Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 14, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
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 | $ 4,331,947,035 | ||
Entity Common Stock, Shares Outstanding | 182,277,838 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Storage facilities | $ 4,161,715 | $ 3,998,180 |
Less: Accumulated depreciation | (752,925) | (671,364) |
Storage facilities, net (including VIE assets of $291,496 and $208,048, respectively) | 3,408,790 | 3,326,816 |
Cash and cash equivalents | 5,268 | 2,973 |
Restricted cash | 3,890 | 7,893 |
Loan procurement costs, net of amortization | 1,592 | 2,150 |
Investment in real estate venture, at equity | 91,206 | 98,682 |
Other assets, net | 34,590 | 36,514 |
Total assets | 3,545,336 | 3,475,028 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net | 1,142,460 | 1,039,076 |
Revolving credit facility | 81,700 | 43,300 |
Unsecured term loans, net | 299,396 | 398,749 |
Mortgage loans and notes payable, net | 111,434 | 114,618 |
Accounts payable, accrued expenses and other liabilities | 143,344 | 93,764 |
Distributions payable | 55,297 | 49,239 |
Deferred revenue | 21,529 | 20,226 |
Security deposits | 486 | 412 |
Total liabilities | 1,855,646 | 1,759,384 |
Noncontrolling interests in the Operating Partnership | 54,320 | 54,407 |
Commitments and contingencies | ||
Equity | ||
Common shares $.01 par value, 400,000,000 shares authorized, 182,215,735 and 180,083,111 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1,822 | 1,801 |
Additional paid in capital | 2,356,620 | 2,314,014 |
Accumulated other comprehensive loss | 3 | (1,850) |
Accumulated deficit | (729,311) | (658,583) |
Total CubeSmart shareholders' equity | 1,629,134 | 1,655,382 |
Noncontrolling interests in subsidiaries | 6,236 | 5,855 |
Total equity | 1,635,370 | 1,661,237 |
Total liabilities and equity | $ 3,545,336 | $ 3,475,028 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Storage facilities, net | $ 3,408,790 | $ 3,326,816 |
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 | 182,215,735 | 180,083,111 |
Common shares, shares outstanding | 182,215,735 | 180,083,111 |
VIE | ||
Storage facilities, net | $ 291,496 | $ 208,048 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||||||||||
Rental income | $ 489,043 | $ 449,601 | $ 392,476 | ||||||||
Other property related income | 55,001 | 50,255 | 45,189 | ||||||||
Property management fee income | 14,899 | 10,183 | 6,856 | ||||||||
Total revenues | $ 143,482 | $ 143,865 | $ 138,559 | $ 133,037 | $ 132,546 | $ 132,096 | $ 126,526 | $ 118,871 | 558,943 | 510,039 | 444,521 |
OPERATING EXPENSES | |||||||||||
Property operating expenses | 181,508 | 165,847 | 153,172 | ||||||||
Depreciation and amortization | 145,681 | 161,865 | 151,789 | ||||||||
General and administrative | 34,745 | 32,823 | 28,371 | ||||||||
Acquisition related costs | 1,294 | 6,552 | 3,301 | ||||||||
Total operating expenses | 87,971 | 91,586 | 91,025 | 92,646 | 90,848 | 92,585 | 93,509 | 90,145 | 363,228 | 367,087 | 336,633 |
OPERATING INCOME | 195,715 | 142,952 | 107,888 | ||||||||
Interest: | |||||||||||
Interest expense on loans | (56,952) | (50,399) | (43,736) | ||||||||
Loan procurement amortization expense | (2,638) | (2,577) | (2,324) | ||||||||
Equity in losses of real estate ventures | (1,386) | (2,662) | (411) | ||||||||
Gain from sale of real estate, net | 17,567 | ||||||||||
Other | 872 | 1,062 | (228) | ||||||||
Total other expense | (60,104) | (54,576) | (29,132) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 135,611 | 88,376 | 78,756 | ||||||||
NET INCOME | 135,611 | 88,376 | 78,756 | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||||||||
Noncontrolling interests in the Operating Partnership | (1,593) | (941) | (960) | ||||||||
Noncontrolling interest in subsidiaries | 270 | 470 | (84) | ||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY | $ 39,547 | $ 37,297 | $ 32,458 | $ 24,986 | $ 26,847 | $ 24,884 | $ 20,424 | $ 15,750 | 134,288 | 87,905 | 77,712 |
Distribution to preferred shareholders | (5,045) | (6,008) | |||||||||
Preferred share redemption charge | (2,937) | ||||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 134,288 | $ 79,923 | $ 71,704 | ||||||||
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.43 |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.42 |
Weighted-average basic shares outstanding (in shares) | 180,525 | 178,246 | 168,640 | ||||||||
Weighted-average diluted shares outstanding (in shares) | 181,448 | 179,533 | 170,191 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
NET INCOME | $ 135,611 | $ 88,376 | $ 78,756 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | 195 | (1,247) | (3,409) |
Reclassification of realized losses on interest rate swaps | 1,680 | 4,412 | 6,263 |
Unrealized loss on foreign currency translation | (249) | ||
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 1,875 | 3,165 | 3,804 |
COMPREHENSIVE INCOME | 137,486 | 91,541 | 82,560 |
Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (1,615) | (978) | (992) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 270 | 470 | (75) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 136,141 | $ 91,033 | $ 81,493 |
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, 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 | 234,061 | $ 91 | 233,970 | 234,061 | |||||
Issuance of common shares (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 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 4,799 | 4,799 | |||||||
Issuance of common shares | 136,121 | $ 44 | 136,077 | 136,121 | |||||
Issuance of common shares (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 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Contributions from noncontrolling interests in subsidiaries | 1,058 | 1,058 | |||||||
Acquisition of noncontrolling interest in subsidiary | (8,626) | (8,626) | (407) | (9,033) | |||||
Issuance of common shares | 29,642 | $ 10 | 29,632 | 29,642 | |||||
Issuance of common shares (in shares) | 1,036,000 | ||||||||
Issuance of restricted shares | 1 | $ 1 | 1 | ||||||
Issuance of restricted shares (in shares) | 106,000 | ||||||||
Issuance of OP Shares | 12,324 | ||||||||
Conversion from units to shares | 15,706 | $ 6 | 15,700 | (15,706) | 15,706 | ||||
Conversion from units to shares (in shares) | 594,000 | ||||||||
Exercise of stock options | 2,364 | $ 4 | 2,360 | 2,364 | |||||
Exercise of stock options (in shares) | 397,000 | ||||||||
Amortization of restricted shares | 2,009 | 2,009 | 2,009 | ||||||
Share compensation expense | 1,531 | 1,531 | 1,531 | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | (3,965) | (3,965) | 3,965 | (3,965) | |||||
Net income (loss) | 134,288 | 134,288 | (270) | 134,018 | |||||
Net income (loss) | 1,593 | ||||||||
Other comprehensive income (loss), net | 1,853 | 1,853 | 1,853 | ||||||
Other comprehensive income (loss), net | 22 | ||||||||
Common share distributions | (201,051) | (201,051) | (2,285) | (201,051) | |||||
Balance at Dec. 31, 2017 | $ 1,629,134 | $ 1,822 | $ 2,356,620 | $ 3 | $ (729,311) | $ 6,236 | 1,635,370 | ||
Balance (in shares) at Dec. 31, 2017 | 182,216,000 | ||||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2017 | $ 54,320 | $ 54,320 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income | $ 135,611 | $ 88,376 | $ 78,756 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 148,319 | 164,442 | 154,113 |
Equity in losses of real estate ventures | 1,386 | 2,662 | 411 |
Equity compensation expense | 5,586 | 4,850 | 3,722 |
Gain from sale of real estate, net | (17,567) | ||
Accretion of fair market value adjustment of debt | (559) | (1,138) | (1,429) |
Changes in other operating accounts: | |||
Restricted cash | (60) | 591 | 743 |
Other assets | (8,845) | (3,930) | (2,519) |
Accounts payable and accrued expenses | 10,846 | 7,862 | (438) |
Other liabilities | 1,154 | 1,449 | 1,480 |
Net cash provided by operating activities | 293,438 | 265,164 | 217,272 |
Investing Activities | |||
Acquisitions of storage facilities | (69,629) | (366,666) | (275,726) |
Additions and improvements to storage facilities | (28,962) | (30,971) | (24,695) |
Development costs | (64,659) | (143,713) | (81,315) |
Investment in real estate venture, at equity | (301) | (12,176) | (8,433) |
Cash distributed from real estate ventures | 15,784 | 8,113 | 6,451 |
Proceeds from sale of real estate, net | 9,041 | ||
Fundings of notes receivable | (4,100) | ||
Proceeds from notes receivable | 4,100 | ||
Change in restricted cash | (57) | 942 | 69 |
Net cash used in investing activities | (147,824) | (544,471) | (374,608) |
Proceeds from: | |||
Unsecured senior notes | 103,192 | 298,512 | 249,338 |
Revolving credit facility | 628,400 | 958,200 | 731,320 |
Principal payments on: | |||
Revolving credit facility | (590,000) | (914,900) | (809,320) |
Unsecured term loans | (100,000) | ||
Mortgage loans and notes payable | (8,666) | (37,260) | (84,905) |
Loan procurement costs | (953) | (2,467) | (4,433) |
Acquisition of noncontrolling interest in subsidiary | (9,033) | ||
Proceeds from issuance of common shares, net | 29,643 | 136,122 | 234,062 |
Cash paid upon vesting of restricted shares | (2,046) | (1,638) | (1,567) |
Redemption of preferred shares | (77,574) | ||
Exercise of stock options | 2,364 | 13,283 | 17,489 |
Contributions from noncontrolling interests in subsidiaries | 1,058 | 4,799 | 178 |
Distributions paid to noncontrolling interests in subsidiaries | (319) | ||
Distributions paid to common shareholders | (195,006) | (149,280) | (107,093) |
Distributions paid to preferred shareholders | (6,545) | (6,008) | |
Distributions paid to noncontrolling interests in Operating Partnership | (2,272) | (1,841) | (1,438) |
Net cash (used in) provided by financing activities | (143,319) | 219,411 | 217,304 |
Change in cash and cash equivalents | 2,295 | (59,896) | 59,968 |
Cash and cash equivalents at beginning of period | 2,973 | 62,869 | 2,901 |
Cash and cash equivalents at end of period | 5,268 | 2,973 | 62,869 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 63,407 | 53,085 | 46,216 |
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 | 35,122 | 31,426 | 16,929 |
Derivative valuation adjustment | 1,875 | 3,165 | 2,854 |
Foreign currency translation adjustment | (249) | ||
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 6,201 | 41,513 | $ 2,695 |
Preferred share redemption | $ 2,863 | ||
Issuance of OP units | 12,324 | ||
Liability for acquisition of storage property | 1,470 | ||
Contribution of storage property to real estate venture | $ 9,400 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 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, 2017, the Parent Company owned approximately 99.0% 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 (except, as disclosed in note 4, in the case of the Class C OP Units issued on April 12, 2017, such right became exercisable on October 12, 2017 and, in the case of the 440,160 OP Units issued on May 9, 2017, such right may be exercised at any time on or after May 9, 2018) for cash equal to the fair value of an equivalent number of common shares of the Parent Company or, in the case of Class C OP Units, the stated value of such Class C OP Units. 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, or in the case of Class C OP Units, for common shares with a fair value equal to the stated value of such Class C OP Units. 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, 2017 | |
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, 2017, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.0 million as of December 31, 2017. 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 $21.4 million and $24.7 million as of December 31, 2017 and 2016, respectively, and are reported net of accumulated amortization of $11.1 million and $9.7 million as of December 31, 2017 and 2016, 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, 2017 and 2016 (in thousands): December 31, 2017 2016 Intangible assets, net of accumulated amortization of $1,532 and $8,109 $ 1,716 $ 8,280 Accounts receivable 5,498 4,434 Deposits on future acquisitions 1,000 5,106 Prepaid real estate taxes 3,960 3,640 Prepaid insurance 2,105 1,053 Amounts due from affiliates (see note 13) 7,480 3,349 Assets held in trust related to deferred compensation arrangements 9,393 6,748 Other 3,438 3,904 Total other assets, net $ 34,590 $ 36,514 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. Property management fee income is recognized monthly as services are performed and in accordance with the terms of the related management agreements. 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 $9.7 million, $9.4 million, and $8.6 million in advertising and marketing expenses for the years ended December 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, the Company recognized $0.6 million, $1.6 million, and $2.5 million, respectively, of equity offering costs related to the issuance of common shares. Other Property Related Income Other property related income consists of late fees, administrative charges, customer 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, 2017, 2016 and 2015, the Company capitalized $5.6 million, $4.6 million, and $2.6 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 $100.0 million and $300.0 million as of December 31, 2017 and 2016, respectively, the fair value of which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. 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 $3.4 billion and $3.2 billion as of December 31, 2017 and 2016, 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 2017 consisted of an 86.602% ordinary income distribution, a 0.495% capital gain distribution, and a 12.903% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2017, 2016, or 2015. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.4 million and $1.3 million as of December 31, 2017 and 2016, respectively. Legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. 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 923,000; 1,287,000, and 1,551,000 in 2017, 2016, and 2015, 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. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. 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 from sale of real estate, net on the Company’s consolidated statements 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 2017, the Company adopted ASU No. 2016-09 – Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which requires retrospective application for the cash flow presentation of cash withheld upon restricted stock vesting and paid by the Company to a taxing authority to satisfy the employee’s related tax obligation. See “Recent Accounting Pronouncements” below. As a result of adopting the new guidance, $1.6 million of vested restricted shares that were withheld to satisfy employee tax obligations and paid to the taxing authorities, were reclassified from operating activities to financing activities within the Company’s consolidated statements of cash flows for each of the years ended December 31, 2016 and 2015. Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The Company is in the process of evaluating the impact of this new guidance. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the entity adopted the new revenue standard. Upon adoption, the majority of its sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. 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 became effective on January 1, 2018. Upon adoption of the new guidance, the majority of future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. 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 became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. 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 became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. 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 requires 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. The Company has elected to 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 new standard became effective for the Company on January 1, 2017. The adoption of this guidance did not 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 the new standard on the Company’s consolidated financial statements and |
STORAGE PROPERTIES
STORAGE PROPERTIES | 12 Months Ended |
Dec. 31, 2017 | |
STORAGE PROPERTIES | |
STORAGE FACILITIES | 3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, December 31, 2017 2016 (in thousands) Land $ 711,140 $ 649,744 Buildings and improvements 3,086,252 2,928,275 Equipment 182,958 217,867 Construction in progress 181,365 202,294 Storage properties 4,161,715 3,998,180 Less: Accumulated depreciation (752,925) (671,364) Storage properties, net $ 3,408,790 $ 3,326,816 The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2017, 2016, and 2015: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $ 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ 21,000 Texas Assets Texas Markets - Major January 2016 2 24,800 New York Asset New York / Northern NJ January 2016 1 48,500 Texas Asset Texas Markets - Major January 2016 1 11,600 Connecticut Asset Connecticut February 2016 1 19,000 Texas Asset Texas Markets - Major March 2016 1 11,600 Florida Assets Florida Markets - Other March 2016 3 47,925 Colorado Asset Denver April 2016 1 11,350 Texas Asset Texas Markets - Major April 2016 1 11,600 Texas Asset Texas Markets - Major May 2016 1 10,100 Texas Asset Texas Markets - Major May 2016 1 10,800 Illinois Asset Chicago May 2016 1 12,350 Illinois Asset Chicago May 2016 1 16,000 Massachusetts Asset Massachusetts June 2016 1 14,300 Nevada Assets Las Vegas July 2016 2 23,200 Arizona Asset Phoenix August 2016 1 14,525 Minnesota Asset Minneapolis August 2016 1 15,150 Colorado Asset Denver August 2016 1 15,600 Texas Asset Texas Markets - Major September 2016 1 6,100 Texas Asset Texas Markets - Major September 2016 1 5,300 Nevada Asset Las Vegas October 2016 1 13,250 North Carolina Asset Charlotte November 2016 1 10,600 Arizona Asset Phoenix November 2016 1 14,000 Nevada Asset Las Vegas December 2016 1 14,900 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 $ |
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY | 12 Months Ended |
Dec. 31, 2017 | |
INVESTMENT ACTIVITY | |
INVESTMENT ACTIVITY | 4. INVESTMENT ACTIVITY 2017 Acquisitions During the year ended December 31, 2017, the Company acquired six stores located throughout the United States, including two stores upon completion of construction and the issuance of a certificate of occupancy, for an aggregate purchase price of approximately $69.5 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 $3.2 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 2017 was approximately $1.5 million. In connection with one of the acquired stores, the Company assumed mortgage debt that was recorded at a fair value of $6.2 million, which fair value includes an outstanding principal balance totaling $5.9 million and a net premium of $0.3 million to reflect the estimated fair value of the debt at the time of assumption. As part of the acquisition of that same store, the Company issued OP Units that were valued at approximately $12.3 million as consideration for the remainder of the purchase price (see note 12). During the year ended December 31, 2017, the Company also acquired a store in Illinois upon completion of construction and the issuance of a certificate of occupancy for $11.2 million. The purchase price was satisfied with $9.7 million of cash and 58,400 newly created Class C OP Units. Each Class C OP Unit has a stated value of $25 and bears an annual distribution rate of 3% of the stated value. The holder has the option to tender the Class C OP Units to the Operating Partnership at any time, and on or after April 12, 2018, the Operating Partnership will have the option to redeem the Class C OP Units, in each case at a redemption price of $25 per Class C OP Unit. The Company has the right to settle the redemption in cash or, at the Company’s option, common shares of CubeSmart, or a combination of cash and common shares, with the common shares valued at their closing price on the redemption date. Because the Class C OP Units represent an unconditional obligation that the Company may settle by issuing a variable number of its common shares with a monetary value that is known at inception, they have been classified as a liability in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. The following table summarizes the Company’s revenue and earnings associated with the 2017 acquisitions from the respective acquisition dates, that are included in the consolidated statements of operations for the year ended December 31, 2017: Year Ended December 31, 2017 (in thousands) Total revenue $ 1,572 Net loss (1,330) As of December 31, 2017, the Company was under contract and had made deposits of $1.0 million associated with two stores, including one store to be acquired after the completion of construction and the issuance of the certificate of occupancy, for an aggregate acquisition price of $33.0 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of the store under construction is expected to occur during the second quarter of 2018 after the completion of construction and the issuance of a certificate of occupancy. This acquisition is subject to due diligence and other customary closing conditions and no assurance can be provided that it will be completed on the terms described, or at all. On January 31, 2018, the Company acquired the remaining store that was under contract as of December 31, 2017 (see note 19). Development As of December 31, 2017, the Company had invested in joint ventures to develop six self-storage properties located in Massachusetts (1) New Jersey (1), and New York (4). Construction for all projects is expected to be completed by the third quarter of 2019. As of December 31, 2017, development costs incurred to date for these projects totaled $121.0 million. Total construction costs for these projects are expected to be $232.6 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, 2015. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY 1 Q4 2017 51% $ 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 Bronx, NY (1) (2) 1 Q2 2016 100% 32,200 Queens, NY (1) 1 Q1 2016 100% 31,800 Brooklyn, NY (3) 1 Q4 2015 100% 14,800 Queens, NY 1 Q4 2015 90% 17,400 Arlington, VA 1 Q2 2015 90% 17,100 9 $ 281,300 (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) This store is subject to a ground lease. (3) During the fourth quarter of 2015, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture for $9.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $8.6 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest, the $9.8 million related party loan extended by the Company to the venture during the construction period was repaid in full. 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 the years ended December 31, 2017 and 2016 was approximately $8.3 million and $10.5 million, respectively. 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. 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 was 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 January 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. |
INVESTMENT IN UNCONSOLIDATED RE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 12 Months Ended |
Dec. 31, 2017 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 191 IV CUBE LLC (“HVP IV”) On October 16, 2017, the Company acquired a self-storage property located in Texas for $9.4 million, which it then contributed to a newly-formed joint venture on November 1, 2017. In return for contributing the property to HVP IV, the Company received approximately $7.5 million in cash and a 20% ownership interest in the venture. Subsequent to December 31, 2017, HVP IV acquired two self-storage properties in Arizona (1) and Texas (1) for an aggregate purchase price of $20.5 million. 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 III”) 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 III 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 III 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 III 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 III 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 III 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 III 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 III 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 III 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 III related to this portfolio acquisition was $5.4 million, bringing its total investment in HVP III 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 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 HVP IV, HHFNE, HVP III , 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, 2017 and 2016 (in thousands): December 31, December 31, 2017 2016 Assets Storage properties, net $ 647,668 $ 667,975 Other assets 8,284 17,003 Total assets $ 655,952 $ 684,978 Liabilities and equity Other liabilities $ 6,853 $ 6,516 Debt 346,475 345,631 Equity CubeSmart 91,206 98,682 Joint venture partners 211,418 234,149 Total liabilities and equity $ 655,952 $ 684,978 The following is a summary of results of operations of the Ventures for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year ended December 31, 2017 2016 2015 Total revenues $ 81,058 $ 64,931 $ Operating expenses 34,705 29,900 Interest expense, net 11,703 9,432 Depreciation and amortization 45,086 53,701 Net loss (10,436) (28,102) (3,853) Company’s share of net loss (1,386) (2,662) The results of operations above include the periods from November 1, 2017 (date of acquisition) through December 31, 2017 for HVP IV, December 15, 2016 (date of acquisition) through December 31, 2017 for HHFNE, and December 8, 2015 (date of acquisition) through December 31, 2017 for HVP III . |
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 250,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 250,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (617) (3,971) Less: Loan procurement costs, net (6,923) (6,953) Total unsecured senior notes, net $ 1,142,460 $ 1,039,076 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million traunches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million traunches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%. The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 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, 2017, 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, 2017 | |
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | |
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013, and April 22, 2015 to provide for, amongst other things, a $500.0 million unsecured revolving facility (the “Revolver”) with a maturity date of April 22, 2020. Pricing on the Revolver is dependent 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%. As of December 31, 2017, $417.6 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.7 million. As of December 31, 2017, the Company also had a $200.0 million unsecured term loan outstanding under the Credit Facility, which is included in the table below. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of a $100.0 million unsecured term loan with a five-year maturity and a $100.0 million unsecured term loan with a seven-year maturity. The Company’s unsecured term loans under the Credit Facility and Term Loan Facility are summarized below: Carrying Value as of: Effective Interest December 31, December 31, Rate as of Maturity Unsecured Term Loans 2017 2016 December 31, 2017 (1) Date (in thousands) Credit Facility Unsecured term loan $ 200,000 $ 200,000 2.86 % Jan-19 Term Loan Facility Unsecured term loan (2) — 100,000 — % Jun-18 Unsecured term loan (3) 100,000 100,000 3.62 % Jan-20 Principal balance outstanding 300,000 400,000 Less: Loan procurement costs, net (604) (1,251) Total unsecured term loans, net $ 299,396 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR, excluding the impact of interest rate swaps. As of December 31, 2017, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.05%. (2) On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its unsecured term loan that was scheduled to mature in June 2018. Unamortized loan procurement costs of $0.2 million were written off in conjunction with the repayment. (3) As of December 31, 2017, the Company had interest rate swaps in place on these borrowings that fix 30-day LIBOR (see note 10). The Term Loan Facility and the unsecured term loan under the Credit Facility were fully drawn as of December 31, 2017 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the Revolver 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, 2017, 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, 2017 | |
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 2017 2016 Interest Rate Date (in thousands) YSI 67 $ — $ 6,216 2.55 % Mar-17 YSI 33 9,547 9,860 6.42 % Jul-19 YSI 26 8,228 8,423 4.56 % Nov-20 YSI 57 2,889 2,957 4.61 % Nov-20 YSI 55 22,508 22,952 4.85 % Jun-21 YSI 24 25,700 26,464 4.64 % Jun-21 YSI 65 2,411 2,457 3.85 % Jun-23 YSI 66 31,727 32,257 3.51 % Jun-23 YSI 68 5,786 — 3.78 % May-24 Principal balance outstanding 108,796 111,586 Plus: Unamortized fair value adjustment 3,286 3,742 Less: Loan procurement costs, net (648) (710) Total mortgage loans and notes payable, net $ 111,434 $ As of December 31, 2017 and 2016, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $236.9 million and $233.1 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2017 (in thousands): 2018 $ 2,650 2019 11,652 2020 12,791 2021 45,057 2022 923 2023 and thereafter 35,723 Total mortgage payments 108,796 Plus: Unamortized fair value adjustment 3,286 Less: Loan procurement costs, net (648) Total mortgage loans and notes payable, net $ 111,434 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2017 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2017 (in thousands): Unrealized losses on interest rate swaps Other comprehensive gain before reclassifications $ 192 Amounts reclassified from accumulated other comprehensive loss 1,661 (1) Net current-period other comprehensive gain 1,853 Balance at December 31, 2016 (1,850) Balance at December 31, 2017 $ 3 (1) See note 10 for additional information about the effects of the amounts reclassified. |
RISK MANAGEMENT AND USE OF FINA
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type (1) December 31, 2017 December 31, 2016 Strike Date Maturity December 31, 2017 December 31, 2016 Swap Cash flow $ — $ 75,000 % 12/30/2011 3/31/2017 $ — $ (103) Swap Cash flow — 50,000 % 12/30/2011 3/31/2017 — (69) Swap Cash flow — 50,000 % 12/30/2011 3/31/2017 — (69) Swap Cash flow — 25,000 % 12/30/2011 3/31/2017 — (34) Swap Cash flow 40,000 40,000 % 6/20/2011 6/20/2018 (161) (797) Swap Cash flow 40,000 40,000 % 6/20/2011 6/20/2018 (163) (804) Swap Cash flow 20,000 20,000 % 6/20/2011 6/20/2018 (82) (404) $ 100,000 $ 300,000 $ (406) $ (2,280) (1) 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, 2017 and 2016, 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 $1.7 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2017. The Company estimates that $0.4 million will be reclassified as an increase to interest expense in 2018. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 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 $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ — 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 $ — $ 2,280 $ — Total liabilities at fair value $ — $ 2,280 $ — 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 2017 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, 2017, 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, 2017 and 2016. The aggregate carrying value of the Company’s debt was $1.6 billion as of December 31, 2017 and 2016. The estimated fair value of the Company’s debt was $1.7 billion and $1.6 billion as of December 31, 2017 and 2016, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2017 and 2016. 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, 2017 | |
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 Estimated Ownership December 31, 2017 Development Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% $ 18,472 $ 2,429 CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q2 2019 (est.) 90% 1,366 1,096 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 5,533 3,382 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% 27,130 9,551 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q4 2018 (est.) 90% 5,981 704 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 (est.) 51% 62,763 31,575 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 51% 47,952 22,189 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 82,216 33,858 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Brooklyn, NY Q4 2015 90% 18,478 13,289 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 16,320 12,819 10 $ 286,211 $ 130,892 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $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 McDonald Ave, 22nd St, 46th St, Exterior St, and Cropsey Ave for $10.0 million, $11.5 million, $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, 2017, has accrued $2.2 million, $3.3 million, $8.2 million, $28.9 million and $20.4 million related to McDonald Ave, 22nd St, 46th 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, 2017, the Company has fully funded its $12.8 million loan commitment to Jamaica Ave and $12.7 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. As of December 31, 2017, the Company has not funded any of its $10.8 million or $6.2 million loan commitments to Waltham and 92nd St, respectively. See note 4 for details regarding the Company’s June 2, 2017 acquisition of the noncontrolling interest in a previously consolidated joint venture that developed and owned a store in Brooklyn, NY. 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 1.0% and 1.1% of the outstanding OP Units as of December 31, 2017 and December 31, 2016, 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 has been 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 18, 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 commenced operations during the third quarter of 2017. On May 9, 2017, the Company acquired a store in Maryland for $18.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $5.9 million. In conjunction with the closing, the Company issued 440,160 OP Units, valued at approximately $12.3 million, to pay the remaining consideration. On April 12, 2017, the Company acquired a store in Illinois for $11.2 million. In conjunction with the closing, the Company paid $9.7 million and issued 58,400 Class C OP Units to pay the remaining consideration. As of December 31, 2017 and 2016, 1,878,253 and 2,032,394 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, 2017 and 2016. As of December 31, 2017, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.0 million. As of December 31, 2016, the Operating Partnership recorded a decrease to OP Units owned by third parties and a corresponding increase to capital of $7.4 million. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
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 for fee income to the Company based on a percentage of reveneus 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, 2017, 2016 and 2015 were $3.8 million, $2.9 million and $1.0 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 $7.5 million and $3.3 million as of December 31, 2017 and 2016, respectively, and are included in Other Assets, net in the Company’s consolidated balance sheets. Additionally, as discussed in note 12 the Company had outstanding mortgage loans receivable from consolidated joint ventures of $25.5 million and $34.7 million as of December 31, 2017 and 2016, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP III , HVP IV, and HHFNE operating agreements provide for acquisition fees payable from HVP III , HVP IV, and HHFNE to the Company in an amount equal to 0.5% of the purchase price upon closing of an acquisition by HVP III , HVP IV, and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. The Company recognized $0.5 million and $1.8 million in acquisition fees during the years ended December 31, 2017 and 2016, respectively, which are included in Other income on the consolidated statements of operations. The Company did not recognize any acquisition fees during the year ended December 31, 2015. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Ground Leases The Company currently owns eight operating self-storage properties and two self-storage properties 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 $3.4 million, $2.7 million, and $2.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: Ground Lease Amount (in thousands) 2018 $ 2,500 2019 2,670 2020 2,743 2021 2,812 2022 2,971 2023 and thereafter 119,343 $ 133,039 Development Commitments The Company has development agreements for the construction of six new self-storage properties (see note 4), which will require payments of approximately $82.7 million, due in installments upon completion of certain construction milestones, during 2018 and 2019. Litigation The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. However, litigation is inherently unpredictable, and the costs and other effects of pending or future litigation, governmental investigations, legal and administrative cases and proceedings (whether civil or criminal), settlements, judgments and investigations, claims, and changes in any such matters, could have a material adverse effect on the Company’s business, financial condition, and operating results. 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. On December 15, 2017, the court granted preliminary approval of a settlement for the class action. The settlement and associated expenses, which were previously reserved for, did not have a material impact on the Company’s consolidated financial position or results of operations. Insurance Recovery As a result of hurricanes that occurred during the third quarter of 2017, the Company incurred damage at certain stores located in Florida and Texas. During the year ended December 31, 2017, the Company recorded $1.1 million in charges based on the damage assessment and terms of the deductibles under the insurance policies, inclusive of its $0.1 million portion of the charge taken by HHF. These charges are comprised of $0.3 million in net book value write-offs related to damaged assets and $0.8 million in estimated deductibles related to costs incurred for repairs and cleanup. The Company has comprehensive insurance coverage and, after receipt of $0.3 million in October 2017, recorded a receivable of $1.0 million as of December 31, 2017 for the remaining anticipated insurance recoveries which is included in Other assets within the Company’s consolidated balance sheets. To the extent that insurance proceeds, which are on a replacement cost basis, ultimately exceed the net book value of the damaged assets, a gain will be recognized in the period in which all contingencies related to the insurance claim have been resolved. The estimated charges for the insurance deductibles and asset write-offs are included in Property operating expenses and Depreciation and amortization, respectively within the Company’s consolidated statements of operations. The Company’s portion of the charge taken by HHF is included in Equity in losses of real estate ventures within the Company’s consolidated statements of operations. |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017: (i) 4,936,124 common shares remained available for future awards under the 2007 Plan; (ii) 465,045 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 1,833,173 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $16.55 per share and a weighted average term to maturity of 5.26 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, 2017, there were approximately five thousand shares outstanding under the 2004 Plan. Share Options The fair values for options granted in 2017, 2016, and 2015 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2017 2016 2015 Risk-free interest rate % % % Expected dividend yield % % % Volatility (1) % % % Weighted average expected life of the options (2) years 6.0 years 6.0 years Weighted average grant date fair value of options granted per share $ $ $ (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2017, 2016 and 2015 grants was based on the trading history of the Company’s shares. In 2017, 2016, and 2015, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.5 million, $1.3 million and $1.0 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. During 2017, 289,104 share options were issued for which the fair value of the options at their respective grant dates was approximately $1.8 million. The share options vest over three years. As of December 31, 2017, the Company had approximately $1.8 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, 2017, 2016 and 2015: Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2014 3,692,301 $ 11.76 4.16 Options granted 202,485 25.00 9.08 Options canceled (18,230) 19.75 — Options exercised (1,454,612) 11.31 2.38 Balance at December 31, 2015 2,421,944 $ 13.07 4.08 Options granted Options exercised Balance at December 31, 2016 1,939,690 $ 12.94 4.85 Options granted 289,104 26.30 9.07 Options exercised (395,621) 5.98 1.14 Balance at December 31, 2017 $ 16.55 Vested or expected to vest at December 31, 2017 1,833,173 $ 16.55 5.26 Exercisable at December 31, 2017 1,337,280 $ 12.58 4.04 As of December 31, 2017, the aggregate intrinsic value of options outstanding, of options that vested or expected to vest, and of options that were exercisable was approximately $35.3 million. The aggregate intrinsic value of options exercised was approximately $8.8 million for the year ended December 31, 2017. 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 166,000 restricted shares and share units were issued during 2017 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $4.7 million, which vest over three to five years. During 2016, approximately 155,000 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 $5.2 million. As of December 31, 2017 the Company had approximately $5.2 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 2017, 2016 and 2015, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $4.1 million, $3.6 million, and $2.7 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2017: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2017 323,022 Granted 165,709 Vested (130,500) Forfeited (5,769) Non-Vested at December 31, 2017 352,462 On January 23, 2017, 52,426 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 $1.8 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2019. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. 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. |
EARNINGS PER SHARE AND UNIT AND
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 (Dollars and shares in thousands, except per share amounts) Net income $ 135,611 $ 88,376 $ 78,756 Noncontrolling interests in the Operating Partnership (1,593) (941) (960) Noncontrolling interest in subsidiaries 270 470 (84) Distributions to preferred shareholders (1) — (5,045) (6,008) Preferred share redemption charge — (2,937) — Net income attributable to the Company’s common shareholders $ 134,288 $ 79,923 $ 71,704 Weighted-average shares outstanding 180,525 178,246 168,640 Share options and restricted share units 923 1,287 1,551 Weighted-average diluted shares outstanding (2) 181,448 179,533 170,191 Basic earnings per share attributable to common shareholders $ 0.74 $ 0.45 $ 0.43 Diluted earnings per share attributable to common shareholders $ 0.74 $ 0.45 $ 0.42 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, 2017 2016 2015 (Dollars and units in thousands, except per unit amounts) Net income $ 135,611 $ 88,376 $ 78,756 Operating Partnership interests of third parties (1,593) (941) (960) Noncontrolling interest in subsidiaries 270 470 (84) Distribution to preferred unitholders (1) — (5,045) (6,008) Preferred unit redemption charge — (2,937) — Net income attributable to common unitholders $ 134,288 $ 79,923 $ 71,704 Weighted-average units outstanding 180,525 178,246 168,640 Unit options and restricted share units 923 1,287 1,551 Weighted-average diluted units outstanding (2) 181,448 179,533 170,191 Basic earnings per unit attributable to common unitholders $ 0.74 $ 0.45 $ 0.43 Diluted earnings per unit attributable to common unitholders $ 0.74 $ 0.45 $ 0.42 (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 the year ended December 31, 2015, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2017, 2016 and 2015, the Company declared cash dividends per common share/unit of $1.11, $0.90, and $0.69, 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 1,878,253; 2,032,394 and 2,159,650 as of December 31, 2017, 2016 and 2015, respectively. There were 182,215,735; 180,083,111 and 174,667,870 common units outstanding as of December 31, 2017, 2016 and 2015, 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. The Company maintains an at-the-market equity program that enables it to offer and sell up to 40.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2017, 2016, and 2015 is summarized below: For the year ended December 31, 2017 2016 2015 (Dollars and shares in thousands, except per share amounts) Number of shares sold 1,036 4,408 8,977 Average sales price per share $ 29.13 $ 31.25 $ 26.35 Net proceeds after deducting offering costs $ 29,642 $ 136,120 $ 234,240 The proceeds from the sales conducted during the years ended December 31, 2017, 2016, and 2015 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2017, 2016, and 2015, 4.7 million common shares, 5.8 million common shares, and 10.2 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 or 2016. The Company had net deferred tax assets of $1.4 million and $1.3 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2017 and 2016, respectively. The Company believes it is more likely than not the deferred tax assets will be realized. |
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
PRO FORMA FINANCIAL INFORMATION | |
PRO FORMA FINANCIAL INFORMATION | 18. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) During the years ended December 31, 2017 and 2016, the Company acquired seven self-storage properties for an aggregate purchase price of approximately $80.7 million (see note 3) and 28 stores for an aggregate purchase price of approximately $403.6 million, respectively. 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 2017 and 2016 as if each had occurred as of January 1, 2016 and 2015, 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, 2017 and 2016 based on the assumptions described above: Year ended December 31, 2017 2016 (in thousands, except per share data) Pro forma revenues $ 560,852 $ 523,821 Pro forma net income $ 145,941 $ 115,269 Earnings per share attributable to common shareholders: Basic - as reported $ 0.74 $ 0.45 Diluted - as reported $ 0.74 $ 0.45 Basic - as pro forma $ 0.80 $ 0.63 Diluted - as pro forma $ 0.80 $ 0.62 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS Subsequent to December 31, 2017, the Company acquired one self-storage property in Texas for a purchase price of $12.2 million. The purchase price was funded with $7.4 million of cash and $4.8 million through the issuance of 168,011 common units. Following a 13-month lock-up period, the holder may tender the common units for redemption by the Operating Partnership for a cash amount per common unit equal to the market value of an equivalent number of common shares of the Company. The Company has the right, but not the obligation, to assume and satisfy the redemption obligation of the Operating Partnership by issuing one common share in exchange for each common unit tendered for redemption. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Total revenues $ 133,037 $ 138,559 $ 143,865 $ 143,482 Total operating expenses 92,646 91,025 91,586 87,971 Net income attributable to the Company 24,986 32,458 37,297 39,547 Basic earnings per share 0.14 0.18 0.21 0.22 Diluted earnings per share 0.14 0.18 0.21 0.22 Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ 118,871 $ 126,526 $ 132,096 $ 132,546 Total operating expenses 90,145 93,509 92,585 90,848 Net income attributable to the Company 15,750 20,424 24,884 26,847 Basic earnings per share 0.08 0.11 0.13 0.13 Diluted earnings per share 0.08 0.11 0.13 0.13 The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts. |
SCHEDULE III REAL ESTATE AND RE
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION | CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2017 (Dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Chandler I, AZ 47,680 327 1,257 399 327 1,480 1,807 608 2005 Chandler II, AZ 82,915 1,518 7,485 108 1,518 7,592 9,110 1,045 2013 Gilbert I, AZ 57,200 951 4,688 90 951 4,779 5,730 730 2013 Gilbert II, AZ 114,080 1,199 11,846 152 1,199 11,998 13,197 383 2016 Glendale, AZ 56,807 201 2,265 1,195 418 2,899 3,317 1,356 1998 Green Valley, AZ 25,050 298 1,153 196 298 1,139 1,437 437 2005 Mesa I, AZ 52,575 920 2,739 311 921 2,603 3,524 1,034 2006 Mesa II, AZ 45,511 731 2,176 284 731 2,132 2,863 854 2006 Mesa III, AZ 59,629 706 2,101 254 706 1,971 2,677 805 2006 Peoria, AZ 110,835 1,436 7,082 241 1,436 7,322 8,758 596 2015 Phoenix I, AZ 101,275 1,134 3,376 560 1,135 3,284 4,419 1,315 2006 Phoenix II, AZ 83,160 756 2,251 1,636 847 3,187 4,034 1,210 2006/2011 Phoenix III, AZ 121,730 2,115 10,429 130 2,115 10,559 12,674 1,295 2014 Phoenix IV, AZ 69,610 930 12,277 85 930 12,363 13,293 454 2016 Queen Creek, AZ 94,462 1,159 5,716 84 1,159 5,800 6,959 513 2015 Scottsdale, AZ 80,725 443 4,879 1,758 883 5,521 6,404 2,638 1998 Surprise , AZ 72,325 584 3,761 107 584 3,868 4,452 256 2015 Tempe I, AZ 53,890 749 2,159 575 749 2,424 3,173 846 2005 Tempe II, AZ 68,409 588 2,898 2,153 588 5,051 5,639 761 2013 Tucson I, AZ 59,800 188 2,078 1,076 384 2,650 3,034 1,258 1998 Tucson II, AZ 43,950 188 2,078 1,090 391 2,683 3,074 1,241 1998 Tucson III, AZ 49,820 532 2,048 258 533 1,945 2,478 771 2005 Tucson IV, AZ 48,040 674 2,595 371 675 2,545 3,220 984 2005 Tucson V, AZ 45,134 515 1,980 357 515 1,981 2,496 786 2005 Tucson VI, AZ 40,790 440 1,692 229 430 1,623 2,053 648 2005 Tucson VII, AZ 52,663 670 2,576 324 670 2,486 3,156 994 2005 Tucson VIII, AZ 46,650 589 2,265 336 589 2,250 2,839 888 2005 Tucson IX, AZ 67,496 724 2,786 469 725 2,734 3,459 1,075 2005 Tucson X, AZ 46,350 424 1,633 327 425 1,650 2,075 629 2005 Tucson XI, AZ 42,700 439 1,689 416 439 1,814 2,253 767 2005 Tucson XII, AZ 42,275 671 2,582 343 672 2,497 3,169 965 2005 Tucson XIII, AZ 45,800 587 2,258 350 587 2,238 2,825 886 2005 Tucson XIV, AZ 48,995 707 2,721 468 708 2,641 3,349 1,058 2005 Benicia, CA 74,770 2,392 7,028 305 2,392 6,249 8,641 2,426 2005 Citrus Heights, CA 75,620 1,633 4,793 234 1,634 4,253 5,887 1,720 2005 Corona, CA 94,975 2,107 10,385 78 2,107 10,462 12,569 1,054 2014 Diamond Bar, CA 103,558 2,522 7,404 273 2,524 6,585 9,109 2,645 2005 Escondido, CA 143,645 3,040 11,804 223 3,040 9,669 12,709 3,140 2007 Fallbrook, CA 45,926 133 1,492 1,849 432 2,832 3,264 1,333 1997 Fremont, CA 51,324 1,158 5,711 164 1,158 5,876 7,034 743 2014 Lancaster, CA 60,475 390 2,247 1,059 556 2,571 3,127 1,034 2001 Long Beach, CA 124,571 3,138 14,368 903 3,138 13,335 16,473 4,995 2006 Murrieta, CA 49,775 1,883 5,532 249 1,903 4,915 6,818 1,910 2005 North Highlands, CA 57,094 868 2,546 429 868 2,517 3,385 1,021 2005 Ontario, CA 93,590 1,705 8,401 345 1,705 8,745 10,450 897 2014 Orangevale, CA 50,542 1,423 4,175 312 1,423 3,813 5,236 1,546 2005 Pleasanton, CA 83,600 2,799 8,222 215 2,799 7,194 9,993 2,789 2005 Rancho Cordova, CA 53,978 1,094 3,212 390 1,095 3,059 4,154 1,201 2005 Rialto I, CA 57,391 899 4,118 212 899 3,758 4,657 1,434 2006 Rialto II, CA 99,783 277 3,098 1,756 672 4,057 4,729 2,030 1997 Riverside I, CA 67,220 1,351 6,183 598 1,351 5,949 7,300 2,232 2006 Riverside II, CA 85,176 1,170 5,359 372 1,170 4,941 6,111 1,900 2006 Roseville, CA 59,944 1,284 3,767 425 1,284 3,593 4,877 1,459 2005 Sacramento I, CA 50,664 1,152 3,380 324 1,152 3,144 4,296 1,266 2005 Sacramento II, CA 111,736 2,085 6,750 327 2,086 6,413 8,499 1,547 2005/2017 San Bernardino I, CA 31,070 51 572 1,188 182 1,432 1,614 660 1997 San Bernardino II, CA 41,546 112 1,251 1,359 306 2,067 2,373 952 1997 San Bernardino III, CA 35,416 98 1,093 1,321 242 1,918 2,160 889 1997 San Bernardino IV, CA 83,227 1,872 5,391 219 1,872 4,894 6,766 1,882 2005 San Bernardino V, CA 56,745 783 3,583 571 783 3,628 4,411 1,394 2006 San Bernardino VII, CA 78,809 1,475 6,753 309 1,290 6,315 7,605 2,444 2006 San Bernardino VIII, CA 103,567 1,691 7,741 603 1,692 6,391 8,083 2,501 2006 San Marcos, CA 37,425 775 2,288 175 776 2,093 2,869 835 2005 Santa Ana, CA 63,916 1,223 5,600 436 1,223 5,258 6,481 1,985 2006 South Sacramento, CA 52,390 790 2,319 344 791 2,244 3,035 891 2005 Spring Valley, CA 55,035 1,178 5,394 848 1,178 5,498 6,676 2,075 2006 Temecula I, CA 81,340 660 4,735 1,001 899 5,165 6,064 2,307 1998 Temecula II, CA 84,520 3,080 5,839 708 3,080 5,612 8,692 1,736 2007 Vista I, CA 74,238 711 4,076 2,346 1,118 5,099 6,217 2,059 2001 Vista II, CA 147,753 4,629 13,599 174 4,629 11,712 16,341 4,590 2005 Walnut, CA 50,708 1,578 4,635 326 1,595 4,223 5,818 1,644 2005 West Sacramento, CA 39,765 (A) 1,222 3,590 216 1,222 3,239 4,461 1,278 2005 Westminster, CA 68,393 1,740 5,142 379 1,743 4,634 6,377 1,880 2005 Aurora, CO 75,717 1,343 2,986 559 1,343 2,996 4,339 1,102 2005 Centennial, CO 62,400 1,281 8,958 92 1,281 9,049 10,330 452 2016 Colorado Springs I, CO 47,975 771 1,717 409 771 1,783 2,554 683 2005 Colorado Springs II, CO 62,400 657 2,674 269 656 2,435 3,091 934 2006 Denver I, CO 59,200 673 2,741 227 646 2,490 3,136 1,010 2006 Denver II, CO 74,390 1,430 7,053 120 1,430 7,172 8,602 1,213 2012 Denver III, CO 76,025 1,828 12,109 65 1,828 12,174 14,002 496 2016 Federal Heights, CO 54,770 878 1,953 275 879 1,830 2,709 702 2005 Golden, CO 87,800 1,683 3,744 564 1,684 3,636 5,320 1,367 2005 Littleton, CO 53,490 1,268 2,820 388 1,268 2,701 3,969 983 2005 Northglenn, CO 43,102 862 1,917 432 662 2,135 2,797 750 2005 Bloomfield, CT 48,700 78 880 2,408 360 2,678 3,038 1,180 1997 Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Branford, CT 50,629 217 2,433 1,516 504 3,236 3,740 1,587 1995 Bristol, CT 47,725 1,819 3,161 104 1,819 2,801 4,620 1,211 2005 East Windsor, CT 45,966 744 1,294 508 744 1,531 2,275 680 2005 Enfield, CT 52,875 424 2,424 460 473 2,107 2,580 890 2001 Gales Ferry, CT 54,905 240 2,697 1,550 489 3,555 4,044 1,878 1995 Manchester I, CT 46,925 540 3,096 476 563 2,576 3,139 1,019 2002 Manchester II, CT 52,725 996 1,730 325 996 1,748 2,744 739 2005 Manchester III, CT 60,113 671 3,308 157 671 3,465 4,136 444 2014 Milford, CT 44,885 87 1,050 1,210 274 1,767 2,041 849 1996 Monroe, CT 58,500 2,004 3,483 656 2,004 3,454 5,458 1,557 2005 Mystic, CT 50,825 136 1,645 2,071 410 2,958 3,368 1,406 1996 Newington I, CT 42,620 1,059 1,840 272 1,059 1,818 2,877 764 2005 Newington II, CT 36,140 911 1,584 291 911 1,601 2,512 685 2005 Norwalk I, CT 30,160 646 3,187 58 646 3,244 3,890 569 2012 Norwalk II, CT 78,175 1,171 15,422 108 1,171 15,530 16,701 784 2016 Old Saybrook I, CT 87,000 3,092 5,374 706 3,092 5,226 8,318 2,247 2005 Old Saybrook II, CT 26,425 1,135 1,973 254 1,135 1,899 3,034 850 2005 Shelton, CT 78,405 1,613 9,032 217 1,613 8,165 9,778 1,614 2011 South Windsor, CT 72,025 90 1,127 1,493 272 2,228 2,500 1,018 1996 Stamford, CT 28,907 1,941 3,374 188 1,941 3,022 4,963 1,273 2005 Wilton, CT 84,515 2,409 12,261 404 2,421 12,727 15,148 2,353 2012 Washington I, DC 62,685 (A) 871 12,759 536 894 10,573 11,467 3,328 2008 Washington II, DC 82,697 3,152 13,612 202 3,154 12,039 15,193 2,302 2011 Washington III, DC 78,340 4,469 15,438 58 4,469 15,497 19,966 894 2016 Washington IV, DC 71,971 6,359 20,417 2 6,359 20,419 26,778 133 2017 Boca Raton, FL 37,968 529 3,054 1,605 813 3,551 4,364 1,459 2001 Boynton Beach I, FL 61,725 667 3,796 1,927 958 4,392 5,350 1,795 2001 Boynton Beach II, FL 61,514 1,030 2,968 443 1,030 2,973 4,003 1,145 2005 Boynton Beach III, FL 67,393 1,225 6,037 247 1,225 6,285 7,510 718 2014 Boynton Beach IV, FL 76,098 1,455 7,171 54 1,455 7,226 8,681 576 2015 Bradenton I, FL 68,398 1,180 3,324 250 1,180 3,053 4,233 1,216 2004 Bradenton II, FL 88,063 1,931 5,561 1,131 1,931 5,596 7,527 2,221 2004 Cape Coral I, FL 76,857 472 2,769 2,574 830 4,040 4,870 1,997 2000 Cape Coral II, FL 67,955 1,093 5,387 99 1,093 5,485 6,578 545 2014 Coconut Creek I, FL 78,846 1,189 5,863 173 1,189 6,035 7,224 1,030 2012 Coconut Creek II, FL 90,147 1,937 9,549 174 1,937 9,723 11,660 1,223 2014 Dania Beach, FL 180,588 3,584 10,324 1,656 3,584 10,442 14,026 4,087 2004 Dania, FL 58,165 205 2,068 1,519 481 2,888 3,369 1,431 1996 Davie, FL 80,985 1,268 7,183 1,240 1,373 6,152 7,525 2,384 2001 Deerfield Beach, FL 57,230 946 2,999 2,001 1,311 4,490 5,801 2,044 1998 Delray Beach I, FL 67,833 798 4,539 822 883 4,075 4,958 1,707 2001 Delray Beach II, FL 75,710 957 4,718 222 957 4,940 5,897 737 2013 Delray Beach III, FL 94,377 2,086 10,286 155 2,086 10,442 12,528 1,174 2014 Delray Beach IV, FL 97,945 2,208 14,384 5 2,208 14,388 16,596 36 2017 Ft. Lauderdale I, FL 70,093 937 3,646 2,490 1,384 5,455 6,839 2,490 1999 Ft. Lauderdale II, FL 49,577 862 4,250 86 862 4,337 5,199 557 2013 Ft. Myers I, FL 67,534 303 3,329 940 328 3,269 3,597 1,504 1999 Ft. Myers II, FL 83,375 1,030 5,080 135 1,030 5,215 6,245 592 2014 Ft. Myers III, FL 81,554 1,148 5,658 155 1,148 5,814 6,962 657 2014 Jacksonville I, FL 79,705 1,862 5,362 156 1,862 4,836 6,698 1,742 2005 Jacksonville II, FL 64,970 950 7,004 170 950 5,626 6,576 1,822 2007 Jacksonville III, FL 65,840 860 7,409 1,010 1,670 6,018 7,688 1,960 2007 Jacksonville IV, FL 77,525 870 8,049 1,159 1,651 7,133 8,784 2,297 2007 Jacksonville V, FL 82,523 1,220 8,210 362 1,220 6,835 8,055 2,230 2007 Jacksonville VI, FL 67,375 755 3,725 122 755 3,846 4,601 384 2014 Kendall, FL 75,495 (A) 2,350 8,106 476 2,350 6,808 9,158 2,156 2007 Lake Worth I, FL 160,622 183 6,597 7,507 354 10,905 11,259 4,972 1998 Lake Worth II, FL 86,924 1,552 7,654 176 1,552 7,829 9,381 922 2014 Lake Worth III, FL 92,510 957 4,716 211 957 4,928 5,885 421 2015 Lakeland, FL 49,095 81 896 1,247 256 1,556 1,812 737 1994 Leisure City, FL 56,225 409 2,018 164 409 2,181 2,590 384 2012 Lutz I, FL 66,795 901 2,478 264 901 2,356 3,257 928 2004 Lutz II, FL 69,232 992 2,868 400 992 2,773 3,765 1,077 2004 Margate I, FL 53,660 161 1,763 2,202 399 3,285 3,684 1,603 1996 Margate II, FL 65,380 132 1,473 1,859 383 2,712 3,095 1,286 1996 Merritt Island, FL 50,261 716 2,983 667 796 2,738 3,534 1,038 2002 Miami I, FL 46,500 179 1,999 1,850 484 2,850 3,334 1,373 1996 Miami II, FL 66,960 253 2,544 1,619 561 3,332 3,893 1,649 1996 Miami III, FL 151,620 4,577 13,185 867 4,577 12,228 16,805 4,537 2005 Miami IV, FL 76,695 1,852 10,494 936 1,963 9,869 11,832 2,126 2011 Miramar, FL 80,130 1,206 5,944 80 1,206 6,025 7,231 881 2013 Naples I, FL 48,100 90 1,010 2,631 270 3,100 3,370 1,469 1996 Naples II, FL 65,850 148 1,652 4,294 558 5,252 5,810 2,535 1997 Naples III, FL 80,021 139 1,561 4,147 598 4,079 4,677 1,994 1997 Naples IV, FL 40,625 262 2,980 613 407 2,996 3,403 1,473 1998 New Smyrna Beach, FL 81,454 1,261 6,215 193 1,261 6,407 7,668 647 2014 North Palm Beach, FL 46,275 1,374 7,649 29 1,374 7,679 9,053 234 2017 Oakland Park, FL 63,231 3,007 10,145 11 3,007 10,157 13,164 47 2017 Ocoee, FL 76,150 1,286 3,705 198 1,286 3,386 4,672 1,280 2005 Orange City, FL 59,580 1,191 3,209 230 1,191 2,952 4,143 1,180 2004 Orlando II, FL 63,184 1,589 4,576 202 1,589 4,138 5,727 1,565 2005 Orlando III, FL 101,510 1,209 7,768 742 1,209 7,122 8,331 2,408 2006 Orlando IV, FL 76,601 633 3,587 184 633 3,268 3,901 734 2010 Orlando V, FL 75,327 950 4,685 127 950 4,811 5,761 803 2012 Orlando VI, FL 67,275 640 3,154 141 640 3,295 3,935 334 2014 Oviedo, FL 49,276 440 2,824 607 440 2,759 3,199 963 2006 Palm Coast I, FL 47,400 555 2,735 110 555 2,845 3,400 366 2014 Palm Coast II, FL 122,490 1,511 7,450 353 1,511 7,804 9,315 999 2014 Palm Harbor, FL 82,685 2,457 16,178 118 2,457 16,297 18,754 782 2016 Pembroke Pines, FL 67,321 337 3,772 2,808 953 5,434 6,387 2,633 1997 Royal Palm Beach II, FL 81,238 1,640 8,607 301 1,640 7,247 8,887 2,358 2007 Sanford I, FL 61,810 453 2,911 187 453 2,532 2,985 848 2006 Sanford II, FL 69,755 1,003 4,944 215 1,003 5,159 6,162 526 2014 Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Sarasota, FL 71,142 333 3,656 1,399 529 3,842 4,371 1,739 1999 St. Augustine, FL 59,725 135 1,515 3,411 383 4,322 4,705 2,126 1996 St. Petersburg, FL 66,025 2,721 10,173 422 2,721 10,594 13,315 508 2016 Stuart, FL 86,756 324 3,625 3,185 685 5,823 6,508 2,781 1997 SW Ranches, FL 64,975 1,390 7,598 284 1,390 6,020 7,410 1,938 2007 Tampa I, FL 83,938 2,670 6,249 258 2,670 5,154 7,824 1,659 2007 Tampa II, FL 74,790 2,291 10,262 123 2,291 10,385 12,676 495 2016 West Palm Beach I, FL 66,906 719 3,420 1,667 835 3,841 4,676 1,602 2001 West Palm Beach II, FL 94,353 2,129 8,671 439 2,129 7,805 9,934 3,132 2004 West Palm Beach III, FL 77,410 804 3,962 74 804 4,036 4,840 655 2012 West Palm Beach IV, FL 102,742 1,499 7,392 318 1,499 7,709 9,208 883 2014 Winter Park, FL 54,416 866 4,268 92 866 4,360 5,226 446 2014 Alpharetta, GA 90,501 806 4,720 1,060 967 4,032 4,999 1,622 2001 Atlanta, GA 66,625 822 4,053 73 822 4,127 4,949 706 2012 Austell, GA 83,655 1,635 4,711 381 1,643 4,436 6,079 1,485 2006 Decatur, GA 145,320 616 6,776 400 616 6,183 6,799 3,118 1998 Duluth, GA 70,885 373 2,044 216 373 1,935 2,308 400 2011 Lawrenceville, GA 73,740 546 2,903 424 546 2,910 3,456 614 2011 Lithia Springs, GA 66,750 748 5,552 125 748 5,675 6,423 380 2015 Norcross I, GA 85,420 514 2,930 954 632 2,969 3,601 1,171 2001 Norcross II, GA 52,595 366 2,025 224 366 1,965 2,331 414 2011 Norcross III, GA 46,955 938 4,625 70 938 4,696 5,634 876 2012 Norcross IV, GA 57,505 576 2,839 117 576 2,956 3,532 503 2012 Peachtree City I, GA 49,875 435 2,532 788 529 2,541 3,070 997 2001 Peachtree City II, GA 59,950 398 1,963 120 398 2,084 2,482 350 2012 Smyrna, GA 57,015 750 4,271 318 750 3,471 4,221 1,414 2001 Snellville, GA 79,950 1,660 4,781 355 1,660 4,473 6,133 1,477 2007 Suwanee I, GA 85,125 1,737 5,010 343 1,737 4,653 6,390 1,534 2007 Suwanee II, GA 80,340 800 6,942 93 622 5,831 6,453 1,897 2007 Villa Rica, GA 65,281 757 5,616 147 757 5,763 6,520 385 2015 Addison, IL 31,575 428 3,531 475 428 3,505 3,933 1,369 2004 Aurora, IL 73,985 644 3,652 203 644 3,335 3,979 1,311 2004 Bartlett, IL 51,395 931 2,493 306 931 2,395 3,326 944 2004 Bellwood, IL 86,350 1,012 5,768 1,070 1,012 5,103 6,115 2,004 2001 Blue Island, IL 55,125 633 3,120 47 633 3,167 3,800 281 2015 Bolingbrook, IL 82,425 1,675 8,254 175 1,675 8,430 10,105 860 2014 Chicago I, IL 95,845 2,667 13,118 953 2,667 14,070 16,737 1,453 2014 Chicago II, IL 78,585 833 4,035 73 833 4,108 4,941 416 2014 Chicago III, IL 84,990 2,427 11,962 813 2,427 12,775 15,202 1,327 2014 Chicago IV, IL 60,495 1,296 6,385 56 1,296 6,442 7,738 564 2015 Chicago V, IL 51,775 1,044 5,144 53 1,044 5,197 6,241 456 2015 Chicago VI, IL 71,785 1,596 9,535 47 1,596 9,582 11,178 483 2016 Chicago VII, IL 91,292 — 11,191 290 — 11,481 11,481 58 2017 Countryside, IL 97,356 2,607 12,684 185 2,607 12,870 15,477 1,303 2014 Des Plaines, IL 69,450 1,564 4,327 815 1,564 4,503 6,067 1,703 2004 Downers Grove, IL 71,625 1,498 13,153 23 1,498 13,176 14,674 678 2016 Elk Grove Village, IL 64,054 1,446 3,535 306 1,446 3,311 4,757 1,348 2004 Evanston, IL 57,715 1,103 5,440 218 1,103 5,657 6,760 848 2013 Glenview, IL 100,085 3,740 10,367 578 3,740 9,478 13,218 3,719 2004 Gurnee, IL 80,300 1,521 5,440 380 1,521 5,056 6,577 2,004 2004 Hanover, IL 41,190 1,126 2,197 307 1,126 2,166 3,292 862 2004 Harvey, IL 60,090 869 3,635 354 869 3,447 4,316 1,324 2004 Joliet, IL 72,865 547 4,704 251 547 4,296 4,843 1,703 2004 Kildeer, IL 74,463 2,102 2,187 4,570 1,997 6,554 8,551 979 2004 Lombard, IL 58,241 1,305 3,938 932 1,305 4,264 5,569 1,679 2004 Maywood, IL 60,225 749 3,689 31 749 3,720 4,469 325 2015 Mount Prospect, IL 64,950 1,701 3,114 645 1,701 3,306 5,007 1,249 2004 Mundelein, IL 44,700 1,498 2,782 412 1,498 2,778 4,276 1,052 2004 North Chicago, IL 53,400 1,073 3,006 510 1,073 3,031 4,104 1,183 2004 Plainfield I, IL 53,900 1,770 1,715 346 1,740 1,768 3,508 667 2004 Plainfield II, IL 51,900 694 2,000 285 694 1,952 2,646 702 2005 Riverwoods, IL 73,915 1,585 7,826 92 1,585 7,918 9,503 199 2017 Schaumburg, IL 31,160 538 645 257 538 765 1,303 287 2004 Streamwood, IL 64,305 1,447 1,662 491 1,447 1,841 3,288 702 2004 Warrenville, IL 48,796 1,066 3,072 505 1,066 3,145 4,211 1,112 2005 Waukegan, IL 79,500 1,198 4,363 650 1,198 4,360 5,558 1,668 2004 West Chicago, IL 48,175 1,071 2,249 497 1,071 2,388 3,459 909 2004 Westmont, IL 53,400 1,155 3,873 318 1,155 3,650 4,805 1,408 2004 Wheeling I, IL 54,210 857 3,213 458 857 3,199 4,056 1,255 2004 Wheeling II, IL 67,825 793 3,816 550 793 3,814 4,607 1,510 2004 Woodridge, IL 50,232 943 3,397 303 943 3,225 4,168 1,248 2004 Schererville, IN 67,604 1,134 5,589 54 1,134 5,643 6,777 645 2014 Boston I, MA 33,286 538 3,048 266 538 2,890 3,428 651 2010 Boston II, MA 60,470 1,516 8,628 726 1,516 6,899 8,415 2,597 2002 Boston III, MA 108,205 3,211 15,829 706 3,211 16,535 19,746 1,682 2014 Brockton, MA 59,296 577 4,394 34 577 4,427 5,004 293 2015 Haverhill, MA 60,589 669 6,610 54 669 6,664 7,333 444 2015 Lawrence, MA 34,672 585 4,737 263 585 5,000 5,585 331 2015 Leominster, MA 54,073 90 1,519 2,533 338 3,411 3,749 1,564 1998 Medford, MA 58,685 1,330 7,165 374 1,330 6,046 7,376 1,793 2007 Stoneham, MA 61,300 1,558 7,679 319 1,558 7,998 9,556 1,150 2013 Tewksbury, MA 62,402 1,537 7,579 276 1,537 7,854 9,391 902 2014 Walpole, MA 74,890 634 13,069 324 634 13,393 14,027 594 2016 Annapolis, MD 92,332 5,786 2,643 13,938 38 2,643 13,976 16,619 271 2017 Baltimore, MD 93,750 1,050 5,997 1,443 1,173 5,297 6,470 2,116 2001 Beltsville, MD 63,687 1,277 6,295 72 1,268 6,375 7,643 937 2013 California, MD 77,840 1,486 4,280 341 1,486 4,030 5,516 1,558 2004 Capitol Heights, MD 79,600 2,704 13,332 43 2,704 13,376 16,080 1,028 2015 Clinton, MD 84,225 2,182 10,757 133 2,182 10,890 13,072 1,417 2013 District Heights, MD 78,240 1,527 8,313 540 1,527 7,728 9,255 1,578 2011 Elkridge, MD 63,475 1,155 5,695 239 1,155 5,934 7,089 790 2013 Gaithersburg I, MD 87,045 3,124 9,000 480 3,124 8,218 11,342 3,215 2005 Gaithersburg II, MD 74,150 2,383 11,750 69 2,383 11,819 14,202 913 2015 Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Hyattsville, MD 52,830 1,113 5,485 100 1,113 5,586 6,699 819 2013 Laurel, MD 162,896 1,409 8,035 3,673 1,928 8,853 10,781 3,644 2001 Temple Hills I, MD 97,270 1,541 8,788 2,596 1,800 8,886 10,686 3,573 2001 Temple Hills II, MD 84,225 2,229 10,988 54 2,229 11,042 13,271 1,378 2014 Timonium, MD 66,717 2,269 11,184 199 2,269 11,382 13,651 1,426 2014 Upper Marlboro, MD 62,290 1,309 6,455 99 1,309 6,552 7,861 968 2013 Bloomington, MN 101,028 1,598 12,298 124 1,598 12,424 14,022 458 2016 Belmont, NC 81,850 385 2,196 959 451 2,339 2,790 939 2001 Burlington I, NC 109,300 498 2,837 875 498 2,898 3,396 1,222 2001 Burlington II, NC 42,165 320 1,829 442 340 1,731 2,071 709 2001 Cary, NC 112,402 543 3,097 827 543 3,228 3,771 1,350 2001 Charlotte I, NC 69,000 782 4,429 1,537 1,068 4,510 5,578 1,722 2002 Charlotte II, NC 53,736 821 8,764 55 821 8,818 9,639 284 2016 Cornelius, NC 59,270 2,424 4,991 929 2,424 5,920 8,344 374 2015 Pineville, NC 77,747 2,490 9,169 140 2,490 9,309 11,799 622 2015 Raleigh, NC 48,675 209 2,398 422 296 2,344 2,640 1,106 1998 Bordentown, NJ 50,550 457 2,255 170 457 2,424 2,881 399 2012 Brick, NJ 51,720 234 2,762 1,466 485 3,395 3,880 1,737 1996 Cherry Hill I, NJ 51,500 222 1,260 182 222 1,260 1,482 300 2010 Cherry Hill II, NJ 65,500 471 2,323 317 471 2,640 3,111 420 2012 Clifton, NJ 105,550 4,346 12,520 300 4,340 11,140 15,480 4,177 2005 Cranford, NJ 91,280 290 3,493 2,757 779 5,055 5,834 2,370 1996 East Hanover, NJ 504 9,188 1996 Egg Harbor I, NJ 104 669 2010 Egg Harbor II, NJ 284 1,950 2010 Elizabeth, NJ 38,830 751 2,164 692 751 2,533 3,284 918 2005 Fairview, NJ 27,876 246 2,759 583 246 2,736 2,982 1,335 1997 Freehold, NJ 81,420 1,086 5,355 203 1,086 5,558 6,644 946 2012 Hamilton, NJ 70,550 1,885 5,430 498 1,893 5,160 7,053 1,721 2006 Hoboken, NJ 34,130 1,370 3,947 774 1,370 4,087 5,457 1,622 2005 Linden, NJ 100,425 517 6,008 2,522 1,043 6,994 8,037 3,339 1996 Lumberton, NJ 96,025 987 4,864 315 987 5,178 6,165 873 2012 Morris Township, NJ 72,226 500 5,602 2,984 1,072 6,947 8,019 3,292 1997 Parsippany, NJ 84,655 475 5,322 5,740 844 9,723 10,567 3,115 1997 Rahway, NJ 83,121 1,486 7,326 660 1,486 7,986 9,472 1,119 2013 Randolph, NJ 52,565 855 4,872 1,358 1,108 4,541 5,649 1,811 2002 Ridgefield, NJ 67,803 1,810 8,925 315 1,810 9,239 11,049 700 2015 Roseland, NJ 53,569 1,844 9,759 145 1,844 9,904 11,748 665 2015 Sewell, NJ 57,826 484 2,766 1,414 706 3,102 3,808 1,267 2001 Somerset, NJ 57,485 1,243 6,129 205 1,243 6,333 7,576 1,056 2012 Whippany, NJ 92,070 2,153 10,615 131 2,153 10,746 12,899 1,581 2013 Albuquerque I, NM 65,927 1,039 3,395 356 1,039 3,168 4,207 1,289 2005 Albuquerque II, NM 58,798 1,163 3,801 268 1,163 3,446 4,609 1,432 2005 Albuquerque III, NM 57,536 664 2,171 364 664 2,145 2,809 887 2005 Henderson, NV 75,150 1,246 6,143 100 1,246 6,241 7,487 635 2014 Las Vegas I, NV 48,732 1,851 2,986 581 1,851 3,155 5,006 1,353 2006 Las Vegas II, NV 48,850 3,354 5,411 435 3,355 5,265 8,620 2,261 2006 Las Vegas III, NV 84,600 1,171 10,034 110 1,171 10,144 11,315 396 2016 Las Vegas IV, NV 91,557 1,116 8,575 92 1,116 8,665 9,781 355 2016 Las Vegas V, NV 107,226 1,460 9,560 176 1,460 9,736 11,196 338 2016 Las Vegas VI, NV 92,707 1,386 12,299 98 1,386 12,397 13,783 361 2016 Baldwin, NY 61,380 1,559 7,685 624 1,559 8,309 9,868 626 2015 Bronx I, NY 67,864 2,014 11,411 1,021 2,014 10,840 12,854 2,539 2010 Bronx II, NY 99,046 — 28,289 1,697 — 29,451 29,451 5,659 2011 Bronx III, NY 105,900 6,459 36,180 185 6,460 32,018 38,478 6,261 2011 Bronx IV, NY 74,580 — 22,074 124 — 19,543 19,543 3,836 2011 Bronx V, NY 54,704 — 17,556 208 — 15,653 15,653 3,075 2011 Bronx VI, NY 45,970 — 16,803 361 — 15,132 15,132 2,959 2011 Bronx VII, NY 78,625 8,228 — 22,512 186 — 22,807 22,807 4,227 2012 Bronx VIII, NY 30,550 2,889 1,245 6,137 163 1,251 6,330 7,581 1,181 2012 Bronx IX, NY 147,870 22,508 7,967 39,279 1,332 7,967 40,610 48,577 7,374 2012 Bronx X, NY 159,805 25,700 9,090 44,816 475 9,090 45,291 54,381 7,838 2012 Bronx XI, NY 46,425 — 17,130 265 — 17,396 17,396 1,733 2014 Bronx XII, NY 89,785 — 31,603 73 — 31,674 31,674 1,564 2016 Brooklyn I, NY 57,566 1,795 10,172 329 1,795 9,084 10,879 2,097 2010 Brooklyn II, NY 60,920 1,601 9,073 494 1,601 8,269 9,870 1,943 2010 Brooklyn III, NY 41,510 2,772 13,570 142 2,772 13,794 16,566 2,712 2011 Brooklyn IV, NY 37,545 2,283 11,184 164 2,284 11,411 13,695 2,251 2011 Brooklyn V, NY 47,020 2,374 11,636 109 2,374 11,798 14,172 2,307 2011 Brooklyn VI, NY 74,920 4,210 20,638 100 4,211 20,845 25,056 4,076 2011 Brooklyn VII, NY 72,750 5,604 27,452 192 5,604 27,809 33,413 5,447 2011 Brooklyn VIII, NY 61,555 4,982 24,561 89 4,982 24,649 29,631 2,882 2014 Brooklyn IX, NY 46,980 2,966 14,620 106 2,966 14,726 17,692 1,721 2014 Brooklyn X, NY 55,875 3,739 7,703 2,916 4,885 9,472 14,357 622 2015 Brooklyn XI, NY 110,075 10,093 35,385 226 10,093 35,610 45,703 2,069 2016 Brooklyn XII, NY 131,588 1,077 6,057 — 1,077 6,056 7,133 — 2017 Holbrook, NY 60,397 2,029 10,737 57 2,029 10,794 12,823 719 2015 Jamaica I, NY 88,385 2,043 11,658 1,802 2,043 10,739 12,782 4,408 2001 Jamaica II, NY 92,805 5,391 26,413 386 5,391 26,942 32,333 5,259 2011 Long Island City, NY 88,825 5,700 28,101 43 5,700 28,144 33,844 2,759 2014 New Rochelle I, NY 43,596 1,673 4,827 1,212 1,673 5,380 7,053 1,872 2005 New Rochelle II, NY 63,300 3,167 2,713 434 3,762 18,980 22,742 3,521 2012 New York, NY 94,912 31,727 42,022 38,753 — 42,022 38,753 80,775 405 2017 North Babylon, NY 78,350 225 2,514 4,230 568 5,595 6,163 2,615 1998 Patchogue, NY 47,759 1,141 5,624 48 1,141 5,672 6,813 574 2014 Queens I, NY 74,188 5,158 12,339 757 5,160 13,094 18,254 928 2015 Queens II, NY 90,728 6,208 25,815 6 6,208 25,822 32,030 1,661 2016 Riverhead, NY 38,490 1,068 1,149 204 1,068 1,075 2,143 487 2005 Southold, NY 59,945 2,079 2,238 347 2,079 2,181 4,260 951 2005 Staten Island, NY 96,573 1,919 9,463 848 1,919 10,312 12,231 1,429 2013 Tuckahoe, NY 50,978 2,363 17,411 286 2,363 11,926 14,289 2,322 2011 West Hempstead, NY 83,395 2,237 11,030 159 2,237 11,188 13,425 1,889 2012 White Plains, NY 85,864 3,295 18,049 1,020 3,295 16,577 19,872 3,522 2011 Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Woodhaven, NY 50,665 2,015 11,219 90 2,015 10,012 12,027 1,960 2011 Wyckoff, NY 60,210 1,961 11,113 325 1,961 9,956 11,917 2,221 2010 Yorktown, NY 78,879 2,382 11,720 193 2,382 11,927 14,309 2,342 2011 Cleveland I, OH 46,000 525 2,592 270 524 2,512 3,036 1,009 2005 Cleveland II, OH 58,325 290 1,427 230 289 1,404 1,693 573 2005 Columbus I, OH 71,905 1,234 3,151 148 1,239 2,823 4,062 1,084 2006 Columbus II, OH 36,409 769 3,788 209 769 3,997 4,766 407 2014 Columbus III, OH 51,200 326 1,607 118 326 1,725 2,051 179 2014 Columbus IV, OH 60,950 443 2,182 99 443 2,281 2,724 236 2014 Columbus V, OH 73,325 838 4,128 114 838 4,242 5,080 430 2014 Columbus VI, OH 63,525 701 3,454 99 701 3,553 4,254 362 2014 Grove City, OH 89,290 1,756 4,485 280 1,761 4,147 5,908 1,553 2006 Hilliard, OH 89,290 1,361 3,476 255 1,366 3,243 4,609 1,232 2006 Lakewood, OH 39,332 405 854 637 405 1,335 1,740 997 1989 Lewis Center, OH 76,024 1,056 5,206 141 1,056 5,346 6,402 544 2014 Middleburg Heights, OH 93,200 63 704 2,316 332 2,352 2,684 1,063 1980 North Olmsted I, OH 48,672 63 704 1,520 214 1,737 1,951 822 1979 North Olmsted II, OH 47,850 290 1,129 1,229 469 2,032 2,501 1,637 1988 North Randall, OH 80,297 515 2,323 3,246 898 4,303 5,201 2,017 1998 Reynoldsburg, OH 67,245 1,290 3,295 338 1,295 3,178 4,473 1,213 2006 Strongsville, OH 43,683 570 3,486 418 570 3,071 3,641 1,018 2007 Warrensville Heights, OH 90,281 525 766 3,249 935 3,417 4,352 1,511 1980 Westlake, OH 62,750 509 2,508 260 508 2,379 2,887 985 2005 Conshohocken, PA 81,285 1,726 8,508 174 1,726 8,682 10,408 1,479 2012 Exton, PA 57,750 541 2,668 124 519 2,814 3,333 476 2012 Langhorne, PA 64,938 1,019 5,023 343 1,019 5,366 6,385 898 2012 Levittown, PA 76,130 926 5,296 1,267 926 4,842 5,768 1,956 2001 Malvern, PA 18,848 2,959 18,198 1,657 2,959 19,853 22,812 2,182 2013 Montgomeryville, PA 84,145 975 4,809 221 975 5,029 6,004 871 2012 Norristown, PA 61,746 662 3,142 776 638 4,048 4,686 850 2011 Philadelphia I, PA 96,016 1,461 8,334 1,913 1,461 6,904 8,365 2,832 2001 Philadelphia II, PA 68,279 1,012 4,990 163 1,012 5,153 6,165 636 2014 Exeter, RI 41,275 547 2,697 126 547 2,823 3,370 290 2014 Johnston, RI 77,275 1,061 5,229 101 1,061 5,331 6,392 541 2014 Wakefield, RI 45,745 823 4,058 50 823 4,108 4,931 413 2014 Woonsocket, RI 72,900 1,049 5,172 143 1,049 5,315 6,364 541 2014 Antioch, TN 75,985 588 4,906 350 588 4,489 5,077 1,734 2005 Nashville I, TN 107,850 405 3,379 773 405 3,563 3,968 1,346 2005 Nashville II, TN 83,174 593 4,950 221 593 4,476 5,069 1,758 2005 Nashville III, TN 101,525 416 3,469 289 416 3,425 3,841 1,331 2006 Nashville IV, TN 102,450 992 8,274 377 992 7,409 8,401 2,858 2006 Nashville V, TN 74,560 2,411 895 4,311 802 895 5,113 6,008 415 2015 Nashville VI, TN 72,436 2,749 8,443 97 2,749 8,539 11,288 570 2015 Allen, TX 62,170 714 3,519 113 714 3,632 4,346 631 2012 Austin I, TX 59,645 2,239 2,038 275 2,239 1,964 4,203 737 2005 Austin II, TX 64,415 (A) 734 3,894 377 738 3,709 4,447 1,321 2006 Austin III, TX 70,585 1,030 5,468 326 1,035 5,135 6,170 1,791 2006 Austin IV, TX 65,308 862 4,250 332 862 4,582 5,444 554 2014 Austin V, TX 67,850 1,050 5,175 240 1,050 5,415 6,465 571 2014 Austin VI, TX 62,850 1,150 5,669 262 1,150 5,932 7,082 605 2014 Austin VII, TX 71,023 1,429 6,263 132 1,429 6,394 7,823 426 2015 Austin VIII, TX 61,075 2,935 7,007 49 2,935 7,057 9,992 427 2016 Bryan, TX 60,400 1,394 1,268 561 1,396 1,592 2,988 509 2005 Carrollton, TX 77,380 661 3,261 137 661 3,398 4,059 545 2012 Cedar Park, TX 88,700 3,350 7,950 39 3,350 7,989 11,339 483 2016 College Station, TX 26,550 812 740 199 813 752 1,565 275 2005 Cypress, TX 58,161 360 1,773 145 360 1,919 2,279 341 2012 Dallas I, TX 58,582 2,475 2,253 482 2,475 2,288 4,763 866 2005 Dallas II, TX 76,673 940 4,635 229 940 4,864 5,804 646 2013 Dallas III, TX 83,427 2,608 12,857 253 2,608 13,110 15,718 1,283 2014 Dallas IV, TX 114,550 2,369 11,850 65 2,369 11,914 14,283 1,061 2015 Dallas V, TX 54,499 — 11,604 84 — 11,689 11,689 906 2015 Denton, TX 60,846 553 2,936 305 569 2,746 3,315 923 2006 Fort Worth I, TX 50,416 1,253 1,141 353 1,253 1,256 2,509 444 2005 Fort Worth II, TX 72,900 868 4,607 392 874 4,331 5,205 1,547 2006 Fort Worth III, TX 80,445 1,000 4,928 128 1,000 5,057 6,057 455 2015 Fort Worth IV, TX 77,329 1,274 7,693 31 1,274 7,724 8,998 423 2016 Frisco I, TX 50,854 1,093 3,148 193 1,093 2,883 3,976 1,080 2005 Frisco II, TX 71,599 1,564 4,507 202 1,564 4,093 5,657 1,531 2005 Frisco III, TX 74,665 1,147 6,088 572 1,154 5,850 7,004 2,050 2006 Frisco IV, TX 75,175 719 4,072 281 719 3,795 4,514 893 2010 Frisco V, TX 74,415 1,159 5,714 133 1,159 5,846 7,005 708 2014 Frisco VI, TX 69,176 1,064 5,247 170 1,064 5,417 6,481 556 2014 Garland I, TX 70,100 751 3,984 590 767 3,981 4,748 1,402 2006 Garland II, TX 68,425 862 4,578 297 862 4,278 5,140 1,447 2006 Grapevine, TX 78,019 1,211 8,559 112 1,211 8,671 9,882 469 2016 Houston III, TX 61,590 575 524 388 576 799 1,375 316 2005 Houston IV, TX 43,750 960 875 677 961 1,352 2,313 436 2005 Houston V, TX 124,279 1,153 6,122 1,336 991 6,709 7,700 2,140 2006 Houston VI, TX 54,690 575 524 5,783 983 4,985 5,968 1,044 2011 Houston VII, TX 46,991 681 3,355 179 681 3,534 4,215 666 2012 Houston VIII, TX 54,209 1,294 6,377 375 1,294 6,753 8,047 1,170 2012 Houston IX, TX 51,208 296 1,459 129 296 1,588 1,884 278 2012 Humble, TX 70,702 706 5,727 95 706 5,822 6,528 389 2015 Katy, TX 71,308 1,329 6,552 84 1,329 6,637 7,966 861 2013 Keller, TX 88,060 1,330 7,960 316 1,331 7,660 8,991 1,584 2006/2017 Lewisville I, TX 67,340 476 2,525 418 492 2,506 2,998 865 2006 Lewisville II, TX 127,659 1,464 7,217 328 1,464 7,545 9,009 1,052 2013 Lewisville III, TX 93,855 1,307 15,025 175 1,307 15,201 16,508 824 2016 Little Elm I, TX 60,065 892 5,529 127 892 5,657 6,549 319 2016 Little Elm II, TX 96,896 1,219 9,864 83 1,219 9,948 11,167 542 2016 Mansfield I, TX 63,025 837 4,443 267 843 4,129 4,972 1,479 2006 Gross Carrying Amount at Initial Cost Costs December 31, 2017 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Mansfield II, TX 57,375 662 3,261 144 662 3,405 4,067 609 2012 Mansfield III, TX 70,920 947 4,703 166 947 4,870 5,817 195 2016 McKinney I, TX 47,020 1,632 1,486 213 1,634 1,459 3,093 548 2005 McKinney II, TX 70,050 855 5,076 227 857 4,677 5,534 1,680 2006 McKinney III, TX 53,750 652 3,213 69 652 3,281 3,933 316 2014 North Richland Hills, TX 57,200 2,252 2,049 254 2,252 1,924 4,176 716 2005 Pearland, TX 72,050 450 2,216 359 450 2,576 3,026 428 2012 Richmond, TX 102,330 1,437 7,083 157 1,437 7,240 8,677 938 2013 Roanoke, TX 59,300 1,337 1,217 171 1,337 1,161 2,498 434 2005 San Antonio I, TX 73,329 2,895 2,635 358 2,895 2,460 5,355 921 2005 San Antonio II, TX 73,155 1,047 5,558 223 1,052 5,088 6,140 1,727 2006 San Antonio III, TX 71,825 996 5,286 297 996 4,861 5,857 1,623 2007 San Antonio IV, TX 61,500 829 3,891 145 829 4,037 4,866 153 2016 Spring, TX 72,751 580 3,081 289 580 2,879 3,459 1,025 2006 Murray I, UT 60,280 3,847 1,017 525 3,848 1,326 5,174 544 2005 Murray II, UT 71,621 2,147 567 526 2,147 922 3,069 366 2005 Salt Lake City I, UT 56,446 2,695 712 526 2,696 1,052 3,748 428 2005 Salt Lake City II, UT 51,676 2,074 548 411 1,937 794 2,731 334 2005 Alexandria, VA 114,100 2,812 13,865 235 2,812 14,101 16,913 2,471 2012 Arlington, VA 96,143 6,836 9,843 94 6,836 9,938 16,774 975 2015 Burke Lake, VA 91,467 2,093 10,940 1,184 2,093 10,528 12,621 2,312 2011 Fairfax, VA 73 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.0 million as of December 31, 2017. 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 $21.4 million and $24.7 million as of December 31, 2017 and 2016, respectively, and are reported net of accumulated amortization of $11.1 million and $9.7 million as of December 31, 2017 and 2016, 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, 2017 and 2016 (in thousands): December 31, 2017 2016 Intangible assets, net of accumulated amortization of $1,532 and $8,109 $ 1,716 $ 8,280 Accounts receivable 5,498 4,434 Deposits on future acquisitions 1,000 5,106 Prepaid real estate taxes 3,960 3,640 Prepaid insurance 2,105 1,053 Amounts due from affiliates (see note 13) 7,480 3,349 Assets held in trust related to deferred compensation arrangements 9,393 6,748 Other 3,438 3,904 Total other assets, net $ 34,590 $ 36,514 |
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. Property management fee income is recognized monthly as services are performed and in accordance with the terms of the related management agreements. 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 $9.7 million, $9.4 million, and $8.6 million in advertising and marketing expenses for the years ended December 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, the Company recognized $0.6 million, $1.6 million, and $2.5 million, respectively, of equity offering costs related to the issuance of common shares. |
Other Property Related Income | Other Property Related Income Other property related income consists of late fees, administrative charges, customer 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, 2017, 2016 and 2015, the Company capitalized $5.6 million, $4.6 million, and $2.6 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 $100.0 million and $300.0 million as of December 31, 2017 and 2016, respectively, the fair value of which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. |
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 $3.4 billion and $3.2 billion as of December 31, 2017 and 2016, 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 2017 consisted of an 86.602% ordinary income distribution, a 0.495% capital gain distribution, and a 12.903% return of capital distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2017, 2016, or 2015. Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.4 million and $1.3 million as of December 31, 2017 and 2016, respectively. Legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. |
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 923,000; 1,287,000, and 1,551,000 in 2017, 2016, and 2015, 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. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. 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 from sale of real estate, net on the Company’s consolidated statements 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 2017, the Company adopted ASU No. 2016-09 – Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which requires retrospective application for the cash flow presentation of cash withheld upon restricted stock vesting and paid by the Company to a taxing authority to satisfy the employee’s related tax obligation. See “Recent Accounting Pronouncements” below. As a result of adopting the new guidance, $1.6 million of vested restricted shares that were withheld to satisfy employee tax obligations and paid to the taxing authorities, were reclassified from operating activities to financing activities within the Company’s consolidated statements of cash flows for each of the years ended December 31, 2016 and 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the new guidance as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The Company is in the process of evaluating the impact of this new guidance. In February 2017, as part of the new revenue standard, the FASB issued ASU No. 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance, which focuses on recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. Specifically, the new guidance defines “in substance nonfinancial asset”, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The new guidance became effective on January 1, 2018 when the entity adopted the new revenue standard. Upon adoption, the majority of its sale transactions are now treated as dispositions of nonfinancial assets rather than dispositions of a business given the FASB’s recently revised definition of a business (see ASU No. 2017-01 below). Additionally, in partial sale transactions where the Company sells a controlling interest in real estate but retains a noncontrolling interest, the Company will now fully recognize a gain or loss on the fair value measurement of the retained interest as the new guidance eliminates the partial profit recognition model. 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 became effective on January 1, 2018. Upon adoption of the new guidance, the majority of future property acquisitions will now be considered asset acquisitions, resulting in the capitalization of acquisition related costs incurred in connection with these transactions and the allocation of purchase price and acquisition related costs to the assets acquired based on their relative fair values. 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 became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. 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 became effective on January 1, 2018. The standard requires the use of the retrospective transition method. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements as the update primarily relates to financial statement presentation and disclosures. 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 requires 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. The Company has elected to 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 new standard became effective for the Company on January 1, 2017. The adoption of this guidance did not 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 the new standard on the Company’s consolidated financial statements and related disclosures but at this time, it expects the primary impact to be related to its ten ground leases in which it serves as the ground lessee (see note 14). In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 606), 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 new guidance outlines a five-step process for customer contract revenue recognition that focuses on transfer of control as opposed to transfer of risk and rewards. The new guidance also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which amends ASU 2014-09 and is intended to address implementation issues that were raised by stakeholders. ASU 2016-12 provides practical expedients on collectability, noncash consideration, presentation of sales tax and contract modifications and completed contracts in transition. Both standards became effective on January 1, 2018. The Company finalized the impact of the adoption of ASU No. 2014-09 and ASU No. 2016-12 on the Company’s consolidated financial statements and related disclosures and adopted the standards using the modified retrospective transition method. The standards will not have a material impact on the Company’s consolidated statements of financial position or results of operations primarily because most of its revenue is derived from lease contracts, which are excluded from the scope of the new guidance. The Company’s insurance fee revenue, property management fee revenue, and merchandise sale revenue are included in the scope of the new guidance, however, the Company identified similar performance obligations under this standard as compared with deliverables and separate units of account identified under its previous revenue recognition methodology. Accordingly, revenue recognized under the new guidance will not differ materially from revenue recognized under previous guidance and there will be no material prior year impact. |
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 each of the years ended December 31, 2017 and 2016. The stores in Florida, New York, Texas, and California provided total revenues of approximately 18%, 16%, 10%, and 8%, respectively, for the year ended December 31, 2015 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of other assets | Other assets are comprised of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Intangible assets, net of accumulated amortization of $1,532 and $8,109 $ 1,716 $ 8,280 Accounts receivable 5,498 4,434 Deposits on future acquisitions 1,000 5,106 Prepaid real estate taxes 3,960 3,640 Prepaid insurance 2,105 1,053 Amounts due from affiliates (see note 13) 7,480 3,349 Assets held in trust related to deferred compensation arrangements 9,393 6,748 Other 3,438 3,904 Total other assets, net $ 34,590 $ 36,514 |
STORAGE PROPERTIES (Tables)
STORAGE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
STORAGE PROPERTIES | |
Summary of real estate assets | December 31, December 31, 2017 2016 (in thousands) Land $ 711,140 $ 649,744 Buildings and improvements 3,086,252 2,928,275 Equipment 182,958 217,867 Construction in progress 181,365 202,294 Storage properties 4,161,715 3,998,180 Less: Accumulated depreciation (752,925) (671,364) Storage properties, net $ 3,408,790 $ 3,326,816 |
Schedule of acquisitions and dispositions of real estate assets | Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Stores (in thousands) 2017 Acquisitions: Illinois Asset Chicago April 2017 1 $ 11,200 Maryland Asset Baltimore / DC May 2017 1 18,200 California Asset Sacramento May 2017 1 3,650 Texas Asset Texas Markets - Major October 2017 1 4,050 Florida Asset Florida Markets - Other October 2017 1 14,500 Illinois Asset Chicago November 2017 1 11,300 Florida Asset Florida Markets - Other December 2017 1 17,750 7 $ 2016 Acquisitions: Metro DC Asset Baltimore / DC January 2016 1 $ 21,000 Texas Assets Texas Markets - Major January 2016 2 24,800 New York Asset New York / Northern NJ January 2016 1 48,500 Texas Asset Texas Markets - Major January 2016 1 11,600 Connecticut Asset Connecticut February 2016 1 19,000 Texas Asset Texas Markets - Major March 2016 1 11,600 Florida Assets Florida Markets - Other March 2016 3 47,925 Colorado Asset Denver April 2016 1 11,350 Texas Asset Texas Markets - Major April 2016 1 11,600 Texas Asset Texas Markets - Major May 2016 1 10,100 Texas Asset Texas Markets - Major May 2016 1 10,800 Illinois Asset Chicago May 2016 1 12,350 Illinois Asset Chicago May 2016 1 16,000 Massachusetts Asset Massachusetts June 2016 1 14,300 Nevada Assets Las Vegas July 2016 2 23,200 Arizona Asset Phoenix August 2016 1 14,525 Minnesota Asset Minneapolis August 2016 1 15,150 Colorado Asset Denver August 2016 1 15,600 Texas Asset Texas Markets - Major September 2016 1 6,100 Texas Asset Texas Markets - Major September 2016 1 5,300 Nevada Asset Las Vegas October 2016 1 13,250 North Carolina Asset Charlotte November 2016 1 10,600 Arizona Asset Phoenix November 2016 1 14,000 Nevada Asset Las Vegas December 2016 1 14,900 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 $ |
INVESTMENT ACTIVITY (Tables)
INVESTMENT ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INVESTMENT ACTIVITY | |
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations | Year Ended December 31, 2017 (in thousands) Total revenue $ 1,572 Net loss (1,330) |
Schedule of capitalized costs for investments in storage properties | CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY 1 Q4 2017 51% $ 49,300 Washington, D.C. 1 Q3 2017 100% 27,800 New York, NY 1 Q3 2017 90% 81,200 North Palm Beach, FL 1 Q1 2017 100% 9,700 Bronx, NY (1) (2) 1 Q2 2016 100% 32,200 Queens, NY (1) 1 Q1 2016 100% 31,800 Brooklyn, NY (3) 1 Q4 2015 100% 14,800 Queens, NY 1 Q4 2015 90% 17,400 Arlington, VA 1 Q2 2015 90% 17,100 9 $ 281,300 (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) This store is subject to a ground lease. (3) During the fourth quarter of 2015, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture for $9.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $8.6 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest, the $9.8 million related party loan extended by the Company to the venture during the construction period was repaid in full. |
INVESTMENT IN UNCONSOLIDATED 33
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | |
Summary of the financial position of the 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, 2017 and 2016 (in thousands): December 31, December 31, 2017 2016 Assets Storage properties, net $ 647,668 $ 667,975 Other assets 8,284 17,003 Total assets $ 655,952 $ 684,978 Liabilities and equity Other liabilities $ 6,853 $ 6,516 Debt 346,475 345,631 Equity CubeSmart 91,206 98,682 Joint venture partners 211,418 234,149 Total liabilities and equity $ 655,952 $ 684,978 |
Summary of results of operations of the ventures | The following is a summary of results of operations of the Ventures for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year ended December 31, 2017 2016 2015 Total revenues $ 81,058 $ 64,931 $ Operating expenses 34,705 29,900 Interest expense, net 11,703 9,432 Depreciation and amortization 45,086 53,701 Net loss (10,436) (28,102) (3,853) Company’s share of net loss (1,386) (2,662) |
UNSECURED SENIOR NOTES (Tables)
UNSECURED SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Senior Notes | |
Summary of debt | December 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2017 2016 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 250,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 250,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 Principal balance outstanding 1,150,000 Less: Discount on issuance of unsecured senior notes, net (617) (3,971) Less: Loan procurement costs, net (6,923) (6,953) Total unsecured senior notes, net $ 1,142,460 $ 1,039,076 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million traunches were priced at 105.040% and 98.995%, respectively, of the principal amount to yield 3.495% and 4.501%, respectively, to maturity. The combined weighted-average effective interest rate of the 2023 notes is 4.330%. (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million traunches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted-average effective interest rate of the 2025 notes is 3.994%. |
REVOLVING CREDIT FACILITY AND35
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Credit Facility and Term Loan Facility | |
Summary of debt | Carrying Value as of: Effective Interest December 31, December 31, Rate as of Maturity Unsecured Term Loans 2017 2016 December 31, 2017 (1) Date (in thousands) Credit Facility Unsecured term loan $ 200,000 $ 200,000 2.86 % Jan-19 Term Loan Facility Unsecured term loan (2) — 100,000 — % Jun-18 Unsecured term loan (3) 100,000 100,000 3.62 % Jan-20 Principal balance outstanding 300,000 400,000 Less: Loan procurement costs, net (604) (1,251) Total unsecured term loans, net $ 299,396 $ (1) Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR, excluding the impact of interest rate swaps. As of December 31, 2017, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.05%. (2) On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its unsecured term loan that was scheduled to mature in June 2018. Unamortized loan procurement costs of $0.2 million were written off in conjunction with the repayment. (3) As of December 31, 2017, the Company had interest rate swaps in place on these borrowings that fix 30-day LIBOR (see note 10). |
MORTGAGE LOANS AND NOTES PAYA36
MORTGAGE LOANS AND NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (in thousands): 2018 $ 2,650 2019 11,652 2020 12,791 2021 45,057 2022 923 2023 and thereafter 35,723 Total mortgage payments 108,796 Plus: Unamortized fair value adjustment 3,286 Less: Loan procurement costs, net (648) Total mortgage loans and notes payable, net $ 111,434 |
Mortgages | |
Summary of debt | Carrying Value as of: December 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2017 2016 Interest Rate Date (in thousands) YSI 67 $ — $ 6,216 2.55 % Mar-17 YSI 33 9,547 9,860 6.42 % Jul-19 YSI 26 8,228 8,423 4.56 % Nov-20 YSI 57 2,889 2,957 4.61 % Nov-20 YSI 55 22,508 22,952 4.85 % Jun-21 YSI 24 25,700 26,464 4.64 % Jun-21 YSI 65 2,411 2,457 3.85 % Jun-23 YSI 66 31,727 32,257 3.51 % Jun-23 YSI 68 5,786 — 3.78 % May-24 Principal balance outstanding 108,796 111,586 Plus: Unamortized fair value adjustment 3,286 3,742 Less: Loan procurement costs, net (648) (710) Total mortgage loans and notes payable, net $ 111,434 $ |
ACCUMULATED OTHER COMPREHENSI37
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | |
Summary of changes in accumulated other comprehensive loss by component | The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2017 (in thousands): Unrealized losses on interest rate swaps Other comprehensive gain before reclassifications $ 192 Amounts reclassified from accumulated other comprehensive loss 1,661 (1) Net current-period other comprehensive gain 1,853 Balance at December 31, 2016 (1,850) Balance at December 31, 2017 $ 3 See note 10 for additional information about the effects of the amounts reclassified. |
RISK MANAGEMENT AND USE OF FI38
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): Hedge Hedge Notional Amount Effective Fair Value Product Type (1) December 31, 2017 December 31, 2016 Strike Date Maturity December 31, 2017 December 31, 2016 Swap Cash flow $ — $ 75,000 % 12/30/2011 3/31/2017 $ — $ (103) Swap Cash flow — 50,000 % 12/30/2011 3/31/2017 — (69) Swap Cash flow — 50,000 % 12/30/2011 3/31/2017 — (69) Swap Cash flow — 25,000 % 12/30/2011 3/31/2017 — (34) Swap Cash flow 40,000 40,000 % 6/20/2011 6/20/2018 (161) (797) Swap Cash flow 40,000 40,000 % 6/20/2011 6/20/2018 (163) (804) Swap Cash flow 20,000 20,000 % 6/20/2011 6/20/2018 (82) (404) $ 100,000 $ 300,000 $ (406) $ (2,280) Hedging unsecured variable rate debt by fixing 30-day LIBOR. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 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 $ — $ 406 $ — Total liabilities at fair value $ — $ 406 $ — 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 $ — $ 2,280 $ — Total liabilities at fair value $ — $ 2,280 $ — |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Estimated Ownership December 31, 2017 Development Ventures of Stores Location Opening Interest Total Assets Total Liabilities CS 1158 McDonald Ave, LLC ("McDonald Ave") (1) 1 Brooklyn, NY Q3 2019 (est.) 51% $ 18,472 $ 2,429 CS SJM E 92nd Street, LLC ("92nd St") (3) 1 New York, NY Q2 2019 (est.) 90% 1,366 1,096 CS 160 East 22nd St, LLC ("22nd St") (1) 1 Bayonne, NJ Q1 2019 (est.) 51% 5,533 3,382 2225 46th St, LLC ("46th St") (1) 1 Queens, NY Q4 2018 (est.) 51% 27,130 9,551 CS SDP Waltham, LLC ("Waltham") (3) 1 Waltham, MA Q4 2018 (est.) 90% 5,981 704 2880 Exterior St, LLC ("Exterior St") (1) 1 Bronx, NY Q3 2018 (est.) 51% 62,763 31,575 3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) 1 Brooklyn, NY Q4 2017 51% 47,952 22,189 444 55 th Street Holdings, LLC ("55th St") (2) 1 New York, NY Q3 2017 90% 82,216 33,858 186 Jamaica Avenue, LLC ("Jamaica Ave") (3) 1 Brooklyn, NY Q4 2015 90% 18,478 13,289 Shirlington Rd, LLC ("SRLLC") (3) 1 Arlington, VA Q2 2015 90% 16,320 12,819 10 $ 286,211 $ 130,892 (1) The noncontrolling members of McDonald Ave, 22nd St, 46th St, Exterior St, and Cropsey Ave have the option to put their ownership interest in the ventures to the Company for $10.0 million, $11.5 million, $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 McDonald Ave, 22nd St, 46th St, Exterior St, and Cropsey Ave for $10.0 million, $11.5 million, $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, 2017, has accrued $2.2 million, $3.3 million, $8.2 million, $28.9 million and $20.4 million related to McDonald Ave, 22nd St, 46th 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, 2017, the Company has fully funded its $12.8 million loan commitment to Jamaica Ave and $12.7 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. As of December 31, 2017, the Company has not funded any of its $10.8 million or $6.2 million loan commitments to Waltham and 92nd St, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of future minimum rental payments under non-cancelable ground leases | Ground Lease Amount (in thousands) 2018 $ 2,500 2019 2,670 2020 2,743 2021 2,812 2022 2,971 2023 and thereafter 119,343 $ 133,039 |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SHARE-BASED COMPENSATION PLANS | |
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | Assumptions: 2017 2016 2015 Risk-free interest rate % % % Expected dividend yield % % % Volatility (1) % % % Weighted average expected life of the options (2) years 6.0 years 6.0 years Weighted average grant date fair value of options granted per share $ $ $ (1) Expected volatility is based upon the level of volatility historically experienced. (2) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. |
Summary of option activity | Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2014 3,692,301 $ 11.76 4.16 Options granted 202,485 25.00 9.08 Options canceled (18,230) 19.75 — Options exercised (1,454,612) 11.31 2.38 Balance at December 31, 2015 2,421,944 $ 13.07 4.08 Options granted Options exercised Balance at December 31, 2016 1,939,690 $ 12.94 4.85 Options granted 289,104 26.30 9.07 Options exercised (395,621) 5.98 1.14 Balance at December 31, 2017 $ 16.55 Vested or expected to vest at December 31, 2017 1,833,173 $ 16.55 5.26 Exercisable at December 31, 2017 1,337,280 $ 12.58 4.04 |
Schedule of non-vested restricted share activity | Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2017 323,022 Granted 165,709 Vested (130,500) Forfeited (5,769) Non-Vested at December 31, 2017 352,462 |
EARNINGS PER SHARE AND UNIT A43
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 (Dollars and shares in thousands, except per share amounts) Net income $ 135,611 $ 88,376 $ 78,756 Noncontrolling interests in the Operating Partnership (1,593) (941) (960) Noncontrolling interest in subsidiaries 270 470 (84) Distributions to preferred shareholders (1) — (5,045) (6,008) Preferred share redemption charge — (2,937) — Net income attributable to the Company’s common shareholders $ 134,288 $ 79,923 $ 71,704 Weighted-average shares outstanding 180,525 178,246 168,640 Share options and restricted share units 923 1,287 1,551 Weighted-average diluted shares outstanding (2) 181,448 179,533 170,191 Basic earnings per share attributable to common shareholders $ 0.74 $ 0.45 $ 0.43 Diluted earnings per share attributable to common shareholders $ 0.74 $ 0.45 $ 0.42 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, 2017 2016 2015 (Dollars and units in thousands, except per unit amounts) Net income $ 135,611 $ 88,376 $ 78,756 Operating Partnership interests of third parties (1,593) (941) (960) Noncontrolling interest in subsidiaries 270 470 (84) Distribution to preferred unitholders (1) — (5,045) (6,008) Preferred unit redemption charge — (2,937) — Net income attributable to common unitholders $ 134,288 $ 79,923 $ 71,704 Weighted-average units outstanding 180,525 178,246 168,640 Unit options and restricted share units 923 1,287 1,551 Weighted-average diluted units outstanding (2) 181,448 179,533 170,191 Basic earnings per unit attributable to common unitholders $ 0.74 $ 0.45 $ 0.43 Diluted earnings per unit attributable to common unitholders $ 0.74 $ 0.45 $ 0.42 (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 the year ended December 31, 2015, the Company declared cash dividends per preferred share/unit of $1.938. (2) For the years ended December 31, 2017, 2016 and 2015, the Company declared cash dividends per common share/unit of $1.11, $0.90, and $0.69, respectively. |
Schedule of common shares sold pursuant to equity distribution agreements | For the year ended December 31, 2017 2016 2015 (Dollars and shares in thousands, except per share amounts) Number of shares sold 1,036 4,408 8,977 Average sales price per share $ 29.13 $ 31.25 $ 26.35 Net proceeds after deducting offering costs $ 29,642 $ 136,120 $ 234,240 |
PRO FORMA FINANCIAL INFORMATI44
PRO FORMA FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PRO FORMA FINANCIAL INFORMATION | |
Schedule of consolidated results of operations on a pro forma basis | Year ended December 31, 2017 2016 (in thousands, except per share data) Pro forma revenues $ 560,852 $ 523,821 Pro forma net income $ 145,941 $ 115,269 Earnings per share attributable to common shareholders: Basic - as reported $ 0.74 $ 0.45 Diluted - as reported $ 0.74 $ 0.45 Basic - as pro forma $ 0.80 $ 0.63 Diluted - as pro forma $ 0.80 $ 0.62 |
SELECTED QUARTERLY FINANCIAL 45
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Total revenues $ 133,037 $ 138,559 $ 143,865 $ 143,482 Total operating expenses 92,646 91,025 91,586 87,971 Net income attributable to the Company 24,986 32,458 37,297 39,547 Basic earnings per share 0.14 0.18 0.21 0.22 Diluted earnings per share 0.14 0.18 0.21 0.22 Three months ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Total revenues $ 118,871 $ 126,526 $ 132,096 $ 132,546 Total operating expenses 90,145 93,509 92,585 90,848 Net income attributable to the Company 15,750 20,424 24,884 26,847 Basic earnings per share 0.08 0.11 0.13 0.13 Diluted earnings per share 0.08 0.11 0.13 0.13 |
ORGANIZATION AND NATURE OF OP46
ORGANIZATION AND NATURE OF OPERATIONS (Details) | May 09, 2017shares | Dec. 31, 2017statesegment |
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 | 99.00% | |
Issuance of OP Units (in shares) | shares | 440,160 | |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Partnership Ownership | |||
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital | $ 3,965 | $ (7,388) | $ 19,619 |
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 | $ 3,965 | $ (7,388) | $ (19,619) |
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, 2017 | Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Long-Lived Assets held for sale, timing of expected sale | 1 year | |
Loan procurement costs | ||
Loan procurement costs | $ 21,400 | $ 24,700 |
Loan procurement costs, accumulated amortization | 11,100 | 9,700 |
Other Assets | ||
Intangible assets, net of accumulated amortization of $1,532 and $8,109 | 1,716 | 8,280 |
Accounts receivable | 5,498 | 4,434 |
Deposits on future acquisitions | 1,000 | 5,106 |
Prepaid real estate taxes | 3,960 | 3,640 |
Prepaid insurance | 2,105 | 1,053 |
Amounts due from affiliates (see note 13) | 7,480 | 3,349 |
Assets held in trust related to deferred compensation arrangements | 9,393 | 6,748 |
Others | 3,438 | 3,904 |
Total | 34,590 | 36,514 |
Accumulated amortization | $ 1,532 | $ 8,109 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Advertising and Marketing Costs | |||
Advertising and marketing expenses | $ 9.7 | $ 9.4 | $ 8.6 |
Equity Offering Costs | |||
Equity offering costs | 0.6 | 1.6 | 2.5 |
Capitalized Interest | |||
Interest costs, capitalized | $ 5.6 | $ 4.6 | $ 2.6 |
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, 2017USD ($)shares | Dec. 31, 2016USD ($)$ / £shares | Dec. 31, 2015USD ($)shares | |
Income Taxes | ||||
Net tax basis in the entity's assets | $ 3,400 | $ 3,200 | ||
Percentage of distributions characterized as ordinary income dividends | 86.602% | |||
Percentage of distributions characterized as capital gain dividends | 12.903% | |||
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 | $ 1.4 | $ 1.3 | ||
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 | 1,551,000 | |||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | shares | 923,000 | 1,287,000 | ||
Foreign currency | ||||
Foreign currency exchange rate (U.S. Dollars per pound) | $ / £ | 1.521600 | |||
Foreign currency average exchange rate (U.S. Dollars per pound) | $ / £ | 1.529755 | 1.529755 | ||
Realized gain (loss) on foreign currency translation | $ (1.2) | |||
Interest rate swap | Designated | Cash flow | ||||
Foreign currency | ||||
Notional principal amounts | $ 100 | $ 300 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cash paid upon vesting of restricted shares | $ (2,046) | $ (1,638) | $ (1,567) |
Accounting Standards Update 2016-09 | Reclassifications | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cash paid upon vesting of restricted shares | 1,600 | 1,600 | |
CubeSmart, L.P. and Subsidiaries | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cash paid upon vesting of restricted shares | $ (2,046) | $ (1,638) | $ (1,567) |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New York | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 16.00% | 16.00% | 16.00% |
Florida | |||
Concentration of Credit Risk | |||
Percentage of total revenues (as a percent) | 17.00% | 17.00% | 18.00% |
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 PROPERTIES - Summary (D
STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
STORAGE FACILITIES | ||
Storage facilities | $ 4,161,715 | $ 3,998,180 |
Less: Accumulated depreciation | (752,925) | (671,364) |
Storage facilities, net (including VIE assets of $291,496 and $208,048, respectively) | 3,408,790 | 3,326,816 |
Land | ||
STORAGE FACILITIES | ||
Storage facilities | 711,140 | 649,744 |
Buildings and improvements | ||
STORAGE FACILITIES | ||
Storage facilities | 3,086,252 | 2,928,275 |
Equipment | ||
STORAGE FACILITIES | ||
Storage facilities | 182,958 | 217,867 |
Construction in progress | ||
STORAGE FACILITIES | ||
Storage facilities | $ 181,365 | $ 202,294 |
STORAGE PROPERTIES - Activity (
STORAGE PROPERTIES - Activity (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)propertyfacility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | |
2017 Acquisitions | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 7 | ||
Purchase Price | $ 80,650 | ||
2017 Acquisitions | Illinois Asset April 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 11,200 | ||
2017 Acquisitions | Maryland Asset May 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 18,200 | ||
2017 Acquisitions | California Asset May 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 3,650 | ||
2017 Acquisitions | Texas Asset October 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 4,050 | ||
2017 Acquisitions | Florida Asset October 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 14,500 | ||
2017 Acquisitions | Illinois Asset November 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 11,300 | ||
2017 Acquisitions | Florida Asset December 2017 | |||
STORAGE FACILITIES | |||
Number of Facilities, acquisitions (in properties) | facility | 1 | ||
Purchase Price | $ 17,750 | ||
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 | ||
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) $ / shares in Units, £ in Millions | Jun. 02, 2017USD ($) | Apr. 12, 2017USD ($)shares | Aug. 12, 2016USD ($) | Apr. 18, 2016USD ($)shares | Apr. 06, 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 | Jan. 31, 2016item | Dec. 31, 2015item | Jun. 30, 2014USD ($)facility | Jan. 31, 2016item | Dec. 31, 2015 | Dec. 31, 2017USD ($)propertyitemfacility$ / sharesshares | Dec. 31, 2016USD ($)propertyitemfacility | Dec. 31, 2015USD ($)facility | Dec. 31, 2008 |
Self-storage facilities | ||||||||||||||||||||||
Proceeds from sales of facilities, net | $ 9,041,000 | |||||||||||||||||||||
Storage facilities | $ 4,161,715,000 | $ 3,998,180,000 | ||||||||||||||||||||
Restricted cash | 3,890,000 | $ 7,893,000 | ||||||||||||||||||||
Gain from sale of real estate, net | $ 17,567,000 | |||||||||||||||||||||
OP units issued (in shares) | shares | 61,224 | 20,408 | ||||||||||||||||||||
Issuance of OP Shares | $ 1,500,000 | $ 500,000 | ||||||||||||||||||||
Acquisition of noncontrolling interest | 9,033,000 | |||||||||||||||||||||
USIFB, LLP | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Aggregate sale price | £ 6.5 | $ 9,900,000 | ||||||||||||||||||||
Proceeds from sales of facilities, net | $ 7,000,000 | |||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% | 97.00% | 97.00% | ||||||||||||||||||
Number of assets sold | facility | 1 | |||||||||||||||||||||
Gain from sale of real estate, net | $ 3,000,000 | |||||||||||||||||||||
Foreign currency translation loss | $ 1,200,000 | |||||||||||||||||||||
Self storage in operation | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of facilities, construction completed and opened | 9 | |||||||||||||||||||||
Total Construction Costs | 281,300,000 | |||||||||||||||||||||
Self storage under construction | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Development costs | 121,000,000 | |||||||||||||||||||||
Expected construction cost | $ 232,600,000 | |||||||||||||||||||||
Number of facilities under contract | facility | 6 | |||||||||||||||||||||
Self-storage facilities located in New York | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 81,200,000 | |||||||||||||||||||||
Self-storage Facility in Arlington, VA | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 17,100,000 | |||||||||||||||||||||
Self-storage Facility in Washington DC | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 27,800,000 | |||||||||||||||||||||
Self-storage Facility In North Palm Beach, FL | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 9,700,000 | |||||||||||||||||||||
Self-storage Facility in Queens, NY | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 31,800,000 | |||||||||||||||||||||
Self Storage Facility in Queens, NY I | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Cash paid for acquisition | $ 12,500,000 | |||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 17,400,000 | |||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 49.00% | |||||||||||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | $ 12,500,000 | |||||||||||||||||||||
Self-storage Facility in Brooklyn, NY | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 51.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 49,300,000 | |||||||||||||||||||||
Self Storage Facility in Brooklyn, NY I | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Cash paid for acquisition | $ 9,000,000 | |||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 90.00% | 100.00% | ||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 14,800,000 | |||||||||||||||||||||
Minority ownership interest (as a percent) | 0.00% | |||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 10.00% | |||||||||||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | $ 9,000,000 | |||||||||||||||||||||
Acquisition of noncontrolling interest | 8,600,000 | |||||||||||||||||||||
Repayments of debt | $ 9,800,000 | |||||||||||||||||||||
Self-storage Facility in Bronx, NY | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Cash paid for acquisition | $ 17,000,000 | |||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 100.00% | |||||||||||||||||||||
Number of facilities, construction completed and opened | $ 1 | |||||||||||||||||||||
Total Construction Costs | $ 32,200,000 | |||||||||||||||||||||
Acquisition of remaining interest in real estate ventures (as a percent) | 49.00% | |||||||||||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | $ 17,000,000 | |||||||||||||||||||||
Self Storage Facilities in Bronx, NY and Brooklyn, NY | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Ownership interest held by the entity (as a percent) | 51.00% | |||||||||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||||||||||
2017 Acquisitions | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 7 | |||||||||||||||||||||
Aggregate purchase price | $ 80,650,000 | |||||||||||||||||||||
Summary of the amounts of revenue and earnings of the 2016 and 2015 acquisitions since the acquisition dates | ||||||||||||||||||||||
Total revenue | 1,572,000 | |||||||||||||||||||||
Net loss | (1,330,000) | |||||||||||||||||||||
2017 Acquisitions | Self storage under construction | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Aggregate purchase price | 33,000,000 | |||||||||||||||||||||
Contract amount to purchase real estate | $ 1,000,000 | |||||||||||||||||||||
Number of facilities under contract | item | 2 | |||||||||||||||||||||
2017 Acquisitions | Self-storage facilities located in US | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of self-storage facilities acquired | facility | 6 | |||||||||||||||||||||
Number of self-storage facilities acquired upon completion of construction | facility | 2 | |||||||||||||||||||||
Aggregate purchase price | $ 69,500,000 | |||||||||||||||||||||
Intangible value of the in-place leases | $ 3,200,000 | |||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||
Amortization expense | $ 1,500,000 | |||||||||||||||||||||
Number of properties, assumed mortgage | facility | 1 | |||||||||||||||||||||
Units issued | $ 12,300,000 | |||||||||||||||||||||
Assumed mortgage debt, at fair value | 6,200,000 | |||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 5,900,000 | |||||||||||||||||||||
Premium on debt assumed on acquisitions | $ 300,000 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Estimated life | 12 months | |||||||||||||||||||||
Amortization expense | $ 8,300,000 | 10,500,000 | ||||||||||||||||||||
Number of properties, assumed mortgage | facility | 1 | |||||||||||||||||||||
Assumed mortgage debt, at fair value | $ 6,500,000 | |||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 6,300,000 | |||||||||||||||||||||
Premium on debt assumed on acquisitions | 200,000 | |||||||||||||||||||||
Number of facilities not yet closed | 3 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Outstanding principal balance of mortgage debt assumed on acquisitions | 2,500,000 | |||||||||||||||||||||
Premium on debt assumed on acquisitions | 200,000 | |||||||||||||||||||||
Number of facilities not yet closed | 1 | |||||||||||||||||||||
Real Estate Acquisition Expected in 2018 | Self storage under construction | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of self-storage facilities acquired upon completion of construction | facility | 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 | |||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of self-storage facilities acquired | property | 7 | 28 | ||||||||||||||||||||
Aggregate purchase price | $ 80,700,000 | $ 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 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of facilities under contract | facility | 4 | |||||||||||||||||||||
Massachusetts | Self storage under construction | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of facilities under contract | facility | 1 | |||||||||||||||||||||
New Jersey | Self storage under construction | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Number of facilities under contract | facility | 1 | |||||||||||||||||||||
Illinois | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Cash paid for acquisition | $ 9,700,000 | $ 9,700,000 | ||||||||||||||||||||
Contract amount to purchase real estate | 11,200,000 | |||||||||||||||||||||
Units issued (in shares) | shares | 58,400 | |||||||||||||||||||||
Total consideration | $ 11,200,000 | |||||||||||||||||||||
Cash paid for acquisition of remaining interest in real estate ventures | $ 9,700,000 | $ 9,700,000 | ||||||||||||||||||||
Class C units | Illinois | ||||||||||||||||||||||
Self-storage facilities | ||||||||||||||||||||||
Units issued (in shares) | shares | 58,400 | |||||||||||||||||||||
Stated value (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||||||
Distribution rate (as a percent) | 3.00% |
INVESTMENT IN UNCONSOLIDATED 56
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands | Dec. 31, 2017USD ($)facility | Nov. 01, 2017USD ($) | Oct. 16, 2017USD ($) | Dec. 15, 2016USD ($)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 | May 01, 2014USD ($)facility | Dec. 10, 2013USD ($)propertyfacility | Mar. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)facility | Dec. 15, 2017 |
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Investment in real estate entities | $ 91,206 | $ 91,206 | $ 98,682 | |||||||||||||||
Acquisitions of storage facilities | 69,629 | 366,666 | $ 275,726 | |||||||||||||||
Payment made for acquisition of interest in real estate ventures | 301 | 12,176 | 8,433 | |||||||||||||||
Interest on real estate venture debt | 4.375% | |||||||||||||||||
Contribution of storage property to real estate venture | 9,400 | |||||||||||||||||
Summary of results of operations of the real estate venture | ||||||||||||||||||
Company’s share of net income (loss) | (1,386) | (2,662) | $ (411) | |||||||||||||||
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 | 2 | 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 | $ 16,100 | 5,400 | 10,700 | 16,100 | $ 10,700 | |||||||||||||
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% | |||||||||||||||||
Arizona | HVP | ||||||||||||||||||
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | |||||||||||||||||
Acquisitions of storage facilities | $ 20,500 | |||||||||||||||||
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 | ||||||||||||||||||
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Acquisitions of storage facilities | $ 9,400 | |||||||||||||||||
Texas | HVP | ||||||||||||||||||
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Number of self-storage facilities acquired | facility | 1 | |||||||||||||||||
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 | |||||||||||||||||
Ventures | ||||||||||||||||||
Assets | ||||||||||||||||||
Storage facilities, net | $ 647,668 | 647,668 | 667,975 | |||||||||||||||
Other assets | 8,284 | 8,284 | 17,003 | |||||||||||||||
Total Assets | 655,952 | 655,952 | 684,978 | |||||||||||||||
Liabilities and equity | ||||||||||||||||||
Other liabilities | 6,853 | 6,853 | 6,516 | |||||||||||||||
Debt | 346,475 | 346,475 | 345,631 | |||||||||||||||
Equity | ||||||||||||||||||
CubeSmart | 91,206 | 91,206 | 98,682 | |||||||||||||||
Joint venture partner | 211,418 | 211,418 | 234,149 | |||||||||||||||
Total liabilities and equity | $ 655,952 | 655,952 | 684,978 | |||||||||||||||
Summary of results of operations of the real estate venture | ||||||||||||||||||
Total revenues | 81,058 | 64,931 | $ 31,249 | |||||||||||||||
Operating expenses | 34,705 | 29,900 | 15,042 | |||||||||||||||
Interest expense, net | 11,703 | 9,432 | 3,846 | |||||||||||||||
Depreciation and amortization | 45,086 | 53,701 | 16,214 | |||||||||||||||
Net income (loss) | (10,436) | (28,102) | (3,853) | |||||||||||||||
Company’s share of net income (loss) | $ (1,386) | $ (2,662) | $ (411) | |||||||||||||||
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% | |||||||||||||||||
HVP | Texas | ||||||||||||||||||
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Ownership interest in partnership (as a percent) | 20.00% | |||||||||||||||||
Contribution of storage property to real estate venture | $ 9,400 | |||||||||||||||||
Proceeds from venture related to real estate contribution | $ 7,500 | |||||||||||||||||
HHF | ||||||||||||||||||
Investment in Unconsolidated Real Estate Venture | ||||||||||||||||||
Ownership interest in partnership (as a percent) | 50.00% |
UNSECURED SENIOR NOTES (Details
UNSECURED SENIOR NOTES (Details) $ in Thousands | Dec. 15, 2017USD ($) | Nov. 15, 2017USD ($) | Apr. 04, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Mortgage loans and Notes payable | |||||
Interest rate (as a percent) | 4.375% | ||||
Less: Loan procurement costs, net | $ (1,592) | $ (2,150) | |||
Total unsecured senior notes, net | 1,142,460 | 1,039,076 | |||
CubeSmart, L.P. and Subsidiaries | |||||
Mortgage loans and Notes payable | |||||
Less: Loan procurement costs, net | (1,592) | (2,150) | |||
Total unsecured senior notes, net | 1,142,460 | 1,039,076 | |||
Senior Notes | |||||
Mortgage loans and Notes payable | |||||
Carrying value | 1,150,000 | 1,050,000 | |||
Less: Discount on issuance of notes, net | (617) | (3,971) | |||
Less: Loan procurement costs, net | (6,923) | (6,953) | |||
Total unsecured senior notes, net | $ 1,142,460 | 1,039,076 | |||
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 (as a percent) | 4.82% | ||||
Senior notes 4.375% due 2023 | |||||
Mortgage loans and Notes payable | |||||
Senior notes, principal amount | $ 300,000 | $ 300,000 | |||
Interest rate (as a percent) | 4.375% | 4.375% | 4.375% | ||
Carrying value | $ 300,000 | $ 250,000 | |||
Effective interest rate (as a percent) | 4.33% | ||||
Effective weighted average interest rate (as a percent) | 4.501% | 3.495% | 4.33% | ||
Proceeds from senior notes | $ 250,000 | $ 50,000 | |||
Debt instrument, redemption percentage | 98.995% | 105.04% | |||
Senior notes 4.000% due 2025 | |||||
Mortgage loans and Notes payable | |||||
Senior notes, principal amount | $ 300,000 | $ 300,000 | |||
Interest rate (as a percent) | 4.00% | 4.00% | 4.00% | 4.00% | |
Carrying value | $ 300,000 | $ 250,000 | |||
Effective interest rate (as a percent) | 4.032% | 3.811% | 3.99% | ||
Effective weighted average interest rate (as a percent) | 3.994% | ||||
Proceeds from senior notes | $ 250,000 | $ 50,000 | |||
Debt instrument, redemption percentage | 99.735% | 101.343% | |||
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 | $ 300,000 | |||
Effective interest rate (as a percent) | 3.18% | ||||
Credit Facility | |||||
Mortgage loans and Notes payable | |||||
Less: Loan procurement costs, net | $ (604) | $ (1,251) |
REVOLVING CREDIT FACILITY AND58
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) | Dec. 15, 2017USD ($) | Nov. 15, 2017USD ($) | Apr. 06, 2017USD ($) | Apr. 04, 2017USD ($) | Jun. 20, 2011USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 22, 2015USD ($) |
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Loan procurement costs capitalized | $ 21,400,000 | $ 24,700,000 | ||||||
Loan procurement costs, net of amortization | 1,592,000 | 2,150,000 | ||||||
Interest rate (as a percent) | 4.375% | |||||||
Unsecured term loan | 299,396,000 | 398,749,000 | ||||||
Less: Loan procurement costs, net | (1,592,000) | (2,150,000) | ||||||
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 | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Effective interest rate (as a percent) | 3.05% | |||||||
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 | |||||||
Write off of unamortized cost | $ 200,000 | |||||||
Repayment of outstanding debt | $ 100,000,000 | |||||||
Unsecured term loan | 100,000,000 | |||||||
Term Loan Facility | Term Loan A | Baa2/BBB | LIBOR | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Interest rate, basis spread (as a percent) | 1.30% | |||||||
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 | |||||||
Unsecured term loan | $ 100,000,000 | 100,000,000 | ||||||
Effective interest rate (as a percent) | 3.62% | |||||||
Term Loan Facility | Term Loan B | Baa2/BBB | LIBOR | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Interest rate, basis spread (as a percent) | 1.15% | |||||||
Credit Facility | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Loan procurement costs, net of amortization | $ 604,000 | 1,251,000 | ||||||
Unsecured term loan | 300,000,000 | 400,000,000 | ||||||
Less: Loan procurement costs, net | (604,000) | (1,251,000) | ||||||
Total unsecured term loans, net | $ 299,396,000 | 398,749,000 | ||||||
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 | |||||||
Interest rate, basis spread (as a percent) | 1.25% | |||||||
Facility fee (as a percent) | 0.15% | |||||||
Remaining borrowing capacity | $ 417,600,000 | |||||||
Outstanding letter of credit | 700,000 | |||||||
Credit Facility | Unsecured term loan | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Unsecured term loan | $ 200,000,000 | $ 200,000,000 | ||||||
Effective interest rate (as a percent) | 2.86% | |||||||
Senior notes 4.375% due 2023 | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Proceeds from senior notes | $ 250,000,000 | $ 50,000,000 | ||||||
Interest rate (as a percent) | 4.375% | 4.375% | 4.375% | |||||
Effective interest rate (as a percent) | 4.33% | |||||||
Effective weighted average interest rate (as a percent) | 4.501% | 3.495% | 4.33% | |||||
Senior notes 4.000% due 2025 | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ||||||||
Proceeds from senior notes | $ 250,000,000 | $ 50,000,000 | ||||||
Interest rate (as a percent) | 4.00% | 4.00% | 4.00% | 4.00% | ||||
Effective interest rate (as a percent) | 4.032% | 3.811% | 3.99% | |||||
Effective weighted average interest rate (as a percent) | 3.994% |
MORTGAGE LOANS AND NOTES PAYA59
MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage loans and Notes payable | ||
Less: Loan procurement costs, net | $ (1,592) | $ (2,150) |
Total mortgage loans and notes payable | 111,434 | 114,618 |
Net book value of self-storage facilities | 3,408,790 | 3,326,816 |
Mortgages | ||
Mortgage loans and Notes payable | ||
Carrying value | 108,796 | 111,586 |
Plus: Unamortized fair value adjustment | 3,286 | 3,742 |
Less: Loan procurement costs, net | (648) | (710) |
Total mortgage loans and notes payable | 111,434 | 114,618 |
Net book value of self-storage facilities used to secure debt | $ 236,900 | 233,100 |
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 | $ 9,547 | 9,860 |
Effective interest rate (as a percent) | 6.42% | |
YSI 26 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 8,228 | 8,423 |
Effective interest rate (as a percent) | 4.56% | |
YSI 57 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 2,889 | 2,957 |
Effective interest rate (as a percent) | 4.61% | |
YSI 55 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 22,508 | 22,952 |
Effective interest rate (as a percent) | 4.85% | |
YSI 24 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 25,700 | 26,464 |
Effective interest rate (as a percent) | 4.64% | |
YSI 65 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 2,411 | 2,457 |
Effective interest rate (as a percent) | 3.85% | |
YSI 66 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 31,727 | $ 32,257 |
Effective interest rate (as a percent) | 3.51% | |
YSI 68 | ||
Mortgage loans and Notes payable | ||
Carrying value | $ 5,786 | |
Effective interest rate (as a percent) | 3.78% |
MORTGAGE LOANS AND NOTES PAYA60
MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
Less: Loan procurement costs, net | $ (1,592) | $ (2,150) |
Total mortgage indebtedness | 111,434 | 114,618 |
Mortgages | ||
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ||
2,018 | 2,650 | |
2,019 | 11,652 | |
2,020 | 12,791 | |
2,021 | 45,057 | |
2,022 | 923 | |
2023 and thereafter | 35,723 | |
Total mortgage payments | 108,796 | 111,586 |
Plus: Unamortized fair value adjustment | 3,286 | 3,742 |
Less: Loan procurement costs, net | (648) | (710) |
Total mortgage indebtedness | $ 111,434 | $ 114,618 |
ACCUMULATED OTHER COMPREHENSI61
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | $ (1,850) |
Ending balance | 3 |
Unrealized losses on interest rate swaps | |
Changes in accumulated other comprehensive income by component | |
Beginning balance | (1,850) |
Other comprehensive loss before reclassifications | 192 |
Amounts reclassified from accumulated other comprehensive loss | 1,661 |
Net current-period other comprehensive income (loss) | 1,853 |
Ending balance | $ 3 |
RISK MANAGEMENT AND USE OF FI62
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative financial instruments | ||
Unrealized losses reclassified from accumulated other comprehensive loss | $ 1,700 | |
Amount estimated to be reclassified as an increase to interest expense | 400 | |
Designated | Cash flow | ||
Derivative financial instruments | ||
Notional Amount | 100,000 | $ 300,000 |
Fair Value | $ (406) | (2,280) |
Maximum number of days outstanding to have the option to borrow at the LIBOR | 30 days | |
Designated | Cash flow | Hedge Product, Swap four | ||
Derivative financial instruments | ||
Notional Amount | $ 75,000 | |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (103) | |
Designated | Cash flow | Hedge Product, Swap five | ||
Derivative financial instruments | ||
Notional Amount | $ 50,000 | |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (69) | |
Designated | Cash flow | Hedge Product, Swap six | ||
Derivative financial instruments | ||
Notional Amount | $ 50,000 | |
Swap, Strike rate (as a percent) | 1.336% | |
Fair Value | $ (69) | |
Designated | Cash flow | Hedge Product, Swap seven | ||
Derivative financial instruments | ||
Notional Amount | $ 25,000 | |
Swap, Strike rate (as a percent) | 1.3375% | |
Fair Value | $ (34) | |
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 | (161) | $ (797) |
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 | (163) | $ (804) |
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 | $ (82) | $ (404) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Fair value of financial assets and liabilities carried at fair value | ||
Aggregate carrying value of total debt | $ 1,600,000 | $ 1,600,000 |
Estimated fair value of total debt | $ 1,700,000 | 1,600,000 |
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 2017 | item | 0 | |
Level 2 | ||
Fair value of financial assets and liabilities carried at fair value | ||
Total liabilities at fair value | $ 406 | 2,280 |
Level 2 | Interest rate swap | ||
Fair value of financial assets and liabilities carried at fair value | ||
Derivative Liabilities | $ 406 | $ 2,280 |
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, 2017USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2008property | Dec. 15, 2017 | Dec. 31, 2014GBP (£) | Dec. 31, 2014USD ($) |
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Interest rate (as a percent) | 4.375% | |||||||||
Gain (loss) from sale of land | $ 17,567 | |||||||||
Proceeds from sales of facilities, net | 9,041 | |||||||||
Gain from sale of real estate, net | 17,567 | |||||||||
Elimination of noncontrolling interest in subsidiaries due to acquisition | $ 9,033 | |||||||||
Reduction to additional paid in capital | 1,058 | $ 4,799 | $ 178 | |||||||
CS 1158 McDonald Ave LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Option to call ownership interest of another member | 10,000 | |||||||||
Accretion liability | 2,200 | |||||||||
CS 160 East 22nd Street LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Option to call ownership interest of another member | 11,500 | |||||||||
Accretion liability | 3,300 | |||||||||
2225 46th Street LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Option to call ownership interest of another member | 14,200 | |||||||||
Accretion liability | 8,200 | |||||||||
2880 Exterior St. LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Option to call ownership interest of another member | 37,800 | |||||||||
Accretion liability | 28,900 | |||||||||
3068 Cropsey Ave LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Option to call ownership interest of another member | 20,400 | |||||||||
Accretion liability | 20,400 | |||||||||
186 Jamaica Ave LLC | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Carrying amount of mortgage loans | $ 12,800 | |||||||||
VIE | ||||||||||
Interests in Consolidated Real Estate Joint Ventures | ||||||||||
Number of self-storage facilities owned and operated | facility | 10 | |||||||||
Total assets | $ 286,211 | |||||||||
Total liabilities | $ 130,892 | |||||||||
Period of option to call ownership interest of another member | 1 year | |||||||||
Period of option to put ownership interest in venture | 1 year | |||||||||
VIE | CS 1158 McDonald 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 | $ 18,472 | |||||||||
Total liabilities | 2,429 | |||||||||
Option to put ownership interest in the venture | $ 10,000 | |||||||||
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 | $ 1,366 | |||||||||
Total liabilities | 1,096 | |||||||||
Amount of mortgage loan commitment | $ 6,200 | |||||||||
VIE | CS 160 East 22nd 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 | $ 5,533 | |||||||||
Total liabilities | 3,382 | |||||||||
Option to put ownership interest in the venture | $ 11,500 | |||||||||
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 | $ 27,130 | |||||||||
Total liabilities | 9,551 | |||||||||
Option to put ownership interest in the venture | $ 14,200 | |||||||||
VIE | CS SDP Waltham 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 | $ 5,981 | |||||||||
Total liabilities | 704 | |||||||||
Amount of mortgage loan commitment | $ 10,800 | |||||||||
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 | $ 62,763 | |||||||||
Total liabilities | 31,575 | |||||||||
Option to put ownership interest in the venture | $ 37,800 | |||||||||
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 | $ 47,952 | |||||||||
Total liabilities | 22,189 | |||||||||
Option to put ownership interest in the venture | $ 20,400 | |||||||||
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 | $ 82,216 | |||||||||
Total liabilities | 33,858 | |||||||||
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 | 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 | $ 18,478 | |||||||||
Total liabilities | $ 13,289 | |||||||||
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 | $ 16,320 | |||||||||
Total liabilities | 12,819 | |||||||||
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 | 12,700 | |||||||||
Amount of mortgage loan commitment | $ 14,600 |
NONCONTROLLING INTERESTS - Oper
NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands | May 09, 2017 | Apr. 12, 2017 | Apr. 18, 2016 | May 14, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Partnership Ownership | |||||||
OP units issued (in shares) | 61,224 | 20,408 | |||||
Issuance of OP Shares | $ 1,500 | $ 500 | |||||
Adjustment for noncontrolling interest in the Operating Partnership | $ (3,965) | $ 7,388 | $ (19,619) | ||||
Illinois | |||||||
Operating Partnership Ownership | |||||||
Total consideration | $ 11,200 | ||||||
Cash paid for acquisition | $ 9,700 | $ 9,700 | |||||
Units issued (in shares) | 58,400 | ||||||
Maryland | |||||||
Operating Partnership Ownership | |||||||
Total consideration | $ 18,200 | ||||||
Amount of mortgage loan commitment | $ 5,900 | ||||||
Units issued (in shares) | 440,160 | ||||||
Units issued | $ 12,300 | ||||||
CubeSmart, L.P. and Subsidiaries | |||||||
Operating Partnership Ownership | |||||||
OP Units outstanding which are not owned by the general partner (as a percent) | 1.00% | 1.10% | |||||
Issuance of OP Shares | $ 4,876 | ||||||
OP units outstanding (in shares) | 1,878,253 | 2,032,394 | |||||
Number of trading days used to determine average of the closing prices of the shares | 10 days | ||||||
Adjustment for noncontrolling interest in the Operating Partnership | $ (3,965) | $ 7,388 | $ 19,619 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS | |||
Management fees | $ 3.8 | $ 2.9 | $ 1 |
Mortgage loans receivable from consolidated joint ventures | $ 25.5 | 34.7 | |
Acquisition fee (as a percent) | 0.50% | ||
Acquisition fees | $ 0.5 | 1.8 | |
Amount due to the entity from joint venture | $ 7.5 | $ 3.3 |
COMMITMENTS AND CONTINGENCIES67
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
COMMITMENTS AND CONTINGENCIES | |||
Ground rent expense | $ 3,400 | $ 2,700 | $ 2,400 |
Total future minimum rental payments under non-cancelable ground leases | |||
2,018 | 2,500 | ||
2,019 | 2,670 | ||
2,020 | 2,743 | ||
2,021 | 2,812 | ||
2,022 | 2,971 | ||
2023 and thereafter | 119,343 | ||
Total | 133,039 | ||
Future milestone payments payable | $ 82,700 | ||
Self-storage facilities subject to ground lease | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | property | 8 | ||
Number of self-storage facilities under development subject to a ground lease | property | 2 | ||
Land | |||
COMMITMENTS AND CONTINGENCIES | |||
Number of operating self-storage facilities subject to a ground lease | property | 2 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Oct. 31, 2017 | Dec. 31, 2017 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Impairment of Real Estate | $ 0.3 | |
Loss contingency provision | 1.1 | |
Estimated deductibles | 0.8 | |
Loss Contingency, Receivable, Proceeds | $ 0.3 | |
Loss Contingency, Receivable, Current | 1 | |
Unconsolidated Properties | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Loss contingency provision | $ 0.1 |
SHARE-BASED COMPENSATION PLAN69
SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 23, 2017 | Jan. 22, 2016 | Jan. 23, 2015 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share Options | ||||||||
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model | ||||||||
Risk-free interest rate (as a percent) | 2.20% | 1.80% | 1.50% | |||||
Expected dividend yield (as a percent) | 3.50% | 2.70% | 2.60% | |||||
Volatility (as a percent) | 33.00% | 33.00% | 33.00% | |||||
Weighted average expected life of the options | 6 years | 6 years | 6 years | |||||
Weighted average grant date fair value of options granted per share (in dollars per share) | $ 6.12 | $ 7.61 | $ 6.23 | |||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | $ 1.5 | $ 1.3 | $ 1 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 1.8 | |||||||
Unrecognized compensation cost | $ 1.8 | |||||||
Unrecognized compensation cost recorded, period | 3 years | |||||||
Number of Shares Under Option | ||||||||
Balance at the beginning of the period (in shares) | 1,939,690 | 2,421,944 | 3,692,301 | |||||
Options granted (in shares) | 289,104 | 213,008 | 202,485 | |||||
Options canceled (in shares) | (18,230) | |||||||
Options exercised (in shares) | (395,621) | (695,262) | (1,454,612) | |||||
Balance at the end of the period (in shares) | 1,833,173 | 1,939,690 | 2,421,944 | 3,692,301 | ||||
Vested or expected to vest at the end of the period (in shares) | 1,833,173 | |||||||
Exercisable at the end of the period (in shares) | 1,337,280 | |||||||
Weighted Average Exercise Price | ||||||||
Balance at the beginning of the period (in dollars per share) | $ 12.94 | $ 13.07 | $ 11.76 | |||||
Options granted (in dollars per share) | 26.30 | 30.32 | 25 | |||||
Options canceled (in dollars per share) | 19.75 | |||||||
Options exercised (in dollars per share) | 5.98 | 18.69 | 11.31 | |||||
Balance at the end of the period (in dollars per share) | 16.55 | $ 12.94 | $ 13.07 | $ 11.76 | ||||
Exercisable at the end of the period (in dollars per share) | 12.58 | |||||||
Vested or expected to vest at the end of the period (in dollars per share) | $ 16.55 | |||||||
Weighted Average Remaining Contractual Term | ||||||||
Balance at the end of the period | 5 years 3 months 4 days | 4 years 10 months 6 days | 4 years 29 days | 4 years 1 month 28 days | ||||
Options granted | 9 years 26 days | 9 years 26 days | 9 years 29 days | |||||
Options exercised | 1 year 1 month 21 days | 3 months 15 days | 2 years 4 months 17 days | |||||
Vested or expected to vest at the end of the period | 5 years 3 months 4 days | |||||||
Exercisable at the end of the period | 4 years 15 days | |||||||
Aggregate intrinsic value | ||||||||
Options, vested or expected to vest and exercisable (in dollars) | $ 35.3 | |||||||
Options exercised (in dollars) | $ 8.8 | |||||||
Share Options | Minimum | ||||||||
Share options, additional general disclosures | ||||||||
Vesting period | 3 years | |||||||
Restricted Shares | ||||||||
Share options, additional general disclosures | ||||||||
Compensation expense recognized (in dollars) | $ 4.1 | $ 3.6 | $ 2.7 | |||||
Aggregate grant date fair value of share based awards issued (in dollars) | 4.7 | $ 5.2 | ||||||
Unrecognized compensation cost | $ 5.2 | |||||||
Unrecognized compensation cost recorded, period | 5 years | |||||||
Number of Non-Vested Restricted Shares | ||||||||
Non-vested at the beginning of the period (in shares) | 323,022 | |||||||
Granted (in shares) | 165,709 | 155,000 | ||||||
Vested (in shares) | (130,500) | |||||||
Forfeited (in shares) | (5,769) | |||||||
Non-vested at the end of the period (in shares) | 352,462 | 323,022 | ||||||
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) | $ 1.8 | $ 1.6 | $ 1.3 | |||||
Number of Non-Vested Restricted Shares | ||||||||
Granted (in shares) | 52,426 | 37,008 | 35,614 | |||||
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 | 4,936,124 | |||||||
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 | 465,045 | |||||||
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) | 5,000 |
EARNINGS PER SHARE AND UNIT A70
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | ||||||||||||
Income from continuing operations | $ 135,611 | $ 88,376 | $ 78,756 | |||||||||
Noncontrolling interests in the Operating Partnership | (1,593) | (941) | (960) | |||||||||
Noncontrolling interest in subsidiaries | 270 | 470 | (84) | |||||||||
Distribution to preferred shareholders | (5,045) | (6,008) | ||||||||||
Preferred share redemption charge | (2,937) | |||||||||||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 134,288 | $ 79,923 | $ 71,704 | |||||||||
Weighted-average shares outstanding (in shares) | 180,525,000 | 178,246,000 | 168,640,000 | |||||||||
Share options and restricted share units (in shares) | 923,000 | 1,287,000 | 1,551,000 | |||||||||
Weighted-average diluted shares outstanding (in shares) | 181,448,000 | 179,533,000 | 170,191,000 | |||||||||
Earnings (loss) per common share | ||||||||||||
Basic earnings per share attributable to common shareholders (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.43 | |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | 0.74 | $ 0.45 | 0.42 | |
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) | 1,551,000 | |||||||||||
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | 923,000 | 1,287,000 | ||||||||||
Common stock, cash dividends declared (in dollars per share) | $ 1.11 | $ 0.90 | $ 0.69 | |||||||||
Outstanding units of noncontrolling interest in the Operating Partnership (in shares) | 1,878,253 | 2,032,394 | 1,878,253 | 2,032,394 | 2,159,650 | |||||||
Common shares, shares outstanding | 182,215,735 | 180,083,111 | 182,215,735 | 180,083,111 | 174,667,870 |
EARNINGS PER SHARE AND UNIT A71
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands | Nov. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Issuance of Common and Preferred Shares | ||||
Series A Cumulative Redeemable Preferred, redeemed | $ 77,574,000 | |||
Net proceeds from sale of common shares | $ 29,642,000 | $ 136,121,000 | $ 234,061,000 | |
Equity Distribution Agreements | Maximum | ||||
Issuance of Common and Preferred Shares | ||||
Number of shares that may be sold | 40,000 | |||
Common Shares | Equity Distribution Agreements | ||||
Issuance of Common and Preferred Shares | ||||
Number of common stock sold (in shares) | 1,036 | 4,408 | 8,977 | |
Average sales price per common share (in dollars per share) | $ 29.13 | $ 31.25 | $ 26.35 | |
Net proceeds from sale of common shares | $ 29,642,000 | $ 136,120,000 | $ 234,240,000 | |
Common shares remained available for issuance | 4,700 | 5,800 | 10,200 | |
Series A | ||||
Issuance of Common and Preferred Shares | ||||
Series A Cumulative Redeemable Preferred, shares redeemed | 3,100 | |||
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 | Dec. 31, 2017 | Dec. 31, 2016 |
INCOME TAXES | ||
Valuation allowance | $ 0 | $ 0 |
Deferred tax assets, net | $ 1.4 | $ 1.3 |
PRO FORMA FINANCIAL INFORMATI73
PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2017USD ($)property$ / shares | Dec. 31, 2016USD ($)property$ / shares | Dec. 31, 2015$ / shares | |
Consolidated results of operations on a pro forma basis | |||||||||||
Pro forma revenue | $ | $ 560,852 | $ 523,821 | |||||||||
Pro forma income | $ | $ 145,941 | $ 115,269 | |||||||||
Earnings per share from continuing operations: | |||||||||||
Basic - as reported (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.43 |
Diluted - as reported (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | 0.74 | 0.45 | $ 0.42 |
Basic - as pro forma (in dollars per share) | 0.80 | 0.63 | |||||||||
Diluted - as pro forma (in dollars per share) | $ 0.80 | $ 0.62 | |||||||||
Self-storage facilities | |||||||||||
Self-storage facilities | |||||||||||
Number of self-storage facilities acquired | property | 7 | 28 | |||||||||
Aggregate purchase price | $ | $ 80,700 | $ 403,600 |
SUBSEQUENT EVENTS - Acquisition
SUBSEQUENT EVENTS - Acquisition (Details) 10Q - Subsequent event - Texas $ in Millions | 1 Months Ended |
Jan. 31, 2018USD ($)facilityshares | |
Subsequent Events | |
Number of self-storage facilities acquired | facility | 1 |
Total consideration | $ 12.2 |
Cash paid for acquisition | 7.4 |
Units issued | $ 4.8 |
Units issued (in shares) | shares | 168,011 |
Lock-up period | 13 months |
Exchange ratio (in shares) | shares | 1 |
SUBSEQUENT EVENTS (Details) 10Q
SUBSEQUENT EVENTS (Details) 10Q - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2017 | Nov. 15, 2017 | Apr. 12, 2017 | Apr. 04, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Events | ||||||
Interest rate (as a percent) | 4.375% | |||||
Illinois | ||||||
Subsequent Events | ||||||
Cash paid for acquisition | $ 9.7 | $ 9.7 | ||||
Illinois | Class C units | ||||||
Subsequent Events | ||||||
Stated value (in dollars per share) | $ 25 | |||||
Distribution rate (as a percent) | 3.00% | |||||
Senior notes 4.375% due 2023 | ||||||
Subsequent Events | ||||||
Proceeds from senior notes | $ 250 | $ 50 | ||||
Senior notes, principal amount | $ 300 | $ 300 | ||||
Interest rate (as a percent) | 4.375% | 4.375% | 4.375% | |||
Debt instrument, redemption percentage | 98.995% | 105.04% | ||||
Effective interest rate (as a percent) | 4.33% | |||||
Senior notes 4.000% due 2025 | ||||||
Subsequent Events | ||||||
Proceeds from senior notes | $ 250 | $ 50 | ||||
Senior notes, principal amount | $ 300 | $ 300 | ||||
Interest rate (as a percent) | 4.00% | 4.00% | 4.00% | 4.00% | ||
Debt instrument, redemption percentage | 99.735% | 101.343% | ||||
Effective interest rate (as a percent) | 4.032% | 3.811% | 3.99% |
SELECTED QUARTERLY FINANCIAL 76
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly financial information | |||||||||||
Total revenues | $ 143,482 | $ 143,865 | $ 138,559 | $ 133,037 | $ 132,546 | $ 132,096 | $ 126,526 | $ 118,871 | $ 558,943 | $ 510,039 | $ 444,521 |
Total operating expenses | 87,971 | 91,586 | 91,025 | 92,646 | 90,848 | 92,585 | 93,509 | 90,145 | 363,228 | 367,087 | 336,633 |
Net (loss) income attributable to the company | $ 39,547 | $ 37,297 | $ 32,458 | $ 24,986 | $ 26,847 | $ 24,884 | $ 20,424 | $ 15,750 | $ 134,288 | $ 87,905 | $ 77,712 |
Basic - as reported (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.43 |
Diluted - as reported (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.08 | $ 0.74 | $ 0.45 | $ 0.42 |
SCHEDULE III REAL ESTATE AND 77
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 33,759,762 | ||
Initial cost | |||
Land | $ 689,793 | ||
Building and Improvements | 3,031,426 | ||
Costs Subsequent to Acquisition | 289,554 | ||
Gross Carrying Amount at year end | |||
Land | 711,140 | ||
Building and Improvements | 3,086,252 | ||
Total | 3,797,392 | ||
Total | 4,161,715 | $ 3,998,180 | $ 3,467,032 |
Accumulated Depreciation | $ 652,455 | ||
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 | $ 9,547 | ||
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 | 399 | ||
Gross Carrying Amount at year end | |||
Land | 327 | ||
Building and Improvements | 1,480 | ||
Total | 1,807 | ||
Accumulated Depreciation | $ 608 | ||
Chandler II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,915 | ||
Initial cost | |||
Land | $ 1,518 | ||
Building and Improvements | 7,485 | ||
Costs Subsequent to Acquisition | 108 | ||
Gross Carrying Amount at year end | |||
Land | 1,518 | ||
Building and Improvements | 7,592 | ||
Total | 9,110 | ||
Accumulated Depreciation | $ 1,045 | ||
Gilbert, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,200 | ||
Initial cost | |||
Land | $ 951 | ||
Building and Improvements | 4,688 | ||
Costs Subsequent to Acquisition | 90 | ||
Gross Carrying Amount at year end | |||
Land | 951 | ||
Building and Improvements | 4,779 | ||
Total | 5,730 | ||
Accumulated Depreciation | $ 730 | ||
Gilbert II, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 114,080 | ||
Initial cost | |||
Land | $ 1,199 | ||
Building and Improvements | 11,846 | ||
Costs Subsequent to Acquisition | 152 | ||
Gross Carrying Amount at year end | |||
Land | 1,199 | ||
Building and Improvements | 11,998 | ||
Total | 13,197 | ||
Accumulated Depreciation | $ 383 | ||
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 | 1,195 | ||
Gross Carrying Amount at year end | |||
Land | 418 | ||
Building and Improvements | 2,899 | ||
Total | 3,317 | ||
Accumulated Depreciation | $ 1,356 | ||
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 | 196 | ||
Gross Carrying Amount at year end | |||
Land | 298 | ||
Building and Improvements | 1,139 | ||
Total | 1,437 | ||
Accumulated Depreciation | $ 437 | ||
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 | 311 | ||
Gross Carrying Amount at year end | |||
Land | 921 | ||
Building and Improvements | 2,603 | ||
Total | 3,524 | ||
Accumulated Depreciation | $ 1,034 | ||
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 | 284 | ||
Gross Carrying Amount at year end | |||
Land | 731 | ||
Building and Improvements | 2,132 | ||
Total | 2,863 | ||
Accumulated Depreciation | $ 854 | ||
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 | 254 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 1,971 | ||
Total | 2,677 | ||
Accumulated Depreciation | $ 805 | ||
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 | 241 | ||
Gross Carrying Amount at year end | |||
Land | 1,436 | ||
Building and Improvements | 7,322 | ||
Total | 8,758 | ||
Accumulated Depreciation | $ 596 | ||
Phoenix I, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,275 | ||
Initial cost | |||
Land | $ 1,134 | ||
Building and Improvements | 3,376 | ||
Costs Subsequent to Acquisition | 560 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 3,284 | ||
Total | 4,419 | ||
Accumulated Depreciation | $ 1,315 | ||
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 | 1,636 | ||
Gross Carrying Amount at year end | |||
Land | 847 | ||
Building and Improvements | 3,187 | ||
Total | 4,034 | ||
Accumulated Depreciation | $ 1,210 | ||
Phoenix III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 121,730 | ||
Initial cost | |||
Land | $ 2,115 | ||
Building and Improvements | 10,429 | ||
Costs Subsequent to Acquisition | 130 | ||
Gross Carrying Amount at year end | |||
Land | 2,115 | ||
Building and Improvements | 10,559 | ||
Total | 12,674 | ||
Accumulated Depreciation | $ 1,295 | ||
Phoenix IV, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,610 | ||
Initial cost | |||
Land | $ 930 | ||
Building and Improvements | 12,277 | ||
Costs Subsequent to Acquisition | 85 | ||
Gross Carrying Amount at year end | |||
Land | 930 | ||
Building and Improvements | 12,363 | ||
Total | 13,293 | ||
Accumulated Depreciation | $ 454 | ||
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 | 84 | ||
Gross Carrying Amount at year end | |||
Land | 1,159 | ||
Building and Improvements | 5,800 | ||
Total | 6,959 | ||
Accumulated Depreciation | $ 513 | ||
Scottsdale, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,725 | ||
Initial cost | |||
Land | $ 443 | ||
Building and Improvements | 4,879 | ||
Costs Subsequent to Acquisition | 1,758 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 5,521 | ||
Total | 6,404 | ||
Accumulated Depreciation | $ 2,638 | ||
Surprise , AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,325 | ||
Initial cost | |||
Land | $ 584 | ||
Building and Improvements | 3,761 | ||
Costs Subsequent to Acquisition | 107 | ||
Gross Carrying Amount at year end | |||
Land | 584 | ||
Building and Improvements | 3,868 | ||
Total | 4,452 | ||
Accumulated Depreciation | $ 256 | ||
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 | 575 | ||
Gross Carrying Amount at year end | |||
Land | 749 | ||
Building and Improvements | 2,424 | ||
Total | 3,173 | ||
Accumulated Depreciation | $ 846 | ||
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 | 2,153 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 5,051 | ||
Total | 5,639 | ||
Accumulated Depreciation | $ 761 | ||
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 | 1,076 | ||
Gross Carrying Amount at year end | |||
Land | 384 | ||
Building and Improvements | 2,650 | ||
Total | 3,034 | ||
Accumulated Depreciation | $ 1,258 | ||
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 | 1,090 | ||
Gross Carrying Amount at year end | |||
Land | 391 | ||
Building and Improvements | 2,683 | ||
Total | 3,074 | ||
Accumulated Depreciation | $ 1,241 | ||
Tucson III, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,820 | ||
Initial cost | |||
Land | $ 532 | ||
Building and Improvements | 2,048 | ||
Costs Subsequent to Acquisition | 258 | ||
Gross Carrying Amount at year end | |||
Land | 533 | ||
Building and Improvements | 1,945 | ||
Total | 2,478 | ||
Accumulated Depreciation | $ 771 | ||
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 | 371 | ||
Gross Carrying Amount at year end | |||
Land | 675 | ||
Building and Improvements | 2,545 | ||
Total | 3,220 | ||
Accumulated Depreciation | $ 984 | ||
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 | 357 | ||
Gross Carrying Amount at year end | |||
Land | 515 | ||
Building and Improvements | 1,981 | ||
Total | 2,496 | ||
Accumulated Depreciation | $ 786 | ||
Tucson VI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 40,790 | ||
Initial cost | |||
Land | $ 440 | ||
Building and Improvements | 1,692 | ||
Costs Subsequent to Acquisition | 229 | ||
Gross Carrying Amount at year end | |||
Land | 430 | ||
Building and Improvements | 1,623 | ||
Total | 2,053 | ||
Accumulated Depreciation | $ 648 | ||
Tucson VII, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,663 | ||
Initial cost | |||
Land | $ 670 | ||
Building and Improvements | 2,576 | ||
Costs Subsequent to Acquisition | 324 | ||
Gross Carrying Amount at year end | |||
Land | 670 | ||
Building and Improvements | 2,486 | ||
Total | 3,156 | ||
Accumulated Depreciation | $ 994 | ||
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 | 336 | ||
Gross Carrying Amount at year end | |||
Land | 589 | ||
Building and Improvements | 2,250 | ||
Total | 2,839 | ||
Accumulated Depreciation | $ 888 | ||
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 | 469 | ||
Gross Carrying Amount at year end | |||
Land | 725 | ||
Building and Improvements | 2,734 | ||
Total | 3,459 | ||
Accumulated Depreciation | $ 1,075 | ||
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 | 327 | ||
Gross Carrying Amount at year end | |||
Land | 425 | ||
Building and Improvements | 1,650 | ||
Total | 2,075 | ||
Accumulated Depreciation | $ 629 | ||
Tucson XI, AZ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 42,700 | ||
Initial cost | |||
Land | $ 439 | ||
Building and Improvements | 1,689 | ||
Costs Subsequent to Acquisition | 416 | ||
Gross Carrying Amount at year end | |||
Land | 439 | ||
Building and Improvements | 1,814 | ||
Total | 2,253 | ||
Accumulated Depreciation | $ 767 | ||
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 | 343 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 2,497 | ||
Total | 3,169 | ||
Accumulated Depreciation | $ 965 | ||
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 | 350 | ||
Gross Carrying Amount at year end | |||
Land | 587 | ||
Building and Improvements | 2,238 | ||
Total | 2,825 | ||
Accumulated Depreciation | $ 886 | ||
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 | 468 | ||
Gross Carrying Amount at year end | |||
Land | 708 | ||
Building and Improvements | 2,641 | ||
Total | 3,349 | ||
Accumulated Depreciation | $ 1,058 | ||
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 | 305 | ||
Gross Carrying Amount at year end | |||
Land | 2,392 | ||
Building and Improvements | 6,249 | ||
Total | 8,641 | ||
Accumulated Depreciation | $ 2,426 | ||
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 | 234 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 4,253 | ||
Total | 5,887 | ||
Accumulated Depreciation | $ 1,720 | ||
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 | 78 | ||
Gross Carrying Amount at year end | |||
Land | 2,107 | ||
Building and Improvements | 10,462 | ||
Total | 12,569 | ||
Accumulated Depreciation | $ 1,054 | ||
Diamond Bar, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 103,558 | ||
Initial cost | |||
Land | $ 2,522 | ||
Building and Improvements | 7,404 | ||
Costs Subsequent to Acquisition | 273 | ||
Gross Carrying Amount at year end | |||
Land | 2,524 | ||
Building and Improvements | 6,585 | ||
Total | 9,109 | ||
Accumulated Depreciation | $ 2,645 | ||
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 | 223 | ||
Gross Carrying Amount at year end | |||
Land | 3,040 | ||
Building and Improvements | 9,669 | ||
Total | 12,709 | ||
Accumulated Depreciation | $ 3,140 | ||
Fallbrook, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,926 | ||
Initial cost | |||
Land | $ 133 | ||
Building and Improvements | 1,492 | ||
Costs Subsequent to Acquisition | 1,849 | ||
Gross Carrying Amount at year end | |||
Land | 432 | ||
Building and Improvements | 2,832 | ||
Total | 3,264 | ||
Accumulated Depreciation | $ 1,333 | ||
Fremont, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 51,324 | ||
Initial cost | |||
Land | $ 1,158 | ||
Building and Improvements | 5,711 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 1,158 | ||
Building and Improvements | 5,876 | ||
Total | 7,034 | ||
Accumulated Depreciation | $ 743 | ||
Lancaster, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,475 | ||
Initial cost | |||
Land | $ 390 | ||
Building and Improvements | 2,247 | ||
Costs Subsequent to Acquisition | 1,059 | ||
Gross Carrying Amount at year end | |||
Land | 556 | ||
Building and Improvements | 2,571 | ||
Total | 3,127 | ||
Accumulated Depreciation | $ 1,034 | ||
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 | 903 | ||
Gross Carrying Amount at year end | |||
Land | 3,138 | ||
Building and Improvements | 13,335 | ||
Total | 16,473 | ||
Accumulated Depreciation | $ 4,995 | ||
Murrieta, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,775 | ||
Initial cost | |||
Land | $ 1,883 | ||
Building and Improvements | 5,532 | ||
Costs Subsequent to Acquisition | 249 | ||
Gross Carrying Amount at year end | |||
Land | 1,903 | ||
Building and Improvements | 4,915 | ||
Total | 6,818 | ||
Accumulated Depreciation | $ 1,910 | ||
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 | 429 | ||
Gross Carrying Amount at year end | |||
Land | 868 | ||
Building and Improvements | 2,517 | ||
Total | 3,385 | ||
Accumulated Depreciation | $ 1,021 | ||
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 | 345 | ||
Gross Carrying Amount at year end | |||
Land | 1,705 | ||
Building and Improvements | 8,745 | ||
Total | 10,450 | ||
Accumulated Depreciation | $ 897 | ||
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 | 312 | ||
Gross Carrying Amount at year end | |||
Land | 1,423 | ||
Building and Improvements | 3,813 | ||
Total | 5,236 | ||
Accumulated Depreciation | $ 1,546 | ||
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 | 215 | ||
Gross Carrying Amount at year end | |||
Land | 2,799 | ||
Building and Improvements | 7,194 | ||
Total | 9,993 | ||
Accumulated Depreciation | $ 2,789 | ||
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 | 390 | ||
Gross Carrying Amount at year end | |||
Land | 1,095 | ||
Building and Improvements | 3,059 | ||
Total | 4,154 | ||
Accumulated Depreciation | $ 1,201 | ||
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 | 212 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 3,758 | ||
Total | 4,657 | ||
Accumulated Depreciation | $ 1,434 | ||
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 | 1,756 | ||
Gross Carrying Amount at year end | |||
Land | 672 | ||
Building and Improvements | 4,057 | ||
Total | 4,729 | ||
Accumulated Depreciation | $ 2,030 | ||
Riverside I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,220 | ||
Initial cost | |||
Land | $ 1,351 | ||
Building and Improvements | 6,183 | ||
Costs Subsequent to Acquisition | 598 | ||
Gross Carrying Amount at year end | |||
Land | 1,351 | ||
Building and Improvements | 5,949 | ||
Total | 7,300 | ||
Accumulated Depreciation | $ 2,232 | ||
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 | 372 | ||
Gross Carrying Amount at year end | |||
Land | 1,170 | ||
Building and Improvements | 4,941 | ||
Total | 6,111 | ||
Accumulated Depreciation | $ 1,900 | ||
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 | 425 | ||
Gross Carrying Amount at year end | |||
Land | 1,284 | ||
Building and Improvements | 3,593 | ||
Total | 4,877 | ||
Accumulated Depreciation | $ 1,459 | ||
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 | 324 | ||
Gross Carrying Amount at year end | |||
Land | 1,152 | ||
Building and Improvements | 3,144 | ||
Total | 4,296 | ||
Accumulated Depreciation | $ 1,266 | ||
Sacramento II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 111,736 | ||
Initial cost | |||
Land | $ 2,085 | ||
Building and Improvements | 6,750 | ||
Costs Subsequent to Acquisition | 327 | ||
Gross Carrying Amount at year end | |||
Land | 2,086 | ||
Building and Improvements | 6,413 | ||
Total | 8,499 | ||
Accumulated Depreciation | $ 1,547 | ||
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 | 1,188 | ||
Gross Carrying Amount at year end | |||
Land | 182 | ||
Building and Improvements | 1,432 | ||
Total | 1,614 | ||
Accumulated Depreciation | $ 660 | ||
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 | 1,359 | ||
Gross Carrying Amount at year end | |||
Land | 306 | ||
Building and Improvements | 2,067 | ||
Total | 2,373 | ||
Accumulated Depreciation | $ 952 | ||
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 | 1,321 | ||
Gross Carrying Amount at year end | |||
Land | 242 | ||
Building and Improvements | 1,918 | ||
Total | 2,160 | ||
Accumulated Depreciation | $ 889 | ||
San Bernardino IV, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,227 | ||
Initial cost | |||
Land | $ 1,872 | ||
Building and Improvements | 5,391 | ||
Costs Subsequent to Acquisition | 219 | ||
Gross Carrying Amount at year end | |||
Land | 1,872 | ||
Building and Improvements | 4,894 | ||
Total | 6,766 | ||
Accumulated Depreciation | $ 1,882 | ||
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 | 571 | ||
Gross Carrying Amount at year end | |||
Land | 783 | ||
Building and Improvements | 3,628 | ||
Total | 4,411 | ||
Accumulated Depreciation | $ 1,394 | ||
San Bernardino VII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,809 | ||
Initial cost | |||
Land | $ 1,475 | ||
Building and Improvements | 6,753 | ||
Costs Subsequent to Acquisition | 309 | ||
Gross Carrying Amount at year end | |||
Land | 1,290 | ||
Building and Improvements | 6,315 | ||
Total | 7,605 | ||
Accumulated Depreciation | $ 2,444 | ||
San Bernardino VIII, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 103,567 | ||
Initial cost | |||
Land | $ 1,691 | ||
Building and Improvements | 7,741 | ||
Costs Subsequent to Acquisition | 603 | ||
Gross Carrying Amount at year end | |||
Land | 1,692 | ||
Building and Improvements | 6,391 | ||
Total | 8,083 | ||
Accumulated Depreciation | $ 2,501 | ||
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 | 175 | ||
Gross Carrying Amount at year end | |||
Land | 776 | ||
Building and Improvements | 2,093 | ||
Total | 2,869 | ||
Accumulated Depreciation | $ 835 | ||
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 | 436 | ||
Gross Carrying Amount at year end | |||
Land | 1,223 | ||
Building and Improvements | 5,258 | ||
Total | 6,481 | ||
Accumulated Depreciation | $ 1,985 | ||
South Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,390 | ||
Initial cost | |||
Land | $ 790 | ||
Building and Improvements | 2,319 | ||
Costs Subsequent to Acquisition | 344 | ||
Gross Carrying Amount at year end | |||
Land | 791 | ||
Building and Improvements | 2,244 | ||
Total | 3,035 | ||
Accumulated Depreciation | $ 891 | ||
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 | 848 | ||
Gross Carrying Amount at year end | |||
Land | 1,178 | ||
Building and Improvements | 5,498 | ||
Total | 6,676 | ||
Accumulated Depreciation | $ 2,075 | ||
Temecula I, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,340 | ||
Initial cost | |||
Land | $ 660 | ||
Building and Improvements | 4,735 | ||
Costs Subsequent to Acquisition | 1,001 | ||
Gross Carrying Amount at year end | |||
Land | 899 | ||
Building and Improvements | 5,165 | ||
Total | 6,064 | ||
Accumulated Depreciation | $ 2,307 | ||
Temecula II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,520 | ||
Initial cost | |||
Land | $ 3,080 | ||
Building and Improvements | 5,839 | ||
Costs Subsequent to Acquisition | 708 | ||
Gross Carrying Amount at year end | |||
Land | 3,080 | ||
Building and Improvements | 5,612 | ||
Total | 8,692 | ||
Accumulated Depreciation | $ 1,736 | ||
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 | 2,346 | ||
Gross Carrying Amount at year end | |||
Land | 1,118 | ||
Building and Improvements | 5,099 | ||
Total | 6,217 | ||
Accumulated Depreciation | $ 2,059 | ||
Vista II, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 147,753 | ||
Initial cost | |||
Land | $ 4,629 | ||
Building and Improvements | 13,599 | ||
Costs Subsequent to Acquisition | 174 | ||
Gross Carrying Amount at year end | |||
Land | 4,629 | ||
Building and Improvements | 11,712 | ||
Total | 16,341 | ||
Accumulated Depreciation | $ 4,590 | ||
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 | 326 | ||
Gross Carrying Amount at year end | |||
Land | 1,595 | ||
Building and Improvements | 4,223 | ||
Total | 5,818 | ||
Accumulated Depreciation | $ 1,644 | ||
West Sacramento, CA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 39,765 | ||
Initial cost | |||
Land | $ 1,222 | ||
Building and Improvements | 3,590 | ||
Costs Subsequent to Acquisition | 216 | ||
Gross Carrying Amount at year end | |||
Land | 1,222 | ||
Building and Improvements | 3,239 | ||
Total | 4,461 | ||
Accumulated Depreciation | $ 1,278 | ||
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 | 379 | ||
Gross Carrying Amount at year end | |||
Land | 1,743 | ||
Building and Improvements | 4,634 | ||
Total | 6,377 | ||
Accumulated Depreciation | $ 1,880 | ||
Aurora, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,717 | ||
Initial cost | |||
Land | $ 1,343 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 559 | ||
Gross Carrying Amount at year end | |||
Land | 1,343 | ||
Building and Improvements | 2,996 | ||
Total | 4,339 | ||
Accumulated Depreciation | $ 1,102 | ||
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 | 92 | ||
Gross Carrying Amount at year end | |||
Land | 1,281 | ||
Building and Improvements | 9,049 | ||
Total | 10,330 | ||
Accumulated Depreciation | $ 452 | ||
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 | 409 | ||
Gross Carrying Amount at year end | |||
Land | 771 | ||
Building and Improvements | 1,783 | ||
Total | 2,554 | ||
Accumulated Depreciation | $ 683 | ||
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 | 269 | ||
Gross Carrying Amount at year end | |||
Land | 656 | ||
Building and Improvements | 2,435 | ||
Total | 3,091 | ||
Accumulated Depreciation | $ 934 | ||
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 | 227 | ||
Gross Carrying Amount at year end | |||
Land | 646 | ||
Building and Improvements | 2,490 | ||
Total | 3,136 | ||
Accumulated Depreciation | $ 1,010 | ||
Denver II, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,390 | ||
Initial cost | |||
Land | $ 1,430 | ||
Building and Improvements | 7,053 | ||
Costs Subsequent to Acquisition | 120 | ||
Gross Carrying Amount at year end | |||
Land | 1,430 | ||
Building and Improvements | 7,172 | ||
Total | 8,602 | ||
Accumulated Depreciation | $ 1,213 | ||
Denver III, CO | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,025 | ||
Initial cost | |||
Land | $ 1,828 | ||
Building and Improvements | 12,109 | ||
Costs Subsequent to Acquisition | 65 | ||
Gross Carrying Amount at year end | |||
Land | 1,828 | ||
Building and Improvements | 12,174 | ||
Total | 14,002 | ||
Accumulated Depreciation | $ 496 | ||
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 | 275 | ||
Gross Carrying Amount at year end | |||
Land | 879 | ||
Building and Improvements | 1,830 | ||
Total | 2,709 | ||
Accumulated Depreciation | $ 702 | ||
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 | 564 | ||
Gross Carrying Amount at year end | |||
Land | 1,684 | ||
Building and Improvements | 3,636 | ||
Total | 5,320 | ||
Accumulated Depreciation | $ 1,367 | ||
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 | 388 | ||
Gross Carrying Amount at year end | |||
Land | 1,268 | ||
Building and Improvements | 2,701 | ||
Total | 3,969 | ||
Accumulated Depreciation | $ 983 | ||
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 | 432 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 2,135 | ||
Total | 2,797 | ||
Accumulated Depreciation | $ 750 | ||
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 | 2,408 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 2,678 | ||
Total | 3,038 | ||
Accumulated Depreciation | $ 1,180 | ||
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 | 1,516 | ||
Gross Carrying Amount at year end | |||
Land | 504 | ||
Building and Improvements | 3,236 | ||
Total | 3,740 | ||
Accumulated Depreciation | $ 1,587 | ||
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 | 104 | ||
Gross Carrying Amount at year end | |||
Land | 1,819 | ||
Building and Improvements | 2,801 | ||
Total | 4,620 | ||
Accumulated Depreciation | $ 1,211 | ||
East Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 45,966 | ||
Initial cost | |||
Land | $ 744 | ||
Building and Improvements | 1,294 | ||
Costs Subsequent to Acquisition | 508 | ||
Gross Carrying Amount at year end | |||
Land | 744 | ||
Building and Improvements | 1,531 | ||
Total | 2,275 | ||
Accumulated Depreciation | $ 680 | ||
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 | 460 | ||
Gross Carrying Amount at year end | |||
Land | 473 | ||
Building and Improvements | 2,107 | ||
Total | 2,580 | ||
Accumulated Depreciation | $ 890 | ||
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 | 1,550 | ||
Gross Carrying Amount at year end | |||
Land | 489 | ||
Building and Improvements | 3,555 | ||
Total | 4,044 | ||
Accumulated Depreciation | $ 1,878 | ||
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 | 476 | ||
Gross Carrying Amount at year end | |||
Land | 563 | ||
Building and Improvements | 2,576 | ||
Total | 3,139 | ||
Accumulated Depreciation | $ 1,019 | ||
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 | 325 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 1,748 | ||
Total | 2,744 | ||
Accumulated Depreciation | $ 739 | ||
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 | 157 | ||
Gross Carrying Amount at year end | |||
Land | 671 | ||
Building and Improvements | 3,465 | ||
Total | 4,136 | ||
Accumulated Depreciation | $ 444 | ||
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 | 1,210 | ||
Gross Carrying Amount at year end | |||
Land | 274 | ||
Building and Improvements | 1,767 | ||
Total | 2,041 | ||
Accumulated Depreciation | $ 849 | ||
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 | 656 | ||
Gross Carrying Amount at year end | |||
Land | 2,004 | ||
Building and Improvements | 3,454 | ||
Total | 5,458 | ||
Accumulated Depreciation | $ 1,557 | ||
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 | 2,071 | ||
Gross Carrying Amount at year end | |||
Land | 410 | ||
Building and Improvements | 2,958 | ||
Total | 3,368 | ||
Accumulated Depreciation | $ 1,406 | ||
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 | 272 | ||
Gross Carrying Amount at year end | |||
Land | 1,059 | ||
Building and Improvements | 1,818 | ||
Total | 2,877 | ||
Accumulated Depreciation | $ 764 | ||
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 | 291 | ||
Gross Carrying Amount at year end | |||
Land | 911 | ||
Building and Improvements | 1,601 | ||
Total | 2,512 | ||
Accumulated Depreciation | $ 685 | ||
Norwalk I, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 30,160 | ||
Initial cost | |||
Land | $ 646 | ||
Building and Improvements | 3,187 | ||
Costs Subsequent to Acquisition | 58 | ||
Gross Carrying Amount at year end | |||
Land | 646 | ||
Building and Improvements | 3,244 | ||
Total | 3,890 | ||
Accumulated Depreciation | $ 569 | ||
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 | 108 | ||
Gross Carrying Amount at year end | |||
Land | 1,171 | ||
Building and Improvements | 15,530 | ||
Total | 16,701 | ||
Accumulated Depreciation | $ 784 | ||
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 | 706 | ||
Gross Carrying Amount at year end | |||
Land | 3,092 | ||
Building and Improvements | 5,226 | ||
Total | 8,318 | ||
Accumulated Depreciation | $ 2,247 | ||
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 | 254 | ||
Gross Carrying Amount at year end | |||
Land | 1,135 | ||
Building and Improvements | 1,899 | ||
Total | 3,034 | ||
Accumulated Depreciation | $ 850 | ||
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 | 217 | ||
Gross Carrying Amount at year end | |||
Land | 1,613 | ||
Building and Improvements | 8,165 | ||
Total | 9,778 | ||
Accumulated Depreciation | $ 1,614 | ||
South Windsor, CT | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,025 | ||
Initial cost | |||
Land | $ 90 | ||
Building and Improvements | 1,127 | ||
Costs Subsequent to Acquisition | 1,493 | ||
Gross Carrying Amount at year end | |||
Land | 272 | ||
Building and Improvements | 2,228 | ||
Total | 2,500 | ||
Accumulated Depreciation | $ 1,018 | ||
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 | 188 | ||
Gross Carrying Amount at year end | |||
Land | 1,941 | ||
Building and Improvements | 3,022 | ||
Total | 4,963 | ||
Accumulated Depreciation | $ 1,273 | ||
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 | 404 | ||
Gross Carrying Amount at year end | |||
Land | 2,421 | ||
Building and Improvements | 12,727 | ||
Total | 15,148 | ||
Accumulated Depreciation | $ 2,353 | ||
Washington I, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,685 | ||
Initial cost | |||
Land | $ 871 | ||
Building and Improvements | 12,759 | ||
Costs Subsequent to Acquisition | 536 | ||
Gross Carrying Amount at year end | |||
Land | 894 | ||
Building and Improvements | 10,573 | ||
Total | 11,467 | ||
Accumulated Depreciation | $ 3,328 | ||
Washington II, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,697 | ||
Initial cost | |||
Land | $ 3,152 | ||
Building and Improvements | 13,612 | ||
Costs Subsequent to Acquisition | 202 | ||
Gross Carrying Amount at year end | |||
Land | 3,154 | ||
Building and Improvements | 12,039 | ||
Total | 15,193 | ||
Accumulated Depreciation | $ 2,302 | ||
Washington III, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,340 | ||
Initial cost | |||
Land | $ 4,469 | ||
Building and Improvements | 15,438 | ||
Costs Subsequent to Acquisition | 58 | ||
Gross Carrying Amount at year end | |||
Land | 4,469 | ||
Building and Improvements | 15,497 | ||
Total | 19,966 | ||
Accumulated Depreciation | $ 894 | ||
Washington IV, DC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,971 | ||
Initial cost | |||
Land | $ 6,359 | ||
Building and Improvements | 20,417 | ||
Costs Subsequent to Acquisition | 2 | ||
Gross Carrying Amount at year end | |||
Land | 6,359 | ||
Building and Improvements | 20,419 | ||
Total | 26,778 | ||
Accumulated Depreciation | $ 133 | ||
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 | 1,605 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 3,551 | ||
Total | 4,364 | ||
Accumulated Depreciation | $ 1,459 | ||
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 | 1,927 | ||
Gross Carrying Amount at year end | |||
Land | 958 | ||
Building and Improvements | 4,392 | ||
Total | 5,350 | ||
Accumulated Depreciation | $ 1,795 | ||
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 | 443 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 2,973 | ||
Total | 4,003 | ||
Accumulated Depreciation | $ 1,145 | ||
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 | 247 | ||
Gross Carrying Amount at year end | |||
Land | 1,225 | ||
Building and Improvements | 6,285 | ||
Total | 7,510 | ||
Accumulated Depreciation | $ 718 | ||
Boynton Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,098 | ||
Initial cost | |||
Land | $ 1,455 | ||
Building and Improvements | 7,171 | ||
Costs Subsequent to Acquisition | 54 | ||
Gross Carrying Amount at year end | |||
Land | 1,455 | ||
Building and Improvements | 7,226 | ||
Total | 8,681 | ||
Accumulated Depreciation | $ 576 | ||
Bradenton I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 68,398 | ||
Initial cost | |||
Land | $ 1,180 | ||
Building and Improvements | 3,324 | ||
Costs Subsequent to Acquisition | 250 | ||
Gross Carrying Amount at year end | |||
Land | 1,180 | ||
Building and Improvements | 3,053 | ||
Total | 4,233 | ||
Accumulated Depreciation | $ 1,216 | ||
Bradenton II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 88,063 | ||
Initial cost | |||
Land | $ 1,931 | ||
Building and Improvements | 5,561 | ||
Costs Subsequent to Acquisition | 1,131 | ||
Gross Carrying Amount at year end | |||
Land | 1,931 | ||
Building and Improvements | 5,596 | ||
Total | 7,527 | ||
Accumulated Depreciation | $ 2,221 | ||
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 | 2,574 | ||
Gross Carrying Amount at year end | |||
Land | 830 | ||
Building and Improvements | 4,040 | ||
Total | 4,870 | ||
Accumulated Depreciation | $ 1,997 | ||
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 | 99 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 5,485 | ||
Total | 6,578 | ||
Accumulated Depreciation | $ 545 | ||
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 | 173 | ||
Gross Carrying Amount at year end | |||
Land | 1,189 | ||
Building and Improvements | 6,035 | ||
Total | 7,224 | ||
Accumulated Depreciation | $ 1,030 | ||
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 | 174 | ||
Gross Carrying Amount at year end | |||
Land | 1,937 | ||
Building and Improvements | 9,723 | ||
Total | 11,660 | ||
Accumulated Depreciation | $ 1,223 | ||
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 | 1,656 | ||
Gross Carrying Amount at year end | |||
Land | 3,584 | ||
Building and Improvements | 10,442 | ||
Total | 14,026 | ||
Accumulated Depreciation | $ 4,087 | ||
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 | 1,519 | ||
Gross Carrying Amount at year end | |||
Land | 481 | ||
Building and Improvements | 2,888 | ||
Total | 3,369 | ||
Accumulated Depreciation | $ 1,431 | ||
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 | 1,240 | ||
Gross Carrying Amount at year end | |||
Land | 1,373 | ||
Building and Improvements | 6,152 | ||
Total | 7,525 | ||
Accumulated Depreciation | $ 2,384 | ||
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 | 2,001 | ||
Gross Carrying Amount at year end | |||
Land | 1,311 | ||
Building and Improvements | 4,490 | ||
Total | 5,801 | ||
Accumulated Depreciation | $ 2,044 | ||
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 | 822 | ||
Gross Carrying Amount at year end | |||
Land | 883 | ||
Building and Improvements | 4,075 | ||
Total | 4,958 | ||
Accumulated Depreciation | $ 1,707 | ||
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 | 222 | ||
Gross Carrying Amount at year end | |||
Land | 957 | ||
Building and Improvements | 4,940 | ||
Total | 5,897 | ||
Accumulated Depreciation | $ 737 | ||
Delray Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,377 | ||
Initial cost | |||
Land | $ 2,086 | ||
Building and Improvements | 10,286 | ||
Costs Subsequent to Acquisition | 155 | ||
Gross Carrying Amount at year end | |||
Land | 2,086 | ||
Building and Improvements | 10,442 | ||
Total | 12,528 | ||
Accumulated Depreciation | $ 1,174 | ||
Delray Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 97,945 | ||
Initial cost | |||
Land | $ 2,208 | ||
Building and Improvements | 14,384 | ||
Costs Subsequent to Acquisition | 5 | ||
Gross Carrying Amount at year end | |||
Land | 2,208 | ||
Building and Improvements | 14,388 | ||
Total | 16,596 | ||
Accumulated Depreciation | $ 36 | ||
Ft. Lauderdale I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,093 | ||
Initial cost | |||
Land | $ 937 | ||
Building and Improvements | 3,646 | ||
Costs Subsequent to Acquisition | 2,490 | ||
Gross Carrying Amount at year end | |||
Land | 1,384 | ||
Building and Improvements | 5,455 | ||
Total | 6,839 | ||
Accumulated Depreciation | $ 2,490 | ||
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 | 86 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,337 | ||
Total | 5,199 | ||
Accumulated Depreciation | $ 557 | ||
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 | 940 | ||
Gross Carrying Amount at year end | |||
Land | 328 | ||
Building and Improvements | 3,269 | ||
Total | 3,597 | ||
Accumulated Depreciation | $ 1,504 | ||
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 | 135 | ||
Gross Carrying Amount at year end | |||
Land | 1,030 | ||
Building and Improvements | 5,215 | ||
Total | 6,245 | ||
Accumulated Depreciation | $ 592 | ||
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 | 155 | ||
Gross Carrying Amount at year end | |||
Land | 1,148 | ||
Building and Improvements | 5,814 | ||
Total | 6,962 | ||
Accumulated Depreciation | $ 657 | ||
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 | 156 | ||
Gross Carrying Amount at year end | |||
Land | 1,862 | ||
Building and Improvements | 4,836 | ||
Total | 6,698 | ||
Accumulated Depreciation | $ 1,742 | ||
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 | 170 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 5,626 | ||
Total | 6,576 | ||
Accumulated Depreciation | $ 1,822 | ||
Jacksonville III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,840 | ||
Initial cost | |||
Land | $ 860 | ||
Building and Improvements | 7,409 | ||
Costs Subsequent to Acquisition | 1,010 | ||
Gross Carrying Amount at year end | |||
Land | 1,670 | ||
Building and Improvements | 6,018 | ||
Total | 7,688 | ||
Accumulated Depreciation | $ 1,960 | ||
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 | 1,159 | ||
Gross Carrying Amount at year end | |||
Land | 1,651 | ||
Building and Improvements | 7,133 | ||
Total | 8,784 | ||
Accumulated Depreciation | $ 2,297 | ||
Jacksonville V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,523 | ||
Initial cost | |||
Land | $ 1,220 | ||
Building and Improvements | 8,210 | ||
Costs Subsequent to Acquisition | 362 | ||
Gross Carrying Amount at year end | |||
Land | 1,220 | ||
Building and Improvements | 6,835 | ||
Total | 8,055 | ||
Accumulated Depreciation | $ 2,230 | ||
Jacksonville VI, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,375 | ||
Initial cost | |||
Land | $ 755 | ||
Building and Improvements | 3,725 | ||
Costs Subsequent to Acquisition | 122 | ||
Gross Carrying Amount at year end | |||
Land | 755 | ||
Building and Improvements | 3,846 | ||
Total | 4,601 | ||
Accumulated Depreciation | $ 384 | ||
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 | 476 | ||
Gross Carrying Amount at year end | |||
Land | 2,350 | ||
Building and Improvements | 6,808 | ||
Total | 9,158 | ||
Accumulated Depreciation | $ 2,156 | ||
Lake Worth I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 160,622 | ||
Initial cost | |||
Land | $ 183 | ||
Building and Improvements | 6,597 | ||
Costs Subsequent to Acquisition | 7,507 | ||
Gross Carrying Amount at year end | |||
Land | 354 | ||
Building and Improvements | 10,905 | ||
Total | 11,259 | ||
Accumulated Depreciation | $ 4,972 | ||
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 | 176 | ||
Gross Carrying Amount at year end | |||
Land | 1,552 | ||
Building and Improvements | 7,829 | ||
Total | 9,381 | ||
Accumulated Depreciation | $ 922 | ||
Lake Worth III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 92,510 | ||
Initial cost | |||
Land | $ 957 | ||
Building and Improvements | 4,716 | ||
Costs Subsequent to Acquisition | 211 | ||
Gross Carrying Amount at year end | |||
Land | 957 | ||
Building and Improvements | 4,928 | ||
Total | 5,885 | ||
Accumulated Depreciation | $ 421 | ||
Lakeland, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 49,095 | ||
Initial cost | |||
Land | $ 81 | ||
Building and Improvements | 896 | ||
Costs Subsequent to Acquisition | 1,247 | ||
Gross Carrying Amount at year end | |||
Land | 256 | ||
Building and Improvements | 1,556 | ||
Total | 1,812 | ||
Accumulated Depreciation | $ 737 | ||
Leisure City, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 56,225 | ||
Initial cost | |||
Land | $ 409 | ||
Building and Improvements | 2,018 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 409 | ||
Building and Improvements | 2,181 | ||
Total | 2,590 | ||
Accumulated Depreciation | $ 384 | ||
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 | 264 | ||
Gross Carrying Amount at year end | |||
Land | 901 | ||
Building and Improvements | 2,356 | ||
Total | 3,257 | ||
Accumulated Depreciation | $ 928 | ||
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 | 400 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 2,773 | ||
Total | 3,765 | ||
Accumulated Depreciation | $ 1,077 | ||
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 | 2,202 | ||
Gross Carrying Amount at year end | |||
Land | 399 | ||
Building and Improvements | 3,285 | ||
Total | 3,684 | ||
Accumulated Depreciation | $ 1,603 | ||
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 | 1,859 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 2,712 | ||
Total | 3,095 | ||
Accumulated Depreciation | $ 1,286 | ||
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 | 667 | ||
Gross Carrying Amount at year end | |||
Land | 796 | ||
Building and Improvements | 2,738 | ||
Total | 3,534 | ||
Accumulated Depreciation | $ 1,038 | ||
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 | 1,850 | ||
Gross Carrying Amount at year end | |||
Land | 484 | ||
Building and Improvements | 2,850 | ||
Total | 3,334 | ||
Accumulated Depreciation | $ 1,373 | ||
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 | 1,619 | ||
Gross Carrying Amount at year end | |||
Land | 561 | ||
Building and Improvements | 3,332 | ||
Total | 3,893 | ||
Accumulated Depreciation | $ 1,649 | ||
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 | 867 | ||
Gross Carrying Amount at year end | |||
Land | 4,577 | ||
Building and Improvements | 12,228 | ||
Total | 16,805 | ||
Accumulated Depreciation | $ 4,537 | ||
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 | 936 | ||
Gross Carrying Amount at year end | |||
Land | 1,963 | ||
Building and Improvements | 9,869 | ||
Total | 11,832 | ||
Accumulated Depreciation | $ 2,126 | ||
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 | 80 | ||
Gross Carrying Amount at year end | |||
Land | 1,206 | ||
Building and Improvements | 6,025 | ||
Total | 7,231 | ||
Accumulated Depreciation | $ 881 | ||
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 | 2,631 | ||
Gross Carrying Amount at year end | |||
Land | 270 | ||
Building and Improvements | 3,100 | ||
Total | 3,370 | ||
Accumulated Depreciation | $ 1,469 | ||
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 | 4,294 | ||
Gross Carrying Amount at year end | |||
Land | 558 | ||
Building and Improvements | 5,252 | ||
Total | 5,810 | ||
Accumulated Depreciation | $ 2,535 | ||
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 | 4,147 | ||
Gross Carrying Amount at year end | |||
Land | 598 | ||
Building and Improvements | 4,079 | ||
Total | 4,677 | ||
Accumulated Depreciation | $ 1,994 | ||
Naples IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 40,625 | ||
Initial cost | |||
Land | $ 262 | ||
Building and Improvements | 2,980 | ||
Costs Subsequent to Acquisition | 613 | ||
Gross Carrying Amount at year end | |||
Land | 407 | ||
Building and Improvements | 2,996 | ||
Total | 3,403 | ||
Accumulated Depreciation | $ 1,473 | ||
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 | 193 | ||
Gross Carrying Amount at year end | |||
Land | 1,261 | ||
Building and Improvements | 6,407 | ||
Total | 7,668 | ||
Accumulated Depreciation | $ 647 | ||
North Palm Beach, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,275 | ||
Initial cost | |||
Land | $ 1,374 | ||
Building and Improvements | 7,649 | ||
Costs Subsequent to Acquisition | 29 | ||
Gross Carrying Amount at year end | |||
Land | 1,374 | ||
Building and Improvements | 7,679 | ||
Total | 9,053 | ||
Accumulated Depreciation | $ 234 | ||
Oakland Park, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,231 | ||
Initial cost | |||
Land | $ 3,007 | ||
Building and Improvements | 10,145 | ||
Costs Subsequent to Acquisition | 11 | ||
Gross Carrying Amount at year end | |||
Land | 3,007 | ||
Building and Improvements | 10,157 | ||
Total | 13,164 | ||
Accumulated Depreciation | $ 47 | ||
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 | 198 | ||
Gross Carrying Amount at year end | |||
Land | 1,286 | ||
Building and Improvements | 3,386 | ||
Total | 4,672 | ||
Accumulated Depreciation | $ 1,280 | ||
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 | 230 | ||
Gross Carrying Amount at year end | |||
Land | 1,191 | ||
Building and Improvements | 2,952 | ||
Total | 4,143 | ||
Accumulated Depreciation | $ 1,180 | ||
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 | 202 | ||
Gross Carrying Amount at year end | |||
Land | 1,589 | ||
Building and Improvements | 4,138 | ||
Total | 5,727 | ||
Accumulated Depreciation | $ 1,565 | ||
Orlando III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,510 | ||
Initial cost | |||
Land | $ 1,209 | ||
Building and Improvements | 7,768 | ||
Costs Subsequent to Acquisition | 742 | ||
Gross Carrying Amount at year end | |||
Land | 1,209 | ||
Building and Improvements | 7,122 | ||
Total | 8,331 | ||
Accumulated Depreciation | $ 2,408 | ||
Orlando IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,601 | ||
Initial cost | |||
Land | $ 633 | ||
Building and Improvements | 3,587 | ||
Costs Subsequent to Acquisition | 184 | ||
Gross Carrying Amount at year end | |||
Land | 633 | ||
Building and Improvements | 3,268 | ||
Total | 3,901 | ||
Accumulated Depreciation | $ 734 | ||
Orlando V, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,327 | ||
Initial cost | |||
Land | $ 950 | ||
Building and Improvements | 4,685 | ||
Costs Subsequent to Acquisition | 127 | ||
Gross Carrying Amount at year end | |||
Land | 950 | ||
Building and Improvements | 4,811 | ||
Total | 5,761 | ||
Accumulated Depreciation | $ 803 | ||
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 | 141 | ||
Gross Carrying Amount at year end | |||
Land | 640 | ||
Building and Improvements | 3,295 | ||
Total | 3,935 | ||
Accumulated Depreciation | $ 334 | ||
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 | 607 | ||
Gross Carrying Amount at year end | |||
Land | 440 | ||
Building and Improvements | 2,759 | ||
Total | 3,199 | ||
Accumulated Depreciation | $ 963 | ||
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 | 110 | ||
Gross Carrying Amount at year end | |||
Land | 555 | ||
Building and Improvements | 2,845 | ||
Total | 3,400 | ||
Accumulated Depreciation | $ 366 | ||
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 | 353 | ||
Gross Carrying Amount at year end | |||
Land | 1,511 | ||
Building and Improvements | 7,804 | ||
Total | 9,315 | ||
Accumulated Depreciation | $ 999 | ||
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 | 118 | ||
Gross Carrying Amount at year end | |||
Land | 2,457 | ||
Building and Improvements | 16,297 | ||
Total | 18,754 | ||
Accumulated Depreciation | $ 782 | ||
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 | 2,808 | ||
Gross Carrying Amount at year end | |||
Land | 953 | ||
Building and Improvements | 5,434 | ||
Total | 6,387 | ||
Accumulated Depreciation | $ 2,633 | ||
Royal Palm Beach II, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,238 | ||
Initial cost | |||
Land | $ 1,640 | ||
Building and Improvements | 8,607 | ||
Costs Subsequent to Acquisition | 301 | ||
Gross Carrying Amount at year end | |||
Land | 1,640 | ||
Building and Improvements | 7,247 | ||
Total | 8,887 | ||
Accumulated Depreciation | $ 2,358 | ||
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 | 187 | ||
Gross Carrying Amount at year end | |||
Land | 453 | ||
Building and Improvements | 2,532 | ||
Total | 2,985 | ||
Accumulated Depreciation | $ 848 | ||
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 | 215 | ||
Gross Carrying Amount at year end | |||
Land | 1,003 | ||
Building and Improvements | 5,159 | ||
Total | 6,162 | ||
Accumulated Depreciation | $ 526 | ||
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 | 1,399 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 3,842 | ||
Total | 4,371 | ||
Accumulated Depreciation | $ 1,739 | ||
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 | 3,411 | ||
Gross Carrying Amount at year end | |||
Land | 383 | ||
Building and Improvements | 4,322 | ||
Total | 4,705 | ||
Accumulated Depreciation | $ 2,126 | ||
St. Petersburg, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 66,025 | ||
Initial cost | |||
Land | $ 2,721 | ||
Building and Improvements | 10,173 | ||
Costs Subsequent to Acquisition | 422 | ||
Gross Carrying Amount at year end | |||
Land | 2,721 | ||
Building and Improvements | 10,594 | ||
Total | 13,315 | ||
Accumulated Depreciation | $ 508 | ||
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 | 3,185 | ||
Gross Carrying Amount at year end | |||
Land | 685 | ||
Building and Improvements | 5,823 | ||
Total | 6,508 | ||
Accumulated Depreciation | $ 2,781 | ||
SW Ranches, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,975 | ||
Initial cost | |||
Land | $ 1,390 | ||
Building and Improvements | 7,598 | ||
Costs Subsequent to Acquisition | 284 | ||
Gross Carrying Amount at year end | |||
Land | 1,390 | ||
Building and Improvements | 6,020 | ||
Total | 7,410 | ||
Accumulated Depreciation | $ 1,938 | ||
Tampa I, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,938 | ||
Initial cost | |||
Land | $ 2,670 | ||
Building and Improvements | 6,249 | ||
Costs Subsequent to Acquisition | 258 | ||
Gross Carrying Amount at year end | |||
Land | 2,670 | ||
Building and Improvements | 5,154 | ||
Total | 7,824 | ||
Accumulated Depreciation | $ 1,659 | ||
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 | 123 | ||
Gross Carrying Amount at year end | |||
Land | 2,291 | ||
Building and Improvements | 10,385 | ||
Total | 12,676 | ||
Accumulated Depreciation | $ 495 | ||
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 | 1,667 | ||
Gross Carrying Amount at year end | |||
Land | 835 | ||
Building and Improvements | 3,841 | ||
Total | 4,676 | ||
Accumulated Depreciation | $ 1,602 | ||
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 | 439 | ||
Gross Carrying Amount at year end | |||
Land | 2,129 | ||
Building and Improvements | 7,805 | ||
Total | 9,934 | ||
Accumulated Depreciation | $ 3,132 | ||
West Palm Beach III, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,410 | ||
Initial cost | |||
Land | $ 804 | ||
Building and Improvements | 3,962 | ||
Costs Subsequent to Acquisition | 74 | ||
Gross Carrying Amount at year end | |||
Land | 804 | ||
Building and Improvements | 4,036 | ||
Total | 4,840 | ||
Accumulated Depreciation | $ 655 | ||
West Palm Beach IV, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 102,742 | ||
Initial cost | |||
Land | $ 1,499 | ||
Building and Improvements | 7,392 | ||
Costs Subsequent to Acquisition | 318 | ||
Gross Carrying Amount at year end | |||
Land | 1,499 | ||
Building and Improvements | 7,709 | ||
Total | 9,208 | ||
Accumulated Depreciation | $ 883 | ||
Winter Park, FL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,416 | ||
Initial cost | |||
Land | $ 866 | ||
Building and Improvements | 4,268 | ||
Costs Subsequent to Acquisition | 92 | ||
Gross Carrying Amount at year end | |||
Land | 866 | ||
Building and Improvements | 4,360 | ||
Total | 5,226 | ||
Accumulated Depreciation | $ 446 | ||
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 | 1,060 | ||
Gross Carrying Amount at year end | |||
Land | 967 | ||
Building and Improvements | 4,032 | ||
Total | 4,999 | ||
Accumulated Depreciation | $ 1,622 | ||
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 | 73 | ||
Gross Carrying Amount at year end | |||
Land | 822 | ||
Building and Improvements | 4,127 | ||
Total | 4,949 | ||
Accumulated Depreciation | $ 706 | ||
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 | 381 | ||
Gross Carrying Amount at year end | |||
Land | 1,643 | ||
Building and Improvements | 4,436 | ||
Total | 6,079 | ||
Accumulated Depreciation | $ 1,485 | ||
Decatur, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 145,320 | ||
Initial cost | |||
Land | $ 616 | ||
Building and Improvements | 6,776 | ||
Costs Subsequent to Acquisition | 400 | ||
Gross Carrying Amount at year end | |||
Land | 616 | ||
Building and Improvements | 6,183 | ||
Total | 6,799 | ||
Accumulated Depreciation | $ 3,118 | ||
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 | 216 | ||
Gross Carrying Amount at year end | |||
Land | 373 | ||
Building and Improvements | 1,935 | ||
Total | 2,308 | ||
Accumulated Depreciation | $ 400 | ||
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 | 424 | ||
Gross Carrying Amount at year end | |||
Land | 546 | ||
Building and Improvements | 2,910 | ||
Total | 3,456 | ||
Accumulated Depreciation | $ 614 | ||
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 | 125 | ||
Gross Carrying Amount at year end | |||
Land | 748 | ||
Building and Improvements | 5,675 | ||
Total | 6,423 | ||
Accumulated Depreciation | $ 380 | ||
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 | 954 | ||
Gross Carrying Amount at year end | |||
Land | 632 | ||
Building and Improvements | 2,969 | ||
Total | 3,601 | ||
Accumulated Depreciation | $ 1,171 | ||
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 | 224 | ||
Gross Carrying Amount at year end | |||
Land | 366 | ||
Building and Improvements | 1,965 | ||
Total | 2,331 | ||
Accumulated Depreciation | $ 414 | ||
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 | 70 | ||
Gross Carrying Amount at year end | |||
Land | 938 | ||
Building and Improvements | 4,696 | ||
Total | 5,634 | ||
Accumulated Depreciation | $ 876 | ||
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 | 117 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 2,956 | ||
Total | 3,532 | ||
Accumulated Depreciation | $ 503 | ||
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 | 788 | ||
Gross Carrying Amount at year end | |||
Land | 529 | ||
Building and Improvements | 2,541 | ||
Total | 3,070 | ||
Accumulated Depreciation | $ 997 | ||
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 | 120 | ||
Gross Carrying Amount at year end | |||
Land | 398 | ||
Building and Improvements | 2,084 | ||
Total | 2,482 | ||
Accumulated Depreciation | $ 350 | ||
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 | 318 | ||
Gross Carrying Amount at year end | |||
Land | 750 | ||
Building and Improvements | 3,471 | ||
Total | 4,221 | ||
Accumulated Depreciation | $ 1,414 | ||
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 | 355 | ||
Gross Carrying Amount at year end | |||
Land | 1,660 | ||
Building and Improvements | 4,473 | ||
Total | 6,133 | ||
Accumulated Depreciation | $ 1,477 | ||
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 | 343 | ||
Gross Carrying Amount at year end | |||
Land | 1,737 | ||
Building and Improvements | 4,653 | ||
Total | 6,390 | ||
Accumulated Depreciation | $ 1,534 | ||
Suwanee II, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 80,340 | ||
Initial cost | |||
Land | $ 800 | ||
Building and Improvements | 6,942 | ||
Costs Subsequent to Acquisition | 93 | ||
Gross Carrying Amount at year end | |||
Land | 622 | ||
Building and Improvements | 5,831 | ||
Total | 6,453 | ||
Accumulated Depreciation | $ 1,897 | ||
Villa Rica, GA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,281 | ||
Initial cost | |||
Land | $ 757 | ||
Building and Improvements | 5,616 | ||
Costs Subsequent to Acquisition | 147 | ||
Gross Carrying Amount at year end | |||
Land | 757 | ||
Building and Improvements | 5,763 | ||
Total | 6,520 | ||
Accumulated Depreciation | $ 385 | ||
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 | 475 | ||
Gross Carrying Amount at year end | |||
Land | 428 | ||
Building and Improvements | 3,505 | ||
Total | 3,933 | ||
Accumulated Depreciation | $ 1,369 | ||
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 | 203 | ||
Gross Carrying Amount at year end | |||
Land | 644 | ||
Building and Improvements | 3,335 | ||
Total | 3,979 | ||
Accumulated Depreciation | $ 1,311 | ||
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 | 306 | ||
Gross Carrying Amount at year end | |||
Land | 931 | ||
Building and Improvements | 2,395 | ||
Total | 3,326 | ||
Accumulated Depreciation | $ 944 | ||
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 | 1,070 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 5,103 | ||
Total | 6,115 | ||
Accumulated Depreciation | $ 2,004 | ||
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 | 47 | ||
Gross Carrying Amount at year end | |||
Land | 633 | ||
Building and Improvements | 3,167 | ||
Total | 3,800 | ||
Accumulated Depreciation | $ 281 | ||
Bolingbrook, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 82,425 | ||
Initial cost | |||
Land | $ 1,675 | ||
Building and Improvements | 8,254 | ||
Costs Subsequent to Acquisition | 175 | ||
Gross Carrying Amount at year end | |||
Land | 1,675 | ||
Building and Improvements | 8,430 | ||
Total | 10,105 | ||
Accumulated Depreciation | $ 860 | ||
Chicago I, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 95,845 | ||
Initial cost | |||
Land | $ 2,667 | ||
Building and Improvements | 13,118 | ||
Costs Subsequent to Acquisition | 953 | ||
Gross Carrying Amount at year end | |||
Land | 2,667 | ||
Building and Improvements | 14,070 | ||
Total | 16,737 | ||
Accumulated Depreciation | $ 1,453 | ||
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 | 73 | ||
Gross Carrying Amount at year end | |||
Land | 833 | ||
Building and Improvements | 4,108 | ||
Total | 4,941 | ||
Accumulated Depreciation | $ 416 | ||
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 | 813 | ||
Gross Carrying Amount at year end | |||
Land | 2,427 | ||
Building and Improvements | 12,775 | ||
Total | 15,202 | ||
Accumulated Depreciation | $ 1,327 | ||
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 | 56 | ||
Gross Carrying Amount at year end | |||
Land | 1,296 | ||
Building and Improvements | 6,442 | ||
Total | 7,738 | ||
Accumulated Depreciation | $ 564 | ||
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 | 53 | ||
Gross Carrying Amount at year end | |||
Land | 1,044 | ||
Building and Improvements | 5,197 | ||
Total | 6,241 | ||
Accumulated Depreciation | $ 456 | ||
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 | 47 | ||
Gross Carrying Amount at year end | |||
Land | 1,596 | ||
Building and Improvements | 9,582 | ||
Total | 11,178 | ||
Accumulated Depreciation | $ 483 | ||
Chicago VII, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,292 | ||
Initial cost | |||
Building and Improvements | $ 11,191 | ||
Costs Subsequent to Acquisition | 290 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 11,481 | ||
Total | 11,481 | ||
Accumulated Depreciation | $ 58 | ||
Countryside, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 97,356 | ||
Initial cost | |||
Land | $ 2,607 | ||
Building and Improvements | 12,684 | ||
Costs Subsequent to Acquisition | 185 | ||
Gross Carrying Amount at year end | |||
Land | 2,607 | ||
Building and Improvements | 12,870 | ||
Total | 15,477 | ||
Accumulated Depreciation | $ 1,303 | ||
Des Plaines, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,450 | ||
Initial cost | |||
Land | $ 1,564 | ||
Building and Improvements | 4,327 | ||
Costs Subsequent to Acquisition | 815 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 4,503 | ||
Total | 6,067 | ||
Accumulated Depreciation | $ 1,703 | ||
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 | 23 | ||
Gross Carrying Amount at year end | |||
Land | 1,498 | ||
Building and Improvements | 13,176 | ||
Total | 14,674 | ||
Accumulated Depreciation | $ 678 | ||
Elk Grove Village, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,054 | ||
Initial cost | |||
Land | $ 1,446 | ||
Building and Improvements | 3,535 | ||
Costs Subsequent to Acquisition | 306 | ||
Gross Carrying Amount at year end | |||
Land | 1,446 | ||
Building and Improvements | 3,311 | ||
Total | 4,757 | ||
Accumulated Depreciation | $ 1,348 | ||
Evanston, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,715 | ||
Initial cost | |||
Land | $ 1,103 | ||
Building and Improvements | 5,440 | ||
Costs Subsequent to Acquisition | 218 | ||
Gross Carrying Amount at year end | |||
Land | 1,103 | ||
Building and Improvements | 5,657 | ||
Total | 6,760 | ||
Accumulated Depreciation | $ 848 | ||
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 | 578 | ||
Gross Carrying Amount at year end | |||
Land | 3,740 | ||
Building and Improvements | 9,478 | ||
Total | 13,218 | ||
Accumulated Depreciation | $ 3,719 | ||
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 | 380 | ||
Gross Carrying Amount at year end | |||
Land | 1,521 | ||
Building and Improvements | 5,056 | ||
Total | 6,577 | ||
Accumulated Depreciation | $ 2,004 | ||
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 | 307 | ||
Gross Carrying Amount at year end | |||
Land | 1,126 | ||
Building and Improvements | 2,166 | ||
Total | 3,292 | ||
Accumulated Depreciation | $ 862 | ||
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 | 354 | ||
Gross Carrying Amount at year end | |||
Land | 869 | ||
Building and Improvements | 3,447 | ||
Total | 4,316 | ||
Accumulated Depreciation | $ 1,324 | ||
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 | 251 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 4,296 | ||
Total | 4,843 | ||
Accumulated Depreciation | $ 1,703 | ||
Kildeer, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,463 | ||
Initial cost | |||
Land | $ 2,102 | ||
Building and Improvements | 2,187 | ||
Costs Subsequent to Acquisition | 4,570 | ||
Gross Carrying Amount at year end | |||
Land | 1,997 | ||
Building and Improvements | 6,554 | ||
Total | 8,551 | ||
Accumulated Depreciation | $ 979 | ||
Lombard, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,241 | ||
Initial cost | |||
Land | $ 1,305 | ||
Building and Improvements | 3,938 | ||
Costs Subsequent to Acquisition | 932 | ||
Gross Carrying Amount at year end | |||
Land | 1,305 | ||
Building and Improvements | 4,264 | ||
Total | 5,569 | ||
Accumulated Depreciation | $ 1,679 | ||
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 | 31 | ||
Gross Carrying Amount at year end | |||
Land | 749 | ||
Building and Improvements | 3,720 | ||
Total | 4,469 | ||
Accumulated Depreciation | $ 325 | ||
Mount Prospect, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,950 | ||
Initial cost | |||
Land | $ 1,701 | ||
Building and Improvements | 3,114 | ||
Costs Subsequent to Acquisition | 645 | ||
Gross Carrying Amount at year end | |||
Land | 1,701 | ||
Building and Improvements | 3,306 | ||
Total | 5,007 | ||
Accumulated Depreciation | $ 1,249 | ||
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 | 412 | ||
Gross Carrying Amount at year end | |||
Land | 1,498 | ||
Building and Improvements | 2,778 | ||
Total | 4,276 | ||
Accumulated Depreciation | $ 1,052 | ||
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 | 510 | ||
Gross Carrying Amount at year end | |||
Land | 1,073 | ||
Building and Improvements | 3,031 | ||
Total | 4,104 | ||
Accumulated Depreciation | $ 1,183 | ||
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 | 346 | ||
Gross Carrying Amount at year end | |||
Land | 1,740 | ||
Building and Improvements | 1,768 | ||
Total | 3,508 | ||
Accumulated Depreciation | $ 667 | ||
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 | 285 | ||
Gross Carrying Amount at year end | |||
Land | 694 | ||
Building and Improvements | 1,952 | ||
Total | 2,646 | ||
Accumulated Depreciation | $ 702 | ||
Riverwoods, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,915 | ||
Initial cost | |||
Land | $ 1,585 | ||
Building and Improvements | 7,826 | ||
Costs Subsequent to Acquisition | 92 | ||
Gross Carrying Amount at year end | |||
Land | 1,585 | ||
Building and Improvements | 7,918 | ||
Total | 9,503 | ||
Accumulated Depreciation | $ 199 | ||
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 | 257 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 765 | ||
Total | 1,303 | ||
Accumulated Depreciation | $ 287 | ||
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 | 491 | ||
Gross Carrying Amount at year end | |||
Land | 1,447 | ||
Building and Improvements | 1,841 | ||
Total | 3,288 | ||
Accumulated Depreciation | $ 702 | ||
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 | 505 | ||
Gross Carrying Amount at year end | |||
Land | 1,066 | ||
Building and Improvements | 3,145 | ||
Total | 4,211 | ||
Accumulated Depreciation | $ 1,112 | ||
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 | 650 | ||
Gross Carrying Amount at year end | |||
Land | 1,198 | ||
Building and Improvements | 4,360 | ||
Total | 5,558 | ||
Accumulated Depreciation | $ 1,668 | ||
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 | 497 | ||
Gross Carrying Amount at year end | |||
Land | 1,071 | ||
Building and Improvements | 2,388 | ||
Total | 3,459 | ||
Accumulated Depreciation | $ 909 | ||
Westmont, IL | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,400 | ||
Initial cost | |||
Land | $ 1,155 | ||
Building and Improvements | 3,873 | ||
Costs Subsequent to Acquisition | 318 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 3,650 | ||
Total | 4,805 | ||
Accumulated Depreciation | $ 1,408 | ||
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 | 458 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 3,199 | ||
Total | 4,056 | ||
Accumulated Depreciation | $ 1,255 | ||
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 | 550 | ||
Gross Carrying Amount at year end | |||
Land | 793 | ||
Building and Improvements | 3,814 | ||
Total | 4,607 | ||
Accumulated Depreciation | $ 1,510 | ||
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 | 303 | ||
Gross Carrying Amount at year end | |||
Land | 943 | ||
Building and Improvements | 3,225 | ||
Total | 4,168 | ||
Accumulated Depreciation | $ 1,248 | ||
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 | 54 | ||
Gross Carrying Amount at year end | |||
Land | 1,134 | ||
Building and Improvements | 5,643 | ||
Total | 6,777 | ||
Accumulated Depreciation | $ 645 | ||
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 | 266 | ||
Gross Carrying Amount at year end | |||
Land | 538 | ||
Building and Improvements | 2,890 | ||
Total | 3,428 | ||
Accumulated Depreciation | $ 651 | ||
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 | 726 | ||
Gross Carrying Amount at year end | |||
Land | 1,516 | ||
Building and Improvements | 6,899 | ||
Total | 8,415 | ||
Accumulated Depreciation | $ 2,597 | ||
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 | 706 | ||
Gross Carrying Amount at year end | |||
Land | 3,211 | ||
Building and Improvements | 16,535 | ||
Total | 19,746 | ||
Accumulated Depreciation | $ 1,682 | ||
Brockton, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,296 | ||
Initial cost | |||
Land | $ 577 | ||
Building and Improvements | 4,394 | ||
Costs Subsequent to Acquisition | 34 | ||
Gross Carrying Amount at year end | |||
Land | 577 | ||
Building and Improvements | 4,427 | ||
Total | 5,004 | ||
Accumulated Depreciation | $ 293 | ||
Haverhill, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,589 | ||
Initial cost | |||
Land | $ 669 | ||
Building and Improvements | 6,610 | ||
Costs Subsequent to Acquisition | 54 | ||
Gross Carrying Amount at year end | |||
Land | 669 | ||
Building and Improvements | 6,664 | ||
Total | 7,333 | ||
Accumulated Depreciation | $ 444 | ||
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 | 263 | ||
Gross Carrying Amount at year end | |||
Land | 585 | ||
Building and Improvements | 5,000 | ||
Total | 5,585 | ||
Accumulated Depreciation | $ 331 | ||
Leominster, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,073 | ||
Initial cost | |||
Land | $ 90 | ||
Building and Improvements | 1,519 | ||
Costs Subsequent to Acquisition | 2,533 | ||
Gross Carrying Amount at year end | |||
Land | 338 | ||
Building and Improvements | 3,411 | ||
Total | 3,749 | ||
Accumulated Depreciation | $ 1,564 | ||
Medford, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,685 | ||
Initial cost | |||
Land | $ 1,330 | ||
Building and Improvements | 7,165 | ||
Costs Subsequent to Acquisition | 374 | ||
Gross Carrying Amount at year end | |||
Land | 1,330 | ||
Building and Improvements | 6,046 | ||
Total | 7,376 | ||
Accumulated Depreciation | $ 1,793 | ||
Stoneham, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,300 | ||
Initial cost | |||
Land | $ 1,558 | ||
Building and Improvements | 7,679 | ||
Costs Subsequent to Acquisition | 319 | ||
Gross Carrying Amount at year end | |||
Land | 1,558 | ||
Building and Improvements | 7,998 | ||
Total | 9,556 | ||
Accumulated Depreciation | $ 1,150 | ||
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 | 276 | ||
Gross Carrying Amount at year end | |||
Land | 1,537 | ||
Building and Improvements | 7,854 | ||
Total | 9,391 | ||
Accumulated Depreciation | $ 902 | ||
Walpole, MA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,890 | ||
Initial cost | |||
Land | $ 634 | ||
Building and Improvements | 13,069 | ||
Costs Subsequent to Acquisition | 324 | ||
Gross Carrying Amount at year end | |||
Land | 634 | ||
Building and Improvements | 13,393 | ||
Total | 14,027 | ||
Accumulated Depreciation | $ 594 | ||
Annapolis, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 92,332 | ||
Encumbrances | $ 5,786 | ||
Initial cost | |||
Land | 2,643 | ||
Building and Improvements | 13,938 | ||
Costs Subsequent to Acquisition | 38 | ||
Gross Carrying Amount at year end | |||
Land | 2,643 | ||
Building and Improvements | 13,976 | ||
Total | 16,619 | ||
Accumulated Depreciation | $ 271 | ||
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 | 1,443 | ||
Gross Carrying Amount at year end | |||
Land | 1,173 | ||
Building and Improvements | 5,297 | ||
Total | 6,470 | ||
Accumulated Depreciation | $ 2,116 | ||
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 | 72 | ||
Gross Carrying Amount at year end | |||
Land | 1,268 | ||
Building and Improvements | 6,375 | ||
Total | 7,643 | ||
Accumulated Depreciation | $ 937 | ||
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 | 341 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 4,030 | ||
Total | 5,516 | ||
Accumulated Depreciation | $ 1,558 | ||
Capitol Heights, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 79,600 | ||
Initial cost | |||
Land | $ 2,704 | ||
Building and Improvements | 13,332 | ||
Costs Subsequent to Acquisition | 43 | ||
Gross Carrying Amount at year end | |||
Land | 2,704 | ||
Building and Improvements | 13,376 | ||
Total | 16,080 | ||
Accumulated Depreciation | $ 1,028 | ||
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 | 133 | ||
Gross Carrying Amount at year end | |||
Land | 2,182 | ||
Building and Improvements | 10,890 | ||
Total | 13,072 | ||
Accumulated Depreciation | $ 1,417 | ||
District Heights, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,240 | ||
Initial cost | |||
Land | $ 1,527 | ||
Building and Improvements | 8,313 | ||
Costs Subsequent to Acquisition | 540 | ||
Gross Carrying Amount at year end | |||
Land | 1,527 | ||
Building and Improvements | 7,728 | ||
Total | 9,255 | ||
Accumulated Depreciation | $ 1,578 | ||
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 | 239 | ||
Gross Carrying Amount at year end | |||
Land | 1,155 | ||
Building and Improvements | 5,934 | ||
Total | 7,089 | ||
Accumulated Depreciation | $ 790 | ||
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 | 480 | ||
Gross Carrying Amount at year end | |||
Land | 3,124 | ||
Building and Improvements | 8,218 | ||
Total | 11,342 | ||
Accumulated Depreciation | $ 3,215 | ||
Gaithersburg II, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,150 | ||
Initial cost | |||
Land | $ 2,383 | ||
Building and Improvements | 11,750 | ||
Costs Subsequent to Acquisition | 69 | ||
Gross Carrying Amount at year end | |||
Land | 2,383 | ||
Building and Improvements | 11,819 | ||
Total | 14,202 | ||
Accumulated Depreciation | $ 913 | ||
Hyattsville, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 52,830 | ||
Initial cost | |||
Land | $ 1,113 | ||
Building and Improvements | 5,485 | ||
Costs Subsequent to Acquisition | 100 | ||
Gross Carrying Amount at year end | |||
Land | 1,113 | ||
Building and Improvements | 5,586 | ||
Total | 6,699 | ||
Accumulated Depreciation | $ 819 | ||
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 | 3,673 | ||
Gross Carrying Amount at year end | |||
Land | 1,928 | ||
Building and Improvements | 8,853 | ||
Total | 10,781 | ||
Accumulated Depreciation | $ 3,644 | ||
Temple Hills I, MD | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 97,270 | ||
Initial cost | |||
Land | $ 1,541 | ||
Building and Improvements | 8,788 | ||
Costs Subsequent to Acquisition | 2,596 | ||
Gross Carrying Amount at year end | |||
Land | 1,800 | ||
Building and Improvements | 8,886 | ||
Total | 10,686 | ||
Accumulated Depreciation | $ 3,573 | ||
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 | 54 | ||
Gross Carrying Amount at year end | |||
Land | 2,229 | ||
Building and Improvements | 11,042 | ||
Total | 13,271 | ||
Accumulated Depreciation | $ 1,378 | ||
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 | 199 | ||
Gross Carrying Amount at year end | |||
Land | 2,269 | ||
Building and Improvements | 11,382 | ||
Total | 13,651 | ||
Accumulated Depreciation | $ 1,426 | ||
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 | 99 | ||
Gross Carrying Amount at year end | |||
Land | 1,309 | ||
Building and Improvements | 6,552 | ||
Total | 7,861 | ||
Accumulated Depreciation | $ 968 | ||
Bloomington, MN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 101,028 | ||
Initial cost | |||
Land | $ 1,598 | ||
Building and Improvements | 12,298 | ||
Costs Subsequent to Acquisition | 124 | ||
Gross Carrying Amount at year end | |||
Land | 1,598 | ||
Building and Improvements | 12,424 | ||
Total | 14,022 | ||
Accumulated Depreciation | $ 458 | ||
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 | 959 | ||
Gross Carrying Amount at year end | |||
Land | 451 | ||
Building and Improvements | 2,339 | ||
Total | 2,790 | ||
Accumulated Depreciation | $ 939 | ||
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 | 875 | ||
Gross Carrying Amount at year end | |||
Land | 498 | ||
Building and Improvements | 2,898 | ||
Total | 3,396 | ||
Accumulated Depreciation | $ 1,222 | ||
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 | 442 | ||
Gross Carrying Amount at year end | |||
Land | 340 | ||
Building and Improvements | 1,731 | ||
Total | 2,071 | ||
Accumulated Depreciation | $ 709 | ||
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 | 827 | ||
Gross Carrying Amount at year end | |||
Land | 543 | ||
Building and Improvements | 3,228 | ||
Total | 3,771 | ||
Accumulated Depreciation | $ 1,350 | ||
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 | 1,537 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 4,510 | ||
Total | 5,578 | ||
Accumulated Depreciation | $ 1,722 | ||
Charlotte II, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,736 | ||
Initial cost | |||
Land | $ 821 | ||
Building and Improvements | 8,764 | ||
Costs Subsequent to Acquisition | 55 | ||
Gross Carrying Amount at year end | |||
Land | 821 | ||
Building and Improvements | 8,818 | ||
Total | 9,639 | ||
Accumulated Depreciation | $ 284 | ||
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 | 929 | ||
Gross Carrying Amount at year end | |||
Land | 2,424 | ||
Building and Improvements | 5,920 | ||
Total | 8,344 | ||
Accumulated Depreciation | $ 374 | ||
Pineville, NC | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,747 | ||
Initial cost | |||
Land | $ 2,490 | ||
Building and Improvements | 9,169 | ||
Costs Subsequent to Acquisition | 140 | ||
Gross Carrying Amount at year end | |||
Land | 2,490 | ||
Building and Improvements | 9,309 | ||
Total | 11,799 | ||
Accumulated Depreciation | $ 622 | ||
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 | 422 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 2,344 | ||
Total | 2,640 | ||
Accumulated Depreciation | $ 1,106 | ||
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 | 170 | ||
Gross Carrying Amount at year end | |||
Land | 457 | ||
Building and Improvements | 2,424 | ||
Total | 2,881 | ||
Accumulated Depreciation | $ 399 | ||
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 | 1,466 | ||
Gross Carrying Amount at year end | |||
Land | 485 | ||
Building and Improvements | 3,395 | ||
Total | 3,880 | ||
Accumulated Depreciation | $ 1,737 | ||
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 | 182 | ||
Gross Carrying Amount at year end | |||
Land | 222 | ||
Building and Improvements | 1,260 | ||
Total | 1,482 | ||
Accumulated Depreciation | $ 300 | ||
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 | 317 | ||
Gross Carrying Amount at year end | |||
Land | 471 | ||
Building and Improvements | 2,640 | ||
Total | 3,111 | ||
Accumulated Depreciation | $ 420 | ||
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 | 300 | ||
Gross Carrying Amount at year end | |||
Land | 4,340 | ||
Building and Improvements | 11,140 | ||
Total | 15,480 | ||
Accumulated Depreciation | $ 4,177 | ||
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 | 2,757 | ||
Gross Carrying Amount at year end | |||
Land | 779 | ||
Building and Improvements | 5,055 | ||
Total | 5,834 | ||
Accumulated Depreciation | $ 2,370 | ||
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 | 4,042 | ||
Gross Carrying Amount at year end | |||
Land | 1,315 | ||
Building and Improvements | 7,873 | ||
Total | 9,188 | ||
Accumulated Depreciation | $ 3,984 | ||
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 | 66 | ||
Gross Carrying Amount at year end | |||
Land | 104 | ||
Building and Improvements | 565 | ||
Total | 669 | ||
Accumulated Depreciation | $ 125 | ||
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 | 278 | ||
Gross Carrying Amount at year end | |||
Land | 284 | ||
Building and Improvements | 1,666 | ||
Total | 1,950 | ||
Accumulated Depreciation | $ 397 | ||
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 | 692 | ||
Gross Carrying Amount at year end | |||
Land | 751 | ||
Building and Improvements | 2,533 | ||
Total | 3,284 | ||
Accumulated Depreciation | $ 918 | ||
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 | 583 | ||
Gross Carrying Amount at year end | |||
Land | 246 | ||
Building and Improvements | 2,736 | ||
Total | 2,982 | ||
Accumulated Depreciation | $ 1,335 | ||
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 | 203 | ||
Gross Carrying Amount at year end | |||
Land | 1,086 | ||
Building and Improvements | 5,558 | ||
Total | 6,644 | ||
Accumulated Depreciation | $ 946 | ||
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 | 498 | ||
Gross Carrying Amount at year end | |||
Land | 1,893 | ||
Building and Improvements | 5,160 | ||
Total | 7,053 | ||
Accumulated Depreciation | $ 1,721 | ||
Hoboken, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 34,130 | ||
Initial cost | |||
Land | $ 1,370 | ||
Building and Improvements | 3,947 | ||
Costs Subsequent to Acquisition | 774 | ||
Gross Carrying Amount at year end | |||
Land | 1,370 | ||
Building and Improvements | 4,087 | ||
Total | 5,457 | ||
Accumulated Depreciation | $ 1,622 | ||
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 | 2,522 | ||
Gross Carrying Amount at year end | |||
Land | 1,043 | ||
Building and Improvements | 6,994 | ||
Total | 8,037 | ||
Accumulated Depreciation | $ 3,339 | ||
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 | 315 | ||
Gross Carrying Amount at year end | |||
Land | 987 | ||
Building and Improvements | 5,178 | ||
Total | 6,165 | ||
Accumulated Depreciation | $ 873 | ||
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 | 2,984 | ||
Gross Carrying Amount at year end | |||
Land | 1,072 | ||
Building and Improvements | 6,947 | ||
Total | 8,019 | ||
Accumulated Depreciation | $ 3,292 | ||
Parsippany, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,655 | ||
Initial cost | |||
Land | $ 475 | ||
Building and Improvements | 5,322 | ||
Costs Subsequent to Acquisition | 5,740 | ||
Gross Carrying Amount at year end | |||
Land | 844 | ||
Building and Improvements | 9,723 | ||
Total | 10,567 | ||
Accumulated Depreciation | $ 3,115 | ||
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 | 660 | ||
Gross Carrying Amount at year end | |||
Land | 1,486 | ||
Building and Improvements | 7,986 | ||
Total | 9,472 | ||
Accumulated Depreciation | $ 1,119 | ||
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 | 1,358 | ||
Gross Carrying Amount at year end | |||
Land | 1,108 | ||
Building and Improvements | 4,541 | ||
Total | 5,649 | ||
Accumulated Depreciation | $ 1,811 | ||
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 | 315 | ||
Gross Carrying Amount at year end | |||
Land | 1,810 | ||
Building and Improvements | 9,239 | ||
Total | 11,049 | ||
Accumulated Depreciation | $ 700 | ||
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 | 145 | ||
Gross Carrying Amount at year end | |||
Land | 1,844 | ||
Building and Improvements | 9,904 | ||
Total | 11,748 | ||
Accumulated Depreciation | $ 665 | ||
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 | 1,414 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 3,102 | ||
Total | 3,808 | ||
Accumulated Depreciation | $ 1,267 | ||
Somerset, NJ | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,485 | ||
Initial cost | |||
Land | $ 1,243 | ||
Building and Improvements | 6,129 | ||
Costs Subsequent to Acquisition | 205 | ||
Gross Carrying Amount at year end | |||
Land | 1,243 | ||
Building and Improvements | 6,333 | ||
Total | 7,576 | ||
Accumulated Depreciation | $ 1,056 | ||
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 | 131 | ||
Gross Carrying Amount at year end | |||
Land | 2,153 | ||
Building and Improvements | 10,746 | ||
Total | 12,899 | ||
Accumulated Depreciation | $ 1,581 | ||
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 | 356 | ||
Gross Carrying Amount at year end | |||
Land | 1,039 | ||
Building and Improvements | 3,168 | ||
Total | 4,207 | ||
Accumulated Depreciation | $ 1,289 | ||
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 | 268 | ||
Gross Carrying Amount at year end | |||
Land | 1,163 | ||
Building and Improvements | 3,446 | ||
Total | 4,609 | ||
Accumulated Depreciation | $ 1,432 | ||
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 | 364 | ||
Gross Carrying Amount at year end | |||
Land | 664 | ||
Building and Improvements | 2,145 | ||
Total | 2,809 | ||
Accumulated Depreciation | $ 887 | ||
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 | 100 | ||
Gross Carrying Amount at year end | |||
Land | 1,246 | ||
Building and Improvements | 6,241 | ||
Total | 7,487 | ||
Accumulated Depreciation | $ 635 | ||
Las Vegas I, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,732 | ||
Initial cost | |||
Land | $ 1,851 | ||
Building and Improvements | 2,986 | ||
Costs Subsequent to Acquisition | 581 | ||
Gross Carrying Amount at year end | |||
Land | 1,851 | ||
Building and Improvements | 3,155 | ||
Total | 5,006 | ||
Accumulated Depreciation | $ 1,353 | ||
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 | 435 | ||
Gross Carrying Amount at year end | |||
Land | 3,355 | ||
Building and Improvements | 5,265 | ||
Total | 8,620 | ||
Accumulated Depreciation | $ 2,261 | ||
Las Vegas III, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 84,600 | ||
Initial cost | |||
Land | $ 1,171 | ||
Building and Improvements | 10,034 | ||
Costs Subsequent to Acquisition | 110 | ||
Gross Carrying Amount at year end | |||
Land | 1,171 | ||
Building and Improvements | 10,144 | ||
Total | 11,315 | ||
Accumulated Depreciation | $ 396 | ||
Las Vegas IV, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,557 | ||
Initial cost | |||
Land | $ 1,116 | ||
Building and Improvements | 8,575 | ||
Costs Subsequent to Acquisition | 92 | ||
Gross Carrying Amount at year end | |||
Land | 1,116 | ||
Building and Improvements | 8,665 | ||
Total | 9,781 | ||
Accumulated Depreciation | $ 355 | ||
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 | 176 | ||
Gross Carrying Amount at year end | |||
Land | 1,460 | ||
Building and Improvements | 9,736 | ||
Total | 11,196 | ||
Accumulated Depreciation | $ 338 | ||
Las Vegas VI, NV | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 92,707 | ||
Initial cost | |||
Land | $ 1,386 | ||
Building and Improvements | 12,299 | ||
Costs Subsequent to Acquisition | 98 | ||
Gross Carrying Amount at year end | |||
Land | 1,386 | ||
Building and Improvements | 12,397 | ||
Total | 13,783 | ||
Accumulated Depreciation | $ 361 | ||
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 | 624 | ||
Gross Carrying Amount at year end | |||
Land | 1,559 | ||
Building and Improvements | 8,309 | ||
Total | 9,868 | ||
Accumulated Depreciation | $ 626 | ||
Bronx I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 67,864 | ||
Initial cost | |||
Land | $ 2,014 | ||
Building and Improvements | 11,411 | ||
Costs Subsequent to Acquisition | 1,021 | ||
Gross Carrying Amount at year end | |||
Land | 2,014 | ||
Building and Improvements | 10,840 | ||
Total | 12,854 | ||
Accumulated Depreciation | $ 2,539 | ||
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 | 1,697 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 29,451 | ||
Total | 29,451 | ||
Accumulated Depreciation | $ 5,659 | ||
Bronx III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 105,900 | ||
Initial cost | |||
Land | $ 6,459 | ||
Building and Improvements | 36,180 | ||
Costs Subsequent to Acquisition | 185 | ||
Gross Carrying Amount at year end | |||
Land | 6,460 | ||
Building and Improvements | 32,018 | ||
Total | 38,478 | ||
Accumulated Depreciation | $ 6,261 | ||
Bronx IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,580 | ||
Initial cost | |||
Building and Improvements | $ 22,074 | ||
Costs Subsequent to Acquisition | 124 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 19,543 | ||
Total | 19,543 | ||
Accumulated Depreciation | $ 3,836 | ||
Bronx V, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,704 | ||
Initial cost | |||
Building and Improvements | $ 17,556 | ||
Costs Subsequent to Acquisition | 208 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 15,653 | ||
Total | 15,653 | ||
Accumulated Depreciation | $ 3,075 | ||
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 | 361 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 15,132 | ||
Total | 15,132 | ||
Accumulated Depreciation | $ 2,959 | ||
Bronx VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,625 | ||
Encumbrances | $ 8,228 | ||
Initial cost | |||
Building and Improvements | 22,512 | ||
Costs Subsequent to Acquisition | 186 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 22,807 | ||
Total | 22,807 | ||
Accumulated Depreciation | $ 4,227 | ||
Bronx VIII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 30,550 | ||
Encumbrances | $ 2,889 | ||
Initial cost | |||
Land | 1,245 | ||
Building and Improvements | 6,137 | ||
Costs Subsequent to Acquisition | 163 | ||
Gross Carrying Amount at year end | |||
Land | 1,251 | ||
Building and Improvements | 6,330 | ||
Total | 7,581 | ||
Accumulated Depreciation | $ 1,181 | ||
Bronx IX, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 147,870 | ||
Encumbrances | $ 22,508 | ||
Initial cost | |||
Land | 7,967 | ||
Building and Improvements | 39,279 | ||
Costs Subsequent to Acquisition | 1,332 | ||
Gross Carrying Amount at year end | |||
Land | 7,967 | ||
Building and Improvements | 40,610 | ||
Total | 48,577 | ||
Accumulated Depreciation | $ 7,374 | ||
Bronx X, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 159,805 | ||
Encumbrances | $ 25,700 | ||
Initial cost | |||
Land | 9,090 | ||
Building and Improvements | 44,816 | ||
Costs Subsequent to Acquisition | 475 | ||
Gross Carrying Amount at year end | |||
Land | 9,090 | ||
Building and Improvements | 45,291 | ||
Total | 54,381 | ||
Accumulated Depreciation | $ 7,838 | ||
Bronx XI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 46,425 | ||
Initial cost | |||
Building and Improvements | $ 17,130 | ||
Costs Subsequent to Acquisition | 265 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 17,396 | ||
Total | 17,396 | ||
Accumulated Depreciation | $ 1,733 | ||
Bronx XII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 89,785 | ||
Initial cost | |||
Building and Improvements | $ 31,603 | ||
Costs Subsequent to Acquisition | 73 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 31,674 | ||
Total | 31,674 | ||
Accumulated Depreciation | $ 1,564 | ||
Brooklyn I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,566 | ||
Initial cost | |||
Land | $ 1,795 | ||
Building and Improvements | 10,172 | ||
Costs Subsequent to Acquisition | 329 | ||
Gross Carrying Amount at year end | |||
Land | 1,795 | ||
Building and Improvements | 9,084 | ||
Total | 10,879 | ||
Accumulated Depreciation | $ 2,097 | ||
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 | 494 | ||
Gross Carrying Amount at year end | |||
Land | 1,601 | ||
Building and Improvements | 8,269 | ||
Total | 9,870 | ||
Accumulated Depreciation | $ 1,943 | ||
Brooklyn III, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 41,510 | ||
Initial cost | |||
Land | $ 2,772 | ||
Building and Improvements | 13,570 | ||
Costs Subsequent to Acquisition | 142 | ||
Gross Carrying Amount at year end | |||
Land | 2,772 | ||
Building and Improvements | 13,794 | ||
Total | 16,566 | ||
Accumulated Depreciation | $ 2,712 | ||
Brooklyn IV, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 37,545 | ||
Initial cost | |||
Land | $ 2,283 | ||
Building and Improvements | 11,184 | ||
Costs Subsequent to Acquisition | 164 | ||
Gross Carrying Amount at year end | |||
Land | 2,284 | ||
Building and Improvements | 11,411 | ||
Total | 13,695 | ||
Accumulated Depreciation | $ 2,251 | ||
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 | 109 | ||
Gross Carrying Amount at year end | |||
Land | 2,374 | ||
Building and Improvements | 11,798 | ||
Total | 14,172 | ||
Accumulated Depreciation | $ 2,307 | ||
Brooklyn VI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,920 | ||
Initial cost | |||
Land | $ 4,210 | ||
Building and Improvements | 20,638 | ||
Costs Subsequent to Acquisition | 100 | ||
Gross Carrying Amount at year end | |||
Land | 4,211 | ||
Building and Improvements | 20,845 | ||
Total | 25,056 | ||
Accumulated Depreciation | $ 4,076 | ||
Brooklyn VII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,750 | ||
Initial cost | |||
Land | $ 5,604 | ||
Building and Improvements | 27,452 | ||
Costs Subsequent to Acquisition | 192 | ||
Gross Carrying Amount at year end | |||
Land | 5,604 | ||
Building and Improvements | 27,809 | ||
Total | 33,413 | ||
Accumulated Depreciation | $ 5,447 | ||
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 | 89 | ||
Gross Carrying Amount at year end | |||
Land | 4,982 | ||
Building and Improvements | 24,649 | ||
Total | 29,631 | ||
Accumulated Depreciation | $ 2,882 | ||
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 | 106 | ||
Gross Carrying Amount at year end | |||
Land | 2,966 | ||
Building and Improvements | 14,726 | ||
Total | 17,692 | ||
Accumulated Depreciation | $ 1,721 | ||
Brooklyn X, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 55,875 | ||
Initial cost | |||
Land | $ 3,739 | ||
Building and Improvements | 7,703 | ||
Costs Subsequent to Acquisition | 2,916 | ||
Gross Carrying Amount at year end | |||
Land | 4,885 | ||
Building and Improvements | 9,472 | ||
Total | 14,357 | ||
Accumulated Depreciation | $ 622 | ||
Brooklyn XI, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 110,075 | ||
Initial cost | |||
Land | $ 10,093 | ||
Building and Improvements | 35,385 | ||
Costs Subsequent to Acquisition | 226 | ||
Gross Carrying Amount at year end | |||
Land | 10,093 | ||
Building and Improvements | 35,610 | ||
Total | 45,703 | ||
Accumulated Depreciation | $ 2,069 | ||
Brooklyn XII, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 131,588 | ||
Initial cost | |||
Land | $ 1,077 | ||
Building and Improvements | 6,057 | ||
Gross Carrying Amount at year end | |||
Land | 1,077 | ||
Building and Improvements | 6,056 | ||
Total | $ 7,133 | ||
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 | 57 | ||
Gross Carrying Amount at year end | |||
Land | 2,029 | ||
Building and Improvements | 10,794 | ||
Total | 12,823 | ||
Accumulated Depreciation | $ 719 | ||
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 | 1,802 | ||
Gross Carrying Amount at year end | |||
Land | 2,043 | ||
Building and Improvements | 10,739 | ||
Total | 12,782 | ||
Accumulated Depreciation | $ 4,408 | ||
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 | 386 | ||
Gross Carrying Amount at year end | |||
Land | 5,391 | ||
Building and Improvements | 26,942 | ||
Total | 32,333 | ||
Accumulated Depreciation | $ 5,259 | ||
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 | 43 | ||
Gross Carrying Amount at year end | |||
Land | 5,700 | ||
Building and Improvements | 28,144 | ||
Total | 33,844 | ||
Accumulated Depreciation | $ 2,759 | ||
New Rochelle I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 43,596 | ||
Initial cost | |||
Land | $ 1,673 | ||
Building and Improvements | 4,827 | ||
Costs Subsequent to Acquisition | 1,212 | ||
Gross Carrying Amount at year end | |||
Land | 1,673 | ||
Building and Improvements | 5,380 | ||
Total | 7,053 | ||
Accumulated Depreciation | $ 1,872 | ||
New Rochelle II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,300 | ||
Initial cost | |||
Land | $ 3,167 | ||
Building and Improvements | 2,713 | ||
Costs Subsequent to Acquisition | 434 | ||
Gross Carrying Amount at year end | |||
Land | 3,762 | ||
Building and Improvements | 18,980 | ||
Total | 22,742 | ||
Accumulated Depreciation | $ 3,521 | ||
New York, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 94,912 | ||
Encumbrances | $ 31,727 | ||
Initial cost | |||
Land | 42,022 | ||
Building and Improvements | 38,753 | ||
Gross Carrying Amount at year end | |||
Land | 42,022 | ||
Building and Improvements | 38,753 | ||
Total | 80,775 | ||
Accumulated Depreciation | $ 405 | ||
North Babylon, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,350 | ||
Initial cost | |||
Land | $ 225 | ||
Building and Improvements | 2,514 | ||
Costs Subsequent to Acquisition | 4,230 | ||
Gross Carrying Amount at year end | |||
Land | 568 | ||
Building and Improvements | 5,595 | ||
Total | 6,163 | ||
Accumulated Depreciation | $ 2,615 | ||
Patchogue, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 47,759 | ||
Initial cost | |||
Land | $ 1,141 | ||
Building and Improvements | 5,624 | ||
Costs Subsequent to Acquisition | 48 | ||
Gross Carrying Amount at year end | |||
Land | 1,141 | ||
Building and Improvements | 5,672 | ||
Total | 6,813 | ||
Accumulated Depreciation | $ 574 | ||
Queens I, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,188 | ||
Initial cost | |||
Land | $ 5,158 | ||
Building and Improvements | 12,339 | ||
Costs Subsequent to Acquisition | 757 | ||
Gross Carrying Amount at year end | |||
Land | 5,160 | ||
Building and Improvements | 13,094 | ||
Total | 18,254 | ||
Accumulated Depreciation | $ 928 | ||
Queens II, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 90,728 | ||
Initial cost | |||
Land | $ 6,208 | ||
Building and Improvements | 25,815 | ||
Costs Subsequent to Acquisition | 6 | ||
Gross Carrying Amount at year end | |||
Land | 6,208 | ||
Building and Improvements | 25,822 | ||
Total | 32,030 | ||
Accumulated Depreciation | $ 1,661 | ||
Riverhead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 38,490 | ||
Initial cost | |||
Land | $ 1,068 | ||
Building and Improvements | 1,149 | ||
Costs Subsequent to Acquisition | 204 | ||
Gross Carrying Amount at year end | |||
Land | 1,068 | ||
Building and Improvements | 1,075 | ||
Total | 2,143 | ||
Accumulated Depreciation | $ 487 | ||
Southold, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,945 | ||
Initial cost | |||
Land | $ 2,079 | ||
Building and Improvements | 2,238 | ||
Costs Subsequent to Acquisition | 347 | ||
Gross Carrying Amount at year end | |||
Land | 2,079 | ||
Building and Improvements | 2,181 | ||
Total | 4,260 | ||
Accumulated Depreciation | $ 951 | ||
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 | 848 | ||
Gross Carrying Amount at year end | |||
Land | 1,919 | ||
Building and Improvements | 10,312 | ||
Total | 12,231 | ||
Accumulated Depreciation | $ 1,429 | ||
Tuckahoe, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,978 | ||
Initial cost | |||
Land | $ 2,363 | ||
Building and Improvements | 17,411 | ||
Costs Subsequent to Acquisition | 286 | ||
Gross Carrying Amount at year end | |||
Land | 2,363 | ||
Building and Improvements | 11,926 | ||
Total | 14,289 | ||
Accumulated Depreciation | $ 2,322 | ||
West Hempstead, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,395 | ||
Initial cost | |||
Land | $ 2,237 | ||
Building and Improvements | 11,030 | ||
Costs Subsequent to Acquisition | 159 | ||
Gross Carrying Amount at year end | |||
Land | 2,237 | ||
Building and Improvements | 11,188 | ||
Total | 13,425 | ||
Accumulated Depreciation | $ 1,889 | ||
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 | 1,020 | ||
Gross Carrying Amount at year end | |||
Land | 3,295 | ||
Building and Improvements | 16,577 | ||
Total | 19,872 | ||
Accumulated Depreciation | $ 3,522 | ||
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 | 90 | ||
Gross Carrying Amount at year end | |||
Land | 2,015 | ||
Building and Improvements | 10,012 | ||
Total | 12,027 | ||
Accumulated Depreciation | $ 1,960 | ||
Wyckoff, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 60,210 | ||
Initial cost | |||
Land | $ 1,961 | ||
Building and Improvements | 11,113 | ||
Costs Subsequent to Acquisition | 325 | ||
Gross Carrying Amount at year end | |||
Land | 1,961 | ||
Building and Improvements | 9,956 | ||
Total | 11,917 | ||
Accumulated Depreciation | $ 2,221 | ||
Yorktown, NY | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,879 | ||
Initial cost | |||
Land | $ 2,382 | ||
Building and Improvements | 11,720 | ||
Costs Subsequent to Acquisition | 193 | ||
Gross Carrying Amount at year end | |||
Land | 2,382 | ||
Building and Improvements | 11,927 | ||
Total | 14,309 | ||
Accumulated Depreciation | $ 2,342 | ||
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 | 270 | ||
Gross Carrying Amount at year end | |||
Land | 524 | ||
Building and Improvements | 2,512 | ||
Total | 3,036 | ||
Accumulated Depreciation | $ 1,009 | ||
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 | 230 | ||
Gross Carrying Amount at year end | |||
Land | 289 | ||
Building and Improvements | 1,404 | ||
Total | 1,693 | ||
Accumulated Depreciation | $ 573 | ||
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 | 148 | ||
Gross Carrying Amount at year end | |||
Land | 1,239 | ||
Building and Improvements | 2,823 | ||
Total | 4,062 | ||
Accumulated Depreciation | $ 1,084 | ||
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 | 209 | ||
Gross Carrying Amount at year end | |||
Land | 769 | ||
Building and Improvements | 3,997 | ||
Total | 4,766 | ||
Accumulated Depreciation | $ 407 | ||
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 | 118 | ||
Gross Carrying Amount at year end | |||
Land | 326 | ||
Building and Improvements | 1,725 | ||
Total | 2,051 | ||
Accumulated Depreciation | $ 179 | ||
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 | 99 | ||
Gross Carrying Amount at year end | |||
Land | 443 | ||
Building and Improvements | 2,281 | ||
Total | 2,724 | ||
Accumulated Depreciation | $ 236 | ||
Columbus V, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,325 | ||
Initial cost | |||
Land | $ 838 | ||
Building and Improvements | 4,128 | ||
Costs Subsequent to Acquisition | 114 | ||
Gross Carrying Amount at year end | |||
Land | 838 | ||
Building and Improvements | 4,242 | ||
Total | 5,080 | ||
Accumulated Depreciation | $ 430 | ||
Columbus VI, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 63,525 | ||
Initial cost | |||
Land | $ 701 | ||
Building and Improvements | 3,454 | ||
Costs Subsequent to Acquisition | 99 | ||
Gross Carrying Amount at year end | |||
Land | 701 | ||
Building and Improvements | 3,553 | ||
Total | 4,254 | ||
Accumulated Depreciation | $ 362 | ||
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 | 280 | ||
Gross Carrying Amount at year end | |||
Land | 1,761 | ||
Building and Improvements | 4,147 | ||
Total | 5,908 | ||
Accumulated Depreciation | $ 1,553 | ||
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 | $ 1,232 | ||
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 | 637 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 1,335 | ||
Total | 1,740 | ||
Accumulated Depreciation | $ 997 | ||
Lewis Center, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,024 | ||
Initial cost | |||
Land | $ 1,056 | ||
Building and Improvements | 5,206 | ||
Costs Subsequent to Acquisition | 141 | ||
Gross Carrying Amount at year end | |||
Land | 1,056 | ||
Building and Improvements | 5,346 | ||
Total | 6,402 | ||
Accumulated Depreciation | $ 544 | ||
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 | 2,316 | ||
Gross Carrying Amount at year end | |||
Land | 332 | ||
Building and Improvements | 2,352 | ||
Total | 2,684 | ||
Accumulated Depreciation | $ 1,063 | ||
North Olmsted I, OH | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 48,672 | ||
Initial cost | |||
Land | $ 63 | ||
Building and Improvements | 704 | ||
Costs Subsequent to Acquisition | 1,520 | ||
Gross Carrying Amount at year end | |||
Land | 214 | ||
Building and Improvements | 1,737 | ||
Total | 1,951 | ||
Accumulated Depreciation | $ 822 | ||
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 | 1,229 | ||
Gross Carrying Amount at year end | |||
Land | 469 | ||
Building and Improvements | 2,032 | ||
Total | 2,501 | ||
Accumulated Depreciation | $ 1,637 | ||
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 | 3,246 | ||
Gross Carrying Amount at year end | |||
Land | 898 | ||
Building and Improvements | 4,303 | ||
Total | 5,201 | ||
Accumulated Depreciation | $ 2,017 | ||
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 | 338 | ||
Gross Carrying Amount at year end | |||
Land | 1,295 | ||
Building and Improvements | 3,178 | ||
Total | 4,473 | ||
Accumulated Depreciation | $ 1,213 | ||
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 | 418 | ||
Gross Carrying Amount at year end | |||
Land | 570 | ||
Building and Improvements | 3,071 | ||
Total | 3,641 | ||
Accumulated Depreciation | $ 1,018 | ||
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 | 3,249 | ||
Gross Carrying Amount at year end | |||
Land | 935 | ||
Building and Improvements | 3,417 | ||
Total | 4,352 | ||
Accumulated Depreciation | $ 1,511 | ||
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 | 260 | ||
Gross Carrying Amount at year end | |||
Land | 508 | ||
Building and Improvements | 2,379 | ||
Total | 2,887 | ||
Accumulated Depreciation | $ 985 | ||
Conshohocken, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 81,285 | ||
Initial cost | |||
Land | $ 1,726 | ||
Building and Improvements | 8,508 | ||
Costs Subsequent to Acquisition | 174 | ||
Gross Carrying Amount at year end | |||
Land | 1,726 | ||
Building and Improvements | 8,682 | ||
Total | 10,408 | ||
Accumulated Depreciation | $ 1,479 | ||
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 | 124 | ||
Gross Carrying Amount at year end | |||
Land | 519 | ||
Building and Improvements | 2,814 | ||
Total | 3,333 | ||
Accumulated Depreciation | $ 476 | ||
Langhorne, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,938 | ||
Initial cost | |||
Land | $ 1,019 | ||
Building and Improvements | 5,023 | ||
Costs Subsequent to Acquisition | 343 | ||
Gross Carrying Amount at year end | |||
Land | 1,019 | ||
Building and Improvements | 5,366 | ||
Total | 6,385 | ||
Accumulated Depreciation | $ 898 | ||
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 | 1,267 | ||
Gross Carrying Amount at year end | |||
Land | 926 | ||
Building and Improvements | 4,842 | ||
Total | 5,768 | ||
Accumulated Depreciation | $ 1,956 | ||
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 | 1,657 | ||
Gross Carrying Amount at year end | |||
Land | 2,959 | ||
Building and Improvements | 19,853 | ||
Total | 22,812 | ||
Accumulated Depreciation | $ 2,182 | ||
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 | 221 | ||
Gross Carrying Amount at year end | |||
Land | 975 | ||
Building and Improvements | 5,029 | ||
Total | 6,004 | ||
Accumulated Depreciation | $ 871 | ||
Norristown, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 61,746 | ||
Initial cost | |||
Land | $ 662 | ||
Building and Improvements | 3,142 | ||
Costs Subsequent to Acquisition | 776 | ||
Gross Carrying Amount at year end | |||
Land | 638 | ||
Building and Improvements | 4,048 | ||
Total | 4,686 | ||
Accumulated Depreciation | $ 850 | ||
Philadelphia I, PA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,016 | ||
Initial cost | |||
Land | $ 1,461 | ||
Building and Improvements | 8,334 | ||
Costs Subsequent to Acquisition | 1,913 | ||
Gross Carrying Amount at year end | |||
Land | 1,461 | ||
Building and Improvements | 6,904 | ||
Total | 8,365 | ||
Accumulated Depreciation | $ 2,832 | ||
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 | 163 | ||
Gross Carrying Amount at year end | |||
Land | 1,012 | ||
Building and Improvements | 5,153 | ||
Total | 6,165 | ||
Accumulated Depreciation | $ 636 | ||
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 | 126 | ||
Gross Carrying Amount at year end | |||
Land | 547 | ||
Building and Improvements | 2,823 | ||
Total | 3,370 | ||
Accumulated Depreciation | $ 290 | ||
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 | 101 | ||
Gross Carrying Amount at year end | |||
Land | 1,061 | ||
Building and Improvements | 5,331 | ||
Total | 6,392 | ||
Accumulated Depreciation | $ 541 | ||
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 | 50 | ||
Gross Carrying Amount at year end | |||
Land | 823 | ||
Building and Improvements | 4,108 | ||
Total | 4,931 | ||
Accumulated Depreciation | $ 413 | ||
Woonsocket, RI | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,900 | ||
Initial cost | |||
Land | $ 1,049 | ||
Building and Improvements | 5,172 | ||
Costs Subsequent to Acquisition | 143 | ||
Gross Carrying Amount at year end | |||
Land | 1,049 | ||
Building and Improvements | 5,315 | ||
Total | 6,364 | ||
Accumulated Depreciation | $ 541 | ||
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 | 350 | ||
Gross Carrying Amount at year end | |||
Land | 588 | ||
Building and Improvements | 4,489 | ||
Total | 5,077 | ||
Accumulated Depreciation | $ 1,734 | ||
Nashville I, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 107,850 | ||
Initial cost | |||
Land | $ 405 | ||
Building and Improvements | 3,379 | ||
Costs Subsequent to Acquisition | 773 | ||
Gross Carrying Amount at year end | |||
Land | 405 | ||
Building and Improvements | 3,563 | ||
Total | 3,968 | ||
Accumulated Depreciation | $ 1,346 | ||
Nashville II, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,174 | ||
Initial cost | |||
Land | $ 593 | ||
Building and Improvements | 4,950 | ||
Costs Subsequent to Acquisition | 221 | ||
Gross Carrying Amount at year end | |||
Land | 593 | ||
Building and Improvements | 4,476 | ||
Total | 5,069 | ||
Accumulated Depreciation | $ 1,758 | ||
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 | 289 | ||
Gross Carrying Amount at year end | |||
Land | 416 | ||
Building and Improvements | 3,425 | ||
Total | 3,841 | ||
Accumulated Depreciation | $ 1,331 | ||
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 | 377 | ||
Gross Carrying Amount at year end | |||
Land | 992 | ||
Building and Improvements | 7,409 | ||
Total | 8,401 | ||
Accumulated Depreciation | $ 2,858 | ||
Nashville V, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,560 | ||
Encumbrances | $ 2,411 | ||
Initial cost | |||
Land | 895 | ||
Building and Improvements | 4,311 | ||
Costs Subsequent to Acquisition | 802 | ||
Gross Carrying Amount at year end | |||
Land | 895 | ||
Building and Improvements | 5,113 | ||
Total | 6,008 | ||
Accumulated Depreciation | $ 415 | ||
Nashville VI, TN | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 72,436 | ||
Initial cost | |||
Land | $ 2,749 | ||
Building and Improvements | 8,443 | ||
Costs Subsequent to Acquisition | 97 | ||
Gross Carrying Amount at year end | |||
Land | 2,749 | ||
Building and Improvements | 8,539 | ||
Total | 11,288 | ||
Accumulated Depreciation | $ 570 | ||
Allen, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,170 | ||
Initial cost | |||
Land | $ 714 | ||
Building and Improvements | 3,519 | ||
Costs Subsequent to Acquisition | 113 | ||
Gross Carrying Amount at year end | |||
Land | 714 | ||
Building and Improvements | 3,632 | ||
Total | 4,346 | ||
Accumulated Depreciation | $ 631 | ||
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 | 275 | ||
Gross Carrying Amount at year end | |||
Land | 2,239 | ||
Building and Improvements | 1,964 | ||
Total | 4,203 | ||
Accumulated Depreciation | $ 737 | ||
Austin II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 64,415 | ||
Initial cost | |||
Land | $ 734 | ||
Building and Improvements | 3,894 | ||
Costs Subsequent to Acquisition | 377 | ||
Gross Carrying Amount at year end | |||
Land | 738 | ||
Building and Improvements | 3,709 | ||
Total | 4,447 | ||
Accumulated Depreciation | $ 1,321 | ||
Austin III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,585 | ||
Initial cost | |||
Land | $ 1,030 | ||
Building and Improvements | 5,468 | ||
Costs Subsequent to Acquisition | 326 | ||
Gross Carrying Amount at year end | |||
Land | 1,035 | ||
Building and Improvements | 5,135 | ||
Total | 6,170 | ||
Accumulated Depreciation | $ 1,791 | ||
Austin IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 65,308 | ||
Initial cost | |||
Land | $ 862 | ||
Building and Improvements | 4,250 | ||
Costs Subsequent to Acquisition | 332 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,582 | ||
Total | 5,444 | ||
Accumulated Depreciation | $ 554 | ||
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 | 240 | ||
Gross Carrying Amount at year end | |||
Land | 1,050 | ||
Building and Improvements | 5,415 | ||
Total | 6,465 | ||
Accumulated Depreciation | $ 571 | ||
Austin VI, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 62,850 | ||
Initial cost | |||
Land | $ 1,150 | ||
Building and Improvements | 5,669 | ||
Costs Subsequent to Acquisition | 262 | ||
Gross Carrying Amount at year end | |||
Land | 1,150 | ||
Building and Improvements | 5,932 | ||
Total | 7,082 | ||
Accumulated Depreciation | $ 605 | ||
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 | 132 | ||
Gross Carrying Amount at year end | |||
Land | 1,429 | ||
Building and Improvements | 6,394 | ||
Total | 7,823 | ||
Accumulated Depreciation | $ 426 | ||
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 | 49 | ||
Gross Carrying Amount at year end | |||
Land | 2,935 | ||
Building and Improvements | 7,057 | ||
Total | 9,992 | ||
Accumulated Depreciation | $ 427 | ||
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 | 561 | ||
Gross Carrying Amount at year end | |||
Land | 1,396 | ||
Building and Improvements | 1,592 | ||
Total | 2,988 | ||
Accumulated Depreciation | $ 509 | ||
Carrollton, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,380 | ||
Initial cost | |||
Land | $ 661 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 137 | ||
Gross Carrying Amount at year end | |||
Land | 661 | ||
Building and Improvements | 3,398 | ||
Total | 4,059 | ||
Accumulated Depreciation | $ 545 | ||
Cedar Park, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 88,700 | ||
Initial cost | |||
Land | $ 3,350 | ||
Building and Improvements | 7,950 | ||
Costs Subsequent to Acquisition | 39 | ||
Gross Carrying Amount at year end | |||
Land | 3,350 | ||
Building and Improvements | 7,989 | ||
Total | 11,339 | ||
Accumulated Depreciation | $ 483 | ||
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 | 199 | ||
Gross Carrying Amount at year end | |||
Land | 813 | ||
Building and Improvements | 752 | ||
Total | 1,565 | ||
Accumulated Depreciation | $ 275 | ||
Cypress, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 58,161 | ||
Initial cost | |||
Land | $ 360 | ||
Building and Improvements | 1,773 | ||
Costs Subsequent to Acquisition | 145 | ||
Gross Carrying Amount at year end | |||
Land | 360 | ||
Building and Improvements | 1,919 | ||
Total | 2,279 | ||
Accumulated Depreciation | $ 341 | ||
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 | 482 | ||
Gross Carrying Amount at year end | |||
Land | 2,475 | ||
Building and Improvements | 2,288 | ||
Total | 4,763 | ||
Accumulated Depreciation | $ 866 | ||
Dallas II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 76,673 | ||
Initial cost | |||
Land | $ 940 | ||
Building and Improvements | 4,635 | ||
Costs Subsequent to Acquisition | 229 | ||
Gross Carrying Amount at year end | |||
Land | 940 | ||
Building and Improvements | 4,864 | ||
Total | 5,804 | ||
Accumulated Depreciation | $ 646 | ||
Dallas III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 83,427 | ||
Initial cost | |||
Land | $ 2,608 | ||
Building and Improvements | 12,857 | ||
Costs Subsequent to Acquisition | 253 | ||
Gross Carrying Amount at year end | |||
Land | 2,608 | ||
Building and Improvements | 13,110 | ||
Total | 15,718 | ||
Accumulated Depreciation | $ 1,283 | ||
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 | 65 | ||
Gross Carrying Amount at year end | |||
Land | 2,369 | ||
Building and Improvements | 11,914 | ||
Total | 14,283 | ||
Accumulated Depreciation | $ 1,061 | ||
Dallas V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,499 | ||
Initial cost | |||
Building and Improvements | $ 11,604 | ||
Costs Subsequent to Acquisition | 84 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 11,689 | ||
Total | 11,689 | ||
Accumulated Depreciation | $ 906 | ||
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 | 305 | ||
Gross Carrying Amount at year end | |||
Land | 569 | ||
Building and Improvements | 2,746 | ||
Total | 3,315 | ||
Accumulated Depreciation | $ 923 | ||
Fort Worth I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 50,416 | ||
Initial cost | |||
Land | $ 1,253 | ||
Building and Improvements | 1,141 | ||
Costs Subsequent to Acquisition | 353 | ||
Gross Carrying Amount at year end | |||
Land | 1,253 | ||
Building and Improvements | 1,256 | ||
Total | 2,509 | ||
Accumulated Depreciation | $ 444 | ||
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 | 392 | ||
Gross Carrying Amount at year end | |||
Land | 874 | ||
Building and Improvements | 4,331 | ||
Total | 5,205 | ||
Accumulated Depreciation | $ 1,547 | ||
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 | 128 | ||
Gross Carrying Amount at year end | |||
Land | 1,000 | ||
Building and Improvements | 5,057 | ||
Total | 6,057 | ||
Accumulated Depreciation | $ 455 | ||
Fort Worth IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 77,329 | ||
Initial cost | |||
Land | $ 1,274 | ||
Building and Improvements | 7,693 | ||
Costs Subsequent to Acquisition | 31 | ||
Gross Carrying Amount at year end | |||
Land | 1,274 | ||
Building and Improvements | 7,724 | ||
Total | 8,998 | ||
Accumulated Depreciation | $ 423 | ||
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 | 193 | ||
Gross Carrying Amount at year end | |||
Land | 1,093 | ||
Building and Improvements | 2,883 | ||
Total | 3,976 | ||
Accumulated Depreciation | $ 1,080 | ||
Frisco II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,599 | ||
Initial cost | |||
Land | $ 1,564 | ||
Building and Improvements | 4,507 | ||
Costs Subsequent to Acquisition | 202 | ||
Gross Carrying Amount at year end | |||
Land | 1,564 | ||
Building and Improvements | 4,093 | ||
Total | 5,657 | ||
Accumulated Depreciation | $ 1,531 | ||
Frisco III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 74,665 | ||
Initial cost | |||
Land | $ 1,147 | ||
Building and Improvements | 6,088 | ||
Costs Subsequent to Acquisition | 572 | ||
Gross Carrying Amount at year end | |||
Land | 1,154 | ||
Building and Improvements | 5,850 | ||
Total | 7,004 | ||
Accumulated Depreciation | $ 2,050 | ||
Frisco IV, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 75,175 | ||
Initial cost | |||
Land | $ 719 | ||
Building and Improvements | 4,072 | ||
Costs Subsequent to Acquisition | 281 | ||
Gross Carrying Amount at year end | |||
Land | 719 | ||
Building and Improvements | 3,795 | ||
Total | 4,514 | ||
Accumulated Depreciation | $ 893 | ||
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 | 133 | ||
Gross Carrying Amount at year end | |||
Land | 1,159 | ||
Building and Improvements | 5,846 | ||
Total | 7,005 | ||
Accumulated Depreciation | $ 708 | ||
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 | 170 | ||
Gross Carrying Amount at year end | |||
Land | 1,064 | ||
Building and Improvements | 5,417 | ||
Total | 6,481 | ||
Accumulated Depreciation | $ 556 | ||
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 | 590 | ||
Gross Carrying Amount at year end | |||
Land | 767 | ||
Building and Improvements | 3,981 | ||
Total | 4,748 | ||
Accumulated Depreciation | $ 1,402 | ||
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 | 297 | ||
Gross Carrying Amount at year end | |||
Land | 862 | ||
Building and Improvements | 4,278 | ||
Total | 5,140 | ||
Accumulated Depreciation | $ 1,447 | ||
Grapevine, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 78,019 | ||
Initial cost | |||
Land | $ 1,211 | ||
Building and Improvements | 8,559 | ||
Costs Subsequent to Acquisition | 112 | ||
Gross Carrying Amount at year end | |||
Land | 1,211 | ||
Building and Improvements | 8,671 | ||
Total | 9,882 | ||
Accumulated Depreciation | $ 469 | ||
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 | 388 | ||
Gross Carrying Amount at year end | |||
Land | 576 | ||
Building and Improvements | 799 | ||
Total | 1,375 | ||
Accumulated Depreciation | $ 316 | ||
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 | 677 | ||
Gross Carrying Amount at year end | |||
Land | 961 | ||
Building and Improvements | 1,352 | ||
Total | 2,313 | ||
Accumulated Depreciation | $ 436 | ||
Houston V, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 124,279 | ||
Initial cost | |||
Land | $ 1,153 | ||
Building and Improvements | 6,122 | ||
Costs Subsequent to Acquisition | 1,336 | ||
Gross Carrying Amount at year end | |||
Land | 991 | ||
Building and Improvements | 6,709 | ||
Total | 7,700 | ||
Accumulated Depreciation | $ 2,140 | ||
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 | 5,783 | ||
Gross Carrying Amount at year end | |||
Land | 983 | ||
Building and Improvements | 4,985 | ||
Total | 5,968 | ||
Accumulated Depreciation | $ 1,044 | ||
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 | 179 | ||
Gross Carrying Amount at year end | |||
Land | 681 | ||
Building and Improvements | 3,534 | ||
Total | 4,215 | ||
Accumulated Depreciation | $ 666 | ||
Houston VIII, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 54,209 | ||
Initial cost | |||
Land | $ 1,294 | ||
Building and Improvements | 6,377 | ||
Costs Subsequent to Acquisition | 375 | ||
Gross Carrying Amount at year end | |||
Land | 1,294 | ||
Building and Improvements | 6,753 | ||
Total | 8,047 | ||
Accumulated Depreciation | $ 1,170 | ||
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 | 129 | ||
Gross Carrying Amount at year end | |||
Land | 296 | ||
Building and Improvements | 1,588 | ||
Total | 1,884 | ||
Accumulated Depreciation | $ 278 | ||
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 | 95 | ||
Gross Carrying Amount at year end | |||
Land | 706 | ||
Building and Improvements | 5,822 | ||
Total | 6,528 | ||
Accumulated Depreciation | $ 389 | ||
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 | 84 | ||
Gross Carrying Amount at year end | |||
Land | 1,329 | ||
Building and Improvements | 6,637 | ||
Total | 7,966 | ||
Accumulated Depreciation | $ 861 | ||
Keller, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 88,060 | ||
Initial cost | |||
Land | $ 1,330 | ||
Building and Improvements | 7,960 | ||
Costs Subsequent to Acquisition | 316 | ||
Gross Carrying Amount at year end | |||
Land | 1,331 | ||
Building and Improvements | 7,660 | ||
Total | 8,991 | ||
Accumulated Depreciation | $ 1,584 | ||
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 | 418 | ||
Gross Carrying Amount at year end | |||
Land | 492 | ||
Building and Improvements | 2,506 | ||
Total | 2,998 | ||
Accumulated Depreciation | $ 865 | ||
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 | 328 | ||
Gross Carrying Amount at year end | |||
Land | 1,464 | ||
Building and Improvements | 7,545 | ||
Total | 9,009 | ||
Accumulated Depreciation | $ 1,052 | ||
Lewisville III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 93,855 | ||
Initial cost | |||
Land | $ 1,307 | ||
Building and Improvements | 15,025 | ||
Costs Subsequent to Acquisition | 175 | ||
Gross Carrying Amount at year end | |||
Land | 1,307 | ||
Building and Improvements | 15,201 | ||
Total | 16,508 | ||
Accumulated Depreciation | $ 824 | ||
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 | 127 | ||
Gross Carrying Amount at year end | |||
Land | 892 | ||
Building and Improvements | 5,657 | ||
Total | 6,549 | ||
Accumulated Depreciation | $ 319 | ||
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 | 83 | ||
Gross Carrying Amount at year end | |||
Land | 1,219 | ||
Building and Improvements | 9,948 | ||
Total | 11,167 | ||
Accumulated Depreciation | $ 542 | ||
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 | 267 | ||
Gross Carrying Amount at year end | |||
Land | 843 | ||
Building and Improvements | 4,129 | ||
Total | 4,972 | ||
Accumulated Depreciation | $ 1,479 | ||
Mansfield II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 57,375 | ||
Initial cost | |||
Land | $ 662 | ||
Building and Improvements | 3,261 | ||
Costs Subsequent to Acquisition | 144 | ||
Gross Carrying Amount at year end | |||
Land | 662 | ||
Building and Improvements | 3,405 | ||
Total | 4,067 | ||
Accumulated Depreciation | $ 609 | ||
Mansfield III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 70,920 | ||
Initial cost | |||
Land | $ 947 | ||
Building and Improvements | 4,703 | ||
Costs Subsequent to Acquisition | 166 | ||
Gross Carrying Amount at year end | |||
Land | 947 | ||
Building and Improvements | 4,870 | ||
Total | 5,817 | ||
Accumulated Depreciation | $ 195 | ||
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 | 213 | ||
Gross Carrying Amount at year end | |||
Land | 1,634 | ||
Building and Improvements | 1,459 | ||
Total | 3,093 | ||
Accumulated Depreciation | $ 548 | ||
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 | 227 | ||
Gross Carrying Amount at year end | |||
Land | 857 | ||
Building and Improvements | 4,677 | ||
Total | 5,534 | ||
Accumulated Depreciation | $ 1,680 | ||
McKinney III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 53,750 | ||
Initial cost | |||
Land | $ 652 | ||
Building and Improvements | 3,213 | ||
Costs Subsequent to Acquisition | 69 | ||
Gross Carrying Amount at year end | |||
Land | 652 | ||
Building and Improvements | 3,281 | ||
Total | 3,933 | ||
Accumulated Depreciation | $ 316 | ||
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 | 254 | ||
Gross Carrying Amount at year end | |||
Land | 2,252 | ||
Building and Improvements | 1,924 | ||
Total | 4,176 | ||
Accumulated Depreciation | $ 716 | ||
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 | 359 | ||
Gross Carrying Amount at year end | |||
Land | 450 | ||
Building and Improvements | 2,576 | ||
Total | 3,026 | ||
Accumulated Depreciation | $ 428 | ||
Richmond, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 102,330 | ||
Initial cost | |||
Land | $ 1,437 | ||
Building and Improvements | 7,083 | ||
Costs Subsequent to Acquisition | 157 | ||
Gross Carrying Amount at year end | |||
Land | 1,437 | ||
Building and Improvements | 7,240 | ||
Total | 8,677 | ||
Accumulated Depreciation | $ 938 | ||
Roanoke, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 59,300 | ||
Initial cost | |||
Land | $ 1,337 | ||
Building and Improvements | 1,217 | ||
Costs Subsequent to Acquisition | 171 | ||
Gross Carrying Amount at year end | |||
Land | 1,337 | ||
Building and Improvements | 1,161 | ||
Total | 2,498 | ||
Accumulated Depreciation | $ 434 | ||
San Antonio I, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,329 | ||
Initial cost | |||
Land | $ 2,895 | ||
Building and Improvements | 2,635 | ||
Costs Subsequent to Acquisition | 358 | ||
Gross Carrying Amount at year end | |||
Land | 2,895 | ||
Building and Improvements | 2,460 | ||
Total | 5,355 | ||
Accumulated Depreciation | $ 921 | ||
San Antonio II, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 73,155 | ||
Initial cost | |||
Land | $ 1,047 | ||
Building and Improvements | 5,558 | ||
Costs Subsequent to Acquisition | 223 | ||
Gross Carrying Amount at year end | |||
Land | 1,052 | ||
Building and Improvements | 5,088 | ||
Total | 6,140 | ||
Accumulated Depreciation | $ 1,727 | ||
San Antonio III, TX | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 71,825 | ||
Initial cost | |||
Land | $ 996 | ||
Building and Improvements | 5,286 | ||
Costs Subsequent to Acquisition | 297 | ||
Gross Carrying Amount at year end | |||
Land | 996 | ||
Building and Improvements | 4,861 | ||
Total | 5,857 | ||
Accumulated Depreciation | $ 1,623 | ||
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 | 145 | ||
Gross Carrying Amount at year end | |||
Land | 829 | ||
Building and Improvements | 4,037 | ||
Total | 4,866 | ||
Accumulated Depreciation | $ 153 | ||
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 | 289 | ||
Gross Carrying Amount at year end | |||
Land | 580 | ||
Building and Improvements | 2,879 | ||
Total | 3,459 | ||
Accumulated Depreciation | $ 1,025 | ||
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 | 525 | ||
Gross Carrying Amount at year end | |||
Land | 3,848 | ||
Building and Improvements | 1,326 | ||
Total | 5,174 | ||
Accumulated Depreciation | $ 544 | ||
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 | 526 | ||
Gross Carrying Amount at year end | |||
Land | 2,147 | ||
Building and Improvements | 922 | ||
Total | 3,069 | ||
Accumulated Depreciation | $ 366 | ||
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 | 526 | ||
Gross Carrying Amount at year end | |||
Land | 2,696 | ||
Building and Improvements | 1,052 | ||
Total | 3,748 | ||
Accumulated Depreciation | $ 428 | ||
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 | 411 | ||
Gross Carrying Amount at year end | |||
Land | 1,937 | ||
Building and Improvements | 794 | ||
Total | 2,731 | ||
Accumulated Depreciation | $ 334 | ||
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 | 235 | ||
Gross Carrying Amount at year end | |||
Land | 2,812 | ||
Building and Improvements | 14,101 | ||
Total | 16,913 | ||
Accumulated Depreciation | $ 2,471 | ||
Arlington, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 96,143 | ||
Initial cost | |||
Land | $ 6,836 | ||
Building and Improvements | 9,843 | ||
Costs Subsequent to Acquisition | 94 | ||
Gross Carrying Amount at year end | |||
Land | 6,836 | ||
Building and Improvements | 9,938 | ||
Total | 16,774 | ||
Accumulated Depreciation | $ 975 | ||
Burke Lake, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 91,467 | ||
Initial cost | |||
Land | $ 2,093 | ||
Building and Improvements | 10,940 | ||
Costs Subsequent to Acquisition | 1,184 | ||
Gross Carrying Amount at year end | |||
Land | 2,093 | ||
Building and Improvements | 10,528 | ||
Total | 12,621 | ||
Accumulated Depreciation | $ 2,312 | ||
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 | 307 | ||
Gross Carrying Amount at year end | |||
Land | 2,276 | ||
Building and Improvements | 11,528 | ||
Total | 13,804 | ||
Accumulated Depreciation | $ 1,948 | ||
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 | 349 | ||
Gross Carrying Amount at year end | |||
Land | 1,680 | ||
Building and Improvements | 4,516 | ||
Total | 6,196 | ||
Accumulated Depreciation | $ 1,599 | ||
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 | 412 | ||
Gross Carrying Amount at year end | |||
Land | 1,757 | ||
Building and Improvements | 4,782 | ||
Total | 6,539 | ||
Accumulated Depreciation | $ 1,707 | ||
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 | 181 | ||
Gross Carrying Amount at year end | |||
Land | 1,746 | ||
Building and Improvements | 8,787 | ||
Total | 10,533 | ||
Accumulated Depreciation | $ 1,700 | ||
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 | 255 | ||
Gross Carrying Amount at year end | |||
Land | 860 | ||
Building and Improvements | 4,464 | ||
Total | 5,324 | ||
Accumulated Depreciation | $ 1,011 | ||
McLearen, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 69,385 | ||
Initial cost | |||
Land | $ 1,482 | ||
Building and Improvements | 8,400 | ||
Costs Subsequent to Acquisition | 226 | ||
Gross Carrying Amount at year end | |||
Land | 1,482 | ||
Building and Improvements | 7,471 | ||
Total | 8,953 | ||
Accumulated Depreciation | $ 1,661 | ||
Vienna, VA | |||
REAL ESTATE AND RELATED DEPRECIATION | |||
Area of facility (in square feet) | ft² | 55,111 | ||
Initial cost | |||
Land | $ 2,300 | ||
Building and Improvements | 11,340 | ||
Costs Subsequent to Acquisition | 147 | ||
Gross Carrying Amount at year end | |||
Land | 2,300 | ||
Building and Improvements | 11,487 | ||
Total | 13,787 | ||
Accumulated Depreciation | 1,945 | ||
Divisional Offices | |||
Initial cost | |||
Costs Subsequent to Acquisition | 374 | ||
Gross Carrying Amount at year end | |||
Building and Improvements | 374 | ||
Total | 374 | ||
Accumulated Depreciation | $ 96 |
SCHEDULE III REAL ESTATE AND 78
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Activity in Storage facilities | ||
Balance at beginning of year | $ 3,998,180 | $ 3,467,032 |
Acquisitions & improvements | 247,546 | 490,980 |
Fully depreciated assets | (53,903) | (61,232) |
Dispositions and other | (9,179) | |
Construction in progress | (20,929) | 101,400 |
Balance at end of year | 4,161,715 | 3,998,180 |
Activity in Accumulated depreciation | ||
Balance at beginning of year | 671,364 | 594,049 |
Depreciation expense | 135,732 | 138,547 |
Fully depreciated assets | (53,903) | (61,232) |
Dispositions and other | (268) | |
Balance at end of year | 752,925 | 671,364 |
Real Estate Investment Property, Net | $ 3,408,790 | $ 3,326,816 |
CONSOLIDATED BALANCE SHEETS (LP
CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Storage facilities | $ 4,161,715 | $ 3,998,180 |
Less: Accumulated depreciation | (752,925) | (671,364) |
Storage facilities, net (including VIE assets of $291,496 and $208,048, respectively) | 3,408,790 | 3,326,816 |
Cash and cash equivalents | 5,268 | 2,973 |
Restricted cash | 3,890 | 7,893 |
Loan procurement costs, net of amortization | 1,592 | 2,150 |
Investment in real estate venture, at equity | 91,206 | 98,682 |
Other assets, net | 34,590 | 36,514 |
Total assets | 3,545,336 | 3,475,028 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 1,142,460 | 1,039,076 |
Revolving credit facility | 81,700 | 43,300 |
Unsecured term loan | 299,396 | 398,749 |
Mortgage loans and notes payable, net | 111,434 | 114,618 |
Accounts payable, accrued expenses and other liabilities | 143,344 | 93,764 |
Distributions payable | 55,297 | 49,239 |
Deferred revenue | 21,529 | 20,226 |
Security deposits | 486 | 412 |
Total liabilities | 1,855,646 | 1,759,384 |
Limited Partnership interests of third parties | 54,320 | 54,407 |
Commitments and contingencies | ||
Capital | ||
Accumulated other comprehensive loss | 3 | (1,850) |
Total liabilities and equity | 3,545,336 | 3,475,028 |
CubeSmart, L.P. and Subsidiaries | ||
ASSETS | ||
Storage facilities | 4,161,715 | 3,998,180 |
Less: Accumulated depreciation | (752,925) | (671,364) |
Storage facilities, net (including VIE assets of $291,496 and $208,048, respectively) | 3,408,790 | 3,326,816 |
Cash and cash equivalents | 5,268 | 2,973 |
Restricted cash | 3,890 | 7,893 |
Loan procurement costs, net of amortization | 1,592 | 2,150 |
Investment in real estate venture, at equity | 91,206 | 98,682 |
Other assets, net | 34,590 | 36,514 |
Total assets | 3,545,336 | 3,475,028 |
LIABILITIES AND CAPITAL | ||
Unsecured senior notes, net | 1,142,460 | 1,039,076 |
Revolving credit facility | 81,700 | 43,300 |
Unsecured term loan | 299,396 | 398,749 |
Mortgage loans and notes payable, net | 111,434 | 114,618 |
Accounts payable, accrued expenses and other liabilities | 143,344 | 93,764 |
Distributions payable | 55,297 | 49,239 |
Deferred revenue | 21,529 | 20,226 |
Security deposits | 486 | 412 |
Total liabilities | 1,855,646 | 1,759,384 |
Limited Partnership interests of third parties | 54,320 | 54,407 |
Commitments and contingencies | ||
Capital | ||
Operating Partner | 1,629,131 | 1,657,232 |
Accumulated other comprehensive loss | 3 | (1,850) |
Total CubeSmart, L.P. capital | 1,629,134 | 1,655,382 |
Noncontrolling interests in subsidiaries | 6,236 | 5,855 |
Total capital | 1,635,370 | 1,661,237 |
Total liabilities and equity | $ 3,545,336 | $ 3,475,028 |
CONSOLIDATED BALANCE SHEETS (80
CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Storage facilities, net | $ 3,408,790 | $ 3,326,816 |
VIE | ||
Storage facilities, net | 291,496 | 208,048 |
CubeSmart, L.P. and Subsidiaries | ||
Storage facilities, net | 3,408,790 | 3,326,816 |
CubeSmart, L.P. and Subsidiaries | VIE | ||
Storage facilities, net | $ 291,496 | $ 208,048 |
CONSOLIDATED STATEMENTS OF OP81
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Rental income | $ 489,043 | $ 449,601 | $ 392,476 |
Other property related income | 55,001 | 50,255 | 45,189 |
Property management fee income | 14,899 | 10,183 | 6,856 |
Total revenues | 558,943 | 510,039 | 444,521 |
OPERATING EXPENSES | |||
Property operating expenses | 181,508 | 165,847 | 153,172 |
Depreciation and amortization | 145,681 | 161,865 | 151,789 |
General and administrative | 34,745 | 32,823 | 28,371 |
Acquisition related costs | 1,294 | 6,552 | 3,301 |
Total operating expenses | 363,228 | 367,087 | 336,633 |
OPERATING INCOME | 195,715 | 142,952 | 107,888 |
Interest: | |||
Interest expense on loans | (56,952) | (50,399) | (43,736) |
Loan procurement amortization expense | (2,638) | (2,577) | (2,324) |
Equity in losses of real estate ventures | (1,386) | (2,662) | (411) |
Gain from sale of real estate, net | 17,567 | ||
Other | 872 | 1,062 | (228) |
Total other expense | (60,104) | (54,576) | (29,132) |
INCOME FROM CONTINUING OPERATIONS | 135,611 | 88,376 | 78,756 |
NET INCOME | 135,611 | 88,376 | 78,756 |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | 270 | 470 | (84) |
Operating Partnership interests of third parties | (1,593) | (941) | (960) |
Distribution to preferred unitholders | (5,045) | (6,008) | |
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 134,288 | $ 79,923 | $ 71,704 |
Diluted - as reported (in dollars per share) | $ 0.74 | $ 0.45 | $ 0.42 |
Weighted-average basic units outstanding (in units) | 180,525 | 178,246 | 168,640 |
Weighted-average diluted units outstanding (in units) | 181,448 | 179,533 | 170,191 |
CubeSmart, L.P. and Subsidiaries | |||
REVENUES | |||
Rental income | $ 489,043 | $ 449,601 | $ 392,476 |
Other property related income | 55,001 | 50,255 | 45,189 |
Property management fee income | 14,899 | 10,183 | 6,856 |
Total revenues | 558,943 | 510,039 | 444,521 |
OPERATING EXPENSES | |||
Property operating expenses | 181,508 | 165,847 | 153,172 |
Depreciation and amortization | 145,681 | 161,865 | 151,789 |
General and administrative | 34,745 | 32,823 | 28,371 |
Acquisition related costs | 1,294 | 6,552 | 3,301 |
Total operating expenses | 363,228 | 367,087 | 336,633 |
OPERATING INCOME | 195,715 | 142,952 | 107,888 |
Interest: | |||
Interest expense on loans | (56,952) | (50,399) | (43,736) |
Loan procurement amortization expense | (2,638) | (2,577) | (2,324) |
Equity in losses of real estate ventures | (1,386) | (2,662) | (411) |
Gain from sale of real estate, net | 17,567 | ||
Other | 872 | 1,062 | (228) |
Total other expense | (60,104) | (54,576) | (29,132) |
NET INCOME | 135,611 | 88,376 | 78,756 |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||
Noncontrolling interest in subsidiaries | 270 | 470 | (84) |
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. | 134,288 | 87,905 | 77,712 |
Operating Partnership interests of third parties | (1,593) | (941) | (960) |
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER | 135,881 | 88,846 | 78,672 |
Distribution to preferred unitholders | (5,045) | (6,008) | |
Preferred unit redemption charge | (2,937) | ||
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | $ 134,288 | $ 79,923 | $ 71,704 |
Basic earnings per unit attributable to common unitholders | $ 0.74 | $ 0.45 | $ 0.43 |
Diluted - as reported (in dollars per share) | $ 0.74 | $ 0.45 | $ 0.42 |
Weighted-average basic units outstanding (in units) | 180,525 | 178,246 | 168,640 |
Weighted-average diluted units outstanding (in units) | 181,448 | 179,533 | 170,191 |
CONSOLIDATED STATEMENTS OF CO82
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
NET INCOME | $ 135,611 | $ 88,376 | $ 78,756 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | 195 | (1,247) | (3,409) |
Reclassification of realized losses on interest rate swaps | 1,680 | 4,412 | 6,263 |
Unrealized loss on foreign currency translation | (249) | ||
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 1,875 | 3,165 | 3,804 |
COMPREHENSIVE INCOME | 137,486 | 91,541 | 82,560 |
Comprehensive income attributable to Operating Partnership interests of third parties | (1,615) | (978) | (992) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 270 | 470 | (75) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | 136,141 | 91,033 | 81,493 |
CubeSmart, L.P. and Subsidiaries | |||
NET INCOME | 135,611 | 88,376 | 78,756 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on interest rate swaps | 195 | (1,247) | (3,409) |
Reclassification of realized losses on interest rate swaps | 1,680 | 4,412 | 6,263 |
Unrealized loss on foreign currency translation | (249) | ||
Reclassification of realized loss on foreign currency translation | 1,199 | ||
OTHER COMPREHENSIVE INCOME | 1,875 | 3,165 | 3,804 |
COMPREHENSIVE INCOME | 137,486 | 91,541 | 82,560 |
Comprehensive income attributable to Operating Partnership interests of third parties | (1,615) | (978) | (992) |
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries | 270 | 470 | (75) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 136,141 | $ 91,033 | $ 81,493 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | $ 54,407 | ||
Contributions from noncontrolling interests in subsidiaries | 1,058 | $ 4,799 | $ 178 |
Distributions to noncontrolling interests in subsidiaries | (319) | ||
Acquisition of noncontrolling interest in subsidiary | (9,033) | ||
Adjustment for Operating Partnership interests of third parties | (3,965) | 7,388 | (19,619) |
Net income (loss) | 134,018 | 87,435 | 77,796 |
Other comprehensive income (loss), net | 1,853 | 3,128 | 3,772 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,320 | 54,407 | |
Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | 49,823 |
Issuance of OP Units | 12,324 | 1,500 | 500 |
Adjustment for Operating Partnership interests of third parties | 3,965 | (7,388) | 19,619 |
Net income (loss) | 1,593 | 941 | 960 |
Other comprehensive income (loss), net | 22 | 37 | 32 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,320 | 54,407 | 66,128 |
CubeSmart, L.P. and Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,661,237 | 1,644,853 | 1,449,618 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | ||
Contributions from noncontrolling interests in subsidiaries | 1,058 | 4,799 | 178 |
Distributions to noncontrolling interests in subsidiaries | (319) | ||
Acquisition of noncontrolling interest in subsidiary | (9,033) | ||
Issuance of common OP units | 29,642 | 136,121 | 234,061 |
Issuance of restricted OP units | 1 | 1 | 1 |
Issuance of OP Units | 4,876 | ||
Conversion from OP units to shares | 15,706 | 3,275 | |
Exercise of OP unit options | 2,364 | 13,283 | 17,489 |
Amortization of restricted OP units | 2,009 | 1,952 | 1,166 |
OP unit compensation expense | 1,531 | 1,260 | 989 |
Adjustment for Operating Partnership interests of third parties | (3,965) | 7,388 | 19,619 |
Net income (loss) | 134,018 | 87,435 | 77,796 |
Other comprehensive income (loss), net | 1,853 | 3,128 | 3,772 |
Preferred OP unit distributions | (5,045) | (6,008) | |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (201,051) | (161,240) | (117,546) |
Balance | 1,635,370 | 1,661,237 | 1,644,853 |
Balance of Noncontrolling Interests in the Operating Partnership | 54,320 | 54,407 | |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in Operating Partnership | |||
Increase (Decrease) in Partners' Capital | |||
Balance of Noncontrolling Interests in the Operating Partnership | 54,407 | 66,128 | 49,823 |
Issuance of OP Units | 12,324 | 1,500 | 500 |
Conversion from OP units to shares | (15,706) | (4,876) | (3,275) |
Adjustment for Operating Partnership interests of third parties | 3,965 | (7,388) | (19,619) |
Net income (loss) | 1,593 | 941 | 960 |
Other comprehensive income (loss), net | 22 | 37 | 32 |
Common OP unit distributions | (2,285) | (1,935) | (1,531) |
Balance of Noncontrolling Interests in the Operating Partnership | 54,320 | 54,407 | 66,128 |
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 1,655,382 | 1,643,327 | 1,448,026 |
Acquisition of noncontrolling interest in subsidiary | (8,626) | ||
Issuance of common OP units | 29,642 | 136,121 | 234,061 |
Issuance of restricted OP units | 1 | 1 | 1 |
Issuance of OP Units | 4,876 | ||
Conversion from OP units to shares | 15,706 | 3,275 | |
Exercise of OP unit options | 2,364 | 13,283 | 17,489 |
Amortization of restricted OP units | 2,009 | 1,952 | 1,166 |
OP unit compensation expense | 1,531 | 1,260 | 989 |
Adjustment for Operating Partnership interests of third parties | (3,965) | 7,388 | 19,619 |
Net income (loss) | 134,288 | 87,905 | 77,712 |
Other comprehensive income (loss), net | 1,853 | 3,128 | 3,781 |
Preferred OP unit distributions | (5,045) | (6,008) | |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (201,051) | (161,240) | (117,546) |
Balance | 1,629,134 | 1,655,382 | 1,643,327 |
CubeSmart, L.P. and Subsidiaries | Operating Partner | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ 1,657,232 | $ 1,648,305 | $ 1,456,785 |
Balance (in units) | 180,083,000 | 174,668,000 | 163,957,000 |
Acquisition of noncontrolling interest in subsidiary | $ (8,626) | ||
Issuance of common OP units | $ 29,642 | $ 136,121 | $ 234,061 |
Issuance of common OP units (in units) | 1,036,000 | 4,408,000 | 8,978,000 |
Issuance of restricted OP units | $ 1 | $ 1 | $ 1 |
Issuance of restricted OP units (in units) | 106,000 | 123,000 | 161,000 |
Issuance of OP Units | $ 4,876 | ||
Issuance of OP Units (in shares) | 188,000 | ||
Conversion from OP units to shares | $ 15,706 | $ 3,275 | |
Conversion from OP units to shares (in units) | 594,000 | 118,000 | |
Exercise of OP unit options | $ 2,364 | $ 13,283 | $ 17,489 |
Exercise of OP unit options (in units) | 397,000 | 696,000 | 1,454,000 |
Amortization of restricted OP units | $ 2,009 | $ 1,952 | $ 1,166 |
OP unit compensation expense | 1,531 | 1,260 | 989 |
Adjustment for Operating Partnership interests of third parties | (3,965) | 7,388 | 19,619 |
Net income (loss) | 134,288 | 87,905 | 77,712 |
Preferred OP unit distributions | (5,045) | (6,008) | |
Preferred OP unit redemption | (77,574) | ||
Common OP unit distributions | (201,051) | (161,240) | (117,546) |
Balance | $ 1,629,131 | $ 1,657,232 | $ 1,648,305 |
Balance (in units) | 182,216,000 | 180,083,000 | 174,668,000 |
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner | |||
Increase (Decrease) in Partners' Capital | |||
Balance (in units) | 3,100,000 | 3,100,000 | |
Preferred OP unit redemption (in units) | (3,100,000) | ||
Balance (in units) | 3,100,000 | ||
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss) Income | |||
Increase (Decrease) in Partners' Capital | |||
Balance | $ (1,850) | $ (4,978) | $ (8,759) |
Other comprehensive income (loss), net | 1,853 | 3,128 | 3,781 |
Balance | 3 | (1,850) | (4,978) |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries | |||
Increase (Decrease) in Partners' Capital | |||
Balance | 5,855 | 1,526 | 1,592 |
Contributions from noncontrolling interests in subsidiaries | 1,058 | 4,799 | 178 |
Distributions to noncontrolling interests in subsidiaries | (319) | ||
Acquisition of noncontrolling interest in subsidiary | (407) | ||
Net income (loss) | (270) | (470) | 84 |
Other comprehensive income (loss), net | (9) | ||
Balance | $ 6,236 | $ 5,855 | $ 1,526 |
CONSOLIDATED STATEMENTS OF CA84
CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income | $ 135,611 | $ 88,376 | $ 78,756 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 148,319 | 164,442 | 154,113 |
Equity in losses of real estate ventures | 1,386 | 2,662 | 411 |
Gain from sale of real estate, net | (17,567) | ||
Equity compensation expense | 5,586 | 4,850 | 3,722 |
Accretion of fair market value adjustment of debt | (559) | (1,138) | (1,429) |
Changes in other operating accounts: | |||
Restricted cash | (60) | 591 | 743 |
Other assets | (8,845) | (3,930) | (2,519) |
Accounts payable and accrued expenses | 10,846 | 7,862 | (438) |
Other liabilities | 1,154 | 1,449 | 1,480 |
Net cash provided by operating activities | 293,438 | 265,164 | 217,272 |
Investing Activities | |||
Acquisitions of storage facilities | (69,629) | (366,666) | (275,726) |
Additions and improvements to storage facilities | (28,962) | (30,971) | (24,695) |
Development costs | (64,659) | (143,713) | (81,315) |
Investment in real estate venture, at equity | (301) | (12,176) | (8,433) |
Cash distributed from real estate ventures | 15,784 | 8,113 | 6,451 |
Proceeds from sale of real estate, net | 9,041 | ||
Fundings of notes receivable | (4,100) | ||
Proceeds from notes receivable | 4,100 | ||
Change in restricted cash | (57) | 942 | 69 |
Net cash used in investing activities | (147,824) | (544,471) | (374,608) |
Proceeds from: | |||
Unsecured senior notes | 103,192 | 298,512 | 249,338 |
Revolving credit facility | 628,400 | 958,200 | 731,320 |
Principal payments on: | |||
Revolving credit facility | (590,000) | (914,900) | (809,320) |
Unsecured term loans | (100,000) | ||
Mortgage loans and notes payable | (8,666) | (37,260) | (84,905) |
Loan procurement costs | (953) | (2,467) | (4,433) |
Acquisition of noncontrolling interest in subsidiary | (9,033) | ||
Cash paid upon vesting of restricted OP units | (2,046) | (1,638) | (1,567) |
Redemption of preferred units | (77,574) | ||
Contributions from noncontrolling interests in subsidiaries | 1,058 | 4,799 | 178 |
Distributions paid to noncontrolling interests in subsidiaries | (319) | ||
Distributions paid to common OP unitholders | (195,006) | (149,280) | (107,093) |
Distributions paid to preferred OP unitholders | (6,545) | (6,008) | |
Net cash (used in) provided by financing activities | (143,319) | 219,411 | 217,304 |
Cash paid for acquisition of noncontrolling interest | (9,033) | ||
Change in cash and cash equivalents | 2,295 | (59,896) | 59,968 |
Cash and cash equivalents at beginning of period | 2,973 | 62,869 | 2,901 |
Cash and cash equivalents at end of period | 5,268 | 2,973 | 62,869 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 63,407 | 53,085 | 46,216 |
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 | 35,122 | 31,426 | 16,929 |
Derivative valuation adjustment | 1,875 | 3,165 | 2,854 |
Foreign currency translation adjustment | (249) | ||
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 6,201 | 41,513 | 2,695 |
Preferred unit redemption | 2,863 | ||
Issuance of OP units | 12,324 | ||
Liability for acquisition of storage property | 1,470 | ||
Contribution of storage property to real estate venture | 9,400 | ||
CubeSmart, L.P. and Subsidiaries | |||
Operating Activities | |||
Net income | 135,611 | 88,376 | 78,756 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 148,319 | 164,442 | 154,113 |
Equity in losses of real estate ventures | 1,386 | 2,662 | 411 |
Gain from sale of real estate, net | (17,567) | ||
Equity compensation expense | 5,586 | 4,850 | 3,722 |
Accretion of fair market value adjustment of debt | (559) | (1,138) | (1,429) |
Changes in other operating accounts: | |||
Restricted cash | (60) | 591 | 743 |
Other assets | (8,845) | (3,930) | (2,519) |
Accounts payable and accrued expenses | 10,846 | 7,862 | (438) |
Other liabilities | 1,154 | 1,449 | 1,480 |
Net cash provided by operating activities | 293,438 | 265,164 | 217,272 |
Investing Activities | |||
Acquisitions of storage facilities | (69,629) | (366,666) | (275,726) |
Additions and improvements to storage facilities | (28,962) | (30,971) | (24,695) |
Development costs | (64,659) | (143,713) | (81,315) |
Investment in real estate venture, at equity | (301) | (12,176) | (8,433) |
Cash distributed from real estate ventures | 15,784 | 8,113 | 6,451 |
Proceeds from sale of real estate, net | 9,041 | ||
Fundings of notes receivable | (4,100) | ||
Proceeds from notes receivable | 4,100 | ||
Change in restricted cash | (57) | 942 | 69 |
Net cash used in investing activities | (147,824) | (544,471) | (374,608) |
Proceeds from: | |||
Unsecured senior notes | 103,192 | 298,512 | 249,338 |
Revolving credit facility | 628,400 | 958,200 | 731,320 |
Principal payments on: | |||
Revolving credit facility | (590,000) | (914,900) | (809,320) |
Unsecured term loans | (100,000) | ||
Mortgage loans and notes payable | (8,666) | (37,260) | (84,905) |
Loan procurement costs | (953) | (2,467) | (4,433) |
Acquisition of noncontrolling interest in subsidiary | (9,033) | ||
Proceeds from issuance of common OP units | 29,643 | 136,122 | 234,062 |
Cash paid upon vesting of restricted OP units | (2,046) | (1,638) | (1,567) |
Redemption of preferred units | (77,574) | ||
Exercise of OP unit options | 2,364 | 13,283 | 17,489 |
Contributions from noncontrolling interests in subsidiaries | (1,058) | (4,799) | (178) |
Distributions paid to noncontrolling interests in subsidiaries | (319) | ||
Distributions paid to common OP unitholders | (197,278) | (151,121) | (108,531) |
Distributions paid to preferred OP unitholders | (6,545) | (6,008) | |
Net cash (used in) provided by financing activities | (143,319) | 219,411 | 217,304 |
Cash paid for acquisition of noncontrolling interest | (9,033) | ||
Change in cash and cash equivalents | 2,295 | (59,896) | 59,968 |
Cash and cash equivalents at beginning of period | 2,973 | 62,869 | 2,901 |
Cash and cash equivalents at end of period | 5,268 | 2,973 | 62,869 |
Supplemental Cash Flow and Noncash Information | |||
Cash paid for interest, net of interest capitalized | 63,407 | 53,085 | 46,216 |
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 | 35,122 | 31,426 | 16,929 |
Derivative valuation adjustment | 1,875 | 3,165 | 2,854 |
Foreign currency translation adjustment | (249) | ||
Discount on issuance of unsecured senior notes | 1,488 | 662 | |
Mortgage loan assumptions | 6,201 | 41,513 | $ 2,695 |
Preferred unit redemption | $ 2,863 | ||
Issuance of OP units | 12,324 | ||
Liability for acquisition of storage property | 1,470 | ||
Contribution of storage property to real estate venture | $ 9,400 |