Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
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    
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
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 0
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