Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | CubeSmart | ||
Entity Central Index Key | 1298675 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2,694,476,141 | ||
Entity Common Stock, Shares Outstanding | 165,750,278 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Storage facilities | $3,117,198 | $2,553,706 |
Less: Accumulated depreciation | -492,069 | -398,536 |
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively) | 2,625,129 | 2,155,170 |
Cash and cash equivalents | 2,901 | 3,176 |
Restricted cash | 3,305 | 4,025 |
Loan procurement costs, net of amortization | 10,653 | 12,687 |
Investment in real estate venture, at equity | 95,709 | 156,310 |
Other assets, net | 48,642 | 27,256 |
Total assets | 2,786,339 | 2,358,624 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes | 500,000 | 500,000 |
Revolving credit facility | 78,000 | 38,600 |
Unsecured term loans | 400,000 | 400,000 |
Mortgage loans and notes payable | 195,851 | 200,218 |
Accounts payable, accrued expenses and other liabilities | 69,198 | 57,599 |
Distributions payable | 28,137 | 19,955 |
Deferred revenue | 15,311 | 12,394 |
Security deposits | 401 | 376 |
Total liabilities | 1,286,898 | 1,229,142 |
Noncontrolling interests in the Operating Partnership | 49,823 | 36,275 |
Commitments and contingencies | ||
Equity | ||
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 3,100,000 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 31 | 31 |
Common shares $.01 par value, 200,000,000 shares authorized, 163,956,675 and 139,328,366 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 1,639 | 1,393 |
Additional paid in capital | 1,974,308 | 1,542,703 |
Accumulated other comprehensive loss | -8,759 | -11,014 |
Accumulated deficit | -519,193 | -440,837 |
Total CubeSmart shareholders' equity | 1,448,026 | 1,092,276 |
Noncontrolling interests in subsidiaries | 1,592 | 931 |
Total equity | 1,449,618 | 1,093,207 |
Total liabilities and equity | $2,786,339 | $2,358,624 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Storage facilities, net | $2,625,129 | $2,155,170 |
Series A Preferred shares, percentage | 7.75% | 7.75% |
Series A Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Series A Preferred shares, shares authorized | 3,220,000 | 3,220,000 |
Series A Preferred shares, shares issued | 3,100,000 | 3,100,000 |
Series A Preferred shares, shares outstanding | 3,100,000 | 3,100,000 |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 163,956,675 | 139,328,366 |
Common shares, shares outstanding | 163,956,675 | 139,328,366 |
VIE | ||
Storage facilities, net | $49,829 | $34,559 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | |||
Rental income | $330,898 | $281,250 | $236,160 |
Other property related income | 40,065 | 32,365 | 25,821 |
Property management fee income | 6,000 | 4,780 | 4,341 |
Total revenues | 376,963 | 318,395 | 266,322 |
OPERATING EXPENSES | |||
Property operating expenses | 132,701 | 118,222 | 103,488 |
Depreciation and amortization | 126,813 | 112,313 | 109,830 |
General and administrative | 28,422 | 29,563 | 26,131 |
Acquisition related costs | 7,484 | 3,849 | 3,086 |
Total operating expenses | 295,420 | 263,947 | 242,535 |
OPERATING INCOME | 81,543 | 54,448 | 23,787 |
Interest: | |||
Interest expense on loans | -46,802 | -40,424 | -40,318 |
Loan procurement amortization expense | -2,190 | -2,058 | -3,279 |
Loan procurement amortization expense - early repayment of debt | -414 | ||
Equity in losses of real estate ventures | -6,255 | -1,151 | -745 |
Gain from remeasurement of investment in real estate venture | 7,023 | ||
Gain from sale of real estate | 475 | ||
Other | -405 | 8 | 256 |
Total other expense | -55,177 | -44,039 | -37,063 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 26,366 | 10,409 | -13,276 |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 336 | 4,145 | 7,093 |
Gain from disposition of discontinued operations | 27,440 | 9,811 | |
Total discontinued operations | 336 | 31,585 | 16,904 |
NET INCOME | 26,702 | 41,994 | 3,628 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interests in the Operating Partnership | -307 | -588 | 107 |
Noncontrolling interest in subsidiaries | -16 | 42 | -1,918 |
NET INCOME ATTRIBUTABLE TO THE COMPANY | 26,379 | 41,448 | 1,817 |
Distribution to preferred shares | -6,008 | -6,008 | -6,008 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 20,371 | 35,440 | -4,191 |
Basic earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | $0.01 | $0.23 | $0.14 |
Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.14 | $0.26 | ($0.03) |
Diluted earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | $0.01 | $0.23 | $0.14 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.14 | $0.26 | ($0.03) |
Weighted-average basic shares outstanding (in shares) | 149,107 | 135,191 | 124,548 |
Weighted-average diluted shares outstanding (in shares) | 150,863 | 137,742 | 124,548 |
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS: | |||
Income (loss) from continuing operations | 20,040 | 4,392 | -20,689 |
Total discontinued operations | 331 | 31,048 | 16,498 |
Net income (loss) | $20,371 | $35,440 | ($4,191) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
NET INCOME | $26,702 | $41,994 | $3,628 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | -3,944 | 2,636 | -13,548 |
Reclassification of realized losses on interest rate swaps | 6,408 | 6,266 | 6,082 |
Unrealized (loss) gain on foreign currency translation | -175 | 56 | 172 |
OTHER COMPREHENSIVE INCOME (LOSS) | 2,289 | 8,958 | -7,294 |
COMPREHENSIVE INCOME (LOSS) | 28,991 | 50,952 | -3,666 |
Comprehensive (income) loss attributable to noncontrolling interests in the Operating Partnership | -338 | -740 | 445 |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | -19 | 18 | -1,927 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $28,634 | $50,230 | ($5,148) |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total Shareholders' Equity | Common Shares | Preferred Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) | Accumulated Deficit | Noncontrolling Interest in Subsidiaries | Operating Partnership Interests of third parties | Total |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2011 | $49,732 | ||||||||
Balance at Dec. 31, 2011 | 955,913 | 1,221 | 31 | 1,309,505 | -12,831 | -342,013 | 39,409 | 995,322 | |
Balance (in shares) at Dec. 31, 2011 | 122,059,000 | 3,100,000 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of common shares, net | 102,079 | 79 | 102,000 | 102,079 | |||||
Issuance of common shares, net (in shares) | 7,900,000 | ||||||||
Issuance of restricted shares | 2 | 2 | 2 | ||||||
Issuance of restricted shares (in shares) | 246,000 | ||||||||
Conversion from units to shares | 19,247 | 14 | 19,233 | -19,247 | 19,247 | ||||
Conversion from units to shares (in shares) | 1,380,000 | ||||||||
Exercise of stock options | 1,629 | 2 | 1,627 | 1,629 | |||||
Exercise of stock options (in shares) | 210,000 | ||||||||
Amortization of restricted shares | 3,352 | 3,352 | 3,352 | ||||||
Share compensation expense | 1,198 | 1,198 | 1,198 | ||||||
Acquisition of noncontrolling interest | -18,452 | -18,452 | -38,532 | -132 | -56,984 | ||||
Adjustment for noncontrolling interest in the Operating Partnership | -19,520 | -19,520 | 19,520 | -19,520 | |||||
Net income (loss) | 1,817 | 1,817 | 1,918 | -107 | -4,191 | ||||
Net income (loss), including temporary equity | 3,735 | ||||||||
Other comprehensive income (loss): | |||||||||
Unrealized gains (losses) on interest rate swaps | -7,124 | -7,124 | -342 | -7,124 | |||||
Unrealized (loss) gain on foreign currency translation | 159 | 159 | 9 | 4 | 168 | ||||
Preferred share distributions | -6,008 | -6,008 | -6,008 | ||||||
Common share distributions | -44,501 | -44,501 | -2,686 | -1,438 | -47,187 | ||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012 | 47,990 | ||||||||
Balance at Dec. 31, 2012 | 989,791 | 1,318 | 31 | 1,418,463 | -19,796 | -410,225 | 118 | 989,909 | |
Balance (in shares) at Dec. 31, 2012 | 131,795,000 | 3,100,000 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 831 | 831 | |||||||
Issuance of common shares, net | 100,287 | 57 | 100,230 | 100,287 | |||||
Issuance of common shares, net (in shares) | 5,700,000 | ||||||||
Issuance of restricted shares | 3 | 3 | 3 | ||||||
Issuance of restricted shares (in shares) | 301,000 | ||||||||
Conversion from units to shares | 14,698 | 10 | 14,688 | -14,698 | 14,698 | ||||
Conversion from units to shares (in shares) | 1,018,000 | ||||||||
Exercise of stock options | 3,710 | 5 | 3,705 | 3,710 | |||||
Exercise of stock options (in shares) | 514,000 | ||||||||
Amortization of restricted shares | 4,747 | 4,747 | 4,747 | ||||||
Share compensation expense | 870 | 870 | 870 | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | -3,292 | -3,292 | 3,292 | -3,292 | |||||
Net income (loss) | 41,448 | 41,448 | -42 | 588 | 35,440 | ||||
Net income (loss), including temporary equity | 41,406 | ||||||||
Other comprehensive income (loss): | |||||||||
Unrealized gains (losses) on interest rate swaps | 8,751 | 8,751 | 151 | 8,751 | |||||
Unrealized (loss) gain on foreign currency translation | 31 | 31 | 24 | 1 | 55 | ||||
Preferred share distributions | -6,008 | -6,008 | -6,008 | ||||||
Common share distributions | -62,760 | -62,760 | -1,049 | -62,760 | |||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013 | 36,275 | 36,275 | |||||||
Balance at Dec. 31, 2013 | 1,092,276 | 1,393 | 31 | 1,542,703 | -11,014 | -440,837 | 931 | 1,093,207 | |
Balance (in shares) at Dec. 31, 2013 | 139,328,000 | 3,100,000 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 642 | 642 | |||||||
Issuance of common shares, net | 416,001 | 227 | 415,774 | 416,001 | |||||
Issuance of common shares, net (in shares) | 22,704,000 | ||||||||
Issuance of restricted shares | 5 | 5 | 5 | ||||||
Issuance of restricted shares (in shares) | 482,000 | ||||||||
Conversion from units to shares | 308 | 308 | -308 | 308 | |||||
Conversion from units to shares (in shares) | 18,000 | ||||||||
Exercise of stock options | 13,802 | 14 | 13,788 | 13,802 | |||||
Exercise of stock options (in shares) | 1,425,000 | ||||||||
Amortization of restricted shares | 182 | 182 | 182 | ||||||
Share compensation expense | 1,553 | 1,553 | 1,553 | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | -14,761 | -14,761 | 14,761 | -14,761 | |||||
Net income (loss) | 26,379 | 26,379 | 16 | 307 | 20,371 | ||||
Net income (loss), including temporary equity | 26,395 | ||||||||
Other comprehensive income (loss): | |||||||||
Unrealized gains (losses) on interest rate swaps | 2,427 | 2,427 | 37 | 2,427 | |||||
Unrealized (loss) gain on foreign currency translation | -172 | -172 | 3 | -6 | -169 | ||||
Preferred share distributions | -6,008 | -6,008 | -6,008 | ||||||
Common share distributions | -83,966 | -83,966 | -1,243 | -83,966 | |||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2014 | 49,823 | 49,823 | |||||||
Balance at Dec. 31, 2014 | $1,448,026 | $1,639 | $31 | $1,974,308 | ($8,759) | ($519,193) | $1,592 | $1,449,618 | |
Balance (in shares) at Dec. 31, 2014 | 163,957,000 | 3,100,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income | $26,702 | $41,994 | $3,628 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 129,003 | 117,074 | 118,573 |
Gain from sale of real estate | -475 | -27,440 | -9,811 |
Gain from remeasurement of investment in real estate venture | -7,023 | ||
Equity compensation expense | 1,735 | 5,617 | 4,550 |
Accretion of fair market value adjustment of debt | -1,685 | -1,018 | -707 |
Loan procurement amortization expense - early repayment of debt | 414 | ||
Equity in losses of real estate ventures | 6,255 | 1,151 | 745 |
Changes in other operating accounts: | |||
Other assets | 808 | -1,156 | -2,125 |
Restricted cash | 411 | 567 | 3,545 |
Accounts payable and accrued expenses | 2,699 | 4,564 | 6,899 |
Other liabilities | 579 | 1,095 | 154 |
Net cash provided by operating activities | 166,032 | 142,862 | 118,428 |
Investing Activities | |||
Acquisitions of storage facilities | -547,515 | -181,612 | -220,791 |
Additions and improvements to storage facilities | -19,967 | -20,320 | -22,395 |
Development costs | -23,566 | -53,979 | -4,227 |
Cash paid for remaining interest in real estate venture | -81,158 | ||
Investment in real estate venture, at equity | -157,461 | ||
Cash contributed to real estate venture | -2,550 | ||
Cash distributed from real estate venture | 56,896 | 909 | |
Proceeds from sales of facilities, net | 13,475 | 123,780 | 52,630 |
Proceeds from notes receivable | 5,192 | ||
Change in restricted cash | 528 | 1,476 | 3,096 |
Net cash used in investing activities | -522,699 | -282,924 | -271,936 |
Proceeds from: | |||
Unsecured senior notes | 247,488 | 249,638 | |
Revolving credit facility | 712,500 | 636,200 | 403,000 |
Unsecured term loans | 100,000 | ||
Mortgage loans and notes payable | 0 | ||
Principal payments on: | |||
Revolving credit facility | -673,100 | -642,600 | -358,000 |
Unsecured term loans | -100,000 | ||
Mortgage loans and notes payable | -30,149 | -36,496 | -236,340 |
Loan procurement costs | -274 | -4,400 | -2,145 |
Settlement of hedge transactions | -195 | ||
Proceeds from issuance of common shares, net | 416,006 | 100,290 | 102,079 |
Exercise of stock options | 13,802 | 3,710 | 1,629 |
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | |
Cash paid for acquisition of noncontrolling interest | -61,113 | ||
Distributions paid to common shareholders | -75,849 | -59,159 | -39,755 |
Distributions paid to preferred shareholders | -6,008 | -6,008 | -5,724 |
Distributions paid to noncontrolling interests in Operating Partnership | -1,178 | -1,113 | -1,454 |
Distributions paid to noncontrolling interest in subsidiaries | -2,686 | ||
Net cash provided by financing activities | 356,392 | 138,743 | 148,934 |
Change in cash and cash equivalents | -275 | -1,319 | -4,574 |
Cash and cash equivalents at beginning of year | 3,176 | 4,495 | 9,069 |
Cash and cash equivalents at end of year | 2,901 | 3,176 | 4,495 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 50,024 | 43,130 | 33,578 |
Supplemental disclosure of noncash activities: | |||
Accretion of liability | 8,977 | ||
Consolidation of real estate venture | 13,527 | ||
Derivative valuation adjustment | 2,464 | 8,902 | -7,271 |
Foreign currency translation adjustment | -175 | 56 | 172 |
Discount on issuance of unsecured senior notes | 2,512 | 362 | |
Mortgage loan assumption - acquisition of storage facilities | $27,467 | $8,866 | $107,011 |
ORGANIZATION_AND_NATURE_OF_OPE
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014, the Company owned self-storage facilities located in 22 states throughout the United States and in the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage facilities. | |
As of December 31, 2014, the Parent Company owned approximately 98.6% 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 facilities to us 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 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_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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. 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. | ||||||||
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 facilities. 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 at December 31, 2014, 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 $14.8 million at December 31, 2014. Disclosure of such redemption provisions is provided in note 12. | ||||||||
Estimates | ||||||||
The preparation of 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 we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our 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 our future operating results. | ||||||||
Self-Storage Facilities | ||||||||
Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage facilities reflects their purchase price or development cost. Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility. Acquisition costs, 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 facilities are capitalized to construction in progress while the project is under development. | ||||||||
Purchase Price Allocation | ||||||||
When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. | ||||||||
In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. 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 leases in place at acquired facilities 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. 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 facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. | ||||||||
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 facility’s basis is recoverable. If a facility’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. | ||||||||
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 facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility 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. Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. | ||||||||
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 consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. | ||||||||
Loan Procurement Costs | ||||||||
Loan procurement costs related to borrowings were $17.0 million and $17.3 million at December 31, 2014 and 2013, respectively, and are reported net of accumulated amortization of $6.4 million and $4.6 million as of December 31, 2014 and 2013, respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and 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, 2014 and 2013 (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Intangible assets, net of accumulated amortization | $ | 22,494 | $ | 9,463 | ||||
Deposits on future settlements | 10,250 | 1,287 | ||||||
Accounts receivable | 4,237 | 4,957 | ||||||
Prepaid insurance | 1,545 | 1,304 | ||||||
Prepaid real estate taxes | 2,425 | 1,893 | ||||||
Other | 7,691 | 8,352 | ||||||
Total | $ | 48,642 | $ | 27,256 | ||||
Revenue Recognition | ||||||||
Management has determined that all of our 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 disposition of facilities only upon closing in accordance with the guidance on sales of real estate. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance. | ||||||||
Advertising and Marketing Costs | ||||||||
The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements. The Company incurred $7.7 million, $7.6 million and $8.1 million in advertising and marketing expenses for the years ended 2014, 2013 and 2012, respectively, which are included in other operating expenses on the Company’s consolidated statements of operations. | ||||||||
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, 2014, 2013 and 2012, the Company recognized $6.0 million, $1.8 million and $1.7 million of equity offering costs related to the issuance of common and preferred shares during the years, respectively. | ||||||||
Other Property Related Income | ||||||||
Other property related income consists of late fees, administrative charges, customer insurance commissions, 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 assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $1.3 million for the year ended December 31, 2014, $0.9 million for the year ended December 31, 2013 and $0.2 million for the year ended December 31, 2012. | ||||||||
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. Additionally, the Company had interest rate swap agreements for notional principal amounts aggregating $400 million at December 31, 2014 and 2013, the fair value of which are included in accounts payable, accrued expenses and other liabilities. | ||||||||
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 $2.6 billion and $2.2 billion as of December 31, 2014 and 2013, respectively. | ||||||||
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 2014 consisted of a 94.143% ordinary income distribution and a 5.857% capital gain distribution from earnings and profits. | ||||||||
Distributions to 7.75% Series A Cumulative Redeemable Preferred 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 preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain or return of capital. The characterization of our preferred dividends for 2014 consisted of a 92.837% ordinary income distribution and a 7.163% capital gain 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 2014, 2013, or 2012. | ||||||||
Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes. Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.0 million and $0.7 million as of December 31, 2014 and 2013, 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 1,756,000, 2,551,000 and 2,000,000 in 2014, 2013 and 2012, respectively. The amount in 2012 was not included in the calculation of diluted earnings per share and unit, as the impact of inclusion was anti-dilutive for that year. | ||||||||
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 statements of operations. | ||||||||
Foreign Currency | ||||||||
The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures. The local currency is the functional currency for the Company’s foreign subsidiaries. Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred. The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at an end-of-period exchange rate of approximately 1.558642 and 1.657413 U.S. Dollars per Pound at December 31, 2014 and December 31, 2013, respectively, and an average exchange rate of 1.643106, 1.588598 and 1.585074 U.S. Dollars per Pound for the years ended December 31, 2014, 2013 and 2012, respectively. Accordingly, the Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||
Investments in Unconsolidated Real Estate Ventures | ||||||||
The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting. Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also 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 is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment 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 its ownership interest. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP (“GAAP”) when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements and related disclosures. | ||||||||
In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations. The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted. The Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations. The Company disposed of one asset during the year ended December 31, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance. | ||||||||
Concentration of Credit Risk | ||||||||
The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility. No single customer represents a significant concentration of our revenues. The facilities in Florida, New York, Texas, and California provided total revenues of approximately 17%, 17%, 10% and 8%, respectively, for the year ended December 31, 2014. The facilities in New York, Florida, Texas, and California provided total revenues of approximately 17%, 15%, 10% and 9%, respectively, for the year ended December 31, 2013. The facilities in New York, Florida, California, and Texas provided total revenues of approximately 16%, 15%, 10% and 10%, respectively, for the year ended December 31, 2012. | ||||||||
STORAGE_FACILITIES
STORAGE FACILITIES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
STORAGE FACILITIES | |||||||||||
STORAGE FACILITIES | |||||||||||
3. STORAGE FACILITIES | |||||||||||
The book value of the Company’s real estate assets is summarized as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Land | $ | 545,393 | $ | 465,680 | |||||||
Buildings and improvements | 2,304,653 | 1,888,823 | |||||||||
Equipment | 218,731 | 158,000 | |||||||||
Construction in progress | 48,421 | 41,203 | |||||||||
Storage facilities | 3,117,198 | 2,553,706 | |||||||||
Less accumulated depreciation | (492,069 | ) | (398,536 | ) | |||||||
Storage facilities, net | $ | 2,625,129 | $ | 2,155,170 | |||||||
The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Asset/Portfolio | Market | Transaction Date | Number of | Purchase / Sale Price | |||||||
Facilities | (in thousands) | ||||||||||
2014 Acquisitions: | |||||||||||
Connecticut Asset | Connecticut | January 2014 | 1 | $ | 4,950 | ||||||
Florida Asset | Miami / Ft. Lauderdale | January 2014 | 1 | 14,000 | |||||||
Florida Assets | Florida Markets - Other | January 2014 | 2 | 14,450 | |||||||
California Asset | Other West | January 2014 | 1 | 8,300 | |||||||
Maryland Asset | Baltimore / DC | February 2014 | 1 | 15,800 | |||||||
Maryland Asset | Baltimore / DC | February 2014 | 1 | 15,500 | |||||||
Arizona Asset | Arizona / Las Vegas | March 2014 | 1 | 14,750 | |||||||
Pennsylvania Asset | Philadelphia / Southern NJ | March 2014 | 1 | 7,350 | |||||||
Texas Asset | Texas Markets - Major | March 2014 | 1 | 8,225 | |||||||
Texas Asset | Texas Markets - Major | April 2014 | 1 | 6,450 | |||||||
New York Assets | New York / Northern NJ | April 2014 | 2 | 55,000 | |||||||
Florida Asset | Florida Markets - Other | April 2014 | 1 | 11,406 | |||||||
Massachusetts Asset | Other Northeast | April 2014 | 1 | 11,100 | |||||||
Indiana Asset | Other Midwest | May 2014 | 1 | 8,400 | |||||||
Florida Assets | Florida Markets - Other | June 2014 | 3 | 35,000 | |||||||
Florida Assets | Florida Markets - Other | July 2014 | 2 | 15,800 | |||||||
Massachusetts Asset | Boston | September 2014 | 1 | 23,100 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 7,700 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 8,500 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 7,750 | |||||||
HSRE Assets | Various (see note 4) | November 2014 | 22 | 195,500 | |||||||
Texas Asset | Texas Markets - Major | December 2014 | 1 | 18,650 | |||||||
Florida Assets | Florida Markets - Other | December 2014 | 3 | 18,200 | |||||||
New York Asset | New York / Northern NJ | December 2014 | 1 | 38,000 | |||||||
Texas Asset | Texas Markets - Major | December 2014 | 1 | 4,345 | |||||||
53 | $ | 568,226 | |||||||||
2013 Acquisitions: | |||||||||||
Arizona Asset | Arizona / Las Vegas | March 2013 | 1 | $ | 6,900 | ||||||
Illinois Asset | Chicago | May 2013 | 1 | 8,300 | |||||||
Florida Asset | Florida Markets - Other | May 2013 | 1 | 7,150 | |||||||
Florida Asset | Miami / Ft. Lauderdale | June 2013 | 1 | 9,000 | |||||||
Massachusetts Asset | Boston | June 2013 | 1 | 10,600 | |||||||
Maryland / New Jersey Assets | Baltimore / DC and New York / Northern NJ | June 2013 | 5 | 52,400 | |||||||
New York Asset | New York / Northern NJ | July 2013 | 1 | 13,000 | |||||||
Texas Asset | Texas Markets - Major | August 2013 | 1 | 10,975 | |||||||
Arizona Asset | Arizona / Las Vegas | September 2013 | 1 | 10,500 | |||||||
Arizona Asset | Arizona / Las Vegas | September 2013 | 1 | 4,300 | |||||||
Maryland Asset | Baltimore / DC | November 2013 | 1 | 15,375 | |||||||
Texas Asset | Texas Markets - Major | November 2013 | 1 | 9,700 | |||||||
Texas Asset | Texas Markets - Major | December 2013 | 1 | 10,497 | |||||||
Texas Asset | Texas Markets - Major | December 2013 | 1 | 6,925 | |||||||
Maryland Asset | Baltimore / DC | December 2013 | 1 | 8,200 | |||||||
Florida Asset | Miami / Ft. Lauderdale | December 2013 | 1 | 6,000 | |||||||
20 | $ | 189,822 | |||||||||
Asset/Portfolio | Market | Transaction Date | Number of | Purchase / Sale Price | |||||||
Facilities | (in thousands) | ||||||||||
2013 Dispositions: | |||||||||||
Texas/Indiana Assets | Texas Markets - Major and Other Midwest | March 2013 | 5 | $ | 11,400 | ||||||
Tennessee Assets | Tennessee | August 2013 | 8 | 25,000 | |||||||
California/Ohio/Tennessee/Texas/ Wisconsin Assets | Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major | October/November 2013 | 22 | 90,000 | |||||||
35 | $ | 126,400 | |||||||||
2012 Acquisitions: | |||||||||||
Texas Asset | Texas Markets - Major | February 2012 | 1 | $ | 5,100 | ||||||
Georgia Asset | Atlanta | February 2012 | 1 | 6,900 | |||||||
Texas Asset | Texas Markets - Major | June 2012 | 1 | 4,970 | |||||||
Texas Assets | Texas Markets - Major | July 2012 | 4 | 18,150 | |||||||
Texas Asset | Texas Markets - Major | July 2012 | 1 | 5,130 | |||||||
Connecticut Asset | Connecticut | July 2012 | 1 | 5,000 | |||||||
Storage Deluxe Assets | New York / Northern NJ and Connecticut | February/April/August 2012 | 6 | 201,910 | |||||||
Virginia Asset | Baltimore / DC | August 2012 | 1 | 19,750 | |||||||
New Jersey Assets | Philadelphia / Southern NJ | August 2012 | 2 | 10,750 | |||||||
Georgia/Florida Assets | Atlanta and Miami / Ft. Lauderdale | August 2012 | 3 | 13,370 | |||||||
Georgia Asset | Atlanta | August 2012 | 1 | 3,100 | |||||||
HSREV Assets | Various (see note 4) | September 2012 | 9 | 102,000 | |||||||
Colorado Asset | Colorado / Utah | September 2012 | 1 | 10,600 | |||||||
Florida Assets | Florida Markets - Other | November 2012 | 2 | 13,010 | |||||||
Pennsylvania/New Jersey Assets | Philadelphia / Southern NJ | December 2012 | 2 | 7,800 | |||||||
Texas Asset | Texas Markets - Major | December 2012 | 1 | 4,800 | |||||||
37 | $ | 432,340 | |||||||||
2012 Dispositions: | |||||||||||
Michigan Assets | Other Midwest | June 2012 | 3 | $ | 6,362 | ||||||
Alabama/Louisiana/Mississippi Assets | Other Southeast | June 2012 | 5 | 16,800 | |||||||
New Mexico Assets | Other West | August 2012 | 6 | 7,500 | |||||||
California Asset | Inland Empire | August 2012 | 1 | 5,000 | |||||||
Florida/ Tennessee Assets | Florida Markets - Other and Tennessee | November 2012 | 3 | 6,550 | |||||||
Ohio Assets | Ohio | November 2012 | 8 | 17,750 | |||||||
26 | $ | 59,962 | |||||||||
INVESTMENT_ACTIVITY
INVESTMENT ACTIVITY | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
INVESTMENT ACTIVITY | |||||||||||
INVESTMENT ACTIVITY | |||||||||||
4. INVESTMENT ACTIVITY | |||||||||||
2014 Acquisitions | |||||||||||
On August 25, 2014, the Operating Partnership entered into an Agreement for Purchase and Sale with certain limited liability companies controlled by HSRE REIT I and HSRE REIT II, each Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage facilities for an aggregate purchase price of $223.0 million plus customary closing costs. On November 3, 2014, the Company closed on the first tranche of 22 facilities comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. The 22 facilities purchased are located in California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $14.5 million at the time of the acquisition 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 year ended December 31, 2014 was approximately $2.4 million The Company expects to close on the remaining four facilities no later than March 31, 2015. As of December 31, 2014, the Company had made a deposit of $5.0 million with respect to the second tranche of the HSRE Acquisition, which deposit is reflected in Other assets, net on the Company’s consolidated balance sheets. | |||||||||||
During 2014, the Company acquired an additional 31 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $372.7 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $23.8 million at the time of such 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 year ended December 31, 2014 was approximately $13.4 million. In connection with four of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $27.5 million, which included an outstanding principal balance totaling $26.0 million and a net premium of $1.5 million to reflect the estimated fair value of the debt at the time of assumption. | |||||||||||
As of December 31, 2014, the Company was under contract and had made deposits of $5.2 million associated with four facilities under construction for a total purchase price of $85.2 million. These deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of these four facilities is expected to occur by the first quarter of 2016 after the completion of construction and the issuance of a certificate of occupancy. These acquisitions are subject to due diligence and other customary closing conditions and no assurance can be provided that these acquisitions will be completed on the terms described, or at all. | |||||||||||
Development | |||||||||||
During the fourth quarter of 2014, the Company entered into a contract under a newly-formed joint venture for the construction of one self-storage facility located in New York (see note 12). Construction for the project is expected to be completed by the second quarter of 2016. At December 31, 2014, development costs for this project totaled $0.4 million. | |||||||||||
At December 31, 2014, the Company also had four contracts through joint ventures for the construction of three additional self-storage facilities located in New York and one self-storage facility located in Virginia (see note 12). Construction for all projects is expected to be completed by the first quarter of 2016. At December 31, 2014, development costs for these projects totaled $35.4 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage facilities on the Company’s consolidated balance sheets. | |||||||||||
During the first quarter of 2014, the Company completed the construction of a self-storage facility subject to a ground lease located in Bronx, NY and opened for operation. Total costs for this project were $17.2 million at December 31, 2014. These costs are capitalized to building and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets. | |||||||||||
During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use facility comprised of office space and relocated its corporate headquarters to 5 Old Lancaster Road in Malvern, PA, a suburb of Philadelphia. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the facility opened for operation. Total costs for this mixed-use project were $25.1 million at December 31, 2014. | |||||||||||
2014 Disposition | |||||||||||
On June 30, 2014, the Company sold one asset in London, England owned by USIFB, LLP, a consolidated real estate joint venture in which the Company owns a 97% interest, for an aggregate sales price of £4.1 million (approximately $7.0 million). The Company received net proceeds of $7.0 million, a portion of which were used to repay the loan the Company made to the venture, and recorded a gain of $0.5 million as a result of the transaction. | |||||||||||
2013 Acquisitions | |||||||||||
During 2013, the Company acquired 20 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $189.8 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $13.5 million at the time of the acquisition 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 year ended December 31, 2014 and 2013 was approximately $8.2 million and $5.3 million, respectively. In connection with one of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $8.9 million, which included an outstanding principal balance totaling $8.5 million and a net premium of $0.4 million in addition to the face value of the assumed debt to reflect the fair value of the debt at the time of assumption. | |||||||||||
2013 Dispositions | |||||||||||
During 2013, the Company sold 35 self-storage facilities located throughout the United States for an aggregate sales price of approximately $126.4 million. In connection with these sales, the Company recorded gains that totaled $27.4 million. | |||||||||||
2012 Acquisitions | |||||||||||
During 2012, as part of the $560 million Storage Deluxe transaction involving 22 Class A self-storage facilities located primarily in the greater New York City area, the Company acquired the final six facilities with a purchase price of approximately $201.9 million. The six facilities purchased are located in New York and Connecticut. In connection with the acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $12.3 million at the time of the acquisition 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 2013 and 2012 was approximately $4.4 million and $7.9 million, respectively. In connection with the six acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $93.1 million, which included an outstanding principal balance totaling $88.9 million and a net premium of $4.2 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption. | |||||||||||
On September 28, 2012, the Company purchased, from its joint venture partner, the remaining 50% ownership in a partnership that owned nine self-storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”), for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. Following the purchase, the Company wholly owned the nine self-storage facilities which were unencumbered and had a fair value of $102.0 million at acquisition. In connection with this acquisition, the Company allocated a portion of the fair value to the intangible value of in-place leases which aggregated $8.3 million. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2013 and 2012 was approximately $6.2 million and $2.1 million, respectively. | |||||||||||
During 2012, the Company acquired an additional 22 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $128.4 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $13.2 million at the time of the acquisition 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 2013 and 2012 was approximately $8.4 million and $4.8 million, respectively. In connection with two of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $13.9 million, which included an outstanding principal balance totaling $13.4 million and a net premium of $0.5 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption. | |||||||||||
2012 Dispositions | |||||||||||
During 2012, the Company sold 26 self-storage facilities located throughout the United States for an aggregate sales price of approximately $60.0 million. In connection with these sales, the Company recorded gains that totaled $9.8 million. | |||||||||||
The following table summarizes the Company’s results of operations of the 2014, 2013 and 2012 acquisitions from the respective acquisition dates in the year they were acquired, included in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Total revenues | $ | 21,156 | $ | 7,048 | $ | 19,028 | |||||
Net loss | (12,350 | ) | (4,228 | ) | (11,464 | ) | |||||
INVESTMENT_IN_UNCONSOLIDATED_R
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |||||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |||||||||||
5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |||||||||||
On December 10, 2013, the Company acquired a 50% ownership interest in 35 self-storage facilities located in Texas (34) and North Carolina (1) through a newly-formed joint venture (“HHF”). HHF paid $315.7 million for these facilities, of which $12.1 million was allocated to the value of the in-place lease intangible. The Company and the unaffiliated joint venture partner, collectively the “HHF Partners,” each contributed cash equal to 50% of the capital required to fund the acquisition. HHF was not consolidated as the entity was not determined to be a VIE and the HHF Partners have equal ownership and voting rights in the entity. The Company accounts for its unconsolidated interest in the real estate venture using the equity method. The Company’s investment in HHF is included in Investment in real estate venture, at equity on the Company’s consolidated balance sheets and earnings attributed to HHF are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. | |||||||||||
On May 1, 2014, HHF obtained a $100 million loan secured by the 34 self-storage facilities located in Texas that are owned by the venture. There is no recourse to the Company, subject to customary exceptions to non-recourse provisions. The loan bears interest at 3.59% per annum and matures on April 30, 2021. This financing completed the planned capital structure of HHF and proceeds (net of closing costs) of $99.2 million were distributed proportionately to the partners. | |||||||||||
On September 26, 2011, the Company contributed $15.4 million in cash for a 50% interest in HSREV, a partnership that owned nine self-storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida. The other partner held the remaining 50% interest in the partnership. HSREV was not consolidated because the Company was not the primary beneficiary, the limited partners had the ability to dissolve or remove the Company without cause and the Company did not possess substantive participating rights. The Company accounted for the unconsolidated interests in its real estate venture using the equity method. The Company’s investment in HSREV was included in Investment in real estate venture, at equity on the Company’s consolidated balance sheet and earnings attributable to HSREV were presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. | |||||||||||
As explained in note 4, on September 28, 2012, the Company purchased the remaining 50% ownership in HSREV for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. As noted above, the Company previously accounted for its investment in HSREV using the equity method. As a result, the Company’s original 50% interest was remeasured during 2012 and the Company recorded a gain of approximately $7.0 million, which is reflected in Gain from remeasurement of investment in real estate venture on the accompanying statements of operations. | |||||||||||
The amounts reflected in the following table are based on the historical financial information of the real estate venture. | |||||||||||
The following is a summary of the financial position of the HHF venture as of December 31, 2014 and 2013 (in thousands): | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Assets | |||||||||||
Storage facilities, net | $ | 291,357 | $ | 302,557 | |||||||
Other assets | 5,786 | 11,688 | |||||||||
Total assets | $ | 297,143 | $ | 314,245 | |||||||
Liabilities and equity | |||||||||||
Other liabilities | $ | 5,725 | $ | 1,625 | |||||||
Debt | 100,000 | — | |||||||||
Equity | |||||||||||
CubeSmart | 95,709 | 156,310 | |||||||||
Joint venture partner | 95,709 | 156,310 | |||||||||
Total liabilities and equity | $ | 297,143 | $ | 314,245 | |||||||
The following is a summary of results of operations of the real estate ventures for the years ended December 31, 2014, 2013 and 2012 (in thousands). | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Total revenues | $ | 26,852 | $ | 1,600 | $ | 7,229 | |||||
Operating expenses | 11,754 | 1,742 | 3,010 | ||||||||
Interest expense, net | 2,522 | — | 2,690 | ||||||||
Depreciation and amortization | 25,086 | 2,160 | 2,691 | ||||||||
Net loss | (12,510 | ) | (2,302 | ) | (1,162 | ) | |||||
Company’s share of net loss | (6,255 | ) | (1,151 | ) | (745 | ) | |||||
The results of operations above include the periods from December 13, 2013 (date of acquisition) through December 31, 2014 for HHF, and the periods from January 1, 2012 through September 28, 2012 for HSREV, the date of the Company’s acquisition of the remaining 50% interest. | |||||||||||
UNSECURED_SENIOR_NOTES
UNSECURED SENIOR NOTES | 12 Months Ended |
Dec. 31, 2014 | |
UNSECURED SENIOR NOTES | |
UNSECURED SENIOR NOTES | |
6. UNSECURED SENIOR NOTES | |
On December 17, 2013, the Operating Partnership issued $250 million in aggregate principal amount of 4.375% unsecured senior notes due December 15, 2023 (the “2023 Senior Notes”). On June 26, 2012, the Operating Partnership issued $250 million in aggregate principal amount of 4.80% unsecured senior notes due July 15, 2022 (the “2022 Senior Notes”). The 2023 Senior Notes along with the 2022 Senior Notes are collectively referred to as the “Senior Notes.” 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 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, 2014, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes. | |
REVOLVING_CREDIT_FACILITY_AND_
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |||||||||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |||||||||||||||||
7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |||||||||||||||||
On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”) which consisted of a $100 million term loan with a five-year maturity (“Term Loan A”) and a $100 million term loan with a seven-year maturity (“Term Loan B”). On December 9, 2011, the Company entered into a credit facility (the “Credit Facility”) comprised of a $100 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300 million unsecured revolving facility maturing in December 2015 (“Revolver”). | |||||||||||||||||
On June 18, 2013, the Company amended both the Term Loan Facility and Credit Facility. With respect to the Term Loan Facility, among other things, the amendment extended the maturity and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. On August 5, 2014, the Company further amended the Term Loan Facility (collectively with the amendment on June 18, 2013, the “Amendments”) to extend the maturity and decrease the pricing of Term Loan B. On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014. | |||||||||||||||||
Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings. On September 25, 2014, the Company’s unsecured debt credit rating was upgraded to Baa2 from Baa3 by Moody’s Investors Service with a stable outlook. As a result, the LIBOR spreads applicable to our borrowings under the Term Loan Facility were reduced, effective October 1, 2014. In addition, on November 3, 2014, the Company’s unsecured bonds and issuer ratings were upgraded to BBB from BBB- by Standard and Poor’s Ratings Services with a stable outlook. At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR, with no LIBOR floor, while amounts drawn under Term Loan B are priced at 1.15% over LIBOR, with no LIBOR floor. | |||||||||||||||||
Term Loan Facility Prior to Amendments | Term Loan Facility As Amended | ||||||||||||||||
LIBOR Spread | LIBOR Spread | ||||||||||||||||
Amount | Maturity Date | Baa3/BBB- | Baa2/BBB | Maturity Date | Baa3/BBB- | Baa2/BBB | |||||||||||
Term Loan A | $ | 100 million | June 2016 | 1.85 | % | 1.65 | % | June 2018 | 1.50 | % | 1.30 | % | |||||
Term Loan B | $ | 100 million | June 2018 | 2.00 | % | 1.80 | % | January 2020 | 1.40 | % | 1.15 | % | |||||
With respect to the Credit Facility, among other things, the Amendments extended the maturities of the Revolver and Term Loan D and decreased the pricing of the Revolver, Term Loan C and Term Loan D. Pricing on the Credit Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.30% over LIBOR, inclusive of a facility fee of 0.20%, with no LIBOR floor, while amounts drawn under Term Loan C and Term Loan D are priced at 1.30% over LIBOR, with no LIBOR floor. | |||||||||||||||||
Credit Facility Prior to Amendments | Credit Facility As Amended | ||||||||||||||||
LIBOR Spread | LIBOR Spread | ||||||||||||||||
Amount | Maturity Date | Baa3/BBB- | Baa2/BBB | Maturity Date | Baa3/BBB- | Baa2/BBB | |||||||||||
Revolver | $ | 300 million | December 2015 | 1.80 | % | 1.50 | % | June 2017 | 1.60 | % | 1.30 | % | |||||
Term Loan C (1) | $ | 100 million | December 2014 | 1.75 | % | 1.45 | % | December 2014 | 1.50 | % | 1.30 | % | |||||
Term Loan D | $ | 200 million | March 2017 | 1.75 | % | 1.45 | % | January 2019 | 1.50 | % | 1.30 | % | |||||
-1 | On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014. | ||||||||||||||||
The Company incurred costs of $2.1 million in 2013 and $0.2 million in 2014 in connection with the Amendments and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheets. Unamortized costs, along with costs incurred in connection with the amendments, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. In connection with the repayment of Term Loan C, the Company recognized $0.4 million related to the write-off of unamortized loan procurement costs associated with that term loan. | |||||||||||||||||
As of December 31, 2014, $200 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200 million of unsecured term loan borrowings were outstanding under the Credit Facility, $78.0 million of unsecured revolving credit facility borrowings were outstanding under the Credit Facility and $222.0 million was available for borrowing on the unsecured revolving portion of the Credit Facility. The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $30 thousand. In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of December 31, 2014 that fix 30-day LIBOR (see note 10). As of December 31, 2014, borrowings under the Credit Facility and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 2.95%. | |||||||||||||||||
The Term Loan Facility and the term loan under the Credit Facility were fully drawn at December 31, 2014 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the revolving portion of the Credit Facility is subject to ongoing compliance with certain financial covenants which include: | |||||||||||||||||
Maximum total indebtedness to total asset value of 60.0% at any time; | |||||||||||||||||
Minimum fixed charge coverage ratio of 1.50:1.00; and | |||||||||||||||||
Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010. | |||||||||||||||||
Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on the Parent Company’s common shares in excess of the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status. | |||||||||||||||||
As of and for the year ended December 31, 2014, the Company was in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility. | |||||||||||||||||
MORTGAGE_LOANS_AND_NOTES_PAYAB
MORTGAGE LOANS AND NOTES PAYABLE | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | December 31, | Effective | Maturity | |||||||||
Mortgage Loan | 2014 | 2013 | Interest Rate | Date | ||||||||
(in thousands) | ||||||||||||
YSI 10 | — | 3,839 | 5.87 | % | 15-Jan | |||||||
YSI 15 | — | 1,733 | 6.41 | % | 15-Jan | |||||||
YSI 52 | — | 4,548 | 5.63 | % | 15-Jan | |||||||
YSI 58 | — | 8,676 | 2.97 | % | 15-Jan | |||||||
YSI 29 | 12,635 | 12,853 | 3.69 | % | 15-Aug | |||||||
YSI 13 | 8,427 | 8,500 | 3.00 | % | 15-Oct | |||||||
YSI 20 | 54,091 | 56,373 | 5.97 | % | 15-Nov | |||||||
YSI 63 | 7,466 | — | 2.82 | % | 15-Dec | |||||||
YSI 59 | 9,221 | 9,418 | 4.82 | % | 16-Mar | |||||||
YSI 60 | 3,610 | 3,670 | 5.04 | % | 16-Aug | |||||||
YSI 51 | 7,105 | 7,219 | 5.15 | % | 16-Sep | |||||||
YSI 64 | 7,919 | — | 3.54 | % | 16-Oct | |||||||
YSI 62 | 7,962 | — | 3.54 | % | 16-Dec | |||||||
YSI 35 | — | 4,274 | 6.90 | % | 19-Jul | |||||||
YSI 33 | 10,429 | 10,688 | 6.42 | % | 19-Jul | |||||||
YSI 26 | 8,780 | 8,945 | 4.56 | % | 20-Nov | |||||||
YSI 57 | 3,082 | 3,140 | 4.61 | % | 20-Nov | |||||||
YSI 55 | 23,767 | 24,145 | 4.85 | % | 21-Jun | |||||||
YSI 24 | 27,873 | 28,523 | 4.64 | % | 21-Jun | |||||||
Unamortized fair value adjustment | 3,484 | 3,674 | ||||||||||
Total mortgage loans and notes payable | $ | 195,851 | $ | 200,218 | ||||||||
As of December 31, 2014 and 2013, the Company’s mortgage loans payable were secured by certain of its self-storage facilities with net book values of approximately $344 million and $371 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at December 31, 2014 (in thousands): | ||||||||||||
2015 | $ | 84,874 | ||||||||||
2016 | 36,837 | |||||||||||
2017 | 1,784 | |||||||||||
2018 | 1,886 | |||||||||||
2019 | 10,852 | |||||||||||
2020 and thereafter | 56,134 | |||||||||||
Total mortgage payments | 192,367 | |||||||||||
Plus: Unamortized fair value adjustment | 3,484 | |||||||||||
Total mortgage indebtedness | $ | 195,851 | ||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): | |||||||||||
Unrealized losses | Unrealized loss on | Total | |||||||||
on interest rate | foreign currency | ||||||||||
swaps | translation | ||||||||||
Balance at December 31, 2013 | $ | (10,222 | ) | $ | (792 | ) | $ | (11,014 | ) | ||
Other comprehensive loss before reclassifications | (3,885 | ) | (172 | ) | (4,057 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss | 6,312 | (a) | — | 6,312 | |||||||
Net current-period other comprehensive income | 2,427 | (172 | ) | 2,255 | |||||||
Balance at December 31, 2014 | $ | (7,795 | ) | $ | (964 | ) | $ | (8,759 | ) | ||
(a) | See note 10 for additional information about the effects of the amounts reclassified. | ||||||||||
RISK_MANAGEMENT_AND_USE_OF_FIN
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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 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 has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity as accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. | |||||||||||||||||||
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 a 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 a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative. | |||||||||||||||||||
The following table summarizes the terms and fair values of the Company’s derivative financial instruments at December 31, 2014 and December 31, 2013, respectively (in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Hedge | Notional | December 31, | December 31, | ||||||||||||||||
Product | Hedge Type (a) | Amount | Strike | Effective Date | Maturity | 2014 | 2013 | ||||||||||||
Swap | Cash flow | $ | 40,000 | 1.8025 | % | 6/20/11 | 6/20/16 | $ | (757 | ) | $ | (1,265 | ) | ||||||
Swap | Cash flow | $ | 40,000 | 1.8025 | % | 6/20/11 | 6/20/16 | (757 | ) | (1,265 | ) | ||||||||
Swap | Cash flow | $ | 20,000 | 1.8025 | % | 6/20/11 | 6/20/16 | (378 | ) | (632 | ) | ||||||||
Swap | Cash flow | $ | 75,000 | 1.336 | % | 12/30/11 | 3/31/17 | (841 | ) | (1,132 | ) | ||||||||
Swap | Cash flow | $ | 50,000 | 1.336 | % | 12/30/11 | 3/31/17 | (561 | ) | (752 | ) | ||||||||
Swap | Cash flow | $ | 50,000 | 1.336 | % | 12/30/11 | 3/31/17 | (561 | ) | (754 | ) | ||||||||
Swap | Cash flow | $ | 25,000 | 1.3375 | % | 12/30/11 | 3/31/17 | (281 | ) | (380 | ) | ||||||||
Swap | Cash flow | $ | 40,000 | 2.459 | % | 6/20/11 | 6/20/18 | (1,654 | ) | (1,820 | ) | ||||||||
Swap | Cash flow | $ | 40,000 | 2.4725 | % | 6/20/11 | 6/20/18 | (1,672 | ) | (1,842 | ) | ||||||||
Swap | Cash flow | $ | 20,000 | 2.475 | % | 6/20/11 | 6/20/18 | (837 | ) | (921 | ) | ||||||||
$ | 400,000 | $ | (8,299 | ) | $ | (10,763 | ) | ||||||||||||
(a) | Hedging unsecured variable rate debt by fixing 30-day LIBOR. | ||||||||||||||||||
The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability. As of December 31, 2014 and 2013, all derivative instruments were included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The change in unrealized loss on interest rate swap reflects a reclassification of $6.3 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2014. The Company estimates that $5.7 million will be reclassified as an increase to interest expense in 2015. | |||||||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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. | |||||||||||
Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | — | $ | 8,299 | $ | — | |||||
Total liabilities at fair value | $ | — | $ | 8,299 | $ | — | |||||
Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the table below in one of the three categories described above (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | — | $ | 10,763 | $ | — | |||||
Total liabilities at fair value | $ | — | $ | 10,763 | $ | — | |||||
Financial assets and liabilities carried at fair value were classified as Level 2 inputs. For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities: | |||||||||||
· | Interest rate swap derivative assets and liabilities — valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades in 2014 that would reduce the amount owed by the Company. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of December 31, 2014, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||
During 2012, the Company recorded a nonrecurring Level 3 fair value measurement gain of approximately $7.0 million resulting from the remeasurement of its investment in HSREV (see note 5). Fair value for those assets measured using Level 3 inputs was determined through the use of a direct capitalization approach. The direct capitalization approach applies a projected yield for the investment to the estimated stabilized income for the facility. Yield rates utilized in this approach are derived from market transactions as well as other financial and industry data. The yield rates used in determining the fair value of HSREV ranged from 6%-7%. | |||||||||||
The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values at December 31, 2014 and 2013. The aggregate carrying value of the Company’s debt was $1.2 billion and $1.1 billion at December 31, 2014 and 2013, respectively. The estimated fair value of the Company’s debt was $1.2 billion and $1.1 billion at December 31, 2014 and 2013, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at December 31, 2014 and 2013. 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, 2014 | |
NONCONTROLLING INTERESTS | |
NONCONTROLLING INTERESTS | |
12. NONCONTROLLING INTERESTS | |
Interests in Consolidated Real Estate Joint Ventures | |
2301 Tillotson Ave, LLC (“Tillotson”) was formed to own, operate, and develop a self-storage facility in New York, NY. The Company owns a 51% interest in Tillotson and 49% is owned by another member (the “Tillotson Member”). The facility is expected to commence operations during 2016. The Tillotson Member has an option to put its ownership interest in the venture to the Company for $17.0 million within the one-year period after construction of the facility is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the Tillotson Member for $17.0 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company is accreting the $17.0 million liability during the development period and has accrued $2.4 million as of December 31, 2014. The Company determined that Tillotson is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of Tillotson. At December 31, 2014, Tillotson had total assets of $2.9 million and total liabilities of $2.8 million. | |
251 Jamaica Ave, LLC (“Jamaica Ave”) was formed to own, operate, and develop a self-storage facility in New York, NY. The Company owns a 51% interest in Jamaica Ave and 49% is owned by another member (the “Jamaica Ave Member”). The facility is expected to commence operations during 2016. The Jamaica Ave Member has an option to put its ownership interest in the venture to the Company for $12.5 million within the one-year period after construction of the facility is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the Jamaica Ave Member for $12.5 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company is accreting the $12.5 million liability during the development period and has accrued $6.6 million as of December 31, 2014. The Company determined that Jamaica Ave is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of Jamaica Ave. At December 31, 2014, Jamaica Ave had total assets of $15.2 million and total liabilities of $7.3 million. | |
CS SNL New York Ave, LLC and 186 Jamaica Avenue, LLC, collectively known as “SNL”, were formed with a partner to own, operate and develop two self-storage facilities in the boroughs of New York, NY. The Company owns 90% of SNL and the facilities are expected to commence operations during 2015. The Company consolidates the assets, liabilities, and results of operations of SNL. At December 31, 2014, SNL had total assets of $12.3 million and total liabilities of $2.3 million. The Company has provided $1.2 million of a total $20.1 million loan commitment to SNL which is secured by a mortgage on the real estate assets of SNL. The loan and related interest was eliminated during consolidation. | |
Shirlington Rd, LLC (“SRLLC”) was formed to own, operate, and develop a self-storage facility in Northern Virginia. The Company owns a 90% interest in SRLLC and the facility is expected to commence operations during 2015. The Company consolidates the assets, liabilities, and results of operations of SRLLC. During 2013, SRLLC acquired land for development for $13.1 million. In 2014, SRLLC completed the planned subdivision of the land into two parcels and sold one parcel for $6.5 million. No gain or loss was recorded as a result of this transaction. SRLLC retained the second parcel of land for the development of the storage facility. At December 31, 2014, SRLLC had total assets of $14.7 million and total liabilities of $10.6 million. The Company has provided $9.6 million of a total $14.6 million loan commitment to SRLLC, which loan is secured by a mortgage on the real estate assets of SRLLC. The loan and related interest was eliminated during consolidation. | |
USIFB, LLP (“USIFB”) was formed to own, operate, acquire and develop self-storage facilities in England. The Company owns a 97% interest in the USIFB through a wholly-owned subsidiary and USIFB commenced operations at two facilities in London, England during 2008. The Company determined that USIFB is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of USIFB. On December 31, 2013 the Company provided a $6.8 million (£4.1 million) loan secured by a mortgage on real estate assets of USIFB. On June 30, 2014, one of the assets was sold for net proceeds of $7.0 million and the loan was repaid with proceeds from the sale. The loan and any related interest was eliminated during consolidation. At December 31, 2014, USIFB had total assets of $5.7 million and total liabilities of $0.2 million. | |
On August 13, 2009, the Company, through a wholly-owned affiliate, formed a joint venture (“HART”) with an affiliate of Heitman, LLC (“Heitman”) to own and operate 22 self-storage facilities, which are located throughout the United States. Upon formation, Heitman contributed approximately $51 million of cash to a newly-formed limited partnership and the Company contributed certain unencumbered wholly-owned facilities with an agreed upon value of approximately $102 million to such limited partnership. In exchange for its contribution of those facilities, the Company received a cash distribution from HART of approximately $51 million and retained a 50% interest in HART. The Company was the managing partner of HART and managed the facilities owned by HART in exchange for a market rate management fee. The Company determined that HART was a variable interest entity, and that the Company was the primary beneficiary. Accordingly, the Company consolidated the assets, liabilities and results of operations of HART. The 50% interest that was owned by Heitman was reflected as noncontrolling interest in subsidiaries within permanent equity, separate from the Company’s equity on the consolidated balance sheets. | |
On August 13, 2012, the Company purchased the remaining 50% interest in HART from Heitman for $61.1 million, and now owns 100% of HART. Accordingly, the Company wholly owns the facilities which are unencumbered by any property-level secured debt. The Company previously consolidated HART, and therefore the acquisition of the remaining 50% interest is reflected in the equity section of the accompanying consolidated balance sheets. As a result of the transaction, the Company eliminated noncontrolling interest in subsidiaries of $38.7 million and recorded a reduction to additional paid-in capital of $18.5 million. | |
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 1.4% and 1.6% of the outstanding OP Units as of December 31, 2014 and December 31, 2013, 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 facilities. 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 will record 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. | |
At December 31, 2014 and 2013, 2,257,486 and 2,275,730 OP Units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP Units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the final 10 trading days 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 their redemption value at December 31, 2014 and 2013, 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 $14.8 million and $3.3 million at December 31, 2014 and 2013, respectively. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
13. RELATED PARTY TRANSACTIONS | ||||||||||||
Affiliated Real Estate Investments | ||||||||||||
The Company provides management services to certain joint ventures and other related party facilities. Management agreements provide generally for management fees of between 5-6% of total revenues earned on a cash basis at the facilities. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2014, 2013 and 2012 respectively, were $0.9 million, $0.1 million and $0.2 million, respectively. | ||||||||||||
The management agreements for certain joint ventures, other related parties and third-party facilities provide for the reimbursement to the Company for certain expenses incurred to manage the facilities. These amounts consist of amounts due for management fees, payroll and other expenses incurred on behalf of the facilities. The amounts due to the Company were $1.6 million and $2.1 million as of December 31, 2014 and 2013, respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $10.8 million and $15.8 million as of December 31, 2014 and 2013, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. | ||||||||||||
Corporate Office Leases | ||||||||||||
Subsequent to its entry into lease agreements with related parties for office space, the Operating Partnership entered into sublease agreements with various unrelated tenants for the related office space. Each of these properties is part of Airport Executive Park, a 50-acre office and flex development located in Cleveland, Ohio, which is owned by former executives. Our independent Trustees approved the terms of, and entry into, each of the office lease agreements by the Operating Partnership. The table below shows the office space subject to these lease agreements and certain key provisions, including the maturity date of each lease agreement and the minimum and maximum rents payable per month during the term. The Operating Partnership did not extend these lease agreements beyond the maturity dates set forth below. | ||||||||||||
Office Space | Approximate | Maturity Date | Fixed Minimum | Fixed Maximum | ||||||||
Square Footage | Rent Per Month | Rent Per Month | ||||||||||
The Parkview Building — 6745 Engle Road; and 6751 Engle Road | 21,900 | 12/31/14 | $ | 25,673 | $ | 31,205 | ||||||
6745 Engle Road — Suite 100 | 2,212 | 12/31/14 | $ | 3,051 | $ | 3,709 | ||||||
6745 Engle Road — Suite 110 | 1,731 | 12/31/14 | $ | 2,387 | $ | 2,901 | ||||||
6751 Engle Road — Suites C and D | 3,000 | 12/31/14 | $ | 3,137 | $ | 3,771 | ||||||
In addition to monthly rent, the office lease agreements provide that our Operating Partnership reimburse for certain maintenance and improvements to the leased office space. The aggregate amount of lease payments incurred under these lease agreements for each of the years ended December 31, 2014, 2013 and 2012 was approximately $0.5 million. | ||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
COMMITMENTS AND CONTINGENCIES | |||||
COMMITMENTS AND CONTINGENCIES | |||||
14. COMMITMENTS AND CONTINGENCIES | |||||
The Company currently owns six operating self-storage facilities and one self-storage facility currently under development that are subject to ground leases and four other operating self-storage facilities having portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $2.0 million, $2.2 million, and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: | |||||
Ground Lease | |||||
Amount | |||||
(in thousands) | |||||
2015 | $ | 1,443 | |||
2016 | 1,649 | ||||
2017 | 1,649 | ||||
2018 | 1,562 | ||||
2019 | 1,557 | ||||
2020 and thereafter | 87,393 | ||||
$ | 95,253 | ||||
The Company has development agreements for the construction of five new self-storage facilities (see note 4), which will require payments of approximately $50.3 million, due in installments upon completion of certain construction milestones, during 2015 and 2016. | |||||
The Company has been named as a defendant in lawsuits in the ordinary course of business. In most instances, these claims are covered by the Company’s liability insurance coverage. Management believes that the ultimate settlement of the suits will not have a material adverse effect on the Company’s financial statements. | |||||
SHAREBASED_COMPENSATION_PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||||
15. SHARE-BASED COMPENSATION PLANS | |||||||||||
On June 2, 2010 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 (as amended and restated, the “2007 Plan”). On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan” and collectively with the 2007 Plan, the “Plans”). The purpose of the Plans 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 Plans provide for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights and cash awards. 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 Plans may be non-qualified share options or incentive share options. | |||||||||||
The Plans are 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 Plans and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. | |||||||||||
The 2007 Plan uses a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigns weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2010, a “Fungible Pool Limit” was established consisting of 4,728,561 shares plus any common shares restored to availability upon expiration or forfeiture of then-currently outstanding options or restricted share awards (consisting of 372,135 shares). | |||||||||||
The 2007 Plan provides that any common shares made the subject of awards in the form of options or share appreciation rights shall be counted against the Fungible Pool Limit as one (1) unit. Any common shares made the subject of awards under the 2007 Plan in the form of restricted shares or share units (each a “Full-Value Award”) shall be counted against the Fungible Pool Limit as 1.66 units. The Fungible Pool Limit and the computation of the number of common shares available for issuance are subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Fungible Pool Limit 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 such option or other award that expires, is forfeited or that otherwise terminates, as the case may be, will again become available for issuance under the 2007 Plan. | |||||||||||
In addition to the overall limit on the number of shares that may be subject to awards under the 2007 Plan, the 2007 Plan limits the number of shares that may be the subject of awards during the three-year period ending December 31, 2014. Specifically, the average of the following three ratios (each expressed as a percentage) shall not exceed the greater of two percent (2%) or the mean of the Company’s GICS peer group for the three-year period beginning January 1, 2012 and ending December 31, 2014. The three ratios would correspond to the three calendar years in the three-year period ending December 31, 2014, and each ratio would be computed as (i) the number of shares subject to awards granted in the applicable year divided by (ii) the sum of the number of common shares and OP units exchangeable into common shares outstanding at the end of such year. Solely for purposes of calculating the number of shares subject to awards under this limitation, shares underlying Full-Value Awards will be taken into account in the numerator of the foregoing ratios as 1.5 shares. | |||||||||||
Subject to adjustment upon certain corporate transactions or events, a participant may not receive awards (with shares subject to awards being counted, depending on the type of award, in the proportions ranging from 1.0 to 1.66), as described above in any one calendar year covering more than 1,000,000 units. | |||||||||||
With respect to the 2004 Plan, a total of 3 million common shares are reserved for issuance under the 2004 Plan. The maximum number of common shares underlying equity awards that may be granted to an individual participant under the 2004 Plan during any calendar year is 400,000 for options or share appreciation rights and 100,000 for restricted shares or restricted share units. The maximum number of common shares that can be awarded under the Plan to any person, other than pursuant to an option, share appreciation rights or time-vested restricted shares, is 250,000 per calendar year under the 2004 Plan. To the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards become available for future grants under the 2004 Plan, unless the 2004 Plan has been terminated. | |||||||||||
Under the Plans, the Compensation Committee determines the vesting schedule of each share award and option. 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. | |||||||||||
Share Options | |||||||||||
The fair values for options granted in 2014, 2013, and 2012 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: | |||||||||||
Assumptions: | 2014 | 2013 | 2012 | ||||||||
Risk-free interest rate | 1.9% | 1.0% | 2.0% | ||||||||
Expected dividend yield | 3.2% | 3.3% | 4.5% | ||||||||
Volatility (a) | 37.98% | 42.00% | 52.22% | ||||||||
Weighted average expected life of the options (b) | 6.0 years | 6.0 years | 9.59 years | ||||||||
Weighted average grant date fair value of options granted per share | $ | 4.33 | $ | 4.28 | $ | 3.94 | |||||
(a) | Expected volatility is based upon the level of volatility historically experienced. | ||||||||||
(b) | 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 2014, 2013 and 2012 grants was based on the trading history of the Company’s shares. | |||||||||||
In 2014, 2013, and 2012, the Company recognized compensation expense related to options issued to employees and executives of approximately $0.9 million, $0.9 million and $1.2 million, respectively, which was recorded in general and administrative expense. Approximately 223,590 share options were issued during 2014 for which the fair value of the options at their respective grant dates was approximately $1.0 million, which vest over three years. As of December 31, 2014, the Company had approximately $1.0 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years. | |||||||||||
The table below summarizes the option activity under the Plan for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Weighted Average | |||||||||||
Number of Shares | Weighted Average | Remaining | |||||||||
Under Option | Strike Price | Contractual Term | |||||||||
Balance at December 31, 2011 | 5,255,718 | $ | 10.35 | 6.33 | |||||||
Options granted | 222,421 | 11.48 | 9.14 | ||||||||
Options canceled | (10,375 | ) | 9.01 | — | |||||||
Options exercised | (209,900 | ) | 7.89 | 6.08 | |||||||
Balance at December 31, 2012 | 5,257,864 | $ | 10.5 | 5.49 | |||||||
Options granted | 182,297 | 14.84 | 9.08 | ||||||||
Options canceled | (24,000 | ) | 13.57 | — | |||||||
Options exercised | (511,548 | ) | 7.24 | 4.53 | |||||||
Balance at December 31, 2013 | 4,904,613 | $ | 10.99 | 4.66 | |||||||
Options granted | 223,590 | 15.73 | 9.08 | ||||||||
Options canceled | (10,731 | ) | 17.38 | — | |||||||
Options exercised | (1,425,171 | ) | 9.69 | 3.21 | |||||||
Balance at December 31, 2014 | 3,692,301 | $ | 11.76 | 4.16 | |||||||
Vested or expected to vest at December 31, 2014 | 3,692,301 | $ | 11.76 | 4.16 | |||||||
Exercisable at December 31, 2014 | 3,271,474 | $ | 11.37 | 3.6 | |||||||
At December 31, 2014, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest and of options that were exercisable was approximately $38.1 million. The aggregate intrinsic value of options exercised was approximately $15.5 million for the year ended December 31, 2014. | |||||||||||
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. Approximately 194,000 restricted shares and share units were issued during 2014 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.4 million, which vest over three to five years. During 2013, approximately 219,000 restricted shares and share units were issued for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.4 million. As of December 31, 2014 the Company had approximately $3.0 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next four 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. | |||||||||||
In 2014, 2013 and 2012, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $3.5 million, $5.4 million, and $3.9 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2014: | |||||||||||
Number of Non- | |||||||||||
Vested Restricted | |||||||||||
Shares and Share | |||||||||||
Units | |||||||||||
Non-Vested at January 1, 2014 | 711,631 | ||||||||||
Granted | 194,495 | ||||||||||
Vested | (523,700 | ) | |||||||||
Forfeited | (1,643 | ) | |||||||||
Non-Vested at December 31, 2014 | 380,783 | ||||||||||
On January 24, 2014, 47,487 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 $0.9 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, 2016. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. | |||||||||||
On January 25, 2013, 41,503 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 $0.8 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, 2015. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. | |||||||||||
On January 25, 2012, 49,981 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 $0.8 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units cliff vested on December 31, 2014. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. | |||||||||||
On May 30, 2012, 274,668 restricted share units were granted to our former chief executive officer. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holder thereof to receive common shares at a future date. The deferred share units were awarded based on the price return of the Company’s share price over a two-year period. The fair value of the restricted share units on the grant date was approximately $3.0 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units cliff vested on December 31, 2013. 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_AN
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |||||||||||
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |||||||||||
16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL | |||||||||||
Earnings (loss) per common share and shareholders’ equity | |||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings (loss) per common share: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollars and shares in thousands, except per share amounts) | |||||||||||
Income (loss) from continuing operations | $ | 26,366 | $ | 10,409 | $ | (13,276 | ) | ||||
Noncontrolling interests in the Operating Partnership | (302 | ) | (51 | ) | 513 | ||||||
Noncontrolling interest in subsidiaries | (16 | ) | 42 | (1,918 | ) | ||||||
Distribution to preferred shares (1) | (6,008 | ) | (6,008 | ) | (6,008 | ) | |||||
Income (loss) from continuing operations attributable to the Company’s common shareholders | $ | 20,040 | $ | 4,392 | $ | (20,689 | ) | ||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Noncontrolling interests in the Operating Partnership | (5 | ) | (537 | ) | (406 | ) | |||||
Total discontinued operations attributable to the Company’s common shareholders | $ | 331 | $ | 31,048 | $ | 16,498 | |||||
Net income (loss) attributable to the Company’s common shareholders | $ | 20,371 | $ | 35,440 | $ | (4,191 | ) | ||||
Weighted-average shares outstanding | 149,107 | 135,191 | 124,548 | ||||||||
Share options and restricted share units (2) | 1,756 | 2,551 | — | ||||||||
Weighted-average diluted shares outstanding (3) | 150,863 | 137,742 | 124,548 | ||||||||
Earnings (loss) per common share: | |||||||||||
Continuing operations | $ | 0.13 | $ | 0.03 | $ | (0.17 | ) | ||||
Discontinued operations | 0.01 | 0.23 | 0.14 | ||||||||
Basic and diluted earnings (loss) per common share | $ | 0.14 | $ | 0.26 | $ | (0.03 | ) | ||||
Earnings (loss) per common unit and capital | |||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings (loss) per common unit: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollars and units in thousands, except per unit amounts) | |||||||||||
Income (loss) from continuing operations | $ | 26,366 | $ | 10,409 | $ | (13,276 | ) | ||||
Operating Partnership interests of third parties | (302 | ) | (51 | ) | 513 | ||||||
Noncontrolling interest in subsidiaries | (16 | ) | 42 | (1,918 | ) | ||||||
Distribution to preferred unitholders (1) | (6,008 | ) | (6,008 | ) | (6,008 | ) | |||||
Income (loss) from continuing operations attributable to common unitholders | $ | 20,040 | $ | 4,392 | $ | (20,689 | ) | ||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Operating Partnership interests of third parties | (5 | ) | (537 | ) | (406 | ) | |||||
Total discontinued operations attributable to common unitholders | $ | 331 | $ | 31,048 | $ | 16,498 | |||||
Net income (loss) attributable to common unitholders | $ | 20,371 | $ | 35,440 | $ | (4,191 | ) | ||||
Weighted-average units outstanding | 149,107 | 135,191 | 124,548 | ||||||||
Unit options and restricted share units (2) | 1,756 | 2,551 | — | ||||||||
Weighted-average diluted units outstanding (3) | 150,863 | 137,742 | 124,548 | ||||||||
Earnings (loss) per common unit: | |||||||||||
Continuing operations | $ | 0.13 | $ | 0.03 | $ | (0.17 | ) | ||||
Discontinued operations | 0.01 | 0.23 | 0.14 | ||||||||
Basic and diluted earnings (loss) per common unit | $ | 0.14 | $ | 0.26 | $ | (0.03 | ) | ||||
-1 | For each of the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per preferred share/unit of $1.938. | ||||||||||
-2 | For the year ended December 31, 2012, the potentially dilutive shares/units of approximately 2,000,000 were not included in the earnings per share/unit calculation as their effect is antidilutive. | ||||||||||
-3 | For the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per common share/unit of $0.550, $0.460 and $0.350, respectively. | ||||||||||
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 2,257,486, 2,275,730 and 3,293,730 as of December 31, 2014, 2013 and 2012, respectively. There were 163,956,675, 139,328,366 and 131,794,547 common units outstanding as of December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Common and Preferred Shares | |||||||||||
Pursuant to a previous sales agreement, the Company had an “at-the-market” equity program that enabled it to sell common shares through a sales agent. On May 7, 2013, the Company terminated the previous sales agreement with its previous sales agent and entered into separate equity distribution agreements (the “Equity Distribution Agreements”) with each of Wells Fargo Securities LLC; BMO Capital Markets Corp.; Jefferies LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and RBC Capital Markets, LLC (collectively, the “Sales Agents”). The Equity Distribution Agreements replaced the previous sale agreement and were amended on May 5, 2014 and October 2, 2014 to increase the number of common shares authorized for sale through “at-the-market” equity offerings. Pursuant to the Equity Distribution Agreements, as amended, the Company may sell, from time to time, up to 30 million common shares of beneficial interest through the Sales Agents. | |||||||||||
During 2014, the Company sold a total of 15.2 million common shares under the agreements at an average sales price of $18.22 per share, resulting in net proceeds of $273.0 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2014 were used to fund acquisitions of self-storage facilities and for general corporate purposes. As of December 31, 2014, 9.2 million common shares remained available for issuance under the Equity Distribution Agreements. | |||||||||||
During 2013, the Company sold a total of 5.7 million common shares under the previous sales agreement and the Equity Distribution Agreements at an average sales price of $17.92 per share, resulting in net proceeds of $100.3 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2013 were used to fund acquisitions of self-storage facilities and for general corporate purposes. | |||||||||||
On October 20, 2014, the Parent Company completed its public offering of 7,475,000 common shares at a public offering price of $19.33, inclusive of the full exercise by the underwriters of their option to purchase 975,000 shares to cover over-allotments. The Company received approximately $143.0 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses. The proceeds combined with the proceeds raised from the program were used for general corporate purposes including funding a portion of the Company’s investment activity. | |||||||||||
The Parent Company had 3.1 million 7.75% Series A preferred shares outstanding as of December 31, 2014 and 2013, with a liquidation preference of $77.5 million, or $25.00 per share. | |||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2014 | |
INCOME TAXES | |
INCOME TAXES | |
17. INCOME TAXES | |
Deferred income taxes are established for temporary differences between 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 at December 31, 2014 or 2013. The Company had net deferred tax assets of $1.0 million and $0.7 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2014 and 2013, respectively. The Company recorded $0.7 million in windfall tax benefits associated with share-based compensation during the year, which is included in Additional paid-in capital on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized. | |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
DISCONTINUED OPERATIONS | |||||||||||
DISCONTINUED OPERATIONS | |||||||||||
18. DISCONTINUED OPERATIONS | |||||||||||
For the year ended December 31, 2014, discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage facilities that the Company sold in prior years. For the years ended December 31, 2013 and 2012, discontinued operations relates to 35 facilities that the Company sold during 2013 and 26 facilities that the Company sold during 2012. Each of the sales during 2013 and 2012 resulted in the recognition of a gain, which totaled $27.4 million and $9.8 million, respectively. | |||||||||||
The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
REVENUES | |||||||||||
Rental income | $ | — | $ | 10,795 | $ | 21,077 | |||||
Other property related income | — | 1,583 | 2,703 | ||||||||
Total revenues | — | 12,378 | 23,780 | ||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | (336 | ) | 5,318 | 10,742 | |||||||
Depreciation and amortization | — | 2,703 | 5,548 | ||||||||
Total operating expenses | (336 | ) | 8,021 | 16,290 | |||||||
OPERATING INCOME | 336 | 4,357 | 7,490 | ||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense on loans | — | (212 | ) | (397 | ) | ||||||
Gain from dispositions of discontinued operations | — | 27,440 | 9,811 | ||||||||
Income from discontinued operations | $ | 336 | $ | 31,585 | $ | 16,904 | |||||
PRO_FORMA_FINANCIAL_INFORMATIO
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | ||||||||
19. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | ||||||||
During the year ended December 31, 2014, the Company acquired 53 self-storage facilities for an aggregate purchase price of approximately $568.2 million (see note 3). | ||||||||
The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2014 and 2013 as if each had occurred as of January 1, 2013 and 2012, respectively. The unaudited pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations. | ||||||||
The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the year ended December 31, 2014 and 2013 based on the assumptions described above: | ||||||||
Year ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Pro forma revenue | $ | 405,171 | $ | 378,518 | ||||
Pro forma income from continuing operations | $ | 59,406 | $ | (276 | ) | |||
Earnings (loss) per common share from continuing operations: | ||||||||
Basic and diluted — as reported | $ | 0.13 | $ | 0.03 | ||||
Basic — as pro forma | $ | 0.36 | $ | (0.05 | ) | |||
Diluted — as pro forma | $ | 0.35 | $ | (0.05 | ) | |||
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
20. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
The following is a summary of quarterly financial information for the years ended December 31, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||
For the three months ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total revenues | $ | 87,267 | $ | 92,337 | $ | 97,092 | $ | 100,267 | ||||||
Total operating expenses | 68,653 | 70,347 | 73,966 | 82,454 | ||||||||||
Net income attributable to the Company | 4,530 | 7,886 | 8,480 | 5,483 | ||||||||||
Basic and diluted earnings per share | 0.03 | 0.04 | 0.05 | 0.02 | ||||||||||
For the three months ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 74,655 | $ | 78,289 | $ | 82,487 | $ | 82,964 | ||||||
Total operating expenses | 65,871 | 66,025 | 66,255 | 65,796 | ||||||||||
Net (loss) income attributable to the Company | (392 | ) | 2,550 | 16,342 | 22,948 | |||||||||
Basic and diluted (loss) earnings per share | (0.01 | ) | 0.01 | 0.11 | 0.15 | |||||||||
The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts. The above information was updated to reclassify amounts to discontinued operations (see note 18). | ||||||||||||||
SCHEDULE_III_REAL_ESTATE_AND_R
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | ||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | ||||||||||||||||||||||
CUBESMART | ||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||
REAL ESTATE AND RELATED DEPRECIATION | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Chandler I, AZ | 47,520 | 327 | 1,257 | 271 | 327 | 1,353 | 1,680 | 421 | 2005 | |||||||||||||
Chandler II, AZ | 83,819 | 1,518 | 7,485 | 12 | 1,518 | 7,496 | 9,014 | 474 | 2013 | |||||||||||||
Gilbert, AZ | 57,380 | 951 | 4,688 | 11 | 951 | 4,699 | 5,650 | 1,305 | 2013 | |||||||||||||
Glendale, AZ | 56,807 | 201 | 2,265 | 1,010 | 418 | 2,725 | 3,143 | 1,249 | 1998 | |||||||||||||
Green Valley, AZ | 25,050 | 298 | 1,153 | 132 | 298 | 1,075 | 1,373 | 297 | 2005 | |||||||||||||
Mesa I, AZ | 52,575 | 920 | 2,739 | 176 | 921 | 2,469 | 3,390 | 690 | 2006 | |||||||||||||
Mesa II, AZ | 45,511 | 731 | 2,176 | 189 | 731 | 2,048 | 2,779 | 566 | 2006 | |||||||||||||
Mesa III, AZ | 58,264 | 706 | 2,101 | 182 | 706 | 1,899 | 2,605 | 538 | 2006 | |||||||||||||
Phoenix I, AZ | 100,775 | 1,134 | 3,376 | 348 | 1,135 | 3,075 | 4,210 | 870 | 2006 | |||||||||||||
Phoenix II, AZ | 83,160 | 756 | 2,251 | 1,554 | 847 | 3,109 | 3,956 | 712 | 2006/2011 | |||||||||||||
Phoenix III, AZ | 121,761 | 2,115 | 10,429 | 24 | 2,115 | 10,453 | 12,568 | 83 | 2014 | |||||||||||||
Scottsdale, AZ | 79,525 | 443 | 4,879 | 1,698 | 883 | 5,475 | 6,358 | 2,499 | 1998 | |||||||||||||
Tempe I, AZ | 53,890 | 749 | 2,159 | 236 | 749 | 2,086 | 2,835 | 552 | 2005 | |||||||||||||
Tempe II, AZ | 35,125 | 588 | 2,898 | 31 | 588 | 2,929 | 3,517 | 518 | 2013 | |||||||||||||
Tucson I, AZ | 59,800 | 188 | 2,078 | 966 | 384 | 2,590 | 2,974 | 1,169 | 1998 | |||||||||||||
Tucson II, AZ | 43,950 | 188 | 2,078 | 1,032 | 391 | 2,635 | 3,026 | 1,122 | 1998 | |||||||||||||
Tucson III, AZ | 49,832 | (A) | 532 | 2,048 | 243 | 533 | 1,930 | 2,463 | 520 | 2005 | ||||||||||||
Tucson IV, AZ | 48,040 | (A) | 674 | 2,595 | 262 | 675 | 2,436 | 3,111 | 662 | 2005 | ||||||||||||
Tucson V, AZ | 45,134 | (A) | 515 | 1,980 | 333 | 515 | 1,957 | 2,472 | 520 | 2005 | ||||||||||||
Tucson VI, AZ | 40,814 | (A) | 440 | 1,692 | 201 | 430 | 1,595 | 2,025 | 439 | 2005 | ||||||||||||
Tucson VII, AZ | 52,688 | (A) | 670 | 2,576 | 275 | 670 | 2,440 | 3,110 | 673 | 2005 | ||||||||||||
Tucson VIII, AZ | 46,650 | (A) | 589 | 2,265 | 268 | 589 | 2,182 | 2,771 | 578 | 2005 | ||||||||||||
Tucson IX, AZ | 67,545 | (A) | 724 | 2,786 | 349 | 725 | 2,619 | 3,344 | 730 | 2005 | ||||||||||||
Tucson X, AZ | 46,350 | (A) | 424 | 1,633 | 203 | 425 | 1,526 | 1,951 | 424 | 2005 | ||||||||||||
Tucson XI, AZ | 42,940 | (A) | 439 | 1,689 | 391 | 439 | 1,791 | 2,230 | 507 | 2005 | ||||||||||||
Tucson XII, AZ | 42,225 | (A) | 671 | 2,582 | 285 | 672 | 2,454 | 3,126 | 653 | 2005 | ||||||||||||
Tucson XIII, AZ | 45,800 | (A) | 587 | 2,258 | 271 | 587 | 2,167 | 2,754 | 584 | 2005 | ||||||||||||
Tucson XIV, AZ | 49,095 | 707 | 2,721 | 455 | 708 | 2,642 | 3,350 | 707 | 2005 | |||||||||||||
Benicia, CA | 74,770 | 2,392 | 7,028 | 191 | 2,392 | 6,146 | 8,538 | 1,642 | 2005 | |||||||||||||
Citrus Heights, CA | 75,620 | (A) | 1,633 | 4,793 | 213 | 1,634 | 4,254 | 5,888 | 1,198 | 2005 | ||||||||||||
Corona, CA | 95,125 | 2,107 | 10,385 | 1 | 2,107 | 10,385 | 12,492 | 55 | 2014 | |||||||||||||
Diamond Bar, CA | 102,984 | 2,522 | 7,404 | 179 | 2,524 | 6,491 | 9,015 | 1,820 | 2005 | |||||||||||||
Escondido, CA | 142,895 | 3,040 | 11,804 | 161 | 3,040 | 9,611 | 12,651 | 1,991 | 2007 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Fallbrook, CA | 46,401 | 133 | 1,492 | 1,736 | 432 | 2,722 | 3,154 | 1,084 | 1997 | |||||||||||||
Fremont, CA | 51,243 | 1,158 | 5,711 | 38 | 1,158 | 5,750 | 6,908 | 45 | 2014 | |||||||||||||
Lancaster, CA | 60,675 | 390 | 2,247 | 956 | 556 | 2,703 | 3,259 | 950 | 2001 | |||||||||||||
Long Beach, CA | 124,571 | 3,138 | 14,368 | 493 | 3,138 | 12,950 | 16,088 | 3,352 | 2006 | |||||||||||||
Murrieta, CA | 49,795 | 1,883 | 5,532 | 167 | 1,903 | 4,835 | 6,738 | 1,295 | 2005 | |||||||||||||
North Highlands, CA | 57,169 | (A) | 868 | 2,546 | 390 | 868 | 2,480 | 3,348 | 690 | 2005 | ||||||||||||
Ontario, CA | 93,590 | 1,705 | 8,401 | 17 | 1,705 | 8,418 | 10,123 | 44 | 2014 | |||||||||||||
Orangevale, CA | 50,542 | (A) | 1,423 | 4,175 | 267 | 1,423 | 3,770 | 5,193 | 1,066 | 2005 | ||||||||||||
Pleasanton, CA | 85,045 | 2,799 | 8,222 | 54 | 2,799 | 7,034 | 9,833 | 1,896 | 2005 | |||||||||||||
Rancho Cordova, CA | 53,978 | (A) | 1,094 | 3,212 | 250 | 1,095 | 2,930 | 4,025 | 845 | 2005 | ||||||||||||
Rialto I, CA | 57,391 | 899 | 4,118 | 177 | 899 | 3,725 | 4,624 | 972 | 2006 | |||||||||||||
Rialto II, CA | 99,783 | 277 | 3,098 | 1,715 | 672 | 4,034 | 4,706 | 1,815 | 1997 | |||||||||||||
Riverside I, CA | 67,120 | 1,351 | 6,183 | 417 | 1,351 | 5,768 | 7,119 | 1,473 | 2006 | |||||||||||||
Riverside II, CA | 85,076 | 1,170 | 5,359 | 355 | 1,170 | 4,980 | 6,150 | 1,289 | 2006 | |||||||||||||
Roseville, CA | 59,944 | (A) | 1,284 | 3,767 | 319 | 1,284 | 3,491 | 4,775 | 1,002 | 2005 | ||||||||||||
Sacramento I, CA | 50,714 | (A) | 1,152 | 3,380 | 237 | 1,152 | 3,058 | 4,210 | 875 | 2005 | ||||||||||||
Sacramento II, CA | 62,088 | (A) | 1,406 | 4,128 | 233 | 1,407 | 3,696 | 5,103 | 1,039 | 2005 | ||||||||||||
San Bernardino I, CA | 31,070 | 51 | 572 | 1,166 | 182 | 1,422 | 1,604 | 537 | 1997 | |||||||||||||
San Bernardino II, CA | 41,546 | 112 | 1,251 | 1,228 | 306 | 1,949 | 2,255 | 817 | 1997 | |||||||||||||
San Bernardino III, CA | 35,416 | 98 | 1,093 | 1,194 | 242 | 1,806 | 2,048 | 706 | 1997 | |||||||||||||
San Bernardino IV, CA | 83,307 | 1,872 | 5,391 | 154 | 1,872 | 4,828 | 6,700 | 1,316 | 2005 | |||||||||||||
San Bernardino V, CA | 57,595 | 783 | 3,583 | 478 | 783 | 3,534 | 4,317 | 923 | 2006 | |||||||||||||
San Bernardino VII, CA | 78,753 | 1,475 | 6,753 | 274 | 1,290 | 6,281 | 7,571 | 1,643 | 2006 | |||||||||||||
San Bernardino VIII, CA | 99,004 | 1,691 | 7,741 | 439 | 1,692 | 6,237 | 7,929 | 2,519 | 2006 | |||||||||||||
San Marcos, CA | 37,430 | 775 | 2,288 | 119 | 776 | 2,043 | 2,819 | 571 | 2005 | |||||||||||||
Santa Ana, CA | 64,071 | 1,223 | 5,600 | 280 | 1,223 | 5,107 | 6,330 | 1,331 | 2006 | |||||||||||||
South Sacramento, CA | 52,490 | (A) | 790 | 2,319 | 236 | 791 | 2,143 | 2,934 | 622 | 2005 | ||||||||||||
Spring Valley, CA | 55,045 | 1,178 | 5,394 | 561 | 1,178 | 5,210 | 6,388 | 1,368 | 2006 | |||||||||||||
Temecula I, CA | 81,320 | 660 | 4,735 | 1,231 | 899 | 5,409 | 6,308 | 1,257 | 1998 | |||||||||||||
Temecula II, CA | 84,318 | 3,080 | 5,839 | 198 | 3,080 | 5,108 | 8,188 | 1,060 | 2007 | |||||||||||||
Vista I, CA | 74,481 | 711 | 4,076 | 2,293 | 1,118 | 5,442 | 6,560 | 1,800 | 2001 | |||||||||||||
Vista II, CA | 147,871 | 4,629 | 13,599 | 142 | 4,629 | 11,698 | 16,327 | 3,165 | 2005 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Walnut, CA | 50,708 | 1,578 | 4,635 | 236 | 1,595 | 4,133 | 5,728 | 1,105 | 2005 | |||||||||||||
West Sacramento, CA | 40,015 | (B) | 1,222 | 3,590 | 200 | 1,222 | 3,236 | 4,458 | 868 | 2005 | ||||||||||||
Westminster, CA | 68,428 | 1,740 | 5,142 | 303 | 1,743 | 4,560 | 6,303 | 1,292 | 2005 | |||||||||||||
Aurora, CO | 75,867 | (A) | 1,343 | 2,986 | 313 | 1,343 | 2,764 | 4,107 | 739 | 2005 | ||||||||||||
Colorado Springs I, CO | 47,975 | 771 | 1,717 | 337 | 771 | 1,711 | 2,482 | 449 | 2005 | |||||||||||||
Colorado Springs II, CO | 62,400 | 657 | 2,674 | 210 | 656 | 2,377 | 3,033 | 641 | 2006 | |||||||||||||
Denver I, CO | 59,200 | 673 | 2,741 | 197 | 671 | 2,436 | 3,107 | 694 | 2006 | |||||||||||||
Denver II, CO | 74,295 | 1,430 | 7,053 | 71 | 1,430 | 7,123 | 8,553 | 341 | 2012 | |||||||||||||
Federal Heights, CO | 54,770 | (A) | 878 | 1,953 | 251 | 879 | 1,810 | 2,689 | 471 | 2005 | ||||||||||||
Golden, CO | 87,800 | (A) | 1,683 | 3,744 | 404 | 1,684 | 3,477 | 5,161 | 915 | 2005 | ||||||||||||
Littleton, CO | 53,490 | (A) | 1,268 | 2,820 | 277 | 1,268 | 2,589 | 3,857 | 655 | 2005 | ||||||||||||
Northglenn, CO | 52,102 | (A) | 862 | 1,917 | 365 | 862 | 1,869 | 2,731 | 477 | 2005 | ||||||||||||
Bloomfield, CT | 48,700 | 78 | 880 | 2,338 | 360 | 2,644 | 3,004 | 1,029 | 1997 | |||||||||||||
Branford, CT | 50,679 | 217 | 2,433 | 1,317 | 504 | 3,055 | 3,559 | 1,626 | 1995 | |||||||||||||
Bristol, CT | 47,725 | 1,819 | 3,161 | 63 | 1,819 | 2,759 | 4,578 | 849 | 2005 | |||||||||||||
East Windsor, CT | 46,016 | 744 | 1,294 | 458 | 744 | 1,482 | 2,226 | 448 | 2005 | |||||||||||||
Enfield, CT | 52,875 | 424 | 2,424 | 396 | 473 | 2,229 | 2,702 | 873 | 2001 | |||||||||||||
Gales Ferry, CT | 54,805 | 240 | 2,697 | 1,458 | 489 | 3,473 | 3,962 | 1,503 | 1995 | |||||||||||||
Manchester I, CT | 46,925 | 540 | 3,096 | 360 | 563 | 2,684 | 3,247 | 1,100 | 2002 | |||||||||||||
Manchester II, CT | 52,725 | 996 | 1,730 | 255 | 996 | 1,677 | 2,673 | 495 | 2005 | |||||||||||||
Manchester III, CT | 60,113 | 671 | 3,308 | 6 | 671 | 3,314 | 3,985 | 26 | 2014 | |||||||||||||
Milford, CT | 44,885 | 87 | 1,050 | 1,129 | 274 | 1,707 | 1,981 | 819 | 1996 | |||||||||||||
Monroe, CT | 58,500 | 2,004 | 3,483 | 600 | 2,004 | 3,399 | 5,403 | 1,072 | 2005 | |||||||||||||
Mystic, CT | 50,825 | 136 | 1,645 | 1,927 | 410 | 2,840 | 3,250 | 1,377 | 1996 | |||||||||||||
Newington I, CT | 42,620 | 1,059 | 1,840 | 206 | 1,059 | 1,752 | 2,811 | 518 | 2005 | |||||||||||||
Newington II, CT | 36,140 | 911 | 1,584 | 231 | 911 | 1,541 | 2,452 | 463 | 2005 | |||||||||||||
Norwalk, CT | 30,414 | 646 | 3,187 | 48 | 646 | 3,235 | 3,881 | 171 | 2012 | |||||||||||||
Old Saybrook I, CT | 86,950 | 3,092 | 5,374 | 519 | 3,092 | 5,039 | 8,131 | 1,537 | 2005 | |||||||||||||
Old Saybrook II, CT | 26,425 | 1,135 | 1,973 | 231 | 1,135 | 1,877 | 3,012 | 586 | 2005 | |||||||||||||
Shelton, CT | 78,430 | 1,449 | 8,221 | 179 | 1,449 | 7,317 | 8,766 | 678 | 2011 | |||||||||||||
South Windsor, CT | 72,075 | 90 | 1,127 | 1,322 | 272 | 2,062 | 2,334 | 859 | 1996 | |||||||||||||
Stamford, CT | 28,907 | 1,941 | 3,374 | 102 | 1,941 | 2,940 | 4,881 | 891 | 2005 | |||||||||||||
Wilton, CT | 84,515 | 12,635 | 2,409 | 12,261 | 172 | 2,421 | 12,494 | 14,915 | 824 | 2012 | ||||||||||||
Washington I, DC | 63,085 | (B) | 871 | 12,759 | 403 | 894 | 10,480 | 11,374 | 2,048 | 2008 | ||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Washington II, DC | 82,982 | 3,152 | 13,612 | 146 | 3,154 | 11,983 | 15,137 | 856 | 2011 | |||||||||||||
Boca Raton, FL | 37,958 | 529 | 3,054 | 1,564 | 813 | 3,711 | 4,524 | 1,259 | 2001 | |||||||||||||
Boynton Beach I, FL | 61,749 | 667 | 3,796 | 1,801 | 958 | 4,507 | 5,465 | 1,530 | 2001 | |||||||||||||
Boynton Beach II, FL | 61,579 | 1,030 | 2,968 | 329 | 1,030 | 2,861 | 3,891 | 778 | 2005 | |||||||||||||
Boynton Beach III, FL | 67,393 | 1,225 | 6,037 | 12 | 1,225 | 6,050 | 7,275 | 48 | 2014 | |||||||||||||
Bradenton I, FL | 68,441 | 1,180 | 3,324 | 225 | 1,180 | 3,028 | 4,208 | 854 | 2004 | |||||||||||||
Bradenton II, FL | 87,958 | 1,931 | 5,561 | 975 | 1,931 | 5,441 | 7,372 | 1,507 | 2004 | |||||||||||||
Cape Coral I, FL | 76,842 | 472 | 2,769 | 2,538 | 830 | 4,371 | 5,201 | 1,786 | 2000 | |||||||||||||
Cape Coral II, FL | 67,955 | 1,093 | 5,387 | 1 | 1,093 | 5,388 | 6,481 | 14 | 2014 | |||||||||||||
Coconut Creek I, FL | 78,883 | 1,189 | 5,863 | 106 | 1,189 | 5,968 | 7,157 | 286 | 2012 | |||||||||||||
Coconut Creek II, FL | 90,400 | 1,937 | 9,549 | 109 | 1,937 | 9,658 | 11,595 | 77 | 2014 | |||||||||||||
Dania Beach, FL | 168,724 | 3,584 | 10,324 | 1,171 | 3,584 | 9,999 | 13,583 | 2,827 | 2004 | |||||||||||||
Dania, FL | 58,145 | 205 | 2,068 | 1,442 | 481 | 2,813 | 3,294 | 1,375 | 1996 | |||||||||||||
Davie, FL | 81,235 | 1,268 | 7,183 | 815 | 1,373 | 5,735 | 7,108 | 2,500 | 2001 | |||||||||||||
Deerfield Beach, FL | 57,230 | 946 | 2,999 | 2,019 | 1,311 | 4,524 | 5,835 | 1,631 | 1998 | |||||||||||||
Delray Beach I, FL | 67,833 | 798 | 4,539 | 690 | 883 | 4,229 | 5,112 | 1,535 | 2001 | |||||||||||||
Delray Beach II, FL | 75,712 | 957 | 4,718 | 194 | 957 | 4,912 | 5,869 | 1,507 | 2013 | |||||||||||||
Delray Beach III, FL | 94,495 | 2,086 | 10,286 | 2 | 2,086 | 10,289 | 12,375 | 82 | 2014 | |||||||||||||
Fernandina Beach, FL | 121,083 | 378 | 4,222 | 3,668 | 643 | 6,991 | 7,634 | 2,432 | 1996 | |||||||||||||
Ft. Lauderdale I, FL | 70,063 | 937 | 3,646 | 2,438 | 1,384 | 5,416 | 6,800 | 1,994 | 1999 | |||||||||||||
Ft. Lauderdale II, FL | 49,507 | 862 | 4,250 | 54 | 862 | 4,305 | 5,167 | 1,834 | 2013 | |||||||||||||
Ft. Myers I, FL | 67,546 | 303 | 3,329 | 824 | 328 | 3,167 | 3,495 | 1,637 | 1999 | |||||||||||||
Ft. Myers II, FL | 83,125 | 1,030 | 5,080 | 4 | 1,030 | 5,084 | 6,114 | 40 | 2014 | |||||||||||||
Ft. Myers III, FL | 81,554 | 1,148 | 5,658 | 29 | 1,148 | 5,688 | 6,836 | 46 | 2014 | |||||||||||||
Jacksonville I, FL | 80,215 | 1,862 | 5,362 | 72 | 1,862 | 4,752 | 6,614 | 1,190 | 2005 | |||||||||||||
Jacksonville II, FL | 65,070 | 950 | 7,004 | 120 | 950 | 5,571 | 6,521 | 1,143 | 2007 | |||||||||||||
Jacksonville III, FL | 65,590 | 860 | 7,409 | 989 | 1,670 | 5,997 | 7,667 | 1,239 | 2007 | |||||||||||||
Jacksonville IV, FL | 77,535 | 870 | 8,049 | 1,030 | 1,651 | 7,004 | 8,655 | 1,449 | 2007 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Jacksonville V, FL | 82,235 | 1,220 | 8,210 | 312 | 1,220 | 6,813 | 8,033 | 1,406 | 2007 | |||||||||||||
Jacksonville VI, FL | 74,425 | 755 | 3,725 | 1 | 755 | 3,725 | 4,480 | 10 | 2014 | |||||||||||||
Kendall, FL | 75,495 | (B) | 2,350 | 8,106 | 201 | 2,350 | 6,534 | 8,884 | 1,346 | 2007 | ||||||||||||
Lake Worth I, FL | 160,949 | 183 | 6,597 | 7,161 | 354 | 11,076 | 11,430 | 4,680 | 1998 | |||||||||||||
Lake Worth II, FL | 87,050 | 1,552 | 7,654 | 100 | 1,552 | 7,753 | 9,305 | 61 | 2014 | |||||||||||||
Lakeland, FL | 49,095 | 81 | 896 | 1,127 | 256 | 1,440 | 1,696 | 803 | 1994 | |||||||||||||
Leisure City, FL | 56,042 | 409 | 2,018 | 127 | 409 | 2,144 | 2,553 | 105 | 2012 | |||||||||||||
Lutz I, FL | 66,795 | 901 | 2,478 | 232 | 901 | 2,325 | 3,226 | 640 | 2004 | |||||||||||||
Lutz II, FL | 69,232 | 992 | 2,868 | 339 | 992 | 2,717 | 3,709 | 769 | 2004 | |||||||||||||
Margate I, FL | 53,660 | 161 | 1,763 | — | 399 | 3,196 | 3,595 | 1,402 | 1996 | |||||||||||||
Margate II, FL | 65,180 | 132 | 1,473 | — | 383 | 2,663 | 3,046 | 1,204 | 1996 | |||||||||||||
Merritt Island, FL | 50,281 | 716 | 2,983 | 606 | 796 | 2,851 | 3,647 | 888 | 2002 | |||||||||||||
Miami I, FL | 46,500 | 179 | 1,999 | 1,811 | 484 | 3,123 | 3,607 | 1,720 | 1996 | |||||||||||||
Miami II, FL | 66,960 | 253 | 2,544 | 1,456 | 561 | 3,183 | 3,744 | 1,634 | 1996 | |||||||||||||
Miami III, FL | 150,425 | 4,577 | 13,185 | 816 | 4,577 | 12,177 | 16,754 | 3,073 | 2005 | |||||||||||||
Miami IV, FL | 76,337 | 1,852 | 10,494 | 878 | 1,963 | 9,812 | 11,775 | 933 | 2011 | |||||||||||||
Miramar, FL | 75,530 | 1,206 | 5,944 | 50 | 1,206 | 5,995 | 7,201 | 697 | 2013 | |||||||||||||
Naples I, FL | 48,150 | 90 | 1,010 | 2,509 | 270 | 3,139 | 3,409 | 1,362 | 1996 | |||||||||||||
Naples II, FL | 65,850 | 148 | 1,652 | 4,320 | 558 | 5,278 | 5,836 | 2,162 | 1997 | |||||||||||||
Naples III, FL | 80,021 | 139 | 1,561 | 4,090 | 598 | 4,340 | 4,938 | 2,100 | 1997 | |||||||||||||
Naples IV, FL | 40,550 | 262 | 2,980 | 580 | 407 | 2,977 | 3,384 | 1,445 | 1998 | |||||||||||||
New Smyrna Beach, FL | 81,454 | 1,261 | 6,215 | 1 | 1,261 | 6,215 | 7,476 | 33 | 2014 | |||||||||||||
Ocoee, FL | 76,250 | 1,286 | 3,705 | 176 | 1,286 | 3,364 | 4,650 | 880 | 2005 | |||||||||||||
Orange City, FL | 59,580 | 1,191 | 3,209 | 205 | 1,191 | 2,926 | 4,117 | 823 | 2004 | |||||||||||||
Orlando II, FL | 63,084 | 1,589 | 4,576 | 148 | 1,589 | 4,085 | 5,674 | 1,089 | 2005 | |||||||||||||
Orlando III, FL | 101,330 | 1,209 | 7,768 | 646 | 1,209 | 7,028 | 8,237 | 1,546 | 2006 | |||||||||||||
Orlando IV, FL | 76,565 | 633 | 3,587 | 102 | 633 | 3,185 | 3,818 | 337 | 2010 | |||||||||||||
Orlando V, FL | 75,358 | 950 | 4,685 | 101 | 950 | 4,785 | 5,735 | 205 | 2012 | |||||||||||||
Orlando VI, FL | 71,475 | 640 | 3,154 | 1 | 640 | 3,155 | 3,795 | 8 | 2014 | |||||||||||||
Oviedo, FL | 49,276 | 440 | 2,824 | 551 | 440 | 2,704 | 3,144 | 620 | 2006 | |||||||||||||
Palm Coast I, FL | 47,400 | 555 | 2,735 | 60 | 555 | 2,795 | 3,350 | 22 | 2014 | |||||||||||||
Palm Coast II, FL | 122,490 | 7,962 | 1,511 | 7,450 | 250 | 1,511 | 7,700 | 9,211 | 63 | 2014 | ||||||||||||
Pembroke Pines, FL | 67,321 | 337 | 3,772 | 2,745 | 953 | 5,375 | 6,328 | 3,171 | 1997 | |||||||||||||
Royal Palm Beach II, FL | 81,394 | 1,640 | 8,607 | 225 | 1,640 | 7,171 | 8,811 | 1,478 | 2007 | |||||||||||||
Sanford I, FL | 61,810 | 453 | 2,911 | 164 | 453 | 2,509 | 2,962 | 589 | 2006 | |||||||||||||
Sanford II, FL | 70,054 | 1,003 | 4,944 | 1 | 1,003 | 4,945 | 5,948 | 26 | 2014 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Sarasota, FL | 71,152 | 333 | 3,656 | 1,313 | 529 | 3,774 | 4,303 | 1,912 | 1999 | |||||||||||||
St. Augustine, FL | 59,725 | 135 | 1,515 | 3,330 | 383 | 4,274 | 4,657 | 1,858 | 1996 | |||||||||||||
Stuart, FL | 87,176 | 324 | 3,625 | 3,070 | 685 | 5,762 | 6,447 | 2,504 | 1997 | |||||||||||||
SW Ranches, FL | 64,955 | 1,390 | 7,598 | 139 | 1,390 | 5,875 | 7,265 | 1,215 | 2007 | |||||||||||||
Tampa, FL | 83,913 | 2,670 | 6,249 | 121 | 2,670 | 5,017 | 7,687 | 1,036 | 2007 | |||||||||||||
West Palm Beach I, FL | 68,061 | 719 | 3,420 | 1,547 | 835 | 3,992 | 4,827 | 1,439 | 2001 | |||||||||||||
West Palm Beach II, FL | 94,428 | 2,129 | 8,671 | 356 | 2,129 | 7,724 | 9,853 | 2,173 | 2004 | |||||||||||||
West Palm Beach III, FL | 77,664 | 804 | 3,962 | 41 | 804 | 4,002 | 4,806 | 168 | 2012 | |||||||||||||
West Palm Beach IV, FL | 102,912 | 1,499 | 7,392 | 133 | 1,499 | 7,524 | 9,023 | 59 | 2014 | |||||||||||||
Winter Park, FL | 54,356 | 866 | 4,268 | 1 | 866 | 4,269 | 5,135 | 23 | 2014 | |||||||||||||
Alpharetta, GA | 90,501 | 806 | 4,720 | 1,006 | 967 | 4,128 | 5,095 | 1,328 | 2001 | |||||||||||||
Atlanta, GA | 66,675 | 822 | 4,053 | 37 | 822 | 4,091 | 4,913 | 206 | 2012 | |||||||||||||
Austell, GA | 83,675 | 1,635 | 4,711 | 201 | 1,643 | 4,257 | 5,900 | 973 | 2006 | |||||||||||||
Decatur, GA | 145,280 | 616 | 6,776 | 220 | 616 | 6,089 | 6,705 | 3,106 | 1998 | |||||||||||||
Duluth, GA | 70,885 | 373 | 2,044 | 164 | 373 | 1,884 | 2,257 | 164 | 2011 | |||||||||||||
Lawrenceville, GA | 73,615 | 546 | 2,903 | 327 | 546 | 2,813 | 3,359 | 246 | 2011 | |||||||||||||
Norcross I, GA | 85,420 | 514 | 2,930 | 817 | 632 | 3,017 | 3,649 | 1,201 | 2001 | |||||||||||||
Norcross II, GA | 52,545 | 366 | 2,025 | 154 | 366 | 1,895 | 2,261 | 165 | 2011 | |||||||||||||
Norcross III, GA | 47,220 | 938 | 4,625 | 51 | 938 | 4,677 | 5,615 | 310 | 2012 | |||||||||||||
Norcross IV, GA | 57,505 | 576 | 2,839 | 48 | 576 | 2,887 | 3,463 | 144 | 2012 | |||||||||||||
Peachtree City I, GA | 49,875 | 435 | 2,532 | 668 | 529 | 2,571 | 3,100 | 846 | 2001 | |||||||||||||
Peachtree City II, GA | 59,950 | 398 | 1,963 | 16 | 398 | 1,979 | 2,377 | 100 | 2012 | |||||||||||||
Smyrna, GA | 57,015 | 750 | 4,271 | 242 | 750 | 3,483 | 4,233 | 1,130 | 2001 | |||||||||||||
Snellville, GA | 79,950 | 1,660 | 4,781 | 319 | 1,660 | 4,438 | 6,098 | 942 | 2007 | |||||||||||||
Suwanee I, GA | 85,125 | 1,737 | 5,010 | 282 | 1,737 | 4,593 | 6,330 | 990 | 2007 | |||||||||||||
Suwanee II, GA | 79,590 | 800 | 6,942 | 37 | 622 | 5,775 | 6,397 | 1,196 | 2007 | |||||||||||||
Addison, IL | 31,325 | 428 | 3,531 | 341 | 428 | 3,372 | 3,800 | 934 | 2004 | |||||||||||||
Aurora, IL | 73,985 | 644 | 3,652 | 153 | 644 | 3,285 | 3,929 | 919 | 2004 | |||||||||||||
Bartlett, IL | 51,425 | 931 | 2,493 | 278 | 931 | 2,389 | 3,320 | 654 | 2004 | |||||||||||||
Bellwood, IL | 86,550 | 1,012 | 5,768 | 805 | 1,012 | 5,275 | 6,287 | 1,820 | 2001 | |||||||||||||
Bolingbrook, IL | 80,070 | 1,675 | 8,254 | 4 | 1,675 | 8,259 | 9,934 | 44 | 2014 | |||||||||||||
Chicago I, IL | 95,715 | 2,667 | 13,118 | 1 | 2,667 | 13,118 | 15,785 | 69 | 2014 | |||||||||||||
Chicago II, IL | 78,980 | 833 | 4,035 | 1 | 833 | 4,036 | 4,869 | 21 | 2014 | |||||||||||||
Chicago III, IL | 84,964 | 2,427 | 11,962 | 1 | 2,427 | 11,963 | 14,390 | 63 | 2014 | |||||||||||||
Countryside, IL | 99,931 | 2,607 | 12,684 | 2 | 2,607 | 12,687 | 15,294 | 67 | 2014 | |||||||||||||
Des Plaines, IL | 69,600 | 1,564 | 4,327 | 519 | 1,564 | 4,207 | 5,771 | 1,150 | 2004 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Elk Grove Village, IL | 64,104 | 1,446 | 3,535 | 285 | 1,446 | 3,292 | 4,738 | 946 | 2004 | |||||||||||||
Evanston, IL | 58,050 | 1,103 | 5,440 | 184 | 1,103 | 5,623 | 6,726 | 964 | 2013 | |||||||||||||
Glenview, IL | 100,085 | 3,740 | 10,367 | 559 | 3,740 | 9,461 | 13,201 | 2,599 | 2004 | |||||||||||||
Gurnee, IL | 80,300 | 1,521 | 5,440 | 263 | 1,521 | 4,940 | 6,461 | 1,414 | 2004 | |||||||||||||
Hanover, IL | 41,190 | 1,126 | 2,197 | 261 | 1,126 | 2,119 | 3,245 | 583 | 2004 | |||||||||||||
Harvey, IL | 60,090 | 869 | 3,635 | 208 | 869 | 3,304 | 4,173 | 923 | 2004 | |||||||||||||
Joliet, IL | 72,865 | 547 | 4,704 | 229 | 547 | 4,274 | 4,821 | 1,195 | 2004 | |||||||||||||
Kildeer, IL | 46,485 | 2,102 | 2,187 | 217 | 1,997 | 2,203 | 4,200 | 584 | 2004 | |||||||||||||
Lombard, IL | 57,691 | 1,305 | 3,938 | 659 | 1,305 | 3,996 | 5,301 | 1,158 | 2004 | |||||||||||||
Mount Prospect, IL | 65,000 | 1,701 | 3,114 | 412 | 1,701 | 3,074 | 4,775 | 827 | 2004 | |||||||||||||
Mundelein, IL | 44,700 | 1,498 | 2,782 | 236 | 1,498 | 2,606 | 4,104 | 715 | 2004 | |||||||||||||
North Chicago, IL | 53,400 | 1,073 | 3,006 | 370 | 1,073 | 2,891 | 3,964 | 810 | 2004 | |||||||||||||
Plainfield I, IL | 53,900 | 1,770 | 1,715 | 237 | 1,740 | 1,660 | 3,400 | 452 | 2004 | |||||||||||||
Plainfield II, IL | 51,900 | 694 | 2,000 | 153 | 694 | 1,820 | 2,514 | 476 | 2005 | |||||||||||||
Schaumburg, IL | 31,160 | 538 | 645 | 183 | 538 | 692 | 1,230 | 184 | 2004 | |||||||||||||
Streamwood, IL | 64,305 | 1,447 | 1,662 | 352 | 1,447 | 1,703 | 3,150 | 470 | 2004 | |||||||||||||
Warrenville, IL | 48,796 | 1,066 | 3,072 | 222 | 1,066 | 2,862 | 3,928 | 745 | 2005 | |||||||||||||
Waukegan, IL | 79,500 | 1,198 | 4,363 | 337 | 1,198 | 4,047 | 5,245 | 1,138 | 2004 | |||||||||||||
West Chicago, IL | 48,175 | 1,071 | 2,249 | 341 | 1,071 | 2,232 | 3,303 | 605 | 2004 | |||||||||||||
Westmont, IL | 53,150 | 1,155 | 3,873 | 226 | 1,155 | 3,559 | 4,714 | 974 | 2004 | |||||||||||||
Wheeling I, IL | 54,210 | 857 | 3,213 | 325 | 857 | 3,065 | 3,922 | 858 | 2004 | |||||||||||||
Wheeling II, IL | 67,825 | 793 | 3,816 | 451 | 793 | 3,716 | 4,509 | 1,036 | 2004 | |||||||||||||
Woodridge, IL | 50,232 | 943 | 3,397 | 182 | 943 | 3,103 | 4,046 | 870 | 2004 | |||||||||||||
Schererville, IN | 67,280 | 1,134 | 5,589 | 21 | 1,134 | 5,611 | 6,745 | 45 | 2014 | |||||||||||||
Boston I, MA | 33,286 | 538 | 3,048 | 107 | 538 | 2,731 | 3,269 | 294 | 2010 | |||||||||||||
Boston II, MA | 60,420 | 1,516 | 8,628 | 333 | 1,516 | 7,125 | 8,641 | 2,410 | 2002 | |||||||||||||
Boston III, MA | 108,205 | 3,211 | 15,829 | 2 | 3,211 | 15,831 | 19,042 | 126 | 2014 | |||||||||||||
Leominster, MA | 54,023 | 90 | 1,519 | 2,445 | 338 | 3,346 | 3,684 | 1,621 | 1998 | |||||||||||||
Medford, MA | 58,725 | 1,330 | 7,165 | 241 | 1,330 | 5,928 | 7,258 | 1,188 | 2007 | |||||||||||||
Stoneham, MA | 60,900 | 1,558 | 7,679 | 62 | 1,558 | 7,741 | 9,299 | 1,176 | 2013 | |||||||||||||
Tewksbury, MA | 61,832 | 1,537 | 7,579 | 14 | 1,537 | 7,593 | 9,130 | 60 | 2014 | |||||||||||||
Baltimore, MD | 93,550 | 1,050 | 5,997 | 1,285 | 1,173 | 5,857 | 7,030 | 2,132 | 2001 | |||||||||||||
Beltsville, MD | 63,707 | 1,277 | 6,295 | 41 | 1,277 | 6,335 | 7,612 | 2,053 | 2013 | |||||||||||||
California, MD | 77,840 | 1,486 | 4,280 | 169 | 1,486 | 3,857 | 5,343 | 1,079 | 2004 | |||||||||||||
Clinton, MD | 84,225 | 8,427 | 2,182 | 10,757 | 26 | 2,182 | 10,782 | 12,964 | 1,043 | 2013 | ||||||||||||
District Heights, MD | 78,490 | 1,527 | 8,313 | 460 | 1,527 | 7,648 | 9,175 | 626 | 2011 | |||||||||||||
Elkridge, MD | 63,525 | 1,155 | 5,695 | 120 | 1,155 | 5,815 | 6,970 | 382 | 2013 | |||||||||||||
Gaithersburg, MD | 87,045 | 3,124 | 9,000 | 392 | 3,124 | 8,132 | 11,256 | 2,256 | 2005 | |||||||||||||
Hyattsville, MD | 52,765 | 1,113 | 5,485 | 33 | 1,113 | 5,519 | 6,632 | 2,085 | 2013 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Laurel, MD | 162,696 | 1,409 | 8,035 | 3,592 | 1,928 | 9,521 | 11,449 | 3,297 | 2001 | |||||||||||||
Temple Hills I, MD | 97,150 | 1,541 | 8,788 | 2,391 | 1,800 | 9,333 | 11,133 | 3,743 | 2001 | |||||||||||||
Temple Hills II, MD | 84,100 | 7,466 | 2,229 | 10,988 | 15 | 2,229 | 11,003 | 13,232 | 88 | 2014 | ||||||||||||
Timonium, MD | 66,717 | 7,919 | 2,269 | 11,184 | 36 | 2,269 | 11,220 | 13,489 | 89 | 2014 | ||||||||||||
Upper Marlboro, MD | 62,290 | 1,309 | 6,455 | 59 | 1,309 | 6,513 | 7,822 | 3,569 | 2013 | |||||||||||||
Belmont, NC | 81,850 | 385 | 2,196 | 834 | 451 | 2,349 | 2,800 | 783 | 2001 | |||||||||||||
Burlington I, NC | 109,396 | 498 | 2,837 | 706 | 498 | 2,910 | 3,408 | 1,008 | 2001 | |||||||||||||
Burlington II, NC | 42,165 | 320 | 1,829 | 363 | 340 | 1,760 | 2,100 | 605 | 2001 | |||||||||||||
Cary, NC | 112,402 | 543 | 3,097 | 670 | 543 | 3,495 | 4,038 | 1,326 | 2001 | |||||||||||||
Charlotte, NC | 69,000 | 782 | 4,429 | 1,458 | 1,068 | 4,693 | 5,761 | 1,469 | 2002 | |||||||||||||
Raleigh, NC | 48,675 | 209 | 2,398 | 327 | 296 | 2,255 | 2,551 | 1,083 | 1998 | |||||||||||||
Bordentown, NJ | 50,600 | 457 | 2,255 | 22 | 457 | 2,277 | 2,734 | 115 | 2012 | |||||||||||||
Brick, NJ | 51,725 | 234 | 2,762 | 1,431 | 485 | 3,393 | 3,878 | 1,750 | 1996 | |||||||||||||
Cherry Hill I, NJ | 51,500 | 222 | 1,260 | 81 | 222 | 1,159 | 1,381 | 129 | 2010 | |||||||||||||
Cherry Hill II, NJ | 64,825 | 471 | 2,323 | 88 | 471 | 2,410 | 2,881 | 105 | 2012 | |||||||||||||
Clifton, NJ | 105,550 | 4,346 | 12,520 | 240 | 4,340 | 11,081 | 15,421 | 2,899 | 2005 | |||||||||||||
Cranford, NJ | 91,280 | 290 | 3,493 | 2,423 | 779 | 4,748 | 5,527 | 2,289 | 1996 | |||||||||||||
East Hanover, NJ | 107,679 | 504 | 5,763 | 3,961 | 1,315 | 7,861 | 9,176 | 3,963 | 1996 | |||||||||||||
Egg Harbor I, NJ | 35,825 | 104 | 510 | 30 | 104 | 529 | 633 | 57 | 2010 | |||||||||||||
Egg Harbor II, NJ | 70,400 | 284 | 1,608 | 183 | 284 | 1,571 | 1,855 | 178 | 2010 | |||||||||||||
Elizabeth, NJ | 38,830 | 751 | 2,164 | 454 | 751 | 2,294 | 3,045 | 601 | 2005 | |||||||||||||
Fairview, NJ | 27,876 | 246 | 2,759 | 442 | 246 | 2,608 | 2,854 | 1,454 | 1997 | |||||||||||||
Freehold, NJ | 81,420 | 1,086 | 5,355 | 96 | 1,086 | 5,451 | 6,537 | 264 | 2012 | |||||||||||||
Hamilton, NJ | 70,450 | 1,885 | 5,430 | 246 | 1,893 | 4,911 | 6,804 | 1,166 | 2006 | |||||||||||||
Hoboken, NJ | 34,180 | 1,370 | 3,947 | 641 | 1,370 | 3,961 | 5,331 | 1,138 | 2005 | |||||||||||||
Linden, NJ | 100,425 | 517 | 6,008 | 2,291 | 1,043 | 6,817 | 7,860 | 3,669 | 1996 | |||||||||||||
Lumberton, NJ | 96,025 | 987 | 4,864 | 88 | 987 | 4,952 | 5,939 | 251 | 2012 | |||||||||||||
Morris Township, NJ | 71,976 | 500 | 5,602 | 2,687 | 1,072 | 6,679 | 7,751 | 4,646 | 1997 | |||||||||||||
Parsippany, NJ | 58,550 | 475 | 5,322 | 2,008 | 844 | 6,016 | 6,860 | 3,096 | 1997 | |||||||||||||
Rahway, NJ | 83,121 | 1,486 | 7,326 | 98 | 1,486 | 7,424 | 8,910 | 1,725 | 2013 | |||||||||||||
Randolph, NJ | 52,565 | 855 | 4,872 | 1,323 | 1,108 | 4,861 | 5,969 | 1,707 | 2002 | |||||||||||||
Sewell, NJ | 57,826 | 484 | 2,766 | 1,317 | 706 | 3,232 | 3,938 | 1,123 | 2001 | |||||||||||||
Somerset, NJ | 57,485 | 1,243 | 6,129 | 71 | 1,243 | 6,199 | 7,442 | 295 | 2012 | |||||||||||||
Whippany, NJ | 92,070 | 2,153 | 10,615 | 86 | 2,153 | 10,701 | 12,854 | 332 | 2013 | |||||||||||||
Albuquerque I, NM | 65,927 | (A) | 1,039 | 3,395 | 273 | 1,039 | 3,084 | 4,123 | 879 | 2005 | ||||||||||||
Albuquerque II, NM | 58,798 | (A) | 1,163 | 3,801 | 257 | 1,163 | 3,435 | 4,598 | 981 | 2005 | ||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Albuquerque III, NM | 57,536 | (A) | 664 | 2,171 | 334 | 664 | 2,117 | 2,781 | 592 | 2005 | ||||||||||||
Henderson, NV | 75,150 | 1,246 | 6,143 | 1 | 1,246 | 6,143 | 7,389 | 33 | 2014 | |||||||||||||
Las Vegas I, NV | 48,332 | 1,851 | 2,986 | 486 | 1,851 | 3,061 | 4,912 | 874 | 2006 | |||||||||||||
Las Vegas II, NV | 48,850 | 3,354 | 5,411 | 306 | 3,355 | 5,136 | 8,491 | 1,515 | 2006 | |||||||||||||
Bronx I, NY | 69,308 | 2,014 | 11,411 | 738 | 2,014 | 10,556 | 12,570 | 1,172 | 2010 | |||||||||||||
Bronx II, NY | 90,170 | — | 31,561 | 92 | — | 31,118 | 31,118 | 1,914 | 2011 | |||||||||||||
Bronx III, NY | 106,065 | 6,017 | 33,999 | 142 | 6,017 | 29,794 | 35,811 | 2,588 | 2011 | |||||||||||||
Bronx IV, NY | 75,030 | — | 22,830 | 96 | — | 20,272 | 20,272 | 1,442 | 2011 | |||||||||||||
Bronx V, NY | 54,733 | — | 17,564 | 157 | — | 15,610 | 15,610 | 1,192 | 2011 | |||||||||||||
Bronx VI, NY | 46,020 | — | 15,095 | 327 | — | 13,391 | 13,391 | 1,249 | 2011 | |||||||||||||
Bronx VII, NY | 78,625 | 8,780 | — | 22,512 | 67 | — | 22,688 | 22,688 | 1,501 | 2012 | ||||||||||||
Bronx VIII, NY | 30,550 | 3,082 | 1,245 | 6,137 | 128 | 1,251 | 6,295 | 7,546 | 412 | 2012 | ||||||||||||
Bronx IX, NY | 147,720 | 23,767 | 7,967 | 39,279 | 847 | 7,967 | 40,124 | 48,091 | 2,447 | 2012 | ||||||||||||
Bronx X, NY | 159,780 | 27,873 | 9,090 | 44,816 | 270 | 9,090 | 45,086 | 54,176 | 2,402 | 2012 | ||||||||||||
Bronx XI, NY | 46,902 | — | 17,130 | 11 | — | 17,141 | 17,141 | 115 | 2014 | |||||||||||||
Brooklyn I, NY | 57,500 | 1,795 | 10,172 | 247 | 1,795 | 9,002 | 10,797 | 997 | 2010 | |||||||||||||
Brooklyn II, NY | 60,920 | 1,601 | 9,073 | 438 | 1,601 | 8,213 | 9,814 | 905 | 2010 | |||||||||||||
Brooklyn III, NY | 41,585 | 3,195 | 15,657 | 75 | 3,195 | 15,814 | 19,009 | 911 | 2011 | |||||||||||||
Brooklyn IV, NY | 37,467 | 2,500 | 12,252 | 130 | 2,500 | 12,445 | 14,945 | 799 | 2011 | |||||||||||||
Brooklyn V, NY | 47,010 | 2,207 | 10,814 | 79 | 2,207 | 10,947 | 13,154 | 953 | 2011 | |||||||||||||
Brooklyn VI, NY | 75,640 | 4,016 | 19,680 | 69 | 4,016 | 19,856 | 23,872 | 1,655 | 2011 | |||||||||||||
Brooklyn VII, NY | 72,685 | 5,816 | 28,498 | 98 | 5,816 | 28,761 | 34,577 | 2,052 | 2011 | |||||||||||||
Brooklyn VIII, NY | 61,075 | 4,982 | 24,561 | 26 | 4,982 | 24,586 | 29,568 | 196 | 2014 | |||||||||||||
Brooklyn IX, NY | 46,980 | 2,966 | 14,620 | 25 | 2,966 | 14,645 | 17,611 | 117 | 2014 | |||||||||||||
Jamaica I, NY | 88,385 | 2,043 | 11,658 | 1,614 | 2,043 | 10,648 | 12,691 | 3,949 | 2001 | |||||||||||||
Jamaica II, NY | 91,245 | 5,496 | 26,930 | 121 | 5,496 | 27,194 | 32,690 | 2,006 | 2011 | |||||||||||||
Long Island City, NY | 89,125 | 5,700 | 28,101 | 1 | 5,700 | 28,102 | 33,802 | 74 | 2014 | |||||||||||||
New Rochelle I, NY | 46,037 | 1,673 | 4,827 | 667 | 1,673 | 4,846 | 6,519 | 1,179 | 2005 | |||||||||||||
New Rochelle II, NY | 63,145 | 3,167 | 2,713 | 276 | 3,762 | 18,822 | 22,584 | 1,206 | 2012 | |||||||||||||
North Babylon, NY | 78,341 | 225 | 2,514 | 4,080 | 568 | 5,496 | 6,064 | 2,423 | 1998 | |||||||||||||
Patchogue, NY | 47,739 | 1,141 | 5,624 | 1 | 1,141 | 5,625 | 6,766 | 30 | 2014 | |||||||||||||
Riverhead, NY | 38,340 | 1,068 | 1,149 | 195 | 1,068 | 1,111 | 2,179 | 342 | 2005 | |||||||||||||
Southold, NY | 59,595 | 2,079 | 2,238 | 260 | 2,079 | 2,094 | 4,173 | 653 | 2005 | |||||||||||||
Initial Cost | Costs | Gross Carrying Amount | Accumulated | Year | ||||||||||||||||||
Subsequent | at December 31, 2014 | |||||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Staten Island, NY | 96,623 | 1,919 | 9,463 | 53 | 1,919 | 9,517 | 11,436 | 784 | 2013 | |||||||||||||
Tuckahoe, NY | 51,343 | 1,516 | 13,236 | 168 | 1,516 | 7,633 | 9,149 | 1,179 | 2011 | |||||||||||||
West Hempstead, NY | 84,457 | 2,237 | 11,030 | 113 | 2,237 | 11,142 | 13,379 | 534 | 2012 | |||||||||||||
White Plains, NY | 86,465 | 3,295 | 18,049 | 835 | 3,295 | 16,393 | 19,688 | 1,521 | 2011 | |||||||||||||
Woodhaven, NY | 50,665 | 2,028 | 11,285 | 56 | 2,028 | 10,044 | 12,072 | 759 | 2011 | |||||||||||||
Wyckoff, NY | 61,565 | 1,961 | 11,113 | 218 | 1,961 | 9,849 | 11,810 | 1,013 | 2010 | |||||||||||||
Yorktown, NY | 78,595 | 2,710 | 13,338 | 126 | 2,710 | 13,477 | 16,187 | 795 | 2011 | |||||||||||||
Cleveland I, OH | 46,000 | 525 | 2,592 | 175 | 524 | 2,419 | 2,943 | 690 | 2005 | |||||||||||||
Cleveland II, OH | 58,325 | 290 | 1,427 | 177 | 289 | 1,353 | 1,642 | 391 | 2005 | |||||||||||||
Columbus I, OH | 71,905 | 1,234 | 3,151 | 69 | 1,239 | 2,745 | 3,984 | 715 | 2006 | |||||||||||||
Columbus II, OH | 36,844 | 769 | 3,788 | 1 | 769 | 3,788 | 4,557 | 20 | 2014 | |||||||||||||
Columbus III, OH | 51,400 | 326 | 1,607 | 1 | 326 | 1,608 | 1,934 | 9 | 2014 | |||||||||||||
Columbus IV, OH | 60,575 | 443 | 2,182 | 1 | 443 | 2,183 | 2,626 | 12 | 2014 | |||||||||||||
Columbus V, OH | 60,925 | 838 | 4,128 | 1 | 838 | 4,129 | 4,967 | 22 | 2014 | |||||||||||||
Columbus VI, OH | 63,725 | 701 | 3,454 | 1 | 701 | 3,455 | 4,156 | 18 | 2014 | |||||||||||||
Grove City, OH | 89,290 | 1,756 | 4,485 | 177 | 1,761 | 4,044 | 5,805 | 1,018 | 2006 | |||||||||||||
Hilliard, OH | 89,190 | 1,361 | 3,476 | 222 | 1,366 | 3,210 | 4,576 | 804 | 2006 | |||||||||||||
Lakewood, OH | 39,332 | 405 | 854 | 560 | 405 | 1,281 | 1,686 | 859 | 1989 | |||||||||||||
Lewis Center, OH | 80,830 | 1,056 | 5,206 | 1 | 1,056 | 5,207 | 6,263 | 28 | 2014 | |||||||||||||
Middleburg Heights, OH | 93,200 | 63 | 704 | 2,179 | 332 | 2,271 | 2,603 | 1,037 | 1980 | |||||||||||||
North Olmsted I, OH | 48,665 | 63 | 704 | 1,350 | 214 | 1,613 | 1,827 | 804 | 1979 | |||||||||||||
North Olmsted II, OH | 47,850 | 290 | 1,129 | 1,135 | 469 | 1,997 | 2,466 | 1,353 | 1988 | |||||||||||||
North Randall, OH | 80,239 | 515 | 2,323 | 3,071 | 898 | 4,149 | 5,047 | 1,756 | 1998 | |||||||||||||
Reynoldsburg, OH | 67,245 | 1,290 | 3,295 | 251 | 1,295 | 3,092 | 4,387 | 792 | 2006 | |||||||||||||
Strongsville, OH | 43,683 | 570 | 3,486 | 336 | 570 | 2,989 | 3,559 | 622 | 2007 | |||||||||||||
Warrensville Heights, OH | 90,281 | 525 | 766 | 2,925 | 935 | 3,103 | 4,038 | 1,248 | 1980 | |||||||||||||
Westlake, OH | 62,750 | 509 | 2,508 | 202 | 508 | 2,322 | 2,830 | 680 | 2005 | |||||||||||||
Conshohocken, PA | 81,255 | 1,726 | 8,508 | 103 | 1,726 | 8,611 | 10,337 | 415 | 2012 | |||||||||||||
Exton, PA | 57,750 | 541 | 2,668 | 110 | 541 | 2,778 | 3,319 | 119 | 2012 | |||||||||||||
Langhorne, PA | 65,050 | 1,019 | 5,023 | 158 | 1,019 | 5,181 | 6,200 | 242 | 2012 | |||||||||||||
Costs | Gross Carrying Amount | |||||||||||||||||||||
Initial Cost | Subsequent | at December 31, 2014 | Accumulated | Year | ||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Levittown, PA | 76,180 | 926 | 5,296 | 1,160 | 926 | 5,444 | 6,370 | 2,014 | 2001 | |||||||||||||
Malvern, PA | 18,848 | 2,959 | 18,198 | 1,408 | 2,959 | 19,606 | 22,565 | 174 | 2013 | |||||||||||||
Montgomeryville, PA | 84,145 | 975 | 4,809 | 121 | 975 | 4,929 | 5,904 | 240 | 2012 | |||||||||||||
Norristown, PA | 54,911 | 777 | 3,709 | 567 | 777 | 4,381 | 5,158 | 253 | 2011 | |||||||||||||
Philadelphia I, PA | 97,414 | 1,461 | 8,334 | 1,762 | 1,461 | 6,918 | 8,379 | 2,612 | 2001 | |||||||||||||
Philadelphia II, PA | 68,239 | 1,012 | 4,990 | 68 | 1,012 | 5,057 | 6,069 | 41 | 2014 | |||||||||||||
Exeter, RI | 41,275 | 547 | 2,697 | 1 | 547 | 2,698 | 3,245 | 14 | 2014 | |||||||||||||
Johnston, RI | 80,725 | 1,061 | 5,229 | 1 | 1,061 | 5,231 | 6,292 | 28 | 2014 | |||||||||||||
Wakefield, RI | 45,895 | 823 | 4,058 | 1 | 823 | 4,059 | 4,882 | 21 | 2014 | |||||||||||||
Woonsocket, RI | 72,704 | 1,049 | 5,172 | 1 | 1,049 | 5,173 | 6,222 | 27 | 2014 | |||||||||||||
Antioch, TN | 76,190 | 588 | 4,906 | 287 | 588 | 4,426 | 5,014 | 1,167 | 2005 | |||||||||||||
Nashville I, TN | 103,840 | 405 | 3,379 | 469 | 405 | 3,270 | 3,675 | 884 | 2005 | |||||||||||||
Nashville II, TN | 83,384 | 593 | 4,950 | 183 | 593 | 4,443 | 5,036 | 1,199 | 2005 | |||||||||||||
Nashville III, TN | 101,575 | 416 | 3,469 | 191 | 416 | 3,328 | 3,744 | 873 | 2006 | |||||||||||||
Nashville IV, TN | 102,450 | 992 | 8,274 | 351 | 992 | 7,385 | 8,377 | 1,932 | 2006 | |||||||||||||
Allen, TX | 62,870 | 3,610 | 714 | 3,519 | 59 | 714 | 3,578 | 4,292 | 188 | 2012 | ||||||||||||
Austin I, TX | 59,620 | 2,239 | 2,038 | 152 | 2,239 | 1,865 | 4,104 | 499 | 2005 | |||||||||||||
Austin II, TX | 65,151 | (B) | 734 | 3,894 | 245 | 738 | 3,577 | 4,315 | 882 | 2006 | ||||||||||||
Austin III, TX | 70,560 | 1,030 | 5,468 | 224 | 1,035 | 5,032 | 6,067 | 1,175 | 2006 | |||||||||||||
Austin IV, TX | 65,370 | 862 | 4,250 | 106 | 862 | 4,356 | 5,218 | 35 | 2014 | |||||||||||||
Austin V, TX | 67,850 | 1,050 | 5,175 | 1 | 1,050 | 5,176 | 6,226 | 41 | 2014 | |||||||||||||
Austin VI, TX | 62,770 | 1,150 | 5,669 | 2 | 1,150 | 5,671 | 6,821 | 30 | 2014 | |||||||||||||
Bryan, TX | 60,400 | 1,394 | 1,268 | 146 | 1,396 | 1,194 | 2,590 | 327 | 2005 | |||||||||||||
Carrollton, TX | 77,140 | 661 | 3,261 | 47 | 661 | 3,308 | 3,969 | 132 | 2012 | |||||||||||||
College Station, TX | 26,550 | 812 | 740 | 119 | 813 | 710 | 1,523 | 188 | 2005 | |||||||||||||
Cypress, TX | 58,181 | 360 | 1,773 | 90 | 360 | 1,864 | 2,224 | 97 | 2012 | |||||||||||||
Dallas I, TX | 58,582 | 2,475 | 2,253 | 332 | 2,475 | 2,138 | 4,613 | 559 | 2005 | |||||||||||||
Dallas II, TX | 79,123 | 940 | 4,635 | 103 | 940 | 4,738 | 5,678 | 513 | 2013 | |||||||||||||
Dallas III, TX | 69,589 | 2,608 | 12,857 | 1 | 2,608 | 12,858 | 15,466 | 34 | 2014 | |||||||||||||
Denton, TX | 60,846 | 553 | 2,936 | 199 | 569 | 2,645 | 3,214 | 630 | 2006 | |||||||||||||
El Paso I, TX | 59,852 | (A) | 1,983 | 1,805 | 261 | 1,984 | 1,737 | 3,721 | 464 | 2005 | ||||||||||||
El Paso II, TX | 48,800 | (A) | 1,319 | 1,201 | 205 | 1,320 | 1,188 | 2,508 | 317 | 2005 | ||||||||||||
El Paso III, TX | 71,102 | (A) | 2,408 | 2,192 | 216 | 2,409 | 2,075 | 4,484 | 558 | 2005 | ||||||||||||
El Paso IV, TX | 66,906 | (A) | 2,073 | 1,888 | 59 | 2,074 | 1,635 | 3,709 | 523 | 2005 | ||||||||||||
El Paso V, TX | 62,290 | 1,758 | 1,617 | 157 | 1,761 | 1,514 | 3,275 | 410 | 2005 | |||||||||||||
El Paso VI, TX | 36,620 | 660 | 607 | 158 | 662 | 631 | 1,293 | 171 | 2005 | |||||||||||||
El Paso VII, TX | 34,423 | 563 | 517 | 8 | 565 | 559 | 1,124 | 15 | 2005 | |||||||||||||
Fort Worth I, TX | 50,246 | 1,253 | 1,141 | 220 | 1,253 | 1,126 | 2,379 | 282 | 2005 | |||||||||||||
Fort Worth II, TX | 72,900 | 868 | 4,607 | 292 | 874 | 4,232 | 5,106 | 1,034 | 2006 | |||||||||||||
Frisco I, TX | 50,754 | 1,093 | 3,148 | 131 | 1,093 | 2,841 | 3,934 | 744 | 2005 | |||||||||||||
Costs | Gross Carrying Amount | |||||||||||||||||||||
Initial Cost | Subsequent | at December 31, 2014 | Accumulated | Year | ||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Frisco II, TX | 71,399 | 1,564 | 4,507 | 95 | 1,564 | 3,991 | 5,555 | 1,065 | 2005 | |||||||||||||
Frisco III, TX | 74,765 | 1,147 | 6,088 | 242 | 1,154 | 5,525 | 6,679 | 1,354 | 2006 | |||||||||||||
Frisco IV, TX | 75,035 | 719 | 4,072 | 117 | 719 | 3,630 | 4,349 | 405 | 2010 | |||||||||||||
Frisco V, TX | 74,490 | 1,159 | 5,714 | 16 | 1,159 | 5,729 | 6,888 | 46 | 2014 | |||||||||||||
Frisco VI, TX | 68,926 | 1,064 | 5,247 | 2 | 1,064 | 5,249 | 6,313 | 28 | 2014 | |||||||||||||
Garland I, TX | 70,100 | 751 | 3,984 | 419 | 767 | 3,817 | 4,584 | 916 | 2006 | |||||||||||||
Garland II, TX | 68,425 | 862 | 4,578 | 206 | 862 | 4,187 | 5,049 | 943 | 2006 | |||||||||||||
Houston III, TX | 60,820 | 575 | 524 | 287 | 576 | 699 | 1,275 | 196 | 2005 | |||||||||||||
Houston IV, TX | 43,750 | 960 | 875 | 371 | 961 | 1,052 | 2,013 | 245 | 2005 | |||||||||||||
Houston V, TX | 125,135 | 1,153 | 6,122 | 712 | 1,156 | 5,972 | 7,128 | 1,327 | 2006 | |||||||||||||
Houston VI, TX | 54,680 | 575 | 524 | 5,709 | 983 | 4,912 | 5,895 | 443 | 2011 | |||||||||||||
Houston VII, TX | 47,102 | 681 | 3,355 | 83 | 681 | 3,438 | 4,119 | 238 | 2012 | |||||||||||||
Houston VIII, TX | 54,241 | 1,294 | 6,377 | 136 | 1,294 | 6,514 | 7,808 | 343 | 2012 | |||||||||||||
Houston IX, TX | 51,218 | 296 | 1,459 | 62 | 296 | 1,521 | 1,817 | 80 | 2012 | |||||||||||||
Katy, TX | 71,308 | 1,329 | 6,552 | 9 | 1,329 | 6,561 | 7,890 | 957 | 2013 | |||||||||||||
Keller, TX | 61,885 | 890 | 4,727 | 140 | 890 | 4,282 | 5,172 | 1,057 | 2006 | |||||||||||||
Lewisville I, TX | 58,140 | 476 | 2,525 | 295 | 492 | 2,406 | 2,898 | 566 | 2006 | |||||||||||||
Lewisville II, TX | 127,609 | 1,464 | 7,217 | 135 | 1,464 | 7,353 | 8,817 | 601 | 2013 | |||||||||||||
Mansfield I, TX | 63,025 | 837 | 4,443 | 197 | 843 | 4,062 | 4,905 | 983 | 2006 | |||||||||||||
Mansfield II, TX | 57,775 | 662 | 3,261 | 63 | 662 | 3,323 | 3,985 | 193 | 2012 | |||||||||||||
McKinney I, TX | 47,020 | 1,632 | 1,486 | 134 | 1,634 | 1,381 | 3,015 | 364 | 2005 | |||||||||||||
McKinney II, TX | 70,050 | 855 | 5,076 | 161 | 857 | 4,612 | 5,469 | 1,131 | 2006 | |||||||||||||
McKinney III, TX | 67,468 | 652 | 3,213 | 1 | 652 | 3,214 | 3,866 | — | 2014 | |||||||||||||
North Richland Hills, TX | 57,200 | 2,252 | 2,049 | 126 | 2,252 | 1,798 | 4,050 | 490 | 2005 | |||||||||||||
Pearland, TX | 72,050 | 450 | 2,216 | 82 | 450 | 2,299 | 2,749 | 121 | 2012 | |||||||||||||
Richmond, TX | 102,278 | 1,437 | 7,083 | 66 | 1,437 | 7,149 | 8,586 | 322 | 2013 | |||||||||||||
Roanoke, TX | 59,660 | 1,337 | 1,217 | 127 | 1,337 | 1,145 | 2,482 | 295 | 2005 | |||||||||||||
San Antonio I, TX | 73,309 | 2,895 | 2,635 | 306 | 2,895 | 2,410 | 5,305 | 612 | 2005 | |||||||||||||
San Antonio II, TX | 73,230 | 1,047 | 5,558 | 148 | 1,052 | 5,013 | 6,065 | 1,134 | 2006 | |||||||||||||
San Antonio III, TX | 71,775 | 996 | 5,286 | 235 | 996 | 4,799 | 5,795 | 1,052 | 2007 | |||||||||||||
Spring, TX | 72,751 | 580 | 3,081 | 205 | 580 | 2,839 | 3,419 | 690 | 2006 | |||||||||||||
Murray I, UT | 60,280 | (A) | 3,847 | 1,017 | 458 | 3,848 | 1,261 | 5,109 | 337 | 2005 | ||||||||||||
Murray II, UT | 71,221 | (A) | 2,147 | 567 | 460 | 2,148 | 865 | 3,013 | 262 | 2005 | ||||||||||||
Salt Lake City I, UT | 56,446 | (A) | 2,695 | 712 | 477 | 2,696 | 1,012 | 3,708 | 251 | 2005 | ||||||||||||
Salt Lake City II, UT | 51,676 | (A) | 2,074 | 548 | 364 | 1,931 | 747 | 2,678 | 203 | 2005 | ||||||||||||
Costs | Gross Carrying Amount | |||||||||||||||||||||
Initial Cost | Subsequent | at December 31, 2014 | Accumulated | Year | ||||||||||||||||||
Description | Square | Encumbrances | Land | Buildings and | to | Land | Buildings and | Total | Depreciation | Acquired / | ||||||||||||
Footage | Improvements | Acquisition | Improvements | (C) | Developed | |||||||||||||||||
Alexandria, VA | 114,150 | 9,221 | 2,812 | 13,865 | 177 | 2,812 | 14,043 | 16,855 | 745 | 2012 | ||||||||||||
Burke Lake, VA | 91,667 | 7,105 | 2,093 | 10,940 | 1,094 | 2,093 | 10,438 | 12,531 | 1,045 | 2011 | ||||||||||||
Fairfax, VA | 73,325 | 2,276 | 11,220 | 182 | 2,276 | 11,402 | 13,678 | 541 | 2012 | |||||||||||||
Fredericksburg I, VA | 69,475 | 1,680 | 4,840 | 280 | 1,680 | 4,447 | 6,127 | 1,086 | 2005 | |||||||||||||
Fredericksburg II, VA | 61,057 | 1,757 | 5,062 | 320 | 1,758 | 4,690 | 6,448 | 1,159 | 2005 | |||||||||||||
Leesburg, VA | 85,503 | 1,746 | 9,894 | 79 | 1,746 | 8,685 | 10,431 | 644 | 2011 | |||||||||||||
Manassas, VA | 72,745 | 860 | 4,872 | 118 | 860 | 4,327 | 5,187 | 467 | 2010 | |||||||||||||
McLearen, VA | 68,960 | 1,482 | 8,400 | 152 | 1,482 | 7,397 | 8,879 | 764 | 2010 | |||||||||||||
Vienna, VA | 54,698 | 2,300 | 11,340 | 115 | 2,300 | 11,456 | 13,756 | 549 | 2012 | |||||||||||||
Divisional Offices | 168 | 168 | 168 | 29 | ||||||||||||||||||
USIFB | 5,702 | 5,702 | 5,702 | 1,247 | ||||||||||||||||||
28,621,742 | 524,475 | 2,303,584 | 221,302 | 545,393 | 2,304,653 | 2,850,046 | 398,496 | |||||||||||||||
(A) | This facility is part of the YSI 20 Loan portfolio, with a balance of $54,091 as of December 31, 2014. | |||||||||||||||||||||
(B) | This facility is part of the YSI 33 Loan portfolio, with a balance of $10,429 as of December 31, 2014. | |||||||||||||||||||||
(C) | Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years. | |||||||||||||||||||||
Activity in storage facilities during 2014 and 2013 was as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Storage facilities* | ||||||||||||||||||||||
Balance at beginning of year | $ | 2,553,706 | $ | 2,443,022 | ||||||||||||||||||
Acquisitions & improvements | 576,845 | 219,751 | ||||||||||||||||||||
Fully depreciated assets | (6,855 | ) | (14,398 | ) | ||||||||||||||||||
Dispositions and other | (13,716 | ) | (127,700 | ) | ||||||||||||||||||
Construction in progress | 7,218 | 33,031 | ||||||||||||||||||||
Balance at end of year | $ | 3,117,198 | $ | 2,553,706 | ||||||||||||||||||
Accumulated depreciation* | ||||||||||||||||||||||
Balance at beginning of year | $ | 398,536 | $ | 353,315 | ||||||||||||||||||
Depreciation expense | 101,542 | 87,708 | ||||||||||||||||||||
Fully depreciated assets | (6,855 | ) | (14,398 | ) | ||||||||||||||||||
Dispositions and other | (1,154 | ) | (28,089 | ) | ||||||||||||||||||
Balance at end of year | $ | 492,069 | $ | 398,536 | ||||||||||||||||||
Storage facilities, net | $ | 2,625,129 | $ | 2,155,170 | ||||||||||||||||||
* | These amounts include equipment that is housed at the Company’s storage facilities which is excluded from Schedule III above. | |||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
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. 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. | ||||||||
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 facilities. 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 at December 31, 2014, 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 $14.8 million at December 31, 2014. Disclosure of such redemption provisions is provided in note 12. | ||||||||
Estimates | ||||||||
Estimates | ||||||||
The preparation of 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 we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our 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 our future operating results. | ||||||||
Self-Storage Facilities | ||||||||
Self-Storage Facilities | ||||||||
Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage facilities reflects their purchase price or development cost. Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility. Acquisition costs, 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 facilities are capitalized to construction in progress while the project is under development. | ||||||||
Purchase Price Allocation | ||||||||
Purchase Price Allocation | ||||||||
When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. | ||||||||
In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. 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 leases in place at acquired facilities 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. 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 facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. | ||||||||
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 facility’s basis is recoverable. If a facility’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. | ||||||||
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 facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility 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. Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. | ||||||||
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 consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. | ||||||||
Loan Procurement Costs | ||||||||
Loan Procurement Costs | ||||||||
Loan procurement costs related to borrowings were $17.0 million and $17.3 million at December 31, 2014 and 2013, respectively, and are reported net of accumulated amortization of $6.4 million and $4.6 million as of December 31, 2014 and 2013, respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and 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, 2014 and 2013 (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Intangible assets, net of accumulated amortization | $ | 22,494 | $ | 9,463 | ||||
Deposits on future settlements | 10,250 | 1,287 | ||||||
Accounts receivable | 4,237 | 4,957 | ||||||
Prepaid insurance | 1,545 | 1,304 | ||||||
Prepaid real estate taxes | 2,425 | 1,893 | ||||||
Other | 7,691 | 8,352 | ||||||
Total | $ | 48,642 | $ | 27,256 | ||||
Revenue Recognition | ||||||||
Revenue Recognition | ||||||||
Management has determined that all of our 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 disposition of facilities only upon closing in accordance with the guidance on sales of real estate. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance. | ||||||||
Advertising and Marketing Costs | ||||||||
Advertising and Marketing Costs | ||||||||
The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements. The Company incurred $7.7 million, $7.6 million and $8.1 million in advertising and marketing expenses for the years ended 2014, 2013 and 2012, respectively, which are included in other operating expenses on the Company’s consolidated statements of operations. | ||||||||
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, 2014, 2013 and 2012, the Company recognized $6.0 million, $1.8 million and $1.7 million of equity offering costs related to the issuance of common and preferred shares during the years, respectively. | ||||||||
Other Property Related Income | ||||||||
Other Property Related Income | ||||||||
Other property related income consists of late fees, administrative charges, customer insurance commissions, 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 assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $1.3 million for the year ended December 31, 2014, $0.9 million for the year ended December 31, 2013 and $0.2 million for the year ended December 31, 2012. | ||||||||
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. Additionally, the Company had interest rate swap agreements for notional principal amounts aggregating $400 million at December 31, 2014 and 2013, the fair value of which are included in accounts payable, accrued expenses and other liabilities. | ||||||||
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 $2.6 billion and $2.2 billion as of December 31, 2014 and 2013, respectively. | ||||||||
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 2014 consisted of a 94.143% ordinary income distribution and a 5.857% capital gain distribution from earnings and profits. | ||||||||
Distributions to 7.75% Series A Cumulative Redeemable Preferred 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 preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain or return of capital. The characterization of our preferred dividends for 2014 consisted of a 92.837% ordinary income distribution and a 7.163% capital gain 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 2014, 2013, or 2012. | ||||||||
Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes. Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.0 million and $0.7 million as of December 31, 2014 and 2013, 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 1,756,000, 2,551,000 and 2,000,000 in 2014, 2013 and 2012, respectively. The amount in 2012 was not included in the calculation of diluted earnings per share and unit, as the impact of inclusion was anti-dilutive for that year. | ||||||||
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 statements of operations. | ||||||||
Foreign Currency | ||||||||
Foreign Currency | ||||||||
The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures. The local currency is the functional currency for the Company’s foreign subsidiaries. Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred. The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at an end-of-period exchange rate of approximately 1.558642 and 1.657413 U.S. Dollars per Pound at December 31, 2014 and December 31, 2013, respectively, and an average exchange rate of 1.643106, 1.588598 and 1.585074 U.S. Dollars per Pound for the years ended December 31, 2014, 2013 and 2012, respectively. Accordingly, the Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||
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. Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also 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 is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment 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 its ownership interest. | ||||||||
Recent Accounting Pronouncements | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP (“GAAP”) when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements and related disclosures. | ||||||||
In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations. The update redefines discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This amendment becomes effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted. The Company elected to adopt this guidance in 2014 and such adoption did not have a material impact on the Company’s consolidated financial position or results of operations. The Company disposed of one asset during the year ended December 31, 2014, however the disposal did not meet the criteria for discontinued operations under the new guidance. | ||||||||
Concentration of Credit Risk | ||||||||
Concentration of Credit Risk | ||||||||
The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility. No single customer represents a significant concentration of our revenues. The facilities in Florida, New York, Texas, and California provided total revenues of approximately 17%, 17%, 10% and 8%, respectively, for the year ended December 31, 2014. The facilities in New York, Florida, Texas, and California provided total revenues of approximately 17%, 15%, 10% and 9%, respectively, for the year ended December 31, 2013. The facilities in New York, Florida, California, and Texas provided total revenues of approximately 16%, 15%, 10% and 10%, respectively, for the year ended December 31, 2012. | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Schedule of other assets | ||||||||
Other assets are comprised of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Intangible assets, net of accumulated amortization | $ | 22,494 | $ | 9,463 | ||||
Deposits on future settlements | 10,250 | 1,287 | ||||||
Accounts receivable | 4,237 | 4,957 | ||||||
Prepaid insurance | 1,545 | 1,304 | ||||||
Prepaid real estate taxes | 2,425 | 1,893 | ||||||
Other | 7,691 | 8,352 | ||||||
Total | $ | 48,642 | $ | 27,256 | ||||
STORAGE_FACILITIES_Tables
STORAGE FACILITIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
STORAGE FACILITIES | |||||||||||
Summary of real estate assets | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Land | $ | 545,393 | $ | 465,680 | |||||||
Buildings and improvements | 2,304,653 | 1,888,823 | |||||||||
Equipment | 218,731 | 158,000 | |||||||||
Construction in progress | 48,421 | 41,203 | |||||||||
Storage facilities | 3,117,198 | 2,553,706 | |||||||||
Less accumulated depreciation | (492,069 | ) | (398,536 | ) | |||||||
Storage facilities, net | $ | 2,625,129 | $ | 2,155,170 | |||||||
Schedule of acquisitions and dispositions of real estate assets | |||||||||||
Asset/Portfolio | Market | Transaction Date | Number of | Purchase / Sale Price | |||||||
Facilities | (in thousands) | ||||||||||
2014 Acquisitions: | |||||||||||
Connecticut Asset | Connecticut | January 2014 | 1 | $ | 4,950 | ||||||
Florida Asset | Miami / Ft. Lauderdale | January 2014 | 1 | 14,000 | |||||||
Florida Assets | Florida Markets - Other | January 2014 | 2 | 14,450 | |||||||
California Asset | Other West | January 2014 | 1 | 8,300 | |||||||
Maryland Asset | Baltimore / DC | February 2014 | 1 | 15,800 | |||||||
Maryland Asset | Baltimore / DC | February 2014 | 1 | 15,500 | |||||||
Arizona Asset | Arizona / Las Vegas | March 2014 | 1 | 14,750 | |||||||
Pennsylvania Asset | Philadelphia / Southern NJ | March 2014 | 1 | 7,350 | |||||||
Texas Asset | Texas Markets - Major | March 2014 | 1 | 8,225 | |||||||
Texas Asset | Texas Markets - Major | April 2014 | 1 | 6,450 | |||||||
New York Assets | New York / Northern NJ | April 2014 | 2 | 55,000 | |||||||
Florida Asset | Florida Markets - Other | April 2014 | 1 | 11,406 | |||||||
Massachusetts Asset | Other Northeast | April 2014 | 1 | 11,100 | |||||||
Indiana Asset | Other Midwest | May 2014 | 1 | 8,400 | |||||||
Florida Assets | Florida Markets - Other | June 2014 | 3 | 35,000 | |||||||
Florida Assets | Florida Markets - Other | July 2014 | 2 | 15,800 | |||||||
Massachusetts Asset | Boston | September 2014 | 1 | 23,100 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 7,700 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 8,500 | |||||||
Texas Asset | Texas Markets - Major | October 2014 | 1 | 7,750 | |||||||
HSRE Assets | Various (see note 4) | November 2014 | 22 | 195,500 | |||||||
Texas Asset | Texas Markets - Major | December 2014 | 1 | 18,650 | |||||||
Florida Assets | Florida Markets - Other | December 2014 | 3 | 18,200 | |||||||
New York Asset | New York / Northern NJ | December 2014 | 1 | 38,000 | |||||||
Texas Asset | Texas Markets - Major | December 2014 | 1 | 4,345 | |||||||
53 | $ | 568,226 | |||||||||
2013 Acquisitions: | |||||||||||
Arizona Asset | Arizona / Las Vegas | March 2013 | 1 | $ | 6,900 | ||||||
Illinois Asset | Chicago | May 2013 | 1 | 8,300 | |||||||
Florida Asset | Florida Markets - Other | May 2013 | 1 | 7,150 | |||||||
Florida Asset | Miami / Ft. Lauderdale | June 2013 | 1 | 9,000 | |||||||
Massachusetts Asset | Boston | June 2013 | 1 | 10,600 | |||||||
Maryland / New Jersey Assets | Baltimore / DC and New York / Northern NJ | June 2013 | 5 | 52,400 | |||||||
New York Asset | New York / Northern NJ | July 2013 | 1 | 13,000 | |||||||
Texas Asset | Texas Markets - Major | August 2013 | 1 | 10,975 | |||||||
Arizona Asset | Arizona / Las Vegas | September 2013 | 1 | 10,500 | |||||||
Arizona Asset | Arizona / Las Vegas | September 2013 | 1 | 4,300 | |||||||
Maryland Asset | Baltimore / DC | November 2013 | 1 | 15,375 | |||||||
Texas Asset | Texas Markets - Major | November 2013 | 1 | 9,700 | |||||||
Texas Asset | Texas Markets - Major | December 2013 | 1 | 10,497 | |||||||
Texas Asset | Texas Markets - Major | December 2013 | 1 | 6,925 | |||||||
Maryland Asset | Baltimore / DC | December 2013 | 1 | 8,200 | |||||||
Florida Asset | Miami / Ft. Lauderdale | December 2013 | 1 | 6,000 | |||||||
20 | $ | 189,822 | |||||||||
Asset/Portfolio | Market | Transaction Date | Number of | Purchase / Sale Price | |||||||
Facilities | (in thousands) | ||||||||||
2013 Dispositions: | |||||||||||
Texas/Indiana Assets | Texas Markets - Major and Other Midwest | March 2013 | 5 | $ | 11,400 | ||||||
Tennessee Assets | Tennessee | August 2013 | 8 | 25,000 | |||||||
California/Ohio/Tennessee/Texas/ Wisconsin Assets | Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major | October/November 2013 | 22 | 90,000 | |||||||
35 | $ | 126,400 | |||||||||
2012 Acquisitions: | |||||||||||
Texas Asset | Texas Markets - Major | February 2012 | 1 | $ | 5,100 | ||||||
Georgia Asset | Atlanta | February 2012 | 1 | 6,900 | |||||||
Texas Asset | Texas Markets - Major | June 2012 | 1 | 4,970 | |||||||
Texas Assets | Texas Markets - Major | July 2012 | 4 | 18,150 | |||||||
Texas Asset | Texas Markets - Major | July 2012 | 1 | 5,130 | |||||||
Connecticut Asset | Connecticut | July 2012 | 1 | 5,000 | |||||||
Storage Deluxe Assets | New York / Northern NJ and Connecticut | February/April/August 2012 | 6 | 201,910 | |||||||
Virginia Asset | Baltimore / DC | August 2012 | 1 | 19,750 | |||||||
New Jersey Assets | Philadelphia / Southern NJ | August 2012 | 2 | 10,750 | |||||||
Georgia/Florida Assets | Atlanta and Miami / Ft. Lauderdale | August 2012 | 3 | 13,370 | |||||||
Georgia Asset | Atlanta | August 2012 | 1 | 3,100 | |||||||
HSREV Assets | Various (see note 4) | September 2012 | 9 | 102,000 | |||||||
Colorado Asset | Colorado / Utah | September 2012 | 1 | 10,600 | |||||||
Florida Assets | Florida Markets - Other | November 2012 | 2 | 13,010 | |||||||
Pennsylvania/New Jersey Assets | Philadelphia / Southern NJ | December 2012 | 2 | 7,800 | |||||||
Texas Asset | Texas Markets - Major | December 2012 | 1 | 4,800 | |||||||
37 | $ | 432,340 | |||||||||
2012 Dispositions: | |||||||||||
Michigan Assets | Other Midwest | June 2012 | 3 | $ | 6,362 | ||||||
Alabama/Louisiana/Mississippi Assets | Other Southeast | June 2012 | 5 | 16,800 | |||||||
New Mexico Assets | Other West | August 2012 | 6 | 7,500 | |||||||
California Asset | Inland Empire | August 2012 | 1 | 5,000 | |||||||
Florida/ Tennessee Assets | Florida Markets - Other and Tennessee | November 2012 | 3 | 6,550 | |||||||
Ohio Assets | Ohio | November 2012 | 8 | 17,750 | |||||||
26 | $ | 59,962 | |||||||||
INVESTMENT_ACTIVITY_Tables
INVESTMENT ACTIVITY (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
INVESTMENT ACTIVITY | |||||||||||
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Total revenues | $ | 21,156 | $ | 7,048 | $ | 19,028 | |||||
Net loss | (12,350 | ) | (4,228 | ) | (11,464 | ) | |||||
INVESTMENT_IN_UNCONSOLIDATED_R1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |||||||||||
Summary of the financial position of the HHF venture | |||||||||||
The following is a summary of the financial position of the HHF venture as of December 31, 2014 and 2013 (in thousands): | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Assets | |||||||||||
Storage facilities, net | $ | 291,357 | $ | 302,557 | |||||||
Other assets | 5,786 | 11,688 | |||||||||
Total assets | $ | 297,143 | $ | 314,245 | |||||||
Liabilities and equity | |||||||||||
Other liabilities | $ | 5,725 | $ | 1,625 | |||||||
Debt | 100,000 | — | |||||||||
Equity | |||||||||||
CubeSmart | 95,709 | 156,310 | |||||||||
Joint venture partner | 95,709 | 156,310 | |||||||||
Total liabilities and equity | $ | 297,143 | $ | 314,245 | |||||||
Summary of results of operations of the Real Estate Venture | |||||||||||
The following is a summary of results of operations of the real estate ventures for the years ended December 31, 2014, 2013 and 2012 (in thousands). | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Total revenues | $ | 26,852 | $ | 1,600 | $ | 7,229 | |||||
Operating expenses | 11,754 | 1,742 | 3,010 | ||||||||
Interest expense, net | 2,522 | — | 2,690 | ||||||||
Depreciation and amortization | 25,086 | 2,160 | 2,691 | ||||||||
Net loss | (12,510 | ) | (2,302 | ) | (1,162 | ) | |||||
Company’s share of net loss | (6,255 | ) | (1,151 | ) | (745 | ) | |||||
REVOLVING_CREDIT_FACILITY_AND_1
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |||||||||||||||||
Schedule of amendment of the term loan facility | |||||||||||||||||
Term Loan Facility Prior to Amendments | Term Loan Facility As Amended | ||||||||||||||||
LIBOR Spread | LIBOR Spread | ||||||||||||||||
Amount | Maturity Date | Baa3/BBB- | Baa2/BBB | Maturity Date | Baa3/BBB- | Baa2/BBB | |||||||||||
Term Loan A | $ | 100 million | June 2016 | 1.85 | % | 1.65 | % | June 2018 | 1.50 | % | 1.30 | % | |||||
Term Loan B | $ | 100 million | June 2018 | 2.00 | % | 1.80 | % | January 2020 | 1.40 | % | 1.15 | % | |||||
Schedule of amendment of the credit facility | |||||||||||||||||
Credit Facility Prior to Amendments | Credit Facility As Amended | ||||||||||||||||
LIBOR Spread | LIBOR Spread | ||||||||||||||||
Amount | Maturity Date | Baa3/BBB- | Baa2/BBB | Maturity Date | Baa3/BBB- | Baa2/BBB | |||||||||||
Revolver | $ | 300 million | December 2015 | 1.80 | % | 1.50 | % | June 2017 | 1.60 | % | 1.30 | % | |||||
Term Loan C (1) | $ | 100 million | December 2014 | 1.75 | % | 1.45 | % | December 2014 | 1.50 | % | 1.30 | % | |||||
Term Loan D | $ | 200 million | March 2017 | 1.75 | % | 1.45 | % | January 2019 | 1.50 | % | 1.30 | % | |||||
-1 | On December 17, 2013, the Company repaid the $100 million balance under Term Loan C that was scheduled to mature in December 2014. | ||||||||||||||||
MORTGAGE_LOANS_AND_NOTES_PAYAB1
MORTGAGE LOANS AND NOTES PAYABLE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
MORTGAGE LOANS AND NOTES PAYABLE | ||||||||||||
Summary of mortgage loans and notes payable | ||||||||||||
Carrying Value as of: | ||||||||||||
December 31, | December 31, | Effective | Maturity | |||||||||
Mortgage Loan | 2014 | 2013 | Interest Rate | Date | ||||||||
(in thousands) | ||||||||||||
YSI 10 | — | 3,839 | 5.87 | % | 15-Jan | |||||||
YSI 15 | — | 1,733 | 6.41 | % | 15-Jan | |||||||
YSI 52 | — | 4,548 | 5.63 | % | 15-Jan | |||||||
YSI 58 | — | 8,676 | 2.97 | % | 15-Jan | |||||||
YSI 29 | 12,635 | 12,853 | 3.69 | % | 15-Aug | |||||||
YSI 13 | 8,427 | 8,500 | 3.00 | % | 15-Oct | |||||||
YSI 20 | 54,091 | 56,373 | 5.97 | % | 15-Nov | |||||||
YSI 63 | 7,466 | — | 2.82 | % | 15-Dec | |||||||
YSI 59 | 9,221 | 9,418 | 4.82 | % | 16-Mar | |||||||
YSI 60 | 3,610 | 3,670 | 5.04 | % | 16-Aug | |||||||
YSI 51 | 7,105 | 7,219 | 5.15 | % | 16-Sep | |||||||
YSI 64 | 7,919 | — | 3.54 | % | 16-Oct | |||||||
YSI 62 | 7,962 | — | 3.54 | % | 16-Dec | |||||||
YSI 35 | — | 4,274 | 6.90 | % | 19-Jul | |||||||
YSI 33 | 10,429 | 10,688 | 6.42 | % | 19-Jul | |||||||
YSI 26 | 8,780 | 8,945 | 4.56 | % | 20-Nov | |||||||
YSI 57 | 3,082 | 3,140 | 4.61 | % | 20-Nov | |||||||
YSI 55 | 23,767 | 24,145 | 4.85 | % | 21-Jun | |||||||
YSI 24 | 27,873 | 28,523 | 4.64 | % | 21-Jun | |||||||
Unamortized fair value adjustment | 3,484 | 3,674 | ||||||||||
Total mortgage loans and notes payable | $ | 195,851 | $ | 200,218 | ||||||||
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable | The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at December 31, 2014 (in thousands): | |||||||||||
2015 | $ | 84,874 | ||||||||||
2016 | 36,837 | |||||||||||
2017 | 1,784 | |||||||||||
2018 | 1,886 | |||||||||||
2019 | 10,852 | |||||||||||
2020 and thereafter | 56,134 | |||||||||||
Total mortgage payments | 192,367 | |||||||||||
Plus: Unamortized fair value adjustment | 3,484 | |||||||||||
Total mortgage indebtedness | $ | 195,851 | ||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
Summary of changes in accumulated other comprehensive loss by component | |||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): | |||||||||||
Unrealized losses | Unrealized loss on | Total | |||||||||
on interest rate | foreign currency | ||||||||||
swaps | translation | ||||||||||
Balance at December 31, 2013 | $ | (10,222 | ) | $ | (792 | ) | $ | (11,014 | ) | ||
Other comprehensive loss before reclassifications | (3,885 | ) | (172 | ) | (4,057 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss | 6,312 | (a) | — | 6,312 | |||||||
Net current-period other comprehensive income | 2,427 | (172 | ) | 2,255 | |||||||
Balance at December 31, 2014 | $ | (7,795 | ) | $ | (964 | ) | $ | (8,759 | ) | ||
(a) | See note 10 for additional information about the effects of the amounts reclassified. | ||||||||||
RISK_MANAGEMENT_AND_USE_OF_FIN1
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||
Summary of terms and fair values of the derivative financial instruments | |||||||||||||||||||
The following table summarizes the terms and fair values of the Company’s derivative financial instruments at December 31, 2014 and December 31, 2013, respectively (in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Hedge | Notional | December 31, | December 31, | ||||||||||||||||
Product | Hedge Type (a) | Amount | Strike | Effective Date | Maturity | 2014 | 2013 | ||||||||||||
Swap | Cash flow | $ | 40,000 | 1.8025 | % | 6/20/11 | 6/20/16 | $ | (757 | ) | $ | (1,265 | ) | ||||||
Swap | Cash flow | $ | 40,000 | 1.8025 | % | 6/20/11 | 6/20/16 | (757 | ) | (1,265 | ) | ||||||||
Swap | Cash flow | $ | 20,000 | 1.8025 | % | 6/20/11 | 6/20/16 | (378 | ) | (632 | ) | ||||||||
Swap | Cash flow | $ | 75,000 | 1.336 | % | 12/30/11 | 3/31/17 | (841 | ) | (1,132 | ) | ||||||||
Swap | Cash flow | $ | 50,000 | 1.336 | % | 12/30/11 | 3/31/17 | (561 | ) | (752 | ) | ||||||||
Swap | Cash flow | $ | 50,000 | 1.336 | % | 12/30/11 | 3/31/17 | (561 | ) | (754 | ) | ||||||||
Swap | Cash flow | $ | 25,000 | 1.3375 | % | 12/30/11 | 3/31/17 | (281 | ) | (380 | ) | ||||||||
Swap | Cash flow | $ | 40,000 | 2.459 | % | 6/20/11 | 6/20/18 | (1,654 | ) | (1,820 | ) | ||||||||
Swap | Cash flow | $ | 40,000 | 2.4725 | % | 6/20/11 | 6/20/18 | (1,672 | ) | (1,842 | ) | ||||||||
Swap | Cash flow | $ | 20,000 | 2.475 | % | 6/20/11 | 6/20/18 | (837 | ) | (921 | ) | ||||||||
$ | 400,000 | $ | (8,299 | ) | $ | (10,763 | ) | ||||||||||||
(a) | Hedging unsecured variable rate debt by fixing 30-day LIBOR. | ||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||
Schedule of financial assets and liabilities carried at fair value | |||||||||||
Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | — | $ | 8,299 | $ | — | |||||
Total liabilities at fair value | $ | — | $ | 8,299 | $ | — | |||||
Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the table below in one of the three categories described above (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | — | $ | 10,763 | $ | — | |||||
Total liabilities at fair value | $ | — | $ | 10,763 | $ | — | |||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
Schedule of office space subject to lease agreement with related parties | ||||||||||||
Office Space | Approximate | Maturity Date | Fixed Minimum | Fixed Maximum | ||||||||
Square Footage | Rent Per Month | Rent Per Month | ||||||||||
The Parkview Building — 6745 Engle Road; and 6751 Engle Road | 21,900 | 12/31/14 | $ | 25,673 | $ | 31,205 | ||||||
6745 Engle Road — Suite 100 | 2,212 | 12/31/14 | $ | 3,051 | $ | 3,709 | ||||||
6745 Engle Road — Suite 110 | 1,731 | 12/31/14 | $ | 2,387 | $ | 2,901 | ||||||
6751 Engle Road — Suites C and D | 3,000 | 12/31/14 | $ | 3,137 | $ | 3,771 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Schedule of future minimum rental payments under non-cancelable ground leases | |||||
Ground Lease | |||||
Amount | |||||
(in thousands) | |||||
2015 | $ | 1,443 | |||
2016 | 1,649 | ||||
2017 | 1,649 | ||||
2018 | 1,562 | ||||
2019 | 1,557 | ||||
2020 and thereafter | 87,393 | ||||
$ | 95,253 | ||||
SHAREBASED_COMPENSATION_PLANS_
SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
SHARE-BASED COMPENSATION PLANS | |||||||||||
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | |||||||||||
Assumptions: | 2014 | 2013 | 2012 | ||||||||
Risk-free interest rate | 1.9% | 1.0% | 2.0% | ||||||||
Expected dividend yield | 3.2% | 3.3% | 4.5% | ||||||||
Volatility (a) | 37.98% | 42.00% | 52.22% | ||||||||
Weighted average expected life of the options (b) | 6.0 years | 6.0 years | 9.59 years | ||||||||
Weighted average grant date fair value of options granted per share | $ | 4.33 | $ | 4.28 | $ | 3.94 | |||||
(a) | Expected volatility is based upon the level of volatility historically experienced. | ||||||||||
(b) | Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. | ||||||||||
Summary of option activity | |||||||||||
Weighted Average | |||||||||||
Number of Shares | Weighted Average | Remaining | |||||||||
Under Option | Strike Price | Contractual Term | |||||||||
Balance at December 31, 2011 | 5,255,718 | $ | 10.35 | 6.33 | |||||||
Options granted | 222,421 | 11.48 | 9.14 | ||||||||
Options canceled | (10,375 | ) | 9.01 | — | |||||||
Options exercised | (209,900 | ) | 7.89 | 6.08 | |||||||
Balance at December 31, 2012 | 5,257,864 | $ | 10.5 | 5.49 | |||||||
Options granted | 182,297 | 14.84 | 9.08 | ||||||||
Options canceled | (24,000 | ) | 13.57 | — | |||||||
Options exercised | (511,548 | ) | 7.24 | 4.53 | |||||||
Balance at December 31, 2013 | 4,904,613 | $ | 10.99 | 4.66 | |||||||
Options granted | 223,590 | 15.73 | 9.08 | ||||||||
Options canceled | (10,731 | ) | 17.38 | — | |||||||
Options exercised | (1,425,171 | ) | 9.69 | 3.21 | |||||||
Balance at December 31, 2014 | 3,692,301 | $ | 11.76 | 4.16 | |||||||
Vested or expected to vest at December 31, 2014 | 3,692,301 | $ | 11.76 | 4.16 | |||||||
Exercisable at December 31, 2014 | 3,271,474 | $ | 11.37 | 3.6 | |||||||
Schedule of non-vested restricted share activity | |||||||||||
Number of Non- | |||||||||||
Vested Restricted | |||||||||||
Shares and Share | |||||||||||
Units | |||||||||||
Non-Vested at January 1, 2014 | 711,631 | ||||||||||
Granted | 194,495 | ||||||||||
Vested | (523,700 | ) | |||||||||
Forfeited | (1,643 | ) | |||||||||
Non-Vested at December 31, 2014 | 380,783 | ||||||||||
EARNINGS_PER_SHARE_AND_UNIT_AN1
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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 | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollars and shares in thousands, except per share amounts) | |||||||||||
Income (loss) from continuing operations | $ | 26,366 | $ | 10,409 | $ | (13,276 | ) | ||||
Noncontrolling interests in the Operating Partnership | (302 | ) | (51 | ) | 513 | ||||||
Noncontrolling interest in subsidiaries | (16 | ) | 42 | (1,918 | ) | ||||||
Distribution to preferred shares (1) | (6,008 | ) | (6,008 | ) | (6,008 | ) | |||||
Income (loss) from continuing operations attributable to the Company’s common shareholders | $ | 20,040 | $ | 4,392 | $ | (20,689 | ) | ||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Noncontrolling interests in the Operating Partnership | (5 | ) | (537 | ) | (406 | ) | |||||
Total discontinued operations attributable to the Company’s common shareholders | $ | 331 | $ | 31,048 | $ | 16,498 | |||||
Net income (loss) attributable to the Company’s common shareholders | $ | 20,371 | $ | 35,440 | $ | (4,191 | ) | ||||
Weighted-average shares outstanding | 149,107 | 135,191 | 124,548 | ||||||||
Share options and restricted share units (2) | 1,756 | 2,551 | — | ||||||||
Weighted-average diluted shares outstanding (3) | 150,863 | 137,742 | 124,548 | ||||||||
Earnings (loss) per common share: | |||||||||||
Continuing operations | $ | 0.13 | $ | 0.03 | $ | (0.17 | ) | ||||
Discontinued operations | 0.01 | 0.23 | 0.14 | ||||||||
Basic and diluted earnings (loss) per common share | $ | 0.14 | $ | 0.26 | $ | (0.03 | ) | ||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollars and units in thousands, except per unit amounts) | |||||||||||
Income (loss) from continuing operations | $ | 26,366 | $ | 10,409 | $ | (13,276 | ) | ||||
Operating Partnership interests of third parties | (302 | ) | (51 | ) | 513 | ||||||
Noncontrolling interest in subsidiaries | (16 | ) | 42 | (1,918 | ) | ||||||
Distribution to preferred unitholders (1) | (6,008 | ) | (6,008 | ) | (6,008 | ) | |||||
Income (loss) from continuing operations attributable to common unitholders | $ | 20,040 | $ | 4,392 | $ | (20,689 | ) | ||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Operating Partnership interests of third parties | (5 | ) | (537 | ) | (406 | ) | |||||
Total discontinued operations attributable to common unitholders | $ | 331 | $ | 31,048 | $ | 16,498 | |||||
Net income (loss) attributable to common unitholders | $ | 20,371 | $ | 35,440 | $ | (4,191 | ) | ||||
Weighted-average units outstanding | 149,107 | 135,191 | 124,548 | ||||||||
Unit options and restricted share units (2) | 1,756 | 2,551 | — | ||||||||
Weighted-average diluted units outstanding (3) | 150,863 | 137,742 | 124,548 | ||||||||
Earnings (loss) per common unit: | |||||||||||
Continuing operations | $ | 0.13 | $ | 0.03 | $ | (0.17 | ) | ||||
Discontinued operations | 0.01 | 0.23 | 0.14 | ||||||||
Basic and diluted earnings (loss) per common unit | $ | 0.14 | $ | 0.26 | $ | (0.03 | ) | ||||
-1 | For each of the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per preferred share/unit of $1.938. | ||||||||||
-2 | For the year ended December 31, 2012, the potentially dilutive shares/units of approximately 2,000,000 were not included in the earnings per share/unit calculation as their effect is antidilutive. | ||||||||||
-3 | For the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per common share/unit of $0.550, $0.460 and $0.350, respectively. | ||||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
DISCONTINUED OPERATIONS | |||||||||||
Summary of information about revenue and expense related to properties classified as discontinued operations | |||||||||||
The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
REVENUES | |||||||||||
Rental income | $ | — | $ | 10,795 | $ | 21,077 | |||||
Other property related income | — | 1,583 | 2,703 | ||||||||
Total revenues | — | 12,378 | 23,780 | ||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | (336 | ) | 5,318 | 10,742 | |||||||
Depreciation and amortization | — | 2,703 | 5,548 | ||||||||
Total operating expenses | (336 | ) | 8,021 | 16,290 | |||||||
OPERATING INCOME | 336 | 4,357 | 7,490 | ||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense on loans | — | (212 | ) | (397 | ) | ||||||
Gain from dispositions of discontinued operations | — | 27,440 | 9,811 | ||||||||
Income from discontinued operations | $ | 336 | $ | 31,585 | $ | 16,904 | |||||
PRO_FORMA_FINANCIAL_INFORMATIO1
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | ||||||||
Schedule of consolidated results of operations on a pro forma basis | ||||||||
Year ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Pro forma revenue | $ | 405,171 | $ | 378,518 | ||||
Pro forma income from continuing operations | $ | 59,406 | $ | (276 | ) | |||
Earnings (loss) per common share from continuing operations: | ||||||||
Basic and diluted — as reported | $ | 0.13 | $ | 0.03 | ||||
Basic — as pro forma | $ | 0.36 | $ | (0.05 | ) | |||
Diluted — as pro forma | $ | 0.35 | $ | (0.05 | ) | |||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
Summary of quarterly financial information | ||||||||||||||
The following is a summary of quarterly financial information for the years ended December 31, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||
For the three months ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total revenues | $ | 87,267 | $ | 92,337 | $ | 97,092 | $ | 100,267 | ||||||
Total operating expenses | 68,653 | 70,347 | 73,966 | 82,454 | ||||||||||
Net income attributable to the Company | 4,530 | 7,886 | 8,480 | 5,483 | ||||||||||
Basic and diluted earnings per share | 0.03 | 0.04 | 0.05 | 0.02 | ||||||||||
For the three months ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 74,655 | $ | 78,289 | $ | 82,487 | $ | 82,964 | ||||||
Total operating expenses | 65,871 | 66,025 | 66,255 | 65,796 | ||||||||||
Net (loss) income attributable to the Company | (392 | ) | 2,550 | 16,342 | 22,948 | |||||||||
Basic and diluted (loss) earnings per share | (0.01 | ) | 0.01 | 0.11 | 0.15 | |||||||||
ORGANIZATION_AND_NATURE_OF_OPE1
ORGANIZATION AND NATURE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
state | |
ORGANIZATION AND NATURE OF OPERATIONS | |
Number of states in which self-storage facilities are located | 22 |
Number of reportable segments | 1 |
Percentage of the entity's partnership interest in Operating Partnership | 98.60% |
Common stock, conversion ratio | 1 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Partnership Ownership | |||
Increase to OP units owned by third parties and a corresponding decrease to capital | $14,761 | $3,292 | $19,520 |
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 to OP units owned by third parties and a corresponding decrease to capital | $14,761 | $3,292 | $19,520 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Long-Lived Assets held for sale, timing of expected sale | 1 year | |
Loan procurement costs | ||
Loan procurement costs | $17,000,000 | $17,300,000 |
Loan procurement costs, accumulated amortization | 6,400,000 | 4,600,000 |
Other Assets | ||
Intangible assets, net of accumulated amortization | 22,494,000 | 9,463,000 |
Deposits on future settlements | 10,250,000 | 1,287,000 |
Accounts receivable | 4,237,000 | 4,957,000 |
Prepaid insurance | 1,545,000 | 1,304,000 |
Prepaid real estate taxes | 2,425,000 | 1,893,000 |
Others | 7,691,000 | 8,352,000 |
Total | $48,642,000 | $27,256,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Advertising and Marketing Costs | |||
Advertising and marketing expenses | $7.70 | $7.60 | $8.10 |
Equity Offering Costs | |||
Equity offering costs | 6 | 1.8 | 1.7 |
Capitalized Interest | |||
Interest costs, capitalized | $1.30 | $0.90 | $0.20 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
property | |||
Income Taxes | |||
Net tax basis in the entity's assets | $2,600,000,000 | $2,200,000,000 | |
Percentage of distributions characterized as ordinary income dividends | 94.14% | ||
Percentage of distributions characterized as capital gain dividends | 5.86% | ||
Series A Cumulative Redeemable Preferred shares, percentage | 7.75% | 7.75% | |
Percentage of distributions characterized as ordinary income distributions to preferred shareholders | 92.84% | ||
Percentage of distributions characterized as capital gain distribution to preferred shareholders | 7.16% | ||
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% | ||
Net deferred tax asset recorded by REIT subsidiary TRS | 1,000,000 | 700,000 | |
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) | 2,000,000 | ||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 1,756,000 | 2,551,000 | |
Foreign currency | |||
Foreign currency exchange rate (U.S. Dollars per pound) | 1.558642 | 1.657413 | |
Foreign currency average exchange rate (U.S. Dollars per pound) | 1.643106 | 1.588598 | 1.585074 |
Unrealized gain on foreign currency translation | -200,000 | 100,000 | 200,000 |
Number of Real Estate Properties Sold | 1 | ||
Interest rate swap | Designated | Cash flow | |||
Derivative Financial Instruments | |||
Notional principal amounts | $400,000,000 | $400,000,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (Revenues, Location of facilities) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
New York | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 17.00% | 17.00% | 16.00% |
Florida | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 17.00% | 15.00% | 15.00% |
California | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 8.00% | 9.00% | 10.00% |
Texas | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 10.00% | 10.00% | 10.00% |
STORAGE_FACILITIES_Details
STORAGE FACILITIES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
STORAGE FACILITIES | ||
Storage facilities | $3,117,198 | $2,553,706 |
Less: Accumulated depreciation | -492,069 | -398,536 |
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively) | 2,625,129 | 2,155,170 |
Land | ||
STORAGE FACILITIES | ||
Storage facilities | 545,393 | 465,680 |
Buildings and improvements | ||
STORAGE FACILITIES | ||
Storage facilities | 2,304,653 | 1,888,823 |
Equipment | ||
STORAGE FACILITIES | ||
Storage facilities | 218,731 | 158,000 |
Construction in progress | ||
STORAGE FACILITIES | ||
Storage facilities | $48,421 | $41,203 |
STORAGE_FACILITIES_Details_2
STORAGE FACILITIES (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
property | property | property | |
Acquisitions | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 53 | 20 | 37 |
Purchase / Sales Price | $568,226 | $189,822 | $432,340 |
Acquisitions | Connecticut Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 4,950 | ||
Acquisitions | Florida Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 14,000 | ||
Acquisitions | Florida Assets Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 14,450 | ||
Acquisitions | California Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,300 | ||
Acquisitions | Maryland Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 15,375 | ||
Acquisitions | Maryland Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,200 | ||
Acquisitions | Maryland Asset Three | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 15,800 | ||
Acquisitions | Maryland Asset Four | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 15,500 | ||
Acquisitions | Arizona Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 14,750 | ||
Acquisitions | Pennsylvania Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 7,350 | ||
Acquisitions | Texas Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,225 | ||
Acquisitions | Texas Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 6,450 | ||
Acquisitions | New York Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 55,000 | ||
Acquisitions | Florida Asset Three | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 11,406 | ||
Acquisitions | Massachusetts Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 11,100 | ||
Acquisitions | Indiana Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,400 | ||
Acquisitions | Florida Assets Four | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 3 | ||
Purchase / Sales Price | 35,000 | ||
Acquisitions | Florida Assets Five | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 15,800 | ||
Acquisitions | Massachusetts Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 23,100 | ||
Acquisitions | Texas Asset Three | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 7,700 | ||
Acquisitions | Texas Asset Four | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,500 | ||
Acquisitions | Texas Asset Five | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 7,750 | ||
Acquisitions | HSRE Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 22 | ||
Purchase / Sales Price | 195,500 | ||
Acquisitions | Texas Asset Six | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 18,650 | ||
Acquisitions | Florida Assets Six | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 3 | ||
Purchase / Sales Price | 18,200 | ||
Acquisitions | New York Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 38,000 | ||
Acquisitions | Texas Asset Seven | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 4,345 | ||
Acquisitions | Arizona Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 6,900 | ||
Acquisitions | Illinois Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 8,300 | ||
Acquisitions | Florida Asset Seven | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 7,150 | ||
Acquisitions | Florida Asset Eight | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 9,000 | ||
Acquisitions | Massachusetts Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 10,600 | ||
Acquisitions | Maryland / New Jersey Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 5 | ||
Purchase / Sales Price | 52,400 | ||
Acquisitions | New York Asset Three | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 13,000 | ||
Acquisitions | Texas Asset Eight | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 10,975 | ||
Acquisitions | Arizona Asset Three | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 10,500 | ||
Acquisitions | Arizona Asset Four | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 4,300 | ||
Acquisitions | Texas Asset Nine | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 9,700 | ||
Acquisitions | Texas Asset Ten | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 10,497 | ||
Acquisitions | Texas Asset Eleven | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 6,925 | ||
Acquisitions | Florida Asset Nine | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 6,000 | ||
Acquisitions | Texas Asset Twelve | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 5,100 | ||
Acquisitions | Georgia Asset One | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 6,900 | ||
Acquisitions | Texas Asset Thirteen | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 4,970 | ||
Acquisitions | Texas Assets Fourteen | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 4 | ||
Purchase / Sales Price | 18,150 | ||
Acquisitions | Texas Asset Fifteen | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 5,130 | ||
Acquisitions | Storage Deluxe assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 6 | ||
Purchase / Sales Price | 201,910 | ||
Acquisitions | Connecticut Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 5,000 | ||
Acquisitions | Virginia Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 19,750 | ||
Acquisitions | New Jersey Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 10,750 | ||
Acquisitions | Georgia/Florida Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 3 | ||
Purchase / Sales Price | 13,370 | ||
Acquisitions | Georgia Asset Two | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 3,100 | ||
Acquisitions | HSREV Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 9 | ||
Purchase / Sales Price | 102,000 | ||
Acquisitions | Colorado Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 10,600 | ||
Acquisitions | Florida Assets Ten | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 13,010 | ||
Acquisitions | Pennsylvania/New Jersey Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 2 | ||
Purchase / Sales Price | 7,800 | ||
Acquisitions | Texas Asset Sixteen | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | 1 | ||
Purchase / Sales Price | 4,800 | ||
Dispositions | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 35 | 26 | |
Purchase / Sales Price | 126,400 | 59,962 | |
Dispositions | California Asset | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 1 | ||
Purchase / Sales Price | 5,000 | ||
Dispositions | Texas/Indiana Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 5 | ||
Purchase / Sales Price | 11,400 | ||
Dispositions | Tennessee Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 8 | ||
Purchase / Sales Price | 25,000 | ||
Dispositions | California/Tennessee/Texas Assets/Wisconsin Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 22 | ||
Purchase / Sales Price | 90,000 | ||
Dispositions | Michigan Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 3 | ||
Purchase / Sales Price | 6,362 | ||
Dispositions | Alabama/Louisiana/Mississippi Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 5 | ||
Purchase / Sales Price | 16,800 | ||
Dispositions | New Mexico Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 6 | ||
Purchase / Sales Price | 7,500 | ||
Dispositions | Florida/ Tennessee Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 3 | ||
Purchase / Sales Price | 6,550 | ||
Dispositions | Ohio Assets | |||
STORAGE FACILITIES | |||
Number of Facilities, dispositions (in properties) | 8 | ||
Purchase / Sales Price | $17,750 |
INVESTMENT_ACTIVITY_Details
INVESTMENT ACTIVITY (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2008 | Sep. 28, 2012 | Sep. 26, 2011 | Sep. 28, 2012 | Nov. 03, 2014 | Aug. 25, 2014 | Dec. 31, 2014 | Nov. 03, 2014 | Aug. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USIFB, LLP | USIFB, LLP | USIFB, LLP | USIFB, LLP | HSRE Venture | HSRE Venture | HSRE Venture | HSRE | HSRE | HSRE | HSRE | HSRE | 5 Old Lancaster Road located in Malvern, PA | Bronx, NY | Self-storage facilities located in New York and Virginia | Self-storage facilities located in New York | Self-storage facilities located in New York | Self-storage facility located in Virginia | Asset in London, England | Asset in London, England | Asset in London, England | Real Estate Acquisition Expected by 2016 | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | |
property | facility | USD ($) | property | USD ($) | property | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | facility | USIFB, LLP | USIFB, LLP | USIFB, LLP | USD ($) | USD ($) | USD ($) | USD ($) | 2014 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | |||||||
facility | facility | facility | facility | USD ($) | USD ($) | GBP (£) | property | property | property | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | HSRE Venture | HSRE Venture | HSRE Venture | HSRE Venture | Storage Deluxe assets | Storage Deluxe assets | |||||||||||||||||||
property | property | property | property | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||
property | property | ||||||||||||||||||||||||||||||||||||||
facility | |||||||||||||||||||||||||||||||||||||||
Self-storage facilities | |||||||||||||||||||||||||||||||||||||||
Development costs | $25,100,000 | $17,200,000 | $35,400,000 | $400,000 | $400,000 | ||||||||||||||||||||||||||||||||||
Amount of Storage Deluxe transaction | 560,000,000 | ||||||||||||||||||||||||||||||||||||||
Number of self-storage facilities | 4 | 1 | 3 | 1 | 22 | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired (in properties) | 9 | 26 | 53 | 31 | 20 | 22 | 9 | 6 | |||||||||||||||||||||||||||||||
Aggregate purchase or sale price | 223,000,000 | 7,000,000 | 4,100,000 | 568,200,000 | 126,400,000 | 60,000,000 | 372,700,000 | 189,800,000 | 128,400,000 | 201,900,000 | |||||||||||||||||||||||||||||
Intangible value of the in-place leases | 14,500,000 | 23,800,000 | 13,500,000 | 13,200,000 | 8,300,000 | 12,300,000 | |||||||||||||||||||||||||||||||||
Estimated life | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | 2,400,000 | 13,400,000 | 8,200,000 | 5,300,000 | 8,400,000 | 4,800,000 | 6,200,000 | 2,100,000 | 4,400,000 | 7,900,000 | |||||||||||||||||||||||||||||
Number of properties, assumed mortgage | 4 | 1 | 2 | ||||||||||||||||||||||||||||||||||||
Assumed mortgage debt, at fair value | 27,500,000 | 8,900,000 | 13,900,000 | 93,100,000 | |||||||||||||||||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 26,000,000 | 8,500,000 | 13,400,000 | 88,900,000 | |||||||||||||||||||||||||||||||||||
Premium on debt assumed on acquisitions | 1,500,000 | 400,000 | 500,000 | 4,200,000 | |||||||||||||||||||||||||||||||||||
Number of facilities closed | 22 | ||||||||||||||||||||||||||||||||||||||
Aggregate purchase price of facilities closed | 195,500,000 | ||||||||||||||||||||||||||||||||||||||
Number of facilities not yet closed | 4 | ||||||||||||||||||||||||||||||||||||||
Deposit | 5,000,000 | 5,200,000 | |||||||||||||||||||||||||||||||||||||
Number of facilities under contract | 4 | ||||||||||||||||||||||||||||||||||||||
Number of assets sold | 1 | 1 | 1 | 35 | 26 | ||||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% | 97.00% | ||||||||||||||||||||||||||||||||||||
Net proceeds from sale of assets | 7,000,000 | ||||||||||||||||||||||||||||||||||||||
Gain from sale of real estate | 475,000 | 500,000 | 27,400,000 | 9,800,000 | |||||||||||||||||||||||||||||||||||
Expected aggregate purchase or sales price | 85,200,000 | ||||||||||||||||||||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | 21,700,000 | 21,700,000 | |||||||||||||||||||||||||||||||||||||
Repayments of debt | 59,300,000 | 59,300,000 | |||||||||||||||||||||||||||||||||||||
Fair value of storage facilities | 102,000,000 | ||||||||||||||||||||||||||||||||||||||
Summary of the amounts of revenue and earnings of the 2014 and 2013 acquisitions since the acquisition dates | |||||||||||||||||||||||||||||||||||||||
Total revenue | 21,156,000 | 7,048,000 | 19,028,000 | ||||||||||||||||||||||||||||||||||||
Net loss | ($12,350,000) | ($4,228,000) | ($11,464,000) |
INVESTMENT_IN_UNCONSOLIDATED_R2
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-14 | Dec. 10, 2013 | Sep. 28, 2012 | Sep. 26, 2011 | Aug. 25, 2014 | Nov. 03, 2014 | |
property | property | property | |||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Payment made for acquisition of interest in real estate ventures | $157,461,000 | ||||||||
Gain from remeasurement of investment in real estate venture | 7,023,000 | ||||||||
Summary of results of operations of the real estate venture | |||||||||
Company's share of net loss | -6,255,000 | -1,151,000 | -745,000 | ||||||
HHF | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Number of storage facilities owned by investee | 35 | ||||||||
Payment made for acquisition of interest in real estate ventures | 315,700,000 | ||||||||
Ownership interest in partnership (as a percent) | 50.00% | ||||||||
Proceeds after closing costs distributed proportionately to partners | 99,200,000 | ||||||||
Intangible value of the in-place leases | 12,100,000 | ||||||||
Assets | |||||||||
Storage facilities, net | 291,357,000 | 302,557,000 | |||||||
Other assets | 5,786,000 | 11,688,000 | |||||||
Total Assets | 297,143,000 | 314,245,000 | |||||||
Liabilities and equity | |||||||||
Other liabilities | 5,725,000 | 1,625,000 | |||||||
Debt | 100,000,000 | ||||||||
Equity | |||||||||
CubeSmart | 95,709,000 | 156,310,000 | |||||||
Joint venture partner | 95,709,000 | 156,310,000 | |||||||
Total liabilities and equity | 297,143,000 | 314,245,000 | |||||||
Summary of results of operations of the real estate venture | |||||||||
Total revenues | 26,852,000 | 1,600,000 | |||||||
Operating expenses | 11,754,000 | 1,742,000 | |||||||
Interest expense, net | 2,522,000 | ||||||||
Depreciation and amortization | 25,086,000 | 2,160,000 | |||||||
Net loss | -12,510,000 | -2,302,000 | |||||||
Company's share of net loss | -6,255,000 | -1,151,000 | |||||||
HHF | Secured loan 3.59% due April 30, 2021 | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Amount of loan obtained | 100,000,000 | ||||||||
Interest on real estate venture debt | 3.59% | ||||||||
HHF | Facilitates located in Texas | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Number of storage facilities owned by investee | 34 | ||||||||
HHF | Facilitates located in North Carolina | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Number of storage facilities owned by investee | 1 | ||||||||
HSRE Venture | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Number of storage facilities owned by investee | 9 | ||||||||
Payment made for acquisition of interest in real estate ventures | 15,400,000 | ||||||||
Ownership interest in partnership (as a percent) | 50.00% | ||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 50.00% | ||||||||
Cash paid for acquisition of remaining interest in real estate ventures | 21,700,000 | ||||||||
Amount of debt repaid | 59,300,000 | ||||||||
Gain from remeasurement of investment in real estate venture | 7,000,000 | ||||||||
Summary of results of operations of the real estate venture | |||||||||
Total revenues | 7,229,000 | ||||||||
Operating expenses | 3,010,000 | ||||||||
Interest expense, net | 2,690,000 | ||||||||
Depreciation and amortization | 2,691,000 | ||||||||
Net loss | -1,162,000 | ||||||||
Company's share of net loss | -745,000 | ||||||||
HSRE Venture | Other partner | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Ownership interest in partnership (as a percent) | 50.00% | ||||||||
HSRE | |||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||
Number of storage facilities owned by investee | 26 | ||||||||
Intangible value of the in-place leases | $14,500,000 |
UNSECURED_SENIOR_NOTES_Details
UNSECURED SENIOR NOTES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 17, 2013 | Jun. 26, 2012 |
Senior notes 4.375% due December 15, 2023 | |||
Mortgage loans and Notes payable | |||
Senior notes, principal amount | $250 | ||
Senior notes, interest rate (as a percent) | 4.38% | ||
Senior notes 4.375% due December 15, 2023 | Maximum | |||
Mortgage loans and Notes payable | |||
Consolidated leverage ratio | 0.6 | ||
Secured debt leverage ratio | 0.4 | ||
Senior notes 4.375% due December 15, 2023 | Minimum | |||
Mortgage loans and Notes payable | |||
Consolidated interest coverage ratio | 1.5 | ||
Financial and customary covenant, minimum unencumbered asset (as a percent) | 150.00% | ||
Senior notes 4.80% due July 15, 2022 | |||
Mortgage loans and Notes payable | |||
Senior notes, principal amount | $250 | ||
Senior notes, interest rate (as a percent) | 4.80% | ||
Senior notes 4.80% due July 15, 2022 | Maximum | |||
Mortgage loans and Notes payable | |||
Consolidated leverage ratio | 0.6 | ||
Secured debt leverage ratio | 0.4 | ||
Senior notes 4.80% due July 15, 2022 | Minimum | |||
Mortgage loans and Notes payable | |||
Consolidated interest coverage ratio | 1.5 | ||
Financial and customary covenant, minimum unencumbered asset (as a percent) | 150.00% |
REVOLVING_CREDIT_FACILITY_AND_2
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Jun. 18, 2013 | Aug. 05, 2014 | Jun. 20, 2011 | Dec. 31, 2014 | Dec. 17, 2013 | Dec. 09, 2011 | |
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement costs capitalized | $17,300,000 | 17,000,000 | |||||
Loan procurement amortization expense - early repayment of debt | 414,000 | ||||||
Unsecured term loan borrowings outstanding | 400,000,000 | 400,000,000 | |||||
Term Loan A | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | ||||||
Term Loan B | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | ||||||
Term Loan Facility, Prior to Amendment | Term Loan A | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.85% | ||||||
Term Loan Facility, Prior to Amendment | Term Loan A | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.65% | ||||||
Term Loan Facility, Prior to Amendment | Term Loan B | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 2.00% | ||||||
Term Loan Facility, Prior to Amendment | Term Loan B | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.80% | ||||||
Term Loan Facility, As Amended | Term Loan A | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.50% | ||||||
Term Loan Facility, As Amended | Term Loan B | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.40% | ||||||
Term Loan Facility | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement costs capitalized | 2,100,000 | 200,000 | |||||
Effective weighted average interest rate (as a percent) | 3.22% | ||||||
Net proceeds from equity issuances added to minimum tangible net worth (as a percent) | 75.00% | ||||||
Term Loan Facility | Interest rate swap | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Derivative, variable interest rate base | Thirty day LIBOR | ||||||
Term Loan Facility | Minimum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Fixed charge coverage ratio | 1.5 | ||||||
Tangible net worth | 821,211,200 | ||||||
Term Loan Facility | Maximum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Total indebtedness to total asset value ratio (as a percent) | 60.00% | ||||||
Percentage of funds from operations that can be distributed on common shares | 95.00% | ||||||
Term Loan Facility | Term Loan A | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | ||||||
Term of debt instrument | 5 years | ||||||
Term Loan Facility | Term Loan A | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Variable interest rate basis | LIBOR | ||||||
Variable interest rate floor (as a percent) | 0.00% | ||||||
Term Loan Facility | Term Loan B | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | ||||||
Term of debt instrument | 7 years | ||||||
Term Loan Facility | Term Loan B | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.15% | ||||||
Variable interest rate basis | LIBOR | ||||||
Variable interest rate floor (as a percent) | 0.00% | ||||||
Term Loan Facility | Term Loan C | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement amortization expense - early repayment of debt | 400,000 | ||||||
Term Loan Facility | Unsecured term loan | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Unsecured term loan borrowings outstanding | 200,000,000 | ||||||
Credit Facility, Prior to Amendment | Revolver | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.80% | ||||||
Credit Facility, Prior to Amendment | Revolver | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.50% | ||||||
Credit Facility, Prior to Amendment | Term Loan C | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.75% | ||||||
Credit Facility, Prior to Amendment | Term Loan C | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.45% | ||||||
Credit Facility, Prior to Amendment | Term Loan D | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.75% | ||||||
Credit Facility, Prior to Amendment | Term Loan D | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.45% | ||||||
Credit Facility, As Amended | Revolver | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.60% | ||||||
Credit Facility, As Amended | Revolver | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Credit Facility, As Amended | Term Loan C | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.50% | ||||||
Credit Facility, As Amended | Term Loan C | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Credit Facility, As Amended | Term Loan D | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.50% | ||||||
Credit Facility, As Amended | Term Loan D | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Credit Facility | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Remaining borrowing capacity | 261,200,000 | ||||||
Effective weighted average interest rate (as a percent) | 2.95% | ||||||
Net proceeds from equity issuances added to minimum tangible net worth (as a percent) | 75.00% | ||||||
Credit Facility | Minimum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Fixed charge coverage ratio | 1.5 | ||||||
Tangible net worth | 821,211,200 | ||||||
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% | ||||||
Percentage of funds from operations that can be distributed on common shares | 95.00% | ||||||
Credit Facility | Revolver | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | |||||
Outstanding letter of credit | 30,000,000 | ||||||
Credit Facility | Revolver | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Variable interest rate basis | LIBOR | ||||||
Variable interest rate floor (as a percent) | 0.00% | ||||||
Facility fee (as a percent) | 0.20% | ||||||
Credit Facility | Term Loan C | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | |||||
Repayment of outstanding debt | 100,000,000 | ||||||
Credit Facility | Term Loan C | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Variable interest rate basis | LIBOR | ||||||
Variable interest rate floor (as a percent) | 0.00% | ||||||
Credit Facility | Term Loan D | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 200,000,000 | 200,000,000 | |||||
Credit Facility | Term Loan D | Baa3/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Variable interest rate basis | LIBOR | ||||||
Variable interest rate floor (as a percent) | 0.00% | ||||||
Credit Facility | Unsecured term loan | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Unsecured term loan borrowings outstanding | 200,000,000 | ||||||
Credit Facility | Unsecured revolving credit facility | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Unsecured term loan borrowings outstanding | 78,000,000 | ||||||
Remaining borrowing capacity | 222,000,000 |
MORTGAGE_LOANS_AND_NOTES_PAYAB2
MORTGAGE LOANS AND NOTES PAYABLE (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage loans and Notes payable | ||
Carrying value | $192,367 | |
Unamortized fair value adjustment | 3,484 | 3,674 |
Total mortgage loans and notes payable | 195,851 | 200,218 |
Net book value of self-storage facilities | 2,625,129 | 2,155,170 |
YSI 10 | ||
Mortgage loans and Notes payable | ||
Carrying value | 3,839 | |
Effective interest rate (as a percent) | 5.87% | |
YSI 15 | ||
Mortgage loans and Notes payable | ||
Carrying value | 1,733 | |
Effective interest rate (as a percent) | 6.41% | |
YSI 52 | ||
Mortgage loans and Notes payable | ||
Carrying value | 4,548 | |
Effective interest rate (as a percent) | 5.63% | |
YSI 58 | ||
Mortgage loans and Notes payable | ||
Carrying value | 8,676 | |
Effective interest rate (as a percent) | 2.97% | |
YSI 29 | ||
Mortgage loans and Notes payable | ||
Carrying value | 12,635 | 12,853 |
Effective interest rate (as a percent) | 3.69% | |
YSI 13 | ||
Mortgage loans and Notes payable | ||
Carrying value | 8,427 | 8,500 |
Effective interest rate (as a percent) | 3.00% | |
YSI 20 | ||
Mortgage loans and Notes payable | ||
Carrying value | 54,091 | 56,373 |
Effective interest rate (as a percent) | 5.97% | |
YSI 63 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,466 | |
Effective interest rate (as a percent) | 2.82% | |
YSI 59 | ||
Mortgage loans and Notes payable | ||
Carrying value | 9,221 | 9,418 |
Effective interest rate (as a percent) | 4.82% | |
YSI 60 | ||
Mortgage loans and Notes payable | ||
Carrying value | 3,610 | 3,670 |
Effective interest rate (as a percent) | 5.04% | |
YSI 51 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,105 | 7,219 |
Effective interest rate (as a percent) | 5.15% | |
YSI 64 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,919 | |
Effective interest rate (as a percent) | 3.54% | |
YSI 62 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,962 | |
Effective interest rate (as a percent) | 3.54% | |
YSI 35 | ||
Mortgage loans and Notes payable | ||
Carrying value | 4,274 | |
Effective interest rate (as a percent) | 6.90% | |
YSI 33 | ||
Mortgage loans and Notes payable | ||
Carrying value | 10,429 | 10,688 |
Effective interest rate (as a percent) | 6.42% | |
YSI 26 | ||
Mortgage loans and Notes payable | ||
Carrying value | 8,780 | 8,945 |
Effective interest rate (as a percent) | 4.56% | |
YSI 57 | ||
Mortgage loans and Notes payable | ||
Carrying value | 3,082 | 3,140 |
Effective interest rate (as a percent) | 4.61% | |
YSI 55 | ||
Mortgage loans and Notes payable | ||
Carrying value | 23,767 | 24,145 |
Effective interest rate (as a percent) | 4.85% | |
YSI 24 | ||
Mortgage loans and Notes payable | ||
Carrying value | 27,873 | 28,523 |
Effective interest rate (as a percent) | 4.64% | |
Mortgage Loans | ||
Mortgage loans and Notes payable | ||
Net book value of self-storage facilities | $344,000 | $371,000 |
MORTGAGE_LOANS_AND_NOTES_PAYAB3
MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
2014 | $84,874,000 | |
2015 | 36,837,000 | |
2016 | 1,784,000 | |
2017 | 1,886,000 | |
2018 | 10,852,000 | |
2019 and thereafter | 56,134,000 | |
Total mortgage payments | 192,367,000 | |
Plus: Unamortized fair value adjustment | 3,484,000 | |
Total mortgage indebtedness | 195,851,000 | 200,218,000 |
Credit Facility | ||
Mortgage loans and Notes payable | ||
Remaining borrowing capacity | $261,200,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Changes in accumulated other comprehensive income by component | |
Beginning balance | ($11,014) |
Other comprehensive loss before reclassifications | -4,057 |
Amounts reclassified from accumulated other comprehensive loss | 6,312 |
Net current-period other comprehensive income | 2,255 |
Ending balance | -8,759 |
Unrealized losses on interest rate swaps | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | -10,222 |
Other comprehensive loss before reclassifications | -3,885 |
Amounts reclassified from accumulated other comprehensive loss | 6,312 |
Net current-period other comprehensive income | 2,427 |
Ending balance | -7,795 |
Unrealized loss on foreign currency translation | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | -792 |
Other comprehensive loss before reclassifications | -172 |
Net current-period other comprehensive income | -172 |
Ending balance | ($964) |
RISK_MANAGEMENT_AND_USE_OF_FIN2
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative financial instruments | ||
Unrealized losses reclassified from accumulated other comprehensive loss | $6,300,000 | |
Amount estimated to be reclassified as an increase to interest expense | 5,700,000 | |
Designated | Cash flow | ||
Derivative financial instruments | ||
Notional Amount | 400,000,000 | |
Fair Value | -8,299,000 | -10,763,000 |
Maximum number of days outstanding to have the option to borrow at the LIBOR | 30 days | |
Designated | Cash flow | Hedge Product, Swap one | ||
Derivative financial instruments | ||
Notional Amount | 40,000,000 | |
Swap, Strike rate (as a percent) | 1.80% | |
Fair Value | -757,000 | -1,265,000 |
Designated | Cash flow | Hedge Product, Swap two | ||
Derivative financial instruments | ||
Notional Amount | 40,000,000 | |
Swap, Strike rate (as a percent) | 1.80% | |
Fair Value | -757,000 | -1,265,000 |
Designated | Cash flow | Hedge Product, Swap three | ||
Derivative financial instruments | ||
Notional Amount | 20,000,000 | |
Swap, Strike rate (as a percent) | 1.80% | |
Fair Value | -378,000 | -632,000 |
Designated | Cash flow | Hedge Product, Swap four | ||
Derivative financial instruments | ||
Notional Amount | 75,000,000 | |
Swap, Strike rate (as a percent) | 1.34% | |
Fair Value | -841,000 | -1,132,000 |
Designated | Cash flow | Hedge Product, Swap five | ||
Derivative financial instruments | ||
Notional Amount | 50,000,000 | |
Swap, Strike rate (as a percent) | 1.34% | |
Fair Value | -561,000 | -752,000 |
Designated | Cash flow | Hedge Product, Swap six | ||
Derivative financial instruments | ||
Notional Amount | 50,000,000 | |
Swap, Strike rate (as a percent) | 1.34% | |
Fair Value | -561,000 | -754,000 |
Designated | Cash flow | Hedge Product, Swap seven | ||
Derivative financial instruments | ||
Notional Amount | 25,000,000 | |
Swap, Strike rate (as a percent) | 1.34% | |
Fair Value | -281,000 | -380,000 |
Designated | Cash flow | Hedge Product, Swap eight | ||
Derivative financial instruments | ||
Notional Amount | 40,000,000 | |
Swap, Strike rate (as a percent) | 2.46% | |
Fair Value | -1,654,000 | -1,820,000 |
Designated | Cash flow | Hedge Product, Swap nine | ||
Derivative financial instruments | ||
Notional Amount | 40,000,000 | |
Swap, Strike rate (as a percent) | 2.47% | |
Fair Value | -1,672,000 | -1,842,000 |
Designated | Cash flow | Hedge Product, Swap ten | ||
Derivative financial instruments | ||
Notional Amount | 20,000,000 | |
Swap, Strike rate (as a percent) | 2.48% | |
Fair Value | ($837,000) | ($921,000) |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
item | |||
Fair value of financial assets and liabilities carried at fair value | |||
Gain from remeasurement of investment in real estate venture | $7,023,000 | ||
Aggregate carrying value of total debt | 1,200,000,000 | 1,100,000,000 | |
Estimated fair value of total debt | 1,200,000,000 | 1,100,000,000 | |
Interest rate swap | |||
Fair value of financial assets and liabilities carried at fair value | |||
Number of counterparties to derivative contracts who experienced significant downgrades in 2014 | 0 | ||
Level 2 | |||
Fair value of financial assets and liabilities carried at fair value | |||
Total liabilities at fair value | 8,299,000 | 10,763,000 | |
Level 2 | Interest rate swap | |||
Fair value of financial assets and liabilities carried at fair value | |||
Derivative Liabilities | 8,299,000 | 10,763,000 | |
Level 3 | Nonrecurring basis | |||
Fair value of financial assets and liabilities carried at fair value | |||
Gain from remeasurement of investment in real estate venture | $7,000,000 | ||
Level 3 | Nonrecurring basis | Minimum | |||
Fair value of financial assets and liabilities carried at fair value | |||
Yield rates for determining the fair value of HSREV (as a percent) | 6.00% | ||
Level 3 | Nonrecurring basis | Maximum | |||
Fair value of financial assets and liabilities carried at fair value | |||
Yield rates for determining the fair value of HSREV (as a percent) | 7.00% |
NONCONTROLLING_INTERESTS_Detai
NONCONTROLLING INTERESTS (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 13, 2012 | Aug. 13, 2009 | Aug. 13, 2012 | Aug. 13, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Tilloston Ave Member | Jamaica Ave Member | USIFB, LLP | USIFB, LLP | USIFB, LLP | USIFB, LLP | USIFB, LLP | USIFB, LLP | HART | HART | HART | HART | SRLLC | SRLLC | SNL | Tilloston Ave | Tilloston Ave | Jamaica Ave | Jamaica Ave | |
property | USD ($) | USD ($) | USD ($) | USD ($) | property | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Tilloston Ave Member | USD ($) | Jamaica Ave Member | ||||||
facility | property | item | property | USD ($) | USD ($) | |||||||||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||||||||||||||
Option to put ownership interest in the venture | $17,000,000 | $12,500,000 | ||||||||||||||||||||
Period of option to call ownership interest of another member | 1 year | 1 year | ||||||||||||||||||||
Period of option to put ownership interest in venture | 1 year | 1 year | ||||||||||||||||||||
Option to call ownership interest of another member | 17,000,000 | 12,500,000 | ||||||||||||||||||||
Accretion liability | 17,000,000 | 12,500,000 | ||||||||||||||||||||
Accrued accretion expenses | -1,685,000 | -1,018,000 | -707,000 | 2,400,000 | 6,600,000 | |||||||||||||||||
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% | 97.00% | 100.00% | 90.00% | 90.00% | 51.00% | 51.00% | ||||||||||||||
Number of self-storage facilities owned and operated | 2 | 22 | 2 | |||||||||||||||||||
Total assets | 5,700,000 | 14,700,000 | 12,300,000 | 2,900,000 | 15,200,000 | |||||||||||||||||
Total liabilities | 200,000 | 10,600,000 | 2,300,000 | 2,800,000 | 7,300,000 | |||||||||||||||||
Carrying amount of mortgage loans | 6,800,000 | 4,100,000 | 9,600,000 | 1,200,000 | ||||||||||||||||||
Amount of mortgage loan commitment | 14,600,000 | 20,100,000 | ||||||||||||||||||||
Gain (loss) from sale of land | 475,000 | 0 | ||||||||||||||||||||
Payments to acquire land for development | 13,100,000 | |||||||||||||||||||||
Number of parcels in which the subdivision of land is done reporting period | 2 | |||||||||||||||||||||
Number of parcel sold | 1 | |||||||||||||||||||||
Number of assets sold | 1 | 1 | ||||||||||||||||||||
Proceeds from sales of facilities, net | 13,475,000 | 123,780,000 | 52,630,000 | 7,000,000 | 6,500,000 | |||||||||||||||||
Cash contributed by Heitman, LLC | 51,000,000 | |||||||||||||||||||||
Properties contributed by the entity | 102,000,000 | |||||||||||||||||||||
Cash distribution received from joint venture | 51,000,000 | |||||||||||||||||||||
Minority ownership interest (as a percent) | 50.00% | 49.00% | 49.00% | |||||||||||||||||||
Percentage of interest acquired in HART | 50.00% | |||||||||||||||||||||
Purchase price paid for ownership interest in joint venture | 61,100,000 | |||||||||||||||||||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | 56,984,000 | 38,700,000 | ||||||||||||||||||||
Reduction to additional paid in capital | $642,000 | $831,000 | $18,500,000 |
NONCONTROLLING_INTERESTS_Detai1
NONCONTROLLING INTERESTS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Partnership Ownership | |||
Increase to OP units owned by third parties and a corresponding decrease to capital | $14,761 | $3,292 | $19,520 |
CubeSmart, L.P. and Subsidiaries | |||
Operating Partnership Ownership | |||
OP Units outstanding which are not owned by the general partner (as a percent) | 1.40% | 1.60% | |
Number of trading days used to determine average of the closing prices of the common shares | 10 days | ||
OP units outstanding (in shares) | 2,257,486 | 2,275,730 | |
Increase to OP units owned by third parties and a corresponding decrease to capital | $14,761 | $3,292 | $19,520 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
RELATED PARTY TRANSACTIONS | |||
Area of corporate office (in acres) | 50 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | Office space subject to lease | |||
RELATED PARTY TRANSACTIONS | |||
Aggregate amount of lease payments incurred | $500,000 | $500,000 | $500,000 |
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road | |||
RELATED PARTY TRANSACTIONS | |||
Approximate Square Footage | 21,900 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road | Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 25,673 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | The Parkview Building 6745 Engle Road; and 6751 Engle Road | Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 31,205 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100 | |||
RELATED PARTY TRANSACTIONS | |||
Approximate Square Footage | 2,212 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100 | Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 3,051 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 100 | Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 3,709 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110 | |||
RELATED PARTY TRANSACTIONS | |||
Approximate Square Footage | 1,731 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110 | Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 2,387 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6745 Engle Road Suite 110 | Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 2,901 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D | |||
RELATED PARTY TRANSACTIONS | |||
Approximate Square Footage | 3,000 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D | Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 3,137 | ||
Lease agreements with related parties | CubeSmart, L.P. and Subsidiaries | 6751 Engle Road Suites C and D | Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Fixed rent per month | 3,771 | ||
Joint ventures related to affiliated real estate investments | |||
RELATED PARTY TRANSACTIONS | |||
Management fee | 900,000 | 100,000 | 200,000 |
Amount due to the entity from joint venture | 1,600,000 | 2,100,000 | |
Mortgage loans receivable from consolidated joint ventures | $10,800,000 | $15,800,000 | |
Joint ventures related to affiliated real estate investments | Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Management fee (as a percent) | 5.00% | ||
Joint ventures related to affiliated real estate investments | Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Management fee (as a percent) | 6.00% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
COMMITMENTS AND CONTINGENCIES | |||
Ground rent expense | $2,000,000 | $2,200,000 | $1,200,000 |
Total future minimum rental payments under non-cancelable ground leases | |||
2014 | 1,443,000 | ||
2015 | 1,649,000 | ||
2016 | 1,649,000 | ||
2017 | 1,562,000 | ||
2018 | 1,557,000 | ||
2019 and thereafter | 87,393,000 | ||
Total | 95,253,000 | ||
Future milestone payments payable | $50,300,000 | ||
Self-storage facilities subject to ground lease | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | 6 | ||
Number of self-storage facilities under development subject to a ground lease | 1 | ||
Land | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | 4 |
SHAREBASED_COMPENSATION_PLANS_1
SHARE-BASED COMPENSATION PLANS (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | 30-May-12 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 24, 2014 | Jan. 25, 2013 | Jan. 25, 2012 |
Chief executive officer | ||||||||
Share options, additional general disclosures | ||||||||
Aggregate grant date fair value of share based awards issued (in dollars) | $3 | |||||||
Number of Non-Vested Restricted Shares | ||||||||
Granted (in shares) | 274,668 | |||||||
Restricted share, additional disclosure | ||||||||
Period for calculation of total return to shareholders | 2 years | |||||||
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% | 1.00% | 2.00% | |||||
Expected dividend yield (as a percent) | 3.20% | 3.30% | 4.50% | |||||
Volatility (as a percent) | 37.98% | 42.00% | 52.22% | |||||
Weighted average expected life of the options | 6 years | 6 years | 9 years 7 months 2 days | |||||
Weighted average grant date fair value of options granted per share (in dollars per share) | $4.33 | $4.28 | $3.94 | |||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | 0.9 | 0.9 | 1.2 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 1 | |||||||
Unrecognized compensation cost | 1 | |||||||
Unrecognized compensation cost recorded, period | 3 years | |||||||
Number of Shares Under Option | ||||||||
Balance at the beginning of the period (in shares) | 4,904,613 | 5,257,864 | 5,255,718 | |||||
Options granted (in shares) | 223,590 | 182,297 | 222,421 | |||||
Options canceled (in shares) | -10,731 | -24,000 | -10,375 | |||||
Options exercised (in shares) | -1,425,171 | -511,548 | -209,900 | |||||
Balance at the end of the period (in shares) | 3,692,301 | 4,904,613 | 5,257,864 | 5,255,718 | ||||
Vested or expected to vest at the end of the period (in shares) | 3,692,301 | |||||||
Exercisable at the end of the period (in shares) | 3,271,474 | |||||||
Weighted Average Exercise Price | ||||||||
Balance at the beginning of the period (in dollars per share) | $10.99 | $10.50 | $10.35 | |||||
Options granted (in dollars per share) | $15.73 | $14.84 | $11.48 | |||||
Options canceled (in dollars per share) | $17.38 | $13.57 | $9.01 | |||||
Options exercised (in dollars per share) | $9.69 | $7.24 | $7.89 | |||||
Balance at the end of the period (in dollars per share) | $11.76 | $10.99 | $10.50 | $10.35 | ||||
Exercisable at the end of the period (in dollars per share) | $11.37 | |||||||
Vested or expected to vest at the end of the period (in dollars per share) | $11.76 | |||||||
Weighted Average Remaining Contractual Term | ||||||||
Balance at the beginning of the period | 4 years 1 month 28 days | 4 years 7 months 28 days | 5 years 5 months 27 days | 6 years 3 months 29 days | ||||
Options granted | 9 years 29 days | 9 years 29 days | 9 years 1 month 21 days | |||||
Options exercised | 3 years 2 months 16 days | 4 years 6 months 11 days | 6 years 29 days | |||||
Balance at the end of the period | 4 years 1 month 28 days | 4 years 7 months 28 days | 5 years 5 months 27 days | 6 years 3 months 29 days | ||||
Vested or expected to vest at the end of the period | 4 years 1 month 28 days | |||||||
Exercisable at the end of the period | 3 years 7 months 6 days | |||||||
Aggregate intrinsic value | ||||||||
Options, vested or expected to vest and exercisable (in dollars) | 38.1 | |||||||
Options exercised (in dollars) | 15.5 | |||||||
Share Options | Minimum | ||||||||
Share options, additional general disclosures | ||||||||
Vesting period | 3 years | |||||||
Restricted Shares | ||||||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | 3.5 | 5.4 | 3.9 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 3.4 | 3.4 | ||||||
Unrecognized compensation cost | 3 | |||||||
Unrecognized compensation cost recorded, period | 4 years | |||||||
Number of Non-Vested Restricted Shares | ||||||||
Non-vested at the beginning of the period (in shares) | 711,631 | |||||||
Granted (in shares) | 194,495 | 219,000 | ||||||
Vested (in shares) | -523,700 | |||||||
Forfeited (in shares) | -1,643 | |||||||
Non-vested at the end of the period (in shares) | 380,783 | 711,631 | ||||||
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) | $0.90 | $0.80 | $0.80 | |||||
Number of Non-Vested Restricted Shares | ||||||||
Granted (in shares) | 47,487 | 41,503 | 49,981 | |||||
Restricted share, additional disclosure | ||||||||
Period for calculation of total return to shareholders | 3 years | 3 years | 3 years | |||||
Plans | Share Options | Maximum | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum term of options | 10 years | |||||||
2007 Plan | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of fungible units available for issuance (in shares) | 4,728,561 | |||||||
Additional fungible units available for grant upon expiration or forfeiture of options and restricted share awards | 372,135 | |||||||
Number of ratios used to establish an average | 3 | |||||||
Maximum percentage limit of the average of three ratios | 2.00% | |||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 1,000,000 | |||||||
2007 Plan | Minimum | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Share awards conversion ratio to be counted as units against the fungible pool limit | 1 | |||||||
2007 Plan | Maximum | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Share awards conversion ratio to be counted as units against the fungible pool limit | 1.66 | |||||||
2007 Plan | Options or share appreciation rights | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Share awards conversion ratio to be counted as units against the fungible pool limit | 1 | |||||||
2007 Plan | Restricted shares or restricted share units | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Share awards conversion ratio to be counted as units against the fungible pool limit | 1.66 | |||||||
2007 Plan | Restricted Shares | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Numerator used to expand the number of Full-Value awards | 1.5 | |||||||
2004 Plan | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of shares reserved for issuance | 3,000,000 | |||||||
2004 Plan | Options or share appreciation rights | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 400,000 | |||||||
2004 Plan | Restricted shares or restricted share units | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 100,000 | |||||||
2004 Plan | Other awards | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 250,000 |
EARNINGS_PER_SHARE_AND_UNIT_AN2
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |||||||||||
Income (Loss) from continuing operations | $26,366 | $10,409 | ($13,276) | ||||||||
Noncontrolling interests in the Operating Partnership | -302 | -51 | 513 | ||||||||
Noncontrolling interest in subsidiaries | -16 | 42 | -1,918 | ||||||||
Distribution to preferred shares | -6,008 | -6,008 | -6,008 | ||||||||
Income (Loss) from continuing operations attributable to the Company's common shareholders | 20,040 | 4,392 | -20,689 | ||||||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Noncontrolling interests in the Operating Partnership | -5 | -537 | -406 | ||||||||
Total discontinued operations attributable to the Company's common shareholders | 331 | 31,048 | 16,498 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $20,371 | $35,440 | ($4,191) | ||||||||
Weighted-average shares outstanding (in shares) | 149,107,000 | 135,191,000 | 124,548,000 | ||||||||
Share options and restricted share units (in shares) | 1,756,000 | 2,551,000 | |||||||||
Weighted-average diluted shares outstanding (in shares) | 150,863,000 | 137,742,000 | 124,548,000 | ||||||||
Earnings (loss) per common share | |||||||||||
Continuing operations (in dollars per share) | $0.13 | $0.03 | ($0.17) | ||||||||
Discontinued operations (in dollars per share) | $0.01 | $0.23 | $0.14 | ||||||||
Basic and diluted earnings (loss) per common share (in dollars per share) | $0.02 | $0.05 | $0.04 | $0.03 | $0.15 | $0.11 | $0.01 | ($0.01) | $0.14 | $0.26 | ($0.03) |
Preferred stock, cash dividends declared (in dollars per share) | $1.94 | $1.94 | $1.94 | ||||||||
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares) | 2,000,000 | ||||||||||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 1,756,000 | 2,551,000 | |||||||||
Common stock, cash dividends declared (in dollars per share) | $0.55 | $0.46 | $0.35 | ||||||||
Outstanding units of noncontrolling interest in the Operating Partnership (in shares) | 2,257,486 | 2,275,730 | 2,257,486 | 2,275,730 | 3,293,730 | ||||||
Common shares, shares outstanding | 163,956,675 | 139,328,366 | 163,956,675 | 139,328,366 | 131,794,547 |
EARNINGS_PER_SHARE_AND_UNIT_AN3
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 20, 2014 | |
Issuance of Common and Preferred Shares | ||||
Net proceeds from sale of common shares | $416,001,000 | $100,287,000 | $102,079,000 | |
Series A Preferred shares, shares outstanding | 3,100,000 | 3,100,000 | ||
Series A Preferred shares, percentage | 7.75% | 7.75% | ||
Liquidation preference | 77,500,000 | 77,500,000 | ||
Liquidation preference (per share) | $25 | $25 | ||
Common Shares | ||||
Issuance of Common and Preferred Shares | ||||
Number of common stock sold (in shares) | 7,475,000 | |||
Average sales price per common share (in dollars per share) | $19.33 | |||
Number of shares of common stock purchased by underwriters to cover overallotment | 975,000 | |||
Net proceeds from sale of common shares | 143,000,000 | |||
Common Shares | Equity Distribution Agreements | ||||
Issuance of Common and Preferred Shares | ||||
Number of common stock sold (in shares) | 15,200,000 | 5,700,000 | ||
Average sales price per common share (in dollars per share) | $18.22 | $17.92 | ||
Gross Proceeds from sale of common shares | $273,000,000 | $100,300,000 | ||
Common shares remained available for issuance | 9,200,000 | |||
Common Shares | Equity Distribution Agreements | Maximum | ||||
Issuance of Common and Preferred Shares | ||||
Number of shares that may be sold | 30,000,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
INCOME TAXES | ||
Valuation allowance | $0 | $0 |
Deferred tax assets, net | 1 | 0.7 |
Tax benefits associated with share based compensation | $0.70 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
property | property | property | |||||||||
DISCONTINUED OPERATIONS | |||||||||||
Number of facilities related to discontinued operations | 35 | 26 | |||||||||
Number of facilities sold in previous years related to discontinued operations | 6 | ||||||||||
REVENUES | |||||||||||
Rental income | $330,898 | $281,250 | $236,160 | ||||||||
Other property related income | 40,065 | 32,365 | 25,821 | ||||||||
Total revenues | 100,267 | 97,092 | 92,337 | 87,267 | 82,964 | 82,487 | 78,289 | 74,655 | 376,963 | 318,395 | 266,322 |
OPERATING EXPENSES | |||||||||||
Property operating expenses | 132,701 | 118,222 | 103,488 | ||||||||
Depreciation and amortization | 126,813 | 112,313 | 109,830 | ||||||||
Total operating expenses | 82,454 | 73,966 | 70,347 | 68,653 | 65,796 | 66,255 | 66,025 | 65,871 | 295,420 | 263,947 | 242,535 |
OPERATING INCOME | 81,543 | 54,448 | 23,787 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense on loans | -46,802 | -40,424 | -40,318 | ||||||||
Gain from dispositions of discontinued operations | 27,440 | 9,811 | |||||||||
Total discontinued operations | 336 | 31,585 | 16,904 | ||||||||
Discontinued operations | |||||||||||
REVENUES | |||||||||||
Rental income | 10,795 | 21,077 | |||||||||
Other property related income | 1,583 | 2,703 | |||||||||
Total revenues | 12,378 | 23,780 | |||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | -336 | 5,318 | 10,742 | ||||||||
Depreciation and amortization | 2,703 | 5,548 | |||||||||
Total operating expenses | -336 | 8,021 | 16,290 | ||||||||
OPERATING INCOME | 336 | 4,357 | 7,490 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense on loans | -212 | -397 | |||||||||
Gain from dispositions of discontinued operations | 27,440 | 9,811 | |||||||||
Total discontinued operations | $336 | $31,585 | $16,904 |
PRO_FORMA_FINANCIAL_INFORMATIO2
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated results of operations on a pro forma basis | |||
Pro forma revenue | $405,171 | $378,518 | |
Pro forma income from continuing operations | 59,406 | -276 | |
Earnings (loss) per share from continuing operations: | |||
Basic and diluted - as reported (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic | $0.36 | ($0.05) | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | $0.35 | ($0.05) | |
Self-storage facilities | |||
Self-storage facilities | |||
Number of self-storage facilities acquired (in properties) | 53 | ||
Aggregate purchase or sale price | $568,200 | $126,400 | $60,000 |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly financial information | |||||||||||
Total revenues | $100,267 | $97,092 | $92,337 | $87,267 | $82,964 | $82,487 | $78,289 | $74,655 | $376,963 | $318,395 | $266,322 |
Total operating expenses | 82,454 | 73,966 | 70,347 | 68,653 | 65,796 | 66,255 | 66,025 | 65,871 | 295,420 | 263,947 | 242,535 |
Net (loss) income attributable to the company | $5,483 | $8,480 | $7,886 | $4,530 | $22,948 | $16,342 | $2,550 | ($392) | $26,379 | $41,448 | $1,817 |
Basic and diluted (loss) earnings per share (in dollars per share) | $0.02 | $0.05 | $0.04 | $0.03 | $0.15 | $0.11 | $0.01 | ($0.01) | $0.14 | $0.26 | ($0.03) |
SCHEDULE_III_REAL_ESTATE_AND_R1
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 28,621,742 | ||
Initial cost | |||
Land | $524,475 | ||
Building and Improvements | 2,303,584 | ||
Costs Subsequent to Acquisition | 221,302 | ||
Gross Carrying Amount at year end | |||
Land | 545,393 | ||
Building and Improvements | 2,304,653 | ||
Total | 2,850,046 | ||
Total | 3,117,198 | 2,553,706 | 2,443,022 |
Accumulated Depreciation | 398,496 | ||
Minimum | |||
Gross Carrying Amount at year end | |||
Estimated useful lives | 5 years | ||
Maximum | |||
Gross Carrying Amount at year end | |||
Estimated useful lives | 39 years | ||
YSI 20 | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Encumbrances | 54,091 | ||
YSI 33 | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Encumbrances | 10,429 | ||
Chandler I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,520 | ||
Initial cost | |||
Land | 327 | ||
Building and Improvements | 1,257 | ||
Costs Subsequent to Acquisition | 271 | ||
Gross Carrying Amount at year end | |||
Land | 327 | ||
Building and Improvements | 1,353 | ||
Total | 1,680 | ||
Accumulated Depreciation | 421 | ||
Chandler II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,819 | ||
Initial cost | |||
Land | 1,518 | ||
Building and Improvements | 7,485 | ||
Costs Subsequent to Acquisition | 12 | ||
Gross Carrying Amount at year end | |||
Land | 1,518 | ||
Building and Improvements | 7,496 | ||
Total | 9,014 | ||
Accumulated Depreciation | 474 | ||
Gilbert, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,380 | ||
Initial cost | |||
Land | 951 | ||
Building and Improvements | 4,688 | ||
Costs Subsequent to Acquisition | 11 | ||
Gross Carrying Amount at year end | |||
Land | 951 | ||
Building and Improvements | 4,699 | ||
Total | 5,650 | ||
Accumulated Depreciation | 1,305 | ||
Glendale, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 56,807 | ||
Initial cost | |||
Land | 201 | ||
Building and Improvements | 2,265 | ||
Costs Subsequent to Acquisition | 1,010 | ||
Gross Carrying Amount at year end | |||
Land | 418 | ||
Building and Improvements | 2,725 | ||
Total | 3,143 | ||
Accumulated Depreciation | 1,249 | ||
Green Valley, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 25,050 | ||
Initial cost | |||
Land | 298 | ||
Building and Improvements | 1,153 | ||
Costs Subsequent to Acquisition | 132 | ||
Gross Carrying Amount at year end | |||
Land | 298 | ||
Building and Improvements | 1,075 | ||
Total | 1,373 | ||
Accumulated Depreciation | 297 | ||
Mesa I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,575 | ||
Initial cost | |||
Land | 920 | ||
Building and Improvements | 2,739 | ||
Costs Subsequent to Acquisition | 176 | ||
Gross Carrying Amount at year end | |||
Land | 921 | ||
Building and Improvements | 2,469 | ||
Total | 3,390 | ||
Accumulated Depreciation | 690 | ||
Mesa II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 45,511 | ||
Initial cost | |||
Land | 731 | ||
Building and Improvements | 2,176 | ||
Costs Subsequent to Acquisition | 189 | ||
Gross Carrying Amount at year end | |||
Land | 731 | ||
Building and Improvements | 2,048 | ||
Total | 2,779 | ||
Accumulated Depreciation | 566 | ||
Mesa III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,264 | ||
Initial cost | |||
Land | 706 | ||
Building and Improvements | 2,101 | ||
Costs Subsequent to Acquisition | 182 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 1,899 | ||
Total | 2,605 | ||
Accumulated Depreciation | 538 | ||
Phoenix I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 100,775 | ||
Initial cost | |||
Land | 1,134 | ||
Building and Improvements | 3,376 | ||
Costs Subsequent to Acquisition | 348 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 3,075 | ||
Total | 4,210 | ||
Accumulated Depreciation | 870 | ||
Phoenix II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,160 | ||
Initial cost | |||
Land | 756 | ||
Building and Improvements | 2,251 | ||
Costs Subsequent to Acquisition | 1,554 | ||
Gross Carrying Amount at year end | |||
Land | 847 | ||
Building and Improvements | 3,109 | ||
Total | 3,956 | ||
Accumulated Depreciation | 712 | ||
Phoenix III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 121,761 | ||
Initial cost | |||
Land | 2,115 | ||
Building and Improvements | 10,429 | ||
Costs Subsequent to Acquisition | 24 | ||
Gross Carrying Amount at year end | |||
Land | 2,115 | ||
Building and Improvements | 10,453 | ||
Total | 12,568 | ||
Accumulated Depreciation | 83 | ||
Scottsdale, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 79,525 | ||
Initial cost | |||
Land | 443 | ||
Building and Improvements | 4,879 | ||
Costs Subsequent to Acquisition | 1,698 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 5,475 | ||
Total | 6,358 | ||
Accumulated Depreciation | 2,499 | ||
Tempe I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,890 | ||
Initial cost | |||
Land | 749 | ||
Building and Improvements | 2,159 | ||
Costs Subsequent to Acquisition | 236 | ||
Gross Carrying Amount at year end | |||
Land | 749 | ||
Building and Improvements | 2,086 | ||
Total | 2,835 | ||
Accumulated Depreciation | 552 | ||
Tempe II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 35,125 | ||
Initial cost | |||
Land | 588 | ||
Building and Improvements | 2,898 | ||
Costs Subsequent to Acquisition | 31 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 2,929 | ||
Total | 3,517 | ||
Accumulated Depreciation | 518 | ||
Tucson I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,800 | ||
Initial cost | |||
Land | 188 | ||
Building and Improvements | 2,078 | ||
Costs Subsequent to Acquisition | 966 | ||
Gross Carrying Amount at year end | |||
Land | 384 | ||
Building and Improvements | 2,590 | ||
Total | 2,974 | ||
Accumulated Depreciation | 1,169 | ||
Tucson II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 43,950 | ||
Initial cost | |||
Land | 188 | ||
Building and Improvements | 2,078 | ||
Costs Subsequent to Acquisition | 1,032 | ||
Gross Carrying Amount at year end | |||
Land | 391 | ||
Building and Improvements | 2,635 | ||
Total | 3,026 | ||
Accumulated Depreciation | 1,122 | ||
Tucson III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,832 | ||
Initial cost | |||
Land | 532 | ||
Building and Improvements | 2,048 | ||
Costs Subsequent to Acquisition | 243 | ||
Gross Carrying Amount at year end | |||
Land | 533 | ||
Building and Improvements | 1,930 | ||
Total | 2,463 | ||
Accumulated Depreciation | 520 | ||
Tucson IV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,040 | ||
Initial cost | |||
Land | 674 | ||
Building and Improvements | 2,595 | ||
Costs Subsequent to Acquisition | 262 | ||
Gross Carrying Amount at year end | |||
Land | 675 | ||
Building and Improvements | 2,436 | ||
Total | 3,111 | ||
Accumulated Depreciation | 662 | ||
Tucson V, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 45,134 | ||
Initial cost | |||
Land | 515 | ||
Building and Improvements | 1,980 | ||
Costs Subsequent to Acquisition | 333 | ||
Gross Carrying Amount at year end | |||
Land | 515 | ||
Building and Improvements | 1,957 | ||
Total | 2,472 | ||
Accumulated Depreciation | 520 | ||
Tucson VI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 40,814 | ||
Initial cost | |||
Land | 440 | ||
Building and Improvements | 1,692 | ||
Costs Subsequent to Acquisition | 201 | ||
Gross Carrying Amount at year end | |||
Land | 430 | ||
Building and Improvements | 1,595 | ||
Total | 2,025 | ||
Accumulated Depreciation | 439 | ||
Tucson VII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,688 | ||
Initial cost | |||
Land | 670 | ||
Building and Improvements | 2,576 | ||
Costs Subsequent to Acquisition | 275 | ||
Gross Carrying Amount at year end | |||
Land | 670 | ||
Building and Improvements | 2,440 | ||
Total | 3,110 | ||
Accumulated Depreciation | 673 | ||
Tucson VIII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,650 | ||
Initial cost | |||
Land | 589 | ||
Building and Improvements | 2,265 | ||
Costs Subsequent to Acquisition | 268 | ||
Gross Carrying Amount at year end | |||
Land | 589 | ||
Building and Improvements | 2,182 | ||
Total | 2,771 | ||
Accumulated Depreciation | 578 | ||
Tucson IX, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,545 | ||
Initial cost | |||
Land | 724 | ||
Building and Improvements | 2,786 | ||
Costs Subsequent to Acquisition | 349 | ||
Gross Carrying Amount at year end | |||
Land | 725 | ||
Building and Improvements | 2,619 | ||
Total | 3,344 | ||
Accumulated Depreciation | 730 | ||
Tucson X, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,350 | ||
Initial cost | |||
Land | 424 | ||
Building and Improvements | 1,633 | ||
Costs Subsequent to Acquisition | 203 | ||
Gross Carrying Amount at year end | |||
Land | 425 | ||
Building and Improvements | 1,526 | ||
Total | 1,951 | ||
Accumulated Depreciation | 424 | ||
Tucson XI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 42,940 | ||
Initial cost | |||
Land | 439 | ||
Building and Improvements | 1,689 | ||
Costs Subsequent to Acquisition | 391 | ||
Gross Carrying Amount at year end | |||
Land | 439 | ||
Building and Improvements | 1,791 | ||
Total | 2,230 | ||
Accumulated Depreciation | 507 | ||
Tucson XII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 42,225 | ||
Initial cost | |||
Land | 671 | ||
Building and Improvements | 2,582 | ||
Costs Subsequent to Acquisition | 285 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 2,454 | ||
Total | 3,126 | ||
Accumulated Depreciation | 653 | ||
Tucson XIII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 45,800 | ||
Initial cost | |||
Land | 587 | ||
Building and Improvements | 2,258 | ||
Costs Subsequent to Acquisition | 271 | ||
Gross Carrying Amount at year end | |||
Land | 587 | ||
Building and Improvements | 2,167 | ||
Total | 2,754 | ||
Accumulated Depreciation | 584 | ||
Tucson XIV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,095 | ||
Initial cost | |||
Land | 707 | ||
Building and Improvements | 2,721 | ||
Costs Subsequent to Acquisition | 455 | ||
Gross Carrying Amount at year end | |||
Land | 708 | ||
Building and Improvements | 2,642 | ||
Total | 3,350 | ||
Accumulated Depreciation | 707 | ||
Benicia, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,770 | ||
Initial cost | |||
Land | 2,392 | ||
Building and Improvements | 7,028 | ||
Costs Subsequent to Acquisition | 191 | ||
Gross Carrying Amount at year end | |||
Land | 2,392 | ||
Building and Improvements | 6,146 | ||
Total | 8,538 | ||
Accumulated Depreciation | 1,642 | ||
Citrus Heights, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,620 | ||
Initial cost | |||
Land | 1,633 | ||
Building and Improvements | 4,793 | ||
Costs Subsequent to Acquisition | 213 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 4,254 | ||
Total | 5,888 | ||
Accumulated Depreciation | 1,198 | ||
Corona, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 95,125 | ||
Initial cost | |||
Land | 2,107 | ||
Building and Improvements | 10,385 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 2,107 | ||
Building and Improvements | 10,385 | ||
Total | 12,492 | ||
Accumulated Depreciation | 55 | ||
Diamond Bar, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 102,984 | ||
Initial cost | |||
Land | 2,522 | ||
Building and Improvements | 7,404 | ||
Costs Subsequent to Acquisition | 179 | ||
Gross Carrying Amount at year end | |||
Land | 2,524 | ||
Building and Improvements | 6,491 | ||
Total | 9,015 | ||
Accumulated Depreciation | 1,820 | ||
Escondido, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 142,895 | ||
Initial cost | |||
Land | 3,040 | ||
Building and Improvements | 11,804 | ||
Costs Subsequent to Acquisition | 161 | ||
Gross Carrying Amount at year end | |||
Land | 3,040 | ||
Building and Improvements | 9,611 | ||
Total | 12,651 | ||
Accumulated Depreciation | 1,991 | ||
Fallbrook, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,401 | ||
Initial cost | |||
Land | 133 | ||
Building and Improvements | 1,492 | ||
Costs Subsequent to Acquisition | 1,736 | ||
Gross Carrying Amount at year end | |||
Land | 432 | ||
Building and Improvements | 2,722 | ||
Total | 3,154 | ||
Accumulated Depreciation | 1,084 | ||
Fremont, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,243 | ||
Initial cost | |||
Land | 1,158 | ||
Building and Improvements | 5,711 | ||
Costs Subsequent to Acquisition | 38 | ||
Gross Carrying Amount at year end | |||
Land | 1,158 | ||
Building and Improvements | 5,750 | ||
Total | 6,908 | ||
Accumulated Depreciation | 45 | ||
Lancaster, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,675 | ||
Initial cost | |||
Land | 390 | ||
Building and Improvements | 2,247 | ||
Costs Subsequent to Acquisition | 956 | ||
Gross Carrying Amount at year end | |||
Land | 556 | ||
Building and Improvements | 2,703 | ||
Total | 3,259 | ||
Accumulated Depreciation | 950 | ||
Long Beach, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 124,571 | ||
Initial cost | |||
Land | 3,138 | ||
Building and Improvements | 14,368 | ||
Costs Subsequent to Acquisition | 493 | ||
Gross Carrying Amount at year end | |||
Land | 3,138 | ||
Building and Improvements | 12,950 | ||
Total | 16,088 | ||
Accumulated Depreciation | 3,352 | ||
Murrieta, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,795 | ||
Initial cost | |||
Land | 1,883 | ||
Building and Improvements | 5,532 | ||
Costs Subsequent to Acquisition | 167 | ||
Gross Carrying Amount at year end | |||
Land | 1,903 | ||
Building and Improvements | 4,835 | ||
Total | 6,738 | ||
Accumulated Depreciation | 1,295 | ||
North Highlands, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,169 | ||
Initial cost | |||
Land | 868 | ||
Building and Improvements | 2,546 | ||
Costs Subsequent to Acquisition | 390 | ||
Gross Carrying Amount at year end | |||
Land | 868 | ||
Building and Improvements | 2,480 | ||
Total | 3,348 | ||
Accumulated Depreciation | 690 | ||
Ontario, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 93,590 | ||
Initial cost | |||
Land | 1,705 | ||
Building and Improvements | 8,401 | ||
Costs Subsequent to Acquisition | 17 | ||
Gross Carrying Amount at year end | |||
Land | 1,705 | ||
Building and Improvements | 8,418 | ||
Total | 10,123 | ||
Accumulated Depreciation | 44 | ||
Orangevale, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,542 | ||
Initial cost | |||
Land | 1,423 | ||
Building and Improvements | 4,175 | ||
Costs Subsequent to Acquisition | 267 | ||
Gross Carrying Amount at year end | |||
Land | 1,423 | ||
Building and Improvements | 3,770 | ||
Total | 5,193 | ||
Accumulated Depreciation | 1,066 | ||
Pleasanton, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 85,045 | ||
Initial cost | |||
Land | 2,799 | ||
Building and Improvements | 8,222 | ||
Costs Subsequent to Acquisition | 54 | ||
Gross Carrying Amount at year end | |||
Land | 2,799 | ||
Building and Improvements | 7,034 | ||
Total | 9,833 | ||
Accumulated Depreciation | 1,896 | ||
Rancho Cordova, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,978 | ||
Initial cost | |||
Land | 1,094 | ||
Building and Improvements | 3,212 | ||
Costs Subsequent to Acquisition | 250 | ||
Gross Carrying Amount at year end | |||
Land | 1,095 | ||
Building and Improvements | 2,930 | ||
Total | 4,025 | ||
Accumulated Depreciation | 845 | ||
Rialto I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,391 | ||
Initial cost | |||
Land | 899 | ||
Building and Improvements | 4,118 | ||
Costs Subsequent to Acquisition | 177 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 3,725 | ||
Total | 4,624 | ||
Accumulated Depreciation | 972 | ||
Rialto II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 99,783 | ||
Initial cost | |||
Land | 277 | ||
Building and Improvements | 3,098 | ||
Costs Subsequent to Acquisition | 1,715 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 4,034 | ||
Total | 4,706 | ||
Accumulated Depreciation | 1,815 | ||
Riverside I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,120 | ||
Initial cost | |||
Land | 1,351 | ||
Building and Improvements | 6,183 | ||
Costs Subsequent to Acquisition | 417 | ||
Gross Carrying Amount at year end | |||
Land | 1,351 | ||
Building and Improvements | 5,768 | ||
Total | 7,119 | ||
Accumulated Depreciation | 1,473 | ||
Riverside II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 85,076 | ||
Initial cost | |||
Land | 1,170 | ||
Building and Improvements | 5,359 | ||
Costs Subsequent to Acquisition | 355 | ||
Gross Carrying Amount at year end | |||
Land | 1,170 | ||
Building and Improvements | 4,980 | ||
Total | 6,150 | ||
Accumulated Depreciation | 1,289 | ||
Roseville, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,944 | ||
Initial cost | |||
Land | 1,284 | ||
Building and Improvements | 3,767 | ||
Costs Subsequent to Acquisition | 319 | ||
Gross Carrying Amount at year end | |||
Land | 1,284 | ||
Building and Improvements | 3,491 | ||
Total | 4,775 | ||
Accumulated Depreciation | 1,002 | ||
Sacramento I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,714 | ||
Initial cost | |||
Land | 1,152 | ||
Building and Improvements | 3,380 | ||
Costs Subsequent to Acquisition | 237 | ||
Gross Carrying Amount at year end | |||
Land | 1,152 | ||
Building and Improvements | 3,058 | ||
Total | 4,210 | ||
Accumulated Depreciation | 875 | ||
Sacramento II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,088 | ||
Initial cost | |||
Land | 1,406 | ||
Building and Improvements | 4,128 | ||
Costs Subsequent to Acquisition | 233 | ||
Gross Carrying Amount at year end | |||
Land | 1,407 | ||
Building and Improvements | 3,696 | ||
Total | 5,103 | ||
Accumulated Depreciation | 1,039 | ||
San Bernardino I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 31,070 | ||
Initial cost | |||
Land | 51 | ||
Building and Improvements | 572 | ||
Costs Subsequent to Acquisition | 1,166 | ||
Gross Carrying Amount at year end | |||
Land | 182 | ||
Building and Improvements | 1,422 | ||
Total | 1,604 | ||
Accumulated Depreciation | 537 | ||
San Bernardino II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 41,546 | ||
Initial cost | |||
Land | 112 | ||
Building and Improvements | 1,251 | ||
Costs Subsequent to Acquisition | 1,228 | ||
Gross Carrying Amount at year end | |||
Land | 306 | ||
Building and Improvements | 1,949 | ||
Total | 2,255 | ||
Accumulated Depreciation | 817 | ||
San Bernardino III, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 35,416 | ||
Initial cost | |||
Land | 98 | ||
Building and Improvements | 1,093 | ||
Costs Subsequent to Acquisition | 1,194 | ||
Gross Carrying Amount at year end | |||
Land | 242 | ||
Building and Improvements | 1,806 | ||
Total | 2,048 | ||
Accumulated Depreciation | 706 | ||
San Bernardino IV, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,307 | ||
Initial cost | |||
Land | 1,872 | ||
Building and Improvements | 5,391 | ||
Costs Subsequent to Acquisition | 154 | ||
Gross Carrying Amount at year end | |||
Land | 1,872 | ||
Building and Improvements | 4,828 | ||
Total | 6,700 | ||
Accumulated Depreciation | 1,316 | ||
San Bernardino V, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,595 | ||
Initial cost | |||
Land | 783 | ||
Building and Improvements | 3,583 | ||
Costs Subsequent to Acquisition | 478 | ||
Gross Carrying Amount at year end | |||
Land | 783 | ||
Building and Improvements | 3,534 | ||
Total | 4,317 | ||
Accumulated Depreciation | 923 | ||
San Bernardino VII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,753 | ||
Initial cost | |||
Land | 1,475 | ||
Building and Improvements | 6,753 | ||
Costs Subsequent to Acquisition | 274 | ||
Gross Carrying Amount at year end | |||
Land | 1,290 | ||
Building and Improvements | 6,281 | ||
Total | 7,571 | ||
Accumulated Depreciation | 1,643 | ||
San Bernardino VIII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 99,004 | ||
Initial cost | |||
Land | 1,691 | ||
Building and Improvements | 7,741 | ||
Costs Subsequent to Acquisition | 439 | ||
Gross Carrying Amount at year end | |||
Land | 1,692 | ||
Building and Improvements | 6,237 | ||
Total | 7,929 | ||
Accumulated Depreciation | 2,519 | ||
San Marcos, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 37,430 | ||
Initial cost | |||
Land | 775 | ||
Building and Improvements | 2,288 | ||
Costs Subsequent to Acquisition | 119 | ||
Gross Carrying Amount at year end | |||
Land | 776 | ||
Building and Improvements | 2,043 | ||
Total | 2,819 | ||
Accumulated Depreciation | 571 | ||
Santa Ana, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 64,071 | ||
Initial cost | |||
Land | 1,223 | ||
Building and Improvements | 5,600 | ||
Costs Subsequent to Acquisition | 280 | ||
Gross Carrying Amount at year end | |||
Land | 1,223 | ||
Building and Improvements | 5,107 | ||
Total | 6,330 | ||
Accumulated Depreciation | 1,331 | ||
South Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,490 | ||
Initial cost | |||
Land | 790 | ||
Building and Improvements | 2,319 | ||
Costs Subsequent to Acquisition | 236 | ||
Gross Carrying Amount at year end | |||
Land | 791 | ||
Building and Improvements | 2,143 | ||
Total | 2,934 | ||
Accumulated Depreciation | 622 | ||
Spring Valley, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 55,045 | ||
Initial cost | |||
Land | 1,178 | ||
Building and Improvements | 5,394 | ||
Costs Subsequent to Acquisition | 561 | ||
Gross Carrying Amount at year end | |||
Land | 1,178 | ||
Building and Improvements | 5,210 | ||
Total | 6,388 | ||
Accumulated Depreciation | 1,368 | ||
Temecula I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,320 | ||
Initial cost | |||
Land | 660 | ||
Building and Improvements | 4,735 | ||
Costs Subsequent to Acquisition | 1,231 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 5,409 | ||
Total | 6,308 | ||
Accumulated Depreciation | 1,257 | ||
Temecula II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,318 | ||
Initial cost | |||
Land | 3,080 | ||
Building and Improvements | 5,839 | ||
Costs Subsequent to Acquisition | 198 | ||
Gross Carrying Amount at year end | |||
Land | 3,080 | ||
Building and Improvements | 5,108 | ||
Total | 8,188 | ||
Accumulated Depreciation | 1,060 | ||
Vista I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,481 | ||
Initial cost | |||
Land | 711 | ||
Building and Improvements | 4,076 | ||
Costs Subsequent to Acquisition | 2,293 | ||
Gross Carrying Amount at year end | |||
Land | 1,118 | ||
Building and Improvements | 5,442 | ||
Total | 6,560 | ||
Accumulated Depreciation | 1,800 | ||
Vista II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 147,871 | ||
Initial cost | |||
Land | 4,629 | ||
Building and Improvements | 13,599 | ||
Costs Subsequent to Acquisition | 142 | ||
Gross Carrying Amount at year end | |||
Land | 4,629 | ||
Building and Improvements | 11,698 | ||
Total | 16,327 | ||
Accumulated Depreciation | 3,165 | ||
Walnut, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,708 | ||
Initial cost | |||
Land | 1,578 | ||
Building and Improvements | 4,635 | ||
Costs Subsequent to Acquisition | 236 | ||
Gross Carrying Amount at year end | |||
Land | 1,595 | ||
Building and Improvements | 4,133 | ||
Total | 5,728 | ||
Accumulated Depreciation | 1,105 | ||
West Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 40,015 | ||
Initial cost | |||
Land | 1,222 | ||
Building and Improvements | 3,590 | ||
Costs Subsequent to Acquisition | 200 | ||
Gross Carrying Amount at year end | |||
Land | 1,222 | ||
Building and Improvements | 3,236 | ||
Total | 4,458 | ||
Accumulated Depreciation | 868 | ||
Westminster, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,428 | ||
Initial cost | |||
Land | 1,740 | ||
Building and Improvements | 5,142 | ||
Costs Subsequent to Acquisition | 303 | ||
Gross Carrying Amount at year end | |||
Land | 1,743 | ||
Building and Improvements | 4,560 | ||
Total | 6,303 | ||
Accumulated Depreciation | 1,292 | ||
Aurora, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,867 | ||
Initial cost | |||
Land | 1,343 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 313 | ||
Gross Carrying Amount at year end | |||
Land | 1,343 | ||
Building and Improvements | 2,764 | ||
Total | 4,107 | ||
Accumulated Depreciation | 739 | ||
Colorado Springs I, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,975 | ||
Initial cost | |||
Land | 771 | ||
Building and Improvements | 1,717 | ||
Costs Subsequent to Acquisition | 337 | ||
Gross Carrying Amount at year end | |||
Land | 771 | ||
Building and Improvements | 1,711 | ||
Total | 2,482 | ||
Accumulated Depreciation | 449 | ||
Colorado Springs II, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,400 | ||
Initial cost | |||
Land | 657 | ||
Building and Improvements | 2,674 | ||
Costs Subsequent to Acquisition | 210 | ||
Gross Carrying Amount at year end | |||
Land | 656 | ||
Building and Improvements | 2,377 | ||
Total | 3,033 | ||
Accumulated Depreciation | 641 | ||
Denver I, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,200 | ||
Initial cost | |||
Land | 673 | ||
Building and Improvements | 2,741 | ||
Costs Subsequent to Acquisition | 197 | ||
Gross Carrying Amount at year end | |||
Land | 671 | ||
Building and Improvements | 2,436 | ||
Total | 3,107 | ||
Accumulated Depreciation | 694 | ||
Denver II, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,295 | ||
Initial cost | |||
Land | 1,430 | ||
Building and Improvements | 7,053 | ||
Costs Subsequent to Acquisition | 71 | ||
Gross Carrying Amount at year end | |||
Land | 1,430 | ||
Building and Improvements | 7,123 | ||
Total | 8,553 | ||
Accumulated Depreciation | 341 | ||
Federal Heights, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,770 | ||
Initial cost | |||
Land | 878 | ||
Building and Improvements | 1,953 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 879 | ||
Building and Improvements | 1,810 | ||
Total | 2,689 | ||
Accumulated Depreciation | 471 | ||
Golden, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 87,800 | ||
Initial cost | |||
Land | 1,683 | ||
Building and Improvements | 3,744 | ||
Costs Subsequent to Acquisition | 404 | ||
Gross Carrying Amount at year end | |||
Land | 1,684 | ||
Building and Improvements | 3,477 | ||
Total | 5,161 | ||
Accumulated Depreciation | 915 | ||
Littleton, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,490 | ||
Initial cost | |||
Land | 1,268 | ||
Building and Improvements | 2,820 | ||
Costs Subsequent to Acquisition | 277 | ||
Gross Carrying Amount at year end | |||
Land | 1,268 | ||
Building and Improvements | 2,589 | ||
Total | 3,857 | ||
Accumulated Depreciation | 655 | ||
Northglenn, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,102 | ||
Initial cost | |||
Land | 862 | ||
Building and Improvements | 1,917 | ||
Costs Subsequent to Acquisition | 365 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 1,869 | ||
Total | 2,731 | ||
Accumulated Depreciation | 477 | ||
Bloomfield, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,700 | ||
Initial cost | |||
Land | 78 | ||
Building and Improvements | 880 | ||
Costs Subsequent to Acquisition | 2,338 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 2,644 | ||
Total | 3,004 | ||
Accumulated Depreciation | 1,029 | ||
Branford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,679 | ||
Initial cost | |||
Land | 217 | ||
Building and Improvements | 2,433 | ||
Costs Subsequent to Acquisition | 1,317 | ||
Gross Carrying Amount at year end | |||
Land | 504 | ||
Building and Improvements | 3,055 | ||
Total | 3,559 | ||
Accumulated Depreciation | 1,626 | ||
Bristol, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,725 | ||
Initial cost | |||
Land | 1,819 | ||
Building and Improvements | 3,161 | ||
Costs Subsequent to Acquisition | 63 | ||
Gross Carrying Amount at year end | |||
Land | 1,819 | ||
Building and Improvements | 2,759 | ||
Total | 4,578 | ||
Accumulated Depreciation | 849 | ||
East Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,016 | ||
Initial cost | |||
Land | 744 | ||
Building and Improvements | 1,294 | ||
Costs Subsequent to Acquisition | 458 | ||
Gross Carrying Amount at year end | |||
Land | 744 | ||
Building and Improvements | 1,482 | ||
Total | 2,226 | ||
Accumulated Depreciation | 448 | ||
Enfield, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,875 | ||
Initial cost | |||
Land | 424 | ||
Building and Improvements | 2,424 | ||
Costs Subsequent to Acquisition | 396 | ||
Gross Carrying Amount at year end | |||
Land | 473 | ||
Building and Improvements | 2,229 | ||
Total | 2,702 | ||
Accumulated Depreciation | 873 | ||
Gales Ferry, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,805 | ||
Initial cost | |||
Land | 240 | ||
Building and Improvements | 2,697 | ||
Costs Subsequent to Acquisition | 1,458 | ||
Gross Carrying Amount at year end | |||
Land | 489 | ||
Building and Improvements | 3,473 | ||
Total | 3,962 | ||
Accumulated Depreciation | 1,503 | ||
Manchester I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,925 | ||
Initial cost | |||
Land | 540 | ||
Building and Improvements | 3,096 | ||
Costs Subsequent to Acquisition | 360 | ||
Gross Carrying Amount at year end | |||
Land | 563 | ||
Building and Improvements | 2,684 | ||
Total | 3,247 | ||
Accumulated Depreciation | 1,100 | ||
Manchester II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,725 | ||
Initial cost | |||
Land | 996 | ||
Building and Improvements | 1,730 | ||
Costs Subsequent to Acquisition | 255 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 1,677 | ||
Total | 2,673 | ||
Accumulated Depreciation | 495 | ||
Manchester III, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,113 | ||
Initial cost | |||
Land | 671 | ||
Building and Improvements | 3,308 | ||
Costs Subsequent to Acquisition | 6 | ||
Gross Carrying Amount at year end | |||
Land | 671 | ||
Building and Improvements | 3,314 | ||
Total | 3,985 | ||
Accumulated Depreciation | 26 | ||
Milford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 44,885 | ||
Initial cost | |||
Land | 87 | ||
Building and Improvements | 1,050 | ||
Costs Subsequent to Acquisition | 1,129 | ||
Gross Carrying Amount at year end | |||
Land | 274 | ||
Building and Improvements | 1,707 | ||
Total | 1,981 | ||
Accumulated Depreciation | 819 | ||
Monroe, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,500 | ||
Initial cost | |||
Land | 2,004 | ||
Building and Improvements | 3,483 | ||
Costs Subsequent to Acquisition | 600 | ||
Gross Carrying Amount at year end | |||
Land | 2,004 | ||
Building and Improvements | 3,399 | ||
Total | 5,403 | ||
Accumulated Depreciation | 1,072 | ||
Mystic, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,825 | ||
Initial cost | |||
Land | 136 | ||
Building and Improvements | 1,645 | ||
Costs Subsequent to Acquisition | 1,927 | ||
Gross Carrying Amount at year end | |||
Land | 410 | ||
Building and Improvements | 2,840 | ||
Total | 3,250 | ||
Accumulated Depreciation | 1,377 | ||
Newington I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 42,620 | ||
Initial cost | |||
Land | 1,059 | ||
Building and Improvements | 1,840 | ||
Costs Subsequent to Acquisition | 206 | ||
Gross Carrying Amount at year end | |||
Land | 1,059 | ||
Building and Improvements | 1,752 | ||
Total | 2,811 | ||
Accumulated Depreciation | 518 | ||
Newington II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 36,140 | ||
Initial cost | |||
Land | 911 | ||
Building and Improvements | 1,584 | ||
Costs Subsequent to Acquisition | 231 | ||
Gross Carrying Amount at year end | |||
Land | 911 | ||
Building and Improvements | 1,541 | ||
Total | 2,452 | ||
Accumulated Depreciation | 463 | ||
Norwalk, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 30,414 | ||
Initial cost | |||
Land | 646 | ||
Building and Improvements | 3,187 | ||
Costs Subsequent to Acquisition | 48 | ||
Gross Carrying Amount at year end | |||
Land | 646 | ||
Building and Improvements | 3,235 | ||
Total | 3,881 | ||
Accumulated Depreciation | 171 | ||
Old Saybrook I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 86,950 | ||
Initial cost | |||
Land | 3,092 | ||
Building and Improvements | 5,374 | ||
Costs Subsequent to Acquisition | 519 | ||
Gross Carrying Amount at year end | |||
Land | 3,092 | ||
Building and Improvements | 5,039 | ||
Total | 8,131 | ||
Accumulated Depreciation | 1,537 | ||
Old Saybrook II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 26,425 | ||
Initial cost | |||
Land | 1,135 | ||
Building and Improvements | 1,973 | ||
Costs Subsequent to Acquisition | 231 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 1,877 | ||
Total | 3,012 | ||
Accumulated Depreciation | 586 | ||
Shelton, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,430 | ||
Initial cost | |||
Land | 1,449 | ||
Building and Improvements | 8,221 | ||
Costs Subsequent to Acquisition | 179 | ||
Gross Carrying Amount at year end | |||
Land | 1,449 | ||
Building and Improvements | 7,317 | ||
Total | 8,766 | ||
Accumulated Depreciation | 678 | ||
South Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,075 | ||
Initial cost | |||
Land | 90 | ||
Building and Improvements | 1,127 | ||
Costs Subsequent to Acquisition | 1,322 | ||
Gross Carrying Amount at year end | |||
Land | 272 | ||
Building and Improvements | 2,062 | ||
Total | 2,334 | ||
Accumulated Depreciation | 859 | ||
Stamford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 28,907 | ||
Initial cost | |||
Land | 1,941 | ||
Building and Improvements | 3,374 | ||
Costs Subsequent to Acquisition | 102 | ||
Gross Carrying Amount at year end | |||
Land | 1,941 | ||
Building and Improvements | 2,940 | ||
Total | 4,881 | ||
Accumulated Depreciation | 891 | ||
Wilton, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,515 | ||
Encumbrances | 12,635 | ||
Initial cost | |||
Land | 2,409 | ||
Building and Improvements | 12,261 | ||
Costs Subsequent to Acquisition | 172 | ||
Gross Carrying Amount at year end | |||
Land | 2,421 | ||
Building and Improvements | 12,494 | ||
Total | 14,915 | ||
Accumulated Depreciation | 824 | ||
Washington I, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,085 | ||
Initial cost | |||
Land | 871 | ||
Building and Improvements | 12,759 | ||
Costs Subsequent to Acquisition | 403 | ||
Gross Carrying Amount at year end | |||
Land | 894 | ||
Building and Improvements | 10,480 | ||
Total | 11,374 | ||
Accumulated Depreciation | 2,048 | ||
Washington II, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 82,982 | ||
Initial cost | |||
Land | 3,152 | ||
Building and Improvements | 13,612 | ||
Costs Subsequent to Acquisition | 146 | ||
Gross Carrying Amount at year end | |||
Land | 3,154 | ||
Building and Improvements | 11,983 | ||
Total | 15,137 | ||
Accumulated Depreciation | 856 | ||
Boca Raton, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 37,958 | ||
Initial cost | |||
Land | 529 | ||
Building and Improvements | 3,054 | ||
Costs Subsequent to Acquisition | 1,564 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 3,711 | ||
Total | 4,524 | ||
Accumulated Depreciation | 1,259 | ||
Boynton Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,749 | ||
Initial cost | |||
Land | 667 | ||
Building and Improvements | 3,796 | ||
Costs Subsequent to Acquisition | 1,801 | ||
Gross Carrying Amount at year end | |||
Land | 958 | ||
Building and Improvements | 4,507 | ||
Total | 5,465 | ||
Accumulated Depreciation | 1,530 | ||
Boynton Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,579 | ||
Initial cost | |||
Land | 1,030 | ||
Building and Improvements | 2,968 | ||
Costs Subsequent to Acquisition | 329 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 2,861 | ||
Total | 3,891 | ||
Accumulated Depreciation | 778 | ||
Boynton Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,393 | ||
Initial cost | |||
Land | 1,225 | ||
Building and Improvements | 6,037 | ||
Costs Subsequent to Acquisition | 12 | ||
Gross Carrying Amount at year end | |||
Land | 1,225 | ||
Building and Improvements | 6,050 | ||
Total | 7,275 | ||
Accumulated Depreciation | 48 | ||
Bradenton I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,441 | ||
Initial cost | |||
Land | 1,180 | ||
Building and Improvements | 3,324 | ||
Costs Subsequent to Acquisition | 225 | ||
Gross Carrying Amount at year end | |||
Land | 1,180 | ||
Building and Improvements | 3,028 | ||
Total | 4,208 | ||
Accumulated Depreciation | 854 | ||
Bradenton II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 87,958 | ||
Initial cost | |||
Land | 1,931 | ||
Building and Improvements | 5,561 | ||
Costs Subsequent to Acquisition | 975 | ||
Gross Carrying Amount at year end | |||
Land | 1,931 | ||
Building and Improvements | 5,441 | ||
Total | 7,372 | ||
Accumulated Depreciation | 1,507 | ||
Cape Coral I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,842 | ||
Initial cost | |||
Land | 472 | ||
Building and Improvements | 2,769 | ||
Costs Subsequent to Acquisition | 2,538 | ||
Gross Carrying Amount at year end | |||
Land | 830 | ||
Building and Improvements | 4,371 | ||
Total | 5,201 | ||
Accumulated Depreciation | 1,786 | ||
Cape Coral II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,955 | ||
Initial cost | |||
Land | 1,093 | ||
Building and Improvements | 5,387 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 5,388 | ||
Total | 6,481 | ||
Accumulated Depreciation | 14 | ||
Coconut Creek II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 90,400 | ||
Initial cost | |||
Land | 1,937 | ||
Building and Improvements | 9,549 | ||
Costs Subsequent to Acquisition | 109 | ||
Gross Carrying Amount at year end | |||
Land | 1,937 | ||
Building and Improvements | 9,658 | ||
Total | 11,595 | ||
Accumulated Depreciation | 77 | ||
Coconut Creek I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,883 | ||
Initial cost | |||
Land | 1,189 | ||
Building and Improvements | 5,863 | ||
Costs Subsequent to Acquisition | 106 | ||
Gross Carrying Amount at year end | |||
Land | 1,189 | ||
Building and Improvements | 5,968 | ||
Total | 7,157 | ||
Accumulated Depreciation | 286 | ||
Dania Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 168,724 | ||
Initial cost | |||
Land | 3,584 | ||
Building and Improvements | 10,324 | ||
Costs Subsequent to Acquisition | 1,171 | ||
Gross Carrying Amount at year end | |||
Land | 3,584 | ||
Building and Improvements | 9,999 | ||
Total | 13,583 | ||
Accumulated Depreciation | 2,827 | ||
Dania, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,145 | ||
Initial cost | |||
Land | 205 | ||
Building and Improvements | 2,068 | ||
Costs Subsequent to Acquisition | 1,442 | ||
Gross Carrying Amount at year end | |||
Land | 481 | ||
Building and Improvements | 2,813 | ||
Total | 3,294 | ||
Accumulated Depreciation | 1,375 | ||
Davie, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,235 | ||
Initial cost | |||
Land | 1,268 | ||
Building and Improvements | 7,183 | ||
Costs Subsequent to Acquisition | 815 | ||
Gross Carrying Amount at year end | |||
Land | 1,373 | ||
Building and Improvements | 5,735 | ||
Total | 7,108 | ||
Accumulated Depreciation | 2,500 | ||
Deerfield Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,230 | ||
Initial cost | |||
Land | 946 | ||
Building and Improvements | 2,999 | ||
Costs Subsequent to Acquisition | 2,019 | ||
Gross Carrying Amount at year end | |||
Land | 1,311 | ||
Building and Improvements | 4,524 | ||
Total | 5,835 | ||
Accumulated Depreciation | 1,631 | ||
Delray Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,833 | ||
Initial cost | |||
Land | 798 | ||
Building and Improvements | 4,539 | ||
Costs Subsequent to Acquisition | 690 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 4,229 | ||
Total | 5,112 | ||
Accumulated Depreciation | 1,535 | ||
Delray Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,712 | ||
Initial cost | |||
Land | 957 | ||
Building and Improvements | 4,718 | ||
Costs Subsequent to Acquisition | 194 | ||
Gross Carrying Amount at year end | |||
Land | 957 | ||
Building and Improvements | 4,912 | ||
Total | 5,869 | ||
Accumulated Depreciation | 1,507 | ||
Delray Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 94,495 | ||
Initial cost | |||
Land | 2,086 | ||
Building and Improvements | 10,286 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 2,086 | ||
Building and Improvements | 10,289 | ||
Total | 12,375 | ||
Accumulated Depreciation | 82 | ||
Fernandina Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 121,083 | ||
Initial cost | |||
Land | 378 | ||
Building and Improvements | 4,222 | ||
Costs Subsequent to Acquisition | 3,668 | ||
Gross Carrying Amount at year end | |||
Land | 643 | ||
Building and Improvements | 6,991 | ||
Total | 7,634 | ||
Accumulated Depreciation | 2,432 | ||
Ft. Lauderdale I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,063 | ||
Initial cost | |||
Land | 937 | ||
Building and Improvements | 3,646 | ||
Costs Subsequent to Acquisition | 2,438 | ||
Gross Carrying Amount at year end | |||
Land | 1,384 | ||
Building and Improvements | 5,416 | ||
Total | 6,800 | ||
Accumulated Depreciation | 1,994 | ||
Ft. Lauderdale II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,507 | ||
Initial cost | |||
Land | 862 | ||
Building and Improvements | 4,250 | ||
Costs Subsequent to Acquisition | 54 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,305 | ||
Total | 5,167 | ||
Accumulated Depreciation | 1,834 | ||
Ft. Myers I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,546 | ||
Initial cost | |||
Land | 303 | ||
Building and Improvements | 3,329 | ||
Costs Subsequent to Acquisition | 824 | ||
Gross Carrying Amount at year end | |||
Land | 328 | ||
Building and Improvements | 3,167 | ||
Total | 3,495 | ||
Accumulated Depreciation | 1,637 | ||
Ft. Myers II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,125 | ||
Initial cost | |||
Land | 1,030 | ||
Building and Improvements | 5,080 | ||
Costs Subsequent to Acquisition | 4 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 5,084 | ||
Total | 6,114 | ||
Accumulated Depreciation | 40 | ||
Ft. Myers III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,554 | ||
Initial cost | |||
Land | 1,148 | ||
Building and Improvements | 5,658 | ||
Costs Subsequent to Acquisition | 29 | ||
Gross Carrying Amount at year end | |||
Land | 1,148 | ||
Building and Improvements | 5,688 | ||
Total | 6,836 | ||
Accumulated Depreciation | 46 | ||
Jacksonville I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,215 | ||
Initial cost | |||
Land | 1,862 | ||
Building and Improvements | 5,362 | ||
Costs Subsequent to Acquisition | 72 | ||
Gross Carrying Amount at year end | |||
Land | 1,862 | ||
Building and Improvements | 4,752 | ||
Total | 6,614 | ||
Accumulated Depreciation | 1,190 | ||
Jacksonville II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,070 | ||
Initial cost | |||
Land | 950 | ||
Building and Improvements | 7,004 | ||
Costs Subsequent to Acquisition | 120 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 5,571 | ||
Total | 6,521 | ||
Accumulated Depreciation | 1,143 | ||
Jacksonville III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,590 | ||
Initial cost | |||
Land | 860 | ||
Building and Improvements | 7,409 | ||
Costs Subsequent to Acquisition | 989 | ||
Gross Carrying Amount at year end | |||
Land | 1,670 | ||
Building and Improvements | 5,997 | ||
Total | 7,667 | ||
Accumulated Depreciation | 1,239 | ||
Jacksonville IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 77,535 | ||
Initial cost | |||
Land | 870 | ||
Building and Improvements | 8,049 | ||
Costs Subsequent to Acquisition | 1,030 | ||
Gross Carrying Amount at year end | |||
Land | 1,651 | ||
Building and Improvements | 7,004 | ||
Total | 8,655 | ||
Accumulated Depreciation | 1,449 | ||
Jacksonville V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 82,235 | ||
Initial cost | |||
Land | 1,220 | ||
Building and Improvements | 8,210 | ||
Costs Subsequent to Acquisition | 312 | ||
Gross Carrying Amount at year end | |||
Land | 1,220 | ||
Building and Improvements | 6,813 | ||
Total | 8,033 | ||
Accumulated Depreciation | 1,406 | ||
Jacksonville VI, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,425 | ||
Initial cost | |||
Land | 755 | ||
Building and Improvements | 3,725 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 755 | ||
Building and Improvements | 3,725 | ||
Total | 4,480 | ||
Accumulated Depreciation | 10 | ||
Kendall, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,495 | ||
Initial cost | |||
Land | 2,350 | ||
Building and Improvements | 8,106 | ||
Costs Subsequent to Acquisition | 201 | ||
Gross Carrying Amount at year end | |||
Land | 2,350 | ||
Building and Improvements | 6,534 | ||
Total | 8,884 | ||
Accumulated Depreciation | 1,346 | ||
Lake Worth I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 160,949 | ||
Initial cost | |||
Land | 183 | ||
Building and Improvements | 6,597 | ||
Costs Subsequent to Acquisition | 7,161 | ||
Gross Carrying Amount at year end | |||
Land | 354 | ||
Building and Improvements | 11,076 | ||
Total | 11,430 | ||
Accumulated Depreciation | 4,680 | ||
Lake Worth II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 87,050 | ||
Initial cost | |||
Land | 1,552 | ||
Building and Improvements | 7,654 | ||
Costs Subsequent to Acquisition | 100 | ||
Gross Carrying Amount at year end | |||
Land | 1,552 | ||
Building and Improvements | 7,753 | ||
Total | 9,305 | ||
Accumulated Depreciation | 61 | ||
Lakeland, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,095 | ||
Initial cost | |||
Land | 81 | ||
Building and Improvements | 896 | ||
Costs Subsequent to Acquisition | 1,127 | ||
Gross Carrying Amount at year end | |||
Land | 256 | ||
Building and Improvements | 1,440 | ||
Total | 1,696 | ||
Accumulated Depreciation | 803 | ||
Leisure City, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 56,042 | ||
Initial cost | |||
Land | 409 | ||
Building and Improvements | 2,018 | ||
Costs Subsequent to Acquisition | 127 | ||
Gross Carrying Amount at year end | |||
Land | 409 | ||
Building and Improvements | 2,144 | ||
Total | 2,553 | ||
Accumulated Depreciation | 105 | ||
Lutz I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 66,795 | ||
Initial cost | |||
Land | 901 | ||
Building and Improvements | 2,478 | ||
Costs Subsequent to Acquisition | 232 | ||
Gross Carrying Amount at year end | |||
Land | 901 | ||
Building and Improvements | 2,325 | ||
Total | 3,226 | ||
Accumulated Depreciation | 640 | ||
Lutz II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,232 | ||
Initial cost | |||
Land | 992 | ||
Building and Improvements | 2,868 | ||
Costs Subsequent to Acquisition | 339 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 2,717 | ||
Total | 3,709 | ||
Accumulated Depreciation | 769 | ||
Margate I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,660 | ||
Initial cost | |||
Land | 161 | ||
Building and Improvements | 1,763 | ||
Gross Carrying Amount at year end | |||
Land | 399 | ||
Building and Improvements | 3,196 | ||
Total | 3,595 | ||
Accumulated Depreciation | 1,402 | ||
Margate II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,180 | ||
Initial cost | |||
Land | 132 | ||
Building and Improvements | 1,473 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 2,663 | ||
Total | 3,046 | ||
Accumulated Depreciation | 1,204 | ||
Merritt Island, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,281 | ||
Initial cost | |||
Land | 716 | ||
Building and Improvements | 2,983 | ||
Costs Subsequent to Acquisition | 606 | ||
Gross Carrying Amount at year end | |||
Land | 796 | ||
Building and Improvements | 2,851 | ||
Total | 3,647 | ||
Accumulated Depreciation | 888 | ||
Miami I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,500 | ||
Initial cost | |||
Land | 179 | ||
Building and Improvements | 1,999 | ||
Costs Subsequent to Acquisition | 1,811 | ||
Gross Carrying Amount at year end | |||
Land | 484 | ||
Building and Improvements | 3,123 | ||
Total | 3,607 | ||
Accumulated Depreciation | 1,720 | ||
Miami II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 66,960 | ||
Initial cost | |||
Land | 253 | ||
Building and Improvements | 2,544 | ||
Costs Subsequent to Acquisition | 1,456 | ||
Gross Carrying Amount at year end | |||
Land | 561 | ||
Building and Improvements | 3,183 | ||
Total | 3,744 | ||
Accumulated Depreciation | 1,634 | ||
Miami III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 150,425 | ||
Initial cost | |||
Land | 4,577 | ||
Building and Improvements | 13,185 | ||
Costs Subsequent to Acquisition | 816 | ||
Gross Carrying Amount at year end | |||
Land | 4,577 | ||
Building and Improvements | 12,177 | ||
Total | 16,754 | ||
Accumulated Depreciation | 3,073 | ||
Miami IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,337 | ||
Initial cost | |||
Land | 1,852 | ||
Building and Improvements | 10,494 | ||
Costs Subsequent to Acquisition | 878 | ||
Gross Carrying Amount at year end | |||
Land | 1,963 | ||
Building and Improvements | 9,812 | ||
Total | 11,775 | ||
Accumulated Depreciation | 933 | ||
Miramar, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,530 | ||
Initial cost | |||
Land | 1,206 | ||
Building and Improvements | 5,944 | ||
Costs Subsequent to Acquisition | 50 | ||
Gross Carrying Amount at year end | |||
Land | 1,206 | ||
Building and Improvements | 5,995 | ||
Total | 7,201 | ||
Accumulated Depreciation | 697 | ||
Naples I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,150 | ||
Initial cost | |||
Land | 90 | ||
Building and Improvements | 1,010 | ||
Costs Subsequent to Acquisition | 2,509 | ||
Gross Carrying Amount at year end | |||
Land | 270 | ||
Building and Improvements | 3,139 | ||
Total | 3,409 | ||
Accumulated Depreciation | 1,362 | ||
Naples II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,850 | ||
Initial cost | |||
Land | 148 | ||
Building and Improvements | 1,652 | ||
Costs Subsequent to Acquisition | 4,320 | ||
Gross Carrying Amount at year end | |||
Land | 558 | ||
Building and Improvements | 5,278 | ||
Total | 5,836 | ||
Accumulated Depreciation | 2,162 | ||
Naples III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,021 | ||
Initial cost | |||
Land | 139 | ||
Building and Improvements | 1,561 | ||
Costs Subsequent to Acquisition | 4,090 | ||
Gross Carrying Amount at year end | |||
Land | 598 | ||
Building and Improvements | 4,340 | ||
Total | 4,938 | ||
Accumulated Depreciation | 2,100 | ||
Naples IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 40,550 | ||
Initial cost | |||
Land | 262 | ||
Building and Improvements | 2,980 | ||
Costs Subsequent to Acquisition | 580 | ||
Gross Carrying Amount at year end | |||
Land | 407 | ||
Building and Improvements | 2,977 | ||
Total | 3,384 | ||
Accumulated Depreciation | 1,445 | ||
New Smyrna Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,454 | ||
Initial cost | |||
Land | 1,261 | ||
Building and Improvements | 6,215 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,261 | ||
Building and Improvements | 6,215 | ||
Total | 7,476 | ||
Accumulated Depreciation | 33 | ||
Ocoee, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,250 | ||
Initial cost | |||
Land | 1,286 | ||
Building and Improvements | 3,705 | ||
Costs Subsequent to Acquisition | 176 | ||
Gross Carrying Amount at year end | |||
Land | 1,286 | ||
Building and Improvements | 3,364 | ||
Total | 4,650 | ||
Accumulated Depreciation | 880 | ||
Orange City, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,580 | ||
Initial cost | |||
Land | 1,191 | ||
Building and Improvements | 3,209 | ||
Costs Subsequent to Acquisition | 205 | ||
Gross Carrying Amount at year end | |||
Land | 1,191 | ||
Building and Improvements | 2,926 | ||
Total | 4,117 | ||
Accumulated Depreciation | 823 | ||
Orlando II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,084 | ||
Initial cost | |||
Land | 1,589 | ||
Building and Improvements | 4,576 | ||
Costs Subsequent to Acquisition | 148 | ||
Gross Carrying Amount at year end | |||
Land | 1,589 | ||
Building and Improvements | 4,085 | ||
Total | 5,674 | ||
Accumulated Depreciation | 1,089 | ||
Orlando III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 101,330 | ||
Initial cost | |||
Land | 1,209 | ||
Building and Improvements | 7,768 | ||
Costs Subsequent to Acquisition | 646 | ||
Gross Carrying Amount at year end | |||
Land | 1,209 | ||
Building and Improvements | 7,028 | ||
Total | 8,237 | ||
Accumulated Depreciation | 1,546 | ||
Orlando IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,565 | ||
Initial cost | |||
Land | 633 | ||
Building and Improvements | 3,587 | ||
Costs Subsequent to Acquisition | 102 | ||
Gross Carrying Amount at year end | |||
Land | 633 | ||
Building and Improvements | 3,185 | ||
Total | 3,818 | ||
Accumulated Depreciation | 337 | ||
Orlando V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,358 | ||
Initial cost | |||
Land | 950 | ||
Building and Improvements | 4,685 | ||
Costs Subsequent to Acquisition | 101 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 4,785 | ||
Total | 5,735 | ||
Accumulated Depreciation | 205 | ||
Orlando VI, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,475 | ||
Initial cost | |||
Land | 640 | ||
Building and Improvements | 3,154 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 640 | ||
Building and Improvements | 3,155 | ||
Total | 3,795 | ||
Accumulated Depreciation | 8 | ||
Oviedo, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,276 | ||
Initial cost | |||
Land | 440 | ||
Building and Improvements | 2,824 | ||
Costs Subsequent to Acquisition | 551 | ||
Gross Carrying Amount at year end | |||
Land | 440 | ||
Building and Improvements | 2,704 | ||
Total | 3,144 | ||
Accumulated Depreciation | 620 | ||
Palm Coast I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,400 | ||
Initial cost | |||
Land | 555 | ||
Building and Improvements | 2,735 | ||
Costs Subsequent to Acquisition | 60 | ||
Gross Carrying Amount at year end | |||
Land | 555 | ||
Building and Improvements | 2,795 | ||
Total | 3,350 | ||
Accumulated Depreciation | 22 | ||
Palm Coast II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 122,490 | ||
Encumbrances | 7,962 | ||
Initial cost | |||
Land | 1,511 | ||
Building and Improvements | 7,450 | ||
Costs Subsequent to Acquisition | 250 | ||
Gross Carrying Amount at year end | |||
Land | 1,511 | ||
Building and Improvements | 7,700 | ||
Total | 9,211 | ||
Accumulated Depreciation | 63 | ||
Pembroke Pines, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,321 | ||
Initial cost | |||
Land | 337 | ||
Building and Improvements | 3,772 | ||
Costs Subsequent to Acquisition | 2,745 | ||
Gross Carrying Amount at year end | |||
Land | 953 | ||
Building and Improvements | 5,375 | ||
Total | 6,328 | ||
Accumulated Depreciation | 3,171 | ||
Royal Palm Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,394 | ||
Initial cost | |||
Land | 1,640 | ||
Building and Improvements | 8,607 | ||
Costs Subsequent to Acquisition | 225 | ||
Gross Carrying Amount at year end | |||
Land | 1,640 | ||
Building and Improvements | 7,171 | ||
Total | 8,811 | ||
Accumulated Depreciation | 1,478 | ||
Sanford I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,810 | ||
Initial cost | |||
Land | 453 | ||
Building and Improvements | 2,911 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 453 | ||
Building and Improvements | 2,509 | ||
Total | 2,962 | ||
Accumulated Depreciation | 589 | ||
Sanford II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,054 | ||
Initial cost | |||
Land | 1,003 | ||
Building and Improvements | 4,944 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,003 | ||
Building and Improvements | 4,945 | ||
Total | 5,948 | ||
Accumulated Depreciation | 26 | ||
Sarasota, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,152 | ||
Initial cost | |||
Land | 333 | ||
Building and Improvements | 3,656 | ||
Costs Subsequent to Acquisition | 1,313 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 3,774 | ||
Total | 4,303 | ||
Accumulated Depreciation | 1,912 | ||
St. Augustine, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,725 | ||
Initial cost | |||
Land | 135 | ||
Building and Improvements | 1,515 | ||
Costs Subsequent to Acquisition | 3,330 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 4,274 | ||
Total | 4,657 | ||
Accumulated Depreciation | 1,858 | ||
Stuart, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 87,176 | ||
Initial cost | |||
Land | 324 | ||
Building and Improvements | 3,625 | ||
Costs Subsequent to Acquisition | 3,070 | ||
Gross Carrying Amount at year end | |||
Land | 685 | ||
Building and Improvements | 5,762 | ||
Total | 6,447 | ||
Accumulated Depreciation | 2,504 | ||
SW Ranches, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 64,955 | ||
Initial cost | |||
Land | 1,390 | ||
Building and Improvements | 7,598 | ||
Costs Subsequent to Acquisition | 139 | ||
Gross Carrying Amount at year end | |||
Land | 1,390 | ||
Building and Improvements | 5,875 | ||
Total | 7,265 | ||
Accumulated Depreciation | 1,215 | ||
Tampa, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,913 | ||
Initial cost | |||
Land | 2,670 | ||
Building and Improvements | 6,249 | ||
Costs Subsequent to Acquisition | 121 | ||
Gross Carrying Amount at year end | |||
Land | 2,670 | ||
Building and Improvements | 5,017 | ||
Total | 7,687 | ||
Accumulated Depreciation | 1,036 | ||
West Palm Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,061 | ||
Initial cost | |||
Land | 719 | ||
Building and Improvements | 3,420 | ||
Costs Subsequent to Acquisition | 1,547 | ||
Gross Carrying Amount at year end | |||
Land | 835 | ||
Building and Improvements | 3,992 | ||
Total | 4,827 | ||
Accumulated Depreciation | 1,439 | ||
West Palm Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 94,428 | ||
Initial cost | |||
Land | 2,129 | ||
Building and Improvements | 8,671 | ||
Costs Subsequent to Acquisition | 356 | ||
Gross Carrying Amount at year end | |||
Land | 2,129 | ||
Building and Improvements | 7,724 | ||
Total | 9,853 | ||
Accumulated Depreciation | 2,173 | ||
West Palm Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 77,664 | ||
Initial cost | |||
Land | 804 | ||
Building and Improvements | 3,962 | ||
Costs Subsequent to Acquisition | 41 | ||
Gross Carrying Amount at year end | |||
Land | 804 | ||
Building and Improvements | 4,002 | ||
Total | 4,806 | ||
Accumulated Depreciation | 168 | ||
West Palm Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 102,912 | ||
Initial cost | |||
Land | 1,499 | ||
Building and Improvements | 7,392 | ||
Costs Subsequent to Acquisition | 133 | ||
Gross Carrying Amount at year end | |||
Land | 1,499 | ||
Building and Improvements | 7,524 | ||
Total | 9,023 | ||
Accumulated Depreciation | 59 | ||
Winter Park, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,356 | ||
Initial cost | |||
Land | 866 | ||
Building and Improvements | 4,268 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 866 | ||
Building and Improvements | 4,269 | ||
Total | 5,135 | ||
Accumulated Depreciation | 23 | ||
Alpharetta, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 90,501 | ||
Initial cost | |||
Land | 806 | ||
Building and Improvements | 4,720 | ||
Costs Subsequent to Acquisition | 1,006 | ||
Gross Carrying Amount at year end | |||
Land | 967 | ||
Building and Improvements | 4,128 | ||
Total | 5,095 | ||
Accumulated Depreciation | 1,328 | ||
Atlanta, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 66,675 | ||
Initial cost | |||
Land | 822 | ||
Building and Improvements | 4,053 | ||
Costs Subsequent to Acquisition | 37 | ||
Gross Carrying Amount at year end | |||
Land | 822 | ||
Building and Improvements | 4,091 | ||
Total | 4,913 | ||
Accumulated Depreciation | 206 | ||
Austell, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,675 | ||
Initial cost | |||
Land | 1,635 | ||
Building and Improvements | 4,711 | ||
Costs Subsequent to Acquisition | 201 | ||
Gross Carrying Amount at year end | |||
Land | 1,643 | ||
Building and Improvements | 4,257 | ||
Total | 5,900 | ||
Accumulated Depreciation | 973 | ||
Decatur, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 145,280 | ||
Initial cost | |||
Land | 616 | ||
Building and Improvements | 6,776 | ||
Costs Subsequent to Acquisition | 220 | ||
Gross Carrying Amount at year end | |||
Land | 616 | ||
Building and Improvements | 6,089 | ||
Total | 6,705 | ||
Accumulated Depreciation | 3,106 | ||
Duluth, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,885 | ||
Initial cost | |||
Land | 373 | ||
Building and Improvements | 2,044 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 373 | ||
Building and Improvements | 1,884 | ||
Total | 2,257 | ||
Accumulated Depreciation | 164 | ||
Lawrenceville, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 73,615 | ||
Initial cost | |||
Land | 546 | ||
Building and Improvements | 2,903 | ||
Costs Subsequent to Acquisition | 327 | ||
Gross Carrying Amount at year end | |||
Land | 546 | ||
Building and Improvements | 2,813 | ||
Total | 3,359 | ||
Accumulated Depreciation | 246 | ||
Norcross I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 85,420 | ||
Initial cost | |||
Land | 514 | ||
Building and Improvements | 2,930 | ||
Costs Subsequent to Acquisition | 817 | ||
Gross Carrying Amount at year end | |||
Land | 632 | ||
Building and Improvements | 3,017 | ||
Total | 3,649 | ||
Accumulated Depreciation | 1,201 | ||
Norcross II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,545 | ||
Initial cost | |||
Land | 366 | ||
Building and Improvements | 2,025 | ||
Costs Subsequent to Acquisition | 154 | ||
Gross Carrying Amount at year end | |||
Land | 366 | ||
Building and Improvements | 1,895 | ||
Total | 2,261 | ||
Accumulated Depreciation | 165 | ||
Norcross III, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,220 | ||
Initial cost | |||
Land | 938 | ||
Building and Improvements | 4,625 | ||
Costs Subsequent to Acquisition | 51 | ||
Gross Carrying Amount at year end | |||
Land | 938 | ||
Building and Improvements | 4,677 | ||
Total | 5,615 | ||
Accumulated Depreciation | 310 | ||
Norcross IV, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,505 | ||
Initial cost | |||
Land | 576 | ||
Building and Improvements | 2,839 | ||
Costs Subsequent to Acquisition | 48 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 2,887 | ||
Total | 3,463 | ||
Accumulated Depreciation | 144 | ||
Peachtree City I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 49,875 | ||
Initial cost | |||
Land | 435 | ||
Building and Improvements | 2,532 | ||
Costs Subsequent to Acquisition | 668 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 2,571 | ||
Total | 3,100 | ||
Accumulated Depreciation | 846 | ||
Peachtree City II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,950 | ||
Initial cost | |||
Land | 398 | ||
Building and Improvements | 1,963 | ||
Costs Subsequent to Acquisition | 16 | ||
Gross Carrying Amount at year end | |||
Land | 398 | ||
Building and Improvements | 1,979 | ||
Total | 2,377 | ||
Accumulated Depreciation | 100 | ||
Smyrna, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,015 | ||
Initial cost | |||
Land | 750 | ||
Building and Improvements | 4,271 | ||
Costs Subsequent to Acquisition | 242 | ||
Gross Carrying Amount at year end | |||
Land | 750 | ||
Building and Improvements | 3,483 | ||
Total | 4,233 | ||
Accumulated Depreciation | 1,130 | ||
Snellville, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 79,950 | ||
Initial cost | |||
Land | 1,660 | ||
Building and Improvements | 4,781 | ||
Costs Subsequent to Acquisition | 319 | ||
Gross Carrying Amount at year end | |||
Land | 1,660 | ||
Building and Improvements | 4,438 | ||
Total | 6,098 | ||
Accumulated Depreciation | 942 | ||
Suwanee I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 85,125 | ||
Initial cost | |||
Land | 1,737 | ||
Building and Improvements | 5,010 | ||
Costs Subsequent to Acquisition | 282 | ||
Gross Carrying Amount at year end | |||
Land | 1,737 | ||
Building and Improvements | 4,593 | ||
Total | 6,330 | ||
Accumulated Depreciation | 990 | ||
Suwanee II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 79,590 | ||
Initial cost | |||
Land | 800 | ||
Building and Improvements | 6,942 | ||
Costs Subsequent to Acquisition | 37 | ||
Gross Carrying Amount at year end | |||
Land | 622 | ||
Building and Improvements | 5,775 | ||
Total | 6,397 | ||
Accumulated Depreciation | 1,196 | ||
Addison, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 31,325 | ||
Initial cost | |||
Land | 428 | ||
Building and Improvements | 3,531 | ||
Costs Subsequent to Acquisition | 341 | ||
Gross Carrying Amount at year end | |||
Land | 428 | ||
Building and Improvements | 3,372 | ||
Total | 3,800 | ||
Accumulated Depreciation | 934 | ||
Aurora, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 73,985 | ||
Initial cost | |||
Land | 644 | ||
Building and Improvements | 3,652 | ||
Costs Subsequent to Acquisition | 153 | ||
Gross Carrying Amount at year end | |||
Land | 644 | ||
Building and Improvements | 3,285 | ||
Total | 3,929 | ||
Accumulated Depreciation | 919 | ||
Bartlett, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,425 | ||
Initial cost | |||
Land | 931 | ||
Building and Improvements | 2,493 | ||
Costs Subsequent to Acquisition | 278 | ||
Gross Carrying Amount at year end | |||
Land | 931 | ||
Building and Improvements | 2,389 | ||
Total | 3,320 | ||
Accumulated Depreciation | 654 | ||
Bellwood, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 86,550 | ||
Initial cost | |||
Land | 1,012 | ||
Building and Improvements | 5,768 | ||
Costs Subsequent to Acquisition | 805 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 5,275 | ||
Total | 6,287 | ||
Accumulated Depreciation | 1,820 | ||
Bolingbrook, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,070 | ||
Initial cost | |||
Land | 1,675 | ||
Building and Improvements | 8,254 | ||
Costs Subsequent to Acquisition | 4 | ||
Gross Carrying Amount at year end | |||
Land | 1,675 | ||
Building and Improvements | 8,259 | ||
Total | 9,934 | ||
Accumulated Depreciation | 44 | ||
Chicago I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 95,715 | ||
Initial cost | |||
Land | 2,667 | ||
Building and Improvements | 13,118 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 2,667 | ||
Building and Improvements | 13,118 | ||
Total | 15,785 | ||
Accumulated Depreciation | 69 | ||
Chicago II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,980 | ||
Initial cost | |||
Land | 833 | ||
Building and Improvements | 4,035 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 833 | ||
Building and Improvements | 4,036 | ||
Total | 4,869 | ||
Accumulated Depreciation | 21 | ||
Chicago III, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,964 | ||
Initial cost | |||
Land | 2,427 | ||
Building and Improvements | 11,962 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 2,427 | ||
Building and Improvements | 11,963 | ||
Total | 14,390 | ||
Accumulated Depreciation | 63 | ||
Countryside, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 99,931 | ||
Initial cost | |||
Land | 2,607 | ||
Building and Improvements | 12,684 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 2,607 | ||
Building and Improvements | 12,687 | ||
Total | 15,294 | ||
Accumulated Depreciation | 67 | ||
Des Plaines, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,600 | ||
Initial cost | |||
Land | 1,564 | ||
Building and Improvements | 4,327 | ||
Costs Subsequent to Acquisition | 519 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 4,207 | ||
Total | 5,771 | ||
Accumulated Depreciation | 1,150 | ||
Elk Grove Village, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 64,104 | ||
Initial cost | |||
Land | 1,446 | ||
Building and Improvements | 3,535 | ||
Costs Subsequent to Acquisition | 285 | ||
Gross Carrying Amount at year end | |||
Land | 1,446 | ||
Building and Improvements | 3,292 | ||
Total | 4,738 | ||
Accumulated Depreciation | 946 | ||
Evanston, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,050 | ||
Initial cost | |||
Land | 1,103 | ||
Building and Improvements | 5,440 | ||
Costs Subsequent to Acquisition | 184 | ||
Gross Carrying Amount at year end | |||
Land | 1,103 | ||
Building and Improvements | 5,623 | ||
Total | 6,726 | ||
Accumulated Depreciation | 964 | ||
Glenview, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 100,085 | ||
Initial cost | |||
Land | 3,740 | ||
Building and Improvements | 10,367 | ||
Costs Subsequent to Acquisition | 559 | ||
Gross Carrying Amount at year end | |||
Land | 3,740 | ||
Building and Improvements | 9,461 | ||
Total | 13,201 | ||
Accumulated Depreciation | 2,599 | ||
Gurnee, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,300 | ||
Initial cost | |||
Land | 1,521 | ||
Building and Improvements | 5,440 | ||
Costs Subsequent to Acquisition | 263 | ||
Gross Carrying Amount at year end | |||
Land | 1,521 | ||
Building and Improvements | 4,940 | ||
Total | 6,461 | ||
Accumulated Depreciation | 1,414 | ||
Hanover, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 41,190 | ||
Initial cost | |||
Land | 1,126 | ||
Building and Improvements | 2,197 | ||
Costs Subsequent to Acquisition | 261 | ||
Gross Carrying Amount at year end | |||
Land | 1,126 | ||
Building and Improvements | 2,119 | ||
Total | 3,245 | ||
Accumulated Depreciation | 583 | ||
Harvey, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,090 | ||
Initial cost | |||
Land | 869 | ||
Building and Improvements | 3,635 | ||
Costs Subsequent to Acquisition | 208 | ||
Gross Carrying Amount at year end | |||
Land | 869 | ||
Building and Improvements | 3,304 | ||
Total | 4,173 | ||
Accumulated Depreciation | 923 | ||
Joliet, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,865 | ||
Initial cost | |||
Land | 547 | ||
Building and Improvements | 4,704 | ||
Costs Subsequent to Acquisition | 229 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 4,274 | ||
Total | 4,821 | ||
Accumulated Depreciation | 1,195 | ||
Kildeer, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,485 | ||
Initial cost | |||
Land | 2,102 | ||
Building and Improvements | 2,187 | ||
Costs Subsequent to Acquisition | 217 | ||
Gross Carrying Amount at year end | |||
Land | 1,997 | ||
Building and Improvements | 2,203 | ||
Total | 4,200 | ||
Accumulated Depreciation | 584 | ||
Lombard, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,691 | ||
Initial cost | |||
Land | 1,305 | ||
Building and Improvements | 3,938 | ||
Costs Subsequent to Acquisition | 659 | ||
Gross Carrying Amount at year end | |||
Land | 1,305 | ||
Building and Improvements | 3,996 | ||
Total | 5,301 | ||
Accumulated Depreciation | 1,158 | ||
Mount Prospect, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,000 | ||
Initial cost | |||
Land | 1,701 | ||
Building and Improvements | 3,114 | ||
Costs Subsequent to Acquisition | 412 | ||
Gross Carrying Amount at year end | |||
Land | 1,701 | ||
Building and Improvements | 3,074 | ||
Total | 4,775 | ||
Accumulated Depreciation | 827 | ||
Mundelein, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 44,700 | ||
Initial cost | |||
Land | 1,498 | ||
Building and Improvements | 2,782 | ||
Costs Subsequent to Acquisition | 236 | ||
Gross Carrying Amount at year end | |||
Land | 1,498 | ||
Building and Improvements | 2,606 | ||
Total | 4,104 | ||
Accumulated Depreciation | 715 | ||
North Chicago, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,400 | ||
Initial cost | |||
Land | 1,073 | ||
Building and Improvements | 3,006 | ||
Costs Subsequent to Acquisition | 370 | ||
Gross Carrying Amount at year end | |||
Land | 1,073 | ||
Building and Improvements | 2,891 | ||
Total | 3,964 | ||
Accumulated Depreciation | 810 | ||
Plainfield I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,900 | ||
Initial cost | |||
Land | 1,770 | ||
Building and Improvements | 1,715 | ||
Costs Subsequent to Acquisition | 237 | ||
Gross Carrying Amount at year end | |||
Land | 1,740 | ||
Building and Improvements | 1,660 | ||
Total | 3,400 | ||
Accumulated Depreciation | 452 | ||
Plainfield II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,900 | ||
Initial cost | |||
Land | 694 | ||
Building and Improvements | 2,000 | ||
Costs Subsequent to Acquisition | 153 | ||
Gross Carrying Amount at year end | |||
Land | 694 | ||
Building and Improvements | 1,820 | ||
Total | 2,514 | ||
Accumulated Depreciation | 476 | ||
Schaumburg, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 31,160 | ||
Initial cost | |||
Land | 538 | ||
Building and Improvements | 645 | ||
Costs Subsequent to Acquisition | 183 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 692 | ||
Total | 1,230 | ||
Accumulated Depreciation | 184 | ||
Streamwood, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 64,305 | ||
Initial cost | |||
Land | 1,447 | ||
Building and Improvements | 1,662 | ||
Costs Subsequent to Acquisition | 352 | ||
Gross Carrying Amount at year end | |||
Land | 1,447 | ||
Building and Improvements | 1,703 | ||
Total | 3,150 | ||
Accumulated Depreciation | 470 | ||
Warrenville, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,796 | ||
Initial cost | |||
Land | 1,066 | ||
Building and Improvements | 3,072 | ||
Costs Subsequent to Acquisition | 222 | ||
Gross Carrying Amount at year end | |||
Land | 1,066 | ||
Building and Improvements | 2,862 | ||
Total | 3,928 | ||
Accumulated Depreciation | 745 | ||
Waukegan, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 79,500 | ||
Initial cost | |||
Land | 1,198 | ||
Building and Improvements | 4,363 | ||
Costs Subsequent to Acquisition | 337 | ||
Gross Carrying Amount at year end | |||
Land | 1,198 | ||
Building and Improvements | 4,047 | ||
Total | 5,245 | ||
Accumulated Depreciation | 1,138 | ||
West Chicago, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,175 | ||
Initial cost | |||
Land | 1,071 | ||
Building and Improvements | 2,249 | ||
Costs Subsequent to Acquisition | 341 | ||
Gross Carrying Amount at year end | |||
Land | 1,071 | ||
Building and Improvements | 2,232 | ||
Total | 3,303 | ||
Accumulated Depreciation | 605 | ||
Westmont, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 53,150 | ||
Initial cost | |||
Land | 1,155 | ||
Building and Improvements | 3,873 | ||
Costs Subsequent to Acquisition | 226 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 3,559 | ||
Total | 4,714 | ||
Accumulated Depreciation | 974 | ||
Wheeling I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,210 | ||
Initial cost | |||
Land | 857 | ||
Building and Improvements | 3,213 | ||
Costs Subsequent to Acquisition | 325 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 3,065 | ||
Total | 3,922 | ||
Accumulated Depreciation | 858 | ||
Wheeling II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,825 | ||
Initial cost | |||
Land | 793 | ||
Building and Improvements | 3,816 | ||
Costs Subsequent to Acquisition | 451 | ||
Gross Carrying Amount at year end | |||
Land | 793 | ||
Building and Improvements | 3,716 | ||
Total | 4,509 | ||
Accumulated Depreciation | 1,036 | ||
Woodridge, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,232 | ||
Initial cost | |||
Land | 943 | ||
Building and Improvements | 3,397 | ||
Costs Subsequent to Acquisition | 182 | ||
Gross Carrying Amount at year end | |||
Land | 943 | ||
Building and Improvements | 3,103 | ||
Total | 4,046 | ||
Accumulated Depreciation | 870 | ||
Schererville, IN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,280 | ||
Initial cost | |||
Land | 1,134 | ||
Building and Improvements | 5,589 | ||
Costs Subsequent to Acquisition | 21 | ||
Gross Carrying Amount at year end | |||
Land | 1,134 | ||
Building and Improvements | 5,611 | ||
Total | 6,745 | ||
Accumulated Depreciation | 45 | ||
Boston I, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 33,286 | ||
Initial cost | |||
Land | 538 | ||
Building and Improvements | 3,048 | ||
Costs Subsequent to Acquisition | 107 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 2,731 | ||
Total | 3,269 | ||
Accumulated Depreciation | 294 | ||
Boston II, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,420 | ||
Initial cost | |||
Land | 1,516 | ||
Building and Improvements | 8,628 | ||
Costs Subsequent to Acquisition | 333 | ||
Gross Carrying Amount at year end | |||
Land | 1,516 | ||
Building and Improvements | 7,125 | ||
Total | 8,641 | ||
Accumulated Depreciation | 2,410 | ||
Boston III, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 108,205 | ||
Initial cost | |||
Land | 3,211 | ||
Building and Improvements | 15,829 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 3,211 | ||
Building and Improvements | 15,831 | ||
Total | 19,042 | ||
Accumulated Depreciation | 126 | ||
Leominster, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,023 | ||
Initial cost | |||
Land | 90 | ||
Building and Improvements | 1,519 | ||
Costs Subsequent to Acquisition | 2,445 | ||
Gross Carrying Amount at year end | |||
Land | 338 | ||
Building and Improvements | 3,346 | ||
Total | 3,684 | ||
Accumulated Depreciation | 1,621 | ||
Medford, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,725 | ||
Initial cost | |||
Land | 1,330 | ||
Building and Improvements | 7,165 | ||
Costs Subsequent to Acquisition | 241 | ||
Gross Carrying Amount at year end | |||
Land | 1,330 | ||
Building and Improvements | 5,928 | ||
Total | 7,258 | ||
Accumulated Depreciation | 1,188 | ||
Stoneham, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,900 | ||
Initial cost | |||
Land | 1,558 | ||
Building and Improvements | 7,679 | ||
Costs Subsequent to Acquisition | 62 | ||
Gross Carrying Amount at year end | |||
Land | 1,558 | ||
Building and Improvements | 7,741 | ||
Total | 9,299 | ||
Accumulated Depreciation | 1,176 | ||
Tewksbury, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,832 | ||
Initial cost | |||
Land | 1,537 | ||
Building and Improvements | 7,579 | ||
Costs Subsequent to Acquisition | 14 | ||
Gross Carrying Amount at year end | |||
Land | 1,537 | ||
Building and Improvements | 7,593 | ||
Total | 9,130 | ||
Accumulated Depreciation | 60 | ||
Baltimore, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 93,550 | ||
Initial cost | |||
Land | 1,050 | ||
Building and Improvements | 5,997 | ||
Costs Subsequent to Acquisition | 1,285 | ||
Gross Carrying Amount at year end | |||
Land | 1,173 | ||
Building and Improvements | 5,857 | ||
Total | 7,030 | ||
Accumulated Depreciation | 2,132 | ||
Beltsville, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,707 | ||
Initial cost | |||
Land | 1,277 | ||
Building and Improvements | 6,295 | ||
Costs Subsequent to Acquisition | 41 | ||
Gross Carrying Amount at year end | |||
Land | 1,277 | ||
Building and Improvements | 6,335 | ||
Total | 7,612 | ||
Accumulated Depreciation | 2,053 | ||
California, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 77,840 | ||
Initial cost | |||
Land | 1,486 | ||
Building and Improvements | 4,280 | ||
Costs Subsequent to Acquisition | 169 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 3,857 | ||
Total | 5,343 | ||
Accumulated Depreciation | 1,079 | ||
Clinton, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,225 | ||
Encumbrances | 8,427 | ||
Initial cost | |||
Land | 2,182 | ||
Building and Improvements | 10,757 | ||
Costs Subsequent to Acquisition | 26 | ||
Gross Carrying Amount at year end | |||
Land | 2,182 | ||
Building and Improvements | 10,782 | ||
Total | 12,964 | ||
Accumulated Depreciation | 1,043 | ||
District Heights, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,490 | ||
Initial cost | |||
Land | 1,527 | ||
Building and Improvements | 8,313 | ||
Costs Subsequent to Acquisition | 460 | ||
Gross Carrying Amount at year end | |||
Land | 1,527 | ||
Building and Improvements | 7,648 | ||
Total | 9,175 | ||
Accumulated Depreciation | 626 | ||
Elkridge, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,525 | ||
Initial cost | |||
Land | 1,155 | ||
Building and Improvements | 5,695 | ||
Costs Subsequent to Acquisition | 120 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 5,815 | ||
Total | 6,970 | ||
Accumulated Depreciation | 382 | ||
Gaithersburg, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 87,045 | ||
Initial cost | |||
Land | 3,124 | ||
Building and Improvements | 9,000 | ||
Costs Subsequent to Acquisition | 392 | ||
Gross Carrying Amount at year end | |||
Land | 3,124 | ||
Building and Improvements | 8,132 | ||
Total | 11,256 | ||
Accumulated Depreciation | 2,256 | ||
Hyattsville, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,765 | ||
Initial cost | |||
Land | 1,113 | ||
Building and Improvements | 5,485 | ||
Costs Subsequent to Acquisition | 33 | ||
Gross Carrying Amount at year end | |||
Land | 1,113 | ||
Building and Improvements | 5,519 | ||
Total | 6,632 | ||
Accumulated Depreciation | 2,085 | ||
Laurel, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 162,696 | ||
Initial cost | |||
Land | 1,409 | ||
Building and Improvements | 8,035 | ||
Costs Subsequent to Acquisition | 3,592 | ||
Gross Carrying Amount at year end | |||
Land | 1,928 | ||
Building and Improvements | 9,521 | ||
Total | 11,449 | ||
Accumulated Depreciation | 3,297 | ||
Temple Hills I, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 97,150 | ||
Initial cost | |||
Land | 1,541 | ||
Building and Improvements | 8,788 | ||
Costs Subsequent to Acquisition | 2,391 | ||
Gross Carrying Amount at year end | |||
Land | 1,800 | ||
Building and Improvements | 9,333 | ||
Total | 11,133 | ||
Accumulated Depreciation | 3,743 | ||
Temple Hills II, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,100 | ||
Encumbrances | 7,466 | ||
Initial cost | |||
Land | 2,229 | ||
Building and Improvements | 10,988 | ||
Costs Subsequent to Acquisition | 15 | ||
Gross Carrying Amount at year end | |||
Land | 2,229 | ||
Building and Improvements | 11,003 | ||
Total | 13,232 | ||
Accumulated Depreciation | 88 | ||
Timonium, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 66,717 | ||
Encumbrances | 7,919 | ||
Initial cost | |||
Land | 2,269 | ||
Building and Improvements | 11,184 | ||
Costs Subsequent to Acquisition | 36 | ||
Gross Carrying Amount at year end | |||
Land | 2,269 | ||
Building and Improvements | 11,220 | ||
Total | 13,489 | ||
Accumulated Depreciation | 89 | ||
Upper Marlboro, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,290 | ||
Initial cost | |||
Land | 1,309 | ||
Building and Improvements | 6,455 | ||
Costs Subsequent to Acquisition | 59 | ||
Gross Carrying Amount at year end | |||
Land | 1,309 | ||
Building and Improvements | 6,513 | ||
Total | 7,822 | ||
Accumulated Depreciation | 3,569 | ||
Belmont, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,850 | ||
Initial cost | |||
Land | 385 | ||
Building and Improvements | 2,196 | ||
Costs Subsequent to Acquisition | 834 | ||
Gross Carrying Amount at year end | |||
Land | 451 | ||
Building and Improvements | 2,349 | ||
Total | 2,800 | ||
Accumulated Depreciation | 783 | ||
Burlington I, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 109,396 | ||
Initial cost | |||
Land | 498 | ||
Building and Improvements | 2,837 | ||
Costs Subsequent to Acquisition | 706 | ||
Gross Carrying Amount at year end | |||
Land | 498 | ||
Building and Improvements | 2,910 | ||
Total | 3,408 | ||
Accumulated Depreciation | 1,008 | ||
Burlington II, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 42,165 | ||
Initial cost | |||
Land | 320 | ||
Building and Improvements | 1,829 | ||
Costs Subsequent to Acquisition | 363 | ||
Gross Carrying Amount at year end | |||
Land | 340 | ||
Building and Improvements | 1,760 | ||
Total | 2,100 | ||
Accumulated Depreciation | 605 | ||
Cary, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 112,402 | ||
Initial cost | |||
Land | 543 | ||
Building and Improvements | 3,097 | ||
Costs Subsequent to Acquisition | 670 | ||
Gross Carrying Amount at year end | |||
Land | 543 | ||
Building and Improvements | 3,495 | ||
Total | 4,038 | ||
Accumulated Depreciation | 1,326 | ||
Charlotte, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,000 | ||
Initial cost | |||
Land | 782 | ||
Building and Improvements | 4,429 | ||
Costs Subsequent to Acquisition | 1,458 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 4,693 | ||
Total | 5,761 | ||
Accumulated Depreciation | 1,469 | ||
Raleigh, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,675 | ||
Initial cost | |||
Land | 209 | ||
Building and Improvements | 2,398 | ||
Costs Subsequent to Acquisition | 327 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 2,255 | ||
Total | 2,551 | ||
Accumulated Depreciation | 1,083 | ||
Bordentown, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,600 | ||
Initial cost | |||
Land | 457 | ||
Building and Improvements | 2,255 | ||
Costs Subsequent to Acquisition | 22 | ||
Gross Carrying Amount at year end | |||
Land | 457 | ||
Building and Improvements | 2,277 | ||
Total | 2,734 | ||
Accumulated Depreciation | 115 | ||
Brick, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,725 | ||
Initial cost | |||
Land | 234 | ||
Building and Improvements | 2,762 | ||
Costs Subsequent to Acquisition | 1,431 | ||
Gross Carrying Amount at year end | |||
Land | 485 | ||
Building and Improvements | 3,393 | ||
Total | 3,878 | ||
Accumulated Depreciation | 1,750 | ||
Cherry Hill I, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,500 | ||
Initial cost | |||
Land | 222 | ||
Building and Improvements | 1,260 | ||
Costs Subsequent to Acquisition | 81 | ||
Gross Carrying Amount at year end | |||
Land | 222 | ||
Building and Improvements | 1,159 | ||
Total | 1,381 | ||
Accumulated Depreciation | 129 | ||
Cherry Hill II, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 64,825 | ||
Initial cost | |||
Land | 471 | ||
Building and Improvements | 2,323 | ||
Costs Subsequent to Acquisition | 88 | ||
Gross Carrying Amount at year end | |||
Land | 471 | ||
Building and Improvements | 2,410 | ||
Total | 2,881 | ||
Accumulated Depreciation | 105 | ||
Clifton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 105,550 | ||
Initial cost | |||
Land | 4,346 | ||
Building and Improvements | 12,520 | ||
Costs Subsequent to Acquisition | 240 | ||
Gross Carrying Amount at year end | |||
Land | 4,340 | ||
Building and Improvements | 11,081 | ||
Total | 15,421 | ||
Accumulated Depreciation | 2,899 | ||
Cranford, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 91,280 | ||
Initial cost | |||
Land | 290 | ||
Building and Improvements | 3,493 | ||
Costs Subsequent to Acquisition | 2,423 | ||
Gross Carrying Amount at year end | |||
Land | 779 | ||
Building and Improvements | 4,748 | ||
Total | 5,527 | ||
Accumulated Depreciation | 2,289 | ||
East Hanover, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 107,679 | ||
Initial cost | |||
Land | 504 | ||
Building and Improvements | 5,763 | ||
Costs Subsequent to Acquisition | 3,961 | ||
Gross Carrying Amount at year end | |||
Land | 1,315 | ||
Building and Improvements | 7,861 | ||
Total | 9,176 | ||
Accumulated Depreciation | 3,963 | ||
Egg Harbor I, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 35,825 | ||
Initial cost | |||
Land | 104 | ||
Building and Improvements | 510 | ||
Costs Subsequent to Acquisition | 30 | ||
Gross Carrying Amount at year end | |||
Land | 104 | ||
Building and Improvements | 529 | ||
Total | 633 | ||
Accumulated Depreciation | 57 | ||
Egg Harbor II, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,400 | ||
Initial cost | |||
Land | 284 | ||
Building and Improvements | 1,608 | ||
Costs Subsequent to Acquisition | 183 | ||
Gross Carrying Amount at year end | |||
Land | 284 | ||
Building and Improvements | 1,571 | ||
Total | 1,855 | ||
Accumulated Depreciation | 178 | ||
Elizabeth, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 38,830 | ||
Initial cost | |||
Land | 751 | ||
Building and Improvements | 2,164 | ||
Costs Subsequent to Acquisition | 454 | ||
Gross Carrying Amount at year end | |||
Land | 751 | ||
Building and Improvements | 2,294 | ||
Total | 3,045 | ||
Accumulated Depreciation | 601 | ||
Fairview, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 27,876 | ||
Initial cost | |||
Land | 246 | ||
Building and Improvements | 2,759 | ||
Costs Subsequent to Acquisition | 442 | ||
Gross Carrying Amount at year end | |||
Land | 246 | ||
Building and Improvements | 2,608 | ||
Total | 2,854 | ||
Accumulated Depreciation | 1,454 | ||
Freehold, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,420 | ||
Initial cost | |||
Land | 1,086 | ||
Building and Improvements | 5,355 | ||
Costs Subsequent to Acquisition | 96 | ||
Gross Carrying Amount at year end | |||
Land | 1,086 | ||
Building and Improvements | 5,451 | ||
Total | 6,537 | ||
Accumulated Depreciation | 264 | ||
Hamilton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,450 | ||
Initial cost | |||
Land | 1,885 | ||
Building and Improvements | 5,430 | ||
Costs Subsequent to Acquisition | 246 | ||
Gross Carrying Amount at year end | |||
Land | 1,893 | ||
Building and Improvements | 4,911 | ||
Total | 6,804 | ||
Accumulated Depreciation | 1,166 | ||
Hoboken, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 34,180 | ||
Initial cost | |||
Land | 1,370 | ||
Building and Improvements | 3,947 | ||
Costs Subsequent to Acquisition | 641 | ||
Gross Carrying Amount at year end | |||
Land | 1,370 | ||
Building and Improvements | 3,961 | ||
Total | 5,331 | ||
Accumulated Depreciation | 1,138 | ||
Linden, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 100,425 | ||
Initial cost | |||
Land | 517 | ||
Building and Improvements | 6,008 | ||
Costs Subsequent to Acquisition | 2,291 | ||
Gross Carrying Amount at year end | |||
Land | 1,043 | ||
Building and Improvements | 6,817 | ||
Total | 7,860 | ||
Accumulated Depreciation | 3,669 | ||
Lumberton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 96,025 | ||
Initial cost | |||
Land | 987 | ||
Building and Improvements | 4,864 | ||
Costs Subsequent to Acquisition | 88 | ||
Gross Carrying Amount at year end | |||
Land | 987 | ||
Building and Improvements | 4,952 | ||
Total | 5,939 | ||
Accumulated Depreciation | 251 | ||
Morris Township, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,976 | ||
Initial cost | |||
Land | 500 | ||
Building and Improvements | 5,602 | ||
Costs Subsequent to Acquisition | 2,687 | ||
Gross Carrying Amount at year end | |||
Land | 1,072 | ||
Building and Improvements | 6,679 | ||
Total | 7,751 | ||
Accumulated Depreciation | 4,646 | ||
Parsippany, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,550 | ||
Initial cost | |||
Land | 475 | ||
Building and Improvements | 5,322 | ||
Costs Subsequent to Acquisition | 2,008 | ||
Gross Carrying Amount at year end | |||
Land | 844 | ||
Building and Improvements | 6,016 | ||
Total | 6,860 | ||
Accumulated Depreciation | 3,096 | ||
Rahway, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,121 | ||
Initial cost | |||
Land | 1,486 | ||
Building and Improvements | 7,326 | ||
Costs Subsequent to Acquisition | 98 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 7,424 | ||
Total | 8,910 | ||
Accumulated Depreciation | 1,725 | ||
Randolph, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 52,565 | ||
Initial cost | |||
Land | 855 | ||
Building and Improvements | 4,872 | ||
Costs Subsequent to Acquisition | 1,323 | ||
Gross Carrying Amount at year end | |||
Land | 1,108 | ||
Building and Improvements | 4,861 | ||
Total | 5,969 | ||
Accumulated Depreciation | 1,707 | ||
Sewell, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,826 | ||
Initial cost | |||
Land | 484 | ||
Building and Improvements | 2,766 | ||
Costs Subsequent to Acquisition | 1,317 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 3,232 | ||
Total | 3,938 | ||
Accumulated Depreciation | 1,123 | ||
Somerset, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,485 | ||
Initial cost | |||
Land | 1,243 | ||
Building and Improvements | 6,129 | ||
Costs Subsequent to Acquisition | 71 | ||
Gross Carrying Amount at year end | |||
Land | 1,243 | ||
Building and Improvements | 6,199 | ||
Total | 7,442 | ||
Accumulated Depreciation | 295 | ||
Whippany, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 92,070 | ||
Initial cost | |||
Land | 2,153 | ||
Building and Improvements | 10,615 | ||
Costs Subsequent to Acquisition | 86 | ||
Gross Carrying Amount at year end | |||
Land | 2,153 | ||
Building and Improvements | 10,701 | ||
Total | 12,854 | ||
Accumulated Depreciation | 332 | ||
Albuquerque I, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,927 | ||
Initial cost | |||
Land | 1,039 | ||
Building and Improvements | 3,395 | ||
Costs Subsequent to Acquisition | 273 | ||
Gross Carrying Amount at year end | |||
Land | 1,039 | ||
Building and Improvements | 3,084 | ||
Total | 4,123 | ||
Accumulated Depreciation | 879 | ||
Albuquerque II, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,798 | ||
Initial cost | |||
Land | 1,163 | ||
Building and Improvements | 3,801 | ||
Costs Subsequent to Acquisition | 257 | ||
Gross Carrying Amount at year end | |||
Land | 1,163 | ||
Building and Improvements | 3,435 | ||
Total | 4,598 | ||
Accumulated Depreciation | 981 | ||
Albuquerque III, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,536 | ||
Initial cost | |||
Land | 664 | ||
Building and Improvements | 2,171 | ||
Costs Subsequent to Acquisition | 334 | ||
Gross Carrying Amount at year end | |||
Land | 664 | ||
Building and Improvements | 2,117 | ||
Total | 2,781 | ||
Accumulated Depreciation | 592 | ||
Henderson, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,150 | ||
Initial cost | |||
Land | 1,246 | ||
Building and Improvements | 6,143 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,246 | ||
Building and Improvements | 6,143 | ||
Total | 7,389 | ||
Accumulated Depreciation | 33 | ||
Las Vegas I, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,332 | ||
Initial cost | |||
Land | 1,851 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 486 | ||
Gross Carrying Amount at year end | |||
Land | 1,851 | ||
Building and Improvements | 3,061 | ||
Total | 4,912 | ||
Accumulated Depreciation | 874 | ||
Las Vegas II, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,850 | ||
Initial cost | |||
Land | 3,354 | ||
Building and Improvements | 5,411 | ||
Costs Subsequent to Acquisition | 306 | ||
Gross Carrying Amount at year end | |||
Land | 3,355 | ||
Building and Improvements | 5,136 | ||
Total | 8,491 | ||
Accumulated Depreciation | 1,515 | ||
Bronx I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,308 | ||
Initial cost | |||
Land | 2,014 | ||
Building and Improvements | 11,411 | ||
Costs Subsequent to Acquisition | 738 | ||
Gross Carrying Amount at year end | |||
Land | 2,014 | ||
Building and Improvements | 10,556 | ||
Total | 12,570 | ||
Accumulated Depreciation | 1,172 | ||
Bronx II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 90,170 | ||
Initial cost | |||
Building and Improvements | 31,561 | ||
Costs Subsequent to Acquisition | 92 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 31,118 | ||
Total | 31,118 | ||
Accumulated Depreciation | 1,914 | ||
Bronx III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 106,065 | ||
Initial cost | |||
Land | 6,017 | ||
Building and Improvements | 33,999 | ||
Costs Subsequent to Acquisition | 142 | ||
Gross Carrying Amount at year end | |||
Land | 6,017 | ||
Building and Improvements | 29,794 | ||
Total | 35,811 | ||
Accumulated Depreciation | 2,588 | ||
Bronx IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,030 | ||
Initial cost | |||
Building and Improvements | 22,830 | ||
Costs Subsequent to Acquisition | 96 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 20,272 | ||
Total | 20,272 | ||
Accumulated Depreciation | 1,442 | ||
Bronx V, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,733 | ||
Initial cost | |||
Building and Improvements | 17,564 | ||
Costs Subsequent to Acquisition | 157 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 15,610 | ||
Total | 15,610 | ||
Accumulated Depreciation | 1,192 | ||
Bronx VI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,020 | ||
Initial cost | |||
Building and Improvements | 15,095 | ||
Costs Subsequent to Acquisition | 327 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 13,391 | ||
Total | 13,391 | ||
Accumulated Depreciation | 1,249 | ||
Bronx VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,625 | ||
Encumbrances | 8,780 | ||
Initial cost | |||
Building and Improvements | 22,512 | ||
Costs Subsequent to Acquisition | 67 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 22,688 | ||
Total | 22,688 | ||
Accumulated Depreciation | 1,501 | ||
Bronx VIII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 30,550 | ||
Encumbrances | 3,082 | ||
Initial cost | |||
Land | 1,245 | ||
Building and Improvements | 6,137 | ||
Costs Subsequent to Acquisition | 128 | ||
Gross Carrying Amount at year end | |||
Land | 1,251 | ||
Building and Improvements | 6,295 | ||
Total | 7,546 | ||
Accumulated Depreciation | 412 | ||
Bronx IX, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 147,720 | ||
Encumbrances | 23,767 | ||
Initial cost | |||
Land | 7,967 | ||
Building and Improvements | 39,279 | ||
Costs Subsequent to Acquisition | 847 | ||
Gross Carrying Amount at year end | |||
Land | 7,967 | ||
Building and Improvements | 40,124 | ||
Total | 48,091 | ||
Accumulated Depreciation | 2,447 | ||
Bronx X, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 159,780 | ||
Encumbrances | 27,873 | ||
Initial cost | |||
Land | 9,090 | ||
Building and Improvements | 44,816 | ||
Costs Subsequent to Acquisition | 270 | ||
Gross Carrying Amount at year end | |||
Land | 9,090 | ||
Building and Improvements | 45,086 | ||
Total | 54,176 | ||
Accumulated Depreciation | 2,402 | ||
Bronx XI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,902 | ||
Initial cost | |||
Building and Improvements | 17,130 | ||
Costs Subsequent to Acquisition | 11 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 17,141 | ||
Total | 17,141 | ||
Accumulated Depreciation | 115 | ||
Brooklyn I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,500 | ||
Initial cost | |||
Land | 1,795 | ||
Building and Improvements | 10,172 | ||
Costs Subsequent to Acquisition | 247 | ||
Gross Carrying Amount at year end | |||
Land | 1,795 | ||
Building and Improvements | 9,002 | ||
Total | 10,797 | ||
Accumulated Depreciation | 997 | ||
Brooklyn II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,920 | ||
Initial cost | |||
Land | 1,601 | ||
Building and Improvements | 9,073 | ||
Costs Subsequent to Acquisition | 438 | ||
Gross Carrying Amount at year end | |||
Land | 1,601 | ||
Building and Improvements | 8,213 | ||
Total | 9,814 | ||
Accumulated Depreciation | 905 | ||
Brooklyn III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 41,585 | ||
Initial cost | |||
Land | 3,195 | ||
Building and Improvements | 15,657 | ||
Costs Subsequent to Acquisition | 75 | ||
Gross Carrying Amount at year end | |||
Land | 3,195 | ||
Building and Improvements | 15,814 | ||
Total | 19,009 | ||
Accumulated Depreciation | 911 | ||
Brooklyn IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 37,467 | ||
Initial cost | |||
Land | 2,500 | ||
Building and Improvements | 12,252 | ||
Costs Subsequent to Acquisition | 130 | ||
Gross Carrying Amount at year end | |||
Land | 2,500 | ||
Building and Improvements | 12,445 | ||
Total | 14,945 | ||
Accumulated Depreciation | 799 | ||
Brooklyn V, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,010 | ||
Initial cost | |||
Land | 2,207 | ||
Building and Improvements | 10,814 | ||
Costs Subsequent to Acquisition | 79 | ||
Gross Carrying Amount at year end | |||
Land | 2,207 | ||
Building and Improvements | 10,947 | ||
Total | 13,154 | ||
Accumulated Depreciation | 953 | ||
Brooklyn VI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,640 | ||
Initial cost | |||
Land | 4,016 | ||
Building and Improvements | 19,680 | ||
Costs Subsequent to Acquisition | 69 | ||
Gross Carrying Amount at year end | |||
Land | 4,016 | ||
Building and Improvements | 19,856 | ||
Total | 23,872 | ||
Accumulated Depreciation | 1,655 | ||
Brooklyn VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,685 | ||
Initial cost | |||
Land | 5,816 | ||
Building and Improvements | 28,498 | ||
Costs Subsequent to Acquisition | 98 | ||
Gross Carrying Amount at year end | |||
Land | 5,816 | ||
Building and Improvements | 28,761 | ||
Total | 34,577 | ||
Accumulated Depreciation | 2,052 | ||
Brooklyn VIII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,075 | ||
Initial cost | |||
Land | 4,982 | ||
Building and Improvements | 24,561 | ||
Costs Subsequent to Acquisition | 26 | ||
Gross Carrying Amount at year end | |||
Land | 4,982 | ||
Building and Improvements | 24,586 | ||
Total | 29,568 | ||
Accumulated Depreciation | 196 | ||
Brooklyn IX, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,980 | ||
Initial cost | |||
Land | 2,966 | ||
Building and Improvements | 14,620 | ||
Costs Subsequent to Acquisition | 25 | ||
Gross Carrying Amount at year end | |||
Land | 2,966 | ||
Building and Improvements | 14,645 | ||
Total | 17,611 | ||
Accumulated Depreciation | 117 | ||
Jamaica I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 88,385 | ||
Initial cost | |||
Land | 2,043 | ||
Building and Improvements | 11,658 | ||
Costs Subsequent to Acquisition | 1,614 | ||
Gross Carrying Amount at year end | |||
Land | 2,043 | ||
Building and Improvements | 10,648 | ||
Total | 12,691 | ||
Accumulated Depreciation | 3,949 | ||
Jamaica II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 91,245 | ||
Initial cost | |||
Land | 5,496 | ||
Building and Improvements | 26,930 | ||
Costs Subsequent to Acquisition | 121 | ||
Gross Carrying Amount at year end | |||
Land | 5,496 | ||
Building and Improvements | 27,194 | ||
Total | 32,690 | ||
Accumulated Depreciation | 2,006 | ||
Long Island City, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 89,125 | ||
Initial cost | |||
Land | 5,700 | ||
Building and Improvements | 28,101 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 5,700 | ||
Building and Improvements | 28,102 | ||
Total | 33,802 | ||
Accumulated Depreciation | 74 | ||
New Rochelle I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,037 | ||
Initial cost | |||
Land | 1,673 | ||
Building and Improvements | 4,827 | ||
Costs Subsequent to Acquisition | 667 | ||
Gross Carrying Amount at year end | |||
Land | 1,673 | ||
Building and Improvements | 4,846 | ||
Total | 6,519 | ||
Accumulated Depreciation | 1,179 | ||
New Rochelle II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,145 | ||
Initial cost | |||
Land | 3,167 | ||
Building and Improvements | 2,713 | ||
Costs Subsequent to Acquisition | 276 | ||
Gross Carrying Amount at year end | |||
Land | 3,762 | ||
Building and Improvements | 18,822 | ||
Total | 22,584 | ||
Accumulated Depreciation | 1,206 | ||
North Babylon, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,341 | ||
Initial cost | |||
Land | 225 | ||
Building and Improvements | 2,514 | ||
Costs Subsequent to Acquisition | 4,080 | ||
Gross Carrying Amount at year end | |||
Land | 568 | ||
Building and Improvements | 5,496 | ||
Total | 6,064 | ||
Accumulated Depreciation | 2,423 | ||
Patchogue, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,739 | ||
Initial cost | |||
Land | 1,141 | ||
Building and Improvements | 5,624 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,141 | ||
Building and Improvements | 5,625 | ||
Total | 6,766 | ||
Accumulated Depreciation | 30 | ||
Riverhead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 38,340 | ||
Initial cost | |||
Land | 1,068 | ||
Building and Improvements | 1,149 | ||
Costs Subsequent to Acquisition | 195 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 1,111 | ||
Total | 2,179 | ||
Accumulated Depreciation | 342 | ||
Southold, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,595 | ||
Initial cost | |||
Land | 2,079 | ||
Building and Improvements | 2,238 | ||
Costs Subsequent to Acquisition | 260 | ||
Gross Carrying Amount at year end | |||
Land | 2,079 | ||
Building and Improvements | 2,094 | ||
Total | 4,173 | ||
Accumulated Depreciation | 653 | ||
Staten Island, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 96,623 | ||
Initial cost | |||
Land | 1,919 | ||
Building and Improvements | 9,463 | ||
Costs Subsequent to Acquisition | 53 | ||
Gross Carrying Amount at year end | |||
Land | 1,919 | ||
Building and Improvements | 9,517 | ||
Total | 11,436 | ||
Accumulated Depreciation | 784 | ||
Tuckahoe, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,343 | ||
Initial cost | |||
Land | 1,516 | ||
Building and Improvements | 13,236 | ||
Costs Subsequent to Acquisition | 168 | ||
Gross Carrying Amount at year end | |||
Land | 1,516 | ||
Building and Improvements | 7,633 | ||
Total | 9,149 | ||
Accumulated Depreciation | 1,179 | ||
West Hempstead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,457 | ||
Initial cost | |||
Land | 2,237 | ||
Building and Improvements | 11,030 | ||
Costs Subsequent to Acquisition | 113 | ||
Gross Carrying Amount at year end | |||
Land | 2,237 | ||
Building and Improvements | 11,142 | ||
Total | 13,379 | ||
Accumulated Depreciation | 534 | ||
White Plains, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 86,465 | ||
Initial cost | |||
Land | 3,295 | ||
Building and Improvements | 18,049 | ||
Costs Subsequent to Acquisition | 835 | ||
Gross Carrying Amount at year end | |||
Land | 3,295 | ||
Building and Improvements | 16,393 | ||
Total | 19,688 | ||
Accumulated Depreciation | 1,521 | ||
Woodhaven, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,665 | ||
Initial cost | |||
Land | 2,028 | ||
Building and Improvements | 11,285 | ||
Costs Subsequent to Acquisition | 56 | ||
Gross Carrying Amount at year end | |||
Land | 2,028 | ||
Building and Improvements | 10,044 | ||
Total | 12,072 | ||
Accumulated Depreciation | 759 | ||
Wyckoff, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,565 | ||
Initial cost | |||
Land | 1,961 | ||
Building and Improvements | 11,113 | ||
Costs Subsequent to Acquisition | 218 | ||
Gross Carrying Amount at year end | |||
Land | 1,961 | ||
Building and Improvements | 9,849 | ||
Total | 11,810 | ||
Accumulated Depreciation | 1,013 | ||
Yorktown, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 78,595 | ||
Initial cost | |||
Land | 2,710 | ||
Building and Improvements | 13,338 | ||
Costs Subsequent to Acquisition | 126 | ||
Gross Carrying Amount at year end | |||
Land | 2,710 | ||
Building and Improvements | 13,477 | ||
Total | 16,187 | ||
Accumulated Depreciation | 795 | ||
Cleveland I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 46,000 | ||
Initial cost | |||
Land | 525 | ||
Building and Improvements | 2,592 | ||
Costs Subsequent to Acquisition | 175 | ||
Gross Carrying Amount at year end | |||
Land | 524 | ||
Building and Improvements | 2,419 | ||
Total | 2,943 | ||
Accumulated Depreciation | 690 | ||
Cleveland II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,325 | ||
Initial cost | |||
Land | 290 | ||
Building and Improvements | 1,427 | ||
Costs Subsequent to Acquisition | 177 | ||
Gross Carrying Amount at year end | |||
Land | 289 | ||
Building and Improvements | 1,353 | ||
Total | 1,642 | ||
Accumulated Depreciation | 391 | ||
Columbus I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,905 | ||
Initial cost | |||
Land | 1,234 | ||
Building and Improvements | 3,151 | ||
Costs Subsequent to Acquisition | 69 | ||
Gross Carrying Amount at year end | |||
Land | 1,239 | ||
Building and Improvements | 2,745 | ||
Total | 3,984 | ||
Accumulated Depreciation | 715 | ||
Columbus II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 36,844 | ||
Initial cost | |||
Land | 769 | ||
Building and Improvements | 3,788 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 769 | ||
Building and Improvements | 3,788 | ||
Total | 4,557 | ||
Accumulated Depreciation | 20 | ||
Columbus III, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,400 | ||
Initial cost | |||
Land | 326 | ||
Building and Improvements | 1,607 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 326 | ||
Building and Improvements | 1,608 | ||
Total | 1,934 | ||
Accumulated Depreciation | 9 | ||
Columbus IV, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,575 | ||
Initial cost | |||
Land | 443 | ||
Building and Improvements | 2,182 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 443 | ||
Building and Improvements | 2,183 | ||
Total | 2,626 | ||
Accumulated Depreciation | 12 | ||
Columbus V, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,925 | ||
Initial cost | |||
Land | 838 | ||
Building and Improvements | 4,128 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 838 | ||
Building and Improvements | 4,129 | ||
Total | 4,967 | ||
Accumulated Depreciation | 22 | ||
Columbus VI, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,725 | ||
Initial cost | |||
Land | 701 | ||
Building and Improvements | 3,454 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 701 | ||
Building and Improvements | 3,455 | ||
Total | 4,156 | ||
Accumulated Depreciation | 18 | ||
Grove City, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 89,290 | ||
Initial cost | |||
Land | 1,756 | ||
Building and Improvements | 4,485 | ||
Costs Subsequent to Acquisition | 177 | ||
Gross Carrying Amount at year end | |||
Land | 1,761 | ||
Building and Improvements | 4,044 | ||
Total | 5,805 | ||
Accumulated Depreciation | 1,018 | ||
Hilliard, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 89,190 | ||
Initial cost | |||
Land | 1,361 | ||
Building and Improvements | 3,476 | ||
Costs Subsequent to Acquisition | 222 | ||
Gross Carrying Amount at year end | |||
Land | 1,366 | ||
Building and Improvements | 3,210 | ||
Total | 4,576 | ||
Accumulated Depreciation | 804 | ||
Lakewood, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 39,332 | ||
Initial cost | |||
Land | 405 | ||
Building and Improvements | 854 | ||
Costs Subsequent to Acquisition | 560 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 1,281 | ||
Total | 1,686 | ||
Accumulated Depreciation | 859 | ||
Lewis Center, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,830 | ||
Initial cost | |||
Land | 1,056 | ||
Building and Improvements | 5,206 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,056 | ||
Building and Improvements | 5,207 | ||
Total | 6,263 | ||
Accumulated Depreciation | 28 | ||
Middleburg Heights, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 93,200 | ||
Initial cost | |||
Land | 63 | ||
Building and Improvements | 704 | ||
Costs Subsequent to Acquisition | 2,179 | ||
Gross Carrying Amount at year end | |||
Land | 332 | ||
Building and Improvements | 2,271 | ||
Total | 2,603 | ||
Accumulated Depreciation | 1,037 | ||
North Olmsted I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,665 | ||
Initial cost | |||
Land | 63 | ||
Building and Improvements | 704 | ||
Costs Subsequent to Acquisition | 1,350 | ||
Gross Carrying Amount at year end | |||
Land | 214 | ||
Building and Improvements | 1,613 | ||
Total | 1,827 | ||
Accumulated Depreciation | 804 | ||
North Olmsted II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,850 | ||
Initial cost | |||
Land | 290 | ||
Building and Improvements | 1,129 | ||
Costs Subsequent to Acquisition | 1,135 | ||
Gross Carrying Amount at year end | |||
Land | 469 | ||
Building and Improvements | 1,997 | ||
Total | 2,466 | ||
Accumulated Depreciation | 1,353 | ||
North Randall, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,239 | ||
Initial cost | |||
Land | 515 | ||
Building and Improvements | 2,323 | ||
Costs Subsequent to Acquisition | 3,071 | ||
Gross Carrying Amount at year end | |||
Land | 898 | ||
Building and Improvements | 4,149 | ||
Total | 5,047 | ||
Accumulated Depreciation | 1,756 | ||
Reynoldsburg, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,245 | ||
Initial cost | |||
Land | 1,290 | ||
Building and Improvements | 3,295 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 1,295 | ||
Building and Improvements | 3,092 | ||
Total | 4,387 | ||
Accumulated Depreciation | 792 | ||
Strongsville, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 43,683 | ||
Initial cost | |||
Land | 570 | ||
Building and Improvements | 3,486 | ||
Costs Subsequent to Acquisition | 336 | ||
Gross Carrying Amount at year end | |||
Land | 570 | ||
Building and Improvements | 2,989 | ||
Total | 3,559 | ||
Accumulated Depreciation | 622 | ||
Warrensville Heights, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 90,281 | ||
Initial cost | |||
Land | 525 | ||
Building and Improvements | 766 | ||
Costs Subsequent to Acquisition | 2,925 | ||
Gross Carrying Amount at year end | |||
Land | 935 | ||
Building and Improvements | 3,103 | ||
Total | 4,038 | ||
Accumulated Depreciation | 1,248 | ||
Westlake, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,750 | ||
Initial cost | |||
Land | 509 | ||
Building and Improvements | 2,508 | ||
Costs Subsequent to Acquisition | 202 | ||
Gross Carrying Amount at year end | |||
Land | 508 | ||
Building and Improvements | 2,322 | ||
Total | 2,830 | ||
Accumulated Depreciation | 680 | ||
Conshohocken, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 81,255 | ||
Initial cost | |||
Land | 1,726 | ||
Building and Improvements | 8,508 | ||
Costs Subsequent to Acquisition | 103 | ||
Gross Carrying Amount at year end | |||
Land | 1,726 | ||
Building and Improvements | 8,611 | ||
Total | 10,337 | ||
Accumulated Depreciation | 415 | ||
Exton, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,750 | ||
Initial cost | |||
Land | 541 | ||
Building and Improvements | 2,668 | ||
Costs Subsequent to Acquisition | 110 | ||
Gross Carrying Amount at year end | |||
Land | 541 | ||
Building and Improvements | 2,778 | ||
Total | 3,319 | ||
Accumulated Depreciation | 119 | ||
Langhorne, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,050 | ||
Initial cost | |||
Land | 1,019 | ||
Building and Improvements | 5,023 | ||
Costs Subsequent to Acquisition | 158 | ||
Gross Carrying Amount at year end | |||
Land | 1,019 | ||
Building and Improvements | 5,181 | ||
Total | 6,200 | ||
Accumulated Depreciation | 242 | ||
Levittown, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,180 | ||
Initial cost | |||
Land | 926 | ||
Building and Improvements | 5,296 | ||
Costs Subsequent to Acquisition | 1,160 | ||
Gross Carrying Amount at year end | |||
Land | 926 | ||
Building and Improvements | 5,444 | ||
Total | 6,370 | ||
Accumulated Depreciation | 2,014 | ||
Malvern, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 18,848 | ||
Initial cost | |||
Land | 2,959 | ||
Building and Improvements | 18,198 | ||
Costs Subsequent to Acquisition | 1,408 | ||
Gross Carrying Amount at year end | |||
Land | 2,959 | ||
Building and Improvements | 19,606 | ||
Total | 22,565 | ||
Accumulated Depreciation | 174 | ||
Montgomeryville, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 84,145 | ||
Initial cost | |||
Land | 975 | ||
Building and Improvements | 4,809 | ||
Costs Subsequent to Acquisition | 121 | ||
Gross Carrying Amount at year end | |||
Land | 975 | ||
Building and Improvements | 4,929 | ||
Total | 5,904 | ||
Accumulated Depreciation | 240 | ||
Norristown, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,911 | ||
Initial cost | |||
Land | 777 | ||
Building and Improvements | 3,709 | ||
Costs Subsequent to Acquisition | 567 | ||
Gross Carrying Amount at year end | |||
Land | 777 | ||
Building and Improvements | 4,381 | ||
Total | 5,158 | ||
Accumulated Depreciation | 253 | ||
Philadelphia I, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 97,414 | ||
Initial cost | |||
Land | 1,461 | ||
Building and Improvements | 8,334 | ||
Costs Subsequent to Acquisition | 1,762 | ||
Gross Carrying Amount at year end | |||
Land | 1,461 | ||
Building and Improvements | 6,918 | ||
Total | 8,379 | ||
Accumulated Depreciation | 2,612 | ||
Philadelphia II, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,239 | ||
Initial cost | |||
Land | 1,012 | ||
Building and Improvements | 4,990 | ||
Costs Subsequent to Acquisition | 68 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 5,057 | ||
Total | 6,069 | ||
Accumulated Depreciation | 41 | ||
Exeter, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 41,275 | ||
Initial cost | |||
Land | 547 | ||
Building and Improvements | 2,697 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 2,698 | ||
Total | 3,245 | ||
Accumulated Depreciation | 14 | ||
Johnston, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 80,725 | ||
Initial cost | |||
Land | 1,061 | ||
Building and Improvements | 5,229 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,061 | ||
Building and Improvements | 5,231 | ||
Total | 6,292 | ||
Accumulated Depreciation | 28 | ||
Wakefield, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 45,895 | ||
Initial cost | |||
Land | 823 | ||
Building and Improvements | 4,058 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 823 | ||
Building and Improvements | 4,059 | ||
Total | 4,882 | ||
Accumulated Depreciation | 21 | ||
Woonsocket, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,704 | ||
Initial cost | |||
Land | 1,049 | ||
Building and Improvements | 5,172 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,049 | ||
Building and Improvements | 5,173 | ||
Total | 6,222 | ||
Accumulated Depreciation | 27 | ||
Antioch, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 76,190 | ||
Initial cost | |||
Land | 588 | ||
Building and Improvements | 4,906 | ||
Costs Subsequent to Acquisition | 287 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 4,426 | ||
Total | 5,014 | ||
Accumulated Depreciation | 1,167 | ||
Nashville I, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 103,840 | ||
Initial cost | |||
Land | 405 | ||
Building and Improvements | 3,379 | ||
Costs Subsequent to Acquisition | 469 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 3,270 | ||
Total | 3,675 | ||
Accumulated Depreciation | 884 | ||
Nashville II, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 83,384 | ||
Initial cost | |||
Land | 593 | ||
Building and Improvements | 4,950 | ||
Costs Subsequent to Acquisition | 183 | ||
Gross Carrying Amount at year end | |||
Land | 593 | ||
Building and Improvements | 4,443 | ||
Total | 5,036 | ||
Accumulated Depreciation | 1,199 | ||
Nashville III, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 101,575 | ||
Initial cost | |||
Land | 416 | ||
Building and Improvements | 3,469 | ||
Costs Subsequent to Acquisition | 191 | ||
Gross Carrying Amount at year end | |||
Land | 416 | ||
Building and Improvements | 3,328 | ||
Total | 3,744 | ||
Accumulated Depreciation | 873 | ||
Nashville IV, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 102,450 | ||
Initial cost | |||
Land | 992 | ||
Building and Improvements | 8,274 | ||
Costs Subsequent to Acquisition | 351 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 7,385 | ||
Total | 8,377 | ||
Accumulated Depreciation | 1,932 | ||
Allen, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,870 | ||
Encumbrances | 3,610 | ||
Initial cost | |||
Land | 714 | ||
Building and Improvements | 3,519 | ||
Costs Subsequent to Acquisition | 59 | ||
Gross Carrying Amount at year end | |||
Land | 714 | ||
Building and Improvements | 3,578 | ||
Total | 4,292 | ||
Accumulated Depreciation | 188 | ||
Austin I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,620 | ||
Initial cost | |||
Land | 2,239 | ||
Building and Improvements | 2,038 | ||
Costs Subsequent to Acquisition | 152 | ||
Gross Carrying Amount at year end | |||
Land | 2,239 | ||
Building and Improvements | 1,865 | ||
Total | 4,104 | ||
Accumulated Depreciation | 499 | ||
Austin II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,151 | ||
Initial cost | |||
Land | 734 | ||
Building and Improvements | 3,894 | ||
Costs Subsequent to Acquisition | 245 | ||
Gross Carrying Amount at year end | |||
Land | 738 | ||
Building and Improvements | 3,577 | ||
Total | 4,315 | ||
Accumulated Depreciation | 882 | ||
Austin III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,560 | ||
Initial cost | |||
Land | 1,030 | ||
Building and Improvements | 5,468 | ||
Costs Subsequent to Acquisition | 224 | ||
Gross Carrying Amount at year end | |||
Land | 1,035 | ||
Building and Improvements | 5,032 | ||
Total | 6,067 | ||
Accumulated Depreciation | 1,175 | ||
Austin IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 65,370 | ||
Initial cost | |||
Land | 862 | ||
Building and Improvements | 4,250 | ||
Costs Subsequent to Acquisition | 106 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,356 | ||
Total | 5,218 | ||
Accumulated Depreciation | 35 | ||
Austin V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,850 | ||
Initial cost | |||
Land | 1,050 | ||
Building and Improvements | 5,175 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,050 | ||
Building and Improvements | 5,176 | ||
Total | 6,226 | ||
Accumulated Depreciation | 41 | ||
Austin VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,770 | ||
Initial cost | |||
Land | 1,150 | ||
Building and Improvements | 5,669 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 1,150 | ||
Building and Improvements | 5,671 | ||
Total | 6,821 | ||
Accumulated Depreciation | 30 | ||
Bryan, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,400 | ||
Initial cost | |||
Land | 1,394 | ||
Building and Improvements | 1,268 | ||
Costs Subsequent to Acquisition | 146 | ||
Gross Carrying Amount at year end | |||
Land | 1,396 | ||
Building and Improvements | 1,194 | ||
Total | 2,590 | ||
Accumulated Depreciation | 327 | ||
Carrollton, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 77,140 | ||
Initial cost | |||
Land | 661 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 47 | ||
Gross Carrying Amount at year end | |||
Land | 661 | ||
Building and Improvements | 3,308 | ||
Total | 3,969 | ||
Accumulated Depreciation | 132 | ||
College Station, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 26,550 | ||
Initial cost | |||
Land | 812 | ||
Building and Improvements | 740 | ||
Costs Subsequent to Acquisition | 119 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 710 | ||
Total | 1,523 | ||
Accumulated Depreciation | 188 | ||
Cypress, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,181 | ||
Initial cost | |||
Land | 360 | ||
Building and Improvements | 1,773 | ||
Costs Subsequent to Acquisition | 90 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 1,864 | ||
Total | 2,224 | ||
Accumulated Depreciation | 97 | ||
Dallas I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,582 | ||
Initial cost | |||
Land | 2,475 | ||
Building and Improvements | 2,253 | ||
Costs Subsequent to Acquisition | 332 | ||
Gross Carrying Amount at year end | |||
Land | 2,475 | ||
Building and Improvements | 2,138 | ||
Total | 4,613 | ||
Accumulated Depreciation | 559 | ||
Dallas II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 79,123 | ||
Initial cost | |||
Land | 940 | ||
Building and Improvements | 4,635 | ||
Costs Subsequent to Acquisition | 103 | ||
Gross Carrying Amount at year end | |||
Land | 940 | ||
Building and Improvements | 4,738 | ||
Total | 5,678 | ||
Accumulated Depreciation | 513 | ||
Dallas III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,589 | ||
Initial cost | |||
Land | 2,608 | ||
Building and Improvements | 12,857 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 2,608 | ||
Building and Improvements | 12,858 | ||
Total | 15,466 | ||
Accumulated Depreciation | 34 | ||
Denton, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,846 | ||
Initial cost | |||
Land | 553 | ||
Building and Improvements | 2,936 | ||
Costs Subsequent to Acquisition | 199 | ||
Gross Carrying Amount at year end | |||
Land | 569 | ||
Building and Improvements | 2,645 | ||
Total | 3,214 | ||
Accumulated Depreciation | 630 | ||
El Paso I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,852 | ||
Initial cost | |||
Land | 1,983 | ||
Building and Improvements | 1,805 | ||
Costs Subsequent to Acquisition | 261 | ||
Gross Carrying Amount at year end | |||
Land | 1,984 | ||
Building and Improvements | 1,737 | ||
Total | 3,721 | ||
Accumulated Depreciation | 464 | ||
El Paso II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 48,800 | ||
Initial cost | |||
Land | 1,319 | ||
Building and Improvements | 1,201 | ||
Costs Subsequent to Acquisition | 205 | ||
Gross Carrying Amount at year end | |||
Land | 1,320 | ||
Building and Improvements | 1,188 | ||
Total | 2,508 | ||
Accumulated Depreciation | 317 | ||
El Paso III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,102 | ||
Initial cost | |||
Land | 2,408 | ||
Building and Improvements | 2,192 | ||
Costs Subsequent to Acquisition | 216 | ||
Gross Carrying Amount at year end | |||
Land | 2,409 | ||
Building and Improvements | 2,075 | ||
Total | 4,484 | ||
Accumulated Depreciation | 558 | ||
El Paso IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 66,906 | ||
Initial cost | |||
Land | 2,073 | ||
Building and Improvements | 1,888 | ||
Costs Subsequent to Acquisition | 59 | ||
Gross Carrying Amount at year end | |||
Land | 2,074 | ||
Building and Improvements | 1,635 | ||
Total | 3,709 | ||
Accumulated Depreciation | 523 | ||
El Paso V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 62,290 | ||
Initial cost | |||
Land | 1,758 | ||
Building and Improvements | 1,617 | ||
Costs Subsequent to Acquisition | 157 | ||
Gross Carrying Amount at year end | |||
Land | 1,761 | ||
Building and Improvements | 1,514 | ||
Total | 3,275 | ||
Accumulated Depreciation | 410 | ||
El Paso VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 36,620 | ||
Initial cost | |||
Land | 660 | ||
Building and Improvements | 607 | ||
Costs Subsequent to Acquisition | 158 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 631 | ||
Total | 1,293 | ||
Accumulated Depreciation | 171 | ||
El Paso VII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 34,423 | ||
Initial cost | |||
Land | 563 | ||
Building and Improvements | 517 | ||
Costs Subsequent to Acquisition | 8 | ||
Gross Carrying Amount at year end | |||
Land | 565 | ||
Building and Improvements | 559 | ||
Total | 1,124 | ||
Accumulated Depreciation | 15 | ||
Fort Worth I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,246 | ||
Initial cost | |||
Land | 1,253 | ||
Building and Improvements | 1,141 | ||
Costs Subsequent to Acquisition | 220 | ||
Gross Carrying Amount at year end | |||
Land | 1,253 | ||
Building and Improvements | 1,126 | ||
Total | 2,379 | ||
Accumulated Depreciation | 282 | ||
Fort Worth II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,900 | ||
Initial cost | |||
Land | 868 | ||
Building and Improvements | 4,607 | ||
Costs Subsequent to Acquisition | 292 | ||
Gross Carrying Amount at year end | |||
Land | 874 | ||
Building and Improvements | 4,232 | ||
Total | 5,106 | ||
Accumulated Depreciation | 1,034 | ||
Frisco I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 50,754 | ||
Initial cost | |||
Land | 1,093 | ||
Building and Improvements | 3,148 | ||
Costs Subsequent to Acquisition | 131 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 2,841 | ||
Total | 3,934 | ||
Accumulated Depreciation | 744 | ||
Frisco II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,399 | ||
Initial cost | |||
Land | 1,564 | ||
Building and Improvements | 4,507 | ||
Costs Subsequent to Acquisition | 95 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 3,991 | ||
Total | 5,555 | ||
Accumulated Depreciation | 1,065 | ||
Frisco III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,765 | ||
Initial cost | |||
Land | 1,147 | ||
Building and Improvements | 6,088 | ||
Costs Subsequent to Acquisition | 242 | ||
Gross Carrying Amount at year end | |||
Land | 1,154 | ||
Building and Improvements | 5,525 | ||
Total | 6,679 | ||
Accumulated Depreciation | 1,354 | ||
Frisco IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 75,035 | ||
Initial cost | |||
Land | 719 | ||
Building and Improvements | 4,072 | ||
Costs Subsequent to Acquisition | 117 | ||
Gross Carrying Amount at year end | |||
Land | 719 | ||
Building and Improvements | 3,630 | ||
Total | 4,349 | ||
Accumulated Depreciation | 405 | ||
Frisco V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 74,490 | ||
Initial cost | |||
Land | 1,159 | ||
Building and Improvements | 5,714 | ||
Costs Subsequent to Acquisition | 16 | ||
Gross Carrying Amount at year end | |||
Land | 1,159 | ||
Building and Improvements | 5,729 | ||
Total | 6,888 | ||
Accumulated Depreciation | 46 | ||
Frisco VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,926 | ||
Initial cost | |||
Land | 1,064 | ||
Building and Improvements | 5,247 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 1,064 | ||
Building and Improvements | 5,249 | ||
Total | 6,313 | ||
Accumulated Depreciation | 28 | ||
Garland I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,100 | ||
Initial cost | |||
Land | 751 | ||
Building and Improvements | 3,984 | ||
Costs Subsequent to Acquisition | 419 | ||
Gross Carrying Amount at year end | |||
Land | 767 | ||
Building and Improvements | 3,817 | ||
Total | 4,584 | ||
Accumulated Depreciation | 916 | ||
Garland II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,425 | ||
Initial cost | |||
Land | 862 | ||
Building and Improvements | 4,578 | ||
Costs Subsequent to Acquisition | 206 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,187 | ||
Total | 5,049 | ||
Accumulated Depreciation | 943 | ||
Houston III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,820 | ||
Initial cost | |||
Land | 575 | ||
Building and Improvements | 524 | ||
Costs Subsequent to Acquisition | 287 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 699 | ||
Total | 1,275 | ||
Accumulated Depreciation | 196 | ||
Houston IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 43,750 | ||
Initial cost | |||
Land | 960 | ||
Building and Improvements | 875 | ||
Costs Subsequent to Acquisition | 371 | ||
Gross Carrying Amount at year end | |||
Land | 961 | ||
Building and Improvements | 1,052 | ||
Total | 2,013 | ||
Accumulated Depreciation | 245 | ||
Houston V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 125,135 | ||
Initial cost | |||
Land | 1,153 | ||
Building and Improvements | 6,122 | ||
Costs Subsequent to Acquisition | 712 | ||
Gross Carrying Amount at year end | |||
Land | 1,156 | ||
Building and Improvements | 5,972 | ||
Total | 7,128 | ||
Accumulated Depreciation | 1,327 | ||
Houston VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,680 | ||
Initial cost | |||
Land | 575 | ||
Building and Improvements | 524 | ||
Costs Subsequent to Acquisition | 5,709 | ||
Gross Carrying Amount at year end | |||
Land | 983 | ||
Building and Improvements | 4,912 | ||
Total | 5,895 | ||
Accumulated Depreciation | 443 | ||
Houston VII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,102 | ||
Initial cost | |||
Land | 681 | ||
Building and Improvements | 3,355 | ||
Costs Subsequent to Acquisition | 83 | ||
Gross Carrying Amount at year end | |||
Land | 681 | ||
Building and Improvements | 3,438 | ||
Total | 4,119 | ||
Accumulated Depreciation | 238 | ||
Houston VIII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,241 | ||
Initial cost | |||
Land | 1,294 | ||
Building and Improvements | 6,377 | ||
Costs Subsequent to Acquisition | 136 | ||
Gross Carrying Amount at year end | |||
Land | 1,294 | ||
Building and Improvements | 6,514 | ||
Total | 7,808 | ||
Accumulated Depreciation | 343 | ||
Houston IX, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,218 | ||
Initial cost | |||
Land | 296 | ||
Building and Improvements | 1,459 | ||
Costs Subsequent to Acquisition | 62 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 1,521 | ||
Total | 1,817 | ||
Accumulated Depreciation | 80 | ||
Katy, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,308 | ||
Initial cost | |||
Land | 1,329 | ||
Building and Improvements | 6,552 | ||
Costs Subsequent to Acquisition | 9 | ||
Gross Carrying Amount at year end | |||
Land | 1,329 | ||
Building and Improvements | 6,561 | ||
Total | 7,890 | ||
Accumulated Depreciation | 957 | ||
Keller, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,885 | ||
Initial cost | |||
Land | 890 | ||
Building and Improvements | 4,727 | ||
Costs Subsequent to Acquisition | 140 | ||
Gross Carrying Amount at year end | |||
Land | 890 | ||
Building and Improvements | 4,282 | ||
Total | 5,172 | ||
Accumulated Depreciation | 1,057 | ||
Lewisville I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 58,140 | ||
Initial cost | |||
Land | 476 | ||
Building and Improvements | 2,525 | ||
Costs Subsequent to Acquisition | 295 | ||
Gross Carrying Amount at year end | |||
Land | 492 | ||
Building and Improvements | 2,406 | ||
Total | 2,898 | ||
Accumulated Depreciation | 566 | ||
Lewisville II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 127,609 | ||
Initial cost | |||
Land | 1,464 | ||
Building and Improvements | 7,217 | ||
Costs Subsequent to Acquisition | 135 | ||
Gross Carrying Amount at year end | |||
Land | 1,464 | ||
Building and Improvements | 7,353 | ||
Total | 8,817 | ||
Accumulated Depreciation | 601 | ||
Mansfield I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 63,025 | ||
Initial cost | |||
Land | 837 | ||
Building and Improvements | 4,443 | ||
Costs Subsequent to Acquisition | 197 | ||
Gross Carrying Amount at year end | |||
Land | 843 | ||
Building and Improvements | 4,062 | ||
Total | 4,905 | ||
Accumulated Depreciation | 983 | ||
Mansfield II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,775 | ||
Initial cost | |||
Land | 662 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 63 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 3,323 | ||
Total | 3,985 | ||
Accumulated Depreciation | 193 | ||
McKinney I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 47,020 | ||
Initial cost | |||
Land | 1,632 | ||
Building and Improvements | 1,486 | ||
Costs Subsequent to Acquisition | 134 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 1,381 | ||
Total | 3,015 | ||
Accumulated Depreciation | 364 | ||
McKinney II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 70,050 | ||
Initial cost | |||
Land | 855 | ||
Building and Improvements | 5,076 | ||
Costs Subsequent to Acquisition | 161 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 4,612 | ||
Total | 5,469 | ||
Accumulated Depreciation | 1,131 | ||
McKinney III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 67,468 | ||
Initial cost | |||
Land | 652 | ||
Building and Improvements | 3,213 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 652 | ||
Building and Improvements | 3,214 | ||
Total | 3,866 | ||
North Richland Hills, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 57,200 | ||
Initial cost | |||
Land | 2,252 | ||
Building and Improvements | 2,049 | ||
Costs Subsequent to Acquisition | 126 | ||
Gross Carrying Amount at year end | |||
Land | 2,252 | ||
Building and Improvements | 1,798 | ||
Total | 4,050 | ||
Accumulated Depreciation | 490 | ||
Pearland, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,050 | ||
Initial cost | |||
Land | 450 | ||
Building and Improvements | 2,216 | ||
Costs Subsequent to Acquisition | 82 | ||
Gross Carrying Amount at year end | |||
Land | 450 | ||
Building and Improvements | 2,299 | ||
Total | 2,749 | ||
Accumulated Depreciation | 121 | ||
Richmond, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 102,278 | ||
Initial cost | |||
Land | 1,437 | ||
Building and Improvements | 7,083 | ||
Costs Subsequent to Acquisition | 66 | ||
Gross Carrying Amount at year end | |||
Land | 1,437 | ||
Building and Improvements | 7,149 | ||
Total | 8,586 | ||
Accumulated Depreciation | 322 | ||
Roanoke, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 59,660 | ||
Initial cost | |||
Land | 1,337 | ||
Building and Improvements | 1,217 | ||
Costs Subsequent to Acquisition | 127 | ||
Gross Carrying Amount at year end | |||
Land | 1,337 | ||
Building and Improvements | 1,145 | ||
Total | 2,482 | ||
Accumulated Depreciation | 295 | ||
San Antonio I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 73,309 | ||
Initial cost | |||
Land | 2,895 | ||
Building and Improvements | 2,635 | ||
Costs Subsequent to Acquisition | 306 | ||
Gross Carrying Amount at year end | |||
Land | 2,895 | ||
Building and Improvements | 2,410 | ||
Total | 5,305 | ||
Accumulated Depreciation | 612 | ||
San Antonio II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 73,230 | ||
Initial cost | |||
Land | 1,047 | ||
Building and Improvements | 5,558 | ||
Costs Subsequent to Acquisition | 148 | ||
Gross Carrying Amount at year end | |||
Land | 1,052 | ||
Building and Improvements | 5,013 | ||
Total | 6,065 | ||
Accumulated Depreciation | 1,134 | ||
San Antonio III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,775 | ||
Initial cost | |||
Land | 996 | ||
Building and Improvements | 5,286 | ||
Costs Subsequent to Acquisition | 235 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 4,799 | ||
Total | 5,795 | ||
Accumulated Depreciation | 1,052 | ||
Spring, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,751 | ||
Initial cost | |||
Land | 580 | ||
Building and Improvements | 3,081 | ||
Costs Subsequent to Acquisition | 205 | ||
Gross Carrying Amount at year end | |||
Land | 580 | ||
Building and Improvements | 2,839 | ||
Total | 3,419 | ||
Accumulated Depreciation | 690 | ||
Murray I, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 60,280 | ||
Initial cost | |||
Land | 3,847 | ||
Building and Improvements | 1,017 | ||
Costs Subsequent to Acquisition | 458 | ||
Gross Carrying Amount at year end | |||
Land | 3,848 | ||
Building and Improvements | 1,261 | ||
Total | 5,109 | ||
Accumulated Depreciation | 337 | ||
Murray II, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 71,221 | ||
Initial cost | |||
Land | 2,147 | ||
Building and Improvements | 567 | ||
Costs Subsequent to Acquisition | 460 | ||
Gross Carrying Amount at year end | |||
Land | 2,148 | ||
Building and Improvements | 865 | ||
Total | 3,013 | ||
Accumulated Depreciation | 262 | ||
Salt Lake City I, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 56,446 | ||
Initial cost | |||
Land | 2,695 | ||
Building and Improvements | 712 | ||
Costs Subsequent to Acquisition | 477 | ||
Gross Carrying Amount at year end | |||
Land | 2,696 | ||
Building and Improvements | 1,012 | ||
Total | 3,708 | ||
Accumulated Depreciation | 251 | ||
Salt Lake City II, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 51,676 | ||
Initial cost | |||
Land | 2,074 | ||
Building and Improvements | 548 | ||
Costs Subsequent to Acquisition | 364 | ||
Gross Carrying Amount at year end | |||
Land | 1,931 | ||
Building and Improvements | 747 | ||
Total | 2,678 | ||
Accumulated Depreciation | 203 | ||
Alexandria, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 114,150 | ||
Encumbrances | 9,221 | ||
Initial cost | |||
Land | 2,812 | ||
Building and Improvements | 13,865 | ||
Costs Subsequent to Acquisition | 177 | ||
Gross Carrying Amount at year end | |||
Land | 2,812 | ||
Building and Improvements | 14,043 | ||
Total | 16,855 | ||
Accumulated Depreciation | 745 | ||
Burke Lake, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 91,667 | ||
Encumbrances | 7,105 | ||
Initial cost | |||
Land | 2,093 | ||
Building and Improvements | 10,940 | ||
Costs Subsequent to Acquisition | 1,094 | ||
Gross Carrying Amount at year end | |||
Land | 2,093 | ||
Building and Improvements | 10,438 | ||
Total | 12,531 | ||
Accumulated Depreciation | 1,045 | ||
Fairfax, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 73,325 | ||
Initial cost | |||
Land | 2,276 | ||
Building and Improvements | 11,220 | ||
Costs Subsequent to Acquisition | 182 | ||
Gross Carrying Amount at year end | |||
Land | 2,276 | ||
Building and Improvements | 11,402 | ||
Total | 13,678 | ||
Accumulated Depreciation | 541 | ||
Fredericksburg I, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 69,475 | ||
Initial cost | |||
Land | 1,680 | ||
Building and Improvements | 4,840 | ||
Costs Subsequent to Acquisition | 280 | ||
Gross Carrying Amount at year end | |||
Land | 1,680 | ||
Building and Improvements | 4,447 | ||
Total | 6,127 | ||
Accumulated Depreciation | 1,086 | ||
Fredericksburg II, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 61,057 | ||
Initial cost | |||
Land | 1,757 | ||
Building and Improvements | 5,062 | ||
Costs Subsequent to Acquisition | 320 | ||
Gross Carrying Amount at year end | |||
Land | 1,758 | ||
Building and Improvements | 4,690 | ||
Total | 6,448 | ||
Accumulated Depreciation | 1,159 | ||
Leesburg, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 85,503 | ||
Initial cost | |||
Land | 1,746 | ||
Building and Improvements | 9,894 | ||
Costs Subsequent to Acquisition | 79 | ||
Gross Carrying Amount at year end | |||
Land | 1,746 | ||
Building and Improvements | 8,685 | ||
Total | 10,431 | ||
Accumulated Depreciation | 644 | ||
Manassas, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 72,745 | ||
Initial cost | |||
Land | 860 | ||
Building and Improvements | 4,872 | ||
Costs Subsequent to Acquisition | 118 | ||
Gross Carrying Amount at year end | |||
Land | 860 | ||
Building and Improvements | 4,327 | ||
Total | 5,187 | ||
Accumulated Depreciation | 467 | ||
McLearen, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 68,960 | ||
Initial cost | |||
Land | 1,482 | ||
Building and Improvements | 8,400 | ||
Costs Subsequent to Acquisition | 152 | ||
Gross Carrying Amount at year end | |||
Land | 1,482 | ||
Building and Improvements | 7,397 | ||
Total | 8,879 | ||
Accumulated Depreciation | 764 | ||
Vienna, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | 54,698 | ||
Initial cost | |||
Land | 2,300 | ||
Building and Improvements | 11,340 | ||
Costs Subsequent to Acquisition | 115 | ||
Gross Carrying Amount at year end | |||
Land | 2,300 | ||
Building and Improvements | 11,456 | ||
Total | 13,756 | ||
Accumulated Depreciation | 549 | ||
Divisional Offices | |||
Initial cost | |||
Costs Subsequent to Acquisition | 168 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 168 | ||
Total | 168 | ||
Accumulated Depreciation | 29 | ||
USIFB | |||
Initial cost | |||
Costs Subsequent to Acquisition | 5,702 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 5,702 | ||
Total | 5,702 | ||
Accumulated Depreciation | $1,247 |
SCHEDULE_III_REAL_ESTATE_AND_R2
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Activity in Storage facilities | ||
Balance at beginning of year | $2,553,706 | $2,443,022 |
Acquisitions & improvements | 576,845 | 219,751 |
Fully depreciated assets | -6,855 | -14,398 |
Dispositions and other | -13,716 | -127,700 |
Construction in progress | 7,218 | 33,031 |
Balance at end of year | 3,117,198 | 2,553,706 |
Activity in Accumulated depreciation | ||
Balance at beginning of year | 398,536 | 353,315 |
Depreciation expense | 101,542 | 87,708 |
Fully depreciated assets | -6,855 | -14,398 |
Dispositions and other | -1,154 | -28,089 |
Balance at end of year | 492,069 | 398,536 |
Real Estate Investment Property, Net | $2,625,129 | $2,155,170 |
CONSOLIDATED_BALANCE_SHEETS_LP
CONSOLIDATED BALANCE SHEETS (LP cube) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Storage facilities | $3,117,198 | $2,553,706 |
Less: Accumulated depreciation | -492,069 | -398,536 |
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively) | 2,625,129 | 2,155,170 |
Cash and cash equivalents | 2,901 | 3,176 |
Restricted cash | 3,305 | 4,025 |
Loan procurement costs, net of amortization | 10,653 | 12,687 |
Investment in real estate venture, at equity | 95,709 | 156,310 |
Other assets, net | 48,642 | 27,256 |
Total assets | 2,786,339 | 2,358,624 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes | 500,000 | 500,000 |
Revolving credit facility | 78,000 | 38,600 |
Unsecured term loan | 400,000 | 400,000 |
Mortgage loans and notes payable | 195,851 | 200,218 |
Accounts payable, accrued expenses and other liabilities | 69,198 | 57,599 |
Distributions payable | 28,137 | 19,955 |
Deferred revenue | 15,311 | 12,394 |
Security deposits | 401 | 376 |
Total liabilities | 1,286,898 | 1,229,142 |
Limited Partnership interests of third parties | 49,823 | 36,275 |
Commitments and contingencies | ||
Capital | ||
Accumulated other comprehensive loss | -8,759 | -11,014 |
Total liabilities and equity | 2,786,339 | 2,358,624 |
CubeSmart, L.P. and Subsidiaries | ||
ASSETS | ||
Storage facilities | 3,117,198 | 2,553,706 |
Less: Accumulated depreciation | -492,069 | -398,536 |
Storage facilities, net (including VIE assets of $49,829 and $34,559 respectively) | 2,625,129 | 2,155,170 |
Cash and cash equivalents | 2,901 | 3,176 |
Restricted cash | 3,305 | 4,025 |
Loan procurement costs, net of amortization | 10,653 | 12,687 |
Investment in real estate venture, at equity | 95,709 | 156,310 |
Other assets, net | 48,642 | 27,256 |
Total assets | 2,786,339 | 2,358,624 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes | 500,000 | 500,000 |
Revolving credit facility | 78,000 | 38,600 |
Unsecured term loan | 400,000 | 400,000 |
Mortgage loans and notes payable | 195,851 | 200,218 |
Accounts payable, accrued expenses and other liabilities | 69,198 | 57,599 |
Distributions payable | 28,137 | 19,955 |
Deferred revenue | 15,311 | 12,394 |
Security deposits | 401 | 376 |
Total liabilities | 1,286,898 | 1,229,142 |
Limited Partnership interests of third parties | 49,823 | 36,275 |
Commitments and contingencies | ||
Capital | ||
Operating Partner | 1,456,785 | 1,103,290 |
Accumulated other comprehensive loss | -8,759 | -11,014 |
Total CubeSmart, L.P. capital | 1,448,026 | 1,092,276 |
Noncontrolling interests in subsidiaries | 1,592 | 931 |
Total capital | 1,449,618 | 1,093,207 |
Total liabilities and equity | $2,786,339 | $2,358,624 |
CONSOLIDATED_BALANCE_SHEETS_Pa1
CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Storage facilities, net | $2,625,129 | $2,155,170 |
VIE | ||
Storage facilities, net | 49,829 | 34,559 |
CubeSmart, L.P. and Subsidiaries | ||
Storage facilities, net | 2,625,129 | 2,155,170 |
CubeSmart, L.P. and Subsidiaries | VIE | ||
Storage facilities, net | $49,829 | $34,559 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | |||
Rental income | $330,898 | $281,250 | $236,160 |
Other property related income | 40,065 | 32,365 | 25,821 |
Property management fee income | 6,000 | 4,780 | 4,341 |
Total revenues | 376,963 | 318,395 | 266,322 |
OPERATING EXPENSES | |||
Property operating expenses | 132,701 | 118,222 | 103,488 |
Depreciation and amortization | 126,813 | 112,313 | 109,830 |
General and administrative | 28,422 | 29,563 | 26,131 |
Acquisition related costs | 7,484 | 3,849 | 3,086 |
Total operating expenses | 295,420 | 263,947 | 242,535 |
OPERATING INCOME | 81,543 | 54,448 | 23,787 |
Interest: | |||
Interest expense on loans | -46,802 | -40,424 | -40,318 |
Loan procurement amortization expense | -2,190 | -2,058 | -3,279 |
Loan procurement amortization expense - early repayment of debt | -414 | ||
Equity in losses of real estate ventures | -6,255 | -1,151 | -745 |
Gain from remeasurement of investment in real estate venture | 7,023 | ||
Gain from sale of real estate | 475 | ||
Other | -405 | 8 | 256 |
Total other expense | -55,177 | -44,039 | -37,063 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 26,366 | 10,409 | -13,276 |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 336 | 4,145 | 7,093 |
Gain from disposition of discontinued operations | 27,440 | 9,811 | |
Total discontinued operations | 336 | 31,585 | 16,904 |
NET INCOME | 26,702 | 41,994 | 3,628 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | -16 | 42 | -1,918 |
Distribution to preferred unitholders | -6,008 | -6,008 | -6,008 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 20,371 | 35,440 | -4,191 |
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per share) | $0.01 | $0.23 | $0.14 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.14 | $0.26 | ($0.03) |
Weighted-average basic units outstanding (in units) | 149,107 | 135,191 | 124,548 |
Weighted-average diluted units outstanding (in units) | 150,863 | 137,742 | 124,548 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS: | |||
Income (loss) from continuing operations | 20,040 | 4,392 | -20,689 |
Total discontinued operations | 331 | 31,048 | 16,498 |
Net income (loss) | 20,371 | 35,440 | -4,191 |
Basic and diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit) | $0.01 | $0.23 | $0.14 |
Basic and diluted earnings (loss) per common share (in dollars per share) | $0.14 | $0.26 | ($0.03) |
CubeSmart, L.P. and Subsidiaries | |||
REVENUES | |||
Rental income | 330,898 | 281,250 | 236,160 |
Other property related income | 40,065 | 32,365 | 25,821 |
Property management fee income | 6,000 | 4,780 | 4,341 |
Total revenues | 376,963 | 318,395 | 266,322 |
OPERATING EXPENSES | |||
Property operating expenses | 132,701 | 118,222 | 103,488 |
Depreciation and amortization | 126,813 | 112,313 | 109,830 |
General and administrative | 28,422 | 29,563 | 26,131 |
Acquisition related costs | 7,484 | 3,849 | 3,086 |
Total operating expenses | 295,420 | 263,947 | 242,535 |
OPERATING INCOME | 81,543 | 54,448 | 23,787 |
Interest: | |||
Interest expense on loans | -46,802 | -40,424 | -40,318 |
Loan procurement amortization expense | -2,190 | -2,058 | -3,279 |
Loan procurement amortization expense - early repayment of debt | -414 | ||
Equity in losses of real estate ventures | -6,255 | -1,151 | -745 |
Gain from remeasurement of investment in real estate venture | 7,023 | ||
Gain from sale of real estate | 475 | ||
Other | -405 | 8 | 256 |
Total other expense | -55,177 | -44,039 | -37,063 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 26,366 | 10,409 | -13,276 |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 336 | 4,145 | 7,093 |
Gain from disposition of discontinued operations | 27,440 | 9,811 | |
Total discontinued operations | 336 | 31,585 | 16,904 |
NET INCOME | 26,702 | 41,994 | 3,628 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | -16 | 42 | -1,918 |
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P. | 26,686 | 42,036 | 1,710 |
Operating Partnership interests of third parties | -307 | -588 | 107 |
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER | 26,379 | 41,448 | 1,817 |
Distribution to preferred unitholders | -6,008 | -6,008 | -6,008 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 20,371 | 35,440 | -4,191 |
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per share) | $0.01 | $0.23 | $0.14 |
Basic earnings (loss) per unit attributable to common unitholders (in dollars per share) | $0.14 | $0.26 | ($0.03) |
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per share) | $0.13 | $0.03 | ($0.17) |
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per share) | $0.01 | $0.23 | $0.14 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.14 | $0.26 | ($0.03) |
Weighted-average basic units outstanding (in units) | 149,107 | 135,191 | 124,548 |
Weighted-average diluted units outstanding (in units) | 150,863 | 137,742 | 124,548 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS: | |||
Income (loss) from continuing operations | 20,040 | 4,392 | -20,689 |
Total discontinued operations | 331 | 31,048 | 16,498 |
Net income (loss) | $20,371 | $35,440 | ($4,191) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $26,702 | $41,994 | $3,628 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | -3,944 | 2,636 | -13,548 |
Reclassification of realized losses on interest rate swaps | 6,408 | 6,266 | 6,082 |
Unrealized (loss) gain on foreign currency translation | -175 | 56 | 172 |
OTHER COMPREHENSIVE INCOME (LOSS) | 2,289 | 8,958 | -7,294 |
COMPREHENSIVE INCOME (LOSS) | 28,991 | 50,952 | -3,666 |
Comprehensive (income) loss attributable to Operating Partnership interests of third parties | -338 | -740 | 445 |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | -19 | 18 | -1,927 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 28,634 | 50,230 | -5,148 |
CubeSmart, L.P. and Subsidiaries | |||
NET INCOME | 26,702 | 41,994 | 3,628 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | -3,944 | 2,636 | -13,548 |
Reclassification of realized losses on interest rate swaps | 6,408 | 6,266 | 6,082 |
Unrealized (loss) gain on foreign currency translation | -175 | 56 | 172 |
OTHER COMPREHENSIVE INCOME (LOSS) | 2,289 | 8,958 | -7,294 |
COMPREHENSIVE INCOME (LOSS) | 28,991 | 50,952 | -3,666 |
Comprehensive (income) loss attributable to Operating Partnership interests of third parties | -338 | -740 | 445 |
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries | -19 | 18 | -1,927 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $28,634 | $50,230 | ($5,148) |
CONSOLIDATED_STATEMENTS_OF_CAP
CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Partners' Capital | ||||
Balance of Noncontrolling Interests in the Operating Partnership | $36,275 | |||
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | ||
Acquisition of noncontrolling interest | -56,984 | |||
Adjustment for Operating Partnership interests of third parties | -14,761 | -3,292 | -19,520 | |
Net income (loss) | 20,371 | 35,440 | -4,191 | |
Net income (loss), including temporary equity | 26,395 | 41,406 | 3,735 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 2,427 | 8,751 | -7,124 | |
Unrealized (loss) gain on foreign currency translation | -169 | 55 | 168 | |
Balance of Noncontrolling Interests in the Operating Partnership | 49,823 | 36,275 | ||
Operating Partnership Interests of third parties | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance of Noncontrolling Interests in the Operating Partnership | 36,275 | 47,990 | 49,732 | |
Acquisition of noncontrolling interest | -132 | |||
Adjustment for Operating Partnership interests of third parties | 14,761 | 3,292 | 19,520 | |
Net income (loss) | 307 | 588 | -107 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 37 | 151 | -342 | |
Unrealized (loss) gain on foreign currency translation | -6 | 1 | 4 | |
Balance of Noncontrolling Interests in the Operating Partnership | 49,823 | 36,275 | 47,990 | |
CubeSmart, L.P. and Subsidiaries | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance | 1,093,207 | 989,909 | 995,322 | |
Balance of Noncontrolling Interests in the Operating Partnership | 36,275 | |||
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | ||
Issuance of common OP units, net | 416,001 | 100,287 | 102,079 | |
Issuance of restricted OP units | 5 | 3 | 2 | |
Conversion from OP units to shares | 308 | 14,698 | 19,247 | |
Exercise of OP unit options | 13,802 | 3,710 | 1,629 | |
Amortization of restricted OP units | 182 | 4,747 | 3,352 | |
OP unit compensation expense | 1,553 | 870 | 1,198 | |
Acquisition of noncontrolling interest | -56,984 | |||
Adjustment for Operating Partnership interests of third parties | -14,761 | -3,292 | -19,520 | |
Net income (loss) | 20,371 | 35,440 | -4,191 | |
Net income (loss), including temporary equity | 26,395 | 41,406 | 3,735 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 2,427 | 8,751 | -7,124 | |
Unrealized (loss) gain on foreign currency translation | -169 | 55 | 168 | |
Preferred OP unit distributions | -6,008 | -6,008 | -6,008 | |
Common OP unit distributions | -83,966 | -62,760 | -47,187 | |
Balance | 1,449,618 | 1,093,207 | 989,909 | |
Balance of Noncontrolling Interests in the Operating Partnership | 49,823 | 36,275 | ||
CubeSmart, L.P. and Subsidiaries | Operating Partnership Interests of third parties | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance of Noncontrolling Interests in the Operating Partnership | 36,275 | 47,990 | 49,732 | |
Conversion from OP units to shares | -308 | -14,698 | -19,247 | |
Acquisition of noncontrolling interest | -132 | |||
Adjustment for Operating Partnership interests of third parties | 14,761 | 3,292 | 19,520 | |
Net income (loss) | 307 | 588 | -107 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 37 | 151 | -342 | |
Unrealized (loss) gain on foreign currency translation | -6 | 1 | 4 | |
Common OP unit distributions | -1,243 | -1,049 | -1,438 | |
Balance of Noncontrolling Interests in the Operating Partnership | 49,823 | 36,275 | 47,990 | |
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance | 1,092,276 | 989,791 | 955,913 | |
Issuance of common OP units, net | 416,001 | 100,287 | 102,079 | |
Issuance of restricted OP units | 5 | 3 | 2 | |
Conversion from OP units to shares | 308 | 14,698 | 19,247 | |
Exercise of OP unit options | 13,802 | 3,710 | 1,629 | |
Amortization of restricted OP units | 182 | 4,747 | 3,352 | |
OP unit compensation expense | 1,553 | 870 | 1,198 | |
Acquisition of noncontrolling interest | -18,452 | |||
Adjustment for Operating Partnership interests of third parties | -14,761 | -3,292 | -19,520 | |
Net income (loss) | 26,379 | 41,448 | 1,817 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 2,427 | 8,751 | -7,124 | |
Unrealized (loss) gain on foreign currency translation | -172 | 31 | 159 | |
Preferred OP unit distributions | -6,008 | -6,008 | -6,008 | |
Common OP unit distributions | -83,966 | -62,760 | -44,501 | |
Balance | 1,448,026 | 1,092,276 | 989,791 | |
CubeSmart, L.P. and Subsidiaries | Operating Partner | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance | 1,103,290 | 1,009,587 | 968,744 | |
Balance (in units) | 139,328 | 131,795 | 122,059 | |
Issuance of common OP units, net | 416,001 | 100,287 | 102,079 | |
Issuance of common OP units (in units) | 22,704 | 5,700 | 7,900 | |
Issuance of restricted OP units | 5 | 3 | 2 | |
Issuance of restricted OP units (in units) | 482 | 301 | 246 | |
Conversion from OP units to shares | 308 | 14,698 | 19,247 | |
Conversion from OP units to shares (in units) | 18 | 1,018 | 1,380 | |
Exercise of OP unit options | 13,802 | 3,710 | 1,629 | |
Exercise of OP unit options (in units) | 1,425 | 514 | 210 | |
Amortization of restricted OP units | 182 | 4,747 | 3,352 | |
OP unit compensation expense | 1,553 | 870 | 1,198 | |
Acquisition of noncontrolling interest | -18,452 | |||
Adjustment for Operating Partnership interests of third parties | -14,761 | -3,292 | -19,520 | |
Net income (loss) | 26,379 | 41,448 | 1,817 | |
Other comprehensive income (loss): | ||||
Preferred OP unit distributions | -6,008 | -6,008 | -6,008 | |
Common OP unit distributions | -83,966 | -62,760 | -44,501 | |
Balance | 1,456,785 | 1,103,290 | 1,009,587 | |
Balance (in units) | 163,957 | 139,328 | 131,795 | |
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance (in units) | 3,100 | |||
Other comprehensive income (loss): | ||||
Balance (in units) | 3,100 | 3,100 | 3,100 | 3,100 |
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss) | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance | -11,014 | -19,796 | -12,831 | |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on interest rate swaps | 2,427 | 8,751 | -7,124 | |
Unrealized (loss) gain on foreign currency translation | -172 | 31 | 159 | |
Balance | -8,759 | -11,014 | -19,796 | |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries | ||||
Increase (Decrease) in Partners' Capital | ||||
Balance | 931 | 118 | 39,409 | |
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | ||
Acquisition of noncontrolling interest | -38,532 | |||
Net income (loss) | 16 | -42 | 1,918 | |
Other comprehensive income (loss): | ||||
Unrealized (loss) gain on foreign currency translation | 3 | 24 | 9 | |
Common OP unit distributions | -2,686 | |||
Balance | $1,592 | $931 | $118 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income | $26,702 | $41,994 | $3,628 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 129,003 | 117,074 | 118,573 |
Gain from sale of real estate | -475 | -27,440 | -9,811 |
Gain from remeasurement of investment in real estate venture | -7,023 | ||
Equity compensation expense | 1,735 | 5,617 | 4,550 |
Accretion of fair market value adjustment of debt | -1,685 | -1,018 | -707 |
Loan procurement amortization expense - early repayment of debt | 414 | ||
Changes in other operating accounts: | |||
Other assets | 808 | -1,156 | -2,125 |
Restricted cash | 411 | 567 | 3,545 |
Accounts payable and accrued expenses | 2,699 | 4,564 | 6,899 |
Other liabilities | 579 | 1,095 | 154 |
Net cash provided by operating activities | 166,032 | 142,862 | 118,428 |
Investing Activities | |||
Acquisitions of storage facilities | -547,515 | -181,612 | -220,791 |
Additions and improvements to storage facilities | -19,967 | -20,320 | -22,395 |
Development costs | -23,566 | -53,979 | -4,227 |
Cash paid for remaining interest in real estate venture | -81,158 | ||
Investment in real estate venture, at equity | -157,461 | ||
Cash contributed to real estate venture | -2,550 | ||
Cash distributed from real estate venture | 56,896 | 909 | |
Proceeds from sales of facilities, net | 13,475 | 123,780 | 52,630 |
Proceeds from notes receivable | 5,192 | ||
Change in restricted cash | 528 | 1,476 | 3,096 |
Net cash used in investing activities | -522,699 | -282,924 | -271,936 |
Proceeds from: | |||
Unsecured senior notes | 247,488 | 249,638 | |
Revolving credit facility | 712,500 | 636,200 | 403,000 |
Unsecured term loans | 100,000 | ||
Mortgage loans and notes payable | 0 | ||
Principal payments on: | |||
Revolving credit facility | -673,100 | -642,600 | -358,000 |
Unsecured term loans | -100,000 | ||
Mortgage loans and notes payable | -30,149 | -36,496 | -236,340 |
Loan procurement costs | -274 | -4,400 | -2,145 |
Settlement of hedge transactions | -195 | ||
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | |
Cash paid for acquisition of noncontrolling interest | -61,113 | ||
Distributions paid to common OP unitholders | -75,849 | -59,159 | -39,755 |
Distributions paid to preferred OP unitholders | -6,008 | -6,008 | -5,724 |
Distributions paid to noncontrolling interest in subsidiaries | -2,686 | ||
Net cash provided by financing activities | 356,392 | 138,743 | 148,934 |
Change in cash and cash equivalents | -275 | -1,319 | -4,574 |
Cash and cash equivalents at beginning of year | 3,176 | 4,495 | 9,069 |
Cash and cash equivalents at end of year | 2,901 | 3,176 | 4,495 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 50,024 | 43,130 | 33,578 |
Supplemental disclosure of noncash activities: | |||
Accretion Of Liability | 8,977 | ||
Consolidation of real estate venture | 13,527 | ||
Derivative valuation adjustment | 2,464 | 8,902 | -7,271 |
Foreign currency translation adjustment | -175 | 56 | 172 |
Discount on issuance of unsecured senior notes | 2,512 | 362 | |
Mortgage loan assumption - acquisition of storage facilities | 27,467 | 8,866 | 107,011 |
CubeSmart, L.P. and Subsidiaries | |||
Operating Activities | |||
Net income | 26,702 | 41,994 | 3,628 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 129,003 | 117,074 | 118,573 |
Gain from sale of real estate | -475 | -27,440 | -9,811 |
Gain from remeasurement of investment in real estate venture | -7,023 | ||
Equity compensation expense | 1,735 | 5,617 | 4,550 |
Accretion of fair market value adjustment of debt | -1,685 | -1,018 | -707 |
Loan procurement amortization expense - early repayment of debt | 414 | ||
Equity in losses of real estate venture | 6,255 | 1,151 | 745 |
Changes in other operating accounts: | |||
Other assets | 808 | -1,156 | -2,125 |
Restricted cash | 411 | 567 | 3,545 |
Accounts payable and accrued expenses | 2,699 | 4,564 | 6,899 |
Other liabilities | 579 | 1,095 | 154 |
Net cash provided by operating activities | 166,032 | 142,862 | 118,428 |
Investing Activities | |||
Acquisitions of storage facilities | -547,515 | -181,612 | -220,791 |
Additions and improvements to storage facilities | -19,967 | -20,320 | -22,395 |
Development costs | -23,566 | -53,979 | -4,227 |
Cash paid for remaining interest in real estate venture | -81,158 | ||
Investment in real estate venture, at equity | -157,461 | ||
Cash contributed to real estate venture | -2,550 | ||
Cash distributed from real estate venture | 56,896 | 909 | |
Proceeds from sales of facilities, net | 13,475 | 123,780 | 52,630 |
Proceeds from notes receivable | 5,192 | ||
Change in restricted cash | 528 | 1,476 | 3,096 |
Net cash used in investing activities | -522,699 | -282,924 | -271,936 |
Proceeds from: | |||
Unsecured senior notes | 247,488 | 249,638 | |
Revolving credit facility | 712,500 | 636,200 | 403,000 |
Unsecured term loans | 100,000 | ||
Principal payments on: | |||
Revolving credit facility | -673,100 | -642,600 | -358,000 |
Unsecured term loans | -100,000 | ||
Mortgage loans and notes payable | -30,149 | -36,496 | -236,340 |
Loan procurement costs | -274 | -4,400 | -2,145 |
Settlement of hedge transactions | -195 | ||
Proceeds from issuance of common OP units | 416,006 | 100,290 | 102,079 |
Exercise of OP unit options | 13,802 | 3,710 | 1,629 |
Contributions from noncontrolling interests in subsidiaries | 642 | 831 | |
Cash paid for acquisition of noncontrolling interest | -61,113 | ||
Distributions paid to common OP unitholders | -77,027 | -60,272 | -41,209 |
Distributions paid to preferred OP unitholders | -6,008 | -6,008 | -5,724 |
Distributions paid to noncontrolling interest in subsidiaries | -2,686 | ||
Net cash provided by financing activities | 356,392 | 138,743 | 148,934 |
Change in cash and cash equivalents | -275 | -1,319 | -4,574 |
Cash and cash equivalents at beginning of year | 3,176 | 4,495 | 9,069 |
Cash and cash equivalents at end of year | 2,901 | 3,176 | 4,495 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 50,024 | 43,130 | 33,578 |
Supplemental disclosure of noncash activities: | |||
Accretion Of Liability | 8,977 | ||
Consolidation of real estate venture | 13,527 | ||
Derivative valuation adjustment | 2,464 | 8,902 | -7,271 |
Foreign currency translation adjustment | -175 | 56 | 172 |
Discount on issuance of unsecured senior notes | 2,512 | 362 | |
Mortgage loan assumption - acquisition of storage facilities | $27,467 | $8,866 | $107,011 |