Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
 6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
June 30, 2017
 
December 31, 2016
Land
$
482,983

 
$
456,135

Buildings and improvements
1,466,155

 
1,383,603

Furniture and equipment
4,918

 
4,598

Total self storage properties
1,954,056

 
1,844,336

Less accumulated depreciation
(138,726
)
 
(110,803
)
Self storage properties, net
$
1,815,330

 
$
1,733,533


Depreciation expense related to self storage properties amounted to $14.3 million and $10.1 million during the three months ended June 30, 2017 and 2016, respectively, and $28.4 million and $18.8 million during the six months ended June 30, 2017 and 2016, respectively.