Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 001-32324 | ||
Entity Registrant Name | CUBESMART | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-1024732 | ||
Entity Address, Address Line One | 5 Old Lancaster Road | ||
Entity Address, City or Town | Malvern | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19355 | ||
City Area Code | 610 | ||
Local Phone Number | 535-5000 | ||
Title of 12(b) Security | Common Shares, $0.01 par value per share, of CubeSmart | ||
Trading Symbol | CUBE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,228,744,387 | ||
Entity Common Stock, Shares Outstanding | 199,699,623 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001298675 | ||
Amendment Flag | false | ||
Cubesmart, L P and Subsidiaries | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 000-54462 | ||
Entity Registrant Name | CUBESMART, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 34-1837021 | ||
Entity Address, Address Line One | 5 Old Lancaster Road | ||
Entity Address, City or Town | Malvern | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19355 | ||
City Area Code | 610 | ||
Local Phone Number | 535-5000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 50,533,593 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001300485 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Storage properties | $ 5,489,754 | $ 4,699,844 |
Less: Accumulated depreciation | (983,940) | (925,359) |
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively) | 4,505,814 | 3,774,485 |
Cash and cash equivalents | 3,592 | 54,857 |
Restricted cash | 2,637 | 3,584 |
Loan procurement costs, net of amortization | 3,275 | 4,059 |
Investment in real estate ventures, at equity | 92,071 | 91,117 |
Other assets, net | 170,753 | 101,443 |
Total assets | 4,778,142 | 4,029,545 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net | 2,030,372 | 1,835,725 |
Revolving credit facility | 117,800 | |
Mortgage loans and notes payable, net | 216,504 | 96,040 |
Accounts payable, accrued expenses and other liabilities | 159,140 | 137,880 |
Lease liabilities - finance leases | 65,599 | |
Distributions payable | 68,301 | 64,688 |
Deferred revenue | 29,087 | 25,313 |
Security deposits | 1,077 | 475 |
Total liabilities | 2,687,880 | 2,160,121 |
Noncontrolling interests in the Operating Partnership | 249,414 | 62,088 |
Commitments and contingencies | ||
Equity | ||
Common shares $.01 par value, 400,000,000 shares authorized, 197,405,989 and 193,557,024 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 1,974 | 1,936 |
Additional paid-in capital | 2,805,673 | 2,674,745 |
Accumulated other comprehensive loss | (632) | (729) |
Accumulated deficit | (974,799) | (876,606) |
Total CubeSmart shareholders' equity | 1,832,216 | 1,799,346 |
Noncontrolling interests in subsidiaries | 8,632 | 7,990 |
Total equity | 1,840,848 | 1,807,336 |
Total liabilities and equity | $ 4,778,142 | $ 4,029,545 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Storage properties | $ 4,505,814 | $ 3,774,485 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 400,000,000 | 400,000,000 |
Common shares, shares issued | 197,405,989 | 193,557,024 |
Common shares, shares outstanding | 197,405,989 | 193,557,024 |
VIE | ||
Storage properties | $ 119,345 | $ 92,612 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | |||
Rental income | $ 581,009 | $ 552,404 | $ 517,535 |
Total revenues | 679,177 | 643,915 | 597,944 |
OPERATING EXPENSES | |||
Property operating expenses | 223,634 | 209,739 | 196,866 |
Depreciation and amortization | 156,573 | 163,547 | 143,350 |
General and administrative | 41,423 | 38,560 | 37,712 |
Total operating expenses | 421,630 | 411,846 | 377,928 |
Interest: | |||
Interest expense on loans | (75,890) | (72,525) | (62,132) |
Loan procurement amortization expense | (2,674) | (2,819) | (2,313) |
Loss on early extinguishment of debt | (18,020) | ||
Equity in earnings (losses) of real estate ventures | 178 | 11,122 | (865) |
Gains from sale of real estate, net | 6,710 | 1,508 | 10,576 |
Other | (240) | 1,416 | 206 |
Total other expense | (89,936) | (61,298) | (54,528) |
NET INCOME | 167,611 | 170,771 | 165,488 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interests in the Operating Partnership | (1,825) | (1,708) | (1,820) |
Noncontrolling interest in subsidiaries | (165) | 54 | 221 |
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 165,621 | $ 169,117 | $ 163,889 |
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.89 | $ 0.89 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Weighted average basic shares outstanding (in shares) | 194,147 | 190,874 | 184,653 |
Weighted average diluted shares outstanding (in shares) | 194,943 | 191,576 | 185,495 |
Other Property Related Income | |||
REVENUES | |||
Property related income | $ 70,723 | $ 67,558 | $ 60,156 |
Property Management Fee Income | |||
REVENUES | |||
Property related income | $ 27,445 | $ 23,953 | $ 20,253 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
NET INCOME | $ 167,611 | $ 170,771 | $ 165,488 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on interest rate swaps | 232 | (979) | |
Reclassification of realized losses (gains) on interest rate swaps | 81 | 70 | (60) |
OTHER COMPREHENSIVE INCOME (LOSS) | 81 | 302 | (1,039) |
COMPREHENSIVE INCOME | 167,692 | 171,073 | 164,449 |
Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (1,809) | (1,710) | (1,814) |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | (165) | 54 | 221 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 165,718 | $ 169,417 | $ 162,856 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total Shareholders' Equity | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Noncontrolling Interest in Subsidiaries | Noncontrolling Interests in Operating Partnership | Total |
Balance at Dec. 31, 2017 | $ 1,629,134 | $ 1,822 | $ 2,356,620 | $ 3 | $ (729,311) | $ 6,236 | $ 1,635,370 | |
Balance (in shares) at Dec. 31, 2017 | 182,216 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2017 | $ 54,320 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Contributions from noncontrolling interests in subsidiaries | 925 | 925 | ||||||
Distributions paid to noncontrolling interests in subsidiaries | (169) | (169) | ||||||
Issuance of common shares, net | 131,829 | $ 43 | 131,786 | 131,829 | ||||
Issuance of common shares, net (in shares) | 4,291 | |||||||
Issuance of restricted shares | 1 | $ 1 | 1 | |||||
Issuance of restricted shares (in shares) | 86 | |||||||
Issuance of OP units | 6,242 | |||||||
Conversion from units to shares | 4,404 | $ 1 | 4,403 | (4,404) | 4,404 | |||
Conversion from units to shares (in shares) | 147 | |||||||
Exercise of stock options | 3,835 | $ 4 | 3,831 | 3,835 | ||||
Exercise of stock options (in shares) | 405 | |||||||
Amortization of restricted shares | 2,570 | 2,570 | 2,570 | |||||
Share compensation expense | 1,541 | 1,541 | 1,541 | |||||
Adjustment for noncontrolling interest in the Operating Partnership | (299) | (299) | 299 | (299) | ||||
Net income (loss) | 163,889 | 163,889 | (221) | 163,668 | ||||
Net income (loss) | 1,820 | |||||||
Other comprehensive income (loss), net | (627) | (1,032) | 405 | (627) | ||||
Other comprehensive income (loss), net | (6) | |||||||
Common share distributions | (226,599) | (226,599) | (2,452) | (226,599) | ||||
Balance at Dec. 31, 2018 | 1,709,678 | $ 1,871 | 2,500,751 | (1,029) | (791,915) | 6,771 | 1,716,449 | |
Balance (in shares) at Dec. 31, 2018 | 187,145 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018 | 55,819 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Contributions from noncontrolling interests in subsidiaries | 7,376 | 7,376 | ||||||
Distributions paid to noncontrolling interests in subsidiaries | (188) | (188) | ||||||
Acquisition of noncontrolling interest in subsidiary | (34,690) | (34,690) | (5,915) | (40,605) | ||||
Issuance of common shares, net | 196,304 | $ 60 | 196,244 | 196,304 | ||||
Issuance of common shares, net (in shares) | 5,899 | |||||||
Issuance of restricted shares (in shares) | 52 | |||||||
Issuance of OP units | 3,576 | |||||||
Conversion from units to shares | 2,486 | $ 1 | 2,485 | (2,486) | 2,486 | |||
Conversion from units to shares (in shares) | 80 | |||||||
Exercise of stock options | 3,686 | $ 4 | 3,682 | 3,686 | ||||
Exercise of stock options (in shares) | 381 | |||||||
Amortization of restricted shares | 4,487 | 4,487 | 4,487 | |||||
Share compensation expense | 1,786 | 1,786 | 1,786 | |||||
Adjustment for noncontrolling interest in the Operating Partnership | (5,918) | (5,918) | 5,918 | (5,918) | ||||
Net income (loss) | 169,117 | 169,117 | (54) | 169,063 | ||||
Net income (loss) | 1,708 | |||||||
Other comprehensive income (loss), net | 300 | 300 | 300 | |||||
Other comprehensive income (loss), net | 2 | |||||||
Common share distributions | (247,890) | (247,890) | (2,449) | (247,890) | ||||
Balance at Dec. 31, 2019 | 1,799,346 | $ 1,936 | 2,674,745 | (729) | (876,606) | 7,990 | 1,807,336 | |
Balance (in shares) at Dec. 31, 2019 | 193,557 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2019 | 62,088 | 62,088 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Contributions from noncontrolling interests in subsidiaries | 682 | 682 | ||||||
Distributions paid to noncontrolling interests in subsidiaries | (205) | (205) | ||||||
Issuance of common shares, net | 120,727 | $ 37 | 120,690 | 120,727 | ||||
Issuance of common shares, net (in shares) | 3,627 | |||||||
Issuance of restricted shares (in shares) | 60 | |||||||
Issuance of OP units | 186,933 | |||||||
Conversion from units to shares | 2,824 | $ 1 | 2,823 | (2,824) | 2,824 | |||
Conversion from units to shares (in shares) | 100 | |||||||
Exercise of stock options | 961 | 961 | 961 | |||||
Exercise of stock options (in shares) | 62 | |||||||
Amortization of restricted shares | 4,502 | 4,502 | 4,502 | |||||
Share compensation expense | 1,952 | 1,952 | 1,952 | |||||
Adjustment for noncontrolling interest in the Operating Partnership | (4,230) | (4,230) | 4,230 | (4,230) | ||||
Net income (loss) | 165,621 | 165,621 | 165 | 165,786 | ||||
Net income (loss) | 1,825 | |||||||
Other comprehensive income (loss), net | 97 | 97 | 97 | |||||
Other comprehensive income (loss), net | (16) | |||||||
Common share distributions | (259,584) | (259,584) | (2,822) | (259,584) | ||||
Balance at Dec. 31, 2020 | $ 1,832,216 | $ 1,974 | $ 2,805,673 | $ (632) | $ (974,799) | $ 8,632 | 1,840,848 | |
Balance (in shares) at Dec. 31, 2020 | 197,406 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2020 | $ 249,414 | $ 249,414 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||
Common share distributions (in dollars per share) | $ 1.33 | $ 1.29 | $ 1.22 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 167,611 | $ 170,771 | $ 165,488 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 159,247 | 166,366 | 145,663 |
Loss on early extinguishment of debt | 18,020 | ||
Equity in losses (earnings) of real estate ventures | (178) | (11,122) | 865 |
Gain from sale of real estate | (6,710) | (1,508) | (10,576) |
Equity compensation expense | 7,140 | 6,694 | 5,572 |
Accretion of fair market value adjustment of debt | (259) | (718) | (735) |
Changes in other operating accounts: | |||
Other assets | (9,674) | (6,578) | (4,937) |
Accounts payable and accrued expenses | 13,922 | 6,042 | 2,653 |
Other liabilities | 1,914 | 1,821 | 342 |
Net cash provided by operating activities | 351,033 | 331,768 | 304,335 |
Investing Activities | |||
Acquisitions of storage properties | (417,988) | (117,998) | (214,510) |
Additions and improvements to storage properties | (49,857) | (37,569) | (27,626) |
Development costs | (55,286) | (102,826) | (86,002) |
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired | (117,959) | ||
Investment in real estate ventures | (7,022) | (10,264) | (19,216) |
Cash distributed from real estate ventures | 6,246 | 7,096 | 8,706 |
Proceeds from sale of real estate, net | 12,466 | 3,856 | 16,389 |
Net cash used in investing activities | (511,441) | (375,664) | (322,259) |
Proceeds from: | |||
Unsecured senior notes | 445,833 | 696,426 | |
Revolving credit facility | 429,085 | 859,313 | 679,535 |
Principal payments on: | |||
Unsecured senior notes | (250,000) | ||
Revolving credit facility | (311,285) | (1,158,776) | (565,710) |
Unsecured term loans | (200,000) | ||
Mortgage loans and notes payable | (46,093) | (11,652) | (9,816) |
Loan procurement costs | (3,764) | (6,023) | |
Debt prepayment costs | (17,584) | ||
Settlement of hedge transactions | (807) | ||
Acquisition of noncontrolling interest in subsidiary, net | (35,777) | ||
Proceeds from issuance of common shares, net | 120,727 | 196,304 | 131,830 |
Cash paid upon vesting of restricted shares | (686) | (421) | (1,461) |
Exercise of stock options | 961 | 3,686 | 3,835 |
Contributions from noncontrolling interests in subsidiaries | 48 | 925 | |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Distributions paid to common shareholders | (256,253) | (243,859) | (221,328) |
Distributions paid to noncontrolling interests in Operating Partnership | (2,540) | (2,419) | (2,393) |
Net cash provided by financing activities | 108,196 | 95,855 | 15,248 |
Change in cash, cash equivalents and restricted cash | (52,212) | 51,959 | (2,676) |
Cash, cash equivalents and restricted cash at beginning of period | 58,441 | 6,482 | 9,158 |
Cash, cash equivalents and restricted cash at end of period | 6,229 | 58,441 | 6,482 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 80,792 | 69,283 | 66,829 |
Supplemental disclosure of noncash activities: | |||
Acquisitions of storage properties | (2,623) | ||
Proceeds held in escrow from real estate venture's sale of real estate (see note 4) | 8,288 | ||
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4) | (8,288) | ||
Right-of-use assets obtained in exchange for lease liabilities | 61,423 | ||
Discount on issuance of unsecured senior notes | 4,167 | 3,574 | |
Noncash drawdown on revolving credit facility | (103,938) | ||
Mortgage loan assumptions | 169,056 | 7,166 | |
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy | (100,000) | ||
Accretion of put liability | 7,917 | 5,895 | 24,747 |
Derivative valuation adjustment | 81 | 302 | (633) |
Loan procurement costs | (3,770) | ||
Issuance of OP units (see Note 4) | 186,933 | 3,576 | $ 6,242 |
Acquisition of noncontrolling interest in subsidiary | (4,828) | ||
Contributions from noncontrolling interests in subsidiaries | $ 682 | $ 7,328 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms the “Company”, “we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of December 31, 2020, the Company owned self-storage properties located in the District of Columbia and 24 states throughout the United States which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. As of December 31, 2020, the Parent Company owned approximately 96.4% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2020, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.2 million as of December 31, 2020. Disclosure of such redemption provisions is provided in note 12. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results. Self-Storage Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the projects are under development. Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed ground leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place ground lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $83.4 million and $20.5 million, respectively, for the year ended December 31, 2020, and $81.7 million and $11.3 million, respectively, for the year ended December 31, 2019. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2020, 2019 and 2018. Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year , (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. There were no stores classified as held for sale as of December 31, 2020. Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements. Loan Procurement Costs Loan procurement costs related to borrowings were $38.1 million and $31.5 million as of December 31, 2020 and 2019, respectively, and are reported net of accumulated amortization of $13.1 million and $12.9 million as of December 31, 2020 and 2019, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. Other Assets Other assets are comprised of the following as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A preferred units of Capital Storage Partners, LLC (“Capital Storage”), a newly formed venture that acquired 22 self-storage properties located in Florida (4) , Oklahoma (5) and Texas (13) . The Class A preferred units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party. Revenue Recognition Management has determined that all of the Company’s leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $1.5 million, $2.1 million and $1.6 million, respectively, of equity offering costs related to the issuance of common shares. Other Property Related Income Other property related income consists of late fees, administrative charges, customer storage protection plan fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned. Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2020, 2019 and 2018, the Company capitalized Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had no outstanding derivatives as of December 31, 2020 or 2019. Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $4,384.1 million and $3,909.1 million as of December 31, 2020 and 2019. Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2020 consisted of a 74.174% ordinary income distribution, a 2.138% capital gain distribution and a 23.688% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2020, 2019 or 2018. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $0.4 million and $0.7 million as of December 31, 2020 and 2019, respectively. Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. The Company recognizes forfeitures on share-based payments as they occur. Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard is effective on January 1, 2022, with early adoption permitted, but only as of the beginning of an entity’s annual fiscal year. The Company is currently assessing the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The standard became effective on January 1, 2020 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided to lessors in a subsequent amendment to the standard that removed the requirement to separate lease and nonlease components, provided certain conditions were met. Refer to note 13 for the impact of the adoption of ASU No. 2016-02 – Leases (Topic 842) on the Company’s consolidated financial statements. Concentration of Credit Risk The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020. The stores in Florida, New York, Texas and California provided approximately 16%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2019. The stores in Florida, New York, Texas and California provided approximately 17%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2018. |
STORAGE PROPERTIES
STORAGE PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
STORAGE PROPERTIES | |
STORAGE FACILITIES | 3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, 2020 2019 (in thousands) Land $ 1,093,503 $ 858,541 Buildings and improvements 4,122,995 3,619,594 Equipment 123,044 128,111 Construction in progress 108,316 93,598 Right-of-use assets - finance leases 41,896 — Storage properties 5,489,754 4,699,844 Less: Accumulated depreciation (983,940) (925,359) Storage properties, net $ 4,505,814 $ 3,774,485 The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2020, 2019 and 2018: Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisitions: Texas Asset San Antonio, TX February 2020 1 $ 9,025 Maryland Asset Baltimore-Towson, MD April 2020 1 17,200 New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA April 2020 1 48,450 Florida Asset Palm Bay-Melbourne-Titusville, FL November 2020 1 3,900 Texas Asset Austin-Round Rock, TX November 2020 1 10,750 Texas Asset Dallas-Fort Worth-Arlington, TX November 2020 1 10,150 Nevada Asset Las Vegas-Paradise, NV December 2020 1 16,800 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 6,750 Storage Deluxe Assets New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 8 540,000 Florida Assets Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL December 2020 3 45,500 Florida Asset Tampa-St. Petersburg-Clearwater, FL December 2020 1 10,000 Virginia Asset Washington-Arlington-Alexandria, DC-VA-MD-WV December 2020 1 17,350 21 $ 735,875 2020 Disposition: New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 $ 12,750 1 $ 12,750 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 2018 Acquisitions: Texas Asset Austin-Round Rock, TX January 2018 1 $ 12,200 Texas Asset Houston-Sugar Land-Baytown, TX May 2018 1 19,000 Metro DC Asset Washington-Arlington-Alexandria, DC-VA-MD-WV July 2018 1 34,200 Nevada Asset Las Vegas-Paradise, NV September 2018 1 14,350 North Carolina Asset Charlotte-Gastonia-Concord, NC-SC September 2018 1 11,000 California Asset Los Angeles-Long Beach-Santa Ana, CA October 2018 1 53,250 Texas Asset Houston-Sugar Land-Baytown, TX October 2018 1 23,150 California Asset San Diego-Carlsbad-San Marcos, CA November 2018 1 19,118 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA November 2018 1 37,000 Illinois Asset Chicago-Naperville-Joliet, IL-IN-WI December 2018 1 4,250 10 $ 227,518 2018 Dispositions: Arizona Assets Phoenix-Mesa-Scottsdale, AZ November 2018 2 $ 17,502 2 $ 17,502 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4). |
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT ACTIVITY | |
INVESTMENT ACTIVITY | 4. INVESTMENT ACTIVITY 2020 Acquisitions The Company acquired a portfolio of eight stores located in the outer boroughs of New York City (the “Storage Deluxe Assets”), in two separate tranches during December 2020, for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company assumed six mortgage loans with an aggregate outstanding principal amount of $154.4 million at the time of acquisition, one of which had an outstanding principal balance of $33.2 million and was repaid immediately. The assumed mortgage debt was recorded at a fair value of $169.2 million, which includes an aggregate net premium of $14.8 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded with $210.5 million of cash and $175.1 million through the issuance of 5,272,023 OP Units (see note 12). In connection with the acquisition of the Storage Deluxe Assets, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $ 48.6 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months . Additionally, as part of the transaction, the Company assumed three existing ground leases as lessee, two of which have been classified as finance leases and one of which has been classified as an operating lease (see note 13). During the year ended December 31, 2020, the Company acquired 13 additional stores located in Florida (5) , Maryland (1) , Nevada (1) , New Jersey (1) , New York (1) , Texas (3) and Virginia (1) for an aggregate purchase price of approximately $195.9 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $ 11.4 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2020 was approximately $2.1 million. Additionally, on July 20, 2020, the Company acquired land underlying a wholly-owned store located in the Bronx, New York for $9.5 million. The land was previously subject to a ground lease in which the Company served as lessee. As a result of the transaction, which was accounted for as an asset acquisition, the Company was released from its obligations under the ground lease, and the right-of-use asset and lease liability totaling $5.1 million and $5.0 million, respectively, were removed from the Company’s consolidated balance sheets. 2020 Disposition On December 22, 2020, the Company sold a self-storage property located in New York for a sales price of $12.8 million. The Company recorded a $6.7 million gain in connection with the sale. Development Activity As of December 31, 2020, the Company had invested in joint ventures to develop six self-storage properties located in Massachusetts (1), New York (2), Pennsylvania (1) and Virginia (2). Construction for all projects is expected to be completed by the second quarter of 2022 (see note 12). As of December 31, 2020, development costs incurred to date for these projects totaled $94.0 million. Total construction costs for these projects are expected to be $150.1 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores since January 1, 2018. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY (1) 1 Q2 2020 100% $ 45,900 Waltham, MA (2) 1 Q3 2019 100% 18,000 Queens, NY (1) 1 Q2 2019 100% 47,500 Bayonne, NJ (1) (3) 1 Q2 2019 100% 25,100 Bronx, NY (1) 1 Q3 2018 100% 92,100 5 $ 228,600 (1) These stores were previously owned by four separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows. (2) On August 8, 2019, the Company, through a joint venture in which it owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (3) This store is subject to a ground lease. During the fourth quarter of 2015 and the third quarter of 2017, the Company, through two separate joint ventures in which it owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in Queens, NY and a store located in New York, NY, respectively. On June 25, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the New York, NY store for $18.5 million, and on June 28, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Queens, NY store, for $9.0 million. Prior to these transactions, the noncontrolling member’s interest in each venture was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in each venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. In each case, the carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest which aggregated to $22.6 million, was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $12.4 million related party loan extended by the Company to the venture that owned the Queens, NY store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest. 2019 Acquisitions During the year ended December 31, 2019, the Company acquired 11 stores located in Arizona (1) , California (1) , Florida (5) , Georgia (1) , Maryland (1) , South Carolina (1) and Texas (1) for an aggregate purchase price of approximately $118.3 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $6.2 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the years ended December 31, 2020 and 2019 was approximately $4.3 million and $1.9 million, respectively. In connection with one of the acquisitions, the Company paid $14.9 million of cash and issued OP Units that were valued at approximately $3.6 million as consideration for the purchase price (see note 12). Additionally, on June 6, 2019, the Company acquired its partner’s 90% ownership interest in HVP III, an unconsolidated real estate venture in which the Company previously owned a 10% noncontrolling interest and that was accounted for under the equity method of accounting. As of the date of acquisition, HVP III owned 18 stores located in Georgia (1), Massachusetts (7), North Carolina (1), South Carolina (7) and Tennessee (2) (the “HVP III Assets”). The purchase price for the 90% ownership interest was $128.3 million, which was comprised of cash consideration of $120.0 million and $8.3 million of the Company’s escrowed proceeds from HVP III’s sale of 50 properties to an unaffiliated buyer on June 5, 2019 (see note 5). The HVP III Assets were recorded by the Company at $137.5 million, which consisted of the $128.3 million purchase price plus the Company’s $10.6 million carryover basis of its previously held equity interest in HVP III, offset by $1.4 million of acquired cash. As a result of the transaction, which was accounted for as an asset acquisition, the HVP III Assets became wholly-owned by the Company and are now consolidated within its financial statements. No gain or loss was recognized as a result of the transaction. In connection with the transaction, the Company allocated the value of the HVP III Assets and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $14.3 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the years ended December 31, 2020 and 2019 was approximately $6.0 million and $8.3 million, respectively. 2019 Disposition On October 7, 2019, the Company sold a self-storage property located in Texas for a sales price of $4.1 million. The Company recorded a $1.5 million gain in connection with the sale. 2018 Acquisitions During the year ended December 31, 2018, the Company acquired ten stores located in California (2) , Illinois (1) , Nevada (1) , New York (1) , North Carolina (1) , Texas (3) and the District of Columbia (1) , including one store upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $227.5 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated a portion of the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $11.3 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months , and the amortization expense that was recognized during the years ended December 31, 2019 and 2018 was approximately $8.2 million and $3.1 million, respectively. In connection with one of the acquired stores, the Company assumed a $7.2 million mortgage loan that was immediately repaid by the Company. The remainder of the purchase price was funded with $0.2 million of cash and $4.8 million through the issuance of 168,011 OP Units (see note 12). 2018 Dispositions On November 28, 2018, the Company sold two stores in Arizona for an aggregate sales price of approximately $17.5 million. In connection with these sales, the Company recorded gains that totaled approximately $10.6 million. |
INVESTMENT IN UNCONSOLIDATED RE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES The Company’s investments in real estate ventures, in which it holds a common ownership interest, are summarized as follows (dollars in thousands): CubeSmart Number of Stores as of Carrying Value of Investment as of Ownership December 31, December 31, Unconsolidated Real Estate Ventures Interest 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,015 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 21,760 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,628 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 63,668 66,007 83 69 $ 92,071 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million secured term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The secured loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1) Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of December 31, 2020, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of December 31, 2020, HVP IV also had $55.5 million outstanding under a separate secured loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (3) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of December 31, 2020, HHFNE had an outstanding $45.0 million secured loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of December 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. On January 21, 2021, HHF entered into a new $105.0 million secured loan, which bears interest at 2.58% per annum and matures on February 5, 2028. HHF used the proceeds from the new loan to repay its existing outstanding $100.0 million loan in full. On June 5, 2019, HVP III sold 50 stores located in Florida (3), Georgia (4), Michigan (17), North Carolina (3), South Carolina (15) and Tennessee (8), to an unaffiliated third-party buyer for an aggregate sales price of $293.5 million. As of the transaction date, HVP III had five mortgage loans with an aggregate outstanding balance of $22.9 million, as well as $179.5 million outstanding on its $185.5 million loan facility, all of which were defeased or repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $82.9 million. The venture recorded gains which aggregated to approximately $106.7 million in connection with the sale. Subsequent to the sale, the Company acquired its partner’s 90% ownership interest in HVP III, which at the time of the acquisition, owned the remaining 18 storage properties (see note 4). Based upon the facts and circumstances at formation of HVPSE, HVP IV, HHFNE, and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting (except for HVP III, which was consolidated as of June 6, 2019). The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in earnings (losses) of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2020 and 2019: December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 662,833 $ 552,791 Other assets 18,112 11,997 Total assets $ 680,945 $ 564,788 Liabilities and equity Other liabilities $ 11,588 $ 10,064 Debt 359,985 280,392 Equity CubeSmart 92,071 91,117 Joint venture partners 217,301 183,215 Total liabilities and equity $ 680,945 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020. The following is a summary of results of operations of the Ventures for the years ended December 31, 2020, 2019 and 2018: For the year ended December 31, 2020 2019 2018 (in thousands) Total revenues $ 67,239 $ 72,582 $ 90,111 Operating expenses (30,755) (32,134) (37,899) Other expenses (430) (3,227) (938) Interest expense, net (11,585) (14,927) (13,311) Depreciation and amortization (33,086) (30,107) (41,972) Gains from sale of real estate, net — 106,667 — Net (loss) income $ (8,617) $ 98,854 $ (4,009) Company’s share of net income (loss) $ 178 $ 11,122 $ (865) The results of operations above include the periods from January 1, 2018 through June 6, 2019 (date of consolidation) for HVP III and March 19, 2020 (date of initial store acquisition) through December 31, 2020 for HVPSE. |
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES | 12 Months Ended |
Dec. 31, 2020 | |
UNSECURED SENIOR NOTES | |
UNSECURED SENIOR NOTES | 6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): December 31, Effective Issuance Maturity Unsecured Senior Notes 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 (1) $ — $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (2) 300,000 300,000 4.33 % Various (2) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (3) 300,000 300,000 3.99 % Various (3) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 — 2.10 % Oct-20 Feb-31 Principal balance outstanding 2,050,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (7,470) (3,860) Less: Loan procurement costs, net (12,158) (10,415) Total unsecured senior notes, net $ 2,030,372 $ 1,835,725 (1) On October 30, 2020, the Operating Partnership redeemed, in full, its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”), with proceeds from its $450.0 million of 2.000% senior notes due 2031 issued on October 6, 2020. In connection with the redemption of the 2022 Notes, the Operating Partnership recognized a loss on early debt extinguishment of $18.0 million, of which $17.6 million represents a prepayment premium and $0.4 represents the write-off of unamortized loan procurement costs. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . (3) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5 :1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the year ended December 31, 2020, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes. |
REVOLVING CREDIT FACILITY AND U
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 12 Months Ended |
Dec. 31, 2020 | |
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013 and April 22, 2015 to provide for, among other things, a $500.0 million unsecured revolving facility with a maturity date of April 22, 2020. On June 19, 2019, the Company amended and restated, in its entirety, the Credit Facility (the “Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of a $750.0 million unsecured revolving credit facility (the “Revolver”) maturing on June 19, 2024. Under the Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.10% over LIBOR, inclusive of a facility fee of 0.15%. The Company incurred costs of $3.9 million in 2019 in connection with amending and restating the Credit Facility and capitalized such costs as a component of Loan procurement costs, net of amortization on the consolidated balance sheets. On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes”) to repay all of the outstanding indebtedness under the $200.0 million unsecured term loan portion of the Credit Facility. As of December 31, 2020, borrowings under the Revolver had an effective weighted average interest rate of 1.24%. Additionally, as of December 31, 2020, $631.6 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. Under the Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of and for the year ended December 31, 2020, the Operating Partnership was in compliance with all of its financial covenants. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of, among other things, a $100.0 million unsecured term loan that was scheduled to mature in January 2020. On June 19, 2019, the Company used an initial advance at closing of the Amended and Restated Credit Facility to repay all of the outstanding indebtedness under the unsecured term loan portion of the Term Loan Facility. Unamortized loan procurement costs of $0.1 million were written off in conjunction with the repayment. |
MORTGAGE LOANS AND NOTES PAYABL
MORTGAGE LOANS AND NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
MORTGAGE LOANS AND NOTES PAYABLE | |
MORTGAGE LOANS AND NOTES PAYABLE | 8. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: Carrying Value as of December 31, Effective Maturity Mortgage Loans and Notes Payable 2020 2019 Interest Rate Date (in thousands) Bronx VII, NY (1) $ — $ 7,805 4.56 % Nov-20 Bronx VIII, NY (1) — 2,740 4.61 % Nov-20 Bronx IX, NY 21,030 21,547 4.85 % Jun-21 Bronx X, NY 23,148 24,042 4.64 % Jun-21 Nashville V, TN 2,261 2,313 3.85 % Jun-23 New York, NY 29,981 30,588 3.51 % Jun-23 Annapolis I, MD 5,283 5,459 3.78 % May-24 Brooklyn XV, NY 15,713 — 2.15 % May-24 Long Island City IV, NY 12,852 — 2.15 % May-24 Long Island City II, NY 19,094 — 2.25 % Jul-26 Long Island City III, NY 19,106 — 2.25 % Aug-26 Flushing II, NY 54,300 — 2.15 % Jul-29 Principal balance outstanding 202,768 94,494 Plus: Unamortized fair value adjustment 15,879 1,833 Less: Loan procurement costs, net (2,143) (287) Total mortgage loans and notes payable, net $ 216,504 $ 96,040 (1) These mortgage loans were repaid in full on November 2, 2020. As of December 31, 2020 and 2019, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $539.2 million and $206.3 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2020 (in thousands): 2021 $ 46,383 2022 2,426 2023 32,591 2024 32,329 2025 979 2026 and thereafter 88,060 Total mortgage payments 202,768 Plus: Unamortized fair value adjustment 15,879 Less: Loan procurement costs, net (2,143) Total mortgage loans and notes payable, net $ 216,504 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2020 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10 for details). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) Beginning balance $ (737) $ (1,039) Unrealized gains on interest rate swaps - 232 Reclassification of realized losses on interest rate swaps (1) 81 70 Ending balance (656) (737) Less: portion included in noncontrolling interests in the Operating Partnership 24 8 Total accumulated other comprehensive loss included in equity $ (632) $ (729) (1) See note 10 for additional information about the effects of the amounts reclassified. |
RISK MANAGEMENT AND USE OF FINA
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | |
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects in its consolidated statement of operations realized and unrealized gains and losses with respect to the derivative. As of December 31, 2020 and 2019, all derivative instruments entered into by the Company had been settled. On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the consolidated balance sheet at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of the 2029 Notes, the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of $0.1 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2020. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in 2021. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 11. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value, as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. There were no financial assets or liabilities carried at fair value as of December 31, 2020 and 2019. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2020 and 2019. The aggregate carrying value of the Company’s debt was $2,364.7 million and $1,931.8 million as of December 31, 2020 and 2019, respectively. The estimated fair value of the Company’s debt was $2,571.3 million and $2,037.6 million as of December 31, 2020 and 2019, respectively. The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2020 and 2019. The Company estimates the fair value of its fixed-rate debt and the credit spreads over variable market rates on its variable-rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
NONCONTROLLING INTERESTS | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS Interests in Consolidated Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of the joint ventures in the table below: Date Opened / CubeSmart Number Estimated Ownership December 31, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Vienna, LLC ("Vienna") (1) 1 Vienna, VA Q2 2022 (est.) 72% $ 16,424 $ 4,981 CS 750 W Merrick Rd, LLC ("Merrick") (2) 1 Valley Stream, NY Q1 2022 (est.) 51% 12,090 5,269 CS Valley Forge Village Storage, LLC ("VFV") (3) 1 King of Prussia, PA Q2 2021 (est.) 70% 18,129 9,806 Shirlington Rd II, LLC ("SH2") (4) 1 Arlington, VA Q1 2021 (est.) 90% 18,821 1,046 CS 2087 Hempstead Tpk, LLC ("Hempstead") (2) 1 East Meadow, NY Q1 2021 (est.) 51% 22,079 7,576 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2021 (est.) 90% 17,808 11,289 Shirlington Rd, LLC ("SH1") (4) 1 Arlington, VA Q2 2015 90% 14,511 171 7 $ 119,862 $ 40,138 (1) On December 23, 2020, the Company and the noncontrolling member contributed a previously wholly-owned operating property (the “Vienna Operating Property”) and a parcel of land (the “Vienna Land”), respectively, to Vienna. The Vienna Operating Property and the Vienna Land are located in close proximity to each other in Vienna, VA. The members intend to construct a new store on the Vienna Land, which, upon completion, will be combined with the Vienna Operating Property and operated by the venture as a single store. The Company has a related party commitment to Vienna to fund all or a portion of the construction costs. As of December 31, 2020, the Company has funded $4.9 million of a total $17.0 million loan commitment to Vienna, which is included in the total liabilities amount within the table above. This loan and the related interest were eliminated for consolidation purposes. (2) The noncontrolling members of Merrick and Hempstead have the option to put their ownership interest in the ventures to the Company for $17.1 million and $6.6 million (the “Put Option”), respectively, within the two-year period after construction of each store is substantially complete (the “Put Option Period”). In the event the Put Option is not exercised, the Company has a one-year option to call the ownership interest of the noncontrolling members of Merrick and Hempstead for $17.1 million and $6.6 million, respectively, beginning twelve months after the end of the Put Option Period. The Company, at its sole discretion, may pay cash and/or issue OP Units, in exchange for the noncontrolling member’s interest in Merrick and Hempstead. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2020, has accrued $4.9 million and $5.9 million, related to Merrick and Hempstead, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. (3) The Company has related party commitments to VFV and Newton to fund a portion of the construction costs. As of December 31, 2020, the Company has funded $6.9 million of a total $12.4 million loan commitment to VFV and $9.6 million of a total $12.1 million loan commitment to Newton, which are included in the total liability amounts within the table above. These loans and the related interest were eliminated for consolidation purposes. (4) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $9.7 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. On May 30, 2019, the Company sold its 90% ownership interest in CS SJM E 92nd Street, LLC, a previously consolidated development joint venture, for $3.7 million. In conjunction with the sale, $0.7 million of the $1.7 million related party loan extended by the Company to the venture was repaid. The remaining $1.0 million was recorded as a note receivable and was repaid during the third quarter of 2019. Additionally, as a result of the transaction, the Company was released from its obligations under the venture’s ground lease, and right-of-use assets and lease liabilities totaling $13.4 million and $14.6 million, respectively, were removed from the Company’s consolidated balance sheets. Operating Partnership Ownership The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. Approximately 3.6% and 1.0% of the outstanding OP Units as of December 31, 2020 and 2019, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. In two separate tranches during December 2020, the Company acquired the Storage Deluxe Assets for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company issued 5,272,023 OP Units valued at approximately $175.1 million to fund a portion of the purchase price. On September 29, 2020, the Company acquired the noncontrolling interest in a previously consolidated joint venture that owned a store in New York for $10.0 million. In conjunction with the closing, the Company paid $1.0 million in cash and issued 276,497 OP Units, valued at approximately $9.0 million, to pay the remaining consideration. On December 16, 2019, the Company acquired a store in California for $18.5 million. In conjunction with the closing, the Company paid $14.9 million and issued 106,738 OP Units, valued at approximately $3.6 million, to pay the remaining consideration. On January 31, 2018, the Company acquired a store in Texas for $12.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $7.2 million and immediately repaid the loan. In conjunction with the closing, the Company paid $0.2 million in cash and issued 168,011 OP Units, valued at approximately $4.8 million, to pay the remaining consideration. On April 12, 2017, the Company acquired a store in Illinois for $11.2 million. In conjunction with the closing, the Company paid $9.7 million and issued 58,400 Class C OP Units to pay the remaining consideration. On July 23, 2018, all of the 58,400 Class C OP Units were exchanged for an aggregate of 46,322 common units of the Operating Partnership. As of December 31, 2020 and 2019, 7,420,828 and 1,972,308 OP Units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP Units was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.2 million and $5.9 million, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
LEASES | 13. LEASES CubeSmart as Lessor The Company derives revenue primarily from rents received from customers who rent cubes at its self-storage properties under month-to-month leases for personal or business use. The self-storage lease agreements utilized by the Company vary slightly to comply with state-specific laws and regulations, but generally provide for automatic monthly renewals, flexibility to increase rental rates over time as market conditions permit and the collection of contingent fees such as administrative and late fees. None of the self-storage lease agreements contain options that allow the customer to purchase the leased space at any time during, or at the expiration of, the lease term. All self-storage leases in which the Company serves as lessor have been classified as operating leases. Accordingly, storage cubes are carried at historical cost less accumulated depreciation and impairment, if any, and are included in Storage properties on the Company’s consolidated balance sheets. Operating lease income for amounts received under the Company’s self-storage lease agreements is recognized on a straight-line basis which, due to the month-to-month nature of the leases, results in the recognition of income during the initial term and each subsequent monthly renewal using the then-in-place rent amount. Operating lease income is included in Rental income within the Company’s consolidated statements of operations. Variable lease income related to the Company’s self-storage lease agreements consists of administrative and late fees charged to customers. For the years ended December 31, 2020 and 2019, administrative and late fees totaled $20.0 million and $22.6 million, respectively, and are included in Other property related income within the Company’s consolidated statements of operations. CubeSmart as Lessee The Company serves as lessee in lease agreements for land, office space, automobiles and certain equipment, which have remaining lease terms of up to 44 years . Certain of the Company’s leases contain provisions that (1) provide for one or more options to renew, with renewal options that can extend the lease term up to 69 years , (2) allow for early termination at certain points during the lease term and/or (3) give the Company the option to purchase the leased property. In all cases, the exercise of the lease renewal, termination and purchase options, if provided for in the lease, are at the Company’s sole discretion. Certain of the Company’s lease agreements, particularly its land leases, require rental payments that are periodically adjusted for inflation using a defined index. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. Lease expense for payments related to the Company’s finance leases is recognized as interest expense using the interest method over the related lease term. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. For the years ended December 31, 2020 and 2019, the Company’s lease cost consists of the following components: Year Ended December 31, 2020 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 49 $ — Interest expense related to finance lease liabilities 64 — Operating lease cost 2,856 3,304 Short-term lease cost (1) 1,114 1,227 Total lease cost $ 4,083 $ 4,531 (1) Represents automobile leases that have a lease term of 12 months . The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. The following table represents supplemental balance sheet information related to leases as of December 31, 2020 and 2019: December 31, 2020 2019 (dollars in thousands) Finance Leases Right-of-use assets included in Storage properties, net $ 41,896 $ — Lease liabilities included in Lease liabilities - finance leases $ 65,599 $ — Operating Leases Right-of-use assets included in Other assets, net $ 55,302 $ 41,698 Lease liabilities included in Accounts payable, accrued expenses and other liabilities $ 53,595 $ 46,391 Weighted Average Lease Term (in years) Finance leases 43.5 — Operating leases 34.8 35.9 Weighted Average Discount Rate Finance leases 3.25 % — % Operating leases 4.46 % 4.74 % The following table represents the future lease liability maturities as of December 31, 2020 (in thousands): Finance Operating 2021 $ 1,936 $ 2,511 2022 2,183 2,639 2023 2,183 2,690 2024 2,183 2,540 2025 2,224 2,539 2026 and thereafter 122,932 99,290 Total lease payments 133,641 112,209 Less: Imputed interest (68,042) (58,614) Present value of lease liabilities $ 65,599 $ 53,595 As of December 31, 2020, the Company has not entered into any lease agreements that are set to commence in the future. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2020, 2019 and 2018 were $3.8 million, $4.0 million and $4.5 million, respectively. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $13.1 million and $10.5 million as of December 31, 2020 and 2019, respectively, and are included in Other Assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 12, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $21.4 million and $3.1 million as of December 31, 2020 and 2019, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVPSE, HVP IV and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $0.7 million, $2.1 million and $0.6 million, respectively, in fees associated with property transactions (including fees associated with HVP III). Property transaction fees are included in Other income on the consolidated statements of operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Development Commitments The Company has agreements with developers for the construction of six new self-storage properties (see note 4), which will require payments of approximately $48.4 million, due in installments upon completion of certain construction milestones, during 2021 and 2022. Litigation The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED COMPENSATION PLANS | |
SHARE-BASED COMPENSATION PLANS | 16. SHARE-BASED COMPENSATION PLANS On June 1, 2016 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 and subsequently amended with shareholder approval on June 2, 2010 (as amended and restated, the “2007 Plan”). The purpose of the 2007 Plan is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the 2007 Plan provides for the grant of share options, share appreciation rights, restricted shares, restricted share units, performance awards, which may be denominated in cash or shares, included restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the 2007 Plan may be non-qualified share options or incentive share options. Upon shareholder approval of the amendment and restatement of the 2007 Plan on June 1, 2016, 4,500,000 additional common shares were made available for award under the 2007 Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the 2007 Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2020: (i) 3,233,009 common shares remained available for future awards under the 2007 Plan; (ii) 664,364 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 2,118,090 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $26.37 per share and a weighted average term to maturity of 6.39 years). Prior to the June 1, 2016 amendment, the 2007 Plan used a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigned weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. As amended on June 1, 2016, the 2007 Plan provides that any common shares made the subject of awards under the 2007 Plan will count against the Aggregate Share Reserve as one (1) unit. The Aggregate Share Reserve and the computation of the number of common shares available for issuance is subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Aggregate Share Reserve includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of the award that expires, is forfeited or that otherwise terminates, as the case may be, again becomes available for issuance under the 2007 Plan. The 2007 Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the 2007 Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. Subject to adjustment upon certain corporate transactions or events, a participant (other than a non-employee trustee) may not receive awards under the 2007 Plan in any one calendar year covering more than 1,000,000 shares. Subject to adjustment upon certain corporate transactions or events, a non-employee trustee may not receive awards under the 2007 Plan in any one calendar year covering more than 250,000 shares. Under the 2007 Plan, the Compensation Committee determines the vesting schedule of each share award and option, subject to a one-year minimum vesting requirement, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan expired in October 2014. Prior to its expiration, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan. Subsequent to its expiration, no new equity awards may be granted under the 2004 Plan, and to the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards no longer become available for future grants under the 2004 Plan. Share Options The fair values for options granted in 2020, 2019 and 2018 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2020 2019 2018 Risk-free interest rate 1.9 % 2.7 % 2.5 % Expected dividend yield 3.9 % 3.9 % 3.7 % Volatility (1) 20.00 % 32.00 % 32.00 % Weighted average expected life of the options (2) 6.0 years 6.0 years 6.0 years Weighted average grant date fair value of options granted per share $ 3.66 $ 6.35 $ 6.24 (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2020, 2019 and 2018 grants was based on the trading history of the Company’s shares. In 2020, 2019 and 2018, the Company recognized compensation expense related to options issued to employees and executives of approximately $2.0 million, $1.8 million and $1.5 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. During 2020, 607,010 share options were issued for which the fair value of the options at their respective grant dates was approximately $2.2 million. The share options vest over three years . As of December 31, 2020, the Company had approximately $2.1 million of unrecognized option compensation cost related to all grants that will be recorded over the next two years . The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: Number of Shares Upon Option Weighted Average Strike Price Weighted Average Remaining Contractual Term (years) Balance at December 31, 2017 1,833,173 $ 16.55 5.26 Options granted 305,805 27.85 9.08 Options canceled (74,748) 26.95 — Options exercised (405,227) 9.47 1.98 Balance at December 31, 2018 1,659,003 $ 19.89 5.52 Options granted 324,409 28.69 9.01 Options exercised (381,059) 9.67 1.00 Balance at December 31, 2019 1,602,353 $ 24.10 6.26 Options granted 607,010 31.48 9.01 Options canceled (29,814) 30.46 — Options exercised (61,459) 15.65 2.55 Balance at December 31, 2020 2,118,090 $ 26.37 6.39 Vested or expected to vest at December 31, 2020 2,118,090 $ 26.37 6.39 Exercisable at December 31, 2020 1,235,816 $ 23.46 4.78 As of December 31, 2020, the aggregate intrinsic value of options outstanding, of options that vested or are expected to vest, and of options that were exercisable was approximately $15.3 million. The aggregate intrinsic value of options exercised was approximately $0.9 million, $9.1 million and $8.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Shares The Company applies the fair value method of accounting for contingently issued shares. As such, each grant is recognized ratably over the related vesting period. There were 188,371 restricted shares and share units issued during the year ended December 31, 2020, which vest over three to five years . The fair value of the restricted shares and share units issued during the year ended December 31, 2020 was approximately $6.1 million at their respective grant dates. There were 180,607 restricted shares and share units issued during the year ended December 31, 2019 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $5.8 million. As of December 31, 2020 the Company had approximately $6.0 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next five years . Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. During the years ended December 31, 2020, 2019 and 2018, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $5.2 million, $4.9 million and $4.0 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2020: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2020 489,964 Granted 188,371 Vested (74,860) Forfeited (20,072) Non-Vested at December 31, 2020 583,403 On January 1, 2020, 54,978 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $2.2 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2022. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 1, 2019, 55,168 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $2.1 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2021. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 23, 2018, 66,872 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.9 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2020. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. |
EARNINGS PER SHARE AND UNIT AND
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Net income $ 167,611 $ 170,771 $ 165,488 Noncontrolling interests in the Operating Partnership (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to the Company’s common shareholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic shares outstanding 194,147 190,874 184,653 Share options and restricted share units 796 702 842 Weighted average diluted shares outstanding (1) 194,943 191,576 185,495 Basic earnings per share attributable to common shareholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per share attributable to common shareholders (2) $ 0.85 $ 0.88 $ 0.88 Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2020 2019 2018 (dollars and units in thousands, except per unit amounts) Net income $ 167,611 $ 170,771 $ 165,488 Operating Partnership interests of third parties (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to common unitholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic units outstanding 194,147 190,874 184,653 Unit options and restricted share units 796 702 842 Weighted average diluted units outstanding (1) 194,943 191,576 185,495 Basic earnings per unit attributable to common unitholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per unit attributable to common unitholders (2) $ 0.85 $ 0.88 $ 0.88 (1) For the years ended December 31, 2020, 2019 and 2018, the Company declared cash dividends per common share/unit of $1.33 , $1.29 and $1.22 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2020 and 2018 were 0.8 million and 0.2 million, respectively. There were no anti-dilutive options for the year ended December 31, 2019. The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. Outstanding noncontrolling interest units in the Operating Partnership were 7,420,828; 1,972,308 and 1,945,570 as of December 31, 2020, 2019 and 2018, respectively. There were 197,405,989; 193,557,024 and 187,145,103 common units outstanding as of December 31, 2020, 2019 and 2018, respectively. Common Shares The Company maintains an at-the-market equity program that enables it to offer and sell up to For the year ended December 31, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Number of shares sold 3,627 5,899 4,291 Average sales price per share $ 33.69 $ 33.64 $ 31.09 Net proceeds after deducting offering costs $ 120,727 $ 196,304 $ 131,835 The proceeds from the sales of common shares under the program during the years ended December 31, 2020, 2019 and 2018 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2020, 2019 and 2018, 10.9 million common shares, 4.6 million common shares and 10.5 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
INCOME TAXES | 18. INCOME TAXES Deferred income taxes are established for temporary differences between the financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized. No valuation allowance was recorded as of December 31, 2020 or 2019. As of December 31, 2020 and 2019, the Company had net deferred tax assets of $0.4 million and $0.8 million, respectively, which are included in Other assets, net on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized. |
SCHEDULE III REAL ESTATE AND RE
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2020 (dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Chandler I, AZ 47,880 327 1,257 642 327 1,541 1,868 598 2005 Chandler II, AZ 82,905 1,518 7,485 239 1,518 7,721 9,239 1,795 2013 Gilbert I, AZ 57,075 951 4,688 212 951 4,895 5,846 1,206 2013 Gilbert II, AZ 114,530 1,199 11,846 180 1,199 12,026 13,225 1,456 2016 Glendale, AZ 56,807 201 2,265 1,393 418 3,070 3,488 1,636 1998 Green Valley, AZ 25,050 298 1,153 286 298 1,080 1,378 413 2005 Mesa I, AZ 52,575 920 2,739 463 921 2,756 3,677 1,348 2006 Mesa II, AZ 45,511 731 2,176 420 731 2,267 2,998 1,112 2006 Mesa III, AZ 59,209 706 2,101 510 706 2,228 2,934 1,072 2006 Peoria, AZ 110,780 1,436 7,082 263 1,436 7,344 8,780 1,333 2015 Phoenix III, AZ 121,855 2,115 10,429 458 2,115 10,886 13,001 2,361 2014 Phoenix IV, AZ 69,710 930 12,277 119 930 12,396 13,326 1,486 2016 Queen Creek, AZ 94,442 1,159 5,716 107 1,159 5,824 6,983 1,083 2015 Scottsdale, AZ 108,240 443 4,879 6,283 883 10,044 10,927 3,170 1998 Surprise , AZ 72,575 584 3,761 192 584 3,953 4,537 641 2015 Tempe I, AZ 77,543 941 3,283 850 941 3,615 4,556 996 2005 / 2019 Tempe II, AZ 68,409 588 2,898 2,167 588 5,065 5,653 1,475 2013 Tucson I, AZ 59,800 188 2,078 1,167 384 2,741 3,125 1,525 1998 Tucson II, AZ 43,950 188 2,078 1,166 391 2,759 3,150 1,502 1998 Tucson III, AZ 49,820 532 2,048 397 533 1,811 2,344 712 2005 Tucson IV, AZ 48,040 674 2,595 455 675 2,286 2,961 910 2005 Tucson V, AZ 45,184 515 1,980 424 515 1,787 2,302 743 2005 Tucson VI, AZ 40,766 440 1,692 336 430 1,506 1,936 599 2005 Tucson VII, AZ 52,663 670 2,576 443 670 2,266 2,936 923 2005 Tucson VIII, AZ 46,650 589 2,265 483 589 2,068 2,657 820 2005 Tucson IX, AZ 67,496 724 2,786 521 725 2,424 3,149 998 2005 Tucson X, AZ 46,350 424 1,633 391 425 1,507 1,932 606 2005 Tucson XI, AZ 42,700 439 1,689 451 439 1,618 2,057 746 2005 Tucson XII, AZ 42,275 671 2,582 420 672 2,231 2,903 886 2005 Tucson XIII, AZ 45,800 587 2,258 376 587 1,942 2,529 811 2005 Tucson XIV, AZ 48,995 707 2,721 538 708 2,360 3,068 990 2005 Benicia, CA 74,770 2,392 7,028 579 2,392 5,517 7,909 2,083 2005 Citrus Heights, CA 75,620 1,633 4,793 328 1,634 3,667 5,301 1,460 2005 Corona, CA 95,474 2,107 10,385 421 2,107 10,805 12,912 2,084 2014 Diamond Bar, CA 103,488 2,522 7,404 395 2,524 5,647 8,171 2,231 2005 Escondido, CA 143,645 3,040 11,804 344 3,040 9,788 12,828 4,082 2007 Fallbrook, CA 45,926 133 1,492 1,975 432 2,921 3,353 1,606 1997 Fremont, CA 51,189 1,158 5,711 199 1,158 5,911 7,069 1,331 2014 Lancaster, CA 60,475 390 2,247 1,146 556 2,657 3,213 1,273 2001 Long Beach I, CA 124,541 3,138 14,368 1,151 3,138 13,583 16,721 6,388 2006 Long Beach II, CA 71,130 3,424 13,987 250 3,424 14,237 17,661 394 2019 Los Angeles, CA 77,023 23,289 25,867 146 23,289 26,013 49,302 1,566 2018 Murrieta, CA 49,775 1,883 5,532 341 1,903 4,228 6,131 1,648 2005 North Highlands, CA 57,094 868 2,546 692 868 2,418 3,286 957 2005 Ontario, CA 93,490 1,705 8,401 483 1,705 8,884 10,589 1,787 2014 Orangevale, CA 50,542 1,423 4,175 432 1,423 3,341 4,764 1,350 2005 Pleasanton, CA 83,600 2,799 8,222 623 2,799 6,424 9,223 2,363 2005 Rancho Cordova, CA 53,978 1,094 3,212 513 1,095 2,728 3,823 1,073 2005 Rialto I, CA 57,391 899 4,118 375 899 3,918 4,817 1,820 2006 Rialto II, CA 99,783 277 3,098 1,894 672 4,192 4,864 2,405 1997 Riverside I, CA 67,320 1,351 6,183 675 1,351 6,026 7,377 2,869 2006 Riverside II, CA 85,101 1,170 5,359 574 1,170 5,128 6,298 2,411 2006 Roseville, CA 59,944 1,284 3,767 513 1,284 3,152 4,436 1,312 2005 Sacramento I, CA 50,764 1,152 3,380 527 1,152 2,865 4,017 1,126 2005 Sacramento II, CA 111,831 2,085 6,750 709 2,086 6,211 8,297 1,640 2005/2017 San Bernardino I, CA 31,070 51 572 1,219 182 1,458 1,640 793 1997 San Bernardino II, CA 41,426 112 1,251 1,439 306 2,135 2,441 1,152 1997 San Bernardino III, CA 35,416 98 1,093 1,371 242 1,963 2,205 1,103 1997 San Bernardino IV, CA 83,352 1,872 5,391 482 1,872 4,654 6,526 1,817 2005 San Bernardino V, CA 56,803 783 3,583 752 783 3,803 4,586 1,798 2006 San Bernardino VII, CA 78,695 1,475 6,753 522 1,290 6,524 7,814 3,115 2006 San Bernardino VIII, CA 111,833 1,691 7,741 766 1,692 6,554 8,246 3,183 2006 San Diego, CA 87,287 1,185 16,740 301 1,186 17,040 18,226 1,114 2018 San Marcos, CA 37,425 775 2,288 274 776 1,869 2,645 727 2005 Santa Ana, CA 63,931 1,223 5,600 542 1,223 5,348 6,571 2,524 2006 South Sacramento, CA 52,390 790 2,319 488 791 2,060 2,851 818 2005 Spring Valley, CA 55,085 1,178 5,394 1,028 1,178 5,678 6,856 2,695 2006 Temecula I, CA 81,340 660 4,735 1,310 899 5,190 6,089 2,467 1998 Temecula II, CA 84,520 3,080 5,839 1,254 3,080 6,157 9,237 2,368 2007 Vista I, CA 74,238 711 4,076 2,508 1,118 5,245 6,363 2,482 2001 Vista II, CA 147,723 4,629 13,599 511 4,629 10,133 14,762 3,838 2005 Walnut, CA 50,664 1,578 4,635 529 1,595 3,771 5,366 1,461 2005 West Sacramento, CA 39,765 1,222 3,590 275 1,222 2,792 4,014 1,112 2005 Westminster, CA 68,293 1,740 5,142 401 1,743 3,932 5,675 1,623 2005 Aurora, CO 75,717 1,343 2,986 641 1,343 2,726 4,069 1,075 2005 Centennial, CO 62,400 1,281 8,958 119 1,281 9,077 10,358 1,243 2016 Colorado Springs I, CO 47,975 771 1,717 554 771 1,751 2,522 709 2005 Colorado Springs II, CO 62,400 657 2,674 291 656 2,457 3,113 1,198 2006 Denver I, CO 59,200 673 2,741 617 646 2,880 3,526 1,314 2006 Denver II, CO 74,420 1,430 7,053 190 1,430 7,211 8,641 1,894 2012 Denver III, CO 76,025 1,828 12,109 99 1,828 12,208 14,036 1,621 2016 Federal Heights, CO 54,848 878 1,953 359 879 1,730 2,609 714 2005 Golden, CO 87,800 1,683 3,744 633 1,684 3,335 5,019 1,375 2005 Littleton, CO 53,490 1,268 2,820 435 1,268 2,483 3,751 991 2005 Northglenn, CO 43,102 862 1,917 609 662 2,118 2,780 823 2005 Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Bloomfield, CT 48,700 78 880 2,439 360 2,695 3,055 1,413 1997 Branford, CT 50,629 217 2,433 1,731 504 3,451 3,955 1,964 1995 Bristol, CT 53,425 1,819 3,161 445 1,819 2,608 4,427 978 2005 East Windsor, CT 45,816 744 1,294 579 744 1,381 2,125 648 2005 Enfield, CT 52,875 424 2,424 512 473 2,154 2,627 1,074 2001 Gales Ferry, CT 54,905 240 2,697 1,690 489 3,660 4,149 2,178 1995 Manchester I, CT 46,925 540 3,096 569 563 2,666 3,229 1,253 2002 Manchester II, CT 52,725 996 1,730 451 996 1,579 2,575 642 2005 Manchester III, CT 60,103 671 3,308 200 671 3,508 4,179 795 2014 Milford, CT 44,885 87 1,050 1,368 274 1,914 2,188 1,032 1996 Monroe, CT 63,700 2,004 3,483 946 2,004 3,089 5,093 1,296 2005 Mystic, CT 50,850 136 1,645 2,198 410 3,068 3,478 1,701 1996 Newington I, CT 42,270 1,059 1,840 315 1,059 1,547 2,606 646 2005 Newington II, CT 35,640 911 1,584 372 911 1,412 2,323 593 2005 Norwalk I, CT 30,166 646 3,187 70 646 3,241 3,887 872 2012 Norwalk II, CT 82,225 1,171 15,422 467 1,171 15,889 17,060 2,104 2016 Old Saybrook I, CT 86,975 3,092 5,374 743 3,092 4,228 7,320 1,753 2005 Old Saybrook II, CT 26,425 1,135 1,973 302 1,135 1,579 2,714 678 2005 Shelton, CT 78,405 1,613 9,032 571 1,613 8,519 10,132 2,464 2011 South Windsor, CT 72,075 90 1,127 1,560 272 2,281 2,553 1,264 1996 Stamford, CT 28,907 1,941 3,374 207 1,941 2,471 4,412 993 2005 Wilton, CT 84,526 2,409 12,261 816 2,421 13,137 15,558 3,664 2012 Washington I, DC 62,685 871 12,759 1,045 894 11,079 11,973 4,432 2008 Washington II, DC 82,452 3,152 13,612 469 3,154 12,305 15,459 3,501 2011 Washington III, DC 78,215 4,469 15,438 121 4,469 15,559 20,028 2,248 2016 Washington IV, DC 71,948 6,359 20,417 274 6,369 20,681 27,050 1,754 2017 Washington V, DC 114,200 13,908 18,770 177 13,917 18,938 32,855 1,408 2018 Boca Raton, FL 37,968 529 3,054 1,677 813 3,621 4,434 1,770 2001 Boynton Beach I, FL 61,765 667 3,796 2,017 958 4,472 5,430 2,187 2001 Boynton Beach II, FL 61,484 1,030 2,968 621 1,030 2,864 3,894 1,166 2005 Boynton Beach III, FL 67,368 1,225 6,037 320 1,225 6,358 7,583 1,356 2014 Boynton Beach IV, FL 76,564 1,455 7,171 179 1,455 7,351 8,806 1,287 2015 Bradenton I, FL 68,389 1,180 3,324 458 1,170 2,962 4,132 1,196 2004 Bradenton II, FL 88,063 1,931 5,561 1,212 1,931 5,094 7,025 2,189 2004 Cape Coral I, FL 76,857 472 2,769 2,650 830 4,079 4,909 2,366 2000 Cape Coral II, FL 67,955 1,093 5,387 115 1,093 5,502 6,595 1,086 2014 Coconut Creek I, FL 78,846 1,189 5,863 205 1,189 6,031 7,220 1,597 2012 Coconut Creek II, FL 90,137 1,937 9,549 214 1,937 9,764 11,701 2,173 2014 Dania Beach, FL 180,776 3,584 10,324 1,827 3,584 9,589 13,173 4,123 2004 Dania, FL 58,315 205 2,068 1,775 481 3,143 3,624 1,758 1996 Davie, FL 80,985 1,268 7,183 1,372 1,373 6,263 7,636 2,905 2001 Deerfield Beach, FL 57,280 946 2,999 2,047 1,311 4,529 5,840 2,453 1998 Delray Beach I, FL 67,545 798 4,539 855 883 4,105 4,988 2,060 2001 Delray Beach II, FL 75,788 957 4,718 284 957 4,996 5,953 1,242 2013 Delray Beach III, FL 94,210 2,086 10,286 190 2,086 10,477 12,563 2,198 2014 Delray Beach IV, FL 97,208 2,208 14,384 37 2,208 14,421 16,629 1,346 2017 Edgewater, FL 98,375 1,362 12,251 1 1,362 12,252 13,614 — 2020 Ft. Lauderdale I, FL 70,343 937 3,646 2,641 1,384 5,597 6,981 2,964 1999 Ft. Lauderdale II, FL 49,662 862 4,250 112 862 4,364 5,226 985 2013 Ft. Myers I, FL 67,504 303 3,329 1,012 328 3,338 3,666 1,840 1999 Ft. Myers II, FL 83,325 1,030 5,080 189 1,030 5,269 6,299 1,117 2014 Ft. Myers III, FL 81,554 1,148 5,658 241 1,148 5,899 7,047 1,238 2014 Ft. Myers IV, FL 70,051 992 8,287 168 992 8,455 9,447 394 2019 Ft. Myers V, FL 62,370 950 7,763 129 950 7,892 8,842 366 2019 Jacksonville I, FL 79,735 1,862 5,362 216 1,862 4,399 6,261 1,698 2005 Jacksonville II, FL 65,129 950 7,004 228 950 5,675 6,625 2,372 2007 Jacksonville III, FL 65,780 860 7,409 1,081 1,670 6,078 7,748 2,538 2007 Jacksonville IV, FL 95,605 870 8,049 1,238 1,651 7,204 8,855 2,995 2007 Jacksonville V, FL 82,593 1,220 8,210 493 1,220 6,958 8,178 2,904 2007 Jacksonville VI, FL 70,795 755 3,725 170 755 3,894 4,649 777 2014 Kendall, FL 75,495 2,350 8,106 497 2,350 6,830 9,180 2,851 2007 Lake Worth I, FL 158,754 183 6,597 7,838 354 11,180 11,534 5,963 1998 Lake Worth II, FL 86,884 1,552 7,654 210 1,552 7,863 9,415 1,693 2014 Lake Worth III, FL 92,510 957 4,716 249 957 4,966 5,923 930 2015 Lakeland, FL 53,629 81 896 1,542 256 1,846 2,102 922 1994 Leisure City, FL 56,185 409 2,018 277 409 2,283 2,692 609 2012 Lutz I, FL 71,595 901 2,478 463 901 2,323 3,224 939 2004 Lutz II, FL 69,232 992 2,868 440 992 2,546 3,538 1,072 2004 Margate I, FL 53,660 161 1,763 2,385 399 3,466 3,865 1,995 1996 Margate II, FL 65,380 132 1,473 2,215 383 3,052 3,435 1,569 1996 Merritt Island, FL 66,996 2,450 4,762 722 2,575 4,522 7,097 1,287 2002/2020 Miami I, FL 46,500 179 1,999 1,934 484 2,918 3,402 1,631 1996 Miami II, FL 66,860 253 2,544 1,965 561 3,670 4,231 2,002 1996 Miami III, FL 151,420 4,577 13,185 1,017 4,577 11,155 15,732 4,485 2005 Miami IV, FL 76,695 1,852 10,494 1,051 1,963 9,983 11,946 3,100 2011 Miramar, FL 80,080 1,206 5,944 190 1,206 6,132 7,338 1,475 2013 Naples I, FL 48,100 90 1,010 2,788 270 3,252 3,522 1,778 1996 Naples II, FL 65,850 148 1,652 4,425 558 5,377 5,935 3,006 1997 Naples III, FL 80,205 139 1,561 4,319 598 4,233 4,831 2,387 1997 Naples IV, FL 40,725 262 2,980 701 407 3,084 3,491 1,750 1998 New Smyrna Beach I, FL 87,504 1,261 6,215 350 1,261 6,564 7,825 1,290 2014 New Smyrna Beach II, FL 109,355 1,514 11,869 1 1,514 11,870 13,384 — 2020 North Palm Beach, FL 45,800 1,374 7,649 63 1,374 7,712 9,086 1,011 2017 Oakland Park, FL 63,706 3,007 10,145 59 3,007 10,204 13,211 900 2017 Ocoee, FL 76,150 1,286 3,705 344 1,286 3,188 4,474 1,256 2005 Orange City, FL 59,580 1,191 3,209 366 1,191 2,786 3,977 1,168 2004 Orlando II, FL 63,184 1,589 4,576 263 1,589 3,776 5,365 1,521 2005 Orlando III, FL 101,190 1,209 7,768 975 1,209 7,355 8,564 3,130 2006 Orlando IV, FL 76,801 633 3,587 207 633 3,290 3,923 1,064 2010 Orlando V, FL 75,377 950 4,685 149 950 4,780 5,730 1,234 2012 Orlando VI, FL 67,275 640 3,154 176 640 3,330 3,970 674 2014 Orlando VII, FL 78,610 896 9,142 211 896 9,353 10,249 287 2019 Orlando VIII, FL 126,225 2,208 12,685 1 2,208 12,686 14,894 — 2020 Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Oviedo, FL 49,236 440 2,824 667 440 2,814 3,254 1,251 2006 Palm Coast I, FL 47,400 555 2,735 136 555 2,871 3,426 659 2014 Palm Coast II, FL 128,690 1,511 7,450 455 1,511 7,906 9,417 1,797 2014 Palm Harbor, FL 82,685 2,457 16,178 420 2,387 16,668 19,055 2,143 2016 Pembroke Pines, FL 67,321 337 3,772 3,019 953 5,615 6,568 3,111 1997 Royal Palm Beach II, FL 81,178 1,640 8,607 349 1,640 7,294 8,934 3,074 2007 Sanford I, FL 61,810 453 2,911 245 453 2,588 3,041 1,092 2006 Sanford II, FL 69,875 1,003 4,944 255 1,003 5,198 6,201 1,054 2014 Sarasota, FL 71,142 333 3,656 1,527 529 3,964 4,493 2,102 1999 St. Augustine, FL 59,720 135 1,515 3,564 383 4,469 4,852 2,532 1996 St. Petersburg, FL 66,025 2,721 10,173 467 2,721 10,640 13,361 1,418 2016 Stuart, FL 87,456 324 3,625 3,317 685 5,943 6,628 3,364 1997 SW Ranches, FL 65,042 1,390 7,598 309 1,390 6,043 7,433 2,532 2007 Tampa I, FL 83,938 2,670 6,249 311 2,670 5,207 7,877 2,178 2007 Tampa II, FL 74,790 2,291 10,262 290 2,291 10,552 12,843 1,363 2016 Tampa III, FL 40,125 989 7,997 — 988 7,998 8,986 — 2020 West Palm Beach I, FL 66,831 719 3,420 1,905 835 4,069 4,904 1,954 2001 West Palm Beach II, FL 94,113 2,129 8,671 606 2,129 7,121 9,250 3,014 2004 West Palm Beach III, FL 77,410 804 3,962 148 804 4,106 4,910 1,054 2012 West Palm Beach IV, FL 102,722 1,499 7,392 362 1,499 7,753 9,252 1,663 2014 Winter Park I, FL 54,416 866 4,268 192 866 4,459 5,325 888 2014 Winter Park II, FL 95,938 1,897 9,286 176 1,897 9,462 11,359 298 2019 Winter Springs, FL 61,965 1,248 7,259 163 1,248 7,422 8,670 231 2019 Alpharetta, GA 90,501 806 4,720 1,117 917 4,126 5,043 1,956 2001 Atlanta I, GA 66,600 822 4,053 145 822 4,182 5,004 1,103 2012 Atlanta II, GA 81,565 1,890 11,579 10 1,890 11,589 13,479 492 2019 Austell, GA 83,655 1,635 4,711 476 1,643 4,531 6,174 1,943 2006 Decatur, GA 145,320 616 6,776 586 616 6,347 6,963 3,699 1998 Duluth, GA 70,885 373 2,044 652 373 2,370 2,743 607 2011 Lawrenceville, GA 73,890 546 2,903 552 546 3,024 3,570 912 2011 Lithia Springs, GA 73,200 748 5,552 469 719 6,049 6,768 970 2015 Norcross I, GA 85,320 514 2,930 1,108 632 3,104 3,736 1,448 2001 Norcross II, GA 52,595 366 2,025 256 366 1,989 2,355 617 2011 Norcross III, GA 46,955 938 4,625 109 938 4,733 5,671 1,335 2012 Norcross IV, GA 57,475 576 2,839 149 576 2,979 3,555 795 2012 Norcross V, GA 50,030 881 3,083 60 881 3,143 4,024 152 2019 Peachtree City I, GA 49,875 435 2,532 826 529 2,572 3,101 1,233 2001 Peachtree City II, GA 59,950 398 1,963 184 398 2,144 2,542 575 2012 Smyrna, GA 57,015 750 4,271 375 750 3,520 4,270 1,700 2001 Snellville, GA 80,050 1,660 4,781 437 1,660 4,554 6,214 1,923 2007 Suwanee I, GA 85,125 1,737 5,010 385 1,737 4,677 6,414 1,971 2007 Suwanee II, GA 79,590 800 6,942 165 622 5,888 6,510 2,457 2007 Villa Rica, GA 65,281 757 5,616 185 757 5,801 6,558 961 2015 Addison, IL 31,575 428 3,531 626 428 3,326 3,754 1,388 2004 Aurora, IL 73,985 644 3,652 308 644 3,101 3,745 1,280 2004 Bartlett, IL 51,395 931 2,493 445 931 2,303 3,234 943 2004 Bellwood, IL 86,500 1,012 5,768 1,197 1,012 5,219 6,231 2,469 2001 Blue Island, IL 55,125 633 3,120 147 633 3,267 3,900 602 2015 Bolingbrook, IL 83,315 1,675 8,254 219 1,675 8,473 10,148 1,695 2014 Chicago I, IL 95,942 2,667 13,118 1,079 2,667 14,197 16,864 2,923 2014 Chicago II, IL 79,815 833 4,035 109 833 4,145 4,978 820 2014 Chicago III, IL 84,825 2,427 11,962 862 2,427 12,823 15,250 2,647 2014 Chicago IV, IL 60,420 1,296 6,385 160 1,296 6,545 7,841 1,203 2015 Chicago V, IL 51,775 1,044 5,144 147 1,044 5,290 6,334 967 2015 Chicago VI, IL 71,748 1,596 9,535 80 1,596 9,615 11,211 1,361 2016 Chicago VII, IL 89,904 — 11,191 354 — 11,545 11,545 1,103 2017 Countryside, IL 97,648 2,607 12,684 643 2,607 13,328 15,935 2,583 2014 Des Plaines, IL 69,450 1,564 4,327 893 1,564 4,179 5,743 1,761 2004 Downers Grove, IL 71,625 1,498 13,153 347 1,498 13,500 14,998 1,909 2016 Elk Grove Village, IL 64,104 1,446 3,535 332 1,446 2,926 4,372 1,235 2004 Evanston, IL 57,740 1,103 5,440 537 1,103 5,976 7,079 1,430 2013 Glenview I, IL 100,085 3,740 10,367 626 3,740 8,560 12,300 3,582 2004 Glenview II, IL 30,844 725 3,144 107 725 3,251 3,976 223 2018 Gurnee, IL 80,300 1,521 5,440 455 1,521 4,548 6,069 1,878 2004 Hanover, IL 41,190 1,126 2,197 413 1,126 2,038 3,164 850 2004 Harvey, IL 60,090 869 3,635 616 869 3,348 4,217 1,318 2004 Joliet, IL 72,865 547 4,704 329 547 3,937 4,484 1,649 2004 Kildeer, IL 74,438 2,102 2,187 4,607 1,997 6,374 8,371 1,465 2004 Lombard, IL 58,728 1,305 3,938 1,078 1,305 3,891 5,196 1,602 2004 Maywood, IL 60,225 749 3,689 84 749 3,773 4,522 691 2015 Mount Prospect, IL 65,000 1,701 3,114 679 1,701 3,047 4,748 1,299 2004 Mundelein, IL 44,700 1,498 2,782 551 1,498 2,658 4,156 1,074 2004 North Chicago, IL 53,500 1,073 3,006 880 1,073 3,107 4,180 1,203 2004 Plainfield I, IL 53,900 1,770 1,715 377 1,740 1,638 3,378 679 2004 Plainfield II, IL 52,100 694 2,000 349 694 1,832 2,526 713 2005 Riverwoods, IL 73,883 1,585 7,826 97 1,585 7,923 9,508 1,021 2017 Schaumburg, IL 31,160 538 645 342 538 783 1,321 309 2004 Streamwood, IL 64,305 1,447 1,662 629 1,447 1,822 3,269 759 2004 Warrenville, IL 48,326 1,066 3,072 567 1,066 2,922 3,988 1,153 2005 Waukegan, IL 79,500 1,198 4,363 690 1,198 3,988 5,186 1,686 2004 West Chicago, IL 48,175 1,071 2,249 597 1,071 2,242 3,313 916 2004 Westmont, IL 53,400 1,155 3,873 345 1,155 3,319 4,474 1,384 2004 Wheeling I, IL 54,210 857 3,213 584 857 2,977 3,834 1,227 2004 Wheeling II, IL 67,825 793 3,816 655 793 3,476 4,269 1,440 2004 Woodridge, IL 50,252 943 3,397 422 943 3,027 3,970 1,235 2004 Schererville, IN 67,600 1,134 5,589 85 1,134 5,674 6,808 1,193 2014 Boston I, MA 33,286 538 3,048 295 538 2,912 3,450 947 2010 Boston II, MA 59,920 1,516 8,628 952 1,516 7,118 8,634 3,214 2002 Boston III, MA 108,205 3,211 15,829 835 3,211 16,664 19,875 3,346 2014 Brockton I, MA 59,993 577 4,394 1,270 577 5,664 6,241 940 2015 Brockton II, MA 69,375 1,900 3,520 26 1,900 3,546 5,446 179 2019 East Bridgewater, MA 35,905 1,039 4,748 15 1,039 4,763 5,802 207 2019 Fall River, MA 75,900 1,794 11,684 102 1,794 11,786 13,580 506 2019 Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Franklin, MA 63,405 2,034 5,704 18 2,034 5,722 7,756 271 2019 Haverhill, MA 60,589 669 6,610 244 669 6,854 7,523 1,113 2015 Holbrook, MA 56,100 1,688 8,033 77 1,688 8,110 9,798 374 2019 Lawrence, MA 34,672 585 4,737 286 585 5,023 5,608 843 2015 Leominster, MA 54,048 90 1,519 2,701 338 3,572 3,910 1,893 1998 Medford, MA 58,705 1,330 7,165 359 1,330 6,032 7,362 2,379 2007 Milford, MA 44,950 1,222 6,638 7 1,222 6,645 7,867 296 2019 New Bedford, MA 69,775 1,653 9,950 47 1,653 9,997 11,650 425 2019 Stoneham, MA 62,200 1,558 7,679 324 1,558 8,003 9,561 1,952 2013 Tewksbury, MA 62,402 1,537 7,579 289 1,537 7,867 9,404 1,686 2014 Walpole, MA 75,040 634 13,069 583 634 13,652 14,286 1,763 2016 Waltham, MA 87,840 2,683 14,491 4 2,683 14,495 17,178 746 2019 Annapolis I, MD 92,302 5,283 2,643 13,938 132 2,643 14,070 16,713 1,504 2017 Annapolis II, MD 78,331 2,425 17,890 55 2,425 17,945 20,370 942 2019 Baltimore, MD 96,550 1,050 5,997 1,753 1,173 5,576 6,749 2,591 2001 Beltsville, MD 63,657 1,277 6,295 183 1,268 6,471 7,739 1,551 2013 California, MD 77,840 1,486 4,280 389 1,486 3,659 5,145 1,507 2004 Capitol Heights, MD 79,600 2,704 13,332 72 2,704 13,405 16,109 2,311 2015 Clinton, MD 84,225 2,182 10,757 172 2,182 10,925 13,107 2,473 2013 District Heights, MD 80,365 1,527 8,313 670 1,527 7,802 9,329 2,306 2011 Elkridge, MD 63,475 1,155 5,695 255 1,120 5,986 7,106 1,395 2013 Gaithersburg I, MD 87,045 3,124 9,000 642 3,124 7,533 10,657 3,109 2005 Gaithersburg II, MD 74,050 2,383 11,750 98 2,383 11,848 14,231 2,057 2015 Hyattsville, MD 52,830 1,113 5,485 159 1,113 5,621 6,734 1,348 2013 Jessup, MD 83,908 2,399 13,541 66 2,399 13,607 16,006 273 2020 Laurel, MD 162,896 1,409 8,035 4456 1,928 9,516 11,444 4,348 2001 Temple Hills I, MD 97,270 1,541 8,788 2759 1,800 8,990 10,790 4,294 2001 Temple Hills II, MD 84,325 2,229 10,988 100 2,229 11,089 13,318 2,442 2014 Timonium, MD 66,717 2,269 11,184 274 2,269 11,458 13,727 2,542 2014 Upper Marlboro, MD 62,240 1,309 6,455 163 1,309 6,598 7,907 1,596 2013 Bloomington, MN 101,028 1,598 12,298 374 1,598 12,672 14,270 1,526 2016 Belmont, NC 81,850 385 2,196 1,086 451 2,461 2,912 1,176 2001 Burlington I, NC 109,170 498 2,837 959 498 2,978 3,476 1,542 2001 Burlington II, NC 42,165 320 1,829 600 340 1,882 2,222 883 2001 Cary, NC 111,650 543 3,097 1,003 543 3,394 3,937 1,698 2001 Charlotte I, NC 69,000 782 4,429 1,788 1,068 4,761 5,829 2,130 2002 Charlotte II, NC 53,683 821 8,764 78 821 8,842 9,663 1,018 2016 Charlotte III, NC 69,037 1,974 8,211 98 1,974 8,309 10,283 596 2018 Charlotte IV, NC 37,700 721 1,425 6 721 1,431 2,152 80 2019 Cornelius, NC 59,546 2,424 4,991 1,133 2,424 6,124 8,548 1,008 2015 Pineville, NC 77,747 2,490 9,169 212 2,490 9,380 11,870 1,538 2015 Raleigh, NC 48,675 209 2,398 483 296 2,402 2,698 1,329 1998 Bayonne, NJ 96,938 23,007 11 — 23,018 23,018 1,564 2019 Bordentown, NJ 50,550 457 2,255 204 457 2,445 2,902 639 2012 Brick, NJ 54,910 234 2,762 1,769 485 3,681 4,166 2,062 1996 Cherry Hill I, NJ 51,700 222 1,260 254 222 1,291 1,513 402 2010 Cherry Hill II, NJ 65,450 471 2,323 351 471 2,637 3,108 675 2012 Clifton, NJ 105,550 4,346 12,520 821 4,340 10,494 14,834 4,050 2005 Cranford, NJ 90,656 290 3,493 3,004 779 5,301 6,080 2,911 1996 East Hanover, NJ 107,704 504 5,763 4,790 1,315 8,568 9,883 4,764 1996 Egg Harbor I, NJ 36,025 104 510 200 104 700 804 200 2010 Egg Harbor II, NJ 70,400 284 1,608 482 284 1,865 2,149 601 2010 Elizabeth, NJ 38,684 751 2,164 761 751 2,360 3,111 975 2005 Fairview, NJ 27,896 246 2,759 840 246 2,978 3,224 1,602 1997 Freehold, NJ 81,470 1,086 5,355 415 1,086 5,731 6,817 1,478 2012 Hamilton, NJ 70,550 1,885 5,430 574 1,893 5,231 7,124 2,232 2006 Hoboken I, NJ 38,584 1,370 3,947 1,002 1,370 3,808 5,178 1,575 2005 Hoboken II, NJ 85,178 19,854 26,529 34 19,867 26,550 46,417 499 2020 Linden, NJ 100,425 517 6,008 2,837 1,043 7,294 8,337 4,063 1996 Lumberton, NJ 96,025 987 4,864 332 987 5,152 6,139 1,364 2012 Morris Township, NJ 77,226 500 5,602 3,529 1,072 7,468 8,540 3,964 1997 Parsippany, NJ 84,705 475 5,322 6,293 844 10,258 11,102 4,100 1997 Rahway, NJ 83,121 1,486 7,326 752 1,486 8,079 9,565 1,968 2013 Randolph, NJ 52,565 855 4,872 1,653 1,108 4,835 5,943 2,217 2002 Ridgefield, NJ 67,803 1,810 8,925 460 1,810 9,385 11,195 1,639 2015 Roseland, NJ 53,569 1,844 9,759 462 1,844 10,221 12,065 1,667 2015 Sewell, NJ 59,226 484 2,766 1,480 706 3,168 3,874 1,557 2001 Somerset, NJ 57,335 1,243 6,129 624 1,243 6,751 7,994 1,755 2012 Whippany, NJ 92,070 2,153 10,615 680 2,153 11,295 13,448 2,714 2013 Albuquerque I, NM 65,927 1,039 3,395 474 1,039 2,743 3,782 1,081 2005 Albuquerque II, NM 58,798 1,163 3,801 447 1,163 3,020 4,183 1,194 2005 Albuquerque III, NM 57,536 664 2,171 443 664 1,860 2,524 759 2005 Henderson, NV 75,150 1,246 6,143 144 1,246 6,286 7,532 1,250 2014 Las Vegas I, NV 48 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard is effective on January 1, 2022, with early adoption permitted, but only as of the beginning of an entity’s annual fiscal year. The Company is currently assessing the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The standard became effective on January 1, 2020 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided to lessors in a subsequent amendment to the standard that removed the requirement to separate lease and nonlease components, provided certain conditions were met. Refer to note 13 for the impact of the adoption of ASU No. 2016-02 – Leases (Topic 842) on the Company’s consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. |
Noncontrolling Interests | Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2020, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.2 million as of December 31, 2020. Disclosure of such redemption provisions is provided in note 12. |
Estimates | Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results. |
Self-Storage Facilities | Self-Storage Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the projects are under development. |
Purchase Price Allocation | Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed ground leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place ground lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. |
Depreciation and Amortization | Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $83.4 million and $20.5 million, respectively, for the year ended December 31, 2020, and $81.7 million and $11.3 million, respectively, for the year ended December 31, 2019. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2020, 2019 and 2018. |
Long-Lived Assets Held for Sale | Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year , (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. There were no stores classified as held for sale as of December 31, 2020. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements. |
Loan Procurement Costs | Loan Procurement Costs Loan procurement costs related to borrowings were $38.1 million and $31.5 million as of December 31, 2020 and 2019, respectively, and are reported net of accumulated amortization of $13.1 million and $12.9 million as of December 31, 2020 and 2019, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. |
Other Assets | Other Assets Other assets are comprised of the following as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A preferred units of Capital Storage Partners, LLC (“Capital Storage”), a newly formed venture that acquired 22 self-storage properties located in Florida (4) , Oklahoma (5) and Texas (13) . The Class A preferred units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. |
Environmental Costs | Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party. |
Revenue Recognition | Revenue Recognition Management has determined that all of the Company’s leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. The Company recognizes gains from sale of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. |
Advertising and Marketing Costs | Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. The Company incurred |
Equity Offering Costs | Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $1.5 million, $2.1 million and $1.6 million, respectively, of equity offering costs related to the issuance of common shares. |
Other Property Related Income | Other Property Related Income Other property related income consists of late fees, administrative charges, customer storage protection plan fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned. |
Capitalized Interest | Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2020, 2019 and 2018, the Company capitalized |
Derivative Financial Instruments | Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had no outstanding derivatives as of December 31, 2020 or 2019. |
Income Taxes | Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $4,384.1 million and $3,909.1 million as of December 31, 2020 and 2019. Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2020 consisted of a 74.174% ordinary income distribution, a 2.138% capital gain distribution and a 23.688% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2020, 2019 or 2018. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $0.4 million and $0.7 million as of December 31, 2020 and 2019, respectively. |
Earnings per Share and Unit | Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were |
Share Based Payments | Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. The Company recognizes forfeitures on share-based payments as they occur. |
Investments in Unconsolidated Real Estate Ventures | Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020. The stores in Florida, New York, Texas and California provided approximately 16%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2019. The stores in Florida, New York, Texas and California provided approximately 17%, 16%, 10% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2018. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of other assets | Other assets are comprised of the following as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (1) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A preferred units of Capital Storage Partners, LLC (“Capital Storage”), a newly formed venture that acquired 22 self-storage properties located in Florida (4) , Oklahoma (5) and Texas (13) . The Class A preferred units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. |
STORAGE PROPERTIES (Tables)
STORAGE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
STORAGE PROPERTIES | |
Summary of real estate assets | December 31, 2020 2019 (in thousands) Land $ 1,093,503 $ 858,541 Buildings and improvements 4,122,995 3,619,594 Equipment 123,044 128,111 Construction in progress 108,316 93,598 Right-of-use assets - finance leases 41,896 — Storage properties 5,489,754 4,699,844 Less: Accumulated depreciation (983,940) (925,359) Storage properties, net $ 4,505,814 $ 3,774,485 |
Schedule of acquisitions and dispositions of real estate assets | Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisitions: Texas Asset San Antonio, TX February 2020 1 $ 9,025 Maryland Asset Baltimore-Towson, MD April 2020 1 17,200 New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA April 2020 1 48,450 Florida Asset Palm Bay-Melbourne-Titusville, FL November 2020 1 3,900 Texas Asset Austin-Round Rock, TX November 2020 1 10,750 Texas Asset Dallas-Fort Worth-Arlington, TX November 2020 1 10,150 Nevada Asset Las Vegas-Paradise, NV December 2020 1 16,800 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 6,750 Storage Deluxe Assets New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 8 540,000 Florida Assets Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL December 2020 3 45,500 Florida Asset Tampa-St. Petersburg-Clearwater, FL December 2020 1 10,000 Virginia Asset Washington-Arlington-Alexandria, DC-VA-MD-WV December 2020 1 17,350 21 $ 735,875 2020 Disposition: New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 $ 12,750 1 $ 12,750 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 2018 Acquisitions: Texas Asset Austin-Round Rock, TX January 2018 1 $ 12,200 Texas Asset Houston-Sugar Land-Baytown, TX May 2018 1 19,000 Metro DC Asset Washington-Arlington-Alexandria, DC-VA-MD-WV July 2018 1 34,200 Nevada Asset Las Vegas-Paradise, NV September 2018 1 14,350 North Carolina Asset Charlotte-Gastonia-Concord, NC-SC September 2018 1 11,000 California Asset Los Angeles-Long Beach-Santa Ana, CA October 2018 1 53,250 Texas Asset Houston-Sugar Land-Baytown, TX October 2018 1 23,150 California Asset San Diego-Carlsbad-San Marcos, CA November 2018 1 19,118 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA November 2018 1 37,000 Illinois Asset Chicago-Naperville-Joliet, IL-IN-WI December 2018 1 4,250 10 $ 227,518 2018 Dispositions: Arizona Assets Phoenix-Mesa-Scottsdale, AZ November 2018 2 $ 17,502 2 $ 17,502 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4). |
INVESTMENT ACTIVITY (Tables)
INVESTMENT ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT ACTIVITY | |
Schedule of capitalized costs for investments in storage properties | CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY (1) 1 Q2 2020 100% $ 45,900 Waltham, MA (2) 1 Q3 2019 100% 18,000 Queens, NY (1) 1 Q2 2019 100% 47,500 Bayonne, NJ (1) (3) 1 Q2 2019 100% 25,100 Bronx, NY (1) 1 Q3 2018 100% 92,100 5 $ 228,600 (1) These stores were previously owned by four separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows. (2) On August 8, 2019, the Company, through a joint venture in which it owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (3) This store is subject to a ground lease. |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
Schedule of investments in real estate ventures | CubeSmart Number of Stores as of Carrying Value of Investment as of Ownership December 31, December 31, Unconsolidated Real Estate Ventures Interest 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,015 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 21,760 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,628 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 63,668 66,007 83 69 $ 92,071 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million secured term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The secured loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1) Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of December 31, 2020, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of December 31, 2020, HVP IV also had $55.5 million outstanding under a separate secured loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (3) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of December 31, 2020, HHFNE had an outstanding $45.0 million secured loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of December 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. On January 21, 2021, HHF entered into a new $105.0 million secured loan, which bears interest at 2.58% per annum and matures on February 5, 2028. HHF used the proceeds from the new loan to repay its existing outstanding $100.0 million loan in full. |
Summary of the financial position of the ventures | December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 662,833 $ 552,791 Other assets 18,112 11,997 Total assets $ 680,945 $ 564,788 Liabilities and equity Other liabilities $ 11,588 $ 10,064 Debt 359,985 280,392 Equity CubeSmart 92,071 91,117 Joint venture partners 217,301 183,215 Total liabilities and equity $ 680,945 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020. |
Summary of results of operations of the ventures | For the year ended December 31, 2020 2019 2018 (in thousands) Total revenues $ 67,239 $ 72,582 $ 90,111 Operating expenses (30,755) (32,134) (37,899) Other expenses (430) (3,227) (938) Interest expense, net (11,585) (14,927) (13,311) Depreciation and amortization (33,086) (30,107) (41,972) Gains from sale of real estate, net — 106,667 — Net (loss) income $ (8,617) $ 98,854 $ (4,009) Company’s share of net income (loss) $ 178 $ 11,122 $ (865) |
UNSECURED SENIOR NOTES (Tables)
UNSECURED SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Senior Notes | |
Summary of debt | December 31, Effective Issuance Maturity Unsecured Senior Notes 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 (1) $ — $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (2) 300,000 300,000 4.33 % Various (2) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (3) 300,000 300,000 3.99 % Various (3) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 — 2.10 % Oct-20 Feb-31 Principal balance outstanding 2,050,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (7,470) (3,860) Less: Loan procurement costs, net (12,158) (10,415) Total unsecured senior notes, net $ 2,030,372 $ 1,835,725 (1) On October 30, 2020, the Operating Partnership redeemed, in full, its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”), with proceeds from its $450.0 million of 2.000% senior notes due 2031 issued on October 6, 2020. In connection with the redemption of the 2022 Notes, the Operating Partnership recognized a loss on early debt extinguishment of $18.0 million, of which $17.6 million represents a prepayment premium and $0.4 represents the write-off of unamortized loan procurement costs. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . (3) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . |
MORTGAGE LOANS AND NOTES PAYA_2
MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages | 12 Months Ended |
Dec. 31, 2020 | |
Summary of debt | Carrying Value as of December 31, Effective Maturity Mortgage Loans and Notes Payable 2020 2019 Interest Rate Date (in thousands) Bronx VII, NY (1) $ — $ 7,805 4.56 % Nov-20 Bronx VIII, NY (1) — 2,740 4.61 % Nov-20 Bronx IX, NY 21,030 21,547 4.85 % Jun-21 Bronx X, NY 23,148 24,042 4.64 % Jun-21 Nashville V, TN 2,261 2,313 3.85 % Jun-23 New York, NY 29,981 30,588 3.51 % Jun-23 Annapolis I, MD 5,283 5,459 3.78 % May-24 Brooklyn XV, NY 15,713 — 2.15 % May-24 Long Island City IV, NY 12,852 — 2.15 % May-24 Long Island City II, NY 19,094 — 2.25 % Jul-26 Long Island City III, NY 19,106 — 2.25 % Aug-26 Flushing II, NY 54,300 — 2.15 % Jul-29 Principal balance outstanding 202,768 94,494 Plus: Unamortized fair value adjustment 15,879 1,833 Less: Loan procurement costs, net (2,143) (287) Total mortgage loans and notes payable, net $ 216,504 $ 96,040 (1) These mortgage loans were repaid in full on November 2, 2020. |
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable | 2021 $ 46,383 2022 2,426 2023 32,591 2024 32,329 2025 979 2026 and thereafter 88,060 Total mortgage payments 202,768 Plus: Unamortized fair value adjustment 15,879 Less: Loan procurement costs, net (2,143) Total mortgage loans and notes payable, net $ 216,504 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | |
Summary of changes in accumulated other comprehensive loss by component | Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10 for details). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) Beginning balance $ (737) $ (1,039) Unrealized gains on interest rate swaps - 232 Reclassification of realized losses on interest rate swaps (1) 81 70 Ending balance (656) (737) Less: portion included in noncontrolling interests in the Operating Partnership 24 8 Total accumulated other comprehensive loss included in equity $ (632) $ (729) (1) See note 10 for additional information about the effects of the amounts reclassified. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
NONCONTROLLING INTERESTS | |
Schedule of noncontrolling interests in subsidiaries | Date Opened / CubeSmart Number Estimated Ownership December 31, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Vienna, LLC ("Vienna") (1) 1 Vienna, VA Q2 2022 (est.) 72% $ 16,424 $ 4,981 CS 750 W Merrick Rd, LLC ("Merrick") (2) 1 Valley Stream, NY Q1 2022 (est.) 51% 12,090 5,269 CS Valley Forge Village Storage, LLC ("VFV") (3) 1 King of Prussia, PA Q2 2021 (est.) 70% 18,129 9,806 Shirlington Rd II, LLC ("SH2") (4) 1 Arlington, VA Q1 2021 (est.) 90% 18,821 1,046 CS 2087 Hempstead Tpk, LLC ("Hempstead") (2) 1 East Meadow, NY Q1 2021 (est.) 51% 22,079 7,576 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2021 (est.) 90% 17,808 11,289 Shirlington Rd, LLC ("SH1") (4) 1 Arlington, VA Q2 2015 90% 14,511 171 7 $ 119,862 $ 40,138 (1) On December 23, 2020, the Company and the noncontrolling member contributed a previously wholly-owned operating property (the “Vienna Operating Property”) and a parcel of land (the “Vienna Land”), respectively, to Vienna. The Vienna Operating Property and the Vienna Land are located in close proximity to each other in Vienna, VA. The members intend to construct a new store on the Vienna Land, which, upon completion, will be combined with the Vienna Operating Property and operated by the venture as a single store. The Company has a related party commitment to Vienna to fund all or a portion of the construction costs. As of December 31, 2020, the Company has funded $4.9 million of a total $17.0 million loan commitment to Vienna, which is included in the total liabilities amount within the table above. This loan and the related interest were eliminated for consolidation purposes. (2) The noncontrolling members of Merrick and Hempstead have the option to put their ownership interest in the ventures to the Company for $17.1 million and $6.6 million (the “Put Option”), respectively, within the two-year period after construction of each store is substantially complete (the “Put Option Period”). In the event the Put Option is not exercised, the Company has a one-year option to call the ownership interest of the noncontrolling members of Merrick and Hempstead for $17.1 million and $6.6 million, respectively, beginning twelve months after the end of the Put Option Period. The Company, at its sole discretion, may pay cash and/or issue OP Units, in exchange for the noncontrolling member’s interest in Merrick and Hempstead. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2020, has accrued $4.9 million and $5.9 million, related to Merrick and Hempstead, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. (3) The Company has related party commitments to VFV and Newton to fund a portion of the construction costs. As of December 31, 2020, the Company has funded $6.9 million of a total $12.4 million loan commitment to VFV and $9.6 million of a total $12.1 million loan commitment to Newton, which are included in the total liability amounts within the table above. These loans and the related interest were eliminated for consolidation purposes. (4) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $9.7 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
Summary of lease cost | Year Ended December 31, 2020 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 49 $ — Interest expense related to finance lease liabilities 64 — Operating lease cost 2,856 3,304 Short-term lease cost (1) 1,114 1,227 Total lease cost $ 4,083 $ 4,531 (1) Represents automobile leases that have a lease term of 12 months . The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. |
Schedule of balance sheet information associated with operating leases | December 31, 2020 2019 (dollars in thousands) Finance Leases Right-of-use assets included in Storage properties, net $ 41,896 $ — Lease liabilities included in Lease liabilities - finance leases $ 65,599 $ — Operating Leases Right-of-use assets included in Other assets, net $ 55,302 $ 41,698 Lease liabilities included in Accounts payable, accrued expenses and other liabilities $ 53,595 $ 46,391 Weighted Average Lease Term (in years) Finance leases 43.5 — Operating leases 34.8 35.9 Weighted Average Discount Rate Finance leases 3.25 % — % Operating leases 4.46 % 4.74 % |
Schedule of future operating lease liability maturities | The following table represents the future lease liability maturities as of December 31, 2020 (in thousands): Finance Operating 2021 $ 1,936 $ 2,511 2022 2,183 2,639 2023 2,183 2,690 2024 2,183 2,540 2025 2,224 2,539 2026 and thereafter 122,932 99,290 Total lease payments 133,641 112,209 Less: Imputed interest (68,042) (58,614) Present value of lease liabilities $ 65,599 $ 53,595 |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED COMPENSATION PLANS | |
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | Assumptions: 2020 2019 2018 Risk-free interest rate 1.9 % 2.7 % 2.5 % Expected dividend yield 3.9 % 3.9 % 3.7 % Volatility (1) 20.00 % 32.00 % 32.00 % Weighted average expected life of the options (2) 6.0 years 6.0 years 6.0 years Weighted average grant date fair value of options granted per share $ 3.66 $ 6.35 $ 6.24 (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. |
Summary of option activity | The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: Number of Shares Upon Option Weighted Average Strike Price Weighted Average Remaining Contractual Term (years) Balance at December 31, 2017 1,833,173 $ 16.55 5.26 Options granted 305,805 27.85 9.08 Options canceled (74,748) 26.95 — Options exercised (405,227) 9.47 1.98 Balance at December 31, 2018 1,659,003 $ 19.89 5.52 Options granted 324,409 28.69 9.01 Options exercised (381,059) 9.67 1.00 Balance at December 31, 2019 1,602,353 $ 24.10 6.26 Options granted 607,010 31.48 9.01 Options canceled (29,814) 30.46 — Options exercised (61,459) 15.65 2.55 Balance at December 31, 2020 2,118,090 $ 26.37 6.39 Vested or expected to vest at December 31, 2020 2,118,090 $ 26.37 6.39 Exercisable at December 31, 2020 1,235,816 $ 23.46 4.78 |
Schedule of non-vested restricted share activity | Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2020 489,964 Granted 188,371 Vested (74,860) Forfeited (20,072) Non-Vested at December 31, 2020 583,403 |
EARNINGS PER SHARE AND UNIT A_2
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |
Summary of the elements used in calculating basic and diluted earnings (loss) per common share | Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Net income $ 167,611 $ 170,771 $ 165,488 Noncontrolling interests in the Operating Partnership (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to the Company’s common shareholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic shares outstanding 194,147 190,874 184,653 Share options and restricted share units 796 702 842 Weighted average diluted shares outstanding (1) 194,943 191,576 185,495 Basic earnings per share attributable to common shareholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per share attributable to common shareholders (2) $ 0.85 $ 0.88 $ 0.88 Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2020 2019 2018 (dollars and units in thousands, except per unit amounts) Net income $ 167,611 $ 170,771 $ 165,488 Operating Partnership interests of third parties (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to common unitholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic units outstanding 194,147 190,874 184,653 Unit options and restricted share units 796 702 842 Weighted average diluted units outstanding (1) 194,943 191,576 185,495 Basic earnings per unit attributable to common unitholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per unit attributable to common unitholders (2) $ 0.85 $ 0.88 $ 0.88 (1) For the years ended December 31, 2020, 2019 and 2018, the Company declared cash dividends per common share/unit of $1.33 , $1.29 and $1.22 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2020 and 2018 were 0.8 million and 0.2 million, respectively. There were no anti-dilutive options for the year ended December 31, 2019. |
Schedule of common shares sold pursuant to equity distribution agreements | For the year ended December 31, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Number of shares sold 3,627 5,899 4,291 Average sales price per share $ 33.69 $ 33.64 $ 31.09 Net proceeds after deducting offering costs $ 120,727 $ 196,304 $ 131,835 |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2020segmentstate | |
Number of states in which self-storage facilities are located | state | 24 |
Number of reportable segments | segment | 1 |
Common stock, conversion ratio | 1 |
Cubesmart, L P and Subsidiaries | |
Percentage of the entity's partnership interest in Operating Partnership | 96.40% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Partnership Ownership | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ 4,230 | $ 5,918 | $ 299 |
Purchase Price Allocation | |||
Amount of purchase price allocated to above- or below-market lease intangibles | 0 | ||
Depreciation and Amortization | |||
Write-off of fully depreciated real estate assets | 83,400 | 81,700 | |
Write-off of fully amortized in-place lease intangible assets | 20,500 | 11,300 | |
Impairment losses | $ 0 | 0 | 0 |
Number of stores classified as held-for-sale | facility | 0 | ||
Minimum | |||
Depreciation and Amortization | |||
Useful lives of self-storage facilities and improvements | 5 years | ||
Maximum | |||
Depreciation and Amortization | |||
Useful lives of self-storage facilities and improvements | 39 years | ||
Cubesmart, L P and Subsidiaries | |||
Operating Partnership Ownership | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ 4,230 | $ 5,918 | $ 299 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) $ in Thousands | Jun. 06, 2019property | Sep. 05, 2018USD ($)facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Long-Lived Assets held for sale, timing of expected sale | 1 year | |||
Loan procurement costs | ||||
Loan procurement costs | $ 38,100 | $ 31,500 | ||
Loan procurement costs, accumulated amortization | 13,100 | 12,900 | ||
Other Assets | ||||
Intangible assets, net of accumulated amortization of $2,123 and $10,170 | 57,820 | 10,283 | ||
Accounts receivable, net | 5,829 | 6,386 | ||
Prepaid real estate taxes | 6,334 | 4,706 | ||
Prepaid insurance | 2,626 | 2,191 | ||
Amounts due from affiliates (see note 14) | 13,130 | 10,450 | ||
Assets held in trust related to deferred compensation arrangements | 17,207 | 13,280 | ||
Right-of-use assets (see note 13) | 55,302 | 41,698 | ||
Equity investment recorded at cost | 5,000 | 5,000 | ||
Other | 7,505 | 7,449 | ||
Total | 170,753 | 101,443 | ||
Accumulated amortization | $ 2,123 | $ 10,170 | ||
Number of self-storage facilities acquired | property | 18 | |||
Capital Storage Partners, LLC | ||||
Other Assets | ||||
Equity investment recorded at cost | $ 5,000 | |||
Ownership interest in partnership (as a percent) | 100.00% | |||
Number of self-storage facilities acquired | facility | 22 | |||
Series A Preferred shares, percentage | 11.00% | |||
Capital Storage Partners, LLC | Florida | ||||
Other Assets | ||||
Number of self-storage facilities acquired | facility | 4 | |||
Capital Storage Partners, LLC | Oklahoma | ||||
Other Assets | ||||
Number of self-storage facilities acquired | facility | 5 | |||
Capital Storage Partners, LLC | Texas | ||||
Other Assets | ||||
Number of self-storage facilities acquired | facility | 13 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Advertising and Marketing Costs | |||
Advertising and marketing expenses | $ 16.9 | $ 11.5 | $ 10.3 |
Equity Offering Costs | |||
Equity offering costs | 1.5 | 2.1 | 1.6 |
Capitalized Interest | |||
Interest costs, capitalized | $ 2.7 | $ 3 | $ 4.4 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Net tax basis in the entity's assets | $ 4,384.1 | $ 3,909.1 | |
Percentage of distributions characterized as ordinary income dividends | 74.174% | ||
Percentage of distributions characterized as capital gain dividends | 2.138% | ||
Percentage of distributions characterized as return of capital dividends | 23.688% | ||
Federal excise tax rate (as a percent) | 4.00% | ||
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax | 85.00% | ||
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax | 95.00% | ||
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax | 100.00% | ||
Sales and Excise Tax Payable | $ 0 | ||
Net deferred tax asset recorded by REIT subsidiary TRS | $ 0.4 | $ 0.7 | |
Earnings per Share and Unit | |||
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares) | 800,000 | 0 | 200,000 |
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 796,000 | 702,000 | 842,000 |
Foreign currency | |||
Derivatives outstanding | $ 0 | $ 0 | |
Impairment | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New York | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 16.00% | 16.00% | 16.00% |
Florida | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 15.00% | 16.00% | 17.00% |
California | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 8.00% | 8.00% | 8.00% |
Texas | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 9.00% | 10.00% | 10.00% |
STORAGE PROPERTIES - Summary (D
STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
STORAGE FACILITIES | |||
Storage properties | $ 5,489,754 | $ 4,699,844 | |
Less: Accumulated depreciation | (983,940) | (925,359) | |
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively) | 4,505,814 | 3,774,485 | $ 3,600,968 |
Land | |||
STORAGE FACILITIES | |||
Storage properties | 1,093,503 | 858,541 | |
Buildings and improvements | |||
STORAGE FACILITIES | |||
Storage properties | 4,122,995 | 3,619,594 | |
Equipment | |||
STORAGE FACILITIES | |||
Storage properties | 123,044 | 128,111 | |
Construction in progress | |||
STORAGE FACILITIES | |||
Storage properties | 108,316 | $ 93,598 | |
Right-of-use assets - finance leases | |||
STORAGE FACILITIES | |||
Storage properties | $ 41,896 |
STORAGE PROPERTIES - Activity (
STORAGE PROPERTIES - Activity (Details) $ in Thousands | Jun. 06, 2019USD ($)propertyfacility | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility |
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | property | 18 | |||
HVP III | ||||
STORAGE FACILITIES | ||||
Percentage of interest acquired | 90.00% | |||
2020 Acquisitions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 21 | |||
Purchase Price | $ | $ 735,875 | |||
2020 Acquisitions | Texas Asset February 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 9,025 | |||
2020 Acquisitions | Maryland Asset April 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 17,200 | |||
2020 Acquisitions | New Jersey Asset April 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 48,450 | |||
2020 Acquisitions | Florida Asset November 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 3,900 | |||
2020 Acquisitions | Texas Asset, Austin, November 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 10,750 | |||
2020 Acquisitions | Texas Asset, Dallas, November 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 10,150 | |||
2020 Acquisitions | Nevada Asset December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 16,800 | |||
2020 Acquisitions | New York Asset December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 6,750 | |||
2020 Acquisitions | Storage Deluxe Assets December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 8 | |||
Purchase Price | $ | $ 540,000 | |||
2020 Acquisitions | Florida Asset, Orlando, December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 3 | |||
Purchase Price | $ | $ 45,500 | |||
2020 Acquisitions | Florida Assets, Tampa, December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 10,000 | |||
2020 Acquisitions | Virginia Asset December 2020 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 17,350 | |||
2020 Dispositions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 1 | |||
Sale Price | $ | $ 12,750 | |||
2020 Dispositions | New York Asset Four | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 1 | |||
Sale Price | $ | $ 12,750 | |||
2019 Acquisitions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 29 | |||
Purchase Price | $ | $ 246,600 | |||
2019 Acquisitions | Maryland Asset March 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 22,000 | |||
2019 Acquisitions | Florida Assets April 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 2 | |||
Purchase Price | $ | $ 19,000 | |||
2019 Acquisitions | Arizona Asset May 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 1,550 | |||
2019 Acquisitions | HVP III Assets June 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 18 | |||
Purchase Price | $ | $ 128,250 | |||
2019 Acquisitions | Georgia Asset August 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 14,600 | |||
2019 Acquisitions | South Carolina Asset August 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 3,300 | |||
2019 Acquisitions | Texas Asset October 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 7,300 | |||
2019 Acquisitions | Florida Assets November 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 3 | |||
Purchase Price | $ | $ 32,100 | |||
2019 Acquisitions | California Asset December 2019 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 18,500 | |||
2019 Acquisitions | HVP III | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 18 | |||
Purchase Price | $ | $ 128,300 | |||
Percentage of interest acquired | 90.00% | |||
2019 Dispositions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 1 | |||
Sale Price | $ | $ 4,146 | |||
2019 Dispositions | Texas Asset | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 1 | |||
Sale Price | $ | $ 4,146 | |||
2018 Acquisitions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 10 | |||
Purchase Price | $ | $ 227,518 | |||
2018 Acquisitions | Texas Asset January 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 12,200 | |||
2018 Acquisitions | Texas Asset May 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 19,000 | |||
2018 Acquisitions | Metro DC Asset July 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 34,200 | |||
2018 Acquisitions | Nevada Asset September 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 14,350 | |||
2018 Acquisitions | North Carolina Asset September 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 11,000 | |||
2018 Acquisitions | California Asset October 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 53,250 | |||
2018 Acquisitions | Texas Asset October 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 23,150 | |||
2018 Acquisitions | California Asset November 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 19,118 | |||
2018 Acquisitions | New York Asset November 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 37,000 | |||
2018 Acquisitions | Illinois Asset December 2018 | ||||
STORAGE FACILITIES | ||||
Number of Facilities, acquisitions (in properties) | facility | 1 | |||
Purchase Price | $ | $ 4,250 | |||
2018 Dispositions | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 2 | |||
Sale Price | $ | $ 17,502 | |||
2018 Dispositions | Arizona Asset | ||||
STORAGE FACILITIES | ||||
Number of Facilities, dispositions (in properties) | facility | 2 | |||
Sale Price | $ | $ 17,502 |
INVESTMENT ACTIVITY (Details)
INVESTMENT ACTIVITY (Details) | Dec. 22, 2020USD ($) | Sep. 29, 2020USD ($)shares | Dec. 16, 2019USD ($) | Oct. 07, 2019USD ($) | Sep. 29, 2019USD ($)shares | Sep. 17, 2019USD ($) | Sep. 06, 2019USD ($) | Aug. 08, 2019 | Jun. 28, 2019USD ($) | Jun. 25, 2019USD ($) | Jun. 06, 2019USD ($)facilityproperty | Jun. 05, 2019USD ($)property | Feb. 15, 2019USD ($) | Nov. 28, 2018USD ($)property | Jul. 23, 2018shares | Jan. 31, 2018USD ($)shares | Apr. 12, 2017USD ($)shares | Jul. 31, 2020USD ($) | Dec. 31, 2015property | Dec. 31, 2020USD ($)itempropertyfacility | Dec. 31, 2019USD ($)facilityitem | Dec. 31, 2018USD ($)propertyfacilityshares | Dec. 31, 2020USD ($) |
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 18 | ||||||||||||||||||||||
Gains from sale of real estate, net | $ 6,710,000 | $ 1,508,000 | $ 10,576,000 | ||||||||||||||||||||
Number of facilities, construction completed and opened | $ 5 | ||||||||||||||||||||||
Acquisition of noncontrolling interest | $ 40,605,000 | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | 228,600,000 | ||||||||||||||||||||||
HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Percentage of interest acquired | 90.00% | ||||||||||||||||||||||
Texas | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 200,000 | ||||||||||||||||||||||
Total consideration | $ 12,200,000 | ||||||||||||||||||||||
Aggregate sale price | $ 4,100,000 | ||||||||||||||||||||||
Gains from sale of real estate, net | $ 1,500,000 | ||||||||||||||||||||||
Units issued (in shares) | shares | 168,011 | ||||||||||||||||||||||
Units issued | $ 4,800,000 | ||||||||||||||||||||||
New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 1,000,000 | ||||||||||||||||||||||
Units issued (in shares) | shares | 276,497 | ||||||||||||||||||||||
Units issued | $ 9,000,000 | ||||||||||||||||||||||
California | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 14,900,000 | ||||||||||||||||||||||
Issuance of OP Shares | 3,600,000 | ||||||||||||||||||||||
Total consideration | $ 18,500,000 | ||||||||||||||||||||||
Arizona | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 2 | ||||||||||||||||||||||
Gains from sale of real estate, net | $ 10,600,000 | ||||||||||||||||||||||
Illinois | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 9,700,000 | ||||||||||||||||||||||
Total consideration | $ 11,200,000 | ||||||||||||||||||||||
Units issued (in shares) | shares | 46,322 | ||||||||||||||||||||||
Illinois | Capital Unit Class C | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Units issued (in shares) | shares | 58,400 | ||||||||||||||||||||||
Units redeemed | shares | 58,400 | ||||||||||||||||||||||
Self storage under construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities under contract | property | 6 | ||||||||||||||||||||||
Development costs | $ 94,000,000 | 94,000,000 | |||||||||||||||||||||
Expected construction cost | $ 150,100,000 | ||||||||||||||||||||||
Self storage under construction | New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities under contract | property | 2 | ||||||||||||||||||||||
Self storage under construction | Massachusetts | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities under contract | facility | 1 | ||||||||||||||||||||||
Self storage under construction | Virginia | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities under contract | property | 2 | ||||||||||||||||||||||
Self storage under construction | Pennsylvania | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities under contract | property | 1 | ||||||||||||||||||||||
Self-storage Facility in Brooklyn, NY | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | ||||||||||||||||||||||
Self-storage Facility in Brooklyn, NY | Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | $ 45,900,000 | ||||||||||||||||||||||
Self-storage Facility in Waltham, MA | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | ||||||||||||||||||||||
Self-storage Facility in Waltham, MA | Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | $ 18,000,000 | ||||||||||||||||||||||
Self Storage Facility in Queens, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | ||||||||||||||||||||||
Self Storage Facility in Queens, NY I | Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | $ 47,500,000 | ||||||||||||||||||||||
Self Storage Facility in Bayonne, NJ | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | ||||||||||||||||||||||
Self Storage Facility in Bayonne, NJ | Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | $ 25,100,000 | ||||||||||||||||||||||
Self-storage Facility in Bronx, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | ||||||||||||||||||||||
Self-storage Facility in Bronx, NY I | Construction | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Total Construction Costs | $ 92,100,000 | ||||||||||||||||||||||
Self-storage facilities located in New York | Leases, Acquired-in-Place | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assumed ground leases | item | 3 | ||||||||||||||||||||||
2020 Acquisitions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 21 | ||||||||||||||||||||||
Aggregate purchase price | $ 735,875,000 | ||||||||||||||||||||||
Intangible value of the in-place leases | $ 11,400,000 | 11,400,000 | |||||||||||||||||||||
Estimated life | 12 months | ||||||||||||||||||||||
Amortization expense | $ 2,100,000 | ||||||||||||||||||||||
2020 Acquisitions | Texas | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 3 | ||||||||||||||||||||||
2020 Acquisitions | Florida | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 5 | ||||||||||||||||||||||
2020 Acquisitions | New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2020 Acquisitions | Maryland | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2020 Acquisitions | Nevada | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2020 Acquisitions | Virginia | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2020 Acquisitions | New Jersey | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2020 Acquisitions | Self-storage facilities located in US | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 13 | ||||||||||||||||||||||
Aggregate purchase price | $ 195,900,000 | ||||||||||||||||||||||
2020 Acquisitions | Self-storage Facility in Bronx, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Real estate property acquired, land subject to ground lease | $ 9,500,000 | ||||||||||||||||||||||
Decrease in right-of-use asset | 5,100,000 | ||||||||||||||||||||||
Decrease in operating lease liability | $ 5,000,000 | ||||||||||||||||||||||
2020 Acquisitions | Self-storage facilities located in New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 8 | ||||||||||||||||||||||
Number of real estate property acquisition tranches | item | 2 | ||||||||||||||||||||||
Aggregate purchase price | $ 540,000,000 | ||||||||||||||||||||||
Intangible value of the in-place leases | $ 48,600,000 | 48,600,000 | |||||||||||||||||||||
Estimated life | 12 months | ||||||||||||||||||||||
Number of facilities acquired with existing ground leases, for which the leases were classifed as finance leases | item | 2 | ||||||||||||||||||||||
Number of facilities acquired with existing ground leases, for which the leases were classified as operating leases | item | 1 | ||||||||||||||||||||||
Cash paid for acquisition | $ 210,500,000 | ||||||||||||||||||||||
Issuance of OP Shares | 175,100,000 | ||||||||||||||||||||||
Repayments of debt | 33,200,000 | ||||||||||||||||||||||
Units issued | $ 5,272,023 | ||||||||||||||||||||||
Number of properties, assumed mortgage | item | 6 | ||||||||||||||||||||||
Assumed mortgage debt, at fair value | $ 169,200,000 | 169,200,000 | |||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 154,400,000 | 154,400,000 | |||||||||||||||||||||
Premium on debt assumed on acquisitions | 14,800,000 | $ 14,800,000 | |||||||||||||||||||||
2020 Dispositions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Aggregate sale price | 12,750,000 | ||||||||||||||||||||||
2020 Dispositions | New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Aggregate sale price | $ 12,800,000 | ||||||||||||||||||||||
Gains from sale of real estate, net | $ 6,700,000 | ||||||||||||||||||||||
2019 Acquisitions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 29 | ||||||||||||||||||||||
Aggregate purchase price | $ 246,600,000 | ||||||||||||||||||||||
Intangible value of the in-place leases | $ 6,200,000 | ||||||||||||||||||||||
Estimated life | 12 months | ||||||||||||||||||||||
Amortization expense | 4,300,000 | $ 1,900,000 | |||||||||||||||||||||
Cash paid for acquisition | 14,900,000 | ||||||||||||||||||||||
Issuance of OP Shares | 3,600,000 | ||||||||||||||||||||||
2019 Acquisitions | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 18 | ||||||||||||||||||||||
Aggregate purchase price | $ 128,300,000 | ||||||||||||||||||||||
Intangible value of the in-place leases | $ 14,300,000 | ||||||||||||||||||||||
Estimated life | 12 months | ||||||||||||||||||||||
Amortization expense | $ 6,000,000 | $ 8,300,000 | |||||||||||||||||||||
Percentage of interest acquired | 90.00% | ||||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 10.00% | ||||||||||||||||||||||
Number of assets sold | facility | 50 | ||||||||||||||||||||||
Acquisition, assets recorded | $ 137,500,000 | ||||||||||||||||||||||
Acquistion, previously held equity interest | 10,600,000 | ||||||||||||||||||||||
Acquisition, cash acquired | $ 1,400,000 | ||||||||||||||||||||||
2019 Acquisitions | Texas | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | Florida | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 5 | ||||||||||||||||||||||
2019 Acquisitions | Massachusetts | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 7 | ||||||||||||||||||||||
2019 Acquisitions | Maryland | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | California | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | Arizona | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | Georgia | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | Georgia | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | North Carolina | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | South Carolina | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
2019 Acquisitions | South Carolina | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 7 | ||||||||||||||||||||||
2019 Acquisitions | Tennessee | HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 2 | ||||||||||||||||||||||
2019 Acquisitions | Self-storage facilities located in US | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 11 | ||||||||||||||||||||||
Aggregate purchase price | $ 118,300,000 | ||||||||||||||||||||||
2019 Acquisitions | Maryland Asset March 2019 | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | ||||||||||||||||||||||
Aggregate purchase price | $ 22,000,000 | ||||||||||||||||||||||
2019 Dispositions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Aggregate sale price | 4,146,000 | ||||||||||||||||||||||
2018 Acquisitions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 10 | ||||||||||||||||||||||
Aggregate purchase price | $ 227,518,000 | ||||||||||||||||||||||
2018 Acquisitions | Texas | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 3 | ||||||||||||||||||||||
2018 Acquisitions | New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 1 | ||||||||||||||||||||||
2018 Acquisitions | Nevada | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 1 | ||||||||||||||||||||||
2018 Acquisitions | California | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 2 | ||||||||||||||||||||||
2018 Acquisitions | Illinois | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 1 | ||||||||||||||||||||||
2018 Acquisitions | North Carolina | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 1 | ||||||||||||||||||||||
2018 Acquisitions | Self-storage facilities located in US | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 10 | ||||||||||||||||||||||
Aggregate purchase price | $ 227,500,000 | ||||||||||||||||||||||
Intangible value of the in-place leases | 11,300,000 | ||||||||||||||||||||||
Cash paid for acquisition | 200,000 | ||||||||||||||||||||||
Issuance of OP Shares | 4,800,000 | ||||||||||||||||||||||
Repayments of debt | $ 7,200,000 | ||||||||||||||||||||||
Number of self-storage facilities acquired upon completion of construction | property | 1 | ||||||||||||||||||||||
Number of properties, assumed mortgage | property | 1 | ||||||||||||||||||||||
2018 Acquisitions | Self-storage facilities located in US | Leases, Acquired-in-Place | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Estimated life | 12 months | ||||||||||||||||||||||
Amortization expense | $ 8,200,000 | $ 3,100,000 | |||||||||||||||||||||
2018 Acquisitions | Self-storage facilities located in US | Capital Unit Class C | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Issuance of OP Units (in shares) | shares | 168,011 | ||||||||||||||||||||||
2018 Acquisitions | Self-storage Facility in Washington DC | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of self-storage facilities acquired | property | 1 | ||||||||||||||||||||||
2018 Dispositions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Aggregate sale price | $ 17,502,000 | ||||||||||||||||||||||
2018 Dispositions | Arizona Asset | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Aggregate sale price | $ 17,502,000 | ||||||||||||||||||||||
Joint Venture | Self Storage Facilities in New York and New Jersey | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of joint ventures | item | 4 | ||||||||||||||||||||||
Joint Venture | Self-storage Facility in Brooklyn, NY | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Issuance of OP Shares | $ 9,000,000 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||||||||||||||||||
Units issued (in shares) | shares | 276,497 | ||||||||||||||||||||||
Joint Venture | Self-storage Facility in Waltham, MA | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 10.00% | ||||||||||||||||||||||
Total consideration | $ 2,600,000 | ||||||||||||||||||||||
Acquisition, gain (loss) recognized | $ 0 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||||||||||||||||
Minority ownership interest (as a percent) | 0.00% | ||||||||||||||||||||||
Acquisition of noncontrolling interest | $ 2,000,000 | ||||||||||||||||||||||
Repayments of debt | $ 10,500,000 | ||||||||||||||||||||||
Joint Venture | Self Storage Facility in Queens, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 9,000,000 | ||||||||||||||||||||||
Percentage of interest acquired | 10.00% | ||||||||||||||||||||||
Repayments of debt | $ 12,400,000 | ||||||||||||||||||||||
Put option ownership percentage in joint venture exercised (as a percent) | 49.00% | ||||||||||||||||||||||
Option to put ownership interest in the venture | $ 15,200,000 | ||||||||||||||||||||||
Joint Venture | Self Storage Facility in Bayonne, NJ | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Put option ownership percentage in joint venture exercised (as a percent) | 49.00% | ||||||||||||||||||||||
Option to put ownership interest in the venture | $ 11,500,000 | ||||||||||||||||||||||
Joint Venture | Self Storage Facility in Brooklyn, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Put option ownership percentage in joint venture exercised (as a percent) | 49.00% | ||||||||||||||||||||||
Option to put ownership interest in the venture | $ 10,000,000 | ||||||||||||||||||||||
Cash portion of put option paid | $ 1,000,000 | ||||||||||||||||||||||
Joint Venture | Self-storage Facility in Bronx, NY I | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Put option ownership percentage in joint venture exercised (as a percent) | 49.00% | ||||||||||||||||||||||
Option to put ownership interest in the venture | $ 37,800,000 | ||||||||||||||||||||||
Joint Venture | Self-storage facilities located in New York | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 18,500,000 | ||||||||||||||||||||||
Percentage of interest acquired | 10.00% | ||||||||||||||||||||||
Joint Venture | Self-storage facilities in New York, NY and Queens, NY | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Acquistion, previously held equity interest | 22,600,000 | ||||||||||||||||||||||
Acquisition, gain (loss) recognized | $ 0 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||||||||||||||||
Minority ownership interest (as a percent) | 0.00% | ||||||||||||||||||||||
Number of joint ventures | property | 2 | ||||||||||||||||||||||
HVP III | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 50 | ||||||||||||||||||||||
Aggregate sale price | $ 293,500,000 | ||||||||||||||||||||||
Gains from sale of real estate, net | $ 106,700,000 | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||||||||||||||||
HVP III | Florida | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 3 | ||||||||||||||||||||||
HVP III | Georgia | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 4 | ||||||||||||||||||||||
HVP III | North Carolina | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 3 | ||||||||||||||||||||||
HVP III | South Carolina | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 15 | ||||||||||||||||||||||
HVP III | Tennessee | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Number of assets sold | property | 8 | ||||||||||||||||||||||
HVP III | 2019 Acquisitions | |||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||
Cash paid for acquisition | $ 120,000,000 | ||||||||||||||||||||||
Amount of escrowed proceeds from sale of assets | $ 8,300,000 |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands | Feb. 05, 2021USD ($) | Mar. 19, 2020USD ($)facility | Oct. 07, 2019USD ($) | Jun. 06, 2019property | Jun. 05, 2019USD ($)propertyitem | Nov. 28, 2018USD ($)property | Sep. 05, 2018USD ($)facility | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Jan. 21, 2021USD ($) | Dec. 17, 2013 |
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 92,071 | $ 91,117 | |||||||||||
Number of self-storage facilities acquired | property | 18 | ||||||||||||
Acquisitions of storage facilities | 417,988 | 117,998 | $ 214,510 | ||||||||||
Credit facility, outstanding | 117,800 | ||||||||||||
Investment in joint venture | 5,000 | 5,000 | |||||||||||
Interest on real estate venture debt | 4.375% | ||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||
Gains from sale of real estate, net | 6,710 | 1,508 | 10,576 | ||||||||||
Company's share of net (loss) income | 178 | 11,122 | (865) | ||||||||||
HVPSE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 5,015 | ||||||||||||
Ownership interest in partnership (as a percent) | 10.00% | 10.00% | |||||||||||
Number of storage facilities owned by investee | property | 14 | ||||||||||||
Number of self-storage facilities acquired | facility | 14 | ||||||||||||
Acquisitions of storage facilities | $ 135,300 | ||||||||||||
Intangible value of the in-place leases | $ 7,700 | ||||||||||||
HVPSE | Term Loan Facility | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Interest rate (as percentage) | 1.60% | ||||||||||||
Proceeds from debt | $ 81,600 | ||||||||||||
HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Outstanding debt | $ 45,000 | ||||||||||||
HHFNE | LIBOR | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Interest rate (as percentage) | 1.20% | ||||||||||||
HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||||||
Number of storage facilities owned by investee | property | 18 | ||||||||||||
Number of assets sold | property | 50 | ||||||||||||
Net proceeds from sale of assets | $ 82,900 | ||||||||||||
Aggregate sale price | $ 293,500 | ||||||||||||
Number of mortgage loans | item | 5 | ||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||
Gains from sale of real estate, net | $ 106,700 | ||||||||||||
HVP III | Term Loan Facility | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Outstanding debt | 22,900 | ||||||||||||
HVP III | Credit Facility | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Credit facility, outstanding | 179,500 | ||||||||||||
Maximum borrowing capacity | $ 185,500 | ||||||||||||
HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in joint venture | $ 26,300 | ||||||||||||
HVP IV | Secured Loan Due May 2021 | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Credit facility, outstanding | 82,200 | ||||||||||||
Maximum borrowing capacity | $ 107,000 | ||||||||||||
Interest rate (as percentage) | 1.70% | ||||||||||||
HVP IV | Secured Debt Due June 2024 | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Interest rate (as percentage) | 2.75% | ||||||||||||
Outstanding debt | $ 55,500 | ||||||||||||
HHF | Secured loan 3.59% due April 30, 2021 | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Interest rate (as percentage) | 3.59% | ||||||||||||
Outstanding debt | $ 100,000 | ||||||||||||
Amount of debt repaid | $ 100,000 | ||||||||||||
HHF | Secured loan 2.58% due on February 05, 2028 | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Amount of loan obtained | $ 105,000 | ||||||||||||
Interest on real estate venture debt | 2.58% | ||||||||||||
Arizona | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 2 | ||||||||||||
Net proceeds from sale of assets | $ 17,500 | ||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||
Gains from sale of real estate, net | $ 10,600 | ||||||||||||
Arizona | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 2 | ||||||||||||
Maryland | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 1 | ||||||||||||
Michigan | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 17 | ||||||||||||
Connecticut | HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | (3) | ||||||||||||
Connecticut | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 2 | ||||||||||||
Massachusetts | HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | (6) | ||||||||||||
Minnesota | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 1 | ||||||||||||
Rhode Island | HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | (2) | ||||||||||||
Vermont | HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | (2) | ||||||||||||
Tennessee | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 8 | ||||||||||||
Florida | HVPSE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 2 | ||||||||||||
Florida | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 3 | ||||||||||||
Florida | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 4 | ||||||||||||
Texas | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Aggregate sale price | $ 4,100 | ||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | $ 200 | ||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||
Gains from sale of real estate, net | $ 1,500 | ||||||||||||
Texas | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 8 | ||||||||||||
Texas | HHF | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 34 | ||||||||||||
North Carolina | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 3 | ||||||||||||
North Carolina | HHF | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 1 | ||||||||||||
South Carolina | HVPSE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 4 | ||||||||||||
South Carolina | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 15 | ||||||||||||
Georgia | HVPSE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 8 | ||||||||||||
Georgia | HVP III | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of assets sold | property | 4 | ||||||||||||
Georgia | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 2 | ||||||||||||
Pennsylvania | HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of storage facilities owned by investee | property | 1 | ||||||||||||
Ventures | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 92,071 | $ 91,117 | |||||||||||
Number of storage facilities owned by investee | property | 83 | 69 | |||||||||||
Assets | |||||||||||||
Storage propeties, net | $ 662,833 | $ 552,791 | |||||||||||
Other assets | 18,112 | 11,997 | |||||||||||
Total Assets | 680,945 | 564,788 | |||||||||||
Liabilities and equity | |||||||||||||
Other liabilities | 11,588 | 10,064 | |||||||||||
Debt | 359,985 | 280,392 | |||||||||||
Equity | |||||||||||||
CubeSmart | 92,071 | 91,117 | |||||||||||
Joint venture partner | 217,301 | 183,215 | |||||||||||
Total liabilities and equity | 680,945 | 564,788 | |||||||||||
Summary of results of operations of the real estate venture | |||||||||||||
Total revenues | 67,239 | 72,582 | 90,111 | ||||||||||
Operating expenses | (30,755) | (32,134) | (37,899) | ||||||||||
Other expenses | (430) | (3,227) | (938) | ||||||||||
Interest expense, net | (11,585) | (14,927) | (13,311) | ||||||||||
Depreciation and amortization | (33,086) | (30,107) | (41,972) | ||||||||||
Gains from sale of real estate, net | 106,667 | ||||||||||||
Net (loss) income | (8,617) | 98,854 | (4,009) | ||||||||||
Company's share of net (loss) income | 178 | 11,122 | $ (865) | ||||||||||
HHFNE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 1,628 | $ 1,998 | |||||||||||
Ownership interest in partnership (as a percent) | 10.00% | ||||||||||||
Number of storage facilities owned by investee | property | 13 | 13 | |||||||||||
Investment in joint venture | $ 3,800 | ||||||||||||
HVPSE | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Contribution To Real Estate Venture | $ 5,600 | ||||||||||||
HVP IV | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 21,760 | $ 23,112 | |||||||||||
Ownership interest in partnership (as a percent) | 20.00% | ||||||||||||
Number of storage facilities owned by investee | property | 21 | 21 | |||||||||||
HHF | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Investment in real estate entities | $ 63,668 | $ 66,007 | |||||||||||
Ownership interest in partnership (as a percent) | 50.00% | ||||||||||||
Number of storage facilities owned by investee | property | 35 | 35 | |||||||||||
Capital Storage Partners, LLC | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Ownership interest in partnership (as a percent) | 100.00% | ||||||||||||
Number of self-storage facilities acquired | facility | 22 | ||||||||||||
Investment in joint venture | $ 5,000 | ||||||||||||
Series A Preferred shares, percentage | 11.00% | ||||||||||||
Capital Storage Partners, LLC | Florida | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 4 | ||||||||||||
Capital Storage Partners, LLC | Texas | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 13 | ||||||||||||
Capital Storage Partners, LLC | Oklahoma | |||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||
Number of self-storage facilities acquired | facility | 5 |
UNSECURED SENIOR NOTES (Details
UNSECURED SENIOR NOTES (Details) $ in Thousands | Oct. 30, 2020USD ($) | Jan. 31, 2019USD ($) | Apr. 04, 2017USD ($) | Oct. 26, 2015USD ($) | Dec. 17, 2013USD ($) | Oct. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Oct. 06, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017 |
Mortgage loans and Notes payable | ||||||||||
Interest rate (as a percent) | 4.375% | |||||||||
Less: Loan procurement costs, net | $ (3,275) | $ (4,059) | ||||||||
Total unsecured senior notes, net | 2,030,372 | 1,835,725 | ||||||||
Loss on early extinguishment of debt | (18,020) | |||||||||
Cubesmart, L P and Subsidiaries | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Less: Loan procurement costs, net | (3,275) | (4,059) | ||||||||
Total unsecured senior notes, net | 2,030,372 | 1,835,725 | ||||||||
Loss on early extinguishment of debt | $ 18,000 | (18,020) | ||||||||
Prepayment penalty on early extinguishment of debt | 17,600 | |||||||||
Loan procurement amortization expense - early repayment of debt | $ 400 | |||||||||
Senior Notes | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | 2,050,000 | 1,850,000 | ||||||||
Less: Discount on issuance of notes, net | (7,470) | (3,860) | ||||||||
Less: Loan procurement costs, net | (12,158) | (10,415) | ||||||||
Total unsecured senior notes, net | $ 2,030,372 | 1,835,725 | ||||||||
Senior Notes | Maximum | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Consolidated leverage ratio | 0.60 | |||||||||
Secured debt leverage ratio | 0.40 | |||||||||
Senior Notes | Minimum | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Consolidated interest coverage ratio | 1.50 | |||||||||
Financial and customary covenant, minimum unencumbered asset (as a percent) | 150.00% | |||||||||
Senior notes 4.800% due 2022 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | 250,000 | |||||||||
Interest rate (as a percent) | 4.80% | 4.80% | ||||||||
Effective interest rate (as a percent) | 4.82% | |||||||||
Repayment of outstanding debt | $ 250,000 | |||||||||
Senior notes 4.375% due 2023 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 300,000 | 300,000 | ||||||||
Interest rate (as a percent) | 4.375% | 4.375% | ||||||||
Effective interest rate (as a percent) | 4.33% | |||||||||
Effective weighted average interest rate (as a percent) | 3.495% | 4.501% | 4.33% | |||||||
Proceeds from senior notes | $ 50,000 | $ 250,000 | ||||||||
Debt instrument, redemption percentage | 105.04% | 98.995% | ||||||||
Senior notes 4.000% due 2025 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 300,000 | 300,000 | ||||||||
Interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||||||
Effective interest rate (as a percent) | 3.811% | 4.032% | 3.99% | |||||||
Effective weighted average interest rate (as a percent) | 3.994% | |||||||||
Proceeds from senior notes | $ 50,000 | $ 250,000 | ||||||||
Debt instrument, redemption percentage | 101.343% | 99.735% | ||||||||
Senior Notes 3.125% Due 2026 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 300,000 | 300,000 | ||||||||
Interest rate (as a percent) | 3.125% | |||||||||
Effective interest rate (as a percent) | 3.18% | |||||||||
Senior Notes 4.375 % Due 2029 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 350,000 | $ 350,000 | 350,000 | |||||||
Interest rate (as a percent) | 4.375% | 4.375% | ||||||||
Effective interest rate (as a percent) | 4.46% | |||||||||
Senior Notes 3.000 % Due 2030 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 350,000 | $ 350,000 | ||||||||
Interest rate (as a percent) | 3.00% | |||||||||
Effective interest rate (as a percent) | 3.04% | |||||||||
Senior Notes 2.000 % Due 2031 | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Senior notes, principal amount | $ 450,000 | $ 450,000 | ||||||||
Interest rate (as a percent) | 2.00% | 2.00% | ||||||||
Effective interest rate (as a percent) | 2.10% | |||||||||
Credit Facility | ||||||||||
Mortgage loans and Notes payable | ||||||||||
Repayment of outstanding debt | $ 200,000 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) - USD ($) $ in Thousands | Jun. 19, 2019 | Jan. 31, 2019 | Apr. 04, 2017 | Oct. 26, 2015 | Dec. 17, 2013 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Apr. 22, 2015 | Aug. 05, 2014 |
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Loan procurement costs capitalized | $ 38,100 | $ 31,500 | ||||||||
Loan procurement costs, net of amortization | 3,275 | 4,059 | ||||||||
Interest rate (as a percent) | 4.375% | |||||||||
Less: Loan procurement costs, net | $ (3,275) | (4,059) | ||||||||
Term Loan | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Write off of unamortized cost | $ 100 | |||||||||
Term Loan Facility | Term Loan A | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Maximum borrowing capacity | $ 100,000 | |||||||||
Credit Facility | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Repayment of outstanding debt | $ 200,000 | |||||||||
Payment of financing costs | 3,900 | |||||||||
Credit Facility | Minimum | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Fixed charge coverage ratio | 1.5 | |||||||||
Credit Facility | Maximum | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Total indebtedness to total asset value ratio (as a percent) | 60.00% | |||||||||
Credit Facility | Revolver | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Maximum borrowing capacity | $ 750,000 | $ 500,000 | ||||||||
Facility fee (as a percent) | 0.15% | |||||||||
Remaining borrowing capacity | $ 631,600 | |||||||||
Outstanding letter of credit | $ 600 | |||||||||
Effective weighted average interest rate (as a percent) | 1.24% | |||||||||
Credit Facility | Revolver | LIBOR | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Interest rate, basis spread (as a percent) | 1.10% | |||||||||
Senior notes 4.375% due 2023 | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Debt amount | $ 300,000 | 300,000 | ||||||||
Proceeds from senior notes | $ 50,000 | $ 250,000 | ||||||||
Interest rate (as a percent) | 4.375% | 4.375% | ||||||||
Effective interest rate (as a percent) | 4.33% | |||||||||
Effective weighted average interest rate (as a percent) | 3.495% | 4.501% | 4.33% | |||||||
Senior notes 4.000% due 2025 | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Debt amount | $ 300,000 | 300,000 | ||||||||
Proceeds from senior notes | $ 50,000 | $ 250,000 | ||||||||
Interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||||||
Effective interest rate (as a percent) | 3.811% | 4.032% | 3.99% | |||||||
Effective weighted average interest rate (as a percent) | 3.994% | |||||||||
Senior Notes 4.375 % Due 2029 | ||||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||||
Debt amount | $ 350,000 | $ 350,000 | $ 350,000 | |||||||
Interest rate (as a percent) | 4.375% | 4.375% | ||||||||
Effective interest rate (as a percent) | 4.46% |
MORTGAGE LOANS AND NOTES PAYA_3
MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage loans and Notes payable | |||
Less: Loan procurement costs, net | $ (3,275) | $ (4,059) | |
Total mortgage loans and notes payable | 216,504 | 96,040 | |
Net book value of self-storage facilities | 4,505,814 | 3,774,485 | $ 3,600,968 |
Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | 202,768 | 94,494 | |
Plus: Unamortized fair value adjustment | 15,879 | 1,833 | |
Less: Loan procurement costs, net | (2,143) | (287) | |
Total mortgage loans and notes payable | 216,504 | 96,040 | |
Net book value of self-storage facilities used to secure debt | 539,200 | 206,300 | |
Bronx VII, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 7,805 | ||
Effective interest rate (as a percent) | 4.56% | ||
Bronx VIII, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 2,740 | ||
Effective interest rate (as a percent) | 4.61% | ||
Bronx IX, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 21,030 | $ 21,547 | |
Effective interest rate (as a percent) | 4.85% | ||
Bronx X, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 23,148 | 24,042 | |
Effective interest rate (as a percent) | 4.64% | ||
Nashville V, TN | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 2,261 | 2,313 | |
Effective interest rate (as a percent) | 3.85% | ||
New York, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 29,981 | 30,588 | |
Effective interest rate (as a percent) | 3.51% | ||
Annapolis I, MD | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 5,283 | $ 5,459 | |
Effective interest rate (as a percent) | 3.78% | ||
Brooklyn XV, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 15,713 | ||
Effective interest rate (as a percent) | 2.15% | ||
Long Island City IV, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 12,852 | ||
Effective interest rate (as a percent) | 2.15% | ||
Long Island City II, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 19,094 | ||
Effective interest rate (as a percent) | 2.25% | ||
Long Island City III, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 19,106 | ||
Effective interest rate (as a percent) | 2.25% | ||
Flushing II, NY | Mortgages | |||
Mortgage loans and Notes payable | |||
Carrying value | $ 54,300 | ||
Effective interest rate (as a percent) | 2.15% |
MORTGAGE LOANS AND NOTES PAYA_4
MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
Less: Loan procurement costs, net | $ (3,275) | $ (4,059) |
Total mortgage loans and notes payable, net | 216,504 | 96,040 |
Mortgages | ||
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
2021 | 46,383 | |
2022 | 2,426 | |
2023 | 32,591 | |
2024 | 32,329 | |
2025 | 979 | |
2026 and thereafter | 88,060 | |
Total mortgage payments | 202,768 | 94,494 |
Plus: Unamortized fair value adjustment | 15,879 | 1,833 |
Less: Loan procurement costs, net | (2,143) | (287) |
Total mortgage loans and notes payable, net | $ 216,504 | $ 96,040 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in accumulated other comprehensive income by component | |||
Balance | $ 1,807,336 | $ 1,716,449 | $ 1,635,370 |
Unrealized gains (losses) on interest rate swaps | 232 | (979) | |
Reclassification of realized losses (gains) on interest rate swaps | 81 | 70 | (60) |
Balance | 1,840,848 | 1,807,336 | 1,716,449 |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Changes in accumulated other comprehensive income by component | |||
Balance | (737) | (1,039) | |
Unrealized gains (losses) on interest rate swaps | 232 | ||
Reclassification of realized losses (gains) on interest rate swaps | 81 | 70 | |
Balance | (656) | (737) | (1,039) |
Accumulated Other Comprehensive (Loss) Income | |||
Changes in accumulated other comprehensive income by component | |||
Balance | (729) | (1,029) | 3 |
Balance | (632) | (729) | $ (1,029) |
AOCI Attributable to Noncontrolling Interest | |||
Changes in accumulated other comprehensive income by component | |||
Balance | 8 | ||
Balance | $ 24 | $ 8 |
RISK MANAGEMENT AND USE OF FI_2
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jan. 24, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 24, 2018 |
Derivative financial instruments | ||||
Settlement of hedge transactions | $ 807 | |||
Realized losses reclassified from accumulated other comprehensive loss | $ 100 | |||
Amount estimated to be reclassified as an increase to interest expense | $ 100 | |||
Designated | Cash flow | Interest rate swap | ||||
Derivative financial instruments | ||||
Notional Amount | $ 150,000 | |||
Settlement of hedge transactions | $ 800 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
FAIR VALUE MEASUREMENTS | ||
Derivative Assets | $ 0 | $ 0 |
Derivative Liabilities | 0 | 0 |
Aggregate carrying value of total debt | 2,364.7 | 1,931.8 |
Estimated fair value of total debt | $ 2,571.3 | $ 2,037.6 |
NONCONTROLLING INTERESTS - Inte
NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands | May 30, 2019USD ($) | May 29, 2019USD ($) | Mar. 07, 2019USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 17, 2013 |
Interests in Consolidated Real Estate Joint Ventures | |||||||
Percentage of the Variable Interest Entity sold | 90.00% | ||||||
Assets | $ 4,778,142 | $ 4,029,545 | |||||
Liabilities | 2,687,880 | 2,160,121 | |||||
Interest rate (as a percent) | 4.375% | ||||||
Gain from sale of real estate | 6,710 | 1,508 | $ 10,576 | ||||
Proceeds from sale of real estate, net | 12,466 | 3,856 | 16,389 | ||||
Gains from sale of real estate, net | 6,710 | 1,508 | 10,576 | ||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | 40,605 | ||||||
Noncontrolling interests in subsidiaries | 8,632 | 7,990 | |||||
Reduction to additional paid in capital | 682 | $ 7,376 | $ 925 | ||||
VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 119,862 | ||||||
Liabilities | 40,138 | ||||||
CS Vienna LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Carrying amount of mortgage loans | 4,900 | ||||||
Amount of mortgage loan commitment | 17,000 | ||||||
CS Vienna LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 16,424 | ||||||
Liabilities | 4,981 | ||||||
CS 750 W Merrick Rd LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Option to put ownership interest in the venture | 17,100 | ||||||
Option to call ownership interest of another member | 17,100 | ||||||
Accretion liability | 4,900 | ||||||
CS 750 W Merrick Rd LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 12,090 | ||||||
Liabilities | 5,269 | ||||||
CS Valley Forge Village Storage LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Carrying amount of mortgage loans | 6,900 | ||||||
Amount of mortgage loan commitment | 12,400 | ||||||
CS Valley Forge Village Storage LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 18,129 | ||||||
Liabilities | 9,806 | ||||||
Shirlington Rd II LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 18,821 | ||||||
Liabilities | 1,046 | ||||||
CS 2087 Hempstead Tpk LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Option to put ownership interest in the venture | 6,600 | ||||||
Option to call ownership interest of another member | 6,600 | ||||||
Accretion liability | 5,900 | ||||||
CS 2087 Hempstead Tpk LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 22,079 | ||||||
Liabilities | 7,576 | ||||||
CS SDP Newtonville LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Carrying amount of mortgage loans | 9,600 | ||||||
Amount of mortgage loan commitment | 12,100 | ||||||
CS SDP Newtonville LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 17,808 | ||||||
Liabilities | 11,289 | ||||||
Shirlington Rd LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | $ 10,000 | ||||||
Noncontrolling interests in subsidiaries | 0 | ||||||
Reduction to additional paid in capital | 9,700 | ||||||
Amount of debt repaid | $ 12,200 | ||||||
Shirlington Rd LLC | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Assets | 14,511 | ||||||
Liabilities | $ 171 | ||||||
Merrick Road LLC and Hempstead LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Period of option to call ownership interest of another member | 1 year | ||||||
Period of option to put ownership interest in venture | 2 years | ||||||
Initiation period for the call option | 12 months | ||||||
VIE | VIE | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 7 | ||||||
VIE | CS Vienna LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 72.00% | ||||||
VIE | CS 750 W Merrick Rd LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||
VIE | CS Valley Forge Village Storage LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 70.00% | ||||||
VIE | Shirlington Rd II LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||
Percentage of interest acquired | 10.00% | ||||||
Payment made for acquisition of interest in real estate ventures | $ 4,800 | ||||||
VIE | CS 2087 Hempstead Tpk LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||
VIE | CS SDP Newtonville LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||
VIE | Shirlington Rd LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||
Percentage of interest acquired | 10.00% | ||||||
CS SJM E 92nd Street LLC | |||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||
Proceeds from sale of real estate, net | $ 3,700 | ||||||
Note receivable | 1,000 | ||||||
Amount of debt repaid | 700 | $ 1,700 | |||||
Increase (Decrease) Operating Lease Liability | 14,600 | ||||||
Increase (decrease) in operating lease, right-of-use asset | $ 13,400 |
NONCONTROLLING INTERESTS - Oper
NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands | Sep. 29, 2020USD ($)shares | Dec. 16, 2019USD ($)shares | Jul. 23, 2018shares | Jan. 31, 2018USD ($)shares | Apr. 12, 2017USD ($)shares | Dec. 31, 2020USD ($)itemshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) |
Operating Partnership Ownership | |||||||||
OP Units outstanding which are not owned by the general partner (as a percent) | 3.60% | 3.60% | 1.00% | ||||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | $ 40,605 | ||||||||
Adjustment for noncontrolling interest in the Operating Partnership | $ (4,230) | (5,918) | $ (299) | ||||||
Acquisition of noncontrolling interest | $ 35,777 | ||||||||
California | |||||||||
Operating Partnership Ownership | |||||||||
OP units issued (in shares) | shares | 106,738 | ||||||||
Issuance of OP Shares | $ 3,600 | ||||||||
Total consideration | 18,500 | ||||||||
Cash paid for acquisition | $ 14,900 | ||||||||
New York | |||||||||
Operating Partnership Ownership | |||||||||
Acquisition of noncontrolling interest | $ 10,000 | ||||||||
Cash paid for acquisition | $ 1,000 | ||||||||
Units issued (in shares) | shares | 276,497 | ||||||||
Units issued | $ 9,000 | ||||||||
Illinois | |||||||||
Operating Partnership Ownership | |||||||||
Total consideration | $ 11,200 | ||||||||
Cash paid for acquisition | $ 9,700 | ||||||||
Units issued (in shares) | shares | 46,322 | ||||||||
Texas | |||||||||
Operating Partnership Ownership | |||||||||
Total consideration | $ 12,200 | ||||||||
Cash paid for acquisition | 200 | ||||||||
Amount of mortgage loan commitment | $ 7,200 | ||||||||
Units issued (in shares) | shares | 168,011 | ||||||||
Units issued | $ 4,800 | ||||||||
Capital Unit Class C | Illinois | |||||||||
Operating Partnership Ownership | |||||||||
Units redeemed | shares | 58,400 | ||||||||
Units issued (in shares) | shares | 58,400 | ||||||||
Storage Deluxe assets | |||||||||
Operating Partnership Ownership | |||||||||
Purchase Price | $ 540,000 | ||||||||
Number of real estate property acquisition tranches | item | 2 | ||||||||
Units issued (in shares) | shares | 5,272,023 | ||||||||
Units issued | $ 175,100 | ||||||||
Cubesmart, L P and Subsidiaries | |||||||||
Operating Partnership Ownership | |||||||||
OP units outstanding (in shares) | shares | 7,420,828 | 7,420,828 | 1,972,308 | ||||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | $ 40,605 | ||||||||
Adjustment for noncontrolling interest in the Operating Partnership | $ (4,230) | (5,918) | $ (299) | ||||||
Acquisition of noncontrolling interest | $ 35,777 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
LEASES | ||
Lessor, Administrative and late fees income | $ 20,000 | $ 22,600 |
Operating Lease, Income, Comprehensive Income [Extensible List] | cube:OtherpropertyRelatedIncomeMember | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true | |
Operating leases - Right-of-use assets | $ 55,302 | 41,698 |
Operating lease liabilities | $ 53,595 | $ 46,391 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Weighted-average remaining lease term - operating leases | 34 years 9 months 18 days | 35 years 10 months 24 days |
Weighted-average discount rate - operating leases | 4.46% | 4.74% |
Maximum | ||
LEASES | ||
Operating lease term (in years) | 44 years | |
Operating lease renewal term (in years) | 69 years |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease information | ||
Amortization of finance lease right of-of-use assets | $ 49 | |
Interest expense related to finance lease liabilities | 64 | |
Operating lease cost | 2,856 | $ 3,304 |
Short-term lease cost | 1,114 | 1,227 |
Total lease cost | $ 4,083 | $ 4,531 |
Automobiles | ||
Lease information | ||
Lease term | 12 months |
LEASES - Balance Sheet Informat
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lease information | ||
Finance leases - Right-of-use assets | $ 41,896 | |
Finance lease liabilities | 65,599 | |
Operating leases - Right-of-use assets | 55,302 | $ 41,698 |
Operating lease liabilities | $ 53,595 | $ 46,391 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Weighted-average remaining lease term - finance leases | 43 years 6 months | 0 years |
Weighted-average remaining lease term - operating leases | 34 years 9 months 18 days | 35 years 10 months 24 days |
Weighted-average discount rate - finance leases | 3.25% | 0.00% |
Weighted-average discount rate - operating leases | 4.46% | 4.74% |
LEASES - Future Operating Lease
LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future operating lease liability maturities | ||
2021 | $ 2,511 | |
2022 | 2,639 | |
2023 | 2,690 | |
2024 | 2,540 | |
2025 | 2,539 | |
2026 and thereafter | 99,290 | |
Total operating lease payments | 112,209 | |
Less: Imputed interest | (58,614) | |
Operating lease liabilities | 53,595 | $ 46,391 |
Future finance lease liability maturities | ||
2021 | 1,936 | |
2022 | 2,183 | |
2023 | 2,183 | |
2024 | 2,183 | |
2025 | 2,224 | |
2026 and thereafter | 122,932 | |
Total lease payments | 133,641 | |
Less: Imputed interest | (68,042) | |
Finance lease liabilities | $ 65,599 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RELATED PARTY TRANSACTIONS | |||
Management fees | $ 3.8 | $ 4 | $ 4.5 |
Amounts due to the Company from related parties | 13.1 | 10.5 | |
Mortgage loans receivable from consolidated joint ventures | 21.4 | 3.1 | |
Acquisition fees | $ 0.7 | $ 2.1 | $ 0.6 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) $ in Millions | Dec. 31, 2020USD ($)facility |
COMMITMENTS AND CONTINGENCIES | |
Number of self-storage units under development | facility | 6 |
Future milestone payments | $ | $ 48.4 |
SHARE-BASED COMPENSATION PLAN_2
SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 23, 2018 | Jun. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2014 |
Share Options | |||||||||
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | |||||||||
Risk-free interest rate (as a percent) | 1.90% | 2.70% | 2.50% | ||||||
Expected dividend yield (as a percent) | 3.90% | 3.90% | 3.70% | ||||||
Volatility (as a percent) | 20.00% | 32.00% | 32.00% | ||||||
Weighted average expected life of the options | 6 years | 6 years | 6 years | ||||||
Weighted average grant date fair value of options granted per share (in dollars per share) | $ 3.66 | $ 6.35 | $ 6.24 | ||||||
Share options, additional general disclosures | |||||||||
Compensation expense recognized (in dollars) | $ 2 | $ 1.8 | $ 1.5 | ||||||
Aggregate grant date fair value of share based awards issued (in dollars) | $ 2.2 | ||||||||
Vesting period | 3 years | ||||||||
Unrecognized compensation cost | $ 2.1 | ||||||||
Unrecognized compensation cost recorded, period | 2 years | ||||||||
Number of Shares Under Option | |||||||||
Balance at the beginning of the period (in shares) | 1,602,353 | 1,659,003 | 1,602,353 | 1,659,003 | 1,833,173 | ||||
Options granted (in shares) | 607,010 | 324,409 | 305,805 | ||||||
Options canceled (in shares) | (29,814) | (74,748) | |||||||
Options exercised (in shares) | (61,459) | (381,059) | (405,227) | ||||||
Balance at the end of the period (in shares) | 2,118,090 | 1,602,353 | 1,659,003 | 1,833,173 | |||||
Vested or expected to vest at the end of the period (in shares) | 2,118,090 | ||||||||
Exercisable at the end of the period (in shares) | 1,235,816 | ||||||||
Weighted Average Exercise Price | |||||||||
Balance at the beginning of the period (in dollars per share) | $ 24.10 | $ 19.89 | $ 24.10 | $ 19.89 | $ 16.55 | ||||
Options granted (in dollars per share) | 31.48 | 28.69 | 27.85 | ||||||
Options canceled (in dollars per share) | 30.46 | 26.95 | |||||||
Options exercised (in dollars per share) | 15.65 | 9.67 | 9.47 | ||||||
Balance at the end of the period (in dollars per share) | 26.37 | $ 24.10 | $ 19.89 | $ 16.55 | |||||
Vested or expected to vest at the end of the period (in dollars per share) | 26.37 | ||||||||
Exercisable at the end of the period (in dollars per share) | $ 23.46 | ||||||||
Weighted Average Remaining Contractual Term | |||||||||
Balance at the end of the period | 6 years 4 months 20 days | 6 years 3 months 3 days | 5 years 6 months 7 days | 5 years 3 months 3 days | |||||
Options granted | 9 years 3 days | 9 years 3 days | 9 years 29 days | ||||||
Options canceled | 0 years | 1 year | |||||||
Options exercised | 2 years 6 months 18 days | 1 year | 1 year 11 months 23 days | ||||||
Vested or expected to vest at the end of the period | 6 years 4 months 20 days | ||||||||
Exercisable at the end of the period | 4 years 9 months 10 days | ||||||||
Aggregate intrinsic value | |||||||||
Options, vested or expected to vest and exercisable (in dollars) | $ 15.3 | ||||||||
Options exercised (in dollars) | 0.9 | $ 9.1 | $ 8.4 | ||||||
Restricted Shares | |||||||||
Share options, additional general disclosures | |||||||||
Compensation expense recognized (in dollars) | 5.2 | 4.9 | $ 4 | ||||||
Aggregate grant date fair value of share based awards issued (in dollars) | $ 2.1 | 6.1 | $ 5.8 | ||||||
Unrecognized compensation cost | $ 6 | ||||||||
Unrecognized compensation cost recorded, period | 5 years | ||||||||
Number of Non-Vested Restricted Shares | |||||||||
Non-vested at the beginning of the period (in shares) | 489,964 | 489,964 | |||||||
Granted (in shares) | 188,371 | 180,607 | |||||||
Vested (in shares) | (74,860) | ||||||||
Forfeited (in shares) | (20,072) | ||||||||
Non-vested at the end of the period (in shares) | 583,403 | 489,964 | |||||||
Restricted Shares | Minimum | |||||||||
Share options, additional general disclosures | |||||||||
Vesting period | 3 years | ||||||||
Restricted Shares | Maximum | |||||||||
Share options, additional general disclosures | |||||||||
Vesting period | 5 years | ||||||||
Restricted share units | |||||||||
Share options, additional general disclosures | |||||||||
Aggregate grant date fair value of share based awards issued (in dollars) | $ 1.9 | ||||||||
Number of Non-Vested Restricted Shares | |||||||||
Granted (in shares) | 55,168 | 66,872 | |||||||
Restricted share, additional disclosure | |||||||||
Period for calculation of total return to shareholders | 3 years | 3 years | |||||||
Restricted share units | Executives | |||||||||
Number of Non-Vested Restricted Shares | |||||||||
Granted (in shares) | 54,978 | ||||||||
Restricted share, additional disclosure | |||||||||
Fair value of share-based awards granted during the period | $ 2.2 | ||||||||
Period for calculation of total return to shareholders | 3 years | ||||||||
2007 Plan | |||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||
Additional shares authorized | 4,500,000 | ||||||||
Shares reserved for future issuance | 991,117 | ||||||||
Shares available for future awards | 3,233,009 | 3,233,009 | |||||||
Maximum term of options | 10 years | ||||||||
Percentage of shares that may not be subject to specific limitations | 5.00% | ||||||||
2007 Plan | Minimum | |||||||||
Share options, additional general disclosures | |||||||||
Vesting period | 1 year | ||||||||
2007 Plan | Maximum | |||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 1,000,000 | ||||||||
2007 Plan | Maximum | Non Employee Trustee | |||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 250,000 | ||||||||
2007 Plan | Share Options | |||||||||
Number of Shares Under Option | |||||||||
Balance at the end of the period (in shares) | 2,118,090 | ||||||||
Weighted Average Exercise Price | |||||||||
Balance at the end of the period (in dollars per share) | $ 26.37 | ||||||||
Weighted Average Remaining Contractual Term | |||||||||
Balance at the end of the period | 6 years 4 months 20 days | ||||||||
2007 Plan | Restricted Shares | |||||||||
Number of Non-Vested Restricted Shares | |||||||||
Non-vested at the end of the period (in shares) | 664,364 | ||||||||
2004 Plan | |||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||
Maximum number of shares reserved for issuance | 3,000,000 |
EARNINGS PER SHARE AND UNIT A_3
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic and diluted earnings per common share | |||
Net income | $ 167,611 | $ 170,771 | $ 165,488 |
Noncontrolling interests in the Operating Partnership | (1,825) | (1,708) | (1,820) |
Noncontrolling interest in subsidiaries | (165) | 54 | 221 |
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 165,621 | $ 169,117 | $ 163,889 |
Weighted average basic shares outstanding (in shares) | 194,147,000 | 190,874,000 | 184,653,000 |
Share options and restricted share units (in shares) | 796,000 | 702,000 | 842,000 |
Weighted-average diluted shares outstanding (in shares) | 194,943,000 | 191,576,000 | 185,495,000 |
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.89 | $ 0.89 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Basic and diluted earnings per common unit | |||
Noncontrolling interests in the Operating Partnership | $ (1,825) | $ (1,708) | $ (1,820) |
Weighted average basic shares outstanding (in shares) | 194,147,000 | 190,874,000 | 184,653,000 |
Share options and restricted share units (in shares) | 796,000 | 702,000 | 842,000 |
Weighted average diluted shares outstanding (in shares) | 194,943,000 | 191,576,000 | 185,495,000 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares) | 800,000 | 0 | 200,000 |
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 796,000 | 702,000 | 842,000 |
Common stock, cash dividends declared (in dollars per share) | $ 1.33 | $ 1.29 | $ 1.22 |
Outstanding units of noncontrolling interest in the Operating Partnership (in shares) | 7,420,828 | 1,972,308 | 1,945,570 |
Common shares, shares outstanding | 197,405,989 | 193,557,024 | 187,145,103 |
Cubesmart, L P and Subsidiaries | |||
Basic and diluted earnings per common share | |||
Net income | $ 167,611 | $ 170,771 | $ 165,488 |
Noncontrolling interests in the Operating Partnership | $ (1,825) | $ (1,708) | $ (1,820) |
Weighted average basic shares outstanding (in shares) | 194,147,000 | 190,874,000 | 184,653,000 |
Share options and restricted share units (in shares) | 796,000 | 702,000 | 842,000 |
Weighted-average diluted shares outstanding (in shares) | 194,943,000 | 191,576,000 | 185,495,000 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Basic and diluted earnings per common unit | |||
Net Income | $ 167,611 | $ 170,771 | $ 165,488 |
Noncontrolling interests in the Operating Partnership | (1,825) | (1,708) | (1,820) |
Noncontrolling interest in subsidiaries | (165) | 54 | 221 |
Net income attributable to common unitholders | $ 165,621 | $ 169,117 | $ 163,889 |
Weighted average basic shares outstanding (in shares) | 194,147,000 | 190,874,000 | 184,653,000 |
Share options and restricted share units (in shares) | 796,000 | 702,000 | 842,000 |
Weighted average diluted shares outstanding (in shares) | 194,943,000 | 191,576,000 | 185,495,000 |
Basic earnings per unit attributable to common unitholders | $ 0.85 | $ 0.89 | $ 0.89 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
EARNINGS PER SHARE AND UNIT A_4
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issuance of Common and Preferred Shares | |||
Net proceeds from sale of common shares | $ 120,727 | $ 196,304 | $ 131,829 |
Equity Distribution Agreements | Maximum | |||
Issuance of Common and Preferred Shares | |||
Number of shares that may be sold | 60,000 | ||
Common Shares | Equity Distribution Agreements | |||
Issuance of Common and Preferred Shares | |||
Number of common stock sold (in shares) | 3,627 | 5,899 | 4,291 |
Average sales price per common share (in dollars per share) | $ 33.69 | $ 33.64 | $ 31.09 |
Net proceeds from sale of common shares | $ 120,727 | $ 196,304 | $ 131,835 |
Common shares remained available for issuance | 10,900 | 4,600 | 10,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
INCOME TAXES | ||
Valuation allowance | $ 0 | $ 0 |
Deferred tax assets, net | $ 0.4 | $ 0.8 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly financial information | |||
Total revenues | $ 679,177 | $ 643,915 | $ 597,944 |
Total operating expenses | 421,630 | 411,846 | 377,928 |
Net income | $ 167,611 | $ 170,771 | $ 165,488 |
Basic - as reported (in dollars per share) | $ 0.85 | $ 0.89 | $ 0.89 |
Diluted - as reported (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 38,543,757 | |||
Initial cost | ||||
Land | $ 1,062,283 | |||
Building and Improvements | 4,041,739 | |||
Costs Subsequent to Acquisition | 379,964 | |||
Gross Carrying Amount at year end | ||||
Land | 1,093,503 | |||
Building and Improvements | 4,122,995 | |||
Total | 5,216,498 | |||
Total | 5,489,754 | $ 4,699,844 | $ 4,463,455 | $ 4,161,715 |
Accumulated Depreciation | $ 930,371 | |||
Minimum | ||||
Gross Carrying Amount at year end | ||||
Estimated useful lives | 5 years | |||
Maximum | ||||
Gross Carrying Amount at year end | ||||
Estimated useful lives | 39 years | |||
Chandler I, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,880 | |||
Initial cost | ||||
Land | $ 327 | |||
Building and Improvements | 1,257 | |||
Costs Subsequent to Acquisition | 642 | |||
Gross Carrying Amount at year end | ||||
Land | 327 | |||
Building and Improvements | 1,541 | |||
Total | 1,868 | |||
Accumulated Depreciation | $ 598 | |||
Chandler II, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,905 | |||
Initial cost | ||||
Land | $ 1,518 | |||
Building and Improvements | 7,485 | |||
Costs Subsequent to Acquisition | 239 | |||
Gross Carrying Amount at year end | ||||
Land | 1,518 | |||
Building and Improvements | 7,721 | |||
Total | 9,239 | |||
Accumulated Depreciation | $ 1,795 | |||
Gilbert, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,075 | |||
Initial cost | ||||
Land | $ 951 | |||
Building and Improvements | 4,688 | |||
Costs Subsequent to Acquisition | 212 | |||
Gross Carrying Amount at year end | ||||
Land | 951 | |||
Building and Improvements | 4,895 | |||
Total | 5,846 | |||
Accumulated Depreciation | $ 1,206 | |||
Gilbert II, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 114,530 | |||
Initial cost | ||||
Land | $ 1,199 | |||
Building and Improvements | 11,846 | |||
Costs Subsequent to Acquisition | 180 | |||
Gross Carrying Amount at year end | ||||
Land | 1,199 | |||
Building and Improvements | 12,026 | |||
Total | 13,225 | |||
Accumulated Depreciation | $ 1,456 | |||
Glendale, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,807 | |||
Initial cost | ||||
Land | $ 201 | |||
Building and Improvements | 2,265 | |||
Costs Subsequent to Acquisition | 1,393 | |||
Gross Carrying Amount at year end | ||||
Land | 418 | |||
Building and Improvements | 3,070 | |||
Total | 3,488 | |||
Accumulated Depreciation | $ 1,636 | |||
Green Valley, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 25,050 | |||
Initial cost | ||||
Land | $ 298 | |||
Building and Improvements | 1,153 | |||
Costs Subsequent to Acquisition | 286 | |||
Gross Carrying Amount at year end | ||||
Land | 298 | |||
Building and Improvements | 1,080 | |||
Total | 1,378 | |||
Accumulated Depreciation | $ 413 | |||
Mesa I, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,575 | |||
Initial cost | ||||
Land | $ 920 | |||
Building and Improvements | 2,739 | |||
Costs Subsequent to Acquisition | 463 | |||
Gross Carrying Amount at year end | ||||
Land | 921 | |||
Building and Improvements | 2,756 | |||
Total | 3,677 | |||
Accumulated Depreciation | $ 1,348 | |||
Mesa II, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,511 | |||
Initial cost | ||||
Land | $ 731 | |||
Building and Improvements | 2,176 | |||
Costs Subsequent to Acquisition | 420 | |||
Gross Carrying Amount at year end | ||||
Land | 731 | |||
Building and Improvements | 2,267 | |||
Total | 2,998 | |||
Accumulated Depreciation | $ 1,112 | |||
Mesa III, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,209 | |||
Initial cost | ||||
Land | $ 706 | |||
Building and Improvements | 2,101 | |||
Costs Subsequent to Acquisition | 510 | |||
Gross Carrying Amount at year end | ||||
Land | 706 | |||
Building and Improvements | 2,228 | |||
Total | 2,934 | |||
Accumulated Depreciation | $ 1,072 | |||
Peoria, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 110,780 | |||
Initial cost | ||||
Land | $ 1,436 | |||
Building and Improvements | 7,082 | |||
Costs Subsequent to Acquisition | 263 | |||
Gross Carrying Amount at year end | ||||
Land | 1,436 | |||
Building and Improvements | 7,344 | |||
Total | 8,780 | |||
Accumulated Depreciation | $ 1,333 | |||
Phoenix III, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 121,855 | |||
Initial cost | ||||
Land | $ 2,115 | |||
Building and Improvements | 10,429 | |||
Costs Subsequent to Acquisition | 458 | |||
Gross Carrying Amount at year end | ||||
Land | 2,115 | |||
Building and Improvements | 10,886 | |||
Total | 13,001 | |||
Accumulated Depreciation | $ 2,361 | |||
Phoenix IV, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,710 | |||
Initial cost | ||||
Land | $ 930 | |||
Building and Improvements | 12,277 | |||
Costs Subsequent to Acquisition | 119 | |||
Gross Carrying Amount at year end | ||||
Land | 930 | |||
Building and Improvements | 12,396 | |||
Total | 13,326 | |||
Accumulated Depreciation | $ 1,486 | |||
Queen Creek, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 94,442 | |||
Initial cost | ||||
Land | $ 1,159 | |||
Building and Improvements | 5,716 | |||
Costs Subsequent to Acquisition | 107 | |||
Gross Carrying Amount at year end | ||||
Land | 1,159 | |||
Building and Improvements | 5,824 | |||
Total | 6,983 | |||
Accumulated Depreciation | $ 1,083 | |||
Scottsdale, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 108,240 | |||
Initial cost | ||||
Land | $ 443 | |||
Building and Improvements | 4,879 | |||
Costs Subsequent to Acquisition | 6,283 | |||
Gross Carrying Amount at year end | ||||
Land | 883 | |||
Building and Improvements | 10,044 | |||
Total | 10,927 | |||
Accumulated Depreciation | $ 3,170 | |||
Surprise , AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,575 | |||
Initial cost | ||||
Land | $ 584 | |||
Building and Improvements | 3,761 | |||
Costs Subsequent to Acquisition | 192 | |||
Gross Carrying Amount at year end | ||||
Land | 584 | |||
Building and Improvements | 3,953 | |||
Total | 4,537 | |||
Accumulated Depreciation | $ 641 | |||
Tempe I, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,543 | |||
Initial cost | ||||
Land | $ 941 | |||
Building and Improvements | 3,283 | |||
Costs Subsequent to Acquisition | 850 | |||
Gross Carrying Amount at year end | ||||
Land | 941 | |||
Building and Improvements | 3,615 | |||
Total | 4,556 | |||
Accumulated Depreciation | $ 996 | |||
Tempe II, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,409 | |||
Initial cost | ||||
Land | $ 588 | |||
Building and Improvements | 2,898 | |||
Costs Subsequent to Acquisition | 2,167 | |||
Gross Carrying Amount at year end | ||||
Land | 588 | |||
Building and Improvements | 5,065 | |||
Total | 5,653 | |||
Accumulated Depreciation | $ 1,475 | |||
Tucson I, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,800 | |||
Initial cost | ||||
Land | $ 188 | |||
Building and Improvements | 2,078 | |||
Costs Subsequent to Acquisition | 1,167 | |||
Gross Carrying Amount at year end | ||||
Land | 384 | |||
Building and Improvements | 2,741 | |||
Total | 3,125 | |||
Accumulated Depreciation | $ 1,525 | |||
Tucson II, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 43,950 | |||
Initial cost | ||||
Land | $ 188 | |||
Building and Improvements | 2,078 | |||
Costs Subsequent to Acquisition | 1,166 | |||
Gross Carrying Amount at year end | ||||
Land | 391 | |||
Building and Improvements | 2,759 | |||
Total | 3,150 | |||
Accumulated Depreciation | $ 1,502 | |||
Tucson III, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 49,820 | |||
Initial cost | ||||
Land | $ 532 | |||
Building and Improvements | 2,048 | |||
Costs Subsequent to Acquisition | 397 | |||
Gross Carrying Amount at year end | ||||
Land | 533 | |||
Building and Improvements | 1,811 | |||
Total | 2,344 | |||
Accumulated Depreciation | $ 712 | |||
Tucson IV, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,040 | |||
Initial cost | ||||
Land | $ 674 | |||
Building and Improvements | 2,595 | |||
Costs Subsequent to Acquisition | 455 | |||
Gross Carrying Amount at year end | ||||
Land | 675 | |||
Building and Improvements | 2,286 | |||
Total | 2,961 | |||
Accumulated Depreciation | $ 910 | |||
Tucson V, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,184 | |||
Initial cost | ||||
Land | $ 515 | |||
Building and Improvements | 1,980 | |||
Costs Subsequent to Acquisition | 424 | |||
Gross Carrying Amount at year end | ||||
Land | 515 | |||
Building and Improvements | 1,787 | |||
Total | 2,302 | |||
Accumulated Depreciation | $ 743 | |||
Tucson VI, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 40,766 | |||
Initial cost | ||||
Land | $ 440 | |||
Building and Improvements | 1,692 | |||
Costs Subsequent to Acquisition | 336 | |||
Gross Carrying Amount at year end | ||||
Land | 430 | |||
Building and Improvements | 1,506 | |||
Total | 1,936 | |||
Accumulated Depreciation | $ 599 | |||
Tucson VII, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,663 | |||
Initial cost | ||||
Land | $ 670 | |||
Building and Improvements | 2,576 | |||
Costs Subsequent to Acquisition | 443 | |||
Gross Carrying Amount at year end | ||||
Land | 670 | |||
Building and Improvements | 2,266 | |||
Total | 2,936 | |||
Accumulated Depreciation | $ 923 | |||
Tucson VIII, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,650 | |||
Initial cost | ||||
Land | $ 589 | |||
Building and Improvements | 2,265 | |||
Costs Subsequent to Acquisition | 483 | |||
Gross Carrying Amount at year end | ||||
Land | 589 | |||
Building and Improvements | 2,068 | |||
Total | 2,657 | |||
Accumulated Depreciation | $ 820 | |||
Tucson IX, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,496 | |||
Initial cost | ||||
Land | $ 724 | |||
Building and Improvements | 2,786 | |||
Costs Subsequent to Acquisition | 521 | |||
Gross Carrying Amount at year end | ||||
Land | 725 | |||
Building and Improvements | 2,424 | |||
Total | 3,149 | |||
Accumulated Depreciation | $ 998 | |||
Tucson X, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,350 | |||
Initial cost | ||||
Land | $ 424 | |||
Building and Improvements | 1,633 | |||
Costs Subsequent to Acquisition | 391 | |||
Gross Carrying Amount at year end | ||||
Land | 425 | |||
Building and Improvements | 1,507 | |||
Total | 1,932 | |||
Accumulated Depreciation | $ 606 | |||
Tucson XI, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 42,700 | |||
Initial cost | ||||
Land | $ 439 | |||
Building and Improvements | 1,689 | |||
Costs Subsequent to Acquisition | 451 | |||
Gross Carrying Amount at year end | ||||
Land | 439 | |||
Building and Improvements | 1,618 | |||
Total | 2,057 | |||
Accumulated Depreciation | $ 746 | |||
Tucson XII, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 42,275 | |||
Initial cost | ||||
Land | $ 671 | |||
Building and Improvements | 2,582 | |||
Costs Subsequent to Acquisition | 420 | |||
Gross Carrying Amount at year end | ||||
Land | 672 | |||
Building and Improvements | 2,231 | |||
Total | 2,903 | |||
Accumulated Depreciation | $ 886 | |||
Tucson XIII, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,800 | |||
Initial cost | ||||
Land | $ 587 | |||
Building and Improvements | 2,258 | |||
Costs Subsequent to Acquisition | 376 | |||
Gross Carrying Amount at year end | ||||
Land | 587 | |||
Building and Improvements | 1,942 | |||
Total | 2,529 | |||
Accumulated Depreciation | $ 811 | |||
Tucson XIV, AZ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,995 | |||
Initial cost | ||||
Land | $ 707 | |||
Building and Improvements | 2,721 | |||
Costs Subsequent to Acquisition | 538 | |||
Gross Carrying Amount at year end | ||||
Land | 708 | |||
Building and Improvements | 2,360 | |||
Total | 3,068 | |||
Accumulated Depreciation | $ 990 | |||
Benicia, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,770 | |||
Initial cost | ||||
Land | $ 2,392 | |||
Building and Improvements | 7,028 | |||
Costs Subsequent to Acquisition | 579 | |||
Gross Carrying Amount at year end | ||||
Land | 2,392 | |||
Building and Improvements | 5,517 | |||
Total | 7,909 | |||
Accumulated Depreciation | $ 2,083 | |||
Citrus Heights, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,620 | |||
Initial cost | ||||
Land | $ 1,633 | |||
Building and Improvements | 4,793 | |||
Costs Subsequent to Acquisition | 328 | |||
Gross Carrying Amount at year end | ||||
Land | 1,634 | |||
Building and Improvements | 3,667 | |||
Total | 5,301 | |||
Accumulated Depreciation | $ 1,460 | |||
Corona, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,474 | |||
Initial cost | ||||
Land | $ 2,107 | |||
Building and Improvements | 10,385 | |||
Costs Subsequent to Acquisition | 421 | |||
Gross Carrying Amount at year end | ||||
Land | 2,107 | |||
Building and Improvements | 10,805 | |||
Total | 12,912 | |||
Accumulated Depreciation | $ 2,084 | |||
Diamond Bar, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 103,488 | |||
Initial cost | ||||
Land | $ 2,522 | |||
Building and Improvements | 7,404 | |||
Costs Subsequent to Acquisition | 395 | |||
Gross Carrying Amount at year end | ||||
Land | 2,524 | |||
Building and Improvements | 5,647 | |||
Total | 8,171 | |||
Accumulated Depreciation | $ 2,231 | |||
Escondido, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 143,645 | |||
Initial cost | ||||
Land | $ 3,040 | |||
Building and Improvements | 11,804 | |||
Costs Subsequent to Acquisition | 344 | |||
Gross Carrying Amount at year end | ||||
Land | 3,040 | |||
Building and Improvements | 9,788 | |||
Total | 12,828 | |||
Accumulated Depreciation | $ 4,082 | |||
Fallbrook, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,926 | |||
Initial cost | ||||
Land | $ 133 | |||
Building and Improvements | 1,492 | |||
Costs Subsequent to Acquisition | 1,975 | |||
Gross Carrying Amount at year end | ||||
Land | 432 | |||
Building and Improvements | 2,921 | |||
Total | 3,353 | |||
Accumulated Depreciation | $ 1,606 | |||
Fremont, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,189 | |||
Initial cost | ||||
Land | $ 1,158 | |||
Building and Improvements | 5,711 | |||
Costs Subsequent to Acquisition | 199 | |||
Gross Carrying Amount at year end | ||||
Land | 1,158 | |||
Building and Improvements | 5,911 | |||
Total | 7,069 | |||
Accumulated Depreciation | $ 1,331 | |||
Lancaster, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,475 | |||
Initial cost | ||||
Land | $ 390 | |||
Building and Improvements | 2,247 | |||
Costs Subsequent to Acquisition | 1,146 | |||
Gross Carrying Amount at year end | ||||
Land | 556 | |||
Building and Improvements | 2,657 | |||
Total | 3,213 | |||
Accumulated Depreciation | $ 1,273 | |||
Long Beach I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 124,541 | |||
Initial cost | ||||
Land | $ 3,138 | |||
Building and Improvements | 14,368 | |||
Costs Subsequent to Acquisition | 1,151 | |||
Gross Carrying Amount at year end | ||||
Land | 3,138 | |||
Building and Improvements | 13,583 | |||
Total | 16,721 | |||
Accumulated Depreciation | $ 6,388 | |||
Long Beach II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,130 | |||
Initial cost | ||||
Land | $ 3,424 | |||
Building and Improvements | 13,987 | |||
Costs Subsequent to Acquisition | 250 | |||
Gross Carrying Amount at year end | ||||
Land | 3,424 | |||
Building and Improvements | 14,237 | |||
Total | 17,661 | |||
Accumulated Depreciation | $ 394 | |||
Los Angeles, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,023 | |||
Initial cost | ||||
Land | $ 23,289 | |||
Building and Improvements | 25,867 | |||
Costs Subsequent to Acquisition | 146 | |||
Gross Carrying Amount at year end | ||||
Land | 23,289 | |||
Building and Improvements | 26,013 | |||
Total | 49,302 | |||
Accumulated Depreciation | $ 1,566 | |||
Murrieta, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 49,775 | |||
Initial cost | ||||
Land | $ 1,883 | |||
Building and Improvements | 5,532 | |||
Costs Subsequent to Acquisition | 341 | |||
Gross Carrying Amount at year end | ||||
Land | 1,903 | |||
Building and Improvements | 4,228 | |||
Total | 6,131 | |||
Accumulated Depreciation | $ 1,648 | |||
North Highlands, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,094 | |||
Initial cost | ||||
Land | $ 868 | |||
Building and Improvements | 2,546 | |||
Costs Subsequent to Acquisition | 692 | |||
Gross Carrying Amount at year end | ||||
Land | 868 | |||
Building and Improvements | 2,418 | |||
Total | 3,286 | |||
Accumulated Depreciation | $ 957 | |||
Ontario, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 93,490 | |||
Initial cost | ||||
Land | $ 1,705 | |||
Building and Improvements | 8,401 | |||
Costs Subsequent to Acquisition | 483 | |||
Gross Carrying Amount at year end | ||||
Land | 1,705 | |||
Building and Improvements | 8,884 | |||
Total | 10,589 | |||
Accumulated Depreciation | $ 1,787 | |||
Orangevale, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,542 | |||
Initial cost | ||||
Land | $ 1,423 | |||
Building and Improvements | 4,175 | |||
Costs Subsequent to Acquisition | 432 | |||
Gross Carrying Amount at year end | ||||
Land | 1,423 | |||
Building and Improvements | 3,341 | |||
Total | 4,764 | |||
Accumulated Depreciation | $ 1,350 | |||
Pleasanton, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,600 | |||
Initial cost | ||||
Land | $ 2,799 | |||
Building and Improvements | 8,222 | |||
Costs Subsequent to Acquisition | 623 | |||
Gross Carrying Amount at year end | ||||
Land | 2,799 | |||
Building and Improvements | 6,424 | |||
Total | 9,223 | |||
Accumulated Depreciation | $ 2,363 | |||
Rancho Cordova, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,978 | |||
Initial cost | ||||
Land | $ 1,094 | |||
Building and Improvements | 3,212 | |||
Costs Subsequent to Acquisition | 513 | |||
Gross Carrying Amount at year end | ||||
Land | 1,095 | |||
Building and Improvements | 2,728 | |||
Total | 3,823 | |||
Accumulated Depreciation | $ 1,073 | |||
Rialto I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,391 | |||
Initial cost | ||||
Land | $ 899 | |||
Building and Improvements | 4,118 | |||
Costs Subsequent to Acquisition | 375 | |||
Gross Carrying Amount at year end | ||||
Land | 899 | |||
Building and Improvements | 3,918 | |||
Total | 4,817 | |||
Accumulated Depreciation | $ 1,820 | |||
Rialto II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 99,783 | |||
Initial cost | ||||
Land | $ 277 | |||
Building and Improvements | 3,098 | |||
Costs Subsequent to Acquisition | 1,894 | |||
Gross Carrying Amount at year end | ||||
Land | 672 | |||
Building and Improvements | 4,192 | |||
Total | 4,864 | |||
Accumulated Depreciation | $ 2,405 | |||
Riverside I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,320 | |||
Initial cost | ||||
Land | $ 1,351 | |||
Building and Improvements | 6,183 | |||
Costs Subsequent to Acquisition | 675 | |||
Gross Carrying Amount at year end | ||||
Land | 1,351 | |||
Building and Improvements | 6,026 | |||
Total | 7,377 | |||
Accumulated Depreciation | $ 2,869 | |||
Riverside II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,101 | |||
Initial cost | ||||
Land | $ 1,170 | |||
Building and Improvements | 5,359 | |||
Costs Subsequent to Acquisition | 574 | |||
Gross Carrying Amount at year end | ||||
Land | 1,170 | |||
Building and Improvements | 5,128 | |||
Total | 6,298 | |||
Accumulated Depreciation | $ 2,411 | |||
Roseville, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,944 | |||
Initial cost | ||||
Land | $ 1,284 | |||
Building and Improvements | 3,767 | |||
Costs Subsequent to Acquisition | 513 | |||
Gross Carrying Amount at year end | ||||
Land | 1,284 | |||
Building and Improvements | 3,152 | |||
Total | 4,436 | |||
Accumulated Depreciation | $ 1,312 | |||
Sacramento I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,764 | |||
Initial cost | ||||
Land | $ 1,152 | |||
Building and Improvements | 3,380 | |||
Costs Subsequent to Acquisition | 527 | |||
Gross Carrying Amount at year end | ||||
Land | 1,152 | |||
Building and Improvements | 2,865 | |||
Total | 4,017 | |||
Accumulated Depreciation | $ 1,126 | |||
Sacramento II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 111,831 | |||
Initial cost | ||||
Land | $ 2,085 | |||
Building and Improvements | 6,750 | |||
Costs Subsequent to Acquisition | 709 | |||
Gross Carrying Amount at year end | ||||
Land | 2,086 | |||
Building and Improvements | 6,211 | |||
Total | 8,297 | |||
Accumulated Depreciation | $ 1,640 | |||
San Bernardino I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 31,070 | |||
Initial cost | ||||
Land | $ 51 | |||
Building and Improvements | 572 | |||
Costs Subsequent to Acquisition | 1,219 | |||
Gross Carrying Amount at year end | ||||
Land | 182 | |||
Building and Improvements | 1,458 | |||
Total | 1,640 | |||
Accumulated Depreciation | $ 793 | |||
San Bernardino II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 41,426 | |||
Initial cost | ||||
Land | $ 112 | |||
Building and Improvements | 1,251 | |||
Costs Subsequent to Acquisition | 1,439 | |||
Gross Carrying Amount at year end | ||||
Land | 306 | |||
Building and Improvements | 2,135 | |||
Total | 2,441 | |||
Accumulated Depreciation | $ 1,152 | |||
San Bernardino III, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 35,416 | |||
Initial cost | ||||
Land | $ 98 | |||
Building and Improvements | 1,093 | |||
Costs Subsequent to Acquisition | 1,371 | |||
Gross Carrying Amount at year end | ||||
Land | 242 | |||
Building and Improvements | 1,963 | |||
Total | 2,205 | |||
Accumulated Depreciation | $ 1,103 | |||
San Bernardino IV, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,352 | |||
Initial cost | ||||
Land | $ 1,872 | |||
Building and Improvements | 5,391 | |||
Costs Subsequent to Acquisition | 482 | |||
Gross Carrying Amount at year end | ||||
Land | 1,872 | |||
Building and Improvements | 4,654 | |||
Total | 6,526 | |||
Accumulated Depreciation | $ 1,817 | |||
San Bernardino V, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,803 | |||
Initial cost | ||||
Land | $ 783 | |||
Building and Improvements | 3,583 | |||
Costs Subsequent to Acquisition | 752 | |||
Gross Carrying Amount at year end | ||||
Land | 783 | |||
Building and Improvements | 3,803 | |||
Total | 4,586 | |||
Accumulated Depreciation | $ 1,798 | |||
San Bernardino VII, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,695 | |||
Initial cost | ||||
Land | $ 1,475 | |||
Building and Improvements | 6,753 | |||
Costs Subsequent to Acquisition | 522 | |||
Gross Carrying Amount at year end | ||||
Land | 1,290 | |||
Building and Improvements | 6,524 | |||
Total | 7,814 | |||
Accumulated Depreciation | $ 3,115 | |||
San Bernardino VIII, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 111,833 | |||
Initial cost | ||||
Land | $ 1,691 | |||
Building and Improvements | 7,741 | |||
Costs Subsequent to Acquisition | 766 | |||
Gross Carrying Amount at year end | ||||
Land | 1,692 | |||
Building and Improvements | 6,554 | |||
Total | 8,246 | |||
Accumulated Depreciation | $ 3,183 | |||
San Diego, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,287 | |||
Initial cost | ||||
Land | $ 1,185 | |||
Building and Improvements | 16,740 | |||
Costs Subsequent to Acquisition | 301 | |||
Gross Carrying Amount at year end | ||||
Land | 1,186 | |||
Building and Improvements | 17,040 | |||
Total | 18,226 | |||
Accumulated Depreciation | $ 1,114 | |||
San Marcos, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 37,425 | |||
Initial cost | ||||
Land | $ 775 | |||
Building and Improvements | 2,288 | |||
Costs Subsequent to Acquisition | 274 | |||
Gross Carrying Amount at year end | ||||
Land | 776 | |||
Building and Improvements | 1,869 | |||
Total | 2,645 | |||
Accumulated Depreciation | $ 727 | |||
Santa Ana, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,931 | |||
Initial cost | ||||
Land | $ 1,223 | |||
Building and Improvements | 5,600 | |||
Costs Subsequent to Acquisition | 542 | |||
Gross Carrying Amount at year end | ||||
Land | 1,223 | |||
Building and Improvements | 5,348 | |||
Total | 6,571 | |||
Accumulated Depreciation | $ 2,524 | |||
South Sacramento, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,390 | |||
Initial cost | ||||
Land | $ 790 | |||
Building and Improvements | 2,319 | |||
Costs Subsequent to Acquisition | 488 | |||
Gross Carrying Amount at year end | ||||
Land | 791 | |||
Building and Improvements | 2,060 | |||
Total | 2,851 | |||
Accumulated Depreciation | $ 818 | |||
Spring Valley, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 55,085 | |||
Initial cost | ||||
Land | $ 1,178 | |||
Building and Improvements | 5,394 | |||
Costs Subsequent to Acquisition | 1,028 | |||
Gross Carrying Amount at year end | ||||
Land | 1,178 | |||
Building and Improvements | 5,678 | |||
Total | 6,856 | |||
Accumulated Depreciation | $ 2,695 | |||
Temecula I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,340 | |||
Initial cost | ||||
Land | $ 660 | |||
Building and Improvements | 4,735 | |||
Costs Subsequent to Acquisition | 1,310 | |||
Gross Carrying Amount at year end | ||||
Land | 899 | |||
Building and Improvements | 5,190 | |||
Total | 6,089 | |||
Accumulated Depreciation | $ 2,467 | |||
Temecula II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,520 | |||
Initial cost | ||||
Land | $ 3,080 | |||
Building and Improvements | 5,839 | |||
Costs Subsequent to Acquisition | 1,254 | |||
Gross Carrying Amount at year end | ||||
Land | 3,080 | |||
Building and Improvements | 6,157 | |||
Total | 9,237 | |||
Accumulated Depreciation | $ 2,368 | |||
Vista I, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,238 | |||
Initial cost | ||||
Land | $ 711 | |||
Building and Improvements | 4,076 | |||
Costs Subsequent to Acquisition | 2,508 | |||
Gross Carrying Amount at year end | ||||
Land | 1,118 | |||
Building and Improvements | 5,245 | |||
Total | 6,363 | |||
Accumulated Depreciation | $ 2,482 | |||
Vista II, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 147,723 | |||
Initial cost | ||||
Land | $ 4,629 | |||
Building and Improvements | 13,599 | |||
Costs Subsequent to Acquisition | 511 | |||
Gross Carrying Amount at year end | ||||
Land | 4,629 | |||
Building and Improvements | 10,133 | |||
Total | 14,762 | |||
Accumulated Depreciation | $ 3,838 | |||
Walnut, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,664 | |||
Initial cost | ||||
Land | $ 1,578 | |||
Building and Improvements | 4,635 | |||
Costs Subsequent to Acquisition | 529 | |||
Gross Carrying Amount at year end | ||||
Land | 1,595 | |||
Building and Improvements | 3,771 | |||
Total | 5,366 | |||
Accumulated Depreciation | $ 1,461 | |||
West Sacramento, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 39,765 | |||
Initial cost | ||||
Land | $ 1,222 | |||
Building and Improvements | 3,590 | |||
Costs Subsequent to Acquisition | 275 | |||
Gross Carrying Amount at year end | ||||
Land | 1,222 | |||
Building and Improvements | 2,792 | |||
Total | 4,014 | |||
Accumulated Depreciation | $ 1,112 | |||
Westminster, CA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,293 | |||
Initial cost | ||||
Land | $ 1,740 | |||
Building and Improvements | 5,142 | |||
Costs Subsequent to Acquisition | 401 | |||
Gross Carrying Amount at year end | ||||
Land | 1,743 | |||
Building and Improvements | 3,932 | |||
Total | 5,675 | |||
Accumulated Depreciation | $ 1,623 | |||
Aurora, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,717 | |||
Initial cost | ||||
Land | $ 1,343 | |||
Building and Improvements | 2,986 | |||
Costs Subsequent to Acquisition | 641 | |||
Gross Carrying Amount at year end | ||||
Land | 1,343 | |||
Building and Improvements | 2,726 | |||
Total | 4,069 | |||
Accumulated Depreciation | $ 1,075 | |||
Centennial, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,400 | |||
Initial cost | ||||
Land | $ 1,281 | |||
Building and Improvements | 8,958 | |||
Costs Subsequent to Acquisition | 119 | |||
Gross Carrying Amount at year end | ||||
Land | 1,281 | |||
Building and Improvements | 9,077 | |||
Total | 10,358 | |||
Accumulated Depreciation | $ 1,243 | |||
Colorado Springs I, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,975 | |||
Initial cost | ||||
Land | $ 771 | |||
Building and Improvements | 1,717 | |||
Costs Subsequent to Acquisition | 554 | |||
Gross Carrying Amount at year end | ||||
Land | 771 | |||
Building and Improvements | 1,751 | |||
Total | 2,522 | |||
Accumulated Depreciation | $ 709 | |||
Colorado Springs II, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,400 | |||
Initial cost | ||||
Land | $ 657 | |||
Building and Improvements | 2,674 | |||
Costs Subsequent to Acquisition | 291 | |||
Gross Carrying Amount at year end | ||||
Land | 656 | |||
Building and Improvements | 2,457 | |||
Total | 3,113 | |||
Accumulated Depreciation | $ 1,198 | |||
Denver I, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,200 | |||
Initial cost | ||||
Land | $ 673 | |||
Building and Improvements | 2,741 | |||
Costs Subsequent to Acquisition | 617 | |||
Gross Carrying Amount at year end | ||||
Land | 646 | |||
Building and Improvements | 2,880 | |||
Total | 3,526 | |||
Accumulated Depreciation | $ 1,314 | |||
Denver II, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,420 | |||
Initial cost | ||||
Land | $ 1,430 | |||
Building and Improvements | 7,053 | |||
Costs Subsequent to Acquisition | 190 | |||
Gross Carrying Amount at year end | ||||
Land | 1,430 | |||
Building and Improvements | 7,211 | |||
Total | 8,641 | |||
Accumulated Depreciation | $ 1,894 | |||
Denver III, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,025 | |||
Initial cost | ||||
Land | $ 1,828 | |||
Building and Improvements | 12,109 | |||
Costs Subsequent to Acquisition | 99 | |||
Gross Carrying Amount at year end | ||||
Land | 1,828 | |||
Building and Improvements | 12,208 | |||
Total | 14,036 | |||
Accumulated Depreciation | $ 1,621 | |||
Federal Heights, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,848 | |||
Initial cost | ||||
Land | $ 878 | |||
Building and Improvements | 1,953 | |||
Costs Subsequent to Acquisition | 359 | |||
Gross Carrying Amount at year end | ||||
Land | 879 | |||
Building and Improvements | 1,730 | |||
Total | 2,609 | |||
Accumulated Depreciation | $ 714 | |||
Golden, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,800 | |||
Initial cost | ||||
Land | $ 1,683 | |||
Building and Improvements | 3,744 | |||
Costs Subsequent to Acquisition | 633 | |||
Gross Carrying Amount at year end | ||||
Land | 1,684 | |||
Building and Improvements | 3,335 | |||
Total | 5,019 | |||
Accumulated Depreciation | $ 1,375 | |||
Littleton, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,490 | |||
Initial cost | ||||
Land | $ 1,268 | |||
Building and Improvements | 2,820 | |||
Costs Subsequent to Acquisition | 435 | |||
Gross Carrying Amount at year end | ||||
Land | 1,268 | |||
Building and Improvements | 2,483 | |||
Total | 3,751 | |||
Accumulated Depreciation | $ 991 | |||
Northglenn, CO | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 43,102 | |||
Initial cost | ||||
Land | $ 862 | |||
Building and Improvements | 1,917 | |||
Costs Subsequent to Acquisition | 609 | |||
Gross Carrying Amount at year end | ||||
Land | 662 | |||
Building and Improvements | 2,118 | |||
Total | 2,780 | |||
Accumulated Depreciation | $ 823 | |||
Bloomfield, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,700 | |||
Initial cost | ||||
Land | $ 78 | |||
Building and Improvements | 880 | |||
Costs Subsequent to Acquisition | 2,439 | |||
Gross Carrying Amount at year end | ||||
Land | 360 | |||
Building and Improvements | 2,695 | |||
Total | 3,055 | |||
Accumulated Depreciation | $ 1,413 | |||
Branford, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,629 | |||
Initial cost | ||||
Land | $ 217 | |||
Building and Improvements | 2,433 | |||
Costs Subsequent to Acquisition | 1,731 | |||
Gross Carrying Amount at year end | ||||
Land | 504 | |||
Building and Improvements | 3,451 | |||
Total | 3,955 | |||
Accumulated Depreciation | $ 1,964 | |||
Bristol, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,425 | |||
Initial cost | ||||
Land | $ 1,819 | |||
Building and Improvements | 3,161 | |||
Costs Subsequent to Acquisition | 445 | |||
Gross Carrying Amount at year end | ||||
Land | 1,819 | |||
Building and Improvements | 2,608 | |||
Total | 4,427 | |||
Accumulated Depreciation | $ 978 | |||
East Windsor, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,816 | |||
Initial cost | ||||
Land | $ 744 | |||
Building and Improvements | 1,294 | |||
Costs Subsequent to Acquisition | 579 | |||
Gross Carrying Amount at year end | ||||
Land | 744 | |||
Building and Improvements | 1,381 | |||
Total | 2,125 | |||
Accumulated Depreciation | $ 648 | |||
Enfield, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,875 | |||
Initial cost | ||||
Land | $ 424 | |||
Building and Improvements | 2,424 | |||
Costs Subsequent to Acquisition | 512 | |||
Gross Carrying Amount at year end | ||||
Land | 473 | |||
Building and Improvements | 2,154 | |||
Total | 2,627 | |||
Accumulated Depreciation | $ 1,074 | |||
Gales Ferry, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,905 | |||
Initial cost | ||||
Land | $ 240 | |||
Building and Improvements | 2,697 | |||
Costs Subsequent to Acquisition | 1,690 | |||
Gross Carrying Amount at year end | ||||
Land | 489 | |||
Building and Improvements | 3,660 | |||
Total | 4,149 | |||
Accumulated Depreciation | $ 2,178 | |||
Manchester I, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,925 | |||
Initial cost | ||||
Land | $ 540 | |||
Building and Improvements | 3,096 | |||
Costs Subsequent to Acquisition | 569 | |||
Gross Carrying Amount at year end | ||||
Land | 563 | |||
Building and Improvements | 2,666 | |||
Total | 3,229 | |||
Accumulated Depreciation | $ 1,253 | |||
Manchester II, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,725 | |||
Initial cost | ||||
Land | $ 996 | |||
Building and Improvements | 1,730 | |||
Costs Subsequent to Acquisition | 451 | |||
Gross Carrying Amount at year end | ||||
Land | 996 | |||
Building and Improvements | 1,579 | |||
Total | 2,575 | |||
Accumulated Depreciation | $ 642 | |||
Manchester III, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,103 | |||
Initial cost | ||||
Land | $ 671 | |||
Building and Improvements | 3,308 | |||
Costs Subsequent to Acquisition | 200 | |||
Gross Carrying Amount at year end | ||||
Land | 671 | |||
Building and Improvements | 3,508 | |||
Total | 4,179 | |||
Accumulated Depreciation | $ 795 | |||
Milford, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 44,885 | |||
Initial cost | ||||
Land | $ 87 | |||
Building and Improvements | 1,050 | |||
Costs Subsequent to Acquisition | 1,368 | |||
Gross Carrying Amount at year end | ||||
Land | 274 | |||
Building and Improvements | 1,914 | |||
Total | 2,188 | |||
Accumulated Depreciation | $ 1,032 | |||
Monroe, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,700 | |||
Initial cost | ||||
Land | $ 2,004 | |||
Building and Improvements | 3,483 | |||
Costs Subsequent to Acquisition | 946 | |||
Gross Carrying Amount at year end | ||||
Land | 2,004 | |||
Building and Improvements | 3,089 | |||
Total | 5,093 | |||
Accumulated Depreciation | $ 1,296 | |||
Mystic, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,850 | |||
Initial cost | ||||
Land | $ 136 | |||
Building and Improvements | 1,645 | |||
Costs Subsequent to Acquisition | 2,198 | |||
Gross Carrying Amount at year end | ||||
Land | 410 | |||
Building and Improvements | 3,068 | |||
Total | 3,478 | |||
Accumulated Depreciation | $ 1,701 | |||
Newington I, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 42,270 | |||
Initial cost | ||||
Land | $ 1,059 | |||
Building and Improvements | 1,840 | |||
Costs Subsequent to Acquisition | 315 | |||
Gross Carrying Amount at year end | ||||
Land | 1,059 | |||
Building and Improvements | 1,547 | |||
Total | 2,606 | |||
Accumulated Depreciation | $ 646 | |||
Newington II, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 35,640 | |||
Initial cost | ||||
Land | $ 911 | |||
Building and Improvements | 1,584 | |||
Costs Subsequent to Acquisition | 372 | |||
Gross Carrying Amount at year end | ||||
Land | 911 | |||
Building and Improvements | 1,412 | |||
Total | 2,323 | |||
Accumulated Depreciation | $ 593 | |||
Norwalk I, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 30,166 | |||
Initial cost | ||||
Land | $ 646 | |||
Building and Improvements | 3,187 | |||
Costs Subsequent to Acquisition | 70 | |||
Gross Carrying Amount at year end | ||||
Land | 646 | |||
Building and Improvements | 3,241 | |||
Total | 3,887 | |||
Accumulated Depreciation | $ 872 | |||
Norwalk II, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,225 | |||
Initial cost | ||||
Land | $ 1,171 | |||
Building and Improvements | 15,422 | |||
Costs Subsequent to Acquisition | 467 | |||
Gross Carrying Amount at year end | ||||
Land | 1,171 | |||
Building and Improvements | 15,889 | |||
Total | 17,060 | |||
Accumulated Depreciation | $ 2,104 | |||
Old Saybrook I, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 86,975 | |||
Initial cost | ||||
Land | $ 3,092 | |||
Building and Improvements | 5,374 | |||
Costs Subsequent to Acquisition | 743 | |||
Gross Carrying Amount at year end | ||||
Land | 3,092 | |||
Building and Improvements | 4,228 | |||
Total | 7,320 | |||
Accumulated Depreciation | $ 1,753 | |||
Old Saybrook II, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 26,425 | |||
Initial cost | ||||
Land | $ 1,135 | |||
Building and Improvements | 1,973 | |||
Costs Subsequent to Acquisition | 302 | |||
Gross Carrying Amount at year end | ||||
Land | 1,135 | |||
Building and Improvements | 1,579 | |||
Total | 2,714 | |||
Accumulated Depreciation | $ 678 | |||
Shelton, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,405 | |||
Initial cost | ||||
Land | $ 1,613 | |||
Building and Improvements | 9,032 | |||
Costs Subsequent to Acquisition | 571 | |||
Gross Carrying Amount at year end | ||||
Land | 1,613 | |||
Building and Improvements | 8,519 | |||
Total | 10,132 | |||
Accumulated Depreciation | $ 2,464 | |||
South Windsor, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,075 | |||
Initial cost | ||||
Land | $ 90 | |||
Building and Improvements | 1,127 | |||
Costs Subsequent to Acquisition | 1,560 | |||
Gross Carrying Amount at year end | ||||
Land | 272 | |||
Building and Improvements | 2,281 | |||
Total | 2,553 | |||
Accumulated Depreciation | $ 1,264 | |||
Stamford, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 28,907 | |||
Initial cost | ||||
Land | $ 1,941 | |||
Building and Improvements | 3,374 | |||
Costs Subsequent to Acquisition | 207 | |||
Gross Carrying Amount at year end | ||||
Land | 1,941 | |||
Building and Improvements | 2,471 | |||
Total | 4,412 | |||
Accumulated Depreciation | $ 993 | |||
Wilton, CT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,526 | |||
Initial cost | ||||
Land | $ 2,409 | |||
Building and Improvements | 12,261 | |||
Costs Subsequent to Acquisition | 816 | |||
Gross Carrying Amount at year end | ||||
Land | 2,421 | |||
Building and Improvements | 13,137 | |||
Total | 15,558 | |||
Accumulated Depreciation | $ 3,664 | |||
Washington I, DC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,685 | |||
Initial cost | ||||
Land | $ 871 | |||
Building and Improvements | 12,759 | |||
Costs Subsequent to Acquisition | 1,045 | |||
Gross Carrying Amount at year end | ||||
Land | 894 | |||
Building and Improvements | 11,079 | |||
Total | 11,973 | |||
Accumulated Depreciation | $ 4,432 | |||
Washington II, DC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,452 | |||
Initial cost | ||||
Land | $ 3,152 | |||
Building and Improvements | 13,612 | |||
Costs Subsequent to Acquisition | 469 | |||
Gross Carrying Amount at year end | ||||
Land | 3,154 | |||
Building and Improvements | 12,305 | |||
Total | 15,459 | |||
Accumulated Depreciation | $ 3,501 | |||
Washington III, DC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,215 | |||
Initial cost | ||||
Land | $ 4,469 | |||
Building and Improvements | 15,438 | |||
Costs Subsequent to Acquisition | 121 | |||
Gross Carrying Amount at year end | ||||
Land | 4,469 | |||
Building and Improvements | 15,559 | |||
Total | 20,028 | |||
Accumulated Depreciation | $ 2,248 | |||
Washington IV, DC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,948 | |||
Initial cost | ||||
Land | $ 6,359 | |||
Building and Improvements | 20,417 | |||
Costs Subsequent to Acquisition | 274 | |||
Gross Carrying Amount at year end | ||||
Land | 6,369 | |||
Building and Improvements | 20,681 | |||
Total | 27,050 | |||
Accumulated Depreciation | $ 1,754 | |||
Washington V DC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 114,200 | |||
Initial cost | ||||
Land | $ 13,908 | |||
Building and Improvements | 18,770 | |||
Costs Subsequent to Acquisition | 177 | |||
Gross Carrying Amount at year end | ||||
Land | 13,917 | |||
Building and Improvements | 18,938 | |||
Total | 32,855 | |||
Accumulated Depreciation | $ 1,408 | |||
Boca Raton, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 37,968 | |||
Initial cost | ||||
Land | $ 529 | |||
Building and Improvements | 3,054 | |||
Costs Subsequent to Acquisition | 1,677 | |||
Gross Carrying Amount at year end | ||||
Land | 813 | |||
Building and Improvements | 3,621 | |||
Total | 4,434 | |||
Accumulated Depreciation | $ 1,770 | |||
Boynton Beach I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,765 | |||
Initial cost | ||||
Land | $ 667 | |||
Building and Improvements | 3,796 | |||
Costs Subsequent to Acquisition | 2,017 | |||
Gross Carrying Amount at year end | ||||
Land | 958 | |||
Building and Improvements | 4,472 | |||
Total | 5,430 | |||
Accumulated Depreciation | $ 2,187 | |||
Boynton Beach II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,484 | |||
Initial cost | ||||
Land | $ 1,030 | |||
Building and Improvements | 2,968 | |||
Costs Subsequent to Acquisition | 621 | |||
Gross Carrying Amount at year end | ||||
Land | 1,030 | |||
Building and Improvements | 2,864 | |||
Total | 3,894 | |||
Accumulated Depreciation | $ 1,166 | |||
Boynton Beach III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,368 | |||
Initial cost | ||||
Land | $ 1,225 | |||
Building and Improvements | 6,037 | |||
Costs Subsequent to Acquisition | 320 | |||
Gross Carrying Amount at year end | ||||
Land | 1,225 | |||
Building and Improvements | 6,358 | |||
Total | 7,583 | |||
Accumulated Depreciation | $ 1,356 | |||
Boynton Beach IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,564 | |||
Initial cost | ||||
Land | $ 1,455 | |||
Building and Improvements | 7,171 | |||
Costs Subsequent to Acquisition | 179 | |||
Gross Carrying Amount at year end | ||||
Land | 1,455 | |||
Building and Improvements | 7,351 | |||
Total | 8,806 | |||
Accumulated Depreciation | $ 1,287 | |||
Bradenton I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,389 | |||
Initial cost | ||||
Land | $ 1,180 | |||
Building and Improvements | 3,324 | |||
Costs Subsequent to Acquisition | 458 | |||
Gross Carrying Amount at year end | ||||
Land | 1,170 | |||
Building and Improvements | 2,962 | |||
Total | 4,132 | |||
Accumulated Depreciation | $ 1,196 | |||
Bradenton II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 88,063 | |||
Initial cost | ||||
Land | $ 1,931 | |||
Building and Improvements | 5,561 | |||
Costs Subsequent to Acquisition | 1,212 | |||
Gross Carrying Amount at year end | ||||
Land | 1,931 | |||
Building and Improvements | 5,094 | |||
Total | 7,025 | |||
Accumulated Depreciation | $ 2,189 | |||
Cape Coral I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,857 | |||
Initial cost | ||||
Land | $ 472 | |||
Building and Improvements | 2,769 | |||
Costs Subsequent to Acquisition | 2,650 | |||
Gross Carrying Amount at year end | ||||
Land | 830 | |||
Building and Improvements | 4,079 | |||
Total | 4,909 | |||
Accumulated Depreciation | $ 2,366 | |||
Cape Coral II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,955 | |||
Initial cost | ||||
Land | $ 1,093 | |||
Building and Improvements | 5,387 | |||
Costs Subsequent to Acquisition | 115 | |||
Gross Carrying Amount at year end | ||||
Land | 1,093 | |||
Building and Improvements | 5,502 | |||
Total | 6,595 | |||
Accumulated Depreciation | $ 1,086 | |||
Coconut Creek I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,846 | |||
Initial cost | ||||
Land | $ 1,189 | |||
Building and Improvements | 5,863 | |||
Costs Subsequent to Acquisition | 205 | |||
Gross Carrying Amount at year end | ||||
Land | 1,189 | |||
Building and Improvements | 6,031 | |||
Total | 7,220 | |||
Accumulated Depreciation | $ 1,597 | |||
Coconut Creek II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,137 | |||
Initial cost | ||||
Land | $ 1,937 | |||
Building and Improvements | 9,549 | |||
Costs Subsequent to Acquisition | 214 | |||
Gross Carrying Amount at year end | ||||
Land | 1,937 | |||
Building and Improvements | 9,764 | |||
Total | 11,701 | |||
Accumulated Depreciation | $ 2,173 | |||
Dania Beach, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 180,776 | |||
Initial cost | ||||
Land | $ 3,584 | |||
Building and Improvements | 10,324 | |||
Costs Subsequent to Acquisition | 1,827 | |||
Gross Carrying Amount at year end | ||||
Land | 3,584 | |||
Building and Improvements | 9,589 | |||
Total | 13,173 | |||
Accumulated Depreciation | $ 4,123 | |||
Dania, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,315 | |||
Initial cost | ||||
Land | $ 205 | |||
Building and Improvements | 2,068 | |||
Costs Subsequent to Acquisition | 1,775 | |||
Gross Carrying Amount at year end | ||||
Land | 481 | |||
Building and Improvements | 3,143 | |||
Total | 3,624 | |||
Accumulated Depreciation | $ 1,758 | |||
Davie, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,985 | |||
Initial cost | ||||
Land | $ 1,268 | |||
Building and Improvements | 7,183 | |||
Costs Subsequent to Acquisition | 1,372 | |||
Gross Carrying Amount at year end | ||||
Land | 1,373 | |||
Building and Improvements | 6,263 | |||
Total | 7,636 | |||
Accumulated Depreciation | $ 2,905 | |||
Deerfield Beach, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,280 | |||
Initial cost | ||||
Land | $ 946 | |||
Building and Improvements | 2,999 | |||
Costs Subsequent to Acquisition | 2,047 | |||
Gross Carrying Amount at year end | ||||
Land | 1,311 | |||
Building and Improvements | 4,529 | |||
Total | 5,840 | |||
Accumulated Depreciation | $ 2,453 | |||
Delray Beach I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,545 | |||
Initial cost | ||||
Land | $ 798 | |||
Building and Improvements | 4,539 | |||
Costs Subsequent to Acquisition | 855 | |||
Gross Carrying Amount at year end | ||||
Land | 883 | |||
Building and Improvements | 4,105 | |||
Total | 4,988 | |||
Accumulated Depreciation | $ 2,060 | |||
Delray Beach II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,788 | |||
Initial cost | ||||
Land | $ 957 | |||
Building and Improvements | 4,718 | |||
Costs Subsequent to Acquisition | 284 | |||
Gross Carrying Amount at year end | ||||
Land | 957 | |||
Building and Improvements | 4,996 | |||
Total | 5,953 | |||
Accumulated Depreciation | $ 1,242 | |||
Delray Beach III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 94,210 | |||
Initial cost | ||||
Land | $ 2,086 | |||
Building and Improvements | 10,286 | |||
Costs Subsequent to Acquisition | 190 | |||
Gross Carrying Amount at year end | ||||
Land | 2,086 | |||
Building and Improvements | 10,477 | |||
Total | 12,563 | |||
Accumulated Depreciation | $ 2,198 | |||
Delray Beach IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 97,208 | |||
Initial cost | ||||
Land | $ 2,208 | |||
Building and Improvements | 14,384 | |||
Costs Subsequent to Acquisition | 37 | |||
Gross Carrying Amount at year end | ||||
Land | 2,208 | |||
Building and Improvements | 14,421 | |||
Total | 16,629 | |||
Accumulated Depreciation | $ 1,346 | |||
Edgewater, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 98,375 | |||
Initial cost | ||||
Land | $ 1,362 | |||
Building and Improvements | 12,251 | |||
Costs Subsequent to Acquisition | 1 | |||
Gross Carrying Amount at year end | ||||
Land | 1,362 | |||
Building and Improvements | 12,252 | |||
Total | $ 13,614 | |||
Ft. Lauderdale I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,343 | |||
Initial cost | ||||
Land | $ 937 | |||
Building and Improvements | 3,646 | |||
Costs Subsequent to Acquisition | 2,641 | |||
Gross Carrying Amount at year end | ||||
Land | 1,384 | |||
Building and Improvements | 5,597 | |||
Total | 6,981 | |||
Accumulated Depreciation | $ 2,964 | |||
Ft. Lauderdale II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 49,662 | |||
Initial cost | ||||
Land | $ 862 | |||
Building and Improvements | 4,250 | |||
Costs Subsequent to Acquisition | 112 | |||
Gross Carrying Amount at year end | ||||
Land | 862 | |||
Building and Improvements | 4,364 | |||
Total | 5,226 | |||
Accumulated Depreciation | $ 985 | |||
Ft. Myers I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,504 | |||
Initial cost | ||||
Land | $ 303 | |||
Building and Improvements | 3,329 | |||
Costs Subsequent to Acquisition | 1,012 | |||
Gross Carrying Amount at year end | ||||
Land | 328 | |||
Building and Improvements | 3,338 | |||
Total | 3,666 | |||
Accumulated Depreciation | $ 1,840 | |||
Ft. Myers II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,325 | |||
Initial cost | ||||
Land | $ 1,030 | |||
Building and Improvements | 5,080 | |||
Costs Subsequent to Acquisition | 189 | |||
Gross Carrying Amount at year end | ||||
Land | 1,030 | |||
Building and Improvements | 5,269 | |||
Total | 6,299 | |||
Accumulated Depreciation | $ 1,117 | |||
Ft. Myers III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,554 | |||
Initial cost | ||||
Land | $ 1,148 | |||
Building and Improvements | 5,658 | |||
Costs Subsequent to Acquisition | 241 | |||
Gross Carrying Amount at year end | ||||
Land | 1,148 | |||
Building and Improvements | 5,899 | |||
Total | 7,047 | |||
Accumulated Depreciation | $ 1,238 | |||
Ft. Myers IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,051 | |||
Initial cost | ||||
Land | $ 992 | |||
Building and Improvements | 8,287 | |||
Costs Subsequent to Acquisition | 168 | |||
Gross Carrying Amount at year end | ||||
Land | 992 | |||
Building and Improvements | 8,455 | |||
Total | 9,447 | |||
Accumulated Depreciation | $ 394 | |||
Ft. Myers V, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,370 | |||
Initial cost | ||||
Land | $ 950 | |||
Building and Improvements | 7,763 | |||
Costs Subsequent to Acquisition | 129 | |||
Gross Carrying Amount at year end | ||||
Land | 950 | |||
Building and Improvements | 7,892 | |||
Total | 8,842 | |||
Accumulated Depreciation | $ 366 | |||
Jacksonville I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,735 | |||
Initial cost | ||||
Land | $ 1,862 | |||
Building and Improvements | 5,362 | |||
Costs Subsequent to Acquisition | 216 | |||
Gross Carrying Amount at year end | ||||
Land | 1,862 | |||
Building and Improvements | 4,399 | |||
Total | 6,261 | |||
Accumulated Depreciation | $ 1,698 | |||
Jacksonville II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,129 | |||
Initial cost | ||||
Land | $ 950 | |||
Building and Improvements | 7,004 | |||
Costs Subsequent to Acquisition | 228 | |||
Gross Carrying Amount at year end | ||||
Land | 950 | |||
Building and Improvements | 5,675 | |||
Total | 6,625 | |||
Accumulated Depreciation | $ 2,372 | |||
Jacksonville III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,780 | |||
Initial cost | ||||
Land | $ 860 | |||
Building and Improvements | 7,409 | |||
Costs Subsequent to Acquisition | 1,081 | |||
Gross Carrying Amount at year end | ||||
Land | 1,670 | |||
Building and Improvements | 6,078 | |||
Total | 7,748 | |||
Accumulated Depreciation | $ 2,538 | |||
Jacksonville IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,605 | |||
Initial cost | ||||
Land | $ 870 | |||
Building and Improvements | 8,049 | |||
Costs Subsequent to Acquisition | 1,238 | |||
Gross Carrying Amount at year end | ||||
Land | 1,651 | |||
Building and Improvements | 7,204 | |||
Total | 8,855 | |||
Accumulated Depreciation | $ 2,995 | |||
Jacksonville V, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,593 | |||
Initial cost | ||||
Land | $ 1,220 | |||
Building and Improvements | 8,210 | |||
Costs Subsequent to Acquisition | 493 | |||
Gross Carrying Amount at year end | ||||
Land | 1,220 | |||
Building and Improvements | 6,958 | |||
Total | 8,178 | |||
Accumulated Depreciation | $ 2,904 | |||
Jacksonville VI, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,795 | |||
Initial cost | ||||
Land | $ 755 | |||
Building and Improvements | 3,725 | |||
Costs Subsequent to Acquisition | 170 | |||
Gross Carrying Amount at year end | ||||
Land | 755 | |||
Building and Improvements | 3,894 | |||
Total | 4,649 | |||
Accumulated Depreciation | $ 777 | |||
Kendall, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,495 | |||
Initial cost | ||||
Land | $ 2,350 | |||
Building and Improvements | 8,106 | |||
Costs Subsequent to Acquisition | 497 | |||
Gross Carrying Amount at year end | ||||
Land | 2,350 | |||
Building and Improvements | 6,830 | |||
Total | 9,180 | |||
Accumulated Depreciation | $ 2,851 | |||
Lake Worth I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 158,754 | |||
Initial cost | ||||
Land | $ 183 | |||
Building and Improvements | 6,597 | |||
Costs Subsequent to Acquisition | 7,838 | |||
Gross Carrying Amount at year end | ||||
Land | 354 | |||
Building and Improvements | 11,180 | |||
Total | 11,534 | |||
Accumulated Depreciation | $ 5,963 | |||
Lake Worth II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 86,884 | |||
Initial cost | ||||
Land | $ 1,552 | |||
Building and Improvements | 7,654 | |||
Costs Subsequent to Acquisition | 210 | |||
Gross Carrying Amount at year end | ||||
Land | 1,552 | |||
Building and Improvements | 7,863 | |||
Total | 9,415 | |||
Accumulated Depreciation | $ 1,693 | |||
Lake Worth III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 92,510 | |||
Initial cost | ||||
Land | $ 957 | |||
Building and Improvements | 4,716 | |||
Costs Subsequent to Acquisition | 249 | |||
Gross Carrying Amount at year end | ||||
Land | 957 | |||
Building and Improvements | 4,966 | |||
Total | 5,923 | |||
Accumulated Depreciation | $ 930 | |||
Lakeland, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,629 | |||
Initial cost | ||||
Land | $ 81 | |||
Building and Improvements | 896 | |||
Costs Subsequent to Acquisition | 1,542 | |||
Gross Carrying Amount at year end | ||||
Land | 256 | |||
Building and Improvements | 1,846 | |||
Total | 2,102 | |||
Accumulated Depreciation | $ 922 | |||
Leisure City, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,185 | |||
Initial cost | ||||
Land | $ 409 | |||
Building and Improvements | 2,018 | |||
Costs Subsequent to Acquisition | 277 | |||
Gross Carrying Amount at year end | ||||
Land | 409 | |||
Building and Improvements | 2,283 | |||
Total | 2,692 | |||
Accumulated Depreciation | $ 609 | |||
Lutz I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,595 | |||
Initial cost | ||||
Land | $ 901 | |||
Building and Improvements | 2,478 | |||
Costs Subsequent to Acquisition | 463 | |||
Gross Carrying Amount at year end | ||||
Land | 901 | |||
Building and Improvements | 2,323 | |||
Total | 3,224 | |||
Accumulated Depreciation | $ 939 | |||
Lutz II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,232 | |||
Initial cost | ||||
Land | $ 992 | |||
Building and Improvements | 2,868 | |||
Costs Subsequent to Acquisition | 440 | |||
Gross Carrying Amount at year end | ||||
Land | 992 | |||
Building and Improvements | 2,546 | |||
Total | 3,538 | |||
Accumulated Depreciation | $ 1,072 | |||
Margate I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,660 | |||
Initial cost | ||||
Land | $ 161 | |||
Building and Improvements | 1,763 | |||
Costs Subsequent to Acquisition | 2,385 | |||
Gross Carrying Amount at year end | ||||
Land | 399 | |||
Building and Improvements | 3,466 | |||
Total | 3,865 | |||
Accumulated Depreciation | $ 1,995 | |||
Margate II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,380 | |||
Initial cost | ||||
Land | $ 132 | |||
Building and Improvements | 1,473 | |||
Costs Subsequent to Acquisition | 2,215 | |||
Gross Carrying Amount at year end | ||||
Land | 383 | |||
Building and Improvements | 3,052 | |||
Total | 3,435 | |||
Accumulated Depreciation | $ 1,569 | |||
Merritt Island, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,996 | |||
Initial cost | ||||
Land | $ 2,450 | |||
Building and Improvements | 4,762 | |||
Costs Subsequent to Acquisition | 722 | |||
Gross Carrying Amount at year end | ||||
Land | 2,575 | |||
Building and Improvements | 4,522 | |||
Total | 7,097 | |||
Accumulated Depreciation | $ 1,287 | |||
Miami I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,500 | |||
Initial cost | ||||
Land | $ 179 | |||
Building and Improvements | 1,999 | |||
Costs Subsequent to Acquisition | 1,934 | |||
Gross Carrying Amount at year end | ||||
Land | 484 | |||
Building and Improvements | 2,918 | |||
Total | 3,402 | |||
Accumulated Depreciation | $ 1,631 | |||
Miami II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,860 | |||
Initial cost | ||||
Land | $ 253 | |||
Building and Improvements | 2,544 | |||
Costs Subsequent to Acquisition | 1,965 | |||
Gross Carrying Amount at year end | ||||
Land | 561 | |||
Building and Improvements | 3,670 | |||
Total | 4,231 | |||
Accumulated Depreciation | $ 2,002 | |||
Miami III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 151,420 | |||
Initial cost | ||||
Land | $ 4,577 | |||
Building and Improvements | 13,185 | |||
Costs Subsequent to Acquisition | 1,017 | |||
Gross Carrying Amount at year end | ||||
Land | 4,577 | |||
Building and Improvements | 11,155 | |||
Total | 15,732 | |||
Accumulated Depreciation | $ 4,485 | |||
Miami IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,695 | |||
Initial cost | ||||
Land | $ 1,852 | |||
Building and Improvements | 10,494 | |||
Costs Subsequent to Acquisition | 1,051 | |||
Gross Carrying Amount at year end | ||||
Land | 1,963 | |||
Building and Improvements | 9,983 | |||
Total | 11,946 | |||
Accumulated Depreciation | $ 3,100 | |||
Miramar, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,080 | |||
Initial cost | ||||
Land | $ 1,206 | |||
Building and Improvements | 5,944 | |||
Costs Subsequent to Acquisition | 190 | |||
Gross Carrying Amount at year end | ||||
Land | 1,206 | |||
Building and Improvements | 6,132 | |||
Total | 7,338 | |||
Accumulated Depreciation | $ 1,475 | |||
Naples I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,100 | |||
Initial cost | ||||
Land | $ 90 | |||
Building and Improvements | 1,010 | |||
Costs Subsequent to Acquisition | 2,788 | |||
Gross Carrying Amount at year end | ||||
Land | 270 | |||
Building and Improvements | 3,252 | |||
Total | 3,522 | |||
Accumulated Depreciation | $ 1,778 | |||
Naples II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,850 | |||
Initial cost | ||||
Land | $ 148 | |||
Building and Improvements | 1,652 | |||
Costs Subsequent to Acquisition | 4,425 | |||
Gross Carrying Amount at year end | ||||
Land | 558 | |||
Building and Improvements | 5,377 | |||
Total | 5,935 | |||
Accumulated Depreciation | $ 3,006 | |||
Naples III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,205 | |||
Initial cost | ||||
Land | $ 139 | |||
Building and Improvements | 1,561 | |||
Costs Subsequent to Acquisition | 4,319 | |||
Gross Carrying Amount at year end | ||||
Land | 598 | |||
Building and Improvements | 4,233 | |||
Total | 4,831 | |||
Accumulated Depreciation | $ 2,387 | |||
Naples IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 40,725 | |||
Initial cost | ||||
Land | $ 262 | |||
Building and Improvements | 2,980 | |||
Costs Subsequent to Acquisition | 701 | |||
Gross Carrying Amount at year end | ||||
Land | 407 | |||
Building and Improvements | 3,084 | |||
Total | 3,491 | |||
Accumulated Depreciation | $ 1,750 | |||
New Smyrna Beach, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,504 | |||
Initial cost | ||||
Land | $ 1,261 | |||
Building and Improvements | 6,215 | |||
Costs Subsequent to Acquisition | 350 | |||
Gross Carrying Amount at year end | ||||
Land | 1,261 | |||
Building and Improvements | 6,564 | |||
Total | 7,825 | |||
Accumulated Depreciation | $ 1,290 | |||
New Smyrna Beach II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 109,355 | |||
Initial cost | ||||
Land | $ 1,514 | |||
Building and Improvements | 11,869 | |||
Costs Subsequent to Acquisition | 1 | |||
Gross Carrying Amount at year end | ||||
Land | 1,514 | |||
Building and Improvements | 11,870 | |||
Total | $ 13,384 | |||
North Palm Beach, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,800 | |||
Initial cost | ||||
Land | $ 1,374 | |||
Building and Improvements | 7,649 | |||
Costs Subsequent to Acquisition | 63 | |||
Gross Carrying Amount at year end | ||||
Land | 1,374 | |||
Building and Improvements | 7,712 | |||
Total | 9,086 | |||
Accumulated Depreciation | $ 1,011 | |||
Oakland Park, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,706 | |||
Initial cost | ||||
Land | $ 3,007 | |||
Building and Improvements | 10,145 | |||
Costs Subsequent to Acquisition | 59 | |||
Gross Carrying Amount at year end | ||||
Land | 3,007 | |||
Building and Improvements | 10,204 | |||
Total | 13,211 | |||
Accumulated Depreciation | $ 900 | |||
Ocoee, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,150 | |||
Initial cost | ||||
Land | $ 1,286 | |||
Building and Improvements | 3,705 | |||
Costs Subsequent to Acquisition | 344 | |||
Gross Carrying Amount at year end | ||||
Land | 1,286 | |||
Building and Improvements | 3,188 | |||
Total | 4,474 | |||
Accumulated Depreciation | $ 1,256 | |||
Orange City, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,580 | |||
Initial cost | ||||
Land | $ 1,191 | |||
Building and Improvements | 3,209 | |||
Costs Subsequent to Acquisition | 366 | |||
Gross Carrying Amount at year end | ||||
Land | 1,191 | |||
Building and Improvements | 2,786 | |||
Total | 3,977 | |||
Accumulated Depreciation | $ 1,168 | |||
Orlando II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,184 | |||
Initial cost | ||||
Land | $ 1,589 | |||
Building and Improvements | 4,576 | |||
Costs Subsequent to Acquisition | 263 | |||
Gross Carrying Amount at year end | ||||
Land | 1,589 | |||
Building and Improvements | 3,776 | |||
Total | 5,365 | |||
Accumulated Depreciation | $ 1,521 | |||
Orlando III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 101,190 | |||
Initial cost | ||||
Land | $ 1,209 | |||
Building and Improvements | 7,768 | |||
Costs Subsequent to Acquisition | 975 | |||
Gross Carrying Amount at year end | ||||
Land | 1,209 | |||
Building and Improvements | 7,355 | |||
Total | 8,564 | |||
Accumulated Depreciation | $ 3,130 | |||
Orlando IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,801 | |||
Initial cost | ||||
Land | $ 633 | |||
Building and Improvements | 3,587 | |||
Costs Subsequent to Acquisition | 207 | |||
Gross Carrying Amount at year end | ||||
Land | 633 | |||
Building and Improvements | 3,290 | |||
Total | 3,923 | |||
Accumulated Depreciation | $ 1,064 | |||
Orlando V, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,377 | |||
Initial cost | ||||
Land | $ 950 | |||
Building and Improvements | 4,685 | |||
Costs Subsequent to Acquisition | 149 | |||
Gross Carrying Amount at year end | ||||
Land | 950 | |||
Building and Improvements | 4,780 | |||
Total | 5,730 | |||
Accumulated Depreciation | $ 1,234 | |||
Orlando VI, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,275 | |||
Initial cost | ||||
Land | $ 640 | |||
Building and Improvements | 3,154 | |||
Costs Subsequent to Acquisition | 176 | |||
Gross Carrying Amount at year end | ||||
Land | 640 | |||
Building and Improvements | 3,330 | |||
Total | 3,970 | |||
Accumulated Depreciation | $ 674 | |||
Orlando VII, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,610 | |||
Initial cost | ||||
Land | $ 896 | |||
Building and Improvements | 9,142 | |||
Costs Subsequent to Acquisition | 211 | |||
Gross Carrying Amount at year end | ||||
Land | 896 | |||
Building and Improvements | 9,353 | |||
Total | 10,249 | |||
Accumulated Depreciation | $ 287 | |||
Orlando VIII, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 126,225 | |||
Initial cost | ||||
Land | $ 2,208 | |||
Building and Improvements | 12,685 | |||
Costs Subsequent to Acquisition | 1 | |||
Gross Carrying Amount at year end | ||||
Land | 2,208 | |||
Building and Improvements | 12,686 | |||
Total | $ 14,894 | |||
Oviedo, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 49,236 | |||
Initial cost | ||||
Land | $ 440 | |||
Building and Improvements | 2,824 | |||
Costs Subsequent to Acquisition | 667 | |||
Gross Carrying Amount at year end | ||||
Land | 440 | |||
Building and Improvements | 2,814 | |||
Total | 3,254 | |||
Accumulated Depreciation | $ 1,251 | |||
Palm Coast I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,400 | |||
Initial cost | ||||
Land | $ 555 | |||
Building and Improvements | 2,735 | |||
Costs Subsequent to Acquisition | 136 | |||
Gross Carrying Amount at year end | ||||
Land | 555 | |||
Building and Improvements | 2,871 | |||
Total | 3,426 | |||
Accumulated Depreciation | $ 659 | |||
Palm Coast II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 128,690 | |||
Initial cost | ||||
Land | $ 1,511 | |||
Building and Improvements | 7,450 | |||
Costs Subsequent to Acquisition | 455 | |||
Gross Carrying Amount at year end | ||||
Land | 1,511 | |||
Building and Improvements | 7,906 | |||
Total | 9,417 | |||
Accumulated Depreciation | $ 1,797 | |||
Palm Harbor, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,685 | |||
Initial cost | ||||
Land | $ 2,457 | |||
Building and Improvements | 16,178 | |||
Costs Subsequent to Acquisition | 420 | |||
Gross Carrying Amount at year end | ||||
Land | 2,387 | |||
Building and Improvements | 16,668 | |||
Total | 19,055 | |||
Accumulated Depreciation | $ 2,143 | |||
Pembroke Pines, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,321 | |||
Initial cost | ||||
Land | $ 337 | |||
Building and Improvements | 3,772 | |||
Costs Subsequent to Acquisition | 3,019 | |||
Gross Carrying Amount at year end | ||||
Land | 953 | |||
Building and Improvements | 5,615 | |||
Total | 6,568 | |||
Accumulated Depreciation | $ 3,111 | |||
Royal Palm Beach II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,178 | |||
Initial cost | ||||
Land | $ 1,640 | |||
Building and Improvements | 8,607 | |||
Costs Subsequent to Acquisition | 349 | |||
Gross Carrying Amount at year end | ||||
Land | 1,640 | |||
Building and Improvements | 7,294 | |||
Total | 8,934 | |||
Accumulated Depreciation | $ 3,074 | |||
Sanford I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,810 | |||
Initial cost | ||||
Land | $ 453 | |||
Building and Improvements | 2,911 | |||
Costs Subsequent to Acquisition | 245 | |||
Gross Carrying Amount at year end | ||||
Land | 453 | |||
Building and Improvements | 2,588 | |||
Total | 3,041 | |||
Accumulated Depreciation | $ 1,092 | |||
Sanford II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,875 | |||
Initial cost | ||||
Land | $ 1,003 | |||
Building and Improvements | 4,944 | |||
Costs Subsequent to Acquisition | 255 | |||
Gross Carrying Amount at year end | ||||
Land | 1,003 | |||
Building and Improvements | 5,198 | |||
Total | 6,201 | |||
Accumulated Depreciation | $ 1,054 | |||
Sarasota, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,142 | |||
Initial cost | ||||
Land | $ 333 | |||
Building and Improvements | 3,656 | |||
Costs Subsequent to Acquisition | 1,527 | |||
Gross Carrying Amount at year end | ||||
Land | 529 | |||
Building and Improvements | 3,964 | |||
Total | 4,493 | |||
Accumulated Depreciation | $ 2,102 | |||
St. Augustine, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,720 | |||
Initial cost | ||||
Land | $ 135 | |||
Building and Improvements | 1,515 | |||
Costs Subsequent to Acquisition | 3,564 | |||
Gross Carrying Amount at year end | ||||
Land | 383 | |||
Building and Improvements | 4,469 | |||
Total | 4,852 | |||
Accumulated Depreciation | $ 2,532 | |||
St. Petersburg, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,025 | |||
Initial cost | ||||
Land | $ 2,721 | |||
Building and Improvements | 10,173 | |||
Costs Subsequent to Acquisition | 467 | |||
Gross Carrying Amount at year end | ||||
Land | 2,721 | |||
Building and Improvements | 10,640 | |||
Total | 13,361 | |||
Accumulated Depreciation | $ 1,418 | |||
Stuart, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,456 | |||
Initial cost | ||||
Land | $ 324 | |||
Building and Improvements | 3,625 | |||
Costs Subsequent to Acquisition | 3,317 | |||
Gross Carrying Amount at year end | ||||
Land | 685 | |||
Building and Improvements | 5,943 | |||
Total | 6,628 | |||
Accumulated Depreciation | $ 3,364 | |||
SW Ranches, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,042 | |||
Initial cost | ||||
Land | $ 1,390 | |||
Building and Improvements | 7,598 | |||
Costs Subsequent to Acquisition | 309 | |||
Gross Carrying Amount at year end | ||||
Land | 1,390 | |||
Building and Improvements | 6,043 | |||
Total | 7,433 | |||
Accumulated Depreciation | $ 2,532 | |||
Tampa I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,938 | |||
Initial cost | ||||
Land | $ 2,670 | |||
Building and Improvements | 6,249 | |||
Costs Subsequent to Acquisition | 311 | |||
Gross Carrying Amount at year end | ||||
Land | 2,670 | |||
Building and Improvements | 5,207 | |||
Total | 7,877 | |||
Accumulated Depreciation | $ 2,178 | |||
Tampa II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,790 | |||
Initial cost | ||||
Land | $ 2,291 | |||
Building and Improvements | 10,262 | |||
Costs Subsequent to Acquisition | 290 | |||
Gross Carrying Amount at year end | ||||
Land | 2,291 | |||
Building and Improvements | 10,552 | |||
Total | 12,843 | |||
Accumulated Depreciation | $ 1,363 | |||
Tampa III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 40,125 | |||
Initial cost | ||||
Land | $ 989 | |||
Building and Improvements | 7,997 | |||
Gross Carrying Amount at year end | ||||
Land | 988 | |||
Building and Improvements | 7,998 | |||
Total | $ 8,986 | |||
West Palm Beach I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,831 | |||
Initial cost | ||||
Land | $ 719 | |||
Building and Improvements | 3,420 | |||
Costs Subsequent to Acquisition | 1,905 | |||
Gross Carrying Amount at year end | ||||
Land | 835 | |||
Building and Improvements | 4,069 | |||
Total | 4,904 | |||
Accumulated Depreciation | $ 1,954 | |||
West Palm Beach II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 94,113 | |||
Initial cost | ||||
Land | $ 2,129 | |||
Building and Improvements | 8,671 | |||
Costs Subsequent to Acquisition | 606 | |||
Gross Carrying Amount at year end | ||||
Land | 2,129 | |||
Building and Improvements | 7,121 | |||
Total | 9,250 | |||
Accumulated Depreciation | $ 3,014 | |||
West Palm Beach III, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,410 | |||
Initial cost | ||||
Land | $ 804 | |||
Building and Improvements | 3,962 | |||
Costs Subsequent to Acquisition | 148 | |||
Gross Carrying Amount at year end | ||||
Land | 804 | |||
Building and Improvements | 4,106 | |||
Total | 4,910 | |||
Accumulated Depreciation | $ 1,054 | |||
West Palm Beach IV, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 102,722 | |||
Initial cost | ||||
Land | $ 1,499 | |||
Building and Improvements | 7,392 | |||
Costs Subsequent to Acquisition | 362 | |||
Gross Carrying Amount at year end | ||||
Land | 1,499 | |||
Building and Improvements | 7,753 | |||
Total | 9,252 | |||
Accumulated Depreciation | $ 1,663 | |||
Winter Park I, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,416 | |||
Initial cost | ||||
Land | $ 866 | |||
Building and Improvements | 4,268 | |||
Costs Subsequent to Acquisition | 192 | |||
Gross Carrying Amount at year end | ||||
Land | 866 | |||
Building and Improvements | 4,459 | |||
Total | 5,325 | |||
Accumulated Depreciation | $ 888 | |||
Winter Park II, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,938 | |||
Initial cost | ||||
Land | $ 1,897 | |||
Building and Improvements | 9,286 | |||
Costs Subsequent to Acquisition | 176 | |||
Gross Carrying Amount at year end | ||||
Land | 1,897 | |||
Building and Improvements | 9,462 | |||
Total | 11,359 | |||
Accumulated Depreciation | $ 298 | |||
Winter Springs, FL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,965 | |||
Initial cost | ||||
Land | $ 1,248 | |||
Building and Improvements | 7,259 | |||
Costs Subsequent to Acquisition | 163 | |||
Gross Carrying Amount at year end | ||||
Land | 1,248 | |||
Building and Improvements | 7,422 | |||
Total | 8,670 | |||
Accumulated Depreciation | $ 231 | |||
Alpharetta, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,501 | |||
Initial cost | ||||
Land | $ 806 | |||
Building and Improvements | 4,720 | |||
Costs Subsequent to Acquisition | 1,117 | |||
Gross Carrying Amount at year end | ||||
Land | 917 | |||
Building and Improvements | 4,126 | |||
Total | 5,043 | |||
Accumulated Depreciation | $ 1,956 | |||
Atlanta I, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,600 | |||
Initial cost | ||||
Land | $ 822 | |||
Building and Improvements | 4,053 | |||
Costs Subsequent to Acquisition | 145 | |||
Gross Carrying Amount at year end | ||||
Land | 822 | |||
Building and Improvements | 4,182 | |||
Total | 5,004 | |||
Accumulated Depreciation | $ 1,103 | |||
Atlanta II, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,565 | |||
Initial cost | ||||
Land | $ 1,890 | |||
Building and Improvements | 11,579 | |||
Costs Subsequent to Acquisition | 10 | |||
Gross Carrying Amount at year end | ||||
Land | 1,890 | |||
Building and Improvements | 11,589 | |||
Total | 13,479 | |||
Accumulated Depreciation | $ 492 | |||
Austell, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,655 | |||
Initial cost | ||||
Land | $ 1,635 | |||
Building and Improvements | 4,711 | |||
Costs Subsequent to Acquisition | 476 | |||
Gross Carrying Amount at year end | ||||
Land | 1,643 | |||
Building and Improvements | 4,531 | |||
Total | 6,174 | |||
Accumulated Depreciation | $ 1,943 | |||
Decatur, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 145,320 | |||
Initial cost | ||||
Land | $ 616 | |||
Building and Improvements | 6,776 | |||
Costs Subsequent to Acquisition | 586 | |||
Gross Carrying Amount at year end | ||||
Land | 616 | |||
Building and Improvements | 6,347 | |||
Total | 6,963 | |||
Accumulated Depreciation | $ 3,699 | |||
Duluth, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,885 | |||
Initial cost | ||||
Land | $ 373 | |||
Building and Improvements | 2,044 | |||
Costs Subsequent to Acquisition | 652 | |||
Gross Carrying Amount at year end | ||||
Land | 373 | |||
Building and Improvements | 2,370 | |||
Total | 2,743 | |||
Accumulated Depreciation | $ 607 | |||
Lawrenceville, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,890 | |||
Initial cost | ||||
Land | $ 546 | |||
Building and Improvements | 2,903 | |||
Costs Subsequent to Acquisition | 552 | |||
Gross Carrying Amount at year end | ||||
Land | 546 | |||
Building and Improvements | 3,024 | |||
Total | 3,570 | |||
Accumulated Depreciation | $ 912 | |||
Lithia Springs, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,200 | |||
Initial cost | ||||
Land | $ 748 | |||
Building and Improvements | 5,552 | |||
Costs Subsequent to Acquisition | 469 | |||
Gross Carrying Amount at year end | ||||
Land | 719 | |||
Building and Improvements | 6,049 | |||
Total | 6,768 | |||
Accumulated Depreciation | $ 970 | |||
Norcross I, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,320 | |||
Initial cost | ||||
Land | $ 514 | |||
Building and Improvements | 2,930 | |||
Costs Subsequent to Acquisition | 1,108 | |||
Gross Carrying Amount at year end | ||||
Land | 632 | |||
Building and Improvements | 3,104 | |||
Total | 3,736 | |||
Accumulated Depreciation | $ 1,448 | |||
Norcross II, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,595 | |||
Initial cost | ||||
Land | $ 366 | |||
Building and Improvements | 2,025 | |||
Costs Subsequent to Acquisition | 256 | |||
Gross Carrying Amount at year end | ||||
Land | 366 | |||
Building and Improvements | 1,989 | |||
Total | 2,355 | |||
Accumulated Depreciation | $ 617 | |||
Norcross III, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,955 | |||
Initial cost | ||||
Land | $ 938 | |||
Building and Improvements | 4,625 | |||
Costs Subsequent to Acquisition | 109 | |||
Gross Carrying Amount at year end | ||||
Land | 938 | |||
Building and Improvements | 4,733 | |||
Total | 5,671 | |||
Accumulated Depreciation | $ 1,335 | |||
Norcross IV, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,475 | |||
Initial cost | ||||
Land | $ 576 | |||
Building and Improvements | 2,839 | |||
Costs Subsequent to Acquisition | 149 | |||
Gross Carrying Amount at year end | ||||
Land | 576 | |||
Building and Improvements | 2,979 | |||
Total | 3,555 | |||
Accumulated Depreciation | $ 795 | |||
Norcross V, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,030 | |||
Initial cost | ||||
Land | $ 881 | |||
Building and Improvements | 3,083 | |||
Costs Subsequent to Acquisition | 60 | |||
Gross Carrying Amount at year end | ||||
Land | 881 | |||
Building and Improvements | 3,143 | |||
Total | 4,024 | |||
Accumulated Depreciation | $ 152 | |||
Peachtree City I, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 49,875 | |||
Initial cost | ||||
Land | $ 435 | |||
Building and Improvements | 2,532 | |||
Costs Subsequent to Acquisition | 826 | |||
Gross Carrying Amount at year end | ||||
Land | 529 | |||
Building and Improvements | 2,572 | |||
Total | 3,101 | |||
Accumulated Depreciation | $ 1,233 | |||
Peachtree City II, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,950 | |||
Initial cost | ||||
Land | $ 398 | |||
Building and Improvements | 1,963 | |||
Costs Subsequent to Acquisition | 184 | |||
Gross Carrying Amount at year end | ||||
Land | 398 | |||
Building and Improvements | 2,144 | |||
Total | 2,542 | |||
Accumulated Depreciation | $ 575 | |||
Smyrna, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,015 | |||
Initial cost | ||||
Land | $ 750 | |||
Building and Improvements | 4,271 | |||
Costs Subsequent to Acquisition | 375 | |||
Gross Carrying Amount at year end | ||||
Land | 750 | |||
Building and Improvements | 3,520 | |||
Total | 4,270 | |||
Accumulated Depreciation | $ 1,700 | |||
Snellville, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,050 | |||
Initial cost | ||||
Land | $ 1,660 | |||
Building and Improvements | 4,781 | |||
Costs Subsequent to Acquisition | 437 | |||
Gross Carrying Amount at year end | ||||
Land | 1,660 | |||
Building and Improvements | 4,554 | |||
Total | 6,214 | |||
Accumulated Depreciation | $ 1,923 | |||
Suwanee I, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,125 | |||
Initial cost | ||||
Land | $ 1,737 | |||
Building and Improvements | 5,010 | |||
Costs Subsequent to Acquisition | 385 | |||
Gross Carrying Amount at year end | ||||
Land | 1,737 | |||
Building and Improvements | 4,677 | |||
Total | 6,414 | |||
Accumulated Depreciation | $ 1,971 | |||
Suwanee II, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,590 | |||
Initial cost | ||||
Land | $ 800 | |||
Building and Improvements | 6,942 | |||
Costs Subsequent to Acquisition | 165 | |||
Gross Carrying Amount at year end | ||||
Land | 622 | |||
Building and Improvements | 5,888 | |||
Total | 6,510 | |||
Accumulated Depreciation | $ 2,457 | |||
Villa Rica, GA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,281 | |||
Initial cost | ||||
Land | $ 757 | |||
Building and Improvements | 5,616 | |||
Costs Subsequent to Acquisition | 185 | |||
Gross Carrying Amount at year end | ||||
Land | 757 | |||
Building and Improvements | 5,801 | |||
Total | 6,558 | |||
Accumulated Depreciation | $ 961 | |||
Addison, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 31,575 | |||
Initial cost | ||||
Land | $ 428 | |||
Building and Improvements | 3,531 | |||
Costs Subsequent to Acquisition | 626 | |||
Gross Carrying Amount at year end | ||||
Land | 428 | |||
Building and Improvements | 3,326 | |||
Total | 3,754 | |||
Accumulated Depreciation | $ 1,388 | |||
Aurora, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,985 | |||
Initial cost | ||||
Land | $ 644 | |||
Building and Improvements | 3,652 | |||
Costs Subsequent to Acquisition | 308 | |||
Gross Carrying Amount at year end | ||||
Land | 644 | |||
Building and Improvements | 3,101 | |||
Total | 3,745 | |||
Accumulated Depreciation | $ 1,280 | |||
Bartlett, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,395 | |||
Initial cost | ||||
Land | $ 931 | |||
Building and Improvements | 2,493 | |||
Costs Subsequent to Acquisition | 445 | |||
Gross Carrying Amount at year end | ||||
Land | 931 | |||
Building and Improvements | 2,303 | |||
Total | 3,234 | |||
Accumulated Depreciation | $ 943 | |||
Bellwood, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 86,500 | |||
Initial cost | ||||
Land | $ 1,012 | |||
Building and Improvements | 5,768 | |||
Costs Subsequent to Acquisition | 1,197 | |||
Gross Carrying Amount at year end | ||||
Land | 1,012 | |||
Building and Improvements | 5,219 | |||
Total | 6,231 | |||
Accumulated Depreciation | $ 2,469 | |||
Blue Island, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 55,125 | |||
Initial cost | ||||
Land | $ 633 | |||
Building and Improvements | 3,120 | |||
Costs Subsequent to Acquisition | 147 | |||
Gross Carrying Amount at year end | ||||
Land | 633 | |||
Building and Improvements | 3,267 | |||
Total | 3,900 | |||
Accumulated Depreciation | $ 602 | |||
Bolingbrook, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,315 | |||
Initial cost | ||||
Land | $ 1,675 | |||
Building and Improvements | 8,254 | |||
Costs Subsequent to Acquisition | 219 | |||
Gross Carrying Amount at year end | ||||
Land | 1,675 | |||
Building and Improvements | 8,473 | |||
Total | 10,148 | |||
Accumulated Depreciation | $ 1,695 | |||
Chicago I, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,942 | |||
Initial cost | ||||
Land | $ 2,667 | |||
Building and Improvements | 13,118 | |||
Costs Subsequent to Acquisition | 1,079 | |||
Gross Carrying Amount at year end | ||||
Land | 2,667 | |||
Building and Improvements | 14,197 | |||
Total | 16,864 | |||
Accumulated Depreciation | $ 2,923 | |||
Chicago II, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,815 | |||
Initial cost | ||||
Land | $ 833 | |||
Building and Improvements | 4,035 | |||
Costs Subsequent to Acquisition | 109 | |||
Gross Carrying Amount at year end | ||||
Land | 833 | |||
Building and Improvements | 4,145 | |||
Total | 4,978 | |||
Accumulated Depreciation | $ 820 | |||
Chicago III, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,825 | |||
Initial cost | ||||
Land | $ 2,427 | |||
Building and Improvements | 11,962 | |||
Costs Subsequent to Acquisition | 862 | |||
Gross Carrying Amount at year end | ||||
Land | 2,427 | |||
Building and Improvements | 12,823 | |||
Total | 15,250 | |||
Accumulated Depreciation | $ 2,647 | |||
Chicago IV, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,420 | |||
Initial cost | ||||
Land | $ 1,296 | |||
Building and Improvements | 6,385 | |||
Costs Subsequent to Acquisition | 160 | |||
Gross Carrying Amount at year end | ||||
Land | 1,296 | |||
Building and Improvements | 6,545 | |||
Total | 7,841 | |||
Accumulated Depreciation | $ 1,203 | |||
Chicago V, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,775 | |||
Initial cost | ||||
Land | $ 1,044 | |||
Building and Improvements | 5,144 | |||
Costs Subsequent to Acquisition | 147 | |||
Gross Carrying Amount at year end | ||||
Land | 1,044 | |||
Building and Improvements | 5,290 | |||
Total | 6,334 | |||
Accumulated Depreciation | $ 967 | |||
Chicago VI, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,748 | |||
Initial cost | ||||
Land | $ 1,596 | |||
Building and Improvements | 9,535 | |||
Costs Subsequent to Acquisition | 80 | |||
Gross Carrying Amount at year end | ||||
Land | 1,596 | |||
Building and Improvements | 9,615 | |||
Total | 11,211 | |||
Accumulated Depreciation | $ 1,361 | |||
Chicago VII, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 89,904 | |||
Initial cost | ||||
Building and Improvements | $ 11,191 | |||
Costs Subsequent to Acquisition | 354 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 11,545 | |||
Total | 11,545 | |||
Accumulated Depreciation | $ 1,103 | |||
Countryside, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 97,648 | |||
Initial cost | ||||
Land | $ 2,607 | |||
Building and Improvements | 12,684 | |||
Costs Subsequent to Acquisition | 643 | |||
Gross Carrying Amount at year end | ||||
Land | 2,607 | |||
Building and Improvements | 13,328 | |||
Total | 15,935 | |||
Accumulated Depreciation | $ 2,583 | |||
Des Plaines, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,450 | |||
Initial cost | ||||
Land | $ 1,564 | |||
Building and Improvements | 4,327 | |||
Costs Subsequent to Acquisition | 893 | |||
Gross Carrying Amount at year end | ||||
Land | 1,564 | |||
Building and Improvements | 4,179 | |||
Total | 5,743 | |||
Accumulated Depreciation | $ 1,761 | |||
Downers Grove, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,625 | |||
Initial cost | ||||
Land | $ 1,498 | |||
Building and Improvements | 13,153 | |||
Costs Subsequent to Acquisition | 347 | |||
Gross Carrying Amount at year end | ||||
Land | 1,498 | |||
Building and Improvements | 13,500 | |||
Total | 14,998 | |||
Accumulated Depreciation | $ 1,909 | |||
Elk Grove Village, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,104 | |||
Initial cost | ||||
Land | $ 1,446 | |||
Building and Improvements | 3,535 | |||
Costs Subsequent to Acquisition | 332 | |||
Gross Carrying Amount at year end | ||||
Land | 1,446 | |||
Building and Improvements | 2,926 | |||
Total | 4,372 | |||
Accumulated Depreciation | $ 1,235 | |||
Evanston, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,740 | |||
Initial cost | ||||
Land | $ 1,103 | |||
Building and Improvements | 5,440 | |||
Costs Subsequent to Acquisition | 537 | |||
Gross Carrying Amount at year end | ||||
Land | 1,103 | |||
Building and Improvements | 5,976 | |||
Total | 7,079 | |||
Accumulated Depreciation | $ 1,430 | |||
Glenview I, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 100,085 | |||
Initial cost | ||||
Land | $ 3,740 | |||
Building and Improvements | 10,367 | |||
Costs Subsequent to Acquisition | 626 | |||
Gross Carrying Amount at year end | ||||
Land | 3,740 | |||
Building and Improvements | 8,560 | |||
Total | 12,300 | |||
Accumulated Depreciation | $ 3,582 | |||
Glenview II IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 30,844 | |||
Initial cost | ||||
Land | $ 725 | |||
Building and Improvements | 3,144 | |||
Costs Subsequent to Acquisition | 107 | |||
Gross Carrying Amount at year end | ||||
Land | 725 | |||
Building and Improvements | 3,251 | |||
Total | 3,976 | |||
Accumulated Depreciation | $ 223 | |||
Gurnee, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,300 | |||
Initial cost | ||||
Land | $ 1,521 | |||
Building and Improvements | 5,440 | |||
Costs Subsequent to Acquisition | 455 | |||
Gross Carrying Amount at year end | ||||
Land | 1,521 | |||
Building and Improvements | 4,548 | |||
Total | 6,069 | |||
Accumulated Depreciation | $ 1,878 | |||
Hanover, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 41,190 | |||
Initial cost | ||||
Land | $ 1,126 | |||
Building and Improvements | 2,197 | |||
Costs Subsequent to Acquisition | 413 | |||
Gross Carrying Amount at year end | ||||
Land | 1,126 | |||
Building and Improvements | 2,038 | |||
Total | 3,164 | |||
Accumulated Depreciation | $ 850 | |||
Harvey, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,090 | |||
Initial cost | ||||
Land | $ 869 | |||
Building and Improvements | 3,635 | |||
Costs Subsequent to Acquisition | 616 | |||
Gross Carrying Amount at year end | ||||
Land | 869 | |||
Building and Improvements | 3,348 | |||
Total | 4,217 | |||
Accumulated Depreciation | $ 1,318 | |||
Joliet, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,865 | |||
Initial cost | ||||
Land | $ 547 | |||
Building and Improvements | 4,704 | |||
Costs Subsequent to Acquisition | 329 | |||
Gross Carrying Amount at year end | ||||
Land | 547 | |||
Building and Improvements | 3,937 | |||
Total | 4,484 | |||
Accumulated Depreciation | $ 1,649 | |||
Kildeer, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,438 | |||
Initial cost | ||||
Land | $ 2,102 | |||
Building and Improvements | 2,187 | |||
Costs Subsequent to Acquisition | 4,607 | |||
Gross Carrying Amount at year end | ||||
Land | 1,997 | |||
Building and Improvements | 6,374 | |||
Total | 8,371 | |||
Accumulated Depreciation | $ 1,465 | |||
Lombard, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,728 | |||
Initial cost | ||||
Land | $ 1,305 | |||
Building and Improvements | 3,938 | |||
Costs Subsequent to Acquisition | 1,078 | |||
Gross Carrying Amount at year end | ||||
Land | 1,305 | |||
Building and Improvements | 3,891 | |||
Total | 5,196 | |||
Accumulated Depreciation | $ 1,602 | |||
Maywood, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,225 | |||
Initial cost | ||||
Land | $ 749 | |||
Building and Improvements | 3,689 | |||
Costs Subsequent to Acquisition | 84 | |||
Gross Carrying Amount at year end | ||||
Land | 749 | |||
Building and Improvements | 3,773 | |||
Total | 4,522 | |||
Accumulated Depreciation | $ 691 | |||
Mount Prospect, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,000 | |||
Initial cost | ||||
Land | $ 1,701 | |||
Building and Improvements | 3,114 | |||
Costs Subsequent to Acquisition | 679 | |||
Gross Carrying Amount at year end | ||||
Land | 1,701 | |||
Building and Improvements | 3,047 | |||
Total | 4,748 | |||
Accumulated Depreciation | $ 1,299 | |||
Mundelein, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 44,700 | |||
Initial cost | ||||
Land | $ 1,498 | |||
Building and Improvements | 2,782 | |||
Costs Subsequent to Acquisition | 551 | |||
Gross Carrying Amount at year end | ||||
Land | 1,498 | |||
Building and Improvements | 2,658 | |||
Total | 4,156 | |||
Accumulated Depreciation | $ 1,074 | |||
North Chicago, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,500 | |||
Initial cost | ||||
Land | $ 1,073 | |||
Building and Improvements | 3,006 | |||
Costs Subsequent to Acquisition | 880 | |||
Gross Carrying Amount at year end | ||||
Land | 1,073 | |||
Building and Improvements | 3,107 | |||
Total | 4,180 | |||
Accumulated Depreciation | $ 1,203 | |||
Plainfield I, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,900 | |||
Initial cost | ||||
Land | $ 1,770 | |||
Building and Improvements | 1,715 | |||
Costs Subsequent to Acquisition | 377 | |||
Gross Carrying Amount at year end | ||||
Land | 1,740 | |||
Building and Improvements | 1,638 | |||
Total | 3,378 | |||
Accumulated Depreciation | $ 679 | |||
Plainfield II, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,100 | |||
Initial cost | ||||
Land | $ 694 | |||
Building and Improvements | 2,000 | |||
Costs Subsequent to Acquisition | 349 | |||
Gross Carrying Amount at year end | ||||
Land | 694 | |||
Building and Improvements | 1,832 | |||
Total | 2,526 | |||
Accumulated Depreciation | $ 713 | |||
Riverwoods, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,883 | |||
Initial cost | ||||
Land | $ 1,585 | |||
Building and Improvements | 7,826 | |||
Costs Subsequent to Acquisition | 97 | |||
Gross Carrying Amount at year end | ||||
Land | 1,585 | |||
Building and Improvements | 7,923 | |||
Total | 9,508 | |||
Accumulated Depreciation | $ 1,021 | |||
Schaumburg, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 31,160 | |||
Initial cost | ||||
Land | $ 538 | |||
Building and Improvements | 645 | |||
Costs Subsequent to Acquisition | 342 | |||
Gross Carrying Amount at year end | ||||
Land | 538 | |||
Building and Improvements | 783 | |||
Total | 1,321 | |||
Accumulated Depreciation | $ 309 | |||
Streamwood, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,305 | |||
Initial cost | ||||
Land | $ 1,447 | |||
Building and Improvements | 1,662 | |||
Costs Subsequent to Acquisition | 629 | |||
Gross Carrying Amount at year end | ||||
Land | 1,447 | |||
Building and Improvements | 1,822 | |||
Total | 3,269 | |||
Accumulated Depreciation | $ 759 | |||
Warrenville, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,326 | |||
Initial cost | ||||
Land | $ 1,066 | |||
Building and Improvements | 3,072 | |||
Costs Subsequent to Acquisition | 567 | |||
Gross Carrying Amount at year end | ||||
Land | 1,066 | |||
Building and Improvements | 2,922 | |||
Total | 3,988 | |||
Accumulated Depreciation | $ 1,153 | |||
Waukegan, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,500 | |||
Initial cost | ||||
Land | $ 1,198 | |||
Building and Improvements | 4,363 | |||
Costs Subsequent to Acquisition | 690 | |||
Gross Carrying Amount at year end | ||||
Land | 1,198 | |||
Building and Improvements | 3,988 | |||
Total | 5,186 | |||
Accumulated Depreciation | $ 1,686 | |||
West Chicago, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,175 | |||
Initial cost | ||||
Land | $ 1,071 | |||
Building and Improvements | 2,249 | |||
Costs Subsequent to Acquisition | 597 | |||
Gross Carrying Amount at year end | ||||
Land | 1,071 | |||
Building and Improvements | 2,242 | |||
Total | 3,313 | |||
Accumulated Depreciation | $ 916 | |||
Westmont, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,400 | |||
Initial cost | ||||
Land | $ 1,155 | |||
Building and Improvements | 3,873 | |||
Costs Subsequent to Acquisition | 345 | |||
Gross Carrying Amount at year end | ||||
Land | 1,155 | |||
Building and Improvements | 3,319 | |||
Total | 4,474 | |||
Accumulated Depreciation | $ 1,384 | |||
Wheeling I, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,210 | |||
Initial cost | ||||
Land | $ 857 | |||
Building and Improvements | 3,213 | |||
Costs Subsequent to Acquisition | 584 | |||
Gross Carrying Amount at year end | ||||
Land | 857 | |||
Building and Improvements | 2,977 | |||
Total | 3,834 | |||
Accumulated Depreciation | $ 1,227 | |||
Wheeling II, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,825 | |||
Initial cost | ||||
Land | $ 793 | |||
Building and Improvements | 3,816 | |||
Costs Subsequent to Acquisition | 655 | |||
Gross Carrying Amount at year end | ||||
Land | 793 | |||
Building and Improvements | 3,476 | |||
Total | 4,269 | |||
Accumulated Depreciation | $ 1,440 | |||
Woodridge, IL | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,252 | |||
Initial cost | ||||
Land | $ 943 | |||
Building and Improvements | 3,397 | |||
Costs Subsequent to Acquisition | 422 | |||
Gross Carrying Amount at year end | ||||
Land | 943 | |||
Building and Improvements | 3,027 | |||
Total | 3,970 | |||
Accumulated Depreciation | $ 1,235 | |||
Schererville, IN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,600 | |||
Initial cost | ||||
Land | $ 1,134 | |||
Building and Improvements | 5,589 | |||
Costs Subsequent to Acquisition | 85 | |||
Gross Carrying Amount at year end | ||||
Land | 1,134 | |||
Building and Improvements | 5,674 | |||
Total | 6,808 | |||
Accumulated Depreciation | $ 1,193 | |||
Boston I, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 33,286 | |||
Initial cost | ||||
Land | $ 538 | |||
Building and Improvements | 3,048 | |||
Costs Subsequent to Acquisition | 295 | |||
Gross Carrying Amount at year end | ||||
Land | 538 | |||
Building and Improvements | 2,912 | |||
Total | 3,450 | |||
Accumulated Depreciation | $ 947 | |||
Boston II, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,920 | |||
Initial cost | ||||
Land | $ 1,516 | |||
Building and Improvements | 8,628 | |||
Costs Subsequent to Acquisition | 952 | |||
Gross Carrying Amount at year end | ||||
Land | 1,516 | |||
Building and Improvements | 7,118 | |||
Total | 8,634 | |||
Accumulated Depreciation | $ 3,214 | |||
Boston III, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 108,205 | |||
Initial cost | ||||
Land | $ 3,211 | |||
Building and Improvements | 15,829 | |||
Costs Subsequent to Acquisition | 835 | |||
Gross Carrying Amount at year end | ||||
Land | 3,211 | |||
Building and Improvements | 16,664 | |||
Total | 19,875 | |||
Accumulated Depreciation | $ 3,346 | |||
Brockton I, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,993 | |||
Initial cost | ||||
Land | $ 577 | |||
Building and Improvements | 4,394 | |||
Costs Subsequent to Acquisition | 1,270 | |||
Gross Carrying Amount at year end | ||||
Land | 577 | |||
Building and Improvements | 5,664 | |||
Total | 6,241 | |||
Accumulated Depreciation | $ 940 | |||
Brockton II, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,375 | |||
Initial cost | ||||
Land | $ 1,900 | |||
Building and Improvements | 3,520 | |||
Costs Subsequent to Acquisition | 26 | |||
Gross Carrying Amount at year end | ||||
Land | 1,900 | |||
Building and Improvements | 3,546 | |||
Total | 5,446 | |||
Accumulated Depreciation | $ 179 | |||
East Bridgewater, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 35,905 | |||
Initial cost | ||||
Land | $ 1,039 | |||
Building and Improvements | 4,748 | |||
Costs Subsequent to Acquisition | 15 | |||
Gross Carrying Amount at year end | ||||
Land | 1,039 | |||
Building and Improvements | 4,763 | |||
Total | 5,802 | |||
Accumulated Depreciation | $ 207 | |||
Fall River, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,900 | |||
Initial cost | ||||
Land | $ 1,794 | |||
Building and Improvements | 11,684 | |||
Costs Subsequent to Acquisition | 102 | |||
Gross Carrying Amount at year end | ||||
Land | 1,794 | |||
Building and Improvements | 11,786 | |||
Total | 13,580 | |||
Accumulated Depreciation | $ 506 | |||
Franklin, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,405 | |||
Initial cost | ||||
Land | $ 2,034 | |||
Building and Improvements | 5,704 | |||
Costs Subsequent to Acquisition | 18 | |||
Gross Carrying Amount at year end | ||||
Land | 2,034 | |||
Building and Improvements | 5,722 | |||
Total | 7,756 | |||
Accumulated Depreciation | $ 271 | |||
Haverhill, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,589 | |||
Initial cost | ||||
Land | $ 669 | |||
Building and Improvements | 6,610 | |||
Costs Subsequent to Acquisition | 244 | |||
Gross Carrying Amount at year end | ||||
Land | 669 | |||
Building and Improvements | 6,854 | |||
Total | 7,523 | |||
Accumulated Depreciation | $ 1,113 | |||
Holbrook, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,100 | |||
Initial cost | ||||
Land | $ 1,688 | |||
Building and Improvements | 8,033 | |||
Costs Subsequent to Acquisition | 77 | |||
Gross Carrying Amount at year end | ||||
Land | 1,688 | |||
Building and Improvements | 8,110 | |||
Total | 9,798 | |||
Accumulated Depreciation | $ 374 | |||
Lawrence, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 34,672 | |||
Initial cost | ||||
Land | $ 585 | |||
Building and Improvements | 4,737 | |||
Costs Subsequent to Acquisition | 286 | |||
Gross Carrying Amount at year end | ||||
Land | 585 | |||
Building and Improvements | 5,023 | |||
Total | 5,608 | |||
Accumulated Depreciation | $ 843 | |||
Leominster, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,048 | |||
Initial cost | ||||
Land | $ 90 | |||
Building and Improvements | 1,519 | |||
Costs Subsequent to Acquisition | 2,701 | |||
Gross Carrying Amount at year end | ||||
Land | 338 | |||
Building and Improvements | 3,572 | |||
Total | 3,910 | |||
Accumulated Depreciation | $ 1,893 | |||
Medford, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,705 | |||
Initial cost | ||||
Land | $ 1,330 | |||
Building and Improvements | 7,165 | |||
Costs Subsequent to Acquisition | 359 | |||
Gross Carrying Amount at year end | ||||
Land | 1,330 | |||
Building and Improvements | 6,032 | |||
Total | 7,362 | |||
Accumulated Depreciation | $ 2,379 | |||
Milford, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 44,950 | |||
Initial cost | ||||
Land | $ 1,222 | |||
Building and Improvements | 6,638 | |||
Costs Subsequent to Acquisition | 7 | |||
Gross Carrying Amount at year end | ||||
Land | 1,222 | |||
Building and Improvements | 6,645 | |||
Total | 7,867 | |||
Accumulated Depreciation | $ 296 | |||
New Bedford, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,775 | |||
Initial cost | ||||
Land | $ 1,653 | |||
Building and Improvements | 9,950 | |||
Costs Subsequent to Acquisition | 47 | |||
Gross Carrying Amount at year end | ||||
Land | 1,653 | |||
Building and Improvements | 9,997 | |||
Total | 11,650 | |||
Accumulated Depreciation | $ 425 | |||
Stoneham, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,200 | |||
Initial cost | ||||
Land | $ 1,558 | |||
Building and Improvements | 7,679 | |||
Costs Subsequent to Acquisition | 324 | |||
Gross Carrying Amount at year end | ||||
Land | 1,558 | |||
Building and Improvements | 8,003 | |||
Total | 9,561 | |||
Accumulated Depreciation | $ 1,952 | |||
Tewksbury, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,402 | |||
Initial cost | ||||
Land | $ 1,537 | |||
Building and Improvements | 7,579 | |||
Costs Subsequent to Acquisition | 289 | |||
Gross Carrying Amount at year end | ||||
Land | 1,537 | |||
Building and Improvements | 7,867 | |||
Total | 9,404 | |||
Accumulated Depreciation | $ 1,686 | |||
Walpole, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,040 | |||
Initial cost | ||||
Land | $ 634 | |||
Building and Improvements | 13,069 | |||
Costs Subsequent to Acquisition | 583 | |||
Gross Carrying Amount at year end | ||||
Land | 634 | |||
Building and Improvements | 13,652 | |||
Total | 14,286 | |||
Accumulated Depreciation | $ 1,763 | |||
Waltham, MA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,840 | |||
Initial cost | ||||
Land | $ 2,683 | |||
Building and Improvements | 14,491 | |||
Costs Subsequent to Acquisition | 4 | |||
Gross Carrying Amount at year end | ||||
Land | 2,683 | |||
Building and Improvements | 14,495 | |||
Total | 17,178 | |||
Accumulated Depreciation | $ 746 | |||
Annapolis I, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 92,302 | |||
Encumbrances | $ 5,283 | |||
Initial cost | ||||
Land | 2,643 | |||
Building and Improvements | 13,938 | |||
Costs Subsequent to Acquisition | 132 | |||
Gross Carrying Amount at year end | ||||
Land | 2,643 | |||
Building and Improvements | 14,070 | |||
Total | 16,713 | |||
Accumulated Depreciation | $ 1,504 | |||
Annapolis II, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,331 | |||
Initial cost | ||||
Land | $ 2,425 | |||
Building and Improvements | 17,890 | |||
Costs Subsequent to Acquisition | 55 | |||
Gross Carrying Amount at year end | ||||
Land | 2,425 | |||
Building and Improvements | 17,945 | |||
Total | 20,370 | |||
Accumulated Depreciation | $ 942 | |||
Baltimore, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,550 | |||
Initial cost | ||||
Land | $ 1,050 | |||
Building and Improvements | 5,997 | |||
Costs Subsequent to Acquisition | 1,753 | |||
Gross Carrying Amount at year end | ||||
Land | 1,173 | |||
Building and Improvements | 5,576 | |||
Total | 6,749 | |||
Accumulated Depreciation | $ 2,591 | |||
Beltsville, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,657 | |||
Initial cost | ||||
Land | $ 1,277 | |||
Building and Improvements | 6,295 | |||
Costs Subsequent to Acquisition | 183 | |||
Gross Carrying Amount at year end | ||||
Land | 1,268 | |||
Building and Improvements | 6,471 | |||
Total | 7,739 | |||
Accumulated Depreciation | $ 1,551 | |||
California, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,840 | |||
Initial cost | ||||
Land | $ 1,486 | |||
Building and Improvements | 4,280 | |||
Costs Subsequent to Acquisition | 389 | |||
Gross Carrying Amount at year end | ||||
Land | 1,486 | |||
Building and Improvements | 3,659 | |||
Total | 5,145 | |||
Accumulated Depreciation | $ 1,507 | |||
Capitol Heights, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,600 | |||
Initial cost | ||||
Land | $ 2,704 | |||
Building and Improvements | 13,332 | |||
Costs Subsequent to Acquisition | 72 | |||
Gross Carrying Amount at year end | ||||
Land | 2,704 | |||
Building and Improvements | 13,405 | |||
Total | 16,109 | |||
Accumulated Depreciation | $ 2,311 | |||
Clinton, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,225 | |||
Initial cost | ||||
Land | $ 2,182 | |||
Building and Improvements | 10,757 | |||
Costs Subsequent to Acquisition | 172 | |||
Gross Carrying Amount at year end | ||||
Land | 2,182 | |||
Building and Improvements | 10,925 | |||
Total | 13,107 | |||
Accumulated Depreciation | $ 2,473 | |||
District Heights, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,365 | |||
Initial cost | ||||
Land | $ 1,527 | |||
Building and Improvements | 8,313 | |||
Costs Subsequent to Acquisition | 670 | |||
Gross Carrying Amount at year end | ||||
Land | 1,527 | |||
Building and Improvements | 7,802 | |||
Total | 9,329 | |||
Accumulated Depreciation | $ 2,306 | |||
Elkridge, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,475 | |||
Initial cost | ||||
Land | $ 1,155 | |||
Building and Improvements | 5,695 | |||
Costs Subsequent to Acquisition | 255 | |||
Gross Carrying Amount at year end | ||||
Land | 1,120 | |||
Building and Improvements | 5,986 | |||
Total | 7,106 | |||
Accumulated Depreciation | $ 1,395 | |||
Gaithersburg I, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,045 | |||
Initial cost | ||||
Land | $ 3,124 | |||
Building and Improvements | 9,000 | |||
Costs Subsequent to Acquisition | 642 | |||
Gross Carrying Amount at year end | ||||
Land | 3,124 | |||
Building and Improvements | 7,533 | |||
Total | 10,657 | |||
Accumulated Depreciation | $ 3,109 | |||
Gaithersburg II, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,050 | |||
Initial cost | ||||
Land | $ 2,383 | |||
Building and Improvements | 11,750 | |||
Costs Subsequent to Acquisition | 98 | |||
Gross Carrying Amount at year end | ||||
Land | 2,383 | |||
Building and Improvements | 11,848 | |||
Total | 14,231 | |||
Accumulated Depreciation | $ 2,057 | |||
Hyattsville, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,830 | |||
Initial cost | ||||
Land | $ 1,113 | |||
Building and Improvements | 5,485 | |||
Costs Subsequent to Acquisition | 159 | |||
Gross Carrying Amount at year end | ||||
Land | 1,113 | |||
Building and Improvements | 5,621 | |||
Total | 6,734 | |||
Accumulated Depreciation | $ 1,348 | |||
Jessup, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,908 | |||
Initial cost | ||||
Land | $ 2,399 | |||
Building and Improvements | 13,541 | |||
Costs Subsequent to Acquisition | 66 | |||
Gross Carrying Amount at year end | ||||
Land | 2,399 | |||
Building and Improvements | 13,607 | |||
Total | 16,006 | |||
Accumulated Depreciation | $ 273 | |||
Laurel, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 162,896 | |||
Initial cost | ||||
Land | $ 1,409 | |||
Building and Improvements | 8,035 | |||
Costs Subsequent to Acquisition | 4,456 | |||
Gross Carrying Amount at year end | ||||
Land | 1,928 | |||
Building and Improvements | 9,516 | |||
Total | 11,444 | |||
Accumulated Depreciation | $ 4,348 | |||
Temple Hills I, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 97,270 | |||
Initial cost | ||||
Land | $ 1,541 | |||
Building and Improvements | 8,788 | |||
Costs Subsequent to Acquisition | 2,759 | |||
Gross Carrying Amount at year end | ||||
Land | 1,800 | |||
Building and Improvements | 8,990 | |||
Total | 10,790 | |||
Accumulated Depreciation | $ 4,294 | |||
Temple Hills II, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,325 | |||
Initial cost | ||||
Land | $ 2,229 | |||
Building and Improvements | 10,988 | |||
Costs Subsequent to Acquisition | 100 | |||
Gross Carrying Amount at year end | ||||
Land | 2,229 | |||
Building and Improvements | 11,089 | |||
Total | 13,318 | |||
Accumulated Depreciation | $ 2,442 | |||
Timonium, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,717 | |||
Initial cost | ||||
Land | $ 2,269 | |||
Building and Improvements | 11,184 | |||
Costs Subsequent to Acquisition | 274 | |||
Gross Carrying Amount at year end | ||||
Land | 2,269 | |||
Building and Improvements | 11,458 | |||
Total | 13,727 | |||
Accumulated Depreciation | $ 2,542 | |||
Upper Marlboro, MD | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,240 | |||
Initial cost | ||||
Land | $ 1,309 | |||
Building and Improvements | 6,455 | |||
Costs Subsequent to Acquisition | 163 | |||
Gross Carrying Amount at year end | ||||
Land | 1,309 | |||
Building and Improvements | 6,598 | |||
Total | 7,907 | |||
Accumulated Depreciation | $ 1,596 | |||
Bloomington, MN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 101,028 | |||
Initial cost | ||||
Land | $ 1,598 | |||
Building and Improvements | 12,298 | |||
Costs Subsequent to Acquisition | 374 | |||
Gross Carrying Amount at year end | ||||
Land | 1,598 | |||
Building and Improvements | 12,672 | |||
Total | 14,270 | |||
Accumulated Depreciation | $ 1,526 | |||
Belmont, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,850 | |||
Initial cost | ||||
Land | $ 385 | |||
Building and Improvements | 2,196 | |||
Costs Subsequent to Acquisition | 1,086 | |||
Gross Carrying Amount at year end | ||||
Land | 451 | |||
Building and Improvements | 2,461 | |||
Total | 2,912 | |||
Accumulated Depreciation | $ 1,176 | |||
Burlington I, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 109,170 | |||
Initial cost | ||||
Land | $ 498 | |||
Building and Improvements | 2,837 | |||
Costs Subsequent to Acquisition | 959 | |||
Gross Carrying Amount at year end | ||||
Land | 498 | |||
Building and Improvements | 2,978 | |||
Total | 3,476 | |||
Accumulated Depreciation | $ 1,542 | |||
Burlington II, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 42,165 | |||
Initial cost | ||||
Land | $ 320 | |||
Building and Improvements | 1,829 | |||
Costs Subsequent to Acquisition | 600 | |||
Gross Carrying Amount at year end | ||||
Land | 340 | |||
Building and Improvements | 1,882 | |||
Total | 2,222 | |||
Accumulated Depreciation | $ 883 | |||
Cary, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 111,650 | |||
Initial cost | ||||
Land | $ 543 | |||
Building and Improvements | 3,097 | |||
Costs Subsequent to Acquisition | 1,003 | |||
Gross Carrying Amount at year end | ||||
Land | 543 | |||
Building and Improvements | 3,394 | |||
Total | 3,937 | |||
Accumulated Depreciation | $ 1,698 | |||
Charlotte I, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,000 | |||
Initial cost | ||||
Land | $ 782 | |||
Building and Improvements | 4,429 | |||
Costs Subsequent to Acquisition | 1,788 | |||
Gross Carrying Amount at year end | ||||
Land | 1,068 | |||
Building and Improvements | 4,761 | |||
Total | 5,829 | |||
Accumulated Depreciation | $ 2,130 | |||
Charlotte II, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,683 | |||
Initial cost | ||||
Land | $ 821 | |||
Building and Improvements | 8,764 | |||
Costs Subsequent to Acquisition | 78 | |||
Gross Carrying Amount at year end | ||||
Land | 821 | |||
Building and Improvements | 8,842 | |||
Total | 9,663 | |||
Accumulated Depreciation | $ 1,018 | |||
Charlotte III, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,037 | |||
Initial cost | ||||
Land | $ 1,974 | |||
Building and Improvements | 8,211 | |||
Costs Subsequent to Acquisition | 98 | |||
Gross Carrying Amount at year end | ||||
Land | 1,974 | |||
Building and Improvements | 8,309 | |||
Total | 10,283 | |||
Accumulated Depreciation | $ 596 | |||
Charlotte IV, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 37,700 | |||
Initial cost | ||||
Land | $ 721 | |||
Building and Improvements | 1,425 | |||
Costs Subsequent to Acquisition | 6 | |||
Gross Carrying Amount at year end | ||||
Land | 721 | |||
Building and Improvements | 1,431 | |||
Total | 2,152 | |||
Accumulated Depreciation | $ 80 | |||
Cornelius, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,546 | |||
Initial cost | ||||
Land | $ 2,424 | |||
Building and Improvements | 4,991 | |||
Costs Subsequent to Acquisition | 1,133 | |||
Gross Carrying Amount at year end | ||||
Land | 2,424 | |||
Building and Improvements | 6,124 | |||
Total | 8,548 | |||
Accumulated Depreciation | $ 1,008 | |||
Pineville, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,747 | |||
Initial cost | ||||
Land | $ 2,490 | |||
Building and Improvements | 9,169 | |||
Costs Subsequent to Acquisition | 212 | |||
Gross Carrying Amount at year end | ||||
Land | 2,490 | |||
Building and Improvements | 9,380 | |||
Total | 11,870 | |||
Accumulated Depreciation | $ 1,538 | |||
Raleigh, NC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,675 | |||
Initial cost | ||||
Land | $ 209 | |||
Building and Improvements | 2,398 | |||
Costs Subsequent to Acquisition | 483 | |||
Gross Carrying Amount at year end | ||||
Land | 296 | |||
Building and Improvements | 2,402 | |||
Total | 2,698 | |||
Accumulated Depreciation | $ 1,329 | |||
Bayonne, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,938 | |||
Initial cost | ||||
Building and Improvements | $ 23,007 | |||
Costs Subsequent to Acquisition | 11 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 23,018 | |||
Total | 23,018 | |||
Accumulated Depreciation | $ 1,564 | |||
Bordentown, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,550 | |||
Initial cost | ||||
Land | $ 457 | |||
Building and Improvements | 2,255 | |||
Costs Subsequent to Acquisition | 204 | |||
Gross Carrying Amount at year end | ||||
Land | 457 | |||
Building and Improvements | 2,445 | |||
Total | 2,902 | |||
Accumulated Depreciation | $ 639 | |||
Brick, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,910 | |||
Initial cost | ||||
Land | $ 234 | |||
Building and Improvements | 2,762 | |||
Costs Subsequent to Acquisition | 1,769 | |||
Gross Carrying Amount at year end | ||||
Land | 485 | |||
Building and Improvements | 3,681 | |||
Total | 4,166 | |||
Accumulated Depreciation | $ 2,062 | |||
Cherry Hill I, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,700 | |||
Initial cost | ||||
Land | $ 222 | |||
Building and Improvements | 1,260 | |||
Costs Subsequent to Acquisition | 254 | |||
Gross Carrying Amount at year end | ||||
Land | 222 | |||
Building and Improvements | 1,291 | |||
Total | 1,513 | |||
Accumulated Depreciation | $ 402 | |||
Cherry Hill II, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,450 | |||
Initial cost | ||||
Land | $ 471 | |||
Building and Improvements | 2,323 | |||
Costs Subsequent to Acquisition | 351 | |||
Gross Carrying Amount at year end | ||||
Land | 471 | |||
Building and Improvements | 2,637 | |||
Total | 3,108 | |||
Accumulated Depreciation | $ 675 | |||
Clifton, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 105,550 | |||
Initial cost | ||||
Land | $ 4,346 | |||
Building and Improvements | 12,520 | |||
Costs Subsequent to Acquisition | 821 | |||
Gross Carrying Amount at year end | ||||
Land | 4,340 | |||
Building and Improvements | 10,494 | |||
Total | 14,834 | |||
Accumulated Depreciation | $ 4,050 | |||
Cranford, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,656 | |||
Initial cost | ||||
Land | $ 290 | |||
Building and Improvements | 3,493 | |||
Costs Subsequent to Acquisition | 3,004 | |||
Gross Carrying Amount at year end | ||||
Land | 779 | |||
Building and Improvements | 5,301 | |||
Total | 6,080 | |||
Accumulated Depreciation | $ 2,911 | |||
East Hanover, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 107,704 | |||
Initial cost | ||||
Land | $ 504 | |||
Building and Improvements | 5,763 | |||
Costs Subsequent to Acquisition | 4,790 | |||
Gross Carrying Amount at year end | ||||
Land | 1,315 | |||
Building and Improvements | 8,568 | |||
Total | 9,883 | |||
Accumulated Depreciation | $ 4,764 | |||
Egg Harbor I, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 36,025 | |||
Initial cost | ||||
Land | $ 104 | |||
Building and Improvements | 510 | |||
Costs Subsequent to Acquisition | 200 | |||
Gross Carrying Amount at year end | ||||
Land | 104 | |||
Building and Improvements | 700 | |||
Total | 804 | |||
Accumulated Depreciation | $ 200 | |||
Egg Harbor II, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,400 | |||
Initial cost | ||||
Land | $ 284 | |||
Building and Improvements | 1,608 | |||
Costs Subsequent to Acquisition | 482 | |||
Gross Carrying Amount at year end | ||||
Land | 284 | |||
Building and Improvements | 1,865 | |||
Total | 2,149 | |||
Accumulated Depreciation | $ 601 | |||
Elizabeth, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 38,684 | |||
Initial cost | ||||
Land | $ 751 | |||
Building and Improvements | 2,164 | |||
Costs Subsequent to Acquisition | 761 | |||
Gross Carrying Amount at year end | ||||
Land | 751 | |||
Building and Improvements | 2,360 | |||
Total | 3,111 | |||
Accumulated Depreciation | $ 975 | |||
Fairview, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 27,896 | |||
Initial cost | ||||
Land | $ 246 | |||
Building and Improvements | 2,759 | |||
Costs Subsequent to Acquisition | 840 | |||
Gross Carrying Amount at year end | ||||
Land | 246 | |||
Building and Improvements | 2,978 | |||
Total | 3,224 | |||
Accumulated Depreciation | $ 1,602 | |||
Freehold, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,470 | |||
Initial cost | ||||
Land | $ 1,086 | |||
Building and Improvements | 5,355 | |||
Costs Subsequent to Acquisition | 415 | |||
Gross Carrying Amount at year end | ||||
Land | 1,086 | |||
Building and Improvements | 5,731 | |||
Total | 6,817 | |||
Accumulated Depreciation | $ 1,478 | |||
Hamilton, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,550 | |||
Initial cost | ||||
Land | $ 1,885 | |||
Building and Improvements | 5,430 | |||
Costs Subsequent to Acquisition | 574 | |||
Gross Carrying Amount at year end | ||||
Land | 1,893 | |||
Building and Improvements | 5,231 | |||
Total | 7,124 | |||
Accumulated Depreciation | $ 2,232 | |||
Hoboken I, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 38,584 | |||
Initial cost | ||||
Land | $ 1,370 | |||
Building and Improvements | 3,947 | |||
Costs Subsequent to Acquisition | 1,002 | |||
Gross Carrying Amount at year end | ||||
Land | 1,370 | |||
Building and Improvements | 3,808 | |||
Total | 5,178 | |||
Accumulated Depreciation | $ 1,575 | |||
Hoboken II, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,178 | |||
Initial cost | ||||
Land | $ 19,854 | |||
Building and Improvements | 26,529 | |||
Costs Subsequent to Acquisition | 34 | |||
Gross Carrying Amount at year end | ||||
Land | 19,867 | |||
Building and Improvements | 26,550 | |||
Total | 46,417 | |||
Accumulated Depreciation | $ 499 | |||
Linden, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 100,425 | |||
Initial cost | ||||
Land | $ 517 | |||
Building and Improvements | 6,008 | |||
Costs Subsequent to Acquisition | 2,837 | |||
Gross Carrying Amount at year end | ||||
Land | 1,043 | |||
Building and Improvements | 7,294 | |||
Total | 8,337 | |||
Accumulated Depreciation | $ 4,063 | |||
Lumberton, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,025 | |||
Initial cost | ||||
Land | $ 987 | |||
Building and Improvements | 4,864 | |||
Costs Subsequent to Acquisition | 332 | |||
Gross Carrying Amount at year end | ||||
Land | 987 | |||
Building and Improvements | 5,152 | |||
Total | 6,139 | |||
Accumulated Depreciation | $ 1,364 | |||
Morris Township, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,226 | |||
Initial cost | ||||
Land | $ 500 | |||
Building and Improvements | 5,602 | |||
Costs Subsequent to Acquisition | 3,529 | |||
Gross Carrying Amount at year end | ||||
Land | 1,072 | |||
Building and Improvements | 7,468 | |||
Total | 8,540 | |||
Accumulated Depreciation | $ 3,964 | |||
Parsippany, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,705 | |||
Initial cost | ||||
Land | $ 475 | |||
Building and Improvements | 5,322 | |||
Costs Subsequent to Acquisition | 6,293 | |||
Gross Carrying Amount at year end | ||||
Land | 844 | |||
Building and Improvements | 10,258 | |||
Total | 11,102 | |||
Accumulated Depreciation | $ 4,100 | |||
Rahway, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,121 | |||
Initial cost | ||||
Land | $ 1,486 | |||
Building and Improvements | 7,326 | |||
Costs Subsequent to Acquisition | 752 | |||
Gross Carrying Amount at year end | ||||
Land | 1,486 | |||
Building and Improvements | 8,079 | |||
Total | 9,565 | |||
Accumulated Depreciation | $ 1,968 | |||
Randolph, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,565 | |||
Initial cost | ||||
Land | $ 855 | |||
Building and Improvements | 4,872 | |||
Costs Subsequent to Acquisition | 1,653 | |||
Gross Carrying Amount at year end | ||||
Land | 1,108 | |||
Building and Improvements | 4,835 | |||
Total | 5,943 | |||
Accumulated Depreciation | $ 2,217 | |||
Ridgefield, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,803 | |||
Initial cost | ||||
Land | $ 1,810 | |||
Building and Improvements | 8,925 | |||
Costs Subsequent to Acquisition | 460 | |||
Gross Carrying Amount at year end | ||||
Land | 1,810 | |||
Building and Improvements | 9,385 | |||
Total | 11,195 | |||
Accumulated Depreciation | $ 1,639 | |||
Roseland, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,569 | |||
Initial cost | ||||
Land | $ 1,844 | |||
Building and Improvements | 9,759 | |||
Costs Subsequent to Acquisition | 462 | |||
Gross Carrying Amount at year end | ||||
Land | 1,844 | |||
Building and Improvements | 10,221 | |||
Total | 12,065 | |||
Accumulated Depreciation | $ 1,667 | |||
Sewell, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,226 | |||
Initial cost | ||||
Land | $ 484 | |||
Building and Improvements | 2,766 | |||
Costs Subsequent to Acquisition | 1,480 | |||
Gross Carrying Amount at year end | ||||
Land | 706 | |||
Building and Improvements | 3,168 | |||
Total | 3,874 | |||
Accumulated Depreciation | $ 1,557 | |||
Somerset, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,335 | |||
Initial cost | ||||
Land | $ 1,243 | |||
Building and Improvements | 6,129 | |||
Costs Subsequent to Acquisition | 624 | |||
Gross Carrying Amount at year end | ||||
Land | 1,243 | |||
Building and Improvements | 6,751 | |||
Total | 7,994 | |||
Accumulated Depreciation | $ 1,755 | |||
Whippany, NJ | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 92,070 | |||
Initial cost | ||||
Land | $ 2,153 | |||
Building and Improvements | 10,615 | |||
Costs Subsequent to Acquisition | 680 | |||
Gross Carrying Amount at year end | ||||
Land | 2,153 | |||
Building and Improvements | 11,295 | |||
Total | 13,448 | |||
Accumulated Depreciation | $ 2,714 | |||
Albuquerque I, NM | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,927 | |||
Initial cost | ||||
Land | $ 1,039 | |||
Building and Improvements | 3,395 | |||
Costs Subsequent to Acquisition | 474 | |||
Gross Carrying Amount at year end | ||||
Land | 1,039 | |||
Building and Improvements | 2,743 | |||
Total | 3,782 | |||
Accumulated Depreciation | $ 1,081 | |||
Albuquerque II, NM | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,798 | |||
Initial cost | ||||
Land | $ 1,163 | |||
Building and Improvements | 3,801 | |||
Costs Subsequent to Acquisition | 447 | |||
Gross Carrying Amount at year end | ||||
Land | 1,163 | |||
Building and Improvements | 3,020 | |||
Total | 4,183 | |||
Accumulated Depreciation | $ 1,194 | |||
Albuquerque III, NM | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,536 | |||
Initial cost | ||||
Land | $ 664 | |||
Building and Improvements | 2,171 | |||
Costs Subsequent to Acquisition | 443 | |||
Gross Carrying Amount at year end | ||||
Land | 664 | |||
Building and Improvements | 1,860 | |||
Total | 2,524 | |||
Accumulated Depreciation | $ 759 | |||
Henderson, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,150 | |||
Initial cost | ||||
Land | $ 1,246 | |||
Building and Improvements | 6,143 | |||
Costs Subsequent to Acquisition | 144 | |||
Gross Carrying Amount at year end | ||||
Land | 1,246 | |||
Building and Improvements | 6,286 | |||
Total | 7,532 | |||
Accumulated Depreciation | $ 1,250 | |||
Las Vegas I, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,732 | |||
Initial cost | ||||
Land | $ 1,851 | |||
Building and Improvements | 2,986 | |||
Costs Subsequent to Acquisition | 614 | |||
Gross Carrying Amount at year end | ||||
Land | 1,851 | |||
Building and Improvements | 3,183 | |||
Total | 5,034 | |||
Accumulated Depreciation | $ 1,743 | |||
Las Vegas II, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,425 | |||
Initial cost | ||||
Land | $ 3,354 | |||
Building and Improvements | 5,411 | |||
Costs Subsequent to Acquisition | 2,955 | |||
Gross Carrying Amount at year end | ||||
Land | 3,355 | |||
Building and Improvements | 7,783 | |||
Total | 11,138 | |||
Accumulated Depreciation | $ 2,981 | |||
Las Vegas III, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,400 | |||
Initial cost | ||||
Land | $ 1,171 | |||
Building and Improvements | 10,034 | |||
Costs Subsequent to Acquisition | 140 | |||
Gross Carrying Amount at year end | ||||
Land | 1,171 | |||
Building and Improvements | 10,174 | |||
Total | 11,345 | |||
Accumulated Depreciation | $ 1,248 | |||
Las Vegas IV, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,527 | |||
Initial cost | ||||
Land | $ 1,116 | |||
Building and Improvements | 8,575 | |||
Costs Subsequent to Acquisition | 398 | |||
Gross Carrying Amount at year end | ||||
Land | 1,116 | |||
Building and Improvements | 8,973 | |||
Total | 10,089 | |||
Accumulated Depreciation | $ 1,180 | |||
Las Vegas, V NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 107,226 | |||
Initial cost | ||||
Land | $ 1,460 | |||
Building and Improvements | 9,560 | |||
Costs Subsequent to Acquisition | 198 | |||
Gross Carrying Amount at year end | ||||
Land | 1,460 | |||
Building and Improvements | 9,758 | |||
Total | 11,218 | |||
Accumulated Depreciation | $ 1,164 | |||
Las Vegas VI, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 92,732 | |||
Initial cost | ||||
Land | $ 1,386 | |||
Building and Improvements | 12,299 | |||
Costs Subsequent to Acquisition | 182 | |||
Gross Carrying Amount at year end | ||||
Land | 1,386 | |||
Building and Improvements | 12,481 | |||
Total | 13,867 | |||
Accumulated Depreciation | $ 1,382 | |||
Las Vegas VII NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 94,525 | |||
Initial cost | ||||
Land | $ 1,575 | |||
Building and Improvements | 11,483 | |||
Costs Subsequent to Acquisition | 216 | |||
Gross Carrying Amount at year end | ||||
Land | 1,575 | |||
Building and Improvements | 11,699 | |||
Total | 13,274 | |||
Accumulated Depreciation | $ 759 | |||
Las Vegas VIII, NV | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,565 | |||
Initial cost | ||||
Land | $ 2,186 | |||
Building and Improvements | 13,334 | |||
Costs Subsequent to Acquisition | 1 | |||
Gross Carrying Amount at year end | ||||
Land | 2,186 | |||
Building and Improvements | 13,335 | |||
Total | 15,521 | |||
Accumulated Depreciation | $ 31 | |||
Baldwin, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,355 | |||
Initial cost | ||||
Land | $ 1,559 | |||
Building and Improvements | 7,685 | |||
Costs Subsequent to Acquisition | 692 | |||
Gross Carrying Amount at year end | ||||
Land | 1,559 | |||
Building and Improvements | 8,376 | |||
Total | 9,935 | |||
Accumulated Depreciation | $ 1,499 | |||
Brightwaters, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 22,502 | |||
Initial cost | ||||
Land | $ 2,216 | |||
Building and Improvements | 4,029 | |||
Costs Subsequent to Acquisition | 2 | |||
Gross Carrying Amount at year end | ||||
Land | 2,216 | |||
Building and Improvements | 4,031 | |||
Total | 6,247 | |||
Accumulated Depreciation | $ 11 | |||
Bronx I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,864 | |||
Initial cost | ||||
Land | $ 2,014 | |||
Building and Improvements | 11,411 | |||
Costs Subsequent to Acquisition | 1,443 | |||
Gross Carrying Amount at year end | ||||
Land | 2,014 | |||
Building and Improvements | 11,260 | |||
Total | 13,274 | |||
Accumulated Depreciation | $ 3,697 | |||
Bronx II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 99,028 | |||
Initial cost | ||||
Building and Improvements | $ 28,289 | |||
Costs Subsequent to Acquisition | 11,802 | |||
Gross Carrying Amount at year end | ||||
Land | 10,019 | |||
Building and Improvements | 29,537 | |||
Total | 39,556 | |||
Accumulated Depreciation | $ 8,650 | |||
Bronx III, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 105,835 | |||
Initial cost | ||||
Land | $ 6,459 | |||
Building and Improvements | 36,180 | |||
Costs Subsequent to Acquisition | 286 | |||
Gross Carrying Amount at year end | ||||
Land | 6,460 | |||
Building and Improvements | 32,119 | |||
Total | 38,579 | |||
Accumulated Depreciation | $ 9,342 | |||
Bronx IV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,015 | |||
Initial cost | ||||
Building and Improvements | $ 22,074 | |||
Costs Subsequent to Acquisition | 179 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 19,597 | |||
Total | 19,597 | |||
Accumulated Depreciation | $ 5,716 | |||
Bronx V, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,704 | |||
Initial cost | ||||
Building and Improvements | $ 17,556 | |||
Costs Subsequent to Acquisition | 279 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 15,724 | |||
Total | 15,724 | |||
Accumulated Depreciation | $ 4,595 | |||
Bronx VI, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 45,970 | |||
Initial cost | ||||
Building and Improvements | $ 16,803 | |||
Costs Subsequent to Acquisition | 400 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 15,171 | |||
Total | 15,171 | |||
Accumulated Depreciation | $ 4,441 | |||
Bronx VII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,700 | |||
Initial cost | ||||
Building and Improvements | $ 22,512 | |||
Costs Subsequent to Acquisition | 246 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 22,866 | |||
Total | 22,866 | |||
Accumulated Depreciation | $ 6,426 | |||
Bronx VIII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 30,550 | |||
Initial cost | ||||
Land | $ 1,245 | |||
Building and Improvements | 6,137 | |||
Costs Subsequent to Acquisition | 406 | |||
Gross Carrying Amount at year end | ||||
Land | 1,251 | |||
Building and Improvements | 6,572 | |||
Total | 7,823 | |||
Accumulated Depreciation | $ 1,830 | |||
Bronx IX, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 147,810 | |||
Encumbrances | $ 21,030 | |||
Initial cost | ||||
Land | 7,967 | |||
Building and Improvements | 39,279 | |||
Costs Subsequent to Acquisition | 1,647 | |||
Gross Carrying Amount at year end | ||||
Land | 7,967 | |||
Building and Improvements | 40,921 | |||
Total | 48,888 | |||
Accumulated Depreciation | $ 11,413 | |||
Bronx X, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 159,805 | |||
Encumbrances | $ 23,148 | |||
Initial cost | ||||
Land | 9,090 | |||
Building and Improvements | 44,816 | |||
Costs Subsequent to Acquisition | 637 | |||
Gross Carrying Amount at year end | ||||
Land | 9,090 | |||
Building and Improvements | 45,422 | |||
Total | 54,512 | |||
Accumulated Depreciation | $ 12,196 | |||
Bronx XI, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,425 | |||
Initial cost | ||||
Building and Improvements | $ 17,130 | |||
Costs Subsequent to Acquisition | 391 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 17,523 | |||
Total | 17,523 | |||
Accumulated Depreciation | $ 3,181 | |||
Bronx XII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 100,945 | |||
Initial cost | ||||
Building and Improvements | $ 31,603 | |||
Costs Subsequent to Acquisition | 114 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 31,717 | |||
Total | 31,717 | |||
Accumulated Depreciation | $ 4,716 | |||
Bronx XIII NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 199,459 | |||
Initial cost | ||||
Land | $ 19,622 | |||
Building and Improvements | 68,378 | |||
Costs Subsequent to Acquisition | 1,193 | |||
Gross Carrying Amount at year end | ||||
Land | 19,684 | |||
Building and Improvements | 69,509 | |||
Total | 89,193 | |||
Accumulated Depreciation | $ 6,184 | |||
Bronx XIV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 110,630 | |||
Initial cost | ||||
Building and Improvements | $ 49,649 | |||
Costs Subsequent to Acquisition | 1 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 49,650 | |||
Total | $ 49,650 | |||
Brooklyn I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,631 | |||
Initial cost | ||||
Land | $ 1,795 | |||
Building and Improvements | 10,172 | |||
Costs Subsequent to Acquisition | 475 | |||
Gross Carrying Amount at year end | ||||
Land | 1,795 | |||
Building and Improvements | 9,226 | |||
Total | 11,021 | |||
Accumulated Depreciation | $ 3,004 | |||
Brooklyn II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,845 | |||
Initial cost | ||||
Land | $ 1,601 | |||
Building and Improvements | 9,073 | |||
Costs Subsequent to Acquisition | 578 | |||
Gross Carrying Amount at year end | ||||
Land | 1,601 | |||
Building and Improvements | 8,331 | |||
Total | 9,932 | |||
Accumulated Depreciation | $ 2,750 | |||
Brooklyn III, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 41,610 | |||
Initial cost | ||||
Land | $ 2,772 | |||
Building and Improvements | 13,570 | |||
Costs Subsequent to Acquisition | 208 | |||
Gross Carrying Amount at year end | ||||
Land | 2,772 | |||
Building and Improvements | 13,860 | |||
Total | 16,632 | |||
Accumulated Depreciation | $ 4,045 | |||
Brooklyn IV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 37,560 | |||
Initial cost | ||||
Land | $ 2,283 | |||
Building and Improvements | 11,184 | |||
Costs Subsequent to Acquisition | 282 | |||
Gross Carrying Amount at year end | ||||
Land | 2,284 | |||
Building and Improvements | 11,529 | |||
Total | 13,813 | |||
Accumulated Depreciation | $ 3,364 | |||
Brooklyn V, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,070 | |||
Initial cost | ||||
Land | $ 2,374 | |||
Building and Improvements | 11,636 | |||
Costs Subsequent to Acquisition | 164 | |||
Gross Carrying Amount at year end | ||||
Land | 2,374 | |||
Building and Improvements | 11,853 | |||
Total | 14,227 | |||
Accumulated Depreciation | $ 3,446 | |||
Brooklyn VI, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,180 | |||
Initial cost | ||||
Land | $ 4,210 | |||
Building and Improvements | 20,638 | |||
Costs Subsequent to Acquisition | 180 | |||
Gross Carrying Amount at year end | ||||
Land | 4,211 | |||
Building and Improvements | 20,925 | |||
Total | 25,136 | |||
Accumulated Depreciation | $ 6,081 | |||
Brooklyn VII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,725 | |||
Initial cost | ||||
Land | $ 5,604 | |||
Building and Improvements | 27,452 | |||
Costs Subsequent to Acquisition | 473 | |||
Gross Carrying Amount at year end | ||||
Land | 5,604 | |||
Building and Improvements | 28,090 | |||
Total | 33,694 | |||
Accumulated Depreciation | $ 8,151 | |||
Brooklyn VIII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,525 | |||
Initial cost | ||||
Land | $ 4,982 | |||
Building and Improvements | 24,561 | |||
Costs Subsequent to Acquisition | 273 | |||
Gross Carrying Amount at year end | ||||
Land | 4,982 | |||
Building and Improvements | 24,834 | |||
Total | 29,816 | |||
Accumulated Depreciation | $ 5,257 | |||
Brooklyn IX, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,950 | |||
Initial cost | ||||
Land | $ 2,966 | |||
Building and Improvements | 14,620 | |||
Costs Subsequent to Acquisition | 314 | |||
Gross Carrying Amount at year end | ||||
Land | 2,966 | |||
Building and Improvements | 14,935 | |||
Total | 17,901 | |||
Accumulated Depreciation | $ 3,158 | |||
Brooklyn X, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 55,913 | |||
Initial cost | ||||
Land | $ 3,739 | |||
Building and Improvements | 7,703 | |||
Costs Subsequent to Acquisition | 3,154 | |||
Gross Carrying Amount at year end | ||||
Land | 4,885 | |||
Building and Improvements | 9,710 | |||
Total | 14,595 | |||
Accumulated Depreciation | $ 1,695 | |||
Brooklyn XI, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 110,025 | |||
Initial cost | ||||
Land | $ 10,093 | |||
Building and Improvements | 35,385 | |||
Costs Subsequent to Acquisition | 256 | |||
Gross Carrying Amount at year end | ||||
Land | 10,093 | |||
Building and Improvements | 35,641 | |||
Total | 45,734 | |||
Accumulated Depreciation | $ 5,212 | |||
Brooklyn XII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 131,813 | |||
Initial cost | ||||
Land | $ 7,249 | |||
Building and Improvements | 40,230 | |||
Costs Subsequent to Acquisition | 43 | |||
Gross Carrying Amount at year end | ||||
Land | 7,250 | |||
Building and Improvements | 40,272 | |||
Total | 47,522 | |||
Accumulated Depreciation | $ 4,149 | |||
Brooklyn XIII, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 89,580 | |||
Initial cost | ||||
Land | $ 16,159 | |||
Building and Improvements | 27,974 | |||
Costs Subsequent to Acquisition | 2 | |||
Gross Carrying Amount at year end | ||||
Land | 16,159 | |||
Building and Improvements | 27,976 | |||
Total | 44,135 | |||
Accumulated Depreciation | $ 622 | |||
Brooklyn XIV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,496 | |||
Initial cost | ||||
Building and Improvements | $ 22,671 | |||
Costs Subsequent to Acquisition | 20 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 22,691 | |||
Total | $ 22,691 | |||
Brooklyn XV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,025 | |||
Encumbrances | $ 15,713 | |||
Initial cost | ||||
Land | 31,031 | |||
Building and Improvements | 28,476 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 31,031 | |||
Building and Improvements | 28,497 | |||
Total | $ 59,528 | |||
College Point, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 131,382 | |||
Initial cost | ||||
Land | $ 39,273 | |||
Building and Improvements | 49,781 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 39,273 | |||
Building and Improvements | 49,802 | |||
Total | $ 89,075 | |||
Flushing I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,995 | |||
Initial cost | ||||
Land | $ 17,177 | |||
Building and Improvements | 17,356 | |||
Costs Subsequent to Acquisition | 123 | |||
Gross Carrying Amount at year end | ||||
Land | 17,177 | |||
Building and Improvements | 17,479 | |||
Total | 34,656 | |||
Accumulated Depreciation | $ 1,018 | |||
Flushing II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 168,069 | |||
Encumbrances | $ 54,300 | |||
Initial cost | ||||
Land | 54,458 | |||
Building and Improvements | 98,876 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 54,458 | |||
Building and Improvements | 98,897 | |||
Total | $ 153,355 | |||
Holbrook, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,372 | |||
Initial cost | ||||
Land | $ 2,029 | |||
Building and Improvements | 10,737 | |||
Costs Subsequent to Acquisition | 97 | |||
Gross Carrying Amount at year end | ||||
Land | 2,029 | |||
Building and Improvements | 10,834 | |||
Total | 12,863 | |||
Accumulated Depreciation | $ 1,763 | |||
Jamaica I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 91,483 | |||
Initial cost | ||||
Land | $ 2,043 | |||
Building and Improvements | 11,658 | |||
Costs Subsequent to Acquisition | 3,092 | |||
Gross Carrying Amount at year end | ||||
Land | 2,043 | |||
Building and Improvements | 12,015 | |||
Total | 14,058 | |||
Accumulated Depreciation | $ 5,543 | |||
Jamaica II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 92,780 | |||
Initial cost | ||||
Land | $ 5,391 | |||
Building and Improvements | 26,413 | |||
Costs Subsequent to Acquisition | 462 | |||
Gross Carrying Amount at year end | ||||
Land | 5,391 | |||
Building and Improvements | 27,018 | |||
Total | 32,409 | |||
Accumulated Depreciation | $ 7,884 | |||
Long Island City I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 88,800 | |||
Initial cost | ||||
Land | $ 5,700 | |||
Building and Improvements | 28,101 | |||
Costs Subsequent to Acquisition | 284 | |||
Gross Carrying Amount at year end | ||||
Land | 5,700 | |||
Building and Improvements | 28,385 | |||
Total | 34,085 | |||
Accumulated Depreciation | $ 5,465 | |||
Long Island City II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 66,069 | |||
Encumbrances | $ 19,094 | |||
Initial cost | ||||
Land | 23,927 | |||
Building and Improvements | 30,005 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 23,928 | |||
Building and Improvements | 30,025 | |||
Total | $ 53,953 | |||
Long Island City III, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,430 | |||
Encumbrances | $ 19,106 | |||
Initial cost | ||||
Building and Improvements | 42,044 | |||
Costs Subsequent to Acquisition | 20 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 42,064 | |||
Total | $ 42,064 | |||
Long Island City IV, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,855 | |||
Encumbrances | $ 12,852 | |||
Initial cost | ||||
Land | 21,389 | |||
Building and Improvements | 26,622 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 21,389 | |||
Building and Improvements | 26,643 | |||
Total | $ 48,032 | |||
New Rochelle I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 44,076 | |||
Initial cost | ||||
Land | $ 1,673 | |||
Building and Improvements | 4,827 | |||
Costs Subsequent to Acquisition | 1,242 | |||
Gross Carrying Amount at year end | ||||
Land | 1,673 | |||
Building and Improvements | 4,958 | |||
Total | 6,631 | |||
Accumulated Depreciation | $ 2,026 | |||
New Rochelle II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,385 | |||
Initial cost | ||||
Land | $ 3,167 | |||
Building and Improvements | 2,713 | |||
Costs Subsequent to Acquisition | 481 | |||
Gross Carrying Amount at year end | ||||
Land | 3,762 | |||
Building and Improvements | 18,953 | |||
Total | 22,715 | |||
Accumulated Depreciation | $ 5,311 | |||
New York, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,050 | |||
Encumbrances | $ 29,981 | |||
Initial cost | ||||
Land | 42,022 | |||
Building and Improvements | 38,753 | |||
Costs Subsequent to Acquisition | 414 | |||
Gross Carrying Amount at year end | ||||
Land | 42,022 | |||
Building and Improvements | 39,167 | |||
Total | 81,189 | |||
Accumulated Depreciation | $ 3,796 | |||
North Babylon, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,350 | |||
Initial cost | ||||
Land | $ 225 | |||
Building and Improvements | 2,514 | |||
Costs Subsequent to Acquisition | 4,271 | |||
Gross Carrying Amount at year end | ||||
Land | 568 | |||
Building and Improvements | 5,632 | |||
Total | 6,200 | |||
Accumulated Depreciation | $ 3,102 | |||
Queens I, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,875 | |||
Initial cost | ||||
Land | $ 5,158 | |||
Building and Improvements | 12,339 | |||
Costs Subsequent to Acquisition | 1,212 | |||
Gross Carrying Amount at year end | ||||
Land | 5,160 | |||
Building and Improvements | 13,549 | |||
Total | 18,709 | |||
Accumulated Depreciation | $ 2,419 | |||
Queens II, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,548 | |||
Initial cost | ||||
Land | $ 6,208 | |||
Building and Improvements | 25,815 | |||
Costs Subsequent to Acquisition | 532 | |||
Gross Carrying Amount at year end | ||||
Land | 6,208 | |||
Building and Improvements | 26,347 | |||
Total | 32,555 | |||
Accumulated Depreciation | $ 4,478 | |||
Queens III, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 87,168 | |||
Initial cost | ||||
Land | $ 13,663 | |||
Building and Improvements | 32,025 | |||
Costs Subsequent to Acquisition | 270 | |||
Gross Carrying Amount at year end | ||||
Land | 13,663 | |||
Building and Improvements | 32,295 | |||
Total | 45,958 | |||
Accumulated Depreciation | $ 2,347 | |||
Riverhead, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 38,690 | |||
Initial cost | ||||
Land | $ 1,068 | |||
Building and Improvements | 1,149 | |||
Costs Subsequent to Acquisition | 240 | |||
Gross Carrying Amount at year end | ||||
Land | 1,068 | |||
Building and Improvements | 876 | |||
Total | 1,944 | |||
Accumulated Depreciation | $ 366 | |||
Southold, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,945 | |||
Initial cost | ||||
Land | $ 2,079 | |||
Building and Improvements | 2,238 | |||
Costs Subsequent to Acquisition | 363 | |||
Gross Carrying Amount at year end | ||||
Land | 2,079 | |||
Building and Improvements | 1,753 | |||
Total | 3,832 | |||
Accumulated Depreciation | $ 738 | |||
Staten Island, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,573 | |||
Initial cost | ||||
Land | $ 1,919 | |||
Building and Improvements | 9,463 | |||
Costs Subsequent to Acquisition | 960 | |||
Gross Carrying Amount at year end | ||||
Land | 1,919 | |||
Building and Improvements | 10,423 | |||
Total | 12,342 | |||
Accumulated Depreciation | $ 2,520 | |||
Tuckahoe, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,248 | |||
Initial cost | ||||
Land | $ 2,363 | |||
Building and Improvements | 17,411 | |||
Costs Subsequent to Acquisition | 374 | |||
Gross Carrying Amount at year end | ||||
Land | 2,363 | |||
Building and Improvements | 12,014 | |||
Total | 14,377 | |||
Accumulated Depreciation | $ 3,496 | |||
West Hempstead, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,395 | |||
Initial cost | ||||
Land | $ 2,237 | |||
Building and Improvements | 11,030 | |||
Costs Subsequent to Acquisition | 283 | |||
Gross Carrying Amount at year end | ||||
Land | 2,237 | |||
Building and Improvements | 11,276 | |||
Total | 13,513 | |||
Accumulated Depreciation | $ 2,959 | |||
White Plains, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,894 | |||
Initial cost | ||||
Land | $ 3,295 | |||
Building and Improvements | 18,049 | |||
Costs Subsequent to Acquisition | 1,303 | |||
Gross Carrying Amount at year end | ||||
Land | 3,295 | |||
Building and Improvements | 16,854 | |||
Total | 20,149 | |||
Accumulated Depreciation | $ 5,142 | |||
Woodhaven, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,435 | |||
Initial cost | ||||
Land | $ 2,015 | |||
Building and Improvements | 11,219 | |||
Costs Subsequent to Acquisition | 314 | |||
Gross Carrying Amount at year end | ||||
Land | 2,015 | |||
Building and Improvements | 10,235 | |||
Total | 12,250 | |||
Accumulated Depreciation | $ 2,943 | |||
Wyckoff, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,440 | |||
Initial cost | ||||
Land | $ 1,961 | |||
Building and Improvements | 11,113 | |||
Costs Subsequent to Acquisition | 453 | |||
Gross Carrying Amount at year end | ||||
Land | 1,961 | |||
Building and Improvements | 10,081 | |||
Total | 12,042 | |||
Accumulated Depreciation | $ 3,208 | |||
Yorktown, NY | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,909 | |||
Initial cost | ||||
Land | $ 2,382 | |||
Building and Improvements | 11,720 | |||
Costs Subsequent to Acquisition | 245 | |||
Gross Carrying Amount at year end | ||||
Land | 2,382 | |||
Building and Improvements | 11,979 | |||
Total | 14,361 | |||
Accumulated Depreciation | $ 3,504 | |||
Cleveland I, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,000 | |||
Initial cost | ||||
Land | $ 525 | |||
Building and Improvements | 2,592 | |||
Costs Subsequent to Acquisition | 400 | |||
Gross Carrying Amount at year end | ||||
Land | 524 | |||
Building and Improvements | 2,249 | |||
Total | 2,773 | |||
Accumulated Depreciation | $ 876 | |||
Cleveland II, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,325 | |||
Initial cost | ||||
Land | $ 290 | |||
Building and Improvements | 1,427 | |||
Costs Subsequent to Acquisition | 274 | |||
Gross Carrying Amount at year end | ||||
Land | 289 | |||
Building and Improvements | 1,227 | |||
Total | 1,516 | |||
Accumulated Depreciation | $ 492 | |||
Columbus I, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,905 | |||
Initial cost | ||||
Land | $ 1,234 | |||
Building and Improvements | 3,151 | |||
Costs Subsequent to Acquisition | 191 | |||
Gross Carrying Amount at year end | ||||
Land | 1,239 | |||
Building and Improvements | 2,867 | |||
Total | 4,106 | |||
Accumulated Depreciation | $ 1,396 | |||
Columbus II, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 36,809 | |||
Initial cost | ||||
Land | $ 769 | |||
Building and Improvements | 3,788 | |||
Costs Subsequent to Acquisition | 433 | |||
Gross Carrying Amount at year end | ||||
Land | 769 | |||
Building and Improvements | 4,221 | |||
Total | 4,990 | |||
Accumulated Depreciation | $ 845 | |||
Columbus III, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,200 | |||
Initial cost | ||||
Land | $ 326 | |||
Building and Improvements | 1,607 | |||
Costs Subsequent to Acquisition | 142 | |||
Gross Carrying Amount at year end | ||||
Land | 326 | |||
Building and Improvements | 1,750 | |||
Total | 2,076 | |||
Accumulated Depreciation | $ 363 | |||
Columbus IV, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,150 | |||
Initial cost | ||||
Land | $ 443 | |||
Building and Improvements | 2,182 | |||
Costs Subsequent to Acquisition | 165 | |||
Gross Carrying Amount at year end | ||||
Land | 443 | |||
Building and Improvements | 2,346 | |||
Total | 2,789 | |||
Accumulated Depreciation | $ 476 | |||
Columbus V, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,325 | |||
Initial cost | ||||
Land | $ 838 | |||
Building and Improvements | 4,128 | |||
Costs Subsequent to Acquisition | 168 | |||
Gross Carrying Amount at year end | ||||
Land | 838 | |||
Building and Improvements | 4,296 | |||
Total | 5,134 | |||
Accumulated Depreciation | $ 857 | |||
Columbus VI, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,525 | |||
Initial cost | ||||
Land | $ 701 | |||
Building and Improvements | 3,454 | |||
Costs Subsequent to Acquisition | 280 | |||
Gross Carrying Amount at year end | ||||
Land | 701 | |||
Building and Improvements | 3,734 | |||
Total | 4,435 | |||
Accumulated Depreciation | $ 726 | |||
Grove City, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 89,290 | |||
Initial cost | ||||
Land | $ 1,756 | |||
Building and Improvements | 4,485 | |||
Costs Subsequent to Acquisition | 386 | |||
Gross Carrying Amount at year end | ||||
Land | 1,761 | |||
Building and Improvements | 4,250 | |||
Total | 6,011 | |||
Accumulated Depreciation | $ 1,996 | |||
Hilliard, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 89,290 | |||
Initial cost | ||||
Land | $ 1,361 | |||
Building and Improvements | 3,476 | |||
Costs Subsequent to Acquisition | 376 | |||
Gross Carrying Amount at year end | ||||
Land | 1,366 | |||
Building and Improvements | 3,364 | |||
Total | 4,730 | |||
Accumulated Depreciation | $ 1,592 | |||
Lakewood, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 39,332 | |||
Initial cost | ||||
Land | $ 405 | |||
Building and Improvements | 854 | |||
Costs Subsequent to Acquisition | 711 | |||
Gross Carrying Amount at year end | ||||
Land | 405 | |||
Building and Improvements | 474 | |||
Total | 879 | |||
Accumulated Depreciation | $ 209 | |||
Lewis Center, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,224 | |||
Initial cost | ||||
Land | $ 1,056 | |||
Building and Improvements | 5,206 | |||
Costs Subsequent to Acquisition | 163 | |||
Gross Carrying Amount at year end | ||||
Land | 1,056 | |||
Building and Improvements | 5,369 | |||
Total | 6,425 | |||
Accumulated Depreciation | $ 1,076 | |||
Middleburg Heights, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 93,200 | |||
Initial cost | ||||
Land | $ 63 | |||
Building and Improvements | 704 | |||
Costs Subsequent to Acquisition | 2,481 | |||
Gross Carrying Amount at year end | ||||
Land | 332 | |||
Building and Improvements | 2,510 | |||
Total | 2,842 | |||
Accumulated Depreciation | $ 1,337 | |||
North Olmsted I, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 48,672 | |||
Initial cost | ||||
Land | $ 63 | |||
Building and Improvements | 704 | |||
Costs Subsequent to Acquisition | 1,665 | |||
Gross Carrying Amount at year end | ||||
Land | 214 | |||
Building and Improvements | 1,861 | |||
Total | 2,075 | |||
Accumulated Depreciation | $ 1,010 | |||
North Olmsted II, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,850 | |||
Initial cost | ||||
Land | $ 290 | |||
Building and Improvements | 1,129 | |||
Costs Subsequent to Acquisition | 1,318 | |||
Gross Carrying Amount at year end | ||||
Land | 469 | |||
Building and Improvements | 1,019 | |||
Total | 1,488 | |||
Accumulated Depreciation | $ 775 | |||
North Randall, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,297 | |||
Initial cost | ||||
Land | $ 515 | |||
Building and Improvements | 2,323 | |||
Costs Subsequent to Acquisition | 3,333 | |||
Gross Carrying Amount at year end | ||||
Land | 898 | |||
Building and Improvements | 4,036 | |||
Total | 4,934 | |||
Accumulated Depreciation | $ 2,047 | |||
Reynoldsburg, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,245 | |||
Initial cost | ||||
Land | $ 1,290 | |||
Building and Improvements | 3,295 | |||
Costs Subsequent to Acquisition | 452 | |||
Gross Carrying Amount at year end | ||||
Land | 1,295 | |||
Building and Improvements | 3,286 | |||
Total | 4,581 | |||
Accumulated Depreciation | $ 1,564 | |||
Strongsville, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 43,683 | |||
Initial cost | ||||
Land | $ 570 | |||
Building and Improvements | 3,486 | |||
Costs Subsequent to Acquisition | 460 | |||
Gross Carrying Amount at year end | ||||
Land | 570 | |||
Building and Improvements | 3,111 | |||
Total | 3,681 | |||
Accumulated Depreciation | $ 1,346 | |||
Warrensville Heights, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 90,281 | |||
Initial cost | ||||
Land | $ 525 | |||
Building and Improvements | 766 | |||
Costs Subsequent to Acquisition | 3,325 | |||
Gross Carrying Amount at year end | ||||
Land | 935 | |||
Building and Improvements | 3,468 | |||
Total | 4,403 | |||
Accumulated Depreciation | $ 1,845 | |||
Westlake, OH | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,700 | |||
Initial cost | ||||
Land | $ 509 | |||
Building and Improvements | 2,508 | |||
Costs Subsequent to Acquisition | 358 | |||
Gross Carrying Amount at year end | ||||
Land | 508 | |||
Building and Improvements | 2,081 | |||
Total | 2,589 | |||
Accumulated Depreciation | $ 828 | |||
Conshohocken, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 81,285 | |||
Initial cost | ||||
Land | $ 1,726 | |||
Building and Improvements | 8,508 | |||
Costs Subsequent to Acquisition | 377 | |||
Gross Carrying Amount at year end | ||||
Land | 1,726 | |||
Building and Improvements | 8,832 | |||
Total | 10,558 | |||
Accumulated Depreciation | $ 2,301 | |||
Exton, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,750 | |||
Initial cost | ||||
Land | $ 541 | |||
Building and Improvements | 2,668 | |||
Costs Subsequent to Acquisition | 263 | |||
Gross Carrying Amount at year end | ||||
Land | 519 | |||
Building and Improvements | 2,919 | |||
Total | 3,438 | |||
Accumulated Depreciation | $ 746 | |||
Langhorne, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,838 | |||
Initial cost | ||||
Land | $ 1,019 | |||
Building and Improvements | 5,023 | |||
Costs Subsequent to Acquisition | 619 | |||
Gross Carrying Amount at year end | ||||
Land | 1,019 | |||
Building and Improvements | 5,641 | |||
Total | 6,660 | |||
Accumulated Depreciation | $ 1,479 | |||
Levittown, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,815 | |||
Initial cost | ||||
Land | $ 926 | |||
Building and Improvements | 5,296 | |||
Costs Subsequent to Acquisition | 1,407 | |||
Gross Carrying Amount at year end | ||||
Land | 926 | |||
Building and Improvements | 4,983 | |||
Total | 5,909 | |||
Accumulated Depreciation | $ 2,402 | |||
Malvern, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 18,820 | |||
Initial cost | ||||
Land | $ 2,959 | |||
Building and Improvements | 18,198 | |||
Costs Subsequent to Acquisition | 1,976 | |||
Gross Carrying Amount at year end | ||||
Land | 2,959 | |||
Building and Improvements | 20,115 | |||
Total | 23,074 | |||
Accumulated Depreciation | $ 3,855 | |||
Montgomeryville, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 84,145 | |||
Initial cost | ||||
Land | $ 975 | |||
Building and Improvements | 4,809 | |||
Costs Subsequent to Acquisition | 486 | |||
Gross Carrying Amount at year end | ||||
Land | 975 | |||
Building and Improvements | 5,233 | |||
Total | 6,208 | |||
Accumulated Depreciation | $ 1,350 | |||
Norristown, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,560 | |||
Initial cost | ||||
Land | $ 662 | |||
Building and Improvements | 3,142 | |||
Costs Subsequent to Acquisition | 2,478 | |||
Gross Carrying Amount at year end | ||||
Land | 638 | |||
Building and Improvements | 5,750 | |||
Total | 6,388 | |||
Accumulated Depreciation | $ 1,374 | |||
Philadelphia I, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,864 | |||
Initial cost | ||||
Land | $ 1,461 | |||
Building and Improvements | 8,334 | |||
Costs Subsequent to Acquisition | 3,028 | |||
Gross Carrying Amount at year end | ||||
Land | 1,461 | |||
Building and Improvements | 8,011 | |||
Total | 9,472 | |||
Accumulated Depreciation | $ 3,574 | |||
Philadelphia II, PA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,279 | |||
Initial cost | ||||
Land | $ 1,012 | |||
Building and Improvements | 4,990 | |||
Costs Subsequent to Acquisition | 333 | |||
Gross Carrying Amount at year end | ||||
Land | 1,012 | |||
Building and Improvements | 5,323 | |||
Total | 6,335 | |||
Accumulated Depreciation | $ 1,174 | |||
Exeter, RI | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 41,275 | |||
Initial cost | ||||
Land | $ 547 | |||
Building and Improvements | 2,697 | |||
Costs Subsequent to Acquisition | 380 | |||
Gross Carrying Amount at year end | ||||
Land | 547 | |||
Building and Improvements | 3,077 | |||
Total | 3,624 | |||
Accumulated Depreciation | $ 597 | |||
Johnston, RI | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,275 | |||
Initial cost | ||||
Land | $ 1,061 | |||
Building and Improvements | 5,229 | |||
Costs Subsequent to Acquisition | 166 | |||
Gross Carrying Amount at year end | ||||
Land | 1,061 | |||
Building and Improvements | 5,395 | |||
Total | 6,456 | |||
Accumulated Depreciation | $ 1,067 | |||
Wakefield, RI | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 47,895 | |||
Initial cost | ||||
Land | $ 823 | |||
Building and Improvements | 4,058 | |||
Costs Subsequent to Acquisition | 219 | |||
Gross Carrying Amount at year end | ||||
Land | 823 | |||
Building and Improvements | 4,278 | |||
Total | 5,101 | |||
Accumulated Depreciation | $ 828 | |||
Charleston I, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,840 | |||
Initial cost | ||||
Land | $ 606 | |||
Building and Improvements | 1,763 | |||
Costs Subsequent to Acquisition | 181 | |||
Gross Carrying Amount at year end | ||||
Land | 606 | |||
Building and Improvements | 1,944 | |||
Total | 2,550 | |||
Accumulated Depreciation | $ 100 | |||
Charleston II, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 40,950 | |||
Initial cost | ||||
Land | $ 570 | |||
Building and Improvements | 1,986 | |||
Costs Subsequent to Acquisition | 95 | |||
Gross Carrying Amount at year end | ||||
Land | 570 | |||
Building and Improvements | 2,081 | |||
Total | 2,651 | |||
Accumulated Depreciation | $ 98 | |||
Goose Creek I, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,475 | |||
Initial cost | ||||
Land | $ 771 | |||
Building and Improvements | 5,307 | |||
Costs Subsequent to Acquisition | 77 | |||
Gross Carrying Amount at year end | ||||
Land | 771 | |||
Building and Improvements | 5,384 | |||
Total | 6,155 | |||
Accumulated Depreciation | $ 233 | |||
Goose Creek II, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 41,419 | |||
Initial cost | ||||
Land | $ 409 | |||
Building and Improvements | 2,641 | |||
Costs Subsequent to Acquisition | 139 | |||
Gross Carrying Amount at year end | ||||
Land | 409 | |||
Building and Improvements | 2,780 | |||
Total | 3,189 | |||
Accumulated Depreciation | $ 111 | |||
Mount Pleasant, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,671 | |||
Initial cost | ||||
Land | $ 1,434 | |||
Building and Improvements | 9,826 | |||
Costs Subsequent to Acquisition | 57 | |||
Gross Carrying Amount at year end | ||||
Land | 1,434 | |||
Building and Improvements | 9,883 | |||
Total | 11,317 | |||
Accumulated Depreciation | $ 435 | |||
North Charleston I, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,955 | |||
Initial cost | ||||
Land | $ 755 | |||
Building and Improvements | 5,349 | |||
Costs Subsequent to Acquisition | 38 | |||
Gross Carrying Amount at year end | ||||
Land | 755 | |||
Building and Improvements | 5,387 | |||
Total | 6,142 | |||
Accumulated Depreciation | $ 233 | |||
North Charleston II, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,895 | |||
Initial cost | ||||
Land | $ 809 | |||
Building and Improvements | 2,129 | |||
Costs Subsequent to Acquisition | 41 | |||
Gross Carrying Amount at year end | ||||
Land | 809 | |||
Building and Improvements | 2,170 | |||
Total | 2,979 | |||
Accumulated Depreciation | $ 109 | |||
North Charleston III, SC | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,184 | |||
Initial cost | ||||
Land | $ 763 | |||
Building and Improvements | 2,038 | |||
Costs Subsequent to Acquisition | 94 | |||
Gross Carrying Amount at year end | ||||
Land | 763 | |||
Building and Improvements | 2,132 | |||
Total | 2,895 | |||
Accumulated Depreciation | $ 107 | |||
Woonsocket, RI | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,100 | |||
Initial cost | ||||
Land | $ 1,049 | |||
Building and Improvements | 5,172 | |||
Costs Subsequent to Acquisition | 563 | |||
Gross Carrying Amount at year end | ||||
Land | 1,049 | |||
Building and Improvements | 5,734 | |||
Total | 6,783 | |||
Accumulated Depreciation | $ 1,103 | |||
Antioch, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 75,985 | |||
Initial cost | ||||
Land | $ 588 | |||
Building and Improvements | 4,906 | |||
Costs Subsequent to Acquisition | 464 | |||
Gross Carrying Amount at year end | ||||
Land | 588 | |||
Building and Improvements | 3,935 | |||
Total | 4,523 | |||
Accumulated Depreciation | $ 1,534 | |||
Nashville I, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 108,490 | |||
Initial cost | ||||
Land | $ 405 | |||
Building and Improvements | 3,379 | |||
Costs Subsequent to Acquisition | 1,237 | |||
Gross Carrying Amount at year end | ||||
Land | 405 | |||
Building and Improvements | 3,569 | |||
Total | 3,974 | |||
Accumulated Depreciation | $ 1,359 | |||
Nashville II, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 83,174 | |||
Initial cost | ||||
Land | $ 593 | |||
Building and Improvements | 4,950 | |||
Costs Subsequent to Acquisition | 379 | |||
Gross Carrying Amount at year end | ||||
Land | 593 | |||
Building and Improvements | 3,962 | |||
Total | 4,555 | |||
Accumulated Depreciation | $ 1,556 | |||
Nashville III, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 101,525 | |||
Initial cost | ||||
Land | $ 416 | |||
Building and Improvements | 3,469 | |||
Costs Subsequent to Acquisition | 611 | |||
Gross Carrying Amount at year end | ||||
Land | 416 | |||
Building and Improvements | 3,744 | |||
Total | 4,160 | |||
Accumulated Depreciation | $ 1,743 | |||
Nashville IV, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 102,450 | |||
Initial cost | ||||
Land | $ 992 | |||
Building and Improvements | 8,274 | |||
Costs Subsequent to Acquisition | 574 | |||
Gross Carrying Amount at year end | ||||
Land | 992 | |||
Building and Improvements | 7,603 | |||
Total | 8,595 | |||
Accumulated Depreciation | $ 3,617 | |||
Nashville V, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,560 | |||
Encumbrances | $ 2,261 | |||
Initial cost | ||||
Land | 895 | |||
Building and Improvements | 4,311 | |||
Costs Subsequent to Acquisition | 926 | |||
Gross Carrying Amount at year end | ||||
Land | 895 | |||
Building and Improvements | 5,238 | |||
Total | 6,133 | |||
Accumulated Depreciation | $ 1,149 | |||
Nashville VI, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,416 | |||
Initial cost | ||||
Land | $ 2,749 | |||
Building and Improvements | 7,702 | |||
Costs Subsequent to Acquisition | 276 | |||
Gross Carrying Amount at year end | ||||
Land | 2,749 | |||
Building and Improvements | 7,978 | |||
Total | 10,727 | |||
Accumulated Depreciation | $ 1,304 | |||
Nashville VII, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,681 | |||
Initial cost | ||||
Land | $ 1,116 | |||
Building and Improvements | 8,592 | |||
Costs Subsequent to Acquisition | 20 | |||
Gross Carrying Amount at year end | ||||
Land | 1,116 | |||
Building and Improvements | 8,612 | |||
Total | 9,728 | |||
Accumulated Depreciation | $ 378 | |||
Nashville VIII, TN | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,234 | |||
Initial cost | ||||
Land | $ 1,363 | |||
Building and Improvements | 8,820 | |||
Costs Subsequent to Acquisition | 21 | |||
Gross Carrying Amount at year end | ||||
Land | 1,363 | |||
Building and Improvements | 8,841 | |||
Total | 10,204 | |||
Accumulated Depreciation | $ 391 | |||
Allen, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 62,330 | |||
Initial cost | ||||
Land | $ 714 | |||
Building and Improvements | 3,519 | |||
Costs Subsequent to Acquisition | 149 | |||
Gross Carrying Amount at year end | ||||
Land | 714 | |||
Building and Improvements | 3,656 | |||
Total | 4,370 | |||
Accumulated Depreciation | $ 988 | |||
Austin I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,645 | |||
Initial cost | ||||
Land | $ 2,239 | |||
Building and Improvements | 2,038 | |||
Costs Subsequent to Acquisition | 344 | |||
Gross Carrying Amount at year end | ||||
Land | 2,239 | |||
Building and Improvements | 1,787 | |||
Total | 4,026 | |||
Accumulated Depreciation | $ 701 | |||
Austin II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,310 | |||
Initial cost | ||||
Land | $ 734 | |||
Building and Improvements | 3,894 | |||
Costs Subsequent to Acquisition | 580 | |||
Gross Carrying Amount at year end | ||||
Land | 738 | |||
Building and Improvements | 3,910 | |||
Total | 4,648 | |||
Accumulated Depreciation | $ 1,703 | |||
Austin III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,585 | |||
Initial cost | ||||
Land | $ 1,030 | |||
Building and Improvements | 5,468 | |||
Costs Subsequent to Acquisition | 377 | |||
Gross Carrying Amount at year end | ||||
Land | 1,035 | |||
Building and Improvements | 5,139 | |||
Total | 6,174 | |||
Accumulated Depreciation | $ 2,255 | |||
Austin IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 65,258 | |||
Initial cost | ||||
Land | $ 862 | |||
Building and Improvements | 4,250 | |||
Costs Subsequent to Acquisition | 536 | |||
Gross Carrying Amount at year end | ||||
Land | 862 | |||
Building and Improvements | 4,786 | |||
Total | 5,648 | |||
Accumulated Depreciation | $ 1,056 | |||
Austin V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,850 | |||
Initial cost | ||||
Land | $ 1,050 | |||
Building and Improvements | 5,175 | |||
Costs Subsequent to Acquisition | 363 | |||
Gross Carrying Amount at year end | ||||
Land | 1,050 | |||
Building and Improvements | 5,539 | |||
Total | 6,589 | |||
Accumulated Depreciation | $ 1,137 | |||
Austin VI, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 63,150 | |||
Initial cost | ||||
Land | $ 1,150 | |||
Building and Improvements | 5,669 | |||
Costs Subsequent to Acquisition | 353 | |||
Gross Carrying Amount at year end | ||||
Land | 1,150 | |||
Building and Improvements | 6,023 | |||
Total | 7,173 | |||
Accumulated Depreciation | $ 1,220 | |||
Austin VII, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,023 | |||
Initial cost | ||||
Land | $ 1,429 | |||
Building and Improvements | 6,263 | |||
Costs Subsequent to Acquisition | 380 | |||
Gross Carrying Amount at year end | ||||
Land | 1,429 | |||
Building and Improvements | 6,642 | |||
Total | 8,071 | |||
Accumulated Depreciation | $ 1,085 | |||
Austin VIII, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,038 | |||
Initial cost | ||||
Land | $ 2,935 | |||
Building and Improvements | 7,007 | |||
Costs Subsequent to Acquisition | 102 | |||
Gross Carrying Amount at year end | ||||
Land | 2,935 | |||
Building and Improvements | 7,109 | |||
Total | 10,044 | |||
Accumulated Depreciation | $ 1,205 | |||
Austin IX TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,505 | |||
Initial cost | ||||
Land | $ 1,321 | |||
Building and Improvements | 9,643 | |||
Costs Subsequent to Acquisition | 63 | |||
Gross Carrying Amount at year end | ||||
Land | 1,321 | |||
Building and Improvements | 9,706 | |||
Total | 11,027 | |||
Accumulated Depreciation | $ 985 | |||
Austin X, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,225 | |||
Initial cost | ||||
Land | $ 1,365 | |||
Building and Improvements | 8,310 | |||
Costs Subsequent to Acquisition | 2 | |||
Gross Carrying Amount at year end | ||||
Land | 1,366 | |||
Building and Improvements | 8,311 | |||
Total | 9,677 | |||
Accumulated Depreciation | $ 44 | |||
Carrollton, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,430 | |||
Initial cost | ||||
Land | $ 661 | |||
Building and Improvements | 3,261 | |||
Costs Subsequent to Acquisition | 174 | |||
Gross Carrying Amount at year end | ||||
Land | 661 | |||
Building and Improvements | 3,423 | |||
Total | 4,084 | |||
Accumulated Depreciation | $ 879 | |||
Cedar Park, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 86,725 | |||
Initial cost | ||||
Land | $ 3,350 | |||
Building and Improvements | 7,950 | |||
Costs Subsequent to Acquisition | 443 | |||
Gross Carrying Amount at year end | ||||
Land | 3,350 | |||
Building and Improvements | 8,393 | |||
Total | 11,743 | |||
Accumulated Depreciation | $ 1,372 | |||
College Station, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 26,550 | |||
Initial cost | ||||
Land | $ 812 | |||
Building and Improvements | 740 | |||
Costs Subsequent to Acquisition | 252 | |||
Gross Carrying Amount at year end | ||||
Land | 813 | |||
Building and Improvements | 709 | |||
Total | 1,522 | |||
Accumulated Depreciation | $ 263 | |||
Cypress, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,201 | |||
Initial cost | ||||
Land | $ 360 | |||
Building and Improvements | 1,773 | |||
Costs Subsequent to Acquisition | 217 | |||
Gross Carrying Amount at year end | ||||
Land | 360 | |||
Building and Improvements | 1,968 | |||
Total | 2,328 | |||
Accumulated Depreciation | $ 531 | |||
Dallas I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 58,582 | |||
Initial cost | ||||
Land | $ 2,475 | |||
Building and Improvements | 2,253 | |||
Costs Subsequent to Acquisition | 533 | |||
Gross Carrying Amount at year end | ||||
Land | 2,475 | |||
Building and Improvements | 2,034 | |||
Total | 4,509 | |||
Accumulated Depreciation | $ 816 | |||
Dallas II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,673 | |||
Initial cost | ||||
Land | $ 940 | |||
Building and Improvements | 4,635 | |||
Costs Subsequent to Acquisition | 263 | |||
Gross Carrying Amount at year end | ||||
Land | 940 | |||
Building and Improvements | 4,899 | |||
Total | 5,839 | |||
Accumulated Depreciation | $ 1,149 | |||
Dallas III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,920 | |||
Initial cost | ||||
Land | $ 2,608 | |||
Building and Improvements | 12,857 | |||
Costs Subsequent to Acquisition | 661 | |||
Gross Carrying Amount at year end | ||||
Land | 2,608 | |||
Building and Improvements | 13,518 | |||
Total | 16,126 | |||
Accumulated Depreciation | $ 2,590 | |||
Dallas IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 116,513 | |||
Initial cost | ||||
Land | $ 2,369 | |||
Building and Improvements | 11,850 | |||
Costs Subsequent to Acquisition | 219 | |||
Gross Carrying Amount at year end | ||||
Land | 2,369 | |||
Building and Improvements | 12,068 | |||
Total | 14,437 | |||
Accumulated Depreciation | $ 2,230 | |||
Dallas V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,400 | |||
Initial cost | ||||
Building and Improvements | $ 11,604 | |||
Costs Subsequent to Acquisition | 111 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 11,717 | |||
Total | 11,717 | |||
Accumulated Depreciation | $ 2,045 | |||
Denton, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 64,446 | |||
Initial cost | ||||
Land | $ 553 | |||
Building and Improvements | 2,936 | |||
Costs Subsequent to Acquisition | 711 | |||
Gross Carrying Amount at year end | ||||
Land | 569 | |||
Building and Improvements | 3,151 | |||
Total | 3,720 | |||
Accumulated Depreciation | $ 1,233 | |||
Fort Worth I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 50,066 | |||
Initial cost | ||||
Land | $ 1,253 | |||
Building and Improvements | 1,141 | |||
Costs Subsequent to Acquisition | 382 | |||
Gross Carrying Amount at year end | ||||
Land | 1,253 | |||
Building and Improvements | 1,146 | |||
Total | 2,399 | |||
Accumulated Depreciation | $ 459 | |||
Fort Worth II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,900 | |||
Initial cost | ||||
Land | $ 868 | |||
Building and Improvements | 4,607 | |||
Costs Subsequent to Acquisition | 457 | |||
Gross Carrying Amount at year end | ||||
Land | 874 | |||
Building and Improvements | 4,393 | |||
Total | 5,267 | |||
Accumulated Depreciation | $ 1,973 | |||
Fort Worth III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 82,395 | |||
Initial cost | ||||
Land | $ 1,000 | |||
Building and Improvements | 4,928 | |||
Costs Subsequent to Acquisition | 350 | |||
Gross Carrying Amount at year end | ||||
Land | 1,000 | |||
Building and Improvements | 5,279 | |||
Total | 6,279 | |||
Accumulated Depreciation | $ 978 | |||
Fort Worth IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,329 | |||
Initial cost | ||||
Land | $ 1,274 | |||
Building and Improvements | 7,693 | |||
Costs Subsequent to Acquisition | 46 | |||
Gross Carrying Amount at year end | ||||
Land | 1,274 | |||
Building and Improvements | 7,739 | |||
Total | 9,013 | |||
Accumulated Depreciation | $ 1,190 | |||
Fort Worth V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,675 | |||
Initial cost | ||||
Land | $ 1,271 | |||
Building and Improvements | 5,485 | |||
Costs Subsequent to Acquisition | 88 | |||
Gross Carrying Amount at year end | ||||
Land | 1,271 | |||
Building and Improvements | 5,573 | |||
Total | 6,844 | |||
Accumulated Depreciation | $ 191 | |||
Frisco I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 52,894 | |||
Initial cost | ||||
Land | $ 1,093 | |||
Building and Improvements | 3,148 | |||
Costs Subsequent to Acquisition | 267 | |||
Gross Carrying Amount at year end | ||||
Land | 1,093 | |||
Building and Improvements | 2,666 | |||
Total | 3,759 | |||
Accumulated Depreciation | $ 1,062 | |||
Frisco II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,011 | |||
Initial cost | ||||
Land | $ 1,564 | |||
Building and Improvements | 4,507 | |||
Costs Subsequent to Acquisition | 292 | |||
Gross Carrying Amount at year end | ||||
Land | 1,564 | |||
Building and Improvements | 3,765 | |||
Total | 5,329 | |||
Accumulated Depreciation | $ 1,500 | |||
Frisco III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 76,281 | |||
Initial cost | ||||
Land | $ 1,147 | |||
Building and Improvements | 6,088 | |||
Costs Subsequent to Acquisition | 777 | |||
Gross Carrying Amount at year end | ||||
Land | 1,154 | |||
Building and Improvements | 6,053 | |||
Total | 7,207 | |||
Accumulated Depreciation | $ 2,659 | |||
Frisco IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,875 | |||
Initial cost | ||||
Land | $ 719 | |||
Building and Improvements | 4,072 | |||
Costs Subsequent to Acquisition | 427 | |||
Gross Carrying Amount at year end | ||||
Land | 719 | |||
Building and Improvements | 3,903 | |||
Total | 4,622 | |||
Accumulated Depreciation | $ 1,249 | |||
Frisco V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,165 | |||
Initial cost | ||||
Land | $ 1,159 | |||
Building and Improvements | 5,714 | |||
Costs Subsequent to Acquisition | 184 | |||
Gross Carrying Amount at year end | ||||
Land | 1,159 | |||
Building and Improvements | 5,897 | |||
Total | 7,056 | |||
Accumulated Depreciation | $ 1,296 | |||
Frisco VI, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,176 | |||
Initial cost | ||||
Land | $ 1,064 | |||
Building and Improvements | 5,247 | |||
Costs Subsequent to Acquisition | 182 | |||
Gross Carrying Amount at year end | ||||
Land | 1,064 | |||
Building and Improvements | 5,429 | |||
Total | 6,493 | |||
Accumulated Depreciation | $ 1,103 | |||
Garland I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,100 | |||
Initial cost | ||||
Land | $ 751 | |||
Building and Improvements | 3,984 | |||
Costs Subsequent to Acquisition | 780 | |||
Gross Carrying Amount at year end | ||||
Land | 767 | |||
Building and Improvements | 4,169 | |||
Total | 4,936 | |||
Accumulated Depreciation | $ 1,831 | |||
Garland II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,425 | |||
Initial cost | ||||
Land | $ 862 | |||
Building and Improvements | 4,578 | |||
Costs Subsequent to Acquisition | 358 | |||
Gross Carrying Amount at year end | ||||
Land | 862 | |||
Building and Improvements | 4,338 | |||
Total | 5,200 | |||
Accumulated Depreciation | $ 1,869 | |||
Grapevine, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 77,094 | |||
Initial cost | ||||
Land | $ 1,211 | |||
Building and Improvements | 8,559 | |||
Costs Subsequent to Acquisition | 149 | |||
Gross Carrying Amount at year end | ||||
Land | 1,211 | |||
Building and Improvements | 8,708 | |||
Total | 9,919 | |||
Accumulated Depreciation | $ 1,330 | |||
Houston III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,590 | |||
Initial cost | ||||
Land | $ 575 | |||
Building and Improvements | 524 | |||
Costs Subsequent to Acquisition | 545 | |||
Gross Carrying Amount at year end | ||||
Land | 576 | |||
Building and Improvements | 884 | |||
Total | 1,460 | |||
Accumulated Depreciation | $ 372 | |||
Houston IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 43,750 | |||
Initial cost | ||||
Land | $ 960 | |||
Building and Improvements | 875 | |||
Costs Subsequent to Acquisition | 775 | |||
Gross Carrying Amount at year end | ||||
Land | 961 | |||
Building and Improvements | 1,342 | |||
Total | 2,303 | |||
Accumulated Depreciation | $ 535 | |||
Houston V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 121,189 | |||
Initial cost | ||||
Land | $ 1,153 | |||
Building and Improvements | 6,122 | |||
Costs Subsequent to Acquisition | 2,055 | |||
Gross Carrying Amount at year end | ||||
Land | 991 | |||
Building and Improvements | 7,427 | |||
Total | 8,418 | |||
Accumulated Depreciation | $ 3,006 | |||
Houston VI, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,690 | |||
Initial cost | ||||
Land | $ 575 | |||
Building and Improvements | 524 | |||
Costs Subsequent to Acquisition | 5,867 | |||
Gross Carrying Amount at year end | ||||
Land | 983 | |||
Building and Improvements | 5,067 | |||
Total | 6,050 | |||
Accumulated Depreciation | $ 1,549 | |||
Houston VII, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,981 | |||
Initial cost | ||||
Land | $ 681 | |||
Building and Improvements | 3,355 | |||
Costs Subsequent to Acquisition | 199 | |||
Gross Carrying Amount at year end | ||||
Land | 681 | |||
Building and Improvements | 3,554 | |||
Total | 4,235 | |||
Accumulated Depreciation | $ 1,024 | |||
Houston VIII, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 54,078 | |||
Initial cost | ||||
Land | $ 1,294 | |||
Building and Improvements | 6,377 | |||
Costs Subsequent to Acquisition | 507 | |||
Gross Carrying Amount at year end | ||||
Land | 1,294 | |||
Building and Improvements | 6,860 | |||
Total | 8,154 | |||
Accumulated Depreciation | $ 1,837 | |||
Houston IX, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,208 | |||
Initial cost | ||||
Land | $ 296 | |||
Building and Improvements | 1,459 | |||
Costs Subsequent to Acquisition | 215 | |||
Gross Carrying Amount at year end | ||||
Land | 296 | |||
Building and Improvements | 1,657 | |||
Total | 1,953 | |||
Accumulated Depreciation | $ 449 | |||
Houston X, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,529 | |||
Initial cost | ||||
Land | $ 5,267 | |||
Building and Improvements | 12,667 | |||
Costs Subsequent to Acquisition | 28 | |||
Gross Carrying Amount at year end | ||||
Land | 5,267 | |||
Building and Improvements | 12,695 | |||
Total | 17,962 | |||
Accumulated Depreciation | $ 987 | |||
Houston XI, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 80,930 | |||
Initial cost | ||||
Land | $ 5,616 | |||
Building and Improvements | 15,330 | |||
Costs Subsequent to Acquisition | 122 | |||
Gross Carrying Amount at year end | ||||
Land | 5,616 | |||
Building and Improvements | 15,452 | |||
Total | 21,068 | |||
Accumulated Depreciation | $ 954 | |||
Humble, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,700 | |||
Initial cost | ||||
Land | $ 706 | |||
Building and Improvements | 5,727 | |||
Costs Subsequent to Acquisition | 144 | |||
Gross Carrying Amount at year end | ||||
Land | 706 | |||
Building and Improvements | 5,871 | |||
Total | 6,577 | |||
Accumulated Depreciation | $ 965 | |||
Katy, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,118 | |||
Initial cost | ||||
Land | $ 1,329 | |||
Building and Improvements | 6,552 | |||
Costs Subsequent to Acquisition | 103 | |||
Gross Carrying Amount at year end | ||||
Land | 1,329 | |||
Building and Improvements | 6,656 | |||
Total | 7,985 | |||
Accumulated Depreciation | $ 1,505 | |||
Keller, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 89,035 | |||
Initial cost | ||||
Land | $ 1,330 | |||
Building and Improvements | 7,960 | |||
Costs Subsequent to Acquisition | 358 | |||
Gross Carrying Amount at year end | ||||
Land | 1,331 | |||
Building and Improvements | 7,703 | |||
Total | 9,034 | |||
Accumulated Depreciation | $ 2,329 | |||
Lewisville I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 67,265 | |||
Initial cost | ||||
Land | $ 476 | |||
Building and Improvements | 2,525 | |||
Costs Subsequent to Acquisition | 552 | |||
Gross Carrying Amount at year end | ||||
Land | 492 | |||
Building and Improvements | 2,638 | |||
Total | 3,130 | |||
Accumulated Depreciation | $ 1,147 | |||
Lewisville II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 128,241 | |||
Initial cost | ||||
Land | $ 1,464 | |||
Building and Improvements | 7,217 | |||
Costs Subsequent to Acquisition | 563 | |||
Gross Carrying Amount at year end | ||||
Land | 1,464 | |||
Building and Improvements | 7,780 | |||
Total | 9,244 | |||
Accumulated Depreciation | $ 1,849 | |||
Lewisville III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 93,855 | |||
Initial cost | ||||
Land | $ 1,307 | |||
Building and Improvements | 15,025 | |||
Costs Subsequent to Acquisition | 286 | |||
Gross Carrying Amount at year end | ||||
Land | 1,307 | |||
Building and Improvements | 15,311 | |||
Total | 16,618 | |||
Accumulated Depreciation | $ 2,084 | |||
Little Elm I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,165 | |||
Initial cost | ||||
Land | $ 892 | |||
Building and Improvements | 5,529 | |||
Costs Subsequent to Acquisition | 146 | |||
Gross Carrying Amount at year end | ||||
Land | 892 | |||
Building and Improvements | 5,675 | |||
Total | 6,567 | |||
Accumulated Depreciation | $ 811 | |||
Little Elm II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 96,236 | |||
Initial cost | ||||
Land | $ 1,219 | |||
Building and Improvements | 9,864 | |||
Costs Subsequent to Acquisition | 168 | |||
Gross Carrying Amount at year end | ||||
Land | 1,219 | |||
Building and Improvements | 10,032 | |||
Total | 11,251 | |||
Accumulated Depreciation | $ 1,411 | |||
Mansfield I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,832 | |||
Initial cost | ||||
Land | $ 837 | |||
Building and Improvements | 4,443 | |||
Costs Subsequent to Acquisition | 618 | |||
Gross Carrying Amount at year end | ||||
Land | 843 | |||
Building and Improvements | 4,477 | |||
Total | 5,320 | |||
Accumulated Depreciation | $ 1,899 | |||
Mansfield II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,375 | |||
Initial cost | ||||
Land | $ 662 | |||
Building and Improvements | 3,261 | |||
Costs Subsequent to Acquisition | 176 | |||
Gross Carrying Amount at year end | ||||
Land | 662 | |||
Building and Improvements | 3,425 | |||
Total | 4,087 | |||
Accumulated Depreciation | $ 945 | |||
Mansfield III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,000 | |||
Initial cost | ||||
Land | $ 947 | |||
Building and Improvements | 4,703 | |||
Costs Subsequent to Acquisition | 253 | |||
Gross Carrying Amount at year end | ||||
Land | 947 | |||
Building and Improvements | 4,956 | |||
Total | 5,903 | |||
Accumulated Depreciation | $ 647 | |||
McKinney I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 46,770 | |||
Initial cost | ||||
Land | $ 1,632 | |||
Building and Improvements | 1,486 | |||
Costs Subsequent to Acquisition | 382 | |||
Gross Carrying Amount at year end | ||||
Land | 1,634 | |||
Building and Improvements | 1,446 | |||
Total | 3,080 | |||
Accumulated Depreciation | $ 539 | |||
McKinney II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,050 | |||
Initial cost | ||||
Land | $ 855 | |||
Building and Improvements | 5,076 | |||
Costs Subsequent to Acquisition | 414 | |||
Gross Carrying Amount at year end | ||||
Land | 857 | |||
Building and Improvements | 4,853 | |||
Total | 5,710 | |||
Accumulated Depreciation | $ 2,141 | |||
McKinney III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 53,650 | |||
Initial cost | ||||
Land | $ 652 | |||
Building and Improvements | 3,213 | |||
Costs Subsequent to Acquisition | 92 | |||
Gross Carrying Amount at year end | ||||
Land | 652 | |||
Building and Improvements | 3,304 | |||
Total | 3,956 | |||
Accumulated Depreciation | $ 640 | |||
North Richland Hills, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 57,200 | |||
Initial cost | ||||
Land | $ 2,252 | |||
Building and Improvements | 2,049 | |||
Costs Subsequent to Acquisition | 282 | |||
Gross Carrying Amount at year end | ||||
Land | 2,252 | |||
Building and Improvements | 1,704 | |||
Total | 3,956 | |||
Accumulated Depreciation | $ 671 | |||
Pearland, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,050 | |||
Initial cost | ||||
Land | $ 450 | |||
Building and Improvements | 2,216 | |||
Costs Subsequent to Acquisition | 635 | |||
Gross Carrying Amount at year end | ||||
Land | 450 | |||
Building and Improvements | 2,838 | |||
Total | 3,288 | |||
Accumulated Depreciation | $ 729 | |||
Richmond, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 102,275 | |||
Initial cost | ||||
Land | $ 1,437 | |||
Building and Improvements | 7,083 | |||
Costs Subsequent to Acquisition | 270 | |||
Gross Carrying Amount at year end | ||||
Land | 1,437 | |||
Building and Improvements | 7,354 | |||
Total | 8,791 | |||
Accumulated Depreciation | $ 1,656 | |||
Roanoke, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 59,240 | |||
Initial cost | ||||
Land | $ 1,337 | |||
Building and Improvements | 1,217 | |||
Costs Subsequent to Acquisition | 298 | |||
Gross Carrying Amount at year end | ||||
Land | 1,337 | |||
Building and Improvements | 1,142 | |||
Total | 2,479 | |||
Accumulated Depreciation | $ 424 | |||
San Antonio I, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,315 | |||
Initial cost | ||||
Land | $ 2,895 | |||
Building and Improvements | 2,635 | |||
Costs Subsequent to Acquisition | 591 | |||
Gross Carrying Amount at year end | ||||
Land | 2,895 | |||
Building and Improvements | 2,375 | |||
Total | 5,270 | |||
Accumulated Depreciation | $ 869 | |||
San Antonio II, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,005 | |||
Initial cost | ||||
Land | $ 1,047 | |||
Building and Improvements | 5,558 | |||
Costs Subsequent to Acquisition | 573 | |||
Gross Carrying Amount at year end | ||||
Land | 1,052 | |||
Building and Improvements | 5,438 | |||
Total | 6,490 | |||
Accumulated Depreciation | $ 2,241 | |||
San Antonio III, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 71,555 | |||
Initial cost | ||||
Land | $ 996 | |||
Building and Improvements | 5,286 | |||
Costs Subsequent to Acquisition | 573 | |||
Gross Carrying Amount at year end | ||||
Land | 996 | |||
Building and Improvements | 5,136 | |||
Total | 6,132 | |||
Accumulated Depreciation | $ 2,107 | |||
San Antonio IV, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,500 | |||
Initial cost | ||||
Land | $ 829 | |||
Building and Improvements | 3,891 | |||
Costs Subsequent to Acquisition | 182 | |||
Gross Carrying Amount at year end | ||||
Land | 829 | |||
Building and Improvements | 4,073 | |||
Total | 4,902 | |||
Accumulated Depreciation | $ 513 | |||
San Antonio V, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 74,645 | |||
Initial cost | ||||
Land | $ 1,066 | |||
Building and Improvements | 7,411 | |||
Costs Subsequent to Acquisition | 52 | |||
Gross Carrying Amount at year end | ||||
Land | 1,066 | |||
Building and Improvements | 7,463 | |||
Total | 8,529 | |||
Accumulated Depreciation | $ 192 | |||
Spring, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 78,686 | |||
Initial cost | ||||
Land | $ 580 | |||
Building and Improvements | 3,081 | |||
Costs Subsequent to Acquisition | 586 | |||
Gross Carrying Amount at year end | ||||
Land | 580 | |||
Building and Improvements | 3,175 | |||
Total | 3,755 | |||
Accumulated Depreciation | $ 1,330 | |||
Westworth Village, TX | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,955 | |||
Initial cost | ||||
Land | $ 1,085 | |||
Building and Improvements | 7,643 | |||
Costs Subsequent to Acquisition | 8 | |||
Gross Carrying Amount at year end | ||||
Land | 1,085 | |||
Building and Improvements | 7,651 | |||
Total | 8,736 | |||
Accumulated Depreciation | $ 21 | |||
Murray I, UT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 60,280 | |||
Initial cost | ||||
Land | $ 3,847 | |||
Building and Improvements | 1,017 | |||
Costs Subsequent to Acquisition | 614 | |||
Gross Carrying Amount at year end | ||||
Land | 3,847 | |||
Building and Improvements | 1,246 | |||
Total | 5,093 | |||
Accumulated Depreciation | $ 555 | |||
Murray II, UT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 70,796 | |||
Initial cost | ||||
Land | $ 2,147 | |||
Building and Improvements | 567 | |||
Costs Subsequent to Acquisition | 742 | |||
Gross Carrying Amount at year end | ||||
Land | 2,147 | |||
Building and Improvements | 1,048 | |||
Total | 3,195 | |||
Accumulated Depreciation | $ 433 | |||
Salt Lake City I, UT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 56,446 | |||
Initial cost | ||||
Land | $ 2,695 | |||
Building and Improvements | 712 | |||
Costs Subsequent to Acquisition | 626 | |||
Gross Carrying Amount at year end | ||||
Land | 2,696 | |||
Building and Improvements | 1,037 | |||
Total | 3,733 | |||
Accumulated Depreciation | $ 476 | |||
Salt Lake City II, UT | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 51,676 | |||
Initial cost | ||||
Land | $ 2,074 | |||
Building and Improvements | 548 | |||
Costs Subsequent to Acquisition | 484 | |||
Gross Carrying Amount at year end | ||||
Land | 1,937 | |||
Building and Improvements | 774 | |||
Total | 2,711 | |||
Accumulated Depreciation | $ 354 | |||
Alexandria, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 114,100 | |||
Initial cost | ||||
Land | $ 2,812 | |||
Building and Improvements | 13,865 | |||
Costs Subsequent to Acquisition | 283 | |||
Gross Carrying Amount at year end | ||||
Land | 2,812 | |||
Building and Improvements | 14,060 | |||
Total | 16,872 | |||
Accumulated Depreciation | $ 3,773 | |||
Arlington, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 95,993 | |||
Initial cost | ||||
Land | $ 6,836 | |||
Building and Improvements | 9,843 | |||
Costs Subsequent to Acquisition | 102 | |||
Gross Carrying Amount at year end | ||||
Land | 6,836 | |||
Building and Improvements | 9,946 | |||
Total | 16,782 | |||
Accumulated Depreciation | $ 32 | |||
Burke Lake, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 91,267 | |||
Initial cost | ||||
Land | $ 2,093 | |||
Building and Improvements | 10,940 | |||
Costs Subsequent to Acquisition | 1,266 | |||
Gross Carrying Amount at year end | ||||
Land | 2,093 | |||
Building and Improvements | 10,606 | |||
Total | 12,699 | |||
Accumulated Depreciation | $ 3,340 | |||
Dumfries, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 79,815 | |||
Initial cost | ||||
Land | $ 1,810 | |||
Building and Improvements | 13,774 | |||
Gross Carrying Amount at year end | ||||
Land | 1,810 | |||
Building and Improvements | 13,774 | |||
Total | $ 15,584 | |||
Fairfax, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 73,265 | |||
Initial cost | ||||
Land | $ 2,276 | |||
Building and Improvements | 11,220 | |||
Costs Subsequent to Acquisition | 348 | |||
Gross Carrying Amount at year end | ||||
Land | 2,276 | |||
Building and Improvements | 11,538 | |||
Total | 13,814 | |||
Accumulated Depreciation | $ 3,056 | |||
Fredericksburg I, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 69,475 | |||
Initial cost | ||||
Land | $ 1,680 | |||
Building and Improvements | 4,840 | |||
Costs Subsequent to Acquisition | 479 | |||
Gross Carrying Amount at year end | ||||
Land | 1,680 | |||
Building and Improvements | 4,198 | |||
Total | 5,878 | |||
Accumulated Depreciation | $ 1,583 | |||
Fredericksburg II, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 61,057 | |||
Initial cost | ||||
Land | $ 1,757 | |||
Building and Improvements | 5,062 | |||
Costs Subsequent to Acquisition | 507 | |||
Gross Carrying Amount at year end | ||||
Land | 1,758 | |||
Building and Improvements | 4,410 | |||
Total | 6,168 | |||
Accumulated Depreciation | $ 1,699 | |||
Leesburg, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 85,503 | |||
Initial cost | ||||
Land | $ 1,746 | |||
Building and Improvements | 9,894 | |||
Costs Subsequent to Acquisition | 218 | |||
Gross Carrying Amount at year end | ||||
Land | 1,746 | |||
Building and Improvements | 8,821 | |||
Total | 10,567 | |||
Accumulated Depreciation | $ 2,560 | |||
Manassas, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 72,745 | |||
Initial cost | ||||
Land | $ 860 | |||
Building and Improvements | 4,872 | |||
Costs Subsequent to Acquisition | 380 | |||
Gross Carrying Amount at year end | ||||
Land | 860 | |||
Building and Improvements | 4,566 | |||
Total | 5,426 | |||
Accumulated Depreciation | $ 1,460 | |||
McLearen, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 68,960 | |||
Initial cost | ||||
Land | $ 1,482 | |||
Building and Improvements | 8,400 | |||
Costs Subsequent to Acquisition | 271 | |||
Gross Carrying Amount at year end | ||||
Land | 1,482 | |||
Building and Improvements | 7,515 | |||
Total | 8,997 | |||
Accumulated Depreciation | $ 2,395 | |||
Vienna, VA | ||||
REAL ESTATE AND RELATED DEPRECIATION | ||||
Area of facility (in square feet) | ft² | 55,260 | |||
Initial cost | ||||
Land | $ 2,300 | |||
Building and Improvements | 11,340 | |||
Costs Subsequent to Acquisition | 287 | |||
Gross Carrying Amount at year end | ||||
Land | 2,300 | |||
Building and Improvements | 11,574 | |||
Total | 13,874 | |||
Accumulated Depreciation | 3,022 | |||
Divisional Offices | ||||
Initial cost | ||||
Costs Subsequent to Acquisition | 865 | |||
Gross Carrying Amount at year end | ||||
Building and Improvements | 865 | |||
Total | 865 | |||
Accumulated Depreciation | $ 234 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Activity in Storage facilities | |||
Balance at beginning of year | $ 4,699,844 | $ 4,463,455 | $ 4,161,715 |
Acquisitions & improvements | 825,247 | 364,324 | 381,182 |
Fully depreciated assets | (83,418) | (81,717) | (26,125) |
Dispositions and other | (8,533) | (3,033) | (8,735) |
Construction in progress | 14,718 | (43,185) | (44,582) |
Right-of-use assets - finance leases | 41,896 | ||
Balance at end of year | 5,489,754 | 4,699,844 | 4,463,455 |
Activity in Accumulated depreciation | |||
Balance at beginning of year | 925,359 | 862,487 | 752,925 |
Depreciation expense | 143,952 | 145,233 | 138,510 |
Fully depreciated assets | (83,418) | (81,717) | (26,125) |
Dispositions and other | (1,953) | (644) | (2,823) |
Balance at end of year | 983,940 | 925,359 | 862,487 |
Real Estate Investment Property, Net | 4,505,814 | $ 3,774,485 | $ 3,600,968 |
Aggregate cost of real estate investments for federal income tax purposes | $ 5,555,300 |
CONSOLIDATED BALANCE SHEETS (LP
CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Storage properties | $ 5,489,754 | $ 4,699,844 |
Less: Accumulated depreciation | (983,940) | (925,359) |
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively) | 4,505,814 | 3,774,485 |
Cash and cash equivalents | 3,592 | 54,857 |
Restricted cash | 2,637 | 3,584 |
Loan procurement costs, net of amortization | 3,275 | 4,059 |
Investment in real estate ventures, at equity | 92,071 | 91,117 |
Other assets, net | 170,753 | 101,443 |
Total assets | 4,778,142 | 4,029,545 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 2,030,372 | 1,835,725 |
Revolving credit facility | 117,800 | |
Mortgage loans and notes payable, net | 216,504 | 96,040 |
Accounts payable, accrued expenses and other liabilities | 159,140 | 137,880 |
Lease liabilities - finance leases | 65,599 | |
Distributions payable | 68,301 | 64,688 |
Deferred revenue | 29,087 | 25,313 |
Security deposits | 1,077 | 475 |
Total liabilities | 2,687,880 | 2,160,121 |
Limited Partnership interests of third parties | 249,414 | 62,088 |
Commitments and contingencies | ||
Capital | ||
Accumulated other comprehensive loss | (632) | (729) |
Total liabilities and equity | 4,778,142 | 4,029,545 |
Cubesmart, L P and Subsidiaries | ||
ASSETS | ||
Storage properties | 5,489,754 | 4,699,844 |
Less: Accumulated depreciation | (983,940) | (925,359) |
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively) | 4,505,814 | 3,774,485 |
Cash and cash equivalents | 3,592 | 54,857 |
Restricted cash | 2,637 | 3,584 |
Loan procurement costs, net of amortization | 3,275 | 4,059 |
Investment in real estate ventures, at equity | 92,071 | 91,117 |
Other assets, net | 170,753 | 101,443 |
Total assets | 4,778,142 | 4,029,545 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 2,030,372 | 1,835,725 |
Revolving credit facility | 117,800 | |
Mortgage loans and notes payable, net | 216,504 | 96,040 |
Accounts payable, accrued expenses and other liabilities | 159,140 | 137,880 |
Lease liabilities - finance leases | 65,599 | |
Distributions payable | 68,301 | 64,688 |
Deferred revenue | 29,087 | 25,313 |
Security deposits | 1,077 | 475 |
Total liabilities | 2,687,880 | 2,160,121 |
Limited Partnership interests of third parties | 249,414 | 62,088 |
Commitments and contingencies | ||
Capital | ||
Operating Partner | 1,832,848 | 1,800,075 |
Accumulated other comprehensive loss | (632) | (729) |
Total CubeSmart, L.P. capital | 1,832,216 | 1,799,346 |
Noncontrolling interests in subsidiaries | 8,632 | 7,990 |
Total capital | 1,840,848 | 1,807,336 |
Total liabilities and equity | $ 4,778,142 | $ 4,029,545 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Storage facilities, net | $ 4,505,814 | $ 3,774,485 |
VIE | ||
Storage facilities, net | 119,345 | 92,612 |
Cubesmart, L P and Subsidiaries | ||
Storage facilities, net | 4,505,814 | 3,774,485 |
Cubesmart, L P and Subsidiaries | VIE | ||
Storage facilities, net | $ 119,345 | $ 92,612 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | |||
Rental income | $ 581,009 | $ 552,404 | $ 517,535 |
Total revenues | 679,177 | 643,915 | 597,944 |
OPERATING EXPENSES | |||
Property operating expenses | 223,634 | 209,739 | 196,866 |
Depreciation and amortization | 156,573 | 163,547 | 143,350 |
General and administrative | 41,423 | 38,560 | 37,712 |
Total operating expenses | 421,630 | 411,846 | 377,928 |
Interest: | |||
Interest expense on loans | (75,890) | (72,525) | (62,132) |
Loan procurement amortization expense | (2,674) | (2,819) | (2,313) |
Loss on early extinguishment of debt | (18,020) | ||
Equity in earnings (losses) of real estate ventures | 178 | 11,122 | (865) |
Gains from sale of real estate, net | 6,710 | 1,508 | 10,576 |
Other | (240) | 1,416 | 206 |
Total other expense | (89,936) | (61,298) | (54,528) |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Operating Partnership interests of third parties | $ (1,825) | $ (1,708) | $ (1,820) |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Weighted-average basic units outstanding (in units) | 194,147 | 190,874 | 184,653 |
Weighted-average diluted units outstanding (in units) | 194,943 | 191,576 | 185,495 |
Other Property Related Income | |||
REVENUES | |||
Property related income | $ 70,723 | $ 67,558 | $ 60,156 |
Property Management Fee Income | |||
REVENUES | |||
Property related income | 27,445 | 23,953 | 20,253 |
Cubesmart, L P and Subsidiaries | |||
REVENUES | |||
Rental income | 581,009 | 552,404 | 517,535 |
Total revenues | 679,177 | 643,915 | 597,944 |
OPERATING EXPENSES | |||
Property operating expenses | 223,634 | 209,739 | 196,866 |
Depreciation and amortization | 156,573 | 163,547 | 143,350 |
General and administrative | 41,423 | 38,560 | 37,712 |
Total operating expenses | 421,630 | 411,846 | 377,928 |
Interest: | |||
Interest expense on loans | (75,890) | (72,525) | (62,132) |
Loan procurement amortization expense | (2,674) | (2,819) | (2,313) |
Loss on early extinguishment of debt | (18,020) | ||
Equity in earnings (losses) of real estate ventures | 178 | 11,122 | (865) |
Gains from sale of real estate, net | 6,710 | 1,508 | 10,576 |
Other | (240) | 1,416 | 206 |
Total other expense | (89,936) | (61,298) | (54,528) |
NET INCOME | 167,611 | 170,771 | 165,488 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | (165) | 54 | 221 |
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. | 167,446 | 170,825 | 165,709 |
Operating Partnership interests of third parties | (1,825) | (1,708) | (1,820) |
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS | $ 165,621 | $ 169,117 | $ 163,889 |
Basic earnings per unit attributable to common unitholders | $ 0.85 | $ 0.89 | $ 0.89 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.85 | $ 0.88 | $ 0.88 |
Weighted-average basic units outstanding (in units) | 194,147 | 190,874 | 184,653 |
Weighted-average diluted units outstanding (in units) | 194,943 | 191,576 | 185,495 |
Cubesmart, L P and Subsidiaries | Other Property Related Income | |||
REVENUES | |||
Property related income | $ 70,723 | $ 67,558 | $ 60,156 |
Cubesmart, L P and Subsidiaries | Property Management Fee Income | |||
REVENUES | |||
Property related income | $ 27,445 | $ 23,953 | $ 20,253 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on interest rate swaps | $ 232 | $ (979) | |
Reclassification of realized losses (gains) on interest rate swaps | $ 81 | 70 | (60) |
OTHER COMPREHENSIVE INCOME (LOSS) | 81 | 302 | (1,039) |
COMPREHENSIVE INCOME | 167,692 | 171,073 | 164,449 |
Comprehensive income attributable to Operating Partnership interests of third parties | (1,809) | (1,710) | (1,814) |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | (165) | 54 | 221 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | 165,718 | 169,417 | 162,856 |
Cubesmart, L P and Subsidiaries | |||
NET INCOME | 167,611 | 170,771 | 165,488 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on interest rate swaps | 232 | (979) | |
Reclassification of realized losses (gains) on interest rate swaps | 81 | 70 | (60) |
OTHER COMPREHENSIVE INCOME (LOSS) | 81 | 302 | (1,039) |
COMPREHENSIVE INCOME | 167,692 | 171,073 | 164,449 |
Comprehensive income attributable to Operating Partnership interests of third parties | (1,809) | (1,710) | (1,814) |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | (165) | 54 | 221 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 165,718 | $ 169,417 | $ 162,856 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | $ 62,088 | ||
Contributions from noncontrolling interests in subsidiaries | 682 | $ 7,376 | $ 925 |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Acquisition of noncontrolling interest in subsidiary | (40,605) | ||
Adjustment for Operating Partnership interests of third parties | (4,230) | (5,918) | (299) |
Net income (loss) | 165,786 | 169,063 | 163,668 |
Other comprehensive income (loss), net | 97 | 300 | (627) |
Balance of Noncontrolling Interests in the Operating Partnership | 249,414 | 62,088 | |
Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 62,088 | 55,819 | 54,320 |
Issuance of OP units | 186,933 | 3,576 | 6,242 |
Adjustment for Operating Partnership interests of third parties | 4,230 | 5,918 | 299 |
Net income (loss) | 1,825 | 1,708 | 1,820 |
Other comprehensive income (loss), net | (16) | 2 | (6) |
Balance of Noncontrolling Interests in the Operating Partnership | 249,414 | 62,088 | 55,819 |
Cubesmart, L P and Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,807,336 | 1,716,449 | 1,635,370 |
Balance of Noncontrolling Interests in the Operating Partnership | 62,088 | ||
Contributions from noncontrolling interests in subsidiaries | 682 | 7,376 | 925 |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Issuance of common OP units | 120,727 | 196,304 | 131,829 |
Issuance of restricted OP units | 1 | ||
Acquisition of noncontrolling interest in subsidiary | (40,605) | ||
Conversion from OP units to shares | 2,824 | 2,486 | 4,404 |
Exercise of OP unit options | 961 | 3,686 | 3,835 |
Amortization of restricted OP units | 4,502 | 4,487 | 2,570 |
OP unit compensation expense | 1,952 | 1,786 | 1,541 |
Adjustment for Operating Partnership interests of third parties | (4,230) | (5,918) | (299) |
Net income (loss) | 165,786 | 169,063 | 163,668 |
Other comprehensive income (loss), net | 97 | 300 | (627) |
Common OP unit distributions | (259,584) | (247,890) | (226,599) |
Balance | 1,840,848 | 1,807,336 | 1,716,449 |
Balance of Noncontrolling Interests in the Operating Partnership | 249,414 | 62,088 | |
Cubesmart, L P and Subsidiaries | Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 62,088 | 55,819 | 54,320 |
Issuance of OP units | 186,933 | (3,576) | (6,242) |
Conversion from OP units to shares | (2,824) | (2,486) | (4,404) |
Adjustment for Operating Partnership interests of third parties | 4,230 | 5,918 | 299 |
Net income (loss) | 1,825 | 1,708 | 1,820 |
Other comprehensive income (loss), net | (16) | 2 | (6) |
Common OP unit distributions | (2,822) | (2,449) | (2,452) |
Balance of Noncontrolling Interests in the Operating Partnership | 249,414 | 62,088 | 55,819 |
Cubesmart, L P and Subsidiaries | Total Shareholders' Equity | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,799,346 | 1,709,678 | 1,629,134 |
Issuance of common OP units | 120,727 | 196,304 | 131,829 |
Issuance of restricted OP units | 1 | ||
Acquisition of noncontrolling interest in subsidiary | (34,690) | ||
Conversion from OP units to shares | 2,824 | 2,486 | 4,404 |
Exercise of OP unit options | 961 | 3,686 | 3,835 |
Amortization of restricted OP units | 4,502 | 4,487 | 2,570 |
OP unit compensation expense | 1,952 | 1,786 | 1,541 |
Adjustment for Operating Partnership interests of third parties | (4,230) | (5,918) | (299) |
Net income (loss) | 165,621 | 169,117 | 163,889 |
Other comprehensive income (loss), net | 97 | 300 | (627) |
Common OP unit distributions | (259,584) | (247,890) | (226,599) |
Balance | 1,832,216 | 1,799,346 | 1,709,678 |
Cubesmart, L P and Subsidiaries | Operating Partner | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ 1,800,075 | $ 1,710,707 | $ 1,629,131 |
Balance (in units) | 193,557 | 187,145 | 182,216 |
Issuance of common OP units | $ 120,727 | $ 196,304 | $ 131,829 |
Issuance of common OP units (in units) | 3,627 | 5,899 | 4,291 |
Issuance of restricted OP units | $ 1 | ||
Issuance of restricted OP units (in units) | 60 | 52 | 86 |
Acquisition of noncontrolling interest in subsidiary | $ (34,690) | ||
Conversion from OP units to shares | $ 2,824 | $ 2,486 | $ 4,404 |
Conversion from OP units to shares (in units) | 100 | 80 | 147 |
Exercise of OP unit options | $ 961 | $ 3,686 | $ 3,835 |
Exercise of OP unit options (in units) | 62 | 381 | 405 |
Amortization of restricted OP units | $ 4,502 | $ 4,487 | $ 2,570 |
OP unit compensation expense | 1,952 | 1,786 | 1,541 |
Adjustment for Operating Partnership interests of third parties | (4,230) | (5,918) | (299) |
Net income (loss) | 165,621 | 169,117 | 163,889 |
Other comprehensive income (loss), net | 405 | ||
Common OP unit distributions | (259,584) | (247,890) | (226,599) |
Balance | $ 1,832,848 | $ 1,800,075 | $ 1,710,707 |
Balance (in units) | 197,406 | 193,557 | 187,145 |
Cubesmart, L P and Subsidiaries | Accumulated Other Comprehensive (Loss) Income | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ (729) | $ (1,029) | $ 3 |
Other comprehensive income (loss), net | 97 | 300 | (1,032) |
Balance | (632) | (729) | (1,029) |
Cubesmart, L P and Subsidiaries | Noncontrolling Interest in Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 7,990 | 6,771 | 6,236 |
Contributions from noncontrolling interests in subsidiaries | 682 | 7,376 | 925 |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Acquisition of noncontrolling interest in subsidiary | (5,915) | ||
Net income (loss) | 165 | (54) | (221) |
Balance | $ 8,632 | $ 7,990 | $ 6,771 |
CONSOLIDATED STATEMENTS OF EQ_3
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cubesmart, L P and Subsidiaries | |||
Common OP unit distributions (in dollars per share) | $ 1.33 | $ 1.29 | $ 1.22 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 167,611 | $ 170,771 | $ 165,488 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 159,247 | 166,366 | 145,663 |
Loss on early extinguishment of debt | 18,020 | ||
Equity in losses (earnings) of real estate ventures | (178) | (11,122) | 865 |
Gain from sale of real estate | (6,710) | (1,508) | (10,576) |
Equity compensation expense | 7,140 | 6,694 | 5,572 |
Accretion of fair market value adjustment of debt | (259) | (718) | (735) |
Changes in other operating accounts: | |||
Other assets | (9,674) | (6,578) | (4,937) |
Accounts payable and accrued expenses | 13,922 | 6,042 | 2,653 |
Other liabilities | 1,914 | 1,821 | 342 |
Net cash provided by operating activities | 351,033 | 331,768 | 304,335 |
Investing Activities | |||
Acquisitions of storage properties | (417,988) | (117,998) | (214,510) |
Additions and improvements to storage properties | (49,857) | (37,569) | (27,626) |
Development costs | (55,286) | (102,826) | (86,002) |
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired | (117,959) | ||
Investment in real estate ventures | (7,022) | (10,264) | (19,216) |
Cash distributed from real estate ventures | 6,246 | 7,096 | 8,706 |
Proceeds from sale of real estate, net | 12,466 | 3,856 | 16,389 |
Net cash used in investing activities | (511,441) | (375,664) | (322,259) |
Proceeds from: | |||
Unsecured senior notes | 445,833 | 696,426 | |
Revolving credit facility | 429,085 | 859,313 | 679,535 |
Principal payments on: | |||
Unsecured senior notes | (250,000) | ||
Revolving credit facility | (311,285) | (1,158,776) | (565,710) |
Unsecured term loans | (200,000) | ||
Mortgage loans and notes payable | (46,093) | (11,652) | (9,816) |
Loan procurement costs | (3,764) | (6,023) | |
Debt prepayment costs | (17,584) | ||
Settlement of hedge transactions | (807) | ||
Acquisition of noncontrolling interest in subsidiary, net | (35,777) | ||
Cash paid upon vesting of restricted OP units | (686) | (421) | (1,461) |
Contributions from noncontrolling interests in subsidiaries | 48 | 925 | |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Distributions paid to common OP unitholders | (256,253) | (243,859) | (221,328) |
Net cash provided by financing activities | 108,196 | 95,855 | 15,248 |
Change in cash, cash equivalents and restricted cash | (52,212) | 51,959 | (2,676) |
Cash, cash equivalents and restricted cash at beginning of period | 58,441 | 6,482 | 9,158 |
Cash, cash equivalents and restricted cash at end of period | 6,229 | 58,441 | 6,482 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 80,792 | 69,283 | 66,829 |
Supplemental disclosure of noncash activities: | |||
Acquisitions of storage properties | (2,623) | ||
Proceeds held in escrow from real estate venture's sale of real estate (see note 4) | 8,288 | ||
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4) | (8,288) | ||
Right-of-use assets obtained in exchange for lease liabilities | 61,423 | ||
Discount on issuance of unsecured senior notes | 4,167 | 3,574 | |
Noncash drawdown on revolving credit facility | (103,938) | ||
Mortgage loan assumptions | 169,056 | 7,166 | |
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy | (100,000) | ||
Accretion of put liability | 7,917 | 5,895 | 24,747 |
Derivative valuation adjustment | (81) | (302) | 633 |
Loan procurement costs | (3,770) | ||
Issuance of OP units (see Note 4) | 186,933 | 3,576 | 6,242 |
Acquisition of noncontrolling interest in subsidiary | (4,828) | ||
Contributions from noncontrolling interests in subsidiaries | 682 | 7,328 | |
Cubesmart, L P and Subsidiaries | |||
Operating Activities | |||
Net income | 167,611 | 170,771 | 165,488 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 159,247 | 166,366 | 145,663 |
Loss on early extinguishment of debt | 18,020 | ||
Equity in losses (earnings) of real estate ventures | (178) | (11,122) | 865 |
Gain from sale of real estate | (6,710) | (1,508) | (10,576) |
Equity compensation expense | 7,140 | 6,694 | 5,572 |
Accretion of fair market value adjustment of debt | (259) | (718) | (735) |
Changes in other operating accounts: | |||
Other assets | (9,674) | (6,578) | (4,937) |
Accounts payable and accrued expenses | 13,922 | 6,042 | 2,653 |
Other liabilities | 1,914 | 1,821 | 342 |
Net cash provided by operating activities | 351,033 | 331,768 | 304,335 |
Investing Activities | |||
Acquisitions of storage properties | (417,988) | (117,998) | (214,510) |
Additions and improvements to storage properties | (49,857) | (37,569) | (27,626) |
Development costs | (55,286) | (102,826) | (86,002) |
Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired | (117,959) | ||
Investment in real estate ventures | (7,022) | (10,264) | (19,216) |
Cash distributed from real estate ventures | 6,246 | 7,096 | 8,706 |
Proceeds from sale of real estate, net | 12,466 | 3,856 | 16,389 |
Net cash used in investing activities | (511,441) | (375,664) | (322,259) |
Proceeds from: | |||
Unsecured senior notes | 445,833 | 696,426 | |
Revolving credit facility | 429,085 | 859,313 | 679,535 |
Principal payments on: | |||
Unsecured senior notes | (250,000) | ||
Revolving credit facility | (311,285) | (1,158,776) | (565,710) |
Unsecured term loans | (200,000) | ||
Mortgage loans and notes payable | (46,093) | (11,652) | (9,816) |
Loan procurement costs | (3,764) | (6,023) | |
Debt prepayment costs | (17,584) | ||
Settlement of hedge transactions | (807) | ||
Acquisition of noncontrolling interest in subsidiary, net | (35,777) | ||
Proceeds from issuance of common OP units | 120,727 | 196,304 | 131,830 |
Cash paid upon vesting of restricted OP units | (686) | (421) | (1,461) |
Exercise of OP unit options | 961 | 3,686 | 3,835 |
Contributions from noncontrolling interests in subsidiaries | 48 | 925 | |
Distributions paid to noncontrolling interests in subsidiaries | (205) | (188) | (169) |
Distributions paid to common OP unitholders | (258,793) | (246,278) | (223,721) |
Net cash provided by financing activities | 108,196 | 95,855 | 15,248 |
Change in cash, cash equivalents and restricted cash | (52,212) | 51,959 | (2,676) |
Cash, cash equivalents and restricted cash at beginning of period | 58,441 | 6,482 | 9,158 |
Cash, cash equivalents and restricted cash at end of period | 6,229 | 58,441 | 6,482 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 80,792 | 69,283 | 66,829 |
Supplemental disclosure of noncash activities: | |||
Acquisitions of storage properties | (2,623) | ||
Proceeds held in escrow from real estate venture's sale of real estate (see note 4) | 8,288 | ||
Noncash consideration for acquisition of partner's interest in real estate venture (see note 4) | (8,288) | ||
Right-of-use assets obtained in exchange for lease liabilities | 61,423 | ||
Discount on issuance of unsecured senior notes | 4,167 | 3,574 | |
Noncash drawdown on revolving credit facility | 103,938 | ||
Mortgage loan assumptions | 169,056 | 7,166 | |
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy | (100,000) | ||
Accretion of put liability | 7,917 | 5,895 | 24,747 |
Derivative valuation adjustment | 81 | 302 | (633) |
Loan procurement costs | (3,770) | ||
Issuance of OP units (see Note 4) | 186,933 | 3,576 | $ 6,242 |
Acquisition of noncontrolling interest in subsidiary | (4,828) | ||
Contributions from noncontrolling interests in subsidiaries | $ 682 | $ 7,328 |