Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
9 Months Ended
Sep. 30, 2017
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
September 30, 2017
 
December 31, 2016
Land
$
502,503

 
$
456,135

Buildings and improvements
1,568,308

 
1,383,603

Furniture and equipment
5,034

 
4,598

Total self storage properties
2,075,845

 
1,844,336

Less accumulated depreciation
(153,783
)
 
(110,803
)
Self storage properties, net
$
1,922,062

 
$
1,733,533


Depreciation expense related to self storage properties amounted to $15.2 million and $11.1 million during the three months ended September 30, 2017 and 2016, respectively, and $43.6 million and $29.9 million during the nine months ended September 30, 2017 and 2016, respectively.