SEC Schedule III - Reconciliation |
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Location |
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Initial Cost to Company |
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Gross Carrying Amount at Year-End |
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State/Territory |
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Number of Stores |
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Land |
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Buildings and Improvements |
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Subsequent Additions |
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Land |
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Buildings and Improvements |
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Total(1)
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Accumulated Depreciation |
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Date Acquired |
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Alabama |
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11 |
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$ |
13,838 |
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$ |
79,025 |
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$ |
5,342 |
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$ |
14,696 |
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$ |
83,509 |
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$ |
98,205 |
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$ |
9,397 |
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2016 - 2022 |
Arkansas |
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5 |
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4,302 |
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31,721 |
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650 |
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4,302 |
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32,371 |
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36,673 |
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2,853 |
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2021 - 2022 |
Arizona |
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34 |
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48,477 |
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162,188 |
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12,772 |
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48,580 |
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174,857 |
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223,437 |
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42,636 |
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2013 - 2023 |
California(2)(3)
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87 |
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153,023 |
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505,640 |
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37,849 |
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153,125 |
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543,387 |
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696,512 |
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160,069 |
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2008 - 2023 |
Colorado |
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22 |
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23,387 |
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94,957 |
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7,072 |
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23,386 |
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102,030 |
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125,416 |
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18,852 |
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2007 - 2022 |
Connecticut |
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3 |
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2,515 |
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16,119 |
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599 |
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2,515 |
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16,718 |
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19,233 |
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1,633 |
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2020 - 2022 |
Florida(2)
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76 |
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144,877 |
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558,914 |
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25,461 |
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146,132 |
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583,120 |
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729,252 |
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84,042 |
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2015 - 2023 |
Georgia |
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50 |
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44,852 |
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219,051 |
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13,781 |
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45,401 |
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232,283 |
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277,684 |
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43,684 |
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2007 - 2022 |
Iowa |
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3 |
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4,223 |
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25,386 |
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4,467 |
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4,365 |
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29,711 |
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34,076 |
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2,737 |
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2021 - 2021 |
Idaho |
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5 |
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3,177 |
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16,287 |
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197 |
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3,182 |
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16,479 |
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19,661 |
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3,053 |
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2019 - 2020 |
Illinois |
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6 |
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9,310 |
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50,259 |
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368 |
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9,310 |
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50,627 |
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59,937 |
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5,044 |
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2021 |
Indiana |
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12 |
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9,281 |
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65,506 |
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809 |
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8,737 |
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66,859 |
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75,596 |
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16,255 |
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2016 - 2021 |
Kansas |
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14 |
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10,133 |
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49,697 |
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7,580 |
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11,116 |
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56,294 |
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67,410 |
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11,456 |
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2018 - 2021 |
Kentucky |
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5 |
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8,802 |
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37,015 |
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929 |
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8,802 |
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37,944 |
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46,746 |
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5,006 |
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2015 - 2021 |
Louisiana(3)
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25 |
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16,903 |
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99,694 |
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6,281 |
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17,917 |
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104,961 |
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122,878 |
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22,335 |
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2015 - 2021 |
Massachusetts |
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7 |
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8,839 |
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65,291 |
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17,493 |
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10,814 |
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80,809 |
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91,623 |
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9,134 |
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2017 - 2021 |
Maryland |
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8 |
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9,131 |
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59,650 |
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2,442 |
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10,654 |
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60,569 |
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71,223 |
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9,628 |
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2017 - 2021 |
Minnesota |
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4 |
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4,081 |
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16,382 |
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181 |
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4,081 |
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16,563 |
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20,644 |
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1,855 |
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2020 - 2022 |
Missouri |
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3 |
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2,944 |
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21,645 |
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323 |
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2,944 |
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21,968 |
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24,912 |
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2,308 |
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2018 - 2022 |
Montana |
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1 |
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1,476 |
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6,656 |
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127 |
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1,476 |
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6,783 |
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8,259 |
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729 |
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2021 |
North Carolina(2)
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34 |
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45,484 |
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148,598 |
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9,406 |
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46,708 |
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156,780 |
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203,488 |
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38,803 |
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2007 - 2021 |
New Hampshire |
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15 |
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20,987 |
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81,629 |
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7,256 |
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20,991 |
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88,881 |
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109,872 |
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17,976 |
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2013 - 2021 |
New Jersey |
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5 |
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4,072 |
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32,873 |
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1,572 |
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4,072 |
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34,445 |
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38,517 |
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6,847 |
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2019 - 2021 |
New Mexico |
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10 |
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11,509 |
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58,424 |
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4,405 |
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12,553 |
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61,785 |
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74,338 |
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8,368 |
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2016 - 2022 |
Nevada |
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15 |
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22,877 |
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68,230 |
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7,780 |
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23,007 |
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75,880 |
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98,887 |
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18,093 |
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2013 - 2023 |
New York |
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2 |
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3,398 |
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33,882 |
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342 |
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3,398 |
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34,224 |
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37,622 |
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2,313 |
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2020 - 2022 |
Ohio |
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1 |
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2,059 |
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11,660 |
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84 |
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2,059 |
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11,744 |
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13,803 |
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2,618 |
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2018 - 2018 |
Oklahoma |
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33 |
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20,429 |
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77,337 |
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11,705 |
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20,429 |
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89,042 |
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109,471 |
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34,257 |
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2007 - 2020 |
Oregon |
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70 |
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85,970 |
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303,534 |
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22,491 |
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88,666 |
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323,329 |
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411,995 |
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82,547 |
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2013 - 2021 |
Pennsylvania |
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22 |
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26,091 |
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129,941 |
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5,091 |
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26,242 |
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134,881 |
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161,123 |
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17,743 |
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2019 - 2022 |
Puerto Rico |
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15 |
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12,504 |
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220,831 |
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3,690 |
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12,504 |
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224,521 |
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237,025 |
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21,023 |
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2018 - 2023 |
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Location |
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Initial Cost to Company |
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Gross Carrying Amount at Year-End |
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State/Territory |
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Number of Stores |
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Land |
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Buildings and Improvements |
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Subsequent Additions |
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Land |
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Buildings and Improvements |
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Total(1)
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Accumulated Depreciation |
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Date Acquired |
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South Carolina |
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4 |
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11,250 |
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43,882 |
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195 |
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11,095 |
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44,232 |
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55,327 |
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3,134 |
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2015 - 2022 |
Tennessee |
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5 |
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7,425 |
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38,568 |
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662 |
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7,425 |
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39,230 |
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46,655 |
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3,475 |
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2021 - 2021 |
Texas |
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172 |
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196,279 |
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952,394 |
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52,289 |
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197,467 |
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1,003,495 |
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1,200,962 |
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141,283 |
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2007 - 2023 |
Utah |
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1 |
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1,063 |
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2,468 |
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156 |
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1,063 |
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2,624 |
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3,687 |
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297 |
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2021 |
Virginia |
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3 |
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4,254 |
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23,879 |
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197 |
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4,254 |
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24,076 |
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28,330 |
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3,712 |
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2017 - 2022 |
Washington |
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19 |
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20,409 |
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78,144 |
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2,049 |
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20,411 |
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80,191 |
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100,602 |
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17,908 |
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2013 - 2021 |
Wisconsin |
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1 |
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940 |
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4,385 |
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65 |
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940 |
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4,450 |
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5,390 |
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602 |
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2021 |
Wyoming |
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1 |
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743 |
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4,881 |
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79 |
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743 |
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4,960 |
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5,703 |
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|
654 |
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2021 |
Total(4)
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809 |
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$ |
1,021,314 |
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$ |
4,496,623 |
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$ |
274,237 |
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$ |
1,035,562 |
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$ |
4,756,612 |
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$ |
5,792,174 |
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$ |
874,359 |
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(1) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $5.7 billion (unaudited) at December 31, 2023. |
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(2) As of December 31, 2023, 46 of our self storage properties were encumbered by an aggregate of $222.8 million of debt financing. |
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(3) Six of the California properties and one of the Louisiana properties are subject to long-term leasehold agreements. |
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(4) Excludes self storage properties classified as held for sale consisting of (i) 39 stores to be sold in 2024 to a third party and (ii) 56 stores that were contributed to the 2024 Joint Venture in 2024. |
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Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment.
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2023 |
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2022 |
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2021 |
Self Storage properties: |
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Balance at beginning of year |
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$ |
6,391,572 |
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$ |
5,798,188 |
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$ |
3,639,192 |
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Acquisitions and improvements |
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258,560 |
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602,082 |
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2,159,856 |
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Write-off of fully depreciated assets and other |
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(767) |
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(1,145) |
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(860) |
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Dispositions |
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(226,379) |
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(7,553) |
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— |
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Reclassification to assets held for sale |
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(630,812) |
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— |
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— |
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Balance at end of year |
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$ |
5,792,174 |
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$ |
6,391,572 |
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$ |
5,798,188 |
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Accumulated depreciation: |
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Balance at beginning of year |
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$ |
772,661 |
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$ |
578,717 |
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$ |
443,623 |
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Depreciation expense |
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210,216 |
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196,207 |
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135,147 |
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Write-off of fully depreciated assets and other |
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(124) |
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(371) |
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(53) |
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Dispositions |
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(27,781) |
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(1,892) |
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— |
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Reclassification to assets held for sale |
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(80,613) |
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— |
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— |
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Balance at end of year |
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$ |
874,359 |
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$ |
772,661 |
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$ |
578,717 |
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