Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | CubeSmart | ||
Entity Central Index Key | 1,298,675 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 5,504,356,819 | ||
Entity Common Stock, Shares Outstanding | 180,171,863 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Storage facilities | $ 3,998,180 | $ 3,467,032 |
Less: Accumulated depreciation | (671,364) | (594,049) |
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively) | 3,326,816 | 2,872,983 |
Cash and cash equivalents | 2,973 | 62,869 |
Restricted cash | 7,893 | 24,600 |
Loan procurement costs, net of amortization | 2,150 | 2,800 |
Investment in real estate venture, at equity | 98,682 | 97,281 |
Other assets, net | 36,514 | 43,631 |
Total assets | 3,475,028 | 3,104,164 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net | 1,039,076 | 741,904 |
Revolving credit facility | 43,300 | |
Unsecured term loans, net | 398,749 | 398,183 |
Mortgage loans and notes payable, net | 114,618 | 111,455 |
Accounts payable, accrued expenses and other liabilities | 93,764 | 85,034 |
Distributions payable | 49,239 | 38,685 |
Deferred revenue | 20,226 | 17,519 |
Security deposits | 412 | 403 |
Total liabilities | 1,759,384 | 1,393,183 |
Noncontrolling interests in the Operating Partnership | 54,407 | 66,128 |
Commitments and contingencies | ||
Equity | ||
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 0 and 3,100,000 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 31 | |
Common shares $.01 par value, 400,000,000 shares authorized, 180,083,111 and 174,667,870 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 1,801 | 1,747 |
Additional paid in capital | 2,314,014 | 2,231,181 |
Accumulated other comprehensive loss | (1,850) | (4,978) |
Accumulated deficit | (658,583) | (584,654) |
Total CubeSmart shareholders' equity | 1,655,382 | 1,643,327 |
Noncontrolling interests in subsidiaries | 5,855 | 1,526 |
Total equity | 1,661,237 | 1,644,853 |
Total liabilities and equity | $ 3,475,028 | $ 3,104,164 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Storage facilities, net | $ 3,326,816 | $ 2,872,983 |
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 | 0 | 3,220,000 |
Series A Preferred shares, shares issued | 0 | 3,100,000 |
Series A Preferred shares, shares outstanding | 0 | 3,100,000 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 400,000,000 | 400,000,000 |
Common shares, shares issued | 180,083,111 | 174,667,870 |
Common shares, shares outstanding | 180,083,111 | 174,667,870 |
VIE | ||
Storage facilities, net | $ 208,048 | $ 136,274 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||||||||||
Rental income | $ 449,601 | $ 392,476 | $ 330,898 | ||||||||
Other property related income | 50,255 | 45,189 | 40,065 | ||||||||
Property management fee income | 10,183 | 6,856 | 6,000 | ||||||||
Total revenues | $ 132,546 | $ 132,096 | $ 126,526 | $ 118,871 | $ 114,992 | $ 115,970 | $ 109,871 | $ 103,688 | 510,039 | 444,521 | 376,963 |
OPERATING EXPENSES | |||||||||||
Property operating expenses | 165,847 | 153,172 | 132,701 | ||||||||
Depreciation and amortization | 161,865 | 151,789 | 126,813 | ||||||||
General and administrative | 32,823 | 28,371 | 28,422 | ||||||||
Acquisition related costs | 6,552 | 3,301 | 7,484 | ||||||||
Total operating expenses | 90,848 | 92,585 | 93,509 | 90,145 | 83,196 | 86,265 | 84,163 | 83,009 | 367,087 | 336,633 | 295,420 |
OPERATING INCOME | 142,952 | 107,888 | 81,543 | ||||||||
Interest: | |||||||||||
Interest expense on loans | (50,399) | (43,736) | (46,802) | ||||||||
Loan procurement amortization expense | (2,577) | (2,324) | (2,190) | ||||||||
Equity in losses of real estate ventures | (2,662) | (411) | (6,255) | ||||||||
Gain from sale of real estate, net | 17,567 | 475 | |||||||||
Other | 1,062 | (228) | (405) | ||||||||
Total other expense | (54,576) | (29,132) | (55,177) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 88,376 | 78,756 | 26,366 | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Income from discontinued operations | 336 | ||||||||||
Total discontinued operations | 336 | ||||||||||
NET INCOME | 88,376 | 78,756 | 26,702 | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||||||||
Noncontrolling interests in the Operating Partnership | (941) | (960) | (307) | ||||||||
Noncontrolling interest in subsidiaries | 470 | (84) | (16) | ||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY | $ 26,847 | $ 24,884 | $ 20,424 | $ 15,750 | $ 37,116 | $ 18,438 | $ 13,724 | $ 8,434 | 87,905 | 77,712 | 26,379 |
Distribution to preferred shareholders | (5,045) | (6,008) | (6,008) | ||||||||
Preferred share redemption charge | (2,937) | ||||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 79,923 | $ 71,704 | $ 20,371 | ||||||||
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.13 | ||||||||
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | 0.01 | ||||||||||
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.10 | $ 0.07 | $ 0.04 | 0.45 | 0.43 | 0.14 |
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share) | 0.45 | 0.42 | 0.13 | ||||||||
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | 0.01 | ||||||||||
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.20 | $ 0.10 | $ 0.07 | $ 0.04 | $ 0.45 | $ 0.42 | $ 0.14 |
Weighted-average basic shares outstanding (in shares) | 178,246 | 168,640 | 149,107 | ||||||||
Weighted-average diluted shares outstanding (in shares) | 179,533 | 170,191 | 150,863 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
NET INCOME | $ 88,376 | $ 78,756 | $ 26,702 |
Other comprehensive income (loss): | |||
Unrealized losses on interest rate swaps | (1,247) | (3,409) | (3,944) |
Reclassification of realized losses on interest rate swaps | 4,412 | 6,263 | 6,408 |
Unrealized loss on foreign currency translation | (249) | (175) | |
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 3,165 | 3,804 | 2,289 |
COMPREHENSIVE INCOME | 91,541 | 82,560 | 28,991 |
Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (978) | (992) | (338) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 470 | (75) | (19) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 91,033 | $ 81,493 | $ 28,634 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total Shareholders' Equity | Common Shares | Preferred Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Noncontrolling Interest in Subsidiaries | Noncontrolling Interests in Operating Partnership | Total |
Balance at Dec. 31, 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 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013 | $ 36,275 | ||||||||
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 | 26,395 | |||||
Net income (loss) | 307 | ||||||||
Other comprehensive income (loss), net | 2,255 | 2,255 | 3 | 2,258 | |||||
Other comprehensive income (loss), net | 31 | ||||||||
Preferred share distributions | (6,008) | (6,008) | (6,008) | ||||||
Common share distributions | (83,966) | (83,966) | (1,243) | (83,966) | |||||
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 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2014 | 49,823 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 178 | 178 | |||||||
Distributions to noncontrolling interests in subsidiaries | (319) | (319) | |||||||
Issuance of common shares, net | 234,061 | $ 91 | 233,970 | 234,061 | |||||
Issuance of common shares, net (in shares) | 8,978,000 | ||||||||
Issuance of restricted shares | 1 | $ 1 | 1 | ||||||
Issuance of restricted shares (in shares) | 161,000 | ||||||||
Issuance of OP Shares | 500 | ||||||||
Conversion from units to shares | 3,275 | $ 2 | 3,273 | (3,275) | 3,275 | ||||
Conversion from units to shares (in shares) | 118,000 | ||||||||
Exercise of stock options | 17,489 | $ 14 | 17,475 | 17,489 | |||||
Exercise of stock options (in shares) | 1,454,000 | ||||||||
Amortization of restricted shares | 1,166 | 1,166 | 1,166 | ||||||
Share compensation expense | 989 | 989 | 989 | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | (19,619) | (19,619) | 19,619 | (19,619) | |||||
Net income (loss) | 77,712 | 77,712 | 84 | 77,796 | |||||
Net income (loss) | 960 | ||||||||
Other comprehensive income (loss), net | 3,781 | 3,781 | (9) | 3,772 | |||||
Other comprehensive income (loss), net | 32 | ||||||||
Preferred share distributions | (6,008) | (6,008) | (6,008) | ||||||
Common share distributions | (117,546) | (117,546) | (1,531) | (117,546) | |||||
Balance at Dec. 31, 2015 | 1,643,327 | $ 1,747 | $ 31 | 2,231,181 | (4,978) | (584,654) | 1,526 | 1,644,853 | |
Balance (in shares) at Dec. 31, 2015 | 174,668,000 | 3,100,000 | |||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2015 | 66,128 | 66,128 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 4,799 | 4,799 | |||||||
Issuance of common shares, net | 136,121 | $ 44 | 136,077 | 136,121 | |||||
Issuance of common shares, net (in shares) | 4,408,000 | ||||||||
Issuance of restricted shares | 1 | $ 1 | 1 | ||||||
Issuance of restricted shares (in shares) | 123,000 | ||||||||
Issuance of OP Shares | 1,500 | ||||||||
Conversion from units to shares | 4,876 | $ 2 | 4,874 | (4,876) | 4,876 | ||||
Conversion from units to shares (in shares) | 188,000 | ||||||||
Exercise of stock options | 13,283 | $ 7 | 13,276 | 13,283 | |||||
Exercise of stock options (in shares) | 696,000 | ||||||||
Amortization of restricted shares | 1,952 | 1,952 | 1,952 | ||||||
Share compensation expense | 1,260 | 1,260 | 1,260 | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | 7,388 | 7,388 | (7,388) | 7,388 | |||||
Net income (loss) | 87,905 | 87,905 | (470) | 87,435 | |||||
Net income (loss) | 941 | ||||||||
Other comprehensive income (loss), net | 3,128 | 3,128 | 3,128 | ||||||
Other comprehensive income (loss), net | 37 | ||||||||
Preferred share distributions | (5,045) | (5,045) | (5,045) | ||||||
Preferred share redemption | (77,574) | $ (31) | (74,606) | (2,937) | (77,574) | ||||
Preferred share redemption (in shares) | (3,100,000) | ||||||||
Common share distributions | (161,240) | (161,240) | (1,935) | (161,240) | |||||
Balance at Dec. 31, 2016 | $ 1,655,382 | $ 1,801 | $ 2,314,014 | $ (1,850) | $ (658,583) | $ 5,855 | 1,661,237 | ||
Balance (in shares) at Dec. 31, 2016 | 180,083,000 | ||||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2016 | $ 54,407 | $ 54,407 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income | $ 88,376 | $ 78,756 | $ 26,702 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 164,442 | 154,113 | 129,003 |
Equity in losses of real estate ventures | 2,662 | 411 | 6,255 |
Gain from sale of real estate, net | (17,567) | (475) | |
Equity compensation expense | 3,212 | 2,155 | 1,735 |
Accretion of fair market value adjustment of debt | (1,138) | (1,429) | (1,685) |
Changes in other operating accounts: | |||
Restricted cash | 591 | 743 | 411 |
Other assets | (3,930) | (2,519) | 808 |
Accounts payable and accrued expenses | 7,862 | (438) | 2,699 |
Other liabilities | 1,449 | 1,480 | 579 |
Net cash provided by operating activities | 263,526 | 215,705 | 166,032 |
Investing Activities | |||
Acquisitions of storage facilities | (366,666) | (275,726) | (547,515) |
Additions and improvements to storage facilities | (30,971) | (24,695) | (19,967) |
Development costs | (143,713) | (81,315) | (23,566) |
Fundings of notes receivable | (4,100) | ||
Change in restricted cash | 942 | 69 | 528 |
Net cash used in investing activities | (544,471) | (374,608) | (522,699) |
Proceeds from notes receivable | 4,100 | ||
Cash distributed from real estate ventures | 8,113 | 6,451 | 56,896 |
Proceeds from: | |||
Unsecured senior notes | 298,512 | 249,338 | |
Revolving credit facility | 958,200 | 731,320 | 712,500 |
Principal payments on: | |||
Revolving credit facility | (914,900) | (809,320) | (673,100) |
Mortgage loans and notes payable | (37,260) | (84,905) | (30,149) |
Loan procurement costs | (2,467) | (4,433) | (274) |
Proceeds from issuance of common shares, net | 136,122 | 234,062 | 416,006 |
Redemption of preferred shares | (77,574) | ||
Exercise of stock options | 13,283 | 17,489 | 13,802 |
Contributions from noncontrolling interests in subsidiaries | 4,799 | 178 | 642 |
Distributions paid to noncontrolling interest in subsidiaries | (319) | ||
Distributions paid to common shareholders | (149,280) | (107,093) | (75,849) |
Distributions paid to preferred shareholders | (6,545) | (6,008) | (6,008) |
Distributions paid to noncontrolling interests in Operating Partnership | (1,841) | (1,438) | (1,178) |
Net cash provided by financing activities | 221,049 | 218,871 | 356,392 |
Change in cash and cash equivalents | (59,896) | 59,968 | (275) |
Cash and cash equivalents at beginning of period | 62,869 | 2,901 | 3,176 |
Cash and cash equivalents at end of period | 2,973 | 62,869 | 2,901 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 53,085 | 46,216 | 50,024 |
Supplemental disclosure of noncash activities: | |||
Restricted cash - acquisition of storage facilities | (22,019) | (14,353) | |
Restricted cash - disposition of real estate | 36,372 | ||
Accretion of liability | 31,426 | 16,929 | 8,977 |
Derivative valuation adjustment | 3,165 | 2,854 | 2,464 |
Foreign currency translation adjustment | (249) | (175) | |
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 41,513 | $ 2,695 | $ 27,467 |
Preferred share redemption | $ 2,863 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, the Company owned self-storage properties located in 23 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 properties. As of December 31, 2016, the Parent Company owned approximately 98.9% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to 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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
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. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2016, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded a decrease to OP Units owned by third parties and a corresponding increase to capital of $7.4 million as of December 31, 2016. 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 Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development. Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores 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 store 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 stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. 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 $24.7 million and $20.7 million as of December 31, 2016 and 2015, respectively, and are reported net of accumulated amortization of $9.7 million and $7.3 million as of December 31, 2016 and 2015, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. Other Assets Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $ Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party. Revenue Recognition Management has determined that all of 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 stores 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 $9.4 million, $8.6 million, and $7.7 million in advertising and marketing expenses for the years ended December 31, 2016, 2015 and 2014, respectively, which are included in property 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, 2016, 2015 and 2014, the Company recognized $1.6 million, $2.5 million, and $6.0 million of equity offering costs related to the issuance of common shares during the years, respectively. Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned. Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2016, 2015 and 2014, the Company capitalized $4.6 million, $2.6 million, and $1.3 million, respectively, of interest incurred that is directly associated with construction activities. Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $300 million and $400 million as of December 31, 2016 and 2015, respectively, 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 $3.2 billion and $2.7 billion as of December 31, 2016 and 2015, 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 2016 consisted of a 98.663% ordinary income distribution and a 1.337% 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 distributions for 2016 consisted of a 7.683% ordinary income distribution, a 0.104% capital gain distribution from earnings and profits, and a 92.213% cash liquidating distribution. 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 2016, 2015, or 2014. 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 $1.3 million and $1.7 million as of December 31, 2016 and 2015, respectively. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued. 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 1,287,000; 1,551,000, and 1,756,000 in 2016, 2015, and 2014, respectively. Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. 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 (“USIFB”), our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.588598 U.S. Dollars per Pound for the year ended December 31, 2014. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations. 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 that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. Reclassifications During the first quarter of 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. Net costs of $10.7 million have been reclassified in the December 31, 2015 consolidated balance sheets from the loan procurement costs line and netted against the related debt liability. See Recent Accounting Pronouncements below for revisions to the accounting guidance for debt issuance costs. Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard is effective on January 1, 2018, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No.2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The standard is effective on January 1, 2017, however early adoption is permitted. The Company does not expect this new guidance to have a material impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU No. 2016-02 on the Company’s consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as all measurement-period adjustments recorded during 2016 relate to business combinations that took place in the current year and do not have prior period impact. Refer to note 4 for details regarding the measurement-period adjustments made during the year ended December 31, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as the update only related to changes in financial statement presentation as discussed in note 7 and in “Reclassifications” above. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard do |
STORAGE FACILITIES
STORAGE FACILITIES | 12 Months Ended |
Dec. 31, 2016 | |
STORAGE FACILITIES | |
STORAGE FACILITIES | 3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, December 31, 2016 2015 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage properties Less: Accumulated depreciation Storage properties, net $ $ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2016, 2015 and 2014: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ Texas Assets Texas Markets - Major January 2016 2 New York Asset New York / Northern NJ January 2016 1 Texas Asset Texas Markets - Major January 2016 1 Connecticut Asset Connecticut February 2016 1 Texas Asset Texas Markets - Major March 2016 1 Florida Assets Florida Markets - Other March 2016 3 Colorado Asset Denver April 2016 1 Texas Asset Texas Markets - Major April 2016 1 Texas Asset Texas Markets - Major May 2016 1 Texas Asset Texas Markets - Major May 2016 1 Illinois Asset Chicago May 2016 1 Illinois Asset Chicago May 2016 1 Massachusetts Asset Massachusetts June 2016 1 Nevada Assets Las Vegas July 2016 2 Arizona Asset Phoenix August 2016 1 Minnesota Asset Minneapolis August 2016 1 Colorado Asset Denver August 2016 1 Texas Asset Texas Markets - Major September 2016 1 Texas Asset Texas Markets - Major September 2016 1 Nevada Asset Las Vegas October 2016 1 North Carolina Asset Charlotte November 2016 1 Arizona Asset Phoenix November 2016 1 Nevada Asset Las Vegas December 2016 1 28 $ 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $ |
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT ACTIVITY | |
INVESTMENT ACTIVITY | 4. INVESTMENT ACTIVITY 2016 Acquisitions During the year ended December 31, 2016, the Company acquired 28 stores, including three stores upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $403.6 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $18.8 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during 2016 was approximately $10.5 million. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.5 million, which fair value includes an outstanding principal balance totaling $6.3 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption. During the fourth quarter of 2016, the Company received additional information regarding the fair value of each of the assets acquired during the first three quarters of 2016. As a result, the Company has refined its purchase price allocation estimates resulting in an aggregate $14.7 million reclassification from land to buildings and improvements. As of December 31, 2016, the Company was under contract and had made aggregate deposits of $1.8 million associated with four stores under construction for a total purchase price of $61.1 million. In connection with one of the storess, the Company provided a $4.1 million loan, which was repaid to the Company in full in December 2015, for the purpose of acquiring the premises on which the store will be built. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of these four stores is expected to occur by the fourth quarter of 2017 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 As of December 31, 2016, the Company had five contracts through joint ventures for the construction of five self-storage properties located in New York (see note 12). As part of the PSI Assets discussed below, the Company also acquired a self-storage property that is under construction in North Palm Beach, FL. Additionally, during the second quarter of 2016, the Company issued 61,224 OP Units, valued at approximately $1.5 million, to pay the remaining consideration on its store that is under construction in Washington, D.C. and was previously owned by a joint venture. Construction for all projects is expected to be completed by the fourth quarter of 2018. As of December 31, 2016, development costs for these projects totaled $181.0 million. Total construction costs for these projects is expected to be $312.7 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores since January 1, 2014. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY (1) (2) 1 Q2 2016 100% $ Queens, NY (1) 1 Q1 2016 100% Brooklyn, NY 1 Q4 2015 90% Queens, NY 1 Q4 2015 90% Arlington, VA 1 Q2 2015 90% Bronx, NY (2) 1 Q1 2014 100% Malvern, PA (3) 1 Q1 2014 100% 7 $ (1) These stores were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. (2) These stores are subject to ground leases. (3) During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use property comprised of office space and relocated its corporate headquarters. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the store opened for operation. 2015 Acquisitions On December 15, 2015, the Company acquired all of the issued and outstanding uncertificated shares of common stock of a privately held self-storage REIT (“PSI”) for $115.8 million. As of the date of the acquisition, PSI owned real property consisting of 12 fully operational self-storage properties which were acquired for $109.8 million, and one self-storage property that is under construction, which was acquired for $6.0 million (the “PSI Assets”). The PSI Assets are located in Arizona, Florida, Georgia, Massachusetts, New York, North Carolina, Tennessee, and Texas. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $6.7 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 years ended December 31, 2016 and 2015 was approximately $6.1 million and $0.6 million, respectively. During 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, both Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage properties for an aggregate purchase price of $223.0 million plus customary closing costs. During 2014, the Company closed on the first tranche of 22 stores comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. On March 18, 2015, the Company closed on the second tranche of the remaining four stores comprising the HSRE Acquisition, for an aggregate purchase price of $27.5 million. The four stores purchased in the second tranche are located in Illinois. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $2.7 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 years ended December 31, 2016 and 2015 was approximately $0.7 million and $2.0 million, respectively. During the year ended December 31, 2015, the Company acquired 13 additional self-storage properties, including one store upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $155.0 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $10.7 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during the years ended December 31, 2016 and 2015 was approximately $6.0 million and $4.7 million, respectively. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $2.7 million, which fair value includes an outstanding principal balance totaling $2.5 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption. 2015 Dispositions On October 8, 2015, the Company sold seven stores in Texas and one store in Florida for an aggregate sales price of approximately $37.8 million. In connection with these sales, the Company recorded gains that totaled $14.4 million. The proceeds from these sales were held in escrow to fund future acquisitions under a tax free like kind exchange. The total net proceeds of $36.4 million were subsequently applied to three separate acquisitions, of which one closed in December 2015 and two closed in Janaury 2016. On October 2, 2015, USIFB, a consolidated real estate joint venture in which the Company owned a 97% interest, sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 million. 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 properties 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 stores comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. The 22 stores 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 years ended December 31, 2015 and 2014 was approximately $12.1 million and $2.4 million, respectively. During 2014, the Company acquired an additional 31 self-storage properties 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 years ended December 31, 2015 and 2014 was approximately $10.4 million and $13.4 million, respectively. In connection with four of the acquired stores, 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. 2014 Disposition On June 30, 2014, the Company sold one asset in London, England owned by USIFB, 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 USIFB, and recorded a gain of $0.5 million as a result of the transaction. The following table summarizes the Company’s results of operations of the 2016, 2015, and 2014 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, 2016, 2015, and 2014: Year ended December 31, 2016 2015 2014 (in thousands) Total revenue $ $ $ Net loss |
INVESTMENT IN UNCONSOLIDATED RE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES CUBE HHF Northeast Venture LLC (“HHFNE”) On December 15, 2016, the Company invested a 10% ownership interest in a newly-formed joint venture that acquired 13 self-storage properties located in Connecticut (3), Massachusetts (6), Rhode Island (2), and Vermont (2). HHFNE paid $87.5 million for these stores, of which $6.0 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through an advance totaling $44.5 million on the venture’s loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HHFNE related to this portfolio acquisition was $3.8 million. The loan bears interest at LIBOR plus 1.90% and matures on December 15, 2019 with options to extend the maturity date through December 15, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. 191 III CUBE LLC (“HVP”) During the fourth quarter of 2015, the Company invested a 10% ownership interest in a newly-formed joint venture that agreed to acquire a property portfolio comprised of 37 self-storage properties located in Michigan (17), Tennessee (10), Massachusetts (7), and Florida (3). HVP paid $242.5 million for these 37 stores, of which $18.9 million was allocated to the value of the in-place lease intangible. HVP acquired 30 of the stores on December 8, 2015 for $193.7 million, one of the stores on January 26, 2016 for $5.7 million, five of the stores on April 21, 2016 for $36.1 million, and one store on June 15, 2016 for $7.0 million. In connection with six of the acquired stores, HVP assumed mortgage debt that was recorded at a fair value of $25.3 million, which includes an outstanding principal balance totaling $23.7 million and a net premium of $1.6 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded through advances totaling $116.0 million on the venture’s $122.0 million loan facility and amounts contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP related to this portfolio acquisition was $10.7 million. The loan facility bears interest at LIBOR plus 2.00% per annum and matures on December 7, 2018 with options to extend the maturity date through December 7, 2020, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. During the first quarter of 2016, HVP agreed to acquire a portfolio comprised of 31 self-storage properties located in South Carolina (22), Georgia (5), and North Carolina (4) that were previously managed by the Company. HVP paid $115.5 million for these 31 stores, of which $10.6 million was allocated to the value of the in-place lease intangible. HVP acquired 30 of the stores on March 30, 2016 for $112.8 million and one of the stores on November 29, 2016 for $2.7 million. In conjunction with the acquisitions, HVP refinanced its existing loan facility by entering into an increased amended and restated loan facility not to exceed $185.5 million. The acquisitions were funded primarily through advances totaling $63.5 million on the venture’s amended and restated loan facility. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP related to this portfolio acquisition was $5.4 million, bringing its total investment in HVP to $16.1 million as of December 31, 2016. The amended and restated loan facility bears interest at LIBOR plus 2.00% per annum. The initial maturity date was extended to March 30, 2019 with options to extend through March 30, 2021, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the amended and restated loan agreement. CUBE HHF Limited Partnership (“HHF”) On December 10, 2013, the Company invested a 50% ownership interest in a newly-formed joint venture that acquired 35 self-storage properties located in Texas (34) and North Carolina (1). HHF paid $315.7 million for these stores, 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. On May 1, 2014, HHF obtained a $100.0 million loan secured by the 34 self-storage properties 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. Based upon the facts and circumstances at formation of HHFNE, HVP, and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2016 and 2015 (in thousands): December 31, December 31, 2016 2015 Assets Storage properties, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partners Total liabilities and equity $ $ The following is a summary of results of operations of the Ventures for the years ended December 31, 2016, 2015 and 2014 (in thousands): Year ended December 31, 2016 2015 2014 Total revenues $ $ $ Operating expenses Interest expense, net Depreciation and amortization Net loss Company’s share of net loss The results of operations above include the periods from December 15, 2016 (date of acquisition) through December 31, 2016 for HHFNE and December 8, 2015 (date of acquisition) through December 31, 2016 for HVP. |
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES | 12 Months Ended |
Dec. 31, 2016 | |
UNSECURED SENIOR NOTES | |
UNSECURED SENIOR NOTES | 6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): December 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2016 2015 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ $ % Jun-12 Jul-22 $250M 4.375% Guaranteed Notes due 2023 % Dec-13 Dec-23 $250M 4.000% Guaranteed Notes due 2025 % Oct-15 Nov-25 $300M 3.125% Guaranteed Notes due 2026 — % Aug-16 Sep-26 Principal balance outstanding Less: Discount on issuance of unsecured senior notes, net Less: Loan procurement costs, net Total unsecured senior notes, net $ $ 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, 2016, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes. |
REVOLVING CREDIT FACILITY AND U
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 12 Months Ended |
Dec. 31, 2016 | |
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 $100.0 million term loan with a five-year maturity (“Term Loan A”) and a $100.0 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 $100.0 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200.0 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300.0 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 date to June 2018 and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. With respect to the Credit Facility, among other things, the amendment extended the maturity date to January 2019 and decreased the pricing of Term Loan D. On August 5, 2014, the Company further amended the Term Loan Facility to extend the maturity date to January 2020 and decrease the pricing of Term Loan B. On December 17, 2013, the Company repaid the $100.0 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. At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR, while amounts drawn under Term Loan B are priced at 1.15% over LIBOR. On April 22, 2015, the Company further amended the Credit Facility with respect to the Revolver. Among other things, the amendment increased the aggregate amount of the Revolver from $300.0 million to $500.0 million, decreased the facility fee from 0.20% to 0.15%, and extended the maturity date from June 18, 2017 to April 22, 2020. 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 1.25% over LIBOR, inclusive of a facility fee of 0.15%, while amounts drawn under Term Loan D are priced at 1.30% over LIBOR. The Company incurred costs of $2.3 million in 2015 in connection with amending the Credit Facility and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. Additionally, in connection with the amendment, $0.1 million of unamortized costs were written-off. All remaining unamortized costs, along with costs incurred in connection with the amendment, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. During the first quarter of 2016, the Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. As of December 31, 2016 and 2015, unsecured term loans are presented net of unamortized loan procurement costs of $1.3 million and $1.8 million, respectively, on the Company’s consolidated balance sheets. Deferred financing costs associated with the Revolver remain in loan procurement costs, net of amortization on the Company’s consolidated balance sheets. As of December 31, 2016, $200.0 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200.0 million of unsecured term loan borrowings were outstanding under the Credit Facility, and $456.0 million was available for borrowing under 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 $0.7 million. In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of December 31, 2016 that fix 30-day LIBOR (see note 10). As of December 31, 2016, 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 2.67%. The Term Loan Facility and the term loan under the Credit Facility were fully drawn as of December 31, 2016 and no further borrowings may be made under the term loans. Our 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 December 31, 2016, the Company was in compliance with all of its financial covenants and it 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 PAYABL
MORTGAGE LOANS AND NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
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 Loans and Notes Payable 2016 2015 Interest Rate Date (in thousands) YSI 59 $ — $ % Mar-16 YSI 60 — % Aug-16 YSI 51 — % Sep-16 YSI 64 — % Oct-16 YSI 62 — % Dec-16 YSI 67 — % Mar-17 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 % Jun-23 YSI 66 — % Jun-23 Principal balance outstanding Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ $ As of December 31, 2016 and 2015, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $233.1 million and $195.4 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2016 (in thousands): 2017 $ 2018 2019 2020 2021 2022 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in thousands): Unrealized losses on interest rate swaps Other comprehensive loss before reclassifications $ Amounts reclassified from accumulated other comprehensive loss (a) Net current-period other comprehensive income Balance at December 31, 2015 Balance at December 31, 2016 $ (a) See note 10 for additional information about the effects of the amounts reclassified. |
RISK MANAGEMENT AND USE OF FINA
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | |
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company 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 as of December 31, 2016 and December 31, 2015, respectively (in thousands): Hedge Hedge Notional Amount Fair Value Product Type (a) December 31, 2016 December 31, 2015 Strike Effective Date Maturity December 31, 2016 December 31, 2015 Swap Cash flow $ — $ % 6/20/2011 6/20/2016 $ — $ Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ $ (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, 2016 and 2015, 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 losses on interest rate swaps reflects a reclassification of $4.4 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2016. The Company estimates that $1.8 million will be reclassified as an increase to interest expense in 2017. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — 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 2016 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, 2016, 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. The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2016 and 2015. The aggregate carrying value and estimated fair value of the Company’s debt was $1.6 billion and $1.3 billion as of December 31, 2016 and 2015, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2016 and 2015. 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, 2016 | |
NONCONTROLLING INTERESTS | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS Interests in Consolidated Real Estate Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of the real estate ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number of Estimated Ownership December 31, 2016 Development Ventures Stores Location Opening Interest Total Assets Total Liabilities 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% $ $ CS SJM E 92nd Street, LLC ("92nd St") 1 New York, NY Q2 2018 (est.) 90% 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q2 2018 (est.) 51% 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 (est.) 51% 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 (est.) 90% CS SNL New York Ave, LLC ("SNL I") (3) 1 Brooklyn, NY Q4 2015 90% 186 Jamaica Avenue, LLC ("SNL II") (3) 1 Brooklyn, NY Q4 2015 90% Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 8 $ $ (1) The noncontrolling members of 46 th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $14.2 million, $37.8 million, and $20.4 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of 46 th St, Exterior St, and Cropsey Ave for $14.2 million, $37.8 million, and $20.4 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2016, has accrued $1.8 million, $14.7 million, and $11.3 million related to 46 th St, Exterior St, and Cropsey Ave, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2016, the Company has provided $9.7 million of a total $9.8 million loan commitment to SNL I, $12.2 million of a total $12.8 million loan commitment to SNL II, and $12.8 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. USIFB was formed to own, operate, acquire, and develop self-storage properties in England. The Company owned a 97% interest in USIFB through a wholly-owned subsidiary, and USIFB commenced operations at two stores 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 were eliminated during consolidation. On October 2, 2015, USIFB sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 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 1.1% and 1.2% of the outstanding OP Units as of December 31, 2016 and December 31, 2015, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. On May 14, 2015, the Company closed on the acquisition of real property that will be developed into a self-storage property in Washington, D.C. In conjunction with the closing, the Company issued 20,408 OP Units, valued at approximately $0.5 million to pay a portion of the consideration. On April 16, 2016, upon completion of certain milestones, the Company issued 61,224 additional OP Units, valued at approximately $1.5 million, to pay the remaining consideration. The store is expected to commence operations during the first quarter of 2017. As of December 31, 2016 and 2015, 2,032,394 and 2,159,650 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 as of December 31, 2016 and 2015, as the estimated redemption value exceeded their carrying value. As of December 31, 2016, the Operating Partnership recorded a decrease to OP units owned by third partieis and a corresponding increase to capital of $7.4 million. As of December 31, 2015, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $19.6 million. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
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 parties. Management agreements provide generally for management fees of between 5-6% of total revenues earned on a cash basis at the managed stores. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2016, 2015 and 2014 were $2.9 million, $1.0 million and $0.9 million, respectively. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $3.3 million and $1.9 million as of December 31, 2016 and 2015, respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $34.7 million and $29.6 million as of December 31, 2016 and 2015, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP operating agreement provides for an acquisition fee payable from HVP to the Company in an amount equal to 0.5% of the purchase price upon closing of an acquisition by HVP or any of its subsidiaries. During the year ended December 31, 2016, the Company recognized $1.8 million in acquisition fees in conjunction with HVP’s acquisition of 68 self storage properties, which are included in Other income on the consolidated statement of operations. The Company did not recognize any acquisition fees from HVP during the years ended December 31, 2015 and 2014. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES The Company currently owns seven operating self-storage properties and one self-storage property currently under development that are subject to ground leases, and two other operating self-storage properties that have portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $2.7 million, $2.4 million, and $2.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: Ground Lease Amount (in thousands) 2017 $ 2018 2019 2020 2021 2022 and thereafter $ The Company has development agreements for the construction of seven new self-storage properties (see note 4), which will require payments of approximately $79.7 million, due in installments upon completion of certain construction milestones, during 2017 and 2018. On July 13, 2015, a putative class action was filed against the Company in the Federal District Court of New Jersey seeking to obtain declaratory, injunctive and monetary relief for a class of New Jersey consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act and the New Jersey Consumer Fraud Act. The Company brought a motion to partially dismiss the complaint for failure to state a claim, which motion was granted in part and denied in part. The plaintiff has moved to file an amended complaint to re-allege the action dismissed by the Court, which motion is presently pending decision. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time. 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. |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2016 | |
SHARE-BASED COMPENSATION PLANS | |
SHARE-BASED COMPENSATION PLANS | 15. SHARE-BASED COMPENSATION PLANS On June 1, 2016 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 and subsequently amended with shareholder approval on June 2, 2010 (as amended and restated, the “2007 Plan”). The purpose of the 2007 Plan is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees, and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the 2007 Plan provides for the grant of share options, share appreciation rights, restricted shares, restricted share units, performance awards, which may be denominated in cash or shares, included restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the 2007 Plan may be non-qualified share options or incentive share options. Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2016, 4,500,000 additional common shares were made available for award under the 2007 Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the 2007 Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2016: (i) 5,471,377 common shares remained available for future awards under the 2007 Plan; (ii) 498,228 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 1,934,255 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $12.93 per share and a weighted average term to maturity of 4.84 years). Prior to the June 2016 amendments, the 2007 Plan used a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigned weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. As amended in June 2016, the 2007 Plan provides that any common shares made the subject of awards under the 2007 Plan will count against the Aggregate Share Reserve as one (1) unit. The Aggregate Share Reserve and the computation of the number of common shares available for issuance is subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Aggregate Share Reserve includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of the award that expires, is forfeited or that otherwise terminates, as the case may be, again becomes available for issuance under the 2007 Plan. The 2007 Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the 2007 Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. Subject to adjustment upon certain corporate transactions or events, a participant (other than a non-employee trustee) may not receive awards under the 2007 Plan in any one calendar year covering more than 1,000,000 shares. Subject to adjustment upon certain corporate transactions or events, a non-employee trustee may not receive awards under the 2007 Plan in any one calendar year covering more than 250,000 shares. Under the 2007 Plan, the Compensation Committee determines the vesting schedule of each share award and option, subject to a one-year minimum vesting requirement, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan expired in October 2014. Prior to its expiration, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan. Subsequent to its expiration, no new equity awards may be granted under the 2004 Plan, and to the extent that options expire unexercised or are terminated, surrendered or canceled, the options and share awards no longer become available for future grants under the 2004 Plan. As of December 31, 2016, there were approximately 20 thousand shares outstanding under the 2004 Plan. Share Options The fair values for options granted in 2016, 2015, and 2014 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2016 2015 2014 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (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 2016, 2015 and 2014 grants was based on the trading history of the Company’s shares. In 2016, 2015, and 2014, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.3 million, $1.0 million and $0.9 million, respectively, which was recorded in general and administrative expense. Approximately 213,008 share options were issued during 2016 for which the fair value of the options at their respective grant dates was approximately $1.6 million, which vest over three years. As of December 31, 2016, the Company had approximately $1.6 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 2004 Plan and the 2007 Plan for the years ended December 31, 2016, 2015 and 2014: Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Options granted Options exercised Balance at December 31, 2016 $ Vested or expected to vest at December 31, 2016 $ Exercisable at December 31, 2016 $ As of December 31, 2016, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest and of options that were exercisable was approximately $27.6 million. The aggregate intrinsic value of options exercised was approximately $8.5 million for the year ended December 31, 2016. 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 155,000 restricted shares and share units were issued during 2016 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $5.2 million, which vest over three to five years. During 2015, approximately 115,000 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 $3.2 million. As of December 31, 2016 the Company had approximately $4.7 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next five years. Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. In 2016, 2015 and 2014, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $3.6 million, $2.7 million, and $3.5 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2016: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2016 Granted Vested Forfeited Non-Vested at December 31, 2016 On January 22, 2016, 37,008 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.6 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, 2018. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 23, 2015, 35,614 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The fair value of the restricted share units on the grant date was approximately $1.3 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, 2017. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. 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 cliff vested on December 31, 2016. The compensation expense recognized related to these awards is included in the amounts disclosed above. |
EARNINGS PER SHARE AND UNIT AND
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended |
Dec. 31, 2016 | |
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 per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2016 2015 2014 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Preferred share redemption charge — — Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — — Noncontrolling interests in the Operating Partnership — — Total discontinued operations attributable to the Company’s common shareholders $ — $ — $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Basic earnings per share from continuing operations attributable to common shareholders $ $ $ Basic earnings per share from discontinued operations attributable to common shareholders — — Basic earnings per share attributable to common shareholders $ $ $ Diluted earnings per share from continuing operations attributable to common shareholders $ $ $ Diluted earnings per share from discontinued operations attributable to common shareholders — — Diluted earnings per share attributable to common shareholders $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2016 2015 2014 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Preferred unit redemption charge — — Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — — Operating Partnership interests of third parties — — Total discontinued operations attributable to common unitholders $ — $ — $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Basic earnings per unit from continuing operations attributable to common unitholders $ $ $ Basic earnings per unit from discontinued operations attributable to common unitholders — — Basic earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit from discontinued operations attributable to common unitholders — — Diluted earnings per unit attributable to common unitholders $ $ $ (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For each of the years ended December 31, 2015 and 2014, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2016, 2015 and 2014, the Company declared cash dividends per common share/unit of $0.90, $0.69, and $0.55, 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 2,032,394; 2,159,650 and 2,257,486 as of December 31, 2016, 2015 and 2014, respectively. There were 180,083,111; 174,667,870 and 163,956,675 common units outstanding as of December 31, 2016, 2015 and 2014, respectively. Common and Preferred Shares On November 2, 2016, the Company redeemed all 3.1 million outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) at a cash redemption price of $25.00 per share plus accumulated and unpaid dividends up to and including the date of redemption of $0.17374 per share. The redemption price of $77.5 million for the redemption of the Series A Preferred Shares was paid by the Company from available cash balances. In connection with the redemption, the Company recognized a charge of $2.9 million related to excess redemption costs over the original net proceeds. 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 a group of sales agents (collectively, the “Sales Agents”). The Equity Distribution Agreements replaced the previous sale agreement and were amended on May 5, 2014, October 2, 2014, and December 30, 2015 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 40.0 million common shares of beneficial interest through the Sales Agents. During 2016, the Company sold a total of 4.4 million common shares under the agreements at an average sales price of $31.25 per share, resulting in net proceeds of $136.1 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2016 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2016, 5.8 million common shares remained available for issuance under the Equity Distribution Agreements. During 2015, the Company sold a total of 9.0 million common shares under the agreements at an average sales price of $26.35 per share, resulting in net proceeds of $234.2 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2015 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2015, 10.2 million common shares remained available for issuance under the Equity Distribution Agreements. 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. During 2014, the Company sold a total of 15.2 million common shares under the previous sales agreement and the Equity Distribution 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 storage properties and for general corporate purposes. As of December 31, 2014, 9.2 million common shares remained available for issuance under the Equity Distribution Agreements. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
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 as of December 31, 2016 or 2015. The Company had net deferred tax assets of $1.3 million and $1.7 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2016 and 2015, respectively. The Company recorded $0.7 million in 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, 2016 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | 18. DISCONTINUED OPERATIONS In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations. The update redefined discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The Company elected to adopt this guidance in 2014. None of the Company’s dispositions during 2014 or 2015 met the criteria for discontinued operations under the new guidance. For the year ended December 31, 2014, income from discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage properties the Company sold in prior years. The following table summarizes the revenue and expense information for the period the Company owned the stores classified as discontinued operations during the years ended December 31, 2016, 2015 and 2014 (in thousands): For the year ended December 31, 2016 2015 2014 REVENUES Rental income $ — $ — $ — Other property related income — — — Total revenues — — — OPERATING EXPENSES Property operating expenses — — Depreciation and amortization — — — Total operating expenses — — OPERATING INCOME — — OTHER (EXPENSE) INCOME Interest expense on loans — — — Gain from dispositions of discontinued operations — — — Income from discontinued operations $ — $ — $ |
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
PRO FORMA FINANCIAL INFORMATION | |
PRO FORMA FINANCIAL INFORMATION | 19. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) During the year ended December 31, 2016, the Company acquired 28 self-storage properties for an aggregate purchase price of approximately $403.6 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 2016 and 2015 as if each had occurred as of January 1, 2015 and 2014, 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, 2016 and 2015 based on the assumptions described above: Year ended December 31, 2016 2015 (in thousands, except per share data) Pro forma revenue $ $ Pro forma net income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic - as pro forma $ $ Diluted - as pro forma $ $ |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share 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 RE
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2016 (Dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Chandler I, AZ 2005 Chandler II, AZ 2013 Gilbert I, AZ 2013 Gilbert II, AZ — 2016 Glendale, AZ 1998 Green Valley, AZ 2005 Mesa I, AZ 2006 Mesa II, AZ 2006 Mesa III, AZ 2006 Peoria, AZ 2015 Phoenix I, AZ 2006 Phoenix II, AZ 2006/2011 Phoenix III, AZ 2014 Phoenix IV, AZ 2016 Queen Creek, AZ 2015 Scottsdale, AZ 1998 Surprise , AZ 2015 Tempe I, AZ 2005 Tempe II, AZ 2013 Tucson I, AZ 1998 Tucson II, AZ 1998 Tucson III, AZ 2005 Tucson IV, AZ 2005 Tucson V, AZ 2005 Tucson VI, AZ 2005 Tucson VII, AZ 2005 Tucson VIII, AZ 2005 Tucson IX, AZ 2005 Tucson X, AZ 2005 Tucson XI, AZ 2005 Tucson XII, AZ 2005 Tucson XIII, AZ 2005 Tucson XIV, AZ 2005 Benicia, CA 2005 Citrus Heights, CA 2005 Corona, CA 2014 Diamond Bar, CA 2005 Escondido, CA 2007 Fallbrook, CA 1997 Fremont, CA 2014 Lancaster, CA 2001 Long Beach, CA 2006 Murrieta, CA 2005 North Highlands, CA 2005 Ontario, CA 2014 Orangevale, CA 2005 Pleasanton, CA 2005 Rancho Cordova, CA 2005 Rialto I, CA 2006 Rialto II, CA 1997 Riverside I, CA 2006 Riverside II, CA 2006 Roseville, CA 2005 Sacramento I, CA 2005 Sacramento II, CA 2005 San Bernardino I, CA 1997 San Bernardino II, CA 1997 San Bernardino III, CA 1997 San Bernardino IV, CA 2005 San Bernardino V, CA 2006 San Bernardino VII, CA 2006 San Bernardino VIII, CA 2006 San Marcos, CA 2005 Santa Ana, CA 2006 South Sacramento, CA 2005 Spring Valley, CA 2006 Temecula I, CA 1998 Temecula II, CA 2007 Vista I, CA 2001 Vista II, CA 2005 Walnut, CA 2005 West Sacramento, CA (A) 2005 Westminster, CA 2005 Aurora, CO 2005 Centennial, CO 2016 Colorado Springs I, CO 2005 Colorado Springs II, CO 2006 Denver I, CO 2006 Denver II, CO 2012 Denver III, CO 2016 Federal Heights, CO 2005 Golden, CO 2005 Littleton, CO 2005 Northglenn, CO 2005 Bloomfield, CT 1997 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Branford, CT 1995 Bristol, CT 2005 East Windsor, CT 2005 Enfield, CT 2001 Gales Ferry, CT 1995 Manchester I, CT 2002 Manchester II, CT 2005 Manchester III, CT 2014 Milford, CT 1996 Monroe, CT 2005 Mystic, CT 1996 Newington I, CT 2005 Newington II, CT 2005 Norwalk I, CT 2012 Norwalk II, CT 2016 Old Saybrook I, CT 2005 Old Saybrook II, CT 2005 Shelton, CT 2011 South Windsor, CT 1996 Stamford, CT 2005 Wilton, CT 2012 Washington I, DC (A) 2008 Washington II, DC 2011 Washington III, DC 2016 Boca Raton, FL 2001 Boynton Beach I, FL 2001 Boynton Beach II, FL 2005 Boynton Beach III, FL 2014 Boynton Beach IV, FL 2015 Bradenton I, FL 2004 Bradenton II, FL 2004 Cape Coral I, FL 2000 Cape Coral II, FL 2014 Coconut Creek I, FL 2012 Coconut Creek II, FL 2014 Dania Beach, FL 2004 Dania, FL 1996 Davie, FL 2001 Deerfield Beach, FL 1998 Delray Beach I, FL 2001 Delray Beach II, FL 2013 Delray Beach III, FL 2014 Ft. Lauderdale I, FL 1999 Ft. Lauderdale II, FL 2013 Ft. Myers I, FL 1999 Ft. Myers II, FL 2014 Ft. Myers III, FL 2014 Jacksonville I, FL 2005 Jacksonville II, FL 2007 Jacksonville III, FL 2007 Jacksonville IV, FL 2007 Jacksonville V, FL 2007 Jacksonville VI, FL 2014 Kendall, FL (A) 2007 Lake Worth I, FL 1998 Lake Worth II, FL 2014 Lake Worth III, FL 2015 Lakeland, FL 1994 Leisure City, FL 2012 Lutz I, FL 2004 Lutz II, FL 2004 Margate I, FL 1996 Margate II, FL 1996 Merritt Island, FL 2002 Miami I, FL 1996 Miami II, FL 1996 Miami III, FL 2005 Miami IV, FL 2011 Miramar, FL 2013 Naples I, FL 1996 Naples II, FL 1997 Naples III, FL 1997 Naples IV, FL 1998 New Smyrna Beach, FL 2014 Ocoee, FL 2005 Orange City, FL 2004 Orlando II, FL 2005 Orlando III, FL 2006 Orlando IV, FL 2010 Orlando V, FL 2012 Orlando VI, FL 2014 Oviedo, FL 2006 Palm Coast I, FL 2014 Palm Coast II, FL 2014 Palm Harbor, FL 2016 Pembroke Pines, FL 1997 Royal Palm Beach II, FL 2007 Sanford I, FL 2006 Sanford II, FL 2014 Sarasota, FL 1999 St. Augustine, FL 1996 St. Petersburg, FL 2016 Stuart, FL 1997 SW Ranches, FL 2007 Tampa I, FL 2007 Tampa II, FL 2016 West Palm Beach I, FL 2001 West Palm Beach II, FL 2004 West Palm Beach III, FL 2012 West Palm Beach IV, FL 2014 Winter Park, FL 2014 Alpharetta, GA 2001 Atlanta, GA 2012 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Austell, GA 2006 Decatur, GA 1998 Duluth, GA 2011 Lawrenceville, GA 2011 Lithia Springs, GA 2015 Norcross I, GA 2001 Norcross II, GA 2011 Norcross III, GA 2012 Norcross IV, GA 2012 Peachtree City I, GA 2001 Peachtree City II, GA 2012 Smyrna, GA 2001 Snellville, GA 2007 Suwanee I, GA 2007 Suwanee II, GA 2007 Villa Rica, GA 2015 Addison, IL 2004 Aurora, IL 2004 Bartlett, IL 2004 Bellwood, IL 2001 Blue Island, IL 2015 Bolingbrook, IL 2014 Chicago I, IL 2014 Chicago II, IL 2014 Chicago III, IL 2014 Chicago IV, IL 2015 Chicago V, IL 2015 Chicago VI, IL 2016 Countryside, IL 2014 Des Plaines, IL 2004 Downers Grove, IL 2016 Elk Grove Village, IL 2004 Evanston, IL 2013 Glenview, IL 2004 Gurnee, IL 2004 Hanover, IL 2004 Harvey, IL 2004 Joliet, IL 2004 Kildeer, IL 2004 Lombard, IL 2004 Maywood, IL 2015 Mount Prospect, IL 2004 Mundelein, IL 2004 North Chicago, IL 2004 Plainfield I, IL 2004 Plainfield II, IL 2005 Schaumburg, IL 2004 Streamwood, IL 2004 Warrenville, IL 2005 Waukegan, IL 2004 West Chicago, IL 2004 Westmont, IL 2004 Wheeling I, IL 2004 Wheeling II, IL 2004 Woodridge, IL 2004 Schererville, IN 2014 Boston I, MA 2010 Boston II, MA 2002 Boston III, MA 2014 Brockton, MA 2015 Haverhill, MA 2015 Lawrence, MA 2015 Leominster, MA 1998 Medford, MA 2007 Stoneham, MA 2013 Tewksbury, MA 2014 Walpole, MA 2016 Baltimore, MD 2001 Beltsville, MD 2013 California, MD 2004 Capitol Heights, MD 2015 Clinton, MD 2013 District Heights, MD 2011 Elkridge, MD 2013 Gaithersburg I, MD 2005 Gaithersburg II, MD 2015 Hyattsville, MD 2013 Laurel, MD 2001 Temple Hills I, MD 2001 Temple Hills II, MD 2014 Timonium, MD 2014 Upper Marlboro, MD 2013 Bloomington, MN 2016 Belmont, NC 2001 Burlington I, NC 2001 Burlington II, NC 2001 Cary, NC 2001 Charlotte I, NC 2002 Charlotte II, NC 2016 Cornelius, NC 2015 Pineville, NC 2015 Raleigh, NC 1998 Bordentown, NJ 2012 Brick, NJ 1996 Cherry Hill I, NJ 2010 Cherry Hill II, NJ 2012 Clifton, NJ 2005 Cranford, NJ 1996 East Hanover, NJ 1996 Egg Harbor I, NJ 2010 Egg Harbor II, NJ 2010 Elizabeth, NJ 2005 Fairview, NJ 1997 Freehold, NJ 2012 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Hamilton, NJ 2006 Hoboken, NJ 2005 Linden, NJ 1996 Lumberton, NJ 2012 Morris Township, NJ 1997 Parsippany, NJ 1997 Rahway, NJ 2013 Randolph, NJ 2002 Ridgefield, NJ 2015 Roseland, NJ 2015 Sewell, NJ 2001 Somerset, NJ 2012 Whippany, NJ 2013 Albuquerque I, NM 2005 Albuquerque II, NM 2005 Albuquerque III, NM 2005 Henderson, NV 2014 Las Vegas I, NV 2006 Las Vegas II, NV 2006 Las Vegas III, NV 2016 Las Vegas IV, NV 2016 Las Vegas V, NV 2016 Las Vegas VI, NV 2016 Baldwin, NY 2015 Bronx I, NY 2010 Bronx II, NY — — 2011 Bronx III, NY 2011 Bronx IV, NY — — 2011 Bronx V, NY — — 2011 Bronx VI, NY — — 2011 Bronx VII, NY — — 2012 Bronx VIII, NY 2012 Bronx IX, NY 2012 Bronx X, NY 2012 Bronx XI, NY — — 2014 Bronx XII, NY — — — 2016 Brooklyn I, NY 2010 Brooklyn II, NY 2010 Brooklyn III, NY 2011 Brooklyn IV, NY 2011 Brooklyn V, NY 2011 Brooklyn VI, NY 2011 Brooklyn VII, NY 2011 Brooklyn VIII, NY 2014 Brooklyn IX, NY 2014 Brooklyn X, NY 2015 Brooklyn XI, NY 2016 Holbrook, NY 2015 Jamaica I, NY 2001 Jamaica II, NY 2011 Long Island City, NY 2014 New Rochelle I, NY 2005 New Rochelle II, NY 2012 North Babylon, NY 1998 Patchogue, NY 2014 Queens I, NY 2015 Queens II, NY 2016 Riverhead, NY 2005 Southold, NY 2005 Staten Island, NY 2013 Tuckahoe, NY 2011 West Hempstead, NY 2012 White Plains, NY 2011 Woodhaven, NY 2011 Wyckoff, NY 2010 Yorktown, NY 2011 Cleveland I, OH 2005 Cleveland II, OH 2005 Columbus I, OH 2006 Columbus II, OH 2014 Columbus III, OH 2014 Columbus IV, OH 2014 Columbus V, OH 2014 Columbus VI, OH 2014 Grove City, OH 2006 Hilliard, OH 2006 Lakewood, OH 1989 Lewis Center, OH 2014 Middleburg Heights, OH 1980 North Olmsted I, OH 1979 North Olmsted II, OH 1988 North Randall, OH 1998 Reynoldsburg, OH 2006 Strongsville, OH 2007 Warrensville Heights, OH 1980 Westlake, OH 2005 Conshohocken, PA 2012 Exton, PA 2012 Langhorne, PA 2012 Levittown, PA 2001 Malvern, PA 2013 Montgomeryville, PA 2012 Norristown, PA 2011 Philadelphia I, PA 2001 Philadelphia II, PA 2014 Exeter, RI 2014 Johnston, RI 2014 Wakefield, RI 2014 Woonsocket, RI 2014 Antioch, TN 2005 Nashville I, TN 2005 Nashville II, TN 2005 Nashville III, TN 2006 Nashville IV, TN 2006 Gross Carrying Amount at Initial Cost Costs December 31, 2016 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Nashville V, TN 2015 Nashville VI, TN 2015 Allen, TX 2012 Austin I, TX 2005 Austin II, TX (A) 2006 Austin III, TX 2006 Austin IV, TX 2014 Austin V, TX 2014 Austin VI, TX 2014 Austin VII, TX 2015 Austin VIII, TX 2016 Bryan, TX 2005 Carrollton, TX 2012 Cedar Park, TX 2016 College Station, TX 2005 Cypress, TX 2012 Dallas I, TX 2005 Dallas II, TX 2013 Dallas III, TX 2014 Dallas IV, TX 2015 Dallas V, TX — — 2015 Denton, TX 2006 Fort Worth I, TX 2005 Fort Worth II, TX 2006 Fort Worth III, TX 2015 Fort Worth IV, TX 2016 Frisco I, TX 2005 Frisco II, TX 2005 Frisco III, TX 2006 Frisco IV, TX 2010 Frisco V, TX 2014 Frisco VI, TX 2014 Garland I, TX 2006 Garland II, TX 2006 Grapevine, TX 2016 Houston III, TX 2005 Houston IV, TX 2005 Houston V, TX 2006 Houston VI, TX 2011 Houston VII, TX 2012 Houston VIII, TX 2012 Houston IX, TX 2012 Humble, TX 2015 Katy, TX 2013 Keller, TX 2006 Lewisville I, TX 2006 Lewisville II, TX 2013 Lewisville III, TX 2016 Little Elm I, TX 2016 Little Elm II, TX 2016 Mansfield I, TX 2006 Mansfield II, TX 2012 Mansfield III, TX 2016 McKinney I, TX 2005 McKinney II, TX 2006 McKinney III, TX 2014 North Richland Hills, TX 2005 Pearland, TX 2012 Richmond, TX 2013 Roanoke, TX 2005 San Antonio I, TX 2005 San Antonio II, TX 2006 San Antonio III, TX 2007 San Antonio IV, TX 2016 Spring, TX 2006 Murray I, UT 2005 Murray II, UT 2005 Salt Lake City I, UT 2005 Salt Lake City II, UT 2005 Alexandria, VA 2012 Arlington, VA 2015 Burke Lake, VA 2011 Fairfax, VA 2012 Fredericksburg I, VA 2005 Fredericksburg II, VA 2005 Leesburg, VA 2011 Manassas, VA 2010 McLearen, VA 2010 Vienna, VA 2012 Divisional Offices (A) This store is part of the YSI 33 Loan portfolio, with a balance of $9,860 as of December 31, 2016. (B) 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 properties during 2016 and 2015 was as follows (in thousands): 2016 2015 Storage properties* Balance at beginning of year $ $ Acquisitions & improvements Fully depreciated assets Dispositions and other — Construction in progress Balance at end of year $ $ Accumulated depreciation* Balance at beginning of year $ $ Depreciation expense Fully depreciated assets Dispositions and other — Balance at end of year $ $ Storage properties, net $ $ * |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. The Company adopted Accounting Standard Update (“ASU”) No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, as of January 1, 2016. The Company evaluated the application of this guidance and concluded that there were no changes to any previous conclusions with respect to consolidation accounting for any of its interests in less than wholly owned joint ventures. However, the Operating Partnership now meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. |
Noncontrolling Interests | Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2016, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded a decrease to OP Units owned by third parties and a corresponding increase to capital of $7.4 million as of December 31, 2016. 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 Properties Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the project is under development. |
Purchase Price Allocation | Purchase Price Allocation When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of stores is acquired, the purchase price is allocated to the individual stores 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 store 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 stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. |
Depreciation and Amortization | Depreciation and Amortization The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the store’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. |
Long-Lived Assets Held for Sale | Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a store (or group of stores), (b) the store is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such stores, (c) an active program to locate a buyer and other actions required to complete the plan to sell the store have been initiated, (d) the sale of the store is probable and transfer of the asset is expected to be completed within one year, (e) the store is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Stores classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. |
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 $24.7 million and $20.7 million as of December 31, 2016 and 2015, respectively, and are reported net of accumulated amortization of $9.7 million and $7.3 million as of December 31, 2016 and 2015, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. |
Other Assets | Other Assets Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $ |
Environmental Costs | Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of our stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party. |
Revenue Recognition | Revenue Recognition Management has determined that all of 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 stores 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 $9.4 million, $8.6 million, and $7.7 million in advertising and marketing expenses for the years ended December 31, 2016, 2015 and 2014, respectively, which are included in property 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, 2016, 2015 and 2014, the Company recognized $1.6 million, $2.5 million, and $6.0 million of equity offering costs related to the issuance of common 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 fees, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned. |
Capitalized Interest | Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. For the years ended December 31, 2016, 2015 and 2014, the Company capitalized $4.6 million, $2.6 million, and $1.3 million, respectively, of interest incurred that is directly associated with construction activities. |
Derivative Financial Instruments | Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $300 million and $400 million as of December 31, 2016 and 2015, respectively, 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 $3.2 billion and $2.7 billion as of December 31, 2016 and 2015, 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 2016 consisted of a 98.663% ordinary income distribution and a 1.337% 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 distributions for 2016 consisted of a 7.683% ordinary income distribution, a 0.104% capital gain distribution from earnings and profits, and a 92.213% cash liquidating distribution. 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 2016, 2015, or 2014. 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 $1.3 million and $1.7 million as of December 31, 2016 and 2015, respectively. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued. |
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 1,287,000; 1,551,000, and 1,756,000 in 2016, 2015, and 2014, respectively. |
Share Based Payments | Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. |
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 (“USIFB”), our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.588598 U.S. Dollars per Pound for the year ended December 31, 2014. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations. |
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 that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. |
Reclassifications | Reclassifications During the first quarter of 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires the Company to reclassify debt financing costs, which were previously included in loan procurement costs, net of amortization on the Company’s consolidated balance sheets, and present them as a direct deduction from the carrying amount of the related debt liability. Net costs of $10.7 million have been reclassified in the December 31, 2015 consolidated balance sheets from the loan procurement costs line and netted against the related debt liability. See Recent Accounting Pronouncements below for revisions to the accounting guidance for debt issuance costs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. A framework is provided to evaluate when an input and a substantive process are present. The new guidance also narrows the definition of outputs, which are defined as the results of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The standard is effective on January 1, 2018, however early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No.2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The eight items that the ASU provides classification guidance on include (1) debt prepayment and extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investments, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective on January 1, 2018, however early adoption is permitted. The standard requires the use of the retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The standard is effective on January 1, 2017, however early adoption is permitted. The Company does not expect this new guidance to have a material impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective on January 1, 2019, however early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU No. 2016-02 on the Company’s consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as all measurement-period adjustments recorded during 2016 relate to business combinations that took place in the current year and do not have prior period impact. Refer to note 4 for details regarding the measurement-period adjustments made during the year ended December 31, 2016. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. The new standard became effective for the Company on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as the update only related to changes in financial statement presentation as discussed in note 7 and in “Reclassifications” above. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard became effective for the Company on January 1, 2016. As discussed under Basis of Presentation above, the adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations as none of its existing consolidation conclusions were changed. In May 2014, the FASB issued 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 under GAAP when it becomes effective. The new standard will be effective for the Company beginning on January 1, 2018, however early application beginning on January 1, 2017 is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method. The Company is currently assessing the impact of the adoption of ASU No. 2014-09 on the Company’s consolidated financial statements and related disclosures. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in Florida, New York, Texas, and California provided total revenues of approximately 17%, 16%, 10%, and 8%, respectively, for the year ended December 31, 2016 and approximately 18%, 16%, 10%, and 8%, respectively, for the year ended December 31, 2015. The stores 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 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of other assets | Other assets are comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Intangible assets, net of accumulated amortization of $8,109 and $7,220 $ $ Accounts receivable Deposits on future acquisitions Prepaid real estate taxes Prepaid insurance Other Total other assets, net $ $ |
STORAGE FACILITIES (Tables)
STORAGE FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
STORAGE FACILITIES | |
Summary of real estate assets | December 31, December 31, 2016 2015 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage properties Less: Accumulated depreciation Storage properties, net $ $ |
Schedule of acquisitions and dispositions of real estate assets | Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ Texas Assets Texas Markets - Major January 2016 2 New York Asset New York / Northern NJ January 2016 1 Texas Asset Texas Markets - Major January 2016 1 Connecticut Asset Connecticut February 2016 1 Texas Asset Texas Markets - Major March 2016 1 Florida Assets Florida Markets - Other March 2016 3 Colorado Asset Denver April 2016 1 Texas Asset Texas Markets - Major April 2016 1 Texas Asset Texas Markets - Major May 2016 1 Texas Asset Texas Markets - Major May 2016 1 Illinois Asset Chicago May 2016 1 Illinois Asset Chicago May 2016 1 Massachusetts Asset Massachusetts June 2016 1 Nevada Assets Las Vegas July 2016 2 Arizona Asset Phoenix August 2016 1 Minnesota Asset Minneapolis August 2016 1 Colorado Asset Denver August 2016 1 Texas Asset Texas Markets - Major September 2016 1 Texas Asset Texas Markets - Major September 2016 1 Nevada Asset Las Vegas October 2016 1 North Carolina Asset Charlotte November 2016 1 Arizona Asset Phoenix November 2016 1 Nevada Asset Las Vegas December 2016 1 28 $ 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $ |
INVESTMENT ACTIVITY (Tables)
INVESTMENT ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT ACTIVITY | |
Schedule of capitalized costs for investments in storage properties | The Company has completed the construction and opened for operation the following stores since January 1, 2014. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Bronx, NY (1) (2) 1 Q2 2016 100% $ Queens, NY (1) 1 Q1 2016 100% Brooklyn, NY 1 Q4 2015 90% Queens, NY 1 Q4 2015 90% Arlington, VA 1 Q2 2015 90% Bronx, NY (2) 1 Q1 2014 100% Malvern, PA (3) 1 Q1 2014 100% 7 $ (1) These stores were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million. (2) These stores are subject to ground leases. (3) During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use property comprised of office space and relocated its corporate headquarters. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the store opened for operation. |
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations | Year ended December 31, 2016 2015 2014 (in thousands) Total revenue $ $ $ Net loss |
INVESTMENT IN UNCONSOLIDATED 33
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
Summary of the financial position of the HHFNE, HVP and HHF ventures | The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2016 and 2015 (in thousands): December 31, December 31, 2016 2015 Assets Storage properties, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partners Total liabilities and equity $ $ |
Summary of results of operations of the HHFNE, HVP and HHF ventures | The following is a summary of results of operations of the Ventures for the years ended December 31, 2016, 2015 and 2014 (in thousands): Year ended December 31, 2016 2015 2014 Total revenues $ $ $ Operating expenses Interest expense, net Depreciation and amortization Net loss Company’s share of net loss |
UNSECURED SENIOR NOTES (Tables)
UNSECURED SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Senior Notes | |
Schedule of unsecured senior notes | December 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2016 2015 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ $ % Jun-12 Jul-22 $250M 4.375% Guaranteed Notes due 2023 % Dec-13 Dec-23 $250M 4.000% Guaranteed Notes due 2025 % Oct-15 Nov-25 $300M 3.125% Guaranteed Notes due 2026 — % Aug-16 Sep-26 Principal balance outstanding Less: Discount on issuance of unsecured senior notes, net Less: Loan procurement costs, net Total unsecured senior notes, net $ $ |
MORTGAGE LOANS AND NOTES PAYA35
MORTGAGE LOANS AND NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 as of December 31, 2016 (in thousands): 2017 $ 2018 2019 2020 2021 2022 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ |
Mortgages | |
Summary of mortgage loans and notes payable | Carrying Value as of: December 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2016 2015 Interest Rate Date (in thousands) YSI 59 $ — $ % Mar-16 YSI 60 — % Aug-16 YSI 51 — % Sep-16 YSI 64 — % Oct-16 YSI 62 — % Dec-16 YSI 67 — % Mar-17 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 % Jun-23 YSI 66 — % Jun-23 Principal balance outstanding Plus: Unamortized fair value adjustment Less: Loan procurement costs, net Total mortgage loans and notes payable, net $ $ |
ACCUMULATED OTHER COMPREHENSI36
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in thousands): Unrealized losses on interest rate swaps Other comprehensive loss before reclassifications $ Amounts reclassified from accumulated other comprehensive loss (a) Net current-period other comprehensive income Balance at December 31, 2015 Balance at December 31, 2016 $ See note 10 for additional information about the effects of the amounts reclassified. |
RISK MANAGEMENT AND USE OF FI37
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 as of December 31, 2016 and December 31, 2015, respectively (in thousands): Hedge Hedge Notional Amount Fair Value Product Type (a) December 31, 2016 December 31, 2015 Strike Effective Date Maturity December 31, 2016 December 31, 2015 Swap Cash flow $ — $ % 6/20/2011 6/20/2016 $ — $ Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow — % 6/20/2011 6/20/2016 — Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ $ (a) Hedging unsecured variable rate debt by fixing 30-day LIBOR. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest rate swap derivative liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
NONCONTROLLING INTERESTS | |
Schedule of noncontrolling interests in subsidiaries | Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are variable interest entities, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of the real estate ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number of Estimated Ownership December 31, 2016 Development Ventures Stores Location Opening Interest Total Assets Total Liabilities 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% $ $ CS SJM E 92nd Street, LLC ("92nd St") 1 New York, NY Q2 2018 (est.) 90% 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q2 2018 (est.) 51% 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 (est.) 51% 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 (est.) 90% CS SNL New York Ave, LLC ("SNL I") (3) 1 Brooklyn, NY Q4 2015 90% 186 Jamaica Avenue, LLC ("SNL II") (3) 1 Brooklyn, NY Q4 2015 90% Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 8 $ $ (1) The noncontrolling members of 46 th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $14.2 million, $37.8 million, and $20.4 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of 46 th St, Exterior St, and Cropsey Ave for $14.2 million, $37.8 million, and $20.4 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2016, has accrued $1.8 million, $14.7 million, and $11.3 million related to 46 th St, Exterior St, and Cropsey Ave, respectively. (2) In connection with the acquired property, 55 th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company. (3) The Company has a related party commitment to these ventures to fund all or a portion of the construction costs. As of December 31, 2016, the Company has provided $9.7 million of a total $9.8 million loan commitment to SNL I, $12.2 million of a total $12.8 million loan commitment to SNL II, and $12.8 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of future minimum rental payments under non-cancelable ground leases | Ground Lease Amount (in thousands) 2017 $ 2018 2019 2020 2021 2022 and thereafter $ |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SHARE-BASED COMPENSATION PLANS | |
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | Assumptions: 2016 2015 2014 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (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, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Options granted Options exercised Balance at December 31, 2016 $ Vested or expected to vest at December 31, 2016 $ Exercisable at December 31, 2016 $ |
Schedule of non-vested restricted share activity | Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2016 Granted Vested Forfeited Non-Vested at December 31, 2016 |
EARNINGS PER SHARE AND UNIT A42
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |
Summary of the elements used in calculating basic and diluted earnings (loss) per common share | Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2016 2015 2014 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Preferred share redemption charge — — Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — — Noncontrolling interests in the Operating Partnership — — Total discontinued operations attributable to the Company’s common shareholders $ — $ — $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Basic earnings per share from continuing operations attributable to common shareholders $ $ $ Basic earnings per share from discontinued operations attributable to common shareholders — — Basic earnings per share attributable to common shareholders $ $ $ Diluted earnings per share from continuing operations attributable to common shareholders $ $ $ Diluted earnings per share from discontinued operations attributable to common shareholders — — Diluted earnings per share attributable to common shareholders $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2016 2015 2014 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Preferred unit redemption charge — — Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — — Operating Partnership interests of third parties — — Total discontinued operations attributable to common unitholders $ — $ — $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Basic earnings per unit from continuing operations attributable to common unitholders $ $ $ Basic earnings per unit from discontinued operations attributable to common unitholders — — Basic earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit attributable to common unitholders $ $ $ Diluted earnings per unit from discontinued operations attributable to common unitholders — — Diluted earnings per unit attributable to common unitholders $ $ $ (1) For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For each of the years ended December 31, 2015 and 2014, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2016, 2015 and 2014, the Company declared cash dividends per common share/unit of $0.90, $0.69, and $0.55, respectively. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 stores classified as discontinued operations during the years ended December 31, 2016, 2015 and 2014 (in thousands): For the year ended December 31, 2016 2015 2014 REVENUES Rental income $ — $ — $ — Other property related income — — — Total revenues — — — OPERATING EXPENSES Property operating expenses — — Depreciation and amortization — — — Total operating expenses — — OPERATING INCOME — — OTHER (EXPENSE) INCOME Interest expense on loans — — — Gain from dispositions of discontinued operations — — — Income from discontinued operations $ — $ — $ |
PRO FORMA FINANCIAL INFORMATI44
PRO FORMA FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PRO FORMA FINANCIAL INFORMATION | |
Schedule of consolidated results of operations on a pro forma basis | Year ended December 31, 2016 2015 (in thousands, except per share data) Pro forma revenue $ $ Pro forma net income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic - as pro forma $ $ Diluted - as pro forma $ $ |
SELECTED QUARTERLY FINANCIAL 45
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share |
ORGANIZATION AND NATURE OF OP46
ORGANIZATION AND NATURE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2016statesegment | |
ORGANIZATION AND NATURE OF OPERATIONS | |
Number of states in which self-storage facilities are located | state | 23 |
Number of reportable segments | segment | 1 |
Percentage of the entity's partnership interest in Operating Partnership | 98.90% |
Common stock, conversion ratio | 1 |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Partnership Ownership | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ (7,388) | $ 19,619 | $ 14,761 |
Purchase Price Allocation | |||
Amount of purchase price allocated to above- or below-market lease intangibles | $ 0 | ||
Minimum | |||
Depreciation and Amortization | |||
Useful lives of self-storage facilities and improvements | 5 years | ||
Maximum | |||
Depreciation and Amortization | |||
Useful lives of self-storage facilities and improvements | 39 years | ||
CubeSmart, L.P. and Subsidiaries | |||
Operating Partnership Ownership | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ (7,388) | $ 19,619 | $ 14,761 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Long-Lived Assets held for sale, timing of expected sale | 1 year | |
Loan procurement costs | ||
Loan procurement costs | $ 24,700 | $ 20,700 |
Loan procurement costs, accumulated amortization | 9,700 | 7,300 |
Other Assets | ||
Intangible assets, net of accumulated amortization of $8,109 and $7,220 | 8,280 | 12,814 |
Deposits on future acquisitions | 5,284 | 5,049 |
Accounts receivable | 5,106 | 12,106 |
Prepaid insurance | 1,053 | 1,140 |
Prepaid real estate taxes | 3,640 | 2,800 |
Others | 13,151 | 9,722 |
Total | 36,514 | 43,631 |
Accumulated amortization | $ 8,109 | $ 7,220 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Advertising and Marketing Costs | ||||
Advertising and marketing expenses | $ 9.4 | $ 8.6 | $ 7.7 | |
Equity Offering Costs | ||||
Equity offering costs | $ 1.6 | 2.5 | 6 | |
Capitalized Interest | ||||
Interest costs, capitalized | $ 4.6 | $ 2.6 | $ 1.3 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Oct. 02, 2015$ / £ | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)$ / £shares | Dec. 31, 2014USD ($)$ / £shares | Dec. 31, 2013$ / £ | |
Income Taxes | |||||
Net tax basis in the entity's assets | $ 3,200 | $ 2,700 | |||
Percentage of distributions characterized as ordinary income dividends | 98.663% | ||||
Percentage of distributions characterized as capital gain dividends | 1.337% | ||||
Series A Cumulative Redeemable Preferred shares, percentage | 7.75% | 7.75% | |||
Percentage of distributions characterized as ordinary income distributions to preferred shareholders | 7.683% | ||||
Percentage of distributions characterized as capital gain distribution to preferred shareholders | 0.104% | ||||
Percentage of distributions characterized as cash liquidation distribution to preferred shareholders | 92.213% | ||||
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 | $ 1.3 | $ 1.7 | |||
Earnings per Share and Unit | |||||
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares) | shares | 1,756,000 | ||||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | shares | 1,287,000 | 1,551,000 | |||
Foreign currency | |||||
Foreign currency exchange rate (U.S. Dollars per pound) | $ / £ | 1.521600 | 1.558642 | |||
Foreign currency average exchange rate (U.S. Dollars per pound) | $ / £ | 1.529755 | 1.529755 | 1.643106 | 1.588598 | |
Unrealized gain(loss) on foreign currency translation | $ (0.2) | ||||
Realized gain (loss) on foreign currency translation | $ (1.2) | ||||
Interest rate swap | Designated | Cash flow | |||||
Derivative Financial Instruments | |||||
Notional principal amounts | $ 300 | $ 400 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loan procurement costs, net of amortization | $ 2,150 | $ 2,800 |
Accounting Standards Update 2015-03 | Reclassifications | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loan procurement costs, net of amortization | (10,700) | |
Debt | (10,700) | |
CubeSmart, L.P. and Subsidiaries | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loan procurement costs, net of amortization | $ 2,150 | $ 2,800 |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New York | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 16.00% | 16.00% | 17.00% |
Florida | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 17.00% | 18.00% | 17.00% |
California | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 8.00% | 8.00% | 8.00% |
Texas | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 10.00% | 10.00% | 10.00% |
STORAGE FACILITIES - Summary (D
STORAGE FACILITIES - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
STORAGE FACILITIES | ||
Storage facilities | $ 3,998,180 | $ 3,467,032 |
Less: Accumulated depreciation | (671,364) | (594,049) |
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively) | 3,326,816 | 2,872,983 |
Land | ||
STORAGE FACILITIES | ||
Storage facilities | 649,744 | 588,503 |
Buildings and improvements | ||
STORAGE FACILITIES | ||
Storage facilities | 2,928,275 | 2,534,193 |
Equipment | ||
STORAGE FACILITIES | ||
Storage facilities | 217,867 | 243,442 |
Construction in progress | ||
STORAGE FACILITIES | ||
Storage facilities | $ 202,294 | $ 100,894 |
STORAGE FACILITIES - Activity (
STORAGE FACILITIES - Activity (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016property | Dec. 31, 2016facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)facility | Dec. 31, 2014USD ($)facility | |
2016 Acquisitions | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | 28 | 28 | |||
Purchase Price | $ 403,550 | ||||
2016 Acquisitions | Metro DC Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 21,000 | ||||
2016 Acquisitions | Texas Asset Nineteen | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | 24,800 | ||||
2016 Acquisitions | New York Asset Four | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 48,500 | ||||
2016 Acquisitions | Texas Asset Twenty | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 11,600 | ||||
2016 Acquisitions | Connecticut Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 19,000 | ||||
2016 Acquisitions | Texas Asset Twenty-one | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 11,600 | ||||
2016 Acquisitions | Florida Assets Thirteen | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 3 | ||||
Purchase Price | 47,925 | ||||
2016 Acquisitions | Colorado Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 11,350 | ||||
2016 Acquisitions | Texas Asset Twenty-Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 11,600 | ||||
2016 Acquisitions | Texas Asset Twenty-Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 10,100 | ||||
2016 Acquisitions | Texas Asset Twenty-Four | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 10,800 | ||||
2016 Acquisitions | Illinois Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 12,350 | ||||
2016 Acquisitions | Illinois Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 16,000 | ||||
2016 Acquisitions | Massachusetts Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 14,300 | ||||
2016 Acquisitions | Nevada Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | 23,200 | ||||
2016 Acquisitions | Arizona Asset Seven | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 14,525 | ||||
2016 Acquisitions | Minnesota Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 15,150 | ||||
2016 Acquisitions | Colorado Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 15,600 | ||||
2016 Acquisitions | Texas Asset Twenty-Five | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 6,100 | ||||
2016 Acquisitions | Texas Asset Twenty Six | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 5,300 | ||||
2016 Acquisitions | Nevada Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 13,250 | ||||
2016 Acquisitions | North Carolina Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 10,600 | ||||
2016 Acquisitions | Arizona Asset Eight | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | 14,000 | ||||
2016 Acquisitions | Nevada Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 14,900 | ||||
2015 Acquisitions | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 29 | ||||
Purchase Price | $ 292,362 | ||||
2015 Acquisitions | Texas Asset Seventeen | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,295 | ||||
2015 Acquisitions | HSRE Assets Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 4 | ||||
Purchase Price | $ 27,500 | ||||
2015 Acquisitions | Arizona Asset Five | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,900 | ||||
2015 Acquisitions | Tennessee Assets | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 6,575 | ||||
2015 Acquisitions | Texas Asset Eighteen | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 15,795 | ||||
2015 Acquisitions | Florida Assets Eleven | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,300 | ||||
2015 Acquisitions | Arizona Asset Six | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 10,100 | ||||
2015 Acquisitions | Florida Assets Twelve | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 10,500 | ||||
2015 Acquisitions | Texas Asset Eight | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 14,200 | ||||
2015 Acquisitions | Maryland Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 17,000 | ||||
2015 Acquisitions | Maryland Asset Four | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 19,200 | ||||
2015 Acquisitions | New York/New Jersey Assets | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | $ 24,823 | ||||
2015 Acquisitions | New Jersey Assets | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 14,350 | ||||
2015 Acquisitions | PSI Assets | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 12 | ||||
Purchase Price | $ 109,824 | ||||
2014 Acquisitions | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 53 | ||||
Purchase Price | $ 568,226 | ||||
2014 Acquisitions | Arizona Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 14,750 | ||||
2014 Acquisitions | Texas Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 8,225 | ||||
2014 Acquisitions | Connecticut Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 4,950 | ||||
2014 Acquisitions | Florida Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | $ 14,450 | ||||
2014 Acquisitions | Florida Assets Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 14,000 | ||||
2014 Acquisitions | California Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 8,300 | ||||
2014 Acquisitions | Maryland Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 15,800 | ||||
2014 Acquisitions | Maryland Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 15,500 | ||||
2014 Acquisitions | Pennsylvania Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,350 | ||||
2014 Acquisitions | Texas Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 6,450 | ||||
2014 Acquisitions | New York Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | $ 55,000 | ||||
2014 Acquisitions | Florida Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 11,406 | ||||
2014 Acquisitions | Massachusetts Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 11,100 | ||||
2014 Acquisitions | Indiana Asset | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 8,400 | ||||
2014 Acquisitions | Florida Assets Four | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 3 | ||||
Purchase Price | $ 35,000 | ||||
2014 Acquisitions | Florida Assets Five | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 2 | ||||
Purchase Price | $ 15,800 | ||||
2014 Acquisitions | Massachusetts Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 23,100 | ||||
2014 Acquisitions | Texas Asset Three | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,700 | ||||
2014 Acquisitions | Texas Asset Four | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 8,500 | ||||
2014 Acquisitions | Texas Asset Five | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||||
Purchase Price | $ 7,750 | ||||
2014 Acquisitions | HSRE Assets | |||||
STORAGE FACILITIES | |||||
Number of Facilities, acquisitions (in properties) | facility | 22 | ||||
Purchase Price | $ 195,500 | ||||
2014 Acquisitions | Texas Asset Six | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 1 | ||||
Purchase Price | $ 18,650 | ||||
2014 Acquisitions | Florida Assets Six | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 3 | ||||
Purchase Price | $ 18,200 | ||||
2014 Acquisitions | New York Asset Two | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 1 | ||||
Purchase Price | $ 38,000 | ||||
2014 Acquisitions | Texas Asset Seven | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 1 | ||||
Purchase Price | $ 4,345 | ||||
Dispositions | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 8 | ||||
Sale Price | $ 37,800 | ||||
Dispositions | Texas Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 7 | ||||
Sale Price | $ 28,000 | ||||
Dispositions | Florida Asset One | |||||
STORAGE FACILITIES | |||||
Number of Facilities, dispositions (in properties) | facility | 1 | ||||
Sale Price | $ 9,800 |
INVESTMENT ACTIVITY (Details)
INVESTMENT ACTIVITY (Details) £ in Millions | Aug. 12, 2016USD ($) | Apr. 16, 2016GBP (£)shares | Apr. 05, 2016USD ($) | Dec. 15, 2015USD ($)facility | Oct. 08, 2015USD ($)item | Oct. 02, 2015GBP (£) | Oct. 02, 2015USD ($) | May 14, 2015USD ($)shares | Mar. 18, 2015USD ($)facility | Nov. 03, 2014USD ($)facility | Aug. 25, 2014USD ($)facility | Jun. 30, 2014GBP (£)property | Jun. 30, 2014USD ($)property | Jan. 31, 2016item | Dec. 31, 2015USD ($)item | Jun. 30, 2014USD ($)facility | Jan. 31, 2016item | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($)facilityshares | Mar. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | Jun. 30, 2015USD ($)facility | Mar. 31, 2014USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2016USD ($)property | Dec. 31, 2016USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)facility | Dec. 31, 2014USD ($)propertyfacility | Dec. 31, 2013USD ($) | Dec. 31, 2008 | Dec. 31, 2016USD ($)facility |
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 7 | |||||||||||||||||||||||||||||||||
Proceeds from sales of facilities, net | $ 9,041,000 | $ 13,475,000 | ||||||||||||||||||||||||||||||||
Total Construction Costs | $ 155,600,000 | |||||||||||||||||||||||||||||||||
Storage facilities | $ 3,467,032,000 | $ 3,998,180,000 | $ 3,467,032,000 | $ 3,998,180,000 | $ 3,998,180,000 | $ 3,998,180,000 | $ 3,998,180,000 | $ 3,998,180,000 | $ 3,998,180,000 | 3,467,032,000 | 3,998,180,000 | |||||||||||||||||||||||
Restricted cash | 24,600,000 | 7,893,000 | $ 24,600,000 | 7,893,000 | 7,893,000 | 7,893,000 | 7,893,000 | 7,893,000 | 7,893,000 | 24,600,000 | 7,893,000 | |||||||||||||||||||||||
Gain from sale of real estate, net | 17,567,000 | 475,000 | ||||||||||||||||||||||||||||||||
OP units issued (in shares) | shares | 61,224 | 20,408 | ||||||||||||||||||||||||||||||||
Issuance of OP Shares | £ 1.5 | $ 500,000 | ||||||||||||||||||||||||||||||||
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates | ||||||||||||||||||||||||||||||||||
Total revenue | 15,270,000 | 9,110,000 | $ 21,156,000 | |||||||||||||||||||||||||||||||
Net loss | (9,804,000) | $ (6,563,000) | $ (12,350,000) | |||||||||||||||||||||||||||||||
USIFB, LLP | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Aggregate sale price | £ 6.5 | $ 9,900,000 | ||||||||||||||||||||||||||||||||
Proceeds from sales of facilities, net | $ 7,000,000 | |||||||||||||||||||||||||||||||||
Number of assets sold | facility | 1 | |||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% | 97.00% | 97.00% | ||||||||||||||||||||||||||||||
Gain from sale of real estate, net | $ 3,000,000 | |||||||||||||||||||||||||||||||||
Foreign currency translation loss | $ 1,200,000 | |||||||||||||||||||||||||||||||||
PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Development costs | 181,000,000 | 181,000,000 | $ 181,000,000 | $ 181,000,000 | $ 181,000,000 | $ 181,000,000 | 181,000,000 | 181,000,000 | ||||||||||||||||||||||||||
Expected construction cost | 312,700,000 | |||||||||||||||||||||||||||||||||
HSRE | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 26 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 195,500,000 | $ 223,000,000 | ||||||||||||||||||||||||||||||||
Intangible value of the in-place leases | $ 14,500,000 | |||||||||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | $ 12,100,000 | $ 2,400,000 | ||||||||||||||||||||||||||||||||
Number of facilities closed | facility | 22 | |||||||||||||||||||||||||||||||||
Self-storage facilities located in New York | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 51.00% | |||||||||||||||||||||||||||||||||
Self-storage Facility in Arlington, VA | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | |||||||||||||||||||||||||||||||||
Total Construction Costs | $ 17,100,000 | |||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | |||||||||||||||||||||||||||||||||
Self-storage Facility in Washington DC | PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
OP units issued (in shares) | shares | 61,224 | |||||||||||||||||||||||||||||||||
Issuance of OP Shares | $ 1,500,000 | |||||||||||||||||||||||||||||||||
Self-storage Facility in Queens, NY | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | 1 | ||||||||||||||||||||||||||||||||
Total Construction Costs | $ 31,800,000 | $ 17,400,000 | ||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | 90.00% | ||||||||||||||||||||||||||||||||
Minority ownership interest (as a percent) | 49.00% | |||||||||||||||||||||||||||||||||
Amount of net proceeds applied to acquisitions closed during the year | $ 12,500,000 | |||||||||||||||||||||||||||||||||
Self-storage Facility in Brooklyn, NY | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | |||||||||||||||||||||||||||||||||
Total Construction Costs | $ 14,800,000 | |||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | |||||||||||||||||||||||||||||||||
Self-storage Facility in Bronx, NY | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | 1 | ||||||||||||||||||||||||||||||||
Total Construction Costs | $ 32,200,000 | $ 17,200,000 | ||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
Minority ownership interest (as a percent) | 49.00% | |||||||||||||||||||||||||||||||||
Amount of net proceeds applied to acquisitions closed during the year | $ 17,000,000 | |||||||||||||||||||||||||||||||||
5 Old Lancaster Road located in Malvern, PA | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | |||||||||||||||||||||||||||||||||
Total Construction Costs | $ 25,100,000 | |||||||||||||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | |||||||||||||||||||||||||||||||||
2016 Acquisitions | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | 28 | 28 | ||||||||||||||||||||||||||||||||
Aggregate purchase price | 403,550,000 | |||||||||||||||||||||||||||||||||
Intangible value of the in-place leases | 18,800,000 | $ 18,800,000 | $ 18,800,000 | $ 18,800,000 | $ 18,800,000 | $ 18,800,000 | 18,800,000 | 18,800,000 | ||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | 10,500,000 | |||||||||||||||||||||||||||||||||
Number of properties, assumed mortgage | facility | 1 | |||||||||||||||||||||||||||||||||
Assumed mortgage debt, at fair value | 6,500,000 | $ 6,500,000 | 6,500,000 | 6,500,000 | $ 6,500,000 | 6,500,000 | 6,500,000 | 6,500,000 | ||||||||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | 6,300,000 | ||||||||||||||||||||||||||
Premium on debt assumed on acquisitions | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||
Number of facilities not yet closed | 3 | |||||||||||||||||||||||||||||||||
Measurement period adjustments | 14,700,000 | |||||||||||||||||||||||||||||||||
Business Combination, Measurement Period Adjustments Recorded | 14,700,000 | |||||||||||||||||||||||||||||||||
2016 Acquisitions | Self storage under construction | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Aggregate purchase price | 61,100,000 | |||||||||||||||||||||||||||||||||
Deposit | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | 1,800,000 | $ 1,800,000 | ||||||||||||||||||||||||||
Number of facilities under contract | 4 | |||||||||||||||||||||||||||||||||
Number of facilities with a loan outstanding | facility | 1 | |||||||||||||||||||||||||||||||||
Proceeds from collection of loans receivable | 4,100,000 | |||||||||||||||||||||||||||||||||
2015 Acquisitions | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 29 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 292,362,000 | |||||||||||||||||||||||||||||||||
2015 Acquisitions | PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 109,800,000 | |||||||||||||||||||||||||||||||||
Intangible value of the in-place leases | $ 6,700,000 | |||||||||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | 6,100,000 | 600,000 | ||||||||||||||||||||||||||||||||
2015 Acquisitions | HSRE | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 26 | |||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 22 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 27,500,000 | $ 195,500,000 | $ 223,000,000 | $ 2,700,000 | ||||||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | 700,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||||
Number of properties, assumed mortgage | facility | 4 | |||||||||||||||||||||||||||||||||
2015 Acquisitions | Self storage under construction | PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 1 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 6,000,000 | |||||||||||||||||||||||||||||||||
2015 Acquisitions | Self-storage facilities located in US | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 13 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 155,000,000 | |||||||||||||||||||||||||||||||||
Intangible value of the in-place leases | 10,700,000 | $ 10,700,000 | $ 10,700,000 | |||||||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | 6,000,000 | $ 4,700,000 | ||||||||||||||||||||||||||||||||
Number of properties, assumed mortgage | facility | 1 | |||||||||||||||||||||||||||||||||
Assumed mortgage debt, at fair value | 2,700,000 | 2,700,000 | $ 2,700,000 | |||||||||||||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 2,500,000 | 2,500,000 | 2,500,000 | |||||||||||||||||||||||||||||||
Premium on debt assumed on acquisitions | $ 200,000 | $ 200,000 | 200,000 | |||||||||||||||||||||||||||||||
Number of facilities not yet closed | 1 | |||||||||||||||||||||||||||||||||
2015 Dispositions | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | item | 2 | 1 | 3 | |||||||||||||||||||||||||||||||
Aggregate sale price | 36,400,000 | |||||||||||||||||||||||||||||||||
2015 Dispositions | Properties in Texas and Florida | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Aggregate sale price | $ 37,800,000 | |||||||||||||||||||||||||||||||||
Gain from sale of real estate, net | $ 14,400,000 | |||||||||||||||||||||||||||||||||
2014 Acquisitions | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 53 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 568,226,000 | |||||||||||||||||||||||||||||||||
2014 Dispositions | Asset in London, England | USIFB, LLP | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Aggregate sale price | £ 4.1 | $ 7,000,000 | ||||||||||||||||||||||||||||||||
Proceeds from sales of facilities, net | $ 7,000,000 | |||||||||||||||||||||||||||||||||
Number of assets sold | property | 1 | 1 | ||||||||||||||||||||||||||||||||
Gain from sale of real estate, net | $ 500,000 | |||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | property | 28 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | 403,600,000 | |||||||||||||||||||||||||||||||||
Self-storage facilities | 2015 Acquisitions | PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities | facility | 12 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 115,800,000 | |||||||||||||||||||||||||||||||||
Self-storage facilities | 2014 Acquisitions | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of self-storage facilities acquired | property | 31 | |||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 372,700,000 | |||||||||||||||||||||||||||||||||
Intangible value of the in-place leases | $ 23,800,000 | |||||||||||||||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||||||||||||||
Amortization expense | $ 10,400,000 | $ 13,400,000 | ||||||||||||||||||||||||||||||||
Number of properties, assumed mortgage | property | 4 | |||||||||||||||||||||||||||||||||
Assumed mortgage debt, at fair value | $ 27,500,000 | |||||||||||||||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 26,000,000 | |||||||||||||||||||||||||||||||||
Premium on debt assumed on acquisitions | $ 1,500,000 | |||||||||||||||||||||||||||||||||
Texas | 2015 Dispositions | Properties in Texas and Florida | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of assets sold | item | 7 | |||||||||||||||||||||||||||||||||
Florida | 2015 Dispositions | Properties in Texas and Florida | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of assets sold | item | 1 | |||||||||||||||||||||||||||||||||
New York | Self storage under construction | PSI | ||||||||||||||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||||||||||||||
Number of facilities under contract | $ 5 |
INVESTMENT IN UNCONSOLIDATED 56
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands | Dec. 15, 2016USD ($)facility | Nov. 29, 2016USD ($)facility | Jun. 15, 2016USD ($)facility | Apr. 21, 2016USD ($)facility | Mar. 30, 2016USD ($)facility | Jan. 26, 2016USD ($)facility | Dec. 08, 2015USD ($)facility | Aug. 25, 2014facility | May 01, 2014USD ($)facility | Dec. 10, 2013USD ($)propertyfacility | Mar. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)facility | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)facility | Nov. 03, 2014USD ($) |
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Investment in real estate entities | $ 97,281 | $ 98,682 | $ 97,281 | $ 98,682 | |||||||||||||
Number of storage facilities owned by investee | facility | 7 | ||||||||||||||||
Acquisitions of storage facilities | 366,666 | 275,726 | $ 547,515 | ||||||||||||||
Payment made for acquisition of interest in real estate ventures | 12,176 | 8,433 | 2,550 | ||||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||||||
Company’s share of net income (loss) | (2,662) | $ (411) | (6,255) | ||||||||||||||
HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Ownership interest in partnership (as a percent) | 10.00% | ||||||||||||||||
Number of self-storage facilities acquired | facility | 13 | ||||||||||||||||
Acquisitions of storage facilities | $ 87,500 | ||||||||||||||||
Intangible value of the in-place leases | $ 6,000 | ||||||||||||||||
HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Ownership interest in partnership (as a percent) | 10.00% | 10.00% | |||||||||||||||
Number of self-storage facilities acquired | facility | 1 | 1 | 5 | 30 | 1 | 30 | |||||||||||
Number of self-storage facilities acquired, assumed mortgage debt | facility | 6 | ||||||||||||||||
Acquisitions of storage facilities | $ 2,700 | $ 7,000 | $ 36,100 | $ 112,800 | $ 5,700 | $ 193,700 | |||||||||||
Number of properties to be acquired under the contract | facility | 31 | 37 | 37 | ||||||||||||||
Contract amount to purchase real estate | $ 115,500 | $ 242,500 | $ 242,500 | ||||||||||||||
Intangible value of the in-place leases | 10,600 | 18,900 | 18,900 | ||||||||||||||
Assumed mortgage debt, at fair value | 25,300 | $ 25,300 | |||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 23,700 | 23,700 | |||||||||||||||
Premium on debt assumed on acquisitions | 1,600 | 1,600 | |||||||||||||||
Investment in joint venture | 5,400 | 10,700 | 16,100 | $ 10,700 | 16,100 | ||||||||||||
Initial advance | 116,000 | ||||||||||||||||
Venture's loan | $ 122,000 | ||||||||||||||||
Amount of loan obtained | 63,500 | ||||||||||||||||
HVP | Maximum | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Venture's loan | $ 185,500 | ||||||||||||||||
HVP | LIBOR | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Interest rate (as percentage) | 2.00% | 2.00% | |||||||||||||||
HHF | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | property | 35 | ||||||||||||||||
Payment made for acquisition of interest in real estate ventures | $ 315,700 | ||||||||||||||||
Intangible value of the in-place leases | $ 12,100 | ||||||||||||||||
Proceeds after closing costs distributed proportionately to partners | $ 99,200 | ||||||||||||||||
HHF | Secured loan 3.59% due April 30, 2021 | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Amount of loan obtained | $ 100,000 | ||||||||||||||||
Interest on real estate venture debt | 3.59% | ||||||||||||||||
Michigan | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 17 | 17 | |||||||||||||||
Connecticut | HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | facility | 3 | ||||||||||||||||
Massachusetts | HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | facility | 6 | ||||||||||||||||
Massachusetts | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 7 | 7 | |||||||||||||||
Rhode Island | HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | facility | 2 | ||||||||||||||||
Vermont | HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | facility | 2 | ||||||||||||||||
Tennessee | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 10 | 10 | |||||||||||||||
Florida | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 3 | 3 | |||||||||||||||
Texas | HHF | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of storage facilities owned by investee | facility | 34 | ||||||||||||||||
Number of self-storage facilities acquired | facility | 34 | ||||||||||||||||
North Carolina | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 4 | ||||||||||||||||
North Carolina | HHF | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of self-storage facilities acquired | facility | (1) | ||||||||||||||||
South Carolina | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 22 | ||||||||||||||||
Georgia | HVP | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Number of properties to be acquired under the contract | facility | 5 | ||||||||||||||||
HHFNE, HVP and HHF Ventures | |||||||||||||||||
Assets | |||||||||||||||||
Storage facilities, net | $ 456,452 | 667,975 | $ 456,452 | 667,975 | |||||||||||||
Other assets | 17,536 | 17,003 | 17,536 | 17,003 | |||||||||||||
Total Assets | 473,988 | 684,978 | 473,988 | 684,978 | |||||||||||||
Liabilities and equity | |||||||||||||||||
Other liabilities | 4,470 | 6,516 | 4,470 | 6,516 | |||||||||||||
Debt | 210,525 | 345,631 | 210,525 | 345,631 | |||||||||||||
Equity | |||||||||||||||||
CubeSmart | 97,281 | 98,682 | 97,281 | 98,682 | |||||||||||||
Joint venture partner | 161,712 | 234,149 | 161,712 | 234,149 | |||||||||||||
Total liabilities and equity | $ 473,988 | 684,978 | 473,988 | $ 684,978 | |||||||||||||
Summary of results of operations of the real estate venture | |||||||||||||||||
Total revenues | 64,931 | 31,249 | 26,852 | ||||||||||||||
Operating expenses | 29,900 | 15,042 | 11,754 | ||||||||||||||
Interest expense, net | 9,432 | 3,846 | 2,522 | ||||||||||||||
Depreciation and amortization | 53,701 | 16,214 | 25,086 | ||||||||||||||
Net income (loss) | (28,102) | (3,853) | (12,510) | ||||||||||||||
Company’s share of net income (loss) | $ (2,662) | $ (411) | $ (6,255) | ||||||||||||||
HHFNE | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Investment in joint venture | $ 3,800 | ||||||||||||||||
Initial advance | $ 44,500 | ||||||||||||||||
HHFNE | LIBOR | |||||||||||||||||
Investment in Unconsolidated Real Estate Venture | |||||||||||||||||
Interest rate (as percentage) | 1.90% | ||||||||||||||||
HHF | |||||||||||||||||
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 | facility | 26 | ||||||||||||||||
Intangible value of the in-place leases | $ 14,500 |
UNSECURED SENIOR NOTES (Details
UNSECURED SENIOR NOTES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Mortgage loans and Notes payable | ||
Less: Loan procurement costs, net | $ (2,150) | $ (2,800) |
Total unsecured senior notes, net | 1,039,076 | 741,904 |
Senior Notes | ||
Mortgage loans and Notes payable | ||
Carrying value | 1,050,000 | 750,000 |
Less: Discount on issuance of notes, net | (3,971) | (2,888) |
Less: Loan procurement costs, net | (6,953) | (5,208) |
Total unsecured senior notes, net | $ 1,039,076 | 741,904 |
Senior Notes | Maximum | ||
Mortgage loans and Notes payable | ||
Consolidated leverage ratio | 0.60 | |
Secured debt leverage ratio | 0.40 | |
Senior Notes | Minimum | ||
Mortgage loans and Notes payable | ||
Consolidated interest coverage ratio | 1.50 | |
Financial and customary covenant, minimum unencumbered asset (as a percent) | 150.00% | |
Senior notes 4.800% due 2022 | ||
Mortgage loans and Notes payable | ||
Senior notes, principal amount | $ 250,000 | $ 250,000 |
Interest rate (as a percent) | 4.80% | 4.80% |
Carrying value | $ 250,000 | $ 250,000 |
Effective interest rate of senior notes (as a percent) | 4.82% | |
Senior notes 4.375% due 2023 | ||
Mortgage loans and Notes payable | ||
Senior notes, principal amount | $ 250,000 | $ 250,000 |
Interest rate (as a percent) | 4.375% | 4.375% |
Carrying value | $ 250,000 | $ 250,000 |
Effective interest rate of senior notes (as a percent) | 4.50% | |
Senior notes 4.000% due 2025 | ||
Mortgage loans and Notes payable | ||
Senior notes, principal amount | $ 250,000 | $ 250,000 |
Interest rate (as a percent) | 4.00% | 4.00% |
Carrying value | $ 250,000 | $ 250,000 |
Effective interest rate of senior notes (as a percent) | 4.03% | |
Senior Notes 3.125% Due 2026 | ||
Mortgage loans and Notes payable | ||
Senior notes, principal amount | $ 300,000 | $ 300,000 |
Interest rate (as a percent) | 3.125% | 3.125% |
Carrying value | $ 300,000 | |
Effective interest rate of senior notes (as a percent) | 3.18% |
REVOLVING CREDIT FACILITY AND58
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) | Apr. 22, 2015USD ($) | Apr. 21, 2015USD ($) | Dec. 17, 2013USD ($) | Jun. 20, 2011USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 09, 2011USD ($) |
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement costs capitalized | $ 24,700,000 | $ 20,700,000 | |||||
Loan procurement costs, net of amortization | 2,150,000 | 2,800,000 | |||||
Unsecured term loan borrowings outstanding | 398,749,000 | 398,183,000 | |||||
Term Loan | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement costs, net of amortization | 1,300,000 | 1,800,000 | |||||
Term Loan Facility | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Loan procurement costs capitalized | 2,300,000 | ||||||
Write off of unamortized cost | $ 100,000 | ||||||
Term Loan Facility | Minimum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Tangible net worth | $ 821,211,200 | ||||||
Term Loan Facility | Maximum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
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 | Baa2/BBB | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Variable interest rate basis | LIBOR | ||||||
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 | Baa2/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 | ||||||
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 | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Effective weighted average interest rate (as a percent) | 2.67% | ||||||
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 | 1.50 | ||||||
Credit Facility | Maximum | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Total indebtedness to total asset value ratio (as a percent) | 60.00% | ||||||
Credit Facility | Revolver | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | $ 500,000,000 | $ 300,000,000 | $ 300,000,000 | ||||
Interest rate, basis spread (as a percent) | 1.25% | ||||||
Variable interest rate basis | LIBOR | ||||||
Facility fee (as a percent) | 0.15% | 0.20% | 0.15% | ||||
Remaining borrowing capacity | $ 456,000,000 | ||||||
Outstanding letter of credit | $ 700,000 | ||||||
Credit Facility | Term Loan C | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | 100,000,000 | ||||||
Repayment of outstanding debt | $ 100,000,000 | ||||||
Credit Facility | Term Loan D | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||
Interest rate, basis spread (as a percent) | 1.30% | ||||||
Variable interest rate basis | LIBOR | ||||||
Credit Facility | Unsecured term loan | |||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | |||||||
Unsecured term loan borrowings outstanding | $ 200,000,000 |
MORTGAGE LOANS AND NOTES PAYA59
MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage loans and Notes payable | ||
Less: Loan procurement costs, net | $ (2,150) | $ (2,800) |
Total mortgage loans and notes payable | 114,618 | 111,455 |
Net book value of self-storage facilities | 3,326,816 | 2,872,983 |
Mortgages | ||
Mortgage loans and Notes payable | ||
Carrying value | 111,586 | 109,993 |
Plus: Unamortized fair value adjustment | 3,742 | 2,219 |
Less: Loan procurement costs, net | (710) | (757) |
Total mortgage loans and notes payable | 114,618 | 111,455 |
Net book value of self-storage facilities used to secure debt | $ 233,100 | 195,400 |
YSI 59 | ||
Mortgage loans and Notes payable | ||
Carrying value | 9,012 | |
Effective interest rate (as a percent) | 4.82% | |
YSI 60 | ||
Mortgage loans and Notes payable | ||
Carrying value | 3,546 | |
Effective interest rate (as a percent) | 5.04% | |
YSI 51 | ||
Mortgage loans and Notes payable | ||
Carrying value | 6,984 | |
Effective interest rate (as a percent) | 5.15% | |
YSI 64 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,781 | |
Effective interest rate (as a percent) | 3.54% | |
YSI 62 | ||
Mortgage loans and Notes payable | ||
Carrying value | 7,835 | |
Effective interest rate (as a percent) | 3.54% | |
YSI 67 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 6,216 | |
Effective interest rate (as a percent) | 2.55% | |
YSI 33 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 9,860 | 10,154 |
Effective interest rate (as a percent) | 6.42% | |
YSI 26 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 8,423 | 8,606 |
Effective interest rate (as a percent) | 4.56% | |
YSI 57 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 2,957 | 3,021 |
Effective interest rate (as a percent) | 4.61% | |
YSI 55 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 22,952 | 23,369 |
Effective interest rate (as a percent) | 4.85% | |
YSI 24 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 26,464 | 27,185 |
Effective interest rate (as a percent) | 4.64% | |
YSI 65 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 2,457 | $ 2,500 |
Effective interest rate (as a percent) | 3.85% | |
YSI 66 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 32,257 | |
Effective interest rate (as a percent) | 3.51% |
MORTGAGE LOANS AND NOTES PAYA60
MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
Less: Loan procurement costs, net | $ (2,150) | $ (2,800) |
Total mortgage indebtedness | 114,618 | 111,455 |
Mortgages | ||
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
2,017 | 8,576 | |
2,018 | 2,490 | |
2,019 | 11,485 | |
2,020 | 12,616 | |
2,021 | 44,873 | |
2022 and thereafter | 31,546 | |
Total mortgage payments | 111,586 | 109,993 |
Plus: Unamortized fair value adjustment | 3,742 | 2,219 |
Less: Loan procurement costs, net | (710) | (757) |
Total mortgage indebtedness | $ 114,618 | $ 111,455 |
ACCUMULATED OTHER COMPREHENSI61
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | $ (4,978) |
Ending balance | (1,850) |
Unrealized losses on interest rate swaps | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | (4,978) |
Other comprehensive loss before reclassifications | (1,231) |
Amounts reclassified from accumulated other comprehensive loss | 4,359 |
Net current-period other comprehensive income (loss) | 3,128 |
Ending balance | $ (1,850) |
RISK MANAGEMENT AND USE OF FI62
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative financial instruments | ||
Unrealized losses reclassified from accumulated other comprehensive loss | $ 4,400 | |
Amount estimated to be reclassified as an increase to interest expense | 1,800 | |
Designated | Cash flow | ||
Derivative financial instruments | ||
Notional Amount | 300,000 | $ 400,000 |
Fair Value | $ (2,280) | (5,445) |
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 | |
Swap, Strike rate (as a percent) | 1.8025% | |
Fair Value | (243) | |
Designated | Cash flow | Hedge Product, Swap two | ||
Derivative financial instruments | ||
Notional Amount | 40,000 | |
Swap, Strike rate (as a percent) | 1.8025% | |
Fair Value | (243) | |
Designated | Cash flow | Hedge Product, Swap three | ||
Derivative financial instruments | ||
Notional Amount | 20,000 | |
Swap, Strike rate (as a percent) | 1.8025% | |
Fair Value | (122) | |
Designated | Cash flow | Hedge Product, Swap four | ||
Derivative financial instruments | ||
Notional Amount | $ 75,000 | 75,000 |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (103) | (540) |
Designated | Cash flow | Hedge Product, Swap five | ||
Derivative financial instruments | ||
Notional Amount | $ 50,000 | 50,000 |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (69) | (360) |
Designated | Cash flow | Hedge Product, Swap six | ||
Derivative financial instruments | ||
Notional Amount | $ 50,000 | 50,000 |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (69) | (360) |
Designated | Cash flow | Hedge Product, Swap seven | ||
Derivative financial instruments | ||
Notional Amount | $ 25,000 | 25,000 |
Swap, Strike rate (as a percent) | 1.3375% | |
Fair Value | $ (34) | (180) |
Designated | Cash flow | Hedge Product, Swap eight | ||
Derivative financial instruments | ||
Notional Amount | $ 40,000 | 40,000 |
Swap, Strike rate (as a percent) | 2.459% | |
Fair Value | $ (797) | (1,350) |
Designated | Cash flow | Hedge Product, Swap nine | ||
Derivative financial instruments | ||
Notional Amount | $ 40,000 | 40,000 |
Swap, Strike rate (as a percent) | 2.4725% | |
Fair Value | $ (804) | (1,364) |
Designated | Cash flow | Hedge Product, Swap ten | ||
Derivative financial instruments | ||
Notional Amount | $ 20,000 | 20,000 |
Swap, Strike rate (as a percent) | 2.475% | |
Fair Value | $ (404) | $ (683) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Fair value of financial assets and liabilities carried at fair value | ||
Aggregate carrying value of total debt | $ 1,600,000 | $ 1,300,000 |
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 2016 | item | 0 | |
Level 2 | ||
Fair value of financial assets and liabilities carried at fair value | ||
Total liabilities at fair value | $ 2,280 | 5,445 |
Level 2 | Interest rate swap | ||
Fair value of financial assets and liabilities carried at fair value | ||
Derivative Liabilities | $ 2,280 | $ 5,445 |
NONCONTROLLING INTERESTS - Inte
NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands, £ in Millions | Oct. 02, 2015GBP (£) | Oct. 02, 2015USD ($) | Jun. 30, 2014USD ($)facility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2008property | Dec. 31, 2013GBP (£) | Dec. 31, 2013USD ($) |
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Gain (loss) from sale of land | $ 17,567 | $ 475 | |||||||
Proceeds from sales of facilities, net | 9,041 | 13,475 | |||||||
Gain from sale of real estate, net | 17,567 | 475 | |||||||
Reduction to additional paid in capital | $ 4,799 | $ 178 | $ 642 | ||||||
VIE | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 8 | ||||||||
Total assets | $ 204,101 | ||||||||
Total liabilities | $ 100,442 | ||||||||
Period of option to call ownership interest of another member | 1 year | ||||||||
Period of option to put ownership interest in venture | 1 year | ||||||||
VIE | 2225 46th Street LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||||
Total assets | $ 15,328 | ||||||||
Total liabilities | 1,859 | ||||||||
Option to put ownership interest in the venture | 14,200 | ||||||||
Option to call ownership interest of another member | 14,200 | ||||||||
Accrued accretion expenses | $ 1,800 | ||||||||
VIE | CS SJM E 92nd Street LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||
Total assets | $ 452 | ||||||||
Total liabilities | $ 315 | ||||||||
VIE | 2880 Exterior St. LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||||
Total assets | $ 35,010 | ||||||||
Total liabilities | 14,875 | ||||||||
Option to put ownership interest in the venture | 37,800 | ||||||||
Option to call ownership interest of another member | 37,800 | ||||||||
Accrued accretion expenses | $ 14,700 | ||||||||
VIE | 3068 Cropsey Ave LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 51.00% | ||||||||
Total assets | $ 23,814 | ||||||||
Total liabilities | 12,475 | ||||||||
Option to put ownership interest in the venture | 20,400 | ||||||||
Option to call ownership interest of another member | 20,400 | ||||||||
Accrued accretion expenses | $ 11,300 | ||||||||
VIE | 444 55th Street Holdings, LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||
Total assets | $ 81,100 | ||||||||
Total liabilities | 35,819 | ||||||||
Assumed mortgage debt, at fair value | 35,000 | ||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 32,500 | ||||||||
Premium on debt assumed on one of the acquisitions | $ 2,500 | ||||||||
Interest rate (as a percent) | 4.68% | ||||||||
VIE | CS SNL New York Ave LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||
Total assets | $ 14,135 | ||||||||
Total liabilities | $ 9,897 | ||||||||
VIE | 186 Jamaica Ave LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||
Total assets | $ 17,959 | ||||||||
Total liabilities | $ 12,316 | ||||||||
VIE | Shirlington Rd LLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | facility | 1 | ||||||||
Ownership interest held by the entity (as a percent) | 90.00% | ||||||||
Total assets | $ 16,303 | ||||||||
Total liabilities | 12,886 | ||||||||
USIFB, LLP | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Number of self-storage facilities owned and operated | property | 2 | ||||||||
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% | 97.00% | 97.00% | |||||
Carrying amount of mortgage loans | £ 4.1 | $ 6,800 | |||||||
Gain (loss) from sale of land | $ 3,000 | ||||||||
Number of assets sold | facility | 1 | ||||||||
Proceeds from sales of facilities, net | $ 7,000 | ||||||||
Gain from sale of real estate, net | 3,000 | ||||||||
Foreign currency translation loss | 1,200 | ||||||||
Aggregate sale price | £ 6.5 | $ 9,900 | |||||||
SRLLC | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Carrying amount of mortgage loans | 12,800 | ||||||||
Amount of mortgage loan commitment | 14,600 | ||||||||
SNL | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Carrying amount of mortgage loans | 9,700 | ||||||||
Amount of mortgage loan commitment | 9,800 | ||||||||
SNL II | |||||||||
Interests in Consolidated Real Estate Joint Ventures | |||||||||
Carrying amount of mortgage loans | 12,200 | ||||||||
Amount of mortgage loan commitment | $ 12,800 |
NONCONTROLLING INTERESTS - Oper
NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands, £ in Millions | Apr. 16, 2016GBP (£)shares | May 14, 2015USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Operating Partnership Ownership | |||||
OP units issued (in shares) | shares | 61,224 | 20,408 | |||
Issuance of OP Shares | £ 1.5 | $ 500 | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ (7,388) | $ 19,619 | $ 14,761 | ||
CubeSmart, L.P. and Subsidiaries | |||||
Operating Partnership Ownership | |||||
OP Units outstanding which are not owned by the general partner (as a percent) | 1.10% | 1.20% | |||
Issuance of OP Shares | $ 4,876 | ||||
OP units outstanding (in shares) | shares | 2,032,394 | 2,159,650 | |||
Number of trading days used to determine average of the closing prices of the common shares | 10 days | ||||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ (7,388) | $ 19,619 | $ 14,761 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
RELATED PARTY TRANSACTIONS | |||
Management fees | $ 2.9 | $ 1 | $ 0.9 |
Mortgage loans receivable from consolidated joint ventures | 34.7 | 29.6 | |
Amount due to the entity from joint venture | $ 3.3 | $ 1.9 | |
HVP | |||
RELATED PARTY TRANSACTIONS | |||
Acquisition fee (as a percent) | 0.50% | ||
Acquisition fees | $ 1.8 | ||
Number of Real Estate Properties Acquired | property | 68 | ||
Minimum | |||
RELATED PARTY TRANSACTIONS | |||
Management fee (as a percent) | 5.00% | ||
Maximum | |||
RELATED PARTY TRANSACTIONS | |||
Management fee (as a percent) | 6.00% |
COMMITMENTS AND CONTINGENCIES67
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
COMMITMENTS AND CONTINGENCIES | |||
Ground rent expense | $ 2,700 | $ 2,400 | $ 2,000 |
Total future minimum rental payments under non-cancelable ground leases | |||
2,017 | 2,137 | ||
2,018 | 2,355 | ||
2,019 | 2,365 | ||
2,020 | 2,430 | ||
2,021 | 2,476 | ||
2022 and thereafter | 112,313 | ||
Total | 124,076 | ||
Future milestone payments payable | $ 79,700 | ||
Self-storage facilities subject to ground lease | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | property | 7 | ||
Number of self-storage facilities under development subject to a ground lease | property | 1 | ||
Land | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | property | 2 |
SHARE-BASED COMPENSATION PLAN68
SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 22, 2016 | Jan. 23, 2015 | Jan. 24, 2014 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
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) | 1.80% | 1.50% | 1.90% | |||||
Expected dividend yield (as a percent) | 2.70% | 2.60% | 3.20% | |||||
Volatility (as a percent) | 33.00% | 33.00% | 37.98% | |||||
Weighted average expected life of the options | 6 years | 6 years | 6 years | |||||
Weighted average grant date fair value of options granted per share (in dollars per share) | $ 7.61 | $ 6.23 | $ 4.33 | |||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | $ 1.3 | $ 1 | $ 0.9 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 1.6 | |||||||
Unrecognized compensation cost | $ 1.6 | |||||||
Unrecognized compensation cost recorded, period | 3 years | |||||||
Number of Shares Under Option | ||||||||
Balance at the beginning of the period (in shares) | 2,421,944 | 3,692,301 | 4,904,613 | |||||
Options granted (in shares) | 213,008 | 202,485 | 223,590 | |||||
Options canceled (in shares) | (18,230) | (10,731) | ||||||
Options exercised (in shares) | (695,262) | (1,454,612) | (1,425,171) | |||||
Balance at the end of the period (in shares) | 1,939,690 | 2,421,944 | 3,692,301 | 4,904,613 | ||||
Vested or expected to vest at the end of the period (in shares) | 1,939,690 | |||||||
Exercisable at the end of the period (in shares) | 1,520,731 | |||||||
Weighted Average Exercise Price | ||||||||
Balance at the beginning of the period (in dollars per share) | $ 13.07 | $ 11.76 | $ 10.99 | |||||
Options granted (in dollars per share) | 30.32 | 25 | 15.73 | |||||
Options canceled (in dollars per share) | 19.75 | 17.38 | ||||||
Options exercised (in dollars per share) | 18.69 | 11.31 | 9.69 | |||||
Balance at the end of the period (in dollars per share) | 12.94 | $ 13.07 | $ 11.76 | $ 10.99 | ||||
Exercisable at the end of the period (in dollars per share) | 9.35 | |||||||
Vested or expected to vest at the end of the period (in dollars per share) | $ 12.94 | |||||||
Weighted Average Remaining Contractual Term | ||||||||
Balance at the end of the period | 4 years 10 months 6 days | 4 years 29 days | 4 years 1 month 28 days | 4 years 7 months 28 days | ||||
Options granted | 9 years 26 days | 9 years 29 days | 9 years 29 days | |||||
Options exercised | 3 months 15 days | 2 years 4 months 17 days | 3 years 2 months 16 days | |||||
Vested or expected to vest at the end of the period | 4 years 10 months 6 days | |||||||
Exercisable at the end of the period | 3 years 10 months 13 days | |||||||
Aggregate intrinsic value | ||||||||
Options, vested or expected to vest and exercisable (in dollars) | $ 27.6 | |||||||
Options exercised (in dollars) | $ 8.5 | |||||||
Share Options | Minimum | ||||||||
Share options, additional general disclosures | ||||||||
Vesting period | 3 years | |||||||
Restricted Shares | ||||||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | $ 3.6 | $ 2.7 | $ 3.5 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 5.2 | $ 3.2 | ||||||
Unrecognized compensation cost | $ 4.7 | |||||||
Unrecognized compensation cost recorded, period | 5 years | |||||||
Number of Non-Vested Restricted Shares | ||||||||
Non-vested at the beginning of the period (in shares) | 301,824 | |||||||
Granted (in shares) | 154,561 | 115,000 | ||||||
Vested (in shares) | (130,340) | |||||||
Forfeited (in shares) | (3,023) | |||||||
Non-vested at the end of the period (in shares) | 323,022 | 301,824 | ||||||
Restricted Shares | Minimum | ||||||||
Share options, additional general disclosures | ||||||||
Vesting period | 3 years | |||||||
Restricted Shares | Maximum | ||||||||
Share options, additional general disclosures | ||||||||
Vesting period | 5 years | |||||||
Restricted share units | ||||||||
Share options, additional general disclosures | ||||||||
Aggregate grant date fair value of share based awards issued (in dollars) | $ 1.6 | $ 1.3 | $ 0.9 | |||||
Number of Non-Vested Restricted Shares | ||||||||
Granted (in shares) | 37,008 | 35,614 | 47,487 | |||||
Restricted share, additional disclosure | ||||||||
Period for calculation of total return to shareholders | 3 years | 3 years | 3 years | |||||
2007 Plan | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Additional shares authorized | 4,500,000 | |||||||
Shares reserved for future issuance | 991,117 | |||||||
Shares available for future awards | 5,471,377 | |||||||
Maximum term of options | 10 years | |||||||
2007 Plan | Maximum | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 1,000,000 | |||||||
2007 Plan | Maximum | Non Employee Trustee | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of awards that may be granted to an individual per calendar year (in shares) | 250,000 | |||||||
2007 Plan | Restricted Shares | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of shares reserved for issuance | 498,228 | |||||||
2004 Plan | ||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||
Maximum number of shares reserved for issuance | 3,000,000 | |||||||
Number of Shares Under Option | ||||||||
Balance at the end of the period (in shares) | 20,000 |
EARNINGS PER SHARE AND UNIT A69
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | |||||||||||
Income from continuing operations | $ 88,376 | $ 78,756 | $ 26,366 | ||||||||
Noncontrolling interests in the Operating Partnership | (941) | (960) | (302) | ||||||||
Noncontrolling interest in subsidiaries | 470 | (84) | (16) | ||||||||
Distribution to preferred shareholders | (5,045) | (6,008) | (6,008) | ||||||||
Preferred share redemption charge | (2,937) | ||||||||||
Income (Loss) from continuing operations attributable to the Company's common shareholders | 79,923 | 71,704 | 20,040 | ||||||||
Total discontinued operations | 336 | ||||||||||
Noncontrolling interests in the Operating Partnership | (5) | ||||||||||
Total discontinued operations attributable to the Company's common shareholders | 331 | ||||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 79,923 | $ 71,704 | $ 20,371 | ||||||||
Weighted-average shares outstanding (in shares) | 178,246,000 | 168,640,000 | 149,107,000 | ||||||||
Share options and restricted share units (in shares) | 1,287,000 | 1,551,000 | 1,756,000 | ||||||||
Weighted-average diluted shares outstanding (in shares) | 179,533,000 | 170,191,000 | 150,863,000 | ||||||||
Earnings (loss) per common share | |||||||||||
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.13 | ||||||||
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | 0.01 | ||||||||||
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.10 | $ 0.07 | $ 0.04 | 0.45 | 0.43 | 0.14 |
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share) | 0.45 | 0.42 | 0.13 | ||||||||
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | 0.01 | ||||||||||
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.20 | $ 0.10 | $ 0.07 | $ 0.04 | 0.45 | 0.42 | 0.14 |
Preferred stock, cash dividends declared (in dollars per share) | $ 1.626 | $ 1.938 | $ 1.938 | ||||||||
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares) | 1,756,000 | ||||||||||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 1,287,000 | 1,551,000 | |||||||||
Common stock, cash dividends declared (in dollars per share) | $ 0.90 | $ 0.69 | $ 0.55 | ||||||||
Outstanding units of noncontrolling interest in the Operating Partnership (in shares) | 2,032,394 | 2,159,650 | 2,032,394 | 2,159,650 | 2,257,486 | ||||||
Common shares, shares outstanding | 180,083,111 | 174,667,870 | 180,083,111 | 174,667,870 | 163,956,675 |
EARNINGS PER SHARE AND UNIT A70
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) | Nov. 02, 2016 | Oct. 20, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Issuance of Common and Preferred Shares | |||||
Series A Cumulative Redeemable Preferred shares, percentage | 7.75% | 7.75% | |||
Series A Cumulative Redeemable Preferred, redeemed | $ 77,574,000 | ||||
Net proceeds from sale of common shares | $ 136,121,000 | $ 234,061,000 | $ 416,001,000 | ||
Series A Preferred shares, shares outstanding | 0 | 3,100,000 | |||
Series A Preferred shares, percentage | 7.75% | 7.75% | |||
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) | 4,400,000 | 9,000,000 | 15,200,000 | ||
Average sales price per common share (in dollars per share) | $ 31.25 | $ 26.35 | $ 18.22 | ||
Net proceeds from sale of common shares | $ 136,100,000 | $ 234,200,000 | $ 273,000,000 | ||
Common shares remained available for issuance | 5,800,000 | 10,200,000 | 9,200,000 | ||
Common Shares | Equity Distribution Agreements | Maximum | |||||
Issuance of Common and Preferred Shares | |||||
Number of shares that may be sold | 40,000,000 | ||||
Series A | |||||
Issuance of Common and Preferred Shares | |||||
Series A Cumulative Redeemable Preferred, shares redeemed | 3,100,000 | ||||
Series A Cumulative Redeemable Preferred shares, percentage | 7.75% | ||||
Series A Cumulative Redeemable Preferred, redeemed | $ 77,500,000 | ||||
Series A Cumulative Redeemable Preferred shares, redemption price (in dollars per share) | $ 25 | ||||
Series A Cumulative Redeemable Preferred shares, dividend (in dollars per share) | $ 0.17374 | ||||
Series A Preferred shares, percentage | 7.75% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
INCOME TAXES | ||
Valuation allowance | $ 0 | $ 0 |
Deferred tax assets, net | 1.3 | $ 1.7 |
Tax benefits associated with share based compensation | $ 0.7 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | |
DISCONTINUED OPERATIONS | |||||||||||
Number of facilities sold in previous years related to discontinued operations | property | 6 | ||||||||||
REVENUES | |||||||||||
Rental income | $ 449,601 | $ 392,476 | $ 330,898 | ||||||||
Other property related income | 50,255 | 45,189 | 40,065 | ||||||||
Total revenues | $ 132,546 | $ 132,096 | $ 126,526 | $ 118,871 | $ 114,992 | $ 115,970 | $ 109,871 | $ 103,688 | 510,039 | 444,521 | 376,963 |
OPERATING EXPENSES | |||||||||||
Depreciation and amortization | 161,865 | 151,789 | 126,813 | ||||||||
Total operating expenses | $ 90,848 | $ 92,585 | $ 93,509 | $ 90,145 | $ 83,196 | $ 86,265 | $ 84,163 | $ 83,009 | 367,087 | 336,633 | 295,420 |
OPERATING INCOME | 142,952 | 107,888 | 81,543 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense on loans | (50,399) | (43,736) | (46,802) | ||||||||
Total discontinued operations | 336 | ||||||||||
Discontinued operations | |||||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | (336) | ||||||||||
Total operating expenses | (336) | ||||||||||
OPERATING INCOME | 336 | ||||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Total discontinued operations | $ 336 |
PRO FORMA FINANCIAL INFORMATI73
PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)property$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014$ / shares | |
Consolidated results of operations on a pro forma basis | |||||||||||
Pro forma revenue | $ | $ 520,341 | $ 428,234 | |||||||||
Pro forma income | $ | $ 120,248 | $ 90,559 | |||||||||
Earnings per share from continuing operations: | |||||||||||
Basic - as reported (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.10 | $ 0.07 | $ 0.04 | $ 0.45 | $ 0.43 | $ 0.14 |
Diluted - as reported (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.20 | $ 0.10 | $ 0.07 | $ 0.04 | 0.45 | 0.42 | $ 0.14 |
Basic - as pro forma (in dollars per share) | 0.63 | 0.50 | |||||||||
Diluted - as pro forma (in dollars per share) | $ 0.62 | $ 0.49 | |||||||||
Self-storage facilities | |||||||||||
Self-storage facilities | |||||||||||
Number of self-storage facilities acquired | property | 28 | ||||||||||
Aggregate purchase price | $ | $ 403,600 |
SELECTED QUARTERLY FINANCIAL 74
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly financial information | |||||||||||
Total revenues | $ 132,546 | $ 132,096 | $ 126,526 | $ 118,871 | $ 114,992 | $ 115,970 | $ 109,871 | $ 103,688 | $ 510,039 | $ 444,521 | $ 376,963 |
Total operating expenses | 90,848 | 92,585 | 93,509 | 90,145 | 83,196 | 86,265 | 84,163 | 83,009 | 367,087 | 336,633 | 295,420 |
Net (loss) income attributable to the company | $ 26,847 | $ 24,884 | $ 20,424 | $ 15,750 | $ 37,116 | $ 18,438 | $ 13,724 | $ 8,434 | $ 87,905 | $ 77,712 | $ 26,379 |
Basic - as reported (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.10 | $ 0.07 | $ 0.04 | $ 0.45 | $ 0.43 | $ 0.14 |
Diluted - as reported (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.20 | $ 0.10 | $ 0.07 | $ 0.04 | $ 0.45 | $ 0.42 | $ 0.14 |
SCHEDULE III REAL ESTATE AND 75
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 32,858,399 | ||
Initial cost | |||
Land | $ 628,399 | ||
Building and Improvements | 2,895,211 | ||
Costs Subsequent to Acquisition | 264,975 | ||
Gross Carrying Amount at year end | |||
Land | 649,744 | ||
Building and Improvements | 2,928,275 | ||
Total | 3,578,019 | ||
Total | 3,998,180 | $ 3,467,032 | $ 3,117,198 |
Accumulated Depreciation | $ 558,191 | ||
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 33 | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Encumbrances | $ 9,860 | ||
Chandler I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,680 | ||
Initial cost | |||
Land | $ 327 | ||
Building and Improvements | 1,257 | ||
Costs Subsequent to Acquisition | 357 | ||
Gross Carrying Amount at year end | |||
Land | 327 | ||
Building and Improvements | 1,439 | ||
Total | 1,766 | ||
Accumulated Depreciation | $ 544 | ||
Chandler II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,889 | ||
Initial cost | |||
Land | $ 1,518 | ||
Building and Improvements | 7,485 | ||
Costs Subsequent to Acquisition | 83 | ||
Gross Carrying Amount at year end | |||
Land | 1,518 | ||
Building and Improvements | 7,568 | ||
Total | 9,086 | ||
Accumulated Depreciation | $ 801 | ||
Gilbert, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,300 | ||
Initial cost | |||
Land | $ 951 | ||
Building and Improvements | 4,688 | ||
Costs Subsequent to Acquisition | 30 | ||
Gross Carrying Amount at year end | |||
Land | 951 | ||
Building and Improvements | 4,718 | ||
Total | 5,669 | ||
Accumulated Depreciation | $ 576 | ||
Gilbert II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,505 | ||
Initial cost | |||
Land | $ 1,199 | ||
Building and Improvements | 11,846 | ||
Gross Carrying Amount at year end | |||
Land | 1,199 | ||
Building and Improvements | 11,846 | ||
Total | 13,045 | ||
Accumulated Depreciation | $ 29 | ||
Glendale, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,807 | ||
Initial cost | |||
Land | $ 201 | ||
Building and Improvements | 2,265 | ||
Costs Subsequent to Acquisition | 1,085 | ||
Gross Carrying Amount at year end | |||
Land | 418 | ||
Building and Improvements | 2,798 | ||
Total | 3,216 | ||
Accumulated Depreciation | $ 1,271 | ||
Green Valley, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 25,050 | ||
Initial cost | |||
Land | $ 298 | ||
Building and Improvements | 1,153 | ||
Costs Subsequent to Acquisition | 173 | ||
Gross Carrying Amount at year end | |||
Land | 298 | ||
Building and Improvements | 1,116 | ||
Total | 1,414 | ||
Accumulated Depreciation | $ 397 | ||
Mesa I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,575 | ||
Initial cost | |||
Land | $ 920 | ||
Building and Improvements | 2,739 | ||
Costs Subsequent to Acquisition | 234 | ||
Gross Carrying Amount at year end | |||
Land | 921 | ||
Building and Improvements | 2,526 | ||
Total | 3,447 | ||
Accumulated Depreciation | $ 938 | ||
Mesa II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,511 | ||
Initial cost | |||
Land | $ 731 | ||
Building and Improvements | 2,176 | ||
Costs Subsequent to Acquisition | 231 | ||
Gross Carrying Amount at year end | |||
Land | 731 | ||
Building and Improvements | 2,089 | ||
Total | 2,820 | ||
Accumulated Depreciation | $ 782 | ||
Mesa III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,629 | ||
Initial cost | |||
Land | $ 706 | ||
Building and Improvements | 2,101 | ||
Costs Subsequent to Acquisition | 246 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 1,963 | ||
Total | 2,669 | ||
Accumulated Depreciation | $ 731 | ||
Peoria, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 110,835 | ||
Initial cost | |||
Land | $ 1,436 | ||
Building and Improvements | 7,082 | ||
Costs Subsequent to Acquisition | 213 | ||
Gross Carrying Amount at year end | |||
Land | 1,436 | ||
Building and Improvements | 7,295 | ||
Total | 8,731 | ||
Accumulated Depreciation | $ 352 | ||
Phoenix I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 100,875 | ||
Initial cost | |||
Land | $ 1,134 | ||
Building and Improvements | 3,376 | ||
Costs Subsequent to Acquisition | 476 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 3,201 | ||
Total | 4,336 | ||
Accumulated Depreciation | $ 1,191 | ||
Phoenix II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,160 | ||
Initial cost | |||
Land | $ 756 | ||
Building and Improvements | 2,251 | ||
Costs Subsequent to Acquisition | 1,578 | ||
Gross Carrying Amount at year end | |||
Land | 847 | ||
Building and Improvements | 3,130 | ||
Total | 3,977 | ||
Accumulated Depreciation | $ 1,075 | ||
Phoenix III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 121,731 | ||
Initial cost | |||
Land | $ 2,115 | ||
Building and Improvements | 10,429 | ||
Costs Subsequent to Acquisition | 124 | ||
Gross Carrying Amount at year end | |||
Land | 2,115 | ||
Building and Improvements | 10,553 | ||
Total | 12,668 | ||
Accumulated Depreciation | $ 953 | ||
Phoenix IV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,660 | ||
Initial cost | |||
Land | $ 930 | ||
Building and Improvements | 12,277 | ||
Costs Subsequent to Acquisition | 21 | ||
Gross Carrying Amount at year end | |||
Land | 930 | ||
Building and Improvements | 12,298 | ||
Total | 13,228 | ||
Accumulated Depreciation | $ 112 | ||
Queen Creek, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,462 | ||
Initial cost | |||
Land | $ 1,159 | ||
Building and Improvements | 5,716 | ||
Costs Subsequent to Acquisition | 80 | ||
Gross Carrying Amount at year end | |||
Land | 1,159 | ||
Building and Improvements | 5,796 | ||
Total | 6,955 | ||
Accumulated Depreciation | $ 324 | ||
Scottsdale, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,525 | ||
Initial cost | |||
Land | $ 443 | ||
Building and Improvements | 4,879 | ||
Costs Subsequent to Acquisition | 1,753 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 5,516 | ||
Total | 6,399 | ||
Accumulated Depreciation | $ 2,482 | ||
Surprise , AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,575 | ||
Initial cost | |||
Land | $ 584 | ||
Building and Improvements | 3,761 | ||
Costs Subsequent to Acquisition | 44 | ||
Gross Carrying Amount at year end | |||
Land | 584 | ||
Building and Improvements | 3,805 | ||
Total | 4,389 | ||
Accumulated Depreciation | $ 131 | ||
Tempe I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,890 | ||
Initial cost | |||
Land | $ 749 | ||
Building and Improvements | 2,159 | ||
Costs Subsequent to Acquisition | 522 | ||
Gross Carrying Amount at year end | |||
Land | 749 | ||
Building and Improvements | 2,371 | ||
Total | 3,120 | ||
Accumulated Depreciation | $ 755 | ||
Tempe II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,409 | ||
Initial cost | |||
Land | $ 588 | ||
Building and Improvements | 2,898 | ||
Costs Subsequent to Acquisition | 2,140 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 5,038 | ||
Total | 5,626 | ||
Accumulated Depreciation | $ 524 | ||
Tucson I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,800 | ||
Initial cost | |||
Land | $ 188 | ||
Building and Improvements | 2,078 | ||
Costs Subsequent to Acquisition | 1,050 | ||
Gross Carrying Amount at year end | |||
Land | 384 | ||
Building and Improvements | 2,624 | ||
Total | 3,008 | ||
Accumulated Depreciation | $ 1,175 | ||
Tucson II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,950 | ||
Initial cost | |||
Land | $ 188 | ||
Building and Improvements | 2,078 | ||
Costs Subsequent to Acquisition | 1,068 | ||
Gross Carrying Amount at year end | |||
Land | 391 | ||
Building and Improvements | 2,662 | ||
Total | 3,053 | ||
Accumulated Depreciation | $ 1,160 | ||
Tucson III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,832 | ||
Initial cost | |||
Land | $ 532 | ||
Building and Improvements | 2,048 | ||
Costs Subsequent to Acquisition | 254 | ||
Gross Carrying Amount at year end | |||
Land | 533 | ||
Building and Improvements | 1,941 | ||
Total | 2,474 | ||
Accumulated Depreciation | $ 703 | ||
Tucson IV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,040 | ||
Initial cost | |||
Land | $ 674 | ||
Building and Improvements | 2,595 | ||
Costs Subsequent to Acquisition | 317 | ||
Gross Carrying Amount at year end | |||
Land | 675 | ||
Building and Improvements | 2,492 | ||
Total | 3,167 | ||
Accumulated Depreciation | $ 896 | ||
Tucson V, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,134 | ||
Initial cost | |||
Land | $ 515 | ||
Building and Improvements | 1,980 | ||
Costs Subsequent to Acquisition | 350 | ||
Gross Carrying Amount at year end | |||
Land | 515 | ||
Building and Improvements | 1,974 | ||
Total | 2,489 | ||
Accumulated Depreciation | $ 714 | ||
Tucson VI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 40,814 | ||
Initial cost | |||
Land | $ 440 | ||
Building and Improvements | 1,692 | ||
Costs Subsequent to Acquisition | 223 | ||
Gross Carrying Amount at year end | |||
Land | 430 | ||
Building and Improvements | 1,617 | ||
Total | 2,047 | ||
Accumulated Depreciation | $ 592 | ||
Tucson VII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,688 | ||
Initial cost | |||
Land | $ 670 | ||
Building and Improvements | 2,576 | ||
Costs Subsequent to Acquisition | 314 | ||
Gross Carrying Amount at year end | |||
Land | 670 | ||
Building and Improvements | 2,476 | ||
Total | 3,146 | ||
Accumulated Depreciation | $ 907 | ||
Tucson VIII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,650 | ||
Initial cost | |||
Land | $ 589 | ||
Building and Improvements | 2,265 | ||
Costs Subsequent to Acquisition | 333 | ||
Gross Carrying Amount at year end | |||
Land | 589 | ||
Building and Improvements | 2,247 | ||
Total | 2,836 | ||
Accumulated Depreciation | $ 803 | ||
Tucson IX, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,496 | ||
Initial cost | |||
Land | $ 724 | ||
Building and Improvements | 2,786 | ||
Costs Subsequent to Acquisition | 462 | ||
Gross Carrying Amount at year end | |||
Land | 725 | ||
Building and Improvements | 2,727 | ||
Total | 3,452 | ||
Accumulated Depreciation | $ 978 | ||
Tucson X, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,350 | ||
Initial cost | |||
Land | $ 424 | ||
Building and Improvements | 1,633 | ||
Costs Subsequent to Acquisition | 243 | ||
Gross Carrying Amount at year end | |||
Land | 425 | ||
Building and Improvements | 1,567 | ||
Total | 1,992 | ||
Accumulated Depreciation | $ 571 | ||
Tucson XI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 42,900 | ||
Initial cost | |||
Land | $ 439 | ||
Building and Improvements | 1,689 | ||
Costs Subsequent to Acquisition | 413 | ||
Gross Carrying Amount at year end | |||
Land | 439 | ||
Building and Improvements | 1,811 | ||
Total | 2,250 | ||
Accumulated Depreciation | $ 697 | ||
Tucson XII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 42,275 | ||
Initial cost | |||
Land | $ 671 | ||
Building and Improvements | 2,582 | ||
Costs Subsequent to Acquisition | 331 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 2,484 | ||
Total | 3,156 | ||
Accumulated Depreciation | $ 879 | ||
Tucson XIII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,800 | ||
Initial cost | |||
Land | $ 587 | ||
Building and Improvements | 2,258 | ||
Costs Subsequent to Acquisition | 342 | ||
Gross Carrying Amount at year end | |||
Land | 587 | ||
Building and Improvements | 2,231 | ||
Total | 2,818 | ||
Accumulated Depreciation | $ 802 | ||
Tucson XIV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,995 | ||
Initial cost | |||
Land | $ 707 | ||
Building and Improvements | 2,721 | ||
Costs Subsequent to Acquisition | 463 | ||
Gross Carrying Amount at year end | |||
Land | 708 | ||
Building and Improvements | 2,637 | ||
Total | 3,345 | ||
Accumulated Depreciation | $ 964 | ||
Benicia, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,770 | ||
Initial cost | |||
Land | $ 2,392 | ||
Building and Improvements | 7,028 | ||
Costs Subsequent to Acquisition | 300 | ||
Gross Carrying Amount at year end | |||
Land | 2,392 | ||
Building and Improvements | 6,244 | ||
Total | 8,636 | ||
Accumulated Depreciation | $ 2,213 | ||
Citrus Heights, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,620 | ||
Initial cost | |||
Land | $ 1,633 | ||
Building and Improvements | 4,793 | ||
Costs Subsequent to Acquisition | 231 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 4,250 | ||
Total | 5,884 | ||
Accumulated Depreciation | $ 1,576 | ||
Corona, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,975 | ||
Initial cost | |||
Land | $ 2,107 | ||
Building and Improvements | 10,385 | ||
Costs Subsequent to Acquisition | 59 | ||
Gross Carrying Amount at year end | |||
Land | 2,107 | ||
Building and Improvements | 10,444 | ||
Total | 12,551 | ||
Accumulated Depreciation | $ 719 | ||
Diamond Bar, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 103,309 | ||
Initial cost | |||
Land | $ 2,522 | ||
Building and Improvements | 7,404 | ||
Costs Subsequent to Acquisition | 234 | ||
Gross Carrying Amount at year end | |||
Land | 2,524 | ||
Building and Improvements | 6,546 | ||
Total | 9,070 | ||
Accumulated Depreciation | $ 2,423 | ||
Escondido, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 143,645 | ||
Initial cost | |||
Land | $ 3,040 | ||
Building and Improvements | 11,804 | ||
Costs Subsequent to Acquisition | 201 | ||
Gross Carrying Amount at year end | |||
Land | 3,040 | ||
Building and Improvements | 9,646 | ||
Total | 12,686 | ||
Accumulated Depreciation | $ 2,832 | ||
Fallbrook, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,976 | ||
Initial cost | |||
Land | $ 133 | ||
Building and Improvements | 1,492 | ||
Costs Subsequent to Acquisition | 1,801 | ||
Gross Carrying Amount at year end | |||
Land | 432 | ||
Building and Improvements | 2,784 | ||
Total | 3,216 | ||
Accumulated Depreciation | $ 1,234 | ||
Fremont, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,243 | ||
Initial cost | |||
Land | $ 1,158 | ||
Building and Improvements | 5,711 | ||
Costs Subsequent to Acquisition | 161 | ||
Gross Carrying Amount at year end | |||
Land | 1,158 | ||
Building and Improvements | 5,872 | ||
Total | 7,030 | ||
Accumulated Depreciation | $ 548 | ||
Lancaster, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,450 | ||
Initial cost | |||
Land | $ 390 | ||
Building and Improvements | 2,247 | ||
Costs Subsequent to Acquisition | 1,052 | ||
Gross Carrying Amount at year end | |||
Land | 556 | ||
Building and Improvements | 2,564 | ||
Total | 3,120 | ||
Accumulated Depreciation | $ 959 | ||
Long Beach, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 124,571 | ||
Initial cost | |||
Land | $ 3,138 | ||
Building and Improvements | 14,368 | ||
Costs Subsequent to Acquisition | 855 | ||
Gross Carrying Amount at year end | |||
Land | 3,138 | ||
Building and Improvements | 13,287 | ||
Total | 16,425 | ||
Accumulated Depreciation | $ 4,541 | ||
Murrieta, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,785 | ||
Initial cost | |||
Land | $ 1,883 | ||
Building and Improvements | 5,532 | ||
Costs Subsequent to Acquisition | 246 | ||
Gross Carrying Amount at year end | |||
Land | 1,903 | ||
Building and Improvements | 4,913 | ||
Total | 6,816 | ||
Accumulated Depreciation | $ 1,743 | ||
North Highlands, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,094 | ||
Initial cost | |||
Land | $ 868 | ||
Building and Improvements | 2,546 | ||
Costs Subsequent to Acquisition | 420 | ||
Gross Carrying Amount at year end | |||
Land | 868 | ||
Building and Improvements | 2,508 | ||
Total | 3,376 | ||
Accumulated Depreciation | $ 927 | ||
Ontario, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 93,590 | ||
Initial cost | |||
Land | $ 1,705 | ||
Building and Improvements | 8,401 | ||
Costs Subsequent to Acquisition | 307 | ||
Gross Carrying Amount at year end | |||
Land | 1,705 | ||
Building and Improvements | 8,708 | ||
Total | 10,413 | ||
Accumulated Depreciation | $ 606 | ||
Orangevale, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,542 | ||
Initial cost | |||
Land | $ 1,423 | ||
Building and Improvements | 4,175 | ||
Costs Subsequent to Acquisition | 305 | ||
Gross Carrying Amount at year end | |||
Land | 1,423 | ||
Building and Improvements | 3,807 | ||
Total | 5,230 | ||
Accumulated Depreciation | $ 1,414 | ||
Pleasanton, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,600 | ||
Initial cost | |||
Land | $ 2,799 | ||
Building and Improvements | 8,222 | ||
Costs Subsequent to Acquisition | 208 | ||
Gross Carrying Amount at year end | |||
Land | 2,799 | ||
Building and Improvements | 7,187 | ||
Total | 9,986 | ||
Accumulated Depreciation | $ 2,547 | ||
Rancho Cordova, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,978 | ||
Initial cost | |||
Land | $ 1,094 | ||
Building and Improvements | 3,212 | ||
Costs Subsequent to Acquisition | 321 | ||
Gross Carrying Amount at year end | |||
Land | 1,095 | ||
Building and Improvements | 2,991 | ||
Total | 4,086 | ||
Accumulated Depreciation | $ 1,094 | ||
Rialto I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,391 | ||
Initial cost | |||
Land | $ 899 | ||
Building and Improvements | 4,118 | ||
Costs Subsequent to Acquisition | 209 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 3,755 | ||
Total | 4,654 | ||
Accumulated Depreciation | $ 1,310 | ||
Rialto II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 99,783 | ||
Initial cost | |||
Land | $ 277 | ||
Building and Improvements | 3,098 | ||
Costs Subsequent to Acquisition | 1,751 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 4,057 | ||
Total | 4,729 | ||
Accumulated Depreciation | $ 1,914 | ||
Riverside I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,020 | ||
Initial cost | |||
Land | $ 1,351 | ||
Building and Improvements | 6,183 | ||
Costs Subsequent to Acquisition | 573 | ||
Gross Carrying Amount at year end | |||
Land | 1,351 | ||
Building and Improvements | 5,924 | ||
Total | 7,275 | ||
Accumulated Depreciation | $ 2,023 | ||
Riverside II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 85,176 | ||
Initial cost | |||
Land | $ 1,170 | ||
Building and Improvements | 5,359 | ||
Costs Subsequent to Acquisition | 369 | ||
Gross Carrying Amount at year end | |||
Land | 1,170 | ||
Building and Improvements | 4,937 | ||
Total | 6,107 | ||
Accumulated Depreciation | $ 1,733 | ||
Roseville, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,944 | ||
Initial cost | |||
Land | $ 1,284 | ||
Building and Improvements | 3,767 | ||
Costs Subsequent to Acquisition | 397 | ||
Gross Carrying Amount at year end | |||
Land | 1,284 | ||
Building and Improvements | 3,565 | ||
Total | 4,849 | ||
Accumulated Depreciation | $ 1,330 | ||
Sacramento I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,664 | ||
Initial cost | |||
Land | $ 1,152 | ||
Building and Improvements | 3,380 | ||
Costs Subsequent to Acquisition | 317 | ||
Gross Carrying Amount at year end | |||
Land | 1,152 | ||
Building and Improvements | 3,138 | ||
Total | 4,290 | ||
Accumulated Depreciation | $ 1,156 | ||
Sacramento II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,088 | ||
Initial cost | |||
Land | $ 1,406 | ||
Building and Improvements | 4,128 | ||
Costs Subsequent to Acquisition | 244 | ||
Gross Carrying Amount at year end | |||
Land | 1,407 | ||
Building and Improvements | 3,708 | ||
Total | 5,115 | ||
Accumulated Depreciation | $ 1,370 | ||
San Bernardino I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 31,070 | ||
Initial cost | |||
Land | $ 51 | ||
Building and Improvements | 572 | ||
Costs Subsequent to Acquisition | 1,185 | ||
Gross Carrying Amount at year end | |||
Land | 182 | ||
Building and Improvements | 1,429 | ||
Total | 1,611 | ||
Accumulated Depreciation | $ 615 | ||
San Bernardino II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 41,546 | ||
Initial cost | |||
Land | $ 112 | ||
Building and Improvements | 1,251 | ||
Costs Subsequent to Acquisition | 1,274 | ||
Gross Carrying Amount at year end | |||
Land | 306 | ||
Building and Improvements | 1,983 | ||
Total | 2,289 | ||
Accumulated Depreciation | $ 886 | ||
San Bernardino III, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 35,416 | ||
Initial cost | |||
Land | $ 98 | ||
Building and Improvements | 1,093 | ||
Costs Subsequent to Acquisition | 1,316 | ||
Gross Carrying Amount at year end | |||
Land | 242 | ||
Building and Improvements | 1,913 | ||
Total | 2,155 | ||
Accumulated Depreciation | $ 817 | ||
San Bernardino IV, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,277 | ||
Initial cost | |||
Land | $ 1,872 | ||
Building and Improvements | 5,391 | ||
Costs Subsequent to Acquisition | 212 | ||
Gross Carrying Amount at year end | |||
Land | 1,872 | ||
Building and Improvements | 4,887 | ||
Total | 6,759 | ||
Accumulated Depreciation | $ 1,728 | ||
San Bernardino V, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,745 | ||
Initial cost | |||
Land | $ 783 | ||
Building and Improvements | 3,583 | ||
Costs Subsequent to Acquisition | 509 | ||
Gross Carrying Amount at year end | |||
Land | 783 | ||
Building and Improvements | 3,566 | ||
Total | 4,349 | ||
Accumulated Depreciation | $ 1,263 | ||
San Bernardino VII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,753 | ||
Initial cost | |||
Land | $ 1,475 | ||
Building and Improvements | 6,753 | ||
Costs Subsequent to Acquisition | 305 | ||
Gross Carrying Amount at year end | |||
Land | 1,290 | ||
Building and Improvements | 6,311 | ||
Total | 7,601 | ||
Accumulated Depreciation | $ 2,229 | ||
San Bernardino VIII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 103,417 | ||
Initial cost | |||
Land | $ 1,691 | ||
Building and Improvements | 7,741 | ||
Costs Subsequent to Acquisition | 594 | ||
Gross Carrying Amount at year end | |||
Land | 1,692 | ||
Building and Improvements | 6,382 | ||
Total | 8,074 | ||
Accumulated Depreciation | $ 2,277 | ||
San Marcos, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 37,425 | ||
Initial cost | |||
Land | $ 775 | ||
Building and Improvements | 2,288 | ||
Costs Subsequent to Acquisition | 169 | ||
Gross Carrying Amount at year end | |||
Land | 776 | ||
Building and Improvements | 2,087 | ||
Total | 2,863 | ||
Accumulated Depreciation | $ 762 | ||
Santa Ana, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,916 | ||
Initial cost | |||
Land | $ 1,223 | ||
Building and Improvements | 5,600 | ||
Costs Subsequent to Acquisition | 370 | ||
Gross Carrying Amount at year end | |||
Land | 1,223 | ||
Building and Improvements | 5,191 | ||
Total | 6,414 | ||
Accumulated Depreciation | $ 1,806 | ||
South Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,440 | ||
Initial cost | |||
Land | $ 790 | ||
Building and Improvements | 2,319 | ||
Costs Subsequent to Acquisition | 334 | ||
Gross Carrying Amount at year end | |||
Land | 791 | ||
Building and Improvements | 2,234 | ||
Total | 3,025 | ||
Accumulated Depreciation | $ 810 | ||
Spring Valley, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 55,035 | ||
Initial cost | |||
Land | $ 1,178 | ||
Building and Improvements | 5,394 | ||
Costs Subsequent to Acquisition | 760 | ||
Gross Carrying Amount at year end | |||
Land | 1,178 | ||
Building and Improvements | 5,410 | ||
Total | 6,588 | ||
Accumulated Depreciation | $ 1,876 | ||
Temecula I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,340 | ||
Initial cost | |||
Land | $ 660 | ||
Building and Improvements | 4,735 | ||
Costs Subsequent to Acquisition | 997 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 5,167 | ||
Total | 6,066 | ||
Accumulated Depreciation | $ 2,156 | ||
Temecula II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,543 | ||
Initial cost | |||
Land | $ 3,080 | ||
Building and Improvements | 5,839 | ||
Costs Subsequent to Acquisition | 561 | ||
Gross Carrying Amount at year end | |||
Land | 3,080 | ||
Building and Improvements | 5,471 | ||
Total | 8,551 | ||
Accumulated Depreciation | $ 1,547 | ||
Vista I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,238 | ||
Initial cost | |||
Land | $ 711 | ||
Building and Improvements | 4,076 | ||
Costs Subsequent to Acquisition | 2,330 | ||
Gross Carrying Amount at year end | |||
Land | 1,118 | ||
Building and Improvements | 5,097 | ||
Total | 6,215 | ||
Accumulated Depreciation | $ 1,922 | ||
Vista II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 147,763 | ||
Initial cost | |||
Land | $ 4,629 | ||
Building and Improvements | 13,599 | ||
Costs Subsequent to Acquisition | 167 | ||
Gross Carrying Amount at year end | |||
Land | 4,629 | ||
Building and Improvements | 11,706 | ||
Total | 16,335 | ||
Accumulated Depreciation | $ 4,204 | ||
Walnut, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,708 | ||
Initial cost | |||
Land | $ 1,578 | ||
Building and Improvements | 4,635 | ||
Costs Subsequent to Acquisition | 319 | ||
Gross Carrying Amount at year end | |||
Land | 1,595 | ||
Building and Improvements | 4,216 | ||
Total | 5,811 | ||
Accumulated Depreciation | $ 1,496 | ||
West Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 40,015 | ||
Initial cost | |||
Land | $ 1,222 | ||
Building and Improvements | 3,590 | ||
Costs Subsequent to Acquisition | 212 | ||
Gross Carrying Amount at year end | |||
Land | 1,222 | ||
Building and Improvements | 3,235 | ||
Total | 4,457 | ||
Accumulated Depreciation | $ 1,165 | ||
Westminster, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,393 | ||
Initial cost | |||
Land | $ 1,740 | ||
Building and Improvements | 5,142 | ||
Costs Subsequent to Acquisition | 375 | ||
Gross Carrying Amount at year end | |||
Land | 1,743 | ||
Building and Improvements | 4,630 | ||
Total | 6,373 | ||
Accumulated Depreciation | $ 1,719 | ||
Aurora, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,867 | ||
Initial cost | |||
Land | $ 1,343 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 474 | ||
Gross Carrying Amount at year end | |||
Land | 1,343 | ||
Building and Improvements | 2,919 | ||
Total | 4,262 | ||
Accumulated Depreciation | $ 1,004 | ||
Centennial, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,400 | ||
Initial cost | |||
Land | $ 1,281 | ||
Building and Improvements | 8,958 | ||
Costs Subsequent to Acquisition | 45 | ||
Gross Carrying Amount at year end | |||
Land | 1,281 | ||
Building and Improvements | 9,003 | ||
Total | 10,284 | ||
Accumulated Depreciation | $ 190 | ||
Colorado Springs I, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,975 | ||
Initial cost | |||
Land | $ 771 | ||
Building and Improvements | 1,717 | ||
Costs Subsequent to Acquisition | 372 | ||
Gross Carrying Amount at year end | |||
Land | 771 | ||
Building and Improvements | 1,746 | ||
Total | 2,517 | ||
Accumulated Depreciation | $ 618 | ||
Colorado Springs II, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,400 | ||
Initial cost | |||
Land | $ 657 | ||
Building and Improvements | 2,674 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 656 | ||
Building and Improvements | 2,417 | ||
Total | 3,073 | ||
Accumulated Depreciation | $ 847 | ||
Denver I, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,200 | ||
Initial cost | |||
Land | $ 673 | ||
Building and Improvements | 2,741 | ||
Costs Subsequent to Acquisition | 223 | ||
Gross Carrying Amount at year end | |||
Land | 646 | ||
Building and Improvements | 2,486 | ||
Total | 3,132 | ||
Accumulated Depreciation | $ 921 | ||
Denver II, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,460 | ||
Initial cost | |||
Land | $ 1,430 | ||
Building and Improvements | 7,053 | ||
Costs Subsequent to Acquisition | 109 | ||
Gross Carrying Amount at year end | |||
Land | 1,430 | ||
Building and Improvements | 7,162 | ||
Total | 8,592 | ||
Accumulated Depreciation | $ 979 | ||
Denver III, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,125 | ||
Initial cost | |||
Land | $ 1,828 | ||
Building and Improvements | 12,109 | ||
Costs Subsequent to Acquisition | 15 | ||
Gross Carrying Amount at year end | |||
Land | 1,828 | ||
Building and Improvements | 12,124 | ||
Total | 13,952 | ||
Accumulated Depreciation | $ 123 | ||
Federal Heights, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,770 | ||
Initial cost | |||
Land | $ 878 | ||
Building and Improvements | 1,953 | ||
Costs Subsequent to Acquisition | 271 | ||
Gross Carrying Amount at year end | |||
Land | 879 | ||
Building and Improvements | 1,828 | ||
Total | 2,707 | ||
Accumulated Depreciation | $ 642 | ||
Golden, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 87,800 | ||
Initial cost | |||
Land | $ 1,683 | ||
Building and Improvements | 3,744 | ||
Costs Subsequent to Acquisition | 517 | ||
Gross Carrying Amount at year end | |||
Land | 1,684 | ||
Building and Improvements | 3,589 | ||
Total | 5,273 | ||
Accumulated Depreciation | $ 1,241 | ||
Littleton, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,490 | ||
Initial cost | |||
Land | $ 1,268 | ||
Building and Improvements | 2,820 | ||
Costs Subsequent to Acquisition | 360 | ||
Gross Carrying Amount at year end | |||
Land | 1,268 | ||
Building and Improvements | 2,672 | ||
Total | 3,940 | ||
Accumulated Depreciation | $ 891 | ||
Northglenn, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,102 | ||
Initial cost | |||
Land | $ 862 | ||
Building and Improvements | 1,917 | ||
Costs Subsequent to Acquisition | 386 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 2,089 | ||
Total | 2,751 | ||
Accumulated Depreciation | $ 667 | ||
Bloomfield, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,700 | ||
Initial cost | |||
Land | $ 78 | ||
Building and Improvements | 880 | ||
Costs Subsequent to Acquisition | 2,397 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 2,700 | ||
Total | 3,060 | ||
Accumulated Depreciation | $ 1,131 | ||
Branford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,629 | ||
Initial cost | |||
Land | $ 217 | ||
Building and Improvements | 2,433 | ||
Costs Subsequent to Acquisition | 1,415 | ||
Gross Carrying Amount at year end | |||
Land | 504 | ||
Building and Improvements | 3,135 | ||
Total | 3,639 | ||
Accumulated Depreciation | $ 1,475 | ||
Bristol, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,725 | ||
Initial cost | |||
Land | $ 1,819 | ||
Building and Improvements | 3,161 | ||
Costs Subsequent to Acquisition | 88 | ||
Gross Carrying Amount at year end | |||
Land | 1,819 | ||
Building and Improvements | 2,785 | ||
Total | 4,604 | ||
Accumulated Depreciation | $ 1,113 | ||
East Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,066 | ||
Initial cost | |||
Land | $ 744 | ||
Building and Improvements | 1,294 | ||
Costs Subsequent to Acquisition | 499 | ||
Gross Carrying Amount at year end | |||
Land | 744 | ||
Building and Improvements | 1,523 | ||
Total | 2,267 | ||
Accumulated Depreciation | $ 616 | ||
Enfield, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,875 | ||
Initial cost | |||
Land | $ 424 | ||
Building and Improvements | 2,424 | ||
Costs Subsequent to Acquisition | 456 | ||
Gross Carrying Amount at year end | |||
Land | 473 | ||
Building and Improvements | 2,111 | ||
Total | 2,584 | ||
Accumulated Depreciation | $ 837 | ||
Gales Ferry, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,905 | ||
Initial cost | |||
Land | $ 240 | ||
Building and Improvements | 2,697 | ||
Costs Subsequent to Acquisition | 1,508 | ||
Gross Carrying Amount at year end | |||
Land | 489 | ||
Building and Improvements | 3,522 | ||
Total | 4,011 | ||
Accumulated Depreciation | $ 1,781 | ||
Manchester I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,925 | ||
Initial cost | |||
Land | $ 540 | ||
Building and Improvements | 3,096 | ||
Costs Subsequent to Acquisition | 415 | ||
Gross Carrying Amount at year end | |||
Land | 563 | ||
Building and Improvements | 2,738 | ||
Total | 3,301 | ||
Accumulated Depreciation | $ 1,170 | ||
Manchester II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,725 | ||
Initial cost | |||
Land | $ 996 | ||
Building and Improvements | 1,730 | ||
Costs Subsequent to Acquisition | 321 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 1,744 | ||
Total | 2,740 | ||
Accumulated Depreciation | $ 672 | ||
Manchester III, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,113 | ||
Initial cost | |||
Land | $ 671 | ||
Building and Improvements | 3,308 | ||
Costs Subsequent to Acquisition | 154 | ||
Gross Carrying Amount at year end | |||
Land | 671 | ||
Building and Improvements | 3,462 | ||
Total | 4,133 | ||
Accumulated Depreciation | $ 329 | ||
Milford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 44,885 | ||
Initial cost | |||
Land | $ 87 | ||
Building and Improvements | 1,050 | ||
Costs Subsequent to Acquisition | 1,184 | ||
Gross Carrying Amount at year end | |||
Land | 274 | ||
Building and Improvements | 1,740 | ||
Total | 2,014 | ||
Accumulated Depreciation | $ 792 | ||
Monroe, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,500 | ||
Initial cost | |||
Land | $ 2,004 | ||
Building and Improvements | 3,483 | ||
Costs Subsequent to Acquisition | 642 | ||
Gross Carrying Amount at year end | |||
Land | 2,004 | ||
Building and Improvements | 3,441 | ||
Total | 5,445 | ||
Accumulated Depreciation | $ 1,425 | ||
Mystic, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,825 | ||
Initial cost | |||
Land | $ 136 | ||
Building and Improvements | 1,645 | ||
Costs Subsequent to Acquisition | 2,021 | ||
Gross Carrying Amount at year end | |||
Land | 410 | ||
Building and Improvements | 2,923 | ||
Total | 3,333 | ||
Accumulated Depreciation | $ 1,320 | ||
Newington I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 42,620 | ||
Initial cost | |||
Land | $ 1,059 | ||
Building and Improvements | 1,840 | ||
Costs Subsequent to Acquisition | 216 | ||
Gross Carrying Amount at year end | |||
Land | 1,059 | ||
Building and Improvements | 1,762 | ||
Total | 2,821 | ||
Accumulated Depreciation | $ 697 | ||
Newington II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 36,140 | ||
Initial cost | |||
Land | $ 911 | ||
Building and Improvements | 1,584 | ||
Costs Subsequent to Acquisition | 265 | ||
Gross Carrying Amount at year end | |||
Land | 911 | ||
Building and Improvements | 1,575 | ||
Total | 2,486 | ||
Accumulated Depreciation | $ 624 | ||
Norwalk I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 30,328 | ||
Initial cost | |||
Land | $ 646 | ||
Building and Improvements | 3,187 | ||
Costs Subsequent to Acquisition | 54 | ||
Gross Carrying Amount at year end | |||
Land | 646 | ||
Building and Improvements | 3,241 | ||
Total | 3,887 | ||
Accumulated Depreciation | $ 463 | ||
Norwalk II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,175 | ||
Initial cost | |||
Land | $ 1,171 | ||
Building and Improvements | 15,422 | ||
Costs Subsequent to Acquisition | 82 | ||
Gross Carrying Amount at year end | |||
Land | 1,171 | ||
Building and Improvements | 15,504 | ||
Total | 16,675 | ||
Accumulated Depreciation | $ 355 | ||
Old Saybrook I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 87,000 | ||
Initial cost | |||
Land | $ 3,092 | ||
Building and Improvements | 5,374 | ||
Costs Subsequent to Acquisition | 656 | ||
Gross Carrying Amount at year end | |||
Land | 3,092 | ||
Building and Improvements | 5,177 | ||
Total | 8,269 | ||
Accumulated Depreciation | $ 2,051 | ||
Old Saybrook II, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 26,425 | ||
Initial cost | |||
Land | $ 1,135 | ||
Building and Improvements | 1,973 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 1,896 | ||
Total | 3,031 | ||
Accumulated Depreciation | $ 779 | ||
Shelton, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,405 | ||
Initial cost | |||
Land | $ 1,613 | ||
Building and Improvements | 9,032 | ||
Costs Subsequent to Acquisition | 205 | ||
Gross Carrying Amount at year end | |||
Land | 1,613 | ||
Building and Improvements | 8,153 | ||
Total | 9,766 | ||
Accumulated Depreciation | $ 1,348 | ||
South Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,075 | ||
Initial cost | |||
Land | $ 90 | ||
Building and Improvements | 1,127 | ||
Costs Subsequent to Acquisition | 1,398 | ||
Gross Carrying Amount at year end | |||
Land | 272 | ||
Building and Improvements | 2,133 | ||
Total | 2,405 | ||
Accumulated Depreciation | $ 936 | ||
Stamford, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 28,907 | ||
Initial cost | |||
Land | $ 1,941 | ||
Building and Improvements | 3,374 | ||
Costs Subsequent to Acquisition | 120 | ||
Gross Carrying Amount at year end | |||
Land | 1,941 | ||
Building and Improvements | 2,954 | ||
Total | 4,895 | ||
Accumulated Depreciation | $ 1,168 | ||
Wilton, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,515 | ||
Initial cost | |||
Land | $ 2,409 | ||
Building and Improvements | 12,261 | ||
Costs Subsequent to Acquisition | 374 | ||
Gross Carrying Amount at year end | |||
Land | 2,421 | ||
Building and Improvements | 12,696 | ||
Total | 15,117 | ||
Accumulated Depreciation | $ 1,935 | ||
Washington I, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,085 | ||
Initial cost | |||
Land | $ 871 | ||
Building and Improvements | 12,759 | ||
Costs Subsequent to Acquisition | 496 | ||
Gross Carrying Amount at year end | |||
Land | 894 | ||
Building and Improvements | 10,533 | ||
Total | 11,427 | ||
Accumulated Depreciation | $ 2,981 | ||
Washington II, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,787 | ||
Initial cost | |||
Land | $ 3,152 | ||
Building and Improvements | 13,612 | ||
Costs Subsequent to Acquisition | 179 | ||
Gross Carrying Amount at year end | |||
Land | 3,154 | ||
Building and Improvements | 12,016 | ||
Total | 15,170 | ||
Accumulated Depreciation | $ 1,915 | ||
Washington III, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,430 | ||
Initial cost | |||
Land | $ 4,469 | ||
Building and Improvements | 15,438 | ||
Costs Subsequent to Acquisition | 48 | ||
Gross Carrying Amount at year end | |||
Land | 4,469 | ||
Building and Improvements | 15,486 | ||
Total | 19,955 | ||
Accumulated Depreciation | $ 446 | ||
Boca Raton, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 37,968 | ||
Initial cost | |||
Land | $ 529 | ||
Building and Improvements | 3,054 | ||
Costs Subsequent to Acquisition | 1,590 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 3,541 | ||
Total | 4,354 | ||
Accumulated Depreciation | $ 1,364 | ||
Boynton Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,725 | ||
Initial cost | |||
Land | $ 667 | ||
Building and Improvements | 3,796 | ||
Costs Subsequent to Acquisition | 1,920 | ||
Gross Carrying Amount at year end | |||
Land | 958 | ||
Building and Improvements | 4,393 | ||
Total | 5,351 | ||
Accumulated Depreciation | $ 1,672 | ||
Boynton Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,514 | ||
Initial cost | |||
Land | $ 1,030 | ||
Building and Improvements | 2,968 | ||
Costs Subsequent to Acquisition | 404 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 2,935 | ||
Total | 3,965 | ||
Accumulated Depreciation | $ 1,044 | ||
Boynton Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,393 | ||
Initial cost | |||
Land | $ 1,225 | ||
Building and Improvements | 6,037 | ||
Costs Subsequent to Acquisition | 245 | ||
Gross Carrying Amount at year end | |||
Land | 1,225 | ||
Building and Improvements | 6,282 | ||
Total | 7,507 | ||
Accumulated Depreciation | $ 507 | ||
Boynton Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,362 | ||
Initial cost | |||
Land | $ 1,455 | ||
Building and Improvements | 7,171 | ||
Costs Subsequent to Acquisition | 49 | ||
Gross Carrying Amount at year end | |||
Land | 1,455 | ||
Building and Improvements | 7,220 | ||
Total | 8,675 | ||
Accumulated Depreciation | $ 345 | ||
Bradenton I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,298 | ||
Initial cost | |||
Land | $ 1,180 | ||
Building and Improvements | 3,324 | ||
Costs Subsequent to Acquisition | 240 | ||
Gross Carrying Amount at year end | |||
Land | 1,180 | ||
Building and Improvements | 3,043 | ||
Total | 4,223 | ||
Accumulated Depreciation | $ 1,119 | ||
Bradenton II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 87,958 | ||
Initial cost | |||
Land | $ 1,931 | ||
Building and Improvements | 5,561 | ||
Costs Subsequent to Acquisition | 1,104 | ||
Gross Carrying Amount at year end | |||
Land | 1,931 | ||
Building and Improvements | 5,570 | ||
Total | 7,501 | ||
Accumulated Depreciation | $ 2,027 | ||
Cape Coral I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,857 | ||
Initial cost | |||
Land | $ 472 | ||
Building and Improvements | 2,769 | ||
Costs Subsequent to Acquisition | 2,570 | ||
Gross Carrying Amount at year end | |||
Land | 830 | ||
Building and Improvements | 4,036 | ||
Total | 4,866 | ||
Accumulated Depreciation | $ 1,861 | ||
Cape Coral II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,955 | ||
Initial cost | |||
Land | $ 1,093 | ||
Building and Improvements | 5,387 | ||
Costs Subsequent to Acquisition | 76 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 5,463 | ||
Total | 6,556 | ||
Accumulated Depreciation | $ 366 | ||
Coconut Creek I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,846 | ||
Initial cost | |||
Land | $ 1,189 | ||
Building and Improvements | 5,863 | ||
Costs Subsequent to Acquisition | 167 | ||
Gross Carrying Amount at year end | |||
Land | 1,189 | ||
Building and Improvements | 6,030 | ||
Total | 7,219 | ||
Accumulated Depreciation | $ 830 | ||
Coconut Creek II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 90,147 | ||
Initial cost | |||
Land | $ 1,937 | ||
Building and Improvements | 9,549 | ||
Costs Subsequent to Acquisition | 170 | ||
Gross Carrying Amount at year end | |||
Land | 1,937 | ||
Building and Improvements | 9,719 | ||
Total | 11,656 | ||
Accumulated Depreciation | $ 908 | ||
Dania Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 180,588 | ||
Initial cost | |||
Land | $ 3,584 | ||
Building and Improvements | 10,324 | ||
Costs Subsequent to Acquisition | 1,365 | ||
Gross Carrying Amount at year end | |||
Land | 3,584 | ||
Building and Improvements | 10,151 | ||
Total | 13,735 | ||
Accumulated Depreciation | $ 3,742 | ||
Dania, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,165 | ||
Initial cost | |||
Land | $ 205 | ||
Building and Improvements | 2,068 | ||
Costs Subsequent to Acquisition | 1,516 | ||
Gross Carrying Amount at year end | |||
Land | 481 | ||
Building and Improvements | 2,886 | ||
Total | 3,367 | ||
Accumulated Depreciation | $ 1,337 | ||
Davie, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,985 | ||
Initial cost | |||
Land | $ 1,268 | ||
Building and Improvements | 7,183 | ||
Costs Subsequent to Acquisition | 1,219 | ||
Gross Carrying Amount at year end | |||
Land | 1,373 | ||
Building and Improvements | 6,131 | ||
Total | 7,504 | ||
Accumulated Depreciation | $ 2,214 | ||
Deerfield Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,230 | ||
Initial cost | |||
Land | $ 946 | ||
Building and Improvements | 2,999 | ||
Costs Subsequent to Acquisition | 2,144 | ||
Gross Carrying Amount at year end | |||
Land | 1,311 | ||
Building and Improvements | 4,634 | ||
Total | 5,945 | ||
Accumulated Depreciation | $ 1,980 | ||
Delray Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,833 | ||
Initial cost | |||
Land | $ 798 | ||
Building and Improvements | 4,539 | ||
Costs Subsequent to Acquisition | 818 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 4,077 | ||
Total | 4,960 | ||
Accumulated Depreciation | $ 1,596 | ||
Delray Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,710 | ||
Initial cost | |||
Land | $ 957 | ||
Building and Improvements | 4,718 | ||
Costs Subsequent to Acquisition | 213 | ||
Gross Carrying Amount at year end | |||
Land | 957 | ||
Building and Improvements | 4,931 | ||
Total | 5,888 | ||
Accumulated Depreciation | $ 572 | ||
Delray Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,395 | ||
Initial cost | |||
Land | $ 2,086 | ||
Building and Improvements | 10,286 | ||
Costs Subsequent to Acquisition | 151 | ||
Gross Carrying Amount at year end | |||
Land | 2,086 | ||
Building and Improvements | 10,437 | ||
Total | 12,523 | ||
Accumulated Depreciation | $ 834 | ||
Ft. Lauderdale I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,043 | ||
Initial cost | |||
Land | $ 937 | ||
Building and Improvements | 3,646 | ||
Costs Subsequent to Acquisition | 2,485 | ||
Gross Carrying Amount at year end | |||
Land | 1,384 | ||
Building and Improvements | 5,456 | ||
Total | 6,840 | ||
Accumulated Depreciation | $ 2,338 | ||
Ft. Lauderdale II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,577 | ||
Initial cost | |||
Land | $ 862 | ||
Building and Improvements | 4,250 | ||
Costs Subsequent to Acquisition | 87 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,337 | ||
Total | 5,199 | ||
Accumulated Depreciation | $ 418 | ||
Ft. Myers I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,534 | ||
Initial cost | |||
Land | $ 303 | ||
Building and Improvements | 3,329 | ||
Costs Subsequent to Acquisition | 913 | ||
Gross Carrying Amount at year end | |||
Land | 328 | ||
Building and Improvements | 3,243 | ||
Total | 3,571 | ||
Accumulated Depreciation | $ 1,396 | ||
Ft. Myers II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,375 | ||
Initial cost | |||
Land | $ 1,030 | ||
Building and Improvements | 5,080 | ||
Costs Subsequent to Acquisition | 132 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 5,212 | ||
Total | 6,242 | ||
Accumulated Depreciation | $ 419 | ||
Ft. Myers III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,554 | ||
Initial cost | |||
Land | $ 1,148 | ||
Building and Improvements | 5,658 | ||
Costs Subsequent to Acquisition | 153 | ||
Gross Carrying Amount at year end | |||
Land | 1,148 | ||
Building and Improvements | 5,811 | ||
Total | 6,959 | ||
Accumulated Depreciation | $ 466 | ||
Jacksonville I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,705 | ||
Initial cost | |||
Land | $ 1,862 | ||
Building and Improvements | 5,362 | ||
Costs Subsequent to Acquisition | 148 | ||
Gross Carrying Amount at year end | |||
Land | 1,862 | ||
Building and Improvements | 4,827 | ||
Total | 6,689 | ||
Accumulated Depreciation | $ 1,592 | ||
Jacksonville II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,970 | ||
Initial cost | |||
Land | $ 950 | ||
Building and Improvements | 7,004 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 5,620 | ||
Total | 6,570 | ||
Accumulated Depreciation | $ 1,639 | ||
Jacksonville III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,010 | ||
Initial cost | |||
Land | $ 860 | ||
Building and Improvements | 7,409 | ||
Costs Subsequent to Acquisition | 1,007 | ||
Gross Carrying Amount at year end | |||
Land | 1,670 | ||
Building and Improvements | 6,014 | ||
Total | 7,684 | ||
Accumulated Depreciation | $ 1,771 | ||
Jacksonville IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,525 | ||
Initial cost | |||
Land | $ 870 | ||
Building and Improvements | 8,049 | ||
Costs Subsequent to Acquisition | 1,050 | ||
Gross Carrying Amount at year end | |||
Land | 1,651 | ||
Building and Improvements | 7,024 | ||
Total | 8,675 | ||
Accumulated Depreciation | $ 2,067 | ||
Jacksonville V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,483 | ||
Initial cost | |||
Land | $ 1,220 | ||
Building and Improvements | 8,210 | ||
Costs Subsequent to Acquisition | 359 | ||
Gross Carrying Amount at year end | |||
Land | 1,220 | ||
Building and Improvements | 6,833 | ||
Total | 8,053 | ||
Accumulated Depreciation | $ 2,007 | ||
Jacksonville VI, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,275 | ||
Initial cost | |||
Land | $ 755 | ||
Building and Improvements | 3,725 | ||
Costs Subsequent to Acquisition | 109 | ||
Gross Carrying Amount at year end | |||
Land | 755 | ||
Building and Improvements | 3,834 | ||
Total | 4,589 | ||
Accumulated Depreciation | $ 256 | ||
Kendall, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,495 | ||
Initial cost | |||
Land | $ 2,350 | ||
Building and Improvements | 8,106 | ||
Costs Subsequent to Acquisition | 271 | ||
Gross Carrying Amount at year end | |||
Land | 2,350 | ||
Building and Improvements | 6,604 | ||
Total | 8,954 | ||
Accumulated Depreciation | $ 1,936 | ||
Lake Worth I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 159,799 | ||
Initial cost | |||
Land | $ 183 | ||
Building and Improvements | 6,597 | ||
Costs Subsequent to Acquisition | 7,456 | ||
Gross Carrying Amount at year end | |||
Land | 354 | ||
Building and Improvements | 11,361 | ||
Total | 11,715 | ||
Accumulated Depreciation | $ 5,118 | ||
Lake Worth II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 86,924 | ||
Initial cost | |||
Land | $ 1,552 | ||
Building and Improvements | 7,654 | ||
Costs Subsequent to Acquisition | 148 | ||
Gross Carrying Amount at year end | |||
Land | 1,552 | ||
Building and Improvements | 7,802 | ||
Total | 9,354 | ||
Accumulated Depreciation | $ 667 | ||
Lake Worth III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,015 | ||
Initial cost | |||
Land | $ 957 | ||
Building and Improvements | 4,716 | ||
Costs Subsequent to Acquisition | 212 | ||
Gross Carrying Amount at year end | |||
Land | 957 | ||
Building and Improvements | 4,928 | ||
Total | 5,885 | ||
Accumulated Depreciation | $ 255 | ||
Lakeland, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,079 | ||
Initial cost | |||
Land | $ 81 | ||
Building and Improvements | 896 | ||
Costs Subsequent to Acquisition | 1,233 | ||
Gross Carrying Amount at year end | |||
Land | 256 | ||
Building and Improvements | 1,544 | ||
Total | 1,800 | ||
Accumulated Depreciation | $ 682 | ||
Leisure City, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,075 | ||
Initial cost | |||
Land | $ 409 | ||
Building and Improvements | 2,018 | ||
Costs Subsequent to Acquisition | 156 | ||
Gross Carrying Amount at year end | |||
Land | 409 | ||
Building and Improvements | 2,174 | ||
Total | 2,583 | ||
Accumulated Depreciation | $ 309 | ||
Lutz I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,795 | ||
Initial cost | |||
Land | $ 901 | ||
Building and Improvements | 2,478 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 901 | ||
Building and Improvements | 2,344 | ||
Total | 3,245 | ||
Accumulated Depreciation | $ 851 | ||
Lutz II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,232 | ||
Initial cost | |||
Land | $ 992 | ||
Building and Improvements | 2,868 | ||
Costs Subsequent to Acquisition | 376 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 2,749 | ||
Total | 3,741 | ||
Accumulated Depreciation | $ 984 | ||
Margate I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,660 | ||
Initial cost | |||
Land | $ 161 | ||
Building and Improvements | 1,763 | ||
Costs Subsequent to Acquisition | 2,155 | ||
Gross Carrying Amount at year end | |||
Land | 399 | ||
Building and Improvements | 3,243 | ||
Total | 3,642 | ||
Accumulated Depreciation | $ 1,485 | ||
Margate II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,380 | ||
Initial cost | |||
Land | $ 132 | ||
Building and Improvements | 1,473 | ||
Costs Subsequent to Acquisition | 1,829 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 2,687 | ||
Total | 3,070 | ||
Accumulated Depreciation | $ 1,206 | ||
Merritt Island, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,261 | ||
Initial cost | |||
Land | $ 716 | ||
Building and Improvements | 2,983 | ||
Costs Subsequent to Acquisition | 648 | ||
Gross Carrying Amount at year end | |||
Land | 796 | ||
Building and Improvements | 2,893 | ||
Total | 3,689 | ||
Accumulated Depreciation | $ 1,125 | ||
Miami I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,500 | ||
Initial cost | |||
Land | $ 179 | ||
Building and Improvements | 1,999 | ||
Costs Subsequent to Acquisition | 1,835 | ||
Gross Carrying Amount at year end | |||
Land | 484 | ||
Building and Improvements | 2,839 | ||
Total | 3,323 | ||
Accumulated Depreciation | $ 1,287 | ||
Miami II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,960 | ||
Initial cost | |||
Land | $ 253 | ||
Building and Improvements | 2,544 | ||
Costs Subsequent to Acquisition | 1,594 | ||
Gross Carrying Amount at year end | |||
Land | 561 | ||
Building and Improvements | 3,309 | ||
Total | 3,870 | ||
Accumulated Depreciation | $ 1,545 | ||
Miami III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 151,620 | ||
Initial cost | |||
Land | $ 4,577 | ||
Building and Improvements | 13,185 | ||
Costs Subsequent to Acquisition | 862 | ||
Gross Carrying Amount at year end | |||
Land | 4,577 | ||
Building and Improvements | 12,223 | ||
Total | 16,800 | ||
Accumulated Depreciation | $ 4,144 | ||
Miami IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,695 | ||
Initial cost | |||
Land | $ 1,852 | ||
Building and Improvements | 10,494 | ||
Costs Subsequent to Acquisition | 924 | ||
Gross Carrying Amount at year end | |||
Land | 1,963 | ||
Building and Improvements | 9,858 | ||
Total | 11,821 | ||
Accumulated Depreciation | $ 1,806 | ||
Miramar, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,130 | ||
Initial cost | |||
Land | $ 1,206 | ||
Building and Improvements | 5,944 | ||
Costs Subsequent to Acquisition | 77 | ||
Gross Carrying Amount at year end | |||
Land | 1,206 | ||
Building and Improvements | 6,021 | ||
Total | 7,227 | ||
Accumulated Depreciation | $ 687 | ||
Naples I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,100 | ||
Initial cost | |||
Land | $ 90 | ||
Building and Improvements | 1,010 | ||
Costs Subsequent to Acquisition | 2,598 | ||
Gross Carrying Amount at year end | |||
Land | 270 | ||
Building and Improvements | 3,067 | ||
Total | 3,337 | ||
Accumulated Depreciation | $ 1,373 | ||
Naples II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,850 | ||
Initial cost | |||
Land | $ 148 | ||
Building and Improvements | 1,652 | ||
Costs Subsequent to Acquisition | 4,405 | ||
Gross Carrying Amount at year end | |||
Land | 558 | ||
Building and Improvements | 5,363 | ||
Total | 5,921 | ||
Accumulated Depreciation | $ 2,454 | ||
Naples III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,021 | ||
Initial cost | |||
Land | $ 139 | ||
Building and Improvements | 1,561 | ||
Costs Subsequent to Acquisition | 4,193 | ||
Gross Carrying Amount at year end | |||
Land | 598 | ||
Building and Improvements | 4,134 | ||
Total | 4,732 | ||
Accumulated Depreciation | $ 1,906 | ||
Naples IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 40,650 | ||
Initial cost | |||
Land | $ 262 | ||
Building and Improvements | 2,980 | ||
Costs Subsequent to Acquisition | 609 | ||
Gross Carrying Amount at year end | |||
Land | 407 | ||
Building and Improvements | 2,996 | ||
Total | 3,403 | ||
Accumulated Depreciation | $ 1,390 | ||
New Smyrna Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,454 | ||
Initial cost | |||
Land | $ 1,261 | ||
Building and Improvements | 6,215 | ||
Costs Subsequent to Acquisition | 104 | ||
Gross Carrying Amount at year end | |||
Land | 1,261 | ||
Building and Improvements | 6,319 | ||
Total | 7,580 | ||
Accumulated Depreciation | $ 439 | ||
Ocoee, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,150 | ||
Initial cost | |||
Land | $ 1,286 | ||
Building and Improvements | 3,705 | ||
Costs Subsequent to Acquisition | 191 | ||
Gross Carrying Amount at year end | |||
Land | 1,286 | ||
Building and Improvements | 3,379 | ||
Total | 4,665 | ||
Accumulated Depreciation | $ 1,173 | ||
Orange City, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,580 | ||
Initial cost | |||
Land | $ 1,191 | ||
Building and Improvements | 3,209 | ||
Costs Subsequent to Acquisition | 222 | ||
Gross Carrying Amount at year end | |||
Land | 1,191 | ||
Building and Improvements | 2,944 | ||
Total | 4,135 | ||
Accumulated Depreciation | $ 1,081 | ||
Orlando II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,184 | ||
Initial cost | |||
Land | $ 1,589 | ||
Building and Improvements | 4,576 | ||
Costs Subsequent to Acquisition | 179 | ||
Gross Carrying Amount at year end | |||
Land | 1,589 | ||
Building and Improvements | 4,116 | ||
Total | 5,705 | ||
Accumulated Depreciation | $ 1,437 | ||
Orlando III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,530 | ||
Initial cost | |||
Land | $ 1,209 | ||
Building and Improvements | 7,768 | ||
Costs Subsequent to Acquisition | 701 | ||
Gross Carrying Amount at year end | |||
Land | 1,209 | ||
Building and Improvements | 7,081 | ||
Total | 8,290 | ||
Accumulated Depreciation | $ 2,175 | ||
Orlando IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,581 | ||
Initial cost | |||
Land | $ 633 | ||
Building and Improvements | 3,587 | ||
Costs Subsequent to Acquisition | 163 | ||
Gross Carrying Amount at year end | |||
Land | 633 | ||
Building and Improvements | 3,247 | ||
Total | 3,880 | ||
Accumulated Depreciation | $ 626 | ||
Orlando V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,295 | ||
Initial cost | |||
Land | $ 950 | ||
Building and Improvements | 4,685 | ||
Costs Subsequent to Acquisition | 113 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 4,798 | ||
Total | 5,748 | ||
Accumulated Depreciation | $ 643 | ||
Orlando VI, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,275 | ||
Initial cost | |||
Land | $ 640 | ||
Building and Improvements | 3,154 | ||
Costs Subsequent to Acquisition | 139 | ||
Gross Carrying Amount at year end | |||
Land | 640 | ||
Building and Improvements | 3,293 | ||
Total | 3,933 | ||
Accumulated Depreciation | $ 222 | ||
Oviedo, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,276 | ||
Initial cost | |||
Land | $ 440 | ||
Building and Improvements | 2,824 | ||
Costs Subsequent to Acquisition | 586 | ||
Gross Carrying Amount at year end | |||
Land | 440 | ||
Building and Improvements | 2,739 | ||
Total | 3,179 | ||
Accumulated Depreciation | $ 868 | ||
Palm Coast I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,400 | ||
Initial cost | |||
Land | $ 555 | ||
Building and Improvements | 2,735 | ||
Costs Subsequent to Acquisition | 106 | ||
Gross Carrying Amount at year end | |||
Land | 555 | ||
Building and Improvements | 2,841 | ||
Total | 3,396 | ||
Accumulated Depreciation | $ 269 | ||
Palm Coast II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 122,490 | ||
Initial cost | |||
Land | $ 1,511 | ||
Building and Improvements | 7,450 | ||
Costs Subsequent to Acquisition | 336 | ||
Gross Carrying Amount at year end | |||
Land | 1,511 | ||
Building and Improvements | 7,786 | ||
Total | 9,297 | ||
Accumulated Depreciation | $ 738 | ||
Palm Harbor, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,685 | ||
Initial cost | |||
Land | $ 2,457 | ||
Building and Improvements | 16,178 | ||
Costs Subsequent to Acquisition | 84 | ||
Gross Carrying Amount at year end | |||
Land | 2,457 | ||
Building and Improvements | 16,262 | ||
Total | 18,719 | ||
Accumulated Depreciation | $ 332 | ||
Pembroke Pines, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,321 | ||
Initial cost | |||
Land | $ 337 | ||
Building and Improvements | 3,772 | ||
Costs Subsequent to Acquisition | 2,796 | ||
Gross Carrying Amount at year end | |||
Land | 953 | ||
Building and Improvements | 5,425 | ||
Total | 6,378 | ||
Accumulated Depreciation | $ 2,470 | ||
Royal Palm Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,274 | ||
Initial cost | |||
Land | $ 1,640 | ||
Building and Improvements | 8,607 | ||
Costs Subsequent to Acquisition | 292 | ||
Gross Carrying Amount at year end | |||
Land | 1,640 | ||
Building and Improvements | 7,238 | ||
Total | 8,878 | ||
Accumulated Depreciation | $ 2,121 | ||
Sanford I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,810 | ||
Initial cost | |||
Land | $ 453 | ||
Building and Improvements | 2,911 | ||
Costs Subsequent to Acquisition | 189 | ||
Gross Carrying Amount at year end | |||
Land | 453 | ||
Building and Improvements | 2,534 | ||
Total | 2,987 | ||
Accumulated Depreciation | $ 770 | ||
Sanford II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,755 | ||
Initial cost | |||
Land | $ 1,003 | ||
Building and Improvements | 4,944 | ||
Costs Subsequent to Acquisition | 140 | ||
Gross Carrying Amount at year end | |||
Land | 1,003 | ||
Building and Improvements | 5,084 | ||
Total | 6,087 | ||
Accumulated Depreciation | $ 353 | ||
Sarasota, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,142 | ||
Initial cost | |||
Land | $ 333 | ||
Building and Improvements | 3,656 | ||
Costs Subsequent to Acquisition | 1,368 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 3,827 | ||
Total | 4,356 | ||
Accumulated Depreciation | $ 1,640 | ||
St. Augustine, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,725 | ||
Initial cost | |||
Land | $ 135 | ||
Building and Improvements | 1,515 | ||
Costs Subsequent to Acquisition | 3,407 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 4,319 | ||
Total | 4,702 | ||
Accumulated Depreciation | $ 1,995 | ||
St. Petersburg, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,050 | ||
Initial cost | |||
Land | $ 2,721 | ||
Building and Improvements | 10,173 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 2,721 | ||
Building and Improvements | 10,424 | ||
Total | 13,145 | ||
Accumulated Depreciation | $ 208 | ||
Stuart, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 86,756 | ||
Initial cost | |||
Land | $ 324 | ||
Building and Improvements | 3,625 | ||
Costs Subsequent to Acquisition | 3,166 | ||
Gross Carrying Amount at year end | |||
Land | 685 | ||
Building and Improvements | 5,808 | ||
Total | 6,493 | ||
Accumulated Depreciation | $ 2,591 | ||
SW Ranches, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,990 | ||
Initial cost | |||
Land | $ 1,390 | ||
Building and Improvements | 7,598 | ||
Costs Subsequent to Acquisition | 269 | ||
Gross Carrying Amount at year end | |||
Land | 1,390 | ||
Building and Improvements | 6,005 | ||
Total | 7,395 | ||
Accumulated Depreciation | $ 1,741 | ||
Tampa I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,913 | ||
Initial cost | |||
Land | $ 2,670 | ||
Building and Improvements | 6,249 | ||
Costs Subsequent to Acquisition | 251 | ||
Gross Carrying Amount at year end | |||
Land | 2,670 | ||
Building and Improvements | 5,147 | ||
Total | 7,817 | ||
Accumulated Depreciation | $ 1,488 | ||
Tampa II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,790 | ||
Initial cost | |||
Land | $ 2,291 | ||
Building and Improvements | 10,262 | ||
Costs Subsequent to Acquisition | 104 | ||
Gross Carrying Amount at year end | |||
Land | 2,291 | ||
Building and Improvements | 10,366 | ||
Total | 12,657 | ||
Accumulated Depreciation | $ 209 | ||
West Palm Beach I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,906 | ||
Initial cost | |||
Land | $ 719 | ||
Building and Improvements | 3,420 | ||
Costs Subsequent to Acquisition | 1,660 | ||
Gross Carrying Amount at year end | |||
Land | 835 | ||
Building and Improvements | 3,841 | ||
Total | 4,676 | ||
Accumulated Depreciation | $ 1,499 | ||
West Palm Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,353 | ||
Initial cost | |||
Land | $ 2,129 | ||
Building and Improvements | 8,671 | ||
Costs Subsequent to Acquisition | 429 | ||
Gross Carrying Amount at year end | |||
Land | 2,129 | ||
Building and Improvements | 7,795 | ||
Total | 9,924 | ||
Accumulated Depreciation | $ 2,874 | ||
West Palm Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,440 | ||
Initial cost | |||
Land | $ 804 | ||
Building and Improvements | 3,962 | ||
Costs Subsequent to Acquisition | 68 | ||
Gross Carrying Amount at year end | |||
Land | 804 | ||
Building and Improvements | 4,030 | ||
Total | 4,834 | ||
Accumulated Depreciation | $ 524 | ||
West Palm Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 102,892 | ||
Initial cost | |||
Land | $ 1,499 | ||
Building and Improvements | 7,392 | ||
Costs Subsequent to Acquisition | 314 | ||
Gross Carrying Amount at year end | |||
Land | 1,499 | ||
Building and Improvements | 7,706 | ||
Total | 9,205 | ||
Accumulated Depreciation | $ 624 | ||
Winter Park, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,356 | ||
Initial cost | |||
Land | $ 866 | ||
Building and Improvements | 4,268 | ||
Costs Subsequent to Acquisition | 87 | ||
Gross Carrying Amount at year end | |||
Land | 866 | ||
Building and Improvements | 4,355 | ||
Total | 5,221 | ||
Accumulated Depreciation | $ 302 | ||
Alpharetta, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 90,501 | ||
Initial cost | |||
Land | $ 806 | ||
Building and Improvements | 4,720 | ||
Costs Subsequent to Acquisition | 1,029 | ||
Gross Carrying Amount at year end | |||
Land | 967 | ||
Building and Improvements | 4,004 | ||
Total | 4,971 | ||
Accumulated Depreciation | $ 1,513 | ||
Atlanta, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,625 | ||
Initial cost | |||
Land | $ 822 | ||
Building and Improvements | 4,053 | ||
Costs Subsequent to Acquisition | 55 | ||
Gross Carrying Amount at year end | |||
Land | 822 | ||
Building and Improvements | 4,108 | ||
Total | 4,930 | ||
Accumulated Depreciation | $ 572 | ||
Austell, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,655 | ||
Initial cost | |||
Land | $ 1,635 | ||
Building and Improvements | 4,711 | ||
Costs Subsequent to Acquisition | 311 | ||
Gross Carrying Amount at year end | |||
Land | 1,643 | ||
Building and Improvements | 4,366 | ||
Total | 6,009 | ||
Accumulated Depreciation | $ 1,342 | ||
Decatur, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 145,440 | ||
Initial cost | |||
Land | $ 616 | ||
Building and Improvements | 6,776 | ||
Costs Subsequent to Acquisition | 356 | ||
Gross Carrying Amount at year end | |||
Land | 616 | ||
Building and Improvements | 6,175 | ||
Total | 6,791 | ||
Accumulated Depreciation | $ 2,960 | ||
Duluth, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,885 | ||
Initial cost | |||
Land | $ 373 | ||
Building and Improvements | 2,044 | ||
Costs Subsequent to Acquisition | 184 | ||
Gross Carrying Amount at year end | |||
Land | 373 | ||
Building and Improvements | 1,904 | ||
Total | 2,277 | ||
Accumulated Depreciation | $ 336 | ||
Lawrenceville, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,740 | ||
Initial cost | |||
Land | $ 546 | ||
Building and Improvements | 2,903 | ||
Costs Subsequent to Acquisition | 390 | ||
Gross Carrying Amount at year end | |||
Land | 546 | ||
Building and Improvements | 2,876 | ||
Total | 3,422 | ||
Accumulated Depreciation | $ 513 | ||
Lithia Springs, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,750 | ||
Initial cost | |||
Land | $ 748 | ||
Building and Improvements | 5,552 | ||
Costs Subsequent to Acquisition | 81 | ||
Gross Carrying Amount at year end | |||
Land | 748 | ||
Building and Improvements | 5,633 | ||
Total | 6,381 | ||
Accumulated Depreciation | $ 194 | ||
Norcross I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 85,420 | ||
Initial cost | |||
Land | $ 514 | ||
Building and Improvements | 2,930 | ||
Costs Subsequent to Acquisition | 916 | ||
Gross Carrying Amount at year end | |||
Land | 632 | ||
Building and Improvements | 2,938 | ||
Total | 3,570 | ||
Accumulated Depreciation | $ 1,086 | ||
Norcross II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,595 | ||
Initial cost | |||
Land | $ 366 | ||
Building and Improvements | 2,025 | ||
Costs Subsequent to Acquisition | 193 | ||
Gross Carrying Amount at year end | |||
Land | 366 | ||
Building and Improvements | 1,933 | ||
Total | 2,299 | ||
Accumulated Depreciation | $ 345 | ||
Norcross III, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,955 | ||
Initial cost | |||
Land | $ 938 | ||
Building and Improvements | 4,625 | ||
Costs Subsequent to Acquisition | 61 | ||
Gross Carrying Amount at year end | |||
Land | 938 | ||
Building and Improvements | 4,686 | ||
Total | 5,624 | ||
Accumulated Depreciation | $ 724 | ||
Norcross IV, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,505 | ||
Initial cost | |||
Land | $ 576 | ||
Building and Improvements | 2,839 | ||
Costs Subsequent to Acquisition | 80 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 2,919 | ||
Total | 3,495 | ||
Accumulated Depreciation | $ 405 | ||
Peachtree City I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,875 | ||
Initial cost | |||
Land | $ 435 | ||
Building and Improvements | 2,532 | ||
Costs Subsequent to Acquisition | 759 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 2,512 | ||
Total | 3,041 | ||
Accumulated Depreciation | $ 917 | ||
Peachtree City II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,950 | ||
Initial cost | |||
Land | $ 398 | ||
Building and Improvements | 1,963 | ||
Costs Subsequent to Acquisition | 116 | ||
Gross Carrying Amount at year end | |||
Land | 398 | ||
Building and Improvements | 2,079 | ||
Total | 2,477 | ||
Accumulated Depreciation | $ 278 | ||
Smyrna, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,015 | ||
Initial cost | |||
Land | $ 750 | ||
Building and Improvements | 4,271 | ||
Costs Subsequent to Acquisition | 279 | ||
Gross Carrying Amount at year end | |||
Land | 750 | ||
Building and Improvements | 3,448 | ||
Total | 4,198 | ||
Accumulated Depreciation | $ 1,333 | ||
Snellville, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,950 | ||
Initial cost | |||
Land | $ 1,660 | ||
Building and Improvements | 4,781 | ||
Costs Subsequent to Acquisition | 340 | ||
Gross Carrying Amount at year end | |||
Land | 1,660 | ||
Building and Improvements | 4,458 | ||
Total | 6,118 | ||
Accumulated Depreciation | $ 1,332 | ||
Suwanee I, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 85,125 | ||
Initial cost | |||
Land | $ 1,737 | ||
Building and Improvements | 5,010 | ||
Costs Subsequent to Acquisition | 296 | ||
Gross Carrying Amount at year end | |||
Land | 1,737 | ||
Building and Improvements | 4,606 | ||
Total | 6,343 | ||
Accumulated Depreciation | $ 1,387 | ||
Suwanee II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,590 | ||
Initial cost | |||
Land | $ 800 | ||
Building and Improvements | 6,942 | ||
Costs Subsequent to Acquisition | 75 | ||
Gross Carrying Amount at year end | |||
Land | 622 | ||
Building and Improvements | 5,813 | ||
Total | 6,435 | ||
Accumulated Depreciation | $ 1,708 | ||
Villa Rica, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,365 | ||
Initial cost | |||
Land | $ 757 | ||
Building and Improvements | 5,616 | ||
Costs Subsequent to Acquisition | 113 | ||
Gross Carrying Amount at year end | |||
Land | 757 | ||
Building and Improvements | 5,729 | ||
Total | 6,486 | ||
Accumulated Depreciation | $ 196 | ||
Addison, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 31,575 | ||
Initial cost | |||
Land | $ 428 | ||
Building and Improvements | 3,531 | ||
Costs Subsequent to Acquisition | 466 | ||
Gross Carrying Amount at year end | |||
Land | 428 | ||
Building and Improvements | 3,496 | ||
Total | 3,924 | ||
Accumulated Depreciation | $ 1,250 | ||
Aurora, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,985 | ||
Initial cost | |||
Land | $ 644 | ||
Building and Improvements | 3,652 | ||
Costs Subsequent to Acquisition | 200 | ||
Gross Carrying Amount at year end | |||
Land | 644 | ||
Building and Improvements | 3,332 | ||
Total | 3,976 | ||
Accumulated Depreciation | $ 1,205 | ||
Bartlett, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,395 | ||
Initial cost | |||
Land | $ 931 | ||
Building and Improvements | 2,493 | ||
Costs Subsequent to Acquisition | 293 | ||
Gross Carrying Amount at year end | |||
Land | 931 | ||
Building and Improvements | 2,404 | ||
Total | 3,335 | ||
Accumulated Depreciation | $ 884 | ||
Bellwood, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 86,350 | ||
Initial cost | |||
Land | $ 1,012 | ||
Building and Improvements | 5,768 | ||
Costs Subsequent to Acquisition | 909 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 4,942 | ||
Total | 5,954 | ||
Accumulated Depreciation | $ 1,856 | ||
Blue Island, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 55,125 | ||
Initial cost | |||
Land | $ 633 | ||
Building and Improvements | 3,120 | ||
Costs Subsequent to Acquisition | 44 | ||
Gross Carrying Amount at year end | |||
Land | 633 | ||
Building and Improvements | 3,164 | ||
Total | 3,797 | ||
Accumulated Depreciation | $ 177 | ||
Bolingbrook, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,915 | ||
Initial cost | |||
Land | $ 1,675 | ||
Building and Improvements | 8,254 | ||
Costs Subsequent to Acquisition | 168 | ||
Gross Carrying Amount at year end | |||
Land | 1,675 | ||
Building and Improvements | 8,422 | ||
Total | 10,097 | ||
Accumulated Depreciation | $ 583 | ||
Chicago I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 95,745 | ||
Initial cost | |||
Land | $ 2,667 | ||
Building and Improvements | 13,118 | ||
Costs Subsequent to Acquisition | 877 | ||
Gross Carrying Amount at year end | |||
Land | 2,667 | ||
Building and Improvements | 13,995 | ||
Total | 16,662 | ||
Accumulated Depreciation | $ 969 | ||
Chicago II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,585 | ||
Initial cost | |||
Land | $ 833 | ||
Building and Improvements | 4,035 | ||
Costs Subsequent to Acquisition | 69 | ||
Gross Carrying Amount at year end | |||
Land | 833 | ||
Building and Improvements | 4,104 | ||
Total | 4,937 | ||
Accumulated Depreciation | $ 283 | ||
Chicago III, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,990 | ||
Initial cost | |||
Land | $ 2,427 | ||
Building and Improvements | 11,962 | ||
Costs Subsequent to Acquisition | 778 | ||
Gross Carrying Amount at year end | |||
Land | 2,427 | ||
Building and Improvements | 12,740 | ||
Total | 15,167 | ||
Accumulated Depreciation | $ 890 | ||
Chicago IV, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,495 | ||
Initial cost | |||
Land | $ 1,296 | ||
Building and Improvements | 6,385 | ||
Costs Subsequent to Acquisition | 26 | ||
Gross Carrying Amount at year end | |||
Land | 1,296 | ||
Building and Improvements | 6,411 | ||
Total | 7,707 | ||
Accumulated Depreciation | $ 357 | ||
Chicago V, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,775 | ||
Initial cost | |||
Land | $ 1,044 | ||
Building and Improvements | 5,144 | ||
Costs Subsequent to Acquisition | 38 | ||
Gross Carrying Amount at year end | |||
Land | 1,044 | ||
Building and Improvements | 5,182 | ||
Total | 6,226 | ||
Accumulated Depreciation | $ 289 | ||
Chicago VI, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,785 | ||
Initial cost | |||
Land | $ 1,596 | ||
Building and Improvements | 9,535 | ||
Costs Subsequent to Acquisition | 27 | ||
Gross Carrying Amount at year end | |||
Land | 1,596 | ||
Building and Improvements | 9,562 | ||
Total | 11,158 | ||
Accumulated Depreciation | $ 192 | ||
Countryside, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 99,856 | ||
Initial cost | |||
Land | $ 2,607 | ||
Building and Improvements | 12,684 | ||
Costs Subsequent to Acquisition | 141 | ||
Gross Carrying Amount at year end | |||
Land | 2,607 | ||
Building and Improvements | 12,825 | ||
Total | 15,432 | ||
Accumulated Depreciation | $ 885 | ||
Des Plaines, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,600 | ||
Initial cost | |||
Land | $ 1,564 | ||
Building and Improvements | 4,327 | ||
Costs Subsequent to Acquisition | 733 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 4,420 | ||
Total | 5,984 | ||
Accumulated Depreciation | $ 1,546 | ||
Downers Grove, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,625 | ||
Initial cost | |||
Land | $ 1,498 | ||
Building and Improvements | 13,153 | ||
Costs Subsequent to Acquisition | 11 | ||
Gross Carrying Amount at year end | |||
Land | 1,498 | ||
Building and Improvements | 13,164 | ||
Total | 14,662 | ||
Accumulated Depreciation | $ 271 | ||
Elk Grove Village, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,079 | ||
Initial cost | |||
Land | $ 1,446 | ||
Building and Improvements | 3,535 | ||
Costs Subsequent to Acquisition | 293 | ||
Gross Carrying Amount at year end | |||
Land | 1,446 | ||
Building and Improvements | 3,298 | ||
Total | 4,744 | ||
Accumulated Depreciation | $ 1,241 | ||
Evanston, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,850 | ||
Initial cost | |||
Land | $ 1,103 | ||
Building and Improvements | 5,440 | ||
Costs Subsequent to Acquisition | 195 | ||
Gross Carrying Amount at year end | |||
Land | 1,103 | ||
Building and Improvements | 5,635 | ||
Total | 6,738 | ||
Accumulated Depreciation | $ 658 | ||
Glenview, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 100,085 | ||
Initial cost | |||
Land | $ 3,740 | ||
Building and Improvements | 10,367 | ||
Costs Subsequent to Acquisition | 571 | ||
Gross Carrying Amount at year end | |||
Land | 3,740 | ||
Building and Improvements | 9,472 | ||
Total | 13,212 | ||
Accumulated Depreciation | $ 3,419 | ||
Gurnee, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,300 | ||
Initial cost | |||
Land | $ 1,521 | ||
Building and Improvements | 5,440 | ||
Costs Subsequent to Acquisition | 301 | ||
Gross Carrying Amount at year end | |||
Land | 1,521 | ||
Building and Improvements | 4,977 | ||
Total | 6,498 | ||
Accumulated Depreciation | $ 1,844 | ||
Hanover, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 41,190 | ||
Initial cost | |||
Land | $ 1,126 | ||
Building and Improvements | 2,197 | ||
Costs Subsequent to Acquisition | 269 | ||
Gross Carrying Amount at year end | |||
Land | 1,126 | ||
Building and Improvements | 2,127 | ||
Total | 3,253 | ||
Accumulated Depreciation | $ 788 | ||
Harvey, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,090 | ||
Initial cost | |||
Land | $ 869 | ||
Building and Improvements | 3,635 | ||
Costs Subsequent to Acquisition | 241 | ||
Gross Carrying Amount at year end | |||
Land | 869 | ||
Building and Improvements | 3,334 | ||
Total | 4,203 | ||
Accumulated Depreciation | $ 1,212 | ||
Joliet, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,865 | ||
Initial cost | |||
Land | $ 547 | ||
Building and Improvements | 4,704 | ||
Costs Subsequent to Acquisition | 246 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 4,291 | ||
Total | 4,838 | ||
Accumulated Depreciation | $ 1,567 | ||
Kildeer, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 36,585 | ||
Initial cost | |||
Land | $ 2,102 | ||
Building and Improvements | 2,187 | ||
Costs Subsequent to Acquisition | 226 | ||
Gross Carrying Amount at year end | |||
Land | 1,997 | ||
Building and Improvements | 2,211 | ||
Total | 4,208 | ||
Accumulated Depreciation | $ 796 | ||
Lombard, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,691 | ||
Initial cost | |||
Land | $ 1,305 | ||
Building and Improvements | 3,938 | ||
Costs Subsequent to Acquisition | 828 | ||
Gross Carrying Amount at year end | |||
Land | 1,305 | ||
Building and Improvements | 4,161 | ||
Total | 5,466 | ||
Accumulated Depreciation | $ 1,534 | ||
Maywood, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,225 | ||
Initial cost | |||
Land | $ 749 | ||
Building and Improvements | 3,689 | ||
Costs Subsequent to Acquisition | 15 | ||
Gross Carrying Amount at year end | |||
Land | 749 | ||
Building and Improvements | 3,704 | ||
Total | 4,453 | ||
Accumulated Depreciation | $ 206 | ||
Mount Prospect, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,000 | ||
Initial cost | |||
Land | $ 1,701 | ||
Building and Improvements | 3,114 | ||
Costs Subsequent to Acquisition | 599 | ||
Gross Carrying Amount at year end | |||
Land | 1,701 | ||
Building and Improvements | 3,261 | ||
Total | 4,962 | ||
Accumulated Depreciation | $ 1,131 | ||
Mundelein, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 44,700 | ||
Initial cost | |||
Land | $ 1,498 | ||
Building and Improvements | 2,782 | ||
Costs Subsequent to Acquisition | 358 | ||
Gross Carrying Amount at year end | |||
Land | 1,498 | ||
Building and Improvements | 2,725 | ||
Total | 4,223 | ||
Accumulated Depreciation | $ 958 | ||
North Chicago, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,400 | ||
Initial cost | |||
Land | $ 1,073 | ||
Building and Improvements | 3,006 | ||
Costs Subsequent to Acquisition | 422 | ||
Gross Carrying Amount at year end | |||
Land | 1,073 | ||
Building and Improvements | 2,943 | ||
Total | 4,016 | ||
Accumulated Depreciation | $ 1,081 | ||
Plainfield I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,900 | ||
Initial cost | |||
Land | $ 1,770 | ||
Building and Improvements | 1,715 | ||
Costs Subsequent to Acquisition | 335 | ||
Gross Carrying Amount at year end | |||
Land | 1,740 | ||
Building and Improvements | 1,757 | ||
Total | 3,497 | ||
Accumulated Depreciation | $ 606 | ||
Plainfield II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,900 | ||
Initial cost | |||
Land | $ 694 | ||
Building and Improvements | 2,000 | ||
Costs Subsequent to Acquisition | 239 | ||
Gross Carrying Amount at year end | |||
Land | 694 | ||
Building and Improvements | 1,906 | ||
Total | 2,600 | ||
Accumulated Depreciation | $ 638 | ||
Schaumburg, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 31,160 | ||
Initial cost | |||
Land | $ 538 | ||
Building and Improvements | 645 | ||
Costs Subsequent to Acquisition | 212 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 720 | ||
Total | 1,258 | ||
Accumulated Depreciation | $ 260 | ||
Streamwood, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,305 | ||
Initial cost | |||
Land | $ 1,447 | ||
Building and Improvements | 1,662 | ||
Costs Subsequent to Acquisition | 396 | ||
Gross Carrying Amount at year end | |||
Land | 1,447 | ||
Building and Improvements | 1,747 | ||
Total | 3,194 | ||
Accumulated Depreciation | $ 637 | ||
Warrenville, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,796 | ||
Initial cost | |||
Land | $ 1,066 | ||
Building and Improvements | 3,072 | ||
Costs Subsequent to Acquisition | 414 | ||
Gross Carrying Amount at year end | |||
Land | 1,066 | ||
Building and Improvements | 3,054 | ||
Total | 4,120 | ||
Accumulated Depreciation | $ 1,005 | ||
Waukegan, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,500 | ||
Initial cost | |||
Land | $ 1,198 | ||
Building and Improvements | 4,363 | ||
Costs Subsequent to Acquisition | 594 | ||
Gross Carrying Amount at year end | |||
Land | 1,198 | ||
Building and Improvements | 4,304 | ||
Total | 5,502 | ||
Accumulated Depreciation | $ 1,520 | ||
West Chicago, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,175 | ||
Initial cost | |||
Land | $ 1,071 | ||
Building and Improvements | 2,249 | ||
Costs Subsequent to Acquisition | 431 | ||
Gross Carrying Amount at year end | |||
Land | 1,071 | ||
Building and Improvements | 2,322 | ||
Total | 3,393 | ||
Accumulated Depreciation | $ 824 | ||
Westmont, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,300 | ||
Initial cost | |||
Land | $ 1,155 | ||
Building and Improvements | 3,873 | ||
Costs Subsequent to Acquisition | 291 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 3,623 | ||
Total | 4,778 | ||
Accumulated Depreciation | $ 1,289 | ||
Wheeling I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,210 | ||
Initial cost | |||
Land | $ 857 | ||
Building and Improvements | 3,213 | ||
Costs Subsequent to Acquisition | 441 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 3,182 | ||
Total | 4,039 | ||
Accumulated Depreciation | $ 1,146 | ||
Wheeling II, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,825 | ||
Initial cost | |||
Land | $ 793 | ||
Building and Improvements | 3,816 | ||
Costs Subsequent to Acquisition | 475 | ||
Gross Carrying Amount at year end | |||
Land | 793 | ||
Building and Improvements | 3,739 | ||
Total | 4,532 | ||
Accumulated Depreciation | $ 1,383 | ||
Woodridge, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,232 | ||
Initial cost | |||
Land | $ 943 | ||
Building and Improvements | 3,397 | ||
Costs Subsequent to Acquisition | 213 | ||
Gross Carrying Amount at year end | |||
Land | 943 | ||
Building and Improvements | 3,135 | ||
Total | 4,078 | ||
Accumulated Depreciation | $ 1,145 | ||
Schererville, IN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,604 | ||
Initial cost | |||
Land | $ 1,134 | ||
Building and Improvements | 5,589 | ||
Costs Subsequent to Acquisition | 42 | ||
Gross Carrying Amount at year end | |||
Land | 1,134 | ||
Building and Improvements | 5,631 | ||
Total | 6,765 | ||
Accumulated Depreciation | $ 464 | ||
Boston I, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 33,286 | ||
Initial cost | |||
Land | $ 538 | ||
Building and Improvements | 3,048 | ||
Costs Subsequent to Acquisition | 256 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 2,880 | ||
Total | 3,418 | ||
Accumulated Depreciation | $ 550 | ||
Boston II, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,470 | ||
Initial cost | |||
Land | $ 1,516 | ||
Building and Improvements | 8,628 | ||
Costs Subsequent to Acquisition | 392 | ||
Gross Carrying Amount at year end | |||
Land | 1,516 | ||
Building and Improvements | 7,180 | ||
Total | 8,696 | ||
Accumulated Depreciation | $ 3,006 | ||
Boston III, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 108,205 | ||
Initial cost | |||
Land | $ 3,211 | ||
Building and Improvements | 15,829 | ||
Costs Subsequent to Acquisition | 182 | ||
Gross Carrying Amount at year end | |||
Land | 3,211 | ||
Building and Improvements | 16,011 | ||
Total | 19,222 | ||
Accumulated Depreciation | $ 1,151 | ||
Brockton, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,910 | ||
Initial cost | |||
Land | $ 577 | ||
Building and Improvements | 4,394 | ||
Costs Subsequent to Acquisition | 13 | ||
Gross Carrying Amount at year end | |||
Land | 577 | ||
Building and Improvements | 4,407 | ||
Total | 4,984 | ||
Accumulated Depreciation | $ 152 | ||
Haverhill, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,169 | ||
Initial cost | |||
Land | $ 669 | ||
Building and Improvements | 6,610 | ||
Costs Subsequent to Acquisition | 35 | ||
Gross Carrying Amount at year end | |||
Land | 669 | ||
Building and Improvements | 6,645 | ||
Total | 7,314 | ||
Accumulated Depreciation | $ 231 | ||
Lawrence, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 34,672 | ||
Initial cost | |||
Land | $ 585 | ||
Building and Improvements | 4,737 | ||
Costs Subsequent to Acquisition | 39 | ||
Gross Carrying Amount at year end | |||
Land | 585 | ||
Building and Improvements | 4,776 | ||
Total | 5,361 | ||
Accumulated Depreciation | $ 165 | ||
Leominster, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,023 | ||
Initial cost | |||
Land | $ 90 | ||
Building and Improvements | 1,519 | ||
Costs Subsequent to Acquisition | 2,469 | ||
Gross Carrying Amount at year end | |||
Land | 338 | ||
Building and Improvements | 3,348 | ||
Total | 3,686 | ||
Accumulated Depreciation | $ 1,463 | ||
Medford, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,745 | ||
Initial cost | |||
Land | $ 1,330 | ||
Building and Improvements | 7,165 | ||
Costs Subsequent to Acquisition | 131 | ||
Gross Carrying Amount at year end | |||
Land | 1,330 | ||
Building and Improvements | 5,805 | ||
Total | 7,135 | ||
Accumulated Depreciation | $ 1,611 | ||
Stoneham, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,000 | ||
Initial cost | |||
Land | $ 1,558 | ||
Building and Improvements | 7,679 | ||
Costs Subsequent to Acquisition | 74 | ||
Gross Carrying Amount at year end | |||
Land | 1,558 | ||
Building and Improvements | 7,753 | ||
Total | 9,311 | ||
Accumulated Depreciation | $ 892 | ||
Tewksbury, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,402 | ||
Initial cost | |||
Land | $ 1,537 | ||
Building and Improvements | 7,579 | ||
Costs Subsequent to Acquisition | 71 | ||
Gross Carrying Amount at year end | |||
Land | 1,537 | ||
Building and Improvements | 7,650 | ||
Total | 9,187 | ||
Accumulated Depreciation | $ 653 | ||
Walpole, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,890 | ||
Encumbrances | $ 6,216 | ||
Initial cost | |||
Land | 634 | ||
Building and Improvements | 13,069 | ||
Costs Subsequent to Acquisition | 267 | ||
Gross Carrying Amount at year end | |||
Land | 634 | ||
Building and Improvements | 13,336 | ||
Total | 13,970 | ||
Accumulated Depreciation | $ 215 | ||
Baltimore, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 93,750 | ||
Initial cost | |||
Land | $ 1,050 | ||
Building and Improvements | 5,997 | ||
Costs Subsequent to Acquisition | 1,382 | ||
Gross Carrying Amount at year end | |||
Land | 1,173 | ||
Building and Improvements | 5,251 | ||
Total | 6,424 | ||
Accumulated Depreciation | $ 1,972 | ||
Beltsville, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,687 | ||
Initial cost | |||
Land | $ 1,277 | ||
Building and Improvements | 6,295 | ||
Costs Subsequent to Acquisition | 52 | ||
Gross Carrying Amount at year end | |||
Land | 1,268 | ||
Building and Improvements | 6,356 | ||
Total | 7,624 | ||
Accumulated Depreciation | $ 731 | ||
California, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,840 | ||
Initial cost | |||
Land | $ 1,486 | ||
Building and Improvements | 4,280 | ||
Costs Subsequent to Acquisition | 279 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 3,968 | ||
Total | 5,454 | ||
Accumulated Depreciation | $ 1,427 | ||
Capitol Heights, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,675 | ||
Initial cost | |||
Land | $ 2,704 | ||
Building and Improvements | 13,332 | ||
Costs Subsequent to Acquisition | 41 | ||
Gross Carrying Amount at year end | |||
Land | 2,704 | ||
Building and Improvements | 13,373 | ||
Total | 16,077 | ||
Accumulated Depreciation | $ 601 | ||
Clinton, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,225 | ||
Initial cost | |||
Land | $ 2,182 | ||
Building and Improvements | 10,757 | ||
Costs Subsequent to Acquisition | 103 | ||
Gross Carrying Amount at year end | |||
Land | 2,182 | ||
Building and Improvements | 10,860 | ||
Total | 13,042 | ||
Accumulated Depreciation | $ 1,066 | ||
District Heights, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,190 | ||
Initial cost | |||
Land | $ 1,527 | ||
Building and Improvements | 8,313 | ||
Costs Subsequent to Acquisition | 534 | ||
Gross Carrying Amount at year end | |||
Land | 1,527 | ||
Building and Improvements | 7,722 | ||
Total | 9,249 | ||
Accumulated Depreciation | $ 1,321 | ||
Elkridge, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,475 | ||
Initial cost | |||
Land | $ 1,155 | ||
Building and Improvements | 5,695 | ||
Costs Subsequent to Acquisition | 232 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 5,927 | ||
Total | 7,082 | ||
Accumulated Depreciation | $ 591 | ||
Gaithersburg I, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 87,045 | ||
Initial cost | |||
Land | $ 3,124 | ||
Building and Improvements | 9,000 | ||
Costs Subsequent to Acquisition | 427 | ||
Gross Carrying Amount at year end | |||
Land | 3,124 | ||
Building and Improvements | 8,165 | ||
Total | 11,289 | ||
Accumulated Depreciation | $ 2,957 | ||
Gaithersburg II, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,100 | ||
Initial cost | |||
Land | $ 2,383 | ||
Building and Improvements | 11,750 | ||
Costs Subsequent to Acquisition | 66 | ||
Gross Carrying Amount at year end | |||
Land | 2,383 | ||
Building and Improvements | 11,816 | ||
Total | 14,199 | ||
Accumulated Depreciation | $ 533 | ||
Hyattsville, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,765 | ||
Initial cost | |||
Land | $ 1,113 | ||
Building and Improvements | 5,485 | ||
Costs Subsequent to Acquisition | 65 | ||
Gross Carrying Amount at year end | |||
Land | 1,113 | ||
Building and Improvements | 5,550 | ||
Total | 6,663 | ||
Accumulated Depreciation | $ 638 | ||
Laurel, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 162,896 | ||
Initial cost | |||
Land | $ 1,409 | ||
Building and Improvements | 8,035 | ||
Costs Subsequent to Acquisition | 3,668 | ||
Gross Carrying Amount at year end | |||
Land | 1,928 | ||
Building and Improvements | 8,866 | ||
Total | 10,794 | ||
Accumulated Depreciation | $ 3,409 | ||
Temple Hills I, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 97,275 | ||
Initial cost | |||
Land | $ 1,541 | ||
Building and Improvements | 8,788 | ||
Costs Subsequent to Acquisition | 2,466 | ||
Gross Carrying Amount at year end | |||
Land | 1,800 | ||
Building and Improvements | 8,801 | ||
Total | 10,601 | ||
Accumulated Depreciation | $ 3,363 | ||
Temple Hills II, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,225 | ||
Initial cost | |||
Land | $ 2,229 | ||
Building and Improvements | 10,988 | ||
Costs Subsequent to Acquisition | 50 | ||
Gross Carrying Amount at year end | |||
Land | 2,229 | ||
Building and Improvements | 11,038 | ||
Total | 13,267 | ||
Accumulated Depreciation | $ 1,024 | ||
Timonium, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,717 | ||
Initial cost | |||
Land | $ 2,269 | ||
Building and Improvements | 11,184 | ||
Costs Subsequent to Acquisition | 181 | ||
Gross Carrying Amount at year end | |||
Land | 2,269 | ||
Building and Improvements | 11,365 | ||
Total | 13,634 | ||
Accumulated Depreciation | $ 1,057 | ||
Upper Marlboro, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,290 | ||
Initial cost | |||
Land | $ 1,309 | ||
Building and Improvements | 6,455 | ||
Costs Subsequent to Acquisition | 83 | ||
Gross Carrying Amount at year end | |||
Land | 1,309 | ||
Building and Improvements | 6,538 | ||
Total | 7,847 | ||
Accumulated Depreciation | $ 754 | ||
Bloomington, MN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 100,978 | ||
Initial cost | |||
Land | $ 1,598 | ||
Building and Improvements | 12,298 | ||
Costs Subsequent to Acquisition | 95 | ||
Gross Carrying Amount at year end | |||
Land | 1,598 | ||
Building and Improvements | 12,393 | ||
Total | 13,991 | ||
Accumulated Depreciation | $ 113 | ||
Belmont, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,850 | ||
Initial cost | |||
Land | $ 385 | ||
Building and Improvements | 2,196 | ||
Costs Subsequent to Acquisition | 911 | ||
Gross Carrying Amount at year end | |||
Land | 451 | ||
Building and Improvements | 2,293 | ||
Total | 2,744 | ||
Accumulated Depreciation | $ 864 | ||
Burlington I, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 109,300 | ||
Initial cost | |||
Land | $ 498 | ||
Building and Improvements | 2,837 | ||
Costs Subsequent to Acquisition | 842 | ||
Gross Carrying Amount at year end | |||
Land | 498 | ||
Building and Improvements | 2,878 | ||
Total | 3,376 | ||
Accumulated Depreciation | $ 1,130 | ||
Burlington II, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 42,165 | ||
Initial cost | |||
Land | $ 320 | ||
Building and Improvements | 1,829 | ||
Costs Subsequent to Acquisition | 389 | ||
Gross Carrying Amount at year end | |||
Land | 340 | ||
Building and Improvements | 1,677 | ||
Total | 2,017 | ||
Accumulated Depreciation | $ 655 | ||
Cary, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 112,402 | ||
Initial cost | |||
Land | $ 543 | ||
Building and Improvements | 3,097 | ||
Costs Subsequent to Acquisition | 780 | ||
Gross Carrying Amount at year end | |||
Land | 543 | ||
Building and Improvements | 3,198 | ||
Total | 3,741 | ||
Accumulated Depreciation | $ 1,257 | ||
Charlotte I, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,000 | ||
Initial cost | |||
Land | $ 782 | ||
Building and Improvements | 4,429 | ||
Costs Subsequent to Acquisition | 1,494 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 4,729 | ||
Total | 5,797 | ||
Accumulated Depreciation | $ 1,847 | ||
Charlotte II, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,666 | ||
Initial cost | |||
Land | $ 821 | ||
Building and Improvements | 8,764 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 821 | ||
Building and Improvements | 8,765 | ||
Total | 9,586 | ||
Accumulated Depreciation | $ 40 | ||
Cornelius, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,270 | ||
Initial cost | |||
Land | $ 2,424 | ||
Building and Improvements | 4,991 | ||
Costs Subsequent to Acquisition | 4 | ||
Gross Carrying Amount at year end | |||
Land | 2,424 | ||
Building and Improvements | 4,995 | ||
Total | 7,419 | ||
Accumulated Depreciation | $ 173 | ||
Pineville, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,847 | ||
Initial cost | |||
Land | $ 2,490 | ||
Building and Improvements | 9,169 | ||
Costs Subsequent to Acquisition | 125 | ||
Gross Carrying Amount at year end | |||
Land | 2,490 | ||
Building and Improvements | 9,294 | ||
Total | 11,784 | ||
Accumulated Depreciation | $ 319 | ||
Raleigh, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,675 | ||
Initial cost | |||
Land | $ 209 | ||
Building and Improvements | 2,398 | ||
Costs Subsequent to Acquisition | 384 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 2,307 | ||
Total | 2,603 | ||
Accumulated Depreciation | $ 1,036 | ||
Bordentown, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,550 | ||
Initial cost | |||
Land | $ 457 | ||
Building and Improvements | 2,255 | ||
Costs Subsequent to Acquisition | 50 | ||
Gross Carrying Amount at year end | |||
Land | 457 | ||
Building and Improvements | 2,305 | ||
Total | 2,762 | ||
Accumulated Depreciation | $ 320 | ||
Brick, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,720 | ||
Initial cost | |||
Land | $ 234 | ||
Building and Improvements | 2,762 | ||
Costs Subsequent to Acquisition | 1,453 | ||
Gross Carrying Amount at year end | |||
Land | 485 | ||
Building and Improvements | 3,390 | ||
Total | 3,875 | ||
Accumulated Depreciation | $ 1,641 | ||
Cherry Hill I, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,500 | ||
Initial cost | |||
Land | $ 222 | ||
Building and Improvements | 1,260 | ||
Costs Subsequent to Acquisition | 157 | ||
Gross Carrying Amount at year end | |||
Land | 222 | ||
Building and Improvements | 1,235 | ||
Total | 1,457 | ||
Accumulated Depreciation | $ 253 | ||
Cherry Hill II, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,500 | ||
Initial cost | |||
Land | $ 471 | ||
Building and Improvements | 2,323 | ||
Costs Subsequent to Acquisition | 105 | ||
Gross Carrying Amount at year end | |||
Land | 471 | ||
Building and Improvements | 2,428 | ||
Total | 2,899 | ||
Accumulated Depreciation | $ 331 | ||
Clifton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 105,550 | ||
Initial cost | |||
Land | $ 4,346 | ||
Building and Improvements | 12,520 | ||
Costs Subsequent to Acquisition | 293 | ||
Gross Carrying Amount at year end | |||
Land | 4,340 | ||
Building and Improvements | 11,133 | ||
Total | 15,473 | ||
Accumulated Depreciation | $ 3,835 | ||
Cranford, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,280 | ||
Initial cost | |||
Land | $ 290 | ||
Building and Improvements | 3,493 | ||
Costs Subsequent to Acquisition | 2,492 | ||
Gross Carrying Amount at year end | |||
Land | 779 | ||
Building and Improvements | 4,800 | ||
Total | 5,579 | ||
Accumulated Depreciation | $ 2,213 | ||
East Hanover, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 107,679 | ||
Initial cost | |||
Land | $ 504 | ||
Building and Improvements | 5,763 | ||
Costs Subsequent to Acquisition | 4,037 | ||
Gross Carrying Amount at year end | |||
Land | 1,315 | ||
Building and Improvements | 7,875 | ||
Total | 9,190 | ||
Accumulated Depreciation | $ 3,739 | ||
Egg Harbor I, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 36,025 | ||
Initial cost | |||
Land | $ 104 | ||
Building and Improvements | 510 | ||
Costs Subsequent to Acquisition | 63 | ||
Gross Carrying Amount at year end | |||
Land | 104 | ||
Building and Improvements | 562 | ||
Total | 666 | ||
Accumulated Depreciation | $ 106 | ||
Egg Harbor II, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,400 | ||
Initial cost | |||
Land | $ 284 | ||
Building and Improvements | 1,608 | ||
Costs Subsequent to Acquisition | 245 | ||
Gross Carrying Amount at year end | |||
Land | 284 | ||
Building and Improvements | 1,633 | ||
Total | 1,917 | ||
Accumulated Depreciation | $ 336 | ||
Elizabeth, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 38,830 | ||
Initial cost | |||
Land | $ 751 | ||
Building and Improvements | 2,164 | ||
Costs Subsequent to Acquisition | 544 | ||
Gross Carrying Amount at year end | |||
Land | 751 | ||
Building and Improvements | 2,385 | ||
Total | 3,136 | ||
Accumulated Depreciation | $ 827 | ||
Fairview, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 27,876 | ||
Initial cost | |||
Land | $ 246 | ||
Building and Improvements | 2,759 | ||
Costs Subsequent to Acquisition | 580 | ||
Gross Carrying Amount at year end | |||
Land | 246 | ||
Building and Improvements | 2,740 | ||
Total | 2,986 | ||
Accumulated Depreciation | $ 1,256 | ||
Freehold, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,420 | ||
Initial cost | |||
Land | $ 1,086 | ||
Building and Improvements | 5,355 | ||
Costs Subsequent to Acquisition | 193 | ||
Gross Carrying Amount at year end | |||
Land | 1,086 | ||
Building and Improvements | 5,548 | ||
Total | 6,634 | ||
Accumulated Depreciation | $ 760 | ||
Hamilton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,550 | ||
Initial cost | |||
Land | $ 1,885 | ||
Building and Improvements | 5,430 | ||
Costs Subsequent to Acquisition | 363 | ||
Gross Carrying Amount at year end | |||
Land | 1,893 | ||
Building and Improvements | 5,025 | ||
Total | 6,918 | ||
Accumulated Depreciation | $ 1,557 | ||
Hoboken, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 34,180 | ||
Initial cost | |||
Land | $ 1,370 | ||
Building and Improvements | 3,947 | ||
Costs Subsequent to Acquisition | 770 | ||
Gross Carrying Amount at year end | |||
Land | 1,370 | ||
Building and Improvements | 4,083 | ||
Total | 5,453 | ||
Accumulated Depreciation | $ 1,476 | ||
Linden, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 100,425 | ||
Initial cost | |||
Land | $ 517 | ||
Building and Improvements | 6,008 | ||
Costs Subsequent to Acquisition | 2,343 | ||
Gross Carrying Amount at year end | |||
Land | 1,043 | ||
Building and Improvements | 6,827 | ||
Total | 7,870 | ||
Accumulated Depreciation | $ 3,121 | ||
Lumberton, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,025 | ||
Initial cost | |||
Land | $ 987 | ||
Building and Improvements | 4,864 | ||
Costs Subsequent to Acquisition | 136 | ||
Gross Carrying Amount at year end | |||
Land | 987 | ||
Building and Improvements | 5,000 | ||
Total | 5,987 | ||
Accumulated Depreciation | $ 701 | ||
Morris Township, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,226 | ||
Initial cost | |||
Land | $ 500 | ||
Building and Improvements | 5,602 | ||
Costs Subsequent to Acquisition | 2,849 | ||
Gross Carrying Amount at year end | |||
Land | 1,072 | ||
Building and Improvements | 6,815 | ||
Total | 7,887 | ||
Accumulated Depreciation | $ 3,083 | ||
Parsippany, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,355 | ||
Initial cost | |||
Land | $ 475 | ||
Building and Improvements | 5,322 | ||
Costs Subsequent to Acquisition | 5,648 | ||
Gross Carrying Amount at year end | |||
Land | 844 | ||
Building and Improvements | 9,646 | ||
Total | 10,490 | ||
Accumulated Depreciation | $ 2,817 | ||
Rahway, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,121 | ||
Initial cost | |||
Land | $ 1,486 | ||
Building and Improvements | 7,326 | ||
Costs Subsequent to Acquisition | 127 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 7,453 | ||
Total | 8,939 | ||
Accumulated Depreciation | $ 859 | ||
Randolph, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,565 | ||
Initial cost | |||
Land | $ 855 | ||
Building and Improvements | 4,872 | ||
Costs Subsequent to Acquisition | 1,344 | ||
Gross Carrying Amount at year end | |||
Land | 1,108 | ||
Building and Improvements | 4,877 | ||
Total | 5,985 | ||
Accumulated Depreciation | $ 2,036 | ||
Ridgefield, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,803 | ||
Initial cost | |||
Land | $ 1,810 | ||
Building and Improvements | 8,925 | ||
Costs Subsequent to Acquisition | 262 | ||
Gross Carrying Amount at year end | |||
Land | 1,810 | ||
Building and Improvements | 9,187 | ||
Total | 10,997 | ||
Accumulated Depreciation | $ 393 | ||
Roseland, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,569 | ||
Initial cost | |||
Land | $ 1,844 | ||
Building and Improvements | 9,759 | ||
Costs Subsequent to Acquisition | 118 | ||
Gross Carrying Amount at year end | |||
Land | 1,844 | ||
Building and Improvements | 9,877 | ||
Total | 11,721 | ||
Accumulated Depreciation | $ 343 | ||
Sewell, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,826 | ||
Initial cost | |||
Land | $ 484 | ||
Building and Improvements | 2,766 | ||
Costs Subsequent to Acquisition | 1,411 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 3,114 | ||
Total | 3,820 | ||
Accumulated Depreciation | $ 1,186 | ||
Somerset, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,385 | ||
Initial cost | |||
Land | $ 1,243 | ||
Building and Improvements | 6,129 | ||
Costs Subsequent to Acquisition | 165 | ||
Gross Carrying Amount at year end | |||
Land | 1,243 | ||
Building and Improvements | 6,294 | ||
Total | 7,537 | ||
Accumulated Depreciation | $ 849 | ||
Whippany, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 92,070 | ||
Initial cost | |||
Land | $ 2,153 | ||
Building and Improvements | 10,615 | ||
Costs Subsequent to Acquisition | 127 | ||
Gross Carrying Amount at year end | |||
Land | 2,153 | ||
Building and Improvements | 10,742 | ||
Total | 12,895 | ||
Accumulated Depreciation | $ 1,233 | ||
Albuquerque I, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,927 | ||
Initial cost | |||
Land | $ 1,039 | ||
Building and Improvements | 3,395 | ||
Costs Subsequent to Acquisition | 280 | ||
Gross Carrying Amount at year end | |||
Land | 1,039 | ||
Building and Improvements | 3,091 | ||
Total | 4,130 | ||
Accumulated Depreciation | $ 1,178 | ||
Albuquerque II, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,798 | ||
Initial cost | |||
Land | $ 1,163 | ||
Building and Improvements | 3,801 | ||
Costs Subsequent to Acquisition | 263 | ||
Gross Carrying Amount at year end | |||
Land | 1,163 | ||
Building and Improvements | 3,441 | ||
Total | 4,604 | ||
Accumulated Depreciation | $ 1,312 | ||
Albuquerque III, NM | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,536 | ||
Initial cost | |||
Land | $ 664 | ||
Building and Improvements | 2,171 | ||
Costs Subsequent to Acquisition | 360 | ||
Gross Carrying Amount at year end | |||
Land | 664 | ||
Building and Improvements | 2,140 | ||
Total | 2,804 | ||
Accumulated Depreciation | $ 807 | ||
Henderson, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,150 | ||
Initial cost | |||
Land | $ 1,246 | ||
Building and Improvements | 6,143 | ||
Costs Subsequent to Acquisition | 93 | ||
Gross Carrying Amount at year end | |||
Land | 1,246 | ||
Building and Improvements | 6,236 | ||
Total | 7,482 | ||
Accumulated Depreciation | $ 431 | ||
Las Vegas I, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,532 | ||
Initial cost | |||
Land | $ 1,851 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 537 | ||
Gross Carrying Amount at year end | |||
Land | 1,851 | ||
Building and Improvements | 3,112 | ||
Total | 4,963 | ||
Accumulated Depreciation | $ 1,224 | ||
Las Vegas II, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,850 | ||
Initial cost | |||
Land | $ 3,354 | ||
Building and Improvements | 5,411 | ||
Costs Subsequent to Acquisition | 373 | ||
Gross Carrying Amount at year end | |||
Land | 3,355 | ||
Building and Improvements | 5,203 | ||
Total | 8,558 | ||
Accumulated Depreciation | $ 2,058 | ||
Las Vegas III, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,200 | ||
Initial cost | |||
Land | $ 1,171 | ||
Building and Improvements | 10,034 | ||
Costs Subsequent to Acquisition | 58 | ||
Gross Carrying Amount at year end | |||
Land | 1,171 | ||
Building and Improvements | 10,092 | ||
Total | 11,263 | ||
Accumulated Depreciation | $ 115 | ||
Las Vegas IV, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,217 | ||
Initial cost | |||
Land | $ 1,116 | ||
Building and Improvements | 8,575 | ||
Costs Subsequent to Acquisition | 10 | ||
Gross Carrying Amount at year end | |||
Land | 1,116 | ||
Building and Improvements | 8,585 | ||
Total | 9,701 | ||
Accumulated Depreciation | $ 103 | ||
Las Vegas, V NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 107,226 | ||
Initial cost | |||
Land | $ 1,460 | ||
Building and Improvements | 9,560 | ||
Costs Subsequent to Acquisition | 24 | ||
Gross Carrying Amount at year end | |||
Land | 1,460 | ||
Building and Improvements | 9,584 | ||
Total | 11,044 | ||
Accumulated Depreciation | $ 65 | ||
Las Vegas VI, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,482 | ||
Initial cost | |||
Land | $ 1,386 | ||
Building and Improvements | 12,299 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 1,386 | ||
Building and Improvements | 12,300 | ||
Total | 13,686 | ||
Accumulated Depreciation | $ 27 | ||
Baldwin, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,380 | ||
Initial cost | |||
Land | $ 1,559 | ||
Building and Improvements | 7,685 | ||
Costs Subsequent to Acquisition | 589 | ||
Gross Carrying Amount at year end | |||
Land | 1,559 | ||
Building and Improvements | 8,274 | ||
Total | 9,833 | ||
Accumulated Depreciation | $ 338 | ||
Bronx I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,183 | ||
Initial cost | |||
Land | $ 2,014 | ||
Building and Improvements | 11,411 | ||
Costs Subsequent to Acquisition | 988 | ||
Gross Carrying Amount at year end | |||
Land | 2,014 | ||
Building and Improvements | 10,807 | ||
Total | 12,821 | ||
Accumulated Depreciation | $ 2,164 | ||
Bronx II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 99,046 | ||
Initial cost | |||
Building and Improvements | $ 28,289 | ||
Costs Subsequent to Acquisition | 1,685 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 29,439 | ||
Total | 29,439 | ||
Accumulated Depreciation | $ 4,665 | ||
Bronx III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 105,940 | ||
Initial cost | |||
Land | $ 6,459 | ||
Building and Improvements | 36,180 | ||
Costs Subsequent to Acquisition | 162 | ||
Gross Carrying Amount at year end | |||
Land | 6,460 | ||
Building and Improvements | 31,995 | ||
Total | 38,455 | ||
Accumulated Depreciation | $ 5,239 | ||
Bronx IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,030 | ||
Initial cost | |||
Building and Improvements | $ 22,074 | ||
Costs Subsequent to Acquisition | 116 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 19,535 | ||
Total | 19,535 | ||
Accumulated Depreciation | $ 3,211 | ||
Bronx V, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,733 | ||
Initial cost | |||
Building and Improvements | $ 17,556 | ||
Costs Subsequent to Acquisition | 184 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 15,628 | ||
Total | 15,628 | ||
Accumulated Depreciation | $ 2,572 | ||
Bronx VI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,970 | ||
Initial cost | |||
Building and Improvements | $ 16,803 | ||
Costs Subsequent to Acquisition | 356 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 15,127 | ||
Total | 15,127 | ||
Accumulated Depreciation | $ 2,466 | ||
Bronx VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,625 | ||
Encumbrances | $ 8,423 | ||
Initial cost | |||
Building and Improvements | 22,512 | ||
Costs Subsequent to Acquisition | 173 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 22,794 | ||
Total | 22,794 | ||
Accumulated Depreciation | $ 3,496 | ||
Bronx VIII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 30,550 | ||
Encumbrances | $ 2,957 | ||
Initial cost | |||
Land | 1,245 | ||
Building and Improvements | 6,137 | ||
Costs Subsequent to Acquisition | 157 | ||
Gross Carrying Amount at year end | |||
Land | 1,251 | ||
Building and Improvements | 6,324 | ||
Total | 7,575 | ||
Accumulated Depreciation | $ 974 | ||
Bronx IX, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 148,040 | ||
Encumbrances | $ 22,952 | ||
Initial cost | |||
Land | 7,967 | ||
Building and Improvements | 39,279 | ||
Costs Subsequent to Acquisition | 1,245 | ||
Gross Carrying Amount at year end | |||
Land | 7,967 | ||
Building and Improvements | 40,524 | ||
Total | 48,491 | ||
Accumulated Depreciation | $ 6,041 | ||
Bronx X, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 159,855 | ||
Encumbrances | $ 26,464 | ||
Initial cost | |||
Land | 9,090 | ||
Building and Improvements | 44,816 | ||
Costs Subsequent to Acquisition | 417 | ||
Gross Carrying Amount at year end | |||
Land | 9,090 | ||
Building and Improvements | 45,233 | ||
Total | 54,323 | ||
Accumulated Depreciation | $ 6,382 | ||
Bronx XI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,457 | ||
Initial cost | |||
Building and Improvements | $ 17,130 | ||
Costs Subsequent to Acquisition | 203 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 17,333 | ||
Total | 17,333 | ||
Accumulated Depreciation | $ 1,269 | ||
Bronx XII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 90,300 | ||
Initial cost | |||
Building and Improvements | $ 31,603 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 31,602 | ||
Total | 31,602 | ||
Accumulated Depreciation | $ 517 | ||
Brooklyn I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,510 | ||
Initial cost | |||
Land | $ 1,795 | ||
Building and Improvements | 10,172 | ||
Costs Subsequent to Acquisition | 308 | ||
Gross Carrying Amount at year end | |||
Land | 1,795 | ||
Building and Improvements | 9,064 | ||
Total | 10,859 | ||
Accumulated Depreciation | $ 1,800 | ||
Brooklyn II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,920 | ||
Initial cost | |||
Land | $ 1,601 | ||
Building and Improvements | 9,073 | ||
Costs Subsequent to Acquisition | 485 | ||
Gross Carrying Amount at year end | |||
Land | 1,601 | ||
Building and Improvements | 8,260 | ||
Total | 9,861 | ||
Accumulated Depreciation | $ 1,666 | ||
Brooklyn III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 41,625 | ||
Initial cost | |||
Land | $ 2,772 | ||
Building and Improvements | 13,570 | ||
Costs Subsequent to Acquisition | 137 | ||
Gross Carrying Amount at year end | |||
Land | 2,772 | ||
Building and Improvements | 13,790 | ||
Total | 16,562 | ||
Accumulated Depreciation | $ 2,269 | ||
Brooklyn IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 37,467 | ||
Initial cost | |||
Land | $ 2,283 | ||
Building and Improvements | 11,184 | ||
Costs Subsequent to Acquisition | 159 | ||
Gross Carrying Amount at year end | |||
Land | 2,284 | ||
Building and Improvements | 11,406 | ||
Total | 13,690 | ||
Accumulated Depreciation | $ 1,883 | ||
Brooklyn V, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,020 | ||
Initial cost | |||
Land | $ 2,374 | ||
Building and Improvements | 11,636 | ||
Costs Subsequent to Acquisition | 92 | ||
Gross Carrying Amount at year end | |||
Land | 2,374 | ||
Building and Improvements | 11,782 | ||
Total | 14,156 | ||
Accumulated Depreciation | $ 1,930 | ||
Brooklyn VI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,640 | ||
Initial cost | |||
Land | $ 4,210 | ||
Building and Improvements | 20,638 | ||
Costs Subsequent to Acquisition | 87 | ||
Gross Carrying Amount at year end | |||
Land | 4,211 | ||
Building and Improvements | 20,832 | ||
Total | 25,043 | ||
Accumulated Depreciation | $ 3,411 | ||
Brooklyn VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,725 | ||
Initial cost | |||
Land | $ 5,604 | ||
Building and Improvements | 27,452 | ||
Costs Subsequent to Acquisition | 158 | ||
Gross Carrying Amount at year end | |||
Land | 5,604 | ||
Building and Improvements | 27,774 | ||
Total | 33,378 | ||
Accumulated Depreciation | $ 4,558 | ||
Brooklyn VIII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,555 | ||
Initial cost | |||
Land | $ 4,982 | ||
Building and Improvements | 24,561 | ||
Costs Subsequent to Acquisition | 81 | ||
Gross Carrying Amount at year end | |||
Land | 4,982 | ||
Building and Improvements | 24,642 | ||
Total | 29,624 | ||
Accumulated Depreciation | $ 2,094 | ||
Brooklyn IX, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,980 | ||
Initial cost | |||
Land | $ 2,966 | ||
Building and Improvements | 14,620 | ||
Costs Subsequent to Acquisition | 64 | ||
Gross Carrying Amount at year end | |||
Land | 2,966 | ||
Building and Improvements | 14,684 | ||
Total | 17,650 | ||
Accumulated Depreciation | $ 1,249 | ||
Brooklyn X, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,000 | ||
Initial cost | |||
Land | $ 3,739 | ||
Building and Improvements | 7,703 | ||
Costs Subsequent to Acquisition | 2,805 | ||
Gross Carrying Amount at year end | |||
Land | 4,885 | ||
Building and Improvements | 9,362 | ||
Total | 14,247 | ||
Accumulated Depreciation | $ 280 | ||
Brooklyn XI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 109,846 | ||
Initial cost | |||
Land | $ 10,093 | ||
Building and Improvements | 35,385 | ||
Costs Subsequent to Acquisition | 21 | ||
Gross Carrying Amount at year end | |||
Land | 10,093 | ||
Building and Improvements | 35,406 | ||
Total | 45,499 | ||
Accumulated Depreciation | $ 1,031 | ||
Holbrook, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,397 | ||
Initial cost | |||
Land | $ 2,029 | ||
Building and Improvements | 10,737 | ||
Costs Subsequent to Acquisition | 50 | ||
Gross Carrying Amount at year end | |||
Land | 2,029 | ||
Building and Improvements | 10,787 | ||
Total | 12,816 | ||
Accumulated Depreciation | $ 372 | ||
Jamaica I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 88,385 | ||
Initial cost | |||
Land | $ 2,043 | ||
Building and Improvements | 11,658 | ||
Costs Subsequent to Acquisition | 2,256 | ||
Gross Carrying Amount at year end | |||
Land | 2,043 | ||
Building and Improvements | 11,192 | ||
Total | 13,235 | ||
Accumulated Depreciation | $ 4,059 | ||
Jamaica II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 92,805 | ||
Initial cost | |||
Land | $ 5,391 | ||
Building and Improvements | 26,413 | ||
Costs Subsequent to Acquisition | 328 | ||
Gross Carrying Amount at year end | |||
Land | 5,391 | ||
Building and Improvements | 26,884 | ||
Total | 32,275 | ||
Accumulated Depreciation | $ 4,391 | ||
Long Island City, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 88,825 | ||
Initial cost | |||
Land | $ 5,700 | ||
Building and Improvements | 28,101 | ||
Costs Subsequent to Acquisition | 33 | ||
Gross Carrying Amount at year end | |||
Land | 5,700 | ||
Building and Improvements | 28,134 | ||
Total | 33,834 | ||
Accumulated Depreciation | $ 1,864 | ||
New Rochelle I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,587 | ||
Initial cost | |||
Land | $ 1,673 | ||
Building and Improvements | 4,827 | ||
Costs Subsequent to Acquisition | 1,168 | ||
Gross Carrying Amount at year end | |||
Land | 1,673 | ||
Building and Improvements | 5,347 | ||
Total | 7,020 | ||
Accumulated Depreciation | $ 1,674 | ||
New Rochelle II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,220 | ||
Initial cost | |||
Land | $ 3,167 | ||
Building and Improvements | 2,713 | ||
Costs Subsequent to Acquisition | 412 | ||
Gross Carrying Amount at year end | |||
Land | 3,762 | ||
Building and Improvements | 18,958 | ||
Total | 22,720 | ||
Accumulated Depreciation | $ 2,898 | ||
North Babylon, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,341 | ||
Initial cost | |||
Land | $ 225 | ||
Building and Improvements | 2,514 | ||
Costs Subsequent to Acquisition | 4,178 | ||
Gross Carrying Amount at year end | |||
Land | 568 | ||
Building and Improvements | 5,544 | ||
Total | 6,112 | ||
Accumulated Depreciation | $ 2,455 | ||
Patchogue, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,649 | ||
Initial cost | |||
Land | $ 1,141 | ||
Building and Improvements | 5,624 | ||
Costs Subsequent to Acquisition | 42 | ||
Gross Carrying Amount at year end | |||
Land | 1,141 | ||
Building and Improvements | 5,666 | ||
Total | 6,807 | ||
Accumulated Depreciation | $ 392 | ||
Queens I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,238 | ||
Initial cost | |||
Land | $ 5,158 | ||
Building and Improvements | 12,339 | ||
Costs Subsequent to Acquisition | 752 | ||
Gross Carrying Amount at year end | |||
Land | 5,158 | ||
Building and Improvements | 13,091 | ||
Total | 18,249 | ||
Accumulated Depreciation | $ 454 | ||
Queens II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,100 | ||
Initial cost | |||
Land | $ 6,208 | ||
Building and Improvements | 25,815 | ||
Costs Subsequent to Acquisition | 1 | ||
Gross Carrying Amount at year end | |||
Land | 6,208 | ||
Building and Improvements | 25,816 | ||
Total | 32,024 | ||
Accumulated Depreciation | $ 755 | ||
Riverhead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 38,340 | ||
Initial cost | |||
Land | $ 1,068 | ||
Building and Improvements | 1,149 | ||
Costs Subsequent to Acquisition | 201 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 1,105 | ||
Total | 2,173 | ||
Accumulated Depreciation | $ 475 | ||
Southold, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,645 | ||
Initial cost | |||
Land | $ 2,079 | ||
Building and Improvements | 2,238 | ||
Costs Subsequent to Acquisition | 302 | ||
Gross Carrying Amount at year end | |||
Land | 2,079 | ||
Building and Improvements | 2,136 | ||
Total | 4,215 | ||
Accumulated Depreciation | $ 869 | ||
Staten Island, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,573 | ||
Initial cost | |||
Land | $ 1,919 | ||
Building and Improvements | 9,463 | ||
Costs Subsequent to Acquisition | 316 | ||
Gross Carrying Amount at year end | |||
Land | 1,919 | ||
Building and Improvements | 9,779 | ||
Total | 11,698 | ||
Accumulated Depreciation | $ 1,090 | ||
Tuckahoe, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,878 | ||
Initial cost | |||
Land | $ 2,363 | ||
Building and Improvements | 17,411 | ||
Costs Subsequent to Acquisition | 262 | ||
Gross Carrying Amount at year end | |||
Land | 2,363 | ||
Building and Improvements | 11,902 | ||
Total | 14,265 | ||
Accumulated Depreciation | $ 1,935 | ||
West Hempstead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,995 | ||
Initial cost | |||
Land | $ 2,237 | ||
Building and Improvements | 11,030 | ||
Costs Subsequent to Acquisition | 135 | ||
Gross Carrying Amount at year end | |||
Land | 2,237 | ||
Building and Improvements | 11,165 | ||
Total | 13,402 | ||
Accumulated Depreciation | $ 1,526 | ||
White Plains, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 85,864 | ||
Initial cost | |||
Land | $ 3,295 | ||
Building and Improvements | 18,049 | ||
Costs Subsequent to Acquisition | 992 | ||
Gross Carrying Amount at year end | |||
Land | 3,295 | ||
Building and Improvements | 16,549 | ||
Total | 19,844 | ||
Accumulated Depreciation | $ 2,983 | ||
Woodhaven, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,665 | ||
Initial cost | |||
Land | $ 2,015 | ||
Building and Improvements | 11,219 | ||
Costs Subsequent to Acquisition | 74 | ||
Gross Carrying Amount at year end | |||
Land | 2,015 | ||
Building and Improvements | 9,995 | ||
Total | 12,010 | ||
Accumulated Depreciation | $ 1,640 | ||
Wyckoff, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,290 | ||
Initial cost | |||
Land | $ 1,961 | ||
Building and Improvements | 11,113 | ||
Costs Subsequent to Acquisition | 307 | ||
Gross Carrying Amount at year end | |||
Land | 1,961 | ||
Building and Improvements | 9,938 | ||
Total | 11,899 | ||
Accumulated Depreciation | $ 1,894 | ||
Yorktown, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,815 | ||
Initial cost | |||
Land | $ 2,382 | ||
Building and Improvements | 11,720 | ||
Costs Subsequent to Acquisition | 175 | ||
Gross Carrying Amount at year end | |||
Land | 2,382 | ||
Building and Improvements | 11,909 | ||
Total | 14,291 | ||
Accumulated Depreciation | $ 1,957 | ||
Cleveland I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,000 | ||
Initial cost | |||
Land | $ 525 | ||
Building and Improvements | 2,592 | ||
Costs Subsequent to Acquisition | 265 | ||
Gross Carrying Amount at year end | |||
Land | 524 | ||
Building and Improvements | 2,508 | ||
Total | 3,032 | ||
Accumulated Depreciation | $ 920 | ||
Cleveland II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,325 | ||
Initial cost | |||
Land | $ 290 | ||
Building and Improvements | 1,427 | ||
Costs Subsequent to Acquisition | 221 | ||
Gross Carrying Amount at year end | |||
Land | 289 | ||
Building and Improvements | 1,397 | ||
Total | 1,686 | ||
Accumulated Depreciation | $ 525 | ||
Columbus I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,905 | ||
Initial cost | |||
Land | $ 1,234 | ||
Building and Improvements | 3,151 | ||
Costs Subsequent to Acquisition | 134 | ||
Gross Carrying Amount at year end | |||
Land | 1,239 | ||
Building and Improvements | 2,809 | ||
Total | 4,048 | ||
Accumulated Depreciation | $ 981 | ||
Columbus II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 36,409 | ||
Initial cost | |||
Land | $ 769 | ||
Building and Improvements | 3,788 | ||
Costs Subsequent to Acquisition | 121 | ||
Gross Carrying Amount at year end | |||
Land | 769 | ||
Building and Improvements | 3,909 | ||
Total | 4,678 | ||
Accumulated Depreciation | $ 274 | ||
Columbus III, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,200 | ||
Initial cost | |||
Land | $ 326 | ||
Building and Improvements | 1,607 | ||
Costs Subsequent to Acquisition | 104 | ||
Gross Carrying Amount at year end | |||
Land | 326 | ||
Building and Improvements | 1,711 | ||
Total | 2,037 | ||
Accumulated Depreciation | $ 119 | ||
Columbus IV, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,950 | ||
Initial cost | |||
Land | $ 443 | ||
Building and Improvements | 2,182 | ||
Costs Subsequent to Acquisition | 86 | ||
Gross Carrying Amount at year end | |||
Land | 443 | ||
Building and Improvements | 2,268 | ||
Total | 2,711 | ||
Accumulated Depreciation | $ 158 | ||
Columbus V, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,925 | ||
Initial cost | |||
Land | $ 838 | ||
Building and Improvements | 4,128 | ||
Costs Subsequent to Acquisition | 79 | ||
Gross Carrying Amount at year end | |||
Land | 838 | ||
Building and Improvements | 4,207 | ||
Total | 5,045 | ||
Accumulated Depreciation | $ 291 | ||
Columbus VI, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,725 | ||
Initial cost | |||
Land | $ 701 | ||
Building and Improvements | 3,454 | ||
Costs Subsequent to Acquisition | 81 | ||
Gross Carrying Amount at year end | |||
Land | 701 | ||
Building and Improvements | 3,535 | ||
Total | 4,236 | ||
Accumulated Depreciation | $ 244 | ||
Grove City, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 89,290 | ||
Initial cost | |||
Land | $ 1,756 | ||
Building and Improvements | 4,485 | ||
Costs Subsequent to Acquisition | 277 | ||
Gross Carrying Amount at year end | |||
Land | 1,761 | ||
Building and Improvements | 4,144 | ||
Total | 5,905 | ||
Accumulated Depreciation | $ 1,407 | ||
Hilliard, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 89,290 | ||
Initial cost | |||
Land | $ 1,361 | ||
Building and Improvements | 3,476 | ||
Costs Subsequent to Acquisition | 255 | ||
Gross Carrying Amount at year end | |||
Land | 1,366 | ||
Building and Improvements | 3,243 | ||
Total | 4,609 | ||
Accumulated Depreciation | $ 1,117 | ||
Lakewood, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 39,332 | ||
Initial cost | |||
Land | $ 405 | ||
Building and Improvements | 854 | ||
Costs Subsequent to Acquisition | 617 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 1,315 | ||
Total | 1,720 | ||
Accumulated Depreciation | $ 949 | ||
Lewis Center, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,774 | ||
Initial cost | |||
Land | $ 1,056 | ||
Building and Improvements | 5,206 | ||
Costs Subsequent to Acquisition | 129 | ||
Gross Carrying Amount at year end | |||
Land | 1,056 | ||
Building and Improvements | 5,335 | ||
Total | 6,391 | ||
Accumulated Depreciation | $ 368 | ||
Middleburg Heights, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 93,200 | ||
Initial cost | |||
Land | $ 63 | ||
Building and Improvements | 704 | ||
Costs Subsequent to Acquisition | 2,275 | ||
Gross Carrying Amount at year end | |||
Land | 332 | ||
Building and Improvements | 2,353 | ||
Total | 2,685 | ||
Accumulated Depreciation | $ 1,017 | ||
North Olmsted I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,665 | ||
Initial cost | |||
Land | $ 63 | ||
Building and Improvements | 704 | ||
Costs Subsequent to Acquisition | 1,517 | ||
Gross Carrying Amount at year end | |||
Land | 214 | ||
Building and Improvements | 1,734 | ||
Total | 1,948 | ||
Accumulated Depreciation | $ 757 | ||
North Olmsted II, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,850 | ||
Initial cost | |||
Land | $ 290 | ||
Building and Improvements | 1,129 | ||
Costs Subsequent to Acquisition | 1,219 | ||
Gross Carrying Amount at year end | |||
Land | 469 | ||
Building and Improvements | 2,023 | ||
Total | 2,492 | ||
Accumulated Depreciation | $ 1,550 | ||
North Randall, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,297 | ||
Initial cost | |||
Land | $ 515 | ||
Building and Improvements | 2,323 | ||
Costs Subsequent to Acquisition | 3,213 | ||
Gross Carrying Amount at year end | |||
Land | 898 | ||
Building and Improvements | 4,288 | ||
Total | 5,186 | ||
Accumulated Depreciation | $ 1,892 | ||
Reynoldsburg, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,245 | ||
Initial cost | |||
Land | $ 1,290 | ||
Building and Improvements | 3,295 | ||
Costs Subsequent to Acquisition | 295 | ||
Gross Carrying Amount at year end | |||
Land | 1,295 | ||
Building and Improvements | 3,135 | ||
Total | 4,430 | ||
Accumulated Depreciation | $ 1,098 | ||
Strongsville, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,683 | ||
Initial cost | |||
Land | $ 570 | ||
Building and Improvements | 3,486 | ||
Costs Subsequent to Acquisition | 406 | ||
Gross Carrying Amount at year end | |||
Land | 570 | ||
Building and Improvements | 3,059 | ||
Total | 3,629 | ||
Accumulated Depreciation | $ 910 | ||
Warrensville Heights, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 90,281 | ||
Initial cost | |||
Land | $ 525 | ||
Building and Improvements | 766 | ||
Costs Subsequent to Acquisition | 3,218 | ||
Gross Carrying Amount at year end | |||
Land | 935 | ||
Building and Improvements | 3,386 | ||
Total | 4,321 | ||
Accumulated Depreciation | $ 1,394 | ||
Westlake, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,750 | ||
Initial cost | |||
Land | $ 509 | ||
Building and Improvements | 2,508 | ||
Costs Subsequent to Acquisition | 224 | ||
Gross Carrying Amount at year end | |||
Land | 508 | ||
Building and Improvements | 2,344 | ||
Total | 2,852 | ||
Accumulated Depreciation | $ 904 | ||
Conshohocken, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,255 | ||
Initial cost | |||
Land | $ 1,726 | ||
Building and Improvements | 8,508 | ||
Costs Subsequent to Acquisition | 162 | ||
Gross Carrying Amount at year end | |||
Land | 1,726 | ||
Building and Improvements | 8,670 | ||
Total | 10,396 | ||
Accumulated Depreciation | $ 1,192 | ||
Exton, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,750 | ||
Initial cost | |||
Land | $ 541 | ||
Building and Improvements | 2,668 | ||
Costs Subsequent to Acquisition | 117 | ||
Gross Carrying Amount at year end | |||
Land | 519 | ||
Building and Improvements | 2,807 | ||
Total | 3,326 | ||
Accumulated Depreciation | $ 379 | ||
Langhorne, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,150 | ||
Initial cost | |||
Land | $ 1,019 | ||
Building and Improvements | 5,023 | ||
Costs Subsequent to Acquisition | 289 | ||
Gross Carrying Amount at year end | |||
Land | 1,019 | ||
Building and Improvements | 5,312 | ||
Total | 6,331 | ||
Accumulated Depreciation | $ 715 | ||
Levittown, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,130 | ||
Initial cost | |||
Land | $ 926 | ||
Building and Improvements | 5,296 | ||
Costs Subsequent to Acquisition | 1,258 | ||
Gross Carrying Amount at year end | |||
Land | 926 | ||
Building and Improvements | 4,853 | ||
Total | 5,779 | ||
Accumulated Depreciation | $ 1,833 | ||
Malvern, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 18,848 | ||
Initial cost | |||
Land | $ 2,959 | ||
Building and Improvements | 18,198 | ||
Costs Subsequent to Acquisition | 1,600 | ||
Gross Carrying Amount at year end | |||
Land | 2,959 | ||
Building and Improvements | 19,797 | ||
Total | 22,756 | ||
Accumulated Depreciation | $ 1,634 | ||
Montgomeryville, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,145 | ||
Initial cost | |||
Land | $ 975 | ||
Building and Improvements | 4,809 | ||
Costs Subsequent to Acquisition | 210 | ||
Gross Carrying Amount at year end | |||
Land | 975 | ||
Building and Improvements | 5,019 | ||
Total | 5,994 | ||
Accumulated Depreciation | $ 699 | ||
Norristown, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,556 | ||
Initial cost | |||
Land | $ 662 | ||
Building and Improvements | 3,142 | ||
Costs Subsequent to Acquisition | 773 | ||
Gross Carrying Amount at year end | |||
Land | 638 | ||
Building and Improvements | 4,045 | ||
Total | 4,683 | ||
Accumulated Depreciation | $ 694 | ||
Philadelphia I, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,176 | ||
Initial cost | |||
Land | $ 1,461 | ||
Building and Improvements | 8,334 | ||
Costs Subsequent to Acquisition | 1,830 | ||
Gross Carrying Amount at year end | |||
Land | 1,461 | ||
Building and Improvements | 6,820 | ||
Total | 8,281 | ||
Accumulated Depreciation | $ 2,618 | ||
Philadelphia II, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,279 | ||
Initial cost | |||
Land | $ 1,012 | ||
Building and Improvements | 4,990 | ||
Costs Subsequent to Acquisition | 160 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 5,150 | ||
Total | 6,162 | ||
Accumulated Depreciation | $ 463 | ||
Exeter, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 41,275 | ||
Initial cost | |||
Land | $ 547 | ||
Building and Improvements | 2,697 | ||
Costs Subsequent to Acquisition | 106 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 2,803 | ||
Total | 3,350 | ||
Accumulated Depreciation | $ 195 | ||
Johnston, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,275 | ||
Initial cost | |||
Land | $ 1,061 | ||
Building and Improvements | 5,229 | ||
Costs Subsequent to Acquisition | 75 | ||
Gross Carrying Amount at year end | |||
Land | 1,061 | ||
Building and Improvements | 5,304 | ||
Total | 6,365 | ||
Accumulated Depreciation | $ 368 | ||
Wakefield, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,745 | ||
Initial cost | |||
Land | $ 823 | ||
Building and Improvements | 4,058 | ||
Costs Subsequent to Acquisition | 35 | ||
Gross Carrying Amount at year end | |||
Land | 823 | ||
Building and Improvements | 4,093 | ||
Total | 4,916 | ||
Accumulated Depreciation | $ 281 | ||
Woonsocket, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,700 | ||
Initial cost | |||
Land | $ 1,049 | ||
Building and Improvements | 5,172 | ||
Costs Subsequent to Acquisition | 114 | ||
Gross Carrying Amount at year end | |||
Land | 1,049 | ||
Building and Improvements | 5,286 | ||
Total | 6,335 | ||
Accumulated Depreciation | $ 367 | ||
Antioch, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,985 | ||
Initial cost | |||
Land | $ 588 | ||
Building and Improvements | 4,906 | ||
Costs Subsequent to Acquisition | 347 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 4,486 | ||
Total | 5,074 | ||
Accumulated Depreciation | $ 1,580 | ||
Nashville I, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 107,790 | ||
Initial cost | |||
Land | $ 405 | ||
Building and Improvements | 3,379 | ||
Costs Subsequent to Acquisition | 755 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 3,545 | ||
Total | 3,950 | ||
Accumulated Depreciation | $ 1,210 | ||
Nashville II, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,416 | ||
Initial cost | |||
Land | $ 593 | ||
Building and Improvements | 4,950 | ||
Costs Subsequent to Acquisition | 210 | ||
Gross Carrying Amount at year end | |||
Land | 593 | ||
Building and Improvements | 4,466 | ||
Total | 5,059 | ||
Accumulated Depreciation | $ 1,608 | ||
Nashville III, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,525 | ||
Initial cost | |||
Land | $ 416 | ||
Building and Improvements | 3,469 | ||
Costs Subsequent to Acquisition | 265 | ||
Gross Carrying Amount at year end | |||
Land | 416 | ||
Building and Improvements | 3,401 | ||
Total | 3,817 | ||
Accumulated Depreciation | $ 1,202 | ||
Nashville IV, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 102,450 | ||
Initial cost | |||
Land | $ 992 | ||
Building and Improvements | 8,274 | ||
Costs Subsequent to Acquisition | 374 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 7,406 | ||
Total | 8,398 | ||
Accumulated Depreciation | $ 2,610 | ||
Nashville V, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,560 | ||
Encumbrances | $ 2,457 | ||
Initial cost | |||
Land | 895 | ||
Building and Improvements | 4,311 | ||
Costs Subsequent to Acquisition | 104 | ||
Gross Carrying Amount at year end | |||
Land | 895 | ||
Building and Improvements | 4,415 | ||
Total | 5,310 | ||
Accumulated Depreciation | $ 238 | ||
Nashville VI, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,486 | ||
Initial cost | |||
Land | $ 2,749 | ||
Building and Improvements | 8,443 | ||
Costs Subsequent to Acquisition | 85 | ||
Gross Carrying Amount at year end | |||
Land | 2,749 | ||
Building and Improvements | 8,528 | ||
Total | 11,277 | ||
Accumulated Depreciation | $ 293 | ||
Allen, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,710 | ||
Initial cost | |||
Land | $ 714 | ||
Building and Improvements | 3,519 | ||
Costs Subsequent to Acquisition | 98 | ||
Gross Carrying Amount at year end | |||
Land | 714 | ||
Building and Improvements | 3,617 | ||
Total | 4,331 | ||
Accumulated Depreciation | $ 511 | ||
Austin I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,645 | ||
Initial cost | |||
Land | $ 2,239 | ||
Building and Improvements | 2,038 | ||
Costs Subsequent to Acquisition | 255 | ||
Gross Carrying Amount at year end | |||
Land | 2,239 | ||
Building and Improvements | 1,944 | ||
Total | 4,183 | ||
Accumulated Depreciation | $ 668 | ||
Austin II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,625 | ||
Initial cost | |||
Land | $ 734 | ||
Building and Improvements | 3,894 | ||
Costs Subsequent to Acquisition | 355 | ||
Gross Carrying Amount at year end | |||
Land | 738 | ||
Building and Improvements | 3,687 | ||
Total | 4,425 | ||
Accumulated Depreciation | $ 1,199 | ||
Austin III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,560 | ||
Initial cost | |||
Land | $ 1,030 | ||
Building and Improvements | 5,468 | ||
Costs Subsequent to Acquisition | 265 | ||
Gross Carrying Amount at year end | |||
Land | 1,035 | ||
Building and Improvements | 5,074 | ||
Total | 6,109 | ||
Accumulated Depreciation | $ 1,623 | ||
Austin IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,358 | ||
Initial cost | |||
Land | $ 862 | ||
Building and Improvements | 4,250 | ||
Costs Subsequent to Acquisition | 197 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,447 | ||
Total | 5,309 | ||
Accumulated Depreciation | $ 397 | ||
Austin V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,850 | ||
Initial cost | |||
Land | $ 1,050 | ||
Building and Improvements | 5,175 | ||
Costs Subsequent to Acquisition | 208 | ||
Gross Carrying Amount at year end | |||
Land | 1,050 | ||
Building and Improvements | 5,383 | ||
Total | 6,433 | ||
Accumulated Depreciation | $ 389 | ||
Austin VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,770 | ||
Initial cost | |||
Land | $ 1,150 | ||
Building and Improvements | 5,669 | ||
Costs Subsequent to Acquisition | 160 | ||
Gross Carrying Amount at year end | |||
Land | 1,150 | ||
Building and Improvements | 5,829 | ||
Total | 6,979 | ||
Accumulated Depreciation | $ 406 | ||
Austin VII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,023 | ||
Initial cost | |||
Land | $ 1,429 | ||
Building and Improvements | 6,263 | ||
Costs Subsequent to Acquisition | 79 | ||
Gross Carrying Amount at year end | |||
Land | 1,429 | ||
Building and Improvements | 6,342 | ||
Total | 7,771 | ||
Accumulated Depreciation | $ 218 | ||
Austin V III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,075 | ||
Initial cost | |||
Land | $ 2,935 | ||
Building and Improvements | 7,007 | ||
Costs Subsequent to Acquisition | 42 | ||
Gross Carrying Amount at year end | |||
Land | 2,935 | ||
Building and Improvements | 7,049 | ||
Total | 9,984 | ||
Accumulated Depreciation | $ 170 | ||
Bryan, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,400 | ||
Initial cost | |||
Land | $ 1,394 | ||
Building and Improvements | 1,268 | ||
Costs Subsequent to Acquisition | 359 | ||
Gross Carrying Amount at year end | |||
Land | 1,396 | ||
Building and Improvements | 1,390 | ||
Total | 2,786 | ||
Accumulated Depreciation | $ 448 | ||
Carrollton, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,420 | ||
Initial cost | |||
Land | $ 661 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 124 | ||
Gross Carrying Amount at year end | |||
Land | 661 | ||
Building and Improvements | 3,385 | ||
Total | 4,046 | ||
Accumulated Depreciation | $ 431 | ||
Cedar Park, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 89,050 | ||
Initial cost | |||
Land | $ 3,350 | ||
Building and Improvements | 7,950 | ||
Costs Subsequent to Acquisition | 27 | ||
Gross Carrying Amount at year end | |||
Land | 3,350 | ||
Building and Improvements | 7,977 | ||
Total | 11,327 | ||
Accumulated Depreciation | $ 206 | ||
College Station, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 26,550 | ||
Initial cost | |||
Land | $ 812 | ||
Building and Improvements | 740 | ||
Costs Subsequent to Acquisition | 196 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 749 | ||
Total | 1,562 | ||
Accumulated Depreciation | $ 247 | ||
Cypress, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,181 | ||
Initial cost | |||
Land | $ 360 | ||
Building and Improvements | 1,773 | ||
Costs Subsequent to Acquisition | 140 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 1,913 | ||
Total | 2,273 | ||
Accumulated Depreciation | $ 273 | ||
Dallas I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,582 | ||
Initial cost | |||
Land | $ 2,475 | ||
Building and Improvements | 2,253 | ||
Costs Subsequent to Acquisition | 401 | ||
Gross Carrying Amount at year end | |||
Land | 2,475 | ||
Building and Improvements | 2,207 | ||
Total | 4,682 | ||
Accumulated Depreciation | $ 780 | ||
Dallas II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,023 | ||
Initial cost | |||
Land | $ 940 | ||
Building and Improvements | 4,635 | ||
Costs Subsequent to Acquisition | 199 | ||
Gross Carrying Amount at year end | |||
Land | 940 | ||
Building and Improvements | 4,834 | ||
Total | 5,774 | ||
Accumulated Depreciation | $ 481 | ||
Dallas III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,229 | ||
Initial cost | |||
Land | $ 2,608 | ||
Building and Improvements | 12,857 | ||
Costs Subsequent to Acquisition | 179 | ||
Gross Carrying Amount at year end | |||
Land | 2,608 | ||
Building and Improvements | 13,036 | ||
Total | 15,644 | ||
Accumulated Depreciation | $ 859 | ||
Dallas IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 114,550 | ||
Initial cost | |||
Land | $ 2,369 | ||
Building and Improvements | 11,850 | ||
Costs Subsequent to Acquisition | 57 | ||
Gross Carrying Amount at year end | |||
Land | 2,369 | ||
Building and Improvements | 11,907 | ||
Total | 14,276 | ||
Accumulated Depreciation | $ 674 | ||
Dallas V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,473 | ||
Initial cost | |||
Building and Improvements | $ 11,604 | ||
Costs Subsequent to Acquisition | 81 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 11,685 | ||
Total | 11,685 | ||
Accumulated Depreciation | $ 527 | ||
Denton, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,846 | ||
Initial cost | |||
Land | $ 553 | ||
Building and Improvements | 2,936 | ||
Costs Subsequent to Acquisition | 224 | ||
Gross Carrying Amount at year end | |||
Land | 569 | ||
Building and Improvements | 2,665 | ||
Total | 3,234 | ||
Accumulated Depreciation | $ 838 | ||
Fort Worth I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,446 | ||
Initial cost | |||
Land | $ 1,253 | ||
Building and Improvements | 1,141 | ||
Costs Subsequent to Acquisition | 262 | ||
Gross Carrying Amount at year end | |||
Land | 1,253 | ||
Building and Improvements | 1,167 | ||
Total | 2,420 | ||
Accumulated Depreciation | $ 398 | ||
Fort Worth II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,900 | ||
Initial cost | |||
Land | $ 868 | ||
Building and Improvements | 4,607 | ||
Costs Subsequent to Acquisition | 362 | ||
Gross Carrying Amount at year end | |||
Land | 874 | ||
Building and Improvements | 4,301 | ||
Total | 5,175 | ||
Accumulated Depreciation | $ 1,407 | ||
Fort Worth III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,445 | ||
Initial cost | |||
Land | $ 1,000 | ||
Building and Improvements | 4,928 | ||
Costs Subsequent to Acquisition | 66 | ||
Gross Carrying Amount at year end | |||
Land | 1,000 | ||
Building and Improvements | 4,994 | ||
Total | 5,994 | ||
Accumulated Depreciation | $ 291 | ||
Fort Worth IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,654 | ||
Initial cost | |||
Land | $ 1,274 | ||
Building and Improvements | 7,693 | ||
Costs Subsequent to Acquisition | 26 | ||
Gross Carrying Amount at year end | |||
Land | 1,274 | ||
Building and Improvements | 7,719 | ||
Total | 8,993 | ||
Accumulated Depreciation | $ 168 | ||
Frisco I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,854 | ||
Initial cost | |||
Land | $ 1,093 | ||
Building and Improvements | 3,148 | ||
Costs Subsequent to Acquisition | 178 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 2,868 | ||
Total | 3,961 | ||
Accumulated Depreciation | $ 987 | ||
Frisco II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,399 | ||
Initial cost | |||
Land | $ 1,564 | ||
Building and Improvements | 4,507 | ||
Costs Subsequent to Acquisition | 163 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 4,056 | ||
Total | 5,620 | ||
Accumulated Depreciation | $ 1,405 | ||
Frisco III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,765 | ||
Initial cost | |||
Land | $ 1,147 | ||
Building and Improvements | 6,088 | ||
Costs Subsequent to Acquisition | 549 | ||
Gross Carrying Amount at year end | |||
Land | 1,154 | ||
Building and Improvements | 5,831 | ||
Total | 6,985 | ||
Accumulated Depreciation | $ 1,857 | ||
Frisco IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,000 | ||
Initial cost | |||
Land | $ 719 | ||
Building and Improvements | 4,072 | ||
Costs Subsequent to Acquisition | 266 | ||
Gross Carrying Amount at year end | |||
Land | 719 | ||
Building and Improvements | 3,780 | ||
Total | 4,499 | ||
Accumulated Depreciation | $ 760 | ||
Frisco V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,415 | ||
Initial cost | |||
Land | $ 1,159 | ||
Building and Improvements | 5,714 | ||
Costs Subsequent to Acquisition | 116 | ||
Gross Carrying Amount at year end | |||
Land | 1,159 | ||
Building and Improvements | 5,830 | ||
Total | 6,989 | ||
Accumulated Depreciation | $ 514 | ||
Frisco VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,176 | ||
Initial cost | |||
Land | $ 1,064 | ||
Building and Improvements | 5,247 | ||
Costs Subsequent to Acquisition | 114 | ||
Gross Carrying Amount at year end | |||
Land | 1,064 | ||
Building and Improvements | 5,361 | ||
Total | 6,425 | ||
Accumulated Depreciation | $ 375 | ||
Garland I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,100 | ||
Initial cost | |||
Land | $ 751 | ||
Building and Improvements | 3,984 | ||
Costs Subsequent to Acquisition | 532 | ||
Gross Carrying Amount at year end | |||
Land | 767 | ||
Building and Improvements | 3,925 | ||
Total | 4,692 | ||
Accumulated Depreciation | $ 1,269 | ||
Garland II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,425 | ||
Initial cost | |||
Land | $ 862 | ||
Building and Improvements | 4,578 | ||
Costs Subsequent to Acquisition | 250 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,231 | ||
Total | 5,093 | ||
Accumulated Depreciation | $ 1,310 | ||
Grapevine, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,294 | ||
Initial cost | |||
Land | $ 1,211 | ||
Building and Improvements | 8,559 | ||
Costs Subsequent to Acquisition | 109 | ||
Gross Carrying Amount at year end | |||
Land | 1,211 | ||
Building and Improvements | 8,668 | ||
Total | 9,879 | ||
Accumulated Depreciation | $ 183 | ||
Houston III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,590 | ||
Initial cost | |||
Land | $ 575 | ||
Building and Improvements | 524 | ||
Costs Subsequent to Acquisition | 337 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 749 | ||
Total | 1,325 | ||
Accumulated Depreciation | $ 281 | ||
Houston IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,750 | ||
Initial cost | |||
Land | $ 960 | ||
Building and Improvements | 875 | ||
Costs Subsequent to Acquisition | 557 | ||
Gross Carrying Amount at year end | |||
Land | 961 | ||
Building and Improvements | 1,231 | ||
Total | 2,192 | ||
Accumulated Depreciation | $ 377 | ||
Houston V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 125,280 | ||
Initial cost | |||
Land | $ 1,153 | ||
Building and Improvements | 6,122 | ||
Costs Subsequent to Acquisition | 1,042 | ||
Gross Carrying Amount at year end | |||
Land | 991 | ||
Building and Improvements | 6,439 | ||
Total | 7,430 | ||
Accumulated Depreciation | $ 1,923 | ||
Houston VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,690 | ||
Initial cost | |||
Land | $ 575 | ||
Building and Improvements | 524 | ||
Costs Subsequent to Acquisition | 5,733 | ||
Gross Carrying Amount at year end | |||
Land | 983 | ||
Building and Improvements | 4,936 | ||
Total | 5,919 | ||
Accumulated Depreciation | $ 881 | ||
Houston VII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,991 | ||
Initial cost | |||
Land | $ 681 | ||
Building and Improvements | 3,355 | ||
Costs Subsequent to Acquisition | 140 | ||
Gross Carrying Amount at year end | |||
Land | 681 | ||
Building and Improvements | 3,495 | ||
Total | 4,176 | ||
Accumulated Depreciation | $ 549 | ||
Houston VIII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,219 | ||
Initial cost | |||
Land | $ 1,294 | ||
Building and Improvements | 6,377 | ||
Costs Subsequent to Acquisition | 307 | ||
Gross Carrying Amount at year end | |||
Land | 1,294 | ||
Building and Improvements | 6,684 | ||
Total | 7,978 | ||
Accumulated Depreciation | $ 943 | ||
Houston IX, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,208 | ||
Initial cost | |||
Land | $ 296 | ||
Building and Improvements | 1,459 | ||
Costs Subsequent to Acquisition | 107 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 1,566 | ||
Total | 1,862 | ||
Accumulated Depreciation | $ 225 | ||
Humble, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,702 | ||
Initial cost | |||
Land | $ 706 | ||
Building and Improvements | 5,727 | ||
Costs Subsequent to Acquisition | 62 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 5,789 | ||
Total | 6,495 | ||
Accumulated Depreciation | $ 200 | ||
Katy, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,308 | ||
Initial cost | |||
Land | $ 1,329 | ||
Building and Improvements | 6,552 | ||
Costs Subsequent to Acquisition | 72 | ||
Gross Carrying Amount at year end | |||
Land | 1,329 | ||
Building and Improvements | 6,624 | ||
Total | 7,953 | ||
Accumulated Depreciation | $ 647 | ||
Keller, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,885 | ||
Initial cost | |||
Land | $ 890 | ||
Building and Improvements | 4,727 | ||
Costs Subsequent to Acquisition | 240 | ||
Gross Carrying Amount at year end | |||
Land | 890 | ||
Building and Improvements | 4,351 | ||
Total | 5,241 | ||
Accumulated Depreciation | $ 1,418 | ||
Lewisville I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,340 | ||
Initial cost | |||
Land | $ 476 | ||
Building and Improvements | 2,525 | ||
Costs Subsequent to Acquisition | 379 | ||
Gross Carrying Amount at year end | |||
Land | 492 | ||
Building and Improvements | 2,468 | ||
Total | 2,960 | ||
Accumulated Depreciation | $ 780 | ||
Lewisville II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 127,659 | ||
Initial cost | |||
Land | $ 1,464 | ||
Building and Improvements | 7,217 | ||
Costs Subsequent to Acquisition | 291 | ||
Gross Carrying Amount at year end | |||
Land | 1,464 | ||
Building and Improvements | 7,508 | ||
Total | 8,972 | ||
Accumulated Depreciation | $ 799 | ||
Lewisville III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,872 | ||
Initial cost | |||
Land | $ 1,307 | ||
Building and Improvements | 15,025 | ||
Costs Subsequent to Acquisition | 126 | ||
Gross Carrying Amount at year end | |||
Land | 1,307 | ||
Building and Improvements | 15,151 | ||
Total | 16,458 | ||
Accumulated Depreciation | $ 409 | ||
Little Elm I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,065 | ||
Initial cost | |||
Land | $ 892 | ||
Building and Improvements | 5,529 | ||
Costs Subsequent to Acquisition | 85 | ||
Gross Carrying Amount at year end | |||
Land | 892 | ||
Building and Improvements | 5,614 | ||
Total | 6,506 | ||
Accumulated Depreciation | $ 157 | ||
Little Elm II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,896 | ||
Initial cost | |||
Land | $ 1,219 | ||
Building and Improvements | 9,864 | ||
Costs Subsequent to Acquisition | 57 | ||
Gross Carrying Amount at year end | |||
Land | 1,219 | ||
Building and Improvements | 9,921 | ||
Total | 11,140 | ||
Accumulated Depreciation | $ 257 | ||
Mansfield I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,025 | ||
Initial cost | |||
Land | $ 837 | ||
Building and Improvements | 4,443 | ||
Costs Subsequent to Acquisition | 258 | ||
Gross Carrying Amount at year end | |||
Land | 843 | ||
Building and Improvements | 4,121 | ||
Total | 4,964 | ||
Accumulated Depreciation | $ 1,344 | ||
Mansfield II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,025 | ||
Initial cost | |||
Land | $ 662 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 139 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 3,400 | ||
Total | 4,062 | ||
Accumulated Depreciation | $ 495 | ||
Mansfield III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,995 | ||
Initial cost | |||
Land | $ 947 | ||
Building and Improvements | 4,703 | ||
Costs Subsequent to Acquisition | 154 | ||
Gross Carrying Amount at year end | |||
Land | 947 | ||
Building and Improvements | 4,857 | ||
Total | 5,804 | ||
Accumulated Depreciation | $ 47 | ||
McKinney I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,020 | ||
Initial cost | |||
Land | $ 1,632 | ||
Building and Improvements | 1,486 | ||
Costs Subsequent to Acquisition | 193 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 1,439 | ||
Total | 3,073 | ||
Accumulated Depreciation | $ 497 | ||
McKinney II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,050 | ||
Initial cost | |||
Land | $ 855 | ||
Building and Improvements | 5,076 | ||
Costs Subsequent to Acquisition | 184 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 4,635 | ||
Total | 5,492 | ||
Accumulated Depreciation | $ 1,531 | ||
McKinney III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,148 | ||
Initial cost | |||
Land | $ 652 | ||
Building and Improvements | 3,213 | ||
Costs Subsequent to Acquisition | 61 | ||
Gross Carrying Amount at year end | |||
Land | 652 | ||
Building and Improvements | 3,274 | ||
Total | 3,926 | ||
Accumulated Depreciation | $ 209 | ||
North Richland Hills, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,200 | ||
Initial cost | |||
Land | $ 2,252 | ||
Building and Improvements | 2,049 | ||
Costs Subsequent to Acquisition | 234 | ||
Gross Carrying Amount at year end | |||
Land | 2,252 | ||
Building and Improvements | 1,905 | ||
Total | 4,157 | ||
Accumulated Depreciation | $ 648 | ||
Pearland, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,050 | ||
Initial cost | |||
Land | $ 450 | ||
Building and Improvements | 2,216 | ||
Costs Subsequent to Acquisition | 198 | ||
Gross Carrying Amount at year end | |||
Land | 450 | ||
Building and Improvements | 2,414 | ||
Total | 2,864 | ||
Accumulated Depreciation | $ 338 | ||
Richmond, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 102,278 | ||
Initial cost | |||
Land | $ 1,437 | ||
Building and Improvements | 7,083 | ||
Costs Subsequent to Acquisition | 175 | ||
Gross Carrying Amount at year end | |||
Land | 1,437 | ||
Building and Improvements | 7,258 | ||
Total | 8,695 | ||
Accumulated Depreciation | $ 721 | ||
Roanoke, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,860 | ||
Initial cost | |||
Land | $ 1,337 | ||
Building and Improvements | 1,217 | ||
Costs Subsequent to Acquisition | 166 | ||
Gross Carrying Amount at year end | |||
Land | 1,337 | ||
Building and Improvements | 1,157 | ||
Total | 2,494 | ||
Accumulated Depreciation | $ 394 | ||
San Antonio I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,509 | ||
Initial cost | |||
Land | $ 2,895 | ||
Building and Improvements | 2,635 | ||
Costs Subsequent to Acquisition | 352 | ||
Gross Carrying Amount at year end | |||
Land | 2,895 | ||
Building and Improvements | 2,456 | ||
Total | 5,351 | ||
Accumulated Depreciation | $ 839 | ||
San Antonio II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,230 | ||
Initial cost | |||
Land | $ 1,047 | ||
Building and Improvements | 5,558 | ||
Costs Subsequent to Acquisition | 197 | ||
Gross Carrying Amount at year end | |||
Land | 1,052 | ||
Building and Improvements | 5,062 | ||
Total | 6,114 | ||
Accumulated Depreciation | $ 1,566 | ||
San Antonio III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,775 | ||
Initial cost | |||
Land | $ 996 | ||
Building and Improvements | 5,286 | ||
Costs Subsequent to Acquisition | 277 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 4,841 | ||
Total | 5,837 | ||
Accumulated Depreciation | $ 1,468 | ||
San Antonio IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,500 | ||
Initial cost | |||
Land | $ 829 | ||
Building and Improvements | 3,891 | ||
Costs Subsequent to Acquisition | 71 | ||
Gross Carrying Amount at year end | |||
Land | 829 | ||
Building and Improvements | 3,962 | ||
Total | 4,791 | ||
Accumulated Depreciation | $ 36 | ||
Spring, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,751 | ||
Initial cost | |||
Land | $ 580 | ||
Building and Improvements | 3,081 | ||
Costs Subsequent to Acquisition | 259 | ||
Gross Carrying Amount at year end | |||
Land | 580 | ||
Building and Improvements | 2,849 | ||
Total | 3,429 | ||
Accumulated Depreciation | $ 929 | ||
Murray I, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,280 | ||
Initial cost | |||
Land | $ 3,847 | ||
Building and Improvements | 1,017 | ||
Costs Subsequent to Acquisition | 482 | ||
Gross Carrying Amount at year end | |||
Land | 3,848 | ||
Building and Improvements | 1,283 | ||
Total | 5,131 | ||
Accumulated Depreciation | $ 487 | ||
Murray II, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,621 | ||
Initial cost | |||
Land | $ 2,147 | ||
Building and Improvements | 567 | ||
Costs Subsequent to Acquisition | 521 | ||
Gross Carrying Amount at year end | |||
Land | 2,147 | ||
Building and Improvements | 917 | ||
Total | 3,064 | ||
Accumulated Depreciation | $ 324 | ||
Salt Lake City I, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,446 | ||
Initial cost | |||
Land | $ 2,695 | ||
Building and Improvements | 712 | ||
Costs Subsequent to Acquisition | 519 | ||
Gross Carrying Amount at year end | |||
Land | 2,696 | ||
Building and Improvements | 1,045 | ||
Total | 3,741 | ||
Accumulated Depreciation | $ 378 | ||
Salt Lake City II, UT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,676 | ||
Initial cost | |||
Land | $ 2,074 | ||
Building and Improvements | 548 | ||
Costs Subsequent to Acquisition | 402 | ||
Gross Carrying Amount at year end | |||
Land | 1,937 | ||
Building and Improvements | 785 | ||
Total | 2,722 | ||
Accumulated Depreciation | $ 298 | ||
Alexandria, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 114,100 | ||
Initial cost | |||
Land | $ 2,812 | ||
Building and Improvements | 13,865 | ||
Costs Subsequent to Acquisition | 224 | ||
Gross Carrying Amount at year end | |||
Land | 2,812 | ||
Building and Improvements | 14,089 | ||
Total | 16,901 | ||
Accumulated Depreciation | $ 2,008 | ||
Arlington, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,144 | ||
Initial cost | |||
Land | $ 6,836 | ||
Building and Improvements | 9,843 | ||
Costs Subsequent to Acquisition | 95 | ||
Gross Carrying Amount at year end | |||
Land | 6,836 | ||
Building and Improvements | 9,938 | ||
Total | 16,774 | ||
Accumulated Depreciation | $ 609 | ||
Burke Lake, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,667 | ||
Initial cost | |||
Land | $ 2,093 | ||
Building and Improvements | 10,940 | ||
Costs Subsequent to Acquisition | 1,155 | ||
Gross Carrying Amount at year end | |||
Land | 2,093 | ||
Building and Improvements | 10,499 | ||
Total | 12,592 | ||
Accumulated Depreciation | $ 1,971 | ||
Fairfax, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,265 | ||
Initial cost | |||
Land | $ 2,276 | ||
Building and Improvements | 11,220 | ||
Costs Subsequent to Acquisition | 289 | ||
Gross Carrying Amount at year end | |||
Land | 2,276 | ||
Building and Improvements | 11,509 | ||
Total | 13,785 | ||
Accumulated Depreciation | $ 1,569 | ||
Fredericksburg I, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,475 | ||
Initial cost | |||
Land | $ 1,680 | ||
Building and Improvements | 4,840 | ||
Costs Subsequent to Acquisition | 316 | ||
Gross Carrying Amount at year end | |||
Land | 1,680 | ||
Building and Improvements | 4,483 | ||
Total | 6,163 | ||
Accumulated Depreciation | $ 1,460 | ||
Fredericksburg II, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,057 | ||
Initial cost | |||
Land | $ 1,757 | ||
Building and Improvements | 5,062 | ||
Costs Subsequent to Acquisition | 348 | ||
Gross Carrying Amount at year end | |||
Land | 1,758 | ||
Building and Improvements | 4,718 | ||
Total | 6,476 | ||
Accumulated Depreciation | $ 1,557 | ||
Leesburg, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 85,503 | ||
Initial cost | |||
Land | $ 1,746 | ||
Building and Improvements | 9,894 | ||
Costs Subsequent to Acquisition | 168 | ||
Gross Carrying Amount at year end | |||
Land | 1,746 | ||
Building and Improvements | 8,774 | ||
Total | 10,520 | ||
Accumulated Depreciation | $ 1,414 | ||
Manassas, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,745 | ||
Initial cost | |||
Land | $ 860 | ||
Building and Improvements | 4,872 | ||
Costs Subsequent to Acquisition | 188 | ||
Gross Carrying Amount at year end | |||
Land | 860 | ||
Building and Improvements | 4,396 | ||
Total | 5,256 | ||
Accumulated Depreciation | $ 860 | ||
McLearen, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,960 | ||
Initial cost | |||
Land | $ 1,482 | ||
Building and Improvements | 8,400 | ||
Costs Subsequent to Acquisition | 176 | ||
Gross Carrying Amount at year end | |||
Land | 1,482 | ||
Building and Improvements | 7,421 | ||
Total | 8,903 | ||
Accumulated Depreciation | $ 1,420 | ||
Vienna, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 55,064 | ||
Initial cost | |||
Land | $ 2,300 | ||
Building and Improvements | 11,340 | ||
Costs Subsequent to Acquisition | 132 | ||
Gross Carrying Amount at year end | |||
Land | 2,300 | ||
Building and Improvements | 11,472 | ||
Total | 13,772 | ||
Accumulated Depreciation | 1,571 | ||
Divisional Offices | |||
Initial cost | |||
Costs Subsequent to Acquisition | 404 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 404 | ||
Total | 404 | ||
Accumulated Depreciation | $ 68 |
SCHEDULE III REAL ESTATE AND 76
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Activity in Storage facilities | ||
Balance at beginning of year | $ 3,467,032 | $ 3,117,198 |
Acquisitions & improvements | 490,980 | 344,775 |
Fully depreciated assets | (61,232) | (13,493) |
Dispositions and other | (33,921) | |
Construction in progress | 101,400 | 52,473 |
Balance at end of year | 3,998,180 | 3,467,032 |
Activity in Accumulated depreciation | ||
Balance at beginning of year | 594,049 | 492,069 |
Depreciation expense | 138,547 | 122,076 |
Fully depreciated assets | (61,232) | (13,493) |
Dispositions and other | (6,603) | |
Balance at end of year | 671,364 | 594,049 |
Real Estate Investment Property, Net | $ 3,326,816 | $ 2,872,983 |
CONSOLIDATED BALANCE SHEETS (LP
CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Storage facilities | $ 3,998,180 | $ 3,467,032 |
Less: Accumulated depreciation | (671,364) | (594,049) |
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively) | 3,326,816 | 2,872,983 |
Cash and cash equivalents | 2,973 | 62,869 |
Restricted cash | 7,893 | 24,600 |
Loan procurement costs, net of amortization | 2,150 | 2,800 |
Investment in real estate venture, at equity | 98,682 | 97,281 |
Other assets, net | 36,514 | 43,631 |
Total assets | 3,475,028 | 3,104,164 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 1,039,076 | 741,904 |
Revolving credit facility | 43,300 | |
Unsecured term loan | 398,749 | 398,183 |
Mortgage loans and notes payable, net | 114,618 | 111,455 |
Accounts payable, accrued expenses and other liabilities | 93,764 | 85,034 |
Distributions payable | 49,239 | 38,685 |
Deferred revenue | 20,226 | 17,519 |
Security deposits | 412 | 403 |
Total liabilities | 1,759,384 | 1,393,183 |
Limited Partnership interests of third parties | 54,407 | 66,128 |
Commitments and contingencies | ||
Capital | ||
Accumulated other comprehensive loss | (1,850) | (4,978) |
Total liabilities and equity | 3,475,028 | 3,104,164 |
CubeSmart, L.P. and Subsidiaries | ||
ASSETS | ||
Storage facilities | 3,998,180 | 3,467,032 |
Less: Accumulated depreciation | (671,364) | (594,049) |
Storage facilities, net (including VIE assets of $208,048 and $136,274, respectively) | 3,326,816 | 2,872,983 |
Cash and cash equivalents | 2,973 | 62,869 |
Restricted cash | 7,893 | 24,600 |
Loan procurement costs, net of amortization | 2,150 | 2,800 |
Investment in real estate venture, at equity | 98,682 | 97,281 |
Other assets, net | 36,514 | 43,631 |
Total assets | 3,475,028 | 3,104,164 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 1,039,076 | 741,904 |
Revolving credit facility | 43,300 | |
Unsecured term loan | 398,749 | 398,183 |
Mortgage loans and notes payable, net | 114,618 | 111,455 |
Accounts payable, accrued expenses and other liabilities | 93,764 | 85,034 |
Distributions payable | 49,239 | 38,685 |
Deferred revenue | 20,226 | 17,519 |
Security deposits | 412 | 403 |
Total liabilities | 1,759,384 | 1,393,183 |
Limited Partnership interests of third parties | 54,407 | 66,128 |
Commitments and contingencies | ||
Capital | ||
Operating Partner | 1,657,232 | 1,648,305 |
Accumulated other comprehensive loss | (1,850) | (4,978) |
Total CubeSmart, L.P. capital | 1,655,382 | 1,643,327 |
Noncontrolling interests in subsidiaries | 5,855 | 1,526 |
Total capital | 1,661,237 | 1,644,853 |
Total liabilities and equity | $ 3,475,028 | $ 3,104,164 |
CONSOLIDATED BALANCE SHEETS (78
CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Storage facilities, net | $ 3,326,816 | $ 2,872,983 |
VIE | ||
Storage facilities, net | 208,048 | 136,274 |
CubeSmart, L.P. and Subsidiaries | ||
Storage facilities, net | 3,326,816 | 2,872,983 |
CubeSmart, L.P. and Subsidiaries | VIE | ||
Storage facilities, net | $ 208,048 | $ 136,274 |
CONSOLIDATED STATEMENTS OF OP79
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Rental income | $ 449,601 | $ 392,476 | $ 330,898 |
Other property related income | 50,255 | 45,189 | 40,065 |
Property management fee income | 10,183 | 6,856 | 6,000 |
Total revenues | 510,039 | 444,521 | 376,963 |
OPERATING EXPENSES | |||
Property operating expenses | 165,847 | 153,172 | 132,701 |
Depreciation and amortization | 161,865 | 151,789 | 126,813 |
General and administrative | 32,823 | 28,371 | 28,422 |
Acquisition related costs | 6,552 | 3,301 | 7,484 |
Total operating expenses | 367,087 | 336,633 | 295,420 |
OPERATING INCOME | 142,952 | 107,888 | 81,543 |
Interest: | |||
Interest expense on loans | (50,399) | (43,736) | (46,802) |
Loan procurement amortization expense | (2,577) | (2,324) | (2,190) |
Equity in losses of real estate ventures | (2,662) | (411) | (6,255) |
Gain from sale of real estate, net | 17,567 | 475 | |
Other | 1,062 | (228) | (405) |
Total other expense | (54,576) | (29,132) | (55,177) |
INCOME FROM CONTINUING OPERATIONS | 88,376 | 78,756 | 26,366 |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 336 | ||
Total discontinued operations | 336 | ||
NET INCOME | 88,376 | 78,756 | 26,702 |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | 470 | (84) | (16) |
Operating Partnership interests of third parties | (941) | (960) | (307) |
Distribution to preferred unitholders | (5,045) | (6,008) | (6,008) |
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 79,923 | $ 71,704 | $ 20,371 |
Diluted - as reported (in dollars per share) | $ 0.45 | $ 0.42 | $ 0.13 |
Diluted earnings per unit from discontinued operations attributable to common unitholders | 0.01 | ||
Diluted - as reported (in dollars per share) | $ 0.45 | $ 0.42 | $ 0.14 |
Weighted-average basic units outstanding (in units) | 178,246 | 168,640 | 149,107 |
Weighted-average diluted units outstanding (in units) | 179,533 | 170,191 | 150,863 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS: | |||
Income from continuing operations | $ 79,923 | $ 71,704 | $ 20,040 |
Total discontinued operations | 331 | ||
CubeSmart, L.P. and Subsidiaries | |||
REVENUES | |||
Rental income | 449,601 | 392,476 | 330,898 |
Other property related income | 50,255 | 45,189 | 40,065 |
Property management fee income | 10,183 | 6,856 | 6,000 |
Total revenues | 510,039 | 444,521 | 376,963 |
OPERATING EXPENSES | |||
Property operating expenses | 165,847 | 153,172 | 132,701 |
Depreciation and amortization | 161,865 | 151,789 | 126,813 |
General and administrative | 32,823 | 28,371 | 28,422 |
Acquisition related costs | 6,552 | 3,301 | 7,484 |
Total operating expenses | 367,087 | 336,633 | 295,420 |
OPERATING INCOME | 142,952 | 107,888 | 81,543 |
Interest: | |||
Interest expense on loans | (50,399) | (43,736) | (46,802) |
Loan procurement amortization expense | (2,577) | (2,324) | (2,190) |
Equity in losses of real estate ventures | (2,662) | (411) | (6,255) |
Gain from sale of real estate, net | 17,567 | 475 | |
Other | 1,062 | (228) | (405) |
Total other expense | (54,576) | (29,132) | (55,177) |
INCOME FROM CONTINUING OPERATIONS | 88,376 | 78,756 | 26,366 |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 336 | ||
Total discontinued operations | 336 | ||
NET INCOME | 88,376 | 78,756 | 26,702 |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | 470 | (84) | (16) |
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P. | 88,846 | 78,672 | 26,686 |
Operating Partnership interests of third parties | (941) | (960) | (307) |
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER | 87,905 | 77,712 | 26,379 |
Distribution to preferred unitholders | (5,045) | (6,008) | (6,008) |
Preferred unit redemption charge | (2,937) | ||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 79,923 | $ 71,704 | $ 20,371 |
Basic earnings per unit from continuing operations attributable to common unitholders | $ 0.45 | $ 0.43 | $ 0.13 |
Basic earnings per unit from discontinued operations attributable to common unitholders | 0.01 | ||
Basic earnings per unit attributable to common unitholders | 0.45 | 0.43 | 0.14 |
Diluted - as reported (in dollars per share) | 0.45 | 0.42 | 0.13 |
Diluted earnings per unit from discontinued operations attributable to common unitholders | 0.01 | ||
Diluted - as reported (in dollars per share) | $ 0.45 | $ 0.42 | $ 0.14 |
Weighted-average basic units outstanding (in units) | 178,246 | 168,640 | 149,107 |
Weighted-average diluted units outstanding (in units) | 179,533 | 170,191 | 150,863 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS: | |||
Income from continuing operations | $ 79,923 | $ 71,704 | $ 20,040 |
Total discontinued operations | $ 331 |
CONSOLIDATED STATEMENTS OF CO80
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
NET INCOME | $ 88,376 | $ 78,756 | $ 26,702 |
Other comprehensive income (loss): | |||
Unrealized losses on interest rate swaps | (1,247) | (3,409) | (3,944) |
Reclassification of realized losses on interest rate swaps | 4,412 | 6,263 | 6,408 |
Unrealized loss on foreign currency translation | (249) | (175) | |
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 3,165 | 3,804 | 2,289 |
COMPREHENSIVE INCOME | 91,541 | 82,560 | 28,991 |
Comprehensive income attributable to Operating Partnership interests of third parties | (978) | (992) | (338) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 470 | (75) | (19) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | 91,033 | 81,493 | 28,634 |
CubeSmart, L.P. and Subsidiaries | |||
NET INCOME | 88,376 | 78,756 | 26,702 |
Other comprehensive income (loss): | |||
Unrealized losses on interest rate swaps | (1,247) | (3,409) | (3,944) |
Reclassification of realized losses on interest rate swaps | 4,412 | 6,263 | 6,408 |
Unrealized loss on foreign currency translation | (249) | (175) | |
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 3,165 | 3,804 | 2,289 |
COMPREHENSIVE INCOME | 91,541 | 82,560 | 28,991 |
Comprehensive income attributable to Operating Partnership interests of third parties | (978) | (992) | (338) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 470 | (75) | (19) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 91,033 | $ 81,493 | $ 28,634 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) shares in Thousands, $ in Thousands, £ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | $ 66,128 | ||
Contributions from noncontrolling interests in subsidiaries | 4,799 | $ 178 | $ 642 |
Distributions to noncontrolling interests in subsidiaries | 319 | ||
Adjustment for Operating Partnership interests of third parties | 7,388 | (19,619) | (14,761) |
Net income (loss) | 87,435 | 77,796 | 26,395 |
Other comprehensive income (loss), net | 3,128 | 3,772 | 2,258 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | |
Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 66,128 | 49,823 | 36,275 |
Issuance of OP Shares | 1,500 | 500 | |
Adjustment for Operating Partnership interests of third parties | (7,388) | 19,619 | 14,761 |
Net income (loss) | 941 | 960 | 307 |
Other comprehensive income (loss), net | 37 | 32 | 31 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | 49,823 |
CubeSmart, L.P. and Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,644,853 | 1,449,618 | 1,093,207 |
Balance of Noncontrolling Interests in the Operating Partnership | 66,128 | ||
Contributions from noncontrolling interests in subsidiaries | 4,799 | 178 | 642 |
Distributions to noncontrolling interests in subsidiaries | (319) | ||
Issuance of common OP units | 136,121 | 234,061 | 416,001 |
Issuance of restricted OP units | 1 | 1 | 5 |
Issuance of OP Shares | 4,876 | ||
Conversion from OP units to shares | 3,275 | 308 | |
Exercise of OP unit options | 13,283 | 17,489 | 13,802 |
Amortization of restricted OP units | 1,952 | 1,166 | 182 |
OP unit compensation expense | 1,260 | 989 | 1,553 |
Adjustment for Operating Partnership interests of third parties | 7,388 | (19,619) | (14,761) |
Net income (loss) | 87,435 | 77,796 | 26,395 |
Other comprehensive income (loss), net | 3,128 | 3,772 | 2,258 |
Preferred OP unit distributions | (5,045) | (6,008) | (6,008) |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (161,240) | (117,546) | (83,966) |
Balance | 1,661,237 | 1,644,853 | 1,449,618 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 66,128 | 49,823 | 36,275 |
Issuance of OP Shares | 1,500 | 500 | |
Conversion from OP units to shares | (4,876) | (3,275) | (308) |
Adjustment for Operating Partnership interests of third parties | (7,388) | 19,619 | 14,761 |
Net income (loss) | 941 | 960 | 307 |
Other comprehensive income (loss), net | 37 | 32 | 31 |
Common OP unit distributions | (1,935) | (1,531) | (1,243) |
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | 49,823 |
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,643,327 | 1,448,026 | 1,092,276 |
Issuance of common OP units | 136,121 | 234,061 | 416,001 |
Issuance of restricted OP units | 1 | 1 | 5 |
Issuance of OP Shares | 4,876 | 0 | |
Conversion from OP units to shares | 3,275 | 308 | |
Exercise of OP unit options | 13,283 | 17,489 | 13,802 |
Amortization of restricted OP units | 1,952 | 1,166 | 182 |
OP unit compensation expense | 1,260 | 989 | 1,553 |
Adjustment for Operating Partnership interests of third parties | 7,388 | (19,619) | (14,761) |
Net income (loss) | 87,905 | 77,712 | 26,379 |
Other comprehensive income (loss), net | 3,128 | 3,781 | 2,255 |
Preferred OP unit distributions | (5,045) | (6,008) | (6,008) |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (161,240) | (117,546) | (83,966) |
Balance | 1,655,382 | 1,643,327 | 1,448,026 |
CubeSmart, L.P. and Subsidiaries | Operating Partner | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ 1,648,305 | $ 1,456,785 | $ 1,103,290 |
Balance (in units) | shares | 174,668 | 163,957 | 139,328 |
Issuance of common OP units | $ 136,121 | $ 234,061 | $ 416,001 |
Issuance of common OP units (in units) | shares | 4,408 | 8,978 | 22,704 |
Issuance of restricted OP units | $ 1 | $ 1 | $ 5 |
Issuance of restricted OP units (in units) | shares | 123 | 161 | 482 |
Issuance of OP Shares | $ 4,876 | ||
Issuance of OP Shares (in shares) | shares | 188 | ||
Conversion from OP units to shares | $ 3,275 | $ 308 | |
Conversion from OP units to shares (in units) | shares | 118 | 18 | |
Exercise of OP unit options | $ 13,283 | $ 17,489 | $ 13,802 |
Exercise of OP unit options (in units) | shares | 696 | 1,454 | 1,425 |
Amortization of restricted OP units | $ 1,952 | $ 1,166 | $ 182 |
OP unit compensation expense | 1,260 | 989 | 1,553 |
Adjustment for Operating Partnership interests of third parties | 7,388 | (19,619) | (14,761) |
Net income (loss) | 87,905 | 77,712 | 26,379 |
Preferred OP unit distributions | (5,045) | (6,008) | (6,008) |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (161,240) | (117,546) | (83,966) |
Balance | $ 1,657,232 | $ 1,648,305 | $ 1,456,785 |
Balance (in units) | shares | 180,083 | 174,668 | 163,957 |
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner | |||
Increase (Decrease) in Partners' Capital | |||
Balance (in units) | shares | 3,100 | 3,100 | 3,100 |
Preferred OP unit redemption (in units) | shares | (3,100) | ||
Balance (in units) | shares | 3,100 | 3,100 | |
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss) Income | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ (4,978) | $ (8,759) | $ (11,014) |
Other comprehensive income (loss), net | 3,128 | 3,781 | 2,255 |
Balance | (1,850) | (4,978) | (8,759) |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,526 | 1,592 | 931 |
Contributions from noncontrolling interests in subsidiaries | 4,799 | 178 | 642 |
Distributions to noncontrolling interests in subsidiaries | (319) | ||
Net income (loss) | (470) | 84 | 16 |
Other comprehensive income (loss), net | (9) | 3 | |
Balance | $ 5,855 | $ 1,526 | $ 1,592 |
CONSOLIDATED STATEMENTS OF CA82
CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income | $ 88,376 | $ 78,756 | $ 26,702 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 164,442 | 154,113 | 129,003 |
Equity in losses of real estate ventures | 2,662 | 411 | 6,255 |
Gain from sale of real estate, net | (17,567) | (475) | |
Equity compensation expense | 3,212 | 2,155 | 1,735 |
Accretion of fair market value adjustment of debt | (1,138) | (1,429) | (1,685) |
Changes in other operating accounts: | |||
Restricted cash | 591 | 743 | 411 |
Other assets | (3,930) | (2,519) | 808 |
Accounts payable and accrued expenses | 7,862 | (438) | 2,699 |
Other liabilities | 1,449 | 1,480 | 579 |
Net cash provided by operating activities | 263,526 | 215,705 | 166,032 |
Investing Activities | |||
Acquisitions of storage facilities | (366,666) | (275,726) | (547,515) |
Additions and improvements to storage facilities | (30,971) | (24,695) | (19,967) |
Development costs | (143,713) | (81,315) | (23,566) |
Cash distributed from real estate ventures | 8,113 | 6,451 | 56,896 |
Fundings of notes receivable | (4,100) | ||
Proceeds from notes receivable | 4,100 | ||
Change in restricted cash | 942 | 69 | 528 |
Net cash used in investing activities | (544,471) | (374,608) | (522,699) |
Proceeds from: | |||
Unsecured senior notes | 298,512 | 249,338 | |
Revolving credit facility | 958,200 | 731,320 | 712,500 |
Principal payments on: | |||
Revolving credit facility | (914,900) | (809,320) | (673,100) |
Mortgage loans and notes payable | (37,260) | (84,905) | (30,149) |
Loan procurement costs | (2,467) | (4,433) | (274) |
Redemption of preferred units | (77,574) | ||
Contributions from noncontrolling interests in subsidiaries | 4,799 | 178 | 642 |
Distributions paid to noncontrolling interest in subsidiaries | (319) | ||
Distributions paid to common OP unitholders | (149,280) | (107,093) | (75,849) |
Distributions paid to preferred OP unitholders | (6,545) | (6,008) | (6,008) |
Net cash provided by financing activities | 221,049 | 218,871 | 356,392 |
Change in cash and cash equivalents | (59,896) | 59,968 | (275) |
Cash and cash equivalents at beginning of period | 62,869 | 2,901 | 3,176 |
Cash and cash equivalents at end of period | 2,973 | 62,869 | 2,901 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 53,085 | 46,216 | 50,024 |
Supplemental disclosure of noncash activities: | |||
Restricted cash - acquisition of storage facilities | (22,019) | (14,353) | |
Restricted cash - disposition of real estate | 36,372 | ||
Accretion of liability | 31,426 | 16,929 | 8,977 |
Derivative valuation adjustment | 3,165 | 2,854 | 2,464 |
Foreign currency translation adjustment | (249) | (175) | |
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 41,513 | 2,695 | 27,467 |
Preferred unit redemption | 2,863 | ||
CubeSmart, L.P. and Subsidiaries | |||
Operating Activities | |||
Net income | 88,376 | 78,756 | 26,702 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 164,442 | 154,113 | 129,003 |
Equity in losses of real estate ventures | 2,662 | 411 | 6,255 |
Gain from sale of real estate, net | (17,567) | (475) | |
Equity compensation expense | 3,212 | 2,155 | 1,735 |
Accretion of fair market value adjustment of debt | (1,138) | (1,429) | (1,685) |
Changes in other operating accounts: | |||
Restricted cash | 591 | 743 | 411 |
Other assets | (3,930) | (2,519) | 808 |
Accounts payable and accrued expenses | 7,862 | (438) | 2,699 |
Other liabilities | 1,449 | 1,480 | 579 |
Net cash provided by operating activities | 263,526 | 215,705 | 166,032 |
Investing Activities | |||
Acquisitions of storage facilities | (366,666) | (275,726) | (547,515) |
Additions and improvements to storage facilities | (30,971) | (24,695) | (19,967) |
Development costs | (143,713) | (81,315) | (23,566) |
Investment in real estate ventures, at equity | (12,176) | (8,433) | (2,550) |
Cash distributed from real estate ventures | 8,113 | 6,451 | 56,896 |
Proceeds from sale of real estate, net | 9,041 | 13,475 | |
Fundings of notes receivable | (4,100) | ||
Proceeds from notes receivable | (4,100) | ||
Change in restricted cash | 942 | 69 | 528 |
Net cash used in investing activities | (544,471) | (374,608) | (522,699) |
Proceeds from: | |||
Unsecured senior notes | 298,512 | 249,338 | |
Revolving credit facility | 958,200 | 731,320 | 712,500 |
Principal payments on: | |||
Revolving credit facility | (914,900) | (809,320) | (673,100) |
Mortgage loans and notes payable | (37,260) | (84,905) | (30,149) |
Loan procurement costs | (2,467) | (4,433) | (274) |
Proceeds from issuance of common OP units | 136,122 | 234,062 | 416,006 |
Redemption of preferred units | (77,574) | ||
Exercise of OP unit options | 13,283 | 17,489 | 13,802 |
Contributions from noncontrolling interests in subsidiaries | (4,799) | (178) | (642) |
Distributions paid to noncontrolling interest in subsidiaries | (319) | ||
Distributions paid to common OP unitholders | (151,121) | (108,531) | (77,027) |
Distributions paid to preferred OP unitholders | (6,545) | (6,008) | (6,008) |
Net cash provided by financing activities | 221,049 | 218,871 | 356,392 |
Change in cash and cash equivalents | (59,896) | 59,968 | (275) |
Cash and cash equivalents at beginning of period | 62,869 | 2,901 | 3,176 |
Cash and cash equivalents at end of period | 2,973 | 62,869 | 2,901 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 53,085 | 46,216 | 50,024 |
Supplemental disclosure of noncash activities: | |||
Restricted cash - acquisition of storage facilities | (22,019) | (14,353) | |
Restricted cash - disposition of real estate | 36,372 | ||
Accretion of liability | 31,426 | 16,929 | 8,977 |
Derivative valuation adjustment | 3,165 | 2,854 | 2,464 |
Foreign currency translation adjustment | (249) | (175) | |
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 41,513 | $ 2,695 | $ 27,467 |
Preferred unit redemption | $ 2,863 |