Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

v3.5.0.2
SELF STORAGE PROPERTIES
9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
September 30,
 
December 31,
 
2016
 
2015
Land
$
419,219

 
$
315,867

Buildings and improvements
1,196,142

 
829,093

Furniture and equipment
3,653

 
2,241

Total self storage properties
1,619,014

 
1,147,201

Less accumulated depreciation
(97,993
)
 
(68,100
)
Self storage properties, net
$
1,521,021

 
$
1,079,101


Depreciation expense related to self storage properties amounted to $11.1 million and $7.4 million during the three months ended September 30, 2016 and 2015, respectively, and $29.9 million and $20.3 million during the nine months ended September 30, 2016 and 2015, respectively.