Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTIES

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SELF STORAGE PROPERTIES
9 Months Ended
Sep. 30, 2018
Real Estate [Abstract]  
SELF STORAGE PROPERTIES
SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
 
September 30, 2018
 
December 31, 2017
Land
$
577,167

 
$
528,304

Buildings and improvements
2,001,023

 
1,741,459

Furniture and equipment
5,876

 
5,470

Total self storage properties
2,584,066

 
2,275,233

Less accumulated depreciation
(226,086
)
 
(170,358
)
Self storage properties, net
$
2,357,980

 
$
2,104,875


Depreciation expense related to self storage properties amounted to $19.2 million and $15.2 million during the three months ended September 30, 2018 and 2017, respectively, and $56.1 million and $43.6 million during the nine months ended September 30, 2018 and 2017, respectively.