Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
 3 Months Ended
Mar. 31, 2016
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
March 31,
 
December 31,
 
2016
 
2015
Land
$
332,912

 
$
315,867

Buildings and improvements
899,272

 
829,093

Furniture and equipment
2,357

 
2,241

Total self storage properties
1,234,541

 
1,147,201

Less accumulated depreciation
(76,810
)
 
(68,100
)
Self storage properties, net
$
1,157,731

 
$
1,079,101


Depreciation expense related to self storage properties amounted to $8.6 million and $6.3 million during the three months ended March 31, 2016 and 2015, respectively.