x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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46-5053858
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each Class
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Name of Each Exchange on Which Registered
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Common Shares of Beneficial Interest, $0.01 par value per share
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New York Stock Exchange
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Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
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New York Stock Exchange
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Documents Incorporated by Reference
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NATIONAL STORAGE AFFILIATES TRUST
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TABLE OF CONTENTS
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ANNUAL REPORT ON FORM 10-K
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For the Fiscal Year Ended December 31, 2017
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Item
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Page
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PART I
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1.
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Business
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1A.
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Risk Factors
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1B.
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Unresolved Staff Comments
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2.
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Properties
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3.
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Legal Proceedings
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4.
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Mine Safety Disclosures
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PART II
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5.
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Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
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6.
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Selected Financial Data
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7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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7A.
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Quantitative and Qualitative Disclosures About Market Risk
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8.
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Financial Statements and Supplementary Data
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9.
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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9A.
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Controls and Procedures
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9B.
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Other Information
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PART III
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10.
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Directors, Executive Officers and Corporate Governance
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11.
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Executive Compensation
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12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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13.
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Certain Relationships and Related Transactions, and Director Independence
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14.
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Principal Accounting Fees and Services
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PART IV
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15.
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Exhibits and Financial Statement Schedules
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•
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market trends in our industry, interest rates, the debt and lending markets or the general economy;
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•
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our business and investment strategy;
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•
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the acquisition of properties, including the ability of our acquisitions to achieve underwritten capitalization rates and our ability to execute on our acquisition pipeline;
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•
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the timing of acquisitions;
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•
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our relationships with, and our ability and timing to attract additional, participating regional operators ("PROs");
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•
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our ability to effectively align the interests of our PROs with us and our shareholders;
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•
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the integration of our PROs and their managed portfolios into the Company, including into our financial and operational reporting infrastructure and internal control framework;
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•
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our operating performance and projected operating results, including our ability to achieve market rents and occupancy levels, reduce operating expenditures and increase the sale of ancillary products and services;
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•
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our ability to access additional off-market acquisitions;
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•
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actions and initiatives of the U.S. federal, state and local government and changes to U.S. federal, state and local government policies and the execution and impact of these actions, initiatives and policies;
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the state of the U.S. economy generally or in specific geographic regions, states or municipalities;
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economic trends and economic recoveries;
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our ability to obtain and maintain financing arrangements on favorable terms;
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•
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general volatility of the securities markets in which we participate;
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changes in the value of our assets;
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•
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projected capital expenditures;
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•
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the impact of technology on our products, operations, and business;
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•
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the implementation of our technology and best practices programs (including our ability to effectively implement our integrated Internet marketing strategy);
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•
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changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility;
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impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;
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our ability to continue to qualify and maintain our qualification as a real estate investment trust for U.S. federal income tax purposes ("REIT");
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•
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availability of qualified personnel;
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•
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the timing of conversions of each series of Class B common units of limited partner interest ("subordinated performance units") in NSA OP, LP (our "operating partnership") and subsidiaries of our operating partnership into Class A common units of limited partner interest ("OP units") in our operating partnership,
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the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected;
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estimates relating to our ability to make distributions to our shareholders in the future; and
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our understanding of our competition.
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SecurCare, which is headquartered in Lone Tree, Colorado, has been operating since 1988 and is one of our PROs responsible for covering the west, mountain, midwest and southeast regions. SecurCare provided property management services to 202 of our properties located in California, Colorado, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina and Texas as of
December 31, 2017
. SecurCare is currently managed by David Cramer, who has worked in the self storage industry for more than 19 years.
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•
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Northwest, which is headquartered in Portland, Oregon, is our PRO responsible for covering the northwest region. Northwest provided property management services to 73 of our properties located in Oregon and Washington as of
December 31, 2017
. Northwest is run by Kevin Howard, who founded the company over 30 years ago and is recognized in the industry for his successful track record as a self storage specialist in the areas of design and development, operations and property management, consultation, and brokerage.
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•
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Optivest, which is based in Dana Point, California, is one of our PROs responsible for covering portions of the northeast and southwest regions. Optivest managed 48 of our properties located in Arizona, California, Massachusetts, Nevada, New Hampshire, New Mexico and Texas as of
December 31, 2017
. In January and February 2018, we acquired nine additional properties in Arizona that Optivest will manage. Optivest is run by its co-founder, Warren Allan, who has more than 25 years of financial and operational management experience in the self storage industry and is recognized as a self storage acquisition and development specialist.
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•
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Guardian, which is based in Irvine, California, is one of our PROs responsible for covering portions of the southern California region and the Arizona market. Guardian managed 53 of our properties located in California, Arizona and Nevada as of
December 31, 2017
. This operator is led by John Minar, who has over 30 years of self storage acquisition and operational management experience. Mr. Minar brings close to 40 years of real estate acquisition, rehabilitation, ownership, operations and development experience to the Company.
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•
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Move It, which is based in Dallas, Texas, is one of our PROs responsible for covering certain portions of the Texas and southeast markets. Move It provided property management services to 25 of our properties located in Alabama, Florida, Louisiana, Mississippi and Texas as of
December 31, 2017
. In January and February 2018, we acquired three additional properties in Florida and Texas that Move It will manage. This operator is led by its founder, Tracy Taylor, who has more than 40 years of experience in self storage development,
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Storage Solutions, based in Chandler, Arizona, is our PRO responsible for covering portions of the Arizona market. Storage Solutions managed five of our properties in Arizona as of
December 31, 2017
. In January 2018, we acquired four additional properties in Arizona that Storage Solutions will manage. This operator is led by its founder, Bill Bohannan, who is one of the largest operators in Phoenix and has more than 35 years of self storage acquisition, development and management experience. Mr. Bohannan is recognized in the industry as a self storage acquisition, development and management specialist.
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Hide-Away is our PRO responsible for covering the western Florida market. Based in Sarasota, Florida, Hide-Away managed 20 of our properties in western Florida as of
December 31, 2017
. This operator is led by its founder, Steve Wilson, one of the early developers of the self storage business, who has served for more than 35 years as the President of Hide-Away and its related entities, and is a former Chairman of the national Self-Storage Association.
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Personal Mini is our PRO responsible for covering portions of the central Florida market. Based in Orlando, Florida, Personal Mini managed five of our properties in central Florida as of
December 31, 2017
. In January 2018, we acquired one additional property in Florida that Personal Mini will manage.This operator is led by Marc Smith, an active self storage investor who has been involved in all facets of the self storage business. Mr. Smith is the immediate past Chairman of the Self Storage Association, and also previously served as president of the Southeast Region of the Self Storage Association.
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Number of
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Number of
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Rentable
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State
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Properties
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Units
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Square Feet
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Fair Value
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|||||
2017 Acquisitions:
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Georgia
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13
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6,836
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934,780
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$
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84,631
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Florida
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8
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4,774
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520,728
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61,955
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Texas
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7
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3,180
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475,134
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36,930
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Nevada
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5
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2,640
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311,547
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35,446
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California
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4
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2,194
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304,504
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36,547
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Illinois
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4
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1,992
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270,911
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17,252
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Louisiana
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4
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1,806
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229,259
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18,982
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Kansas
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3
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1,297
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215,035
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20,558
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Missouri
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3
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1,013
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152,889
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13,346
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Oregon
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3
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1,135
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139,492
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26,334
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Indiana
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2
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950
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127,570
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11,665
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Maryland
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2
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1,167
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120,773
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10,939
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Other
(1)
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7
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3,208
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419,907
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52,215
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Total
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65
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32,192
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4,222,529
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$
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426,800
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(1) Self storage properties in other states acquired during the year ended December 31, 2017 include Arizona, Colorado, Massachusetts, New Hampshire, North Carolina, Virginia and Washington.
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Number of
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Number of
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Rentable
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|||||
State
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Properties
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Units
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Square Feet
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Fair Value
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2016 Acquisitions:
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California
(1)
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31
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19,034
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2,325,969
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$
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228,656
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Florida
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20
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16,090
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1,461,564
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197,966
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Indiana
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14
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7,854
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1,009,695
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79,885
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Ohio
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7
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2,688
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|
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349,088
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|
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22,730
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Louisiana
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5
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2,250
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315,473
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|
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24,485
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Oregon
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5
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2,219
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|
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299,162
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|
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34,553
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New Hampshire
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5
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|
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1,905
|
|
|
233,175
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|
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28,800
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Oklahoma
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4
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|
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1,678
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|
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252,690
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|
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20,999
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Texas
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3
|
|
|
1,501
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|
|
192,886
|
|
|
11,400
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|
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Nevada
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3
|
|
|
1,407
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|
|
177,566
|
|
|
15,686
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|
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New Mexico
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2
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|
|
1,161
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|
|
156,020
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|
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8,450
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|
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Arizona
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2
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|
|
1,100
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|
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146,400
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|
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17,100
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Colorado
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2
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|
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904
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|
|
111,430
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|
|
12,610
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|
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Georgia
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2
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|
|
683
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|
|
111,929
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|
|
8,847
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|
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Other
(2)
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|
2
|
|
|
1,226
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|
|
173,187
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|
|
9,204
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|
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Total
|
|
107
|
|
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61,700
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7,316,234
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$
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721,371
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(1) In December 2016, we sold to an unrelated third party one of the properties we acquired in California.
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(2) Self storage properties in other states acquired during the year ended December 31, 2016 include Alabama and Mississippi.
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Number of
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Number of
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Rentable
|
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|||||
State
|
|
Properties
|
|
Units
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Square Feet
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Fair Value
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|||||
Florida
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|
21
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|
|
11,485
|
|
|
1,331,745
|
|
|
$
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232,612
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Alabama
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|
11
|
|
|
4,032
|
|
|
591,030
|
|
|
61,450
|
|
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New Jersey
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|
10
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|
|
7,520
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|
|
925,410
|
|
|
124,849
|
|
|
California
|
|
9
|
|
|
5,832
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|
|
802,176
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|
|
95,952
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Other
(1)
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|
15
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|
|
6,704
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|
|
868,607
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|
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115,137
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Total
(2)
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|
66
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|
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35,573
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4,518,968
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$
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630,000
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(1) Other states in the unconsolidated real estate venture include Arizona, Georgia, New Mexico, Nevada, Pennsylvania, Ohio, Texas and Virginia.
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(2) The Company holds a 25% ownership interest in the unconsolidated JV Portfolio.
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the interest rate of the proposed financing;
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•
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the extent to which the financing impacts our flexibility in managing our properties;
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•
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prepayment penalties and restrictions on refinancing;
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•
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the purchase price of properties we acquire with debt financing;
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•
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our long-term objectives with respect to the financing;
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•
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our target investment returns;
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•
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the ability of particular properties, and the Company as a whole, to generate cash flow sufficient to cover expected debt service payments;
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•
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overall level of consolidated indebtedness;
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•
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timing of debt maturities;
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•
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provisions that require recourse and cross-collateralization;
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•
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corporate credit ratios including debt service coverage, debt to total market capitalization and debt to undepreciated assets; and
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•
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the overall ratio of fixed- and variable-rate debt.
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Reduced Tax Rates.
The highest individual U.S. federal income tax rate on ordinary income is reduced from 39.6% to 37% (through taxable years ending in 2025), and the maximum corporate income tax rate is reduced from 35% to 21%. In addition, individuals, trust, and estates that own our shares are permitted to deduct up to 20% of dividends received from us (other than dividends that are designated as capital gain dividends or qualified dividend income), generally resulting in an effective maximum U.S. federal income tax rate of 29.6% on such dividends (through taxable years ending in 2025). Further, the amount that we are required to withhold on distributions to non-U.S. stockholders that are treated as attributable to gains from our sale or exchange of U.S. real property interests is reduced from 35% to 21%.
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Net Operating Losses.
We may not use net operating losses generated beginning in 2018 to offset more than 80% of our taxable income (prior to the application of the dividends paid deduction). Net operating losses generated beginning in 2018 can be carried forward indefinitely but can no longer be carried back.
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Limitation on Interest Deductions.
The amount of net interest expense that we and our TRSs may deduct for a taxable year is limited to the sum of (i) the taxpayer's business interest income for the taxable year, and (ii) 30% of the taxpayer's "adjusted taxable income" for the taxable year. For taxable years beginning before January 1, 2022, adjusted taxable income means earnings before interest, taxes, depreciation, and amortization; for taxable years beginning on or after January 1, 2022, adjusted taxable income is limited to earnings before interest and taxes. Taxpayers engaged in certain real estate businesses, including real estate rental, operation, and management, can generally elect to be treated as an "electing real property trade or business," in which case the limitation described above generally will not apply. It is expected that we or our operating partnership would be entitled to make this election. An electing real property trade or business is required to use the alternative depreciation system, which generally results in longer depreciation periods and therefore lower depreciation deductions for certain categories of tangible property
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Alternative Minimum Tax
. The corporate alternative minimum tax is eliminated.
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Income Accrual
. We are required to recognize certain items of income for U.S. federal income tax purposes no later than we would report such items on its financial statements. As discussed above, earlier recognition of income for U.S. federal income tax purposes could impact our ability to satisfy the REIT distribution requirements. The provision generally applies to taxable years beginning after December 31, 2017, but will apply with respect to income from a debt instrument having "original issue discount" for U.S. federal income tax purposes only for taxable years beginning after December 31, 2018.
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business layoffs or downsizing, industry slowdowns, relocation of businesses and changing demographics;
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periods of economic slowdown or recession, declining demand for self storage or the public perception that any of these events may occur;
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local or regional real estate market conditions, such as competing properties, the oversupply of self storage or a reduction in demand for self storage in a particular area; and
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•
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perceptions by prospective tenants of the safety, convenience and attractiveness of our properties and the neighborhoods in which they are located.
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•
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we face competition from national (e.g., large public and private self storage companies, institutional investors and private equity funds), regional and local owners, operators and developers of self storage properties, which may result in higher property acquisition prices and reduced yields;
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•
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we may not be able to achieve satisfactory completion of due diligence investigations and other customary closing conditions;
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•
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we may fail to finance an acquisition on favorable terms or at all;
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•
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we may spend more time and incur more costs than budgeted to make necessary improvements or renovations to acquired properties;
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•
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we may experience difficulties in effectively integrating the financial and operational reporting systems of the properties or portfolios we acquire into (or supplanting such systems with) our financial and operational reporting infrastructure and internal control framework in a timely manner; and
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•
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we may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, trustees, officers and others indemnified by the former owners of the properties.
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•
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downturns in the national, regional and local economic climate;
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•
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local or regional oversupply, increased competition or reduction in demand for self storage space;
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•
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vacancies or changes in market rents for self storage space;
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•
|
inability to collect rent from customers;
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•
|
increased operating costs, including maintenance, insurance premiums and real estate taxes;
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•
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changes in interest rates and availability of financing;
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•
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hurricanes, earthquakes and other natural disasters, civil disturbances, terrorist acts or acts of war that may result in uninsured or underinsured losses;
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•
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significant expenditures associated with acquisitions, such as debt service payments, real estate taxes, insurance and maintenance costs, which are generally not reduced when circumstances cause a reduction in revenues from a property;
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•
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costs of complying with changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes; and
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•
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the relative illiquidity of real estate investments.
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•
|
actual receipt of an improper benefit or profit in money, property or services; or
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•
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active and deliberate dishonesty by the trustee or officer that was established by a final judgment and is material to the cause of action.
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•
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our cash flow may be insufficient to meet our required principal and interest payments;
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•
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we may be unable to borrow additional funds as needed or on favorable terms, including to make acquisitions or to continue to make distributions required to maintain our qualification as a REIT;
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•
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we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;
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•
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because a portion of our debt that bears interest at variable rates is not hedged, a material increase in interest rates could materially increase our interest expense;
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•
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we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms;
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•
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our debt level could place us at a competitive disadvantage compared to our competitors with less debt;
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•
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we may experience increased vulnerability to economic and industry downturns, reducing our ability to respond to changing business and economic conditions;
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•
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we may default on our obligations and the lenders or mortgagees may foreclose on our properties that secure their loans and receive an assignment of rents and leases;
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•
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we may default on our obligations and the lenders or mortgagees may enforce our guarantees;
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•
|
we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and
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•
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our default under any one of our mortgage loans with cross-default or cross-collateralization provisions could result in a default on other indebtedness or result in the foreclosures of other properties.
|
•
|
the operational and financial performance of our properties;
|
•
|
capital expenditures with respect to existing and newly acquired properties;
|
•
|
general and administrative expenses associated with our operation as a publicly-held REIT;
|
•
|
maintenance of our REIT qualification;
|
•
|
the amount of, and the interest rates on, our debt and the ability to refinance our debt;
|
•
|
the absence of significant expenditures relating to environmental and other regulatory matters; and
|
•
|
other risk factors described in this Annual Report on Form 10-K.
|
|
|
Number of
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|
Number of
|
|
Rentable
|
|
% of Rentable
|
|
Period-end
|
|||||
State
|
|
Properties
|
|
Units
|
|
Square Feet
|
|
Square Feet
|
|
Occupancy
|
|||||
Florida
|
|
21
|
|
|
11,482
|
|
|
1,331,230
|
|
|
26.9
|
%
|
|
86.5
|
%
|
Alabama
|
|
11
|
|
|
4,065
|
|
|
611,002
|
|
|
12.4
|
%
|
|
85.8
|
%
|
California
|
|
11
|
|
|
6,921
|
|
|
942,393
|
|
|
19.1
|
%
|
|
85.4
|
%
|
New Jersey
|
|
10
|
|
|
7,521
|
|
|
925,105
|
|
|
18.7
|
%
|
|
87.8
|
%
|
Other
(1)
|
|
18
|
|
|
9,126
|
|
|
1,130,521
|
|
|
22.9
|
%
|
|
86.0
|
%
|
Total
|
|
71
|
|
|
39,115
|
|
|
4,940,251
|
|
|
100.0
|
%
|
|
86.3
|
%
|
(1) Other states in the unconsolidated real estate venture include Arizona, Delaware, Georgia, Nevada, New Mexico, Pennsylvania, Ohio, Texas and Virginia.
|
|
|
|
|
|
|
Dividends
|
||||||
|
|
|
|
|
|
Declared
|
||||||
|
|
High
|
|
Low
|
|
(per share)
|
||||||
2017
|
|
|
|
|
|
|
||||||
December 31, 2017
|
|
$
|
28.55
|
|
|
$
|
23.72
|
|
|
$
|
0.28
|
|
September 30, 2017
|
|
24.50
|
|
|
21.17
|
|
|
0.26
|
|
|||
June 30, 2017
|
|
26.15
|
|
|
21.76
|
|
|
0.26
|
|
|||
March 31, 2017
|
|
24.86
|
|
|
21.51
|
|
|
0.24
|
|
|||
|
|
|
|
|
|
|
||||||
2016
|
|
|
|
|
|
|
||||||
December 31, 2016
|
|
$
|
22.45
|
|
|
$
|
18.91
|
|
|
$
|
0.24
|
|
September 30, 2016
|
|
22.86
|
|
|
18.81
|
|
|
0.22
|
|
|||
June 30, 2016
|
|
22.78
|
|
|
19.11
|
|
|
0.22
|
|
|||
March 31, 2016
|
|
21.70
|
|
|
15.67
|
|
|
0.20
|
|
|
|
Year Ended
|
||
|
|
December 31, 2017
|
||
Ordinary Income
|
|
$
|
0.802443
|
|
Return of Capital
|
|
$
|
0.237557
|
|
Period
|
|
Total number of shares purchased
|
|
-
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Maximum numbers of shares that may yet be purchased under the plans or programs
|
|
October 1 - October 31, 2017
|
|
—
|
|
|
|
|
n/a
|
|
n/a
|
November 1 - November 30, 2017
|
|
—
|
|
|
|
|
n/a
|
|
n/a
|
December 1 - December 31, 2017
|
|
1,087
|
|
(1)
|
|
|
n/a
|
|
n/a
|
(1) The number of shares purchased represents restricted common shares surrendered by certain of our employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted common shares issued to them. The price paid per share was $27.26 and is based on the closing price of our common shares as of December 29, 2017, the date of withholding.
|
|
|
Period Ending
|
||||||||||||||
Index
|
|
4/23/2015
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
||||||||
National Storage Affiliates Trust
|
|
$
|
100
|
|
|
$
|
137
|
|
|
$
|
184
|
|
|
$
|
238
|
|
S&P 500
|
|
100
|
|
|
98
|
|
|
110
|
|
|
134
|
|
||||
Russell 2000
|
|
100
|
|
|
91
|
|
|
109
|
|
|
126
|
|
||||
NAREIT All Equity REIT Index
|
|
100
|
|
|
101
|
|
|
109
|
|
|
119
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
NSA
|
|
Combined
(1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue
|
$
|
268,130
|
|
|
$
|
199,046
|
|
|
$
|
133,919
|
|
|
$
|
76,970
|
|
|
$
|
40,164
|
|
Total operating expenses
|
189,630
|
|
|
141,390
|
|
|
102,328
|
|
|
59,887
|
|
|
28,847
|
|
|||||
Income from operations
|
78,500
|
|
|
57,656
|
|
|
31,591
|
|
|
17,083
|
|
|
11,317
|
|
|||||
Net income (loss)
|
45,998
|
|
|
24,866
|
|
|
4,796
|
|
|
(16,357
|
)
|
|
(11,734
|
)
|
|||||
Net (income) loss attributable to noncontrolling interests
(2)
|
(43,037
|
)
|
|
(6,901
|
)
|
|
7,644
|
|
|
16,357
|
|
|
10,481
|
|
|||||
Net income (loss) attributable to the Company and our predecessor
|
2,961
|
|
|
17,965
|
|
|
12,440
|
|
|
—
|
|
|
(1,253
|
)
|
|||||
Earnings (loss) per share—basic
(3)
|
$
|
0.01
|
|
|
$
|
0.60
|
|
|
$
|
0.80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Earnings (loss) per share—diluted
(3)
|
$
|
0.01
|
|
|
$
|
0.31
|
|
|
$
|
0.17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average shares outstanding—basic
(3)
|
44,423
|
|
|
29,887
|
|
|
15,463
|
|
|
1
|
|
|
1
|
|
|||||
Weighted average shares outstanding—diluted
(3)
|
44,423
|
|
|
78,747
|
|
|
45,409
|
|
|
1
|
|
|
1
|
|
|||||
Dividends declared per common share
|
$
|
1.04
|
|
|
$
|
0.88
|
|
|
$
|
0.54
|
|
|
$
|
—
|
|
|
$
|
—
|
|
BALANCE SHEET DATA (at end of period)
|
|
|
|
|
|
|
|
|
|||||||||||
Self storage properties, net
|
$
|
2,104,875
|
|
|
$
|
1,733,533
|
|
|
$
|
1,079,101
|
|
|
$
|
799,327
|
|
|
$
|
346,319
|
|
Total assets
|
2,266,730
|
|
|
1,892,092
|
|
|
1,099,049
|
|
|
832,746
|
|
|
368,293
|
|
|||||
Debt financing
|
958,097
|
|
|
878,954
|
|
|
567,795
|
|
|
597,691
|
|
|
298,748
|
|
|||||
Total equity (deficit)
|
$
|
1,271,487
|
|
|
$
|
979,068
|
|
|
$
|
516,047
|
|
|
$
|
214,104
|
|
|
$
|
55,197
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
NSA
|
|
Combined
(1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
OTHER DATA (at end of period)
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of properties
(4)
|
444
|
|
|
382
|
|
|
277
|
|
|
219
|
|
|
137
|
|
|||||
Rentable square feet (in thousands)
(5)
|
27,182
|
|
|
23,077
|
|
|
15,770
|
|
|
12,067
|
|
|
6,626
|
|
|||||
Occupancy percentage
(6)
|
87
|
%
|
|
88
|
%
|
|
89
|
%
|
|
85
|
%
|
|
83
|
%
|
(1) Combined in the table above for the year ended December 31, 2013 are our predecessor's historical results for the three months ended March 31, 2013 and the Company's historical results for the nine months ended December 31, 2013.
|
|||||||
(2) While we control our operating partnership, we did not have an ownership interest or share in our operating partnership's profits and losses prior to the completion of our initial public offering. As a result, all of our operating partnership's profits and losses for the periods ended December 31, 2014 and 2013 were allocated to owners other than us.
|
|||||||
(3) Earnings per share for the year ended December 31, 2013 has been computed by excluding our predecessor's net loss for the three months ended March 31, 2013. In addition, the weighted average shares outstanding has been computed for the period beginning on April 1, 2013, the date the Company commenced its operations.
|
|||||||
(4) For a discussion of our acquisition and disposition activity during the years ended December 31, 2017 and 2016, see "Note 6. Self Storage Property Acquisitions and Dispositions" in Item 8. "Financial Statements and Supplementary Data."
|
|||||||
(5) Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space.
|
|||||||
(6) Represents total occupied rentable square feet divided by total rentable square feet as of the end of the period.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Rental revenue
|
|
|
|
|
|
||||||
Same store portfolio
|
$
|
165,858
|
|
|
$
|
157,097
|
|
|
$
|
8,761
|
|
Non-Same store portfolio
|
85,956
|
|
|
34,081
|
|
|
51,875
|
|
|||
Total rental revenue
|
251,814
|
|
|
191,178
|
|
|
60,636
|
|
|||
Other property-related revenue
|
|
|
|
|
|
||||||
Same store portfolio
|
5,468
|
|
|
5,012
|
|
|
456
|
|
|||
Non-Same store portfolio
|
2,787
|
|
|
1,047
|
|
|
1,740
|
|
|||
Total other property-related revenue
|
8,255
|
|
|
6,059
|
|
|
2,196
|
|
|||
Property operating expenses
|
|
|
|
|
|
||||||
Same store portfolio
|
53,045
|
|
|
52,034
|
|
|
1,011
|
|
|||
Non-Same store portfolio
|
31,410
|
|
|
12,764
|
|
|
18,646
|
|
|||
Total property operating expenses
|
84,455
|
|
|
64,798
|
|
|
19,657
|
|
|||
Net operating income
|
|
|
|
|
|
||||||
Same store portfolio
|
118,281
|
|
|
110,075
|
|
|
8,206
|
|
|||
Non-same store portfolio
|
57,333
|
|
|
22,364
|
|
|
34,969
|
|
|||
Total net operating income
|
175,614
|
|
|
132,439
|
|
|
43,175
|
|
|||
Management fees and other revenue
|
8,061
|
|
|
1,809
|
|
|
6,252
|
|
|||
General and administrative expenses
|
(30,060
|
)
|
|
(21,528
|
)
|
|
(8,532
|
)
|
|||
Depreciation and amortization
|
(75,115
|
)
|
|
(55,064
|
)
|
|
(20,051
|
)
|
|||
Income from operations
|
78,500
|
|
|
57,656
|
|
|
20,844
|
|
|||
Other (expense) income
|
|
|
|
|
|
||||||
Interest expense
|
(34,068
|
)
|
|
(24,109
|
)
|
|
(9,959
|
)
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
(136
|
)
|
|
136
|
|
|||
Equity in losses of unconsolidated real estate venture
|
(2,339
|
)
|
|
(1,484
|
)
|
|
(855
|
)
|
|||
Acquisition costs
|
(593
|
)
|
|
(6,546
|
)
|
|
5,953
|
|
|||
Non-operating expense
|
(58
|
)
|
|
(147
|
)
|
|
89
|
|
|||
Gain on sale of self storage properties
|
5,715
|
|
|
—
|
|
|
5,715
|
|
|||
Other expense
|
(31,343
|
)
|
|
(32,422
|
)
|
|
1,079
|
|
|||
Income before income taxes
|
47,157
|
|
|
25,234
|
|
|
21,923
|
|
|||
Income tax expense
|
(1,159
|
)
|
|
(368
|
)
|
|
(791
|
)
|
|||
Net income
|
45,998
|
|
|
24,866
|
|
|
21,132
|
|
|||
Net income attributable to noncontrolling interests
|
(43,037
|
)
|
|
(6,901
|
)
|
|
(36,136
|
)
|
|||
Net income attributable to National Storage Affiliates Trust
|
2,961
|
|
|
17,965
|
|
|
(15,004
|
)
|
|||
Distributions to preferred shareholders
|
(2,300
|
)
|
|
—
|
|
|
(2,300
|
)
|
|||
Net income attributable common shareholders
|
$
|
661
|
|
|
$
|
17,965
|
|
|
$
|
(17,304
|
)
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
Change
|
||||||
Rental revenue
|
|
|
|
|
|
||||||
Same store portfolio
|
$
|
123,773
|
|
|
$
|
114,764
|
|
|
$
|
9,009
|
|
Non-Same store portfolio
|
67,405
|
|
|
15,105
|
|
|
52,300
|
|
|||
Total rental revenue
|
191,178
|
|
|
129,869
|
|
|
61,309
|
|
|||
Other property-related revenue
|
|
|
|
|
|
||||||
Same store portfolio
|
3,777
|
|
|
3,626
|
|
|
151
|
|
|||
Non-Same store portfolio
|
2,282
|
|
|
424
|
|
|
1,858
|
|
|||
Total other property-related revenue
|
6,059
|
|
|
4,050
|
|
|
2,009
|
|
|||
Property operating expenses
|
|
|
|
|
|
||||||
Same store portfolio
|
40,929
|
|
|
39,761
|
|
|
1,168
|
|
|||
Non-Same store portfolio
|
23,869
|
|
|
5,651
|
|
|
18,218
|
|
|||
Total property operating expenses
|
64,798
|
|
|
45,412
|
|
|
19,386
|
|
|||
Net operating income
|
|
|
|
|
|
||||||
Same store portfolio
|
86,621
|
|
|
78,629
|
|
|
7,992
|
|
|||
Non-same store portfolio
|
45,818
|
|
|
9,878
|
|
|
35,940
|
|
|||
Total net operating income
|
132,439
|
|
|
88,507
|
|
|
43,932
|
|
|||
Management fees and other revenues
|
1,809
|
|
|
—
|
|
|
1,809
|
|
|||
General and administrative expenses
|
(21,528
|
)
|
|
(16,265
|
)
|
|
(5,263
|
)
|
|||
Depreciation and amortization
|
(55,064
|
)
|
|
(40,651
|
)
|
|
(14,413
|
)
|
|||
Income from operations
|
57,656
|
|
|
31,591
|
|
|
26,065
|
|
|||
Other expense
|
|
|
|
|
|
||||||
Interest expense
|
(24,109
|
)
|
|
(20,779
|
)
|
|
(3,330
|
)
|
|||
Loss on early extinguishment of debt
|
(136
|
)
|
|
(914
|
)
|
|
778
|
|
|||
Equity in losses of unconsolidated real estate venture
|
(1,484
|
)
|
|
—
|
|
|
(1,484
|
)
|
|||
Acquisition costs
|
(6,546
|
)
|
|
(4,765
|
)
|
|
(1,781
|
)
|
Organizational and offering expenses
|
—
|
|
|
(58
|
)
|
|
58
|
|
|||
Non-operating expense
|
(147
|
)
|
|
(92
|
)
|
|
(55
|
)
|
|||
Other expense
|
(32,422
|
)
|
|
(26,608
|
)
|
|
(5,814
|
)
|
|||
Income before income taxes
|
25,234
|
|
|
4,983
|
|
|
20,251
|
|
|||
Income tax expense
|
(368
|
)
|
|
(187
|
)
|
|
(181
|
)
|
|||
Net income
|
24,866
|
|
|
4,796
|
|
|
20,070
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(6,901
|
)
|
|
7,644
|
|
|
(14,545
|
)
|
|||
Net income attributable to National Storage Affiliates Trust
|
$
|
17,965
|
|
|
$
|
12,440
|
|
|
$
|
5,525
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
Add (subtract):
|
|
|
|
|
|
||||||
Real estate depreciation and amortization
|
73,669
|
|
|
54,193
|
|
|
40,303
|
|
|||
Company's share of unconsolidated real estate venture real estate depreciation and amortization
|
7,296
|
|
|
1,559
|
|
|
—
|
|
|||
Gain on sale of self storage properties
|
(5,715
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to preferred shareholders
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||
FFO attributable to subordinated performance unitholders
(1)
|
(28,364
|
)
|
|
(22,842
|
)
|
|
(14,997
|
)
|
|||
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
|
90,584
|
|
|
57,776
|
|
|
30,102
|
|
|||
Add:
|
|
|
|
|
|
||||||
Acquisition costs
|
593
|
|
|
6,546
|
|
|
4,765
|
|
|||
Company's share of unconsolidated real estate venture acquisition costs
|
22
|
|
|
1,006
|
|
|
—
|
|
|||
Organizational and offering expenses
|
—
|
|
|
—
|
|
|
58
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
136
|
|
|
914
|
|
|||
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
|
$
|
91,199
|
|
|
$
|
65,464
|
|
|
$
|
35,839
|
|
|
|
|
|
|
|
||||||
Weighted average shares and units outstanding - FFO and Core FFO:
(2)
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
44,423
|
|
|
29,887
|
|
|
15,463
|
|
|||
Weighted average restricted common shares outstanding
|
25
|
|
|
18
|
|
|
9
|
|
|||
Weighted average OP units outstanding
|
26,126
|
|
|
24,262
|
|
|
20,507
|
|
|||
Weighted average DownREIT OP unit equivalents outstanding
|
1,835
|
|
|
1,835
|
|
|
1,518
|
|
|||
Weighted average LTIP units outstanding
(3)
|
957
|
|
|
2,212
|
|
|
1,548
|
|
|||
Total weighted average shares and units outstanding - FFO and Core FFO
|
73,366
|
|
|
58,214
|
|
|
39,045
|
|
|||
|
|
|
|
|
|
||||||
FFO per share and unit
|
$
|
1.23
|
|
|
$
|
0.99
|
|
|
$
|
0.77
|
|
Core FFO per share and unit
|
$
|
1.24
|
|
|
$
|
1.12
|
|
|
$
|
0.92
|
|
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
|
|||||||
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in our operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units, and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote
(1)
to the following table for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.
|
|||||||
(3) LTIP units have been excluded from the calculations of weighted average shares and units outstanding prior to April 28, 2015 because such units did not participate in distributions prior to the Company's initial public offering.
|
•
|
NOI is one of the primary measures used by our management and our PROs to evaluate the economic productivity of our properties, including our ability to lease our properties, increase pricing and occupancy and control our property operating expenses;
|
•
|
NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of our capital structure; and
|
•
|
we believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the cost basis of our assets from our operating results.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
(Subtract) add:
|
|
|
|
|
|
||||||
Management fees and other revenue
|
(8,061
|
)
|
|
(1,809
|
)
|
|
—
|
|
|||
General and administrative expenses
|
30,060
|
|
|
21,528
|
|
|
16,265
|
|
|||
Depreciation and amortization
|
75,115
|
|
|
55,064
|
|
|
40,651
|
|
|||
Interest expense
|
34,068
|
|
|
24,109
|
|
|
20,779
|
|
|||
Equity in losses of unconsolidated real estate venture
|
2,339
|
|
|
1,484
|
|
|
—
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
136
|
|
|
914
|
|
|||
Acquisition costs
|
593
|
|
|
6,546
|
|
|
4,765
|
|
|||
Organizational and offering expenses
|
—
|
|
|
—
|
|
|
58
|
|
|||
Income tax expense
|
1,159
|
|
|
368
|
|
|
187
|
|
|||
Gain on sale of self storage properties
|
(5,715
|
)
|
|
—
|
|
|
—
|
|
|||
Non-operating expense
|
58
|
|
|
147
|
|
|
92
|
|
|||
Net Operating Income
|
$
|
175,614
|
|
|
$
|
132,439
|
|
|
$
|
88,507
|
|
•
|
EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;
|
•
|
EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
|
•
|
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
|
•
|
Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period;
|
•
|
EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and
|
•
|
other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
Add:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
75,115
|
|
|
55,064
|
|
|
40,651
|
|
|||
Company's share of unconsolidated real estate venture depreciation and amortization
|
7,296
|
|
|
1,559
|
|
|
—
|
|
|||
Income tax expense
|
1,159
|
|
|
368
|
|
|
187
|
|
|||
Interest expense
|
34,068
|
|
|
24,109
|
|
|
20,779
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
136
|
|
|
914
|
|
|||
EBITDA
|
163,636
|
|
|
106,102
|
|
|
67,327
|
|
|||
Add:
|
|
|
|
|
|
||||||
Acquisition costs
|
593
|
|
|
6,546
|
|
|
4,765
|
|
|||
Company's share of unconsolidated real estate venture acquisition costs
|
22
|
|
|
1,006
|
|
|
—
|
|
|||
Organizational and offering expenses
|
—
|
|
|
—
|
|
|
58
|
|
|||
Gain on sale of self storage properties
|
(5,715
|
)
|
|
—
|
|
|
—
|
|
|||
Equity-based compensation expense
(1)
|
3,764
|
|
|
2,597
|
|
|
3,027
|
|
|||
Adjusted EBITDA
|
$
|
162,300
|
|
|
$
|
116,251
|
|
|
$
|
75,177
|
|
|
|
|
|
|
|
(1) Equity-based compensation expense is a non-cash item that is included in general and administrative expenses in our consolidated statements of operations.
|
•
|
recurring capital expenditures, which represent the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful life;
|
•
|
revenue enhancing capital expenditures, which represent the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition; and
|
•
|
acquisitions capital expenditures, which represent the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Recurring capital expenditures
|
$
|
3,495
|
|
|
$
|
2,917
|
|
|
$
|
2,365
|
|
Revenue enhancing capital expenditures
|
2,755
|
|
|
2,641
|
|
|
703
|
|
|||
Acquisitions capital expenditures
|
8,953
|
|
|
6,114
|
|
|
768
|
|
|||
Total capital expenditures
|
15,203
|
|
|
11,672
|
|
|
3,836
|
|
|||
Increase in accrued capital spending
|
(547
|
)
|
|
(254
|
)
|
|
236
|
|
|||
Capital expenditures per statement of cash flows
|
$
|
14,656
|
|
|
$
|
11,418
|
|
|
$
|
4,072
|
|
|
Year Ending December 31,
|
|
|
|
|
||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt financings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Principal
(1)
|
$
|
10,617
|
|
|
$
|
4,983
|
|
|
$
|
127,745
|
|
|
$
|
242,509
|
|
|
$
|
159,205
|
|
|
$
|
409,932
|
|
|
$
|
954,991
|
|
Interest
(2)
|
33,140
|
|
|
32,967
|
|
|
30,377
|
|
|
23,886
|
|
|
17,832
|
|
|
32,418
|
|
|
170,620
|
|
|||||||
Real estate leasehold interests
|
1,329
|
|
|
1,334
|
|
|
1,379
|
|
|
1,404
|
|
|
1,419
|
|
|
37,498
|
|
|
44,363
|
|
|||||||
Office lease
|
184
|
|
|
188
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|||||||
Total
|
$
|
45,270
|
|
|
$
|
39,472
|
|
|
$
|
159,613
|
|
|
$
|
267,799
|
|
|
$
|
178,456
|
|
|
$
|
479,848
|
|
|
$
|
1,170,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes scheduled principal and maturity payments related to our debt financings.
|
(2)
|
Interest is calculated until the maturity date (without regard to any extension that may be elected by the Company) based on the outstanding principal balance and the effective interest rate as of
December 31, 2017
.
|
(i)
|
all receipts, including rents and other operating revenues;
|
(ii)
|
any incentive, financing, break-up and other fees paid to us by third parties;
|
(iii)
|
amounts released from previously set aside reserves; and
|
(iv)
|
any other amounts received by us, which we allocate to the particular portfolio of properties.
|
(i)
|
corporate-level general and administrative expenses;
|
(ii)
|
out-of-pocket costs, expenses and fees of our operating partnership, whether or not capitalized;
|
(iii)
|
the costs and expenses of organizing and operating our operating partnership;
|
(iv)
|
amounts paid or due in respect of any loan or other indebtedness of our operating partnership during such period;
|
(v)
|
extraordinary expenses of our operating partnership not previously or otherwise deducted under item (ii) above;
|
(vi)
|
any third-party costs and expenses associated with identifying, analyzing, and presenting a proposed property to us and/or our operating partnership; and
|
(vii)
|
reserves to meet anticipated operating expenditures debt service or other liabilities, as determined by us.
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and trustees; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
INDEX TO EXHIBITS (1) (2)
|
|
Exhibit Number
|
Exhibit Description
|
|
|
|
National Storage Affiliates Trust
|
|
|
By:
|
/s/ ARLEN D. NORDHAGEN
|
|
Arlen D. Nordhagen
|
|
chairman of the board of trustees, president
|
|
and chief executive officer
|
|
(principal executive officer)
|
Signature
|
Title
|
Date
|
National Storage Affiliates Trust
|
|
|
|
|
|
/s/ ARLEN D. NORDHAGEN
|
chairman of the board of trustees, president
|
February 27, 2018
|
Arlen D. Nordhagen
|
and chief executive officer
|
|
|
(principal executive officer)
|
|
|
|
|
/s/ TAMARA D. FISCHER
|
chief financial officer
|
February 27, 2018
|
Tamara D. Fischer
|
(principal financial officer)
|
|
|
|
|
/s/ BRANDON TOGASHI
|
chief accounting officer
|
February 27, 2018
|
Brandon Togashi
|
(principal accounting officer)
|
|
|
|
|
/s/ GEORGE L. CHAPMAN
|
trustee
|
February 27, 2018
|
George L. Chapman
|
|
|
|
|
|
/s/ KEVIN M. HOWARD
|
trustee
|
February 27, 2018
|
Kevin M. Howard
|
|
|
|
|
|
/s/ PAUL W. HYLBERT, JR.
|
trustee
|
February 27, 2018
|
Paul W. Hylbert, Jr.
|
|
|
|
|
|
/s/ CHAD MEISINGER
|
trustee
|
February 27, 2018
|
Chad Meisinger
|
|
|
|
|
|
/s/ STEVEN G. OSGOOD
|
trustee
|
February 27, 2018
|
Steven G. Osgood
|
|
|
|
|
|
/s/ DOMINIC M. PALAZZO
|
trustee
|
February 27, 2018
|
Dominic M. Palazzo
|
|
|
|
|
|
/s/ MARK VAN MOURICK
|
trustee
|
February 27, 2018
|
Mark Van Mourick
|
|
|
NATIONAL STORAGE AFFILIATES TRUST
|
||
|
|
|
INDEX TO FINANCIAL STATEMENTS
|
||
|
||
|
Page
|
|
Financial Statements:
|
|
|
Report of Independent Registered Public Accounting Firm
|
||
Consolidated Balance Sheets as of December 31, 2017 and 2016
|
||
Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015
|
||
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2017, 2016 and 2015
|
||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2017, 2016 and 2015
|
||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015
|
||
|
|
|
Notes to the Consolidated Financial Statements
|
||
|
|
|
Financial Statement Schedule:
|
|
|
Schedule III - Real Estate and Accumulated Depreciation
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Real estate
|
|
|
|
||||
Self storage properties
|
$
|
2,275,233
|
|
|
$
|
1,844,336
|
|
Less accumulated depreciation
|
(170,358
|
)
|
|
(110,803
|
)
|
||
Self storage properties, net
|
2,104,875
|
|
|
1,733,533
|
|
||
Cash and cash equivalents
|
13,366
|
|
|
12,570
|
|
||
Restricted cash
|
3,041
|
|
|
2,767
|
|
||
Debt issuance costs, net
|
2,185
|
|
|
3,069
|
|
||
Investment in unconsolidated real estate venture
|
89,093
|
|
|
81,486
|
|
||
Other assets, net
|
52,615
|
|
|
44,730
|
|
||
Assets held for sale
|
1,555
|
|
|
13,937
|
|
||
Total assets
|
$
|
2,266,730
|
|
|
$
|
1,892,092
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Debt financing
|
$
|
958,097
|
|
|
$
|
878,954
|
|
Accounts payable and accrued liabilities
|
24,459
|
|
|
21,616
|
|
||
Deferred revenue
|
12,687
|
|
|
12,454
|
|
||
Total liabilities
|
995,243
|
|
|
913,024
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
||||
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, 2017, at liquidation preference
|
172,500
|
|
|
—
|
|
||
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 50,284,934 and 43,110,362 shares issued and outstanding at December 31, 2017 and 2016, respectively
|
503
|
|
|
431
|
|
||
Additional paid-in capital
|
711,467
|
|
|
576,365
|
|
||
Distributions in excess of earnings
|
(55,729
|
)
|
|
(8,719
|
)
|
||
Accumulated other comprehensive income
|
12,282
|
|
|
9,025
|
|
||
Total shareholders' equity
|
841,023
|
|
|
577,102
|
|
||
Noncontrolling interests
|
430,464
|
|
|
401,966
|
|
||
Total equity
|
1,271,487
|
|
|
979,068
|
|
||
Total liabilities and equity
|
$
|
2,266,730
|
|
|
$
|
1,892,092
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
REVENUE
|
|
|
|
|
|
||||||
Rental revenue
|
$
|
251,814
|
|
|
$
|
191,178
|
|
|
$
|
129,869
|
|
Other property-related revenue
|
8,255
|
|
|
6,059
|
|
|
4,050
|
|
|||
Management fees and other revenue
|
8,061
|
|
|
1,809
|
|
|
—
|
|
|||
Total revenue
|
268,130
|
|
|
199,046
|
|
|
133,919
|
|
|||
OPERATING EXPENSES
|
|
|
|
|
|
||||||
Property operating expenses
|
84,455
|
|
|
64,798
|
|
|
45,412
|
|
|||
General and administrative expenses
|
30,060
|
|
|
21,528
|
|
|
16,265
|
|
|||
Depreciation and amortization
|
75,115
|
|
|
55,064
|
|
|
40,651
|
|
|||
Total operating expenses
|
189,630
|
|
|
141,390
|
|
|
102,328
|
|
|||
Income from operations
|
78,500
|
|
|
57,656
|
|
|
31,591
|
|
|||
OTHER (EXPENSE) INCOME
|
|
|
|
|
|
||||||
Interest expense
|
(34,068
|
)
|
|
(24,109
|
)
|
|
(20,779
|
)
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
(136
|
)
|
|
(914
|
)
|
|||
Equity in losses of unconsolidated real estate venture
|
(2,339
|
)
|
|
(1,484
|
)
|
|
—
|
|
|||
Acquisition costs
|
(593
|
)
|
|
(6,546
|
)
|
|
(4,765
|
)
|
|||
Organizational and offering expenses
|
—
|
|
|
—
|
|
|
(58
|
)
|
|||
Non-operating expense
|
(58
|
)
|
|
(147
|
)
|
|
(92
|
)
|
|||
Gain on sale of self storage properties
|
5,715
|
|
|
—
|
|
|
—
|
|
|||
Other expense
|
(31,343
|
)
|
|
(32,422
|
)
|
|
(26,608
|
)
|
|||
Income before income taxes
|
47,157
|
|
|
25,234
|
|
|
4,983
|
|
|||
Income tax expense
|
(1,159
|
)
|
|
(368
|
)
|
|
(187
|
)
|
|||
Net income
|
45,998
|
|
|
24,866
|
|
|
4,796
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(43,037
|
)
|
|
(6,901
|
)
|
|
7,644
|
|
|||
Net income attributable to National Storage Affiliates Trust
|
2,961
|
|
|
17,965
|
|
|
12,440
|
|
|||
Distributions to preferred shareholders
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to common shareholders
|
$
|
661
|
|
|
$
|
17,965
|
|
|
$
|
12,440
|
|
|
|
|
|
|
|
||||||
Earnings (loss) per share - basic
|
$
|
0.01
|
|
|
$
|
0.60
|
|
|
$
|
0.80
|
|
Earnings (loss) per share - diluted
|
$
|
0.01
|
|
|
$
|
0.31
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
44,423
|
|
|
29,887
|
|
|
15,463
|
|
|||
Weighted average shares outstanding - diluted
|
44,423
|
|
|
78,747
|
|
|
45,409
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
||||||
Unrealized gain (loss) on derivative contracts
|
1,935
|
|
|
6,434
|
|
|
(1,551
|
)
|
|||
Reclassification of other comprehensive loss to interest expense
|
2,308
|
|
|
2,678
|
|
|
1,699
|
|
|||
Other comprehensive income
|
4,243
|
|
|
9,112
|
|
|
148
|
|
|||
Comprehensive income
|
50,241
|
|
|
33,978
|
|
|
4,944
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(44,697
|
)
|
|
(7,272
|
)
|
|
7,496
|
|
|||
Comprehensive income attributable to National Storage Affiliates Trust
|
$
|
5,544
|
|
|
$
|
26,706
|
|
|
$
|
12,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
Additional
|
|
Distributions
|
|
Other
|
|
|
|
|
||||||||||||||||
|
Preferred Shares
|
|
Common Shares
|
|
Paid-in
|
|
in Excess of
|
|
Comprehensive
|
|
Noncontrolling
|
|
Total
|
||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income
|
|
Interests
|
|
Equity
|
||||||||||||||||
Balances, December 31, 2014
|
—
|
|
|
$
|
—
|
|
|
1,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
214,104
|
|
|
$
|
214,104
|
|
Net OP equity issuances in business combinations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
OP units and subordinated performance units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,113
|
|
|
42,113
|
|
|||||||
LTIP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,402
|
|
|
1,402
|
|
|||||||
Noncontrolling interests in acquired subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,137
|
|
|
21,137
|
|
|||||||
Redemption of common shares
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of common shares, net of offering costs
|
—
|
|
|
—
|
|
|
23,000,000
|
|
|
230
|
|
|
270,715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270,945
|
|
|||||||
Issuance of common shares, share based compensation plans
|
—
|
|
|
—
|
|
|
4,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,376
|
)
|
|
—
|
|
|
—
|
|
|
34,376
|
|
|
—
|
|
|||||||
Issuance of OP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,416
|
|
|
1,416
|
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
2,953
|
|
|
3,027
|
|
|||||||
Issuance of LTIP units for acquisition expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,020
|
|
|
1,020
|
|
|||||||
Issuance of restricted common shares
|
—
|
|
|
—
|
|
|
17,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Vesting and forfeitures of restricted common shares
|
—
|
|
|
—
|
|
|
(6,210
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||||
Reduction in receivables from partners of OP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,589
|
|
|
1,589
|
|
|||||||
Common share dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,429
|
)
|
|
—
|
|
|
—
|
|
|
(12,429
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,200
|
)
|
|
(33,200
|
)
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
148
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,440
|
|
|
—
|
|
|
(7,644
|
)
|
|
4,796
|
|
|||||||
Balances, December 31, 2015
|
—
|
|
|
—
|
|
|
23,015,751
|
|
|
230
|
|
|
236,392
|
|
|
11
|
|
|
—
|
|
|
279,414
|
|
|
516,047
|
|
|||||||
OP equity recorded in business combinations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
Additional
|
|
Distributions
|
|
Other
|
|
|
|
|
||||||||||||||||
|
Preferred Shares
|
|
Common Shares
|
|
Paid-in
|
|
in Excess of
|
|
Comprehensive
|
|
Noncontrolling
|
|
Total
|
||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income
|
|
Interests
|
|
Equity
|
||||||||||||||||
OP units and subordinated performance units, net of offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120,827
|
|
|
120,827
|
|
|||||||
LTIP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
814
|
|
|
814
|
|
|||||||
Redemption of OP units
|
—
|
|
|
—
|
|
|
1,125,503
|
|
|
11
|
|
|
13,004
|
|
|
—
|
|
|
(4
|
)
|
|
(13,011
|
)
|
|
—
|
|
|||||||
Issuance of common shares, net of offering costs
|
—
|
|
|
—
|
|
|
18,962,209
|
|
|
190
|
|
|
376,224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376,414
|
|
|||||||
Issuance of common shares, share based compensation plans
|
—
|
|
|
—
|
|
|
4,309
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,349
|
)
|
|
—
|
|
|
288
|
|
|
49,061
|
|
|
—
|
|
|||||||
Issuance of OP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,441
|
|
|
1,441
|
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
2,477
|
|
|
2,597
|
|
|||||||
Issuance of LTIP units for acquisition expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
|||||||
Issuance of restricted common shares
|
—
|
|
|
—
|
|
|
8,090
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Vesting and forfeitures of restricted common shares
|
—
|
|
|
—
|
|
|
(5,500
|
)
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|||||||
Reduction in receivables from partners of OP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,375
|
|
|
1,375
|
|
|||||||
Common share dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,695
|
)
|
|
—
|
|
|
—
|
|
|
(26,695
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,760
|
)
|
|
(47,760
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,741
|
|
|
371
|
|
|
9,112
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,965
|
|
|
—
|
|
|
6,901
|
|
|
24,866
|
|
|||||||
Balances, December 31, 2016
|
—
|
|
|
—
|
|
|
43,110,362
|
|
|
431
|
|
|
576,365
|
|
|
(8,719
|
)
|
|
9,025
|
|
|
401,966
|
|
|
979,068
|
|
|||||||
Issuance of preferred shares, net of offering costs
|
6,900,000
|
|
|
172,500
|
|
|
—
|
|
|
—
|
|
|
(5,934
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166,566
|
|
|||||||
OP equity recorded in connection with property acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
Additional
|
|
Distributions
|
|
Other
|
|
|
|
|
||||||||||||||||
|
Preferred Shares
|
|
Common Shares
|
|
Paid-in
|
|
in Excess of
|
|
Comprehensive
|
|
Noncontrolling
|
|
Total
|
||||||||||||||||||||
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income
|
|
Interests
|
|
Equity
|
||||||||||||||||
OP units and subordinated performance units, net of offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,900
|
|
|
29,900
|
|
|||||||
LTIP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
854
|
|
|
854
|
|
|||||||
Issuance of subordinated performance units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,000
|
|
|
7,000
|
|
|||||||
Redemptions of OP units
|
—
|
|
|
—
|
|
|
1,409,715
|
|
|
14
|
|
|
18,389
|
|
|
—
|
|
|
289
|
|
|
(18,692
|
)
|
|
—
|
|
|||||||
Issuance of common shares, net of offering costs
|
—
|
|
|
—
|
|
|
5,750,000
|
|
|
58
|
|
|
140,203
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140,261
|
|
|||||||
Issuance of common shares, share based compensation plans
|
—
|
|
|
—
|
|
|
6,862
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,749
|
)
|
|
—
|
|
|
385
|
|
|
17,364
|
|
|
—
|
|
|||||||
Issuance of OP units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|
1,262
|
|
|||||||
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
3,520
|
|
|
3,764
|
|
|||||||
Issuance of LTIP units for acquisition expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|||||||
Issuance of restricted common shares
|
—
|
|
|
—
|
|
|
16,525
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Vesting and forfeitures of restricted common shares, net
|
—
|
|
|
—
|
|
|
(8,530
|
)
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|||||||
Reduction in receivables from partners of OP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
812
|
|
|
812
|
|
|||||||
Preferred share dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|
(2,300
|
)
|
|||||||
Common share dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,671
|
)
|
|
—
|
|
|
—
|
|
|
(47,671
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58,234
|
)
|
|
(58,234
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,583
|
|
|
1,660
|
|
|
4,243
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,961
|
|
|
—
|
|
|
43,037
|
|
|
45,998
|
|
|||||||
Balances, December 31, 2017
|
6,900,000
|
|
|
$
|
172,500
|
|
|
50,284,934
|
|
|
$
|
503
|
|
|
$
|
711,467
|
|
|
$
|
(55,729
|
)
|
|
$
|
12,282
|
|
|
$
|
430,464
|
|
|
$
|
1,271,487
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
75,115
|
|
|
55,064
|
|
|
40,651
|
|
|||
Amortization of debt issuance costs
|
2,175
|
|
|
1,955
|
|
|
2,714
|
|
|||
Amortization of debt discount and premium, net
|
(1,570
|
)
|
|
(2,051
|
)
|
|
(1,747
|
)
|
|||
Loss on debt extinguishment
|
—
|
|
|
136
|
|
|
414
|
|
|||
Unrealized loss on fair value of derivatives
|
—
|
|
|
—
|
|
|
68
|
|
|||
Gain on sale of self storage properties
|
(5,715
|
)
|
|
—
|
|
|
—
|
|
|||
LTIP units issued for acquisition expenses
|
—
|
|
|
56
|
|
|
1,020
|
|
|||
Equity-based compensation expense
|
3,764
|
|
|
2,597
|
|
|
3,027
|
|
|||
Equity in losses of unconsolidated real estate venture
|
2,339
|
|
|
1,484
|
|
|
—
|
|
|||
Distributions from unconsolidated real estate venture
|
5,093
|
|
|
730
|
|
|
—
|
|
|||
Change in assets and liabilities, net of effects of self storage property acquisitions:
|
|
|
|
|
|
||||||
Other assets
|
(2,398
|
)
|
|
(1,994
|
)
|
|
(680
|
)
|
|||
Accounts payable and accrued liabilities
|
1,200
|
|
|
8,386
|
|
|
269
|
|
|||
Deferred revenue
|
(1,713
|
)
|
|
3,417
|
|
|
(198
|
)
|
|||
Net Cash Provided by Operating Activities
|
124,288
|
|
|
94,646
|
|
|
50,334
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Acquisition of self storage properties
|
(391,619
|
)
|
|
(532,030
|
)
|
|
(170,180
|
)
|
|||
Capital expenditures
|
(14,656
|
)
|
|
(11,418
|
)
|
|
(4,072
|
)
|
|||
Investments in and advances to unconsolidated real estate venture
|
(15,289
|
)
|
|
(82,950
|
)
|
|
—
|
|
|||
Distributions from unconsolidated real estate venture
|
250
|
|
|
—
|
|
|
—
|
|
|||
Acquisition of property management platform
|
—
|
|
|
(19,933
|
)
|
|
—
|
|
|||
Deposits and advances for self storage property and other acquisitions
|
(4,923
|
)
|
|
(345
|
)
|
|
(738
|
)
|
|||
Expenditures for corporate furniture, equipment and other
|
(588
|
)
|
|
(527
|
)
|
|
(418
|
)
|
|||
Net proceeds from sale of self storage properties
|
17,534
|
|
|
4,823
|
|
|
—
|
|
|||
Net Cash Used In Investing Activities
|
(409,291
|
)
|
|
(642,380
|
)
|
|
(175,408
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Proceeds from issuance of common shares
|
140,261
|
|
|
378,281
|
|
|
278,070
|
|
|||
Proceeds from issuance of preferred shares
|
166,566
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of subordinated performance units
|
7,000
|
|
|
—
|
|
|
—
|
|
|||
Borrowings under debt financings
|
760,900
|
|
|
812,500
|
|
|
258,443
|
|
|||
Receipts for OP unit subscriptions
|
1,150
|
|
|
1,344
|
|
|
1,015
|
|
|||
Collection of receivables from issuance of OP equity
|
—
|
|
|
930
|
|
|
774
|
|
|||
Principal payments under debt financings
|
(679,104
|
)
|
|
(558,597
|
)
|
|
(357,273
|
)
|
|||
Payment of dividends to common shareholders
|
(47,671
|
)
|
|
(26,695
|
)
|
|
(12,429
|
)
|
|||
Payment of dividends to preferred shareholders
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to noncontrolling interests
|
(57,314
|
)
|
|
(47,005
|
)
|
|
(37,992
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Debt issuance costs
|
(2,381
|
)
|
|
(5,665
|
)
|
|
(1,848
|
)
|
|||
Equity offering costs
|
(1,034
|
)
|
|
(1,399
|
)
|
|
(5,438
|
)
|
|||
Net Cash Provided by Financing Activities
|
286,073
|
|
|
553,694
|
|
|
123,322
|
|
|||
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
|
1,070
|
|
|
5,960
|
|
|
(1,752
|
)
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
|
||||||
Beginning of year
|
15,337
|
|
|
9,377
|
|
|
11,129
|
|
|||
End of year
|
$
|
16,407
|
|
|
$
|
15,337
|
|
|
$
|
9,377
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
32,951
|
|
|
$
|
23,313
|
|
|
$
|
20,206
|
|
Supplemental Disclosure of Non-Cash Investing and Financing Activities
|
|
|
|
|
|
||||||
Consideration exchanged in property acquisitions:
|
|
|
|
|
|
||||||
Issuance of OP units and subordinated performance units
|
$
|
30,327
|
|
|
$
|
120,952
|
|
|
$
|
42,113
|
|
Deposits on acquisitions applied to purchase price
|
350
|
|
|
631
|
|
|
745
|
|
|||
LTIP units vesting upon acquisition of properties
|
854
|
|
|
814
|
|
|
1,402
|
|
|||
Assumption of mortgages payable
|
—
|
|
|
61,628
|
|
|
73,498
|
|
|||
Note payable to related party to settle assumed mortgages
|
—
|
|
|
—
|
|
|
5,342
|
|
|||
Other net liabilities assumed
|
3,616
|
|
|
4,817
|
|
|
511
|
|
|||
Notes receivable settled upon acquisition of properties
|
—
|
|
|
—
|
|
|
1,778
|
|
|||
Fair value of noncontrolling interests in acquired subsidiaries
|
—
|
|
|
—
|
|
|
21,137
|
|
|||
Issuance of OP unit subscription liability through reduced distributions
|
1,262
|
|
|
1,441
|
|
|
1,416
|
|
|||
Settlement of acquisition receivables through reduced distributions
|
812
|
|
|
445
|
|
|
1,473
|
|
|||
Increase in OP unit subscription liability through reduced distributions
|
108
|
|
|
310
|
|
|
498
|
|
|||
Increase (decrease) in payables for offering costs
|
600
|
|
|
593
|
|
|
(1,379
|
)
|
|||
Settlement of offering expenses from equity issuance proceeds
|
12,299
|
|
|
11,673
|
|
|
20,930
|
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||
OP units
|
26,719,607
|
|
|
26,125,444
|
|
Subordinated performance units
|
11,604,738
|
|
|
11,022,378
|
|
LTIP units
|
771,396
|
|
|
1,543,905
|
|
DownREIT units
|
|
|
|
||
DownREIT OP units
|
1,834,786
|
|
|
1,834,786
|
|
DownREIT subordinated performance units
|
4,386,999
|
|
|
4,386,999
|
|
Total
|
45,317,526
|
|
|
44,913,512
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Land
|
$
|
528,304
|
|
|
$
|
456,135
|
|
Buildings and improvements
|
1,741,459
|
|
|
1,383,603
|
|
||
Furniture and equipment
|
5,470
|
|
|
4,598
|
|
||
Total self storage properties
|
2,275,233
|
|
|
1,844,336
|
|
||
Less accumulated depreciation
|
(170,358
|
)
|
|
(110,803
|
)
|
||
Self storage properties, net
|
$
|
2,104,875
|
|
|
$
|
1,733,533
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Self storage properties, net
|
$
|
655,973
|
|
|
$
|
614,754
|
|
Other assets
|
8,397
|
|
|
19,936
|
|
||
Total assets
|
$
|
664,370
|
|
|
$
|
634,690
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Debt financing
|
$
|
317,359
|
|
|
$
|
317,047
|
|
Other liabilities
|
4,855
|
|
|
4,498
|
|
||
Equity
|
342,156
|
|
|
313,145
|
|
||
Total liabilities and equity
|
$
|
664,370
|
|
|
$
|
634,690
|
|
|
|
|
|
|
Year Ended
December 31, 2017 |
|
Period Ended December 31, 2016
|
||||
Total revenue
|
$
|
54,747
|
|
|
$
|
12,197
|
|
Property operating expenses
|
18,463
|
|
|
3,850
|
|
||
Net operating income
|
36,284
|
|
|
8,347
|
|
||
Supervisory, administrative and other expenses
|
(3,921
|
)
|
|
(949
|
)
|
||
Depreciation and amortization
|
(29,192
|
)
|
|
(6,235
|
)
|
||
Interest expense
|
(11,389
|
)
|
|
(2,823
|
)
|
||
Acquisition and other expenses
|
(1,146
|
)
|
|
(4,277
|
)
|
||
Net loss
|
$
|
(9,364
|
)
|
|
$
|
(5,937
|
)
|
|
|
|
|
Acquisitions closed during the Three Months Ended:
|
|
|
|
Summary of Investment
|
||||||||||||||||||
|
Number of Properties
|
|
Cash and Acquisition Costs
|
|
Value of OP Equity
(1)
|
|
Liabilities Assumed
|
|
Total
|
|||||||||||||
|
|
|
Mortgages
(2)
|
|
Other
|
|
||||||||||||||||
March 31, 2017
|
|
5
|
|
$
|
26,780
|
|
|
$
|
4,964
|
|
|
$
|
—
|
|
|
$
|
183
|
|
|
$
|
31,927
|
|
June 30, 2017
|
|
10
|
|
60,672
|
|
|
8,931
|
|
|
—
|
|
|
387
|
|
|
69,990
|
|
|||||
September 30, 2017
|
|
19
|
|
122,742
|
|
|
267
|
|
|
—
|
|
|
826
|
|
|
123,835
|
|
|||||
December 31, 2017
|
|
31
|
|
181,809
|
|
|
17,019
|
|
|
—
|
|
|
2,220
|
|
|
201,048
|
|
|||||
Total
|
|
65
|
|
$
|
392,003
|
|
|
$
|
31,181
|
|
|
$
|
—
|
|
|
$
|
3,616
|
|
|
$
|
426,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
March 31, 2016
|
|
17
|
|
$
|
63,300
|
|
|
$
|
19,068
|
|
|
$
|
5,861
|
|
|
$
|
584
|
|
|
$
|
88,813
|
|
June 30, 2016
|
|
25
|
|
61,263
|
|
|
80,986
|
|
|
55,767
|
|
|
1,212
|
|
|
199,228
|
|
|||||
September 30, 2016
|
|
34
|
|
199,890
|
|
|
4,841
|
|
|
—
|
|
|
896
|
|
|
205,627
|
|
|||||
December 31, 2016
|
|
31
|
|
208,707
|
|
|
16,871
|
|
|
—
|
|
|
2,125
|
|
|
227,703
|
|
|||||
Total
|
|
107
|
|
$
|
533,160
|
|
|
$
|
121,766
|
|
|
$
|
61,628
|
|
|
$
|
4,817
|
|
|
$
|
721,371
|
|
(1)
|
Value of OP equity represents the fair value of OP units, subordinated performance units, and LTIP units.
|
(2)
|
Includes fair value of debt adjustment for assumed mortgages of approximately
$7.2 million
during the
year
ended December 31,
2016
.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Customer in-place leases, net of accumulated amortization of $3,914 and $7,831, respectively
|
$
|
6,590
|
|
|
$
|
9,374
|
|
Receivables:
|
|
|
|
||||
Trade, net
|
2,274
|
|
|
1,898
|
|
||
PROs and other affiliates
|
979
|
|
|
601
|
|
||
Receivable from unconsolidated real estate venture
|
1,200
|
|
|
1,093
|
|
||
Property acquisition deposits
|
5,050
|
|
|
477
|
|
||
Interest rate swaps
|
12,414
|
|
|
8,742
|
|
||
Prepaid expenses and other
|
3,949
|
|
|
1,879
|
|
||
Corporate furniture, equipment and other, net
|
1,444
|
|
|
1,243
|
|
||
Trade name
|
3,200
|
|
|
3,200
|
|
||
Management contract, net of accumulated amortization of $856 and $148, respectively
|
9,765
|
|
|
10,473
|
|
||
Goodwill
|
5,750
|
|
|
5,750
|
|
||
Total
|
$
|
52,615
|
|
|
$
|
44,730
|
|
|
|
|
December 31,
|
||||||
|
Interest Rate
(1)
|
|
2017
|
|
2016
|
||||
Credit Facility:
|
|
|
|
|
|
||||
Revolving line of credit
|
2.96%
|
|
$
|
88,500
|
|
|
$
|
246,500
|
|
Term loan A
|
2.63%
|
|
235,000
|
|
|
225,000
|
|
||
Term loan B
|
3.24%
|
|
155,000
|
|
|
100,000
|
|
||
Term loan C
|
3.71%
|
|
105,000
|
|
|
—
|
|
||
Term loan facility
|
3.08%
|
|
100,000
|
|
|
100,000
|
|
||
Fixed rate mortgages payable
|
4.15%
|
|
271,491
|
|
|
201,694
|
|
||
Total principal
|
|
|
954,991
|
|
|
873,194
|
|
||
Unamortized debt issuance costs and debt premium, net
|
|
|
3,106
|
|
|
5,760
|
|
||
Total debt
|
|
|
$
|
958,097
|
|
|
$
|
878,954
|
|
(1)
|
Represents the effective interest rate as of
December 31, 2017
. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
|
Year Ending December 31,
|
|
Scheduled Principal and Maturity Payments
|
|
Premium Amortization and Unamortized Debt Issuance Costs
|
|
Total
|
||||||
2018
|
|
$
|
10,617
|
|
|
$
|
187
|
|
|
$
|
10,804
|
|
2019
|
|
4,983
|
|
|
131
|
|
|
5,114
|
|
|||
2020
|
|
127,745
|
|
|
(220
|
)
|
|
127,525
|
|
|||
2021
|
|
242,509
|
|
|
(307
|
)
|
|
242,202
|
|
|||
2022
|
|
159,205
|
|
|
(25
|
)
|
|
159,180
|
|
|||
After 2023
|
|
409,932
|
|
|
3,340
|
|
|
413,272
|
|
|||
|
|
$
|
954,991
|
|
|
$
|
3,106
|
|
|
$
|
958,097
|
|
|
Time-Based LTIP Unit Awards
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Number of LTIP units
|
|
Weighted Average Grant-Date Fair Value
|
|
Number of LTIP units
|
|
Weighted Average Grant-Date Fair Value
|
|
Number of LTIP units
|
|
Weighted Average Grant-Date Fair Value
|
|||||||||
Outstanding unvested at beginning of year
|
294,529
|
|
|
$
|
14.74
|
|
|
236,265
|
|
|
$
|
10.41
|
|
|
509,166
|
|
|
$
|
10.07
|
|
Granted
|
128,051
|
|
|
22.89
|
|
|
177,546
|
|
|
17.59
|
|
|
6,000
|
|
|
13.00
|
|
|||
Vested
|
(194,814
|
)
|
|
13.43
|
|
|
(119,282
|
)
|
|
10.41
|
|
|
(278,901
|
)
|
|
9.84
|
|
|||
Unvested at end of year
|
227,766
|
|
|
$
|
20.37
|
|
|
294,529
|
|
|
$
|
14.74
|
|
|
236,265
|
|
|
$
|
10.41
|
|
|
Performance-Based LTIP Unit Awards
|
|||||||||||
|
Minimum
|
|
Target
|
|
Maximum
|
|
Weighted Average Grant-Date Fair Value
|
|||||
Outstanding unvested at December 31, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
—
|
|
|
40,390
|
|
|
90,874
|
|
|
27.63
|
|
|
Outstanding unvested at December 31, 2017
|
—
|
|
|
40,390
|
|
|
90,874
|
|
|
$
|
27.63
|
|
|
2017
|
|
Risk-free interest rate
|
1.58
|
%
|
Dividend yield
|
4.35
|
%
|
Expected volatility
|
29.96
|
%
|
|
Total LTIP units
|
|
Total unvested units, December 31, 2014
|
522,900
|
|
Units vested in 2015 related to properties contributed or sourced by PROs
|
(99,100
|
)
|
Total unvested units, December 31, 2015
|
423,800
|
|
Units vested in 2016 related to properties contributed or sourced by PROs
|
(45,100
|
)
|
Units forfeited
|
(118,300
|
)
|
Total unvested units, December 31, 2016
|
260,400
|
|
Units vested in 2017 related to properties contributed or sourced by PROs
|
(36,400
|
)
|
Total unvested units, December 31, 2017
|
224,000
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Number of Restricted Common Shares
|
|
Weighted Average Grant-Date Fair Value
|
|
Number of Restricted Common Shares
|
|
Weighted Average Grant-Date Fair Value
|
|
Number of Restricted Common Shares
|
|
Weighted Average Grant-Date Fair Value
|
|||||||||
Outstanding at beginning of year
|
13,590
|
|
|
$
|
12.40
|
|
|
11,000
|
|
|
$
|
12.40
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
16,525
|
|
|
24.04
|
|
|
8,090
|
|
|
17.19
|
|
|
17,210
|
|
|
12.40
|
|
|||
Vested
|
(8,530
|
)
|
|
14.11
|
|
|
(5,500
|
)
|
|
12.40
|
|
|
(6,000
|
)
|
|
12.40
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(210
|
)
|
|
12.40
|
|
|||
Unvested at end of year
|
21,585
|
|
|
$
|
22.43
|
|
|
13,590
|
|
|
$
|
12.40
|
|
|
11,000
|
|
|
$
|
12.40
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Earnings (loss) per common share - basic and diluted
|
|
|
|
|
|
||||||
Numerator
|
|
|
|
|
|
||||||
Net income
|
$
|
45,998
|
|
|
$
|
24,866
|
|
|
$
|
4,796
|
|
Net (income) loss attributable to noncontrolling interests
|
(43,037
|
)
|
|
(6,901
|
)
|
|
7,644
|
|
|||
Net income attributable to National Storage Affiliates Trust
|
2,961
|
|
|
17,965
|
|
|
12,440
|
|
|||
Distributions to preferred shareholders
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||
Distributed and undistributed earnings allocated to participating securities
|
(28
|
)
|
|
(18
|
)
|
|
(9
|
)
|
|||
Net income attributable to common shareholders - basic
|
633
|
|
|
17,947
|
|
|
12,431
|
|
|||
Effect of assumed conversion of dilutive securities
|
—
|
|
|
6,783
|
|
|
(4,919
|
)
|
|||
Net income attributable to common shareholders - diluted
|
$
|
633
|
|
|
$
|
24,730
|
|
|
$
|
7,512
|
|
|
|
|
|
|
|
||||||
Denominator
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
44,423
|
|
|
29,887
|
|
|
15,463
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Weighted average OP units outstanding
|
—
|
|
|
24,262
|
|
|
15,697
|
|
|||
Weighted average DownREIT OP unit equivalents outstanding
|
—
|
|
|
1,835
|
|
|
1,171
|
|
|||
Weighted average LTIP units outstanding
|
—
|
|
|
1,846
|
|
|
1,272
|
|
|||
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents
|
—
|
|
|
20,917
|
|
|
11,806
|
|
|||
Weighted average shares outstanding - diluted
|
44,423
|
|
|
78,747
|
|
|
45,409
|
|
|||
|
|
|
|
|
|
||||||
Earnings (loss) per share - basic
|
$
|
0.01
|
|
|
$
|
0.60
|
|
|
$
|
0.80
|
|
Earnings (loss) per share - diluted
|
$
|
0.01
|
|
|
$
|
0.31
|
|
|
$
|
0.17
|
|
Dividends declared per common share
|
$
|
1.04
|
|
|
$
|
0.88
|
|
|
$
|
0.54
|
|
Year Ending December 31,
|
|
Real Estate Leasehold Interests
|
|
Office Lease
|
|
Total
|
||||||
2018
|
|
$
|
1,329
|
|
|
$
|
184
|
|
|
$
|
1,513
|
|
2019
|
|
1,334
|
|
|
188
|
|
|
1,522
|
|
|||
2020
|
|
1,379
|
|
|
112
|
|
|
1,491
|
|
|||
2021
|
|
1,404
|
|
|
—
|
|
|
1,404
|
|
|||
2022
|
|
1,419
|
|
|
—
|
|
|
1,419
|
|
|||
2023 through 2092
|
|
37,498
|
|
|
—
|
|
|
37,498
|
|
|||
|
|
$
|
44,363
|
|
|
$
|
484
|
|
|
$
|
44,847
|
|
|
Interest Rate Swaps Designated as Cash Flow Hedges
|
||
Fair value at December 31, 2015
|
$
|
(972
|
)
|
Designation of interest rate swap as a cash flow hedge
|
19
|
|
|
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss
|
2,678
|
|
|
Unrealized losses included in accumulated other comprehensive loss
|
6,434
|
|
|
Fair value at December 31, 2016
|
$
|
8,159
|
|
Cash flow hedge ineffectiveness
|
12
|
|
|
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss
|
2,308
|
|
|
Unrealized gains included in accumulated other comprehensive loss
|
1,935
|
|
|
Fair value at December 31, 2017
|
$
|
12,414
|
|
|
For the three months ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
2017
|
|
2017
|
|
2017
|
|
2017
|
||||||||
Total revenues
|
$
|
61,563
|
|
|
$
|
64,341
|
|
|
$
|
68,858
|
|
|
$
|
73,368
|
|
Total operating expenses
|
45,613
|
|
|
45,008
|
|
|
47,561
|
|
|
51,448
|
|
||||
Income from operations
|
15,950
|
|
|
19,333
|
|
|
21,297
|
|
|
21,920
|
|
||||
Gain (loss) on sale of self storage properties
|
—
|
|
|
5,637
|
|
|
106
|
|
|
(28
|
)
|
||||
Net income
|
7,181
|
|
|
15,576
|
|
|
11,226
|
|
|
12,015
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
555
|
|
|
$
|
2,367
|
|
|
$
|
1,271
|
|
|
$
|
(3,532
|
)
|
Earnings (loss) per share - basic
|
$
|
0.01
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
|
$
|
(0.08
|
)
|
Earnings (loss) per share - diluted
|
$
|
0.01
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
|
$
|
(0.08
|
)
|
|
For the three months ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
2016
|
|
2016
|
|
2016
|
|
2016
|
||||||||
Total revenues
|
$
|
39,649
|
|
|
$
|
47,284
|
|
|
$
|
52,949
|
|
|
$
|
59,164
|
|
Total operating expenses
|
28,504
|
|
|
33,382
|
|
|
36,908
|
|
|
42,596
|
|
||||
Income from operations
|
11,145
|
|
|
13,902
|
|
|
16,041
|
|
|
16,568
|
|
||||
Net income
|
4,802
|
|
|
6,045
|
|
|
7,944
|
|
|
6,075
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
2,210
|
|
|
$
|
7,370
|
|
|
$
|
(11
|
)
|
|
$
|
8,396
|
|
Earnings (loss) per share - basic
|
$
|
0.10
|
|
|
$
|
0.32
|
|
|
$
|
—
|
|
|
$
|
0.22
|
|
Earnings (loss) per share - diluted
|
$
|
0.07
|
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.07
|
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mobile
|
|
AL
|
|
$
|
991
|
|
|
$
|
4,874
|
|
|
$
|
712
|
|
|
$
|
991
|
|
|
$
|
5,586
|
|
|
$
|
6,577
|
|
|
$
|
530
|
|
|
4/12/2016
|
Lake Havasu City-Kingman
|
|
AZ
|
|
671
|
|
|
1,572
|
|
|
27
|
|
|
671
|
|
|
1,599
|
|
|
2,270
|
|
|
309
|
|
|
4/1/2014
|
|||||||
Lake Havasu City-Kingman
|
|
AZ
|
|
722
|
|
|
2,546
|
|
|
45
|
|
|
722
|
|
|
2,591
|
|
|
3,313
|
|
|
528
|
|
|
7/1/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,089
|
|
|
6,607
|
|
|
55
|
|
|
1,089
|
|
|
6,662
|
|
|
7,751
|
|
|
1,052
|
|
|
6/30/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
3,813
|
|
|
7,831
|
|
|
59
|
|
|
3,813
|
|
|
7,890
|
|
|
11,703
|
|
|
922
|
|
|
9/30/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,375
|
|
|
2,613
|
|
|
38
|
|
|
1,375
|
|
|
2,651
|
|
|
4,026
|
|
|
555
|
|
|
9/30/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,653
|
|
|
7,531
|
|
|
16
|
|
|
1,653
|
|
|
7,547
|
|
|
9,200
|
|
|
759
|
|
|
10/1/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,661
|
|
|
3,311
|
|
|
44
|
|
|
1,661
|
|
|
3,355
|
|
|
5,016
|
|
|
425
|
|
|
10/1/2014
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,050
|
|
|
5,359
|
|
|
21
|
|
|
1,050
|
|
|
5,380
|
|
|
6,430
|
|
|
409
|
|
|
1/1/2015
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,198
|
|
|
1,921
|
|
|
2
|
|
|
1,198
|
|
|
1,923
|
|
|
3,121
|
|
|
242
|
|
|
5/1/2015
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
1,324
|
|
|
3,626
|
|
|
35
|
|
|
1,324
|
|
|
3,661
|
|
|
4,985
|
|
|
375
|
|
|
5/1/2015
|
|||||||
Phoenix-Mesa-Glendale
|
|
AZ
|
|
3,816
|
|
|
4,348
|
|
|
8
|
|
|
3,816
|
|
|
4,356
|
|
|
8,172
|
|
|
433
|
|
|
5/1/2015
|
|||||||
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
5,576
|
|
|
6,746
|
|
|
218
|
|
|
5,576
|
|
|
6,964
|
|
|
12,540
|
|
|
581
|
|
|
5/19/2016
|
|||||||
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
1,506
|
|
|
2,881
|
|
|
68
|
|
|
1,506
|
|
|
2,949
|
|
|
4,455
|
|
|
175
|
|
|
7/29/2016
|
|||||||
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
2,120
|
|
|
5,442
|
|
|
17
|
|
|
2,120
|
|
|
5,459
|
|
|
7,579
|
|
|
162
|
|
|
2/13/2017
|
|||||||
Tucson
|
|
AZ
|
|
421
|
|
|
3,855
|
|
|
74
|
|
|
421
|
|
|
3,929
|
|
|
4,350
|
|
|
484
|
|
|
8/29/2013
|
|||||||
Tucson
|
|
AZ
|
|
716
|
|
|
1,365
|
|
|
7
|
|
|
716
|
|
|
1,372
|
|
|
2,088
|
|
|
319
|
|
|
8/29/2013
|
|||||||
Anaheim-Santa Ana-Irvine
|
|
CA
|
|
1,530
|
|
|
5,799
|
|
|
289
|
|
|
1,530
|
|
|
6,088
|
|
|
7,618
|
|
|
241
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
511
|
|
|
2,804
|
|
|
43
|
|
|
511
|
|
|
2,847
|
|
|
3,358
|
|
|
174
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,409
|
|
|
3,907
|
|
|
38
|
|
|
1,409
|
|
|
3,945
|
|
|
5,354
|
|
|
214
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,882
|
|
|
3,858
|
|
|
82
|
|
|
1,882
|
|
|
3,940
|
|
|
5,822
|
|
|
250
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,355
|
|
|
4,678
|
|
|
27
|
|
|
1,355
|
|
|
4,705
|
|
|
6,060
|
|
|
277
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,306
|
|
|
3,440
|
|
|
115
|
|
|
1,306
|
|
|
3,555
|
|
|
4,861
|
|
|
274
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,016
|
|
|
3,638
|
|
|
34
|
|
|
1,016
|
|
|
3,672
|
|
|
4,688
|
|
|
193
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
1,579
|
|
|
3,357
|
|
|
21
|
|
|
1,579
|
|
|
3,378
|
|
|
4,957
|
|
|
225
|
|
|
8/1/2016
|
|||||||
Bakersfield
|
|
CA
|
|
750
|
|
|
5,802
|
|
|
95
|
|
|
750
|
|
|
5,897
|
|
|
6,647
|
|
|
322
|
|
|
8/1/2016
|
|||||||
Fresno
|
|
CA
|
|
840
|
|
|
7,502
|
|
|
323
|
|
|
840
|
|
|
7,825
|
|
|
8,665
|
|
|
591
|
|
|
8/1/2016
|
|||||||
Los Angeles-Long Beach-Glendale
|
|
CA
|
|
2,345
|
|
|
6,820
|
|
|
619
|
|
|
2,345
|
|
|
7,439
|
|
|
9,784
|
|
|
297
|
|
|
8/1/2016
|
|||||||
Los Angeles-Long Beach-Glendale
|
|
CA
|
|
1,350
|
|
|
11,266
|
|
|
115
|
|
|
1,350
|
|
|
11,381
|
|
|
12,731
|
|
|
523
|
|
|
8/1/2016
|
|||||||
Los Angeles-Long Beach-Glendale
|
|
CA
|
|
763
|
|
|
6,258
|
|
|
84
|
|
|
763
|
|
|
6,342
|
|
|
7,105
|
|
|
293
|
|
|
8/1/2016
|
|||||||
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
6,641
|
|
|
8,239
|
|
|
47
|
|
|
6,641
|
|
|
8,286
|
|
|
14,927
|
|
|
969
|
|
|
4/1/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
1,122
|
|
|
1,881
|
|
|
7
|
|
|
1,122
|
|
|
1,888
|
|
|
3,010
|
|
|
296
|
|
|
6/30/2014
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Los Angeles-Long Beach-Santa Ana
(3)
|
|
CA
|
|
7,186
|
|
|
12,771
|
|
|
24
|
|
|
7,186
|
|
|
12,795
|
|
|
19,981
|
|
|
1,717
|
|
|
9/17/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
(3)(4)
|
|
CA
|
|
—
|
|
|
7,106
|
|
|
25
|
|
|
—
|
|
|
7,131
|
|
|
7,131
|
|
|
919
|
|
|
9/17/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
(3)
|
|
CA
|
|
2,366
|
|
|
4,892
|
|
|
52
|
|
|
2,366
|
|
|
4,944
|
|
|
7,310
|
|
|
684
|
|
|
9/17/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
(3)
|
|
CA
|
|
2,871
|
|
|
3,703
|
|
|
42
|
|
|
2,871
|
|
|
3,745
|
|
|
6,616
|
|
|
435
|
|
|
10/7/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
(3)
|
|
CA
|
|
5,448
|
|
|
10,015
|
|
|
148
|
|
|
5,448
|
|
|
10,163
|
|
|
15,611
|
|
|
1,403
|
|
|
10/7/2014
|
|||||||
Los Angeles-Long Beach-Santa Ana
(4)
|
|
CA
|
|
—
|
|
|
13,150
|
|
|
15
|
|
|
—
|
|
|
13,165
|
|
|
13,165
|
|
|
1,320
|
|
|
1/1/2015
|
|||||||
Los Angeles-Long Beach-Santa Ana
(4)
|
|
CA
|
|
—
|
|
|
10,084
|
|
|
61
|
|
|
—
|
|
|
10,145
|
|
|
10,145
|
|
|
62
|
|
|
10/3/2017
|
|||||||
Modesto
|
|
CA
|
|
1,526
|
|
|
12,032
|
|
|
31
|
|
|
1,526
|
|
|
12,063
|
|
|
13,589
|
|
|
540
|
|
|
11/10/2016
|
|||||||
Modesto
|
|
CA
|
|
773
|
|
|
5,655
|
|
|
4
|
|
|
773
|
|
|
5,659
|
|
|
6,432
|
|
|
212
|
|
|
11/10/2016
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
552
|
|
|
3,010
|
|
|
109
|
|
|
552
|
|
|
3,119
|
|
|
3,671
|
|
|
788
|
|
|
5/16/2008
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,342
|
|
|
4,446
|
|
|
62
|
|
|
1,342
|
|
|
4,508
|
|
|
5,850
|
|
|
1,265
|
|
|
4/1/2013
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,672
|
|
|
2,564
|
|
|
31
|
|
|
1,672
|
|
|
2,595
|
|
|
4,267
|
|
|
400
|
|
|
4/1/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
978
|
|
|
1,854
|
|
|
106
|
|
|
978
|
|
|
1,960
|
|
|
2,938
|
|
|
416
|
|
|
5/30/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,068
|
|
|
2,609
|
|
|
98
|
|
|
1,068
|
|
|
2,707
|
|
|
3,775
|
|
|
487
|
|
|
5/30/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,202
|
|
|
2,032
|
|
|
48
|
|
|
1,202
|
|
|
2,080
|
|
|
3,282
|
|
|
331
|
|
|
6/30/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,803
|
|
|
2,758
|
|
|
36
|
|
|
1,803
|
|
|
2,794
|
|
|
4,597
|
|
|
587
|
|
|
6/30/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,337
|
|
|
4,489
|
|
|
22
|
|
|
1,337
|
|
|
4,511
|
|
|
5,848
|
|
|
637
|
|
|
6/30/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
846
|
|
|
2,508
|
|
|
43
|
|
|
846
|
|
|
2,551
|
|
|
3,397
|
|
|
505
|
|
|
7/1/2014
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,026
|
|
|
4,552
|
|
|
27
|
|
|
1,026
|
|
|
4,579
|
|
|
5,605
|
|
|
598
|
|
|
9/17/2014
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,878
|
|
|
5,104
|
|
|
35
|
|
|
1,878
|
|
|
5,139
|
|
|
7,017
|
|
|
597
|
|
|
9/17/2014
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
14,109
|
|
|
23,112
|
|
|
199
|
|
|
14,109
|
|
|
23,311
|
|
|
37,420
|
|
|
3,183
|
|
|
9/17/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
3,974
|
|
|
6,962
|
|
|
92
|
|
|
3,974
|
|
|
7,054
|
|
|
11,028
|
|
|
1,143
|
|
|
10/1/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
2,018
|
|
|
3,478
|
|
|
689
|
|
|
2,018
|
|
|
4,167
|
|
|
6,185
|
|
|
818
|
|
|
10/1/2014
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,842
|
|
|
3,420
|
|
|
9
|
|
|
1,842
|
|
|
3,429
|
|
|
5,271
|
|
|
356
|
|
|
1/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
1,981
|
|
|
3,323
|
|
|
35
|
|
|
1,981
|
|
|
3,358
|
|
|
5,339
|
|
|
433
|
|
|
1/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
3,418
|
|
|
9,907
|
|
|
76
|
|
|
3,418
|
|
|
9,983
|
|
|
13,401
|
|
|
847
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,913
|
|
|
6,072
|
|
|
67
|
|
|
1,913
|
|
|
6,139
|
|
|
8,052
|
|
|
619
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
772
|
|
|
4,044
|
|
|
72
|
|
|
772
|
|
|
4,116
|
|
|
4,888
|
|
|
494
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
597
|
|
|
5,464
|
|
|
64
|
|
|
597
|
|
|
5,528
|
|
|
6,125
|
|
|
483
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
3,022
|
|
|
8,124
|
|
|
64
|
|
|
3,022
|
|
|
8,188
|
|
|
11,210
|
|
|
818
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
2,897
|
|
|
5,725
|
|
|
646
|
|
|
2,467
|
|
|
6,371
|
|
|
8,838
|
|
|
755
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
2,835
|
|
|
5,589
|
|
|
827
|
|
|
2,164
|
|
|
6,416
|
|
|
8,580
|
|
|
680
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
2,484
|
|
|
5,903
|
|
|
65
|
|
|
2,484
|
|
|
5,968
|
|
|
8,452
|
|
|
471
|
|
|
8/5/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,139
|
|
|
5,054
|
|
|
3
|
|
|
1,139
|
|
|
5,057
|
|
|
6,196
|
|
|
460
|
|
|
10/1/2015
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,401
|
|
|
4,577
|
|
|
5
|
|
|
1,401
|
|
|
4,582
|
|
|
5,983
|
|
|
323
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
925
|
|
|
3,459
|
|
|
5
|
|
|
925
|
|
|
3,464
|
|
|
4,389
|
|
|
325
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,174
|
|
|
2,556
|
|
|
43
|
|
|
1,174
|
|
|
2,599
|
|
|
3,773
|
|
|
288
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,506
|
|
|
2,913
|
|
|
9
|
|
|
1,506
|
|
|
2,922
|
|
|
4,428
|
|
|
255
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
631
|
|
|
2,307
|
|
|
35
|
|
|
631
|
|
|
2,342
|
|
|
2,973
|
|
|
278
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,318
|
|
|
2,394
|
|
|
3
|
|
|
1,318
|
|
|
2,397
|
|
|
3,715
|
|
|
272
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,942
|
|
|
2,647
|
|
|
11
|
|
|
1,942
|
|
|
2,658
|
|
|
4,600
|
|
|
354
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,339
|
|
|
2,830
|
|
|
17
|
|
|
1,339
|
|
|
2,847
|
|
|
4,186
|
|
|
291
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,105
|
|
|
2,672
|
|
|
5
|
|
|
1,105
|
|
|
2,677
|
|
|
3,782
|
|
|
331
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,542
|
|
|
2,127
|
|
|
4
|
|
|
1,542
|
|
|
2,131
|
|
|
3,673
|
|
|
262
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
(3)
|
|
CA
|
|
1,478
|
|
|
4,534
|
|
|
2
|
|
|
1,478
|
|
|
4,536
|
|
|
6,014
|
|
|
329
|
|
|
10/1/2015
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
3,245
|
|
|
4,420
|
|
|
1,383
|
|
|
3,245
|
|
|
5,803
|
|
|
9,048
|
|
|
472
|
|
|
5/16/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
670
|
|
|
8,613
|
|
|
435
|
|
|
670
|
|
|
9,048
|
|
|
9,718
|
|
|
416
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
538
|
|
|
3,921
|
|
|
367
|
|
|
538
|
|
|
4,288
|
|
|
4,826
|
|
|
198
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
382
|
|
|
3,442
|
|
|
335
|
|
|
382
|
|
|
3,777
|
|
|
4,159
|
|
|
181
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
806
|
|
|
3,852
|
|
|
557
|
|
|
806
|
|
|
4,409
|
|
|
5,215
|
|
|
203
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
570
|
|
|
4,238
|
|
|
314
|
|
|
570
|
|
|
4,552
|
|
|
5,122
|
|
|
211
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
345
|
|
|
3,270
|
|
|
143
|
|
|
345
|
|
|
3,413
|
|
|
3,758
|
|
|
182
|
|
|
8/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
252
|
|
|
4,419
|
|
|
85
|
|
|
252
|
|
|
4,504
|
|
|
4,756
|
|
|
227
|
|
|
9/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
2,691
|
|
|
3,950
|
|
|
198
|
|
|
2,691
|
|
|
4,148
|
|
|
6,839
|
|
|
175
|
|
|
9/1/2016
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
302
|
|
|
4,169
|
|
|
68
|
|
|
302
|
|
|
4,237
|
|
|
4,539
|
|
|
113
|
|
|
5/8/2017
|
|||||||
Riverside-San Bernardino-Ontario
|
|
CA
|
|
896
|
|
|
6,397
|
|
|
117
|
|
|
896
|
|
|
6,514
|
|
|
7,410
|
|
|
167
|
|
|
5/31/2017
|
|||||||
Sacramento-Roseville-Arden-Arcade
|
|
CA
|
|
1,195
|
|
|
8,407
|
|
|
5
|
|
|
1,195
|
|
|
8,412
|
|
|
9,607
|
|
|
307
|
|
|
11/10/2016
|
|||||||
Sacramento-Roseville-Arden-Arcade
|
|
CA
|
|
425
|
|
|
7,249
|
|
|
12
|
|
|
425
|
|
|
7,261
|
|
|
7,686
|
|
|
295
|
|
|
11/10/2016
|
|||||||
San Diego-Carlsbad
|
|
CA
|
|
4,318
|
|
|
19,775
|
|
|
784
|
|
|
4,323
|
|
|
20,559
|
|
|
24,882
|
|
|
821
|
|
|
8/1/2016
|
|||||||
San Diego-Carlsbad-San Marcos
(3)
|
|
CA
|
|
3,703
|
|
|
5,582
|
|
|
20
|
|
|
3,703
|
|
|
5,602
|
|
|
9,305
|
|
|
667
|
|
|
9/17/2014
|
|||||||
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
3,544
|
|
|
4,915
|
|
|
130
|
|
|
3,544
|
|
|
5,045
|
|
|
8,589
|
|
|
627
|
|
|
10/1/2014
|
|||||||
San Diego-Carlsbad-San Marcos
(4)
|
|
CA
|
|
—
|
|
|
5,568
|
|
|
67
|
|
|
—
|
|
|
5,635
|
|
|
5,635
|
|
|
465
|
|
|
1/1/2015
|
|||||||
San Diego-Carlsbad-San Marcos
(4)
|
|
CA
|
|
—
|
|
|
4,041
|
|
|
47
|
|
|
—
|
|
|
4,088
|
|
|
4,088
|
|
|
618
|
|
|
1/31/2015
|
|||||||
Stockton-Lodi
|
|
CA
|
|
559
|
|
|
5,514
|
|
|
15
|
|
|
559
|
|
|
5,529
|
|
|
6,088
|
|
|
210
|
|
|
11/10/2016
|
|||||||
Stockton-Lodi
|
|
CA
|
|
1,710
|
|
|
8,995
|
|
|
15
|
|
|
1,710
|
|
|
9,010
|
|
|
10,720
|
|
|
389
|
|
|
11/10/2016
|
|||||||
Stockton-Lodi
|
|
CA
|
|
1,637
|
|
|
11,901
|
|
|
7
|
|
|
1,637
|
|
|
11,908
|
|
|
13,545
|
|
|
169
|
|
|
7/31/2017
|
|||||||
Colorado Springs
|
|
CO
|
|
455
|
|
|
1,351
|
|
|
45
|
|
|
455
|
|
|
1,396
|
|
|
1,851
|
|
|
381
|
|
|
8/29/2007
|
|||||||
Colorado Springs
|
|
CO
|
|
588
|
|
|
2,162
|
|
|
1,088
|
|
|
588
|
|
|
3,250
|
|
|
3,838
|
|
|
797
|
|
|
3/26/2008
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Colorado Springs
|
|
CO
|
|
632
|
|
|
3,118
|
|
|
401
|
|
|
632
|
|
|
3,519
|
|
|
4,151
|
|
|
942
|
|
|
3/26/2008
|
|||||||
Colorado Springs
|
|
CO
|
|
414
|
|
|
1,535
|
|
|
319
|
|
|
414
|
|
|
1,854
|
|
|
2,268
|
|
|
498
|
|
|
5/1/2008
|
|||||||
Colorado Springs
(3)
|
|
CO
|
|
300
|
|
|
1,801
|
|
|
108
|
|
|
300
|
|
|
1,909
|
|
|
2,209
|
|
|
415
|
|
|
6/1/2009
|
|||||||
Colorado Springs
|
|
CO
|
|
766
|
|
|
5,901
|
|
|
5
|
|
|
766
|
|
|
5,906
|
|
|
6,672
|
|
|
44
|
|
|
10/19/2017
|
|||||||
Denver-Aurora-Broomfield
|
|
CO
|
|
868
|
|
|
128
|
|
|
2,301
|
|
|
868
|
|
|
2,429
|
|
|
3,297
|
|
|
467
|
|
|
6/22/2009
|
|||||||
Denver-Aurora-Lakewood
|
|
CO
|
|
938
|
|
|
8,449
|
|
|
20
|
|
|
938
|
|
|
8,469
|
|
|
9,407
|
|
|
275
|
|
|
11/1/2016
|
|||||||
Fort Collins-Loveland
|
|
CO
|
|
3,213
|
|
|
3,087
|
|
|
157
|
|
|
3,213
|
|
|
3,244
|
|
|
6,457
|
|
|
851
|
|
|
8/29/2007
|
|||||||
Fort Collins-Loveland
|
|
CO
|
|
2,514
|
|
|
1,786
|
|
|
85
|
|
|
2,514
|
|
|
1,871
|
|
|
4,385
|
|
|
494
|
|
|
8/29/2007
|
|||||||
Pueblo
|
|
CO
|
|
156
|
|
|
2,797
|
|
|
6
|
|
|
156
|
|
|
2,803
|
|
|
2,959
|
|
|
181
|
|
|
2/17/2016
|
|||||||
Cape Coral-Fort Myers
(3)
|
|
FL
|
|
4,122
|
|
|
8,453
|
|
|
31
|
|
|
4,122
|
|
|
8,484
|
|
|
12,606
|
|
|
515
|
|
|
4/1/2016
|
|||||||
Cape Coral-Fort Myers
(3)
|
|
FL
|
|
571
|
|
|
3,256
|
|
|
36
|
|
|
571
|
|
|
3,292
|
|
|
3,863
|
|
|
278
|
|
|
4/1/2016
|
|||||||
Jacksonville
|
|
FL
|
|
2,087
|
|
|
19,473
|
|
|
39
|
|
|
2,087
|
|
|
19,512
|
|
|
21,599
|
|
|
643
|
|
|
11/10/2016
|
|||||||
Jacksonville
|
|
FL
|
|
1,629
|
|
|
4,929
|
|
|
20
|
|
|
1,629
|
|
|
4,949
|
|
|
6,578
|
|
|
217
|
|
|
11/10/2016
|
|||||||
Jacksonville
|
|
FL
|
|
527
|
|
|
2,434
|
|
|
—
|
|
|
527
|
|
|
2,434
|
|
|
2,961
|
|
|
6
|
|
|
12/20/2017
|
|||||||
Lakeland-Winter Haven
(3)
|
|
FL
|
|
972
|
|
|
2,159
|
|
|
133
|
|
|
972
|
|
|
2,292
|
|
|
3,264
|
|
|
232
|
|
|
5/4/2015
|
|||||||
Naples-Immokalee-Marco Island
(3)
|
|
FL
|
|
3,849
|
|
|
16,688
|
|
|
48
|
|
|
3,849
|
|
|
16,736
|
|
|
20,585
|
|
|
863
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
2,211
|
|
|
5,682
|
|
|
5
|
|
|
2,211
|
|
|
5,687
|
|
|
7,898
|
|
|
337
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
2,488
|
|
|
7,282
|
|
|
58
|
|
|
2,488
|
|
|
7,340
|
|
|
9,828
|
|
|
411
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
1,767
|
|
|
5,955
|
|
|
15
|
|
|
1,767
|
|
|
5,970
|
|
|
7,737
|
|
|
382
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
|
|
FL
|
|
2,143
|
|
|
5,005
|
|
|
99
|
|
|
2,143
|
|
|
5,104
|
|
|
7,247
|
|
|
426
|
|
|
10/11/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
1,924
|
|
|
4,514
|
|
|
31
|
|
|
1,924
|
|
|
4,545
|
|
|
6,469
|
|
|
322
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
|
|
FL
|
|
1,176
|
|
|
3,421
|
|
|
4
|
|
|
1,176
|
|
|
3,425
|
|
|
4,601
|
|
|
203
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
1,839
|
|
|
8,377
|
|
|
4
|
|
|
1,839
|
|
|
8,381
|
|
|
10,220
|
|
|
423
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
2,507
|
|
|
7,766
|
|
|
13
|
|
|
2,507
|
|
|
7,779
|
|
|
10,286
|
|
|
429
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
1,685
|
|
|
5,439
|
|
|
11
|
|
|
1,685
|
|
|
5,450
|
|
|
7,135
|
|
|
329
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
(3)
|
|
FL
|
|
437
|
|
|
5,128
|
|
|
33
|
|
|
437
|
|
|
5,161
|
|
|
5,598
|
|
|
306
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
|
|
FL
|
|
1,015
|
|
|
3,031
|
|
|
4
|
|
|
1,015
|
|
|
3,035
|
|
|
4,050
|
|
|
170
|
|
|
4/1/2016
|
|||||||
North Port-Sarasota-Bradenton
|
|
FL
|
|
1,985
|
|
|
4,299
|
|
|
668
|
|
|
1,985
|
|
|
4,967
|
|
|
6,952
|
|
|
172
|
|
|
1/31/2017
|
|||||||
North Port-Sarasota-Bradenton
|
|
FL
|
|
1,336
|
|
|
4,085
|
|
|
—
|
|
|
1,336
|
|
|
4,085
|
|
|
5,421
|
|
|
93
|
|
|
4/6/2017
|
|||||||
Orlando-Kissimmee-Sanford
|
|
FL
|
|
2,426
|
|
|
9,314
|
|
|
81
|
|
|
2,426
|
|
|
9,395
|
|
|
11,821
|
|
|
362
|
|
|
11/10/2016
|
|||||||
Orlando-Kissimmee-Sanford
|
|
FL
|
|
2,166
|
|
|
4,672
|
|
|
74
|
|
|
2,166
|
|
|
4,746
|
|
|
6,912
|
|
|
204
|
|
|
11/10/2016
|
|||||||
Orlando-Kissimmee-Sanford
|
|
FL
|
|
4,583
|
|
|
8,752
|
|
|
74
|
|
|
4,583
|
|
|
8,826
|
|
|
13,409
|
|
|
425
|
|
|
11/10/2016
|
|||||||
Orlando-Kissimmee-Sanford
|
|
FL
|
|
4,181
|
|
|
4,268
|
|
|
142
|
|
|
4,181
|
|
|
4,410
|
|
|
8,591
|
|
|
102
|
|
|
6/30/2017
|
|||||||
Pensacola-Ferry Pass-Brent
|
|
FL
|
|
1,025
|
|
|
8,157
|
|
|
54
|
|
|
1,025
|
|
|
8,211
|
|
|
9,236
|
|
|
55
|
|
|
10/3/2017
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Punta Gorda
|
|
FL
|
|
1,157
|
|
|
2,079
|
|
|
62
|
|
|
1,157
|
|
|
2,141
|
|
|
3,298
|
|
|
70
|
|
|
4/27/2017
|
|||||||
Tampa-St. Petersburg-Clearwater
(3)
|
|
FL
|
|
5,436
|
|
|
10,092
|
|
|
20
|
|
|
5,436
|
|
|
10,112
|
|
|
15,548
|
|
|
619
|
|
|
4/1/2016
|
|||||||
Tampa-St. Petersburg-Clearwater
(3)
|
|
FL
|
|
361
|
|
|
1,238
|
|
|
29
|
|
|
361
|
|
|
1,267
|
|
|
1,628
|
|
|
180
|
|
|
5/4/2015
|
|||||||
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
3,581
|
|
|
2,612
|
|
|
22
|
|
|
3,581
|
|
|
2,634
|
|
|
6,215
|
|
|
96
|
|
|
5/1/2017
|
|||||||
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
4,708
|
|
|
13,984
|
|
|
56
|
|
|
4,708
|
|
|
14,040
|
|
|
18,748
|
|
|
279
|
|
|
5/24/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
515
|
|
|
687
|
|
|
97
|
|
|
515
|
|
|
784
|
|
|
1,299
|
|
|
227
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
272
|
|
|
1,357
|
|
|
275
|
|
|
272
|
|
|
1,632
|
|
|
1,904
|
|
|
443
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
702
|
|
|
1,999
|
|
|
293
|
|
|
702
|
|
|
2,292
|
|
|
2,994
|
|
|
646
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,413
|
|
|
1,590
|
|
|
159
|
|
|
1,413
|
|
|
1,749
|
|
|
3,162
|
|
|
492
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
341
|
|
|
562
|
|
|
129
|
|
|
341
|
|
|
691
|
|
|
1,032
|
|
|
212
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
553
|
|
|
847
|
|
|
169
|
|
|
553
|
|
|
1,016
|
|
|
1,569
|
|
|
305
|
|
|
8/29/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
85
|
|
|
445
|
|
|
260
|
|
|
85
|
|
|
705
|
|
|
790
|
|
|
223
|
|
|
9/28/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
(3)
|
|
GA
|
|
494
|
|
|
2,215
|
|
|
235
|
|
|
494
|
|
|
2,450
|
|
|
2,944
|
|
|
653
|
|
|
9/28/2007
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,614
|
|
|
2,476
|
|
|
1,674
|
|
|
1,614
|
|
|
4,150
|
|
|
5,764
|
|
|
239
|
|
|
7/29/2015
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,595
|
|
|
2,143
|
|
|
218
|
|
|
1,595
|
|
|
2,361
|
|
|
3,956
|
|
|
250
|
|
|
7/29/2015
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
666
|
|
|
5,961
|
|
|
10
|
|
|
666
|
|
|
5,971
|
|
|
6,637
|
|
|
100
|
|
|
7/17/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,028
|
|
|
7,041
|
|
|
6
|
|
|
1,028
|
|
|
7,047
|
|
|
8,075
|
|
|
70
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
748
|
|
|
3,382
|
|
|
7
|
|
|
748
|
|
|
3,389
|
|
|
4,137
|
|
|
30
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
703
|
|
|
4,014
|
|
|
7
|
|
|
703
|
|
|
4,021
|
|
|
4,724
|
|
|
35
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,873
|
|
|
9,109
|
|
|
4
|
|
|
1,873
|
|
|
9,113
|
|
|
10,986
|
|
|
73
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
547
|
|
|
4,073
|
|
|
5
|
|
|
547
|
|
|
4,078
|
|
|
4,625
|
|
|
34
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,499
|
|
|
5,279
|
|
|
—
|
|
|
1,499
|
|
|
5,279
|
|
|
6,778
|
|
|
45
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
763
|
|
|
5,135
|
|
|
4
|
|
|
763
|
|
|
5,139
|
|
|
5,902
|
|
|
36
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
795
|
|
|
2,941
|
|
|
—
|
|
|
795
|
|
|
2,941
|
|
|
3,736
|
|
|
25
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,356
|
|
|
7,516
|
|
|
9
|
|
|
1,356
|
|
|
7,525
|
|
|
8,881
|
|
|
61
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
912
|
|
|
5,074
|
|
|
—
|
|
|
912
|
|
|
5,074
|
|
|
5,986
|
|
|
37
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
570
|
|
|
3,477
|
|
|
10
|
|
|
570
|
|
|
3,487
|
|
|
4,057
|
|
|
30
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
1,052
|
|
|
7,102
|
|
|
4
|
|
|
1,052
|
|
|
7,106
|
|
|
8,158
|
|
|
50
|
|
|
10/19/2017
|
|||||||
Atlanta-Sandy Springs-Rosewell
|
|
GA
|
|
430
|
|
|
3,470
|
|
|
12
|
|
|
430
|
|
|
3,482
|
|
|
3,912
|
|
|
246
|
|
|
3/29/2016
|
|||||||
Atlanta-Sandy Springs-Rosewell
|
|
GA
|
|
972
|
|
|
2,342
|
|
|
2
|
|
|
972
|
|
|
2,344
|
|
|
3,316
|
|
|
126
|
|
|
8/17/2016
|
|||||||
Augusta
|
|
GA
|
|
84
|
|
|
539
|
|
|
147
|
|
|
84
|
|
|
686
|
|
|
770
|
|
|
210
|
|
|
8/29/2007
|
|||||||
Augusta
|
|
GA
|
|
205
|
|
|
686
|
|
|
141
|
|
|
205
|
|
|
827
|
|
|
1,032
|
|
|
238
|
|
|
8/29/2007
|
|||||||
Columbus
(3)
|
|
GA
|
|
169
|
|
|
342
|
|
|
156
|
|
|
169
|
|
|
498
|
|
|
667
|
|
|
118
|
|
|
5/1/2009
|
|||||||
Macon
|
|
GA
|
|
180
|
|
|
840
|
|
|
41
|
|
|
180
|
|
|
881
|
|
|
1,061
|
|
|
235
|
|
|
9/28/2007
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Savannah
|
|
GA
|
|
1,741
|
|
|
1,160
|
|
|
317
|
|
|
1,741
|
|
|
1,477
|
|
|
3,218
|
|
|
366
|
|
|
8/29/2007
|
|||||||
Savannah
(3)
|
|
GA
|
|
597
|
|
|
762
|
|
|
164
|
|
|
597
|
|
|
926
|
|
|
1,523
|
|
|
264
|
|
|
9/28/2007
|
|||||||
Savannah
|
|
GA
|
|
409
|
|
|
1,335
|
|
|
20
|
|
|
409
|
|
|
1,355
|
|
|
1,764
|
|
|
313
|
|
|
1/31/2014
|
|||||||
Savannah
|
|
GA
|
|
811
|
|
|
1,181
|
|
|
132
|
|
|
811
|
|
|
1,313
|
|
|
2,124
|
|
|
301
|
|
|
6/25/2014
|
|||||||
St. Louis
|
|
IL
|
|
225
|
|
|
4,394
|
|
|
95
|
|
|
225
|
|
|
4,489
|
|
|
4,714
|
|
|
63
|
|
|
8/28/2017
|
|||||||
St. Louis
|
|
IL
|
|
179
|
|
|
5,154
|
|
|
57
|
|
|
179
|
|
|
5,211
|
|
|
5,390
|
|
|
74
|
|
|
8/28/2017
|
|||||||
St. Louis
|
|
IL
|
|
226
|
|
|
3,088
|
|
|
76
|
|
|
226
|
|
|
3,164
|
|
|
3,390
|
|
|
50
|
|
|
8/28/2017
|
|||||||
St. Louis
|
|
IL
|
|
174
|
|
|
3,338
|
|
|
72
|
|
|
174
|
|
|
3,410
|
|
|
3,584
|
|
|
39
|
|
|
9/25/2017
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
855
|
|
|
7,273
|
|
|
12
|
|
|
855
|
|
|
7,285
|
|
|
8,140
|
|
|
482
|
|
|
2/16/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
815
|
|
|
3,844
|
|
|
8
|
|
|
815
|
|
|
3,852
|
|
|
4,667
|
|
|
316
|
|
|
2/16/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
688
|
|
|
3,845
|
|
|
12
|
|
|
688
|
|
|
3,857
|
|
|
4,545
|
|
|
319
|
|
|
2/16/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
626
|
|
|
4,049
|
|
|
31
|
|
|
626
|
|
|
4,080
|
|
|
4,706
|
|
|
296
|
|
|
2/25/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
1,118
|
|
|
4,444
|
|
|
274
|
|
|
1,118
|
|
|
4,718
|
|
|
5,836
|
|
|
416
|
|
|
2/25/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
614
|
|
|
5,487
|
|
|
37
|
|
|
614
|
|
|
5,524
|
|
|
6,138
|
|
|
354
|
|
|
2/25/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
619
|
|
|
2,140
|
|
|
14
|
|
|
619
|
|
|
2,154
|
|
|
2,773
|
|
|
140
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
689
|
|
|
6,944
|
|
|
27
|
|
|
689
|
|
|
6,971
|
|
|
7,660
|
|
|
272
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
609
|
|
|
3,172
|
|
|
20
|
|
|
609
|
|
|
3,192
|
|
|
3,801
|
|
|
172
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
532
|
|
|
5,441
|
|
|
19
|
|
|
532
|
|
|
5,460
|
|
|
5,992
|
|
|
211
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
433
|
|
|
5,817
|
|
|
10
|
|
|
433
|
|
|
5,827
|
|
|
6,260
|
|
|
216
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
688
|
|
|
5,413
|
|
|
22
|
|
|
688
|
|
|
5,435
|
|
|
6,123
|
|
|
244
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
575
|
|
|
5,168
|
|
|
22
|
|
|
575
|
|
|
5,190
|
|
|
5,765
|
|
|
216
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
522
|
|
|
5,366
|
|
|
16
|
|
|
522
|
|
|
5,382
|
|
|
5,904
|
|
|
212
|
|
|
11/10/2016
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
528
|
|
|
2,877
|
|
|
9
|
|
|
528
|
|
|
2,886
|
|
|
3,414
|
|
|
30
|
|
|
10/19/2017
|
|||||||
Indianapolis-Carmel-Anderson
|
|
IN
|
|
1,257
|
|
|
6,694
|
|
|
—
|
|
|
1,257
|
|
|
6,694
|
|
|
7,951
|
|
|
57
|
|
|
10/19/2017
|
|||||||
Kansas City
|
|
KS
|
|
816
|
|
|
5,432
|
|
|
30
|
|
|
816
|
|
|
5,462
|
|
|
6,278
|
|
|
47
|
|
|
10/19/2017
|
|||||||
Kansas City
|
|
KS
|
|
975
|
|
|
6,967
|
|
|
24
|
|
|
975
|
|
|
6,991
|
|
|
7,966
|
|
|
64
|
|
|
10/19/2017
|
|||||||
Kansas City
|
|
KS
|
|
719
|
|
|
5,143
|
|
|
23
|
|
|
719
|
|
|
5,166
|
|
|
5,885
|
|
|
39
|
|
|
10/19/2017
|
|||||||
Louisville/Jefferson County
(3)
|
|
KY
|
|
2,174
|
|
|
3,667
|
|
|
28
|
|
|
2,174
|
|
|
3,695
|
|
|
5,869
|
|
|
370
|
|
|
5/1/2015
|
|||||||
Baton Rouge
|
|
LA
|
|
386
|
|
|
1,744
|
|
|
57
|
|
|
386
|
|
|
1,801
|
|
|
2,187
|
|
|
119
|
|
|
4/12/2016
|
|||||||
Baton Rouge
|
|
LA
|
|
1,098
|
|
|
5,208
|
|
|
505
|
|
|
1,098
|
|
|
5,713
|
|
|
6,811
|
|
|
398
|
|
|
4/12/2016
|
|||||||
Baton Rouge
|
|
LA
|
|
1,203
|
|
|
3,156
|
|
|
221
|
|
|
1,203
|
|
|
3,377
|
|
|
4,580
|
|
|
219
|
|
|
7/21/2016
|
|||||||
Baton Rouge
|
|
LA
|
|
755
|
|
|
2,702
|
|
|
260
|
|
|
755
|
|
|
2,962
|
|
|
3,717
|
|
|
188
|
|
|
7/21/2016
|
|||||||
New Orleans-Metairie
|
|
LA
|
|
1,287
|
|
|
6,235
|
|
|
112
|
|
|
1,287
|
|
|
6,347
|
|
|
7,634
|
|
|
394
|
|
|
4/12/2016
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
971
|
|
|
3,474
|
|
|
52
|
|
|
1,549
|
|
|
4,936
|
|
|
6,485
|
|
|
365
|
|
|
5/5/2015
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shreveport-Bossier City
|
|
LA
|
|
964
|
|
|
3,573
|
|
|
31
|
|
|
964
|
|
|
3,604
|
|
|
4,568
|
|
|
433
|
|
|
5/5/2015
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
772
|
|
|
2,906
|
|
|
24
|
|
|
772
|
|
|
2,930
|
|
|
3,702
|
|
|
349
|
|
|
5/5/2015
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
479
|
|
|
1,439
|
|
|
28
|
|
|
479
|
|
|
1,467
|
|
|
1,946
|
|
|
184
|
|
|
5/5/2015
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
475
|
|
|
854
|
|
|
42
|
|
|
475
|
|
|
896
|
|
|
1,371
|
|
|
135
|
|
|
5/5/2015
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
645
|
|
|
2,004
|
|
|
6
|
|
|
645
|
|
|
2,010
|
|
|
2,655
|
|
|
28
|
|
|
10/19/2017
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
654
|
|
|
3,589
|
|
|
27
|
|
|
654
|
|
|
3,616
|
|
|
4,270
|
|
|
28
|
|
|
10/19/2017
|
|||||||
Shreveport-Bossier City
|
|
LA
|
|
906
|
|
|
3,618
|
|
|
12
|
|
|
906
|
|
|
3,630
|
|
|
4,536
|
|
|
31
|
|
|
10/19/2017
|
|||||||
Shreveport-Bossier City
(4)
|
|
LA
|
|
—
|
|
|
5,113
|
|
|
13
|
|
|
—
|
|
|
5,126
|
|
|
5,126
|
|
|
33
|
|
|
10/19/2017
|
|||||||
Worchester
|
|
MA
|
|
414
|
|
|
4,122
|
|
|
7
|
|
|
414
|
|
|
4,129
|
|
|
4,543
|
|
|
83
|
|
|
6/30/2017
|
|||||||
Nonmetropolitan Area
|
|
MD
|
|
965
|
|
|
6,738
|
|
|
115
|
|
|
965
|
|
|
6,853
|
|
|
7,818
|
|
|
135
|
|
|
7/31/2017
|
|||||||
Nonmetropolitan Area
|
|
MD
|
|
550
|
|
|
2,409
|
|
|
76
|
|
|
550
|
|
|
2,485
|
|
|
3,035
|
|
|
37
|
|
|
9/6/2017
|
|||||||
St. Louis
|
|
MO
|
|
352
|
|
|
7,100
|
|
|
15
|
|
|
352
|
|
|
7,115
|
|
|
7,467
|
|
|
108
|
|
|
8/28/2017
|
|||||||
St. Louis
|
|
MO
|
|
163
|
|
|
1,025
|
|
|
13
|
|
|
163
|
|
|
1,038
|
|
|
1,201
|
|
|
16
|
|
|
8/28/2017
|
|||||||
St. Louis
|
|
MO
|
|
354
|
|
|
4,034
|
|
|
18
|
|
|
354
|
|
|
4,052
|
|
|
4,406
|
|
|
62
|
|
|
8/28/2017
|
|||||||
Gulfport-Biloxi-Pascagoula
|
|
MS
|
|
645
|
|
|
2,413
|
|
|
244
|
|
|
645
|
|
|
2,657
|
|
|
3,302
|
|
|
262
|
|
|
4/12/2016
|
|||||||
Meridian
(3)
|
|
MS
|
|
224
|
|
|
1,052
|
|
|
141
|
|
|
224
|
|
|
1,193
|
|
|
1,417
|
|
|
264
|
|
|
5/1/2009
|
|||||||
Meridian
(3)
|
|
MS
|
|
382
|
|
|
803
|
|
|
189
|
|
|
382
|
|
|
992
|
|
|
1,374
|
|
|
224
|
|
|
5/1/2009
|
|||||||
Charlotte-Concord-Gastonia
|
|
NC
|
|
1,871
|
|
|
4,174
|
|
|
66
|
|
|
1,871
|
|
|
4,240
|
|
|
6,111
|
|
|
422
|
|
|
5/1/2015
|
|||||||
Charlotte-Concord-Gastonia
(3)
|
|
NC
|
|
1,108
|
|
|
3,935
|
|
|
42
|
|
|
1,108
|
|
|
3,977
|
|
|
5,085
|
|
|
407
|
|
|
5/4/2015
|
|||||||
Charlotte-Concord-Gastonia
(3)
|
|
NC
|
|
2,301
|
|
|
4,458
|
|
|
155
|
|
|
2,301
|
|
|
4,613
|
|
|
6,914
|
|
|
505
|
|
|
5/4/2015
|
|||||||
Charlotte-Concord-Gastonia
(3)
|
|
NC
|
|
1,862
|
|
|
3,297
|
|
|
83
|
|
|
1,862
|
|
|
3,380
|
|
|
5,242
|
|
|
366
|
|
|
9/2/2015
|
|||||||
Durham-Chapel Hill
|
|
NC
|
|
390
|
|
|
1,025
|
|
|
188
|
|
|
390
|
|
|
1,213
|
|
|
1,603
|
|
|
343
|
|
|
8/29/2007
|
|||||||
Durham-Chapel Hill
(3)
|
|
NC
|
|
663
|
|
|
2,743
|
|
|
225
|
|
|
663
|
|
|
2,968
|
|
|
3,631
|
|
|
805
|
|
|
9/28/2007
|
|||||||
Durham-Chapel Hill
|
|
NC
|
|
1,024
|
|
|
1,383
|
|
|
386
|
|
|
1,024
|
|
|
1,769
|
|
|
2,793
|
|
|
466
|
|
|
9/28/2007
|
|||||||
Durham-Chapel Hill
|
|
NC
|
|
1,711
|
|
|
4,180
|
|
|
21
|
|
|
1,711
|
|
|
4,201
|
|
|
5,912
|
|
|
382
|
|
|
5/1/2015
|
|||||||
Fayetteville
|
|
NC
|
|
636
|
|
|
2,169
|
|
|
1,659
|
|
|
636
|
|
|
3,828
|
|
|
4,464
|
|
|
986
|
|
|
8/29/2007
|
|||||||
Fayetteville
(3)
|
|
NC
|
|
151
|
|
|
5,392
|
|
|
254
|
|
|
151
|
|
|
5,646
|
|
|
5,797
|
|
|
1,454
|
|
|
9/28/2007
|
|||||||
Fayetteville
|
|
NC
|
|
1,319
|
|
|
3,444
|
|
|
20
|
|
|
1,319
|
|
|
3,464
|
|
|
4,783
|
|
|
539
|
|
|
10/10/2013
|
|||||||
Fayetteville
|
|
NC
|
|
772
|
|
|
3,406
|
|
|
24
|
|
|
772
|
|
|
3,430
|
|
|
4,202
|
|
|
439
|
|
|
10/10/2013
|
|||||||
Fayetteville
(3)
|
|
NC
|
|
1,276
|
|
|
4,527
|
|
|
25
|
|
|
1,276
|
|
|
4,552
|
|
|
5,828
|
|
|
527
|
|
|
12/20/2013
|
|||||||
Fayetteville
(3)
|
|
NC
|
|
1,195
|
|
|
2,072
|
|
|
—
|
|
|
1,195
|
|
|
2,072
|
|
|
3,267
|
|
|
174
|
|
|
10/1/2015
|
|||||||
Fayetteville
(3)
|
|
NC
|
|
830
|
|
|
3,710
|
|
|
22
|
|
|
830
|
|
|
3,732
|
|
|
4,562
|
|
|
256
|
|
|
10/1/2015
|
|||||||
Greensboro-High Point
|
|
NC
|
|
873
|
|
|
769
|
|
|
199
|
|
|
873
|
|
|
968
|
|
|
1,841
|
|
|
286
|
|
|
8/29/2007
|
|||||||
Jacksonville
|
|
NC
|
|
1,265
|
|
|
2,123
|
|
|
74
|
|
|
1,265
|
|
|
2,197
|
|
|
3,462
|
|
|
324
|
|
|
5/1/2015
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nonmetropolitan Area
|
|
NC
|
|
530
|
|
|
2,394
|
|
|
5
|
|
|
530
|
|
|
2,399
|
|
|
2,929
|
|
|
280
|
|
|
12/11/2014
|
|||||||
Nonmetropolitan Area
|
|
NC
|
|
667
|
|
|
2,066
|
|
|
12
|
|
|
667
|
|
|
2,078
|
|
|
2,745
|
|
|
257
|
|
|
12/11/2014
|
|||||||
Nonmetropolitan Area
(3)
|
|
NC
|
|
689
|
|
|
3,153
|
|
|
27
|
|
|
689
|
|
|
3,180
|
|
|
3,869
|
|
|
323
|
|
|
5/6/2015
|
|||||||
Nonmetropolitan Area
|
|
NC
|
|
2,093
|
|
|
2,045
|
|
|
5
|
|
|
2,093
|
|
|
2,050
|
|
|
4,143
|
|
|
46
|
|
|
8/4/2017
|
|||||||
Raleigh-Cary
|
|
NC
|
|
396
|
|
|
1,700
|
|
|
167
|
|
|
396
|
|
|
1,867
|
|
|
2,263
|
|
|
534
|
|
|
8/29/2007
|
|||||||
Raleigh-Cary
|
|
NC
|
|
393
|
|
|
1,190
|
|
|
134
|
|
|
393
|
|
|
1,324
|
|
|
1,717
|
|
|
374
|
|
|
8/29/2007
|
|||||||
Raleigh-Cary
|
|
NC
|
|
907
|
|
|
2,913
|
|
|
105
|
|
|
907
|
|
|
3,018
|
|
|
3,925
|
|
|
804
|
|
|
8/29/2007
|
|||||||
Raleigh-Cary
(3)
|
|
NC
|
|
1,578
|
|
|
4,678
|
|
|
70
|
|
|
1,578
|
|
|
4,748
|
|
|
6,326
|
|
|
422
|
|
|
5/4/2015
|
|||||||
Wilmington
|
|
NC
|
|
1,283
|
|
|
1,747
|
|
|
94
|
|
|
1,283
|
|
|
1,841
|
|
|
3,124
|
|
|
499
|
|
|
8/29/2007
|
|||||||
Wilmington
(3)
|
|
NC
|
|
860
|
|
|
828
|
|
|
71
|
|
|
860
|
|
|
899
|
|
|
1,759
|
|
|
245
|
|
|
9/28/2007
|
|||||||
Wilmington
|
|
NC
|
|
1,881
|
|
|
4,618
|
|
|
35
|
|
|
1,881
|
|
|
4,653
|
|
|
6,534
|
|
|
438
|
|
|
5/1/2015
|
|||||||
Winston-Salem
|
|
NC
|
|
362
|
|
|
529
|
|
|
74
|
|
|
362
|
|
|
603
|
|
|
965
|
|
|
169
|
|
|
8/29/2007
|
|||||||
Concord
|
|
NH
|
|
632
|
|
|
1,040
|
|
|
22
|
|
|
632
|
|
|
1,062
|
|
|
1,694
|
|
|
360
|
|
|
6/24/2013
|
|||||||
Concord
|
|
NH
|
|
197
|
|
|
901
|
|
|
19
|
|
|
197
|
|
|
920
|
|
|
1,117
|
|
|
281
|
|
|
6/24/2013
|
|||||||
Dover-Durham
|
|
NH
|
|
1,488
|
|
|
7,300
|
|
|
44
|
|
|
1,488
|
|
|
7,344
|
|
|
8,832
|
|
|
1,025
|
|
|
7/1/2014
|
|||||||
Boston-Cambridge-Quincy
|
|
NH
|
|
899
|
|
|
3,863
|
|
|
38
|
|
|
899
|
|
|
3,901
|
|
|
4,800
|
|
|
308
|
|
|
9/22/2015
|
|||||||
Manchester-Nashua
|
|
NH
|
|
1,786
|
|
|
6,100
|
|
|
19
|
|
|
1,786
|
|
|
6,119
|
|
|
7,905
|
|
|
411
|
|
|
2/22/2016
|
|||||||
Manchester-Nashua
|
|
NH
|
|
1,395
|
|
|
5,573
|
|
|
29
|
|
|
1,395
|
|
|
5,602
|
|
|
6,997
|
|
|
347
|
|
|
2/22/2016
|
|||||||
Nonmetropolitan Area
|
|
NH
|
|
2,053
|
|
|
5,425
|
|
|
19
|
|
|
2,053
|
|
|
5,444
|
|
|
7,497
|
|
|
112
|
|
|
6/15/2017
|
|||||||
Greater New Hampshire
|
|
NH
|
|
1,528
|
|
|
2,686
|
|
|
14
|
|
|
1,528
|
|
|
2,700
|
|
|
4,228
|
|
|
250
|
|
|
2/22/2016
|
|||||||
Rockingham County-Strafford County
|
|
NH
|
|
1,597
|
|
|
3,138
|
|
|
66
|
|
|
1,597
|
|
|
3,204
|
|
|
4,801
|
|
|
249
|
|
|
2/22/2016
|
|||||||
Rockingham County-Strafford County
|
|
NH
|
|
1,445
|
|
|
2,957
|
|
|
58
|
|
|
1,445
|
|
|
3,015
|
|
|
4,460
|
|
|
248
|
|
|
2/22/2016
|
|||||||
Albuquerque
|
|
NM
|
|
1,089
|
|
|
2,845
|
|
|
157
|
|
|
1,089
|
|
|
3,002
|
|
|
4,091
|
|
|
233
|
|
|
8/31/2016
|
|||||||
Albuquerque
|
|
NM
|
|
854
|
|
|
3,436
|
|
|
81
|
|
|
854
|
|
|
3,517
|
|
|
4,371
|
|
|
181
|
|
|
9/19/2016
|
|||||||
Las Vegas-Henderson-Paradise
|
|
NV
|
|
1,757
|
|
|
4,223
|
|
|
54
|
|
|
1,757
|
|
|
4,277
|
|
|
6,034
|
|
|
243
|
|
|
9/20/2016
|
|||||||
Las Vegas-Henderson-Paradise
|
|
NV
|
|
1,121
|
|
|
1,510
|
|
|
51
|
|
|
1,121
|
|
|
1,561
|
|
|
2,682
|
|
|
113
|
|
|
9/20/2016
|
|||||||
Las Vegas-Henderson-Paradise
|
|
NV
|
|
2,160
|
|
|
4,544
|
|
|
187
|
|
|
2,160
|
|
|
4,731
|
|
|
6,891
|
|
|
179
|
|
|
11/17/2016
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
1,169
|
|
|
3,616
|
|
|
83
|
|
|
1,169
|
|
|
3,699
|
|
|
4,868
|
|
|
1,009
|
|
|
12/23/2013
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
389
|
|
|
2,850
|
|
|
66
|
|
|
389
|
|
|
2,916
|
|
|
3,305
|
|
|
474
|
|
|
4/1/2014
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
794
|
|
|
1,406
|
|
|
86
|
|
|
794
|
|
|
1,492
|
|
|
2,286
|
|
|
309
|
|
|
7/1/2014
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
2,362
|
|
|
8,445
|
|
|
60
|
|
|
2,362
|
|
|
8,505
|
|
|
10,867
|
|
|
97
|
|
|
8/15/2017
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
2,157
|
|
|
2,753
|
|
|
13
|
|
|
2,157
|
|
|
2,766
|
|
|
4,923
|
|
|
46
|
|
|
8/15/2017
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
1,296
|
|
|
8,039
|
|
|
82
|
|
|
1,296
|
|
|
8,121
|
|
|
9,417
|
|
|
85
|
|
|
8/15/2017
|
|||||||
Las Vegas-Paradise
|
|
NV
|
|
828
|
|
|
2,030
|
|
|
120
|
|
|
828
|
|
|
2,150
|
|
|
2,978
|
|
|
33
|
|
|
8/29/2017
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Las Vegas-Paradise
|
|
NV
|
|
3,864
|
|
|
2,870
|
|
|
125
|
|
|
3,864
|
|
|
2,995
|
|
|
6,859
|
|
|
65
|
|
|
8/29/2017
|
|||||||
Canton-Massillon
|
|
OH
|
|
83
|
|
|
2,911
|
|
|
19
|
|
|
83
|
|
|
2,930
|
|
|
3,013
|
|
|
132
|
|
|
11/10/2016
|
|||||||
Canton-Massillon
|
|
OH
|
|
292
|
|
|
2,107
|
|
|
32
|
|
|
292
|
|
|
2,139
|
|
|
2,431
|
|
|
199
|
|
|
11/10/2016
|
|||||||
Cleveland-Elyria
|
|
OH
|
|
169
|
|
|
2,702
|
|
|
24
|
|
|
169
|
|
|
2,726
|
|
|
2,895
|
|
|
116
|
|
|
11/10/2016
|
|||||||
Cleveland-Elyria
|
|
OH
|
|
193
|
|
|
3,323
|
|
|
22
|
|
|
193
|
|
|
3,345
|
|
|
3,538
|
|
|
128
|
|
|
11/10/2016
|
|||||||
Cleveland-Elyria
|
|
OH
|
|
490
|
|
|
1,050
|
|
|
23
|
|
|
490
|
|
|
1,073
|
|
|
1,563
|
|
|
73
|
|
|
11/10/2016
|
|||||||
Cleveland-Elyria
|
|
OH
|
|
845
|
|
|
4,916
|
|
|
29
|
|
|
845
|
|
|
4,945
|
|
|
5,790
|
|
|
223
|
|
|
11/10/2016
|
|||||||
Cleveland-Elyria
|
|
OH
|
|
842
|
|
|
2,044
|
|
|
23
|
|
|
842
|
|
|
2,067
|
|
|
2,909
|
|
|
148
|
|
|
11/10/2016
|
|||||||
Oklahoma City
|
|
OK
|
|
388
|
|
|
3,142
|
|
|
133
|
|
|
388
|
|
|
3,275
|
|
|
3,663
|
|
|
920
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
213
|
|
|
1,383
|
|
|
76
|
|
|
213
|
|
|
1,459
|
|
|
1,672
|
|
|
406
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
561
|
|
|
2,355
|
|
|
434
|
|
|
561
|
|
|
2,789
|
|
|
3,350
|
|
|
850
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
349
|
|
|
2,368
|
|
|
443
|
|
|
349
|
|
|
2,811
|
|
|
3,160
|
|
|
836
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
466
|
|
|
2,544
|
|
|
106
|
|
|
466
|
|
|
2,650
|
|
|
3,116
|
|
|
730
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
144
|
|
|
1,576
|
|
|
148
|
|
|
144
|
|
|
1,724
|
|
|
1,868
|
|
|
515
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
168
|
|
|
1,696
|
|
|
245
|
|
|
168
|
|
|
1,941
|
|
|
2,109
|
|
|
565
|
|
|
5/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
220
|
|
|
1,606
|
|
|
116
|
|
|
220
|
|
|
1,722
|
|
|
1,942
|
|
|
475
|
|
|
5/30/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
376
|
|
|
1,460
|
|
|
36
|
|
|
376
|
|
|
1,496
|
|
|
1,872
|
|
|
405
|
|
|
5/30/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
337
|
|
|
2,788
|
|
|
89
|
|
|
337
|
|
|
2,877
|
|
|
3,214
|
|
|
784
|
|
|
5/30/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
814
|
|
|
3,161
|
|
|
1,169
|
|
|
814
|
|
|
4,330
|
|
|
5,144
|
|
|
843
|
|
|
5/30/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
590
|
|
|
1,502
|
|
|
1,751
|
|
|
590
|
|
|
3,253
|
|
|
3,843
|
|
|
801
|
|
|
8/29/2007
|
|||||||
Oklahoma City
|
|
OK
|
|
205
|
|
|
1,772
|
|
|
451
|
|
|
205
|
|
|
2,223
|
|
|
2,428
|
|
|
642
|
|
|
5/1/2009
|
|||||||
Oklahoma City
|
|
OK
|
|
701
|
|
|
4,926
|
|
|
—
|
|
|
701
|
|
|
4,926
|
|
|
5,627
|
|
|
210
|
|
|
9/1/2016
|
|||||||
Oklahoma City
|
|
OK
|
|
1,082
|
|
|
4,218
|
|
|
10
|
|
|
1,082
|
|
|
4,228
|
|
|
5,310
|
|
|
292
|
|
|
1/1/2016
|
|||||||
Oklahoma City
|
|
OK
|
|
736
|
|
|
2,925
|
|
|
3
|
|
|
736
|
|
|
2,928
|
|
|
3,664
|
|
|
247
|
|
|
1/1/2016
|
|||||||
Oklahoma City
|
|
OK
|
|
1,135
|
|
|
3,759
|
|
|
4
|
|
|
1,135
|
|
|
3,763
|
|
|
4,898
|
|
|
275
|
|
|
1/1/2016
|
|||||||
Tulsa
|
|
OK
|
|
548
|
|
|
1,892
|
|
|
73
|
|
|
548
|
|
|
1,965
|
|
|
2,513
|
|
|
529
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
764
|
|
|
1,386
|
|
|
372
|
|
|
764
|
|
|
1,758
|
|
|
2,522
|
|
|
494
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
1,305
|
|
|
2,533
|
|
|
112
|
|
|
1,305
|
|
|
2,645
|
|
|
3,950
|
|
|
720
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
940
|
|
|
2,196
|
|
|
223
|
|
|
940
|
|
|
2,419
|
|
|
3,359
|
|
|
665
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
59
|
|
|
466
|
|
|
300
|
|
|
59
|
|
|
766
|
|
|
825
|
|
|
205
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
426
|
|
|
1,424
|
|
|
222
|
|
|
426
|
|
|
1,646
|
|
|
2,072
|
|
|
530
|
|
|
8/29/2007
|
|||||||
Tulsa
|
|
OK
|
|
250
|
|
|
667
|
|
|
148
|
|
|
250
|
|
|
815
|
|
|
1,065
|
|
|
246
|
|
|
8/29/2007
|
|||||||
Tulsa
(3)
|
|
OK
|
|
944
|
|
|
2,085
|
|
|
55
|
|
|
944
|
|
|
2,140
|
|
|
3,084
|
|
|
540
|
|
|
2/14/2008
|
|||||||
Tulsa
(3)
|
|
OK
|
|
892
|
|
|
2,421
|
|
|
29
|
|
|
892
|
|
|
2,450
|
|
|
3,342
|
|
|
615
|
|
|
2/14/2008
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tulsa
|
|
OK
|
|
492
|
|
|
1,343
|
|
|
65
|
|
|
492
|
|
|
1,408
|
|
|
1,900
|
|
|
356
|
|
|
4/1/2008
|
|||||||
Tulsa
|
|
OK
|
|
505
|
|
|
1,346
|
|
|
724
|
|
|
505
|
|
|
2,070
|
|
|
2,575
|
|
|
669
|
|
|
4/1/2008
|
|||||||
Tulsa
|
|
OK
|
|
466
|
|
|
1,270
|
|
|
102
|
|
|
466
|
|
|
1,372
|
|
|
1,838
|
|
|
356
|
|
|
4/1/2008
|
|||||||
Tulsa
(3)
|
|
OK
|
|
1,103
|
|
|
4,431
|
|
|
44
|
|
|
1,103
|
|
|
4,475
|
|
|
5,578
|
|
|
1,316
|
|
|
6/10/2013
|
|||||||
Bend
|
|
OR
|
|
295
|
|
|
1,369
|
|
|
7
|
|
|
295
|
|
|
1,376
|
|
|
1,671
|
|
|
382
|
|
|
4/1/2013
|
|||||||
Bend
|
|
OR
|
|
1,692
|
|
|
2,410
|
|
|
29
|
|
|
1,692
|
|
|
2,439
|
|
|
4,131
|
|
|
722
|
|
|
4/1/2013
|
|||||||
Bend
(3)
|
|
OR
|
|
571
|
|
|
1,917
|
|
|
3
|
|
|
571
|
|
|
1,920
|
|
|
2,491
|
|
|
353
|
|
|
6/10/2013
|
|||||||
Bend
(3)
|
|
OR
|
|
397
|
|
|
1,180
|
|
|
99
|
|
|
397
|
|
|
1,279
|
|
|
1,676
|
|
|
369
|
|
|
6/10/2013
|
|||||||
Bend
|
|
OR
|
|
690
|
|
|
1,983
|
|
|
77
|
|
|
690
|
|
|
2,060
|
|
|
2,750
|
|
|
363
|
|
|
5/1/2014
|
|||||||
Bend
|
|
OR
|
|
722
|
|
|
2,151
|
|
|
4
|
|
|
722
|
|
|
2,155
|
|
|
2,877
|
|
|
346
|
|
|
5/1/2014
|
|||||||
Bend
|
|
OR
|
|
800
|
|
|
2,836
|
|
|
6
|
|
|
800
|
|
|
2,842
|
|
|
3,642
|
|
|
458
|
|
|
5/1/2014
|
|||||||
Bend-Redmond
|
|
OR
|
|
2,688
|
|
|
10,731
|
|
|
—
|
|
|
2,688
|
|
|
10,731
|
|
|
13,419
|
|
|
684
|
|
|
4/15/2016
|
|||||||
Corvallis
|
|
OR
|
|
382
|
|
|
1,465
|
|
|
—
|
|
|
382
|
|
|
1,465
|
|
|
1,847
|
|
|
310
|
|
|
12/30/2013
|
|||||||
Eugene-Springfield
|
|
OR
|
|
710
|
|
|
1,539
|
|
|
62
|
|
|
710
|
|
|
1,601
|
|
|
2,311
|
|
|
406
|
|
|
4/1/2013
|
|||||||
Eugene-Springfield
|
|
OR
|
|
842
|
|
|
1,674
|
|
|
32
|
|
|
842
|
|
|
1,706
|
|
|
2,548
|
|
|
456
|
|
|
4/1/2013
|
|||||||
Eugene-Springfield
(3)
|
|
OR
|
|
414
|
|
|
1,990
|
|
|
—
|
|
|
414
|
|
|
1,990
|
|
|
2,404
|
|
|
313
|
|
|
6/10/2013
|
|||||||
Eugene-Springfield
(3)
|
|
OR
|
|
1,149
|
|
|
2,061
|
|
|
37
|
|
|
1,149
|
|
|
2,098
|
|
|
3,247
|
|
|
404
|
|
|
6/10/2013
|
|||||||
Eugene-Springfield
|
|
OR
|
|
728
|
|
|
3,230
|
|
|
105
|
|
|
728
|
|
|
3,335
|
|
|
4,063
|
|
|
458
|
|
|
12/30/2013
|
|||||||
Eugene-Springfield
|
|
OR
|
|
1,601
|
|
|
2,686
|
|
|
87
|
|
|
1,601
|
|
|
2,773
|
|
|
4,374
|
|
|
649
|
|
|
4/1/2014
|
|||||||
Hood River
|
|
OR
|
|
997
|
|
|
1,874
|
|
|
—
|
|
|
997
|
|
|
1,874
|
|
|
2,871
|
|
|
242
|
|
|
12/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
851
|
|
|
2,063
|
|
|
4
|
|
|
851
|
|
|
2,067
|
|
|
2,918
|
|
|
352
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,704
|
|
|
2,313
|
|
|
99
|
|
|
1,704
|
|
|
2,412
|
|
|
4,116
|
|
|
568
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,254
|
|
|
2,787
|
|
|
12
|
|
|
1,254
|
|
|
2,799
|
|
|
4,053
|
|
|
492
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,808
|
|
|
4,437
|
|
|
19
|
|
|
2,808
|
|
|
4,456
|
|
|
7,264
|
|
|
1,022
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,015
|
|
|
2,184
|
|
|
3
|
|
|
1,015
|
|
|
2,187
|
|
|
3,202
|
|
|
408
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
OR
|
|
1,077
|
|
|
3,008
|
|
|
139
|
|
|
1,077
|
|
|
3,147
|
|
|
4,224
|
|
|
468
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
OR
|
|
1,072
|
|
|
2,629
|
|
|
18
|
|
|
1,072
|
|
|
2,647
|
|
|
3,719
|
|
|
557
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
OR
|
|
2,217
|
|
|
3,766
|
|
|
15
|
|
|
2,217
|
|
|
3,781
|
|
|
5,998
|
|
|
626
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
OR
|
|
1,334
|
|
|
2,324
|
|
|
126
|
|
|
1,334
|
|
|
2,450
|
|
|
3,784
|
|
|
486
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
OR
|
|
996
|
|
|
2,525
|
|
|
89
|
|
|
996
|
|
|
2,614
|
|
|
3,610
|
|
|
500
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,496
|
|
|
3,372
|
|
|
79
|
|
|
1,496
|
|
|
3,451
|
|
|
4,947
|
|
|
535
|
|
|
6/24/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
954
|
|
|
3,026
|
|
|
41
|
|
|
954
|
|
|
3,067
|
|
|
4,021
|
|
|
436
|
|
|
6/24/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,627
|
|
|
2,388
|
|
|
70
|
|
|
1,627
|
|
|
2,458
|
|
|
4,085
|
|
|
429
|
|
|
6/24/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,509
|
|
|
4,200
|
|
|
66
|
|
|
2,509
|
|
|
4,266
|
|
|
6,775
|
|
|
704
|
|
|
12/30/2013
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
787
|
|
|
1,915
|
|
|
62
|
|
|
787
|
|
|
1,977
|
|
|
2,764
|
|
|
297
|
|
|
12/30/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,703
|
|
|
4,729
|
|
|
9
|
|
|
1,703
|
|
|
4,738
|
|
|
6,441
|
|
|
635
|
|
|
4/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
738
|
|
|
2,483
|
|
|
—
|
|
|
738
|
|
|
2,483
|
|
|
3,221
|
|
|
334
|
|
|
4/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,690
|
|
|
2,995
|
|
|
39
|
|
|
1,690
|
|
|
3,034
|
|
|
4,724
|
|
|
324
|
|
|
4/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,200
|
|
|
9,531
|
|
|
204
|
|
|
1,200
|
|
|
9,735
|
|
|
10,935
|
|
|
1,771
|
|
|
5/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
401
|
|
|
3,718
|
|
|
80
|
|
|
401
|
|
|
3,798
|
|
|
4,199
|
|
|
556
|
|
|
5/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,160
|
|
|
3,291
|
|
|
21
|
|
|
1,160
|
|
|
3,312
|
|
|
4,472
|
|
|
470
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,435
|
|
|
4,342
|
|
|
—
|
|
|
1,435
|
|
|
4,342
|
|
|
5,777
|
|
|
622
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,478
|
|
|
4,127
|
|
|
6
|
|
|
1,478
|
|
|
4,133
|
|
|
5,611
|
|
|
585
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,402
|
|
|
3,196
|
|
|
—
|
|
|
1,402
|
|
|
3,196
|
|
|
4,598
|
|
|
434
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
3,538
|
|
|
4,938
|
|
|
6
|
|
|
3,398
|
|
|
3,984
|
|
|
7,382
|
|
|
569
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,501
|
|
|
3,136
|
|
|
6
|
|
|
1,501
|
|
|
3,142
|
|
|
4,643
|
|
|
445
|
|
|
6/30/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,746
|
|
|
3,393
|
|
|
11
|
|
|
1,746
|
|
|
3,404
|
|
|
5,150
|
|
|
482
|
|
|
8/27/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,014
|
|
|
3,017
|
|
|
11
|
|
|
1,014
|
|
|
3,028
|
|
|
4,042
|
|
|
445
|
|
|
8/27/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,202
|
|
|
3,477
|
|
|
113
|
|
|
2,202
|
|
|
3,590
|
|
|
5,792
|
|
|
521
|
|
|
10/20/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,764
|
|
|
7,360
|
|
|
—
|
|
|
1,764
|
|
|
7,360
|
|
|
9,124
|
|
|
829
|
|
|
12/16/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,670
|
|
|
8,709
|
|
|
53
|
|
|
2,670
|
|
|
8,762
|
|
|
11,432
|
|
|
561
|
|
|
8/10/2015
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
410
|
|
|
622
|
|
|
179
|
|
|
410
|
|
|
801
|
|
|
1,211
|
|
|
48
|
|
|
7/14/2016
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
1,258
|
|
|
6,298
|
|
|
3
|
|
|
1,258
|
|
|
6,301
|
|
|
7,559
|
|
|
208
|
|
|
11/21/2016
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,334
|
|
|
7,726
|
|
|
33
|
|
|
2,334
|
|
|
7,759
|
|
|
10,093
|
|
|
298
|
|
|
12/6/2016
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
771
|
|
|
4,121
|
|
|
—
|
|
|
771
|
|
|
4,121
|
|
|
4,892
|
|
|
17
|
|
|
11/15/2017
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
2,002
|
|
|
14,445
|
|
|
—
|
|
|
2,002
|
|
|
14,445
|
|
|
16,447
|
|
|
24
|
|
|
12/14/2017
|
|||||||
Portland-Vancouver-Hillsboro
|
|
OR
|
|
860
|
|
|
3,740
|
|
|
—
|
|
|
860
|
|
|
3,740
|
|
|
4,600
|
|
|
118
|
|
|
1/11/2017
|
|||||||
Prineville
|
|
OR
|
|
427
|
|
|
1,648
|
|
|
—
|
|
|
427
|
|
|
1,648
|
|
|
2,075
|
|
|
227
|
|
|
8/27/2014
|
|||||||
Roseburg
(3)
|
|
OR
|
|
474
|
|
|
1,789
|
|
|
79
|
|
|
474
|
|
|
1,868
|
|
|
2,342
|
|
|
371
|
|
|
6/10/2013
|
|||||||
Salem
|
|
OR
|
|
1,405
|
|
|
2,650
|
|
|
413
|
|
|
1,405
|
|
|
3,063
|
|
|
4,468
|
|
|
607
|
|
|
4/1/2014
|
|||||||
Salem
|
|
OR
|
|
492
|
|
|
1,248
|
|
|
18
|
|
|
492
|
|
|
1,266
|
|
|
1,758
|
|
|
112
|
|
|
4/20/2016
|
|||||||
The Dalles
|
|
OR
|
|
1,108
|
|
|
2,100
|
|
|
—
|
|
|
1,108
|
|
|
2,100
|
|
|
3,208
|
|
|
293
|
|
|
12/5/2014
|
|||||||
Anderson
|
|
SC
|
|
92
|
|
|
976
|
|
|
119
|
|
|
92
|
|
|
1,095
|
|
|
1,187
|
|
|
312
|
|
|
8/29/2007
|
|||||||
Charlotte-Gastonia-Rock Hill
(3)
|
|
SC
|
|
924
|
|
|
3,086
|
|
|
32
|
|
|
924
|
|
|
3,118
|
|
|
4,042
|
|
|
303
|
|
|
5/4/2015
|
|||||||
Greenville-Mauldin-Easley
|
|
SC
|
|
82
|
|
|
838
|
|
|
74
|
|
|
82
|
|
|
912
|
|
|
994
|
|
|
249
|
|
|
8/29/2007
|
|||||||
Spartanburg
|
|
SC
|
|
535
|
|
|
1,934
|
|
|
23
|
|
|
535
|
|
|
1,957
|
|
|
2,492
|
|
|
185
|
|
|
11/12/2015
|
|||||||
Amarillo
(3)
|
|
TX
|
|
80
|
|
|
877
|
|
|
106
|
|
|
80
|
|
|
983
|
|
|
1,063
|
|
|
227
|
|
|
5/1/2009
|
|||||||
Amarillo
(3)
|
|
TX
|
|
78
|
|
|
697
|
|
|
136
|
|
|
78
|
|
|
833
|
|
|
911
|
|
|
196
|
|
|
5/1/2009
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Amarillo
(3)
|
|
TX
|
|
147
|
|
|
810
|
|
|
145
|
|
|
147
|
|
|
955
|
|
|
1,102
|
|
|
219
|
|
|
5/1/2009
|
|||||||
Austin-Round Rock-San Marcos
|
|
TX
|
|
937
|
|
|
5,319
|
|
|
80
|
|
|
937
|
|
|
5,399
|
|
|
6,336
|
|
|
766
|
|
|
6/24/2013
|
|||||||
Austin-Round Rock-San Marcos
|
|
TX
|
|
1,395
|
|
|
2,790
|
|
|
20
|
|
|
1,395
|
|
|
2,810
|
|
|
4,205
|
|
|
616
|
|
|
6/24/2013
|
|||||||
Austin-Round Rock-San Marcos
|
|
TX
|
|
768
|
|
|
1,923
|
|
|
111
|
|
|
768
|
|
|
2,034
|
|
|
2,802
|
|
|
297
|
|
|
10/29/2014
|
|||||||
Austin-Round Rock-San Marcos
|
|
TX
|
|
936
|
|
|
6,446
|
|
|
15
|
|
|
936
|
|
|
6,461
|
|
|
7,397
|
|
|
40
|
|
|
10/19/2017
|
|||||||
Brownsville-Harlingen
|
|
TX
|
|
845
|
|
|
2,364
|
|
|
63
|
|
|
845
|
|
|
2,427
|
|
|
3,272
|
|
|
285
|
|
|
9/4/2014
|
|||||||
Brownsville-Harlingen
|
|
TX
|
|
639
|
|
|
1,674
|
|
|
85
|
|
|
639
|
|
|
1,759
|
|
|
2,398
|
|
|
250
|
|
|
9/4/2014
|
|||||||
Brownsville-Harlingen
|
|
TX
|
|
386
|
|
|
2,798
|
|
|
178
|
|
|
386
|
|
|
2,976
|
|
|
3,362
|
|
|
201
|
|
|
5/2/2016
|
|||||||
College Station-Bryan
|
|
TX
|
|
618
|
|
|
2,512
|
|
|
57
|
|
|
618
|
|
|
2,569
|
|
|
3,187
|
|
|
677
|
|
|
8/29/2007
|
|||||||
College Station-Bryan
|
|
TX
|
|
551
|
|
|
349
|
|
|
215
|
|
|
551
|
|
|
564
|
|
|
1,115
|
|
|
139
|
|
|
8/29/2007
|
|||||||
College Station-Bryan
|
|
TX
|
|
295
|
|
|
988
|
|
|
150
|
|
|
295
|
|
|
1,138
|
|
|
1,433
|
|
|
269
|
|
|
4/1/2008
|
|||||||
College Station-Bryan
|
|
TX
|
|
51
|
|
|
123
|
|
|
63
|
|
|
51
|
|
|
186
|
|
|
237
|
|
|
57
|
|
|
4/1/2008
|
|||||||
College Station-Bryan
|
|
TX
|
|
110
|
|
|
372
|
|
|
133
|
|
|
110
|
|
|
505
|
|
|
615
|
|
|
116
|
|
|
4/1/2008
|
|||||||
College Station-Bryan
|
|
TX
|
|
62
|
|
|
208
|
|
|
13
|
|
|
62
|
|
|
221
|
|
|
283
|
|
|
56
|
|
|
4/1/2008
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
164
|
|
|
865
|
|
|
49
|
|
|
164
|
|
|
914
|
|
|
1,078
|
|
|
247
|
|
|
8/29/2007
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
155
|
|
|
105
|
|
|
53
|
|
|
155
|
|
|
158
|
|
|
313
|
|
|
52
|
|
|
9/28/2007
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
98
|
|
|
282
|
|
|
96
|
|
|
98
|
|
|
378
|
|
|
476
|
|
|
120
|
|
|
9/28/2007
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
264
|
|
|
106
|
|
|
165
|
|
|
264
|
|
|
271
|
|
|
535
|
|
|
94
|
|
|
9/28/2007
|
|||||||
Dallas-Fort Worth-Arlington
(3)
|
|
TX
|
|
376
|
|
|
803
|
|
|
120
|
|
|
376
|
|
|
923
|
|
|
1,299
|
|
|
263
|
|
|
9/28/2007
|
|||||||
Dallas-Fort Worth-Arlington
(3)
|
|
TX
|
|
338
|
|
|
681
|
|
|
101
|
|
|
338
|
|
|
782
|
|
|
1,120
|
|
|
214
|
|
|
9/28/2007
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
1,388
|
|
|
4,195
|
|
|
37
|
|
|
1,388
|
|
|
4,232
|
|
|
5,620
|
|
|
700
|
|
|
6/24/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
1,859
|
|
|
5,293
|
|
|
122
|
|
|
1,859
|
|
|
5,415
|
|
|
7,274
|
|
|
847
|
|
|
7/25/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
379
|
|
|
2,212
|
|
|
102
|
|
|
379
|
|
|
2,314
|
|
|
2,693
|
|
|
510
|
|
|
7/25/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
1,397
|
|
|
5,250
|
|
|
82
|
|
|
1,397
|
|
|
5,332
|
|
|
6,729
|
|
|
782
|
|
|
7/25/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
2,102
|
|
|
5,755
|
|
|
89
|
|
|
2,102
|
|
|
5,844
|
|
|
7,946
|
|
|
998
|
|
|
7/25/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
649
|
|
|
1,637
|
|
|
35
|
|
|
649
|
|
|
1,672
|
|
|
2,321
|
|
|
532
|
|
|
7/25/2013
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
396
|
|
|
1,411
|
|
|
438
|
|
|
396
|
|
|
1,849
|
|
|
2,245
|
|
|
289
|
|
|
4/29/2015
|
|||||||
Dallas-Fort Worth-Arlington
|
|
TX
|
|
1,263
|
|
|
3,346
|
|
|
50
|
|
|
1,263
|
|
|
3,396
|
|
|
4,659
|
|
|
396
|
|
|
10/19/2015
|
|||||||
Dallas-Plano-Irving
|
|
TX
|
|
1,421
|
|
|
2,349
|
|
|
450
|
|
|
1,421
|
|
|
2,799
|
|
|
4,220
|
|
|
205
|
|
|
6/1/2016
|
|||||||
Dallas-Plano-Irving
|
|
TX
|
|
710
|
|
|
3,578
|
|
|
38
|
|
|
710
|
|
|
3,616
|
|
|
4,326
|
|
|
35
|
|
|
10/19/2017
|
|||||||
Dallas-Plano-Irving
|
|
TX
|
|
421
|
|
|
2,668
|
|
|
10
|
|
|
421
|
|
|
2,678
|
|
|
3,099
|
|
|
24
|
|
|
10/19/2017
|
|||||||
El Paso
|
|
TX
|
|
338
|
|
|
1,275
|
|
|
42
|
|
|
338
|
|
|
1,317
|
|
|
1,655
|
|
|
353
|
|
|
8/29/2007
|
|||||||
El Paso
|
|
TX
|
|
94
|
|
|
400
|
|
|
168
|
|
|
94
|
|
|
568
|
|
|
662
|
|
|
155
|
|
|
8/29/2007
|
|||||||
Houston-Sugar Land-Baytown
|
|
TX
|
|
698
|
|
|
2,648
|
|
|
233
|
|
|
698
|
|
|
2,881
|
|
|
3,579
|
|
|
284
|
|
|
7/20/2015
|
|
|
|
|
Initial Cost to Company
|
|
|
|
Gross Carrying Amount at Year-End
|
|
|
|
|
||||||||||||||||||||
Location
|
|
|
|
Buildings and
|
|
Subsequent
|
|
|
|
Buildings and
|
|
|
|
Accumulated
|
|
Date
|
||||||||||||||||
MSA
(1)
|
|
State
|
|
Land
|
|
Improvements
|
|
Additions
|
|
Land
|
|
Improvements
|
|
Total
(2)
|
|
Depreciation
|
|
Acquired
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Houston-The Woodlands-Sugar Land
|
|
TX
|
|
1,042
|
|
|
3,061
|
|
|
382
|
|
|
1,042
|
|
|
3,443
|
|
|
4,485
|
|
|
281
|
|
|
1/22/2016
|
|||||||
Houston-The Woodlands-Sugar Land
|
|
TX
|
|
1,426
|
|
|
2,910
|
|
|
100
|
|
|
1,426
|
|
|
3,010
|
|
|
4,436
|
|
|
78
|
|
|
6/13/2017
|
|||||||
Killeen-Temple
|
|
TX
|
|
203
|
|
|
4,065
|
|
|
190
|
|
|
203
|
|
|
4,255
|
|
|
4,458
|
|
|
125
|
|
|
2/2/2017
|
|||||||
Killeen-Temple
|
|
TX
|
|
1,128
|
|
|
6,149
|
|
|
186
|
|
|
1,128
|
|
|
6,335
|
|
|
7,463
|
|
|
90
|
|
|
8/8/2017
|
|||||||
Longview
(3)
|
|
TX
|
|
651
|
|
|
671
|
|
|
100
|
|
|
651
|
|
|
771
|
|
|
1,422
|
|
|
178
|
|
|
5/1/2009
|
|||||||
Longview
(3)
|
|
TX
|
|
104
|
|
|
489
|
|
|
164
|
|
|
104
|
|
|
653
|
|
|
757
|
|
|
142
|
|
|
5/1/2009
|
|||||||
Longview
(3)
|
|
TX
|
|
310
|
|
|
966
|
|
|
199
|
|
|
310
|
|
|
1,165
|
|
|
1,475
|
|
|
261
|
|
|
5/1/2009
|
|||||||
Longview
|
|
TX
|
|
2,466
|
|
|
3,559
|
|
|
39
|
|
|
2,466
|
|
|
3,598
|
|
|
6,064
|
|
|
480
|
|
|
6/19/2014
|
|||||||
Longview
|
|
TX
|
|
959
|
|
|
1,640
|
|
|
18
|
|
|
959
|
|
|
1,658
|
|
|
2,617
|
|
|
238
|
|
|
6/25/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
1,217
|
|
|
2,738
|
|
|
262
|
|
|
1,243
|
|
|
3,000
|
|
|
4,243
|
|
|
544
|
|
|
7/31/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
1,973
|
|
|
4,517
|
|
|
57
|
|
|
1,973
|
|
|
4,574
|
|
|
6,547
|
|
|
661
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
1,295
|
|
|
3,929
|
|
|
61
|
|
|
1,295
|
|
|
3,990
|
|
|
5,285
|
|
|
565
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
3,079
|
|
|
7,574
|
|
|
82
|
|
|
3,079
|
|
|
7,656
|
|
|
10,735
|
|
|
1,164
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
1,017
|
|
|
3,261
|
|
|
65
|
|
|
1,017
|
|
|
3,326
|
|
|
4,343
|
|
|
462
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
803
|
|
|
2,914
|
|
|
74
|
|
|
803
|
|
|
2,988
|
|
|
3,791
|
|
|
335
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
2,249
|
|
|
4,966
|
|
|
51
|
|
|
2,249
|
|
|
5,017
|
|
|
7,266
|
|
|
742
|
|
|
9/4/2014
|
|||||||
McAllen–Edinburg–Mission
|
|
TX
|
|
1,118
|
|
|
3,568
|
|
|
62
|
|
|
1,118
|
|
|
3,630
|
|
|
4,748
|
|
|
432
|
|
|
9/4/2014
|
|||||||
Midland
(3)
|
|
TX
|
|
691
|
|
|
1,588
|
|
|
163
|
|
|
691
|
|
|
1,751
|
|
|
2,442
|
|
|
386
|
|
|
5/1/2009
|
|||||||
Odessa
(3)
|
|
TX
|
|
168
|
|
|
561
|
|
|
103
|
|
|
168
|
|
|
664
|
|
|
832
|
|
|
156
|
|
|
5/1/2009
|
|||||||
San Angelo
(3)
|
|
TX
|
|
381
|
|
|
986
|
|
|
97
|
|
|
381
|
|
|
1,083
|
|
|
1,464
|
|
|
241
|
|
|
5/1/2009
|
|||||||
San Antonio-New Braunfels
|
|
TX
|
|
614
|
|
|
2,640
|
|
|
44
|
|
|
614
|
|
|
2,684
|
|
|
3,298
|
|
|
454
|
|
|
4/1/2014
|
|||||||
San Antonio-New Braunfels
|
|
TX
|
|
715
|
|
|
4,566
|
|
|
35
|
|
|
715
|
|
|
4,601
|
|
|
5,316
|
|
|
38
|
|
|
10/19/2017
|
|||||||
Washington-Arlington-Alexandria
|
|
VA
|
|
1,516
|
|
|
12,633
|
|
|
16
|
|
|
1,516
|
|
|
12,649
|
|
|
14,165
|
|
|
174
|
|
|
7/21/2017
|
|||||||
Centralia
(3)
|
|
WA
|
|
810
|
|
|
1,530
|
|
|
—
|
|
|
810
|
|
|
1,530
|
|
|
2,340
|
|
|
459
|
|
|
6/10/2013
|
|||||||
Centralia
(3)
|
|
WA
|
|
998
|
|
|
1,862
|
|
|
37
|
|
|
998
|
|
|
1,899
|
|
|
2,897
|
|
|
653
|
|
|
6/10/2013
|
|||||||
Longview
|
|
WA
|
|
448
|
|
|
2,356
|
|
|
12
|
|
|
448
|
|
|
2,368
|
|
|
2,816
|
|
|
217
|
|
|
9/3/2015
|
|||||||
Portland-Vancouver-Hillsboro
|
|
WA
|
|
421
|
|
|
2,313
|
|
|
—
|
|
|
421
|
|
|
2,313
|
|
|
2,734
|
|
|
390
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
WA
|
|
1,903
|
|
|
2,239
|
|
|
—
|
|
|
1,903
|
|
|
2,239
|
|
|
4,142
|
|
|
482
|
|
|
4/1/2013
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
WA
|
|
923
|
|
|
2,821
|
|
|
6
|
|
|
923
|
|
|
2,827
|
|
|
3,750
|
|
|
467
|
|
|
6/10/2013
|
|||||||
Portland-Vancouver-Hillsboro
|
|
WA
|
|
935
|
|
|
2,045
|
|
|
—
|
|
|
935
|
|
|
2,045
|
|
|
2,980
|
|
|
291
|
|
|
4/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
WA
|
|
478
|
|
|
2,158
|
|
|
117
|
|
|
478
|
|
|
2,275
|
|
|
2,753
|
|
|
355
|
|
|
4/1/2014
|
|||||||
Portland-Vancouver-Hillsboro
(3)
|
|
WA
|
|
2,023
|
|
|
3,484
|
|
|
21
|
|
|
2,023
|
|
|
3,505
|
|
|
5,528
|
|
|
556
|
|
|
8/27/2014
|
|||||||
Portland-Vancouver-Hillsboro
|
|
WA
|
|
1,870
|
|
|
4,632
|
|
|
—
|
|
|
1,870
|
|
|
4,632
|
|
|
6,502
|
|
|
181
|
|
|
1/11/2017
|
|||||||
Seattle-Tacoma-Bellevue
|
|
WA
|
|
770
|
|
|
3,203
|
|
|
48
|
|
|
770
|
|
|
3,251
|
|
|
4,021
|
|
|
529
|
|
|
4/1/2014
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Self Storage properties:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
1,844,336
|
|
|
$
|
1,147,201
|
|
|
$
|
838,941
|
|
Acquisitions and improvements
|
|
431,542
|
|
|
715,509
|
|
|
308,323
|
|
|||
Reclassification from assets held for sale
|
|
8,607
|
|
|
—
|
|
|
—
|
|
|||
Write-off of fully depreciated assets and other
|
|
(50
|
)
|
|
—
|
|
|
(63
|
)
|
|||
Dispositions
|
|
(7,336
|
)
|
|
(4,820
|
)
|
|
—
|
|
|||
Reclassification to assets held for sale
|
|
(1,866
|
)
|
|
(13,554
|
)
|
|
—
|
|
|||
Balance at end of year
|
|
$
|
2,275,233
|
|
|
$
|
1,844,336
|
|
|
$
|
1,147,201
|
|
|
|
|
|
|
|
|
||||||
Accumulated depreciation:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
110,803
|
|
|
$
|
68,100
|
|
|
$
|
39,614
|
|
Depreciation expense
|
|
60,522
|
|
|
42,703
|
|
|
28,549
|
|
|||
Write-off of fully depreciated assets and other
|
|
(10
|
)
|
|
—
|
|
|
(63
|
)
|
|||
Dispositions
|
|
(646
|
)
|
|
—
|
|
|
—
|
|
|||
Assets held for sale
|
|
$
|
(311
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Balance at end of year
|
|
$
|
170,358
|
|
|
$
|
110,803
|
|
|
$
|
68,100
|
|
|
|
|
|
|
|
|
(a)
|
Optional Redemption
.
|
i.
|
Except as provided in Section 5(b) herein or upon a determination of the General Partner's board of trustees that such redemption is reasonably necessary to preserve the General Partner's status as a REIT, Series A-1 Preferred Units shall not be redeemable prior to the date that is ten years after the date of initial issuance of each Series A-1 Preferred Unit (the "
Non-Call Period
").
|
ii.
|
On and after the Non-Call Period, the General Partner, at its option, upon notice in accordance with Section 5(a)(iv), may redeem the Series A-1 Preferred Units, in whole or in part, at any time or from time to time, for cash at a redemption price equal to the Stated Value per unit, plus, subject to Section 5(a)(v), all accrued and unpaid distributions (whether or not authorized or declared) thereon up to but excluding the date fixed for redemption, without interest, to the extent the General Partner has funds legally available therefor (the "
Optional Redemption Right
"). If fewer than all of the outstanding Series A-1 Preferred Units are to be redeemed pursuant to this Section 5(a)(ii), the Series A-1 Preferred Units to be redeemed shall be redeemed
pro rata
(as nearly as may be practicable without creating fractional units) or by lot as determined by the General Partner. Holders of Series A-1 Preferred Units to be redeemed shall surrender such Series A-1 Preferred Units at the place, or in accordance with the book-entry procedures, designated in such notice and shall be entitled to the redemption price equal to the Stated Value per unit and any accrued and unpaid distributions payable upon such redemption following such surrender. If (i) notice of redemption of any Series A-1 Preferred Units has been given, (ii) the funds necessary for such redemption have been set aside by the General Partner for the benefit of the holders of any Series A-1 Preferred Units so called for redemption,
|
iii.
|
Except as provided in Section 3(e) above, unless full cumulative distributions on the Series A-1 Preferred Units for all past Series A-1 Distribution Periods shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for payment, no Series A-1 Preferred Units shall be redeemed pursuant to the Optional Redemption Right or Special Optional Redemption Right unless all outstanding Series A-1 Preferred Units are simultaneously redeemed, and the General Partner shall not purchase or otherwise acquire directly or indirectly any Series A-1 Preferred Units or any class or series of units of the General Partner ranking, as to payment of distributions and the distribution of assets upon liquidation, dissolution or winding up of the General Partner, on parity with or junior to the Series A-1 Preferred Units.
|
iv.
|
Notice of redemption pursuant to the Optional Redemption Right will be mailed by the General Partner, postage prepaid, not fewer than 30 or more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series A-1 Preferred Units to be redeemed at their respective addresses as they appear on the unit transfer records of the General Partner. No failure to give or defect in such notice shall affect the validity of the proceedings for the redemption of any Series A-1 Preferred Units except as to the holder to whom such notice was defective or not given. In addition to any information required by law, each such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of Series A-1 Preferred Units to be redeemed; (iv) the place or places where the certificates, if any, representing Series A-1 Preferred
|
v.
|
If a redemption date falls after a Series A-1 Distribution Record Date and on or prior to the corresponding Series A-1 Distribution Payment Date, each holder of Series A-1 Preferred Units at the close of business on such Series A-1 Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Series A-1 Distribution Payment Date notwithstanding the redemption of such units on or prior to such Series A-1 Distribution Payment Date, and each holder of Series A-1 Preferred Units that surrenders its units on such redemption date will be entitled to the distributions accruing after the end of the Series A-1 Distribution Period to which such Series A-1 Distribution Payment Date relates up to but excluding the redemption date. Except as provided herein, the General Partner shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series A-1 Preferred Units for which a notice of redemption has been given.
|
vi.
|
All the Series A-1 Preferred Units redeemed or repurchased pursuant to this Section 5(a), or otherwise acquired in any other manner by the General Partner, shall be restored to the status of authorized but unissued Preferred Units, without designation as to series or class.
|
(b)
|
Special Optional Redemption
.
|
i.
|
Upon a Change of Control of the General Partner, the General Partner may, upon written notice mailed by the General Partner, postage pre-paid, no fewer than 30 nor more than 60 days prior to the redemption date and addressed to the holders of record of the Series A-1 Preferred Units to be redeemed at their respective addresses as they appear on the unit transfer records of the General Partner, redeem the Series A-1 Preferred Units, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at the Stated Value per unit plus, subject to Section 5(b)(iv), accrued and unpaid distributions,
|
ii.
|
In addition to any information required by law, such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of Series A-1 Preferred Units to be redeemed; (iv) the place or places where the certificates, if any, representing Series A-1 Preferred Units are to be surrendered for payment of the redemption price; (v) procedures for surrendering uncertificated Series A-1 Preferred Units for payment of the redemption price; (vi) that distributions on the Series A-1 Preferred Units to be redeemed will cease to accrue on the redemption date; (vii) that payment of the redemption price and any accumulated and unpaid distributions will be made upon presentation and surrender of such Series A-1 Preferred Units; and (viii) that the Series A-1 Preferred Units are being redeemed pursuant to the Special Optional Redemption Right in connection with the occurrence of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control. If fewer than all of the Series A-1 Preferred Units held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of Series A-1 Preferred Units held by such holder to be redeemed. Holders of Series A-1 Preferred Units to be redeemed shall surrender such Series A-1 Preferred Units at the place, or in accordance with the book-entry procedures, designated in such notice and shall be entitled to the redemption price equal to the Stated Value per unit and any accrued and unpaid distributions payable upon such redemption following such surrender.
|
iii.
|
If (i) the General Partner has given a notice of redemption pursuant to the Special Optional Redemption Right, (ii) the funds necessary for such redemption have been set aside by the General Partner for the benefit of the holders of the Series A-1 Preferred Units so called for redemption, and (iii) irrevocable instructions have been given to pay the redemption price and all accrued and unpaid distributions, then from and after the redemption date, distributions shall cease to accrue on such Series A-1 Preferred Units, such Series A-1 Preferred Units shall no longer be deemed outstanding, and all rights of the holders of such units shall
|
iv.
|
If a redemption date falls after a Series A-1 Distribution Record Date and on or prior to the corresponding Series A-1 Distribution Payment Date, each holder of Series A-1 Preferred Units at the close of business of such Series A-1 Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Series A-1 Distribution Payment Date notwithstanding the redemption of such units on or prior to such Series A-1 Distribution Payment Date, and each holder of Series A-1 Preferred Units that surrenders its units on such redemption date will be entitled to the distributions accruing after the end of the Series A-1 Distribution Period to which such Series A-1 Distribution Payment Date relates up to but excluding the redemption date. Except as provided herein, the General Partner shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series A-1 Preferred Units for which a notice of redemption has been given.
|
To:
|
National Storage Affiliates Trust
5200 DTC Parkway Suite 200 Greenwood Village, CO 80111 |
Level
|
Total Leverage Ratio
|
Applicable Margin for Revolving Loans that are LIBOR Loans
|
Applicable Margin for Revolving Loans that are Base Rate Loans
|
Applicable Margin for Tranche A Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche A Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche B Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche B Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche C Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche C Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche D Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche D Term Loans that are Base Rate Loans
|
1
|
Less than or equal to 45%
|
1.40%
|
0.40%
|
1.35%
|
0.35%
|
1.60%
|
0.60%
|
1.70%
|
0.70%
|
1.30%
|
0.30%
|
2
|
Greater than 45% and less or equal to 50%
|
1.55%
|
0.55%
|
1.50%
|
0.50%
|
1.75%
|
0.75%
|
1.90%
|
0.90%
|
1.45%
|
0.45%
|
3
|
Greater than 50% and less than or equal to 55%
|
1.75%
|
0.75%
|
1.70%
|
0.70%
|
1.95%
|
0.95%
|
2.05%
|
1.05%
|
1.65%
|
0.65%
|
4
|
Greater than 55%
|
1.95%
|
0.95%
|
1.90%
|
0.90%
|
2.15%
|
1.15%
|
2.25%
|
1.25%
|
1.85%
|
0.85%
|
Level
|
Borrower’s Credit Rating (S&P/Moody’s or Equivalent)
|
Applicable Margin for Revolving Loans that are LIBOR Loans
|
Applicable Margin for Revolving Loans that are Base Rate Loans
|
Applicable Margin for Tranche A Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche A Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche B Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche B Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche C Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche C Term Loans that are Base Rate Loans
|
Applicable Margin for Tranche D Term Loans that are LIBOR Loans
|
Applicable Margin for Tranche D Term Loans that are Base Rate Loans
|
1
|
At Least A- or A3
|
0.85%
|
0.00%
|
0.95%
|
0.00%
|
1.35%
|
0.35%
|
1.50%
|
0.50%
|
0.90%
|
0.00%
|
2
|
BBB+ or Baa1
|
0.90%
|
0.00%
|
1.00%
|
0.00%
|
1.40%
|
0.40%
|
1.55%
|
0.55%
|
0.95%
|
0.00%
|
3
|
BBB or Baa2
|
1.00%
|
0.00%
|
1.15%
|
0.15%
|
1.50%
|
0.50%
|
1.65%
|
0.65%
|
1.10%
|
0.10%
|
4
|
BBB- or Baa3
|
1.20%
|
0.20%
|
1.40%
|
0.40%
|
1.75%
|
0.75%
|
1.90%
|
0.90%
|
1.35%
|
0.35%
|
5
|
Below BBB- and Baa3
|
1.55%
|
0.55%
|
1.80%
|
0.80%
|
2.30%
|
1.30%
|
2.45%
|
1.45%
|
1.75%
|
0.75%
|
By:
|
NATIONAL STORAGE AFFILIATES TRUST, its general partner
|
Tranche D Lender
|
Tranche D Commitment
|
KeyBank National Association
|
$10,000,000.00
|
PNC Bank, National Association
|
$10,000,000.00
|
U.S. Bank National Association
|
$10,000,000.00
|
Wells Fargo Bank, National Association
|
$32,500,000.00
|
BMO Harris Bank N.A.
|
$10,000,000.00
|
Regions Bank
|
$10,000,000.00
|
SunTrust Bank
|
$10,000,000.00
|
Citibank, National Association
|
$32,500,000.00
|
Total
|
$125,000,000.00
|
Lender
|
Revolving
Commitment
Amount
|
Revolving Percentage
|
KeyBank National Association
|
$37,500,000.00
|
9.375000000%
|
PNC Bank, National Association
|
$37,500,000.00
|
9.375000000%
|
U.S. Bank National Association
|
$45,000,000.00
|
11.250000000%
|
Wells Fargo Bank, National Association
|
$35,000,000.00
|
8.750000000%
|
BMO Harris Bank N.A.
|
$37,500,000.00
|
9.375000000%
|
Capital One, National Association
|
$37,500,000.00
|
9.375000000%
|
Regions Bank
|
$30,000,000.00
|
7.500000000%
|
The Huntington National Bank
|
$25,000,000.00
|
6.250000000%
|
Morgan Stanley Bank, N.A.
|
$25,000,000.00
|
6.250000000%
|
Morgan Stanley Senior Funding, Inc.
|
$30,000,000.00
|
7.500000000%
|
Royal Bank of Canada
|
$30,000,000.00
|
7.500000000%
|
SunTrust Bank
|
$30,000,000.00
|
7.500000000%
|
Associated Bank, National Association
|
--
|
--
|
TOTAL
|
$400,000,000.00
|
100.000000000%
|
Lender
|
Tranche A Commitment Amount/Tranche A Term Loan
|
Tranche A Commitment Percentage
|
Tranche B Commitment Amount/Tranche B Term Loan
|
Tranche B Commitment Percentage
|
Tranche C Commitment Amount/Tranche C Term Loan
|
Tranche C Commitment Amount/Tranche C Term Loan
|
Tranche D Commitment Amount/Tranche D Term Loan
|
Tranche D Commitment Amount/Tranche D Term Loan
|
KeyBank National Association
|
$27,500,000.00
|
11.702127660%
|
$23,750,000.00
|
15.322580650%
|
$25,000,000.00
|
23.809523810%
|
$10,000,000.00
|
8.000000000%
|
PNC Bank, National Association
|
$27,500,000.00
|
11.702127660%
|
$23,750,000.00
|
15.322580650%
|
$25,000,000,00
|
23.809523810%
|
$10,000,000.00
|
8.000000000%
|
U.S. Bank National Association
|
$32,500,000.00
|
13.829787230%
|
$12,500,000.00
|
8.064516129%
|
--
|
--
|
$10,000,000.00
|
8.000000000%
|
Wells Fargo Bank, National Association
|
$30,000,000.00
|
12.765957450%
|
$12,500,000.00
|
8.064516129%
|
--
|
--
|
$32,500,000.00
|
26.000000000%
|
BMO Harris Bank N.A.
|
$20,000,000.00
|
8.510638298%
|
$17,500,000.00
|
11.290322580%
|
$25,000,000.00
|
23.809523810%
|
$10,000,000.00
|
8.000000000%
|
The Huntington National Bank
|
$17,500,000.00
|
7.446808511%
|
$7,500,000.00
|
4.838709677%
|
--
|
--
|
--
|
--
|
Regions Bank
|
$20,000,000.00
|
8.510638298%
|
$10,000,000.00
|
6.451612903%
|
--
|
--
|
$10,000,000.00
|
8.000000000%
|
Morgan Stanley Senior Funding, Inc.
|
$10,000,000.00
|
4.255319149%
|
--
|
--
|
--
|
--
|
--
|
--
|
Capital One, National Association
|
$20,000,000.00
|
8.510638298%
|
$22,500,000.00
|
14.516129030%
|
--
|
--
|
--
|
--
|
SunTrust Bank
|
$30,000,000.00
|
12.765957450%
|
$25,000,000
|
16.129032260%
|
--
|
--
|
$10,000,000.00
|
8.000000000%
|
Royal Bank of Canada
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
Lender
|
Tranche A Commitment Amount/Tranche A Term Loan
|
Tranche A Commitment Percentage
|
Tranche B Commitment Amount/Tranche B Term Loan
|
Tranche B Commitment Percentage
|
Tranche C Commitment Amount/Tranche C Term Loan
|
Tranche C Commitment Amount/Tranche C Term Loan
|
Tranche D Commitment Amount/Tranche D Term Loan
|
Tranche D Commitment Amount/Tranche D Term Loan
|
Associated Bank, National Association
|
--
|
--
|
--
|
--
|
$30,000,000.00
|
28.571428570%
|
--
|
--
|
Morgan Stanley Bank, N.A.
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
Citibank, N.A.
|
|
|
|
|
|
|
$32,500,000.00
|
26.000000000%
|
TOTAL
|
$235,000,000.00
|
100.000000000%
|
$155,000,000.00
|
100.000000000%
|
$105,000,000.00
|
100.000000000%
|
$125,000,000.00
|
100.000000000%
|
By:
|
NATIONAL STORAGE AFFILIATES TRUST, its general partner
|
Percentage (Amount) of Time Vested LTIP Units Awarded Hereunder
|
|
Vesting Date
|
|
[]% ([])
|
|
January 1, 20[]
|
|
[]% ([])
|
|
January 1, 20[]
|
|
[]% ([])
|
|
January 1, 20[]
|
|
|
3-Year Relative TSR vs MSCI US REIT Index (RMS)
|
Vesting Percentage
|
Number of Performance Vested LTIP Units
|
"Minimum Level"
|
35
th
Percentile
|
[]%
|
[]
|
"Target Level"
|
55
th
Percentile
|
[]%
|
[]
|
"Maximum Level"
|
75
th
Percentile
|
[]%
|
[]
|
|
3-Year Relative TSR vs SS Peer Companies
|
Vesting Percentage
|
Number of Performance Vested LTIP Units
|
"Minimum Level"
|
4
th
Place
|
[]%
|
[]
|
"Target Level"
|
2
nd
or 3
rd
Place
|
[]%
|
[]
|
"Maximum Level"
|
1
st
Place
|
[]%
|
[]
|
•
|
Where "
Cumulative TSR
" = ((1*(1 + TSR Year 1)*(1 + TSR Year 2)*(1 + TSR Year 3)) -1)
|
•
|
For purposes of the Cumulative TSR calculation, "
TSR
" for a given year shall be calculated as follows:
|
•
|
CubeSmart
|
•
|
Extra Space Storage Inc.
|
•
|
Public Storage
|
•
|
Life Storage, Inc. (formerly Sovran Self Storage, Inc.)
|
Re:
|
Section
83(b) Election
|
1.
|
Name, address, taxpayer identification number and the taxable year of the Taxpayer:
|
2.
|
Description of the property with respect to which this election is being made: ____ units (“
LTIP Units
”) of interest in certain allocations and distributions of National Storage Affiliates Trust, a Maryland real estate investment trust (the “
Company
”). ______ of such LTIP Units are subject to restriction.
|
3.
|
The date on which the property was acquired by the Taxpayer and the taxable year for which the election is being made: The Taxpayer acquired the LTIP Units on ___________. The taxable year for which the election is made is the calendar year _____.
|
4.
|
The nature of the restrictions to which the property is subject: LTIP Units are subject to time-based and performance vesting. LTIP Units are subject to forfeiture in the event of certain terminations of the Taxpayer’s service with the Company.
|
5.
|
The fair market value at the time of the acquisition (determined without regard to any restriction other than a restriction which by its terms will never lapse) of the property with respect to which the election is being made: At the time of the acquisition, the LTIP Units had a fair market value of $[0] per unit.
|
6.
|
The amount paid for such property: The LTIP Units were acquired for a purchase price of $[0] per unit.
|
7.
|
Copies of this statement have been furnished to the person for whom the services are to be performed. Also, one copy of this statement will be submitted with the income tax return of the Taxpayer making this election for the taxable year in which the property was acquired.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
NSA
|
|
Combined
(1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before taxes
|
$
|
47,157
|
|
|
$
|
25,234
|
|
|
$
|
4,983
|
|
|
$
|
(16,357
|
)
|
|
$
|
(11,734
|
)
|
Equity in losses of unconsolidated real estate venture
|
2,339
|
|
|
1,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Distributed income of equity investees
|
5,093
|
|
|
730
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Fixed charges
|
34,468
|
|
|
24,471
|
|
|
21,121
|
|
|
23,044
|
|
|
19,605
|
|
|||||
Total Earnings
|
$
|
89,057
|
|
|
$
|
51,919
|
|
|
$
|
26,104
|
|
|
$
|
6,687
|
|
|
$
|
7,871
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
34,068
|
|
|
$
|
24,109
|
|
|
$
|
20,779
|
|
|
$
|
23,033
|
|
|
$
|
19,605
|
|
Estimate of interest within rental expense
|
400
|
|
|
362
|
|
|
342
|
|
|
11
|
|
|
—
|
|
|||||
Total fixed charges
|
34,468
|
|
|
24,471
|
|
|
21,121
|
|
|
23,044
|
|
|
19,605
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions to preferred shareholders
(2)
|
2,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total combined fixed charges and preferred distributions
(2)
|
$
|
36,768
|
|
|
$
|
24,471
|
|
|
$
|
21,121
|
|
|
$
|
23,044
|
|
|
$
|
19,605
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
2.58
|
|
|
2.12
|
|
|
1.24
|
|
|
*
|
|
|
*
|
|
|||||
Ratio of earnings to fixed charges and preferred share distributions
(2)
|
2.42
|
|
|
2.12
|
|
|
1.24
|
|
|
*
|
|
|
*
|
|
* Earnings were insufficient to cover fixed charges by $16.4 million and $11.7 million for the fiscal years ended December 31, 2014 and 2013, respectively.
|
|||||||
(1) Combined in the table above for the year ended December 31, 2013 are the historical results for the three months ended March 31, 2013 for the combined subsidiaries of SecurCare Self Storage, Inc. (our "Predecessor") and the Company's historical results for the nine months ended December 31, 2013. Earnings were insufficient to cover fixed charges by $10.5 million for the Company's historical results for the nine months ended December 31, 2013 and $1.2 million for our predecessor's historical results for the three months ended March 31, 2013.
|
|||||||
(2) The Company had no preferred shares outstanding for the years ended December 31, 2016, 2015, 2014 and 2013.
|
Subsidiaries
|
||||
|
|
|
|
|
Subsidiary
|
|
d/b/a
|
|
Jurisdiction
|
|
|
|
|
|
All Stor Asheville, LLC
|
|
|
|
Delaware
|
All Stor Carolina Beach, LLC
|
|
|
|
Delaware
|
All Stor Durham, LLC
|
|
|
|
Delaware
|
All Stor Indian Trail, LLC
|
|
|
|
Delaware
|
All Stor MH
|
|
|
|
Delaware
|
All Stor NC, LLC
|
|
|
|
Delaware
|
All Stor Prospect, LLC
|
|
|
|
Delaware
|
All Stor Swansboro, LLC
|
|
|
|
Delaware
|
All Stor Swansboro II, LLC
|
|
|
|
Delaware
|
Allen Storage Partners LLC
|
|
StoreMore Self Storage
|
|
Texas
|
American Mini Storage-San Antonio, LLC
|
|
|
|
Delaware
|
Banning Storage, LLC
|
|
StoreMore Self Storage
|
|
Nevada
|
Bend-Eugene Storage, LLC
|
|
|
|
Oregon
|
Bishop Road Mini Storage, LLC
|
|
|
|
Washington
|
Broadway Storage Solutions, L.L.C.
|
|
|
|
Arizona
|
Bullhead Freedom Storage, L.L.C.
|
|
StoreMore Self Storage; Freedom Storage
|
|
Arizona
|
Colton Hawaiian Gardens, LP
|
|
|
|
California
|
Colton Riverside L.P.
|
|
|
|
California
|
Colton VB, L.P.
|
|
|
|
California
|
Corona Universal Self Storage, a California Limited Partnership
|
|
|
|
California
|
Eagle Bow Wakefield, LLC
|
|
Eagle Storage
|
|
Delaware
|
Fisher's Landing Storage, LLC
|
|
|
|
Washington
|
Fletcher Heights Storage Solutions, L.L.C.
|
|
|
|
Arizona
|
Fontana Universal Self Storage, a California Limited Partnership
|
|
|
|
California
|
Forest Grove Mini Storage, LLC
|
|
|
|
Oregon
|
Forney Storage Partners LLC
|
|
StoreMore Self Storage
|
|
Texas
|
GAK, LLC
|
|
Cypress Mini Storage
|
|
California
|
Grand Prairie Storage Partners LLC
|
|
StoreMore Self Storage
|
|
Texas
|
Great American Storage Partners, LLC
|
|
Great America Storage
|
|
Delaware
|
Gresham Storage, LLC
|
|
|
|
Oregon
|
GSC Allsafe Riv-1, LP
|
|
|
|
California
|
GSC Leave It Riv-2, LP
|
|
|
|
California
|
GSC Montclair, LP
|
|
|
|
California
|
Hesperia Universal Self Storage, a California Limited Partnership
|
|
|
|
California
|
Hide Away SPE, LLC
|
|
|
|
Delaware
|
Hide Away Storage Holdings, LLC
|
|
|
|
Delaware
|
Highway 97 Mini Storage, LLC
|
|
|
|
Oregon
|
Highway 99 Mini Storage, LLC
|
|
|
|
Oregon
|
ICDC II, LLC
|
|
|
|
Oregon
|
iStorage JV, LLC
|
|
|
|
Delaware
|
iStorage JV DuPont Highway, LLC
|
|
|
|
Delaware
|
iStorage JV Hickman Road, LLC
|
|
|
|
Delaware
|
iStorage JV Rancho Cordova, LLC
|
|
|
|
Delaware
|
iStorage JV Ridge Road, LLC
|
|
|
|
Delaware
|
iStorage JV Sunrise Monier, LLC
|
|
|
|
Delaware
|
iStorage Mezz, LLC
|
|
|
|
Delaware
|
iStorage PO, LLC
|
|
|
|
Delaware
|
iStorage TRS JV, LLC
|
|
|
|
Delaware
|
Keepers Storage, LLC
|
|
|
|
Washington
|
Lewisville Storage LLC
|
|
|
|
Washington
|
Loma Linda Universal Self Storage, a California Limited Partnership
|
|
|
|
California
|
Mini I, Limited
|
|
|
|
California
|
Murphy Storage Partners LLC
|
|
StoreMore Self Storage
|
|
Texas
|
National Storage Affiliates Management Company, LLC
|
|
|
|
Delaware
|
NBI Properties, L.L.C.
|
|
|
|
Delaware
|
Northwest II Chief Manager, LLC
|
|
|
|
Delaware
|
NSA Acquisition Holdings, LLC
|
|
|
|
Delaware
|
NSA All Stor, LLC
|
|
|
|
Delaware
|
NSA All Stor Chief Manager, LLC
|
|
|
|
Delaware
|
NSA Americor Holdings, LLC
|
|
|
|
Delware
|
NSA BV DR,LLC
|
|
|
|
Delaware
|
NSA Colton DR GP, LLC
|
|
A-1 Self Storage; StorAmerica Arcadia; El Camino Self Storage; All American Self Storage
|
|
Delaware
|
NSA Colton DR, LLC
|
|
Plano Self Storage; Crown Valley Self Storage; Paramount Self Storage; StorAmerica Duarte
|
|
Delaware
|
NSA GSC DR GP, LLC
|
|
Irvine Self Storage
|
|
Delaware
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NSA GSC DR, LLC
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StorAmerica Palm Springs I; Carlsbad Airport Self Storage; StorAmerica Indio
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Delaware
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NSA iStorage Member, LLC
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Delaware
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NSA iStorage TRS Member, LLC
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Delaware
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NSA MGMT CO GP, LLC
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Delaware
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NSA Northwest CMBS II, LLC
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Delaware
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NSA Northwest Holdings II, LLC
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Old Mill Self Storage; AllStar Storage; A-1 Westside Storage
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Delaware
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NSA Northwest Holdings, LLC
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Delaware
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NSA Northwest Holdings III, LLC
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Delaware
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NSA NW Holdings III Chief Manager, LLC
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Delaware
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NSA OP, LP
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Delaware
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NSA Property Holdings, LLC
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Delaware
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NSA SecurCare CMBS I, LLC
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Delaware
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NSA SecurCare Holdings, LLC
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Delaware
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NSA Security Storage, LLC
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NSA Security, LLC
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Delaware
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NSA Storage Solutions, LLC
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|
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Delaware
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NSA TRS, LLC
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Delaware
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NSA Tustin Gateway GP, LLC
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Delaware
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NSA Universal DR, LLC
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Delaware
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NSA-C Holdings, LLC
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StorAmerica Hawaiian Gardens; StorAmerica Victorville-2; Statewide Storage; Country Club Self Storage
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Delaware
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NSA-Colton Holdings, LLC
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Delaware
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NSA-G Holdings, LLC
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StorAmerica Montclair; Allsafe Freeway Storage; Leave It/Lock It Self Storage; StorAmerica Ontario; StorAmerica Palm Desert; StorAmerica Oceanside; StorAmerica Victorville
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Delaware
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NSA-GSC Colton Holdings, LLC
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Delaware
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NSA-GSC Holdings, LLC
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Delaware
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NSA-Northwest II, LLC
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|
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Delaware
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NSA-Optivest Acquisition Holdings, LLC
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StoreMore Self Storage; Fort Mohave Storage
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Delaware
|
NSA-Optivest, LLC
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|
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Delaware
|
NSA-SecurCare Acquisition Holdings, LLC
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Delaware
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NSA-SecurCare, LLC
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Delaware
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Oklahoma Self Storage GP, LLC
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Delaware
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Oklahoma Self Storage LP
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SecurCare Self Storage
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Colorado
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Optivest Storage Partners of Austin, LLC
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StoreMore Self Storage
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Texas
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Rev Smart, L.P.
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|
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Florida
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Safegard Mini Storage, LLC
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Oregon
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SAG Arcadia, LP
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California
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SAP-II YSI #1,LLC
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|
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Delaware
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SecurCare American Portfolio, LLC
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|
|
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Delaware
|
SecurCare American Properties II, LLC
|
|
|
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Delaware
|
SecurCare Colorado III, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Fayetteville I, LLC
|
|
|
|
Delaware
|
SecurCare Moreno Valley, LLC
|
|
|
|
Delaware
|
SecurCare Moveit McAllen, LLC
|
|
Move It Self Storage
|
|
Delaware
|
SecurCare Oklahoma I, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Oklahoma II, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Portfolio Holdings, LLC
|
|
|
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Delaware
|
SecurCare Properties I, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Properties II R, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Properties II, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
SecurCare Value Properties R, LLC
|
|
SecurCare Self Storage
|
|
Delaware
|
Series Americor Insurance Company, a series of Endeavor Assurance Company, LLC
|
|
|
|
Delaware
|
Shreve Storage Equities, L.L.C.
|
|
|
|
Louisiana
|
Springfield Mini Storage, LLC
|
|
|
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Oregon
|
Square Foot Springhill, LLC
|
|
|
|
Ohio
|
Storage Management and Leasing Co. LLC
|
|
|
|
Florida
|
Storage Management and Repair Co., LLC
|
|
|
|
Florida
|
StoreMore Self Storage-Pecos Road, LLC
|
|
StoreMore Self Storage
|
|
Delaware
|
Supreme Storage, LLC
|
|
|
|
Oregon
|
Terrell Storage Partners, LLC
|
|
StoreMore Self Storage
|
|
Texas
|
The Dalles Storage SPE, LLC
|
|
The Dalles Mini Storage, The Dalles Self Storage, The Dalles Storage
|
|
Oregon
|
Town Center Self Storage, LLC
|
|
|
|
Colorado
|
Troutdale Mini Storage, LLC
|
|
|
|
Oregon
|
Tustin Gateway LP
|
|
|
|
California
|
Universal Self Storage Hesperia LLC, a California limited liability company
|
|
|
|
California
|
Universal Self Storage Highland, a California Limited Partnership
|
|
|
|
California
|
Universal Self Storage San Bernardino LLC, a California limited liability company
|
|
|
|
California
|
Upland Universal Self Storage, a California Limited Partnership
|
|
|
|
California
|
Washington Murrieta II, LLC
|
|
StorAmerica Scottsdale
|
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California
|
Washington Murrieta III, LLC
|
|
StorAmerica Phoenix 24th
|
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Arizona
|
Washington Murrieta IV, LLC
|
|
StorAmerica Phoenix 52nd
|
|
California
|
WCAL, LLC
|
|
StoreMore Self Storage
|
|
Texas
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of National Storage Affiliates Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
By:
|
/s/ Arlen D. Nordhagen
|
|
Arlen D. Nordhagen
|
|
Chairman of the Board of Trustees and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of National Storage Affiliates Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
By:
|
/s/ Tamara D. Fischer
|
|
Tamara D. Fischer
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By:
|
/s/ Arlen D. Nordhagen
|
|
Arlen D. Nordhagen
|
|
Chairman of the Board of Trustees and Chief Executive Officer
|
By:
|
/s/ Tamara D. Fischer
|
|
Tamara D. Fischer
|
|
Executive Vice President and Chief Financial Officer
|