Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
 6 Months Ended
Jun. 30, 2018
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
June 30, 2018
 
December 31, 2017
Land
$
559,182

 
$
528,304

Buildings and improvements
1,910,322

 
1,741,459

Furniture and equipment
5,713

 
5,470

Total self storage properties
2,475,217

 
2,275,233

Less accumulated depreciation
(206,827
)
 
(170,358
)
Self storage properties, net
$
2,268,390

 
$
2,104,875


Depreciation expense related to self storage properties amounted to $18.9 million and $14.3 million during the three months ended June 30, 2018 and 2017, respectively, and $36.9 million and $28.4 million during the six months ended June 30, 2018 and 2017, respectively.