ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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 | Trading symbol | Name of each exchange on which registered |
Common Stock, $0.01 par value | EXR | New York Stock Exchange |
Large accelerated filer | Accelerated filer | |||||
Non-accelerated filer | Smaller reporting company | |||||
Emerging growth company | ☐ |
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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. |
As of December 31, 2019 | ||||||||||||||||
REIT Owned | JV Owned | Managed | Total | |||||||||||||
Location | Property Count (1) | Net Rentable Square Feet | Property Count | Net Rentable Square Feet | Property Count | Net Rentable Square Feet | Property Count | Net Rentable Square Feet | ||||||||
Alabama | 8 | 557,488 | 1 | 75,821 | 13 | 910,763 | 22 | 1,544,072 | ||||||||
Arizona | 23 | 1,624,115 | 7 | 467,485 | 17 | 1,348,080 | 47 | 3,439,680 | ||||||||
California | 165 | 12,724,410 | 41 | 3,021,716 | 63 | 5,964,562 | 269 | 21,710,688 | ||||||||
Colorado | 16 | 1,074,636 | 2 | 186,293 | 27 | 1,967,878 | 45 | 3,228,807 | ||||||||
Connecticut | 7 | 529,905 | 7 | 629,759 | 4 | 284,342 | 18 | 1,444,006 | ||||||||
Delaware | — | — | 1 | 76,945 | 2 | 137,568 | 3 | 214,513 | ||||||||
Florida | 91 | 6,997,266 | 30 | 2,503,775 | 83 | 6,417,322 | 204 | 15,918,363 | ||||||||
Georgia | 63 | 4,869,815 | 5 | 431,377 | 20 | 1,526,485 | 88 | 6,827,677 | ||||||||
Hawaii | 13 | 844,127 | — | — | 4 | 209,514 | 17 | 1,053,641 | ||||||||
Idaho | — | — | — | — | 7 | 711,246 | 7 | 711,246 | ||||||||
Illinois | 37 | 2,795,505 | 7 | 569,741 | 29 | 2,106,661 | 73 | 5,471,907 | ||||||||
Indiana | 15 | 950,589 | 1 | 58,166 | 12 | 781,075 | 28 | 1,789,830 | ||||||||
Kansas | 1 | 83,372 | 2 | 108,770 | 2 | 147,242 | 5 | 339,384 | ||||||||
Kentucky | 11 | 929,737 | 1 | 51,128 | 4 | 324,228 | 16 | 1,305,093 | ||||||||
Louisiana | 2 | 146,935 | — | — | 4 | 395,902 | 6 | 542,837 | ||||||||
Maryland | 32 | 2,591,660 | 8 | 618,443 | 29 | 2,080,557 | 69 | 5,290,660 | ||||||||
Massachusetts | 46 | 2,973,377 | 10 | 641,413 | 7 | 554,311 | 63 | 4,169,101 | ||||||||
Michigan | 7 | 559,501 | 4 | 313,651 | 2 | 170,336 | 13 | 1,043,488 | ||||||||
Minnesota | 5 | 382,342 | 1 | 85,098 | 10 | 673,538 | 16 | 1,140,978 | ||||||||
Mississippi | 3 | 216,192 | — | — | 3 | 206,275 | 6 | 422,467 | ||||||||
Missouri | 5 | 333,630 | 2 | 119,275 | 8 | 538,808 | 15 | 991,713 | ||||||||
Nebraska | — | — | — | — | 2 | 193,487 | 2 | 193,487 | ||||||||
Nevada | 14 | 1,038,318 | 4 | 473,471 | 5 | 533,505 | 23 | 2,045,294 | ||||||||
New Hampshire | 2 | 136,135 | 2 | 83,925 | 1 | 61,535 | 5 | 281,595 | ||||||||
New Jersey | 59 | 4,660,994 | 17 | 1,246,404 | 12 | 959,394 | 88 | 6,866,792 | ||||||||
New Mexico | 11 | 722,875 | 6 | 349,860 | 12 | 891,040 | 29 | 1,963,775 | ||||||||
New York | 27 | 1,969,347 | 18 | 1,510,322 | 18 | 1,061,641 | 63 | 4,541,310 | ||||||||
North Carolina | 19 | 1,412,755 | 5 | 373,821 | 18 | 1,350,808 | 42 | 3,137,384 | ||||||||
Ohio | 17 | 1,315,552 | 5 | 327,213 | 7 | 546,251 | 29 | 2,189,016 | ||||||||
Oklahoma | — | — | — | — | 21 | 1,726,479 | 21 | 1,726,479 | ||||||||
Oregon | 6 | 400,071 | 4 | 281,679 | 10 | 680,262 | 20 | 1,362,012 | ||||||||
Pennsylvania | 18 | 1,350,202 | 7 | 511,948 | 23 | 1,719,271 | 48 | 3,581,421 | ||||||||
Rhode Island | 2 | 130,696 | — | — | 1 | 84,665 | 3 | 215,361 | ||||||||
South Carolina | 23 | 1,758,027 | 7 | 497,598 | 15 | 1,098,369 | 45 | 3,353,994 | ||||||||
Tennessee | 17 | 1,418,801 | 12 | 804,021 | 16 | 1,161,611 | 45 | 3,384,433 | ||||||||
Texas | 100 | 8,604,658 | 10 | 707,779 | 79 | 6,405,798 | 189 | 15,718,235 | ||||||||
Utah | 10 | 710,594 | — | — | 18 | 1,343,916 | 28 | 2,054,510 | ||||||||
Virginia | 46 | 3,683,817 | 7 | 566,223 | 15 | 1,096,668 | 68 | 5,346,708 | ||||||||
Washington | 8 | 589,862 | 1 | 57,340 | 7 | 482,875 | 16 | 1,130,077 | ||||||||
Washington, DC | 1 | 100,039 | 1 | 103,579 | 4 | 365,056 | 6 | 568,674 | ||||||||
Wisconsin | — | — | 5 | 508,221 | 4 | 334,900 | 9 | 843,121 | ||||||||
Puerto Rico | — | — | — | — | 8 | 916,924 | 8 | 916,924 | ||||||||
Totals | 930 | 71,187,345 | 241 | 18,362,260 | 646 | 50,471,148 | 1,817 | 140,020,753 |
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 | % |
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 | % |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
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 |
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 |
For the Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Operating Data: | |||||||||||||||||||
Total revenues | $ | 1,308,454 | $ | 1,196,604 | $ | 1,105,009 | $ | 991,875 | $ | 782,270 | |||||||||
Income from operations (1) | $ | 634,958 | $ | 619,703 | $ | 654,394 | $ | 458,303 | $ | 296,157 | |||||||||
Earnings per share - basic | $ | 3.27 | $ | 3.29 | $ | 3.79 | $ | 2.92 | $ | 1.58 | |||||||||
Earnings per share - diluted | $ | 3.24 | $ | 3.27 | $ | 3.76 | $ | 2.91 | $ | 1.56 | |||||||||
Cash dividends paid per common share | $ | 3.56 | $ | 3.36 | $ | 3.12 | $ | 2.93 | $ | 2.24 | |||||||||
Other Data | |||||||||||||||||||
Acquisitions - Wholly Owned | $ | 300,379 | $ | 457,617 | $ | 627,462 | $ | 1,086,645 | $ | 1,606,509 | |||||||||
Acquisitions - Joint Venture | $ | 104,338 | $ | 63,723 | $ | 15,094 | $ | 34,199 | $ | 21,529 | |||||||||
Total | $ | 404,717 | $ | 521,340 | $ | 642,556 | $ | 1,120,844 | $ | 1,628,038 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,091,446 | $ | 6,071,407 | $ | 4,381,987 | $ | 3,977,140 | $ | 3,223,477 | $ | 8,532,377 | $ | 7,847,978 | $ | 7,460,953 | $ | 7,091,446 | $ | 6,071,407 | ||||||||||||||||||
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 | $ | 5,046,486 | $ | 4,811,515 | $ | 4,554,217 | $ | 4,306,223 | $ | 3,535,621 | ||||||||||||||||||
Noncontrolling interests | $ | 351,274 | $ | 283,527 | $ | 174,558 | $ | 173,425 | $ | 53,524 | $ | 381,733 | $ | 371,698 | $ | 373,056 | $ | 351,274 | $ | 283,527 | ||||||||||||||||||
Total stockholders' equity | $ | 2,244,892 | $ | 2,089,077 | $ | 1,737,425 | $ | 1,758,470 | $ | 1,491,807 | $ | 2,539,961 | $ | 2,413,724 | $ | 2,350,751 | $ | 2,244,892 | $ | 2,089,077 | ||||||||||||||||||
Other Data | ||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 539,263 | $ | 367,329 | $ | 337,581 | $ | 271,259 | $ | 215,879 | $ | 707,686 | $ | 677,795 | $ | 597,375 | $ | 539,263 | $ | 367,329 | ||||||||||||||||||
Net cash used in investing activities | $ | (1,032,035 | ) | $ | (1,625,664 | ) | $ | (564,948 | ) | $ | (366,976 | ) | $ | (606,938 | ) | $ | (621,630 | ) | $ | (443,898 | ) | $ | (353,079 | ) | $ | (1,048,889 | ) | $ | (1,626,946 | ) | ||||||||
Net cash provided by financing activities | $ | 460,831 | $ | 1,286,471 | $ | 148,307 | $ | 191,655 | $ | 395,360 | ||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | $ | (88,013 | ) | $ | (247,251 | ) | $ | (215,994 | ) | $ | 460,831 | $ | 1,286,471 |
(1) | The adoption of Financial Accounting Standards Board (“FASB”) ASU 2017-01 on January 1, 2017, has resulted in a decrease in acquisition related costs as our acquisition of operating stores are considered asset acquisitions rather than business combinations. |
(2) | In connection with our adoption of FASB ASU 2016-02, "Leases (Topic 842)" on January 1, 2019, we began recognizing right-of-use assets and lease liabilities associated with our operating leases as of the adoption date. |
(3) | In connection with our adoption of FASB ASU 2015-3, "Simplifying the Presentation of Debt Issuance Costs," in fiscal year 2016, debt issuance costs, with the exception of those related to our revolving credit facility, have been reclassified from other assets to a reduction of the carrying amount of the related debt liability. Prior year amounts have been reclassified to conform to the current period’s presentation. |
(4) | In connection with our adoption of FASB ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," on January 1, 2018, we began including amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Prior year amounts have been reclassified to conform to the current period's presentation. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Property rental | $ | 864,742 | $ | 676,138 | $ | 188,604 | 27.9 | % | $ | 1,130,177 | $ | 1,039,340 | $ | 90,837 | 8.7 | % | ||||||||||||
Tenant reinsurance | 87,291 | 71,971 | 15,320 | 21.3 | % | 128,387 | 115,507 | 12,880 | 11.2 | % | ||||||||||||||||||
Management fees and other income | 39,842 | 34,161 | 5,681 | 16.6 | % | 49,890 | 41,757 | 8,133 | 19.5 | % | ||||||||||||||||||
Total revenues | $ | 991,875 | $ | 782,270 | $ | 209,605 | 26.8 | % | $ | 1,308,454 | $ | 1,196,604 | $ | 111,850 | 9.3 | % |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Property operations | $ | 250,005 | $ | 203,965 | $ | 46,040 | 22.6 | % | $ | 336,050 | $ | 291,695 | $ | 44,355 | 15.2 | % | ||||||||||||
Tenant reinsurance | 15,555 | 13,033 | 2,522 | 19.4 | % | 29,376 | 25,707 | 3,669 | 14.3 | % | ||||||||||||||||||
Acquisition related costs and other | 12,111 | 69,401 | (57,290 | ) | (82.5 | )% | ||||||||||||||||||||||
General and administrative | 81,806 | 67,758 | 14,048 | 20.7 | % | 89,418 | 81,256 | 8,162 | 10.0 | % | ||||||||||||||||||
Depreciation and amortization | 182,560 | 133,457 | 49,103 | 36.8 | % | 219,857 | 209,050 | 10,807 | 5.2 | % | ||||||||||||||||||
Total expenses | $ | 542,037 | $ | 487,614 | $ | 54,423 | 11.2 | % | $ | 674,701 | $ | 607,708 | $ | 66,993 | 11.0 | % |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ 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 | % | ||||||||||||||||||||
Gain on real estate transactions | $ | 1,205 | $ | 30,807 | $ | (29,602 | ) | (96.1 | )% | |||||||||||||||||||
Interest expense | (133,479 | ) | (95,682 | ) | (37,797 | ) | 39.5 | % | (186,526 | ) | (178,436 | ) | (8,090 | ) | 4.5 | % | ||||||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (4,980 | ) | (3,310 | ) | (1,670 | ) | 50.5 | % | (4,742 | ) | (4,687 | ) | (55 | ) | 1.2 | % | ||||||||||||
Interest income | 6,148 | 3,461 | 2,687 | 77.6 | % | 7,467 | 5,292 | 2,175 | 41.1 | % | ||||||||||||||||||
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 | % | 11,274 | 14,452 | (3,178 | ) | (22.0 | )% | |||||||||||||||||
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 | % | (11,308 | ) | (9,244 | ) | (2,064 | ) | 22.3 | % | ||||||||||||
Total other expense, net | $ | (52,749 | ) | $ | (85,120 | ) | $ | 32,371 | (38.0 | )% | $ | (182,630 | ) | $ | (141,816 | ) | $ | (40,814 | ) | 28.8 | % | |||||||
For the Three Months Ended December 31, | For the Three Months Ended September 30, | For the Three Months Ended June 30, | For the Three Months Ended March 31, | ||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||
Total face value of debt | $5,076,501 | $4,854,077 | $4,844,620 | $4,803,360 | $5,072,936 | $4,809,483 | $5,039,286 | $4,557,414 | |||||||
Average interest rate | 3.3% | 3.5% | 3.4% | 3.5% | 3.5% | 3.4% | 3.5% | 3.4% |
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, | ||||||||||||||
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 | % |
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 | % |
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 | % |
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 | % |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | $ | 419,967 | $ | 415,289 | $ | 479,013 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Real estate depreciation | 155,358 | 115,924 | 96,819 | 206,257 | 193,587 | 172,660 | ||||||||||||||||||
Amortization of intangibles | 20,467 | 11,094 | 12,394 | 5,957 | 8,340 | 13,591 | ||||||||||||||||||
(Gain) loss on real estate transactions, earnout from prior acquisition and sale of other assets | (8,465 | ) | (1,501 | ) | 10,285 | |||||||||||||||||||
Gain on real estate transactions and impairment of real estate | (1,205 | ) | (30,807 | ) | (112,789 | ) | ||||||||||||||||||
Unconsolidated joint venture real estate depreciation and amortization | 4,505 | 4,233 | 4,395 | 8,044 | 7,064 | 5,489 | ||||||||||||||||||
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 | ) | (2,288 | ) | (2,288 | ) | (3,119 | ) | ||||||||||||
Income allocated to Operating Partnership noncontrolling interests | 30,962 | 20,064 | 17,530 | 31,156 | 31,791 | 35,306 | ||||||||||||||||||
Funds from operations attributable to common stockholders and unit holders | $ | 494,670 | $ | 331,343 | $ | 310,006 | $ | 667,888 | $ | 622,976 | $ | 590,151 |
For the Year Ended December 31, | Percent | ||||||||
2019 | 2018 | Change | |||||||
Same-store rental revenues | $ | 1,032,821 | $ | 998,224 | 3.5% | ||||
Same-store operating expenses | 289,986 | 276,467 | 4.9% | ||||||
Same-store net operating income | $ | 742,835 | $ | 721,757 | 2.9% | ||||
Same-store square foot occupancy as of quarter end | 92.4 | % | 91.7 | % | |||||
Properties included in same-store | 821 | 821 |
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 |
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 |
For the Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Net Income | $ | 451,123 | $ | 447,080 | |||
Adjusted to exclude: | |||||||
(Gain) on real estate transactions | (1,205 | ) | (30,807 | ) | |||
Equity in earnings of unconsolidated joint ventures | (11,274 | ) | (14,452 | ) | |||
Interest expense | 191,268 | 183,123 | |||||
Depreciation and amortization | 219,857 | 209,050 | |||||
Income tax expense | 11,308 | 9,244 | |||||
General and administrative | 89,418 | 81,256 | |||||
Management fees, other income and interest income | (57,357 | ) | (47,049 | ) | |||
Net tenant insurance | (99,011 | ) | (89,800 | ) | |||
Non same-store rental revenues | (97,356 | ) | (41,116 | ) | |||
Non same-store operating expenses | 46,064 | 15,228 | |||||
Total same-store net operating income | $ | 742,835 | $ | 721,757 | |||
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net cash provided by operating activities | $ | 707,686 | $ | 677,795 | $ | 597,375 | |||||
Net cash used in investing activities | $ | (621,630 | ) | $ | (443,898 | ) | $ | (353,079 | ) | ||
Net cash used in financing activities | $ | (88,013 | ) | $ | (247,251 | ) | $ | (215,994 | ) | ||
Significant components of net cash flow included: | |||||||||||
Net income | $ | 451,123 | $ | 447,080 | $ | 514,222 | |||||
Depreciation and amortization | $ | 219,857 | $ | 209,050 | $ | 193,296 | |||||
Acquisition and development of new stores | $ | (403,211 | ) | $ | (487,065 | ) | $ | (684,931 | ) | ||
Gain on real estate transactions and impairment of real estate | $ | (1,205 | ) | $ | (30,807 | ) | $ | (112,789 | ) | ||
Investment in unconsolidated real estate entities | $ | (197,759 | ) | $ | (65,500 | ) | $ | (17,944 | ) | ||
Proceeds from the sale of common stock, net of offering costs | $ | 198,827 | $ | 90,231 | $ | — | |||||
Net proceeds from our debt financing and repayment activities | $ | 205,267 | $ | 134,244 | $ | 217,028 | |||||
Dividends paid on common stock | $ | (458,114 | ) | $ | (424,907 | ) | $ | (393,040 | ) |
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. |
Payments due by Period: | Payments due by Period: | |||||||||||||||||||||||||||||||||||||
Less Than | After | Less Than | More than | |||||||||||||||||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | |||||||||||||||||||||||||||||
Operating leases | $ | 120,926 | $ | 6,123 | $ | 12,801 | $ | 11,977 | $ | 90,025 | $ | 367,376 | $ | 28,369 | $ | 57,279 | $ | 57,905 | $ | 223,823 | ||||||||||||||||||
Notes payable, notes payable to trusts and revolving lines of credit | ||||||||||||||||||||||||||||||||||||||
Notes payable, unsecured term loans, notes payable to trusts and revolving lines of credit | ||||||||||||||||||||||||||||||||||||||
Interest | 573,411 | 127,630 | 218,184 | 109,191 | 118,406 | 742,201 | 158,086 | 246,233 | 178,503 | 159,379 | ||||||||||||||||||||||||||||
Principal | 4,363,697 | 311,075 | 936,309 | 2,432,353 | 683,960 | 5,076,501 | 1,143,431 | 440,848 | 1,600,378 | 1,891,844 | ||||||||||||||||||||||||||||
Total contractual obligations | $ | 5,058,034 | $ | 444,828 | $ | 1,167,294 | $ | 2,553,521 | $ | 892,391 | $ | 6,186,078 | $ | 1,329,886 | $ | 744,360 | $ | 1,836,786 | $ | 2,275,046 |
Accounting treatment of investments in real estate ventures | |
Description of the Matter | At December 31, 2019, the Company’s investments in unconsolidated real estate ventures was $292.8 million. As explained in Note 5 to the consolidated financial statements, the Company enters into real estate ventures and performs an assessment to determine whether the equity or consolidation method of accounting is appropriate. |
Application and auditing of the accounting treatment of the Company’s real estate ventures, including the process of evaluating the criteria for consolidation based on the variable interest entity (VIE) model or a voting interest entity (VOE) model, is complex and requires significant judgment. This evaluation and analysis include the determination of which party, if any, has power to direct the activities most significant to the economic performance of each real estate venture and whether the venture has sufficient equity to finance its activities without additional subordinated support. | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of relevant controls over the Company's qualitative analysis that determines whether the Company has control over the venture through voting interest or through the presence of a variable interest in a real estate venture (thus requiring consolidation if the Company is the primary beneficiary of the VIE). |
For each new investment in a real estate venture, our procedures included reading the real estate venture agreement, and reviewing management’s evaluation of the applicability of the variable interest model as compared to the voting interest model. As such, we assessed whether each investee has sufficient equity to finance its activities without additional subordinated financial support and whether the equity holders, as a group, lack the characteristics of a controlling financial interest. Our testing included examining all contributions made by the Company as part of the initial formation of the real estate venture to support management’s conclusions about the sufficiency of equity to finance the venture’s activities. We also performed procedures to determine whether the Company correctly identified terms that would result in the equity holders, as a group, lacking the characteristics of a controlling financial interest, which would lead to the classification of the real estate venture as a variable interest entity. Specifically, for each new real estate venture entered into during the year, we inspected the agreement to determine whether the decisions that most significantly impact the entity’s economic performance were controlled by the equity holders as a group. In the case that the venture has sufficient equity at risk and the equity holders, as a group, do not lack the characteristics of a controlling financial interest, we evaluated whether the Company properly accounted for the investment under the voting interest model. underlying data, including the participant data provided to management’s actuarial specialists. |
December 31, 2016 | December 31, 2015 | December 31, 2019 | December 31, 2018 | |||||||||||
Assets: | ||||||||||||||
Real estate assets, net | $ | 6,770,447 | $ | 5,689,309 | $ | 7,696,864 | $ | 7,491,831 | ||||||
Investments in unconsolidated real estate ventures | 79,570 | 103,007 | ||||||||||||
Real estate assets - operating lease right-of-use assets | 264,643 | — | ||||||||||||
Investments in unconsolidated real estate entities | 338,054 | 125,326 | ||||||||||||
Cash and cash equivalents | 43,858 | 75,799 | 65,746 | 57,496 | ||||||||||
Restricted cash | 13,884 | 30,738 | 4,987 | 15,194 | ||||||||||
Receivables from related parties and affiliated real estate joint ventures | 16,611 | 2,205 | ||||||||||||
Other assets, net | 167,076 | 170,349 | 162,083 | 158,131 | ||||||||||
Total assets | $ | 7,091,446 | $ | 6,071,407 | $ | 8,532,377 | $ | 7,847,978 | ||||||
Liabilities, Noncontrolling Interests and Equity: | ||||||||||||||
Notes payable, net | $ | 3,213,588 | $ | 2,758,567 | $ | 4,318,973 | $ | 4,137,213 | ||||||
Exchangeable senior notes, net | 610,314 | 623,863 | 569,513 | 562,374 | ||||||||||
Notes payable to trusts, net | 117,321 | 117,191 | ||||||||||||
Notes payable to trusts | — | 30,928 | ||||||||||||
Revolving lines of credit | 365,000 | 36,000 | 158,000 | 81,000 | ||||||||||
Operating lease liabilities | 274,783 | — | ||||||||||||
Cash distributions in unconsolidated real estate ventures | 45,264 | 45,197 | ||||||||||||
Accounts payable and accrued expenses | 101,388 | 82,693 | 111,382 | 101,461 | ||||||||||
Other liabilities | 87,669 | 80,489 | 132,768 | 104,383 | ||||||||||
Total liabilities | 4,495,280 | 3,698,803 | 5,610,683 | 5,062,556 | ||||||||||
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 | ||||||||||||
Common stock, $0.01 par value, 500,000,000 shares authorized, 129,534,407 and 127,103,750 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 1,295 | 1,271 | ||||||||||||
Additional paid-in capital | 2,566,120 | 2,431,754 | 2,868,681 | 2,640,705 | ||||||||||
Accumulated other comprehensive income (loss) | 16,770 | (6,352 | ) | (28,966 | ) | 34,650 | ||||||||
Accumulated deficit | (339,257 | ) | (337,566 | ) | (301,049 | ) | (262,902 | ) | ||||||
Total Extra Space Storage Inc. stockholders' equity | 2,244,892 | 2,089,077 | 2,539,961 | 2,413,724 | ||||||||||
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 | ||||||||||||
Noncontrolling interest represented by Preferred Operating Partnership units, net | 175,948 | 153,096 | ||||||||||||
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests | 205,785 | 218,602 | ||||||||||||
Total noncontrolling interests and equity | 2,596,166 | 2,372,604 | 2,921,694 | 2,785,422 | ||||||||||
Total liabilities, noncontrolling interests and equity | $ | 7,091,446 | $ | 6,071,407 | $ | 8,532,377 | $ | 7,847,978 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
Property rental | $ | 864,742 | $ | 676,138 | $ | 559,868 | $ | 1,130,177 | $ | 1,039,340 | $ | 967,229 | ||||||||||
Tenant reinsurance | 87,291 | 71,971 | 59,072 | 128,387 | 115,507 | 98,401 | ||||||||||||||||
Management fees and other income | 39,842 | 34,161 | 28,215 | 49,890 | 41,757 | 39,379 | ||||||||||||||||
Total revenues | 991,875 | 782,270 | 647,155 | 1,308,454 | 1,196,604 | 1,105,009 | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Property operations | 250,005 | 203,965 | 172,416 | 336,050 | 291,695 | 271,974 | ||||||||||||||||
Tenant reinsurance | 15,555 | 13,033 | 10,427 | 29,376 | 25,707 | 19,173 | ||||||||||||||||
Acquisition related costs and other | 12,111 | 69,401 | 9,826 | |||||||||||||||||||
General and administrative | 81,806 | 67,758 | 60,942 | 89,418 | 81,256 | 78,961 | ||||||||||||||||
Depreciation and amortization | 182,560 | 133,457 | 115,076 | 219,857 | 209,050 | 193,296 | ||||||||||||||||
Total expenses | 542,037 | 487,614 | 368,687 | 674,701 | 607,708 | 563,404 | ||||||||||||||||
Gain on real estate transactions and impairment of real estate | 1,205 | 30,807 | 112,789 | |||||||||||||||||||
Income from operations | 449,838 | 294,656 | 278,468 | 634,958 | 619,703 | 654,394 | ||||||||||||||||
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 | ) | (186,526 | ) | (178,436 | ) | (153,511 | ) | ||||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | (4,980 | ) | (3,310 | ) | (2,683 | ) | (4,742 | ) | (4,687 | ) | (5,103 | ) | ||||||||||
Interest income | 6,148 | 3,461 | 1,607 | 7,467 | 5,292 | 6,736 | ||||||||||||||||
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 | 451,157 | 441,872 | 502,516 | ||||||||||||||||
Equity in earnings of unconsolidated real estate ventures | 12,895 | 12,351 | 10,541 | 11,274 | 14,452 | 15,331 | ||||||||||||||||
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 | ) | (11,308 | ) | (9,244 | ) | (3,625 | ) | ||||||||||
Net income | 397,089 | 209,536 | 195,896 | 451,123 | 447,080 | 514,222 | ||||||||||||||||
Net income allocated to Preferred Operating Partnership noncontrolling interests | (14,700 | ) | (11,718 | ) | (10,991 | ) | (12,492 | ) | (13,995 | ) | (14,989 | ) | ||||||||||
Net income allocated to Operating Partnership and other noncontrolling interests | (16,262 | ) | (8,344 | ) | (6,550 | ) | (18,664 | ) | (17,796 | ) | (20,220 | ) | ||||||||||
Net income attributable to common stockholders | $ | 366,127 | $ | 189,474 | $ | 178,355 | $ | 419,967 | $ | 415,289 | $ | 479,013 | ||||||||||
Earnings per common share | ||||||||||||||||||||||
Basic | $ | 2.92 | $ | 1.58 | $ | 1.54 | $ | 3.27 | $ | 3.29 | $ | 3.79 | ||||||||||
Diluted | $ | 2.91 | $ | 1.56 | $ | 1.53 | $ | 3.24 | $ | 3.27 | $ | 3.76 | ||||||||||
Weighted average number of shares | ||||||||||||||||||||||
Basic | 125,087,554 | 119,816,743 | 115,713,807 | 128,203,568 | 126,087,487 | 125,967,831 | ||||||||||||||||
Diluted | 125,948,076 | 126,918,869 | 121,435,267 | 136,433,769 | 133,159,033 | 134,155,771 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
Net income | $ | 397,089 | $ | 209,536 | $ | 195,896 | $ | 451,123 | $ | 447,080 | $ | 514,222 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||
Change in fair value of interest rate swaps | 24,598 | (4,929 | ) | (12,061 | ) | (66,843 | ) | 1,430 | 17,308 | |||||||||||||
Total comprehensive income | 421,687 | 204,607 | 183,835 | 384,280 | 448,510 | 531,530 | ||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 32,438 | 20,001 | 17,120 | 27,929 | 31,861 | 35,997 | ||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 389,249 | $ | 184,606 | $ | 166,715 | $ | 356,351 | $ | 416,649 | $ | 495,533 |
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 | Accumulated Deficit | Total Noncontrolling Interests and Equity | |||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | $ | 147,920 | $ | 203,354 | $ | — | 125,881,460 | $ | 1,259 | $ | 2,566,120 | $ | 16,770 | $ | (339,257 | ) | $ | 2,596,166 | |||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | 38,418 | — | 1,266 | — | — | 1,266 | ||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | 95,392 | 1 | (1 | ) | — | — | — | |||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | (8,179 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | 9,561 | — | — | 9,561 | ||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with acquisitions | — | 7,618 | — | — | — | — | — | — | 7,618 | ||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | — | (1,238 | ) | — | — | — | (1,272 | ) | — | — | (2,510 | ) | |||||||||||||||||||||||
Issuance of Preferred D Units in the Operating Partnership in conjunction with acquisitions | 11,161 | — | — | — | — | — | — | — | 11,161 | ||||||||||||||||||||||||||
Noncontrolling Interest in consolidated joint venture | — | — | 216 | — | — | — | — | — | 216 | ||||||||||||||||||||||||||
Repurchase of equity portion of 2013 exchangeable senior notes | — | — | — | — | — | (6,189 | ) | — | — | (6,189 | ) | ||||||||||||||||||||||||
Net income (loss) | 14,989 | 20,317 | (97 | ) | — | — | — | — | 479,013 | 514,222 | |||||||||||||||||||||||||
Other comprehensive income | 106 | 682 | — | — | — | — | 16,520 | — | 17,308 | ||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (14,540 | ) | (17,432 | ) | — | — | — | — | — | — | (31,972 | ) | |||||||||||||||||||||||
Dividends paid on common stock at $3.12 per share | — | — | — | — | — | — | — | (393,040 | ) | (393,040 | ) | ||||||||||||||||||||||||
Balances at December 31, 2017 | $ | 159,636 | $ | 213,301 | $ | 119 | 126,007,091 | $ | 1,260 | $ | 2,569,485 | $ | 33,290 | $ | (253,284 | ) | $ | 2,723,807 |
Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | Extra Space Storage Inc. Consolidated Statements of Stockholders' Equity (amounts in thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Extra Space Storage Inc. Stockholders’ Equity | 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 | Preferred Operating Partnership | Operating Partnership | Other | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Noncontrolling Interests and Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series C | Series D | Shares | Par Value | Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | $ | 159,636 | $ | 213,301 | $ | 119 | 126,007,091 | $ | 1,260 | $ | 2,569,485 | $ | 33,290 | $ | (253,284 | ) | $ | 2,723,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the exercise of options | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 79,974 | $ | 1 | $ | 1,541 | $ | — | $ | — | $ | 1,542 | — | — | — | 54,575 | — | 1,169 | — | — | 1,169 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | — | — | — | 174,558 | 2 | — | — | — | 2 | — | — | — | 85,066 | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | — | — | — | (18,090 | ) | — | — | — | — | — | — | — | — | (11,771 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | — | — | — | 6,735,000 | 67 | 446,810 | — | — | 446,877 | — | — | — | 933,789 | 10 | 90,221 | — | — | 90,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | — | — | — | 6,055 | — | — | 6,055 | — | — | — | — | — | 11,176 | — | — | 11,176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of remaining equity interest in existing consolidated joint venture | — | — | — | — | — | (822 | ) | — | — | (446 | ) | — | — | (1,268 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of receivable for preferred operating units pledged as collateral on loan | 495 | — | — | — | — | — | — | — | 495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Operating Partnership units in conjunction with acquisitions | — | — | — | — | 142,399 | — | — | — | — | — | — | 142,399 | — | 1,877 | — | — | — | — | — | — | 1,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for common stock | — | — | — | — | (28,106 | ) | — | 787,850 | 8 | 28,098 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for stock | — | (1,337 | ) | — | 35,000 | — | 1,337 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units for cash | — | (1,126 | ) | — | — | — | (1,432 | ) | — | — | (2,558 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Preferred C Units in the Operating Partnership for Common Operating Partnership Units | (6,851 | ) | 6,851 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in consolidated joint venture | — | — | 122 | — | — | — | — | — | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of equity portion of 2013 exchangeable senior notes | — | — | — | — | — | — | — | — | (70,112 | ) | — | — | (70,112 | ) | — | — | — | — | — | (31,251 | ) | — | — | (31,251 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 13,995 | 17,797 | (1 | ) | — | — | — | — | 415,289 | 447,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 12 | 58 | — | — | — | — | 1,360 | — | 1,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (7,050 | ) | (2,515 | ) | (2,074 | ) | (685 | ) | (12,179 | ) | — | — | — | — | — | — | (24,503 | ) | (14,191 | ) | (19,059 | ) | — | — | — | — | — | — | (33,250 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock at $3.36 per share | — | — | — | — | — | — | — | (424,907 | ) | (424,907 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | $ | 153,096 | $ | 218,362 | $ | 240 | 127,103,750 | $ | 1,271 | $ | 2,640,705 | $ | 34,650 | $ | (262,902 | ) | $ | 2,785,422 |
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 |
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 | Accumulated Deficit | Total Noncontrolling Interests and Equity | |||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | $ | 153,096 | $ | 218,362 | $ | 240 | 127,103,750 | $ | 1,271 | $ | 2,640,705 | $ | 34,650 | $ | (262,902 | ) | $ | 2,785,422 | |||||||||||||||||
Issuance of common stock upon the exercise of options | — | — | — | 211,057 | 3 | 3,060 | — | — | 3,063 | ||||||||||||||||||||||||||
Restricted stock grants issued | — | — | — | 109,081 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||
Restricted stock grants cancelled | — | — | — | (8,863 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | — | — | 1,779,200 | 19 | 198,808 | — | — | 198,827 | ||||||||||||||||||||||||||
Compensation expense related to stock-based awards | — | — | — | — | — | 13,051 | — | — | 13,051 | ||||||||||||||||||||||||||
Repayment of receivable for preferred operating units pledged as collateral on loan | — | 1,211 | — | — | — | — | — | — | 1,211 | ||||||||||||||||||||||||||
Redemption of Operating Partnership units for stock | — | (13,057 | ) | — | 340,182 | — | 13,057 | — | — | — | |||||||||||||||||||||||||
Issuance of Preferred D Units in the Operating Partnership in conjunction with acquisitions | 28,022 | — | — | — | — | — | — | — | 28,022 | ||||||||||||||||||||||||||
Conversion of Preferred C Units in the Operating Partnership for Common Operating Partnership Units | (4,374 | ) | 4,374 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Noncontrolling interest in consolidated joint venture | — | — | 173 | — | — | — | — | — | 173 | ||||||||||||||||||||||||||
Net income (loss) | 12,492 | 18,711 | (47 | ) | — | — | — | — | 419,967 | 451,123 | |||||||||||||||||||||||||
Other comprehensive loss | (407 | ) | (2,820 | ) | — | — | — | — | (63,616 | ) | — | (66,843 | ) | ||||||||||||||||||||||
Distributions to Operating Partnership units held by noncontrolling interests | (12,881 | ) | (21,362 | ) | — | — | — | — | — | — | (34,243 | ) | |||||||||||||||||||||||
Dividends paid on common stock at $3.56 per share | — | — | — | — | — | — | — | (458,114 | ) | (458,114 | ) | ||||||||||||||||||||||||
Balances at December 31, 2019 | $ | 175,948 | $ | 205,419 | $ | 366 | 129,534,407 | $ | 1,295 | $ | 2,868,681 | $ | (28,966 | ) | $ | (301,049 | ) | $ | 2,921,694 |
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 | ) | — | ||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||
Net income | $ | 451,123 | $ | 447,080 | $ | 514,222 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 219,857 | 209,050 | 193,296 | |||||||||||||||||||
Amortization of deferred financing costs | 11,989 | 14,286 | 12,289 | |||||||||||||||||||
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes | 4,742 | 4,687 | 5,103 | |||||||||||||||||||
Non-cash lease expense | 1,064 | — | — | |||||||||||||||||||
Compensation expense related to stock-based awards | 13,051 | 11,176 | 9,561 | |||||||||||||||||||
Gain on real estate transactions and impairment of real estate | (1,205 | ) | (30,807 | ) | (112,789 | ) | ||||||||||||||||
Distributions from unconsolidated real estate ventures in excess of earnings | 6,358 | 6,867 | 4,567 | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||
Other assets | (12,482 | ) | (1,664 | ) | (12,728 | ) | ||||||||||||||||
Accounts payable and accrued expenses | 15,522 | 2,736 | (10,515 | ) | ||||||||||||||||||
Other liabilities | (2,333 | ) | 14,384 | (5,631 | ) | |||||||||||||||||
Net cash provided by operating activities | 707,686 | 677,795 | 597,375 | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||
Acquisition of real estate assets | (349,494 | ) | (426,388 | ) | (653,185 | ) | ||||||||||||||||
Development and redevelopment of real estate assets | (53,717 | ) | (60,677 | ) | (31,746 | ) | ||||||||||||||||
Proceeds from sale of real estate assets | 11,254 | 52,458 | 312,165 | |||||||||||||||||||
Investment in unconsolidated real estate entities | (197,759 | ) | (65,500 | ) | (17,944 | ) | ||||||||||||||||
Return of investment in unconsolidated real estate ventures | 3,982 | 49,130 | 581 | |||||||||||||||||||
Issuance of notes receivable | (185,993 | ) | (13,850 | ) | — | |||||||||||||||||
Principal payments received from notes receivable | 157,861 | 25,226 | 44,869 | |||||||||||||||||||
Purchase of equipment and fixtures | (7,764 | ) | (4,297 | ) | (7,819 | ) | ||||||||||||||||
Net cash used in investing activities | (621,630 | ) | (443,898 | ) | (353,079 | ) | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||
Proceeds from the sale of common stock, net of offering costs | 198,827 | 90,231 | — | |||||||||||||||||||
Proceeds from notes payable and revolving lines of credit | 2,214,000 | 1,413,030 | 1,325,623 | |||||||||||||||||||
Principal payments on notes payable and revolving lines of credit | (1,977,805 | ) | (1,109,854 | ) | (1,088,679 | ) | ||||||||||||||||
Principal payments on notes payable to trusts | (30,928 | ) | (88,662 | ) | — | |||||||||||||||||
Deferred financing costs | (2,986 | ) | (12,302 | ) | (6,967 | ) | ||||||||||||||||
Repurchase of exchangeable senior notes | — | (80,270 | ) | (19,916 | ) | |||||||||||||||||
Net proceeds from exercise of stock options | 3,063 | 1,169 | 1,266 | |||||||||||||||||||
Redemption of Operating Partnership units held by noncontrolling interests | — | (2,558 | ) | (2,510 | ) | |||||||||||||||||
Contributions from noncontrolling interests | 173 | 122 | 201 | |||||||||||||||||||
Dividends paid on common stock | (458,114 | ) | (424,907 | ) | (393,040 | ) | ||||||||||||||||
Distributions to noncontrolling interests | (34,243 | ) | (33,250 | ) | (31,972 | ) | ||||||||||||||||
Net cash used in financing activities | (88,013 | ) | (247,251 | ) | (215,994 | ) | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,957 | ) | (13,354 | ) | 28,302 | |||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of the period | 72,690 | 86,044 | 57,742 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of the period | $ | 70,733 | $ | 72,690 | $ | 86,044 | ||||||||||||||||
Supplemental schedule of cash flow information | ||||||||||||||||||||||
Interest paid | $ | 174,155 | $ | 159,474 | $ | 136,202 | ||||||||||||||||
Income taxes paid | 10,359 | 730 | 5,648 | |||||||||||||||||||
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 | $ | (13,057 | ) | $ | (1,337 | ) | $ | — | ||||||||||||||
Common stock and paid-in capital | 13,057 | 1,337 | — | |||||||||||||||||||
Establishment of operating lease right of use assets and lease liabilities | ||||||||||||||||||||||
Real estate assets - operating lease right-of-use assets | $ | 277,557 | $ | — | $ | — | ||||||||||||||||
Operating lease liabilities | (286,914 | ) | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 9,357 | — | — | |||||||||||||||||||
Acquisitions of real estate assets | ||||||||||||||||||||||
Real estate assets, net | $ | 21,066 | $ | 88,842 | $ | 51,455 | ||||||||||||||||
Value of Operating Partnership units issued | — | (1,877 | ) | (14,428 | ) | |||||||||||||||||
Notes payable assumed | (17,157 | ) | (87,500 | ) | (24,055 | ) | ||||||||||||||||
Investment in unconsolidated real estate ventures | (2,780 | ) | 535 | (12,957 | ) | |||||||||||||||||
Other noncontrolling interests | — | — | (15 | ) | ||||||||||||||||||
Net liabilities assumed | (1,129 | ) | — | — | ||||||||||||||||||
Accrued construction costs and capital expenditures | ||||||||||||||||||||||
Acquisition of real estate assets | $ | 8,497 | $ | 2,332 | $ | 2,799 | $ | 2,203 | $ | 778 | $ | 3,509 | ||||||||||
Development and redevelopment of real estate assets | 125 | — | — | 1,601 | 554 | 1,703 | ||||||||||||||||
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 | $ | — | $ | — | ||||||||||||||||
Accounts payable and accrued expenses | (3,804 | ) | (1,332 | ) | (5,212 | ) | ||||||||||||||||
Contribution of Preferred OP Units to unconsolidated real estate venture | ||||||||||||||||||||||
Investments in unconsolidated real estate ventures | (25,055 | ) | — | — | $ | (28,022 | ) | $ | — | $ | — | |||||||||||
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 | — | — | |||||||||||||||||||
Value of Preferred Operating Partnership units issued | 28,022 | — | — | |||||||||||||||||||
Issuance of Preferred OP Units for additional investment in unconsolidated real estate venture | ||||||||||||||||||||||
Preferred OP Units issued | $ | — | $ | — | $ | (4,351 | ) | |||||||||||||||
Investment in unconsolidated real estate ventures | — | — | 4,351 | |||||||||||||||||||
Conversion of Preferred OP Units to common OP Units | ||||||||||||||||||||||
Preferred OP Units | $ | 4,374 | $ | 6,851 | $ | — | ||||||||||||||||
Common OP Units | (4,374 | ) | (6,851 | ) | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | December 31, 2019 | 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 | $ | 6,214 | $ | — | $ | 6,214 | $ | — | |||||||
Other liabilities - Cash flow hedge swap agreements | $ | 31,400 | $ | — | $ | 31,400 | $ | — |
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 | ) | $ | — |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||
Notes receivable from Preferred and Common Operating Partnership unit holders | $ | 116,184 | $ | 118,524 | $ | 115,467 | $ | 119,735 | |||||||
Fixed rate notes payable and notes payable to trusts | $ | 3,511,151 | $ | 3,417,928 | $ | 2,985,731 | $ | 3,022,414 | |||||||
Exchangeable senior notes | $ | 673,831 | $ | 575,000 | $ | 620,149 | $ | 575,000 |
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 |
For the Year Ended December 31, | |||||||||||
Tenant Reinsurance Claims: | 2019 | 2018 | 2017 | ||||||||
Unpaid claims liability at beginning of year | $ | 7,326 | $ | 5,167 | $ | 3,896 | |||||
Claims and claim adjustment expense for claims incurred in the current year | 16,280 | 15,800 | 11,700 | ||||||||
Claims and claim adjustment expense (benefit) for claims incurred in the prior years | 98 | 107 | (203 | ) | |||||||
Payments for current year claims | (11,352 | ) | (11,010 | ) | (8,895 | ) | |||||
Payments for prior year claims | (4,243 | ) | (2,738 | ) | (1,331 | ) | |||||
Unpaid claims liability at the end of the year | $ | 8,109 | $ | 7,326 | $ | 5,167 |
For the Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Equivalent Shares (if converted) | Equivalent Shares (if converted) | Equivalent Shares (if converted) | ||||||
Series B Units | 393,189 | 464,033 | 533,174 | |||||
Series C Units (1) | — | 312,075 | 377,135 | |||||
Series D Units | 1,081,369 | 1,019,524 | — | |||||
1,474,558 | 1,795,632 | 910,309 |
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 |
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income attributable to common stockholders | $ | 419,967 | $ | 415,289 | $ | 479,013 | |||||
Earnings and dividends allocated to participating securities | (680 | ) | (723 | ) | (975 | ) | |||||
Earnings for basic computations | 419,287 | 414,566 | 478,038 | ||||||||
Earnings and dividends allocated to participating securities | 680 | 723 | — | ||||||||
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units | 23,727 | 22,831 | 30,088 | ||||||||
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) | (2,288 | ) | (2,288 | ) | (3,119 | ) | |||||
Net income for diluted computations | $ | 441,406 | $ | 435,832 | $ | 505,007 | |||||
Weighted average common shares outstanding: | |||||||||||
Average number of common shares outstanding - basic | 128,203,568 | 126,087,487 | 125,967,831 | ||||||||
OP Units | 6,006,114 | 5,675,547 | 5,590,831 | ||||||||
Series A Units | 875,480 | 875,480 | 875,480 | ||||||||
Series D Units | — | — | 1,081,561 | ||||||||
Unvested restricted stock awards included for treasury stock method | 212,402 | 244,215 | — | ||||||||
Shares related to exchangeable senior notes and dilutive stock options | 1,136,205 | 276,304 | 640,068 | ||||||||
Average number of common shares outstanding - diluted | 136,433,769 | 133,159,033 | 134,155,771 | ||||||||
Earnings per common share | |||||||||||
Basic | $ | 3.27 | $ | 3.29 | $ | 3.79 | |||||
Diluted | $ | 3.24 | $ | 3.27 | $ | 3.76 |
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 |
December 31, 2019 | December 31, 2018 | ||||||
Land - operating | $ | 1,935,551 | $ | 1,825,133 | |||
Land - development | 3,372 | 7,359 | |||||
Buildings, improvements and other intangibles | 7,047,654 | 6,743,355 | |||||
Right of use asset - finance lease | 8,050 | — | |||||
Intangible assets - tenant relationships | 122,489 | 119,557 | |||||
Intangible lease rights | 12,443 | 12,443 | |||||
9,129,559 | 8,707,847 | ||||||
Less: accumulated depreciation and amortization | (1,473,852 | ) | (1,262,438 | ) | |||
Net operating real estate assets | 7,655,707 | 7,445,409 | |||||
Real estate under development/redevelopment | 41,157 | 46,422 | |||||
Net real estate assets | $ | 7,696,864 | $ | 7,491,831 | |||
Real estate assets held for sale included in net real estate assets | $ | 2,947 | $ | 13,032 |
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 | 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 | Total | ||||||||||||||||||||||||||
Quarter | Number of Stores | Total | Cash Paid | Loan Assumed | Investments in Real Estate Ventures | Net Liabilities/ (Assets) Assumed | Value of OP Units Issued | Number of OP Units Issued | Real estate assets | ||||||||||||||||||
Q4 2019 | 5 | $ | 51,278 | $ | 51,058 | $ | — | $ | — | $ | 220 | $ | — | — | $ | 51,278 | |||||||||||
Q3 2019 | 1 | 16,937 | 16,941 | — | — | (4 | ) | — | — | 16,937 | |||||||||||||||||
Q2 2019 | 1 | 8,424 | 8,424 | — | — | — | — | — | 8,424 | ||||||||||||||||||
Q1 2019 | 14 | 223,740 | 202,890 | 17,157 | 2,780 | 913 | — | — | 223,740 | ||||||||||||||||||
21 | (1) | $ | 300,379 | $ | 279,313 | $ | 17,157 | $ | 2,780 | $ | 1,129 | $ | — | — | $ | 300,379 | |||||||||||
Q4 2018 | 6 | $ | 74,852 | $ | 74,868 | $ | — | $ | — | $ | (16 | ) | $ | — | — | $ | 74,852 | ||||||||||
Q3 2018 | 6 | 74,694 | 71,989 | — | — | 2,705 | — | — | 74,694 | ||||||||||||||||||
Q2 2018 | 17 | 237,284 | 148,650 | 87,500 | (1,024 | ) | 281 | 1,877 | 21,768 | 237,284 | |||||||||||||||||
Q1 2018 | 5 | 70,787 | 70,171 | — | 489 | 127 | — | — | 70,787 | ||||||||||||||||||
34 | (2) | $ | 457,617 | $ | 365,678 | $ | 87,500 | $ | (535 | ) | $ | 3,097 | $ | 1,877 | 21,768 | $ | 457,617 |
(1) | Store acquisitions during the year ended December 31, 2019 include the acquisition of 12 stores previously held in joint ventures where the Company held a noncontrolling interest. The Company purchased its partners' remaining equity interests in the joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. No gain or loss was recognized as a result of these acquisitions. |
(2) | Store acquisitions during the year ended December 31, 2018 include the acquisition of 15 stores previously held in joint ventures where the Company held a noncontrolling interest. The Company purchased its partners' remaining equity interests in the joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. No gain or loss was recognized as a result of these acquisitions. |
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 | ||||||||||||||
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 |
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 |
Year Ended December 31, 2016 | |||
Total revenues | $ | 44,712 | |
Net income attributable to common stockholders | $ | 12,560 |
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 |
Number of Stores | Equity Ownership % | Excess Profit % (1) | December 31, | |||||||||
2019 | 2018 | |||||||||||
PRISA Self Storage LLC | 85 | 4% | 4% | $ | 9,133 | $ | 9,334 | |||||
Storage Portfolio II JV LLC | 36 | 10% | 30% | (4,827 | ) | (4,233 | ) | |||||
Storage Portfolio I LLC | 24 | 34% | 49% | (38,345 | ) | (38,129 | ) | |||||
VRS Self Storage, LLC | 16 | 45% | 54% | 17,639 | 18,281 | |||||||
ESS-NYFL JV LP | 11 | 16% | 24% | 13,320 | — | |||||||
WICNN JV LLC (3) | 10 | 10% | 25% | 36,552 | 26,885 | |||||||
Extra Space Northern Properties Six LLC | 10 | 10% | 35% | (2,091 | ) | (1,700 | ) | |||||
Alan Jathoo JV LLC | 9 | 10% | 10% | 7,977 | 8,180 | |||||||
PR EXR Self Storage, LLC | 5 | 25% | 40% | 59,391 | 19,841 | |||||||
ESS Bristol Investments LLC | 8 | 10% | 28% | 3,046 | 2,331 | |||||||
GFN JV, LLC (3) | 5 | 10% | 30% | 12,168 | 10,586 | |||||||
Extra Space West Two LLC (4) | — | 5% | 40% | — | 3,818 | |||||||
Extra Space West One LLC (4) | — | 5% | 40% | — | (1,038 | ) | ||||||
Other minority owned stores | 22 | 10-50% | 19-50% | 28,827 | 25,973 | |||||||
SmartStop Self Storage REIT, Inc. Preferred Stock (2) | n/a | n/a | n/a | 150,000 | — | |||||||
Net Investments in and Cash distributions in unconsolidated real estate entities | 241 | $ | 292,790 | $ | 80,129 |
(1) | Includes pro-rata equity ownership share and promoted interest. |
(2) | In October 2019, the Company invested $150,000 in shares of newly issued convertible preferred stock of SmartStop, with an additional commitment to purchase up to $50,000 of the preferred shares over the 12 months after the original purchase. The dividend rate for the preferred shares is 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the management fees and other income line on the Company's consolidated statements of operations. |
(3) | The Company had $31,500 and $10,335 of preferred equity in the WICNN JV LLC and GFN JV, LLC joint ventures, respectively, as of December 31, 2019. The Company earns an 8.0% return on its preferred equity in these joint ventures, which has priority over other distributions. |
(4) | In January 2019, the Company purchased its joint venture partners' interests in the Extra Space West One LLC and Extra Space West Two LLC joint ventures, which owned a total of 12 stores. The Company paid $172,505 of cash to acquire the equity interests, and subsequent to this acquisition, the Company owned 100.0% of the joint ventures and the related stores. |
Number of Stores | Equity ownership % | Total initial investment | |||||
For the Year Ended December 31, 2019 | 16 | 10.0%-50.0% | $ | 19,663 | |||
For the Year Ended December 31, 2018 | 28 | 10.0% -50.0% | $ | 63,723 | |||
For the Year Ended December 31, 2017 | 39 | 10.0% - 25.0% | $ | 13,341 |
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 |
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Equity in earnings of PRISA Self Storage LLC | $ | 2,327 | $ | 2,338 | $ | 2,430 | |||||
Equity in earnings of Storage Portfolio II JV LLC | 291 | 79 | 33 | ||||||||
Equity in earnings of Storage Portfolio I LLC | 1,809 | 1,886 | 2,684 | ||||||||
Equity in earnings of VRS Self Storage, LLC | 3,583 | 3,640 | 3,562 | ||||||||
Equity in earnings of ESS-NYFL JV LLC | (96 | ) | — | — | |||||||
Equity in earnings of WICNN JV LLC | 1,373 | 622 | — | ||||||||
Equity in earnings of Extra Space Northern Properties Six LLC | 1,091 | 1,014 | 918 | ||||||||
Equity in earnings of Alan Jathoo JV LLC | (47 | ) | (12 | ) | — | ||||||
Equity in earnings of Bristol Investments LLC | (262 | ) | (152 | ) | — | ||||||
Equity in earnings of GFN JV, LLC | 450 | 22 | — | ||||||||
Equity in earnings of PR EXR Self Storage, LLC | (443 | ) | (75 | ) | (105 | ) | |||||
Equity in earnings of WCOT Self Storage LLC | — | 359 | 1,033 | ||||||||
Equity in earnings of Extra Space West Two LLC | — | 1,042 | 1,210 | ||||||||
Equity in earnings of Extra Space West One LLC | — | 2,526 | 2,502 | ||||||||
Equity in earnings of other minority owned stores | 1,198 | 1,163 | 1,064 | ||||||||
$ | 11,274 | $ | 14,452 | $ | 15,331 |
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 | ||||||
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, | |||||||
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 |
Notes Payable | December 31, 2019 | December 31, 2018 | Fixed Rate | Variable Rate | Basis Rate (2) | Maturity Dates | |||||||||
Secured fixed rate notes payable (1) | $ | 1,365,408 | $ | 2,032,414 | 2.53% - 6.00% | September 2020 - February 2030 | |||||||||
Secured variable rate notes payable (1) | 878,093 | 834,835 | 3.01% - 3.31% | Libor plus 1.3% - 1.6% | April 2020 - August 2028 | ||||||||||
Unsecured fixed rate notes payable | 2,052,521 | 990,000 | 2.80% - 4.39% | October 2023 - October 2029 | |||||||||||
Unsecured variable rate notes payable | 47,480 | 310,000 | 2.76% - 3.31% | Libor plus 1.0% - 1.6% | January 2025 - June 2026 | ||||||||||
Total | 4,343,502 | 4,167,249 | |||||||||||||
Less: unamortized debt issuance costs | (24,529 | ) | (29,936 | ) | |||||||||||
Total | $ | 4,318,973 | $ | 4,137,313 | |||||||||||
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. | |||||||||||||||
(2) 30-day USD LIBOR |
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. |
2020 | $ | 568,431 | |
2021 | 252,053 | ||
2022 | 150,796 | ||
2023 | 767,405 | ||
2024 | 712,972 | ||
Thereafter | 1,891,845 | ||
$ | 4,343,502 |
2017 | $ | 311,075 | |
2018 | 356,018 | ||
2019 | 514,121 | ||
2020 | 831,289 | ||
2021 | 664,064 | ||
Thereafter | 564,371 | ||
$ | 3,240,938 |
As of December 31, 2019 | |||||||||||||||
Revolving Lines of Credit | Amount Drawn | Capacity | Interest Rate | Origination Date | Maturity | Basis Rate (1) | |||||||||
Credit Line 1 (2) | $ | 38,000 | $ | 140,000 | 3.2% | 6/4/2010 | 7/1/2021 | LIBOR plus 1.45% | |||||||
Credit Line 2 (3)(4) | 120,000 | 650,000 | 2.7% | 12/7/2018 | 1/29/2023 | LIBOR plus 0.9% | |||||||||
$ | 158,000 | $ | 790,000 | ||||||||||||
(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, 2019. Rate is subject to change based on our investment grade rating. |
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 | 9/ |
Asset / Liability Derivatives | |||||||
December 31, 2019 | December 31, 2018 | ||||||
Derivatives designated as hedging instruments: | Fair Value | ||||||
Other assets | $ | 6,214 | $ | 42,324 | |||
Other liabilities | $ | 31,400 | $ | 2,131 |
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 | ) |
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 | 2019 | 2018 | 2019 | 2018 | 2017 | |||||||||||||||||
Swap Agreements | $ | (54,680 | ) | $ | 9,889 | Interest expense | $ | 12,322 | $ | 8,258 | $ | (8,853 | ) |
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 | ) |
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 | $ | — |
December 31, 2019 | December 31, 2018 | ||||||
Carrying amount of equity component | $ | 22,597 | $ | 22,597 | |||
Principal amount of liability component | $ | 575,000 | $ | 575,000 | |||
Unamortized discount - equity component | (3,675 | ) | (8,417 | ) | |||
Unamortized debt issuance costs | (1,812 | ) | (4,209 | ) | |||
Net carrying amount of liability component | $ | 569,513 | $ | 562,374 |
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, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Contractual interest | $ | 17,968 | $ | 18,106 | $ | 19,303 | |||||
Amortization of discount | 4,742 | 4,687 | 5,103 | ||||||||
Total interest expense recognized | $ | 22,710 | $ | 22,793 | $ | 24,406 |
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 |
For the Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
Principal amount repurchased | $ | 49,259 | $ | 13,911 | ||||
Amount allocated to: | ||||||||
Extinguishment of liability component | $ | 49,019 | $ | 13,692 | ||||
Reacquisition of equity component | 31,251 | 6,350 | ||||||
Total consideration paid for repurchase | $ | 80,270 | $ | 20,042 | ||||
Exchangeable senior notes repurchased | $ | 49,259 | $ | 13,911 | ||||
Extinguishment of liability component | (49,019 | ) | (13,692 | ) | ||||
Discount on exchangeable senior notes | (230 | ) | (184 | ) | ||||
Related debt issuance costs | (10 | ) | (35 | ) | ||||
Gain/(loss) on repurchase | $ | — | $ | — |
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, 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 |
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 | 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, 2016 | December 31, 2015 | |||||||
Mortgage notes receivable | $ | 15,860 | $ | — | ||||
Other receivables from stores | 751 | 2,205 | ||||||
$ | 16,611 | $ | 2,205 |
12. | NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS |
For the Year Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
OP Units redeemed for common stock | 340,182 | 35,000 | — | ||||||
OP Units redeemed for cash | — | 30,000 | 33,896 | ||||||
Cash paid for OP Units redeemed | $ | — | $ | 2,558 | $ | 2,510 | |||
OP Units issued in conjunction with acquisitions | — | 21,768 | 90,228 | ||||||
Value of OP Units issued in conjunction with acquisitions | $ | — | $ | 1,877 | $ | 7,618 | |||
OP Units issued upon redemption of Series C Units | 270,709 | 373,113 | — |
13. | LEASES |
For the Year Ended December 31, | |||
2019 | |||
Finance lease cost: | |||
Amortization of finance lease right-of-use assets | $ | 168 | |
Interest expense related to finance lease liabilities | 290 | ||
Operating lease cost | 20,268 | ||
Variable lease cost | 5,068 | ||
Short-term lease cost | 164 | ||
Total lease cost | $ | 25,958 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash outflows for finance lease payments | $ | 231 | |
Operating cash outflows for operating lease payments | 19,226 | ||
Total cash flows for lease liability measurement | $ | 19,457 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 277,557 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 8,050 | |
Weighted average remaining lease term - finance leases (years) | 46.9 | ||
Weighted average remaining lease term - operating leases (years) | 14.7 | ||
Weighted average discount rate - finance leases | 6.07 | % | |
Weighted average discount rate - operating leases | 3.65 | % |
Operating | Finance | Total | |||||||||
2020 | $ | 28,369 | $ | 232 | $ | 28,601 | |||||
2021 | 28,628 | 237 | 28,865 | ||||||||
2022 | 28,651 | 255 | 28,906 | ||||||||
2023 | 28,707 | 255 | 28,962 | ||||||||
2024 | 29,198 | 255 | 29,453 | ||||||||
Thereafter | 223,823 | 16,522 | 240,345 | ||||||||
Total | $ | 367,376 | $ | 17,756 | $ | 385,132 | |||||
Present value adjustments | (92,593 | ) | (12,918 | ) | (105,511 | ) | |||||
Lease liabilities | $ | 274,783 | $ | 4,838 | $ | 279,621 |
2019 | $ | 8,203 | |
2020 | 8,307 | ||
2021 | 8,137 | ||
2022 | 7,837 | ||
2023 | 7,021 | ||
Thereafter | 111,653 | ||
$ | 151,158 |
Options | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value as of December 31, 2019 | ||||||
Outstanding at December 31, 2016 | 510,574 | $ | 30.60 | |||||||
Exercised | (38,418 | ) | 32.94 | |||||||
Outstanding at December 31, 2017 | 472,156 | $ | 30.41 | |||||||
Exercised | (54,575 | ) | 21.45 | |||||||
Outstanding at December 31, 2018 | 417,581 | $ | 31.58 | |||||||
Exercised | (211,057 | ) | 14.65 | |||||||
Outstanding at December 31, 2019 | 206,524 | $ | 48.88 | 3.43 | $11,719 | |||||
Vested and Expected to Vest | 206,460 | $ | 48.87 | 3.43 | $11,717 | |||||
Ending Exercisable | 197,576 | $ | 47.20 | 3.30 | $11,543 |
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, | ||||||||
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 | |||||||||||
$12.21 - $12.21 | 77,400 | 0.18 | $ | 12.21 | 77,400 | $ | 12.21 | |||||||||
$38.40 - $38.40 | 8,085 | 3.14 | 38.40 | 8,085 | 38.40 | |||||||||||
$47.50 - $47.50 | 9,800 | 4.13 | 47.50 | 9,800 | 47.50 | |||||||||||
$65.36 - $65.36 | 15,647 | 5.15 | 65.36 | 15,647 | 65.36 | |||||||||||
$65.45 - $65.45 | 11,960 | 5.13 | 65.45 | 11,960 | 64.45 | |||||||||||
$73.52 - $73.52 | 50,000 | 5.58 | 73.52 | 50,000 | 73.52 | |||||||||||
$85.99 - $85.99 | 33,632 | 6.15 | 85.99 | 24,684 | 85.99 | |||||||||||
206,524 | 3.42 | $ | 48.88 | 197,576 | $ | 47.20 |
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, 2016 | 299,585 | $ | 70.57 | |||
Granted | 95,392 | 74.49 | ||||
Released | (120,323 | ) | 63.95 | |||
Cancelled | (8,179 | ) | 77.25 | |||
Unreleased at December 31, 2017 | 266,475 | $ | 74.76 | |||
Granted | 85,066 | 86.14 | ||||
Released | (116,656 | ) | 72.38 | |||
Cancelled | (11,771 | ) | 80.96 | |||
Unreleased at December 31, 2018 | 223,114 | $ | 80.02 | |||
Granted | 109,081 | 101.52 | ||||
Released | (110,724 | ) | 79.58 | |||
Cancelled | (8,863 | ) | 90.11 | |||
Unreleased at December 31, 2019 | 212,608 | $ | 90.85 |
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 |
Performance-Based Stock Units | Units | Weighted-Average Grant-Date Fair Value | |||||
Unvested at December 31, 2016 | — | $ | — | ||||
Granted | 30,071 | 83.84 | |||||
Unvested at December 31, 2017 | 30,071 | $ | 83.84 | ||||
Granted | 28,735 | 96.19 | |||||
Unvested at December 31, 2018 | 58,806 | $ | 89.87 | ||||
Granted | 49,334 | 103.18 | |||||
Unvested at December 31, 2019 | 108,140 | $ | 95.94 |
For the Year Ended December 31, | ||||||
2019 | 2018 | 2017 | ||||
Intrinsic value | $6,211 | $5,321 | $2,630 | |||
Risk-free rate | 2.53% | 2.37% | 1.62% | |||
Volatility | 20.7% | 22.6% | 21.4% | |||
Expected term (in years) | 2.8 | 2.9 | 2.8 | |||
Dividend yield | —% | —% | —% | |||
Unrecognized compensation cost | $4,315 | $2,739 | $1,681 | |||
Term over which compensation cost recognized | 3 | 3 | 3 |
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 | For the Year Ended December 31, 2019 | |||||||||||||||||||||
Federal | State | Total | Federal | State | Total | |||||||||||||||||
Current expense | $ | 3,736 | $ | 1,640 | $ | 5,376 | $ | 10,164 | $ | 2,936 | $ | 13,100 | ||||||||||
Tax credits/true-up | 274 | — | 274 | (3,633 | ) | (30 | ) | (3,663 | ) | |||||||||||||
Change in deferred benefit | 7,016 | (1,518 | ) | 5,498 | ||||||||||||||||||
Change in deferred expense/(benefit) | 1,787 | 84 | 1,871 | |||||||||||||||||||
Total tax expense | $ | 11,026 | $ | 122 | $ | 11,148 | $ | 8,318 | $ | 2,990 | $ | 11,308 |
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2018 | |||||||||||||||||||||
Federal | State | Total | Federal | State | Total | |||||||||||||||||
Current expense | $ | 6,020 | $ | 1,374 | $ | 7,394 | $ | 9,136 | $ | 2,426 | $ | 11,562 | ||||||||||
Tax credits/true-up | (2,176 | ) | — | (2,176 | ) | (5,841 | ) | (175 | ) | (6,016 | ) | |||||||||||
Change in deferred benefit | 803 | 1,549 | 2,352 | |||||||||||||||||||
Change in deferred expense | 3,730 | (32 | ) | 3,698 | ||||||||||||||||||
Total tax expense | $ | 4,647 | $ | 2,923 | $ | 7,570 | $ | 7,025 | $ | 2,219 | $ | 9,244 |
For the Year Ended December 31, 2017 | |||||||||||
Federal | State | Total | |||||||||
Current expense | $ | 5,677 | $ | 1,662 | $ | 7,339 | |||||
Tax credits/true-up | (5,573 | ) | (383 | ) | (5,956 | ) | |||||
Change in deferred benefit | 1,700 | 542 | 2,242 | ||||||||
Total tax expense | $ | 1,804 | $ | 1,821 | $ | 3,625 |
For the Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Expected tax at statutory rate | $ | 97,110 | 21.0 | % | $ | 95,828 | 21.0 | % | $ | 186,274 | 35.0 | % | ||||||||
Non-taxable REIT income | (82,717 | ) | (17.9 | )% | (83,022 | ) | (18.2 | )% | (170,811 | ) | (32.1 | )% | ||||||||
State and local tax expense - net of federal benefit | 2,837 | 0.6 | % | 2,385 | 0.5 | % | 2,306 | 0.4 | % | |||||||||||
Change in valuation allowance | (207 | ) | — | % | (1,052 | ) | (0.2 | )% | 159 | — | % | |||||||||
Tax credits/true-up | (3,663 | ) | (0.8 | )% | (6,016 | ) | (1.3 | )% | (5,956 | ) | (1.1 | )% | ||||||||
Remeasurement of deferred balances | — | — | % | — | — | % | (8,460 | ) | (1.6 | )% | ||||||||||
Miscellaneous | (2,052 | ) | (0.4 | )% | 1,121 | 0.2 | % | 113 | — | % | ||||||||||
Total provision | $ | 11,308 | 2.5 | % | $ | 9,244 | 2.0 | % | $ | 3,625 | 0.6 | % |
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, 2019 | December 31, 2018 | ||||||
Deferred tax liabilities: | |||||||
Fixed assets | $ | (23,805 | ) | $ | (20,907 | ) | |
Operating lease right-of-use assets | (2,475 | ) | — | ||||
Other | (84 | ) | (96 | ) | |||
State deferred taxes | (3,405 | ) | (3,076 | ) | |||
Total deferred tax liabilities | (29,769 | ) | (24,079 | ) | |||
Deferred tax assets: | |||||||
Captive insurance subsidiary | 312 | 324 | |||||
Accrued liabilities | 2,006 | 1,772 | |||||
Stock compensation | 2,118 | 1,604 | |||||
Operating lease liabilities | 2,478 | — | |||||
SmartStop TRS | 219 | 219 | |||||
Other | 50 | 53 | |||||
State deferred taxes | 7,250 | 7,196 | |||||
Total deferred tax assets | 14,433 | 11,168 | |||||
Valuation allowance | (3,665 | ) | (3,872 | ) | |||
Net deferred income tax liabilities | $ | (19,001 | ) | $ | (16,783 | ) |
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, 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 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenues: | |||||||||||
Self-Storage Operations | $ | 1,130,177 | $ | 1,039,340 | $ | 967,229 | |||||
Tenant Reinsurance | 128,387 | 115,507 | 98,401 | ||||||||
Total segment revenues | $ | 1,258,564 | $ | 1,154,847 | $ | 1,065,630 | |||||
Operating expenses: | |||||||||||
Self-Storage Operations | $ | 336,050 | $ | 291,695 | $ | 271,974 | |||||
Tenant Reinsurance | 29,376 | 25,707 | 19,173 | ||||||||
Total segment operating expenses | $ | 365,426 | $ | 317,402 | $ | 291,147 | |||||
Net operating income: | |||||||||||
Self-Storage Operations | $ | 794,127 | $ | 747,645 | $ | 695,255 | |||||
Tenant Reinsurance | 99,011 | 89,800 | 79,228 | ||||||||
Total segment net operating income: | $ | 893,138 | $ | 837,445 | $ | 774,483 | |||||
Total segment net operating income | $ | 893,138 | $ | 837,445 | $ | 774,483 | |||||
Other components of net income (loss): | |||||||||||
Property management fees and other income | 49,890 | 41,757 | 39,379 | ||||||||
General and administrative expense | (89,418 | ) | (81,256 | ) | (78,961 | ) | |||||
Depreciation and amortization expense | (219,857 | ) | (209,050 | ) | (193,296 | ) | |||||
Gain on real estate transactions and impairment of real estate | 1,205 | 30,807 | 112,789 | ||||||||
Interest expense | (186,526 | ) | (178,436 | ) | (153,511 | ) | |||||
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes | (4,742 | ) | (4,687 | ) | (5,103 | ) | |||||
Interest income | 7,467 | 5,292 | 6,736 | ||||||||
Equity in earnings of unconsolidated real estate entities | 11,274 | 14,452 | 15,331 | ||||||||
Income tax expense | (11,308 | ) | (9,244 | ) | (3,625 | ) | |||||
Net income | $ | 451,123 | $ | 447,080 | $ | 514,222 |
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 | $ | 6,123 | |
Year 2 | 6,677 | ||
Year 3 | 6,124 | ||
Year 4 | 6,080 | ||
Year 5 | 5,897 | ||
Thereafter | 90,025 | ||
$ | 120,926 |
For the Three Months Ended | |||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||
Revenues | $ | 311,546 | $ | 323,602 | $ | 337,505 | $ | 335,801 | |||||||
Cost of operations | 163,069 | 165,609 | 174,867 | 171,156 | |||||||||||
Revenues less cost of operations | $ | 148,477 | $ | 157,993 | $ | 162,638 | $ | 164,645 | |||||||
Net income | $ | 102,160 | $ | 112,689 | $ | 115,995 | $ | 120,279 | |||||||
Net income attributable to common stockholders | $ | 94,770 | $ | 104,828 | $ | 108,087 | $ | 112,282 | |||||||
Earnings per common share—basic | $ | 0.74 | $ | 0.82 | $ | 0.84 | $ | 0.87 | |||||||
Earnings per common share—diluted | $ | 0.74 | $ | 0.81 | $ | 0.83 | $ | 0.86 | |||||||
For the Three Months Ended | |||||||||||||||
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | ||||||||||||
Revenues | $ | 285,485 | $ | 296,813 | $ | 306,953 | $ | 307,353 | |||||||
Cost of operations | 151,573 | 152,097 | 153,362 | 150,676 | |||||||||||
Revenues less cost of operations | $ | 133,912 | $ | 144,716 | $ | 153,591 | $ | 156,677 | |||||||
Net income | $ | 95,430 | $ | 102,713 | $ | 139,687 | $ | 109,250 | |||||||
Net income attributable to common stockholders | $ | 88,256 | $ | 95,153 | $ | 130,418 | $ | 101,462 | |||||||
Earnings per common share—basic | $ | 0.70 | $ | 0.75 | $ | 1.03 | $ | 0.80 | |||||||
Earnings per common share—diluted | $ | 0.70 | $ | 0.75 | $ | 1.02 | $ | 0.80 |
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 |
Building and Improvements Initial Cost | Adjustments and Costs to Land and Building Subsequent to Acquisition | Gross carrying amount at December 31, 2019 | |||||||||||||||||||||||
Self - Storage Facilities by State: | Store Count | Land Initial Cost | Building and Improvements | Accumulated Depreciation | |||||||||||||||||||||
Debt | Land | Total | |||||||||||||||||||||||
AL | 8 | $ | 29,567 | $ | 7,690 | $ | 42,770 | $ | 3,693 | $ | 7,691 | $ | 46,462 | $ | 54,153 | $ | 8,277 | ||||||||
AZ | 23 | 21,845 | 27,535 | 117,304 | 9,574 | 27,533 | 126,880 | 154,413 | 24,239 | ||||||||||||||||
CA | 165 | 531,406 | 539,355 | 1,166,591 | 109,246 | 540,043 | 1,275,149 | 1,815,192 | 264,874 | ||||||||||||||||
CO | 16 | 30,432 | 16,809 | 71,894 | 16,652 | 17,527 | 87,828 | 105,355 | 19,546 | ||||||||||||||||
CT | 7 | 23,557 | 9,875 | 50,966 | 4,766 | 9,874 | 55,733 | 65,607 | 9,934 | ||||||||||||||||
FL | 91 | 263,634 | 163,455 | 588,353 | 56,727 | 163,919 | 644,616 | 808,535 | 134,121 | ||||||||||||||||
GA | 63 | 85,820 | 83,742 | 406,477 | 27,502 | 83,726 | 433,995 | 517,721 | 60,262 | ||||||||||||||||
HI | 13 | 31,029 | 17,663 | 133,870 | 6,025 | 17,663 | 139,895 | 157,558 | 25,676 | ||||||||||||||||
IL | 37 | 50,669 | 45,435 | 234,396 | 25,785 | 44,888 | 260,728 | 305,616 | 43,160 | ||||||||||||||||
IN | 15 | 10,987 | 12,447 | 58,247 | 5,850 | 12,447 | 64,097 | 76,544 | 11,698 | ||||||||||||||||
KS | 1 | — | 366 | 1,897 | 866 | 366 | 2,763 | 3,129 | 1,087 | ||||||||||||||||
KY | 11 | 34,066 | 8,640 | 68,679 | 18,260 | 9,412 | 86,167 | 95,579 | 12,296 | ||||||||||||||||
LA | 2 | — | 6,114 | 8,541 | 1,312 | 6,115 | 9,852 | 15,967 | 4,221 | ||||||||||||||||
MA | 46 | 105,046 | 73,544 | 270,243 | 50,778 | 73,725 | 320,840 | 394,565 | 80,863 | ||||||||||||||||
MD | 32 | 118,007 | 99,147 | 284,253 | 16,756 | 97,180 | 302,976 | 400,156 | 70,387 | ||||||||||||||||
MI | 7 | 5,792 | 9,583 | 51,359 | 3,239 | 9,583 | 54,598 | 64,181 | 5,740 | ||||||||||||||||
MN | 5 | — | 7,377 | 50,057 | 514 | 7,377 | 50,571 | 57,948 | 2,585 | ||||||||||||||||
MO | 5 | — | 4,129 | 15,444 | 4,107 | 4,086 | 19,594 | 23,680 | 7,392 | ||||||||||||||||
MS | 3 | — | 2,420 | 20,849 | 1,450 | 2,420 | 22,299 | 24,719 | 2,635 | ||||||||||||||||
NC | 19 | 28,221 | 31,969 | 104,104 | 7,379 | 31,967 | 111,485 | 143,452 | 11,241 | ||||||||||||||||
NH | 2 | 5,938 | 754 | 4,054 | 1,278 | 817 | 5,269 | 6,086 | 2,388 | ||||||||||||||||
NJ | 59 | 155,754 | 134,032 | 560,512 | 41,422 | 137,258 | 598,708 | 735,966 | 129,970 | ||||||||||||||||
NM | 11 | 17,689 | 32,252 | 71,142 | 5,049 | 32,252 | 76,191 | 108,443 | 9,373 | ||||||||||||||||
NV | 14 | 37,557 | 15,252 | 74,376 | 4,671 | 15,252 | 79,047 | 94,299 | 10,422 | ||||||||||||||||
NY | 27 | 43,218 | 121,945 | 230,875 | 34,801 | 122,680 | 264,941 | 387,621 | 59,450 | ||||||||||||||||
OH | 17 | 34,470 | 17,788 | 50,493 | 6,733 | 17,787 | 57,227 | 75,014 | 13,318 | ||||||||||||||||
OR | 6 | 30,267 | 7,906 | 39,576 | 2,042 | 7,906 | 41,618 | 49,524 | 7,545 | ||||||||||||||||
PA | 18 | 34,475 | 24,297 | 149,144 | 12,297 | 23,589 | 162,149 | 185,738 | 24,480 | ||||||||||||||||
RI | 2 | 11,841 | 3,191 | 6,926 | 1,253 | 3,191 | 8,179 | 11,370 | 2,939 | ||||||||||||||||
SC | 23 | 43,543 | 37,075 | 135,760 | 10,029 | 37,076 | 145,788 | 182,864 | 22,598 | ||||||||||||||||
TN | 17 | 45,601 | 25,938 | 91,497 | 8,750 | 25,938 | 100,247 | 126,185 | 18,046 | ||||||||||||||||
TX | 100 | 213,291 | 169,160 | 648,128 | 57,365 | 169,012 | 705,641 | 874,653 | 112,790 | ||||||||||||||||
UT | 10 | 13,181 | 9,008 | 39,295 | 2,247 | 9,008 | 41,542 | 50,550 | 9,854 | ||||||||||||||||
VA | 46 | 163,675 | 139,318 | 414,335 | 19,385 | 139,319 | 433,719 | 573,038 | 69,063 | ||||||||||||||||
WA | 8 | 20,345 | 12,528 | 47,645 | 2,694 | 12,530 | 50,337 | 62,867 | 11,380 | ||||||||||||||||
DC | 1 | 8,762 | 14,394 | 18,172 | 429 | 14,394 | 18,601 | 32,995 | 1,824 | ||||||||||||||||
Other corporate assets | — | — | 2,202 | 138,483 | — | 140,685 | 140,685 | 40,298 | |||||||||||||||||
Intangible tenant relationships and lease rights | — | — | 132,000 | 2,932 | — | 134,932 | 134,932 | 127,712 | |||||||||||||||||
Construction in Progress/Undeveloped Land | — | 5,978 | — | 39,788 | 3,372 | 42,394 | 45,766 | — | |||||||||||||||||
Right of use asset - finance lease (1) | — | — | — | 8,050 | — | 8,050 | 8,050 | 168 | |||||||||||||||||
Totals (1) | 930 | $ | 2,249,685 | $ | 1,938,111 | $ | 6,462,425 | $ | 770,180 | $ | 1,938,923 | $ | 7,231,793 | $ | 9,170,716 | $ | 1,473,852 |
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 |
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
Operating facilities | ||||||||||||||||||||||
Balance at beginning of year | $ | 6,392,487 | $ | 4,722,162 | $ | 4,126,648 | $ | 8,709,315 | $ | 8,158,741 | $ | 7,649,448 | ||||||||||
Acquisitions | 1,159,304 | 1,609,608 | 557,158 | 303,588 | 459,223 | 628,391 | ||||||||||||||||
Improvements | 92,480 | 46,696 | 32,861 | 68,459 | 64,336 | 71,090 | ||||||||||||||||
Transfers from construction in progress | 26,400 | 19,971 | 12,308 | 59,614 | 49,449 | 19,079 | ||||||||||||||||
Dispositions and other | (21,223 | ) | (5,950 | ) | (6,813 | ) | (11,418 | ) | (22,434 | ) | (209,267 | ) | ||||||||||
Balance at end of year | $ | 7,649,448 | $ | 6,392,487 | $ | 4,722,162 | $ | 9,129,558 | $ | 8,709,315 | $ | 8,158,741 | ||||||||||
Accumulated depreciation: | ||||||||||||||||||||||
Balance at beginning of year | $ | 728,087 | $ | 604,336 | $ | 496,754 | $ | 1,262,438 | $ | 1,060,060 | $ | 900,861 | ||||||||||
Depreciation expense | 174,906 | 123,751 | 109,531 | 212,202 | 203,030 | 185,903 | ||||||||||||||||
Dispositions and other | (2,132 | ) | — | (1,949 | ) | (789 | ) | (652 | ) | (26,704 | ) | |||||||||||
Balance at end of year | $ | 900,861 | $ | 728,087 | $ | 604,336 | $ | 1,473,851 | $ | 1,262,438 | $ | 1,060,060 | ||||||||||
Real estate under development/redevelopment: | ||||||||||||||||||||||
Balance at beginning of year | $ | 24,909 | $ | 17,870 | $ | 6,650 | $ | 44,954 | $ | 33,750 | $ | 21,860 | ||||||||||
Current development | 23,404 | 27,010 | 23,528 | 55,817 | 60,677 | 33,484 | ||||||||||||||||
Transfers to operating facilities | (26,400 | ) | (19,971 | ) | (12,308 | ) | (59,614 | ) | (49,449 | ) | (19,079 | ) | ||||||||||
Dispositions and other | (53 | ) | — | — | — | (24 | ) | (2,515 | ) | |||||||||||||
Balance at end of year | $ | 21,860 | $ | 24,909 | $ | 17,870 | $ | 41,157 | $ | 44,954 | $ | 33,750 | ||||||||||
Net real estate assets | $ | 6,770,447 | $ | 5,689,309 | $ | 4,135,696 | ||||||||||||||||
Net non-lease real estate assets (1) | $ | 7,696,864 | $ | 7,491,831 | $ | 7,132,431 |
(i) | Disclosure Controls and Procedures |
(ii) | Internal Control over Financial Reporting |
(a) | Management’s Report on Internal Control over Financial Reporting |
(b) | Attestation Report of the Registered Public Accounting Firm |
(c) | Changes in Internal Control over Financial Reporting |
(a) | Documents filed as part of this report: |
Exhibit Number | Description | |
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 of Form 8-K filed on May 11, 2005). | ||
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). | ||
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). | ||
Amended and Restated Articles of Incorporation of Extra Space Storage Inc.(1) | ||
Articles of Amendment of Extra Space Storage Inc., dated September 28, 2007 (incorporated by reference to Exhibit 3.1 of Form 8-K filed on October 3, 2007). | ||
Articles of Amendment of Extra Space Storage Inc., dated August 29, 2013 (incorporated by reference to Exhibit 3.1 of Form 8-K filed on August 29, 2013). | ||
Articles of Amendment of Extra Space Storage Inc., dated May 21, 2014 (incorporated by reference to Exhibit 3.1 of Form 8-K filed on May 28, 2014). | ||
Second Amended and Restated Bylaws of Extra Space Storage Inc.(incorporated by reference to Exhibit 3.1 of Form 8-K filed on | ||
Fourth Amended and Restated Agreement of Limited Partnership of Extra Space Storage LP (incorporated by reference to Exhibit 10.1 of Form 8-K filed on December 6, 2013). | ||
Declaration of Trust of ESS Holdings Business Trust II.(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 of Form 8-K filed on August 2, 2005). | ||
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 of Form 8-K filed on August 2, 2005). | ||
Junior Subordinated Note (incorporated by reference to Exhibit 4.3 of Form 10-K filed on February 26, 2010) | ||
Trust Preferred Security Certificates (incorporated by reference to Exhibit 4.4 of Form 10-K filed on February 26, 2010) | ||
Indenture, dated September 21, 2015, among Extra Space Storage LP, as issuer, Extra Space Storage Inc., as guarantor, and Wells Fargo Bank, National Association, as trustee, including the form of 3.125% Exchangeable Senior Notes due 2035 and the form of guarantee (incorporated by reference to Exhibit 4.1 of Form 8-K filed on September 21, 2015). | ||
Description of Securities(2) | ||
Registration Rights Agreement, by and among Extra Space Storage Inc. and the parties listed on Schedule I thereto.(1) |
Exhibit Number | Description | |
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 | ||
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 of Form 8-K filed on August 2, 2005). | ||
Promissory Note, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.2 of Form 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 of Form 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 of Form 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 III Co-Investment LLC (incorporated by reference to Exhibit 10.1 of Form 8-K filed on April 16, 2012). | ||
Extra Space Storage Inc. Executive Change in Control Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed on August 31, | ||
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). | ||
Letter Agreement, dated April 18, 2017, amending the Promissory Note and Waiving a Portion of the Series A Preferred Priority Return, among Extra Space Storage LP, ESS Holdings Business Trust I, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.1 of Form 10-Q filed on May 5, 2017). | ||
2015 Incentive Award Plan (incorporated by reference to the Definitive Proxy Statement on Schedule 14A filed on April 14, 2015) | ||
Form of 2015 Incentive Award Plan Performance Stock Award Agreement(2) | ||
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). | ||
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 filed on October 17, 2016). | ||
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) | ||
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). | ||
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). | ||
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). | ||
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). | ||
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). | ||
Extra Space Storage 2004 Non-Employee Directors’ Share Plan (incorporated by reference to Exhibit 10.22 of Form 10-K/A filed on March | ||
Note Purchase Agreement, dated as of June 29, 2017, by and among Extra Space Storage Inc., Extra Space Storage LP and the purchasers named therein (incorporated by reference to Exhibit 10.1 of Form 8-K filed on June 30, 2017). | ||
Note Purchase Agreement, dated as of May 25, 2018, by and among Extra Space Storage Inc., Extra Space Storage LP and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 31, 2018). |
Exhibit Number | Description | |
Amended and Restated Credit Agreement, dated as of December 7, 2018, 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 and lead arrangers and book runners, and certain lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on December 10, 2018). | ||
Amendment No. 1, dated as of July 1, 2019, to the Amended and Restated Credit Agreement, dated as of December 7, 2018, 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 and lead arrangers and book runners, and certain lenders party thereto (incorporated by reference to Exhibit 10.1 of Form 8-K filed on July 8, 2019). | ||
Subsidiaries of the Company(2) | ||
Consent of Ernst & Young LLP(2) | ||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2) | ||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2) |
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 the Sarbanes-Oxley Act of 2002.(2) | ||
101 | The following financial information from Registrant’s Annual Report on Form 10-K for the period ended December 31, | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
EXTRA SPACE STORAGE INC. | ||||
Date: February | By: | / | ||
Joseph D. Margolis Chief Executive Officer |
Date: February | By: | / | ||
Joseph D. Margolis Chief Executive Officer (Principal Executive Officer) | ||||
Date: February | By: | / | ||
P. Scott Stubbs Executive Vice President and Chief Financial Officer | ||||
Date: February | By: | / | ||
Grace Kunde Senior Vice President, Accounting and Finance (Principal Accounting Officer) | ||||
Date: February | By: | / | ||
Kenneth M. Woolley | ||||
Date: February | By: | / | ||
Director | ||||
Date: February | By: | / | ||
Ashley Dreier Director | ||||
Date: February | By: | / | ||
Spencer F. Kirk Director | ||||
Date: February | By: | / | ||
Dennis Letham Director | ||||
Date: February | By: | / | ||
Diane Olmstead Director | ||||
Date: February 25, 2020 | By: | /s/ ROGER B. PORTER | ||
Roger B. Porter Director |