,022 | 3,695 | 299 | ||||||||||||||||||||||||||||
11/30/2012 | Hilliard | OH | 2,065 | 1,613 | 2,369 | 240 | 1,613 | 2,609 | 4,222 | 171 | ||||||||||||||||||||||||||||
07/01/2005 | Kent | OH | 1,406 | 220 | 1,206 | 248 | 220 | 1,454 | 1,674 | 483 | ||||||||||||||||||||||||||||
06/27/2011 | Lebanon | OH | — | 1,657 | 1,566 | 313 | 1,657 | 1,879 | 3,536 | 208 | ||||||||||||||||||||||||||||
07/02/2012 | Mentor / Mentor Ave | OH | 1,299 | 409 | 1,609 | 110 | 409 | 1,719 | 2,128 | 128 | ||||||||||||||||||||||||||||
11/30/2012 | Mentor / Heisley Rd | OH | 1,253 | 658 | 1,267 | 224 | 658 | 1,491 | 2,149 | 97 | ||||||||||||||||||||||||||||
06/27/2011 | Middletown | OH | 1,267 | 534 | 1,047 | 114 | 533 | 1,162 | 1,695 | 129 | ||||||||||||||||||||||||||||
06/27/2011 | Sidney | OH | — | 201 | 262 | 66 | 201 | 328 | 529 | 48 | ||||||||||||||||||||||||||||
06/27/2011 | Troy | OH | — | 273 | 544 | 119 | 273 | 663 | 936 | 87 | ||||||||||||||||||||||||||||
06/27/2011 | Washington Court House | OH | 1,409 | 197 | 499 | 69 | 197 | 568 | 765 | 68 | ||||||||||||||||||||||||||||
11/01/2013 | Whitehall | OH | 1,406 | 726 | 1,965 | 102 | 726 | 2,067 | 2,793 | 228 | ||||||||||||||||||||||||||||
07/02/2012 | Willoughby | OH | 1,072 | 155 | 1,811 | 44 | 155 | 1,855 | 2,010 | 120 | ||||||||||||||||||||||||||||
06/27/2011 | Xenia | OH | 1,629 | 302 | 1,022 | 62 | 302 | 1,084 | 1,386 | 118 | ||||||||||||||||||||||||||||
07/01/2005 | Aloha / NW 185th Ave | OR | 6,117 | 1,221 | 6,262 | 285 | 1,221 | 6,547 | 7,768 | 1,754 | ||||||||||||||||||||||||||||
07/02/2012 | Aloha / SW 229th Ave | OR | 4,650 | 2,014 | 5,786 | 82 | 2,014 | 5,868 | 7,882 | 380 | ||||||||||||||||||||||||||||
09/15/2009 | King City | OR | 3,019 | 2,520 | 6,845 | 66 | 2,520 | 6,911 | 9,431 | 901 | ||||||||||||||||||||||||||||
12/28/2004 | Bensalem / Bristol Pike | PA | 3,258 | 1,131 | 4,525 | 303 | 1,131 | 4,828 | 5,959 | 1,373 | ||||||||||||||||||||||||||||
03/30/2006 | Bensalem / Knights Rd. | PA | — | 750 | 3,015 | 194 | 750 | 3,209 | 3,959 | 801 | ||||||||||||||||||||||||||||
11/15/1999 | Doylestown | PA | — | 220 | 3,442 | 1,095 | 520 | 4,237 | 4,757 | 1,457 | ||||||||||||||||||||||||||||
05/01/2004 | Kennedy Township | PA | 2,560 | 736 | 3,173 | 258 | 736 | 3,431 | 4,167 | 1,332 | ||||||||||||||||||||||||||||
02/06/2004 | Philadelphia / Roosevelt Bl | PA | 5,559 | 1,965 | 5,925 | 1,116 | 1,965 | 7,041 | 9,006 | 2,146 | ||||||||||||||||||||||||||||
11/01/2013 | Philadelphia / Wayne Ave | PA | 8,435 | 596 | 10,368 | 14 | 596 | 10,382 | 10,978 | 855 | ||||||||||||||||||||||||||||
08/03/2000 | Pittsburgh / E Entry Dr | PA | 2,560 | 991 | 1,990 | 901 | 1,082 | 2,800 | 3,882 | 1,052 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
05/01/2004 | Pittsburgh / Penn Ave | PA | 3,776 | 889 | 4,117 | 562 | 889 | 4,679 | 5,568 | 1,831 | ||||||||||||||||||||||||||||
01/01/2011 | Willow Grove | PA | 5,120 | 1,297 | 4,027 | 219 | 1,297 | 4,246 | 5,543 | 491 | ||||||||||||||||||||||||||||
07/01/2005 | Johnston / Hartford Ave | RI | 6,655 | 2,658 | 4,799 | 615 | 2,658 | 5,414 | 8,072 | 1,519 | ||||||||||||||||||||||||||||
12/01/2011 | Johnston / Plainfield | RI | 1,880 | 533 | 2,127 | 70 | 533 | 2,197 | 2,730 | 179 | ||||||||||||||||||||||||||||
08/26/2004 | Charleston | SC | 3,470 | 1,279 | 4,171 | 237 | 1,279 | 4,408 | 5,687 | 1,239 | ||||||||||||||||||||||||||||
08/26/2004 | Columbia / Harban Ct | SC | 2,781 | 838 | 3,312 | 252 | 838 | 3,564 | 4,402 | 1,047 | ||||||||||||||||||||||||||||
07/19/2012 | Columbia / Decker Blvd | SC | 3,259 | 1,784 | 2,745 | 75 | 1,784 | 2,820 | 4,604 | 182 | ||||||||||||||||||||||||||||
08/26/2004 | Goose Creek | SC | — | 1,683 | 4,372 | 1,071 | 1,683 | 5,443 | 7,126 | 1,431 | ||||||||||||||||||||||||||||
08/26/2004 | Summerville | SC | — | 450 | 4,454 | 196 | 450 | 4,650 | 5,100 | 1,307 | ||||||||||||||||||||||||||||
12/11/2014 | Taylors | SC | — | 1,433 | 6,071 | — | 1,433 | 6,071 | 7,504 | — | ||||||||||||||||||||||||||||
07/02/2012 | Bartlett | TN | 2,430 | 632 | 3,798 | 81 | 632 | 3,879 | 4,511 | 248 | ||||||||||||||||||||||||||||
07/01/2005 | Cordova / N Germantown Pkwy 1 | TN | 2,531 | 852 | 2,720 | 282 | 852 | 3,002 | 3,854 | 890 | ||||||||||||||||||||||||||||
01/05/2007 | Cordova / Patriot Cove | TN | — | 894 | 2,680 | 159 | 894 | 2,839 | 3,733 | 637 | ||||||||||||||||||||||||||||
04/15/2011 | Cordova / Houston Levee Rd | TN | 2,014 | 652 | 1,791 | 91 | 652 | 1,882 | 2,534 | 202 | ||||||||||||||||||||||||||||
11/01/2013 | Cordova / N Germantown Pkwy 2 | TN | 6,467 | 8,187 | 4,628 | 35 | 8,187 | 4,663 | 12,850 | 936 | ||||||||||||||||||||||||||||
11/30/2012 | Franklin | TN | 7,184 | 3,357 | 8,984 | 178 | 3,357 | 9,162 | 12,519 | 522 | ||||||||||||||||||||||||||||
07/02/2012 | Memphis / Covington Way | TN | 1,657 | 274 | 2,623 | 29 | 274 | 2,652 | 2,926 | 173 | ||||||||||||||||||||||||||||
07/02/2012 | Memphis / Raleigh-LaGrange | TN | 1,007 | 110 | 1,280 | 33 | 110 | 1,313 | 1,423 | 86 | ||||||||||||||||||||||||||||
11/30/2012 | Memphis / Summer Ave | TN | 3,463 | 1,040 | 3,867 | 165 | 1,040 | 4,032 | 5,072 | 229 | ||||||||||||||||||||||||||||
11/30/2012 | Memphis / Mt Moriah | TN | 2,573 | 1,617 | 2,875 | 145 | 1,617 | 3,020 | 4,637 | 169 | ||||||||||||||||||||||||||||
11/01/2013 | Memphis / Mt Moriah Terrace | TN | 1,968 | 1,313 | 2,928 | 5 | 1,313 | 2,933 | 4,246 | 341 | ||||||||||||||||||||||||||||
11/01/2013 | Memphis / Riverdale Bend | TN | 2,905 | 803 | 4,635 | 124 | 803 | 4,759 | 5,562 | 451 | ||||||||||||||||||||||||||||
04/13/2006 | Nashville | TN | 2,852 | 390 | 2,598 | 924 | 390 | 3,522 | 3,912 | 1,090 | ||||||||||||||||||||||||||||
11/22/2006 | Allen | TX | 4,507 | 901 | 5,553 | 253 | 901 | 5,806 | 6,707 | 1,296 | ||||||||||||||||||||||||||||
08/26/2004 | Arlington | TX | 2,159 | 534 | 2,525 | 426 | 534 | 2,951 | 3,485 | 948 | ||||||||||||||||||||||||||||
08/26/2004 | Austin / Burnet Rd | TX | 5,044 | 870 | 4,455 | 351 | 870 | 4,806 | 5,676 | 1,401 | ||||||||||||||||||||||||||||
11/01/2013 | Austin / McNeil Dr | TX | 2,249 | 3,411 | 4,502 | 50 | 3,411 | 4,552 | 7,963 | 485 | ||||||||||||||||||||||||||||
08/08/2014 | Austin / North Lamar Blvd | TX | 5,129 | 1,047 | 9,969 | 6 | 1,047 | 9,975 | 11,022 | 96 | ||||||||||||||||||||||||||||
08/26/2004 | Dallas / E NW Hwy | TX | 10,541 | 4,432 | 6,181 | 1,174 | 4,432 | 7,355 | 11,787 | 2,016 | ||||||||||||||||||||||||||||
04/13/2006 | Dallas / Garland Rd | TX | 2,004 | 337 | 2,216 | 611 | 337 | 2,827 | 3,164 | 836 | ||||||||||||||||||||||||||||
05/04/2006 | Dallas / Inwood Rd | TX | 11,274 | 1,980 | 12,501 | 556 | 1,980 | 13,057 | 15,037 | 3,003 | ||||||||||||||||||||||||||||
07/02/2012 | Dallas / Preston Rd 1 | TX | 5,194 | 921 | 7,656 | 103 | 921 | 7,759 | 8,680 | 503 | ||||||||||||||||||||||||||||
08/10/2012 | Dallas / Preston Rd 2 | TX | 3,866 | 2,542 | 3,274 | 266 | 2,542 | 3,540 | 6,082 | 246 | ||||||||||||||||||||||||||||
11/01/2013 | Dallas / N Central Expressway | TX | 4,124 | 7,143 | 6,353 | 41 | 7,143 | 6,394 | 13,537 | 833 | ||||||||||||||||||||||||||||
12/11/2014 | Dallas / N Central Expressway—Annex | TX | — | 6,249 | 8,666 | — | 6,249 | 8,666 | 14,915 | — | ||||||||||||||||||||||||||||
04/01/2011 | Euless / W Euless Blvd | TX | 2,880 | 671 | 3,213 | 655 | 671 | 3,868 | 4,539 | 485 | ||||||||||||||||||||||||||||
05/08/2013 | Euless / Mid-Cities Blvd | TX | 4,453 | 1,374 | 5,636 | 76 | 1,374 | 5,712 | 7,086 | 247 | ||||||||||||||||||||||||||||
11/04/2013 | Fort Worth / White Settlement Rd | TX | 3,734 | 3,158 | 2,512 | 76 | 3,158 | 2,588 | 5,746 | 78 | ||||||||||||||||||||||||||||
12/09/2013 | Fort Worth / Mandy Lane | TX | — | 2,033 | 2,495 | 120 | 2,033 | 2,615 | 4,648 | 75 | ||||||||||||||||||||||||||||
08/26/2004 | Ft. Worth | TX | 4,507 | 631 | 5,794 | 294 | 631 | 6,088 | 6,719 | 1,727 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
11/04/2013 | Garland | TX | — | 1,424 | 2,209 | 109 | 1,424 | 2,318 | 3,742 | 69 | ||||||||||||||||||||||||||||
08/26/2004 | Grand Prairie / N Hwy 360 1 | TX | 2,333 | 551 | 2,330 | 338 | 551 | 2,668 | 3,219 | 789 | ||||||||||||||||||||||||||||
08/10/2012 | Grand Prairie / N Hwy 360 2 | TX | 3,201 | 2,327 | 1,551 | 174 | 2,327 | 1,725 | 4,052 | 124 | ||||||||||||||||||||||||||||
04/13/2006 | Houston / Southwest Freeway | TX | 8,768 | 2,596 | 8,735 | 405 | 2,596 | 9,140 | 11,736 | 2,135 | ||||||||||||||||||||||||||||
12/14/2010 | Houston / Ryewater Dr | TX | — | 402 | 1,870 | 192 | 402 | 2,062 | 2,464 | 253 | ||||||||||||||||||||||||||||
02/29/2012 | Houston / Space Center Blvd | TX | 5,829 | 1,036 | 8,133 | 94 | 1,036 | 8,227 | 9,263 | 625 | ||||||||||||||||||||||||||||
11/01/2013 | Houston / South Main | TX | 3,187 | 2,017 | 4,181 | 30 | 2,017 | 4,211 | 6,228 | 516 | ||||||||||||||||||||||||||||
02/05/2014 | Houston / Katy Fwy | TX | — | 1,767 | 12,368 | 28 | 1,767 | 12,396 | 14,163 | 279 | ||||||||||||||||||||||||||||
11/04/2013 | Killeen | TX | — | 1,207 | 1,688 | 334 | 1,207 | 2,022 | 3,229 | 55 | ||||||||||||||||||||||||||||
12/14/2010 | La Porte | TX | — | 1,608 | 2,351 | 273 | 1,608 | 2,624 | 4,232 | 348 | ||||||||||||||||||||||||||||
11/22/2006 | Plano / Plano Parkway | TX | 5,160 | 1,010 | 6,203 | 390 | 1,010 | 6,593 | 7,603 | 1,455 | ||||||||||||||||||||||||||||
11/22/2006 | Plano / Spring Creek | TX | 4,483 | 614 | 3,775 | 283 | 614 | 4,058 | 4,672 | 929 | ||||||||||||||||||||||||||||
11/01/2013 | Plano / Wagner Way | TX | 3,093 | 2,753 | 4,353 | 40 | 2,753 | 4,393 | 7,146 | 549 | ||||||||||||||||||||||||||||
08/10/2006 | Rowlett | TX | 2,138 | 1,002 | 2,601 | 325 | 1,002 | 2,926 | 3,928 | 710 | ||||||||||||||||||||||||||||
08/26/2004 | San Antonio / Culebra Rd | TX | 2,425 | 1,269 | 1,816 | 697 | 1,269 | 2,513 | 3,782 | 838 | ||||||||||||||||||||||||||||
08/26/2004 | San Antonio / Westchase Dr | TX | 2,458 | 253 | 1,496 | 210 | 253 | 1,706 | 1,959 | 514 | ||||||||||||||||||||||||||||
12/14/2007 | San Antonio / DeZavala Rd | TX | 6,315 | 2,471 | 3,556 | (179 | ) | (e) | 2,471 | 3,377 | 5,848 | 694 | ||||||||||||||||||||||||||
04/13/2006 | South Houston | TX | 3,145 | 478 | 4,069 | 808 | 478 | 4,877 | 5,355 | 1,277 | ||||||||||||||||||||||||||||
08/02/2011 | Spring / Treaschwig Rd | TX | 1,920 | 978 | 1,347 | 170 | 979 | 1,516 | 2,495 | 154 | ||||||||||||||||||||||||||||
07/02/2012 | Spring / I-45 North | TX | 3,259 | 506 | 5,096 | 194 | 506 | 5,290 | 5,796 | 356 | ||||||||||||||||||||||||||||
10/20/2010 | East Millcreek | UT | 2,988 | 986 | 3,455 | 165 | 986 | 3,620 | 4,606 | 420 | ||||||||||||||||||||||||||||
11/23/2010 | Murray | UT | — | 571 | 986 | 2,125 | 571 | 3,111 | 3,682 | 311 | ||||||||||||||||||||||||||||
04/01/2011 | Orem | UT | 2,041 | 841 | 2,335 | 189 | 841 | 2,524 | 3,365 | 265 | ||||||||||||||||||||||||||||
06/01/2004 | Salt Lake City | UT | — | 642 | 2,607 | 367 | 642 | 2,974 | 3,616 | 900 | ||||||||||||||||||||||||||||
07/01/2005 | Sandy / South 700 East 1 | UT | 5,408 | 1,349 | 4,372 | 504 | 1,349 | 4,876 | 6,225 | 1,313 | ||||||||||||||||||||||||||||
09/28/2012 | Sandy / South 700 East 2 | UT | — | 2,063 | 5,202 | 1,477 | 2,063 | 6,679 | 8,742 | 331 | ||||||||||||||||||||||||||||
11/23/2010 | West Jordan | UT | 2,079 | 735 | 2,146 | 409 | 735 | 2,555 | 3,290 | 310 | ||||||||||||||||||||||||||||
07/01/2005 | West Valley City | UT | 2,756 | 461 | 1,722 | 190 | 461 | 1,912 | 2,373 | 543 | ||||||||||||||||||||||||||||
06/06/2007 | Alexandria / S Dove St | VA | — | 1,620 | 13,103 | 588 | 1,620 | 13,691 | 15,311 | 3,026 | ||||||||||||||||||||||||||||
07/02/2012 | Alexandria / N Henry St | VA | 13,366 | 5,029 | 18,943 | 47 | 5,029 | 18,990 | 24,019 | 1,206 | ||||||||||||||||||||||||||||
10/20/2010 | Arlington | VA | — | — | 4,802 | 144 | — | 4,946 | 4,946 | 1,768 | ||||||||||||||||||||||||||||
11/01/2013 | Burke | VA | 4,780 | 11,534 | 7,347 | 36 | 11,534 | 7,383 | 18,917 | 1,103 | ||||||||||||||||||||||||||||
01/07/2014 | Chesapeake / Bruce Rd | VA | — | 1,074 | 9,464 | 98 | 1,074 | 9,562 | 10,636 | 234 | ||||||||||||||||||||||||||||
01/07/2014 | Chesapeake / Military Hwy | VA | — | 332 | 4,106 | 88 | 332 | 4,194 | 4,526 | 103 | ||||||||||||||||||||||||||||
01/07/2014 | Chesapeake / Poplar Hill Rd | VA | — | 540 | 9,977 | 103 | 541 | 10,079 | 10,620 | 247 | ||||||||||||||||||||||||||||
01/07/2014 | Chesapeake / Woodlake Dr | VA | — | 4,014 | 14,872 | 81 | 4,014 | 14,953 | 18,967 | 367 | ||||||||||||||||||||||||||||
05/26/2011 | Dumfries | VA | 5,179 | 932 | 9,349 | 174 | 932 | 9,523 | 10,455 | 934 | ||||||||||||||||||||||||||||
07/01/2005 | Falls Church / Seminary Rd | VA | 5,811 | 1,259 | 6,975 | 405 | 1,259 | 7,380 | 8,639 | 1,963 | ||||||||||||||||||||||||||||
11/30/2012 | Falls Church / Hollywood Rd | VA | 9,006 | 5,703 | 13,307 | 272 | 5,713 | 13,569 | 19,282 | 751 | ||||||||||||||||||||||||||||
07/02/2012 | Fredericksburg / Plank Road | VA | 4,265 | 2,128 | 5,398 | 82 | 2,128 | 5,480 | 7,608 | 350 |
Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2014 | Accumulated depreciation | |||||||||||||||||||||||||||||
Land | Building and improvements | Total | ||||||||||||||||||||||||||||||||||||
11/30/2012 | Fredericksburg / Jefferson Davis Hwy | VA | 2,973 | 1,438 | 2,459 | 170 | 1,438 | 2,629 | 4,067 | 155 | ||||||||||||||||||||||||||||
12/18/2014 | Glen Allen | VA | — | 609 | 8,220 | — | 609 | 8,220 | 8,829 | — | ||||||||||||||||||||||||||||
01/07/2014 | Hampton | VA | — | 7,849 | 7,040 | 62 | 7,849 | 7,102 | 14,951 | 174 | ||||||||||||||||||||||||||||
01/07/2014 | Newport News / Denbigh Blvd | VA | 5,723 | 4,619 | 5,870 | 121 | 4,619 | 5,991 | 10,610 | 148 | ||||||||||||||||||||||||||||
01/07/2014 | Newport News / J Clyde Morris Blvd | VA | — | 4,838 | 6,124 | 136 | 4,838 | 6,260 | 11,098 | 154 | ||||||||||||||||||||||||||||
01/07/2014 | Newport News / Tyler Ave | VA | — | 2,740 | 4,955 | 111 | 2,740 | 5,066 | 7,806 | 125 | ||||||||||||||||||||||||||||
01/07/2014 | Norfolk / Granby St | VA | — | 1,785 | 8,543 | 85 | 1,785 | 8,628 | 10,413 | 212 | ||||||||||||||||||||||||||||
01/07/2014 | Norfolk / Naval Base Rd | VA | — | 4,078 | 5,975 | 133 | 4,078 | 6,108 | 10,186 | 149 | ||||||||||||||||||||||||||||
08/26/2004 | Richmond / W Broad St | VA | 4,516 | 2,305 | 5,467 | 344 | 2,305 | 5,811 | 8,116 | 1,583 | ||||||||||||||||||||||||||||
01/07/2014 | Richmond / Hull St | VA | — | 2,016 | 9,425 | 83 | 2,016 | 9,508 | 11,524 | 234 | ||||||||||||||||||||||||||||
01/07/2014 | Richmond / Laburnum Ave | VA | — | 5,945 | 7,613 | 141 | 5,945 | 7,754 | 13,699 | 190 | ||||||||||||||||||||||||||||
01/07/2014 | Richmond / Midlothian Turnpike | VA | — | 2,735 | 5,699 | 92 | 2,735 | 5,791 | 8,526 | 143 | ||||||||||||||||||||||||||||
01/07/2014 | Richmond / Old Staples Mill Rd | VA | — | 5,905 | 6,869 | 119 | 5,905 | 6,988 | 12,893 | 172 | ||||||||||||||||||||||||||||
01/23/2009 | Stafford / SUSA Dr | VA | 4,373 | 2,076 | 5,175 | 123 | 2,076 | 5,298 | 7,374 | 831 | ||||||||||||||||||||||||||||
09/20/2012 | Stafford / Jefferson Davis Hwy | VA | 4,377 | 1,172 | 5,562 | 137 | 1,172 | 5,699 | 6,871 | 351 | ||||||||||||||||||||||||||||
01/07/2014 | Virginia Beach / General Booth Blvd | VA | — | 1,142 | 11,721 | 38 | 1,142 | 11,759 | 12,901 | 289 | ||||||||||||||||||||||||||||
01/07/2014 | Virginia Beach / Kempsville Rd | VA | — | 3,934 | 11,413 | 32 | 3,934 | 11,445 | 15,379 | 282 | ||||||||||||||||||||||||||||
01/07/2014 | Virginia Beach / Village Dr | VA | — | 331 | 13,175 | 75 | 331 | 13,250 | 13,581 | 327 | ||||||||||||||||||||||||||||
02/15/2006 | Lakewood / 80th St | WA | 4,412 | 1,389 | 4,780 | 310 | 1,389 | 5,090 | 6,479 | 1,238 | ||||||||||||||||||||||||||||
02/15/2006 | Lakewood / Pacific Hwy | WA | 4,415 | 1,917 | 5,256 | 220 | 1,917 | 5,476 | 7,393 | 1,314 | ||||||||||||||||||||||||||||
04/30/2014 | Puyallup | WA | — | 437 | 3,808 | 2 | 437 | 3,810 | 4,247 | 69 | ||||||||||||||||||||||||||||
07/01/2005 | Seattle | WA | 7,272 | 2,727 | 7,241 | 236 | 2,727 | 7,477 | 10,204 | 1,945 | ||||||||||||||||||||||||||||
02/15/2006 | Tacoma | WA | 3,427 | 1,031 | 3,103 | 152 | 1,031 | 3,255 | 4,286 | 812 | ||||||||||||||||||||||||||||
07/02/2012 | Vancouver | WA | 3,079 | 709 | 4,280 | 75 | 709 | 4,355 | 5,064 | 280 | ||||||||||||||||||||||||||||
Various | Other corporate assets | — | 849 | 2,202 | 73,752 | — | 76,803 | 76,803 | 12,845 | |||||||||||||||||||||||||||||
Various | Construction in progress | — | — | — | 17,870 | — | 17,870 | 17,870 | — | |||||||||||||||||||||||||||||
Various | Intangible tenant relationships and lease rights | — | — | 60,011 | 20,979 | — | 80,990 | 80,990 | 72,740 | |||||||||||||||||||||||||||||
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$ | 1,872,067 | $ | 1,161,721 | $ | 3,286,329 | $ | 291,982 | $ | 1,153,237 | $ | 3,586,795 | $ | 4,740,032 | $ | 604,336 | |||||||||||||||||||||||
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Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2016 | Accumulated depreciation | ||||||||||||
Land | Building and improvements | Total | |||||||||||||||||||
8/23/2010 | Auburn / Dean Rd | AL | $4,512 | $324 | $1,895 | $163 | $325 | $2,057 | $2,382 | $408 | |||||||||||
8/23/2010 | Auburn / Opelika Rd | AL | 1,751 | 92 | 138 | 203 | 92 | 341 | 433 | 125 | |||||||||||
7/2/2012 | Birmingham / Grace Baker Rd | AL | 4,424 | 790 | 9,369 | 160 | 790 | 9,529 | 10,319 | 1,108 | |||||||||||
3/20/2014 | Birmingham / Lorna Rd | AL | 7,211 | 2,381 | 11,224 | 108 | 2,381 | 11,332 | 13,713 | 820 | |||||||||||
10/1/2015 | Daphne | AL | — | 970 | 4,182 | 249 | 970 | 4,431 | 5,401 | 148 | |||||||||||
8/31/2007 | Hoover | AL | 3,973 | 1,313 | 2,858 | 744 | 1,313 | 3,602 | 4,915 | 1,275 | |||||||||||
10/1/2015 | Montgomery / Carmichael Rd | AL | 4,898 | 540 | 9,048 | 233 | 540 | 9,281 | 9,821 | 304 | |||||||||||
10/1/2015 | Montgomery / Monticello Dr | AL | — | 1,280 | 4,056 | 637 | 1,280 | 4,693 | 5,973 | 154 | |||||||||||
12/21/2016 | Chandler / Arizona Ave | AZ | — | 1,964 | 7,432 | — | 1,964 | 7,432 | 9,396 | 16 | |||||||||||
10/1/2015 | Chandler / W Chandler Blvd | AZ | — | 950 | 3,707 | 272 | 950 | 3,979 | 4,929 | 133 | |||||||||||
7/25/2013 | Chandler / W Elliot Rd | AZ | 4,081 | 547 | 4,213 | 230 | 547 | 4,443 | 4,990 | 443 | |||||||||||
4/15/2015 | Glendale | AZ | — | 608 | 8,461 | 249 | 608 | 8,710 | 9,318 | 400 | |||||||||||
10/1/2015 | Mesa / E Guadalupe Rd | AZ | — | 1,350 | 6,290 | 307 | 1,350 | 6,597 | 7,947 | 224 | |||||||||||
12/27/2012 | Mesa / E Southern Ave | AZ | 5,435 | 2,973 | 5,545 | 353 | 2,973 | 5,898 | 8,871 | 657 | |||||||||||
4/5/2016 | Mesa / Greenfield Road | AZ | — | 360 | 4,655 | 30 | 360 | 4,685 | 5,045 | 90 | |||||||||||
8/18/2004 | Mesa / Madero Ave | AZ | — | 849 | 2,547 | 347 | 849 | 2,894 | 3,743 | 977 | |||||||||||
7/2/2012 | Mesa / N. Alma School Rd | AZ | — | 1,129 | 4,402 | 264 | 1,129 | 4,666 | 5,795 | 548 | |||||||||||
7/25/2013 | Mesa / Southern Ave | AZ | 4,049 | 1,453 | 2,897 | 170 | 1,453 | 3,067 | 4,520 | 301 | |||||||||||
4/1/2006 | Peoria / 75th Ave | AZ | 4,337 | 652 | 4,105 | 173 | 652 | 4,278 | 4,930 | 1,228 | |||||||||||
1/31/2011 | Peoria / W Beardsley Rd | AZ | — | 1,060 | 4,731 | 48 | 1,060 | 4,779 | 5,839 | 751 | |||||||||||
1/2/2007 | Phoenix / E Greenway Pkwy | AZ | — | 669 | 4,135 | 507 | 668 | 4,643 | 5,311 | 1,283 | |||||||||||
7/1/2005 | Phoenix / East Bell Rd | AZ | 8,019 | 1,441 | 7,982 | 1,057 | 1,441 | 9,039 | 10,480 | 2,850 | |||||||||||
10/1/2015 | Phoenix / Missouri Ave | AZ | — | 470 | 1,702 | 582 | 470 | 2,284 | 2,754 | 82 | |||||||||||
11/30/2012 | Phoenix / N 32nd St | AZ | 6,984 | 2,257 | 7,820 | 364 | 2,257 | 8,184 | 10,441 | 892 | |||||||||||
6/30/2006 | Phoenix / N Cave Creek Rd | AZ | 2,814 | 552 | 3,530 | 288 | 551 | 3,819 | 4,370 | 1,147 | |||||||||||
10/1/2015 | Phoenix / Washington | AZ | 3,105 | 1,200 | 3,767 | 438 | 1,200 | 4,205 | 5,405 | 146 | |||||||||||
9/16/2016 | Phoenix / West Peoria | AZ | — | 1,545 | 7,135 | — | 1,545 | 7,135 | 8,680 | 61 | |||||||||||
10/1/2015 | Tempe / S Priest Dr | AZ | — | 850 | 3,283 | 175 | 850 | 3,458 | 4,308 | 115 | |||||||||||
10/1/2015 | Tempe / W Broadway Rd | AZ | 2,711 | 1,040 | 3,562 | 333 | 1,040 | 3,895 | 4,935 | 144 | |||||||||||
11/30/2012 | Tucson / N Oracle Rd | AZ | — | 1,090 | 7,845 | 134 | 1,090 | 7,979 | 9,069 | 868 | |||||||||||
4/18/2016 | Tucson / N Tucson Blvd | AZ | — | 786 | 7,233 | 235 | 786 | 7,468 | 8,254 | 143 | |||||||||||
6/25/2007 | Alameda | CA | — | 2,919 | 12,984 | 2,133 | 2,919 | 15,117 | 18,036 | 4,613 | |||||||||||
8/29/2013 | Alhambra | CA | — | 10,109 | 6,065 | 402 | 10,109 | 6,467 | 16,576 | 606 | |||||||||||
4/25/2014 | Anaheim / Old Canal Rd | CA | 10,062 | 2,765 | 12,680 | 189 | 2,765 | 12,869 | 15,634 | 922 | |||||||||||
8/29/2013 | Anaheim / S Adams St | CA | 6,966 | 3,593 | 3,330 | 262 | 3,593 | 3,592 | 7,185 | 358 | |||||||||||
8/29/2013 | Anaheim / S State College Blvd | CA | 6,365 | 2,519 | 2,886 | 223 | 2,519 | 3,109 | 5,628 | 312 | |||||||||||
7/1/2008 | Antelope | CA | — | 1,525 | 8,345 | (251) | (a) | 1,185 | 8,434 | 9,619 | 1,822 | ||||||||||
10/19/2011 | Bellflower | CA | 2,025 | 640 | 1,350 | 104 | 639 | 1,455 | 2,094 | 211 | |||||||||||
5/15/2007 | Belmont | CA | — | 3,500 | 7,280 | 131 | 3,500 | 7,411 | 10,911 | 1,800 | |||||||||||
6/25/2007 | Berkeley | CA | 20,351 | 1,716 | 19,602 | 2,107 | 1,715 | 21,710 | 23,425 | 5,762 | |||||||||||
11/17/2016 | Bermuda Dunes | CA | — | 2,593 | 15,049 | — | 2,593 | 15,049 | 17,642 | 64 | |||||||||||
10/19/2011 | Bloomington / Bloomington Ave | CA | 2,692 | 934 | 1,937 | 171 | 934 | 2,108 | 3,042 | 381 | |||||||||||
10/19/2011 | Bloomington / Linden Ave | CA | — | 647 | 1,303 | 202 | 647 | 1,505 | 2,152 | 266 | |||||||||||
8/29/2013 | Burbank / Thornton Ave | CA | — | 4,061 | 5,318 | 299 | 4,061 | 5,617 | 9,678 | 538 | |||||||||||
8/10/2000 | Burbank / W Verdugo Ave | CA | 18,864 | 3,199 | 5,082 | 2,111 | 3,617 | 6,775 | 10,392 | 2,891 | |||||||||||
4/8/2011 | Burlingame | CA | 5,230 | 2,211 | 5,829 | 151 | 2,211 | 5,980 | 8,191 | 921 | |||||||||||
3/14/2011 | Carson | CA | — | — | 9,709 | 116 | — | 9,825 | 9,825 | 1,474 | |||||||||||
6/25/2007 | Castro Valley | CA | — | — | 6,346 | 500 | — | 6,846 | 6,846 | 1,684 | |||||||||||
10/19/2011 | Cerritos | CA | 25,224 | 8,728 | 15,895 | 2,737 | 8,728 | 18,632 | 27,360 | 2,589 | |||||||||||
11/1/2013 | Chatsworth | CA | 11,974 | 9,922 | 7,599 | 559 | 9,922 | 8,158 | 18,080 | 1,558 | |||||||||||
6/1/2004 | Claremont / South Mills Ave | CA | 2,949 | 1,472 | 2,012 | 284 | 1,472 | 2,296 | 3,768 | 835 | |||||||||||
10/19/2011 | Claremont / W Arrow Hwy | CA | 3,325 | 1,375 | 1,434 | 233 | 1,375 | 1,667 | 3,042 | 264 | |||||||||||
6/25/2007 | Colma | CA | 23,134 | 3,947 | 22,002 | 2,781 | 3,947 | 24,783 | 28,730 | 6,742 | |||||||||||
9/1/2008 | Compton | CA | — | 1,426 | 7,582 | 188 | 1,426 | 7,770 | 9,196 | 1,645 | |||||||||||
8/29/2013 | Concord | CA | 5,089 | 3,082 | 2,822 | 328 | 3,082 | 3,150 | 6,232 | 299 | |||||||||||
9/21/2009 | El Cajon | CA | — | 1,100 | 6,380 | 128 | 1,100 | 6,508 | 7,608 | 1,232 | |||||||||||
6/25/2007 | El Sobrante | CA | — | 1,209 | 4,018 | 1,598 | 1,209 | 5,616 | 6,825 | 1,782 | |||||||||||
12/2/2013 | Elk Grove / Power Inn Rd | CA | 5,657 | 894 | 6,949 | 119 | 894 | 7,068 | 7,962 | 562 | |||||||||||
12/2/2013 | Elk Grove / Stockton Blvd | CA | 6,541 | 640 | 8,640 | 76 | 640 | 8,716 | 9,356 | 687 | |||||||||||
5/1/2010 | Emeryville | CA | — | 3,024 | 11,321 | 337 | 3,024 | 11,658 | 14,682 | 1,980 | |||||||||||
12/2/2013 | Fair Oaks | CA | 4,141 | 644 | 11,287 | 150 | 644 | 11,437 | 12,081 | 892 | |||||||||||
11/17/2016 | Fallbrook | CA | — | 1,638 | 7,361 | — | 1,638 | 7,361 | 8,999 | 31 | |||||||||||
10/19/2011 | Fontana / Baseline Ave | CA | 4,700 | 778 | 4,723 | 134 | 777 | 4,858 | 5,635 | 710 | |||||||||||
10/19/2011 | Fontana / Foothill Blvd 1 | CA | — | 768 | 4,208 | 236 | 768 | 4,444 | 5,212 | 652 | |||||||||||
10/19/2011 | Fontana / Foothill Blvd 2 | CA | — | 684 | 3,951 | 275 | 684 | 4,226 | 4,910 | 614 | |||||||||||
9/15/2002 | Fontana / Valley Blvd 1 | CA | 2,997 | 961 | 3,846 | 475 | 1,000 | 4,282 | 5,282 | 1,635 | |||||||||||
10/15/2003 | Fontana / Valley Blvd 2 | CA | 5,372 | 1,246 | 3,356 | 553 | 1,300 | 3,855 | 5,155 | 1,363 | |||||||||||
6/1/2004 | Gardena | CA | — | 3,710 | 6,271 | 2,314 | 4,110 | 8,185 | 12,295 | 2,654 | |||||||||||
10/1/2015 | Gilroy | CA | 8,222 | 1,140 | 14,265 | 295 | 1,140 | 14,560 | 15,700 | 489 | |||||||||||
6/1/2004 | Glendale / San Fernando Rd 1 | CA | — | — | 6,084 | 253 | — | 6,337 | 6,337 | 2,152 | |||||||||||
9/21/2016 | Glendale / San Fernando Rd 2 | CA | — | 4,416 | 9,672 | 36 | 4,416 | 9,708 | 14,124 | 83 | |||||||||||
7/2/2012 | Hawaiian Gardens | CA | 9,994 | 2,964 | 12,478 | 276 | 2,964 | 12,754 | 15,718 | 1,559 | |||||||||||
10/1/2015 | Hawthorne / La Cienega Blvd | CA | 12,075 | 2,500 | 18,562 | 289 | 2,500 | 18,851 | 21,351 | 611 | |||||||||||
6/1/2004 | Hawthorne / Rosselle Ave | CA | 3,681 | 1,532 | 3,871 | 327 | 1,532 | 4,198 | 5,730 | 1,458 | |||||||||||
6/26/2007 | Hayward | CA | 8,191 | 3,149 | 8,006 | 3,471 | 3,148 | 11,478 | 14,626 | 3,462 | |||||||||||
8/31/2016 | Hemet / Acacia Ave | CA | — | 301 | 3,609 | 16 | 301 | 3,625 | 3,926 | 39 | |||||||||||
7/1/2005 | Hemet / S Sanderson | CA | 3,085 | 1,146 | 6,369 | 408 | 1,146 | 6,777 | 7,923 | 2,130 | |||||||||||
10/19/2011 | Hesperia | CA | — | 156 | 430 | 188 | 156 | 618 | 774 | 147 | |||||||||||
7/2/2012 | Hollywood | CA | — | 4,555 | 10,590 | 162 | 4,555 | 10,752 | 15,307 | 1,253 | |||||||||||
8/10/2000 | Inglewood | CA | 5,482 | 1,379 | 3,343 | 975 | 1,530 | 4,167 | 5,697 | 1,922 | |||||||||||
10/19/2011 | Irvine | CA | 9,034 | 3,821 | 3,999 | 182 | 3,821 | 4,181 | 8,002 | 595 | |||||||||||
5/28/2014 | La Quinta | CA | 10,938 | 4,706 | 12,604 | 152 | 4,706 | 12,756 | 17,462 | 890 | |||||||||||
10/1/2015 | Ladera Ranch | CA | — | 6,440 | 24,500 | 8,705 | 6,440 | 33,205 | 39,645 | 850 | |||||||||||
10/19/2011 | Lake Elsinore / Central Ave | CA | — | 587 | 4,219 | 229 | 587 | 4,448 | 5,035 | 647 | |||||||||||
10/19/2011 | Lake Elsinore / Collier Ave | CA | — | 294 | 2,105 | 263 | 294 | 2,368 | 2,662 | 334 | |||||||||||
10/1/2015 | Lake Forest | CA | 18,122 | 15,093 | 18,895 | 273 | 15,090 | 19,171 | 34,261 | 621 | |||||||||||
10/17/2009 | Lancaster / 23rd St W | CA | — | 1,425 | 5,855 | 107 | 1,425 | 5,962 | 7,387 | 1,108 | |||||||||||
7/28/2006 | Lancaster / West Ave J/8 | CA | 4,466 | 1,347 | 5,827 | 324 | 1,348 | 6,150 | 7,498 | 1,771 | |||||||||||
6/1/2004 | Livermore | CA | — | 1,134 | 4,615 | 357 | 1,134 | 4,972 | 6,106 | 1,686 | |||||||||||
10/19/2011 | Long Beach / E Artesia Blvd | CA | — | 1,772 | 2,539 | 430 | 1,772 | 2,969 | 4,741 | 431 | |||||||||||
10/1/2015 | Long Beach / E Wardlow Rd | CA | 13,274 | 6,340 | 17,050 | 331 | 6,340 | 17,381 | 23,721 | 563 | |||||||||||
11/1/2013 | Long Beach / W Wardlow Rd | CA | 6,861 | 5,859 | 4,992 | 54 | 5,859 | 5,046 | 10,905 | 1,054 | |||||||||||
11/17/2016 | Los Alamitos | CA | — | 10,107 | 15,874 | 66 | 10,107 | 15,940 | 26,047 | 68 | |||||||||||
3/23/2000 | Los Angeles / Casitas Ave | CA | — | 1,431 | 2,976 | 829 | 1,611 | 3,625 | 5,236 | 1,566 | |||||||||||
7/2/2012 | Los Angeles / Fountain Ave | CA | — | 3,099 | 4,889 | 122 | 3,099 | 5,011 | 8,110 | 601 | |||||||||||
12/31/2007 | Los Angeles / La Cienega | CA | 9,678 | 3,991 | 9,774 | 146 | 3,992 | 9,919 | 13,911 | 2,314 | |||||||||||
9/1/2008 | Los Angeles / S Central Ave | CA | 8,038 | 2,200 | 8,108 | 243 | 2,200 | 8,351 | 10,551 | 1,772 | |||||||||||
12/2/2013 | Los Angeles / S Western Ave | CA | 1,434 | 287 | 2,011 | 388 | 287 | 2,399 | 2,686 | 251 | |||||||||||
4/25/2014 | Los Angeles / Slauson Ave | CA | — | 2,400 | 8,605 | 340 | 2,401 | 8,944 | 11,345 | 655 | |||||||||||
7/17/2012 | Los Gatos | CA | — | 2,550 | 8,257 | 74 | 2,550 | 8,331 | 10,881 | 1,054 | |||||||||||
1/1/2004 | Manteca | CA | 4,725 | 848 | 2,543 | 210 | 848 | 2,753 | 3,601 | 968 | |||||||||||
11/1/2013 | Marina Del Rey | CA | 34,478 | 19,928 | 18,742 | 250 | 19,928 | 18,992 | 38,920 | 3,128 | |||||||||||
8/29/2013 | Menlo Park | CA | 9,371 | 7,675 | 1,812 | 275 | 7,675 | 2,087 | 9,762 | 216 | |||||||||||
6/1/2007 | Modesto / Crows Landing | CA | 3,203 | 909 | 3,043 | 397 | 909 | 3,440 | 4,349 | 944 | |||||||||||
8/29/2013 | Modesto / Sylvan Ave | CA | 4,192 | 1,647 | 4,215 | 211 | 1,647 | 4,426 | 6,073 | 408 | |||||||||||
7/2/2012 | Moreno Valley | CA | 2,011 | 482 | 3,484 | 188 | 482 | 3,672 | 4,154 | 423 | |||||||||||
10/1/2015 | Morgan Hill | CA | 7,354 | 1,760 | 11,772 | 247 | 1,760 | 12,019 | 13,779 | 397 | |||||||||||
11/1/2013 | North Highlands | CA | 3,274 | 799 | 2,801 | 135 | 799 | 2,936 | 3,735 | 568 | |||||||||||
8/29/2013 | North Hollywood / Coldwater Canyon | CA | — | 4,501 | 4,465 | 376 | 4,501 | 4,841 | 9,342 | 471 | |||||||||||
5/1/2006 | North Hollywood / Van Owen | CA | 6,444 | 3,125 | 9,257 | 327 | 3,125 | 9,584 | 12,709 | 2,622 | |||||||||||
8/29/2013 | Northridge | CA | 6,514 | 3,641 | 2,872 | 308 | 3,641 | 3,180 | 6,821 | 327 | |||||||||||
8/29/2013 | Oakland / 29th Ave | CA | 9,880 | 6,359 | 5,753 | 385 | 6,359 | 6,138 | 12,497 | 567 | |||||||||||
4/24/2000 | Oakland / Fallon St | CA | — | — | 3,777 | 1,167 | — | 4,944 | 4,944 | 2,207 | |||||||||||
12/2/2013 | Oakland / San Leandro St | CA | 7,719 | 1,668 | 7,652 | 338 | 1,668 | 7,990 | 9,658 | 658 | |||||||||||
7/1/2005 | Oceanside / Oceanside Blvd 1 | CA | — | 3,241 | 11,361 | 909 | 3,241 | 12,270 | 15,511 | 3,921 | |||||||||||
12/9/2014 | Oceanside / Oceanside Blvd 2 | CA | 5,890 | 4,508 | 4,599 | 52 | 4,508 | 4,651 | 9,159 | 251 | |||||||||||
11/30/2012 | Orange | CA | 11,856 | 4,847 | 12,341 | 343 | 4,847 | 12,684 | 17,531 | 1,411 | |||||||||||
12/2/2013 | Oxnard | CA | 8,452 | 5,421 | 6,761 | 342 | 5,421 | 7,103 | 12,524 | 598 | |||||||||||
8/1/2009 | Pacoima | CA | 2,120 | 3,050 | 7,597 | 218 | 3,050 | 7,815 | 10,865 | 1,471 | |||||||||||
1/1/2005 | Palmdale | CA | 4,453 | 1,225 | 5,379 | 2,405 | 1,225 | 7,784 | 9,009 | 2,367 | |||||||||||
10/19/2011 | Paramount | CA | 4,440 | 1,404 | 2,549 | 254 | 1,404 | 2,803 | 4,207 | 419 | |||||||||||
8/31/2000 | Pico Rivera / Beverly Blvd | CA | — | 1,150 | 3,450 | 233 | 1,150 | 3,683 | 4,833 | 1,486 | |||||||||||
9/16/2016 | Pico Rivera / East Slauson Ave | CA | — | — | 11,750 | 66 | — | 11,816 | 11,816 | 101 | |||||||||||
3/4/2014 | Pico Rivera / San Gabriel River Pkwy | CA | 4,376 | 2,150 | 4,734 | 47 | 2,150 | 4,781 | 6,931 | 349 | |||||||||||
10/19/2011 | Placentia | CA | 11,245 | 4,798 | 5,483 | 346 | 4,798 | 5,829 | 10,627 | 831 | |||||||||||
5/24/2007 | Pleasanton | CA | 7,067 | 1,208 | 4,283 | 640 | 1,208 | 4,923 | 6,131 | 1,401 | |||||||||||
6/1/2004 | Richmond / Lakeside Dr | CA | 4,716 | 953 | 4,635 | 1,497 | 953 | 6,132 | 7,085 | 1,913 | |||||||||||
9/26/2013 | Richmond / Meeker Ave | CA | — | 3,139 | 7,437 | 227 | 3,139 | 7,664 | 10,803 | 690 | |||||||||||
8/18/2004 | Riverside | CA | 4,674 | 1,075 | 4,042 | 796 | 1,075 | 4,838 | 5,913 | 1,643 | |||||||||||
12/2/2013 | Rocklin | CA | 6,297 | 1,745 | 8,005 | 88 | 1,745 | 8,093 | 9,838 | 639 | |||||||||||
11/4/2013 | Rohnert Park | CA | 6,289 | 990 | 8,094 | 186 | 990 | 8,280 | 9,270 | 676 | |||||||||||
7/1/2005 | Sacramento / Auburn Blvd | CA | 4,446 | 852 | 4,720 | 1,011 | 852 | 5,731 | 6,583 | 1,795 | |||||||||||
3/31/2015 | Sacramento / B Street | CA | 7,611 | 1,025 | 11,479 | 459 | 1,025 | 11,938 | 12,963 | 571 | |||||||||||
10/1/2010 | Sacramento / Franklin Blvd | CA | 3,390 | 1,738 | 5,522 | 306 | 1,844 | 5,722 | 7,566 | 923 | |||||||||||
12/31/2007 | Sacramento / Stockton Blvd | CA | 2,784 | 952 | 6,936 | 481 | 1,075 | 7,294 | 8,369 | 1,194 | |||||||||||
6/1/2006 | San Bernardino / Sterling Ave. | CA | — | 750 | 5,135 | 212 | 750 | 5,347 | 6,097 | 1,414 | |||||||||||
6/1/2004 | San Bernardino / W Club Center Dr | CA | — | 1,213 | 3,061 | 141 | 1,173 | 3,242 | 4,415 | 1,121 | |||||||||||
8/29/2013 | San Diego / Cedar St | CA | 13,188 | 5,919 | 6,729 | 450 | 5,919 | 7,179 | 13,098 | 673 | |||||||||||
12/11/2015 | San Diego / Del Sol Blvd | CA | — | 2,679 | 7,029 | 171 | 2,679 | 7,200 | 9,879 | 197 | |||||||||||
10/19/2011 | San Dimas | CA | — | 1,867 | 6,354 | 276 | 1,867 | 6,630 | 8,497 | 948 | |||||||||||
8/29/2013 | San Francisco / Egbert Ave | CA | 10,355 | 5,098 | 4,054 | 334 | 5,098 | 4,388 | 9,486 | 413 | |||||||||||
6/14/2007 | San Francisco / Folsom | CA | 17,828 | 8,457 | 9,928 | 1,859 | 8,457 | 11,787 | 20,244 | 3,502 | |||||||||||
10/1/2015 | San Francisco / Otis Street | CA | — | 5,460 | 18,741 | 340 | 5,460 | 19,081 | 24,541 | 620 | |||||||||||
7/26/2012 | San Jose / Charter Park Dr | CA | 4,652 | 2,428 | 2,323 | 288 | 2,428 | 2,611 | 5,039 | 366 | |||||||||||
9/1/2009 | San Jose / N 10th St | CA | 10,784 | 5,340 | 6,821 | 303 | 5,340 | 7,124 | 12,464 | 1,345 | |||||||||||
8/1/2007 | San Leandro / Doolittle Dr | CA | 14,686 | 4,601 | 9,777 | 3,479 | 4,601 | 13,256 | 17,857 | 3,811 | |||||||||||
10/1/2010 | San Leandro / Washington Ave | CA | — | 3,343 | 6,630 | 10 | (f) | 3,291 | 6,692 | 9,983 | 1,103 | ||||||||||
10/1/2015 | San Lorenzo | CA | — | — | 8,784 | 292 | — | 9,076 | 9,076 | 298 | |||||||||||
8/29/2013 | San Ramon | CA | — | 4,819 | 5,819 | 290 | 4,819 | 6,109 | 10,928 | 558 | |||||||||||
8/29/2013 | Santa Ana | CA | 4,075 | 3,485 | 2,382 | 236 | 3,485 | 2,618 | 6,103 | 272 | |||||||||||
7/30/2009 | Santa Clara | CA | 7,746 | 4,750 | 8,218 | 46 | 4,750 | 8,264 | 13,014 | 1,558 | |||||||||||
7/2/2012 | Santa Cruz | CA | — | 1,588 | 11,160 | 142 | 1,588 | 11,302 | 12,890 | 1,318 | |||||||||||
10/4/2007 | Santa Fe Springs | CA | 7,249 | 3,617 | 7,022 | 382 | 3,617 | 7,404 | 11,021 | 1,921 | |||||||||||
10/19/2011 | Santa Maria / Farnel Rd | CA | 2,872 | 1,556 | 2,740 | 504 | 1,556 | 3,244 | 4,800 | 515 | |||||||||||
10/19/2011 | Santa Maria / Skyway Dr | CA | 6,241 | 1,310 | 3,526 | 109 | 1,309 | 3,636 | 4,945 | 514 | |||||||||||
11/17/2016 | Santa Rosa | CA | — | 9,526 | 15,282 | — | 9,526 | 15,282 | 24,808 | 65 | |||||||||||
11/17/2016 | Santee | CA | — | 7,058 | 12,121 | — | 7,058 | 12,121 | 19,179 | 52 | |||||||||||
11/17/2016 | Scotts Valley | CA | — | 5,006 | 5,806 | — | 5,006 | 5,806 | 10,812 | 25 | |||||||||||
8/31/2004 | Sherman Oaks | CA | 25,176 | 4,051 | 12,152 | 630 | 4,051 | 12,782 | 16,833 | 4,130 | |||||||||||
8/29/2013 | Stanton | CA | 6,791 | 5,022 | 2,267 | 226 | 5,022 | 2,493 | 7,515 | 271 | |||||||||||
5/19/2002 | Stockton / Jamestown | CA | 2,290 | 649 | 3,272 | 269 | 649 | 3,541 | 4,190 | 1,374 | |||||||||||
12/2/2013 | Stockton / Pacific Ave | CA | 5,360 | 3,619 | 2,443 | 86 | 3,619 | 2,529 | 6,148 | 211 | |||||||||||
4/25/2014 | Sunland | CA | — | 1,688 | 6,381 | 110 | 1,688 | 6,491 | 8,179 | 465 | |||||||||||
8/29/2013 | Sunnyvale | CA | — | 10,732 | 5,004 | 260 | 10,732 | 5,264 | 15,996 | 492 | |||||||||||
5/2/2008 | Sylmar | CA | 6,111 | 3,058 | 4,671 | 288 | 3,058 | 4,959 | 8,017 | 1,253 | |||||||||||
2/28/2013 | Thousand Oaks | CA | — | 4,500 | 8,834 | (965) | (d) | 3,500 | 8,869 | 12,369 | 354 | ||||||||||
7/15/2003 | Tracy / E 11th St 1 | CA | 5,115 | 778 | 2,638 | 828 | 911 | 3,333 | 4,244 | 1,192 | |||||||||||
4/1/2004 | Tracy / E 11th St 2 | CA | 3,053 | 946 | 1,937 | 311 | 946 | 2,248 | 3,194 | 897 | |||||||||||
6/25/2007 | Vallejo / Sonoma Blvd | CA | 2,758 | 1,177 | 2,157 | 1,083 | 1,177 | 3,240 | 4,417 | 1,202 | |||||||||||
10/1/2015 | Vallejo / Tennessee St | CA | 8,695 | 2,640 | 13,870 | 352 | 2,640 | 14,222 | 16,862 | 469 | |||||||||||
8/29/2013 | Van Nuys | CA | — | 7,939 | 2,576 | 387 | 7,939 | 2,963 | 10,902 | 316 | |||||||||||
8/31/2004 | Venice | CA | — | 2,803 | 8,410 | 2 | (b) | 2,803 | 8,412 | 11,215 | 1,479 | ||||||||||
8/29/2013 | Ventura | CA | — | 3,453 | 2,837 | 259 | 3,453 | 3,096 | 6,549 | 315 | |||||||||||
10/19/2011 | Victorville | CA | — | 151 | 751 | 165 | 151 | 916 | 1,067 | 168 | |||||||||||
7/1/2005 | Watsonville | CA | 4,365 | 1,699 | 3,056 | 373 | 1,699 | 3,429 | 5,128 | 1,107 | |||||||||||
9/1/2009 | West Sacramento | CA | — | 2,400 | 7,425 | 151 | 2,400 | 7,576 | 9,976 | 1,441 | |||||||||||
6/19/2002 | Whittier | CA | 3,184 | — | 2,985 | 217 | — | 3,202 | 3,202 | 1,233 | |||||||||||
8/29/2013 | Wilmington | CA | — | 6,792 | 10,726 | 398 | 6,792 | 11,124 | 17,916 | 930 | |||||||||||
9/15/2000 | Arvada | CO | 1,697 | 286 | 1,521 | 706 | 286 | 2,227 | 2,513 | 1,179 | |||||||||||
5/25/2011 | Castle Rock / Industrial Way 1 | CO | — | 407 | 3,077 | 295 | 407 | 3,372 | 3,779 | 534 | |||||||||||
7/23/2015 | Castle Rock / Industrial Way 2 | CO | — | 531 | — | — | 531 | — | 531 | — | |||||||||||
4/19/2016 | Colorado Springs / Arlington Dr | CO | — | 2,140 | 5,660 | 385 | 2,140 | 6,045 | 8,185 | 122 | |||||||||||
6/10/2011 | Colorado Springs / Austin Bluffs Pkwy | CO | — | 296 | 4,199 | 349 | 296 | 4,548 | 4,844 | 739 | |||||||||||
8/31/2007 | Colorado Springs / Dublin Blvd | CO | 3,582 | 781 | 3,400 | 450 | 781 | 3,850 | 4,631 | 1,019 | |||||||||||
11/25/2008 | Colorado Springs / S 8th St | CO | 5,935 | 1,525 | 4,310 | 641 | 1,525 | 4,951 | 6,476 | 1,114 | |||||||||||
10/24/2014 | Colorado Springs / Stetson Hills Blvd | CO | 3,919 | 2,077 | 4,087 | 369 | 2,077 | 4,456 | 6,533 | 281 | |||||||||||
9/15/2000 | Denver / E 40th Ave | CO | 2,402 | 602 | 2,052 | 1,733 | 745 | 3,642 | 4,387 | 1,524 | |||||||||||
7/1/2005 | Denver / W 96th Ave | CO | 3,417 | 368 | 1,574 | 528 | 368 | 2,102 | 2,470 | 689 | |||||||||||
7/18/2012 | Fort Carson | CO | — | — | 6,945 | 125 | — | 7,070 | 7,070 | 835 | |||||||||||
9/1/2006 | Parker | CO | 6,919 | 800 | 4,549 | 853 | 800 | 5,402 | 6,202 | 1,701 | |||||||||||
9/15/2000 | Thornton | CO | 2,631 | 212 | 2,044 | 1,169 | 248 | 3,177 | 3,425 | 1,522 | |||||||||||
9/15/2000 | Westminster | CO | 1,985 | 291 | 1,586 | 1,343 | 299 | 2,921 | 3,220 | 1,485 | |||||||||||
3/17/2014 | Bridgeport | CT | — | 1,072 | 14,028 | 142 | 1,072 | 14,170 | 15,242 | 1,027 | |||||||||||
7/2/2012 | Brookfield | CT | 4,919 | 991 | 7,891 | 134 | 991 | 8,025 | 9,016 | 960 | |||||||||||
1/15/2004 | Groton | CT | 5,112 | 1,277 | 3,992 | 463 | 1,276 | 4,456 | 5,732 | 1,684 | |||||||||||
12/31/2007 | Middletown | CT | 2,653 | 932 | 2,810 | 225 | 932 | 3,035 | 3,967 | 752 | |||||||||||
11/4/2013 | Newington | CT | 2,282 | 1,363 | 2,978 | 682 | 1,363 | 3,660 | 5,023 | 335 | |||||||||||
9/16/2016 | Wethersfield / Olesen Rd | CT | — | 2,502 | 7,588 | 81 | 2,502 | 7,669 | 10,171 | 66 | |||||||||||
8/16/2002 | Wethersfield / Silas Deane Hwy | CT | 6,533 | 709 | 4,205 | 231 | 709 | 4,436 | 5,145 | 1,701 | |||||||||||
5/5/2016 | Washington | DC | 9,559 | 14,394 | 18,172 | 216 | 14,394 | 18,388 | 32,782 | 319 |
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2016 | Accumulated depreciation | ||||||||||||
Land | Building and improvements | Total | |||||||||||||||||||
11/19/2015 | Apopka / Park Ave | FL | 2,742 | 613 | 5,228 | 277 | 613 | 5,505 | 6,118 | 170 | |||||||||||
11/19/2015 | Apopka / Semoran Blvd | FL | 2,742 | 888 | 5,737 | 439 | 888 | 6,176 | 7,064 | 190 | |||||||||||
5/2/2012 | Auburndale | FL | 1,218 | 470 | 1,076 | 155 | 470 | 1,231 | 1,701 | 182 | |||||||||||
7/15/2009 | Bonita Springs | FL | — | 2,198 | 8,215 | 129 | 2,198 | 8,344 | 10,542 | 1,577 | |||||||||||
12/23/2014 | Bradenton | FL | 3,728 | 1,333 | 3,677 | 565 | 1,333 | 4,242 | 5,575 | 274 | |||||||||||
11/30/2012 | Brandon | FL | 4,595 | 1,327 | 5,656 | 190 | 1,327 | 5,846 | 7,173 | 658 | |||||||||||
6/19/2008 | Coral Springs | FL | 5,923 | 3,638 | 6,590 | 462 | 3,638 | 7,052 | 10,690 | 1,664 | |||||||||||
10/1/2015 | Davie | FL | 7,993 | 4,890 | 11,679 | 474 | 4,890 | 12,153 | 17,043 | 421 | |||||||||||
1/6/2006 | Deland | FL | 3,087 | 1,318 | 3,971 | 369 | 1,318 | 4,340 | 5,658 | 1,312 | |||||||||||
11/30/2012 | Fort Lauderdale / Commercial Blvd | FL | 5,078 | 1,576 | 5,397 | 363 | 1,576 | 5,760 | 7,336 | 655 | |||||||||||
8/26/2004 | Fort Lauderdale / NW 31st Ave | FL | 7,246 | 1,587 | 4,205 | 501 | 1,587 | 4,706 | 6,293 | 1,601 | |||||||||||
5/4/2011 | Fort Lauderdale / S State Rd 7 | FL | — | 2,750 | 7,002 | 564 | 2,750 | 7,566 | 10,316 | 1,163 | |||||||||||
8/26/2004 | Fort Myers / Cypress Lake Dr | FL | 5,902 | 1,691 | 4,711 | 572 | 1,691 | 5,283 | 6,974 | 1,733 | |||||||||||
7/1/2005 | Fort Myers / San Carlos Blvd | FL | 4,756 | 1,985 | 4,983 | 663 | 1,985 | 5,646 | 7,631 | 1,846 | |||||||||||
3/8/2005 | Greenacres | FL | 2,765 | 1,463 | 3,244 | 182 | 1,463 | 3,426 | 4,889 | 1,125 | |||||||||||
10/1/2015 | Gulf Breeze / Gulf Breeze Pkwy | FL | 2,900 | 620 | 2,886 | 247 | 620 | 3,133 | 3,753 | 107 | |||||||||||
10/1/2015 | Gulf Breeze / McClure Dr | FL | 6,256 | 660 | 12,590 | 277 | 660 | 12,867 | 13,527 | 416 | |||||||||||
1/1/2010 | Hialeah / E 65th Street | FL | 5,643 | 1,750 | 7,150 | 157 | 1,750 | 7,307 | 9,057 | 1,328 | |||||||||||
8/1/2008 | Hialeah / Okeechobee Rd | FL | — | 2,800 | 7,588 | 135 | 2,800 | 7,723 | 10,523 | 1,701 | |||||||||||
9/1/2010 | Hialeah / W 84th St | FL | 5,643 | 1,678 | 6,807 | 98 | 1,678 | 6,905 | 8,583 | 1,132 | |||||||||||
11/20/2007 | Hollywood | FL | 12,328 | 3,214 | 8,689 | 376 | 3,214 | 9,065 | 12,279 | 2,275 | |||||||||||
1/12/2016 | Jacksonville / Girvin Rd | FL | — | 841 | 8,102 | 159 | 841 | 8,261 | 9,102 | 215 | |||||||||||
10/1/2015 | Jacksonville / Monument Rd | FL | 5,609 | 490 | 10,708 | 385 | 490 | 11,093 | 11,583 | 378 | |||||||||||
10/1/2015 | Jacksonville / Timuquana Rd | FL | 4,600 | 1,000 | 3,744 | 304 | 1,000 | 4,048 | 5,048 | 146 | |||||||||||
12/28/2012 | Kenneth City | FL | 4,000 | 805 | 3,345 | 86 | 805 | 3,431 | 4,236 | 369 | |||||||||||
5/2/2012 | Lakeland / Harden Blvd | FL | 3,687 | 593 | 4,701 | 224 | 593 | 4,925 | 5,518 | 670 | |||||||||||
5/2/2012 | Lakeland / South Florida Ave | FL | 5,297 | 871 | 6,905 | 272 | 871 | 7,177 | 8,048 | 908 | |||||||||||
9/3/2014 | Lakeland / US Hwy 98 | FL | — | 529 | 3,604 | 134 | 529 | 3,738 | 4,267 | 243 | |||||||||||
12/27/2012 | Land O Lakes | FL | 6,207 | 798 | 4,490 | 10 | 799 | 4,499 | 5,298 | 509 | |||||||||||
8/26/2004 | Madeira Beach | FL | 5,661 | 1,686 | 5,163 | 316 | 1,686 | 5,479 | 7,165 | 1,826 | |||||||||||
8/10/2000 | Margate | FL | 3,136 | 430 | 3,139 | 1,498 | 469 | 4,598 | 5,067 | 1,740 | |||||||||||
7/2/2012 | Miami / Coral Way | FL | 7,777 | 3,257 | 9,713 | 195 | 3,257 | 9,908 | 13,165 | 1,179 | |||||||||||
10/25/2011 | Miami / Hammocks Blvd | FL | 6,114 | 521 | 5,198 | 133 | 521 | 5,331 | 5,852 | 785 | |||||||||||
8/10/2000 | Miami / NW 12th St | FL | 7,475 | 1,325 | 4,395 | 2,172 | 1,419 | 6,473 | 7,892 | 2,420 | |||||||||||
7/2/2012 | Miami / NW 2nd Ave | FL | 8,742 | 1,979 | 6,513 | 201 | 1,979 | 6,714 | 8,693 | 825 | |||||||||||
9/16/2016 | Miami / NW 79th Ave | FL | — | 4,872 | 9,846 | 8 | 4,872 | 9,854 | 14,726 | 84 | |||||||||||
2/4/2011 | Miami / SW 147th Ave | FL | — | 2,375 | 5,543 | 117 | 2,374 | 5,661 | 8,035 | 818 | |||||||||||
5/31/2007 | Miami / SW 186th St | FL | 4,181 | 1,238 | 7,597 | 506 | 1,238 | 8,103 | 9,341 | 2,131 | |||||||||||
11/8/2013 | Miami / SW 68th Ave | FL | 9,678 | 3,305 | 11,997 | 68 | 3,305 | 12,065 | 15,370 | 974 | |||||||||||
8/10/2000 | Miami / SW 72nd Street | FL | — | 5,315 | 4,305 | 2,117 | 5,859 | 5,878 | 11,737 | 2,276 | |||||||||||
11/30/2009 | Miami Gardens / 183rd Street | FL | 6,564 | 4,798 | 9,475 | 149 | 4,798 | 9,624 | 14,422 | 1,777 | |||||||||||
2/2/2016 | Miami Gardens / 2nd Ave | FL | 2,633 | 1,052 | 2,716 | 32 | 1,052 | 2,748 | 3,800 | 65 | |||||||||||
6/18/2015 | Naples / Goodlette Road | FL | 13,148 | — | 17,220 | 169 | — | 17,389 | 17,389 | 674 | |||||||||||
11/1/2013 | Naples / Old US 41 | FL | 6,098 | 1,990 | 4,887 | 644 | 1,990 | 5,531 | 7,521 | 835 | |||||||||||
11/8/2013 | Naranja | FL | 8,231 | 603 | 11,223 | 109 | 603 | 11,332 | 11,935 | 920 | |||||||||||
8/10/2000 | North Lauderdale | FL | 3,931 | 428 | 3,516 | 1,947 | 459 | 5,432 | 5,891 | 2,141 | |||||||||||
6/1/2004 | North Miami | FL | 8,231 | 1,256 | 6,535 | 659 | 1,256 | 7,194 | 8,450 | 2,562 | |||||||||||
10/1/2015 | Oakland Park | FL | 9,862 | 2,030 | 19,241 | 407 | 2,030 | 19,648 | 21,678 | 658 | |||||||||||
3/8/2005 | Ocoee | FL | 3,000 | 872 | 3,642 | 529 | 872 | 4,171 | 5,043 | 1,337 | |||||||||||
11/19/2015 | Orlando / Hoffner Ave | FL | 2,793 | 512 | 6,697 | 328 | 512 | 7,025 | 7,537 | 214 | |||||||||||
3/8/2005 | Orlando / Hunters Creek | FL | 9,563 | 2,233 | 9,223 | 679 | 2,233 | 9,902 | 12,135 | 3,159 | |||||||||||
8/26/2004 | Orlando / LB McLeod Rd | FL | 8,284 | 1,216 | 5,008 | 528 | 1,216 | 5,536 | 6,752 | 1,903 | |||||||||||
6/17/2015 | Orlando / Lee Rd | FL | 3,979 | 535 | 5,364 | 21 | 535 | 5,385 | 5,920 | 203 | |||||||||||
3/8/2005 | Orlando / Metrowest | FL | 5,600 | 1,474 | 6,101 | 323 | 1,474 | 6,424 | 7,898 | 2,077 | |||||||||||
7/15/2010 | Orlando / Orange Blossom Trail | FL | 2,632 | 625 | 2,133 | 109 | 625 | 2,242 | 2,867 | 415 | |||||||||||
3/8/2005 | Orlando / Waterford Lakes | FL | 6,293 | 1,166 | 4,816 | 1,341 | 1,166 | 6,157 | 7,323 | 1,911 | |||||||||||
11/7/2013 | Palm Springs | FL | 5,544 | 2,108 | 8,028 | 2,355 | 2,108 | 10,383 | 12,491 | 709 | |||||||||||
5/31/2013 | Plantation | FL | — | 3,850 | — | (1,504) | (d) | 2,346 | — | 2,346 | — | ||||||||||
8/26/2004 | Port Charlotte | FL | — | 1,389 | 4,632 | 318 | 1,389 | 4,950 | 6,339 | 1,639 | |||||||||||
8/26/2004 | Riverview | FL | 4,503 | 654 | 2,953 | 328 | 654 | 3,281 | 3,935 | 1,129 | |||||||||||
11/30/2012 | Sarasota / Clark Rd | FL | — | 4,666 | 9,016 | 523 | 4,666 | 9,539 | 14,205 | 1,061 | |||||||||||
12/23/2014 | Sarasota / Washington Blvd | FL | 3,883 | 1,192 | 2,919 | 63 | 1,192 | 2,982 | 4,174 | 162 | |||||||||||
12/3/2012 | Seminole | FL | 3,918 | 1,133 | 3,017 | 326 | 1,133 | 3,343 | 4,476 | 374 | |||||||||||
12/23/2014 | South Pasadena | FL | 10,078 | 8,890 | 10,106 | 132 | 8,890 | 10,238 | 19,128 | 548 | |||||||||||
4/15/2014 | Stuart / Gran Park Way | FL | 6,791 | 1,640 | 8,358 | 163 | 1,640 | 8,521 | 10,161 | 627 | |||||||||||
10/1/2015 | Stuart / Kanner Hwy | FL | — | 1,250 | 5,007 | 324 | 1,250 | 5,331 | 6,581 | 199 | |||||||||||
10/1/2015 | Stuart / NW Federal Hwy 1 | FL | — | 760 | 3,125 | 277 | 760 | 3,402 | 4,162 | 131 | |||||||||||
10/1/2015 | Tallahassee | FL | — | 1,460 | 21,471 | 259 | 1,460 | 21,730 | 23,190 | 692 | |||||||||||
11/1/2013 | Tamiami | FL | 5,016 | 5,042 | 7,164 | 384 | 5,042 | 7,548 | 12,590 | 1,248 | |||||||||||
11/22/2006 | Tampa / Cypress St | FL | 3,445 | 883 | 3,533 | 191 | 881 | 3,726 | 4,607 | 1,033 | |||||||||||
3/27/2007 | Tampa / W Cleveland St | FL | 5,511 | 1,425 | 4,766 | 489 | 1,425 | 5,255 | 6,680 | 1,464 | |||||||||||
12/23/2014 | Tampa / W Hillsborough Ave | FL | 2,319 | 1,086 | 2,937 | 402 | 1,086 | 3,339 | 4,425 | 194 | |||||||||||
8/26/2004 | Valrico | FL | 4,235 | 1,197 | 4,411 | 307 | 1,197 | 4,718 | 5,915 | 1,617 | |||||||||||
1/13/2006 | Venice | FL | — | 1,969 | 5,903 | 332 | 1,970 | 6,234 | 8,204 | 1,927 | |||||||||||
8/10/2000 | West Palm Beach / Forest Hill Bl | FL | 3,467 | 1,164 | 2,511 | 1,056 | 1,246 | 3,485 | 4,731 | 1,443 | |||||||||||
8/10/2000 | West Palm Beach / N Military Trail 1 | FL | 4,345 | 1,312 | 2,511 | 1,906 | 1,416 | 4,313 | 5,729 | 1,548 | |||||||||||
11/1/2013 | West Palm Beach / N Military Trail 2 | FL | 3,659 | 1,595 | 2,833 | 111 | 1,595 | 2,944 | 4,539 | 528 | |||||||||||
12/1/2011 | West Palm Beach / S Military Trail | FL | 3,280 | 1,729 | 4,058 | 129 | 1,730 | 4,186 | 5,916 | 585 | |||||||||||
7/1/2005 | West Palm Beach / Southern Blvd | FL | 5,346 | 1,752 | 4,909 | 514 | 1,752 | 5,423 | 7,175 | 1,851 | |||||||||||
10/1/2015 | Weston | FL | 7,039 | 1,680 | 11,342 | 355 | 1,680 | 11,697 | 13,377 | 391 | |||||||||||
11/17/2016 | Acworth | GA | — | 2,805 | 4,519 | — | 2,805 | 4,519 | 7,324 | 19 | |||||||||||
8/26/2004 | Alpharetta / Holcomb Bridge Rd | GA | — | 1,973 | 1,587 | 329 | 1,973 | 1,916 | 3,889 | 694 | |||||||||||
10/1/2015 | Alpharetta / Jones Bridge Rd | GA | 5,827 | 1,420 | 8,902 | 278 | 1,420 | 9,180 | 10,600 | 295 | |||||||||||
8/8/2006 | Alpharetta / North Main St | GA | 5,429 | 1,893 | 3,161 | 232 | 1,894 | 3,392 | 5,286 | 984 | |||||||||||
8/6/2014 | Atlanta / Chattahoochee Ave | GA | — | 1,132 | 10,080 | 118 | 1,132 | 10,198 | 11,330 | 640 | |||||||||||
8/26/2004 | Atlanta / Cheshire Bridge Rd NE | GA | 12,613 | 3,737 | 8,333 | 760 | 3,738 | 9,092 | 12,830 | 3,033 | |||||||||||
10/22/2014 | Atlanta / Edgewood Ave SE | GA | 7,544 | 588 | 10,295 | 251 | 588 | 10,546 | 11,134 | 593 | |||||||||||
4/3/2014 | Atlanta / Mt Vernon Hwy | GA | — | 2,961 | 19,819 | 173 | 2,961 | 19,992 | 22,953 | 1,400 | |||||||||||
8/26/2004 | Atlanta / Roswell Rd | GA | — | 1,665 | 2,028 | 473 | 1,665 | 2,501 | 4,166 | 844 | |||||||||||
2/28/2005 | Atlanta / Virginia Ave | GA | 6,315 | 3,319 | 8,325 | 780 | 3,319 | 9,105 | 12,424 | 2,973 | |||||||||||
11/4/2013 | Augusta | GA | 1,982 | 710 | 2,299 | 88 | 710 | 2,387 | 3,097 | 200 | |||||||||||
10/1/2015 | Austell | GA | 3,361 | 540 | 6,550 | 257 | 540 | 6,807 | 7,347 | 226 | |||||||||||
10/1/2015 | Buford / Buford Dr | GA | — | 500 | 5,484 | 321 | 500 | 5,805 | 6,305 | 192 | |||||||||||
3/29/2016 | Buford / Gravel Springs Rd | GA | — | 895 | 7,625 | 180 | 895 | 7,805 | 8,700 | 169 | |||||||||||
5/7/2015 | Dacula / Auburn Rd | GA | 4,378 | 2,087 | 4,295 | 141 | 2,077 | 4,446 | 6,523 | 176 | |||||||||||
1/17/2006 | Dacula / Braselton Hwy | GA | 4,965 | 1,993 | 3,001 | 228 | 1,993 | 3,229 | 5,222 | 964 | |||||||||||
6/17/2010 | Douglasville | GA | — | 1,209 | 719 | 597 | 1,209 | 1,316 | 2,525 | 315 | |||||||||||
10/1/2015 | Duluth / Berkeley Lake Rd | GA | 4,055 | 1,350 | 5,718 | 336 | 1,350 | 6,054 | 7,404 | 192 | |||||||||||
10/1/2015 | Duluth / Breckinridge Blvd | GA | 3,864 | 1,160 | 6,336 | 271 | 1,160 | 6,607 | 7,767 | 212 | |||||||||||
10/1/2015 | Duluth / Peachtree Industrial Blvd | GA | 4,216 | 440 | 7,516 | 260 | 440 | 7,776 | 8,216 | 253 | |||||||||||
11/30/2012 | Eastpoint | GA | 5,566 | 1,718 | 6,388 | 200 | 1,718 | 6,588 | 8,306 | 726 | |||||||||||
10/1/2015 | Ellenwood | GA | 2,679 | 260 | 3,992 | 398 | 260 | 4,390 | 4,650 | 140 | |||||||||||
6/14/2007 | Johns Creek | GA | 3,298 | 1,454 | 4,151 | 187 | 1,454 | 4,338 | 5,792 | 1,127 | |||||||||||
10/1/2015 | Jonesboro | GA | — | 540 | 6,174 | 312 | 540 | 6,486 | 7,026 | 220 | |||||||||||
6/17/2010 | Kennesaw / Cobb Parkway NW | GA | — | 673 | 1,151 | 206 | 673 | 1,357 | 2,030 | 293 | |||||||||||
10/1/2015 | Kennesaw / George Busbee Pkwy | GA | 4,730 | 500 | 9,126 | 202 | 500 | 9,328 | 9,828 | 304 | |||||||||||
11/4/2013 | Lawrenceville / Hurricane Shoals Rd | GA | 3,265 | 2,117 | 2,784 | 371 | 2,117 | 3,155 | 5,272 | 296 | |||||||||||
10/1/2015 | Lawrenceville / Lawrenceville Hwy 1 | GA | — | 730 | 3,058 | 542 | 730 | 3,600 | 4,330 | 116 | |||||||||||
10/1/2015 | Lawrenceville / Lawrenceville Hwy 2 | GA | 3,073 | 1,510 | 4,674 | 263 | 1,510 | 4,937 | 6,447 | 162 | |||||||||||
10/1/2015 | Lawrenceville / Old Norcross Rd | GA | — | 870 | 3,705 | 375 | 870 | 4,080 | 4,950 | 131 | |||||||||||
11/12/2009 | Lithonia | GA | — | 1,958 | 3,645 | 904 | 1,958 | 4,549 | 6,507 | 739 | |||||||||||
3/29/2016 | Loganville | GA | — | 814 | 5,494 | 422 | 814 | 5,916 | 6,730 | 130 | |||||||||||
10/1/2015 | Marietta / Austell Rd SW | GA | — | 1,070 | 3,560 | 483 | 1,070 | 4,043 | 5,113 | 131 | |||||||||||
6/17/2010 | Marietta / Cobb Parkway N | GA | — | 887 | 2,617 | 355 | 887 | 2,972 | 3,859 | 596 | |||||||||||
10/1/2015 | Marietta / Powers Ferry Rd | GA | 5,442 | 430 | 9,242 | 249 | 430 | 9,491 | 9,921 | 307 | |||||||||||
10/1/2015 | Marietta / West Oak Pkwy | GA | 4,370 | 500 | 6,395 | 192 | 500 | 6,587 | 7,087 | 217 | |||||||||||
10/1/2015 | Peachtree City | GA | — | 1,080 | 8,628 | 438 | 1,080 | 9,066 | 10,146 | 289 | |||||||||||
4/24/2015 | Powder Springs | GA | 4,503 | 370 | 6,014 | 66 | 370 | 6,080 | 6,450 | 237 | |||||||||||
6/30/2016 | Roswell | GA | — | 1,043 | 6,981 | — | 1,043 | 6,981 | 8,024 | 119 | |||||||||||
10/1/2015 | Sandy Springs | GA | 7,000 | 1,740 | 11,439 | 337 | 1,740 | 11,776 | 13,516 | 382 | |||||||||||
10/1/2015 | Savannah / King George Blvd 1 | GA | 2,963 | 390 | 4,889 | 301 | 390 | 5,190 | 5,580 | 170 | |||||||||||
10/1/2015 | Savannah / King George Blvd 2 | GA | — | 390 | 3,370 | 270 | 390 | 3,640 | 4,030 | 122 | |||||||||||
10/1/2015 | Sharpsburg | GA | 4,899 | 360 | 8,455 | 255 | 360 | 8,710 | 9,070 | 282 | |||||||||||
10/1/2015 | Smyrna / Cobb Parkway SE | GA | 4,580 | 1,360 | 7,002 | 353 | 1,360 | 7,355 | 8,715 | 242 | |||||||||||
11/17/2016 | Smyrna / Oakdale Rd | GA | — | 588 | 7,362 | — | 588 | 7,362 | 7,950 | 31 | |||||||||||
8/26/2004 | Snellville | GA | — | 2,691 | 4,026 | 381 | 2,691 | 4,407 | 7,098 | 1,516 | |||||||||||
3/29/2016 | Stockbridge | GA | — | 2,899 | 7,098 | 457 | 2,899 | 7,555 | 10,454 | 165 | |||||||||||
8/26/2004 | Stone Mountain / Annistown Rd | GA | 2,738 | 1,817 | 4,382 | 338 | 1,817 | 4,720 | 6,537 | 1,604 | |||||||||||
7/1/2005 | Stone Mountain / S Hairston Rd | GA | 2,533 | 925 | 3,505 | 458 | 925 | 3,963 | 4,888 | 1,286 | |||||||||||
6/14/2007 | Sugar Hill / Nelson Brogdon Blvd 1 | GA | — | 1,371 | 2,547 | 252 | 1,371 | 2,799 | 4,170 | 771 | |||||||||||
6/14/2007 | Sugar Hill / Nelson Brogdon Blvd 2 | GA | — | 1,368 | 2,540 | 413 | 1,367 | 2,954 | 4,321 | 786 | |||||||||||
10/15/2013 | Tucker | GA | 5,713 | 1,773 | 10,456 | 87 | 1,773 | 10,543 | 12,316 | 875 | |||||||||||
10/1/2015 | Wilmington Island | GA | 5,631 | 760 | 9,423 | 341 | 760 | 9,764 | 10,524 | 318 | |||||||||||
11/18/2016 | Hilo | HI | — | 2,859 | 5,429 | 7 | 2,859 | 5,436 | 8,295 | 23 | |||||||||||
4/5/2016 | Honolulu / Ahua Street | HI | — | 2,325 | 26,376 | 390 | 2,325 | 26,766 | 29,091 | 463 | |||||||||||
5/3/2013 | Honolulu / Kalakaua Ave | HI | 17,140 | 4,674 | 18,350 | 313 | 4,674 | 18,663 | 23,337 | 1,758 | |||||||||||
7/14/2016 | Honolulu / Kalanianaole Hwy | HI | — | — | 29,211 | 115 | — | 29,326 | 29,326 | 378 | |||||||||||
6/25/2007 | Kahului | HI | — | 3,984 | 15,044 | 1,226 | 3,984 | 16,270 | 20,254 | 4,180 | |||||||||||
6/25/2007 | Kapolei / Farrington Hwy 1 | HI | 9,084 | — | 24,701 | 798 | — | 25,499 | 25,499 | 6,370 | |||||||||||
12/6/2013 | Kapolei / Farrington Hwy 2 | HI | 7,029 | — | 7,776 | 116 | — | 7,892 | 7,892 | 620 | |||||||||||
11/18/2016 | Lihue | HI | — | 2,504 | 4,357 | 2 | 2,504 | 4,359 | 6,863 | 19 | |||||||||||
5/3/2013 | Wahiawa | HI | 3,504 | 1,317 | 2,626 | 345 | 1,317 | 2,971 | 4,288 | 287 | |||||||||||
11/4/2013 | Bedford Park | IL | 2,469 | 922 | 3,289 | 363 | 922 | 3,652 | 4,574 | 329 | |||||||||||
6/8/2015 | Berwyn | IL | — | 965 | 9,085 | 148 | 965 | 9,233 | 10,198 | 379 | |||||||||||
11/4/2013 | Chicago / 60th St | IL | 4,842 | 1,363 | 5,850 | 173 | 1,363 | 6,023 | 7,386 | 502 | |||||||||||
11/4/2013 | Chicago / 87th St | IL | 5,765 | 2,881 | 6,324 | 116 | 2,881 | 6,440 | 9,321 | 523 | |||||||||||
10/1/2015 | Chicago / 95th St | IL | — | 750 | 7,828 | 414 | 750 | 8,242 | 8,992 | 283 | |||||||||||
2/13/2013 | Chicago / Montrose | IL | 8,093 | 1,318 | 9,485 | 213 | 1,318 | 9,698 | 11,016 | 977 | |||||||||||
11/4/2013 | Chicago / Pulaski Rd | IL | 3,488 | 1,143 | 6,138 | 529 | 1,143 | 6,667 | 7,810 | 537 | |||||||||||
7/1/2005 | Chicago / South Wabash | IL | 11,436 | 621 | 3,428 | 2,245 | 621 | 5,673 | 6,294 | 1,846 | |||||||||||
11/10/2004 | Chicago / Stony Island | IL | — | 1,925 | — | — | 1,925 | — | 1,925 | — | |||||||||||
7/1/2005 | Chicago / West Addison | IL | 5,324 | 449 | 2,471 | 810 | 449 | 3,281 | 3,730 | 1,241 | |||||||||||
2/25/2016 | Chicago / West Devon Ave | IL | — | 1,327 | 15,535 | 2 | 1,327 | 15,537 | 16,864 | 362 | |||||||||||
7/1/2005 | Chicago / West Harrison 1 | IL | 4,477 | 472 | 2,582 | 2,823 | 472 | 5,405 | 5,877 | 1,440 | |||||||||||
6/10/2016 | Chicago / West Harrison 2 | IL | — | 4,502 | 21,672 | 52 | 4,502 | 21,724 | 26,226 | 325 | |||||||||||
10/1/2015 | Chicago / Western Ave | IL | — | 670 | 4,718 | 342 | 670 | 5,060 | 5,730 | 176 | |||||||||||
10/1/2015 | Cicero / Ogden Ave | IL | — | 1,590 | 9,371 | 397 | 1,590 | 9,768 | 11,358 | 328 | |||||||||||
10/1/2015 | Cicero / Roosevelt Rd | IL | — | 910 | 3,224 | 354 | 910 | 3,578 | 4,488 | 126 | |||||||||||
6/10/2016 | Country Club Hills | IL | — | 195 | 8,650 | 85 | 195 | 8,735 | 8,930 | 130 | |||||||||||
7/15/2003 | Crest Hill | IL | 2,301 | 847 | 2,946 | 1,040 | 968 | 3,865 | 4,833 | 1,307 | |||||||||||
11/8/2016 | Des Plaines | IL | — | 1,645 | 10,630 | 7 | 1,645 | 10,637 | 12,282 | 45 | |||||||||||
10/1/2007 | Gurnee | IL | — | 1,374 | 8,296 | 135 | 1,374 | 8,431 | 9,805 | 2,028 | |||||||||||
6/10/2016 | Harwood Heights | IL | — | 1,724 | 14,543 | 125 | 1,724 | 14,668 | 16,392 | 219 | |||||||||||
12/1/2011 | Highland Park | IL | 12,678 | 5,798 | 6,016 | 269 | 5,798 | 6,285 | 12,083 | 844 | |||||||||||
11/4/2013 | Lincolnshire | IL | 3,585 | 1,438 | 5,128 | 102 | 1,438 | 5,230 | 6,668 | 422 | |||||||||||
12/1/2008 | Naperville / Ogden Avenue | IL | — | 2,800 | 7,355 | (710) | (d) | 1,950 | 7,495 | 9,445 | 1,588 | ||||||||||
12/1/2011 | Naperville / State Route 59 | IL | 4,633 | 1,860 | 5,793 | 136 | 1,860 | 5,929 | 7,789 | 801 | |||||||||||
5/3/2008 | North Aurora | IL | 2,711 | 600 | 5,833 | 176 | 600 | 6,009 | 6,609 | 1,377 | |||||||||||
6/10/2016 | Round Lake Beach | IL | — | 796 | 2,977 | 150 | 796 | 3,127 | 3,923 | 46 | |||||||||||
7/2/2012 | Skokie | IL | — | 1,119 | 7,502 | 3,250 | 1,119 | 10,752 | 11,871 | 937 | |||||||||||
10/15/2002 | South Holland | IL | 2,301 | 839 | 2,879 | 386 | 865 | 3,239 | 4,104 | 1,248 | |||||||||||
8/1/2008 | Tinley Park | IL | — | 1,823 | 4,794 | 1,010 | 1,548 | 6,079 | 7,627 | 1,148 | |||||||||||
10/10/2008 | Carmel | IN | 4,860 | 1,169 | 4,393 | 313 | 1,169 | 4,706 | 5,875 | 1,119 | |||||||||||
9/16/2016 | Greenwood | IN | — | 457 | 2,954 | 9 | 457 | 2,963 | 3,420 | 26 | |||||||||||
9/16/2016 | Indianapolis / Crawfordsville Rd | IN | — | 287 | 3,251 | 21 | 287 | 3,272 | 3,559 | 29 | |||||||||||
10/10/2008 | Indianapolis / Dandy Trail/Windham Lake Dr | IN | 5,460 | 850 | 4,545 | 714 | 850 | 5,259 | 6,109 | 1,269 | |||||||||||
8/31/2007 | Indianapolis / E 65th St | IN | — | 588 | 3,457 | 530 | 588 | 3,987 | 4,575 | 1,089 | |||||||||||
11/30/2012 | Indianapolis / E 86th St | IN | — | 646 | 1,294 | 195 | 646 | 1,489 | 2,135 | 195 | |||||||||||
9/16/2016 | Indianapolis / E Stop 11 Rd | IN | — | 1,923 | 5,925 | 2 | 1,923 | 5,927 | 7,850 | 51 | |||||||||||
4/22/2016 | Indianapolis / Emerson Ave | IN | — | 876 | 4,778 | 236 | 876 | 5,014 | 5,890 | 97 | |||||||||||
9/16/2016 | Indianapolis / Fulton Dr | IN | — | 663 | 4,434 | 10 | 663 | 4,444 | 5,107 | 38 | |||||||||||
4/22/2016 | Indianapolis / Georgetown Road | IN | — | 1,326 | 6,164 | 327 | 1,326 | 6,491 | 7,817 | 125 | |||||||||||
10/10/2008 | Indianapolis / Southport Rd/Kildeer Dr | IN | — | 426 | 2,903 | 418 | 426 | 3,321 | 3,747 | 853 | |||||||||||
4/22/2016 | Indianapolis / Washington Street | IN | — | 172 | 3,066 | 213 | 172 | 3,279 | 3,451 | 62 | |||||||||||
4/22/2016 | Indianapolis/ Lafayette Road | IN | — | 903 | 3,658 | 305 | 903 | 3,963 | 4,866 | 74 | |||||||||||
4/22/2016 | Indianapolis/ Rockville Road | IN | — | 1,531 | 4,076 | 247 | 1,531 | 4,323 | 5,854 | 82 | |||||||||||
10/10/2008 | Mishawaka | IN | 5,201 | 630 | 3,349 | 347 | 630 | 3,696 | 4,326 | 910 | |||||||||||
4/13/2006 | Wichita | KS | — | 366 | 1,897 | 466 | 366 | 2,363 | 2,729 | 834 | |||||||||||
6/27/2011 | Covington | KY | 1,909 | 839 | 2,543 | 169 | 839 | 2,712 | 3,551 | 448 | |||||||||||
10/1/2015 | Crescent Springs | KY | — | 120 | 5,313 | 289 | 120 | 5,602 | 5,722 | 187 | |||||||||||
10/1/2015 | Erlanger | KY | 3,799 | 220 | 7,132 | 258 | 220 | 7,390 | 7,610 | 244 | |||||||||||
10/1/2015 | Florence / Centennial Circle | KY | — | 240 | 8,234 | 666 | 240 | 8,900 | 9,140 | 305 | |||||||||||
10/1/2015 | Florence / Steilen Dr | KY | 6,326 | 540 | 13,616 | 674 | 540 | 14,290 | 14,830 | 473 | |||||||||||
7/1/2005 | Louisville / Bardstown Rd | KY | 3,586 | 586 | 3,244 | 583 | 586 | 3,827 | 4,413 | 1,250 | |||||||||||
9/16/2016 | Louisville / Preston Hwy | KY | — | 2,970 | 8,237 | 24 | 2,970 | 8,261 | 11,231 | 71 | |||||||||||
7/1/2005 | Louisville / Warwick Ave | KY | 6,745 | 1,217 | 4,611 | 393 | 1,217 | 5,004 | 6,221 | 1,557 | |||||||||||
12/1/2005 | Louisville / Wattbourne Ln | KY | 4,510 | 892 | 2,677 | 539 | 892 | 3,216 | 4,108 | 927 | |||||||||||
10/1/2015 | Walton | KY | — | 290 | 6,245 | 330 | 290 | 6,575 | 6,865 | 216 | |||||||||||
8/26/2004 | Metairie | LA | 3,699 | 2,056 | 4,216 | 331 | 2,056 | 4,547 | 6,603 | 1,497 | |||||||||||
8/26/2004 | New Orleans | LA | 5,230 | 4,058 | 4,325 | 850 | 4,059 | 5,174 | 9,233 | 1,814 |
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2016 | Accumulated depreciation | ||||||||||||
Land | Building and improvements | Total | |||||||||||||||||||
6/1/2003 | Ashland | MA | 5,455 | 474 | 3,324 | 384 | 474 | 3,708 | 4,182 | 1,566 | |||||||||||
5/1/2004 | Auburn | MA | — | 918 | 3,728 | 540 | 919 | 4,267 | 5,186 | 1,805 | |||||||||||
11/4/2013 | Billerica | MA | 7,897 | 3,023 | 6,697 | 238 | 3,023 | 6,935 | 9,958 | 582 | |||||||||||
5/1/2004 | Brockton / Centre St / Rte 123 | MA | — | 647 | 2,762 | 347 | 647 | 3,109 | 3,756 | 1,234 | |||||||||||
11/4/2013 | Brockton / Oak St | MA | 4,929 | 829 | 6,195 | 486 | 829 | 6,681 | 7,510 | 589 | |||||||||||
11/9/2012 | Danvers | MA | 7,662 | 3,115 | 5,736 | 195 | 3,115 | 5,931 | 9,046 | 656 | |||||||||||
2/6/2004 | Dedham / Allied Dr | MA | — | 2,443 | 7,328 | 1,587 | 2,443 | 8,915 | 11,358 | 3,242 | |||||||||||
3/4/2002 | Dedham / Milton St | MA | 5,737 | 2,127 | 3,041 | 984 | 2,127 | 4,025 | 6,152 | 1,687 | |||||||||||
5/13/2015 | Dedham / Providence Highway | MA | — | 1,625 | 10,875 | 114 | 1,625 | 10,989 | 12,614 | 420 | |||||||||||
2/6/2004 | East Somerville | MA | — | — | — | 173 | — | 173 | 173 | 130 | |||||||||||
7/1/2005 | Everett | MA | — | 692 | 2,129 | 1,120 | 692 | 3,249 | 3,941 | 1,196 | |||||||||||
5/1/2004 | Foxboro | MA | — | 759 | 4,158 | 505 | 759 | 4,663 | 5,422 | 2,174 | |||||||||||
7/2/2012 | Framingham | MA | — | — | — | 56 | — | 56 | 56 | 19 | |||||||||||
5/1/2004 | Hudson | MA | 3,247 | 806 | 3,122 | 671 | 806 | 3,793 | 4,599 | 1,719 | |||||||||||
12/31/2007 | Jamaica Plain | MA | 9,015 | 3,285 | 11,275 | 766 | 3,285 | 12,041 | 15,326 | 2,873 | |||||||||||
10/18/2002 | Kingston | MA | 5,173 | 555 | 2,491 | 209 | 555 | 2,700 | 3,255 | 1,158 | |||||||||||
6/22/2001 | Lynn | MA | — | 1,703 | 3,237 | 450 | 1,703 | 3,687 | 5,390 | 1,608 | |||||||||||
3/31/2004 | Marshfield | MA | — | 1,039 | 4,155 | 273 | 1,026 | 4,441 | 5,467 | 1,545 | |||||||||||
11/14/2002 | Milton | MA | — | 2,838 | 3,979 | 6,893 | 2,838 | 10,872 | 13,710 | 3,089 | |||||||||||
11/4/2013 | North Andover | MA | 3,628 | 773 | 4,120 | 146 | 773 | 4,266 | 5,039 | 359 | |||||||||||
10/15/1999 | North Oxford | MA | 3,704 | 482 | 1,762 | 671 | 527 | 2,388 | 2,915 | 1,067 | |||||||||||
2/28/2001 | Northborough | MA | 4,433 | 280 | 2,715 | 704 | 280 | 3,419 | 3,699 | 1,552 | |||||||||||
8/15/1999 | Norwood | MA | 7,116 | 2,160 | 2,336 | 1,841 | 2,221 | 4,116 | 6,337 | 1,705 | |||||||||||
7/1/2005 | Plainville | MA | 4,832 | 2,223 | 4,430 | 485 | 2,223 | 4,915 | 7,138 | 1,856 | |||||||||||
2/16/2016 | Quincy / Liberty St | MA | — | 1,567 | 14,595 | 41 | 1,567 | 14,636 | 16,203 | 344 | |||||||||||
6/30/2016 | Quincy / Old Colony Ave | MA | — | 1,238 | 12,362 | 338 | 1,238 | 12,700 | 13,938 | 165 | |||||||||||
2/6/2004 | Quincy / Weston Ave | MA | 6,910 | 1,359 | 4,078 | 541 | 1,360 | 4,618 | 5,978 | 1,582 | |||||||||||
5/15/2000 | Raynham | MA | — | 588 | 2,270 | 929 | 670 | 3,117 | 3,787 | 1,297 | |||||||||||
12/1/2011 | Revere | MA | 4,675 | 2,275 | 6,935 | 361 | 2,275 | 7,296 | 9,571 | 984 | |||||||||||
6/1/2003 | Saugus | MA | 9,015 | 1,725 | 5,514 | 611 | 1,725 | 6,125 | 7,850 | 2,396 | |||||||||||
6/15/2001 | Somerville | MA | 11,406 | 1,728 | 6,570 | 948 | 1,731 | 7,515 | 9,246 | 2,987 | |||||||||||
7/1/2005 | Stoneham | MA | 5,729 | 944 | 5,241 | 326 | 944 | 5,567 | 6,511 | 1,716 | |||||||||||
5/1/2004 | Stoughton / Washington St 1 | MA | — | 1,754 | 2,769 | 365 | 1,755 | 3,133 | 4,888 | 1,405 | |||||||||||
9/16/2016 | Stoughton / Washington St 2 | MA | — | 2,189 | 7,047 | 61 | 2,189 | 7,108 | 9,297 | 62 | |||||||||||
7/2/2012 | Tyngsboro | MA | 3,341 | 1,843 | 5,004 | 94 | 1,843 | 5,098 | 6,941 | 602 | |||||||||||
2/6/2004 | Waltham | MA | — | 3,770 | 11,310 | 1,121 | 3,770 | 12,431 | 16,201 | 4,344 | |||||||||||
9/14/2000 | Weymouth | MA | — | 2,806 | 3,129 | 232 | 2,806 | 3,361 | 6,167 | 1,518 | |||||||||||
2/6/2004 | Woburn | MA | — | — | — | 285 | — | 285 | 285 | 168 | |||||||||||
12/1/2006 | Worcester / Ararat St | MA | 3,889 | 1,350 | 4,433 | 398 | 1,350 | 4,831 | 6,181 | 1,269 | |||||||||||
5/1/2004 | Worcester / Millbury St | MA | 4,290 | 896 | 4,377 | 3,249 | 896 | 7,626 | 8,522 | 3,001 | |||||||||||
8/31/2007 | Annapolis / Renard Ct / Annex | MD | 8,957 | 1,375 | 8,896 | 425 | 1,376 | 9,320 | 10,696 | 2,409 | |||||||||||
4/17/2007 | Annapolis / Trout Rd | MD | — | 5,248 | 7,247 | 381 | 5,247 | 7,629 | 12,876 | 1,966 | |||||||||||
7/1/2005 | Arnold | MD | 9,640 | 2,558 | 9,446 | 691 | 2,558 | 10,137 | 12,695 | 3,133 | |||||||||||
5/31/2012 | Baltimore / Eastern Ave 1 | MD | 4,327 | 1,185 | 5,051 | 177 | 1,185 | 5,228 | 6,413 | 649 | |||||||||||
2/13/2013 | Baltimore / Eastern Ave 2 | MD | 7,085 | 1,266 | 10,789 | 155 | 1,266 | 10,944 | 12,210 | 1,116 | |||||||||||
11/1/2008 | Baltimore / Moravia Rd | MD | 4,297 | 800 | 5,955 | 160 | 800 | 6,115 | 6,915 | 1,339 | |||||||||||
6/1/2010 | Baltimore / N Howard St | MD | — | 1,900 | 5,277 | 156 | 1,900 | 5,433 | 7,333 | 962 | |||||||||||
7/1/2005 | Bethesda | MD | 25,193 | 3,671 | 18,331 | 1,422 | 3,671 | 19,753 | 23,424 | 6,751 | |||||||||||
11/17/2016 | Burtonsville | MD | — | 10,136 | 11,756 | — | 10,136 | 11,756 | 21,892 | 50 | |||||||||||
10/20/2010 | Capitol Heights | MD | 7,932 | 1,461 | 9,866 | 259 | 1,461 | 10,125 | 11,586 | 1,711 | |||||||||||
3/7/2012 | Cockeysville | MD | 3,629 | 465 | 5,600 | 312 | 465 | 5,912 | 6,377 | 805 | |||||||||||
7/1/2005 | Columbia | MD | 10,990 | 1,736 | 9,632 | 386 | 1,736 | 10,018 | 11,754 | 3,090 | |||||||||||
12/2/2005 | Edgewood / Pulaski Hwy 1 | MD | — | 1,000 | — | (575) | (d) | 425 | — | 425 | — | ||||||||||
9/10/2015 | Edgewood / Pulaski Hwy 2 | MD | — | 794 | 5,178 | 253 | 794 | 5,431 | 6,225 | 200 | |||||||||||
11/2/2016 | Forestville | MD | — | 3,590 | 11,003 | 70 | 3,590 | 11,073 | 14,663 | 48 | |||||||||||
1/11/2007 | Ft. Washington | MD | — | 4,920 | 9,174 | 327 | 4,920 | 9,501 | 14,421 | 2,508 | |||||||||||
7/2/2012 | Gambrills | MD | 4,672 | 1,905 | 7,104 | 207 | 1,905 | 7,311 | 9,216 | 851 | |||||||||||
9/16/2016 | Germantown | MD | — | 7,114 | 11,316 | — | 7,114 | 11,316 | 18,430 | 97 | |||||||||||
7/8/2011 | Glen Burnie | MD | 6,331 | 1,303 | 4,218 | 361 | 1,303 | 4,579 | 5,882 | 782 | |||||||||||
6/10/2013 | Hanover | MD | — | 2,160 | 11,340 | 88 | 2,160 | 11,428 | 13,588 | 1,048 | |||||||||||
2/6/2004 | Lanham | MD | 11,373 | 3,346 | 10,079 | 1,595 | 2,618 | 12,402 | 15,020 | 4,171 | |||||||||||
12/27/2007 | Laurel | MD | 5,868 | 3,000 | 5,930 | 215 | 3,000 | 6,145 | 9,145 | 1,498 | |||||||||||
12/27/2012 | Lexington Park | MD | — | 4,314 | 8,412 | 194 | 4,314 | 8,606 | 12,920 | 923 | |||||||||||
9/17/2008 | Pasadena / Fort Smallwood Rd | MD | 5,926 | 1,869 | 3,056 | 772 | 1,869 | 3,828 | 5,697 | 1,095 | |||||||||||
3/24/2011 | Pasadena / Mountain Rd | MD | — | 3,500 | 7,407 | 169 | 3,500 | 7,576 | 11,076 | 1,120 | |||||||||||
8/1/2011 | Randallstown | MD | 4,465 | 764 | 6,331 | 344 | 764 | 6,675 | 7,439 | 1,008 | |||||||||||
9/1/2006 | Rockville | MD | 11,950 | 4,596 | 11,328 | 564 | 4,596 | 11,892 | 16,488 | 3,216 | |||||||||||
7/1/2005 | Towson / East Joppa Rd 1 | MD | 10,861 | 861 | 4,742 | 269 | 861 | 5,011 | 5,872 | 1,609 | |||||||||||
7/2/2012 | Towson / East Joppa Rd 2 | MD | 5,909 | 1,094 | 9,598 | 175 | 1,094 | 9,773 | 10,867 | 1,151 | |||||||||||
2/2/2016 | Wheaton | MD | — | 12,738 | 12,894 | 397 | 12,738 | 13,291 | 26,029 | 310 | |||||||||||
7/2/2012 | Belleville | MI | — | 954 | 4,984 | 315 | 954 | 5,299 | 6,253 | 613 | |||||||||||
7/1/2005 | Grandville | MI | — | 726 | 1,298 | 472 | 726 | 1,770 | 2,496 | 711 | |||||||||||
7/1/2005 | Mt Clemens | MI | 2,824 | 798 | 1,796 | 563 | 798 | 2,359 | 3,157 | 827 | |||||||||||
9/16/2016 | Southgate | MI | — | 960 | 7,247 | 33 | 960 | 7,280 | 8,240 | 63 | |||||||||||
10/12/2016 | Plymouth | MN | — | 1,528 | 16,030 | 5 | 1,528 | 16,035 | 17,563 | 103 | |||||||||||
8/31/2007 | Florissant | MO | 3,207 | 1,241 | 4,648 | 356 | 1,241 | 5,004 | 6,245 | 1,392 | |||||||||||
7/1/2005 | Grandview | MO | 3,081 | 612 | 1,770 | 594 | 612 | 2,364 | 2,976 | 854 | |||||||||||
6/1/2000 | St Louis / Forest Park | MO | 2,395 | 156 | 1,313 | 691 | 113 | 2,047 | 2,160 | 967 | |||||||||||
8/31/2007 | St Louis / Gravois Rd | MO | 2,615 | 676 | 3,551 | 357 | 676 | 3,908 | 4,584 | 1,107 | |||||||||||
6/1/2000 | St Louis / Halls Ferry Rd | MO | 2,422 | 631 | 2,159 | 791 | 690 | 2,891 | 3,581 | 1,267 | |||||||||||
8/31/2007 | St Louis / Old Tesson Rd | MO | 6,173 | 1,444 | 4,162 | 483 | 1,444 | 4,645 | 6,089 | 1,274 | |||||||||||
10/1/2015 | Biloxi | MS | — | 770 | 3,947 | 349 | 770 | 4,296 | 5,066 | 134 | |||||||||||
10/1/2015 | Canton | MS | — | 1,240 | 7,767 | 465 | 1,240 | 8,232 | 9,472 | 268 | |||||||||||
10/1/2015 | Ridgeland | MS | — | 410 | 9,135 | 426 | 410 | 9,561 | 9,971 | 307 | |||||||||||
10/15/2013 | Cary | NC | 4,139 | 3,614 | 1,788 | 20 | 3,614 | 1,808 | 5,422 | 149 | |||||||||||
5/5/2015 | Charlotte / Monroe Rd | NC | 4,637 | 4,050 | 6,867 | 181 | 4,050 | 7,048 | 11,098 | 282 | |||||||||||
12/8/2015 | Charlotte / S Tryon St | NC | — | 1,372 | 3,931 | 29 | 1,372 | 3,960 | 5,332 | 109 | |||||||||||
11/14/2016 | Charlotte / South Blvd | NC | — | 2,790 | 10,364 | 2 | 2,790 | 10,366 | 13,156 | 44 | |||||||||||
6/19/2015 | Charlotte / Wendover Rd | NC | — | 1,408 | 5,461 | 220 | 1,408 | 5,681 | 7,089 | 227 | |||||||||||
10/1/2015 | Concord | NC | — | 770 | 4,873 | 633 | 770 | 5,506 | 6,276 | 186 | |||||||||||
12/11/2014 | Greensboro / High Point Rd | NC | 3,637 | 1,069 | 4,199 | 134 | 1,069 | 4,333 | 5,402 | 234 | |||||||||||
12/11/2014 | Greensboro / Lawndale Drive | NC | 6,412 | 3,725 | 7,036 | 208 | 3,723 | 7,246 | 10,969 | 391 | |||||||||||
12/11/2014 | Hickory / 10th Ave | NC | 3,252 | 875 | 5,418 | 107 | 875 | 5,525 | 6,400 | 298 | |||||||||||
10/1/2015 | Hickory / 18th Street | NC | — | 400 | 5,844 | 320 | 400 | 6,164 | 6,564 | 202 | |||||||||||
10/1/2015 | Morganton | NC | — | 600 | 5,724 | 291 | 600 | 6,015 | 6,615 | 193 | |||||||||||
6/18/2014 | Raleigh | NC | — | 2,940 | 4,265 | 107 | 2,940 | 4,372 | 7,312 | 295 | |||||||||||
12/11/2014 | Winston/Salem / Peters Creek Pkwy | NC | 2,941 | 1,548 | 3,495 | 136 | 1,548 | 3,631 | 5,179 | 200 | |||||||||||
12/11/2014 | Winston/Salem / University Pkwy | NC | 4,207 | 1,131 | 5,084 | 129 | 1,131 | 5,213 | 6,344 | 278 | |||||||||||
4/15/1999 | Merrimack | NH | 3,747 | 754 | 3,299 | 615 | 817 | 3,851 | 4,668 | 1,520 | |||||||||||
7/1/2005 | Nashua | NH | — | — | 755 | 136 | — | 891 | 891 | 405 | |||||||||||
1/1/2005 | Avenel | NJ | — | 1,518 | 8,037 | 593 | 1,518 | 8,630 | 10,148 | 2,780 | |||||||||||
12/28/2004 | Bayville | NJ | 3,545 | 1,193 | 5,312 | 641 | 1,193 | 5,953 | 7,146 | 1,943 | |||||||||||
9/1/2008 | Bellmawr | NJ | 3,296 | 3,600 | 4,765 | 421 | 3,675 | 5,111 | 8,786 | 1,060 | |||||||||||
7/18/2012 | Berkeley Heights | NJ | 6,792 | 1,598 | 7,553 | 210 | 1,598 | 7,763 | 9,361 | 921 | |||||||||||
12/18/2014 | Burlington | NJ | 3,793 | 477 | 6,534 | 248 | 477 | 6,782 | 7,259 | 366 | |||||||||||
10/7/2015 | Cherry Hill / Church Rd | NJ | — | 1,057 | 6,037 | 313 | 1,057 | 6,350 | 7,407 | 206 | |||||||||||
11/30/2012 | Cherry Hill / Marlton Pike | NJ | — | 2,323 | 1,549 | 318 | 2,323 | 1,867 | 4,190 | 245 | |||||||||||
9/16/2016 | Cherry Hill / Old Cuthbert Rd | NJ | — | 1,295 | 4,125 | 8 | 1,295 | 4,133 | 5,428 | 35 | |||||||||||
12/18/2014 | Cherry Hill / Rockhill Rd | NJ | 1,960 | 536 | 3,407 | 58 | 536 | 3,465 | 4,001 | 190 | |||||||||||
11/30/2012 | Cranbury | NJ | 6,910 | 3,543 | 5,095 | 1,196 | 3,543 | 6,291 | 9,834 | 693 | |||||||||||
12/18/2014 | Denville | NJ | 8,802 | 584 | 14,398 | 120 | 584 | 14,518 | 15,102 | 767 | |||||||||||
12/31/2001 | Edison | NJ | 8,591 | 2,519 | 8,547 | 1,788 | 2,518 | 10,336 | 12,854 | 3,867 | |||||||||||
12/31/2001 | Egg Harbor Township | NJ | 3,868 | 1,724 | 5,001 | 1,631 | 1,724 | 6,632 | 8,356 | 2,482 | |||||||||||
3/15/2007 | Ewing | NJ | — | 1,552 | 4,720 | (42) | (c, d) | 1,562 | 4,668 | 6,230 | 1,274 | ||||||||||
7/18/2012 | Fairfield | NJ | 5,919 | — | 9,402 | 167 | — | 9,569 | 9,569 | 1,119 | |||||||||||
11/30/2012 | Fort Lee / Bergen Blvd | NJ | 12,227 | 4,402 | 9,831 | 347 | 4,402 | 10,178 | 14,580 | 1,124 | |||||||||||
10/1/2015 | Fort Lee / Main St | NJ | — | 2,280 | 27,409 | 357 | 2,280 | 27,766 | 30,046 | 899 | |||||||||||
3/15/2001 | Glen Rock | NJ | — | 1,109 | 2,401 | 576 | 1,222 | 2,864 | 4,086 | 1,130 | |||||||||||
12/18/2014 | Hackensack / Railroad Ave | NJ | 7,476 | 2,053 | 9,882 | 99 | 2,053 | 9,981 | 12,034 | 532 | |||||||||||
7/1/2005 | Hackensack / South River St | NJ | — | 2,283 | 11,234 | 919 | 2,283 | 12,153 | 14,436 | 3,994 | |||||||||||
8/23/2012 | Hackettstown | NJ | 5,799 | 2,144 | 6,660 | 176 | 2,144 | 6,836 | 8,980 | 814 | |||||||||||
7/2/2012 | Harrison | NJ | 3,465 | 300 | 6,003 | 261 | 300 | 6,264 | 6,564 | 754 | |||||||||||
12/31/2001 | Hazlet | NJ | 7,454 | 1,362 | 10,262 | 1,796 | 1,362 | 12,058 | 13,420 | 4,484 | |||||||||||
9/16/2016 | Ho Ho Kus | NJ | — | 13,054 | 31,770 | 39 | 13,054 | 31,809 | 44,863 | 274 | |||||||||||
7/2/2002 | Hoboken | NJ | 17,029 | 2,687 | 6,092 | 340 | 2,687 | 6,432 | 9,119 | 2,489 | |||||||||||
12/31/2001 | Howell | NJ | — | 2,440 | 3,407 | 1,198 | 2,440 | 4,605 | 7,045 | 1,683 | |||||||||||
12/31/2001 | Iselin | NJ | 4,628 | 505 | 4,524 | 603 | 505 | 5,127 | 5,632 | 2,203 | |||||||||||
10/1/2015 | Jersey City | NJ | — | 8,050 | 16,342 | 484 | 8,050 | 16,826 | 24,876 | 551 | |||||||||||
11/30/2012 | Lawnside | NJ | 4,930 | 1,249 | 5,613 | 403 | 1,249 | 6,016 | 7,265 | 675 | |||||||||||
2/6/2004 | Lawrenceville | NJ | 5,096 | 3,402 | 10,230 | 822 | 3,402 | 11,052 | 14,454 | 3,766 | |||||||||||
7/1/2005 | Linden | NJ | 3,612 | 1,517 | 8,384 | 323 | 1,517 | 8,707 | 10,224 | 2,679 | |||||||||||
12/22/2004 | Lumberton | NJ | 3,875 | 831 | 4,060 | 338 | 831 | 4,398 | 5,229 | 1,526 | |||||||||||
3/15/2001 | Lyndhurst | NJ | — | 2,679 | 4,644 | 1,063 | 2,928 | 5,458 | 8,386 | 2,107 | |||||||||||
8/23/2012 | Mahwah | NJ | 10,784 | 1,890 | 13,112 | 325 | 1,890 | 13,437 | 15,327 | 1,609 | |||||||||||
12/16/2011 | Maple Shade | NJ | 3,920 | 1,093 | 5,492 | 208 | 1,093 | 5,700 | 6,793 | 803 | |||||||||||
12/7/2001 | Metuchen | NJ | 5,314 | 1,153 | 4,462 | 373 | 1,153 | 4,835 | 5,988 | 1,933 | |||||||||||
8/28/2012 | Montville | NJ | 8,583 | 1,511 | 11,749 | 164 | 1,511 | 11,913 | 13,424 | 1,378 | |||||||||||
2/6/2004 | Morrisville | NJ | — | 2,487 | 7,494 | 2,450 | 1,688 | 10,743 | 12,431 | 3,219 | |||||||||||
7/2/2012 | Mt Laurel | NJ | 2,939 | 329 | 5,217 | 236 | 329 | 5,453 | 5,782 | 671 | |||||||||||
11/2/2006 | Neptune | NJ | 7,130 | 4,204 | 8,906 | 471 | 4,204 | 9,377 | 13,581 | 2,570 | |||||||||||
7/18/2012 | Newark | NJ | 7,229 | 806 | 8,340 | 167 | 806 | 8,507 | 9,313 | 1,007 | |||||||||||
7/1/2005 | North Bergen / 83rd St | NJ | 10,744 | 2,299 | 12,728 | 567 | 2,299 | 13,295 | 15,594 | 4,145 | |||||||||||
10/6/2011 | North Bergen / Kennedy Blvd | NJ | — | 861 | 17,127 | 432 | 861 | 17,559 | 18,420 | 2,377 | |||||||||||
7/25/2003 | North Bergen / River Rd | NJ | 8,684 | 2,100 | 6,606 | 417 | 2,100 | 7,023 | 9,123 | 2,571 | |||||||||||
7/18/2012 | North Brunswick | NJ | 6,044 | 2,789 | 4,404 | 207 | 2,789 | 4,611 | 7,400 | 572 | |||||||||||
12/31/2001 | Old Bridge | NJ | 5,445 | 2,758 | 6,450 | 2,051 | 2,758 | 8,501 | 11,259 | 3,149 | |||||||||||
5/1/2004 | Parlin / Cheesequake Rd | NJ | — | — | 5,273 | 496 | — | 5,769 | 5,769 | 2,585 | |||||||||||
7/1/2005 | Parlin / Route 9 North | NJ | — | 2,517 | 4,516 | 605 | 2,517 | 5,121 | 7,638 | 1,881 | |||||||||||
7/18/2012 | Parsippany | NJ | 6,235 | 2,353 | 7,798 | 142 | 2,354 | 7,939 | 10,293 | 960 | |||||||||||
6/2/2011 | Pennsauken | NJ | 3,622 | 1,644 | �� | 3,115 | 409 | 1,644 | 3,524 | 5,168 | 617 | ||||||||||
10/1/2015 | Riverdale | NJ | 7,217 | 2,000 | 14,541 | 217 | 2,000 | 14,758 | 16,758 | 476 | |||||||||||
12/9/2009 | South Brunswick | NJ | 2,846 | 1,700 | 5,835 | 215 | 1,700 | 6,050 | 7,750 | 1,118 | |||||||||||
7/1/2005 | Toms River / Route 37 East 1 | NJ | 4,762 | 1,790 | 9,935 | 486 | 1,790 | 10,421 | 12,211 | 3,340 | |||||||||||
10/1/2015 | Toms River / Route 37 East 2 | NJ | — | 1,800 | 10,765 | 323 | 1,800 | 11,088 | 12,888 | 362 | |||||||||||
10/1/2015 | Toms River / Route 9 | NJ | — | 980 | 4,717 | 299 | 980 | 5,016 | 5,996 | 169 | |||||||||||
10/1/2015 | Trenton | NJ | — | 2,180 | 8,007 | 219 | 2,180 | 8,226 | 10,406 | 269 | |||||||||||
12/28/2004 | Union / Green Ln | NJ | 6,021 | 1,754 | 6,237 | 432 | 1,754 | 6,669 | 8,423 | 2,247 | |||||||||||
11/30/2012 | Union / Route 22 West | NJ | 6,678 | 1,133 | 7,239 | 221 | 1,133 | 7,460 | 8,593 | 818 | |||||||||||
11/30/2012 | Watchung | NJ | 6,584 | 1,843 | 4,499 | 262 | 1,843 | 4,761 | 6,604 | 556 | |||||||||||
11/30/2012 | Albuquerque / Airport Dr NW | NM | — | 755 | 1,797 | 84 | 755 | 1,881 | 2,636 | 219 | |||||||||||
8/31/2007 | Albuquerque / Calle Cuervo NW | NM | 4,364 | 1,298 | 4,628 | 753 | 1,298 | 5,381 | 6,679 | 1,458 | |||||||||||
1/7/2016 | Albuquerque / Eagle Ranch Rd | NM | — | 1,346 | 5,558 | 156 | 1,346 | 5,714 | 7,060 | 157 | |||||||||||
9/16/2016 | Albuquerque / Ellison Rd NW | NM | — | 1,182 | 5,813 | 39 | 1,182 | 5,852 | 7,034 | 51 | |||||||||||
9/16/2016 | Albuquerque / Eubank SE | NM | — | 1,446 | 7,647 | 71 | 1,446 | 7,718 | 9,164 | 67 | |||||||||||
9/16/2016 | Albuquerque / Legion Rd NE | NM | — | — | 4,861 | — | — | 4,861 | 4,861 | 42 | |||||||||||
11/17/2016 | Albuquerque / Lomas Blvd NE | NM | — | 544 | 3,081 | — | 544 | 3,081 | 3,625 | 13 | |||||||||||
9/16/2016 | Albuquerque / Montgomery Blvd NE 1 | NM | — | 1,601 | 5,013 | 1 | 1,601 | 5,014 | 6,615 | 43 | |||||||||||
3/29/2016 | Albuquerque / Montgomery Blvd NE 2 | NM | — | 2,842 | 7,965 | 153 | 2,842 | 8,118 | 10,960 | 176 | |||||||||||
1/7/2016 | Rio Rancho / Golf Course Rd | NM | — | 1,667 | 6,836 | 247 | 1,667 | 7,083 | 8,750 | 188 | |||||||||||
3/29/2016 | Santa Fe / Pacheco St | NM | — | 9,079 | 8,620 | 289 | 9,079 | 8,909 | 17,988 | 194 | |||||||||||
7/2/2012 | Santa Fe / West San Mateo Rd | NM | 6,263 | 3,066 | 7,366 | 558 | 3,066 | 7,924 | 10,990 | 949 | |||||||||||
10/1/2015 | Henderson / Racetrack Rd | NV | 4,705 | 1,470 | 6,348 | 343 | 1,470 | 6,691 | 8,161 | 221 | |||||||||||
11/30/2012 | Henderson / Stephanie Pl | NV | — | 2,934 | 8,897 | 293 | 2,934 | 9,190 | 12,124 | 1,026 | |||||||||||
10/1/2015 | Las Vegas / Bonanza Rd | NV | 4,011 | 820 | 6,716 | 209 | 820 | 6,925 | 7,745 | 228 | |||||||||||
10/1/2015 | Las Vegas / Durango Dr | NV | — | 1,140 | 4,384 | 319 | 1,140 | 4,703 | 5,843 | 157 | |||||||||||
6/22/2011 | Las Vegas / Jones Blvd | NV | 2,373 | 1,441 | 1,810 | 176 | 1,441 | 1,986 | 3,427 | 340 | |||||||||||
10/1/2015 | Las Vegas / Las Vegas Blvd | NV | — | 2,830 | 6,834 | 369 | 2,830 | 7,203 | 10,033 | 238 | |||||||||||
2/22/2000 | Las Vegas / N Lamont St | NV | — | 251 | 717 | 553 | 278 | 1,243 | 1,521 | 653 | |||||||||||
11/1/2013 | Las Vegas / North Lamb Blvd | NV | 2,601 | 279 | 3,900 | 199 | 279 | 4,099 | 4,378 | 764 | |||||||||||
10/1/2015 | Las Vegas / Pecos Rd | NV | — | 1,420 | 5,900 | 411 | 1,420 | 6,311 | 7,731 | 209 | |||||||||||
10/1/2015 | Las Vegas / Rancho Dr | NV | — | 590 | 5,899 | 159 | 590 | 6,058 | 6,648 | 198 | |||||||||||
10/1/2015 | Las Vegas / W Charleston Blvd | NV | — | 550 | 1,319 | 109 | 550 | 1,428 | 1,978 | 50 | |||||||||||
2/2/2016 | Las Vegas / W Oakey Blvd | NV | 3,776 | 645 | 4,568 | — | 645 | 4,568 | 5,213 | 107 | |||||||||||
11/30/2012 | Las Vegas / W Sahara Ave | NV | 4,226 | 773 | 6,006 | 313 | 773 | 6,319 | 7,092 | 699 | |||||||||||
11/30/2012 | Las Vegas / W Tropicana Ave | NV | 4,110 | 400 | 4,936 | 109 | 400 | 5,045 | 5,445 | 568 | |||||||||||
10/1/2015 | North Las Vegas | NV | — | 1,260 | 4,589 | 184 | 1,260 | 4,773 | 6,033 | 157 | |||||||||||
10/1/2015 | Ballston Spa | NY | — | 890 | 9,941 | 59 | 890 | 10,000 | 10,890 | 321 | |||||||||||
12/19/2007 | Bohemia | NY | — | 1,456 | 1,398 | 408 | 1,456 | 1,806 | 3,262 | 495 | |||||||||||
12/1/2011 | Bronx / Edson Av | NY | 16,840 | 3,450 | 21,210 | 453 | 3,450 | 21,663 | 25,113 | 2,918 | |||||||||||
8/26/2004 | Bronx / Fordham Rd | NY | — | 3,995 | 11,870 | 3,140 | 3,995 | 15,010 | 19,005 | 4,324 | |||||||||||
10/2/2008 | Brooklyn / 3rd Ave | NY | 18,550 | 12,993 | 10,405 | 405 | 12,993 | 10,810 | 23,803 | 2,422 | |||||||||||
7/2/2012 | Brooklyn / 64th St | NY | 20,805 | 16,188 | 23,309 | 471 | 16,257 | 23,711 | 39,968 | 2,780 | |||||||||||
5/21/2010 | Brooklyn / Atlantic Ave | NY | 7,598 | 2,802 | 6,536 | 351 | 2,802 | 6,887 | 9,689 | 1,269 | |||||||||||
12/11/2014 | Brooklyn / Avenue M | NY | — | 12,085 | 7,665 | — | 12,085 | 7,665 | 19,750 | — | |||||||||||
10/2/2008 | Centereach | NY | 4,014 | 2,226 | 1,657 | 236 | 2,226 | 1,893 | 4,119 | 496 | |||||||||||
8/10/2012 | Central Valley | NY | — | 2,800 | 12,173 | 596 | 2,800 | 12,769 | 15,569 | 1,564 | |||||||||||
11/23/2010 | Freeport | NY | — | 5,676 | 3,784 | 908 | 5,676 | 4,692 | 10,368 | 1,063 | |||||||||||
7/2/2012 | Hauppauge | NY | 5,383 | 1,238 | 7,095 | 364 | 1,238 | 7,459 | 8,697 | 905 | |||||||||||
7/2/2012 | Hicksville | NY | 8,477 | 2,581 | 10,677 | 132 | 2,581 | 10,809 | 13,390 | 1,252 | |||||||||||
7/2/2012 | Kingston | NY | 4,703 | 837 | 6,199 | 182 | 837 | 6,381 | 7,218 | 766 | |||||||||||
2/2/2016 | Long Island City | NY | — | 32,361 | 24,017 | 40 | 32,362 | 24,056 | 56,418 | 566 | |||||||||||
11/26/2002 | Mt Vernon / N Mac Questen Pkwy | NY | 7,726 | 1,926 | 7,622 | 1,075 | 1,926 | 8,697 | 10,623 | 3,199 | |||||||||||
7/1/2005 | Mt Vernon / Northwest St | NY | — | 1,585 | 6,025 | 2,850 | 1,585 | 8,875 | 10,460 | 3,065 | |||||||||||
2/7/2002 | Nanuet | NY | 9,581 | 2,072 | 4,644 | 1,779 | 2,738 | 5,757 | 8,495 | 2,261 | |||||||||||
7/1/2005 | New Paltz | NY | 4,215 | 2,059 | 3,715 | 700 | 2,059 | 4,415 | 6,474 | 1,499 | |||||||||||
7/1/2005 | New York | NY | 17,825 | 3,060 | 16,978 | 795 | 3,060 | 17,773 | 20,833 | 5,579 | |||||||||||
12/4/2000 | Plainview | NY | 7,367 | 4,287 | 3,710 | 751 | 4,287 | 4,461 | 8,748 | 2,037 | |||||||||||
7/18/2012 | Poughkeepsie | NY | 5,799 | 1,038 | 7,862 | 281 | 1,038 | 8,143 | 9,181 | 959 | |||||||||||
7/2/2012 | Ridge | NY | 5,940 | 1,762 | 6,934 | 243 | 1,762 | 7,177 | 8,939 | 822 |
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2016 | Accumulated depreciation | ||||||||||||
Land | Building and improvements | Total | |||||||||||||||||||
6/27/2011 | Cincinnati / Glencrossing Way | OH | — | 1,217 | 1,941 | 270 | 1,217 | 2,211 | 3,428 | 355 | |||||||||||
6/27/2011 | Cincinnati / Glendale/Milford Rd | OH | 4,458 | 1,815 | 5,733 | 278 | 1,815 | 6,011 | 7,826 | 989 | |||||||||||
6/27/2011 | Cincinnati / Hamilton Ave | OH | — | 2,941 | 2,177 | 300 | 2,941 | 2,477 | 5,418 | 470 | |||||||||||
6/27/2011 | Cincinnati / Wooster Pk | OH | 5,275 | 1,445 | 3,755 | 301 | 1,445 | 4,056 | 5,501 | 693 | |||||||||||
9/16/2016 | Columbus / E Main St | OH | — | 652 | 2,147 | 23 | 652 | 2,170 | 2,822 | 19 | |||||||||||
7/1/2005 | Columbus / Innis Rd | OH | 4,655 | 483 | 2,654 | 993 | 483 | 3,647 | 4,130 | 1,309 | |||||||||||
11/1/2013 | Columbus / Kenny Rd | OH | 4,718 | 1,227 | 5,057 | 275 | 1,227 | 5,332 | 6,559 | 942 | |||||||||||
11/4/2013 | Fairfield | OH | 3,717 | 904 | 3,856 | 331 | 904 | 4,187 | 5,091 | 382 | |||||||||||
6/27/2011 | Hamilton | OH | — | 673 | 2,910 | 164 | 673 | 3,074 | 3,747 | 481 | |||||||||||
11/30/2012 | Hilliard | OH | 2,033 | 1,613 | 2,369 | 269 | 1,613 | 2,638 | 4,251 | 350 | |||||||||||
7/1/2005 | Kent | OH | 2,301 | 220 | 1,206 | 281 | 220 | 1,487 | 1,707 | 591 | |||||||||||
6/27/2011 | Lebanon | OH | 3,983 | 1,657 | 1,566 | 346 | 1,657 | 1,912 | 3,569 | 357 | |||||||||||
11/30/2012 | Mentor / Heisley Rd | OH | 1,233 | 658 | 1,267 | 358 | 658 | 1,625 | 2,283 | 228 | |||||||||||
7/2/2012 | Mentor / Mentor Ave | OH | — | 409 | 1,609 | 195 | 409 | 1,804 | 2,213 | 252 | |||||||||||
6/27/2011 | Middletown | OH | — | 534 | 1,047 | 131 | 533 | 1,179 | 1,712 | 213 | |||||||||||
11/1/2013 | Whitehall | OH | 1,958 | 726 | 1,965 | 131 | 726 | 2,096 | 2,822 | 366 | |||||||||||
7/2/2012 | Willoughby | OH | — | 155 | 1,811 | 118 | 155 | 1,929 | 2,084 | 232 | |||||||||||
7/1/2005 | Aloha / NW 185th Ave | OR | 5,922 | 1,221 | 6,262 | 317 | 1,221 | 6,579 | 7,800 | 2,125 | |||||||||||
7/2/2012 | Aloha / SW 229th Ave | OR | 4,486 | 2,014 | 5,786 | 183 | 2,014 | 5,969 | 7,983 | 712 | |||||||||||
11/24/2015 | Hillsboro | OR | — | 732 | 9,158 | 167 | 732 | 9,325 | 10,057 | 277 | |||||||||||
9/15/2009 | King City | OR | 2,894 | 2,520 | 6,845 | 83 | 2,520 | 6,928 | 9,448 | 1,263 | |||||||||||
12/28/2004 | Bensalem / Bristol Pike | PA | 3,117 | 1,131 | 4,525 | 505 | 1,131 | 5,030 | 6,161 | 1,648 | |||||||||||
3/30/2006 | Bensalem / Knights Rd. | PA | — | 750 | 3,015 | 252 | 750 | 3,267 | 4,017 | 990 | |||||||||||
10/1/2015 | Collegeville | PA | — | 490 | 6,947 | 258 | 490 | 7,205 | 7,695 | 241 | |||||||||||
11/15/1999 | Doylestown | PA | — | 220 | 3,442 | 1,168 | 521 | 4,309 | 4,830 | 1,728 | |||||||||||
5/1/2004 | Kennedy Township | PA | 2,498 | 736 | 3,173 | 329 | 736 | 3,502 | 4,238 | 1,533 | |||||||||||
2/6/2004 | Philadelphia / Roosevelt Bl | PA | 5,386 | 1,965 | 5,925 | 1,596 | 1,965 | 7,521 | 9,486 | 2,605 | |||||||||||
11/1/2013 | Philadelphia / Wayne Ave | PA | — | 596 | 10,368 | 75 | 596 | 10,443 | 11,039 | 1,438 | |||||||||||
8/3/2000 | Pittsburgh / E Entry Dr | PA | 2,498 | 991 | 1,990 | 946 | 1,082 | 2,845 | 3,927 | 1,257 | |||||||||||
10/1/2015 | Pittsburgh / Landings Dr | PA | — | 400 | 3,936 | 412 | 400 | 4,348 | 4,748 | 145 | |||||||||||
5/1/2004 | Pittsburgh / Penn Ave | PA | 3,684 | 889 | 4,117 | 689 | 889 | 4,806 | 5,695 | 2,156 | |||||||||||
10/1/2015 | Skippack | PA | — | 720 | 4,552 | 245 | 720 | 4,797 | 5,517 | 162 | |||||||||||
10/1/2015 | West Mifflin | PA | — | 840 | 8,931 | 400 | 840 | 9,331 | 10,171 | 302 | |||||||||||
1/1/2011 | Willow Grove | PA | 4,995 | 1,297 | 4,027 | 370 | 1,297 | 4,397 | 5,694 | 761 | |||||||||||
7/1/2005 | Johnston / Hartford Ave | RI | 6,226 | 2,658 | 4,799 | 669 | 2,658 | 5,468 | 8,126 | 1,857 | |||||||||||
12/1/2011 | Johnston / Plainfield | RI | 1,771 | 533 | 2,127 | 241 | 533 | 2,368 | 2,901 | 315 | |||||||||||
10/1/2015 | Bluffton | SC | — | 1,010 | 8,673 | 181 | 1,010 | 8,854 | 9,864 | 288 | |||||||||||
10/1/2015 | Charleston / Ashley River Rd | SC | — | 500 | 5,390 | 326 | 500 | 5,716 | 6,216 | 196 | |||||||||||
8/26/2004 | Charleston / Glenn McConnell Pkwy | SC | 3,359 | 1,279 | 4,171 | 386 | 1,279 | 4,557 | 5,836 | 1,509 | |||||||||||
10/1/2015 | Charleston / Maybank Hwy | SC | 5,631 | 600 | 9,364 | 432 | 600 | 9,796 | 10,396 | 321 | |||||||||||
10/1/2015 | Charleston / Savannah Hwy | SC | — | 370 | 3,794 | 250 | 370 | 4,044 | 4,414 | 129 | |||||||||||
3/30/2015 | Columbia / Clemson Rd | SC | — | 1,483 | 5,415 | 77 | 1,483 | 5,492 | 6,975 | 254 | |||||||||||
7/19/2012 | Columbia / Decker Blvd | SC | 3,482 | 1,784 | 2,745 | 304 | 1,784 | 3,049 | 4,833 | 352 | |||||||||||
8/26/2004 | Columbia / Harban Ct | SC | 2,692 | 838 | 3,312 | 371 | 839 | 3,682 | 4,521 | 1,260 | |||||||||||
10/1/2015 | Columbia / Percival Rd | SC | — | 480 | 2,115 | 264 | 480 | 2,379 | 2,859 | 82 | |||||||||||
8/26/2004 | Goose Creek | SC | — | 1,683 | 4,372 | 1,102 | 1,683 | 5,474 | 7,157 | 1,758 | |||||||||||
10/1/2015 | Greenville / Laurens Rd | SC | — | 620 | 8,467 | 330 | 620 | 8,797 | 9,417 | 281 | |||||||||||
5/10/2016 | Greenville / Woodruff Rd | SC | — | 1,258 | 6,912 | 108 | 1,258 | 7,020 | 8,278 | 121 | |||||||||||
10/1/2015 | Lexington / Northpoint Dr | SC | — | 780 | 5,732 | 303 | 780 | 6,035 | 6,815 | 204 | |||||||||||
10/1/2015 | Lexington / St Peters Church Rd | SC | — | 750 | 1,481 | 96 | 750 | 1,577 | 2,327 | 51 | |||||||||||
10/1/2015 | Mt Pleasant / Bowman Rd | SC | — | 1,740 | 3,094 | 238 | 1,740 | 3,332 | 5,072 | 111 | |||||||||||
10/1/2015 | Mt Pleasant / Hwy 17 N | SC | 4,729 | 4,600 | 2,342 | 287 | 4,600 | 2,629 | 7,229 | 100 | |||||||||||
10/1/2015 | Mt Pleasant / Stockade Ln | SC | 14,472 | 11,680 | 19,626 | 488 | 11,680 | 20,114 | 31,794 | 646 | |||||||||||
10/1/2015 | Myrtle Beach | SC | — | 510 | 3,921 | 260 | 510 | 4,181 | 4,691 | 137 | |||||||||||
3/30/2015 | North Charleston / Dorchester Road | SC | 3,213 | 280 | 5,814 | 82 | 280 | 5,896 | 6,176 | 273 | |||||||||||
10/1/2015 | North Charleston / Rivers Ave | SC | 6,176 | 1,250 | 8,753 | 682 | 1,250 | 9,435 | 10,685 | 307 | |||||||||||
8/26/2004 | Summerville | SC | — | 450 | 4,454 | 267 | 450 | 4,721 | 5,171 | 1,580 | |||||||||||
12/11/2014 | Taylors | SC | 5,323 | 1,433 | 6,071 | 183 | 1,433 | 6,254 | 7,687 | 335 | |||||||||||
9/16/2016 | Antioch | TN | — | 2,056 | 3,921 | 17 | 2,056 | 3,938 | 5,994 | 35 | |||||||||||
7/2/2012 | Bartlett | TN | — | 632 | 3,798 | 147 | 632 | 3,945 | 4,577 | 470 | |||||||||||
4/15/2011 | Cordova / Houston Levee Rd | TN | 1,977 | 652 | 1,791 | 131 | 652 | 1,922 | 2,574 | 331 | |||||||||||
7/1/2005 | Cordova / N Germantown Pkwy 1 | TN | 3,306 | 852 | 2,720 | 521 | 852 | 3,241 | 4,093 | 1,084 | |||||||||||
11/1/2013 | Cordova / N Germantown Pkwy 2 | TN | 6,794 | 8,187 | 4,628 | 227 | 8,187 | 4,855 | 13,042 | 1,223 | |||||||||||
1/5/2007 | Cordova / Patriot Cove | TN | — | 894 | 2,680 | 235 | 894 | 2,915 | 3,809 | 797 | |||||||||||
11/30/2012 | Franklin | TN | — | 3,357 | 8,984 | 278 | 3,357 | 9,262 | 12,619 | 1,039 | |||||||||||
10/1/2015 | Knoxville / Ebenezer Rd | TN | 7,392 | 470 | 13,299 | 211 | 470 | 13,510 | 13,980 | 436 | |||||||||||
10/1/2015 | Knoxville / Lovell Rd | TN | 5,202 | 1,360 | 8,475 | 209 | 1,360 | 8,684 | 10,044 | 279 | |||||||||||
10/1/2015 | Lenoir City | TN | 5,550 | 850 | 10,738 | 453 | 850 | 11,191 | 12,041 | 363 | |||||||||||
7/2/2012 | Memphis / Covington Way | TN | — | 274 | 2,623 | 88 | 274 | 2,711 | 2,985 | 323 | |||||||||||
2/2/2016 | Memphis / Gateway Dr | TN | — | 305 | 3,345 | 40 | 305 | 3,385 | 3,690 | 82 | |||||||||||
10/1/2015 | Memphis / Hollywood St | TN | — | 570 | 8,893 | 315 | 570 | 9,208 | 9,778 | 294 | |||||||||||
11/17/2016 | Memphis / Kirby Pkwy | TN | — | 907 | 2,873 | 1 | 907 | 2,874 | 3,781 | 12 | |||||||||||
2/2/2016 | Memphis / Madison Ave | TN | — | 193 | 2,070 | 1 | 193 | 2,071 | 2,264 | 48 | |||||||||||
11/30/2012 | Memphis / Mt Moriah | TN | 2,533 | 1,617 | 2,875 | 478 | 1,617 | 3,353 | 4,970 | 358 | |||||||||||
11/1/2013 | Memphis / Mt Moriah Terrace | TN | 7,925 | 1,313 | 2,928 | 296 | 1,313 | 3,224 | 4,537 | 530 | |||||||||||
7/2/2012 | Memphis / Raleigh/LaGrange | TN | — | 110 | 1,280 | 86 | 110 | 1,366 | 1,476 | 170 | |||||||||||
11/1/2013 | Memphis / Riverdale Bend | TN | 4,236 | 803 | 4,635 | 236 | 803 | 4,871 | 5,674 | 728 | |||||||||||
11/30/2012 | Memphis / Summer Ave 1 | TN | 3,313 | 1,040 | 3,867 | 423 | 1,040 | 4,290 | 5,330 | 473 | |||||||||||
9/16/2016 | Memphis / Summer Ave 2 | TN | — | 578 | 2,548 | 10 | 578 | 2,558 | 3,136 | 22 | |||||||||||
11/17/2016 | Memphis / Winchester Rd | TN | — | 1,301 | 4,722 | 4 | 1,301 | 4,726 | 6,027 | 20 | |||||||||||
4/13/2006 | Nashville | TN | 8,263 | 390 | 2,598 | 1,279 | 390 | 3,877 | 4,267 | 1,341 | |||||||||||
11/22/2006 | Allen | TX | 4,312 | 901 | 5,553 | 309 | 901 | 5,862 | 6,763 | 1,626 | |||||||||||
8/26/2004 | Arlington / E Pioneer Pkwy | TX | 3,181 | 534 | 2,525 | 619 | 534 | 3,144 | 3,678 | 1,165 | |||||||||||
10/1/2015 | Arlington / Randol Mill Rd | TX | — | 630 | 5,214 | 365 | 630 | 5,579 | 6,209 | 187 | |||||||||||
4/15/2015 | Arlington / US 287 Frontage Rd | TX | 2,633 | 567 | 5,340 | 353 | 567 | 5,693 | 6,260 | 272 | |||||||||||
4/15/2015 | Arlington / Watson Rd | TX | 2,647 | 698 | 3,862 | 258 | 698 | 4,120 | 4,818 | 209 | |||||||||||
1/13/2015 | Austin / 1st Street | TX | 4,139 | 807 | 7,689 | 170 | 807 | 7,859 | 8,666 | 406 | |||||||||||
1/13/2015 | Austin / Brodie Lane | TX | 5,717 | 1,155 | 8,552 | 187 | 1,155 | 8,739 | 9,894 | 461 | |||||||||||
8/26/2004 | Austin / Burnet Rd | TX | 8,759 | 870 | 4,455 | 532 | 870 | 4,987 | 5,857 | 1,686 | |||||||||||
1/13/2015 | Austin / Capital of Texas Hwy | TX | 10,175 | 10,117 | 13,248 | 163 | 10,117 | 13,411 | 23,528 | 693 | |||||||||||
11/1/2013 | Austin / McNeil Dr | TX | 4,846 | 3,411 | 4,502 | 83 | 3,411 | 4,585 | 7,996 | 740 | |||||||||||
8/8/2014 | Austin / North Lamar Blvd | TX | 4,949 | 1,047 | 9,969 | 186 | 1,047 | 10,155 | 11,202 | 638 | |||||||||||
1/14/2016 | Austin / Slaughter Creek Dr | TX | — | 2,039 | 8,006 | 443 | 2,039 | 8,449 | 10,488 | 214 | |||||||||||
4/14/2015 | Baytown | TX | 6,486 | 619 | 7,861 | 90 | 619 | 7,951 | 8,570 | 311 | |||||||||||
1/14/2016 | Belton | TX | — | 801 | 2,550 | 444 | 801 | 2,994 | 3,795 | 83 | |||||||||||
1/14/2016 | Cedar Park | TX | — | 655 | 8,191 | 119 | 655 | 8,310 | 8,965 | 215 | |||||||||||
4/15/2015 | Coppell / Belt Line Rd | TX | 4,295 | 724 | 5,743 | 206 | 724 | 5,949 | 6,673 | 271 | |||||||||||
10/1/2015 | Coppell / Denton Tap Rd | TX | — | 2,270 | 9,333 | 158 | 2,270 | 9,491 | 11,761 | 307 | |||||||||||
4/15/2015 | Dallas / Clark Rd | TX | 4,910 | 1,837 | 8,426 | 395 | 1,837 | 8,821 | 10,658 | 407 | |||||||||||
8/26/2004 | Dallas / E Northwest Hwy | TX | 15,213 | 4,432 | 6,181 | 1,371 | 4,432 | 7,552 | 11,984 | 2,514 | |||||||||||
4/13/2006 | Dallas / Garland Rd | TX | 4,475 | 337 | 2,216 | 642 | 337 | 2,858 | 3,195 | 1,056 | |||||||||||
4/15/2015 | Dallas / Haskell Ave | TX | — | 275 | 11,183 | 278 | 275 | 11,461 | 11,736 | 516 | |||||||||||
5/4/2006 | Dallas / Inwood Rd | TX | 13,330 | 1,980 | 12,501 | 565 | 1,979 | 13,067 | 15,046 | 3,721 | |||||||||||
4/15/2015 | Dallas / Lyndon B Johnson Freeway | TX | 4,546 | 1,729 | 7,876 | 437 | 1,729 | 8,313 | 10,042 | 384 | |||||||||||
11/1/2013 | Dallas / N Central Expressway | TX | 16,794 | 13,392 | 15,019 | 778 | 13,392 | 15,797 | 29,189 | 1,351 | |||||||||||
7/2/2012 | Dallas / Preston Rd 1 | TX | 5,113 | 921 | 7,656 | 140 | 921 | 7,796 | 8,717 | 939 | |||||||||||
8/10/2012 | Dallas / Preston Rd 2 | TX | 4,278 | 2,542 | 3,274 | 283 | 2,542 | 3,557 | 6,099 | 485 | |||||||||||
4/15/2015 | Dallas / Shiloh Rd | TX | 3,243 | 781 | 7,104 | 317 | 781 | 7,421 | 8,202 | 342 | |||||||||||
10/1/2015 | Dallas / W Northwest Hwy | TX | — | 1,320 | 6,547 | 460 | 1,320 | 7,007 | 8,327 | 233 | |||||||||||
4/15/2015 | Dallas / Walton Walker Blvd | TX | 2,904 | 547 | 5,970 | 301 | 547 | 6,271 | 6,818 | 290 | |||||||||||
4/15/2015 | DeSoto | TX | 5,322 | 821 | 8,298 | 234 | 821 | 8,532 | 9,353 | 387 | |||||||||||
4/15/2015 | Duncanville / E Hwy 67 | TX | 3,991 | 1,328 | 4,997 | 251 | 1,328 | 5,248 | 6,576 | 245 | |||||||||||
4/15/2015 | Duncanville / E Wheatland Rd | TX | 3,650 | 793 | 7,062 | 233 | 793 | 7,295 | 8,088 | 341 | |||||||||||
10/1/2015 | El Paso / Desert Blvd | TX | — | 890 | 3,207 | 288 | 890 | 3,495 | 4,385 | 109 | |||||||||||
10/1/2015 | El Paso / Dyer St | TX | — | 1,510 | 5,034 | 433 | 1,510 | 5,467 | 6,977 | 179 | |||||||||||
10/1/2015 | El Paso / Joe Battle Blvd 1 | TX | — | 1,010 | 5,238 | 251 | 1,010 | 5,489 | 6,499 | 181 | |||||||||||
10/1/2015 | El Paso / Joe Battle Blvd 2 | TX | — | 850 | 2,775 | 262 | 850 | 3,037 | 3,887 | 102 | |||||||||||
10/1/2015 | El Paso / Woodrow Bean Dr | TX | — | 420 | 1,752 | 176 | 420 | 1,928 | 2,348 | 65 | |||||||||||
5/8/2013 | Euless / Mid/Cities Blvd | TX | 4,240 | 1,374 | 5,636 | 137 | 1,374 | 5,773 | 7,147 | 571 | |||||||||||
4/1/2011 | Euless / W Euless Blvd | TX | 2,810 | 671 | 3,213 | 2,036 | 671 | 5,249 | 5,920 | 811 | |||||||||||
12/9/2013 | Fort Worth / Mandy Lane | TX | 2,060 | 2,033 | 2,495 | 154 | 2,033 | 2,649 | 4,682 | 239 | |||||||||||
10/25/2016 | Fort Worth / Mansfield Hwy | TX | — | 772 | 5,880 | 63 | 772 | 5,943 | 6,715 | 38 | |||||||||||
8/26/2004 | Fort Worth / W Rosedale St | TX | 4,000 | 631 | 5,794 | 425 | 630 | 6,220 | 6,850 | 2,093 | |||||||||||
11/4/2013 | Fort Worth / White Settlement Rd | TX | 3,585 | 3,158 | 2,512 | 89 | 3,158 | 2,601 | 5,759 | 229 | |||||||||||
11/4/2013 | Garland / Beltline Rd | TX | 3,267 | 1,424 | 2,209 | 217 | 1,424 | 2,426 | 3,850 | 226 | |||||||||||
4/15/2015 | Garland / Texas 66 | TX | 4,598 | 991 | 6,999 | 200 | 991 | 7,199 | 8,190 | 335 | |||||||||||
1/7/2016 | Georgetown / Dawn Dr | TX | — | 1,055 | 5,843 | 482 | 1,055 | 6,325 | 7,380 | 161 | |||||||||||
8/26/2004 | Grand Prairie / N Hwy 360 1 | TX | 2,370 | 551 | 2,330 | 609 | 551 | 2,939 | 3,490 | 996 | |||||||||||
8/10/2012 | Grand Prairie / N Hwy 360 2 | TX | 3,048 | 2,327 | 1,551 | 189 | 2,327 | 1,740 | 4,067 | 242 | |||||||||||
3/21/2016 | Houston / Eldridge Pwy | TX | — | 3,428 | 6,423 | 252 | 3,428 | 6,675 | 10,103 | 143 | |||||||||||
10/6/2016 | Houston / Fuqua St | TX | — | 931 | 5,864 | 94 | 931 | 5,958 | 6,889 | 39 | |||||||||||
2/5/2014 | Houston / Katy Fwy 1 | TX | — | 1,767 | 12,368 | 55 | 1,767 | 12,423 | 14,190 | 921 | |||||||||||
11/13/2015 | Houston / Katy Fwy 2 | TX | — | 6,643 | 7,551 | 603 | 6,643 | 8,154 | 14,797 | 248 | |||||||||||
12/14/2010 | Houston / Ryewater Dr | TX | — | 402 | 1,870 | 240 | 402 | 2,110 | 2,512 | 402 | |||||||||||
10/1/2015 | Houston / Senate Ave | TX | — | 1,510 | 5,235 | 342 | 1,510 | 5,577 | 7,087 | 180 | |||||||||||
11/1/2013 | Houston / South Main | TX | 4,196 | 2,017 | 4,181 | 304 | 2,017 | 4,485 | 6,502 | 772 | |||||||||||
4/13/2006 | Houston / Southwest Freeway | TX | 8,555 | 2,596 | 8,735 | 419 | 2,596 | 9,154 | 11,750 | 2,650 | |||||||||||
2/29/2012 | Houston / Space Center Blvd | TX | 5,470 | 1,036 | 8,133 | 288 | 1,036 | 8,421 | 9,457 | 1,079 | |||||||||||
4/15/2015 | Irving / N State Hwy 161 | TX | — | 951 | 5,842 | 265 | 951 | 6,107 | 7,058 | 276 | |||||||||||
4/15/2015 | Irving / Story Rd | TX | — | 585 | 5,445 | 262 | 585 | 5,707 | 6,292 | 260 | |||||||||||
10/1/2015 | Kemah | TX | 12,305 | 2,720 | 26,547 | 434 | 2,720 | 26,981 | 29,701 | 871 | |||||||||||
1/7/2016 | Killeen / Fort Hood St | TX | — | 1,683 | 6,447 | 353 | 1,683 | 6,800 | 8,483 | 172 | |||||||||||
11/4/2013 | Killeen / Jasper Rd | TX | 2,601 | 1,207 | 1,688 | 456 | 1,207 | 2,144 | 3,351 | 216 | |||||||||||
12/14/2010 | La Porte | TX | — | 1,608 | 2,351 | 353 | 1,608 | 2,704 | 4,312 | 544 | |||||||||||
8/12/2016 | Lewisville / Interstate 35 E | TX | — | 1,804 | 8,056 | 25 | 1,804 | 8,081 | 9,885 | 86 | |||||||||||
4/15/2015 | Lewisville / State Hwy 121 | TX | 4,929 | 2,665 | 6,399 | 272 | 2,665 | 6,671 | 9,336 | 305 | |||||||||||
1/7/2016 | Manor / Harris Branch Pkwy | TX | — | 2,501 | 9,582 | 403 | 2,501 | 9,985 | 12,486 | 258 | |||||||||||
4/15/2015 | Mansfield | TX | 4,243 | 925 | 7,411 | 225 | 925 | 7,636 | 8,561 | 356 | |||||||||||
4/15/2015 | Mesquite | TX | 5,536 | 1,910 | 6,580 | 401 | 1,910 | 6,981 | 8,891 | 309 | |||||||||||
6/2/2016 | Midland / 2504 N Loop 250 W | TX | — | 1,469 | 5,666 | 281 | 1,469 | 5,947 | 7,416 | 84 | |||||||||||
10/1/2015 | Midland / Andrews Hwy | TX | — | 1,430 | 8,353 | 501 | 1,430 | 8,854 | 10,284 | 290 | |||||||||||
6/2/2016 | Midland / Caldera Blvd | TX | — | 2,263 | 7,451 | 192 | 2,263 | 7,643 | 9,906 | 112 | |||||||||||
10/1/2015 | Midland / Loop 250 N | TX | — | 1,320 | 10,291 | 323 | 1,320 | 10,614 | 11,934 | 345 | |||||||||||
6/2/2016 | Odessa / Grandview Ave | TX | — | 2,084 | 7,844 | 178 | 2,084 | 8,022 | 10,106 | 110 | |||||||||||
6/2/2016 | Odessa / Kermit Hwy | TX | — | 2,228 | 7,855 | 163 | 2,228 | 8,018 | 10,246 | 113 | |||||||||||
10/1/2015 | Pearland | TX | 5,738 | 3,400 | 7,812 | 213 | 3,400 | 8,025 | 11,425 | 260 | |||||||||||
4/15/2015 | Plano / 14th Street | TX | 5,354 | 1,681 | 7,606 | 231 | 1,681 | 7,837 | 9,518 | 358 | |||||||||||
4/15/2015 | Plano / K Ave 1 | TX | 5,445 | 1,631 | 8,498 | 507 | 1,631 | 9,005 | 10,636 | 425 | |||||||||||
4/15/2015 | Plano / K Ave 2 | TX | 4,041 | 1,298 | 5,293 | 175 | 1,298 | 5,468 | 6,766 | 248 | |||||||||||
11/22/2006 | Plano / Plano Parkway | TX | 5,080 | 1,010 | 6,203 | 564 | 1,010 | 6,767 | 7,777 | 1,885 | |||||||||||
11/22/2006 | Plano / Spring Creek | TX | 4,413 | 614 | 3,775 | 379 | 613 | 4,155 | 4,768 | 1,180 | |||||||||||
11/1/2013 | Plano / Wagner Way | TX | 5,890 | 2,753 | 4,353 | 151 | 2,753 | 4,504 | 7,257 | 824 | |||||||||||
10/6/2016 | Rosenberg | TX | — | 1,308 | 5,687 | 28 | 1,308 | 5,715 | 7,023 | 36 | |||||||||||
8/10/2006 | Rowlett | TX | 2,046 | 1,002 | 2,601 | 1,490 | 1,003 | 4,090 | 5,093 | 915 | |||||||||||
8/26/2004 | San Antonio / Culebra Rd | TX | 2,152 | 1,269 | 1,816 | 739 | 1,270 | 2,554 | 3,824 | 1,032 | |||||||||||
12/14/2007 | San Antonio / DeZavala Rd | TX | 6,063 | 2,471 | 3,556 | 1,439 | (e) | 2,471 | 4,995 | 7,466 | 896 | ||||||||||
10/6/2016 | San Antonio / Loop 1604 W | TX | — | 1,549 | 6,604 | 30 | 1,549 | 6,634 | 8,183 | 42 | |||||||||||
10/23/2015 | San Antonio / San Pedro Ave | TX | — | 1,140 | 7,560 | 225 | 1,140 | 7,785 | 8,925 | 246 | |||||||||||
8/26/2004 | San Antonio / Westchase Dr | TX | 2,420 | 253 | 1,496 | 280 | 253 | 1,776 | 2,029 | 637 | |||||||||||
10/1/2015 | Seabrook | TX | — | 1,910 | 8,564 | 246 | 1,910 | 8,810 | 10,720 | 291 | |||||||||||
4/13/2006 | South Houston | TX | 2,791 | 478 | 4,069 | 857 | 478 | 4,926 | 5,404 | 1,620 | |||||||||||
7/2/2012 | Spring / I/45 North | TX | 3,544 | 506 | 5,096 | 493 | 506 | 5,589 | 6,095 | 685 | |||||||||||
8/2/2011 | Spring / Treaschwig Rd | TX | 1,873 | 978 | 1,347 | 249 | 979 | 1,595 | 2,574 | 271 | |||||||||||
2/24/2015 | The Woodlands | TX | 7,744 | 1,511 | 11,861 | 221 | 1,511 | 12,082 | 13,593 | 603 | |||||||||||
4/8/2015 | Trenton | TX | — | 300 | 2,375 | 3,696 | 300 | 6,071 | 6,371 | 129 | |||||||||||
10/1/2015 | Weatherford | TX | — | 630 | 5,932 | 485 | 630 | 6,417 | 7,047 | 228 | |||||||||||
4/15/2016 | West Spicewood | TX | — | 2,722 | 8,122 | 76 | 2,722 | 8,198 | 10,920 | 158 |
Date acquired or development completed | Store Name | State | Debt | Land initial cost | Building and improvements initial cost | Adjustments and costs subsequent to acquisition | Notes | Gross carrying amount at December 31, 2016 | Accumulated depreciation | ||||||||||||
Land | Building and improvements | Total | |||||||||||||||||||
10/20/2010 | East Millcreek | UT | 2,934 | 986 | 3,455 | 2,658 | 986 | 6,113 | 7,099 | 639 | |||||||||||
11/23/2010 | Murray / Cottonwood St | UT | 3,611 | 571 | 986 | 2,340 | 571 | 3,326 | 3,897 | 576 | |||||||||||
10/4/2016 | Murray / Van Winkle Expressway | UT | — | — | 8,511 | 3 | — | 8,514 | 8,514 | 84 | |||||||||||
4/1/2011 | Orem | UT | 1,918 | 841 | 2,335 | 308 | 841 | 2,643 | 3,484 | 434 | |||||||||||
6/1/2004 | Salt Lake City | UT | 3,293 | 642 | 2,607 | 459 | 642 | 3,066 | 3,708 | 1,086 | |||||||||||
7/1/2005 | Sandy / South 700 East 1 | UT | 5,051 | 1,349 | 4,372 | 795 | 1,349 | 5,167 | 6,516 | 1,620 | |||||||||||
9/28/2012 | Sandy / South 700 East 2 | UT | 8,688 | 2,063 | 5,202 | 1,539 | 2,063 | 6,741 | 8,804 | 681 | |||||||||||
11/23/2010 | West Jordan | UT | 2,041 | 735 | 2,146 | 484 | 735 | 2,630 | 3,365 | 503 | |||||||||||
7/1/2005 | West Valley City | UT | 2,574 | 461 | 1,722 | 193 | 461 | 1,915 | 2,376 | 658 | |||||||||||
7/2/2012 | Alexandria / N Henry St | VA | 15,659 | 5,029 | 18,943 | 1,641 | 5,029 | 20,584 | 25,613 | 2,198 | |||||||||||
6/6/2007 | Alexandria / S Dove St | VA | — | 1,620 | 13,103 | 1,870 | 1,620 | 14,973 | 16,593 | 3,766 | |||||||||||
10/20/2010 | Arlington | VA | — | — | 4,802 | 937 | — | 5,739 | 5,739 | 2,643 | |||||||||||
11/1/2013 | Burke | VA | 11,779 | 11,534 | 7,347 | 75 | 11,534 | 7,422 | 18,956 | 1,503 | |||||||||||
10/1/2015 | Chantilly | VA | 6,261 | 1,100 | 10,606 | 450 | 1,100 | 11,056 | 12,156 | 359 | |||||||||||
1/7/2014 | Chesapeake / Bruce Rd | VA | 5,906 | 1,074 | 9,464 | 141 | 1,074 | 9,605 | 10,679 | 751 | |||||||||||
1/7/2014 | Chesapeake / Military Hwy | VA | 2,468 | 332 | 4,106 | 172 | 332 | 4,278 | 4,610 | 341 | |||||||||||
1/7/2014 | Chesapeake / Poplar Hill Rd | VA | 5,826 | 540 | 9,977 | 146 | 541 | 10,122 | 10,663 | 782 | |||||||||||
1/7/2014 | Chesapeake / Woodlake Dr | VA | 8,512 | 4,014 | 14,872 | 133 | 4,014 | 15,005 | 19,019 | 1,154 | |||||||||||
5/26/2011 | Dumfries | VA | 12,001 | 932 | 9,349 | 184 | 932 | 9,533 | 10,465 | 1,468 | |||||||||||
11/30/2012 | Falls Church / Hollywood Rd | VA | 8,574 | 5,703 | 13,307 | 337 | 5,703 | 13,644 | 19,347 | 1,523 | |||||||||||
7/1/2005 | Falls Church / Seminary Rd | VA | 9,097 | 1,259 | 6,975 | 706 | 1,259 | 7,681 | 8,940 | 2,398 | |||||||||||
11/30/2012 | Fredericksburg / Jefferson Davis Hwy | VA | 2,963 | 1,438 | 2,459 | 189 | 1,438 | 2,648 | 4,086 | 325 | |||||||||||
7/2/2012 | Fredericksburg / Plank Rd 1 | VA | 4,115 | 2,128 | 5,398 | 122 | 2,128 | 5,520 | 7,648 | 655 | |||||||||||
10/1/2015 | Fredericksburg / Plank Rd 2 | VA | — | 3,170 | 6,717 | 156 | 3,170 | 6,873 | 10,043 | 224 | |||||||||||
12/18/2014 | Glen Allen | VA | 4,921 | 609 | 8,220 | 116 | 609 | 8,336 | 8,945 | 439 | |||||||||||
10/1/2015 | Hampton / Big Bethel Rd | VA | 4,075 | 550 | 6,697 | 222 | 550 | 6,919 | 7,469 | 232 | |||||||||||
10/1/2015 | Hampton / LaSalle Ave | VA | — | 610 | 8,883 | 170 | 610 | 9,053 | 9,663 | 302 | |||||||||||
1/7/2014 | Hampton / Pembroke Ave | VA | 7,703 | 7,849 | 7,040 | 164 | 7,849 | 7,204 | 15,053 | 565 | |||||||||||
9/16/2016 | Herndon / Spring St | VA | — | 7,435 | 12,713 | 50 | 7,435 | 12,763 | 20,198 | 109 | |||||||||||
10/1/2015 | Manassas | VA | — | 750 | 6,242 | 337 | 750 | 6,579 | 7,329 | 216 | |||||||||||
1/7/2014 | Newport News / Denbigh Blvd | VA | 5,495 | 4,619 | 5,870 | 184 | 4,619 | 6,054 | 10,673 | 480 | |||||||||||
1/7/2014 | Newport News / J Clyde Morris Blvd | VA | 5,266 | 4,838 | 6,124 | 177 | 4,838 | 6,301 | 11,139 | 503 | |||||||||||
1/7/2014 | Newport News / Tyler Ave | VA | 4,435 | 2,740 | 4,955 | 158 | 2,740 | 5,113 | 7,853 | 421 | |||||||||||
1/7/2014 | Norfolk / Granby St | VA | 4,723 | 1,785 | 8,543 | 120 | 1,785 | 8,663 | 10,448 | 675 | |||||||||||
1/7/2014 | Norfolk / Naval Base Rd | VA | 4,214 | 4,078 | 5,975 | 155 | 4,078 | 6,130 | 10,208 | 497 | |||||||||||
3/17/2015 | Portsmouth | VA | 2,633 | 118 | 4,797 | 287 | 118 | 5,084 | 5,202 | 260 | |||||||||||
11/17/2016 | Reston | VA | — | 13,957 | 12,526 | — | 13,957 | 12,526 | 26,483 | 54 | |||||||||||
1/7/2014 | Richmond / Hull St | VA | 6,363 | 2,016 | 9,425 | 136 | 2,016 | 9,561 | 11,577 | 745 | |||||||||||
1/7/2014 | Richmond / Laburnum Ave | VA | 8,216 | 5,945 | 7,613 | 197 | 5,945 | 7,810 | 13,755 | 625 | |||||||||||
1/7/2014 | Richmond / Midlothian Turnpike | VA | 4,851 | 2,735 | 5,699 | 160 | 2,735 | 5,859 | 8,594 | 467 | |||||||||||
1/7/2014 | Richmond / Old Staples Mill Rd | VA | 6,702 | 5,905 | 6,869 | 148 | 5,905 | 7,017 | 12,922 | 563 | |||||||||||
8/26/2004 | Richmond / W Broad St 1 | VA | 4,371 | 2,305 | 5,467 | 435 | 2,305 | 5,902 | 8,207 | 1,937 | |||||||||||
9/16/2016 | Richmond / W Broad St 2 | VA | — | 5,810 | 13,177 | 58 | 5,810 | 13,235 | 19,045 | 115 | |||||||||||
10/1/2015 | Sandston | VA | 6,511 | 570 | 10,525 | 229 | 570 | 10,754 | 11,324 | 357 | |||||||||||
9/20/2012 | Stafford / Jefferson Davis Hwy | VA | 4,691 | 1,172 | 5,562 | 161 | 1,172 | 5,723 | 6,895 | 673 | |||||||||||
1/23/2009 | Stafford / SUSA Dr | VA | 4,233 | 2,076 | 5,175 | 156 | 2,076 | 5,331 | 7,407 | 1,120 | |||||||||||
1/7/2014 | Virginia Beach / General Booth Blvd | VA | 7,119 | 1,142 | 11,721 | 152 | 1,142 | 11,873 | 13,015 | 919 | |||||||||||
1/7/2014 | Virginia Beach / Kempsville Rd | VA | 7,363 | 3,934 | 11,413 | 116 | 3,934 | 11,529 | 15,463 | 890 | |||||||||||
1/7/2014 | Virginia Beach / Village Dr | VA | 9,398 | 331 | 13,175 | 163 | 331 | 13,338 | 13,669 | 1,038 | |||||||||||
11/22/2016 | Kent | WA | — | 1,937 | 10,640 | 15 | 1,937 | 10,655 | 12,592 | 45 | |||||||||||
2/15/2006 | Lakewood / 80th St | WA | 5,501 | 1,389 | 4,780 | 322 | 1,390 | 5,101 | 6,491 | 1,549 | |||||||||||
2/15/2006 | Lakewood / Pacific Hwy | WA | 5,501 | 1,917 | 5,256 | 265 | 1,918 | 5,520 | 7,438 | 1,622 | |||||||||||
4/30/2014 | Puyallup | WA | — | 437 | 3,808 | 101 | 437 | 3,909 | 4,346 | 278 | |||||||||||
7/1/2005 | Seattle | WA | 7,040 | 2,727 | 7,241 | 491 | 2,727 | 7,732 | 10,459 | 2,364 | |||||||||||
2/15/2006 | Tacoma | WA | 3,279 | 1,031 | 3,103 | 157 | 1,031 | 3,260 | 4,291 | 988 | |||||||||||
7/2/2012 | Vancouver | WA | 2,970 | 709 | 4,280 | 184 | 709 | 4,464 | 5,173 | 534 | |||||||||||
Various | Other corporate assets | — | — | 2,202 | 79,378 | — | 81,580 | 81,580 | 20,941 | ||||||||||||
Various | Construction in progress | — | — | — | 21,860 | — | 21,860 | 21,860 | — | ||||||||||||
Various | Undeveloped land | — | 9,368 | — | — | 9,368 | — | 9,368 | — | ||||||||||||
Various | Intangible tenant relationships and lease rights | — | — | 93,695 | 30,276 | — | 123,971 | 123,971 | 101,120 | ||||||||||||
$2,960,387 | $1,693,124 | $5,487,194 | $490,990 | — | $1,691,641 | $5,979,667 | $7,671,308 | $900,861 |
Adjustment relates to partial disposition of land |
(b) | Adjustment relates to property casualty loss |
(c) | Adjustment relates to asset transfers between land, building and/or equipment |
(d) | Adjustment relates to impairment charge |
(e) | Adjustment relates to a purchase price adjustment |
(f) | Adjustment relates to the acquisition of a joint venture partner’s interest |
2014 | 2013 | 2012 | ||||||||||
Operating facilities | ||||||||||||
Balance at beginning of year | $ | 4,126,648 | $ | 3,379,512 | $ | 2,573,731 | ||||||
Acquisitions | 557,158 | 711,710 | 761,977 | |||||||||
Improvements | 32,861 | 37,949 | 34,964 | |||||||||
Transfers from construction in progress | 12,308 | 3,643 | 8,957 | |||||||||
Dispositions and other | (6,813 | ) | (6,166 | ) | (117 | ) | ||||||
|
|
|
|
|
| |||||||
Balance at end of year | $ | 4,722,162 | $ | 4,126,648 | $ | 3,379,512 | ||||||
|
|
|
|
|
| |||||||
Accumulated depreciation: | ||||||||||||
Balance at beginning of year | $ | 496,754 | $ | 391,928 | $ | 319,302 | ||||||
Depreciation expense | 109,531 | 104,963 | 72,626 | |||||||||
Dispositions and other | (1,949 | ) | (137 | ) | — | |||||||
|
|
|
|
|
| |||||||
Balance at end of year | $ | 604,336 | $ | 496,754 | $ | 391,928 | ||||||
|
|
|
|
|
| |||||||
Real estate under development/redevelopment: | ||||||||||||
Balance at beginning of year | $ | 6,650 | $ | 4,138 | $ | 9,366 | ||||||
Current development | 23,528 | 6,466 | 3,759 | |||||||||
Transfers to operating facilities | (12,308 | ) | (3,954 | ) | (8,987 | ) | ||||||
|
|
|
|
|
| |||||||
Balance at end of year | $ | 17,870 | $ | 6,650 | $ | 4,138 | ||||||
|
|
|
|
|
| |||||||
Net real estate assets | $ | 4,135,696 | $ | 3,636,544 | $ | 2,991,722 | ||||||
|
|
|
|
|
|
2016 | 2015 | 2014 | |||||||||
Operating facilities | |||||||||||
Balance at beginning of year | $ | 6,392,487 | $ | 4,722,162 | $ | 4,126,648 | |||||
Acquisitions | 1,159,304 | 1,609,608 | 557,158 | ||||||||
Improvements | 92,480 | 46,696 | 32,861 | ||||||||
Transfers from construction in progress | 26,400 | 19,971 | 12,308 | ||||||||
Dispositions and other | (21,223 | ) | (5,950 | ) | (6,813 | ) | |||||
Balance at end of year | $ | 7,649,448 | $ | 6,392,487 | $ | 4,722,162 | |||||
Accumulated depreciation: | |||||||||||
Balance at beginning of year | $ | 728,087 | $ | 604,336 | $ | 496,754 | |||||
Depreciation expense | 174,906 | 123,751 | 109,531 | ||||||||
Dispositions and other | (2,132 | ) | — | (1,949 | ) | ||||||
Balance at end of year | $ | 900,861 | $ | 728,087 | $ | 604,336 | |||||
Real estate under development/redevelopment: | |||||||||||
Balance at beginning of year | $ | 24,909 | $ | 17,870 | $ | 6,650 | |||||
Current development | 23,404 | 27,010 | 23,528 | ||||||||
Transfers to operating facilities | (26,400 | ) | (19,971 | ) | (12,308 | ) | |||||
Dispositions and other | (53 | ) | — | — | |||||||
Balance at end of year | $ | 21,860 | $ | 24,909 | $ | 17,870 | |||||
Net real estate assets | $ | 6,770,447 | $ | 5,689,309 | $ | 4,135,696 |
$6,513,574.
None.
(i) | Disclosure Controls and Procedures |
(ii) | Internal Control over Financial Reporting |
(a) | Management’s Report on Internal Control over Financial Reporting |
2016. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our independent registered public accounting firm, Ernst & Young LLP, has issued the following attestation report over our internal control over financial reporting.
(b) | Attestation Report of the Registered Public Accounting Firm |
March 2, 2015
(c) | Changes in Internal Control over Financial Reporting |
None.
2016.
2016.
2016.
2016.
2016.
(a) | Documents filed as part of this report: |
| Description | |
2.1 | Purchase and Sale Agreement, dated May 5, 2005 by and among Security Capital Self Storage Incorporated, as seller and Extra Space Storage LLC, PRISA Self Storage LLC, PRISA II Self Storage LLC, PRISA III Self Storage LLC, VRS Self Storage LLC, WCOT Self Storage LLC and Extra Space Storage LP, as purchaser parties and The Prudential Insurance Company of America (incorporated by reference to Exhibit 2.1 ofForm 8-K filed on May 11, 2005). | |
2.2 | Agreement and Plan of Merger, dated as of June 15, 2015, among Extra Space Storage Inc., Extra Space Storage LP, Edgewater REIT Acquisition (MD) LLC, Edgewater Partnership Acquisition (DE) LLC, SmartStop Self Storage, Inc. and SmartStop Self Storage Operating Partnership, L.P. (incorporated by reference to Exhibit 2.1 of Form 8-K filed on June 15, 2015). | |
2.3 | Amendment No. 1 to Agreement and Plan of Merger, dated as of July 16, 2015, among Extra Space Storage Inc., Extra Space Storage LP, Edgewater REIT Acquisition (MD) LLC, Edgewater Partnership Acquisition (DE) LLC, SmartStop Self Storage, Inc. and SmartStop Self Storage Operating Partnership, L.P. (incorporated by reference to Exhibit 2.1 of Form 8-K filed on July 16, 2015). | |
3.1 | Amended and Restated Articles of Incorporation of Extra Space Storage Inc.(1) | |
3.2 | Articles of Amendment of Extra Space Storage Inc., dated September 28, 2007 (incorporated by reference to Exhibit 3.1 ofForm 8-K filed on October 3, 2007). | |
3.3 | Articles of Amendment of Extra Space Storage Inc., dated August 29, 2013 (incorporated by reference to Exhibit 3.1 ofForm 8-K filed on August 29, 2013). | |
3.4 | Amended and Restated Bylaws of Extra Space Storage Inc.(incorporated by reference to Exhibit 3.1 ofForm 8-K filed on May 26, 2009) | |
3.5 | Amendment No. 1 to Amended and Restated Bylaws of Extra Space Storage Inc. (incorporated by reference to Exhibit 3.1 of Form 8-K filed December 23, 2014). | |
Fourth Amended and Restated Agreement of Limited Partnership of Extra Space Storage LP (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on December 6, 2013). | ||
3.7 | Declaration of Trust of ESS Holdings Business Trust II.(1) | |
4.1 | Junior Subordinated Indenture dated as of July 27, 2005, between Extra Space Storage LP and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 ofForm 8-K filed on August 2, 2005). | |
4.2 | Amended and Restated Trust Agreement, dated as of July 27, 2005, among Extra Space Storage LP, as depositor and JPMorgan Chase Bank, National Association, as property trustee, Chase Bank USA, National Association, as Delaware trustee, the Administrative Trustees named therein and the holders of undivided beneficial interest in the assets of ESS Statutory Trust III (incorporated by reference to Exhibit 4.2 ofForm 8-K filed on August 2, 2005). | |
4.3 | Junior Subordinated Note (incorporated by reference to Exhibit 4.3 ofForm 10-K filed on February 26, 2010) | |
4.4 | Trust Preferred Security Certificates (incorporated by reference to Exhibit 4.4 ofForm 10-K filed on February 26, 2010) | |
4.6 | Indenture, dated June 21, 2013, among Extra Space Storage LP, Extra Space Storage Inc. and Wells Fargo Bank, National Association, as trustee, including the form of 2.375% Exchangeable Senior Notes due 2033 and form of guarantee (incorporated by reference to Exhibit 4.1 ofForm 8-K filed on June 21, 2013). |
|
| |
10.1 | Registration Rights Agreement, by and among Extra Space Storage Inc. and the parties listed on Schedule I thereto.(1) |
Exhibit Number | ||
Joint Venture Agreement, dated June 1, 2004, by and between Extra Space Storage LLC and Prudential Financial, Inc.(1) | ||
Registration Rights Agreement, dated June 20, 2005, among Extra Space Storage Inc. and the investors named therein (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on June 24, 2005). | ||
Purchase Agreement, dated as of July 27, 2005, among Extra Space Storage LP, ESS Statutory Trust III and the Purchaser named therein (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on August 2, 2005). | ||
Registration Rights Agreement, dated March 27, 2007, among Extra Space Storage LP, Extra Space Storage Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on March 28, 2007). | ||
Promissory Note, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.2 ofForm 8-K filed on June 26, 2007). | ||
Pledge Agreement, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.3 ofForm 8-K filed on June 26, 2007). | ||
Registration Rights Agreement among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe. (incorporated by reference to Exhibit 10.26 ofForm 10-K filed on February 26, 2010) | ||
Membership Interest Purchase Agreement, dated as of April 13, 2012, between Extra Space Properties Sixty Three LLC and PRISA IIICo-Investment LLC (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on April 16, 2012). |
|
| |
Extra Space Storage Inc. Executive Change in Control Plan (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on August 31, 2011). | ||
Registration Rights Agreement, dated June 21, 2013, among Extra Space Storage LP, Extra Space Storage Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 ofForm 8-K filed on June 21, 2013). | ||
Letter Agreement, dated as of November 22, 2013, amending the Contribution Agreement, dated June 15, 2007, among Extra Space Storage LP and various limited partnerships affiliated with AAAAA Rent-A-Space, and the Promissory Note, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.1 of Form 10-Q filed on May 8, 2014). | ||
10.13* | 2015 Incentive Award Plan (incorporated by reference to the Definitive Proxy Statement on Schedule 14A filed on April 14, 2015) | |
10.14 | Registration Rights Agreement, dated September 21, 2015, among Extra Space Storage LP, Extra Space Storage Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers (incorporated by reference to Exhibit 10.1 of Form 8-K filed on September 21, 2015). | |
10.15 | Credit Agreement, dated as of October 14, 2016, by and among Extra Space Storage Inc., Extra Space Storage LP, U.S. Bank National Association, as administrative agent, certain other financial institutions acting as syndication agents, documentation agents, senior management agents and lead arrangers and book runners, and certain lenders party thereto (incorporated by reference to Exhibit 10.1 of Form 8-K | |
10.16* | 2004 Long-Term Compensation Incentive Plan as amended and restated effective March 25, 2008 (incorporated by reference to the Definitive Proxy Statement on Schedule 14A filed on April 14, 2008) | |
10.17* | Form of 2004 Long Term Incentive Compensation Plan Option Award Agreement for Employees with employment agreements. (incorporated by reference to Exhibit 10.11 of Form 10-K filed on February 26, 2010) | |
10.18* | Form of 2004 Long Term Incentive Compensation Plan Option Award Agreement for employees without employment agreements. (incorporated by reference to Exhibit 10.12 of Form 10-K filed on February 26, 2010) | |
10.19* | Form of 2004 Non-Employee Directors Share Plan Option Award Agreement for Directors. (incorporated by reference to Exhibit 10.13 of Form 10-K filed on February 26, 2010) | |
10.20* | 2004 Long Term Incentive Compensation Plan Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 of Form 10-Q filed on November 7, 2007). | |
10.21* | First Amendment to Extra Space Storage Inc. 2004 Non-Employee Directors’ Share Plan (incorporated by reference to Exhibit 10.4 of Form 10-Q filed on November 7, 2007). | |
10.22* | Extra Space Storage Non-Employee Directors’ Share Plan (incorporated by reference to Exhibit 10.22 of Form 10-K/A filed on March 22, 2007). | |
21.1 | Subsidiaries of the Company(2) | |
23.1 | Consent of Ernst & Young LLP(2) | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of theSarbanes-Oxley Act of 2002.(2) | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of theSarbanes-Oxley Act of 2002.(2) |
| Description | |
32.1 | Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002.(2) | |
101 | The following financial information from Registrant’s Annual Report onForm 10-K for the period ended December 31, 2014, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2014 and 2013; (ii) Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012; (iv) Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2014, 2013 and 2012; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012; and (vi) Notes to Consolidated Financial Statements(2). |
EXTRASPACESTORAGE | ||||
Date: February 27, 2017 | By: | /S/ JOSEPH D. MARGOLIS | ||
|
Date: | By: | /
S/ JOSEPH D. MARGOLIS | ||
Joseph D. Margolis Chief Executive Officer (Principal Executive Officer) | ||||
Date: | By: | / | ||
P. Scott Stubbs Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||
Date: | By: | / | ||
Grace Kunde Senior Vice President, Accounting and Finance (Principal Accounting Officer) | ||||
Date: | By: | / | ||
Kenneth M. Woolley Executive Chairman | ||||
Date: | By: | /
| ||
Karl Haas Director | ||||
Date: | By: | /
| ||
Spencer F. Kirk Director | ||||
Date: | By: | /
| ||
Dennis Letham Director | ||||
Date: | By: | / | ||
Diane Olmstead | ||||
Date: February 27, 2017 | By: | /S/ ROGER B. PORTER | ||
Roger B. Porter Director | ||||
Date: February 27, 2017 | By: | /S/ K. FRED SKOUSEN | ||
K. Fred Skousen Director |
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