Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
March 31,
 
December 31,
 
2017
 
2016
Land
$
464,590

 
$
456,135

Buildings and improvements
1,417,750

 
1,383,603

Furniture and equipment
4,915

 
4,598

Total self storage properties
1,887,255

 
1,844,336

Less accumulated depreciation
(124,941
)
 
(110,803
)
Self storage properties, net
$
1,762,314

 
$
1,733,533


Depreciation expense related to self storage properties amounted to $14.1 million and $8.6 million during the three months ended March 31, 2017 and 2016, respectively.