Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Real estate    
Self storage properties $ 2,637,723 $ 2,275,233
Less accumulated depreciation (246,261) (170,358)
Self storage properties, net 2,391,462 2,104,875
Cash and cash equivalents 13,181 13,366
Restricted cash 3,182 3,041
Debt issuance costs, net 1,260 2,185
Investment in unconsolidated real estate ventures 245,125 89,093
Other assets, net 75,053 52,615
Assets held for sale 0 1,555
Total assets 2,729,263 2,266,730
Liabilities    
Debt financing 1,278,102 958,097
Accounts payable and accrued liabilities 33,130 24,459
Deferred revenue 15,732 12,687
Total liabilities 1,326,964 995,243
Commitments and contingencies
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 6,900,000 issued and outstanding at December 31, 2018 and 2017, at liquidation preference 172,500 172,500
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 56,654,009 and 50,284,934 shares issued and outstanding at December 31, 2018 and 2017, respectively 567 503
Additional paid-in capital 844,276 711,467
Distributions in excess of earnings (114,122) (55,729)
Accumulated other comprehensive income 13,618 12,282
Total shareholders' equity 916,839 841,023
Noncontrolling interests 485,460 430,464
Total equity 1,402,299 1,271,487
Total liabilities and equity $ 2,729,263 $ 2,266,730