10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

Commission File Number:

1-13820 (Life Storage, Inc.)

0-24071 (Life Storage LP)

LIFE STORAGE, INC.

LIFE STORAGE LP

(Exact name of Registrant as specified in its charter)

Maryland (Life Storage, Inc.) Delaware (Life Storage LP)	16-1194043 (Life Storage, Inc.) 16-1481551 (Life Storage LP)
(State of incorporation or organization)	(I.R.S. Employer Identification No.)

6467 Main Street

Williamsville, NY 14221

(Address of principal executive offices) (Zip code)

(716) 633-1850

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Securities	Exchanges on which Registered
Common Stock, $.01 Par Value	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Life Storage, Inc.	Yes  ☒    No  ☐
Life Storage LP	Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Life Storage, Inc.	Yes  ☐    No  ☒
Life Storage LP	Yes  ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Life Storage, Inc.	Yes  ☒    No  ☐
Life Storage LP	Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Life Storage, Inc.	Yes  ☒    No  ☐
Life Storage LP	Yes  ☒    No  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Life Storage, Inc.	☐
Life Storage LP	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):    

Life Storage, Inc.:	Large accelerated filer  ☒	Accelerated filer  ☐	Non-accelerated filer  ☐	Smaller reporting company  ☐
Life Storage LP:	Large accelerated filer  ☒	Accelerated filer  ☐	Non-accelerated filer  ☐	Smaller reporting company  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Life Storage, Inc.	Yes  ☐    No  ☒
Life Storage LP	Yes  ☐    No  ☒

As of June 30, 2016, 46,369,391 shares of Life Storage, Inc.’s Common Stock, $.01 par value per share, were outstanding, and the aggregate market value of the Common Stock held by non-affiliates of Life Storage, Inc. was approximately $4,779,975,682 (based on the closing price of the Common Stock on the New York Stock Exchange on June 30, 2016). As of February 13, 2017, 46,487,121 shares of Common Stock, $.01 par value per share, were outstanding.

As of June 30, 2016, the aggregate market value of the 196,008 units of limited partnership (the “OP Units”) held by non-affiliates of Life Storage LP was $20,565,159 (based on the closing price of the Common Stock of Life Storage, Inc., the sole general partner of Life Storage LP, on the New York Stock Exchange on June 30, 2016). (For this calculation, the market value of all OP Units beneficially owned by Life Storage, Inc. has been excluded.)

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement for the 2017 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrants’ fiscal year ended December 31, 2016.

EXPLANATORY NOTE

This report combines the annual reports on Form 10-K for the year ended December 31, 2016 of Life Storage, Inc., formerly known as Sovran Self Storage, Inc. (the “Parent Company”) and Life Storage LP, formerly known as Sovran Acquisition Limited Partnership (the “Operating Partnership”). The Parent Company is a real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. Effective August 15, 2016, the Parent Company changed its name from “Sovran Self Storage, Inc.” to “Life Storage, Inc.” and the Operating Partnership changed its name from “Sovran Acquisition Limited Partnership” to “Life Storage LP”. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of December 31, 2016. The remaining ownership interests in the Operating Partnership are held by certain former owners of assets acquired by the Operating Partnership. As the owner of the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical.

There are few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the owner of the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership.

The substantive difference between the Parent Company’s and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the consolidated statements of equity (or capital). Apart from the different equity treatment, the consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into a single report will:

• facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

• remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

• create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

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In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As the owner of the general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 9A - Controls and Procedures sections, signature pages and Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended and 18 U.S.C. §1350.

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TABLE OF CONTENTS

Part I
Item 1. Business	5
Item 1A. Risk Factors	12
Item 1B. Unresolved Staff Comments	19
Item 2. Properties	20
Item 3. Legal Proceedings	21
Item 4. Mine Safety Disclosures	21
Part II
Item  5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	22
Item 6. Selected Financial Data	24
Item  7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	42
Item 8. Financial Statements and Supplementary Data	43
Item  9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	81
Item 9A. Controls and Procedures	81
Item 9B. Other Information	85
Part III
Item 10. Directors, Executive Officers and Corporate Governance	85
Item 11. Executive Compensation	85
Item  12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	85
Item  13. Certain Relationships and Related Transactions, and Director Independence	85
Item 14. Principal Accountant Fees and Services	85
Part IV
Item 15. Exhibits, Financial Statement Schedules	85
Item 16. Form 10-K Summary	91
SIGNATURES	92
EX-10.1
EX-10.5
EX-10.8
EX-10.11
EX-12.1
EX-21.1
EX-23.1
EX-23.2
EX-31.1
EX-31.2
EX-32.1
EX-101

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Part I

When used in this discussion and elsewhere in this document, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the effect of competition from new self-storage facilities, which would cause rents and occupancy rates to decline; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s ability to effectively compete in the industry in which it does business; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; any future ratings on the Company’s debt instruments; regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and tax law changes that may change the taxability of future income.

Item 1. Business

Effective August 15, 2016, the Parent Company changed its name from “Sovran Self Storage, Inc.” to “Life Storage, Inc.” and the Operating Partnership changed its name from “Sovran Acquisition Limited Partnership” to “Life Storage LP”. Also, consistent with these name changes, and in connection with the rebranding of our storage facilities from “Uncle Bob’s Self Storage^®” to “Life Storage^®”, the name of the general partner of the Operating Partnership has been changed from “Sovran Holdings, Inc.” to “Life Storage Holdings, Inc.” and the name of the Parent Company’s taxable REIT subsidiary changed from “Uncle Bob’s Management, LLC” to “Life Storage Solutions, LLC”. This name change is intended to be responsive to the changing demographics and consumer trends in the self-storage industry. We believe that the change to the “Life Storage^®” name will allow the Company to continue to maintain its position as a leader in the U.S. self-storage industry and may provide additional growth opportunities that may not have been available under the “Uncle Bob’s Self Storage^®” name.

The Company is a self-administered and self-managed real estate company that acquires, owns and manages self-storage properties. We refer to the self-storage properties in which we have an ownership interest, lease, and/or are managed by us as “Properties.” We began operations on June 26, 1995. We were formed to continue the business of our predecessor company, which had engaged in the self-storage business since 1985. At December 31, 2016, we had an ownership interest in and/or managed 659 self-storage properties in 29 states under the names Life Storage^® and Uncle Bob’s Self Storage^®. Among our 659 self-storage properties are 39 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings LLC) of which we are a 20% owner, 30 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings II LLC) of which we are a 15% owner, and 26 properties that we manage and have no ownership interest. We are also a 20% owner in an unconsolidated joint venture (191 III Life Storage Holdings LLC) which acquired four properties in January 2017 that we have managed since acquisition. We believe we are the fifth largest operator of self-storage properties in the United States based on square feet owned and managed. All of our Properties will conduct business under the customer-friendly name Life Storage^®. At December 31, 2016, there remain stores in certain markets that continue to operate under the name Uncle Bob’s Self Storage^® and will continue to do so until our transition to the Life Storage^® name is complete in the first half of 2017.

At December 31, 2016, the Parent Company owned an indirect interest in 633 of the Properties through the Operating Partnership, which excludes the 26 properties that we manage and have no ownership interest. Included in the 633 properties are the 69 facilities in our unconsolidated joint ventures. In total, we own a 99.5% economic interest in the Operating Partnership and unaffiliated third parties own collectively a 0.5% limited partnership interest at December 31, 2016. We believe that this structure, commonly known as an umbrella partnership real estate investment trust (“UPREIT”), facilitates our ability to acquire properties by using units of the Operating Partnership as currency. By utilizing interests in the Operating Partnership as currency in facility acquisitions, we may partially defer the seller’s income tax liability which in turn may allow us to obtain more favorable pricing.

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The Parent Company was incorporated on April 19, 1995 under Maryland law. The Operating Partnership was formed on April 19, 1995 as a Delaware limited partnership and has engaged in virtually all aspects of the self-storage business, including the development, acquisition, management, ownership and operation of self-storage facilities. Our principal executive offices are located at 6467 Main Street, Williamsville, New York 14221, our telephone number is (716) 633-1850 and our websites are www.lifestorage.com and www.unclebobs.com.

We seek to enhance shareholder value through internal growth and acquisition of additional storage properties. Internal growth is achieved through aggressive property management: optimizing rental rates, increasing occupancy levels, controlling costs, maximizing collections, and strategically expanding and enhancing the Properties. Should economic conditions warrant, we may develop new properties. We believe that there continue to be opportunities for growth through acquisitions, and seek to acquire self-storage properties that are susceptible to realization of increased economies of scale and improved performance through application of our expertise.

Industry Overview

We believe that self-storage facilities offer inexpensive storage space to residential and commercial users. In addition to fully enclosed and secure storage space, many facilities also offer outside storage for automobiles, recreational vehicles and boats. Better facilities, such as those owned and/or managed by the Company, are usually fenced and well lighted with automated access systems, surveillance cameras, and have a full-time manager. Our customers rent space on a month-to-month basis and typically have access to their storage space up to 15 hours a day and in certain circumstances are provided with 24-hour access. Individual storage spaces are secured by the customer’s lock, and the customer has sole control of access to the space.

According to the 2017 Self-Storage Almanac, of the estimated 51,000 facilities in the United States (including both core and non-core storage businesses), approximately 15.0% are managed by the ten largest operators. The remainder of the industry is characterized by numerous small, local operators. The scarcity of capital available to small operators for acquisitions and expansions, internet marketing, call centers, and the potential for savings through economies of scale are factors that are leading to consolidation in the industry. We believe that, as a result of this trend, significant growth opportunities exist for operators with proven management systems and sufficient capital resources to grow either through acquisitions or third party management platforms.

Property Management

We have 31 years of experience managing self-storage facilities, and the combined experience of our key personnel makes us one of the leaders in the industry. All of our stores conduct business under the customer-friendly names Life Storage^® or Uncle Bob’s Self Storage^®. At December 31, 2016, there remain stores in certain markets that continue to operate under the name Uncle Bob’s Self Storage^® and will continue to do so until our full transition to the Life Storage^® name is complete in the first half of 2017. We employ the following strategies with respect to our property management:

Our People:

We recognize the importance of quality people to the success of an organization. Accordingly, we hire and train to ensure that all associates can reach their full potential. Each strives to conduct themselves in accordance with our core values: Teamwork, Respect, Accountability, Integrity, and Innovation. In turn, we support them with state of the art training tools including an online learning management system, a company intranet and a network of certified training personnel. Every store team also has frequent, and sometimes daily, interaction with an Area Manager, a Regional Vice President, an Accounting Representative, and other support personnel. As such, our store associates are held to high standards for customer service, store appearance, financial performance, and overall operations.

Training & Development:

Our employees benefit from a wide array of training and development opportunities. New store employees undergo a comprehensive, proprietary training program designed to drive sales and operational results while ensuring the delivery of quality customer service. To supplement their initial training, employees enjoy continuing edification, coaching, and performance feedback throughout their tenure.

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All learning and development activities are facilitated through our online training and development portal. This portal delivers and tracks hundreds of on-demand computer based training and compliance courses; it also administers tests, surveys, and the employee appraisal process. Life Storage’s training and development program encompasses the tools and support we deem essential to the success of our employees and business.

Marketing and Advertising:

We believe the avenues for attracting and capturing new customers have changed dramatically over the years. As such, we have implemented the following strategies to market our properties and increase profitability:

• We employ a Customer Care Center (call center) that services an average of 40,000 rental inquiries per month. Our Sales Representatives answer incoming sales calls for all of our stores, 361 days a year, 24 hours a day. The team undertakes continuous training and coaching in effective storage sales techniques, which we believe results in higher conversions of inquiries to rentals.

• The digital age has changed consumer behavior—the way people shop, their expectations, and the way we communicate with them. Our aggressive internet marketing and website provide customers with real-time pricing, online reservations, online payments, and support for mobile devices. We involve internal and external expertise to manage our internet presence and leverage a mix of mobile, desktop, and social media to attract and engage customers.

• Since the need for storage is largely based on timing, the ultimate goal is to create as much positive brand recognition as possible. When the time comes for a customer to select a storage company, we want the Life Storage brand to be on the top of their mind. We employ a variety of different strategies to create brand awareness; this includes our Life Storage rental trucks, branded merchandise such as moving and packing supplies, and extensive regional marketing in the communities in which we operate. We strive to gain the most exposure as possible for the longest period of time.

• Approximately 45% of our self-storage space is comprised of units with temperature and/or humidity control capabilities which we market to corporate customers and retail customers seeking storage solutions for valuable, sentimental, or otherwise sensitive items.

• We also have a fleet of rental trucks that serve as an added incentive to choose our storage facilities. The truck rental charge is waived for new move-in customers and we believe it provides a valuable service and added incentive to choose us. Further, the prominent display of our logo turns each truck into a moving billboard.

Ancillary Income:

We know that our 360,000 customers require more than just a storage space. Knowing this, we offer a wide range of other products and services that fulfill their needs while providing us with ancillary income. Whereas our Life Storage trucks are available with no rental charge for new move-in customers, they are available for rent to non-customers and existing customers. We also rent moving dollies and blankets, and we carry a wide assortment of moving and packing supplies including boxes, tape, locks, and other essential items. For those customers who do not carry storage insurance, we make available renters insurance through a third party carrier, on which we earn an administrative fee. We also receive incidental income from billboards and cell towers.

Information Systems:

Each of our primary business functions is linked to our customized computer applications, many of which are proprietary. These systems provide for consistent, timely and accurate flow of information throughout our critical platforms:

• Our proprietary operating software (“ubOS”) is installed at all locations and performs the functions necessary for field personnel to efficiently and effectively run a property. This includes customer account management, automatic imposition of late fees, move-in and move-out analysis, generation of essential legal notices, and marketing reports to aid in regional marketing efforts. Financial reports are automatically transmitted to our Corporate Offices overnight to allow for strict accounting oversight.

• ubOS is linked with each of our primary sales channels (customer care center, internet, store) allowing for real-time access to space type and inventory, pricing, promotions, and other pertinent store information. This robust flow of information facilitates our commitment to capturing prospective customers from all channels.

• ubOS provides our revenue management team with raw data on historical pricing, move-in and move-out activity, specials and occupancies, etc. This data is utilized in the various algorithms that form the foundation of our revenue management program. Changes to pricing and specials are “pushed out” to all sales channels instantaneously.

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• ubOS generates financial reports for each property that provide our accounting and audit departments with the necessary oversight of transactions; this allows us to maintain proper control of receipts.

Revenue Management:

Our proprietary revenue management system is constantly evolving through the efforts of our revenue management team comprised of a group of analysts. We have the ability to change pricing instantaneously for any one unit type, at any single location, based on the occupancy, competition, and forecasted changes in demand. By analyzing current customer rent tenures, we can implement rental rate increases at optimal times to increase revenues. Advanced pricing analytics enables us to reduce the amount of concessions, attracting a more stable customer base and discouraging short-term price shoppers. This system continues to drive revenue stability and/or growth throughout our portfolio.

Property Maintenance:

We take great pride in the appearance and structural integrity of our Properties. All of our Properties go through a thorough annual inspection performed by experienced Project Managers. Those inspections provide the basis for short and long term planned projects that are all performed under a standardized set of specifications. Routine maintenance such as landscaping, pest control, and snowplowing is contracted to local providers who have a clear understanding of our standards. Further, our software tracks repairs, monitors contractor performance and measures the useful life of assets. As with many other aspects of our Company, our size has allowed us to enjoy relatively low maintenance costs because we have the benefit of economies of scale in purchasing, travel, and overhead absorption. In addition, we continually look to green alternatives and implement energy saving alternatives as new technology becomes available. This includes the installation of solar panels, LED lighting, energy efficient air conditioning units, and cool roofs which are all environmentally friendly and have the potential to reduce energy consumption (thereby reducing costs) in the buildings in which they are installed. We continue to implement and expand the Company’s solar panel initiative which has reduced energy consumption and costs at those installed locations.

Environmental and Other Regulations

We are subject to federal, state, and local environmental regulations that apply generally to the ownership of real property. We have not received notice from any governmental authority or private party of any material environmental noncompliance, claim, or liability in connection with any of the Properties, and are not aware of any environmental condition with respect to any of the Properties that could have a material adverse effect on our financial condition or results of operations.

The Properties are also generally subject to the same types of local regulations governing other real property, including zoning ordinances. We believe that the Properties are in substantial compliance with all such regulations.

Insurance

Each of the Properties is covered by fire and property insurance (including comprehensive liability and business interruption), and all-risk property insurance policies, which are provided by reputable companies and on commercially reasonable terms. In addition, we maintain a policy insuring against environmental liabilities resulting from tenant storage on terms customary for the industry, and title insurance insuring fee title to the Company-owned Properties in an amount that we believe to be adequate.

Federal Income Tax

We operate, and we intend to continue to operate, in such a manner as to continue to qualify as a REIT under the Internal Revenue Code of 1986 (the “Code”), but no assurance can be given that we will at all times so qualify. To the extent that we continue to qualify as a REIT, we will not be taxed, with certain limited exceptions, on the taxable income that is distributed to our shareholders. We have elected to treat one of our subsidiaries as a taxable REIT subsidiary. In general, our taxable REIT subsidiary may perform additional services for customers and generally may engage in certain real estate or non-real estate related business. Our taxable REIT subsidiary is subject to corporate federal and state income taxes. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - REIT Qualification and Distribution Requirements.”

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Competition

The primary factors upon which competition in the self-storage industry is based are location, rental rates, suitability of the property’s design to prospective customers’ needs, and the manner in which the property is operated and marketed. We believe we compete successfully on these bases. The extent of competition depends significantly on local market conditions. We seek to locate facilities in a manner in which we can increase market share while not adversely affecting any of our existing locations in that market. However, the number of self-storage facilities in a particular area could have a material adverse effect on the performance of any of the Properties.

Several of our competitors are larger and have substantially greater financial resources than we do. These larger operators may, among other possible advantages, be capable of greater leverage and the payment of higher prices for acquisitions.

Investment Policy

While we emphasize equity real estate investments, we may, at our discretion, invest in mortgage and other real estate interests related to self-storage properties in a manner consistent with our qualification as a REIT. We may also retain a purchase money mortgage for a portion of the sale price in connection with the disposition of Properties from time to time. Should investment opportunities become available, we may look to acquire self-storage properties via a joint-venture partnership or similar entity. We may or may not elect to have a significant investment in such a venture, but would use such an opportunity to expand our portfolio of branded and managed properties.

Subject to the percentage of ownership limitations and gross income tests necessary for REIT qualification, we also may invest in securities of entities engaged in real estate activities or securities of other issuers, including for the purpose of exercising control over such entities.

Disposition Policy

Any disposition decision of our Properties is based on a variety of factors, including, but not limited to, the (i) potential to continue to increase cash flow and value, (ii) sale price, (iii) strategic fit with the rest of our portfolio, (iv) potential for, or existence of, environmental or regulatory issues, (v) alternative uses of capital, and (vi) maintaining qualification as a REIT.

During 2016, we sold eight non-strategic properties in Alabama, Georgia, Mississippi, Texas and Virginia for net proceeds of approximately $34.1 million, resulting in a gain of approximately $15.3 million. During 2015, we sold three non-strategic storage facilities purchased during 2014 and 2015 in Missouri and South Carolina for net proceeds of approximately $4.6 million, resulting in a loss of approximately $0.5 million. During 2014, we sold two non-strategic storage facilities in Texas for net proceeds of approximately $11.0 million resulting in a gain of approximately $5.2 million.

Distribution Policy

We intend to pay regular quarterly distributions to our shareholders. However, future distributions by us will be at the discretion of the Board of Directors and will depend on the actual cash available for distribution, our financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. In order to maintain our qualification as a REIT, we must make annual distributions to shareholders of at least 90% of our REIT taxable income (which does not include capital gains). Under certain circumstances, we may be required to make distributions in excess of cash available for distribution in order to meet the minimum requirements.

Financing Policy

Our Board of Directors currently limits the amount of debt that may be incurred by us to less than 50% of the sum of the market value of our issued and outstanding Common and Preferred Stock plus our debt. We, however, may from time to time re-evaluate and modify our borrowing policy in light of then current economic

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conditions, relative costs of debt and equity capital, market values of properties, growth and acquisition opportunities and other factors. In addition to our Board of Directors’ debt limits, our most restrictive debt covenants limit our leverage. However, we believe cash flow from operations, access to the capital markets and access to our credit facility, as described below, are adequate to execute our current business plan and remain in compliance with our debt covenants.

We have a $500 million revolving line of credit bearing interest at a variable rate equal to LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin was 1.10%). At December 31, 2016, there was $247 million available on the unsecured line of credit. The revolving line of credit has a maturity date of December 10, 2019.

On March 3, 2015, the Parent Company completed the public offering of 1,380,000 shares of its common stock at $90.40 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $119.5 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness outstanding on the Company’s unsecured line of credit.

On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit.

On May 25, 2016, the Company completed the public offering of 6,900,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $665.4 million.

On June 20, 2016, the Company issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). Net proceeds to the Company after original issue discount, underwriting discounts and commissions and offering expenses were approximately $591.2 million. On July 15, 2016, the proceeds from the 2026 Senior Notes, the proceeds from the Company’s common stock offering in May 2016, and draws on the Company’s line of credit were used to fund the acquisition of LifeStorage, LP. In conjunction with the issuance of the 2026 Senior Notes, the Company settled its $150 million notional forward starting swap agreements for cash of approximately $9.2 million.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. The proceeds from this term note were used to repay a portion of the then outstanding balance on the Company’s line of credit.

During 2015, the Company also issued 949,911 shares of common stock under the Company’s continuous equity offering program (“Equity Program”) at a weighted average issue price of $96.80 per share, generating net proceeds of $90.6 million. During 2014, we issued 924,403 shares under the Equity Program and 359,102 shares under our previous Equity Program for net proceeds of approximately $99.2 million. During 2016, the Company did not issue any shares of common stock under the Equity Program. As of December 31, 2016, the Company has $59.3 million availability for issuance of shares under the Equity Program which expires in May 2017.

To the extent that we desire to obtain additional capital to pay distributions, to provide working capital, to pay existing indebtedness or to finance acquisitions, expansions or development of new properties, we may utilize amounts available under the line of credit, common or preferred stock offerings, floating or fixed rate debt financing, retention of cash flow (subject to satisfying our distribution requirements under the REIT rules) or a combination of these methods. Additional debt financing may also be obtained through mortgages on our Properties, which may be recourse, non-recourse, or cross-collateralized and may contain cross-default provisions. We have not established any limit on the number or amount of mortgages that may be placed on any single Property or on our portfolio as a whole, although certain of our existing term loans contain limits on overall mortgage indebtedness. For additional information regarding borrowings, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and Note 6 to the Consolidated Financial Statements filed herewith.

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Employees

We currently employ a total of 1,537 employees, including 659 property managers, 45 area managers, and 581 associate managers and part-time employees. At our headquarters, in addition to our six senior executive officers, we employ 246 people engaged in various support activities, including accounting, human resources, customer care, and management information systems. None of our employees are covered by a collective bargaining agreement. We consider our employee relations to be excellent.

Available Information

We file with the U.S. Securities and Exchange Commission quarterly and annual reports on Forms 10-Q and 10-K, respectively, current reports on Form 8-K, and proxy statements pursuant to the Securities Exchange Act of 1934, in addition to other information as required. The public may read and copy any materials that we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1 (800) SEC-0330. We file this information with the SEC electronically, and the SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are available free of charge on our web site at http://www.lifestorage.com as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. In addition, our Codes of Ethics and Charters of our Governance Committee, Audit Committee, and Compensation Committee are available free of charge on our website at http://www.lifestorage.com.

Also, copies of our annual report and Charters of our Governance Committee, Audit Committee, and Compensation Committee will be made available, free of charge, upon written request to Life Storage, Inc., Attn: Investor Relations, 6467 Main Street, Williamsville, NY 14221.

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Item 1A. Risk Factors

You should carefully consider the risks described below, together with all of the other information included in or incorporated by reference into our Form 10-K, as part of your evaluation of the Company. If any of the following risks actually occur, our business could be harmed. In such case, the trading price of our securities could decline, and you may lose all or part of your investment.

Our Acquisitions May Not Perform as Anticipated

We have completed hundreds of acquisitions of self-storage facilities since our initial public offering of common stock in June 1995. Our strategy is to continue to grow by acquiring additional self-storage facilities. Acquisitions entail risks that investments will fail to perform in accordance with our expectations. Our judgments with respect to the prices paid for acquired self-storage facilities and the costs of any improvements required to bring an acquired property up to our standards may prove to be inaccurate. Acquisitions also involve general investment risks associated with any new real estate investment.

We May Incur Problems with Our Real Estate Financing

Unsecured Credit Facility, Term Notes and Senior Notes. We have a line of credit and term note agreements with a syndicate of financial institutions and other lenders, along with senior debt of $600 million. This indebtedness is recourse to us and the required payments are not reduced if the economic performance of any of the properties declines. The facilities limit our ability to make distributions to our shareholders, except in limited circumstances.

Rising Interest Rates. Indebtedness that we incur under the unsecured credit facility and bank term notes bears interest at a variable rate. Accordingly, increases in interest rates could increase our interest expense, which would reduce our cash available for distribution and our ability to pay expected distributions to our shareholders. We manage our exposure to rising interest rates using interest rate swaps and other available mechanisms. If the amount of our indebtedness bearing interest at a variable rate increases, our unsecured credit facility may require us to enter into additional interest rate swaps.

Refinancing May Not Be Available. It may be necessary for us to refinance our indebtedness through additional debt financing or equity offerings. If we were unable to refinance this indebtedness on acceptable terms, we might be forced to dispose of some of our self-storage facilities upon disadvantageous terms, which might result in losses to us and might adversely affect the cash available for distribution. If prevailing interest rates or other factors at the time of refinancing result in higher interest rates on refinancings, our interest expense would increase, which would adversely affect our cash available for distribution and our ability to pay expected distributions to shareholders.

Covenants and Risk of Default. Our loan instruments require us to operate within certain covenants, including financial covenants with respect to leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and dividend limitations. If we violate any of these covenants or otherwise default under these instruments, then our lenders could declare all indebtedness under these facilities to be immediately due and payable which would have a material adverse effect on our business and could require us to sell self-storage facilities under distressed conditions and seek replacement financing on substantially more expensive terms.

Reduction in or Loss of Credit Rating. Certain of our debt instruments require us to maintain an investment grade rating from at least one and in some cases two debt ratings agencies. Should we receive a reduction in our credit rating from the agencies, the interest rate on our line of credit would increase by up to 0.50% and the interest rate on $325 million of our bank term notes would increase by up to 0.65%. Should we fail to attain an investment grade rating from the agencies, the interest rates on our $100 million term note due 2021 and our $175 million term note due 2024 would each increase by 1.750%.

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Our Debt Levels May Increase

Our Board of Directors currently has a policy of limiting the amount of our debt at the time of incurrence to less than 50% of the sum of the market value of our issued and outstanding common stock and preferred stock plus the amount of our debt at the time that debt is incurred. However, our organizational documents do not contain any limitation on the amount of indebtedness we might incur. Accordingly, our Board of Directors could alter or eliminate the current policy limitation on borrowing without a vote of our shareholders. We could become highly leveraged if this policy were changed. However, our ability to incur debt is limited by covenants in our debt instruments.

We Are Subject to the Risks Posed by Fluctuating Demand and Significant Competition in the Self-Storage Industry

Our self-storage facilities are subject to all operating risks common to the self-storage industry. These risks include but are not limited to the following:

• Decreases in demand for rental spaces in a particular locale;

• Changes in supply of similar or competing self-storage facilities in an area;

• Changes in market rental rates; and

• Inability to collect rents from customers.

Our current strategy is to acquire interests only in self-storage facilities. Consequently, we are subject to risks inherent in investments in a single industry. Our self-storage facilities compete with other self-storage facilities in their geographic markets. As a result of competition, the self-storage facilities could experience a decrease in occupancy levels and rental rates, which would decrease our cash available for distribution. We compete in operations and for acquisition opportunities with companies that have substantial financial resources. Competition may reduce the number of suitable acquisition opportunities offered to us and increase the bargaining power of property owners seeking to sell. The self-storage industry has at times experienced overbuilding in response to perceived increases in demand. A recurrence of overbuilding might cause us to experience a decrease in occupancy levels, limit our ability to increase rents, and compel us to offer discounted rents.

Our Real Estate Investments Are Illiquid and Are Subject to Uninsurable Risks and Government Regulation

General Risks. Our investments are subject to varying degrees of risk generally related to the ownership of real property. The underlying value of our real estate investments and our income and ability to make distributions to our shareholders are dependent upon our ability to operate the self-storage facilities in a manner sufficient to maintain or increase cash available for distribution. Income from our self-storage facilities may be adversely affected by the following factors:

• Changes in national economic conditions;

• Changes in general or local economic conditions and neighborhood characteristics;

• Competition from other self-storage facilities;

• Changes in interest rates and in the availability, cost and terms of financing;

• The impact of present or future environmental legislation and compliance with environmental laws;

• The ongoing need for capital improvements, particularly in older facilities;

• Changes in real estate tax rates and other operating expenses;

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• Adverse changes in governmental rules and fiscal policies;

• Uninsured losses resulting from casualties associated with civil unrest, acts of God, including natural disasters, and acts of war;

• Adverse changes in zoning laws; and

• Other factors that are beyond our control.

Illiquidity of Real Estate May Limit its Value. Real estate investments are relatively illiquid. Our ability to vary our portfolio of self-storage facilities in response to changes in economic and other conditions is limited. In addition, provisions of the Code may limit our ability to profit on the sale of self-storage facilities held for fewer than two years. We may be unable to dispose of a facility when we find disposition advantageous or necessary and the sale price of any disposition may not equal or exceed the amount of our investment.

Uninsured and Underinsured Losses Could Reduce the Value of our Self Storage Facilities. Some losses, generally of a catastrophic nature, that we potentially face with respect to our self-storage facilities may be uninsurable or not insurable at an acceptable cost. Our management uses its discretion in determining amounts, coverage limits and deductibility provisions of insurance, with a view to acquiring appropriate insurance on our investments at a reasonable cost and on suitable terms. These decisions may result in insurance coverage that, in the event of a substantial loss, would not be sufficient to pay the full current market value or current replacement cost of our lost investment. Inflation, changes in building codes and ordinances, environmental considerations, and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed. Under those circumstances, the insurance proceeds received by us might not be adequate to restore our economic position with respect to a particular property.

Possible Liability Relating to Environmental Matters. Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or operator of real property may be liable for the costs of removal or remediation of hazardous or toxic substances on, under, or in that property. Those laws often impose liability even if the owner or operator did not cause or know of the presence of hazardous or toxic substances and even if the storage of those substances was in violation of a customer’s lease. In addition, the presence of hazardous or toxic substances, or the failure of the owner to address their presence on the property, may adversely affect the owner’s ability to borrow using that real property as collateral. In connection with the ownership of the self-storage facilities, we may be potentially liable for any of those costs.

Americans with Disabilities Act. The Americans with Disabilities Act of 1990, or ADA, generally requires that buildings be made accessible to persons with disabilities. A determination that we are not in compliance with the ADA could result in imposition of fines or an award of damages to private litigants. If we were required to make modifications to comply with the ADA, our results of operations and ability to make expected distributions to our shareholders could be adversely affected.

There Are Limitations on the Ability to Change Control of the Company

Limitation on Ownership and Transfer of Shares. To maintain our qualification as a REIT, not more than 50% in value of our outstanding shares of stock may be owned, directly or indirectly, by five or fewer individuals, as defined in the Code. To limit the possibility that we will fail to qualify as a REIT under this test, our Amended and Restated Articles of Incorporation (“Articles of Incorporation”) include ownership limits and transfer restrictions on shares of our stock. Our Articles of Incorporation limit ownership of our issued and outstanding stock by any single shareholder to 9.8% of the aggregate value of our outstanding stock, except that the ownership by some of our shareholders is limited to 15%.

These ownership limits may:

• Have the effect of precluding an acquisition of control of the Company by a third party without consent of our Board of Directors even if the change in control would be in the interest of shareholders; and

• Limit the opportunity for shareholders to receive a premium for shares of our common stock they hold that might otherwise exist if an investor were attempting to assemble a block of common stock in excess of 9.8% or 15%, as the case may be, of the outstanding shares of our stock or to otherwise effect a change in control of Life Storage.

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Our Board of Directors may waive the ownership limits if it is satisfied that ownership by those shareholders in excess of those limits will not jeopardize our status as a REIT under the Code or in the event it determines that it is no longer in our best interests to be a REIT. Waivers have been granted to the former holders of our Series C preferred stock, FMR Corporation, Cohen & Steers, Inc. and Invesco Advisers, Inc. A transfer of our common stock and/or preferred stock to a person who, as a result of the transfer, violates the ownership limits may not be effective under some circumstances.

Other Limitations. Other limitations could have the effect of discouraging a takeover or other transaction in which holders of some, or a majority, of our outstanding common stock might receive a premium for their shares of our common stock that exceeds the then prevailing market price or that those holders might believe to be otherwise in their best interest. The issuance of additional shares of preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the shareholders’ interest. In addition, the Maryland General Corporation Law, or MGCL, imposes restrictions and requires specific procedures with respect to the acquisition of stated levels of share ownership and business combinations, including combinations with interested shareholders. These provisions of the MGCL could have the effect of delaying or preventing a change in control of Life Storage even if a change in control were in the shareholders’ interest. Our bylaws contain a provision exempting from the MGCL control share acquisition statute any and all acquisitions by any person of shares of our stock. However, this provision may be amended or eliminated at any time. In addition, under the Operating Partnership’s agreement of limited partnership, in general, we may not merge, consolidate or engage in any combination with another person or sell all or substantially all of our assets unless that transaction includes the merger or sale of all or substantially all of the assets of the Operating Partnership, which requires the approval of the holders of 75% of the limited partnership interests thereof. If we were to own less than 75% of the limited partnership interests in the Operating Partnership, this provision of the limited partnership agreement could have the effect of delaying or preventing us from engaging in some change of control transactions.

Our Failure to Qualify as a REIT Would Have Adverse Consequences

We intend to continue to operate in a manner that will permit us to qualify as a REIT under the Code. We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Annual Report on Form 10-K are not binding on the IRS or any court. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. Continued qualification as a REIT depends upon our continuing ability to meet various requirements concerning, among other things, the ownership of our outstanding stock, the nature of our assets, the sources of our income and the amount of our distributions to our shareholders. The fact that we hold substantially all of our assets through our Operating Partnership and its subsidiaries and joint ventures further complicates the application of the REIT requirements for us. Even a technical or inadvertent mistake could jeopardize our REIT status and, given the highly complex nature of the rules governing REITs and the ongoing importance of factual determinations, we cannot provide any assurance that we will continue to qualify as a REIT. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts and the IRS might issue new rulings, that make it more difficult, or impossible, for us to remain qualified as a REIT.

If we were to fail to qualify as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, we would not be allowed a deduction for distributions to shareholders in computing our taxable income and would be subject to federal income tax (including any applicable alternative minimum tax and possibly increased state and local taxes) on our taxable income at regular corporate rates. Unless entitled to relief under certain Code provisions, we also would be ineligible for qualification as a REIT for the four taxable years following the year during which our qualification was lost. As a result, distributions to the shareholders would be reduced for each of the years involved. Although we currently intend to continue to operate in a manner designed to qualify as a REIT, it is possible that future economic, market, legal, tax or other considerations may cause our Board of Directors to revoke our REIT election. If we fail to qualify as a REIT for federal income tax purposes and are able to avail ourselves of one or more of the statutory savings provisions in order to maintain our REIT status, we would nevertheless be required to pay penalty taxes of $50,000 or more for each such failure.

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We Will Pay Some Taxes Even if We Qualify as a REIT, Reducing Cash Available for Shareholders

Even if we qualify as a REIT for federal income tax purposes, we are required to pay some federal, state and local taxes on our income and property. For example, we will be subject to income tax to the extent we distribute less than 100% of our REIT taxable income (including capital gains). Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Moreover, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell.

One of our subsidiaries has elected to be treated as a “taxable REIT subsidiary” of the Company for federal income tax purposes. A taxable REIT subsidiary is taxed as a regular corporation and is limited in its ability to deduct interest payments made to us in excess of a certain amount. In addition, if we receive or accrue certain amounts and the underlying economic arrangements among our taxable REIT subsidiary and us are not comparable to similar arrangements among unrelated parties, we will be subject to a 100% penalty tax on those payments in excess of amounts deemed reasonable between unrelated parties.

Finally, some state and local jurisdictions may tax some of our income even though as a REIT we are not subject to federal income tax on that income because not all states and localities follow the federal income tax treatment of REITs. To the extent that we are or any taxable REIT subsidiary is required to pay federal, foreign, state or local taxes, we will have less cash available for distribution to shareholders.

Complying with REIT Requirements May Limit Our Ability to Hedge Effectively and May Cause Us to Incur Tax Liabilities

The REIT provisions of the Code may limit our ability to hedge our assets and operations. Under these provisions, any income that we generate from transactions intended to hedge our interest rate risk will be excluded from gross income for purposes of the REIT 75% and 95% gross income tests if the instrument hedges interest rate risk on liabilities used to carry or acquire real estate assets or manages the risk of certain currency fluctuations, and such instrument is properly identified under applicable Treasury Regulations. Income from hedging transactions that do not meet these requirements will generally constitute non-qualifying income for purposes of both the REIT 75% and 95% gross income tests. As a result of these rules, we may have to limit our use of hedging techniques that might otherwise be advantageous or implement those hedges through a taxable REIT subsidiary. This could increase the cost of our hedging activities because our taxable REIT subsidiary would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our taxable REIT subsidiary will generally not provide any tax benefit, except for being carried back or forward against past or future taxable income in the taxable REIT subsidiary.

Complying with the REIT Requirements May Cause Us to Forgo and/or Liquidate Otherwise Attractive Investments

To qualify as a REIT, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts that we distribute to our shareholders and the ownership of our shares. To meet these tests, we may be required to take or forgo taking actions that we would otherwise consider advantageous. For instance, in order to satisfy the gross income or asset tests applicable to REITs under the Code, we may be required to forgo investments that we otherwise would make. Furthermore, we may be required to liquidate from our portfolio otherwise attractive investments. In addition, we may be required to make distributions to shareholders at disadvantageous times or when we do not have funds readily available for distribution. These actions could reduce our income and amounts available for distribution to our shareholders. Thus, compliance with the REIT requirements may hinder our investment performance.

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If the Operating Partnership Fails to Qualify as a Partnership for Federal Income Tax Purposes, We Could Fail to Qualify as a REIT and Suffer Other Adverse Consequences

We believe that the Operating Partnership is organized and operated in a manner so as to be treated as a partnership and not an association or a publicly traded partnership taxable as a corporation, for federal income tax purposes. As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of the partners is allocated its share of the Operating Partnership’s income. No assurance can be provided, however, that the IRS will not challenge the Operating Partnership’s status as a partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership as an association or publicly traded partnership taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, would cease to qualify as a REIT. Also, the failure of the Operating Partnership to qualify as a partnership would cause it to become subject to federal corporate income tax, which would reduce significantly the amount of its cash available for distribution to its partners, including us.

U.S. federal income tax treatment of REITs and investments in REITs may change, which may result in the loss of our tax benefits of operating as a REIT.

Current U.S. federal income tax treatment of a REIT and an investment in a REIT may be modified by legislative, judicial or administrative action at any time. The administration of President Trump and the leaders of the House of Representatives and the Senate have expressed interest in passing comprehensive tax reform this year. The descriptions of tax reform proposals have not specifically addressed the treatment of REITs, amendments to U.S. federal income tax laws and interpretations of these laws could adversely affect us and the tax consequences of an investment in our common shares.

Some of the tax benefits identified as possibly being eliminated or reduced include benefits that have been important to the real estate industry, including REITs, such as eliminating the like-kind exchange rules or the deduction of net interest expense. In addition, tax reform proposals contemplate reductions in corporate tax rates. Substantially reduced corporate tax rates could possibly reduce or eliminate the relative attractiveness of REITs as an entity for owning real estate.

We cannot predict how changes in U.S. federal income tax law will affect us or our investors nor can we predict the long-term impact of proposed tax reforms on the real estate industry.

We May Change the Dividend Policy for Our Common Stock in the Future

In 2016, our Board of Directors authorized and we declared quarterly common stock dividends of $0.85 per share in January, and $0.95 per share for April, July and October, for a total 2016 dividend per share annual rate of $3.70 per share. In addition, our board of directors authorized and we declared a quarterly common stock dividend of $0.95 per share in January 2017. We can provide no assurance that our board will not reduce or eliminate entirely dividend distributions on our common stock in the future.

Our Board of Directors will continue to evaluate our distribution policy on a quarterly basis as they monitor the capital markets and the impact of the economy on our operations. The decisions to authorize and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors. Any change in our dividend policy could have a material adverse effect on the market price of our common stock.

Market Interest Rates May Influence the Price of Our Common Stock

One of the factors that may influence the price of our common stock in public trading markets or in private transactions is the annual yield on our common stock as compared to yields on other financial instruments. An increase in market interest rates will result in higher yields on other financial instruments, which could adversely affect the price of our common stock.

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Regional Concentration of Our Business May Subject Us to Economic Downturns in the States of Texas and Florida

As of December 31, 2016, 244 of our 659 self-storage facilities are located in the states of Texas and Florida. For the year ended December 31, 2016, these facilities accounted for approximately 38% of store revenues. This concentration of business in Texas and Florida exposes us to potential losses resulting from a downturn in the economies of those states. If economic conditions in those states deteriorate, we may experience a reduction in existing and new business, which may have an adverse effect on our business, financial condition and results of operations.

When We Acquire Properties in New Markets, We Will Be Subject to Increased Operational Risks

We may acquire self-storage properties in markets where we have little or no operational experience. For example, in 2016 we acquired 22 self-storage properties in California, 17 self-storage properties in Nevada, one self-storage property in Utah, and one self-storage property in Wisconsin, all of which are states where we had not previously operated. When we enter into new markets, we will be subject to increased risks resulting from our lack of experience and infrastructure in these markets and may need to incur additional costs, both expected and unexpected, in order to develop our operating capabilities in these markets. These risks could materially and adversely affect us, including our growth prospects, financial condition and results of operations.

Changes in Taxation of Corporate Dividends May Adversely Affect the Value of Our Common Stock

The maximum marginal rate of tax payable by domestic noncorporate taxpayers on dividends received from a regular “C” corporation under current federal law generally is 20%, as opposed to higher ordinary income rates. The reduced tax rate, however, does not apply to distributions paid to domestic noncorporate taxpayers by a REIT on its stock, except for certain limited amounts. The earnings of a REIT that are distributed to its stockholders generally remain subject to less federal income taxation than earnings of a non-REIT “C” corporation that are distributed to its stockholders net of corporate-level income tax. However, the lower rate of taxation to dividends paid by regular “C” corporations could cause domestic noncorporate investors to view the stock of regular “C” corporations as more attractive relative to the stock of a REIT, because the dividends from regular “C” corporations continue to be taxed at a lower rate while distributions from REITs (other than distributions designated as capital gain dividends) are generally taxed at the same rate as other ordinary income for domestic noncorporate taxpayers.

We are heavily dependent on computer systems, telecommunications and the Internet to process transactions, summarize results and manage our business. Security breaches or a failure of such networks, systems or technology could adversely impact our business and customer relationships.

We are heavily dependent upon automated information technology and Internet commerce, with many of our new customers coming from the Internet or the telephone, and the nature of our business involves the receipt and retention of personal information about them. We centrally manage significant components of our operations with our computer systems, including our financial information, and we also rely extensively on third-party vendors to retain data, process transactions and provide other systems services. These systems are subject to damage or interruption from power outages, computer and telecommunications failures, computer worms, viruses and other destructive or disruptive security breaches and catastrophic events.

As a result, our operations could be severely impacted by a natural disaster, terrorist attack or other circumstance that resulted in a significant outage of our systems or those of our third party providers, despite our use of back up and redundancy measures. Further, viruses and other related risks could negatively impact our information technology processes. We could also be subject to a “cyber-attack” or other data security breach which would penetrate our network security, resulting in misappropriation of our confidential information, including customer personal information. System disruptions and shutdowns could also result in additional costs to repair or replace such networks or information systems and possible legal liability, including government enforcement actions

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and private litigation. In addition, our customers could lose confidence in our ability to protect their personal information, which could cause them to move out of rented storage spaces. Such events could lead to lost future sales and adversely affect our results of operations.

Item 1B. Unresolved Staff Comments

None.

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Item 2. Properties

At December 31, 2016, we held ownership interests in, leased, and/or managed a total of 659 Properties situated in twenty-nine states. Among our 659 self-storage properties are 39 properties that we manage for an unconsolidated joint venture of which we are a 20% owner, 30 properties that we manage for an unconsolidated joint venture of which we are a 15% owner, and 26 properties that we manage and have no ownership interest. We are also a 20% owner in an unconsolidated joint venture (191 III Life Storage Holdings LLC) which acquired four properties in January 2017 that we have managed since acquisition.

Our self-storage facilities offer inexpensive, easily accessible, enclosed storage space to residential and commercial users on a month-to-month basis. Most of our Properties are fenced and well lighted with automated access systems and surveillance cameras. A majority of the Properties are single-story, thereby providing customers with the convenience of direct vehicle access to their storage spaces. Our stores range in size from 18,000 to 195,000 net rentable square feet, with an average of approximately 70,000 net rentable square feet. The Properties generally are constructed of masonry or steel walls resting on concrete slabs and have standing seam metal, shingle, or tar and gravel roofs. All Properties have a property manager on-site during business hours. Generally, customers have access to their storage space up to 15 hours a day, and some customers are provided 24-hour access. Individual storage spaces are secured by a lock furnished by the customer to provide the customer with control of access to the space.

All of the Properties conduct business under the customer-friendly names Life Storage^® or Uncle Bob’s Self Storage^®. At December 31, 2016, there remain stores in certain markets that continue to operate under the name Uncle Bob’s Self Storage^® and will continue to do so until our full transition to the Life Storage^® name is complete in the first half of 2017.

The following table provides certain information regarding the Properties in which we have an ownership interest, lease, and/or manage as of December 31, 2016:

	Number of Stores at December 31, 2016		Square Feet		Number of Spaces		Percentage of Store Revenue
Alabama		21		1,581,803		12,152		2.7	%
Arizona		12		798,474		7,077		1.6	%
California		22		2,040,278		17,981		3.7	%
Colorado		11		776,794		6,826		1.6	%
Connecticut		10		754,348		7,539		2.4	%
Florida		87		5,933,877		57,474		13.7	%
Georgia		30		2,091,516		17,870		4.5	%
Illinois		45		3,352,221		33,972		6.1	%
Kentucky		2		142,914		1,322		0.3	%
Louisiana		16		974,384		8,296		2.0	%
Maine		4		219,967		2,179		0.7	%
Maryland		3		138,639		1,618		0.4	%
Massachusetts		15		824,090		8,296		2.3	%
Mississippi		12		883,656		6,606		1.6	%
Missouri		14		912,735		8,206		2.1	%
Nevada		17		1,303,192		11,169		1.3	%
New Hampshire		10		725,777		6,226		1.5	%
New Jersey		29		2,089,217		21,867		6.6	%
New York		44		2,651,089		25,451		7.4	%
North Carolina		21		1,272,271		11,572		2.5	%
Ohio		24		1,630,497		13,691		3.0	%
Pennsylvania		11		692,196		5,984		1.5	%
Rhode Island		4		206,721		1,924		0.6	%
South Carolina		13		853,791		7,533		1.9	%
Tennessee		5		348,504		3,005		0.8	%
Texas		157		11,495,842		95,000		24.7	%
Utah		1		86,000		575		0.1	%
Virginia		17		1,265,058		11,535		2.3	%
Wisconsin		2		121,442		1,138		0.1	%
Total		659		46,167,293		414,084		100.0	%

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At December 31, 2016, the Properties had an average occupancy of 87.76% and an annualized rent per occupied square foot of $13.86.

Item 3. Legal Proceedings

On or about August 25, 2014, a putative class action was filed against the Company in the Superior Court of New Jersey Law Division Burlington County. The action seeks to obtain declaratory, injunctive and monetary relief for a class of consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act, the New Jersey Consumer Fraud Act and the New Jersey Insurance Producer Licensing Act. On October 17, 2014, the action was removed from the Superior Court of New Jersey Law Division Burlington County to the United States District Court for the District of New Jersey. The Company brought a motion to partially dismiss the complaint for failure to state a claim, and on July 16, 2015, the Company’s motion was granted in part and denied in part. On October 20, 2016, the complaint was amended to add a claim that the Company’s insurance program violates New Jersey consumer protection laws. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time.

Item 4. Mine Safety Disclosures

Not Applicable

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Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our Common Stock was traded on the New York Stock Exchange under the symbol “SSS” until August 15, 2016 at which time our symbol was change “LSI”. Set forth below are the high and low sales prices for our Common Stock for each full quarterly period within the two most recent fiscal years.

Quarter 2015	High		Low
1st	$	97.76	$	87.40
2nd		94.84		85.95
3rd		99.32		85.69
4th		110.60		93.33
Quarter 2016	High		Low
1st	$	118.18	$	98.80
2nd	$	117.81	$	98.93
3rd	$	107.71	$	86.45
4th	$	88.89	$	77.00

As of February 13, 2017, there were approximately 662 holders of record of our Common Stock. These figures do not include common shares held by brokers and other institutions on behalf of shareholders.

We have paid quarterly dividends to our shareholders since our inception. Reflected in the table below are the dividends paid in the last two years.

For federal income tax purposes, distributions to shareholders are treated as ordinary income, capital gain, return of capital or a combination thereof. Distributions to shareholders for 2016 represent 95% ordinary income and 5% return of capital.

History of Dividends Declared on Common Stock

January 2015	$	0.750 per share
April 2015	$	0.750 per share
July 2015	$	0.850 per share
October 2015	$	0.850 per share
January 2016	$	0.850 per share
April 2016	$	0.950 per share
July 2016	$	0.950 per share
October 2016	$	0.950 per share

For each quarter in 2015 and 2016, the Operating Partnership paid a cash distribution per unit in an amount equal to the dividend paid on a share of common stock for such quarter.

In 2016, the Operating Partnership issued 90,477 OP Units with a fair value of $9.5 million to pay part of the consideration to acquire certain self-storage properties. The issuance of OP Units in connection with these acquisitions were exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, because it did not involve any public offering.

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EQUITY COMPENSATION PLAN INFORMATION

The following table sets forth certain information as of December 31, 2016, with respect to equity compensation plans under which shares of the Company’s Common Stock may be issued.

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (#)		Weighted average exercise price of outstanding options, warrants and rights ($)		Number of securities remaining available for future issuance (#)
Equity compensation plans approved by shareholders:
2005 Award and Option Plan		77,206	$	45.49		—
2015 Award and Option Plan (2)		79,620	$	—		435,570
2009 Outside Directors’ Stock Option and Award Plan		18,500	$	79.58		71,016
Deferred Compensation Plan for Directors (1)		20,513		N/A		23,625
Equity compensation plans not approved by shareholders:		N/A		N/A		N/A

(1) Under the Deferred Compensation Plan for Directors, non-employee Directors may defer all or part of their Directors’ fees that are otherwise payable in cash. Directors’ fees that are deferred under the Plan will be credited to each Directors’ account under the Plan in the form of Units. The number of Units credited is determined by dividing the amount of Directors’ fees deferred by the closing price of the Company’s Common Stock on the New York Stock Exchange on the day immediately preceding the day upon which Directors’ fees otherwise would be paid by the Company. A Director is credited with additional Units for dividends on the shares of Common Stock represented by Units in such Directors’ Account. A Director may elect to receive the shares in a lump sum on a date specified by the Director or in quarterly or annual installments over a specified period and commencing on a specified date.

(2) Includes the maximum number of shares (79,620) that could be issued as part of 2015 and 2016 performance-based awards. The actual number of shares to be issued will be determined at the end of the three year performance periods in 2018 and 2019. See note 9 of our consolidated financial statements.

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CORPORATE PERFORMANCE GRAPH

The following chart and line-graph presentation compares (i) the Company’s shareholder return on an indexed basis since December 31, 2011 with (ii) the S&P Stock Index and (iii) the National Association of Real Estate Investment Trusts Equity Index.

CUMULATIVE TOTAL SHAREHOLDER RETURN

LIFE STORAGE, INC.

DECEMBER 31, 2011 - DECEMBER 31, 2016

	Dec. 31, 2011		Dec. 31, 2012		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2016
S&P		100.00		116.00		153.57		174.60		177.01		198.18
NAREIT		100.00		118.06		120.97		157.43		162.46		176.30
LSI		100.00		150.49		162.72		226.02		287.95		237.27

The foregoing item assumes $100.00 invested on December 31, 2011, with dividends reinvested.

Item 6. Selected Financial Data

LIFE STORAGE, INC.

The following table sets forth selected financial and operating data on an historical consolidated basis for the Parent Company. The selected historical financial data as of and for the five-year period ended December 31, 2016 are derived from the Parent Company’s consolidated financial statements, which have been audited by Ernst & Young LLP, an independent registered public accounting firm. The consolidated financial statements as of December 31, 2016 and 2015, and for each of the years in the three-year period ended December 31, 2016, and their report thereon, are included herein. The other data presented below is not derived from the financial statements.

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The following selected financial and operating information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the consolidated financial statements and related notes thereto of the Parent Company included elsewhere in this Annual Report on Form 10-K:

	At or For Year Ended December 31,
(dollars in thousands, except per share data)	2016			2015			2014			2013			2012
Operating Data
Operating revenues	$	462,608		$	366,602		$	326,080		$	273,507		$	234,082
Income from continuing operations		84,956			113,077			89,057			71,472			48,121
Income from discontinued operations (1)		—			—			—			3,123			7,520
Net income		84,956			113,077			89,057			74,595			55,641
Net income attributable to common shareholders		85,225			112,524			88,531			74,126			55,128
Income from continuing operations per common share attributable to common shareholders – diluted		1.96			3.16			2.67			2.26			1.61
Net income per common share attributable to common shareholders – basic		1.97			3.18			2.68			2.37			1.88
Net income per common share attributable to common shareholders – diluted		1.96			3.16			2.67			2.36			1.87
Dividends declared per common share (2)		3.70			3.20			2.72			2.02			1.80
Balance Sheet Data
Investment in storage facilities at cost	$	4,243,308		$	2,491,702		$	2,177,983		$	1,864,637		$	1,742,354
Total assets		3,857,984			2,118,822			1,850,727			1,558,894			1,480,880
Total debt		1,653,552			827,643			797,054			623,273			680,821
Total liabilities		1,751,399			898,336			861,236			675,245			739,480
Other Data
Net cash provided by operating activities	$	225,550		$	186,198		$	146,068		$	120,646		$	98,762
Net cash used in investing activities		(1,796,069	)		(328,689	)		(334,993	)		(114,345	)		(175,664	)
Net cash provided by (used in) financing activities		1,587,184			140,968			187,944			(4,032	)		76,836

(1) In 2013 we sold four stores and in 2012 we sold seventeen stores whose results of operations and gain (loss) on disposal are classified as discontinued operations for all previous years presented.

(2) In 2012 we declared regular quarterly dividends of $0.45 in January, April, July and October. In 2013 we declared regular quarterly dividends of $0.48 in January and April, and $0.53 in July and October. In 2014 we declared regular quarterly dividends of $0.68 in January, April, July and October. In 2015 we declared regular quarterly dividends of $0.75 in January and April, and $0.85 in July and October. In 2016 we declared regular quarterly dividends of $0.85 in January and $0.95 in April, July and October.

LIFE STORAGE LP

The following table sets forth selected financial and operating data on an historical consolidated basis for the Operating Partnership. The selected historical financial data as of and for the five-year period ended December 31, 2016 are derived from the Operating Partnership’s consolidated financial statements. The consolidated financial statements for the years ending December 31, 2013 through December 31, 2016 have been audited by Ernst & Young LLP, an independent registered public accounting firm. The consolidated financial statements as of December 31, 2016 and 2015, and for each of the years in the three-year period ended December 31, 2016, and their report thereon, are included herein. The other data presented below is not derived from the financial statements.

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The following selected financial and operating information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the consolidated financial statements and related notes thereto of the Operating Partnership included elsewhere in this Annual Report on Form 10-K:

	At or For Year Ended December 31,
(dollars in thousands, except per unit data)	2016			2015			2014			2013			2012
Operating Data
Operating revenues	$	462,608		$	366,602		$	326,080		$	273,507		$	234,082
Income from continuing operations		84,956			113,077			89,057			71,472			48,121
Income from discontinued operations (1)		—			—			—			3,123			7,520
Net income		84,956			113,077			89,057			74,595			55,641
Net income attributable to common unitholders		85,225			112,524			88,531			74,126			55,128
Income from continuing operations per common unit attributable to common unitholders – diluted		1.96			3.16			2.67			2.26			1.61
Net income per common unit attributable to common unitholders – basic		1.97			3.18			2.68			2.37			1.88
Net income per common unit attributable to common unitholders – diluted		1.96			3.16			2.67			2.36			1.87
Distributions declared per common unit (2)		3.70			3.20			2.72			2.02			1.80
Balance Sheet Data
Investment in storage facilities at cost	$	4,243,308		$	2,491,702		$	2,177,983		$	1,864,637		$	1,742,354
Total assets		3,857,984			2,118,822			1,850,727			1,558,894			1,480,880
Total debt		1,653,552			827,643			797,054			623,273			680,821
Total liabilities		1,751,399			898,336			861,236			675,245			739,480
Other Data
Net cash provided by operating activities	$	225,550		$	186,198		$	146,068		$	120,646		$	98,762
Net cash used in investing activities		(1,796,069	)		(328,689	)		(334,993	)		(114,345	)		(175,664	)
Net cash provided by (used in) financing activities		1,587,184			140,968			187,944			(4,032	)		76,836

(1) In 2013 we sold four stores and in 2012 we sold seventeen stores whose results of operations and gain (loss) on disposal are classified as discontinued operations for all previous years presented.

(2) In 2012 we declared regular quarterly distributions of $0.45 in January, April, July and October. In 2013 we declared regular quarterly distributions of $0.48 in January and April, and $0.53 in July and October. In 2014 we declared regular quarterly distributions of $0.68 in January, April, July and October. In 2015 we declared regular quarterly distributions of $0.75 in January and April, and $0.85 in July and October. In 2016 we declared regular quarterly distributions of $0.85 in January and $0.95 in April, July and October.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.

Disclosure Regarding Forward-Looking Statements

When used in this discussion and elsewhere in this document, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the effect of competition from new self-storage facilities, which would cause rents and occupancy rates to decline; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s ability to effectively compete in the industry in which it does business; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; any future ratings on the Company’s debt instruments; the regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and tax law changes that may change the taxability of future income.

Business and Overview

We believe we are the fifth largest operator of self-storage properties in the United States based on square feet owned and managed. All our stores conduct business under the customer-friendly names Life Storage^® or Uncle Bob’s Self Storage^®. At December 31, 2016, there remain stores in certain markets that continue to operate under the name Uncle Bob’s Self Storage^® and will continue to do so until our full transition to the Life Storage^® name is complete in the first half of 2017.

Operating Strategy

Our operating strategy is designed to generate growth and enhance value by:

A. Increasing operating performance and cash flow through aggressive management of our stores:

• We seek to differentiate our self-storage facilities from our competition through innovative marketing and value-added product offerings including:

• Our Customer Care Center, established in 2000, answers sales inquiries and makes reservations for all of our Properties on a centralized basis. Further, our call center and customer contact software was developed in-house and is 100% supported by our in-house experts;

• Our truck move-in program, under which, at present, 362 of our stores offer a free Life Storage or Uncle Bob’s truck to assist our customers moving into their spaces, and also serve as a moving billboard further supporting our branding efforts;

• Our dehumidification system, which provides our customers with a better environment to store their goods and improves yields on our Properties;

• Strategic and efficient Web and Mobile marketing that places Life Storage in front of customers in search engines at the right time for conversion;

• Regional marketing which creates effective brand awareness in the cities where we do business.

• Our customized computer applications link each of our primary sales channels (customer care center, web, and store) allowing for real time access to space type and inventory, pricing, promotions, and other pertinent store information. This also provides us with raw data on historical and current pricing, move-in and move-out activity, specials and occupancies, etc. This data is then used within the advanced pricing analytics programs employed by our revenue management team.

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• All of our store employees receive a high level of training. New store associates are assigned a Certified Training Manager as a mentor during their initial training period. In addition, all employees have access to our online training and development portal for initial training as well as continuing education. Finally, we have a company intranet that acts as a communications portal for company policy and procedures, online ordering, incentive rankings, etc.

B. Acquiring additional stores:

• Our objective is to acquire new stores in markets in which we currently operate. This is a proven strategy we have employed over the years as it facilitates our branding efforts, grows market share, and allows us to achieve improved economies of scale through shared advertising, payroll, and other services.

• We also look to enter new markets that are in the top 50 Metropolitan Statistical Area (MSA) by acquiring established multi-property portfolios. With this strategy we are then able to seek out additional acquisition or third party management opportunities to continue to grow market share, branding and enhance economies of scale.

C. Expanding our management business:

• We see our management business as a source of future acquisitions. We hold a minority interest in two joint ventures which hold a total of 69 properties that we manage and two additional joint ventures which acquired a total of five properties in January 2017 that we have managed since acquisition. In addition, we manage 26 self-storage facilities for which we have no ownership. We may enter into additional management agreements and develop additional joint ventures in the future.

D. Expanding and enhancing our existing stores:

• Over the past five years we have undertaken a program of expanding and enhancing our Properties. In 2012, we added 372,000 square feet to existing Properties and converted 35,000 square feet to premium storage for a total cost of approximately $22.5 million; in 2013, we added 295,000 square feet to existing Properties and converted 9,000 square feet to premium storage for a total cost of approximately $17.9 million; in 2014, we added 272,000 square feet to existing Properties and converted 9,000 square feet to premium storage for a total cost of approximately $18.3 million; in 2015, we added 256,000 square feet to existing Properties and converted 5,000 square feet to premium storage for a total cost of approximately $14.1 million; and in 2016, we added 343,000 square feet to existing Properties and converted 55,000 square feet to premium storage for a total cost of approximately $22.4 million. From 2011 through 2016 we also installed solar panels on 29 buildings for a total cost of approximately $9.6 million. Our solar panel initiative has reduced energy consumption and operating costs at those installed locations.

Supply and Demand / Operating Trends

We believe the supply and demand model in the self-storage industry is micro market specific in that a majority of our business comes from within a five mile radius of our stores. The recent economic conditions and the credit market environment had resulted in a decrease in new supply on a national basis from 2010-2015, but the out-performance of the sector compared to other real estate asset classes has drawn new capital to self-storage. The Company expects a modest, but noticeable, growth in new supply at least through 2018. We have seen capitalization rates on quality acquisitions in the top fifty major metropolitan markets (expected annual return on investment) remain stable at approximately 4.50% to 5.50%.

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Although our industry experienced softness in 2008 through 2011, our same store sales showed positive increases save for 2009, when we showed a 3.1% decrease in same store revenue. That was the first time in recent history that we recorded negative same store sales. We feel our recent performance further supports the notion that the self-storage industry holds up well through recessions.

We believe our same-store move-ins in 2016 were lower than 2015 due to the fact that our stores had higher occupancy in 2016, resulting in less space to rent. We believe the reduction in same store move-outs is a result of customers renting with us for longer periods.

	2016		2015		Change
Same store move ins		162,268		166,843		(4,575	)
Same store move outs		159,841		162,948		(3,107	)
Difference		2,427		3,895		(1,468	)

We were able to maintain relatively flat expenses at the store operating level from 2009 through 2012, but did see above average increases in property taxes and insurance in 2013, and above average increases in property taxes in 2014 through 2016. We expect same store expense growth resulting from increases in wages, health costs, property insurance and property tax increases in 2017. We believe the same store expense increases will be at manageable levels.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in our financial statements and the accompanying notes. On an on-going basis, we evaluate our estimates and judgments, including those related to carrying values of storage facilities, bad debts, and contingencies and litigation. We base these estimates on experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Assigning purchase price to assets acquired: The purchase price of acquired storage facilities is assigned primarily to land, land improvements, building, equipment, and in-place customer leases based on the fair values of these assets as of the date of acquisition. We use significant unobservable inputs in our determination of the fair values of these assets. The determination of these inputs involves judgments and estimates that can vary for each individual property based on a number of factors specific to the properties and the functional, economic and other factors affecting each property. To determine the fair value of land, we use prices per acre derived from observed transactions involving comparable land in similar locations. To determine the fair value of buildings, equipment and improvements, we use financial projections and applicable discount rates to estimate the fair values of properties acquired, as well as current replacement cost estimates based on information derived from construction industry data by geographic region as adjusted for the age, condition, and economic obsolescence associated with these assets. The fair values of in-place customer leases is based on the rent that would be lost due to the amount of time required to replace existing customers which is based on our historical experience with market demand and turnover in our facilities.

Carrying value of storage facilities: We believe our judgment regarding the impairment of the carrying value of our storage facilities is a critical accounting policy. Our policy is to assess the carrying value of our storage facilities for impairment whenever events or circumstances indicate that the carrying value of a storage facility may not be recoverable. Such events or circumstances would include negative operating cash flow, significant declining revenue per storage facility, significant damage sustained from accidents or natural disasters, or an expectation that, more likely than not, a property will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When indicators of impairment exist, impairment is evaluated based upon comparing the sum of the expected undiscounted future cash flows to the carrying value of the storage facility, on a property by property basis. If the sum of the undiscounted cash flows is less than the carrying value of the storage facility, an impairment loss is recognized for the amount by which the carrying amount exceeds the fair value of the asset group. If cash flow projections are inaccurate and in the future it is determined that storage facility carrying values

29

are not recoverable, impairment charges may be required at that time and could materially affect our operating results and financial position. Estimates of undiscounted cash flows could change based upon changes in market conditions, expected occupancy rates, etc. No assets had been determined to be impaired under this policy in 2016.

Estimated useful lives of long-lived assets: We believe that the estimated lives used for our depreciable, long-lived assets is a critical accounting policy. We periodically evaluate the estimated useful lives of our long-lived assets to determine if any changes are warranted based upon various factors, including changes in the planned usage of the assets, customer demand, etc. Changes in estimated useful lives of these assets could have a material adverse impact on our financial condition or results of operations. In 2016, the Company changed the useful lives of existing Uncle Bob’s Self Storage^® signs as a result of the change in the name of the Company’s storage facilities from Uncle Bob’s Self Storage^® to Life Storage^® (See Note 1 to the financial statements) which required replacement of the existing signage. These changes resulted in an increase in depreciation expense of approximately $8.2 million in 2016 as depreciation was accelerated over the new useful lives. The Company estimates that this change will result in an additional increase in depreciation expense of approximately $1 million in 2017 as a result of the replacement of this existing Uncle Bob’s Self Storage^® signage. Upon completion of the change, the carrying value of the Uncle Bob’s Self Storage^® signage will be zero. We have not made any other significant changes to the estimated useful lives of our long-lived assets in the past and we do not have any current expectation of making significant changes in 2017.

Consolidation and investment in joint ventures: We consolidate all wholly owned subsidiaries. Partially owned subsidiaries and joint ventures are consolidated when we control the entity or have the power to direct the activities most significant to the economic performance of the entity. Investments in joint ventures that we do not control but over which we have significant influence are reported using the equity method. Under the equity method, our investment in joint ventures are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on our ownership interest in the earnings of each of the unconsolidated real estate ventures.

Revenue and Expense Recognition: Rental income is recognized when earned pursuant to month-to-month leases for storage space. Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy. Rental income received prior to the start of the rental period is included in deferred revenue.

Qualification as a REIT: We operate, and intend to continue to operate, as a REIT under the Code, but no assurance can be given that we will at all times so qualify. To the extent that we continue to qualify as a REIT, we will not be taxed, with certain limited exceptions, on the taxable income that is distributed to our shareholders. If we fail to qualify as a REIT, any requirement to pay federal income taxes could have a material adverse impact on our financial condition and results of operations.

Recent Accounting Pronouncements

See Note 2 to the financial statements.

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YEAR ENDED DECEMBER 31, 2016 COMPARED TO YEAR ENDED DECEMBER 31, 2015

We recorded rental revenues of $428.1 million for the year ended December 31, 2016, an increase of $89.7 million or 26.5% when compared to 2015 rental revenues of $338.4 million. Of the increase in rental revenue, $16.1 million resulted from a 5.0% increase in rental revenues at the 417 core properties considered in same store sales (those properties included in the consolidated results of operations since January 1, 2015, excluding the properties we sold in 2016 and 2015, three properties purchased prior to January 1, 2015 that have not yet stabilized and three properties significantly impacted by flooding in 2016). The increase in same store rental revenues was a result of a 50 basis point increase in average occupancy and a 4.3% increase in rental income per square foot. The remaining increase in rental revenue of $73.6 million resulted from the revenues from the acquisition of 145 properties completed since January 1, 2015 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool), slightly offset with the revenue decrease as a result of eight self-storage properties sold in 2016 and three self-storage properties sold in 2015. Other operating income, which includes merchandise sales, insurance administrative fees, truck rentals, management fees and acquisition fees, increased by $6.3 million for the year ended December 31, 2016 compared to 2015 primarily as a result of increased administrative fees earned on customer insurance.

Property operations and maintenance expenses increased $21.4 million or 26.2% in 2016 compared to 2015. The 417 core properties considered in the same store pool experienced a $1.0 million or 1.3% increase in operating expenses as a result of increases in payroll and internet marketing costs. The same store pool benefited from reduced utilities, snow removal costs, insurance and yellow page advertising expense. In addition to the same store operating expense increase, operating expenses increased $20.4 million from the acquisition of 145 properties completed since January 1, 2015 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool), slightly offset with the operating expense decrease as a result of eight self-storage properties sold in 2016 and three self-storage properties sold in 2015. Real estate tax expense increased $11.3 million or 30.9% in 2016 compared to 2015. The 417 core properties considered in the same store pool experienced a $1.9 million or 5.3% increase which is reflective of a net increase in property tax levies on those properties. In addition to the same store real estate expense increase, real estate taxes increased $9.4 million from the acquisition of 145 properties completed since January 1, 2015 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool), slightly offset with the real estate tax expense decrease as a result of eight self-storage properties sold in 2016 and three self-storage properties sold in 2015.

Our 2016 same store results consist of only those properties that were included in our consolidated results since January 1, 2015, excluding the properties we sold in 2016 and 2015, three properties purchased prior to January 1, 2015 that have not yet stabilized and three properties significantly impacted by flooding in 2016. We believe that same store results is a meaningful measure to investors in evaluating our operating performance because, given the acquisitive nature of the industry, same store results provide information about the overall business after removing the results from those properties that were not consistent from year-to-year. Additionally, same store results are widely used in the real estate industry and the self-storage industry to measure performance. Same store results should be considered in addition to, but not as a substitute for, consolidated results in accordance with GAAP.

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The following table sets forth operating data for our 417 same store properties. These results provide information relating to property operating changes without the effects of acquisition.

Same Store Summary

	Year ended December 31,				Percentage
(dollars in thousands)	2016		2015		Change
Same store rental income	$	339,773	$	323,664		5.0	%
Same store other operating income		18,693		17,085		9.4	%
Total same store operating income		358,466		340,749		5.2	%
Payroll and benefits		29,754		28,843		3.2	%
Real estate taxes		36,707		34,847		5.3	%
Utilities		11,217		11,789		(4.9	%)
Repairs and maintenance		13,516		13,412		0.8	%
Office and other operating expenses		11,703		11,373		2.9	%
Insurance		4,035		4,414		(8.6	%)
Advertising and yellow pages		1,114		1,352		(17.6	%)
Internet marketing		6,409		5,557		15.3	%
Total same store operating expenses		114,455		111,587		2.6	%
Same store net operating income	$	244,011	$	229,162		6.5	%

Net operating income increased $63.2 million or 25.5% as a result of a 6.5% increase in our same store net operating income and the acquisitions completed since January 1, 2015 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool).

Net operating income or “NOI” is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, impairment and casualty losses, operating lease expense, depreciation and amortization expense, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, gain on sale of real estate, and equity in income of joint ventures. We believe that NOI is a meaningful measure to investors in evaluating our operating performance because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and in comparing period-to-period and market-to-market property operating results. Additionally, NOI is widely used in the real estate industry and the self-storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending on accounting methods and the book value of assets. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income. There are material limitations to using a measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income. We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income.

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The following table reconciles NOI generated by our self-storage facilities to our net income presented in the 2016 and 2015 consolidated financial statements.

	Year ended December 31,
(dollars in thousands)	2016			2015
Net operating income
Same store	$	244,011		$	229,162
Other stores and management fee income		67,333			18,962
Total net operating income		311,344			248,124
General and administrative		(43,103	)		(38,659	)
Acquisition related costs		(29,542	)		(2,991	)
Write-off of acquired property deposits		(1,783	)		—
Operating leases of storage facilities		—			(683	)
Depreciation and amortization		(117,081	)		(58,506	)
Interest expense		(54,504	)		(37,124	)
Interest income		67			5
Gain (loss) on sale of storage facilities		15,270			(494	)
Gain on sale of real estate		623			—
Equity in income of joint ventures		3,665			3,405
Net income	$	84,956		$	113,077

General and administrative expenses increased $4.4 million or 11.5% from 2015 to 2016. The key drivers of the increase were $0.9 million in expenses recorded in 2016 related to the Company’s name change, and a $1.7 million increase in professional fees mainly stemming from an increase in accounting fees related to the acquisition of LifeStorage, LP and an increase in legal fees related to the lawsuit in New Jersey. The remaining $1.8 million increase is the result of various other administrative costs, including increased travel expenses and software charges, related to managing the increased number of stores in our portfolio as a result of the LifeStorage, LP acquisition and other smaller acquisitions in 2016.

Acquisition related costs were $29.5 million in 2016 as a result of the acquisition of 122 stores, including the acquisition of LifeStorage, LP. Acquisition related costs for 2015 were $3.0 million as a result of the acquisition of 27 stores.

The operating lease expense for storage facilities in 2015 relates to leases which commenced in November 2013 with respect to four self-storage facilities in New York (2) and Connecticut (2). Such leases had annual lease payments of $6 million with a provision for 4% annual increases, and an exclusive option to purchase the facilities for $120 million. We completed the purchase of these four facilities on February 2, 2015, thus eliminating the lease payments thereafter.

Depreciation and amortization expense increased to $117.1 million in 2016 from $58.5 million in 2015, primarily as a result of amortization and depreciation related to the properties acquired in 2015 and 2016 and accelerated depreciation on existing signage that is being replaced as a result of the change in name of the Company’s storage facilities from Uncle Bob’s Self Storage^® to Life Storage^®.

Interest expense increased from $37.1 million in 2015 to $54.5 million in 2016. The increase was primarily due to interest on bridge loan financing entered into to facilitate the LifeStorage, LP acquisition as well as interest on the $600 million 3.5% senior notes issued in June 2016 and the $200 million 3.67% term loan entered into in July 2016, partially offset by reduced interest costs as a result of the payoff of the $150 million 6.38% term loan in April 2016 with a draw on our line of credit which carries a lower interest rate.

During 2016, we sold eight non-strategic storage facilities in Alabama (1), Georgia (1), Mississippi (1), Texas (1), and Virginia (4) for net proceeds of approximately $34.1 million, resulting in a $15.3 million gain on sale. During 2015, we sold three non-strategic storage facilities purchased during 2014 and 2015 in Missouri and South Carolina for net proceeds of approximately $4.6 million, resulting in a loss of approximately $0.5 million. These dispositions were not classified as discontinued operations since they did not meet the criteria for such classification under ASU 2014-08 guidance.

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YEAR ENDED DECEMBER 31, 2015 COMPARED TO YEAR ENDED DECEMBER 31, 2014

We recorded rental revenues of $338.4 million for the year ended December 31, 2015, an increase of $36.4 million or 12.0% when compared to 2014 rental revenues of $302.0 million. Of the increase in rental revenue, $16.9 million resulted from a 5.9% increase in rental revenues at the 399 core properties considered in same store sales (those properties included in the consolidated results of operations in 2014 and 2015, excluding the properties we sold in 2015 and 2014). The increase in same store rental revenues was a result of a 110 basis point increase in average occupancy and a 4.3% increase in rental income per square foot. The remaining increase in rental revenue of $19.5 million resulted from the revenues from the acquisition of 56 properties completed in 2014 and 2015 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool), slightly offset with a revenue decrease as a result of three self-storage properties sold in 2015. Other operating income, which includes merchandise sales, insurance administrative fees, truck rentals, management fees and acquisition fees, increased by $4.1 million for the year ended December 31, 2015 compared to 2014 primarily as a result of increased administrative fees earned on customer insurance and an increase in management fees.

Property operations and maintenance expenses increased $6.6 million or 8.7% in 2015 compared to 2014. The 399 core properties considered in the same store pool experienced a $1.3 million or 1.9% increase in operating expenses as a result of increases in payroll and maintenance costs. The same store pool benefited from reduced utilities, insurance and yellow page advertising expense. In addition to the same store operating expense increase, operating expenses increased $5.3 million from the acquisition of 56 properties completed since January 1, 2014 (excluding the four properties purchased in 2015 that had been leased since November 2013 and are included in the same store pool). Real estate tax expense increased $4.5 million as a result of a 5.2% increase in property taxes on the 399 same store pool and the inclusion of taxes on the properties acquired or leased in 2015 and 2014.

Our 2015 same store results consist of only those properties that were included in our consolidated results since January 1, 2014, excluding the properties we sold in 2015 and 2014. The following table sets forth operating data for our 399 same store properties. These results provide information relating to property operating changes without the effects of acquisition.

Same Store Summary

	Year ended December 31,				Percentage
(dollars in thousands)	2015		2014		Change
Same store rental income	$	301,525	$	284,613		5.9	%
Same store other operating income		16,406		14,791		10.9	%
Total same store operating income		317,931		299,404		6.2	%
Payroll and benefits		27,469		26,518		3.6	%
Real estate taxes		31,593		30,041		5.2	%
Utilities		10,925		11,389		(4.1	%)
Repairs and maintenance		12,400		11,256		10.2	%
Office and other operating expenses		10,294		10,390		(0.9	%)
Insurance		4,059		4,152		(2.2	%)
Advertising and yellow pages		1,297		1,441		(10.0	%)
Internet marketing		5,319		5,307		0.2	%
Total same store operating expenses		103,356		100,494		2.8	%
Same store net operating income	$	214,575	$	198,910		7.9	%

Net operating income increased $29.5 million or 13.5% as a result of a 7.9% increase in our same store net operating income and the acquisitions completed in 2014 and 2015.

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Reclassification

Internet advertising expense, which had been included in the general and administrative expense line in the Company’s 2014 financial statements, was reclassified to property operations and maintenance expense in 2015 to conform to the then current year presentation. The Company believes the classification of internet advertising expenses as property operations and maintenance expense is more consistent with industry trends. As a result of this reclassification, for the year ended December 31, 2014, the Company’s financial statements show an increase in property operations and maintenance expense and a reduction of general and administrative expenses of $5,570 (dollars in thousands) as compared to the amounts originally reported in the Company’s 2014 financial statements for that period.

The following table reconciles NOI generated by our self-storage facilities to our net income presented in the 2015 and 2014 consolidated financial statements.

	Year ended December 31,
(dollars in thousands)	2015			2014
Net operating income
Same store	$	214,575		$	198,910
Other stores and management fee income		33,549			19,740
Total net operating income		248,124			218,650
General and administrative		(38,659	)		(35,222	)
Acquisition related costs		(2,991	)		(7,359	)
Operating leases of storage facilities		(683	)		(7,987	)
Depreciation and amortization		(58,506	)		(51,749	)
Interest expense		(37,124	)		(34,578	)
Interest income		5			40
(Loss) gain on sale of real estate		(494	)		5,176
Equity in income of joint ventures		3,405			2,086
Net income	$	113,077		$	89,057

General and administrative expenses increased $3.4 million or 9.8% from 2014 to 2015. The key drivers of the increase were a $1.6 million increase in salaries and performance incentives, and a $1.0 million increase in professional fees mainly stemming from an increase in legal fees related to the lawsuit in New Jersey. The remaining $0.8 million increase is the result of various other administrative costs related to managing the increased number of stores in our portfolio as compared to 2014.

Acquisition related costs were $3.0 million in 2015 as a result of the acquisition of 27 stores. Acquisition related costs for 2014 were $7.4 million as a result of the acquisition of 33 stores in 2014, and included a $1.3 million loan defeasance cost paid by the Company.

The operating lease expense for storage facilities in the 2015 and 2014 periods relates to leases which commenced in November 2013 with respect to four self-storage facilities in New York (2) and Connecticut (2). Such leases had annual lease payments of $6 million with a provision for 4% annual increases, and an exclusive option to purchase the facilities for $120 million. We completed the purchase of these four facilities on February 2, 2015, which eliminated the lease payment at that time.

Depreciation and amortization expense increased to $58.5 million in 2015 from $51.8 million in 2014, primarily as a result of depreciation on the properties acquired in 2014 and 2015.

Interest expense increased from $34.6 million in 2014 to $37.1 million in 2015. The increase was due to the additional $175 million term note borrowings in April 2014 and additional line of credit borrowings in 2015 which were used to fund a portion of our acquisitions.

During 2015, we sold three non-strategic storage facilities purchased during 2014 and 2015 in Missouri and South Carolina for net proceeds of approximately $4.6 million, resulting in a loss of approximately $0.5 million. During 2014, we sold two non-strategic facilities in Texas for net proceeds of approximately $11.0 million resulting in a gain on the sale of real estate of $5.2 million. Since the 2014 and 2015 sales occurred subsequent to the Company’s adoption of ASU 2014-08, these sales were not classified as discontinued operations since they did not meet the criteria for such classification under ASU 2014-08 guidance.

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FUNDS FROM OPERATIONS

We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.

FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income available to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus impairment of real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.

In October and November of 2011, NAREIT issued guidance for reporting FFO that reaffirmed NAREIT’s view that impairment write-downs of depreciable real estate should be excluded from the computation of FFO. This view is based on the fact that impairment write-downs are akin to and effectively reflect the early recognition of losses on prospective sales of depreciable property or represent adjustments of previously charged depreciation. Since depreciation of real estate and gains/losses from sales are excluded from FFO, it is NAREIT’s view that it is consistent and appropriate for write-downs of depreciable real estate to also be excluded. Our calculation of FFO excludes impairment write-downs of investments in storage facilities.

Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

Reconciliation of Net Income to Funds From Operations

	For Year Ended December 31,
(dollars in thousands)	2016			2015			2014			2013			2012
Net income attributable to common shareholders	$	85,225		$	112,524		$	88,531		$	74,126		$	55,128
Net income attributable to noncontrolling interests in the Operating Partnership		398			553			526			469			513
Depreciation of real estate and amortization of intangible assets exclusive of debt issuance costs		115,531			57,429			50,827			44,369			40,153
Depreciation of real estate included in discontinued operations		—			—			—			313			1,137
Depreciation and amortization from unconsolidated joint ventures		2,595			2,435			1,666			1,496			1,595
(Gain) loss on sale of real estate		(15,270	)		494			(5,176	)		(2,852	)		(5,185	)
Funds from operations allocable to noncontrolling interest in the Operating Partnership		(857	)		(848	)		(806	)		(742	)		(881	)
Funds from operations available to common shareholders	$	187,622		$	172,587		$	135,568		$	117,179		$	92,460

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LIQUIDITY AND CAPITAL RESOURCES

Our line of credit and term notes require us to meet certain financial covenants measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness, and limitations on dividend payouts. At December 31, 2016, the Company was in compliance with all debt covenants. In the event that the Company violates its debt covenants in the future, the amounts due under the agreements could be callable by the lenders and could adversely affect our credit rating requiring us to pay higher interest and other debt-related costs. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at December 31, 2016, the entire availability under our line of credit could be drawn without violating our debt covenants.

Our ability to retain cash flow is limited because we operate as a REIT. In order to maintain our REIT status, a substantial portion of our operating cash flow must be used to pay dividends to our shareholders. We believe that our internally generated net cash provided by operating activities and the availability on our line of credit will be sufficient to fund ongoing operations, capital improvements, dividends and debt service requirements.

Cash flows from operating activities were $225.6 million, $186.2 million, and $146.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. The increases in operating cash flows from 2015 to 2016 and from 2014 to 2015 were primarily due to an increase in net income as adjusted for non-cash depreciation and amortization expenses during these periods.

Cash used in investing activities was $1,796.1 million, $328.7 million, and $335.0 million for the years ended December 31, 2016, 2015, and 2014 respectively. The increase in cash used from 2015 to 2016 was primarily a result of the acquisition of LifeStorage, LP and other acquisitions made in 2016, partially offset by increased proceeds on the sale of storage facilities in 2016. The decrease in cash used in investing activities from 2014 to 2015 was a result of lower investments in unconsolidated joint ventures in 2015 as compared to 2014.

Cash provided by financing activities was $1,587.2 million in 2016 compared to $141.0 million in 2015. On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 million. The Company used the net proceeds from this offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit which had been used to fund acquisitions in the first quarter of 2016. Also on May 25, 2016, the Company completed the public offering of 6,900,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $665.4 million. The Company initially used the net proceeds from this offering to repay the indebtedness then outstanding on the Company’s unsecured line of credit. The remaining proceeds from the May offering, the proceeds from the Company’s June 2016 unsecured senior notes offering, and draws on the Company’s revolving line of credit were used to fund the purchase of LifeStorage, LP in July 2016 for approximately $1.3 billion. Cash provided by financing activities was $141.0 million in 2015 compared to $187.9 million in 2014. The decrease from 2014 to 2015 was a result of a $23.0 million increase in dividends paid and a reduction in debt from 2014 to 2015. In 2015 we used $225.7 million in net proceeds from the sale of common stock and $30.0 million in net proceeds from draws on our line of credit to fund property acquisitions. In 2014 we used $112.7 million in net proceeds from the sale of common stock and $175.0 million in proceeds from the issuance of a term note to fund property acquisitions.

On March 3, 2015, the Company completed the public offering of 1,380,000 shares of its common stock at $90.40 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $119.5 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness outstanding on the Company’s unsecured line of credit.

On May 12, 2014, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC (“Jefferies”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), Piper Jaffray & Co. (“Piper”), HSBC Securities (USA) Inc. (“HSBC”), and BB&T Capital Markets, a division of BB&T Securities, LLC (“BB&T”), pursuant to which the Company may sell from time to time up to $225 million in aggregate offering price of shares of the Company’s common stock. Actual sales under the Equity Program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the

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trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program.

During 2016, the Company did not issue any shares of common stock under the equity program. During 2015, the Company issued 949,911 shares of common stock under the Equity Program at a weighted average issue price of $96.80 per share, generating net proceeds of $90.6 million. During 2014, we issued 924,403 shares under the Equity Program and 359,102 shares under our previous Equity Program for net proceeds of approximately $99.2 million. As of December 31, 2016, the Company has $59.3 million availability for issuance of shares under the current Equity Program which expires in May 2017.

We implemented a Dividend Reinvestment Plan in March 2013. We issued 133,666 and 151,246 shares under the plan in 2016 and 2015, respectively.

During 2016 and 2015, we did not acquire any shares of our common stock via the Share Repurchase Program authorized by the Board of Directors. From the inception of the Share Repurchase Program through December 31, 2016, we have reacquired a total of 1,171,886 shares pursuant to this program. From time to time, subject to market price and certain loan covenants, we may reacquire additional shares.

In January 2016, the Company exercised the expansion feature of its existing amended unsecured credit agreement and increased the revolving credit limit from $300 million to $500 million. The interest rate on the revolving credit facility bears interest at a variable rate equal to LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.10%), and requires a 0.15% facility fee. The Company’s unsecured credit agreement also includes a $325 million unsecured term note maturing June 4, 2020, with the term note bearing interest at LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.15%). The interest rate at December 31, 2016 on the Company’s line of credit was approximately 1.79% (1.72% at December 31, 2015). At December 31, 2016, there was $247 million available on the unsecured line of credit. The revolving line of credit has a maturity date of December 10, 2019.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. The proceeds from this term note were used to repay a portion of the then outstanding balance on the Company’s line of credit.

The Company had maintained a $150 million unsecured term note that matured on April 26, 2016 bearing interest at 6.38%. The Company used a draw on the line of credit to pay off the balance of this note on April 26, 2016.

On June 20, 2016, the Company issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). Net proceeds to the Company after original issue discount, underwriting discounts and commissions and offering expenses were approximately $591.2 million. On July 15, 2016, the proceeds from the 2026 Senior Notes, the proceeds from the Company’s common stock offering in May 2016, and draws on the Company’s line of credit were used to fund the acquisition of LifeStorage, LP. In conjunction with the issuance of the 2026 Senior Notes, the Company settled its $150 million notional forward starting swap agreements for cash of approximately $9.2 million.

On April 8, 2014, the Company entered into a $175 million term note maturing April 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The proceeds from this term note were used to repay the $115 million outstanding on the Company’s line of credit at April 8, 2014, with the excess proceeds used for acquisitions.

In 2011, the Company entered into a $100 million term note maturing August 5, 2021 bearing interest at a fixed rate of 5.54%. The interest rate on the term note increases to 7.29% if the notes are not rated by at least one rating agency, the credit rating on the notes is downgraded or if the Company’s credit rating is downgraded. The proceeds from this term note were used to fund acquisitions and investments in unconsolidated joint ventures.

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The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At December 31, 2016, the Company was in compliance with its debt covenants.

We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at December 31, 2016 the entire availability on the line of credit could be drawn without violating our debt covenants.

The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control.

Our line of credit facility and term notes have an investment grade rating from Standard and Poor’s and Moody’s (Baa2).

In addition to the unsecured financing mentioned above, our consolidated financial statements also include $13.0 million of mortgages payable at December 31, 2016, that are secured by four storage facilities.

Future acquisitions, our expansion and enhancement program, and share repurchases are expected to be funded with draws on our line of credit, issuance of common and preferred stock, the issuance of unsecured term notes, sale of properties, and private placement solicitation of joint venture equity. Should the capital markets deteriorate, we may have to curtail acquisitions, our expansion and enhancement program, and share repurchases.

CONTRACTUAL OBLIGATIONS

The following table summarizes our future contractual obligations:

	Payments due by period (in thousands)
Contractual obligations	Total		2017		2018-2019		2020-2021		2022 and thereafter
Line of credit	$	253,000	$	—	$	253,000	$	—	$	—
Term notes		1,400,000		—		—		425,000		975,000
Mortgages payable		13,027		353		765		3,534		8,375
Interest payments		407,534		53,970		107,442		84,928		161,194
Interest rate swap payments		13,015		4,033		7,785		1,197		—
Land leases		9,669		566		1,133		1,137		6,833
Expansion and enhancement contracts		11,552		11,552		—		—		—
Building leases		15,318		1,866		3,426		3,429		6,597
Self-storage facility acquisitions		67,025		67,025		—		—		—
Contribution to joint venture for acquisitions under contract		21,900		21,900		—		—		—
Total	$	2,212,040	$	161,265	$	373,551	$	519,225	$	1,157,999

Interest payments include actual interest on fixed rate debt and estimated interest for floating-rate debt based on December 31, 2016 rates. Interest rate swap payments include estimated net settlements of swap liabilities based on forecasted variable rates.

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At December 31, 2016, the Company was under contract to acquire five self-storage facilities for cash consideration of approximately $67.0 million (net of property deposits of $3.7 million). One of the properties was acquired in February 2017 from an unrelated party for $9.8 million. The purchase of the remaining facilities by the Company is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

ACQUISITION OF PROPERTIES

In 2016, we acquired 122 self-storage facilities comprising 9.4 million square feet in Arizona (1), California (22), Colorado (6), Connecticut (2), Florida (11), Illinois (25), Massachusetts (1), Mississippi (1), New Hampshire (5), Nevada (17), New York (4), Pennsylvania (1), South Carolina (1), Texas (23), Utah (1), and Wisconsin (1) for a total purchase price of $1,783.9 million. Based on the trailing financial information of the entities from which the properties were acquired, the weighted average capitalization rate was 3.6% on these purchases and ranged from 0% on recently constructed facilities to 6.7% on mature facilities. In 2015, we acquired 27 self-storage facilities comprising 2.0 million square feet in Arizona (1), Connecticut (2), Florida (6), Illinois (2), Massachusetts (1), New York (6), North Carolina (1), Pennsylvania (1), South Carolina (6) and Texas (1) for a total purchase price of $281.2 million. Based on the trailing financial information of the entities from which the properties were acquired, the weighted average capitalization rate was 5.3% on these purchases and ranged from 0% on recently constructed facilities to 6.4% on mature facilities. Four facilities acquired in Connecticut and New York in 2015 had been leased by the Company since November 1, 2013 and the operating results of these four facilities have been included in the Company’s operations since that date. In 2014, we acquired 33 self-storage facilities comprising 2.4 million square feet in Florida (4), Georgia (1), Illinois (3), Louisiana (1), Maine (2), Missouri (7), New Jersey (6), New York (1), Texas (6), Tennessee (1), and Virginia (1) for a total purchase price of $291.9 million. Based on the trailing financial information of the entities from which the properties were acquired, the weighted average capitalization rate was 5.5% on these purchases and ranged from 0% on recently constructed facilities to 7.4% on mature facilities.

FUTURE ACQUISITION AND DEVELOPMENT PLANS

Our external growth strategy is to increase the number of facilities we own by acquiring suitable facilities in markets in which we already have operations, or to expand into new markets by acquiring several facilities at once in those new markets. We are actively pursuing acquisitions in 2017 and at December 31, 2016 we had five properties under contract to be purchased for $67.0 million. One of the properties was acquired in February 2017.

In 2016, we added 343,000 square feet to existing Properties and converted 55,000 square feet to premium storage for a total cost of approximately $22.4 million. In 2016 we also installed solar panels on six buildings for a total cost of approximately $2.7 million. Although we do not expect to construct any new facilities in 2017, we do plan to complete approximately $35.1 million in expansions and enhancements to existing facilities of which $12.6 million was paid prior to December 31, 2016.

In 2016, the Company spent approximately $38.6 million for recurring capitalized expenditures including roofing, paving, office renovations, and new signs related to our rebranding. We expect to spend $30.2 million in 2017 on similar capital expenditures.

DISPOSITION OF PROPERTIES

During 2016, we sold eight non-strategic storage facilities in Alabama (1), Georgia (1), Mississippi (1), Texas (1), and Virginia (4) for net proceeds of approximately $34.1 million, resulting in a $15.3 million gain on sale. During 2015, we sold three non-strategic storage facilities purchased during 2014 and 2015 in Missouri and South Carolina for net proceeds of approximately $4.6 million, resulting in a loss of approximately $0.5 million. During 2014, we sold two non-strategic storage facilities in Texas for net proceeds of approximately $11.0 million resulting in a gain of approximately $5.2 million.

We may seek to sell additional Properties to third parties or joint venture partners in 2017.

40

OFF-BALANCE SHEET ARRANGEMENTS

Our off-balance sheet arrangements consist of our investment in six self-storage joint ventures in which we have an 85%, 20%, 15% or 5% ownership, as well as our investment in the entity that owns the building that houses our corporate office in which we have a 49% ownership. We account for these real estate entities under the equity method. The debt held by the unconsolidated real estate entities is secured by the real estate owned by these entities, and is non-recourse to us. See Note 11 to our consolidated financial statements appearing elsewhere in this annual report on Form 10-K.

REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS

As a REIT, we are not required to pay federal income tax on income that we distribute to our shareholders, provided that we satisfy certain requirements, including distributing at least 90% of our REIT taxable income for a taxable year. These distributions must be made in the year to which they relate, or in the following year if declared before we file our federal income tax return, and if they are paid not later than the date of the first regular dividend of the following year.

As a REIT, we must derive at least 95% of our total gross income from income related to real property, interest and dividends. In 2016, our percentage of revenue from such sources was approximately 97%, thereby passing the 95% test, and no special measures are expected to be required to enable us to maintain our REIT designation. Although we currently intend to operate in a manner designed to qualify as a REIT, it is possible that future economic, market, legal, tax or other considerations may cause our Board of Directors to revoke our REIT election.

INTEREST RATE RISK

The primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control.

We have entered into interest rate swap agreements in order to mitigate the effects of fluctuations in interest rates on our variable rate debt. Upon renewal or replacement of the credit facility, our total interest may change dependent on the terms we negotiate with the lenders; however, the LIBOR base rates have been contractually fixed on $325 million of our floating rate bank debt through the interest rate swap termination dates. Forward starting interest rate swaps are also used by the Company to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. See Note 8 to our consolidated financial statements appearing elsewhere in this annual report on Form 10-K.

Through September 2018, $325 million of our $578 million of floating rate unsecured debt is on a fixed rate basis after taking into account our interest rate swap agreements. Based on our outstanding unsecured floating rate debt of $578 million at December 31, 2016, a 100 basis point increase in interest rates would have a $2.5 million effect on our interest expense. These amounts were determined by considering the impact of the hypothetical interest rates on our borrowing cost and our interest rate hedge agreements in effect on December 31, 2016. These analyses do not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.

INFLATION

We do not believe that inflation has had or will have a direct effect on our operations. Substantially all of the leases at the facilities are on a month-to-month basis which provides us with the opportunity to increase rental rates as each lease matures.

41

SEASONALITY

Our revenues typically have been higher in the third and fourth quarters, primarily because self-storage facilities tend to experience greater occupancy during the late spring, summer and early fall months due to the greater incidence of residential moves and college student activity during these periods. However, we believe that our customer mix, diverse geographic locations, rental structure and expense structure provide adequate protection against undue fluctuations in cash flows and net revenues during off-peak seasons. Thus, we do not expect seasonality to materially affect distributions to shareholders.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The information required is incorporated by reference to the information appearing under the caption “Interest Rate Risk” in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.

42

Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Life Storage, Inc.

We have audited the accompanying consolidated balance sheets of Life Storage, Inc. as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of Life Storage, Inc.’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Life Storage, Inc. at December 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Life Storage, Inc.’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 27, 2017 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

43

Report of Independent Registered Public Accounting Firm

The Board of Directors and Partners of Life Storage LP

We have audited the accompanying consolidated balance sheets of Life Storage LP as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income, partners’ capital and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of Life Storage LP’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Life Storage LP at December 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Life Storage LP’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 27, 2017 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

44

LIFE STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,
(dollars in thousands, except share data)	2016			2015
Assets
Investment in storage facilities:
Land	$	786,764		$	480,176
Building, equipment, and construction in progress		3,456,544			2,011,526
		4,243,308			2,491,702
Less: accumulated depreciation		(535,704	)		(465,195	)
Investment in storage facilities, net		3,707,604			2,026,507
Cash and cash equivalents		23,685			7,020
Accounts receivable		5,469			6,805
Receivable from unconsolidated joint ventures		1,223			929
Investment in unconsolidated joint ventures		67,300			62,520
Prepaid expenses		6,649			5,431
Fair value of interest rate swap agreements		—			550
Trade name		16,500			—
Other assets		29,554			9,060
Total Assets	$	3,857,984		$	2,118,822
Liabilities
Line of credit	$	253,000		$	79,000
Term notes, net		1,387,525			746,650
Accounts payable and accrued liabilities		75,132			47,839
Deferred revenue		9,700			7,511
Fair value of interest rate swap agreements		13,015			15,343
Mortgages payable		13,027			1,993
Total Liabilities		1,751,399			898,336
Noncontrolling redeemable Operating Partnership Units at redemption value		18,091			18,171
Shareholders’ Equity
Common stock $.01 par value, 100,000,000 shares authorized, 46,454,606 shares outstanding at December 31, 2016 (36,710,673 at December 31, 2015)		464			367
Additional paid-in capital		2,348,567			1,388,343
Dividends in excess of net income		(239,062	)		(171,980	)
Accumulated other comprehensive loss		(21,475	)		(14,415	)
Total Shareholders’ Equity		2,088,494			1,202,315
Noncontrolling interest in consolidated subsidiary		—			—
Total Equity		2,088,494			1,202,315
Total Liabilities and Shareholders’ Equity	$	3,857,984		$	2,118,822

See notes to consolidated financial statements.

45

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31,
(dollars in thousands, except per share data)	2016			2015			2014
Revenues
Rental income	$	428,121		$	338,435		$	302,044
Other operating income		34,487			28,167			24,036
Total operating revenues		462,608			366,602			326,080
Expenses
Property operations and maintenance		103,388			81,915			75,333
Real estate taxes		47,876			36,563			32,097
General and administrative		43,103			38,659			35,222
Acquisition costs		29,542			2,991			7,359
Write-off of acquired property deposits		1,783			—			—
Operating leases of storage facilities		—			683			7,987
Depreciation and amortization		117,081			58,506			51,749
Total operating expenses		342,773			219,317			209,747
Income from operations		119,835			147,285			116,333
Other income (expenses)
Interest expense		(47,175	)		(37,124	)		(34,578	)
Interest expense – bridge financing commitment fee		(7,329	)		—			—
Interest income		67			5			40
Gain (loss) on sale of storage facilities		15,270			(494	)		5,176
Gain on sale of real estate		623			—			—
Equity in income of joint ventures		3,665			3,405			2,086
Net income		84,956			113,077			89,057
Net income attributable to noncontrolling interest in the Operating Partnership		(398	)		(553	)		(526	)
Net loss attributable to noncontrolling interest in consolidated subsidiary		667			—			—
Net income attributable to common shareholders	$	85,225		$	112,524		$	88,531
Earnings per common share attributable to common shareholders - basic	$	1.97		$	3.18		$	2.68
Earnings per common share attributable to common shareholders - diluted	$	1.96		$	3.16		$	2.67

See notes to consolidated financial statements.

46

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31,
(dollars in thousands)	2016			2015			2014
Net income	$	84,956		$	113,077		$	89,057
Other comprehensive income:
Effective portion of loss on derivatives net of reclassification to interest expense		(7,060	)		(1,410	)		(6,603	)
Total comprehensive income		77,896			111,667			82,454
Comprehensive income attributable to noncontrolling interest in the Operating Partnership		(365	)		(546	)		(487	)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		667			—			—
Comprehensive income attributable to common shareholders	$	78,198		$	111,121		$	81,967

See notes to consolidated financial statements.

47

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(dollars in thousands, except share data)	Common Stock Shares		Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (loss)			Total Shareholders’ Equity
Balance January 1, 2014		32,532,991	$	325	$	1,039,236		$	(162,450	)	$	(6,402	)	$	870,709
Net proceeds from the issuance of common stock		1,283,505		13		98,968			—			—			98,981
Net proceeds from the issuance of common stock through Dividend Reinvestment Plan		171,854		2		12,447			—			—			12,449
Exercise of stock options		27,462		—		1,245			—			—			1,245
Issuance of non-vested stock		90,143		1		(1	)		—			—			—
Earned portion of non-vested stock		—		—		4,556			—			—			4,556
Stock option expense		—		—		223			—			—			223
Deferred compensation outside directors		—		—		121			—			—			121
Carrying value less than redemption value on redeemed noncontrolling interest		—		—		(570	)		—			—			(570	)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—		—		—			(3,738	)		—			(3,738	)
Net income attributable to common shareholders		—		—		—			88,531			—			88,531
Change in fair value of derivatives		—		—		—			—			(6,603	)		(6,603	)
Dividends		—		—		—			(90,035	)		—			(90,035	)
Balance December 31, 2014		34,105,955		341		1,156,225			(167,692	)		(13,005	)		975,869
Net proceeds from the issuance of common stock		2,329,911		23		210,119			—			—			210,142
Net proceeds from the issuance of common stock through Dividend Reinvestment Plan		151,246		1		13,925			—			—			13,926
Exercise of stock options		30,900		1		1,632			—			—			1,633
Issuance of non-vested stock		64,244		1		(1	)		—			—			—
Earned portion of non-vested stock		—		—		6,254			—			—			6,254
Stock option expense		—		—		210			—			—			210
Deferred compensation outside directors		28,417		—		59			—			—			59
Carrying value less than redemption value on redeemed noncontrolling interest		—		—		(80	)		—			—			(80	)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—		—		—			(3,328	)		—			(3,328	)
Net income attributable to common shareholders		—		—		—			112,524			—			112,524
Change in fair value of derivatives		—		—		—			—			(1,410	)		(1,410	)
Dividends		—		—		—			(113,484	)		—			(113,484	)
Balance December 31, 2015		36,710,673		367		1,388,343			(171,980	)		(14,415	)		1,202,315
Net proceeds from the issuance of common stock		9,545,000		96		934,867			—			—			934,963
Net proceeds from the issuance of common stock through Dividend Reinvestment Plan		133,666		1		13,165			—			—			13,166
Conversion of operating partnership units to common shares		41,862		—		4,795			—			—			4,795
Issuance of non-vested stock		23,405		—		—			—			—			—
Earned portion of non-vested stock		—		—		7,216			—			—			7,216
Stock option expense		—		—		89			—			—			89
Deferred compensation outside directors		—		—		92			—			—			92
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—		—		—			4,457			—			4,457
Net income attributable to common shareholders		—		—		—			85,225			—			85,225
Amortization of terminated hedge included in AOCI		—		—		—			—			458			458
Change in fair value of derivatives		—		—		—			—			(7,518	)		(7,518	)
Dividends		—		—		—			(156,764	)		—			(156,764	)
Balance December 31, 2016		46,454,606	$	464	$	2,348,567		$	(239,062	)	$	(21,475	)	$	2,088,494

See notes to consolidated financial statements

48

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(dollars in thousands)	2016			2015			2014
Operating Activities
Net income	$	84,956		$	113,077		$	89,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		117,081			58,506			51,749
Amortization of debt issuance costs and bond discount		9,688			1,184			942
(Gain) loss on sale of storage facilities		(15,270	)		494			(5,176	)
Gain on sale of real estate		(623	)		—			—
Write-off of acquired property deposits		1,783			—			—
Equity in income of joint ventures		(3,665	)		(3,405	)		(2,086	)
Distributions from unconsolidated joint venture		5,207			4,821			3,123
Non-vested stock earned		7,308			6,313			4,677
Stock option expense		89			210			223
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable		4,814			(1,038	)		(606	)
Prepaid expenses		(230	)		1,132			(457	)
(Advances to) receipts from joint ventures		(294	)		(346	)		590
Accounts payable and other liabilities		18,494			5,847			5,187
Deferred revenue		(3,788	)		(597	)		(1,155	)
Net cash provided by operating activities		225,550			186,198			146,068
Investing Activities
Acquisition of storage facilities, net of cash acquired		(1,750,267	)		(280,010	)		(281,731	)
Improvements, equipment additions, and construction in progress		(72,852	)		(41,739	)		(35,097	)
Net proceeds from the sale of storage facilities		34,074			4,646			11,191
Net proceeds from the sale of real estate		623			—			—
Investment in unconsolidated joint ventures		(6,438	)		(6,151	)		(28,650	)
Property deposits		(1,209	)		(5,435	)		(706	)
Net cash used in investing activities		(1,796,069	)		(328,689	)		(334,993	)
Financing Activities
Net proceeds from sale of common stock		948,129			225,701			112,676
Proceeds from line of credit		1,102,000			330,000			202,000
Repayment of line of credit		(928,000	)		(300,000	)		(202,000	)
Proceeds from term notes, net of discount		796,682			—			175,000
Repayment of term note		(150,000	)		—			—
Debt issuance costs		(15,273	)		—			(3,001	)
Settlement of forward starting interest rate swaps		(9,166	)		—			—
Dividends paid - common stock		(156,249	)		(113,039	)		(90,035	)
Distributions to noncontrolling interest holders		(742	)		(555	)		(541	)
Redemption of operating partnership units		—			(1,005	)		(6,028	)
Mortgage principal payments		(197	)		(134	)		(127	)
Net cash provided by financing activities		1,587,184			140,968			187,944
Net increase (decrease) in cash		16,665			(1,523	)		(981	)
Cash at beginning of period		7,020			8,543			9,524
Cash at end of period	$	23,685		$	7,020		$	8,543
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	$	39,856		$	35,926		$	31,764
Cash paid for income taxes, net of refunds	$	981		$	1,084		$	665

See notes to consolidated financial statements.

49

LIFE STORAGE LP

CONSOLIDATED BALANCE SHEETS

	December 31,
(dollars in thousands, except unit data)	2016			2015
Assets
Investment in storage facilities:
Land	$	786,764		$	480,176
Building, equipment, and construction in progress		3,456,544			2,011,526
		4,243,308			2,491,702
Less: accumulated depreciation		(535,704	)		(465,195	)
Investment in storage facilities, net		3,707,604			2,026,507
Cash and cash equivalents		23,685			7,020
Accounts receivable		5,469			6,805
Receivable from unconsolidated joint ventures		1,223			929
Investment in unconsolidated joint ventures		67,300			62,520
Prepaid expenses		6,649			5,431
Fair value of interest rate swap agreements		—			550
Trade name		16,500			—
Other assets		29,554			9,060
Total Assets	$	3,857,984		$	2,118,822
Liabilities
Line of credit	$	253,000		$	79,000
Term notes, net		1,387,525			746,650
Accounts payable and accrued liabilities		75,132			47,839
Deferred revenue		9,700			7,511
Fair value of interest rate swap agreements		13,015			15,343
Mortgages payable		13,027			1,993
Total Liabilities		1,751,399			898,336
Limited partners’ redeemable capital interest at redemption value (217,481 and 168,866 units outstanding at December 31, 2016 and December 31, 2015, respectively)		18,091			18,171
Partners’ Capital
General partner (466,721 and 368,795 units outstanding at December 31, 2016 and December 31, 2015, respectively)		21,065			12,205
Limited partners (45,987,885 and 36,341,878 units outstanding at December 31, 2016 and December 31, 2015, respectively)		2,088,904			1,204,525
Accumulated other comprehensive loss		(21,475	)		(14,415	)
Total Controlling Partners’ Capital		2,088,494			1,202,315
Noncontrolling interest in consolidated subsidiary		—			—
Total Partners’ Capital		2,088,494			1,202,315
Total Liabilities and Partners’ Capital	$	3,857,984		$	2,118,822

See notes to consolidated financial statements.

50

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31,
(dollars in thousands, except per unit data)	2016			2015			2014
Revenues
Rental income	$	428,121		$	338,435		$	302,044
Other operating income		34,487			28,167			24,036
Total operating revenues		462,608			366,602			326,080
Expenses
Property operations and maintenance		103,388			81,915			75,333
Real estate taxes		47,876			36,563			32,097
General and administrative		43,103			38,659			35,222
Acquisition costs		29,542			2,991			7,359
Write-off of acquired property deposits		1,783			—			—
Operating leases of storage facilities		—			683			7,987
Depreciation and amortization		117,081			58,506			51,749
Total operating expenses		342,773			219,317			209,747
Income from operations		119,835			147,285			116,333
Other income (expenses)
Interest expense		(47,175	)		(37,124	)		(34,578	)
Interest expense – bridge financing commitment fee		(7,329	)		—			—
Interest income		67			5			40
Gain (loss) on sale of storage facilities		15,270			(494	)		5,176
Gain on sale of real estate		623			—			—
Equity in income of joint ventures		3,665			3,405			2,086
Net income		84,956			113,077			89,057
Net income attributable to noncontrolling interest in the Operating Partnership		(398	)		(553	)		(526	)
Net loss attributable to noncontrolling interest in consolidated subsidiary		667			—			—
Net income attributable to common unitholders	$	85,225		$	112,524		$	88,531
Earnings per common unit attributable to common unitholders - basic	$	1.97		$	3.18		$	2.68
Earnings per common unit attributable to common unitholders - diluted	$	1.96		$	3.16		$	2.67
Net income attributable to general partner	$	856		$	1,131		$	891
Net income attributable to limited partners		84,369			111,393			87,640

See notes to consolidated financial statements.

51

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31,
(dollars in thousands)	2016			2015			2014
Net income	$	84,956		$	113,077		$	89,057
Other comprehensive income:
Effective portion of loss on derivatives net of reclassification to interest expense		(7,060	)		(1,410	)		(6,603	)
Total comprehensive income		77,896			111,667			82,454
Comprehensive income attributable to noncontrolling interest in the Operating Partnership		(365	)		(546	)		(487	)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		667			—			—
Comprehensive income attributable to common unitholders	$	78,198		$	111,121		$	81,967

See notes to consolidated financial statements.

52

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(dollars in thousands)	Life Storage Holdings, Inc. General Partner			Life Storage, Inc. Limited Partner			Accumulated Other Comprehensive Income (loss)			Total Controlling Partners’ Capital
Balance January 1, 2014	$	8,836		$	868,275		$	(6,402	)	$	870,709
Net proceeds from the issuance of Partnership Units		1,014			97,967			—			98,981
Net proceeds from the issuance of Partnership Units through Dividend Reinvestment Plan		124			12,325			—			12,449
Exercise of stock options		13			1,232			—			1,245
Earned portion of non-vested stock		46			4,510			—			4,556
Stock option expense		2			221			—			223
Deferred compensation outside directors		1			120			—			121
Carrying value less than redemption value on redeemed noncontrolling interest		(60	)		(510	)		—			(570	)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—			(3,738	)		—			(3,738	)
Net income attributable to common unitholders		891			87,640			—			88,531
Change in fair value of derivatives		(66	)		66			(6,603	)		(6,603	)
Distributions		(906	)		(89,129	)		—			(90,035	)
Balance December 31, 2014		9,895			978,979			(13,005	)		975,869
Net proceeds from the issuance of Partnership Units		2,123			208,019			—			210,142
Net proceeds from the issuance of Partnership Units through Dividend Reinvestment Plan		139			13,787			—			13,926
Exercise of stock options		16			1,617			—			1,633
Earned portion of non-vested stock		63			6,191			—			6,254
Stock option expense		2			208			—			210
Deferred compensation outside directors		—			59			—			59
Carrying value less than redemption value on redeemed noncontrolling interest		(10	)		(70	)		—			(80	)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—			(3,328	)		—			(3,328	)
Net income attributable to common unitholders		1,131			111,393			—			112,524
Change in fair value of derivatives		(14	)		14			(1,410	)		(1,410	)
Distributions		(1,140	)		(112,344	)		—			(113,484	)
Balance December 31, 2015		12,205			1,204,525			(14,415	)		1,202,315
Net proceeds from the issuance of Partnership Units		9,349			925,614			—			934,963
Net proceeds from the issuance of Partnership Units through Dividend Reinvestment Plan		132			13,034			—			13,166
Conversion of operating partnership units to common shares		—			4,795			—			4,795
Issuance of operating partnership units		95			(95	)		—			—
Earned portion of non-vested stock		72			7,144			—			7,216
Stock option expense		1			88			—			89
Deferred compensation outside directors		1			91			—			92
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units		—			4,457			—			4,457
Net income attributable to common unitholders		856			84,369			—			85,225
Amortization of terminated hedge included in AOCI		4			(4	)		458			458
Change in fair value of derivatives		(75	)		75			(7,518	)		(7,518	)
Dividends		(1,575	)		(155,189	)		—			(156,764	)
Balance December 31, 2016	$	21,065		$	2,088,904		$	(21,475	)	$	2,088,494

See notes to consolidated financial statements

53

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(dollars in thousands)	2016			2015			2014
Operating Activities
Net income	$	84,956		$	113,077		$	89,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		117,081			58,506			51,749
Amortization of debt issuance costs and bond discount		9,688			1,184			942
(Gain) loss on sale of storage facilities		(15,270	)		494			(5,176	)
Gain on sale of real estate		(623	)		—			—
Write-off of acquired property deposits		1,783			—			—
Equity in income of joint ventures		(3,665	)		(3,405	)		(2,086	)
Distributions from unconsolidated joint venture		5,207			4,821			3,123
Non-vested stock earned		7,308			6,313			4,677
Stock option expense		89			210			223
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable		4,814			(1,038	)		(606	)
Prepaid expenses		(230	)		1,132			(457	)
(Advances to) receipts from joint ventures		(294	)		(346	)		590
Accounts payable and other liabilities		18,494			5,847			5,187
Deferred revenue		(3,788	)		(597	)		(1,155	)
Net cash provided by operating activities		225,550			186,198			146,068
Investing Activities
Acquisition of storage facilities, net of cash acquired		(1,750,267	)		(280,010	)		(281,731	)
Improvements, equipment additions, and construction in progress		(72,852	)		(41,739	)		(35,097	)
Net proceeds from the sale of storage facilities		34,074			4,646			11,191
Net proceeds from the sale of real estate		623			—			—
Investment in unconsolidated joint ventures		(6,438	)		(6,151	)		(28,650	)
Property deposits		(1,209	)		(5,435	)		(706	)
Net cash used in investing activities		(1,796,069	)		(328,689	)		(334,993	)
Financing Activities
Net proceeds from sale of partnership units		948,129			225,701			112,676
Proceeds from line of credit		1,102,000			330,000			202,000
Repayment of line of credit		(928,000	)		(300,000	)		(202,000	)
Proceeds from term notes, net of discount		796,682			—			175,000
Repayment of term note		(150,000	)		—			—
Debt issuance costs		(15,273	)		—			(3,001	)
Settlement of forward starting interest rate swaps		(9,166	)		—			—
Distributions to unitholders		(156,249	)		(113,039	)		(90,035	)
Distributions to noncontrolling interest holders		(742	)		(555	)		(541	)
Redemption of operating partnership units		—			(1,005	)		(6,028	)
Mortgage principal payments		(197	)		(134	)		(127	)
Net cash provided by financing activities		1,587,184			140,968			187,944
Net increase (decrease) in cash		16,665			(1,523	)		(981	)
Cash at beginning of period		7,020			8,543			9,524
Cash at end of period	$	23,685		$	7,020		$	8,543
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	$	39,856		$	35,926		$	31,764
Cash paid for income taxes, net of refunds	$	981		$	1,084		$	665

See notes to consolidated financial statements.

54

LIFE STORAGE, INC. AND LIFE STORAGE LP

DECEMBER 31, 2016

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION

Effective August 15, 2016, the Parent Company changed its name from “Sovran Self Storage, Inc.” to “Life Storage, Inc.” and the Operating Partnership changed its name from “Sovran Acquisition Limited Partnership” to “Life Storage LP”. Also, consistent with these name changes, and in connection with the rebranding of our storage facilities from “Uncle Bob’s Self Storage^®” to “Life Storage^®”, the name of the general partner of the Operating Partnership has been changed from “Sovran Holdings, Inc.” to “Life Storage Holdings, Inc.” and the name of the Parent Company’s taxable REIT subsidiary changed from “Uncle Bob’s Management, LLC” to “Life Storage Solutions, LLC”.

The Parent Company, which operates as a self-administered and self-managed real estate investment trust (a “REIT”), was formed on April 19, 1995 to own and operate self-storage facilities throughout the United States. On June 26, 1995, the Parent Company commenced operations effective with the completion of its initial public offering. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

At December 31, 2016, we had an ownership interest in, and/or managed 659 self-storage properties in 29 states under the names Life Storage^® and Uncle Bob’s Self Storage^®. Among our 659 self-storage properties are 39 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings LLC) of which we are a 20% owner, 30 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings II LLC) of which we are a 15% owner, and 26 properties that we manage and have no ownership interest. Approximately 38% of the Company’s revenue is derived from stores in the states of Texas and Florida.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: All of the Company’s assets are owned by, and all its operations are conducted through the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of December 31, 2016. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership.

We consolidate all wholly owned subsidiaries. Partially owned subsidiaries and joint ventures are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, and Life Storage Solutions, LLC. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but for which we have significant influence over are accounted for using the equity method.

Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable operating partnership units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interest at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. At December 31, 2016, there were 217,481 noncontrolling redeemable operating partnership Units outstanding (168,866 at December 31, 2015). These unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The Operating Partnership is obligated to redeem each of these limited partnership Units in the Operating Partnership at the request of the holder thereof for cash equal to the fair market value of a share of the Company’s common stock, at the time of such redemption, provided that the Company at its option may elect to acquire any such Unit presented for redemption for one common share or cash. The Company accounts for these noncontrolling redeemable Operating Partnership

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Units under the provisions of EITF D-98, “Classification and Measurement of Redeemable Securities” which was codified in FASB ASC Topic 480-10-S99. The application of the FASB ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount). The offset to the adjustment to the carrying amount of the noncontrolling redeemable Operating Partnership Units is reflected in the Parent Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, noncontrolling interests are reflected at redemption value at December 31, 2016 and 2015, equal to the number of noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates.

The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units:

(Dollars in thousands)	2016			2015
Beginning balance noncontrolling redeemable Operating Partnership Units	$	18,171		$	13,622
Redemption of Operating Partnership Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Operating Partnership Units		9,516			2,148
Net income attributable to noncontrolling interests in Operating Partnership		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance noncontrolling redeemable Operating Partnership Units	$	18,091		$	18,171

The following is a reconciliation of the Operating Partnership’s limited partners’ redeemable capital interest:

(Dollars in thousands)	2016			2015
Beginning balance Limited Partners’ Redeemable Capital Interest	$	18,171		$	13,622
Redemption of Limited Partners’ Redeemable Capital Interest Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Limited Partners’ Redeemable Capital Interest Units		9,516			2,148
Net income attributable to Limited Partners’ Redeemable Capital Interest		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance Limited Partners’ Redeemable Capital Interest	$	18,091		$	18,171

In 2016 the Operating Partnership issued 90,477 Units with a fair value of $9.5 million to acquire self-storage properties. In 2015 the Company issued 23,382 Units with a fair value of $2.1 million to acquire one self-storage property. The fair value of the Units on the dates of issuance was determined based upon the fair market value of the Company’s common stock on those dates.

Operating Partnership Units redeemed in 2016 were redeemed for a total of 41,862 shares of the Parent Company.

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents.

Accounts Receivable: Accounts receivable are composed of trade and other receivables recorded at billed amounts and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable uncollectible amounts in the Company’s existing accounts receivable. The Company determines the allowance based on a number of factors, including experience, credit worthiness of customers, and current market and economic conditions. The Company reviews the allowance for doubtful accounts on a regular basis. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts is recorded as a reduction of accounts receivable and amounted to $1.0 million and $0.4 million at December 31, 2016 and 2015, respectively.

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Revenue and Expense Recognition: Rental income is recognized when earned pursuant to month-to-month leases for storage space. Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy. Rental income received prior to the start of the rental period is included in deferred revenue. Equity in earnings of real estate joint ventures that we have significant influence over is recognized based on our ownership interest in the earnings of these entities.

Cost of operations, general and administrative expense, interest expense and advertising costs are expensed as incurred. For the years ended December 31, 2016, 2015, and 2014, advertising costs were $9.5 million, $7.3 million, and $6.2 million, respectively. The Company accrues property taxes based on estimates and historical trends. If these estimates are incorrect, the timing and amount of expense recognition would be affected.

Other Operating Income: Consists primarily of sales of storage-related merchandise (locks and packing supplies), insurance administrative fees, incidental truck rentals, and management and acquisition fees from unconsolidated joint ventures.

Investment in Storage Facilities: Storage facilities are recorded at cost. The purchase price of acquired facilities is allocated to land, land improvements, building, equipment, and in-place customer leases based on the fair value of each component. The fair values of land are determined based upon comparable market sales information. The fair values of buildings are determined based upon estimates of current replacement costs adjusted for depreciation on the properties. For the years ended December 31, 2016, 2015, and 2014, $29.5 million, $3.0 million, and $7.4 million of acquisition related costs were incurred and expensed, respectively.

Depreciation is computed using the straight-line method over estimated useful lives of forty years for buildings and improvements, and five to twenty years for furniture, fixtures and equipment. Estimated useful lives are reevaluated when facts and circumstances indicate that the economic lives of assets do not extend to their currently assigned useful lives. Expenditures for significant renovations or improvements that extend the useful life of assets are capitalized. Depreciation expense was $87.2 million, $55.1 million and $47.7 million for the years ending December 31 206, 2015 and 2014, respectively. Interest and other costs incurred during the construction period of major expansions are capitalized. Capitalized interest during the years ended December 31, 2016, 2015, and 2014 was $0.1 million annually. Repair and maintenance costs are expensed as incurred.

Whenever events or changes in circumstances indicate that the basis of the Company’s property may not be recoverable, the Company’s policy is to complete an assessment of impairment. Impairment is evaluated based upon comparing the sum of the property’s expected undiscounted future cash flows to the carrying value of the property. If the sum of the undiscounted cash flows is less than the carrying amount of the property, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the years ended December 31, 2016, 2015 and 2014, no assets have been determined to be impaired under this policy.

In general, sales of real estate and related profits / losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred.

Trade Name: The Company’s trade name has an indefinite life and is not amortized but is reviewed for impairment annually or more frequently when facts and circumstances indicate that the carrying value of the Company’s trade name may not be recoverable. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors as part of our annual test. If, after completing this assessment, it is determined that it is more likely than not that the fair value of the trade name is less than its carrying value, we proceed to a quantitative test. We did not elect to perform a qualitative assessment in 2016.

Quantitative testing requires a comparison of the fair value of the trade name to its carrying value. We use a discounted cash flow analysis under the relief-from-royalty method to estimate the fair value of the trade name. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized. If the carrying value exceeds the fair value, the trade name is considered impaired to the extent that the carrying value exceeds the fair value. We did not record any impairment in 2016, the year in which the trade name was acquired.

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Other Assets: Included in other assets are cash balances held in escrow for encumbered properties, property deposits and the value placed on in-place customer leases at the time of acquisition. Cash held in escrow for encumbered properties at December 31, 2016 and 2015, totaled $238,000 and $12,000, respectively. Property deposits at December 31, 2016 and 2015 were $2.4 million and $5.9 million, respectively. In 2016, a decision was made to not proceed with the acquisition of two properties on which the Company had previously made property deposits totaling $1.8 million. As a result, these property deposits were abandoned and are included in write-off of acquired property deposits on the accompanying consolidated statements of operations. No such expenses were incurred in 2015 or 2014.

The Company allocates a portion of the purchase price of acquisitions to in-place customer leases. The methodology used to determine the fair value of in-place customer leases is disclosed in Note 8. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period).

Investment in Unconsolidated Joint Ventures: The Company’s investment in unconsolidated joint ventures, where the Company has significant influence, but not control and joint ventures which are variable interest entities in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in unconsolidated joint ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of unconsolidated joint ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated joint ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “look through” approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture’s sale of assets), in which case it is reported as an investing activity.

Accounts Payable and Accrued Liabilities: Accounts payable and accrued liabilities consists primarily of trade payables, accrued interest, and property tax accruals.

Income Taxes: The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements.

The Company has elected to treat one of its subsidiaries as a taxable REIT subsidiary. In general, the Company’s taxable REIT subsidiary may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

For the years ended December 31, 2016, 2015 and 2014, the Company recorded federal and state income tax expense of $0.4 million, $1.3 million, and $0.9 million, respectively. The 2016 income tax expense includes current expense of $0.1 million and deferred tax expense of $0.3 million. At December 31, 2016 and 2015, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2016 and 2015, the Company had no interest or penalties related to uncertain tax provisions. Net income taxes payable and the net deferred tax liability of our taxable REIT subsidiary are classified within accounts payable and accrued liabilities and prepaid taxes are classified within prepaid expenses in the consolidated balance sheets. As of December 31, 2016, the Company’s taxable REIT subsidiary has prepaid taxes of $0.4 million, deferred tax assets of $1.5 million and a deferred tax liability of $2.2 million. As of December 31, 2015, the Company’s taxable REIT subsidiary had prepaid taxes of $0.2 million and a deferred tax liability of $1.2 million.

Derivative Financial Instruments: The Company accounts for derivatives in accordance with ASC Topic 815 “Derivatives and Hedging”, which requires companies to carry all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives using an income approach. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is limited to cash flow hedges of certain interest rate risks.

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Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the new guidance recognized at the date of initial application. We are currently evaluating the alternative methods of adoption and the effect of adopting ASU 2014-09 on our financial statements and related disclosures. We are also in the process of assessing which of our operating revenue streams will be impacted by the adoption of the new standard. Leases are specifically excluded from the scope of ASU 2014-09, therefore the Company does not anticipate that adoption of the new standard will have any impact on the timing or amounts of the Company’s rental revenue from customers which is a substantial portion of the Company’s total operating revenues. The Company intends to make a decision on which method of adoption will be elected by the end of the second quarter of 2017.

In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. The adoption of ASU 2014-12 by the Company did not have a material impact on its consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 310-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which is effective for annual periods ending after December 15, 2016 and annual and interim periods thereafter. This ASU requires management to make an assessment for each annual and interim reporting period as to whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If management identifies conditions or events that raise substantial doubt about about the Company’s ability to continue as a going concern, certain additional considerations and disclosures are required to be made. The adoption of ASU 2014-15 by the Company did not have a material impact on its consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This ASU is effective for annual reporting periods beginning after December 15, 2015 including interim periods within that reporting period. ASU 2015-02 amends the current consolidation model specifically as it relates to variable interest entities (“VIE’s”) and provides reporting entities with a revised consolidation analysis procedure. The adoption of ASU 2015-02 by the Company did not have a material impact on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which amends the requirements for the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years, with retrospective application required. Consistent with the guidance in ASU No. 2015-03 there are $3.4 million of debt issuance costs that have been presented as a reduction of term notes in our accompanying consolidated balance sheets at December 31, 2015 that were previously classified in other assets prior to the adoption of ASU No. 2015-03. The implementation of this accounting standards update had no effect on our results of operations or cash flows.

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In August 2015, the FASB issued Accounting Standards Update 2015-15, “Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”). ASU 2015-15 codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as assets. ASU No. 2015-15 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years. The implementation of this update did not result in any changes to our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-16 by the Company did not have a material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This guidance revises existing practice related to accounting for leases under Accounting Standards Codification Topic 840 Leases (ASC 840) for both lessees and lessors. The new guidance in ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). While the new standard maintains similar accounting for lessors as under ASC 840, the new standard reflects updates to, among other things, align with certain changes to the lessee model. ASU 2016-02 is effective for fiscal years and interim periods, within those years, beginning after December 15, 2018. Early adoption is permitted for all entities. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments”. ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by removing the requirement to assess whether a contingent event is related to interest rates or credit risks. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-06 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”. ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an adjustment must be made to the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-07 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company has determined that the adoption of ASU 2016-09 will not have a material impact on its consolidated financial statements.

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In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a Consensus of the Emerging Issues Task Force)” in an effort to reduce existing diversity in practice related to the classification of certain cash receipts and cash payments on the statements of cash flows. The guidance addresses the classification of cash flows related to, among other things, distributions received from equity method investees. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company has not yet completed its assessment of the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a Consensus of the Emerging Issues Task Force)” which requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. Other than modifications to the statement of cash flows, the adoption of ASU 2016-18 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” which is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. The adoption of ASU 2017-01 is expected to have potential impact on the accounting treatment of properties acquired subsequent to the adoption date. Property acquisitions treated as business combinations under current guidance may no longer be treated as business combinations subsequent to the adoption of ASU 2017-01. We are in the process of evaluating whether the properties we acquire will meet the definition of a “business” under ASU 2017-01. To the extent they do not meet such definition, future acquisitions of properties may be accounted for as asset acquisitions resulting in the capitalization of acquisition costs incurred in connection with these transactions and the allocation of the purchase price and related acquisition costs to the assets acquired based on their relative fair values.

Stock-Based Compensation: The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation”. The Company recognizes compensation cost in its financial statements for all share based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

The Company recorded compensation expense (included in general and administrative expense) of $89,000, $210,000, and $223,000, respectively, related to stock options and $7.2 million, $6.3 million, and $4.6 million, respectively, related to amortization of non-vested stock grants for the years ended December 31, 2016, 2015 and 2014. The Company uses the Black-Scholes Merton option pricing model to estimate the fair value of stock options granted subsequent to the adoption of ASC Topic 718. The application of this pricing model involves assumptions that are judgmental and sensitive in the determination of compensation expense. The weighted-average fair value of options granted during the years ended December 31, 2015 and 2014, were $9.90 and $10.04, respectively. There were no options granted during the year ended December 31, 2016.

To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the expected life of the options granted. Expected dividends are based on the Company’s history and expectation of dividend payouts. The expected life of stock options is based on the midpoint between the vesting date and the end of the contractual term.

During 2016, 2015 and 2014, the Company issued performance based non-vested stock awards to certain executives. The fair value for the performance based awards in 2016, 2015 and 2014 was estimated at the time the awards were granted using a Monte Carlo pricing model applying the following assumptions:

	2016			2015			2014
Expected life (years)		3.0			3.0			3.0
Risk free interest rate		1.53	%		1.33	%		1.18	%
Expected volatility		19.37	%		18.88	%		18.42	%
Fair value	$	80.24		$	101.43		$	46.95

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The Monte Carlo pricing model was not used to value any other 2016, 2015 and 2014 non-vested shares granted as no market conditions were present in these awards. The value of these other non-vested shares was equal to the stock price on the date of grant.

Reclassification: As noted below, certain amounts in the 2014 financial statements have been reclassified to conform with the 2015 and 2016 presentation.

Internet advertising expense, which had been included in the general and administrative expense line in financial statements filed in 2014 and prior years, has been reclassified to property operations and maintenance expense to conform with the current presentation which we implemented in the first quarter of 2015. The Company believes the classification of internet advertising expenses as property operations and maintenance expense is more consistent with industry trends. The amount of internet advertising expense that was reclassified for the year ended December 31, 2014 was $5.6 million.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

3. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance with ASC Topic 260, “Earnings Per Share.” Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position (“FSP”) EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities”, or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per share data)	2016		2015		2014
Numerator:
Net income attributable to common shareholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per share - weighted average shares		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion		43,407		35,601		33,191
Basic Earnings per common share attributable to common shareholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common share attributable to common shareholders	$	1.96	$	3.16	$	2.67

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The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per unit data)	2016		2015		2014
Numerator:
Net income attributable to common unitholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per unit - weighted average units		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average units and assumed conversion		43,407		35,601		33,191
Basic Earnings per common unit attributable to common unitholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common unit attributable to common unitholders	$	1.96	$	3.16	$	2.67

Not included in the effect of dilutive securities above are 107,283 unvested restricted shares for the year ended December 31, 2016; and 5,500 stock options and 152,835 unvested restricted shares for the year ended December 31, 2015; and 5,000 stock options and 151,474 unvested restricted shares for the year ended December 31, 2014, because their effect would be antidilutive.

4. INVESTMENT IN STORAGE FACILITIES

The following summarizes activity in storage facilities during the years ended December 31, 2016 and December 31, 2015.

(Dollars in thousands)	2016			2015
Cost:
Beginning balance	$	2,491,702		$	2,177,983
Acquisition of storage facilities		1,714,029			278,572
Improvements and equipment additions		65,860			39,807
Net increase in construction in progress		7,525			2,239
Dispositions		(35,808	)		(6,899	)
Ending balance	$	4,243,308		$	2,491,702
Accumulated Depreciation:
Beginning balance	$	465,195		$	411,701
Additions during the year		87,219			55,101
Dispositions		(16,710	)		(1,607	)
Ending balance	$	535,704		$	465,195

On July 15, 2016, the Company acquired all of the outstanding partnership interests in LifeStorage, LP, a Delaware limited partnership (“LS”). Pursuant to the acquisition, the Company acquired 83 self-storage properties throughout the country, including the following markets: Chicago, Illinois; Las Vegas, Nevada; Sacramento, California; Austin, Texas; and Los Angeles, California. Pursuant to the terms of the Agreement and Plan of Merger dated as of May 18, 2016 by and among LS, the Operating Partnership, Solar Lunar Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Operating Partnership, and Fortis Advisors LLC, a Delaware limited liability company, as Sellers’ Representative, the Company paid aggregate consideration of approximately $1.3 billion, of which $482 million was paid to discharge existing indebtedness of LS (including prepayment penalties and defeasance costs totaling $15.5 million). The merger was funded with the existing cash that was generated primarily from the proceeds from the Company’s May 2016 common stock offering and the 2026 Senior Notes offering, and draws on the Company’s line of credit totaling $482 million.

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Including the LS acquisition, the Company acquired 122 facilities during 2016. The acquisition of three stores that were acquired at certificate of occupancy were accounted for as asset acquisitions. The cost of these stores, including closing costs, was assigned to land, building, equipment and improvements components based upon their relative fair values. The assets and liabilities of the other 119 storage facilities acquired in 2016, which primarily consist of tangible and intangible assets, are measured at fair value on the date of acquisition in accordance with the principles of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and were accounted for as business combinations in accordance with the principles of FASB ASC Topic 805 “Business Combinations.”

The Company acquired 27 facilities during 2015. The four facilities acquired in Connecticut and New York on February 2, 2015 had been leased by the Company since November 1, 2013. The acquisitions of these four stores and three additional stores that were acquired at certificate of occupancy were accounted for as asset acquisitions. The cost of these seven stores, including closing costs, was assigned to their land, building, equipment and improvements components based upon their relative fair values. The assets and liabilities of the other 20 storage facilities acquired in 2015, which primarily consist of tangible and intangible assets, are measured at fair value on the date of acquisition in accordance with the principles of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and were accounted for as business combinations in accordance with the principles of FASB ASC Topic 805 “Business Combinations.”

The purchase price of the 122 facilities acquired in 2016 and the 27 facilities acquired in 2015 has been assigned as follows (as of December 31, 2016 the purchase price assignments relating to the facilities acquired during the second half of 2016 are preliminary):

(dollars in thousands)							Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Mortgage Assumed		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Trade Name		Closing Costs Expensed
2016
FL		4		1/6/2016	$	20,350	$	20,246	$	—	$	—	$	104		$	6,646	$	13,339	$	365	$	—	$	437
CA		4		1/21/2016		80,603		80,415		—		—		188			28,420		51,145		1,038		—		397
NH		5		1/21/2016		55,435		55,151		—		—		284			13,281		41,237		917		—		657
MA		1		1/21/2016		11,387		11,362		—		—		25			4,880		6,341		166		—		81
TX		3		1/21/2016		38,975		38,819		—		—		156			19,796		18,598		581		—		299
AZ		1		2/1/2016		9,275		9,261		—		—		14			988		8,224		63		—		136
FL		1		2/12/2016		11,274		11,270		—		—		4			2,294		8,980		—		—		—
PA		1		2/17/2016		5,750		5,732		—		—		18			1,768		3,879		103		—		164
CO		1		2/29/2016		12,600		12,549		—		—		51			4,528		7,915		157		—		188
CA		3		3/16/2016		68,832		63,965		4,472		—		395			22,647		45,371		814		—		313
CA		1		3/17/2016		17,320		17,278		—		—		42			6,728		10,339		253		—		132
CA		1		4/11/2016		36,750		33,346		3,294		—		110			17,445		18,840		465		—		141
CT		2		4/14/2016		17,313		17,152		—		—		161			6,142		10,904		267		—		204
NY		2		4/26/2016		24,312		20,143		—		4,249		(80	)		5,710		18,201		401		—		372
FL		1		5/2/2016		8,100		4,006		—		4,036		58			3,018		4,922		160		—		161
TX		1		5/5/2016		10,800		10,708		—		—		92			2,333		8,302		165		—		133
NY		2		5/19/2016		8,400		8,366		—		—		34			714		7,521		165		—		213
CA, CO, FL, IL, MS, NV, TX, UT, WI		83		7/15/2016		1,299,740		1,335,274		—		—		(35,534	)		150,660		1,085,750		46,830		16,500		25,398
SC		1		7/29/2016		8,620		8,617		—		—		3			920		7,700		—		—		—
CO		1		8/4/2016		8,900		8,831		—		—		69			5,062		3,679		159		—		119
FL		1		9/27/2016		10,500		10,407		—		—		93			2,809		7,523		168		—		244
IL		1		11/17/2016		8,884		7,125		1,750		—		9			371		8,513		—		—		—
FL		1		12/20/2016		9,800		6,900		—		2,966		(66	)		3,268		6,378		154		—		98
Total acquired 2016		122			$	1,783,920	$	1,796,923	$	9,516	$	11,251	$	(33,770	)	$	310,428	$	1,403,601	$	53,391	$	16,500	$	29,887

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(dollars in thousands)							Consideration paid							Acquisition Date Fair Value
State	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Closing Costs Expensed
2015
CT		2		2/2/2015	$	61,116	$	62,377	$	—	$	(1,261	)	$	19,389	$	41,727	$	—	$	—
NY		2		2/2/2015		57,900		59,103		—		(1,203	)		10,084		47,816		—		—
IL		1		2/5/2015		6,800		6,652		—		148			2,579		4,066		155		146
IL		1		3/9/2015		8,690		6,466		2,148		76			1,719		6,971		—		—
FL		1		4/1/2015		6,290		6,236		—		54			1,793		4,382		115		359
TX		1		4/16/2015		8,800		8,713		—		87			3,864		4,777		159		140
FL		1		4/21/2015		8,750		8,687		—		63			2,118		6,501		131		122
FL		4		5/1/2015		32,465		32,279		—		186			12,184		19,672		609		516
AZ		1		6/16/2015		7,904		7,904		—		—			852		7,052		—		—
MA		1		6/19/2015		10,291		10,286		—		5			2,110		8,181		—		—
NY		4		8/25/2015		17,900		17,690		—		210			4,685		12,826		389		409
NC		1		9/1/2015		3,775		3,762		—		13			718		2,977		80		80
SC		6		9/1/2015		44,000		43,564		—		436			17,461		25,644		895		684
PA		1		12/30/2015		6,550		6,541		—		9			1,926		4,498		126		190
Total acquired 2015		27			$	281,231	$	280,260	$	2,148	$	(1,177	)	$	81,482	$	197,090	$	2,659	$	2,646

All of the properties acquired were purchased from unrelated third parties. The operating results of the four facilities which had been leased since November 1, 2013 have been included in the Company’s operations since that date. The operating results of the other facilities acquired have been included in the Company’s operations since the respective acquisition dates. The $1,796.9 million of cash paid for the properties acquired during 2016 includes payment for cash acquired of $40.9 million and $5.3 million of deposits that were paid in 2015 when certain of these properties originally went under contract. Of the $280.3 million paid at closing for the properties acquired during 2015, $250,000 represented deposits that were paid in 2014 when certain of these properties originally went under contract. Closing costs totaling $345,000 were incurred and expensed in 2015 related to facilities acquired in 2016 and are reflected in totals for the respective 2016 acquisitions in the charts above.

Non-cash investing activities during 2016 include the issuance of $9.5 million in Operating Partnership Units valued based on the market price of the Company’s common stock at the date of acquisition, the assumption of three mortgages with acquisition-date fair values of $11.3 million, and the assumption of net other liabilities of $7.2 million. Non-cash investing activities during 2015 include the issuance of $2.1 million in Operating Partnership Units, the assumption of $1.3 million of other net liabilities and $2.5 million for the settlement of a straight-line rent liability in connection with the acquisition of self-storage facilities.

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the estimated cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method.

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(dollars in thousands)	2016			2015
In-place customer leases	$	75,611		$	22,320
Accumulated amortization		(50,782	)		(21,017	)
Net carrying value at December 31,	$	24,829		$	1,303

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Amortization expense related to in-place customer leases was $29.9 million, $3.4 million, and $4.1 million, for the years ended December 31, 2016, 2015, and 2014, respectively. Amortization expense on 2016 acquisitions is expected to be $24.8 million in 2017.

As noted above, during 2016, the Company acquired 122 properties, 119 of which were accounted for as business combinations. The following unaudited pro forma information is based on the combined historical financial statements of the Company and the 119 properties acquired during 2016, and accounted for as business acquisitions, as if the acquisitions had occurred as of January 1, 2015:

(dollars in thousands)	2016		2015
Total revenues	$	513,565	$	465,614
Net income attributable to common shareholders	$	154,522	$	54,144
Earnings per common share
Basic	$	3.34	$	1.17
Diluted	$	3.33	$	1.17

The above pro forma information includes the results of eight stores acquired by LS in 2016 and 17 stores acquired by LS in 2015. These stores therefore were not owned by LS for the entire pro forma periods and results prior to LS ownership are not included in the above pro forma information. The above pro forma information also includes increases in amortization of in-place customer leases totaling $53.4 million in 2015. As noted above, in-place customer leases are amortized over their estimated future benefit period of 12 months. Material, nonrecurring pro forma adjustments directly attributable to the business combinations and included in the above pro forma financial information include reductions to interest expense related to acquisition bridge financing totaling $7.3 million in 2016, reductions to acquisition costs totaling $29.5 million in 2016, and reductions to write-off of acquired property deposits totaling $1.8 million in 2016.

The following table summarizes the revenues and earnings since the acquisition dates that are included in the Company’s 2016 consolidated statement of operations related to the 119 properties acquired and accounted for as business combinations during 2016.

(dollars in thousands)
Total revenues	$	68,526
Net loss attributable to common shareholders	$	(52,814	)

The above net loss attributable to common shareholders was primarily due to amortization of in-place customer leases acquired and the acquisition costs incurred in connection with the 2016 acquisitions.

Property Dispositions

During 2016 the Company sold eight non-strategic properties with a carrying value of $18.8 million and received cash proceeds of $34.1 million, resulting in a $15.3 million gain on sale. During 2015 the Company sold three non-strategic properties purchased in 2014 and 2015 with a carrying value of $5.1 million and received cash proceeds of $4.6 million, resulting in a $0.5 million loss on sale. During 2014 the Company sold two properties with a carrying value of $5.8 million and received cash proceeds of $11.0 million, resulting in a $5.2 million gain on sale.

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The following table summarizes the revenues and expenses up to the dates of sale of the 13 properties sold in 2016, 2015 and 2014 that are included in the Company’s consolidated statements of operations for 2016, 2015 and 2014.

(dollars in thousands)	2016			2015			2014
Total revenues	$	2,324		$	4,801		$	5,782
Property operations and maintenance expense		(614	)		(1,401	)		(1,477	)
Real estate tax expense		(98	)		(295	)		(424	)
Depreciation and amortization expense		(359	)		(780	)		(820	)
Gain (loss) on sale of storage facilities		15,270			(494	)		5,176
	$	16,523		$	1,831		$	8,237

Change in Signage Useful Life Estimates

The change in name of the Company’s storage facilities from Uncle Bob’s Self Storage^® to Life Storage^® as discussed in Note 1 requires replacement of signage at all existing storage facilities which are currently included in investment in storage facilities, net on the consolidated balance sheets. The replacement of this signage is being completed at various times based on market, and is expected to be completed in the first half of 2017. The Company has reassessed the estimated useful lives of the existing signage which resulted in an increase in depreciation expense of approximately $8.2 million in 2016 as depreciation was accelerated over the new useful lives. The Company estimates that this change will result in depreciation expense of approximately $1 million in 2017 as a result of the replacement of this existing Uncle Bob’s Self Storage^® signage.

The accelerated depreciation reduced 2016 basic and diluted earnings by approximately $0.19 per share/unit.

5. UNSECURED LINE OF CREDIT AND TERM NOTES

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	Dec. 31, 2016			Dec. 31, 2015
Revolving line of credit borrowings	$	253,000		$	79,000
Term note due April 26, 2016		—			150,000
Term note due June 4, 2020		325,000			325,000
Term note due August 5, 2021		100,000			100,000
Term note due April 8, 2024		175,000			175,000
Senior term note due July 1, 2026		600,000			—
Term note due July 21, 2028		200,000			—
Total term note principal balance outstanding	$	1,400,000		$	750,000
Less: unamortized debt issuance costs		(9,323	)		(3,350	)
Less: unamortized senior term note discount		(3,152	)		—
Term notes payable	$	1,387,525		$	746,650

In January 2016, the Company exercised the expansion feature on its existing amended unsecured credit agreement and increased the revolving credit limit from $300 million to $500 million. The interest rate on the revolving credit facility bears interest at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.10%), and requires an annual 0.15% facility fee. The Company’s unsecured credit agreement also includes a $325 million unsecured term note maturing June 4, 2020, with the term note bearing interest at LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.15%). The interest rate at December 31, 2016 on the Company’s line of credit was approximately 1.79% (1.72% at December 31, 2015). At December 31, 2016, there was $247 million available on the unsecured line of credit. The revolving line of credit has a maturity date of December 10, 2019.

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On May 17, 2016, the Company entered into two senior unsecured acquisition bridge facilities (the “Bridge Facilities”) totaling $1,675 million with the Company’s third-party advisors to the LS acquisition (see Note 4). In consideration for the bridge financing commitments, the Company paid fees totaling $7.3 million which are included as interest expense – bridge financing commitment fee in the 2016 consolidated statement of operations. The Bridge Facilities commitments were not drawn upon and were terminated on June 29, 2016.

On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on January 1 and July 1, beginning on January 1, 2017. The 2026 Senior Notes are fully and unconditionally guaranteed by the Parent Company. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million. The indenture under which the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. As of December 31, 2016, the Company was in compliance with all of the financial covenants under the 2026 Senior Notes.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. The proceeds from this term note were used to repay a portion of the then outstanding balance on the Company’s line of credit.

On April 8, 2014, the Company entered into a $175 million term note maturing April 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The proceeds from this term note were used to repay the $115 million outstanding on the Company’s line of credit at April 8, 2014, with the excess proceeds used for acquisitions.

In 2011, the Company entered into a $100 million term note maturing August 5, 2021 bearing interest at a fixed rate of 5.54%. The interest rate on the term note increases to 7.29% if the notes are not rated by at least one rating agency, the credit rating on the notes is downgraded or if the Company’s credit rating is downgraded. The proceeds from this term note were used to fund acquisitions and investments in unconsolidated joint ventures.

The Company had maintained a $150 million unsecured term note maturing April 26, 2016 bearing interest at 6.38%. The Company used a draw on the line of credit to pay off the balance of this note on April 26, 2016.

The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At December 31, 2016, the Company was in compliance with its debt covenants.

We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at December 31, 2016 the entire availability on the line of credit could be drawn without violating our debt covenants.

The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control.

Subsequent to the adoption of ASU 2015-03, deferred debt issuance costs and the discount on the 2026 Senior Notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at December 31, 2016 and December 31, 2015. Amortization expense related to these deferred debt issuance costs, which exclude costs related to the Bridge Facilities, was $1.7 million, $1.2 million and $0.9 million for the periods ended December 31, 2016, 2015 and 2014, respectively, and is included in interest expense in the consolidated statements of operations.

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6. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at December 31, 2016 and 2015 consist of the following:

(dollars in thousands)	December 31, 2016		December 31, 2015
4.98% mortgage note due January 1, 2021 secured by one self-storage facility with an aggregate net book value of $9.8 million, principal and interest paid monthly (effective interest rate 4.98%)	$	2,966	$	—
4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.6 million, principal and interest paid monthly (effective interest rate 4.23%)		4,207		—
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.1 million, principal and interest paid monthly (effective interest rate 5.48%)		4,002		—
5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $4.2 million, principal and interest paid monthly (effective interest rate 6.21%)		1,852		1,993
Total mortgages payable	$	13,027	$	1,993

The table below summarizes the Company’s debt obligations and interest rate derivatives at December 31, 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 8. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2017		2018		2019		2020		2021		Thereafter		Total		Fair Value
Line of credit—variable rate LIBOR + 1.10% (1.79% at December 31, 2016)		—		—	$	253,000		—		—		—	$	253,000	$	253,000
Notes Payable:
Term note—variable rate LIBOR+1.15% (1.92% at December 31, 2016)		—		—		—	$	325,000		—		—	$	325,000	$	325,000
Term note—fixed rate 5.54%		—		—		—		—	$	100,000		—	$	100,000	$	109,379
Term note—fixed rate 4.533%		—		—		—		—		—	$	175,000	$	175,000	$	181,567
Term note—fixed rate 3.50%		—		—		—		—		—	$	600,000	$	600,000	$	574,126
Term note—fixed rate 3.67%		—		—		—		—		—	$	200,000	$	200,000	$	188,284
Mortgage note—fixed rate 4.98%	$	51	$	53	$	56	$	58	$	2,748		—	$	2,966	$	2,966
Mortgage note—fixed rate 4.065%	$	88	$	92	$	96	$	99	$	104	$	3,728	$	4,207	$	4,210
Mortgage note—fixed rate 5.26%	$	63	$	67	$	71	$	74	$	78	$	3,649	$	4,002	$	4,281
Mortgage note—fixed rate 5.99%	$	151	$	160	$	170	$	181	$	192	$	998	$	1,852	$	1,997
Interest rate derivatives – liability		—		—		—		—		—		—		—	$	13,015

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7. DERIVATIVE FINANCIAL INSTRUMENTS

Interest rate swaps are used to adjust the proportion of total debt that is subject to variable interest rates. The interest rate swaps require the Company to pay an amount equal to a specific fixed rate of interest times a notional principal amount and to receive in return an amount equal to a variable rate of interest times the same notional amount. The notional amounts are not exchanged. Forward starting interest rate swaps are also used by the Company to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. No other cash payments are made unless the contract is terminated prior to its maturity, in which case the contract would likely be settled for an amount equal to its fair value. The Company enters into interest rate swaps with a number of major financial institutions to minimize counterparty credit risk.

The interest rate swaps qualify and are designated as hedges of the amount of future cash flows related to interest payments on variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheets at fair value and the related gains or losses are deferred in shareholders’ equity or partners’ capital as Accumulated Other Comprehensive Loss (“AOCL”). These deferred gains and losses are recognized in interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was de minimis in 2016, 2015, and 2014.

The Company has interest rate swap agreements in effect at December 31, 2016 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt.

Notional Amount	Effective Date		Expiration Date		Fixed Rate Paid			Floating Rate Received
$125 Million		9/1/2011		8/1/18		2.3700	%		1 month LIBOR
$100 Million		12/30/11		12/29/17		1.6125	%		1 month LIBOR
$100 Million		9/4/13		9/4/18		1.3710	%		1 month LIBOR
$100 Million		12/29/17		11/29/19		3.9680	%		1 month LIBOR
$125 Million		8/1/18		6/1/20		4.1930	%		1 month LIBOR

In the fourth quarter of 2015, the Company entered into forward starting interest rate swap agreements with a total notional value of $50 million. In the first quarter of 2016, the Company entered into additional forward starting interest rate swap agreements with a total notional value of $100 million. These forward starting interest rate swap agreements were entered into to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 5), the Company terminated these hedges and settled the forward starting swap agreements for approximately $9.2 million. The $9.2 million has been deferred in accumulated other comprehensive loss and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Approximately $0.5 million of interest expense was recorded in 2016 as a result of this amortization. Consistent with the Company’s accounting policy, the cash outflow related to the settlement of the forward starting swap agreements is reflected as a financing activity in the consolidated statements of cash flows.

The interest rate swap agreements are the only derivative instruments, as defined by FASB ASC Topic 815 “Derivatives and Hedging”, held by the Company. During 2016, 2015, and 2014, the net reclassification from AOCL to interest expense was $4.6 million, $5.2 million, and $5.5 million, respectively, based on payments made under the swap agreements. Based on current interest rates, the Company estimates that payments under the interest rate swaps will be approximately $4.0 million in 2017. Payments made under the interest rate swap agreements will be reclassified to interest expense as settlements occur. The fair value of the swap agreements, including accrued interest, was a liability of $13.0 million at December 31, 2016 and an asset of $550,000 and a liability of $15.3 million at December 31, 2015.

The Company’s agreements with its interest rate swap counterparties contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. The interest rate swap agreements also incorporate other loan covenants of the Company. Failure to comply with the

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loan covenant provisions would result in the Company being in default on the interest rate swap agreements. As of December 31, 2016, the Company had not posted any collateral related to the interest rate swap agreements. If the Company had breached any of these provisions as of December 31, 2016, it could have been required to settle its obligations under the agreements at their net termination value of $13.0 million.

The changes in AOCL for the years ended December 31, 2016, 2015 and 2014 are summarized as follows:

(dollars in thousands)	Jan. 1, 2016 to Dec. 31, 2016			Jan. 1, 2015 to Dec. 31, 2015			Jan. 1, 2014 to Dec. 31, 2014
Accumulated other comprehensive loss beginning of period	$	(14,415	)	$	(13,005	)	$	(6,402	)
Realized loss reclassified from accumulated other comprehensive loss to interest expense		5,044			5,229			5,506
Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps		(12,104	)		(6,639	)		(12,109	)
Loss included in other comprehensive loss		(7,060	)		(1,410	)		(6,603	)
Accumulated other comprehensive loss end of period	$	(21,475	)	$	(14,415	)	$	(13,005	)

8. FAIR VALUE MEASUREMENTS

The Company applies the provisions of ASC Topic 820 “Fair Value Measurements and Disclosures” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Refer to Note 6 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis.

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016 and December 31, 2015 (dollars in thousands):

	Asset (Liability)			Level 1		Level 2			Level 3
December 31, 2016
Interest rate swaps	$	(13,015	)		—	$	(13,015	)		—
December 31, 2015
Interest rate swaps		550			—		550			—
Interest rate swaps		(15,343	)		—		(15,343	)		—

Interest rate swaps are over the counter securities with no quoted readily available Level 1 inputs, and therefore are measured at fair value using inputs that are directly observable in active markets and are classified within Level 2 of the valuation hierarchy, using the income approach.

During 2016, assets and liabilities measured at fair value on a non-recurring basis included the assets acquired and liabilities assumed in connection with the acquisition of 122 storage facilities (see note 4), including the LS acquisition. To determine the fair value of land, the Company used prices per acre derived from observed transactions involving comparable land in similar locations, which is considered a Level 2 input. To determine the fair value of buildings, equipment and improvements, the Company used current replacement cost based on information derived from construction industry data by geographic region which is considered a Level 2 input. The

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replacement cost is then adjusted for the age, condition, and economic obsolescence associated with these assets, which are considered Level 3 inputs. The fair value of in-place customer leases is based on the rent lost due to the amount of time required to replace existing customers and the cost to replace in-place tenants which are based on the Company’s historical experience with turnover at its facilities and on market rental rates and estimated downtime required to replace the in-place leases, all of which are Level 3 inputs. The average downtime is based upon estimated demand information including the number of potential customers exhibited in historical property interest data. The fair value of trade names is based on royalty payments avoided had the trade name been owned by a third party which is determined using market royalty rates. Other assets acquired and liabilities assumed in the acquisitions consist primarily of prepaid or accrued real estate taxes and deferred revenues from advance monthly rentals paid by customers. The fair values of these assets and liabilities are based on their carrying values as they typically turn over within one year from the acquisition date and these are Level 3 inputs.

9. STOCK BASED COMPENSATION

The Company established the 2015 Award and Option Plan (the “2015 Plan”) which replaced the expired 2005 Award and Option Plan for the purpose of attracting and retaining the Company’s executive officers and other key employees, such plans being the “Plans”. There were 561,000 shares authorized for issuance under the 2015 Plan. Options granted under the Plans vest ratably over four and eight years, and must be exercised within ten years from the date of grant. The exercise price for qualified incentive stock options must be at least equal to the fair market value of the common shares at the date of grant. As of December 31, 2016, options for 77,206 shares were outstanding under the Plans and options for 435,570 shares of common stock were available for future issuance. The Company may also grant other stock-based awards under the 2015 Plan, including restricted stock and performance-based awards.

The Company also established the 2009 Outside Directors’ Stock Option and Award Plan (the “Non-employee Plan”) which replaced the 1995 Outside Directors’ Stock Option Plan for the purpose of attracting and retaining the services of experienced and knowledgeable outside directors. Prior to 2016, the Non-employee Plan provided for the initial granting of options to purchase 3,500 shares of common stock and for the annual granting of options to purchase 2,000 shares of common stock to each eligible director. Such options vest over a one-year period for initial awards and immediately upon subsequent grants. The issuance of stock options to directors was discontinued in 2016. In addition, each outside director receives non-vested shares annually equal to 80% of the annual fees paid to them. During the restriction period, the non-vested shares may not be sold, transferred, or otherwise encumbered. The holder of the non-vested shares has all rights of a holder of common shares, including the right to vote and receive dividends. During 2016, 1,864 non-vested shares were issued to outside directors. Such non-vested shares vest over a one-year period. The total shares reserved under the Non-employee Plan is 150,000. The exercise price for options granted under the Non-employee Plan is equal to the fair market value at the date of grant. As of December 31, 2016, options for 18,500 common shares and 16,984 of non-vested shares were outstanding under the Non-employee Plans. As of December 31, 2016 options for 71,016 shares of common stock were available for future issuance.

A summary of the Company’s stock option activity and related information for the years ended December 31 follows:

	2016				2015					2014
	Options		Weighted average exercise price		Options			Weighted average exercise price		Options			Weighted average exercise price
Outstanding at beginning of year:		95,706	$	52.08		115,606		$	48.54		130,568		$	44.82
Granted		—		—		11,000			91.58		14,000			76.01
Exercised		—		—		(30,900	)		52.87		(27,462	)		45.34
Adjusted / (forfeited)		—		—		—			—		(1,500	)		40.07
Outstanding at end of year		95,706	$	52.08		95,706		$	52.08		115,606		$	48.54
Exercisable at end of year		92,706	$	51.31		63,815		$	48.73		67,316		$	49.18

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A summary of the Company’s stock options outstanding at December 31, 2016 follows:

	Outstanding				Exercisable
Exercise Price Range	Options		Weighted average exercise price		Options		Weighted average exercise price
$30.00 – 39.99		1,100	$	35.73		1,100	$	35.73
$40.00 – 69.99		77,106	$	44.67		77,106	$	44.67
$70.00 – 91.58		17,500	$	85.78		14,500	$	87.82
Total		95,706	$	52.08		92,706	$	51.31
Intrinsic value of outstanding stock options at December 31, 2016							$	3,244,663
Intrinsic value of exercisable stock options at December 31, 2016							$	3,216,643

The intrinsic value of stock options exercised during the years ended December 31, 2016, 2015, and 2014 was $0, $1.4 million, and $0.9 million, respectively.

Proceeds from stock options exercised during the years ended December 31, 2016, 2015, and 2014 amounted to $0, $1.6 million, and $1.2 million, respectively.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock at December 31, 2016, or the price on the date of exercise for those exercised during the year. As of December 31, 2016, there was approximately $22,000 of total unrecognized compensation cost related to stock option compensation arrangements granted under our stock award plans. That cost is expected to be recognized over a weighted-average period of approximately 1.5 years. The weighted average remaining contractual life of all options is 2.9 years, and for exercisable options is 2.8 years.

Non-vested stock

The Company has also issued shares of non-vested stock to employees which vest over one to nine year periods. During the restriction period, the non-vested shares may not be sold, transferred, or otherwise encumbered. The holder of the non-vested shares has all rights of a holder of common shares, including the right to vote and receive dividends. For issuances of non-vested stock during the year ended December 31, 2016, the fair market value of the non-vested stock on the date of grant ranged from $82.52 to $117.27. During 2016, 23,405 shares of non-vested stock were issued to employees and directors with an aggregate fair value of $2.1 million. The Company charges the fair value ratably to expense over the vesting period. The Company uses the average of the high and low price of its common stock on the date the award is granted as the fair value for non-vested stock awards that do not have a market condition.

A summary of the status of unvested shares of stock issued to employees and directors as of and during the years ended December 31 follows:

	2016					2015					2014
	Non-vested Shares			Weighted average grant date fair value		Non-vested Shares			Weighted average grant date fair value		Non- vested Shares			Weighted average grant date fair value
Unvested at beginning of year:		305,520		$	59.09		310,463		$	51.93		293,196		$	49.20
Granted		23,405			89.30		64,665			94.74		92,665			60.87
Vested		(70,762	)		69.82		(69,187	)		60.28		(72,876	)		53.11
Forfeited		—			—		(421	)		76.07		(2,522	)		28.66
Unvested at end of year		258,163		$	58.89		305,520		$	59.09		310,463		$	51.93

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Compensation expense of $7.2 million, $6.3 million, and $4.6 million was recognized for the vested portion of non-vested stock grants in 2016, 2015, and 2014, respectively. The fair value of non-vested stock that vested during 2016, 2015, and 2014 was $4.9 million, $4.2 million, and $3.9 million, respectively. The total unrecognized compensation cost related to non-vested stock was $9.6 million at December 31, 2016, and the remaining weighted-average period over which this expense will be recognized was 3.4 years.

Performance-based awards

During 2016 and 2015, the Company granted performance-based awards that entitle the recipients to earn up to 37,082 and 42,538 shares, respectively, if certain performance criteria are achieved over a three year period. The actual number of shares to be issued will be determined at the end of a three year period, and no performance-based shares were issued in 2016 or 2015. The Company granted and issued a total of 60,654 performance shares under the Plan during 2014 which are included in the table above. The performance-based awards granted are based upon the Company’s performance over a three year period depending on the Company’s total shareholder return relative to a group of peer companies. Performance based awards are recognized as compensation expense based on fair value on date of grant, the number of shares ultimately expected to vest and the vesting period. For accounting purposes, the performance shares are considered to have a market condition. The effect of the market condition is reflected in the grant date fair value of the award and thus, compensation expense is recognized on this type of award provided that the requisite service is rendered (regardless of whether the market condition is achieved). The Company estimated the fair value of each performance-based award granted under the Plans on the date of grant using a Monte Carlo simulation that uses the assumptions noted in Note 2.

During 2016, compensation expense of $2.6 million (included in the $7.2 million discussed above) was recognized for performance awards granted in 2014 and prior. The total unrecognized compensation cost related to non-vested performance awards was $3.9 million at December 31, 2016 and the weighted-average period over which this expense will be recognized is 1.6 years.

Deferred compensation plan for directors

Under the Deferred Compensation Plan for Directors, non-employee Directors may defer all or part of their Directors’ fees that are otherwise payable in cash. Directors’ fees that are deferred under this plan are credited to each Directors’ account under the plan in the form of Units. The number of Units credited is determined by dividing the amount of Directors’ fees deferred by the closing price of the Company’s Common Stock on the New York Stock Exchange on the day immediately preceding the day upon which Directors’ fees otherwise would be paid by the Company. A Director is credited with additional Units for dividends on the shares of Common Stock represented by Units in such Directors’ Account. A Director may elect to receive the shares in a lump sum on a date specified by the Director or in quarterly or annual installments over a specified period and commencing on a specified date. The Directors may not elect to receive cash in lieu of shares. Under this plan there were a total of 20,513 units outstanding at December 31, 2016. Fees that were earned and credited to Directors’ accounts are recorded as compensation expense which totaled $0.1 million annually in each of 2016, 2015, and 2014.

10. RETIREMENT PLAN

Employees of the Company qualifying under certain age and service requirements are eligible to be a participant in a 401(k) Plan. In 2015 and 2014, the Company contributed to the Plan at the rate of 25% of the first 4% of gross wages that the employee contributes. Beginning on January 1, 2016, the Company contributes to the Plan at the rate of 33% of the first 5% of gross wages that the employee contributes. Total expense to the Company was approximately $505,000, $276,000, and $192,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

11. INVESTMENT IN JOINT VENTURES

The Company has a 20% ownership interest in Sovran HHF Storage Holdings LLC (“Sovran HHF”), a joint venture that owns 39 self-storage properties that are managed by the Company. The carrying value of the Company’s investment at December 31, 2016 and 2015 was $43.8 million and $44.6 million, respectively. In 2014, the Company contributed $28.6 million in cash to the joint venture as its share of capital required to fund property acquisitions. In 2015 the Company contributed an additional $0.4 million in cash to the joint venture as its share of capital required to fund certain capital expenditures and property taxes related to 2014 acquisitions. As of

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December 31, 2016, the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment, which is assessed for other-than-temporary impairment on a periodic basis. No other-than-temporary impairments have been recorded on this investment.

The Company has a 15% ownership interest in Sovran HHF Storage Holdings II LLC (“Sovran HHF II”), a joint venture that owns 30 self-storage properties that are managed by the Company. The carrying value of the Company’s investment at December 31, 2016 and 2015 was $13.5 million and $13.9 million, respectively. In 2015 the Company contributed $1.7 million in cash to the joint venture as its share of capital required to fund the payoff of a mortgage note. The carrying value of this investment is assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on this investment.

As manager of Sovran HHF and Sovran HHF II, the Company earns a management and call center fee of 7% of gross revenues which totaled $4.9 million, $4.9 million, and $3.9 million for 2016, 2015, and 2014, respectively. The Company also received an acquisition fee of $0.4 million for securing purchases for Sovran HHF and Sovran HHF II in 2014. The Company’s share of Sovran HHF and Sovran HHF II’s income for 2016, 2015, and 2014 was $3.4 million, $3.2 million, and $1.9 million, respectively.

The Company has a 49% ownership interest in Iskalo Office Holdings, LLC, which owns the building that houses the Company’s headquarters and other tenants. The carrying value of the Company’s investment is a liability of $0.4 million and $0.5 million at December 31, 2016 and 2015, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. For the years ended December 31, 2016, 2015, and 2014, the Company’s share of Iskalo Office Holdings, LLC’s income was $214,000, $189,000, and $107,000, respectively. The Company paid rent to Iskalo Office Holdings, LLC of $1.2 million, $1.1 million, and $1.0 million in 2016, 2015, and 2014, respectively.

The Company holds an 85% equity interest in Urban Box Coralway Storage, LLC (Urban Box), a joint venture with an unrelated third party. Urban Box was formed in 2015 and is currently developing a self-storage property in Florida. During 2015, the Company contributed $4.0 million to Urban Box as its share of capital to develop the property, which primarily consists of the acquisition of land in 2015. In 2016, Urban Box entered into a non-recourse mortgage loan in order to finance future development costs. The Company and the other joint venture member have participation rights which require the agreement of both members in order to implement the activities of Urban Box which are most significant to its economic performance. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management services for Urban Box in exchange for a management fee based on 6% of property revenues. There were no management fees in 2016 or 2015.

The Company holds a 5% equity interest in SNL/Orix 1200 McDonald Ave., LLC (“McDonald”), a joint venture with an unrelated third party. The joint venture for McDonald was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.3 million of preferred capital to McDonald as its share of capital to develop the property. McDonald entered into a non-recourse mortgage loan in order to finance the future development costs. In accordance with the terms of the McDonald joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management services for McDonald in exchange for a management fee based on property revenues. There were no management fees in 2016.

The Company holds a 5% equity interest in SNL Orix Merrick, LLC (“Merrick”), a joint venture with an unrelated third party. The joint venture for Merrick was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.1 million of preferred capital to Merrick as its share of capital to develop the property. Merrick will enter into a non-recourse mortgage loan in order to finance the future development costs. In accordance with the terms of the Merrick joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

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The Company will perform property management services for Merrick in exchange for a management fee based on property revenues. There were no management fees in 2016.

The Company holds a 20% ownership interest in 191 III Holdings LLC (“191 III”), a joint venture that was formed in 2016 to acquire self-storage properties that are managed by the Company. During 2016, the Company contributed $0.7 million to 191 III as its share of capital to fund future acquisitions. In accordance with the terms of the 191 III joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management and call center services for 191 III in exchange for an aggregate fee based on 7% of the gross revenues of the joint venture. There were no management fees in 2016.

A summary of the combined unconsolidated joint ventures’ financial statements as of and for the year ended December 31, 2016 is as follows:

(dollars in thousands)
Balance Sheet Data:
Investment in storage facilities, net	$	534,719
Investment in office building		5,008
Other assets		17,440
Total Assets	$	557,167
Due to the Company	$	1,223
Mortgages payable		220,456
Other liabilities		7,394
Total Liabilities		229,073
Unaffiliated partners’ equity		262,944
Company equity		65,150
Total Partners’ Equity		328,094
Total Liabilities and Partners’ Equity	$	557,167
Income Statement Data:
Total revenues	$	74,034
Property operating expenses		(23,879	)
Administrative, management and call center fees		(5,389	)
Depreciation and amortization of customer list		(13,946	)
Amortization of financing fees		(354	)
Income tax expense		(232	)
Interest expense		(10,258	)
Net income	$	19,976

The Company does not guarantee the debt of Sovran HHF, Sovran HHF II, Iskalo Office Holdings, LLC, Urban Box, McDonald, Merrick, or 191 III.

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We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital for future acquisitions of properties. A summary of our revenues, expenses and cash flows arising from the off-balance sheet arrangements with Sovran HHF, Sovran HHF II, Iskalo Office Holdings, LLC, Urban Box, McDonald, Merrick, and 191 III for the three years ended December 31, 2016 are as follows:

	Year ended December 31,
(dollars in thousands)	2016			2015			2014
Statement of Operations
Other operating income (management fees and acquisition fee income)	$	4,891		$	4,889		$	4,231
General and administrative expenses (corporate office rent)		1,214			1,053			1,023
Equity in income of joint ventures		3,665			3,405			2,086
Distributions from unconsolidated joint ventures		5,207			4,821			3,123
(Advances to) receipts from joint ventures		(294	)		(346	)		590
Investing activities
Investment in unconsolidated joint ventures		(6,438	)		(6,151	)		(28,650	)

12. SHAREHOLDERS’ EQUITY

On March 3, 2015, the Company completed the public offering of 1,380,000 shares of its common stock at $90.40 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $119.5 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit.

On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit.

On May 25, 2016, the Company completed the public offering of 6,900,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $665.4 million. The Company initially used the net proceeds from the offering to repay the indebtedness then outstanding on the Company’s unsecured line of credit. The proceeds from this offering and the proceeds from the 2026 Senior Notes (see Note 5) were used, along with draws on the Company’s revolving line of credit, to fund the purchase of LS on July 15, 2016 (see Note 4).

On May 12, 2014, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC (“Jefferies”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), Piper Jaffray & Co. (“Piper”), HSBC Securities (USA) Inc. (“HSBC”), and BB&T Capital Markets, a division of BB&T Securities, LLC (“BB&T”), pursuant to which the Company may sell from time to time up to $225 million in aggregate offering price of shares of the Company’s common stock. Actual sales under the Equity Program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program.

During 2016, the Company did not issue any shares of common stock under the Equity Program. As of December 31, 2016, the Company had $59.3 million available for issuance under the Equity Program which expires in May 2017.

During 2015, the Company issued 949,911 shares of common stock under the Equity Program at a weighted average issue price of $96.80 per share, generating net proceeds of $90.6 million after deducting $1.1 million of sales commissions paid to Jefferies, Piper, and HSBC, as well as other expenses of $0.2 million. The Company used the proceeds from the equity programs to fund a portion of the acquisition of 27 storage facilities.

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During 2014, the Company issued 924,403 shares of common stock under the Equity Program at a weighted average issue price of $79.77 per share, generating net proceeds of $72.8 million after deducting $0.9 million of sales commissions paid to Piper, HSBC and BB&T. During the three months ended March 31, 2014, the Company issued 359,102 shares of common stock under a previous equity program at a weighted average issue price of $74.32 per share, generating net proceeds of $26.4 million after deducting $0.3 million of sales commissions payable to SunTrust. In addition to sales commissions, the Company incurred expenses of $0.2 million in connection with these equity programs during 2014. The Company used the proceeds from the equity programs to fund a portion of the acquisition of 33 storage facilities.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 133,666 and 151,246 shares under the plan in 2016 and 2015, respectively.

13. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of quarterly results of Life Storage Inc. operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common shareholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per share attributable to common shareholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common shareholders		22,451		28,532		31,504			30,037
Net income per share attributable to common shareholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

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The following is a summary of quarterly results of Life Storage LP operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common unitholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per unit attributable to common unitholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common unitholders		22,451		28,532		31,504			30,037
Net income per unit attributable to common unitholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

See note 4 for a discussion of property acquisitions made during 2016 and the depreciation resulting from the change in estimated useful lives of Uncle Bob’s Self Storage^® signage. See note 6 for financing transactions entered into in 2016.

14. COMMITMENTS AND CONTINGENCIES

The Company’s current practice is to conduct environmental investigations in connection with property acquisitions. At this time, the Company is not aware of any environmental contamination of any of its facilities that individually or in the aggregate would be material to the Company’s overall business, financial condition, or results of operations.

Future minimum lease payments on a building lease and the lease of the Company’s headquarters are as follows (dollars in thousands):

Year ending December 31:
2017	$	2,432
2018		2,332
2019		2,227
2020		2,278
2021		2,288
Thereafter		13,431
Total	$	24,988

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At December 31, 2016, the Company was under contract to acquire five self-storage facilities for cash consideration of approximately $67.0 million. One of the properties was acquired in February 2017 from an unrelated party for $9.8 million. The Company has not yet determined the assignment of the purchase price of this facility to the individual assets acquired. This acquisition was funded with a draw on the Company’s revolving line of credit. The following is a summary of the properties under contract at December 31, 2016 (dollars in thousands).

State	No. of Properties		Contract Amount		Acquisition Date
Illinois*		1	$	9,800		Feb. 2017
North Carolina*		1		12,425
Texas*		3		44,800
		5	$	67,025

* Properties purchased or expected to be purchased upon completion of construction.

The purchase of the remaining facilities by the Company is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At December 31, 2016, 191 III was under contract to acquire five self-storage facilities for cash consideration of $109.5 million. Four of these facilities were acquired by 191 III in January 2017. The Company’s cash contribution to 191 III for the purchase of the four facilities was approximately $15.0 million. 191 III is under contract to purchase the remaining facility for $32.3 million of which the company is committed to contribute $6.5 million. The purchase of this remaining facility by 191 III is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.

At December 31, 2016, the Company has signed contracts in place with third party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $11.6 million under these contracts in 2017.

On or about August 25, 2014, a putative class action was filed against the Company in the Superior Court of New Jersey Law Division Burlington County. The action seeks to obtain declaratory, injunctive and monetary relief for a class of consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act, the New Jersey Consumer Fraud Act and the New Jersey Insurance Producer Licensing Act. On October 17, 2014, the action was removed from the Superior Court of New Jersey Law Division Burlington County to the United States District Court for the District of New Jersey. The Company brought a motion to partially dismiss the complaint for failure to state a claim, and on July 16, 2015, the Company’s motion was granted in part and denied in part. On October 20, 2016, the complaint was amended to add a claim that the Company’s insurance program violates New Jersey consumer protection laws. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time.

15. SUBSEQUENT EVENTS

On January 4, 2017, the Company declared a quarterly dividend of $0.95 per common share. The dividend was paid on January 26, 2017 to shareholders of record on January 17, 2017. The total dividend paid amounted to $44.1 million.

In January 2017, the Company executed a joint venture agreement, Review Avenue Partners, LLC (“RAP”), with an unrelated third party. The Company holds a 40% interest in RAP and contributed $12.4 million of common capital to RAP on January 4, 2017. RAP is currently operating a self-storage property in New York and has entered into a non-recourse mortgage loan to finance a portion of the cost of the facility. The Company will perform property management services for RAP in exchange for a management fee based on property revenues.

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Controls and Procedures (Parent Company)

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Parent Company’s management conducted an evaluation of the effectiveness of the design and operation of the Parent Company’s disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the participation of the Parent Company’s management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, the Parent Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Parent Company’s disclosure controls and procedures were effective at December 31, 2016. There have not been changes in the Parent Company’s internal controls or in other factors that could significantly affect these controls during the quarter ended December 31, 2016.

Management’s Report on Life Storage, Inc. Internal Control Over Financial Reporting

Management of Life Storage, Inc. (the “REIT”) is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2016. The REIT’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The REIT’s system of internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the REIT; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the REIT are being made only in accordance with authorizations of management and directors of the REIT; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the REIT’s assets that could have a material effect on the financial statements.

The REIT’s management performed an assessment of the effectiveness of the REIT’s internal control over financial reporting as of December 31, 2016 based upon criteria in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (“COSO”). Based on our assessment, management determined that the REIT’s internal control over financial reporting was effective as of December 31, 2016 based on the criteria in Internal Control-Integrated Framework issued by COSO.

The effectiveness of the REIT’s internal control over financial reporting as of December 31, 2016 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included in Item 9A herein.

/S/ David L. Rogers	/S/ Andrew J. Gregoire
Chief Executive Officer	Chief Financial Officer

81

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Life Storage, Inc.

We have audited Life Storage, Inc.’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). Life Storage, Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Life Storage, Inc. Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Life Storage, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Life Storage, Inc. as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2016 of Life Storage, Inc. and our report dated February 27, 2017 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

82

Controls and Procedures (Operating Partnership)

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Operating Partnership’s management conducted an evaluation of the effectiveness of the design and operation of the Operating Partnership’s disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Operating Partnership’s disclosure controls and procedures were effective at December 31, 2016. There have not been changes in the Operating Partnership’s internal controls or in other factors that could significantly affect these controls during the quarter ended December 31, 2016.

Management’s Report on Life Storage LP Internal Control Over Financial Reporting

Management of Life Storage LP (the “Partnership”) is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2016. The Partnership’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Partnership’s system of internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of management and directors of the Partnership; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Partnership’s assets that could have a material effect on the financial statements.

The Partnership’s management performed an assessment of the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2016 based upon criteria in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (“COSO”). Based on our assessment, management determined that the Partnership’s internal control over financial reporting was effective as of December 31, 2016 based on the criteria in Internal Control-Integrated Framework issued by COSO.

The effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2016 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included in Item 9A herein.

/S/ David L. Rogers	/S/ Andrew J. Gregoire
Chief Executive	Officer Chief Financial Officer

83

Report of Independent Registered Public Accounting Firm

The Board of Directors and Partners of Life Storage LP

We have audited Life Storage LP’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). Life Storage LP’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Life Storage LP Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Life Storage LP maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Life Storage LP as of December 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income, partners’ capital and cash flows for each of the three years in the period ended December 31, 2016 of Life Storage LP and our report dated February 27, 2017 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

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Item 9B. Other Information

None.

Part III

Item 10. Directors, Executive Officers and Corporate Governance

The information contained in the Parent Company’s Proxy Statement for the 2017 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2016 (“2017 Proxy Statement”), with respect to directors, executive officers, audit committee, and audit committee financial experts of the Company and Section 16(a) beneficial ownership reporting compliance, is incorporated herein by reference in response to this item.

The Company has adopted a code of ethics that applies to all of its directors, officers, and employees. The Company has made the Code of Ethics available on its website at http://www.lifestorage.com.

Item 11. Executive Compensation

The information required is incorporated by reference to “Executive Compensation” and “Director Compensation” in the 2017 Proxy Statement and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required herein is incorporated by reference to “Stock Ownership By Directors and Executive Officers” and “Security Ownership of Certain Beneficial Owners” in the 2017 Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required herein is incorporated by reference to “Certain Transactions” and “Election of Directors—Director Independence” in the 2017 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

The information required herein is incorporated by reference to “Appointment of Independent Registered Public Accounting Firm” in the 2017 Proxy Statement and is incorporated herein by reference.

Part IV

Item 15. Exhibits, Financial Statement Schedules

(a) Documents filed as part of this Annual Report on Form 10-K:

1.	The following consolidated financial statements of Life Storage, Inc. are included in Item 8.
	(i)	Consolidated Balance Sheets as of December 31, 2016 and 2015.
	(ii)	Consolidated Statements of Operations for Years Ended December 31, 2016, 2015, and 2014.
	(iii)	Consolidated Statements of Comprehensive Income for Years Ended December 31, 2016, 2015, and 2014.
	(iv)	Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2016, 2015, and 2014.
	(v)	Consolidated Statements of Cash Flows for Years Ended December 31, 2016, 2015, and 2014 and
	(vi)	Notes to Consolidated Financial Statements.

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	The following consolidated financial statements of Life Storage LP are included in Item 8.
	(i)	Consolidated Balance Sheets as of December 31, 2016 and 2015.
	(ii)	Consolidated Statements of Operations for Years Ended December 31, 2016, 2015, and 2014.
	(iii)	Consolidated Statements of Comprehensive Income for Years Ended December 31, 2016, 2015, and 2014.
	(iv)	Consolidated Statements of Partners’ Capital for the Years Ended December 31, 2016, 2015, and 2014.
	(v)	Consolidated Statements of Cash Flows for Years Ended December 31, 2016, 2015, and 2014 and
	(vi)	Notes to Consolidated Financial Statements.
2.	The following financial statement Schedule as of the period ended December 31, 2016 is included in this Annual Report on Form 10-K. Schedule III Real Estate and Accumulated Depreciation at December 31, 2016.

All other Consolidated financial schedules are omitted because they are inapplicable, not required, or the information is included elsewhere in the consolidated financial statements or the notes thereto.

3. Exhibits

The exhibits required to be filed as part of this Annual Report on Form 10-K have been included as follows:

3.1	Amended and Restated Articles of Incorporation of the Parent Company (incorporated by reference to Exhibit 3.1 (a) to the Parent Company’s Registration Statement on Form S-11 (File No. 33-91422) filed June 19, 1995).
3.2	Articles Supplementary to the Amended and Restated Articles of Incorporation of the Parent Company classifying and designating the Series A Junior Participating Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1 to the Parent Company’s Form 8-A filed December 3, 1996).
3.3	Articles Supplementary to the Amended and Restated Articles of Incorporation of the Parent Company classifying and designating the 9.85% Series B Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 1.6 to the Parent Company’s Form 8-A filed July 29, 1999).
3.4	Articles Supplementary to the Amended and Restated Articles of Incorporation of the Parent Company classifying and designating the 8.375% Series C Convertible Cumulative Preferred Stock (incorporated by reference to Exhibit 4.1 to the Parent Company’s Current Report on Form 8-K filed July 12, 2002).
3.5	Articles Supplementary to the Amended and Restated Articles of Incorporation of the Parent Company reclassifying shares of Series B Cumulative Redeemable Preferred Stock into Preferred Stock. (incorporated by reference to Exhibit 3.1 to the Parent Company’s Current Report on Form 8-K filed May 31, 2011).
3.6	Articles of Amendment of the Parent Company (incorporated by reference to Exhibit 3.1 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed August 11, 2016).
3.7	Bylaws, as amended, of the Parent Company (incorporated by reference to Exhibit 3.2 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed August 11, 2016).
3.8	Amended and Restated Certificate of Limited Partnership (incorporated by reference to Exhibit 3.3 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed August 11, 2016).
3.9	Agreement of Limited Partnership of the Operating Partnership (incorporated by reference to Exhibit 3.1 on Form 10 filed April 22, 1998).

86

3.10	Amendments to the Agreement of Limited Partnership of the Operating Partnership dated July 30, 1999 and July 3, 2002 (incorporated by reference to Exhibit 10.13 to the Parent Company’s Annual Report on Form 10-K filed February 27, 2009).
3.11	Amendment to Agreement of Limited Partnership of the Operating Partnership (incorporated by reference to Exhibit 3.4 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed August 11, 2016).
4.1	Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Parent Company’s Registration Statement on Form S-11 (File No. 33-91422) filed June 19, 1995).
4.2	Base Indenture, dated as of June 20, 2016, among the Company, the Operating Partnership and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed June 20, 2016).
4.3	First Supplemental Indenture, dated as of June 20, 2016, among the Parent Company, the Operating Partnership and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.2 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed June 20, 2016).
4.4	Form of Note representing the Notes (incorporated by reference to Exhibit 4.3 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed June 20, 2016).
4.5	Form of Guarantee (included in Exhibit 4.4).
10.1*+	2015 Award and Option Plan, as amended.
10.2+	2005 Award and Option Plan, as amended (incorporated by reference to Exhibit 10.1 to Parent Company’s Report on Form 10-K filed February 28, 2012).
10.3+	Employment Agreement between the Parent Company, the Operating Partnership, and Robert J. Attea (incorporated by reference to Exhibit 10.3 to the Parent Company’s Annual Report on Form 10-K filed February 27, 2009).
10.4+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership and Robert J. Attea (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed January 21, 2015).
10.5*+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership and Robert J Attea.
10.6+	Employment Agreement between the Parent Company, the Operating Partnership, and Kenneth F. Myszka (incorporated by reference to Exhibit 10.4 to the Parent Company’s Annual Report on Form 10-K filed February 27, 2009).
10.7+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership, and Kenneth F. Myszka (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed January 21, 2015).
10.8*+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership and Kenneth J. Myszka.
10.9+	Employment Agreement between the Parent Company, the Operating Partnership, and David L. Rogers (incorporated by reference to Exhibit 10.5 to the Parent Company’s Annual Report on Form 10-K filed February 27, 2009).
10.10+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership and David L. Rogers (incorporated by reference to Exhibit 10.3 to the Parent Company’s Current Report on Form 8-K filed January 21, 2015).

87

10.11*+	Amendment to Employment Agreement between the Parent Company, the Operating Partnership and David L. Rogers.
10.12+	Form of restricted stock grant pursuant to the 2005 Award and Option Plan (incorporated by reference to Exhibit 10.6 to the Parent Company’s Report on Form 10-K filed February 28, 2012).
10.13+	Form of stock option grant pursuant to 2005 Award and Option Plan (incorporated by reference to Exhibit 10.7 to the Parent Company’s Report on Form 10-K filed February 28, 2012).
10.14+	Form of Long Term Incentive Restricted Stock Award Notice pursuant to the 2005 Award and Option Plan (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed December 19, 2013).
10.15+	Form of Performance-Based Vesting Restricted Stock Award Notice pursuant to the 2005 Award and Option Plan (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed December 19, 2013).
10.16+	Deferred Compensation Plan for Directors (incorporated by reference to the Parent Company’s Schedule 14A Proxy Statement filed April 8, 2015).
10.17	Amended Indemnification Agreements with members of the Board of Directors and Executive Officers (incorporated by reference to Exhibit 10.35 and 10.36 to the Parent Company’s Current Report on Form 8-K filed July 20, 2006, SEC File Number 001-13820, Film Number 06971617).
10.18	Sixth Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 10, 2014 among the Parent Company, the Operating Partnership, Wells Fargo Bank, National Association, Manufacturers and Traders Trust Company and certain other lenders a party thereto or which may become a party thereto (collectively, the “Lenders”), Manufacturers and Traders Trust Company, as administrative agent for itself and the other Lenders, Wells Fargo Bank, National Association, as syndication agent, and U.S. Bank National Association, HSBC Bank USA, National Association, PNC Bank, National Association, and SunTrust Bank as co-documentation agents, for themselves and the other Lenders (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed December 15, 2014).
10.19	Agreement Regarding Revolving Credit Commitment Increases and First Amendment to Credit Agreement dated January 4, 2016 among the Parent Company, the Operating Partnership, Manufacturers & Traders Trust Company, as Administrative Agent, and various other financial institutions (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed January 4, 2016).
10.20	Note Purchase Agreement dated as of August 5, 2011 among the Parent Company, the Operating Partnership and the institutions named in Schedule A thereto as purchasers of $100 million, 5.54% Senior Guaranteed Notes, Series D due August 5, 2021 (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed August 8, 2011).
10.21	Note Purchase Agreement dated as of April 8, 2014 among the Parent Company, the Operating Partnership and the institutions named in Schedule A thereto as purchasers of $175 million, 4.533% Senior Guaranteed Notes, Series E due April 8, 2024 (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed April 9, 2014).
10.22	Amendment No. 2 to Note Purchase Agreement (2011) dated June 29, 2016 by and among the Parent Company, and the Operating Partnership and the Required Holders (incorporated by reference to Exhibit 10.1 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed July 6, 2016).

88

10.23	Amendment No. 2 to Note Purchase Agreement (2014) dated June 29, 2016 by and among the Parent Company and the Operating Partnership and the Required Holders (incorporated by reference to Exhibit 10.2 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed July 6, 2016).
10.24	Note Purchase Agreement dated as of July 21, 2016 among the Parent Company and the Operating Partnership and the institutions named in Schedule A thereto as purchasers (incorporated by reference to Exhibit 10.1 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed July 26, 2016).
10.25	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.) and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 1.1 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.26	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.), and Jefferies LLC, as agent (incorporated by reference to Exhibit 1.2 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.27	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.), and SunTrust Robinson Humphrey, as agent (incorporated by reference to Exhibit 1.3 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.28	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.), and Piper Jaffray & Co., as agent (incorporated by reference to Exhibit 1.4 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.29	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.), and HSBC Securities (USA) Inc., as agent (incorporated by reference to Exhibit 1.5 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.30	Equity Distribution Agreement dated as of May 12, 2014 by and among the Parent Company, the Operating Partnership, Sovran Holdings, Inc. (n/k/a Life Storage Holdings, Inc.), and BB&T Capital Markets, a division of BB&T Securities, LLC, as agent (incorporated by reference to Exhibit 1.6 to the Parent Company’s Current Report on Form 8-K filed May 12, 2014).
10.31+	2009 Outside Directors Stock Option and Award Plan, as amended (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed April 6, 2016).
10.32+	Outside Director Fee Schedule (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed April 6, 2016).
10.33+	Annual Incentive Compensation Plan for Executive Officers (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed February 21, 2012).
10.34+	Employment Agreement between the Parent Company, the Operating Partnership and Andrew Gregoire amended and restated effective January 1, 2009 (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed February 14, 2012).

89

10.35+	Employment Agreement between the Parent Company, the Operating Partnership and Paul Powell amended and restated effective January 1, 2009 (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed February 14, 2012).
10.36+	Employment Agreement between the Parent Company, the Operating Partnership and Edward Killeen amended and restated effective January 1, 2009 (incorporated by reference to Exhibit 10.3 to the Parent Company’s Current Report on Form 8-K filed February 14, 2012).
10.37	Indemnification Agreement dated July 16, 2012 between the Parent Company, the Operating Partnership and Stephen R. Rusmisel, a director of the Company (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed July 17, 2012).
10.38	Indemnification Agreement dated January 30, 2015 between the Parent Company, the Operating Partnership and Arthur L. Havener, Jr., a director of the Parent Company (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed February 3, 2015).
10.39	Indemnification Agreement dated January 30, 2015 between the Parent Company, the Operating Partnership and Mark G. Barberio, a director of the Parent Company (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed February 3, 2015).
10.40+	Form of Long Term Incentive Restricted Stock Award Notice pursuant to 2005 Award and Option Plan (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed December 29, 2014).
10.41+	Form of Performance-Based Vesting Restricted Stock Award Notice pursuant to 2005 Award and Option Plan (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed December 29, 2014).
10.42+	Form of Long Term Incentive Restricted Stock Award Notice pursuant to 2015 Award and Option Plan (incorporated by reference to Exhibit 10.1 to the Parent Company’s Current Report on Form 8-K filed December 22, 2015).
10.43+	Form of Performance-Based Award Notice pursuant to 2015 Award and Option Plan (incorporated by reference to Exhibit 10.2 to the Parent Company’s Current Report on Form 8-K filed December 22, 2015).
10.44	Form of Long Term Incentive Restricted Stock Award Notice (incorporated by reference to Exhibit 10.1 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed December 28, 2016).
10.45	Form of Performance-Based Award Notice (incorporated by reference to Exhibit 10.2 to the Parent Company and the Operating Partnership’s Current Report on Form 8-K filed December 28, 2016).
10.46	Agreement and Plan of Merger, by and among Life Storage, L.P., the Operating Partnership, Solar Lunar Sub, LLC, and Fortis Advisors LLC, as Sellers’ Representative dated as of May 18, 2016 (incorporated by reference to Exhibit 2.1 to the Parent Company’s Current Report on Form 8-K filed May 19, 2016).
12.1*	Statement Re: Computation of Earnings to Fixed Charges of Life Storage, Inc. and Life Storage LP
21.1*	Subsidiaries of the Company.
23.1*	Consent of Independent Registered Public Accounting Firm
23.2*	Consent of Independent Registered Public Accounting Firm
24.1*	Powers of Attorney (included on signature pages).
31.1*	Certification of Chief Executive Officer of Life Storage, Inc. pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

90

31.2*	Certification of Chief Financial Officer of Life Storage LP pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.3*	Certification of Chief Executive Officer of Life Storage LP pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.4*	Certification of Chief Financial Officer of Life Storage LP pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
32.1*	Certification of Chief Executive Officer and Chief Financial Officer of Life Storage, Inc. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Executive Officer and Chief Financial Officer of Life Storage, Inc. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	The following financial statements from the Life Storage, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL, as follows: (i)     Consolidated Balance Sheets at December 31, 2016 and 2015; (ii)    Consolidated Statements of Operations for Years Ended December 31, 2016, 2015, and 2014; (iii)  Consolidated Statements of Comprehensive Income for Years Ended December 31, 2016, 2015, and 2014. (iv)   Consolidated Statements of Shareholders’ Equity for Years Ended December 31, 2016, 2015, and 2014; (v)    Consolidated Statements of Cash Flows for Years Ended December 31, 2016, 2015, and 2014; and (vi)   Notes to Consolidated Financial Statements
	The following financial statements from the Life Storage LP.’s Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL, as follows: (i)     Consolidated Balance Sheets at December 31, 2016 and 2015; (ii)    Consolidated Statements of Operations for Years Ended December 31, 2016, 2015, and 2014; (iii)  Consolidated Statements of Comprehensive Income for Years Ended December 31, 2016, 2015, and 2014. (iv)   Consolidated Statements of Partners’ Capital for Years Ended December 31, 2016, 2015, and 2014; (v)    Consolidated Statements of Cash Flows for Years Ended December 31, 2016, 2015, and 2014; and
	(vi)   Notes to Consolidated Financial Statements
*	Filed herewith.
+	Management contract or compensatory plan or arrangement.
Item 16.     Form 10-K Summary
	Not applicable.

91

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

February 27, 2017	LIFE STORAGE, INC.
	By:	/s/ Andrew J. Gregoire
		Andrew J. Gregoire Chief Financial Officer (Principal Accounting Officer)
February 27, 2017		LIFE STORAGE LP
	By:	/s/ Andrew J. Gregoire
		Andrew J. Gregoire Chief Financial Officer (Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Robert J. Attea                                                                   Robert J. Attea	Executive Chairman and Director of Life Storage, Inc. and Life Storage Holdings, Inc., general partner of Life Storage LP	February 27, 2017
/s/ Kenneth F. Myszka                                                          Kenneth F. Myszka	President and Director of Life Storage, Inc. and Life Storage Holdings, Inc., general partner of Life Storage LP	February 27, 2017
/s/ David L. Rogers                                                                David L. Rogers	Chief Executive Officer (Principal Executive Officer) of Life Storage, Inc. and Life Storage Holdings, Inc., general partner of Life Storage LP	February 27, 2017
/s/ Andrew J. Gregoire                                                          Andrew J. Gregoire	Chief Financial Officer (Principal Financial and Accounting Officer) of Life Storage, Inc. and Life Storage Holdings, Inc., general partner of Life Storage LP	February 27, 2017
/s/ Charles E. Lannon                                                            Charles E. Lannon	Director of Life Storage, Inc.	February 27, 2017
/s/ Stephen R. Rusmisel                                                        Stephen R. Rusmisel	Director of Life Storage, Inc.	February 27, 2017
/s/ Arthur L. Havener, Jr.                                                     Arthur L. Havener, Jr.	Director of Life Storage, Inc.	February 27, 2017
/s/ Mark. G. Barberio                                                            Mark G. Barberio	Director of Life Storage, Inc.	February 27, 2017

92

Life Storage, Inc.

Schedule III

Combined Real Estate and Accumulated Depreciation

(in thousands)

December 31, 2016

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Charleston	SC		$	416	$	1,516	$	2,350	$	416	$	3,866	$	4,282	$	1,585	1985		6/26/1995		5 to 40 years
Lakeland	FL			397		1,424		1,696		397		3,120		3,517		1,293	1985		6/26/1995		5 to 40 years
Charlotte	NC			308		1,102		3,508		747		4,171		4,918		1,256	1986		6/26/1995		5 to 40 years
Youngstown	OH			239		1,110		2,531		239		3,641		3,880		1,329	1980		6/26/1995		5 to 40 years
Cleveland	OH			701		1,659		3,808		1,036		5,132		6,168		1,403	1987		6/26/1995		5 to 40 years
Pt. St. Lucie	FL			395		1,501		1,063		779		2,180		2,959		1,211	1985		6/26/1995		5 to 40 years
Orlando - Deltona	FL			483		1,752		2,287		483		4,039		4,522		1,799	1984		6/26/1995		5 to 40 years
NY Metro-Middletown	NY			224		808		1,080		224		1,888		2,112		940	1988		6/26/1995		5 to 40 years
Buffalo	NY			423		1,531		3,477		497		4,934		5,431		1,946	1981		6/26/1995		5 to 40 years
Rochester	NY			395		1,404		661		395		2,065		2,460		1,120	1981		6/26/1995		5 to 40 years
Jacksonville	FL			152		728		3,898		687		4,091		4,778		1,119	1985		6/26/1995		5 to 40 years
Columbia	SC			268		1,248		777		268		2,025		2,293		1,020	1985		6/26/1995		5 to 40 years
Boston	MA			363		1,679		854		363		2,533		2,896		1,282	1980		6/26/1995		5 to 40 years
Rochester	NY			230		847		2,323		234		3,166		3,400		862	1980		6/26/1995		5 to 40 years
Boston	MA			680		1,616		874		680		2,490		3,170		1,199	1986		6/26/1995		5 to 40 years
Savannah	GA			463		1,684		4,937		1,445		5,639		7,084		2,298	1981		6/26/1995		5 to 40 years
Greensboro	NC			444		1,613		3,209		444		4,822		5,266		1,719	1986		6/26/1995		5 to 40 years
Raleigh-Durham	NC			649		2,329		1,446		649		3,775		4,424		1,806	1985		6/26/1995		5 to 40 years
Hartford-New Haven	CT			387		1,402		3,971		387		5,373		5,760		1,452	1985		6/26/1995		5 to 40 years
Atlanta	GA			844		2,021		972		844		2,993		3,837		1,515	1988		6/26/1995		5 to 40 years
Atlanta	GA			302		1,103		684		303		1,786		2,089		899	1988		6/26/1995		5 to 40 years
Buffalo	NY			315		745		4,039		517		4,582		5,099		1,307	1984		6/26/1995		5 to 40 years
Raleigh-Durham	NC			321		1,150		861		321		2,011		2,332		1,029	1985		6/26/1995		5 to 40 years
Columbia	SC			361		1,331		924		374		2,242		2,616		1,168	1987		6/26/1995		5 to 40 years
Columbia	SC			189		719		1,192		189		1,911		2,100		975	1989		6/26/1995		5 to 40 years
Columbia	SC			488		1,188		2,097		488		3,285		3,773		1,169	1986		6/26/1995		5 to 40 years
Atlanta	GA			430		1,579		2,323		602		3,730		4,332		1,511	1988		6/26/1995		5 to 40 years
Orlando	FL			513		1,930		813		513		2,743		3,256		1,483	1988		6/26/1995		5 to 40 years
Sharon	PA			194		912		572		194		1,484		1,678		776	1975		6/26/1995		5 to 40 years
Ft. Lauderdale	FL			1,503		3,619		1,233		1,503		4,852		6,355		2,253	1985		6/26/1995		5 to 40 years
West Palm	FL			398		1,035		502		398		1,537		1,935		851	1985		6/26/1995		5 to 40 years
Atlanta	GA			423		1,015		574		424		1,588		2,012		861	1989		6/26/1995		5 to 40 years
Atlanta	GA			483		1,166		1,253		483		2,419		2,902		1,102	1988		6/26/1995		5 to 40 years
Atlanta	GA			308		1,116		794		308		1,910		2,218		1,022	1986		6/26/1995		5 to 40 years
Atlanta	GA			170		786		856		174		1,638		1,812		824	1981		6/26/1995		5 to 40 years
Atlanta	GA			413		999		808		413		1,807		2,220		1,032	1975		6/26/1995		5 to 40 years
Baltimore	MD			154		555		1,473		306		1,876		2,182		840	1984		6/26/1995		5 to 40 years
Baltimore	MD			479		1,742		2,978		479		4,720		5,199		1,904	1988		6/26/1995		5 to 40 years
Melbourne	FL			883		2,104		2,026		883		4,130		5,013		2,007	1986		6/26/1995		5 to 40 years
Newport News	VA			316		1,471		1,016		316		2,487		2,803		1,293	1988		6/26/1995		5 to 40 years
Pensacola	FL			632		2,962		1,649		651		4,592		5,243		2,472	1983		6/26/1995		5 to 40 years
Hartford	CT			715		1,695		1,383		715		3,078		3,793		1,461	1988		6/26/1995		5 to 40 years
Atlanta	GA			304		1,118		2,820		619		3,623		4,242		1,526	1988		6/26/1995		5 to 40 years
Alexandria	VA			1,375		3,220		2,836		1,376		6,055		7,431		2,919	1984		6/26/1995		5 to 40 years
Pensacola	FL			244		901		658		244		1,559		1,803		871	1986		6/26/1995		5 to 40 years
Melbourne	FL			834		2,066		3,483		1,591		4,792		6,383		1,518	1986		6/26/1995		5 to 40 years
Hartford	CT			234		861		3,486		612		3,969		4,581		1,205	1992		6/26/1995		5 to 40 years
Atlanta	GA			256		1,244		2,231		256		3,475		3,731		1,501	1988		6/26/1995		5 to 40 years
Norfolk	VA			313		1,462		2,657		313		4,119		4,432		1,485	1984		6/26/1995		5 to 40 years
Norfolk - Virginia Beach	VA			1,142		4,998		3,411		1,142		8,409		9,551		3,218	1989/93/95		6/26/1995		5 to 40 years
Birmingham	AL			307		1,415		1,922		385		3,259		3,644		1,430	1990		6/26/1995		5 to 40 years
Birmingham	AL			730		1,725		2,981		730		4,706		5,436		1,544	1990		6/26/1995		5 to 40 years
Montgomery	AL			863		2,041		1,415		863		3,456		4,319		1,630	1982		6/26/1995		5 to 40 years
Jacksonville	FL			326		1,515		1,368		326		2,883		3,209		1,182	1987		6/26/1995		5 to 40 years
Pensacola	FL			369		1,358		3,194		369		4,552		4,921		1,901	1986		6/26/1995		5 to 40 years
Pensacola	FL			244		1,128		2,819		720		3,471		4,191		1,205	1990		6/26/1995		5 to 40 years

93

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Pensacola	FL			226		1,046		784		226		1,830		2,056		996	1990		6/26/1995		5 to 40 years
Tampa	FL			1,088		2,597		1,160		1,088		3,757		4,845		2,121	1989		6/26/1995		5 to 40 years
Clearwater	FL			526		1,958		1,545		526		3,503		4,029		1,660	1985		6/26/1995		5 to 40 years
Clearwater-Largo	FL			672		2,439		900		672		3,339		4,011		1,757	1988		6/26/1995		5 to 40 years
Jackson	MS			343		1,580		2,612		796		3,739		4,535		1,475	1990		6/26/1995		5 to 40 years
Jackson	MS			209		964		870		209		1,834		2,043		978	1990		6/26/1995		5 to 40 years
Providence	RI			345		1,268		2,081		486		3,208		3,694		1,185	1984		6/26/1995		5 to 40 years
Richmond	VA			443		1,602		1,104		443		2,706		3,149		1,383	1987		8/25/1995		5 to 40 years
Orlando	FL			1,161		2,755		2,155		1,162		4,909		6,071		2,173	1986		9/29/1995		5 to 40 years
Syracuse	NY			470		1,712		1,512		472		3,222		3,694		1,534	1987		12/27/1995		5 to 40 years
Ft. Myers	FL			205		912		553		206		1,464		1,670		813	1988		12/28/1995		5 to 40 years
Ft. Myers	FL			412		1,703		763		413		2,465		2,878		1,420	1991/94		12/28/1995		5 to 40 years
Harrisburg	PA			360		1,641		711		360		2,352		2,712		1,308	1983		12/29/1995		5 to 40 years
Harrisburg	PA			627		2,224		3,872		692		6,031		6,723		2,068	1985		12/29/1995		5 to 40 years
Newport News	VA			442		1,592		1,422		442		3,014		3,456		1,408	1988/93		1/5/1996		5 to 40 years
Montgomery	AL			353		1,299		1,094		353		2,393		2,746		1,042	1984		1/23/1996		5 to 40 years
Charleston	SC			237		858		983		245		1,833		2,078		893	1985		3/1/1996		5 to 40 years
Tampa	FL			766		1,800		772		766		2,572		3,338		1,324	1985		3/28/1996		5 to 40 years
Dallas-Ft.Worth	TX			442		1,767		454		442		2,221		2,663		1,146	1987		3/29/1996		5 to 40 years
Dallas-Ft.Worth	TX			408		1,662		1,284		408		2,946		3,354		1,416	1986		3/29/1996		5 to 40 years
Dallas-Ft.Worth	TX			328		1,324		431		328		1,755		2,083		922	1986		3/29/1996		5 to 40 years
San Antonio	TX			436		1,759		1,518		436		3,277		3,713		1,499	1986		3/29/1996		5 to 40 years
San Antonio	TX			289		1,161		2,453		289		3,614		3,903		362	2012		3/29/1996		5 to 40 years
Montgomery	AL			279		1,014		1,476		433		2,336		2,769		1,001	1988		5/21/1996		5 to 40 years
West Palm	FL			345		1,262		667		345		1,929		2,274		891	1986		5/29/1996		5 to 40 years
Ft. Myers	FL			229		884		2,864		383		3,594		3,977		875	1986		5/29/1996		5 to 40 years
Syracuse	NY			481		1,559		2,643		671		4,012		4,683		1,771	1983		6/5/1996		5 to 40 years
Lakeland	FL			359		1,287		1,291		359		2,578		2,937		1,318	1988		6/26/1996		5 to 40 years
Boston—Springfield	MA			251		917		2,530		297		3,401		3,698		1,567	1986		6/28/1996		5 to 40 years
Ft. Myers	FL			344		1,254		654		310		1,942		2,252		996	1987		6/28/1996		5 to 40 years
Cincinnati	OH			557		1,988		977		688		2,834		3,522		894	1988		7/23/1996		5 to 40 years
Baltimore	MD			777		2,770		798		777		3,568		4,345		1,758	1990		7/26/1996		5 to 40 years
Jacksonville	FL			568		2,028		1,366		568		3,394		3,962		1,713	1987		8/23/1996		5 to 40 years
Jacksonville	FL			436		1,635		920		436		2,555		2,991		1,255	1985		8/26/1996		5 to 40 years
Jacksonville	FL			535		2,033		603		538		2,633		3,171		1,422	1987/92		8/30/1996		5 to 40 years
Charlotte	NC			487		1,754		683		487		2,437		2,924		1,198	1995		9/16/1996		5 to 40 years
Charlotte	NC			315		1,131		508		315		1,639		1,954		845	1995		9/16/1996		5 to 40 years
Orlando	FL			314		1,113		1,296		314		2,409		2,723		1,155	1975		10/30/1996		5 to 40 years
Rochester	NY			704		2,496		2,851		707		5,344		6,051		1,987	1990		12/20/1996		5 to 40 years
Youngstown	OH			600		2,142		2,574		693		4,623		5,316		1,745	1988		1/10/1997		5 to 40 years
Cleveland	OH			751		2,676		4,405		751		7,081		7,832		2,404	1986		1/10/1997		5 to 40 years
Cleveland	OH			725		2,586		2,332		725		4,918		5,643		2,152	1978		1/10/1997		5 to 40 years
Cleveland	OH			637		2,918		2,052		701		4,906		5,607		2,610	1979		1/10/1997		5 to 40 years
Cleveland	OH			495		1,781		1,386		495		3,167		3,662		1,480	1979		1/10/1997		5 to 40 years
Cleveland	OH			761		2,714		1,734		761		4,448		5,209		2,201	1977		1/10/1997		5 to 40 years
Cleveland	OH			418		1,921		2,934		418		4,855		5,273		1,959	1970		1/10/1997		5 to 40 years
Cleveland	OH			606		2,164		1,523		606		3,687		4,293		1,614	1982		1/10/1997		5 to 40 years
San Antonio	TX			474		1,686		688		504		2,344		2,848		1,049	1981		1/30/1997		5 to 40 years
San Antonio	TX			346		1,236		576		346		1,812		2,158		865	1985		1/30/1997		5 to 40 years
San Antonio	TX			432		1,560		2,101		432		3,661		4,093		1,632	1995		1/30/1997		5 to 40 years
Houston-Beaumont	TX			634		2,565		4,380		634		6,945		7,579		1,940	1993/95		3/26/1997		5 to 40 years
Houston-Beaumont	TX			566		2,279		570		566		2,849		3,415		1,400	1995		3/26/1997		5 to 40 years
Houston-Beaumont	TX			293		1,357		707		293		2,064		2,357		947	1995		3/26/1997		5 to 40 years
Chesapeake	VA			260		1,043		4,720		260		5,763		6,023		1,491	1988/95		3/31/1997		5 to 40 years
Orlando-W 25th St	FL			289		1,160		2,467		616		3,300		3,916		948	1984		3/31/1997		5 to 40 years
Delray	FL			491		1,756		778		491		2,534		3,025		1,321	1969		4/11/1997		5 to 40 years
Savannah	GA			296		1,196		590		296		1,786		2,082		875	1988		5/8/1997		5 to 40 years
Delray	FL			921		3,282		795		921		4,077		4,998		2,021	1980		5/21/1997		5 to 40 years
Cleveland-Avon	OH			301		1,214		2,302		304		3,513		3,817		1,438	1989		6/4/1997		5 to 40 years
Dallas-Fort Worth	TX			965		3,864		1,728		943		5,614		6,557		2,652	1977		6/30/1997		5 to 40 years
Atlanta-Alpharetta	GA			1,033		3,753		720		1,033		4,473		5,506		2,186	1994		7/24/1997		5 to 40 years
Atlanta-Marietta	GA			769		2,788		642		825		3,374		4,199		1,641	1996		7/24/1997		5 to 40 years
Atlanta-Doraville	GA			735		3,429		496		735		3,925		4,660		1,962	1995		8/21/1997		5 to 40 years

94

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Greensboro-Hilltop	NC			268		1,097		859		231		1,993		2,224		814	1995		9/25/1997		5 to 40 years
Greensboro-StgCch	NC			89		376		1,854		89		2,230		2,319		941	1997		9/25/1997		5 to 40 years
Baton Rouge-Airline	LA			396		1,831		1,161		421		2,967		3,388		1,382	1982		10/9/1997		5 to 40 years
Baton Rouge-Airline2	LA			282		1,303		504		282		1,807		2,089		894	1985		11/21/1997		5 to 40 years
Harrisburg-Peiffers	PA			635		2,550		731		637		3,279		3,916		1,626	1984		12/3/1997		5 to 40 years
Tampa-E. Hillsborough	FL			709		3,235		979		709		4,214		4,923		2,041	1985		2/4/1998		5 to 40 years
NY Metro-Middletown	NY			843		3,394		1,038		843		4,432		5,275		2,047	1989/95		2/4/1998		5 to 40 years
Chesapeake-Military	VA			542		2,210		527		542		2,737		3,279		1,304	1996		2/5/1998		5 to 40 years
Chesapeake-Volvo	VA			620		2,532		1,289		620		3,821		4,441		1,727	1995		2/5/1998		5 to 40 years
Virginia Beach-Shell	VA			540		2,211		508		540		2,719		3,259		1,300	1991		2/5/1998		5 to 40 years
Norfolk-Naval Base	VA			1,243		5,019		990		1,243		6,009		7,252		2,862	1975		2/5/1998		5 to 40 years
Boston-Northbridge	MA			441		1,788		1,120		694		2,655		3,349		813	1988		2/9/1998		5 to 40 years
Greensboro-High Point	NC			397		1,834		964		397		2,798		3,195		1,241	1993		2/10/1998		5 to 40 years
Titusville	FL			492		1,990		1,282		688		3,076		3,764		953	1986/90		2/25/1998		5 to 40 years
Boston-Salem	MA			733		2,941		1,676		733		4,617		5,350		2,186	1979		3/3/1998		5 to 40 years
Providence	RI			702		2,821		4,243		702		7,064		7,766		2,310	1984/88		3/26/1998		5 to 40 years
Chattanooga-Lee Hwy	TN			384		1,371		623		384		1,994		2,378		1,018	1987		3/27/1998		5 to 40 years
Chattanooga-Hwy 58	TN			296		1,198		2,358		414		3,438		3,852		1,293	1985		3/27/1998		5 to 40 years
Ft. Oglethorpe	GA			349		1,250		1,834		464		2,969		3,433		1,061	1989		3/27/1998		5 to 40 years
Birmingham-Walt	AL			544		1,942		1,311		544		3,253		3,797		1,555	1984		3/27/1998		5 to 40 years
Salem-Policy	NH			742		2,977		649		742		3,626		4,368		1,679	1980		4/7/1998		5 to 40 years
Raleigh-Durham	NC			775		3,103		940		775		4,043		4,818		1,904	1988/91		4/9/1998		5 to 40 years
Raleigh-Durham	NC			940		3,763		979		940		4,742		5,682		2,235	1990/96		4/9/1998		5 to 40 years
Youngstown-Warren	OH			522		1,864		1,393		569		3,210		3,779		1,454	1986		4/22/1998		5 to 40 years
Youngstown-Warren	OH			512		1,829		2,765		633		4,473		5,106		1,561	1986		4/22/1998		5 to 40 years
Jackson	MS			744		3,021		288		744		3,309		4,053		1,575	1995		5/13/1998		5 to 40 years
Houston-Katy	TX			419		1,524		4,064		419		5,588		6,007		1,613	1994		5/20/1998		5 to 40 years
Melbourne	FL			662		2,654		3,704		662		6,358		7,020		1,558	1985		6/2/1998		5 to 40 years
Vero Beach	FL			489		1,813		1,768		584		3,486		4,070		1,136	1997		6/12/1998		5 to 40 years
Houston-Humble	TX			447		1,790		2,587		740		4,084		4,824		1,523	1986		6/16/1998		5 to 40 years
Houston-Webster	TX			635		2,302		371		635		2,673		3,308		1,200	1997		6/19/1998		5 to 40 years
Dallas-Fort Worth	TX			548		1,988		423		548		2,411		2,959		1,097	1997		6/19/1998		5 to 40 years
San Marcos	TX			324		1,493		2,204		324		3,697		4,021		1,345	1994		6/30/1998		5 to 40 years
Austin-McNeil	TX			492		1,995		2,631		510		4,608		5,118		1,509	1994		6/30/1998		5 to 40 years
Austin-FM	TX			484		1,951		724		481		2,678		3,159		1,184	1996		6/30/1998		5 to 40 years
Hollywood-Sheridan	FL			1,208		4,854		700		1,208		5,554		6,762		2,620	1988		7/1/1998		5 to 40 years
Pompano Beach-Atlantic	FL			944		3,803		795		944		4,598		5,542		2,182	1985		7/1/1998		5 to 40 years
Pompano Beach-Sample	FL			903		3,643		592		903		4,235		5,138		1,978	1988		7/1/1998		5 to 40 years
Boca Raton-18th St	FL			1,503		6,059		-1,853		851		4,858		5,709		2,298	1991		7/1/1998		5 to 40 years
Hollywood-N.21st	FL			840		3,373		642		840		4,015		4,855		1,913	1987		8/3/1998		5 to 40 years
Dallas-Fort Worth	TX			550		1,998		850		550		2,848		3,398		1,199	1996		9/29/1998		5 to 40 years
Dallas-Fort Worth	TX			670		2,407		1,761		670		4,168		4,838		1,690	1996		10/9/1998		5 to 40 years
Cincinnati-Batavia	OH			390		1,570		1,462		390		3,032		3,422		1,136	1988		11/19/1998		5 to 40 years
Jackson-N.West	MS			460		1,642		765		460		2,407		2,867		1,151	1984		12/1/1998		5 to 40 years
Houston-Katy	TX			507		2,058		1,812		507		3,870		4,377		1,455	1993		12/15/1998		5 to 40 years
Providence	RI			447		1,776		1,023		447		2,799		3,246		1,268	1986/94		2/2/1999		5 to 40 years
Lafayette-Pinhook 1	LA			556		1,951		1,288		556		3,239		3,795		1,606	1980		2/17/1999		5 to 40 years
Lafayette-Pinhook2	LA			708		2,860		1,320		708		4,180		4,888		1,591	1992/94		2/17/1999		5 to 40 years
Lafayette-Ambassador	LA			314		1,095		954		314		2,049		2,363		1,055	1975		2/17/1999		5 to 40 years
Lafayette-Evangeline	LA			188		652		1,674		188		2,326		2,514		1,073	1977		2/17/1999		5 to 40 years
Lafayette-Guilbeau	LA			963		3,896		1,136		963		5,032		5,995		2,108	1994		2/17/1999		5 to 40 years
Phoenix-Gilbert	AZ			651		2,600		1,313		772		3,792		4,564		1,600	1995		5/18/1999		5 to 40 years
Phoenix-Glendale	AZ			565		2,596		769		565		3,365		3,930		1,472	1997		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ			330		1,309		2,586		733		3,492		4,225		1,173	1986		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ			339		1,346		740		339		2,086		2,425		882	1986		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ			291		1,026		1,143		291		2,169		2,460		835	1976		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ			354		1,405		594		354		1,999		2,353		911	1986		5/18/1999		5 to 40 years
Phoenix-Camelback	AZ			453		1,610		1,095		453		2,705		3,158		1,211	1984		5/18/1999		5 to 40 years
Phoenix-Bell	AZ			872		3,476		3,618		872		7,094		7,966		2,354	1984		5/18/1999		5 to 40 years
Phoenix-35th Ave	AZ			849		3,401		955		849		4,356		5,205		1,932	1996		5/21/1999		5 to 40 years
Portland	ME			410		1,626		2,024		410		3,650		4,060		1,435	1988		8/2/1999		5 to 40 years
Space Coast-Cocoa	FL			667		2,373		1,014		667		3,387		4,054		1,514	1982		9/29/1999		5 to 40 years
Dallas-Fort Worth	TX			335		1,521		853		335		2,374		2,709		921	1985		11/9/1999		5 to 40 years

95

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
NY Metro-Middletown	NY			276		1,312		1,314		276		2,626		2,902		1,010	1998		2/2/2000		5 to 40 years
Boston-N. Andover	MA			633		2,573		1,055		633		3,628		4,261		1,458	1989		2/15/2000		5 to 40 years
Houston-Seabrook	TX			633		2,617		476		633		3,093		3,726		1,351	1996		3/1/2000		5 to 40 years
Ft. Lauderdale	FL			384		1,422		842		384		2,264		2,648		897	1994		5/2/2000		5 to 40 years
Birmingham-Bessemer	AL			254		1,059		2,066		332		3,047		3,379		906	1998		11/15/2000		5 to 40 years
NY Metro-Brewster	NY			1,716		6,920		1,754		1,981		8,409		10,390		2,108	1991/97		12/27/2000		5 to 40 years
Austin-Lamar	TX			837		2,977		3,579		966		6,427		7,393		1,271	1996/99		2/22/2001		5 to 40 years
Houston	TX			733		3,392		900		841		4,184		5,025		1,300	1993/97		3/2/2001		5 to 40 years
Ft.Myers	FL			787		3,249		750		902		3,884		4,786		1,254	1997		3/13/2001		5 to 40 years
Boston-Dracut	MA			1,035		3,737		743		1,104		4,411		5,515		1,743	1986		12/1/2001		5 to 40 years
Boston-Methuen	MA			1,024		3,649		827		1,091		4,409		5,500		1,675	1984		12/1/2001		5 to 40 years
Columbia	SC			883		3,139		1,473		942		4,553		5,495		1,624	1985		12/1/2001		5 to 40 years
Myrtle Beach	SC			552		1,970		1,155		589		3,088		3,677		1,192	1984		12/1/2001		5 to 40 years
Maine-Saco	ME			534		1,914		511		570		2,389		2,959		908	1988		12/3/2001		5 to 40 years
Boston-Plymouth	MA			1,004		4,584		2,370		1,004		6,954		7,958		2,292	1996		12/19/2001		5 to 40 years
Boston-Sandwich	MA			670		3,060		611		714		3,627		4,341		1,363	1984		12/19/2001		5 to 40 years
Syracuse	NY			294		1,203		1,194		327		2,364		2,691		774	1987		2/5/2002		5 to 40 years
Dallas-Fort Worth	TX			734		2,956		822		784		3,728		4,512		1,379	1984		2/13/2002		5 to 40 years
Dallas-Fort Worth	TX			394		1,595		499		421		2,067		2,488		763	1985		2/13/2002		5 to 40 years
San Antonio-Hunt	TX			381		1,545		3,979		618		5,287		5,905		1,185	1980		2/13/2002		5 to 40 years
Houston-Humble	TX			919		3,696		702		919		4,398		5,317		1,562	1998/02		6/19/2002		5 to 40 years
Houston-Pasadena	TX			612		2,468		463		612		2,931		3,543		1,053	1999		6/19/2002		5 to 40 years
Houston-League City	TX			689		3,159		795		689		3,954		4,643		1,336	1994/97		6/19/2002		5 to 40 years
Houston-Montgomery	TX			817		3,286		2,190		1,119		5,174		6,293		1,696	1998		6/19/2002		5 to 40 years
Houston-S. Hwy 6	TX			407		1,650		327		407		1,977		2,384		723	1997		6/19/2002		5 to 40 years
Houston-Beaumont	TX			817		3,287		499		817		3,786		4,603		1,418	1996		6/19/2002		5 to 40 years
The Hamptons	NY			2,207		8,866		830		2,207		9,696		11,903		3,497	1989/95		12/16/2002		5 to 40 years
The Hamptons	NY			1,131		4,564		608		1,131		5,172		6,303		1,823	1998		12/16/2002		5 to 40 years
The Hamptons	NY			635		2,918		447		635		3,365		4,000		1,193	1997		12/16/2002		5 to 40 years
The Hamptons	NY			1,251		5,744		543		1,251		6,287		7,538		2,198	1994/98		12/16/2002		5 to 40 years
Dallas-Fort Worth	TX			1,039		4,201		258		1,039		4,459		5,498		1,517	1995/99		8/26/2003		5 to 40 years
Dallas-Fort Worth	TX			827		3,776		509		827		4,285		5,112		1,422	1998/01		10/1/2003		5 to 40 years
Stamford	CT			2,713		11,013		595		2,713		11,608		14,321		3,920	1998		3/17/2004		5 to 40 years
Houston-Tomball	TX			773		3,170		1,876		773		5,046		5,819		1,590	2000		5/19/2004		5 to 40 years
Houston-Conroe	TX			1,195		4,877		435		1,195		5,312		6,507		1,664	2001		5/19/2004		5 to 40 years
Houston-Spring	TX			1,103		4,550		512		1,103		5,062		6,165		1,684	2001		5/19/2004		5 to 40 years
Houston-Bissonnet	TX			1,061		4,427		2,910		1,061		7,337		8,398		2,191	2003		5/19/2004		5 to 40 years
Houston-Alvin	TX			388		1,640		1,046		388		2,686		3,074		801	2003		5/19/2004		5 to 40 years
Clearwater	FL			1,720		6,986		315		1,720		7,301		9,021		2,366	2001		6/3/2004		5 to 40 years
Houston-Missouri City	TX			1,167		4,744		3,576		1,566		7,921		9,487		2,176	1998		6/23/2004		5 to 40 years
Chattanooga-Hixson	TN			1,365		5,569		1,845		1,365		7,414		8,779		2,388	1998/02		8/4/2004		5 to 40 years
Austin-Round Rock	TX			2,047		5,857		880		1,976		6,808		8,784		2,181	2000		8/5/2004		5 to 40 years
Long Island-Bayshore	NY			1,131		4,609		252		1,131		4,861		5,992		1,492	2003		3/15/2005		5 to 40 years
Syracuse - Cicero	NY			527		2,121		3,273		527		5,394		5,921		1,014	1988/02		3/16/2005		5 to 40 years
Boston-Springfield	MA			612		2,501		368		612		2,869		3,481		859	1965/75		4/12/2005		5 to 40 years
Stamford	CT			1,612		6,585		289		1,612		6,874		8,486		2,166	2002		4/14/2005		5 to 40 years
Montgomery-Richard	AL			1,906		7,726		389		1,906		8,115		10,021		2,450	1997		6/1/2005		5 to 40 years
Houston-Jones	TX			1,214		4,949		363		1,215		5,311		6,526		1,592	1997/99		6/6/2005		5 to 40 years
Boston-Oxford	MA			470		1,902		1,668		470		3,570		4,040		1,008	2002		6/23/2005		5 to 40 years
Austin-290E	TX			537		2,183		-320		491		1,909		2,400		638	2003		7/12/2005		5 to 40 years
San Antonio-Marbach	TX			556		2,265		549		556		2,814		3,370		866	2003		7/12/2005		5 to 40 years
Austin-South 1st	TX			754		3,065		259		754		3,324		4,078		1,028	2003		7/12/2005		5 to 40 years
Houston-Pinehurst	TX			484		1,977		1,544		484		3,521		4,005		957	2002/04		7/12/2005		5 to 40 years
Atlanta-Marietta	GA			811		3,397		580		811		3,977		4,788		1,224	2003		9/15/2005		5 to 40 years
Baton Rouge	LA			719		2,927		2,568		719		5,495		6,214		1,291	1984/94		11/15/2005		5 to 40 years
San Marcos-Hwy 35S	TX			628		2,532		3,288		982		5,466		6,448		773	2001		1/10/2006		5 to 40 years
Houston-Baytown	TX			596		2,411		287		596		2,698		3,294		735	2002		1/10/2006		5 to 40 years
Houston-Cypress	TX			721		2,994		2,318		721		5,312		6,033		1,303	2003		1/13/2006		5 to 40 years
Rochester	NY			937		3,779		228		937		4,007		4,944		1,151	2002/06		2/1/2006		5 to 40 years
Houston-Jones Rd 2	TX			707		2,933		2,831		707		5,764		6,471		1,506	2000		3/9/2006		5 to 40 years
Lafayette	LA			411		1,621		281		411		1,902		2,313		592	1997		4/13/2006		5 to 40 years
Lafayette	LA			463		1,831		208		463		2,039		2,502		616	2001/04		4/13/2006		5 to 40 years
Lafayette	LA			601		2,406		1,442		601		3,848		4,449		1,071	2002		4/13/2006		5 to 40 years

96

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Lafayette	LA			542		1,319		2,210		542		3,529		4,071		920	1997/99		4/13/2006		5 to 40 years
Manchester	NH			832		3,268		185		832		3,453		4,285		977	2000		4/26/2006		5 to 40 years
Clearwater-Largo	FL			1,270		5,037		376		1,270		5,413		6,683		1,502	1998		6/22/2006		5 to 40 years
Clearwater-Pinellas Park	FL			929		3,676		339		929		4,015		4,944		1,078	2000		6/22/2006		5 to 40 years
Clearwater-Tarpon Spring	FL			696		2,739		240		696		2,979		3,675		836	1999		6/22/2006		5 to 40 years
New Orleans	LA			1,220		4,805		316		1,220		5,121		6,341		1,432	2000		6/22/2006		5 to 40 years
St Louis-Meramec	MO			1,113		4,359		378		1,113		4,737		5,850		1,322	1999		6/22/2006		5 to 40 years
St Louis-Charles Rock	MO			766		3,040		1,504		766		4,544		5,310		1,009	1999		6/22/2006		5 to 40 years
St Louis-Shackelford	MO			828		3,290		206		828		3,496		4,324		979	1999		6/22/2006		5 to 40 years
St Louis-W.Washington	MO			734		2,867		2,503		734		5,370		6,104		1,139	1980/01		6/22/2006		5 to 40 years
St Louis-Howdershell	MO			899		3,596		324		899		3,920		4,819		1,078	2000		6/22/2006		5 to 40 years
St Louis-Lemay Ferry	MO			890		3,552		473		890		4,025		4,915		1,091	1999		6/22/2006		5 to 40 years
St Louis-Manchester	MO			697		2,711		225		697		2,936		3,633		809	2000		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			1,256		4,946		475		1,256		5,421		6,677		1,446	1998/03		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			605		2,434		197		605		2,631		3,236		698	2004		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			607		2,428		219		607		2,647		3,254		716	2004		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			1,073		4,276		98		1,073		4,374		5,447		1,184	2003		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			549		2,180		1,148		549		3,328		3,877		793	1998		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX			644		2,542		136		644		2,678		3,322		734	1999		6/22/2006		5 to 40 years
San Antonio-Blanco	TX			963		3,836		222		963		4,058		5,021		1,122	2004		6/22/2006		5 to 40 years
San Antonio-Broadway	TX			773		3,060		2,012		773		5,072		5,845		1,118	2000		6/22/2006		5 to 40 years
San Antonio-Huebner	TX			1,175		4,624		365		1,175		4,989		6,164		1,318	1998		6/22/2006		5 to 40 years
Nashua	NH			617		2,422		587		617		3,009		3,626		835	1989		6/29/2006		5 to 40 years
Lafayette	LA			699		2,784		3,809		699		6,593		7,292		1,276	1995/99		8/1/2006		5 to 40 years
Chattanooga-Lee Hwy II	TN			619		2,471		169		619		2,640		3,259		726	2002		8/7/2006		5 to 40 years
Montgomery-E.S.Blvd	AL			1,158		4,639		1,032		1,158		5,671		6,829		1,541	1996/97		9/28/2006		5 to 40 years
Auburn-Pepperell Pkwy	AL			590		2,361		599		590		2,960		3,550		776	1998		9/28/2006		5 to 40 years
Auburn-Gatewood Dr	AL			694		2,758		344		694		3,102		3,796		809	2002/03		9/28/2006		5 to 40 years
Columbus-Williams Rd	GA			736		2,905		330		736		3,235		3,971		871	2002/04/06		9/28/2006		5 to 40 years
Columbus-Miller Rd	GA			975		3,854		1,383		975		5,237		6,212		1,113	1995		9/28/2006		5 to 40 years
Columbus-Armour Rd	GA			0		3,680		324		0		4,004		4,004		1,056	2004/05		9/28/2006		5 to 40 years
Columbus-Amber Dr	GA			439		1,745		321		439		2,066		2,505		575	1998		9/28/2006		5 to 40 years
Concord	NH			813		3,213		2,041		813		5,254		6,067		1,283	2000		10/31/2006		5 to 40 years
Houston-Beaumont	TX			929		3,647		233		930		3,879		4,809		1,016	2002/04		3/8/2007		5 to 40 years
Houston-Beaumont	TX			1,537		6,018		611		1,537		6,629		8,166		1,694	2003/06		3/8/2007		5 to 40 years
Buffalo-Langner Rd	NY			532		2,119		3,492		532		5,611		6,143		908	1993/07		3/30/2007		5 to 40 years
Buffalo-Transit Rd	NY			437		1,794		702		437		2,496		2,933		600	1998		3/30/2007		5 to 40 years
Buffalo-Lake Ave	NY			638		2,531		2,939		638		5,470		6,108		853	1997		3/30/2007		5 to 40 years
Buffalo-Union Rd	NY			348		1,344		474		348		1,818		2,166		435	1998		3/30/2007		5 to 40 years
Buffalo-NF Blvd	NY			323		1,331		249		323		1,580		1,903		409	1998		3/30/2007		5 to 40 years
Buffalo-Young St	NY			315		2,185		1,143		316		3,327		3,643		774	1999/00		3/30/2007		5 to 40 years
Buffalo-Sheridan Dr	NY			961		3,827		2,637		961		6,464		7,425		1,288	1999		3/30/2007		5 to 40 years
Buffalo-Transit Rd	NY			375		1,498		649		375		2,147		2,522		505	1990/95		3/30/2007		5 to 40 years
Rochester-Phillips Rd	NY			1,003		4,002		144		1,003		4,146		5,149		1,051	1999		3/30/2007		5 to 40 years
San Antonio-Foster	TX			676		2,685		431		676		3,116		3,792		814	2003/06		5/21/2007		5 to 40 years
Huntsville-Memorial Pkwy	AL			1,607		6,338		1,085		1,677		7,353		9,030		1,771	1989/06		6/1/2007		5 to 40 years
Huntsville-Madison 1	AL			1,016		4,013		454		1,017		4,466		5,483		1,130	1993/07		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS			1,423		5,624		197		1,423		5,821		7,244		1,469	1998/05		6/1/2007		5 to 40 years
Huntsville-Hwy 72	AL			1,206		4,775		365		1,206		5,140		6,346		1,266	1998/06		6/1/2007		5 to 40 years
Mobile-Airport Blvd	AL			1,216		4,819		359		1,216		5,178		6,394		1,331	2000/07		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS			1,345		5,325		120		1,301		5,489		6,790		1,360	2002/04		6/1/2007		5 to 40 years
Huntsville-Madison 2	AL			1,164		4,624		297		1,164		4,921		6,085		1,233	2002/06		6/1/2007		5 to 40 years
Foley-Hwy 59	AL			1,346		5,474		1,575		1,346		7,049		8,395		1,512	2003/06		6/1/2007		5 to 40 years
Pensacola 6-Nine Mile	FL			1,029		4,180		194		1,029		4,374		5,403		1,178	2003/06		6/1/2007		5 to 40 years
Auburn-College St	AL			686		2,732		242		686		2,974		3,660		775	2003		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS			1,811		7,152		140		1,811		7,292		9,103		1,782	2004/06		6/1/2007		5 to 40 years
Pensacola 7-Hwy 98	FL			732		3,015		82		732		3,097		3,829		822	2006		6/1/2007		5 to 40 years
Montgomery-Arrowhead	AL			1,075		4,333		302		1,075		4,635		5,710		1,166	2006		6/1/2007		5 to 40 years
Montgomery-McLemore	AL			885		3,586		253		885		3,839		4,724		945	2006		6/1/2007		5 to 40 years
Houston-Beaumont	TX			742		3,024		246		742		3,270		4,012		855	2002/05		11/14/2007		5 to 40 years
Hattiesburg-Classic	MS			444		1,799		228		444		2,027		2,471		521	1998		12/19/2007		5 to 40 years
Biloxi-Ginger	MS			384		1,548		139		384		1,687		2,071		405	2000		12/19/2007		5 to 40 years
Foley-7905 St Hwy 59	AL			437		1,757		207		437		1,964		2,401		461	2000		12/19/2007		5 to 40 years

97

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum				Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance		Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Jackson-Ridgeland	MS				1,479		5,965		546		1,479		6,511		7,990		1,529	1997/00		1/17/2008		5 to 40 years
Jackson-5111	MS				1,337		5,377		240		1,337		5,617		6,954		1,308	2003		1/17/2008		5 to 40 years
Cincinnati-Robertson	OH				852		3,409		274		852		3,683		4,535		772	2003/04		12/31/2008		5 to 40 years
Richmond-Bridge Rd	VA				1,047		5,981		2,729		1,047		8,710		9,757		1,334	2009		10/1/2009		5 to 40 years
Raleigh-Durham	NC				846		4,095		194		846		4,289		5,135		691	2000		12/28/2010		5 to 40 years
Charlotte-Wallace	NC				961		3,702		1,216		961		4,918		5,879		667	2008		12/29/2010		5 to 40 years
Raleigh-Durham	NC				574		3,975		244		574		4,219		4,793		661	2008		12/29/2010		5 to 40 years
Charlotte-Westmoreland	NC				513		5,317		40		513		5,357		5,870		849	2009		12/29/2010		5 to 40 years
Charlotte-Matthews	NC				1,129		4,767		125		1,129		4,892		6,021		794	2009		12/29/2010		5 to 40 years
Raleigh-Durham	NC				381		3,575		92		381		3,667		4,048		585	2008		12/29/2010		5 to 40 years
Charlotte-Zeb Morris	NC				965		3,355		103		965		3,458		4,423		555	2007		12/29/2010		5 to 40 years
Fair Lawn	NJ				796		9,467		312		796		9,779		10,575		1,388	1999		7/14/2011		5 to 40 years
Elizabeth	NJ				885		3,073		652		885		3,725		4,610		498	1988		7/14/2011		5 to 40 years
Saint Louis-High Ridge	MO				197		2,132		63		197		2,195		2,392		392	2007		7/28/2011		5 to 40 years
Atlanta-Decatur	GA				1,043		8,252		84		1,043		8,336		9,379		1,145	2006		8/17/2011		5 to 40 years
Houston-Humble	TX				825		4,201		325		825		4,526		5,351		679	1993		9/22/2011		5 to 40 years
Dallas-Fort Worth	TX				693		3,552		121		693		3,673		4,366		545	2001		9/22/2011		5 to 40 years
Houston-Hwy 6N	TX				1,243		3,106		128		1,243		3,234		4,477		499	2000		9/22/2011		5 to 40 years
Austin-Cedar Park	TX				1,559		2,727		91		1,559		2,818		4,377		440	1998		9/22/2011		5 to 40 years
Houston-Katy	TX				691		4,435		2,478		691		6,913		7,604		801	2000		9/22/2011		5 to 40 years
Houston-Deer Park	TX				1,012		3,312		222		1,012		3,534		4,546		512	1998		9/22/2011		5 to 40 years
Houston-W. Little York	TX				575		3,557		185		575		3,742		4,317		586	1998		9/22/2011		5 to 40 years
Houston-Pasadena	TX				705		4,223		206		705		4,429		5,134		651	2000		9/22/2011		5 to 40 years
Houston-Friendswood	TX				1,168		2,315		215		1,168		2,530		3,698		391	1994		9/22/2011		5 to 40 years
Houston-Spring	TX				2,152		3,027		330		2,152		3,357		5,509		528	1993		9/22/2011		5 to 40 years
Houston-W. Sam Houston	TX				402		3,602		259		402		3,861		4,263		542	1999		9/22/2011		5 to 40 years
Austin-Pond Springs Rd	TX				1,653		4,947		409		1,653		5,356		7,009		741	1984		9/22/2011		5 to 40 years
Houston-Spring	TX				1,474		4,500		31		1,456		4,549		6,005		678	2006		9/22/2011		5 to 40 years
Austin-Round Rock	TX				177		3,223		143		177		3,366		3,543		493	1999		9/22/2011		5 to 40 years
Houston-Silverado Dr	TX				1,438		4,583		128		1,438		4,711		6,149		680	2000		9/22/2011		5 to 40 years
Houston-Sugarland	TX				272		3,236		196		272		3,432		3,704		526	2001		9/22/2011		5 to 40 years
Houston-Westheimer Rd	TX				536		2,687		167		536		2,854		3,390		430	1997		9/22/2011		5 to 40 years
Houston-Wilcrest Dr	TX				1,478		4,145		173		1,478		4,318		5,796		606	1999		9/22/2011		5 to 40 years
Houston-Woodlands	TX				1,315		6,142		222		1,315		6,364		7,679		880	1997		9/22/2011		5 to 40 years
Houston-Woodlands	TX				3,189		3,974		177		3,189		4,151		7,340		581	2000		9/22/2011		5 to 40 years
Houston-Katy Freeway	TX				1,049		5,175		517		1,049		5,692		6,741		805	1999		9/22/2011		5 to 40 years
Houston-Webster	TX		1,852		2,054		2,138		365		2,054		2,503		4,557		376	1982		9/22/2011		5 to 40 years
Newport News-Brick Kiln	VA				2,848		5,892		95		2,848		5,987		8,835		861	2004		9/29/2011		5 to 40 years
Pensacola-Palafox	FL				197		4,281		600		197		4,881		5,078		648	1996		11/15/2011		5 to 40 years
Miami	FL				2,960		12,077		123		2,960		12,200		15,160		1,446	2005		5/16/2012		5 to 40 years
Chicago - Lake Forest	IL				1,932		11,606		167		1,932		11,773		13,705		1,372	1996/2004		6/6/2012		5 to 40 years
Chicago - Schaumburg	IL				1,940		4,880		292		1,940		5,172		7,112		621	1998		6/6/2012		5 to 40 years
Norfolk - E. Little Creek	VA				911		5,862		73		911		5,935		6,846		723	2007		6/20/2012		5 to 40 years
Atlanta-14th St.	GA				1,560		6,766		27		1,560		6,793		8,353		798	2009		7/18/2012		5 to 40 years
Jacksonville - Middleburg	FL				644		5,719		78		644		5,797		6,441		676	2008		9/18/2012		5 to 40 years
Jacksonville - Orange Park	FL				772		3,882		76		772		3,958		4,730		490	2007		9/18/2012		5 to 40 years
Jacksonville - St. Augustine	FL				739		3,858		63		739		3,921		4,660		475	2007		9/18/2012		5 to 40 years
Atlanta - NE Expressway	GA				1,384		9,266		77		1,384		9,343		10,727		1,058	2009		9/18/2012		5 to 40 years
Atlanta - Kennesaw	GA				856		4,315		67		856		4,382		5,238		491	2008		9/18/2012		5 to 40 years
Atlanta - Lawrenceville	GA				855		3,838		122		855		3,960		4,815		482	2007		9/18/2012		5 to 40 years
Atlanta - Woodstock	GA				1,342		4,692		96		1,342		4,788		6,130		578	2009		9/18/2012		5 to 40 years
Raleigh-Durham	NC				2,337		4,901		219		2,337		5,120		7,457		608	2002		9/19/2012		5 to 40 years
Chicago - Lindenhurst	IL				1,213		3,129		207		1,213		3,336		4,549		382	1999/2006		9/27/2012		5 to 40 years
Chicago - Orland Park	IL				1,050		5,894		160		1,050		6,054		7,104		650	2007		12/10/2012		5 to 40 years
Phoenix-83rd	AZ				910		3,656		162		910		3,818		4,728		418	2008		12/18/2012		5 to 40 years
Chicago-North Austin	IL				2,593		5,029		240		2,593		5,269		7,862		548	2005		12/20/2012		5 to 40 years
Chicago-North Western	IL				1,718		6,466		643		1,798		7,029		8,827		695	2005		12/20/2012		5 to 40 years
Chicago-West Pershing	IL				395		3,226		105		395		3,331		3,726		340	2008		12/20/2012		5 to 40 years
Chicago - North Broadway	IL				2,373		9,869		126		2,373		9,995		12,368		1,010	2011		12/20/2012		5 to 40 years
Brandenton	FL				1,501		3,775		186		1,501		3,961		5,462		422	1997		12/21/2012		5 to 40 years
Ft. Myers-Cleveland	FL				515		2,280		138		515		2,418		2,933		275	1998		12/21/2012		5 to 40 years
Clearwater-Drew St.	FL				1,234		4,018		126		1,234		4,144		5,378		458	2000		12/21/2012		5 to 40 years
Clearwater-N. Myrtle	FL				1,555		5,978		141		1,555		6,119		7,674		654	2000		12/21/2012		5 to 40 years

98

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Austin-Cedar Park	TX			1,246		5,740		155		1,246		5,895		7,141		615	2006		12/27/2012		5 to 40 years
Austin-Round Rock	TX			774		3,327		146		774		3,473		4,247		363	2004		12/27/2012		5 to 40 years
Austin-Round Rock	TX			632		1,985		88		632		2,073		2,705		244	2007		12/27/2012		5 to 40 years
Chicago-Aurora	IL			269		3,126		320		269		3,446		3,715		336	2010		12/31/2012		5 to 40 years
San Antonio - Marbach	TX			337		2,005		191		337		2,196		2,533		238	2005		2/11/2013		5 to 40 years
Long Island - Lindenhurst	NY			2,122		8,735		517		2,122		9,252		11,374		857	2002		3/22/2013		5 to 40 years
Boston - Somerville	MA			1,553		7,186		21		1,506		7,254		8,760		727	2008		3/22/2013		5 to 40 years
Long Island - Deer Park	NY			1,096		8,276		89		1,096		8,365		9,461		731	2009		8/29/2013		5 to 40 years
Long Island - Amityville	NY			2,224		10,102		46		2,224		10,148		12,372		879	2009		8/29/2013		5 to 40 years
Colorado Springs - Scarlet	CO			629		5,201		184		629		5,385		6,014		442	2006		9/30/2013		5 to 40 years
Toms River - Route 37 W	NJ			1,843		6,544		99		1,843		6,643		8,486		575	2007		11/26/2013		5 to 40 years
Lake Worth - S Military	FL			868		5,306		709		868		6,015		6,883		490	2000		12/4/2013		5 to 40 years
Austin-Round Rock	TX			1,547		5,226		153		1,547		5,379		6,926		449	2008		12/27/2013		5 to 40 years
Hartford-Bristol	CT			1,174		8,816		81		1,174		8,897		10,071		674	2004		12/30/2013		5 to 40 years
Piscataway–New Brunswick	NJ			1,639		10,946		83		1,639		11,029		12,668		862	2006		12/30/2013		5 to 40 years
Fort Lauderdale - 3rd Ave	FL			7,629		11,918		199		7,629		12,117		19,746		949	1998		1/9/2014		5 to 40 years
West Palm - Mercer	FL			15,680		17,520		504		15,680		18,024		33,704		1,437	2000		1/9/2014		5 to 40 years
Austin - Manchaca	TX			3,999		4,297		665		3,999		4,962		8,961		409	1998/2002		1/17/2014		5 to 40 years
San Antonio	TX			2,235		6,269		328		2,235		6,597		8,832		514	2012		2/10/2014		5 to 40 years
Portland	ME			2,146		6,418		235		2,146		6,653		8,799		525	2000		2/11/2014		5 to 40 years
Portland-Topsham	ME			493		5,234		98		493		5,332		5,825		411	2006		2/11/2014		5 to 40 years
Chicago - St. Charles	IL			1,837		6,301		538		1,837		6,839		8,676		506	2004/2013		3/31/2014		5 to 40 years
Chicago - Ashland	IL			598		4,789		178		598		4,967		5,565		355	2014		5/5/2014		5 to 40 years
San Antonio - Walzem	TX			2,000		3,749		495		2,000		4,244		6,244		316	1997		5/13/2014		5 to 40 years
St. Louis - Woodson	MO			2,444		5,966		1,587		2,444		7,553		9,997		549	1998		5/22/2014		5 to 40 years
St. Louis - Mexico	MO			638		3,518		1,778		638		5,296		5,934		336	1998		5/22/2014		5 to 40 years
St. Louis - Vogel	MO			2,010		3,544		232		2,010		3,776		5,786		303	2000		5/22/2014		5 to 40 years
St. Louis - Manchester	MO			508		2,042		396		508		2,438		2,946		201	1996		5/22/2014		5 to 40 years
St. Louis - North Highway	MO			1,989		4,045		567		1,989		4,612		6,601		365	1997		5/22/2014		5 to 40 years
St. Louis - Dunn	MO			1,538		4,510		386		1,538		4,896		6,434		390	2000		5/22/2014		5 to 40 years
Trenton-Hamilton Twnship	NJ			5,161		7,063		841		5,161		7,904		13,065		522	1980		6/5/2014		5 to 40 years
NY Metro-Fishkill	NY			1,741		6,006		309		1,741		6,315		8,056		424	2005		6/11/2014		5 to 40 years
Atlanta-Peachtree City	GA			2,263		4,931		440		2,263		5,371		7,634		392	2007		6/12/2014		5 to 40 years
Wayne - Willowbrook	NJ			0		2,292		196		0		2,488		2,488		411	2000		6/12/2014		5 to 40 years
Asbury Park - 1st Ave	NJ			819		4,734		548		819		5,282		6,101		368	2003		6/18/2014		5 to 40 years
Farmingdale - Tinton Falls	NJ			1,097		5,618		320		1,097		5,938		7,035		425	2004		6/18/2014		5 to 40 years
Lakewood - Route 70	NJ			626		4,549		188		626		4,737		5,363		316	2003		6/18/2014		5 to 40 years
Matawan - Highway 34	NJ			1,512		9,707		724		1,512		10,431		11,943		668	2005		7/10/2014		5 to 40 years
St. Petersburg - Gandy	FL			2,958		6,904		217		2,958		7,121		10,079		446	2007		8/28/2014		5 to 40 years
Chesapeake - Campostella	VA			2,349		3,875		282		2,349		4,157		6,506		272	2000		9/5/2014		5 to 40 years
San Antonio-Castle Hills	TX			2,658		8,190		415		4,544		6,719		11,263		424	2002		9/10/2014		5 to 40 years
Chattanooga - Broad St	TN			759		5,608		181		759		5,789		6,548		366	2014		9/18/2014		5 to 40 years
New Orleans-Kenner	LA			5,771		10,375		427		5,771		10,802		16,573		652	2008		10/10/2014		5 to 40 years
Orlando-Celebration	FL			6,091		4,641		356		6,091		4,997		11,088		297	2006		10/21/2014		5 to 40 years
Austin-Cedar Park	TX			4,196		8,374		547		4,196		8,921		13,117		510	2003		10/28/2014		5 to 40 years
Chicago - Pulaski	IL			889		4,700		624		889		5,324		6,213		293	2014		11/14/2014		5 to 40 years
Houston - Gessner	TX			1,599		5,813		508		1,599		6,321		7,920		343	2006		12/18/2014		5 to 40 years
New England - Danbury	CT			9,747		18,374		80		9,747		18,454		28,201		892	1999		2/2/2015		5 to 40 years
New England - Milford	CT			9,642		23,352		117		9,642		23,469		33,111		1,139	1999		2/2/2015		5 to 40 years
Long Island - Hicksville	NY			5,153		27,401		158		5,153		27,559		32,712		1,392	2002		2/2/2015		5 to 40 years
Long Island - Farmingdale	NY			4,931		20,415		94		4,931		20,509		25,440		994	2000		2/2/2015		5 to 40 years
Chicago - Alsip	IL			2,579		4,066		84		2,579		4,150		6,729		204	1986		2/5/2015		5 to 40 years
Chicago - N. Pulaski	IL			1,719		6,971		372		1,719		7,343		9,062		344	2015		3/9/2015		5 to 40 years
Fort Myers - Tamiami Trail	FL			1,793		4,382		158		1,793		4,540		6,333		234	2004		4/1/2015		5 to 40 years
Dallas - Allen	TX			3,864		4,777		224		3,864		5,001		8,865		226	2002		4/16/2015		5 to 40 years
Jacksonville - Beach Blvd.	FL			2,118		6,501		67		2,118		6,568		8,686		312	2013		4/21/2015		5 to 40 years
Space Coast - Vero Beach	FL			1,169		4,409		324		1,169		4,733		5,902		204	1997		5/1/2015		5 to 40 years
Port St. Lucie - Federal Hwy	FL			4,957		6,045		201		4,957		6,246		11,203		293	2001		5/1/2015		5 to 40 years
West Palm - N. Military	FL			3,372		4,206		134		3,372		4,340		7,712		216	1985		5/1/2015		5 to 40 years
Ft. Myers - Bonita Springs	FL			2,687		5,012		212		2,687		5,224		7,911		250	2000		5/1/2015		5 to 40 years
Phoenix - Tatum Blvd.	AZ			852		7,052		159		852		7,211		8,063		302	2015		6/16/2015		5 to 40 years
Boston - Lynn	MA			2,110		8,182		79		2,110		8,261		10,371		379	2015		6/16/2015		5 to 40 years
Syracuse - Ainsely Dr.	NY			2,711		3,795		109		2,711		3,904		6,615		171	2000		8/25/2015		5 to 40 years

99

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum				Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance		Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Syracuse - Cicero	NY				668		1,957		80		668		2,037		2,705		82	2002		8/25/2015		5 to 40 years
Syracuse - Camillus	NY				473		5,368		85		473		5,453		5,926		210	2005/2011		8/25/2015		5 to 40 years
Syracuse - Manlius	NY				834		1,705		45		834		1,750		2,584		64	2000		8/25/2015		5 to 40 years
Charlotte - Brookshire Blvd.	NC				718		2,977		805		718		3,782		4,500		150	2000		9/1/2015		5 to 40 years
Charleston III	SC				7,604		9,086		169		7,604		9,255		16,859		322	2005		9/1/2015		5 to 40 years
Myrtle Beach II	SC				2,511		6,147		219		2,511		6,366		8,877		253	1999		9/1/2015		5 to 40 years
Columbia VI	SC				3,640		3,452		64		3,640		3,516		7,156		153	2004/2008		9/1/2015		5 to 40 years
Hilton Head - Bluffton	SC				3,084		3,192		89		3,084		3,281		6,365		127	1998		9/1/2015		5 to 40 years
Philadelphia - Eagleville	PA				1,926		4,498		97		1,926		4,595		6,521		150	2010		12/30/2015		5 to 40 years
Orlando - University	FL				882		5,756		241		882		5,997		6,879		150	2001		1/6/2016		5 to 40 years
Orlando - N. Powers	FL				2,567		2,838		51		2,567		2,889		5,456		77	1997		1/6/2016		5 to 40 years
Sarasota - North Port	FL				4,884		10,014		109		4,884		10,123		15,007		116	2001/2006		1/6/2016		5 to 40 years
Los Angeles – Commercial	CA				6,512		12,352		327		6,512		12,679		19,191		319	2004		1/21/2016		5 to 40 years
Los Angeles - E. Slauson	CA				3,998		13,547		220		3,998		13,767		17,765		323	2012		1/21/2016		5 to 40 years
Los Angeles - Westminster	CA				4,636		14,826		107		4,636		14,933		19,569		347	2006		1/21/2016		5 to 40 years
Los Angeles - Calabasas	CA				13,274		10,419		333		13,274		10,752		24,026		267	2004/2014		1/21/2016		5 to 40 years
Portsmouth - Kingston	NH				1,713		2,709		29		1,713		2,738		4,451		67	2003		1/21/2016		5 to 40 years
Portsmouth - Danville	NH				1,615		3,333		36		1,615		3,369		4,984		95	2003		1/21/2016		5 to 40 years
Portsmouth - Hampton Falls	NH				2,445		6,295		23		2,445		6,318		8,763		160	2005		1/21/2016		5 to 40 years
Portsmouth - Lee	NH				3,078		2,861		38		3,078		2,899		5,977		70	2000		1/21/2016		5 to 40 years
Portsmouth - Heritage	NH				4,430		26,040		46		4,430		26,086		30,516		606	1985/1999		1/21/2016		5 to 40 years
Boston - Salisbury	MA				4,880		6,342		71		4,880		6,413		11,293		182	2003		1/21/2016		5 to 40 years
Dallas - Frisco	TX				6,191		5,088		140		6,191		5,228		11,419		128	2003		1/21/2016		5 to 40 years
Dallas - McKinney	TX				8,097		7,047		62		8,097		7,109		15,206		174	2003		1/21/2016		5 to 40 years
Dallas - McKinney	TX				5,508		6,462		61		5,508		6,523		12,031		156	2002		1/21/2016		5 to 40 years
Phoenix - 48th	AZ				988		8,224		40		988		8,264		9,252		201	2015		2/1/2016		5 to 40 years
Miami	FL				2,294		8,980		131		2,294		9,111		11,405		222	2016		2/12/2016		5 to 40 years
Philadelphia - Glenolden	PA				1,768		3,879		78		1,768		3,957		5,725		98	1970		2/17/2016		5 to 40 years
Denver - Thornton	CO				4,528		7,915		85		4,528		8,000		12,528		175	2011		2/29/2016		5 to 40 years
Los Angeles - Costa Mesa	CA				17,976		25,145		372		17,976		25,517		43,493		491	2005		3/16/2016		5 to 40 years
Los Angeles - Irving	CA				0		6,318		211		0		6,529		6,529		264	1985		3/16/2016		5 to 40 years
Los Angeles - Durante	CA				4,671		13,908		80		4,671		13,988		18,659		269	2015		3/16/2016		5 to 40 years
Los Angeles - Wildomar	CA				6,728		10,340		186		6,728		10,526		17,254		210	2005		3/17/2016		5 to 40 years
Los Angeles - Torrance	CA				17,445		18,839		402		17,445		19,241		36,686		370	2003		4/11/2016		5 to 40 years
New Haven - Wallingford	CT				3,618		5,286		181		3,618		5,467		9,085		104	2000		4/14/2016		5 to 40 years
New Haven - Waterbury	CT				2,524		5,618		74		2,524		5,692		8,216		109	2001		4/14/2016		5 to 40 years
New York - Mahopac	NY		4,207		2,373		5,089		161		2,373		5,250		7,623		87	1991/1944		4/26/2016		5 to 40 years
New York - Mount Vernon	NY				3,337		13,112		75		3,337		13,187		16,524		226	2013		4/26/2016		5 to 40 years
Pt. St. Lucie	FL		4,002		4,140		7,176		232		4,140		7,408		11,548		161	2002		5/2/2016		5 to 40 years
Dallas - Lewisville	TX				2,333		8,302		122		2,333		8,424		10,757		149	2007		5/5/2016		5 to 40 years
Buffalo - Cayuga	NY				499		5,198		106		499		5,304		5,803		80	2006		5/19/2016		5 to 40 years
Buffalo - Lackawanna	NY				215		2,323		240		215		2,563		2,778		38	2006		5/19/2016		5 to 40 years
Austin - S. Congress	TX				1,030		8,163		83		1,030		8,246		9,276		106	1984		7/15/2016		5 to 40 years
Austin - W Braker	TX				1,210		14,833		53		1,210		14,886		16,096		189	2003		7/15/2016		5 to 40 years
Austin - Highway 290	TX				930		12,269		46		930		12,315		13,245		159	1999		7/15/2016		5 to 40 years
Austin - Killeen	TX				3,070		20,782		111		3,070		20,893		23,963		282	2005		7/15/2016		5 to 40 years
Austin - Round Rock	TX				830		6,129		44		830		6,173		7,003		80	1986		7/15/2016		5 to 40 years
Austin - Georgetown	TX				1,530		10,647		54		1,530		10,701		12,231		145	2001/2015		7/15/2016		5 to 40 years
Austin - Pflugerville	TX				750		9,238		49		750		9,287		10,037		120	2005		7/15/2016		5 to 40 years
Chicago - Algonquin	IL				1,430		14,958		26		1,430		14,984		16,414		193	2006		7/15/2016		5 to 40 years
Chicago - Carpentersville	IL				350		4,710		14		350		4,724		5,074		61	2004		7/15/2016		5 to 40 years
Chicago - W. Addison	IL				2,770		25,112		85		2,770		25,197		27,967		319	2007		7/15/2016		5 to 40 years
Chicago - State St.	IL				1,190		19,159		40		1,190		19,199		20,389		241	2009		7/15/2016		5 to 40 years
Chicago -W. Grand	IL				1,720		10,628		58		1,720		10,686		12,406		134	2007		7/15/2016		5 to 40 years
Chicago - Libertyville	IL				3,670		26,660		126		3,670		26,786		30,456		338	2009		7/15/2016		5 to 40 years
Chicago - Aurora	IL				1,090		20,033		49		1,090		20,082		21,172		257	2009		7/15/2016		5 to 40 years
Chicago - Morton Grove	IL				1,610		14,914		40		1,610		14,954		16,564		189	2009		7/15/2016		5 to 40 years
Chicago - Bridgeview	IL				3,770		19,990		74		3,770		20,064		23,834		262	2008		7/15/2016		5 to 40 years
Chicago - Addison	IL				1,340		11,881		33		1,340		11,914		13,254		153	2008		7/15/2016		5 to 40 years
Chicago - W Diversey	IL				1,670		10,811		24		1,670		10,835		12,505		136	2010		7/15/2016		5 to 40 years
Chicago - Elmhurst	IL				670		18,729		20		670		18,749		19,419		236	2008		7/15/2016		5 to 40 years
Chicago - Elgin	IL				1,130		12,584		71		1,130		12,655		13,785		162	2003		7/15/2016		5 to 40 years
Chicago - N. Paulina St.,	IL				5,600		12,721		24		5,600		12,745		18,345		162	2006		7/15/2016		5 to 40 years

100

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period											Life on which depreciation
		Encum			Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of	Date		in latest income statement
Description	ST	brance	Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.	Acquired		is completed
Chicago - Matteson	IL			1,590		12,053		32		1,590		12,085		13,675		161	2007		7/15/2016		5 to 40 years
Chicago - S. Heights	IL			1,050		4,960		45		1,050		5,005		6,055		68	2006		7/15/2016		5 to 40 years
Chicago - W. Grand	IL			1,780		8,928		80		1,780		9,008		10,788		113	2007		7/15/2016		5 to 40 years
Chicago - W 30th St	IL			600		15,574		47		600		15,621		16,221		197	2008		7/15/2016		5 to 40 years
Chicago - Mokena	IL			3,230		18,623		195		3,230		18,818		22,048		243	2008		7/15/2016		5 to 40 years
Chicago - Barrington	IL			1,890		9,395		65		1,890		9,460		11,350		123	2015		7/15/2016		5 to 40 years
Chicago - Naperville	IL			2,620		11,933		62		2,620		11,995		14,615		160	2015		7/15/2016		5 to 40 years
Chicago - Forest Park	IL			1,100		10,087		35		1,100		10,122		11,222		130	2015		7/15/2016		5 to 40 years
Chicago - La Grange	IL			960		13,019		28		960		13,047		14,007		167	2015		7/15/2016		5 to 40 years
Chicago - Glenview	IL			3,210		8,519		35		3,210		8,554		11,764		114	2014/2015		7/15/2016		5 to 40 years
Dallas - Richardson	TX			630		10,282		43		630		10,325		10,955		136	2001		7/15/2016		5 to 40 years
Dallas - Arlington	TX			790		12,785		44		790		12,829		13,619		164	2007		7/15/2016		5 to 40 years
Dallas - Plano	TX			1,370		10,166		34		1,370		10,200		11,570		130	1998		7/15/2016		5 to 40 years
Dallas - Mesquite	TX			620		8,771		32		620		8,803		9,423		113	2016		7/15/2016		5 to 40 years
Dallas - S Good Latimer	TX			4,030		8,029		64		4,030		8,093		12,123		104	2016		7/15/2016		5 to 40 years
Boulder - Arapahoe	CO			3,690		12,074		28		3,690		12,102		15,792		158	1992		7/15/2016		5 to 40 years
Boulder - Odell	CO			2,650		15,304		30		2,650		15,334		17,984		201	1998		7/15/2016		5 to 40 years
Boulder - Arapahoe	CO			11,540		15,571		34		11,540		15,605		27,145		204	1984		7/15/2016		5 to 40 years
Boulder - Broadway	CO			2,670		5,623		42		2,670		5,665		8,335		75	1992		7/15/2016		5 to 40 years
Houston - Westpark	TX			2,760		8,288		96		2,760		8,384		11,144		110	1996		7/15/2016		5 to 40 years
Houston - C. Jester	TX			8,080		10,114		96		8,080		10,210		18,290		132	2008		7/15/2016		5 to 40 years
Houston - Bay Pointe	TX			1,960		9,585		65		1,960		9,650		11,610		125	1972		7/15/2016		5 to 40 years
Houston - FM 529	TX			680		3,951		48		680		3,999		4,679		53	2005		7/15/2016		5 to 40 years
Houston - Jones	TX			1,260		2,382		44		1,260		2,426		3,686		35	1994		7/15/2016		5 to 40 years
Jackson - Flowood	MS			680		20,066		36		680		20,102		20,782		260	2000		7/15/2016		5 to 40 years
Las Vegas - Spencer	NV			1,020		25,152		16		1,020		25,168		26,188		320	2000		7/15/2016		5 to 40 years
Las Vegas - Maule	NV			2,510		11,822		15		2,510		11,837		14,347		151	2005		7/15/2016		5 to 40 years
Las Vegas - Wigwam	NV			590		16,838		3		590		16,841		17,431		212	2008		7/15/2016		5 to 40 years
Las Vegas - Stufflebeam	NV			350		6,977		86		350		7,063		7,413		91	1996		7/15/2016		5 to 40 years
Las Vegas - Ft. Apache	NV			1,470		11,047		15		1,470		11,062		12,532		144	2004		7/15/2016		5 to 40 years
Las Vegas - North	NV			390		7,042		20		390		7,062		7,452		91	2005		7/15/2016		5 to 40 years
Las Vegas - Warm Springs	NV			1,340		5,141		51		1,340		5,192		6,532		83	2004		7/15/2016		5 to 40 years
Las Vegas - Conestoga	NV			1,420		10,295		21		1,420		10,316		11,736		138	2007		7/15/2016		5 to 40 years
Las Vegas - Warm Springs	NV			1,080		16,436		15		1,080		16,451		17,531		209	2007		7/15/2016		5 to 40 years
Las Vegas - Nellis	NV			790		5,233		7		790		5,240		6,030		73	1995		7/15/2016		5 to 40 years
Las Vegas - Cheyenne	NV			1,470		17,366		17		1,470		17,383		18,853		231	2004		7/15/2016		5 to 40 years
Las Vegas - Dean Martin	NV			3,050		23,333		6		3,050		23,339		26,389		327	2005		7/15/2016		5 to 40 years
Las Vegas - Flamingo	NV			980		13,451		23		980		13,474		14,454		171	2007		7/15/2016		5 to 40 years
Las Vegas - North	NV			330		15,651		19		330		15,670		16,000		199	2007		7/15/2016		5 to 40 years
Las Vegas - Henderson	NV			570		12,676		37		570		12,713		13,283		167	2005		7/15/2016		5 to 40 years
Las Vegas - North	NV			520		10,105		6		520		10,111		10,631		132	2002		7/15/2016		5 to 40 years
Las Vegas - Farm	NV			1,510		9,388		13		1,510		9,401		10,911		121	2008		7/15/2016		5 to 40 years
Los Angeles - Torrance	CA			5,250		32,363		61		5,250		32,424		37,674		412	2004		7/15/2016		5 to 40 years
Los Angeles - Irvine	CA			2,520		18,402		134		2,520		18,536		21,056		234	2002		7/15/2016		5 to 40 years
Los Angeles - Palm Desert	CA			2,660		16,589		69		2,660		16,658		19,318		216	2002		7/15/2016		5 to 40 years
Milwaukee - Green Bay	WI			750		14,720		3		750		14,723		15,473		189	2005		7/15/2016		5 to 40 years
Orlando - Winter Garden	FL			640		6,688		38		640		6,726		7,366		87	2006		7/15/2016		5 to 40 years
Orlando - Longwood	FL			1,230		9,586		27		1,230		9,613		10,843		123	2000		7/15/2016		5 to 40 years
Orlando - Overland	FL			1,080		3,713		29		1,080		3,742		4,822		49	2000		7/15/2016		5 to 40 years
Sacramento - Calvine	CA			2,280		17,069		20		2,280		17,089		19,369		220	2004		7/15/2016		5 to 40 years
Sacramento - Folsom	CA			1,200		22,150		16		1,200		22,166		23,366		279	2005		7/15/2016		5 to 40 years
Sacramento - Pell	CA			540		8,874		12		540		8,886		9,426		115	2004		7/15/2016		5 to 40 years
Sacramento - Goldenland	CA			2,010		8,944		10		2,010		8,954		10,964		122	2005		7/15/2016		5 to 40 years
Sacramento - Woodland	CA			860		10,569		18		860		10,587		11,447		135	2003		7/15/2016		5 to 40 years
Sacramento - El Camino	CA			1,450		12,239		7		1,450		12,246		13,696		158	2002		7/15/2016		5 to 40 years
Sacramento - Bayou	CA			1,640		21,603		10		1,640		21,613		23,253		277	2005		7/15/2016		5 to 40 years
Sacramento - Calvine	CA			2,120		24,650		7		2,120		24,657		26,777		318	2003		7/15/2016		5 to 40 years
Sacramento - El Dorado	CA			1,610		24,829		13		1,610		24,842		26,452		319	2007		7/15/2016		5 to 40 years
Sacramento - Fruitridge	CA			1,480		15,695		126		1,480		15,821		17,301		207	2007		7/15/2016		5 to 40 years
Salt Lake City - W. Jordan	UT			780		12,301		-88		780		12,213		12,993		154	2007		7/15/2016		5 to 40 years
San Antonio - US 281	TX			1,380		8,457		57		1,380		8,514		9,894		108	2003		7/15/2016		5 to 40 years
Austin - San Marcos	TX			990		7,323		48		990		7,371		8,361		96	2016		7/15/2016		5 to 40 years
Charleston	SC			920		7,700		25		920		7,725		8,645		87	2016		7/29/2016		5 to 40 years

101

					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period												Life on which depreciation
			Encum				Building, Equipment and		Building, Equipment and				Building, Equipment and				Accum.		Date of		Date		in latest income statement
Description	ST		brance		Land		Impvmts.		Impvmts.		Land		Impvmts.		Total		Deprec.		Const.		Acquired		is completed
Denver - Westminster		CO				5,062		3,679		172		5,062		3,851		8,913		40		2000		8/4/2016		5 to 40 years
Chicago - Arlington Hgts		IL				370		8,513		3		370		8,516		8,886		18		2016		11/17/2016		5 to 40 years
Orlando - Curry Ford		FL		2,966		3,268		6,378		23		3,268		6,401		9,669		13		2016		12/20/2016		5 to 40 years
Construction in Progress						0		0		14,524		0		14,524		14,524		0		2015
Corporate Office		NY				0		68		33,969		1,633		32,404		34,037		17,651		2000		5/1/2000		5 to 40 years
			$	13,027	$	772,601	$	2,965,619	$	505,088	$	786,764	$	3,456,544	$	4,243,308	$	535,704

102

(dollars in thousands)

	December 31, 2016			December 31, 2015			December 31, 2014
Cost:
Balance at beginning of period	$	2,491,702		$	2,177,983		$	1,864,637
Additions during period:
Acquisitions through foreclosure		—			—			—
Other acquisitions		1,714,029			278,572			286,691
Improvements, etc.		73,385			42,046			35,097
		1,787,414			320,618			321,788
Deductions during period:
Cost of assets disposed		(35,808	)		(6,899	)		(8,442	)
Impairment write-down		—			—			—
Casualty loss		—			—			—
		(35,808	)		(6,899	)		(8,442	)
Balance at close of period	$	4,243,308		$	2,491,702		$	2,177,983
Accumulated Depreciation:
Balance at beginning of period	$	465,195		$	411,701		$	366,472
Additions during period:
Depreciation expense		87,219			55,101			47,656
		87,219			55,101			47,656
Deductions during period:
Accumulated depreciation of assets disposed		(16,710	)		(1,607	)		(2,427	)
Accumulated depreciation on impaired asset		—			—			—
Accumulated depreciation on casualty loss		—			—			—
		(16,710	)		(1,607	)		(2,427	)
Balance at close of period	$	535,704		$	465,195		$	411,701

The aggregate cost of real estate for U.S. federal income tax purposes is $4,326,173.

103

EX-10.1

Exhibit 10.1

2015 AWARD AND OPTION PLAN

As Amended and Restated Effective February 22, 2017

1. PURPOSE

The purposes of this Plan are to advance the interests of the Company and its stockholders, by providing a long-term incentive compensation program that will be an incentive to the Key Employees of the Company and its Subsidiaries whose contributions are important to the continued success of the Company and its Subsidiaries, and by enhancing their ability to attract and retain in their employ highly qualified persons for the successful conduct of their businesses. This Plan shall be interpreted to the extent practicable so as to avoid causing any amount payable to any Participant hereunder to be includable in the Participant’s gross income under Code Section 409A(a)(1). This Plan became effective as of May 21, 2015 upon approval of this Plan by the Company’s stockholders and has been amended and restated effective February 22, 2017 to add Paragraph 8(e), amend Paragraph 17 and to reflect the change of the Company’s name from Sovran Self Storage, Inc. to Life Storage, Inc.

2. DEFINITIONS

(a) “Acceleration Date” means (i) in the event of a Change in Ownership, the date on which such change occurs, or (ii) with respect to a Participant who is eligible for treatment under Paragraph 21 hereof on account of the Participant’s Separation from Service following a Change in Control, the date on which such Separation from Service occurs.

(b) “Award” means any Stock Option, Restricted Stock, or Performance-Based Award awarded to a Participant under this Plan.

(c) “Award Notice” means a written notice from the Company to a Participant that sets forth the terms and conditions of an Award in addition to those established by this Plan and by the Committee’s exercise of its administrative powers.

(d) “Board” means the Board of Directors of the Company.

(e) “Cause” has the meaning set forth in a Participant’s written employment agreement with the Company or any Subsidiary and if no such employment agreement exists, “Cause” means (i) the willful and continued failure by a Participant to substantially perform his/her duties after written notice specifically identifying the lack of substantial performance is delivered to the Participant or (ii) the willful engaging by a Participant in conduct which is materially and demonstrably injurious to the Company or a Subsidiary.

(f) A “Change in Control” shall be deemed to have occurred at such time as:

(i) any “person” within the meaning of Section 14(d) of the Exchange Act, other than the Company, a Subsidiary, or any employee benefit plan or plans sponsored by the Company or any Subsidiary, is or has become the “beneficial owner”, as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of 20% or more of the combined voting power of the outstanding securities of the Company ordinarily having the right to vote at the election of directors, or

(ii) approval by the stockholders of the Company of (a) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of stock of the Company would be converted into cash, securities or other property, other than a consolidation or merger of the Company in which the common stockholders of the Company immediately prior to the consolidation or merger have substantially the same proportionate ownership of common stock of the surviving corporation immediately after the consolidation or merger as immediately before, or (b) any consolidation or merger in which the Company is the continuing or surviving corporation but in which the common stockholders of the Company immediately prior to the consolidation or merger do not hold at least a majority of the outstanding common stock of the continuing or surviving corporation (except where such holders of common stock hold at least a majority of the common stock of the corporation which owns all of the common stock of the Company), or (c) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company, or

2015 AWARD AND OPTION PLAN

Page 2

(iii) individuals who constitute the Board on May 21, 2015 (the “Incumbent Board”) have ceased for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to May 21, 2015 whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least three-quarters (3/4) of the directors comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such person is named as nominee for director without objection to such nomination) shall be, for purposes of this Plan, considered as though such person were a member of the Incumbent Board.

(g) “Change in Control Price” means, in respect of a Change in Control, the highest closing price per share paid for the purchase of Common Stock on the New York Stock Exchange (“NYSE”) or, if the Common Stock is not then listed on the NYSE, on the principal public trading market for the Common Stock during the ninety (90) day period ending on the date the Change in Control occurs, and in respect of a Change in Ownership, the highest closing price per share paid for the purchase of Common Stock on the NYSE or, if the Common Stock is not then listed on the NYSE, on the principal public trading market for the Common Stock during the ninety (90) day period ending on the date the Change in Ownership occurs.

(h) “Change in Ownership” means a change that results directly or indirectly in the Company’s Common Stock ceasing to be actively traded on a national securities exchange or the National Association of Securities Dealers Automated Quotation System.

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

(j) “Committee” means the Compensation Committee of the Board, or such other committee designated by the Board, authorized to administer this Plan. The Committee shall consist of not less than three members, each of whom shall be “disinterested” as defined by Rule 16b-3 under the Exchange Act as amended from time to time.

(k) “Common Stock” means the common stock, $0.01 par value, of the Company.

(l) “Company” means Life Storage. Inc. (f/k/a Sovran Self Storage, Inc.), a Maryland corporation, and with respect to the Company’s obligations under Paragraph 21, any successor thereto.

(m) “Covered Employee” means a Participant who is a “covered employee” within the meaning of Code Section 162(m)(3).

(n) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

(o) “Fair Market Value” on any date means the average of the high and low sales prices of a share of Common Stock as reflected in the report of consolidated trading of NYSE listed securities (or, if the Common Stock is not then listed on the NYSE, the principal public trading market for such shares) for that date (or if no shares of Common Stock were traded on the NYSE or such other principal public trading market on that date, the next preceding date that shares of Common Stock were so traded) published in the Midwest Edition of The Wall Street Journal; provided, however, that if no shares of Common Stock have been publicly traded for more than ten (10) days immediately preceding such date, then the Fair Market Value of a share of Common Stock shall be determined by the Committee in such manner as it may deem appropriate provided that such determination shall satisfy the requirements of Treas. Reg. §1.409A-1(b)(5) so as to ensure that any Stock Option granted hereunder is not subject to Code Section 409A.

(p) “Good Reason” shall have the meaning set forth in the Participant’s written employment agreement with the Company or any Subsidiary and if no such employment agreement exists, “Good Reason” means the Participant’s resignation from all positions held with the Company and its Subsidiary, if without the Participant’s written consent there is:

(i) a material change of the Participant’s authority, duties or responsibilities, including the assignment to the Participant of duties and responsibilities inconsistent with his/her positions, or

2015 AWARD AND OPTION PLAN

Page 3

(ii) an assignment or reassignment of the Participant without the Participant’s consent, to another place of employment more than 50 miles from the Participant’s current place of employment, or

(iii) a material reduction in the Participant’s base salary; provided, however, that a material reduction in the Participant’s base salary pursuant to a salary reduction program affecting all or substantially all of the employees of the Company or a Subsidiary and that does not adversely affect Participant to a greater extent than other similarly situated employees shall not constitute Good Reason,

provided, in each case, that the Participant shall specify the event relied upon for such determination by written notice to the Board at any time not later than 30 days after the first occurrence of such event and the Board shall not have remedied the matter within 30 days following delivery of such written notice to the Board.

(q) “Key Employee” means an officer or other employee of the Company or a Subsidiary as determined by the Committee.

(r) “Participant” means any Key Employee granted an Award by the Committee under this Plan.

(s) “Performance-Based Awards” means any award, including a cash award, granted under Paragraph 10 hereof.

(t) “Performance-Based Compensation” means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing, nothing in this Plan will be construed to mean that an Award that does not satisfy the requirements for “qualified performance-based compensation” within the meaning of and pursuant to Code Section 162(m) does not constitute performance-based compensation for other purposes, including the purposes of Code Section 409A.

(u) “Performance Period” means the period of at least twelve (12) consecutive calendar months during which the performance goals set forth in an Award Notice must be met to determine the degree of payout and/or vesting with respect to any Performance-Based Awards.

(v) “Plan” means this 2015 Award and Option Plan.

(w) “Prior Plan” means the Sovran Self Storage, Inc. 2005 Award and Option Plan, as amended.

(x) “Restricted Stock” means an award of shares of Company Common Stock subject to restrictions, pursuant to Paragraph 9 hereof.

(y) “Separation from Service” has the meaning provided at Regulation §1.409A-1(h).

(z) “Share Limit” means (i) 600,000 less (ii) the aggregate number of shares of Common Stock awarded under the Prior Plan (including awards of Restricted Awards and Stock Options as defined under the Prior Plan) after December 31, 2014.

(aa) “Stock Option” means an option to purchase Company Common Stock that is awarded to a Participant in accordance with Paragraph 8 hereof.

(bb) “Subsidiary” means a corporation, partnership, limited liability company or other business entity in which the Company directly or indirectly has an ownership interest of 50 percent or more.

3. ADMINISTRATION

This Plan shall be administered by the Committee. The Committee shall have the authority to: (a) interpret this Plan; (b) establish such rules and regulations as it deems necessary for the proper administration of this Plan; (c) select Key Employees to receive Awards under this Plan; (d) determine and modify the form of Stock Options awarded under this Plan, whether non-qualified or incentive stock options, the number of Stock Options awarded to any Key Employee, and all the terms and conditions of Stock Options awarded under this Plan, including the time and conditions of exercise or vesting; (e) determine and modify the number of shares of Restricted Stock awarded to any Key Employee, and all the terms and conditions of Restricted Stock awarded under this Plan, including the applicable restrictions thereon and restriction period therefor;

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(f) determine the number of shares of Company Common Stock and/or initial value to be subject to a Performance-Based Award, including the performance conditions, performance goals, and Performance Period; (g) grant waivers of Plan terms and conditions, provided that such waivers are not inconsistent with Section 16 of the Exchange Act and the rules promulgated thereunder; (h) accelerate the vesting of any Stock Option or lapse of restrictions on any shares of Restricted Stock when any such action would be in the best interests of the Company; and (i) take any and all other action it deems advisable for the proper administration of this Plan. All determinations of the Committee shall be made by a majority of its members, and its determinations shall be final, binding and conclusive. The Committee, in its discretion, may delegate its authority and duties under this Plan to the Chief Executive Officer or to other senior officers of the Company under such conditions as the Committee may establish; provided, however, that to the extent required by Paragraph 17 and notwithstanding any other provision of this Plan or an Award Notice only the Committee may make Awards and render other decisions as to the timing, vesting, performance metrics, pricing and amount of Awards to Participants who are subject to Section 16 of the Exchange Act.

4. ELIGIBILITY

Any Key Employee is eligible to become a Participant in this Plan.

5. SHARES AVAILABLE

The maximum number of shares of Common Stock which shall be available for Awards under this Plan during its term shall not exceed the Share Limit and the maximum number of shares of Common Stock with respect to which Awards may be granted to any individual Key Employee during any calendar year shall not exceed 50,000; all subject to adjustment as provided in Paragraph 13. Any shares of Common Stock related to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares, are settled in cash in lieu of Common Stock, shall be available again for award under this Plan. Notwithstanding anything to the contrary contained herein, the following shares of Common Stock shall not be added back to the Share Limit and will not be available for future grants of Awards: (i) shares of Common Stock tendered by a Participant or withheld by the Company in payment of the exercise price of a Stock Option; (ii) shares of Common Stock tendered by the Participant or withheld by the Company to satisfy any tax withholding obligation with respect to an Award; and (iii) shares of Common Stock purchased on the open market with the cash proceeds from the exercise of Stock Options. The shares of Common Stock available for issuance under this Plan may be authorized and unissued shares or treasury shares.

6. TERM

This Plan became effective as of May 21, 2015 upon approval of this Plan by the Company’s stockholders. Awards will not be made pursuant to this Plan after May 20, 2025.

7. PARTICIPATION

The Committee shall select Participants, determine the type of Awards to be awarded, and establish in the related Award Notices, the applicable terms and conditions of the Awards in addition to those set forth in this Plan, and any administrative rules issued by the Committee.

8. STOCK OPTIONS.

(a) General. Stock Options may be awarded to any Key Employee. These Stock Options may be incentive stock options within the meaning of Section 422 of the Code or non-qualified stock options (i.e., stock options which are not incentive stock options), or a combination of both. For the purpose of determining the exercise price of a Stock Option, the date of grant of a Stock Option will be the date on which the Committee completes the action necessary to award the option provided that notice of the option is given to the Key Employee within a reasonable time thereafter.

(b) Terms and Conditions of Stock Options. A Stock Option shall be exercisable in whole or in such installments and at such times or upon the achievement of such performance goals as may be determined by the Committee. Any Stock Option shall have a minimum vesting period of at least one (1) year of continued

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employment. The price at which Common Stock may be purchased upon exercise of a Stock Option (the “exercise price”) shall be established by the Committee, but such exercise price shall not be less than the Fair Market Value of the Common Stock on the date of grant of the Stock Option. An Award Notice evidencing a Stock Option may, in the discretion of the Committee, provide that a Participant who pays the option price of a Stock Option by an exchange of shares of Common Stock previously owned by the Participant shall automatically be issued a new stock option to purchase additional shares of Common Stock equal to the number of shares of Common Stock so exchanged. Such new stock option shall have an exercise price equal to the Fair Market Value of the Common Stock on the date such new stock option is issued, which shall be the date on which the shares of Common Stock used to pay the exercise price are delivered to the Company, and shall be subject to such other terms and conditions as the Committee deems appropriate.

(c) Restrictions Relating to Incentive Stock Options. Stock Options awarded in the form of incentive stock options shall, in addition to being subject to all applicable terms and conditions established by the Committee, comply with Section 422 of the Code. Accordingly, the aggregate Fair Market Value (determined at the time the option was granted) of the Common Stock with respect to which incentive stock options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company or any of its Subsidiaries) shall not exceed $100,000 (or such other limit as may be required by the Code). Also, each incentive stock option shall expire not later than ten years from its date of award. The number of shares of Common Stock that shall be available for incentive stock options awarded under this Plan is 250,000.

(d) Exercise of Stock Options

(i) A Stock Option may be exercised in whole or in part from time to time during the option period (or, if determined by the Committee, in specified installments during the option period) by giving written notice (or by such other methods of notice as the Committee designates) of exercise to the Company (or a representative designated by the Company for that purpose) specifying the number of shares to be purchased, such notice to be accompanied by payment in full of the purchase price and applicable tax withholding (as provided in Paragraph 14).

(ii) Upon exercise, the exercise price of a Stock Option may be paid in cash, or, if permitted by the Committee, in its sole discretion, shares of Common Stock or a combination of cash and shares of Common Stock, or such other consideration as the Committee may deem appropriate. The Committee may establish appropriate methods for accepting Common Stock as consideration for the exercise of a Stock Option, and may impose such conditions as it deems appropriate on the use of such Common Stock to exercise a Stock Option. If the Committee, in its sole discretion, permits the use of shares of Common Stock as consideration for the exercise of a Stock Option, such shares shall be valued at Fair Market Value on the date of exercise.

(e) Repricing of Stock Options. Notwithstanding anything herein and except as permitted by the provisions of Paragraph 13(b), the Committee shall not have the power to (i) amend the terms of previously granted Stock Options to reduce the exercise price of such Stock Options, (ii) cancel such Stock Options and grant substitute Stock Options with a lower exercise price than the cancelled Stock Options or (c) cancel outstanding Stock Options with an exercise price above the current Fair Market Value in exchange for cash or other securities.

9. RESTRICTED STOCK.

(a) General. Shares of Restricted Stock may be awarded to any Key Employee and shall be awarded in such amounts and at such times during the term of this Plan as the Committee shall determine.

(b) Restrictions on Restricted Stock. Restricted Stock shall be subject to such terms and conditions as the Committee deems appropriate including, but not by way of limitation, restrictions on transferability and continued employment. Any Restricted Stock Award shall have a minimum vesting period of at least one (1) year of continued employment. The Committee may modify or accelerate the delivery of shares of Restricted Stock under such circumstances as it deems appropriate.

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(c) Rights as Stockholders. During the period in which any shares of Restricted Stock are subject to the restrictions imposed under Paragraph 9(b) hereof, the Committee may, in its discretion, grant to the Participant to whom shares of Restricted Stock have been awarded all or any of the rights of a stockholder with respect to such shares, including, but not by way of limitation, the right to vote such shares and to receive dividends. Except as otherwise provided in this Plan, in the absence of any explicit action by the Committee, the Participant to whom shares of Restricted Stock have been awarded shall have the rights of a stockholder with respect to such shares of Restricted Stock.

(d) Evidence of Restricted Stock Award. Any shares of Restricted Stock granted under this Plan may be evidenced in such manner as the Committee deems appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates.

10. PERFORMANCE- BASED AWARDS.

(a) Grant of Performance-Based Awards. The Committee, at any time and from time to time, may grant Performance-Based Awards to a Key Employee in such amounts and upon such terms as the Committee will determine.

(b) Value of Performance-Based Awards. Each Performance-Based Award will have an actual or target number of shares of Common Stock or initial value that is established by the Committee at the time of grant. The Committee will set performance goals in its discretion that, depending on the extent to which they are achieved, will determine the value and/or the number of shares of Common Stock subject to a Performance-Based Award that will be paid out to the Participant. The maximum number of shares of Common Stock subject to a Performance- Based Award shall be subject to the limitations set forth in Paragraph 5 and the maximum amount that may be paid as a cash-settled Performance-Based Award to any individual Key Employee in any calendar year will be $2,000,000.

(c) Earning Performance-Based Awards. Subject to the terms of this Plan, in particular Paragraph 10(f)(iii), after the applicable Performance Period has ended, the Participant will be entitled to receive a payout on his or her Performance-Based Award to the extent that the performance measures set forth in the Award Notice have been achieved.

(d) Form and Timing of Payment of Performance-Based Awards. Payment of earned Performance-Based Awards will be made in the manner described in the applicable Award Notice as determined by the Committee. Subject to the terms of this Plan, the Committee, in its sole discretion, may pay earned Performance-Based Awards in the form of cash or shares of Common Stock (or a combination thereof) equal to the value of such earned Performance-Based Awards and will pay the Performance Based-Awards that have been earned at the close of the applicable Performance Period, or as soon as reasonably practicable after the Committee has certified in writing that the performance goal or goals relating to the Performance-Based Awards have been achieved, provided that, unless specifically provided in the Award Notice for such Awards, such payment will occur no later than the 15th day of the third month following the end of the calendar year in which such Performance Period ends. Any shares of Common Stock paid out under such Performance-Based Awards may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Performance-Based Awards will be set forth in the Award Notice.

(e) Performance Conditions. The right of a Participant to exercise or receive a grant or settlement of any Performance-Based Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m) will be exercised by the Committee and not by the Board.

(f) Performance-Based Awards Granted to Designated Covered Employees. If and to the extent that the Committee determines that a Performance-Based Award to be granted to a Covered Employee should constitute “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award will be contingent upon achievement of pre-established performance goals and other terms set forth in this Paragraph 10(f).

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(i) Performance Goals Generally. The performance goals for Performance-Based Awards will consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Paragraph 10(f)(i). Performance goals will be objective and will otherwise meet the requirements of Code Section 162(m), including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Awards will be granted, exercised and/or settled upon achievement of any single performance goal or of two or more performance goals. Performance goals may differ for Awards granted to any one Participant or to different Participants.

(ii) Timing For Establishing Performance Goals. Performance goals for any Performance-Based Award will be established not later than the earlier of (a) 90 days after the beginning of any Performance Period applicable to such Award, and (b) the date on which 25% of any Performance Period applicable to such Award has expired, or at such other date as may be required or permitted for compensation payable to a Covered Employee to constitute Performance-Based Compensation.

(iii) Payment of Awards; Other Terms. Payment of Performance-Based Awards will be in cash, Shares, or other Awards, including an Award that is subject to additional Service-based vesting, as determined in the sole discretion of the Committee. The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such Awards. The Committee will specify the circumstances in which such Performance-Based Awards will be paid or forfeited in the event of Separation from Service by the Participant prior to the end of a Performance Period or settlement of such Performance-Based Awards. In the event payment of the Performance-Based Award is made in the form of another Award subject to service-based vesting, the Committee will specify the circumstances in which the payment Award will be paid or forfeited in the event of a Separation from Service. No payment or settlement of any Award shall be made unless the Committee has certified in writing that the performance goal or goals relating to the Award have been achieved.

(iv) Performance Measures. The performance goals upon which the payment or vesting of a Performance-Based Award to a Covered Employee that is intended to qualify as Performance-Based Compensation may be conditioned will be limited to the following performance measures, with or without adjustment:

(1) net earnings or net income;

(2) earnings per share;

(3) share price, including growth measures and total shareholder return;

(4) earnings before interest and taxes;

(5) earnings before interest, taxes, depreciation and/or amortization;

(6) earnings before interest, taxes, depreciation and/or amortization as adjusted to exclude any one or more of the following: equity-based compensation expense; income from discontinued operations; gain on cancellation of debt; debt extinguishment and related costs; restructuring, separation and/or integration charges and costs; reorganization and/or recapitalization charges and costs; impairment charges; gain or loss related to investments; sales and use tax settlement; and gain on non-monetary transactions;

(7) cash flow;

(8) funds from operations (FFO);

(9) funds from operations (FFO) per share;

(10) funds from operations (FFO) as adjusted to exclude any one or more of the following: equity-based compensation expense; income from discontinued operations; gain on cancellation of debt; debt extinguishment and related costs; restructuring, separation and/or integration charges and costs; reorganization and/or recapitalization charges and costs; impairment charges; gain or loss related to investments; sales and use tax settlement; and gain on non-monetary transactions; or

(11) any combination of the foregoing business criteria.

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Performance under any of the foregoing performance measures (a) may be used to measure the performance of (i) the Company and its Subsidiaries and other affiliates as a whole, (ii) the Company, any Subsidiary, and/or any other affiliate or any combination thereof, or (iii) any one or more business units of the Company, any Subsidiary, and/or any other affiliate, as the Committee, in its sole discretion, deems appropriate and (b) may be compared to the performance of one or more other companies or one or more published or special indices designated or approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the performance measure specified in clause (3) above for comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee also will have the authority to provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals pursuant to the performance measures specified in this Paragraph 10.

(v) Evaluation of Performance. The Committee may provide in any Performance-Based Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (1) asset write-downs; (2) litigation or claims, judgments or settlements; (3) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results; (4) any reorganization or restructuring events or programs; (5) extraordinary, non-core, non-operating or non-recurring items; and (6) acquisitions or divestitures. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions will be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility.

(vi) Adjustment of Performance-Based Compensation. The Committee will have the sole discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a formula or discretionary basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code Section 162(m) for deductibility.

(vii) Committee Discretion. In the event that applicable laws change to permit Committee discretion to alter the governing performance measures without obtaining shareholder approval of such changes, the Committee will have sole discretion to make such changes without obtaining shareholder approval, provided that the exercise of such discretion will not be inconsistent with the requirements of Code Section 162(m). In addition, in the event that the Committee determines that it is advisable to grant Awards that will not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on performance measures other than those set forth in Paragraph 10(f)(iv).

(g) Performance-Based Awards Granted to Designated Covered Employees. It is the intent of the Company that Performance-Based Awards under Paragraph 10(f) granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and the regulations promulgated thereunder will, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code Section 162(m). Accordingly, the terms of Paragraph 10(f), including the definitions of Covered Employee and other terms used therein, will be interpreted in a manner consistent with Code Section 162(m). If any provision of this Plan or any agreement relating to any such Performance-Based Award does not comply or is inconsistent with the requirements of Code Section 162(m), such provision will be construed or deemed amended to the extent necessary to conform to such requirements.

11. TERMINATION OF EMPLOYMENT

Subject to Paragraph 15, if a Participant’s employment with the Company or a Subsidiary terminates for a reason other than death, disability, retirement or an approved reason, all the Participant’s unexercised Stock Options, shares of Restricted Stock then subject to restrictions and Performance-Based Awards shall be canceled or forfeited as the case may be, unless the Participant’s Award Notice provides otherwise. The Committee shall have the authority to promulgate rules and regulations to (i) determine what events constitute disability, retirement, or termination for an approved reason for purposes of this Plan, and (ii) determine the treatment of a Participant under this Plan in the event of his/her death, disability, retirement, or termination for an approved reason.

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12. NONASSIGNABILITY

Except as otherwise provided by the Committee, in its sole discretion, in the Award Notice, no Stock Option, share of Restricted Stock (that remains subject to restriction) or Performance-Based Award under this Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance and a Participant’s Stock Options shall be exercisable during the Participant’s lifetime only by him.

13. ADJUSTMENT OF SHARES AVAILABLE

(a) Changes in Stock. In the event of changes in the Common Stock by reason of a Common Stock dividend or stock split-up or combination, appropriate adjustment shall be made by the Committee in the aggregate number of shares available under this Plan, the number of shares with respect to which Awards may be granted to any individual Key Employee during any calendar year, and the number of shares subject to an outstanding Award, without, in the case of Stock Options, change in the aggregate purchase price to be paid therefor. Such proper adjustment as may be deemed equitable may be made by the Committee in its discretion to give effect to any other change affecting the Common Stock.

(b) Changes in Capitalization. In case of a merger or consolidation of the Company with another corporation, a reorganization of the Company, a reclassification of the Common Stock of the Company, a spin-off of a significant asset, or other changes in the capitalization of the Company, appropriate provision shall be made for the protection and continuation of any outstanding Awards by either (i) the substitution, on an equitable basis, of appropriate stock, stock options or other securities or other consideration, including cash, to which holders of Common Stock of the Company will be entitled pursuant to such transaction or succession of transactions, or (ii) by appropriate adjustment in the number of shares issuable pursuant to this Plan, the number of shares covered by outstanding Awards and the option price of outstanding Stock Options, as deemed appropriate by the Committee.

(c) Limitation of Committee Discretion. Any adjustment of a Stock Option pursuant to this Paragraph 13 shall be done in such manner as shall not cause the Stock Option to become subject to Code Section 409A.

14. TAX WITHHOLDING

(a) Payment by Participant. Each Participant shall pay to the Company an amount sufficient to satisfy all Federal, state and local withholding tax requirements, no later than the date as of which the Company or any Subsidiary is required by law to withhold any Federal, state, or local taxes of any kind with respect to amounts includable in the Participant’s gross income for Federal income tax purposes with respect to any Award pursuant to this Plan. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

(b) Payment in Stock. A Participant may elect to have the applicable statutory minimum Federal, state and local tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Common Stock to be issued pursuant to this Plan a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the applicable statutory minimum Federal, state and local withholding tax amount due, or (ii) transferring to the Company shares of Common Stock owned by the Participant with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the applicable statutory minimum Federal, state and local withholding tax amount due. For purposes of this Paragraph 14(b), in no event may the Participant require the Company to, and the Company shall not, withhold taxes in excess of any applicable statutory minimum amount. With respect to any Participant who is subject to Section 16 of the Exchange Act, the following additional restrictions shall apply:

(i) the Company (1) shall have been subject to the reporting requirements of Paragraph 13(a) of the Exchange Act for at least a year prior to the election and shall have filed all reports and statements required to be filed pursuant to that Section for that year, and (2) shall have issued on a regular basis public releases of quarterly and annual summary statements of sales and earnings;

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(ii) the election to satisfy tax withholding obligations relating to an Award in the manner permitted by this Paragraph 14(b) shall be made either (1) within the trading window set forth in the Company’s applicable policies on securities trading, or (2) at least six months prior to the date as of which the receipt of such an award first becomes a taxable event for Federal income tax purposes;

(iii) such election shall be irrevocable;

(iv) such election shall be subject to the consent or disapproval of the Committee; and

(v) the Common Stock withheld to satisfy tax withholding must pertain to an Award which has been held by the Participant for at least six months from the date of grant of such award.

15. NONCOMPETITION AND CLAWBACK PROVISION

(a) The Committee may provide in any Award Notice that the Participant shall forfeit all his/her unexercised Stock Options, shares of Restricted Stock and Performance-Based Awards if, (i) in the opinion of the Committee, the Participant, without the written consent of the Company, engages directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, owner, promoter, or otherwise, in any business or activity competitive with the business conducted by the Company or any Subsidiary; or (ii) the Participant performs any act or engages in any activity which in the opinion of the Committee is inimical to the best interests of the Company.

(b) All Awards (including any proceeds, gains or other economic benefit actually or constructively received by a Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the applicable provisions of any clawback policy implemented by the Company, whether implemented prior to or after the grant of such Award, including without limitation, any clawback policy adopted to comply with the requirements of applicable law, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such clawback policy and/or in the applicable Award Notice.

16. DIVIDENDS

Except as otherwise provided in the Award Notice, a Participant who is granted shares of Restricted Stock shall be entitled to receive dividends paid on such shares of Restricted Stock at the times and in the amounts as apply to shareholders generally.

The Committee may determine in its discretion that the Participant will not receive dividends on Restricted Stock, or will receive such dividends only if and when the restrictions on the Restricted Stock lapse, but any such determination must be set forth in the Award Notice.

17. AMENDMENTS OF AWARDS

Except as prohibited by Paragraph 8(e), the Committee may at any time unilaterally amend the Award Notice for any unexercised Stock Option, any share of Restricted Stock then subject to restrictions and any Performance-Based Award to the extent it deems appropriate; provided, however, that any such amendment which is adverse to a Participant shall require the Participant’s consent.

18. REGULATORY APPROVALS AND LISTINGS

Notwithstanding anything contained in this Plan to the contrary, the Company shall have no obligation to issue or deliver certificates of Common Stock upon the exercise of any Stock Option, award of Restricted Stock, or grant of a Performance-Based Award prior to (a) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable, (b) the admission of such shares to listing on the stock exchange on which the Common Stock may be listed,

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and (c) the completion of any registration or other qualification of said shares under any state or federal law or ruling of any governmental body which the Company shall, in its sole discretion, determine to be necessary or advisable.

19. NO RIGHT TO CONTINUED EMPLOYMENT OR AWARDS

Participation in this Plan shall not give any Participant any right to remain in the employ of the Company or any Subsidiary. The Company or, in the case of employment with a Subsidiary, the Subsidiary, reserves the right to terminate any Participant at any time. Further, the adoption of this Plan shall not be deemed to give any person any right to be selected as a Participant or to be granted any Award.

20. AMENDMENT

The Board may suspend or terminate this Plan at any time. In addition, the Board may, from time to time, amend this Plan in any manner, but may not without stockholder approval adopt any amendment which (a) would materially increase the benefits accruing to Participants under this Plan, (b) would materially increase the number of shares of Common Stock which may be issued under this Plan (except as specified in Paragraph 13), (c) would materially modify the requirements as to eligibility for participation in this Plan, or (d) is required to be approved by stockholders under the rules and regulations of the New York Stock Exchange or applicable laws.

21. CHANGE IN CONTROL AND CHANGE IN OWNERSHIP

(a) Background. All Participants shall be eligible for the treatment afforded by this Paragraph 21 if there is a Change in Ownership or if the Participant has a Separation from Service within two years following a Change in Control as a result of an involuntary termination without Cause or a termination on account of Good Reason.

(b) Vesting and Lapse of Restrictions. If a Participant is eligible for treatment under this Paragraph 21, (i) all of the terms and conditions in effect on any unexercised Stock Options and any restrictions on shares of Restricted Stock shall immediately lapse as of the Acceleration Date; (ii) no other terms or conditions shall be imposed upon any Stock Options or shares of Restricted Stock on or after such date, and in no event shall any Stock Option or share of Restricted Stock be forfeited on or after such date; (iii) all of his/her unexercised Stock Options and shares of Restricted Stock shall automatically become one hundred percent (100%) vested immediately upon such date; and (iv) all of his/her unexercised Stock Options and shares of Restricted Stock shall be valued and cashed out on the basis of the Change in Control Price. Any Performance-Based Award will not be eligible for the treatment afforded by this Paragraph 21, unless the Award Notice provides otherwise.

(c) Payment. If a Participant is eligible for treatment under this Paragraph 21, whether or not he/she is still employed by the Company or a Subsidiary, he/she shall be paid, in a single lump-sum cash payment, as soon as practicable but in no event later than 90 days after the Acceleration Date (or, if sooner, March 15 of the calendar year following the Acceleration Date), for all his/her outstanding Stock Options (including incentive stock options) and shares of Restricted Stock.

(d) Section 16 of Exchange Act. Notwithstanding anything contained in this Paragraph 21 to the contrary, any Participant who on the Acceleration Date holds any Stock Options or shares of Restricted Stock that have not been outstanding for a period of at least six months from their date of award, and who on the Acceleration Date is required to report under Section 16 of the Exchange Act shall, not be paid for his/her Stock Options or Restricted Stock until the first day next following the end of such six-month period.

(e) Limitation on Change of Control Payments. Notwithstanding anything in this Paragraph 21 to the contrary, if payments made or deemed made pursuant to this Paragraph 21 would result in the Participant incurring an excise tax under Code Section 4999 (concerning Golden Parachute Payments), the payments made or deemed made hereunder shall be reduced to the extent necessary to avoid such excise tax but only if the reduction in such payments is less than the amount of excise tax avoided by means of the reduction. The reduction in payments shall occur in the following order: (i) options with an exercise price above Fair Market Value that have a positive value for purposes of Code Section 280G, (ii) pro rata among Awards that constitute deferred compensation under Code Section 409A, and (iii) finally, among the Awards that are not subject to Code Section 409A.

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Notwithstanding the preceding sentence, if a Participant is subject to a separate agreement with the Company or a Subsidiary that expressly addresses the potential application of Code Sections 280G or 4999 (including (1) that “payments” under such agreement or otherwise will be reduced, (2) that the Participant will have the discretion to determine which “payments” will be reduced, (3) that such “payments” will not be reduced or (4) that such “payments” will be “grossed up” for tax purposes), then this Section 21(e) shall not apply and any “payments” made or deemed made pursuant to this Paragraph 21 to a Participant will be treated as “payments” arising under such separate agreement provided, however, such separate agreement shall not modify the time or form of any payment under this Section 21 that constitutes deferred compensation under Code Section 409A if such modification would cause such payment to become subject to tax under Code Section 409A.

(f) Miscellaneous. Upon a Change in Control or a Change in Ownership, (i) the provisions of Paragraphs 11, 15 and 17 hereof shall become null and void and of no force and effect insofar as they apply to a Participant who has been terminated under the conditions described in Paragraph 21(a) above; and (ii) no action, including, but not by way of limitation, the amendment, suspension or termination of this Plan, shall be taken which would affect the rights of any Participant or the operation of this Plan with respect to any Stock Option or share of Restricted Stock to which the Participant may have become entitled hereunder on or prior to the date of the Change in Control or Change in Ownership or to which he/she may become entitled as a result of such Change in Control or Change in Ownership.

(g) Legal Fees. The Company shall pay all legal fees and related expenses incurred by a Participant in seeking to obtain or enforce any payment, benefit or right he/she may be entitled to under this Plan after a Change in Control or Change in Ownership; provided, however, the Participant shall be required to repay any such amounts to the Company to the extent a court of competent jurisdiction issues a final and non-appealable order setting forth the determination that the position taken by the Participant was frivolous or advanced in bad faith.

22. NO RIGHT, TITLE OR INTEREST IN COMPANY ASSETS

No Participant shall have any rights as a stockholder as a result of participation in this Plan until the date of issuance of a stock certificate in the Participant’s name and, in the case of Restricted Stock, such rights are granted to the Participant under Paragraph 9(c) hereof. To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company.

23. GOVERNING LAW

This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of New York.

24. COMPLIANCE WITH SECTION 409A.

(a) Awards Intended To Be Excluded From Section 409A. All Stock Options awarded hereunder are intended to be exempt from the application of Code Section 409A either because the option is an incentive stock option within the meaning of Code Section 422 or because the option is a non-qualified stock option awarded with an exercise price at least equal to Fair Market Value on the date of grant. The Restricted Stock Awards are issued in compliance with Code Section 83 and are thereby exempt from Code Section 409A. Any interpretations or administrative actions necessary to implement the Plan shall be made to the extent practicable to preserve such exemptions from Code Section 409A.

(b) Non-excluded Awards Must Comply With Section 409A. This Plan and Award Notices shall be interpreted in accordance with Section 409A of the Code and final Treasury Regulations issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any Award may be subject to Section 409A of the Code, the Committee may adopt such amendments to the Plan and the applicable Award Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (1) exempt the Stock Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock Award, or (2) comply with the requirements of Section 409A of the Code and Treasury Regulations thereunder so as to avoid taxes and interest under Section 409A(a)(1) of the Code.

2015 AWARD AND OPTION PLAN

Page 13

(c) Protection of the Company and Others. Notwithstanding the foregoing provisions of this Paragraph 24, neither the Company, nor any officer or employee of the Company, nor any member of the Committee shall have any liability to any Participant on account of an Award hereunder being taxable under Code Section 409A regardless of whether such person could have taken action to prevent such result and failed to do so.

EX-10.5

Exhibit 10.5

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) to Employment Agreement by and among Robert J. Attea (“Executive”), Life Storage, Inc. (f/k/a Sovran Self Storage, Inc.) (the “Corporation”) and Life Storage LP (f/k/a Sovran Acquisition Limited Partnership) (“LSLP”) as amended and restated effective January 1, 2009 (“Agreement”). The Corporation and LSLP, are collectively referred to herein as the “Company”. Capitalized terms used herein and not specifically defined shall have the meanings set forth in the Agreement.

WHEREAS, the Executive and the Company entered into an amendment of the Agreement dated January 19, 2015 whereby Section 5(e) of the Agreement, which provided for payment of additional Severance Payments to the Executive in the event that an excise tax under Internal Revenue Code (“Code”) Section 4999 was imposed on Executive with respect to such Severance Payments, was deleted in its entirety; and

WHEREAS, the Executive and the Company wish to amend the Agreement further to provide that Severance Payments payable to the Executive thereunder shall be reduced if such reduction results in greater after-tax value to the Executive in avoiding imposition on the Executive of an excise tax under Code Section 4999.

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree that new Section 5(e) is added to Section 5 of the Agreement effective as of the date of execution of this amendment to read as follows:

“(e) Excess Parachute Payment Excise Tax Provisions. In the event it is determined that severance payments specified in Section 5 would be subject to the excise tax imposed by Code Section 4999, then the severance payments shall be reduced to the extent that the payment of unreduced severance payments would cause the severance payments to constitute excess parachute payments under Code Section 280G subject to an excise tax under Code Section 4999; provided, however, that such reduction shall occur only if the Company determines that the after-tax value to the Executive of the reduced severance payments exceeds the after-tax value of the unreduced severance payments taking into account all excise and income taxes to which the Executive would be subject. In the event of such determination, the Executive shall designate those severance payments that should be reduced or eliminated so as to avoid having the severance payments be deemed to constitute excess parachute payments; provided, however, that to the extent required to comply with Code Section 409A, the reduction or elimination will be performed in the order in which each dollar of value subject to a right, payment of benefit reduces the parachute payment to the greatest extent. Except as otherwise expressly provided herein, all determinations under this Section 5(e) shall be made at the expense of the Company by a public accounting firm, consulting firm or tax counsel selected by the Company and subject to the approval of the Executive, which approval shall not be unreasonably withheld. Such determination shall be binding upon the Executive and the Company.”

Dated: February 22, 2017
LIFE STORAGE, INC.
By:	/s/ David L. Rogers
	David L. Rogers, Chief Executive Officer

LIFE STORAGE LP
By:	Life Storage Holdings, Inc., its General Partner
By:	/s/ David L. Rogers
	David L. Rogers, Chief Executive Officer

      /s/ Robert J. Attea

Robert J. Attea

EX-10.8

Exhibit 10.8

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) to Employment Agreement by and among Kenneth F. Myszka (“Executive”), Life Storage, Inc. (f/k/a Sovran Self Storage, Inc.) (the “Corporation”) and Life Storage LP (f/k/a Sovran Acquisition Limited Partnership) (“LSLP”) as amended and restated effective January 1, 2009 (“Agreement”). The Corporation and LSLP, are collectively referred to herein as the “Company”. Capitalized terms used herein and not specifically defined shall have the meanings set forth in the Agreement.

WHEREAS, the Executive and the Company entered into an amendment of the Agreement dated January 19, 2015 whereby Section 5(e) of the Agreement, which provided for payment of additional Severance Payments to the Executive in the event that an excise tax under Internal Revenue Code (“Code”) Section 4999 was imposed on Executive with respect to such Severance Payments, was deleted in its entirety; and

WHEREAS, the Executive and the Company wish to amend the Agreement further to provide that Severance Payments payable to the Executive thereunder shall be reduced if such reduction results in greater after-tax value to the Executive in avoiding imposition on the Executive of an excise tax under Code Section 4999.

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree that new Section 5(e) is added to Section 5 of the Agreement effective as of the date of execution of this amendment to read as follows:

“(e) Excess Parachute Payment Excise Tax Provisions. In the event it is determined that severance payments specified in Section 5 would be subject to the excise tax imposed by Code Section 4999, then the severance payments shall be reduced to the extent that the payment of unreduced severance payments would cause the severance payments to constitute excess parachute payments under Code Section 280G subject to an excise tax under Code Section 4999; provided, however, that such reduction shall occur only if the Company determines that the after-tax value to the Executive of the reduced severance payments exceeds the after-tax value of the unreduced severance payments taking into account all excise and income taxes to which the Executive would be subject. In the event of such determination, the Executive shall designate those severance payments that should be reduced or eliminated so as to avoid having the severance payments be deemed to constitute excess parachute payments; provided, however, that to the extent required to comply with Code Section 409A, the reduction or elimination will be performed in the order in which each dollar of value subject to a right, payment of benefit reduces the parachute payment to the greatest extent. Except as otherwise expressly provided herein, all determinations under this Section 5(e) shall be made at the expense of the Company by a public accounting firm, consulting firm or tax counsel selected by the Company and subject to the approval of the Executive, which approval shall not be unreasonably withheld. Such determination shall be binding upon the Executive and the Company.”

Dated: February 22, 2017
LIFE STORAGE, INC.
By:	/s/ David L. Rogers
	David L. Rogers, Chief Executive Officer
LIFE STORAGE LP
By:	Life Storage Holdings, Inc., its General Partner
By:	/s/ David L. Rogers
	David L. Rogers, Chief Executive Officer
/s/ Kenneth F. Myszka
Kenneth F. Myszka

EX-10.11

Exhibit 10.11

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) to Employment Agreement by and among David L. Rogers (“Executive”), Life Storage, Inc. (f/k/a Sovran Self Storage, Inc.) (the “Corporation”) and Life Storage LP (f/k/a Sovran Acquisition Limited Partnership) (“LSLP”) as amended and restated effective January 1, 2009 (“Agreement”). The Corporation and LSLP, are collectively referred to herein as the “Company”. Capitalized terms used herein and not specifically defined shall have the meanings set forth in the Agreement.

WHEREAS, the Executive and the Company entered into an amendment of the Agreement dated January 19, 2015 whereby Section 5(e) of the Agreement, which provided for payment of additional Severance Payments to the Executive in the event that an excise tax under Internal Revenue Code (“Code”) Section 4999 was imposed on Executive with respect to such Severance Payments, was deleted in its entirety; and

WHEREAS, the Executive and the Company wish to amend the Agreement further to provide that Severance Payments payable to the Executive thereunder shall be reduced if such reduction results in greater after-tax value to the Executive in avoiding imposition on the Executive of an excise tax under Code Section 4999.

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree that new Section 5(e) is added to Section 5 of the Agreement effective as of the date of execution of this amendment to read as follows:

“(e) Excess Parachute Payment Excise Tax Provisions. In the event it is determined that severance payments specified in Section 5 would be subject to the excise tax imposed by Code Section 4999, then the severance payments shall be reduced to the extent that the payment of unreduced severance payments would cause the severance payments to constitute excess parachute payments under Code Section 280G subject to an excise tax under Code Section 4999; provided, however, that such reduction shall occur only if the Company determines that the after-tax value to the Executive of the reduced severance payments exceeds the after-tax value of the unreduced severance payments taking into account all excise and income taxes to which the Executive would be subject. In the event of such determination, the Executive shall designate those severance payments that should be reduced or eliminated so as to avoid having the severance payments be deemed to constitute excess parachute payments; provided, however, that to the extent required to comply with Code Section 409A, the reduction or elimination will be performed in the order in which each dollar of value subject to a right, payment of benefit reduces the parachute payment to the greatest extent. Except as otherwise expressly provided herein, all determinations under this Section 5(e) shall be made at the expense of the Company by a public accounting firm, consulting firm or tax counsel selected by the Company and subject to the approval of the Executive, which approval shall not be unreasonably withheld. Such determination shall be binding upon the Executive and the Company.”

Dated: February 22, 2017
LIFE STORAGE, INC.
By:	/s/ Kenneth F. Myszka
	Kenneth F. Myszka, President
LIFE STORAGE LP
By:	Life Storage Holdings, Inc., its General Partner
By:	/s/ Kenneth F. Myszka
	Kenneth F. Myszka, President
/s/ David L. Rogers
David L. Rogers

EX-12.1

Exhibit 12.1

Life Storage, Inc.

Life Storage LP

Statement Re: Computation of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

Amounts in thousands

	Year ended December 31,
	2016			2015			2014			2013			2012
Earnings:
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees	$	81,291		$	109,672		$	86,971		$	69,524		$	47,185
Add: Income tax expense		413			1,251			927			936			1,326
Add: Fixed charges		55,001			37,864			39,024			32,720			33,547
Add: Distributed income of equity investees		5,207			4,821			3,123			2,630			2,184
Less: Capitalized interest		(96	)		(62	)		(84	)		(113	)		(149	)
Preferred dividend requirements of consolidated subsidiaries		—			—			—			—			—
Earnings (1)		141,816			153,546			129,961			105,697			84,093
Fixed charges:
Interest expense		52,769			35,940			33,719			31,166			32,330
Amortization of financing fees		1,735			1,184			859			834			836
Capitalized interest		96			62			84			113			149
Estimate of interest included in rent expense		401			678			4,362			607			232
Preferred stock dividends		—			—			—			—			—
Fixed charges (2)	$	55,001		$	37,864		$	39,024		$	32,720		$	33,547
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2)		2.58			4.06			3.33			3.23			2.51

EX-21.1

Exhibit 21.1

Subsidiaries

Life Storage LP, a Delaware limited partnership

Life Storage Holdings, Inc., a Delaware Corporation

Life Storage Solutions, LLC, a New York limited liability company

Iskalo Land Holdings, LLC, a New York limited liability company

Sovran Peacock 505 LLC, a Delaware limited liability company

Sovran Mahopac 534 LLC, a Delaware limited liability company

Life Curry Ford Road 628 LLC, a Delaware limited liability company

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-21679) of Sovran Self Storage, Inc.,

(2) Registration Statement (Form S-8 No. 333-42272) pertaining to the 1995 Award and Option Plan and to the 1995 Outside Directors’ Stock Option Plan,

(3) Registration Statement (Form S-8 No. 333-42270) pertaining to the Deferred Compensation Plan for Directors of Sovran Self Storage, Inc.,

(4) Registration Statement (Form S-8 No. 333-73806) pertaining to the 1995 Award and Option Plan,

(5) Registration Statement (Form S-8 No. 333-107464) pertaining to the 1995 Outside Directors’ Stock Option Plan,

(6) Registration Statement (Form S-8 No. 333-138937) pertaining to the 2005 Award and Option Plan,

(7) Registration Statement (Form S-3 No. 333-187351) and related Prospectus of Sovran Self Storage, Inc. for the registration of 3,000,000 shares of its common stock,

(8) Registration Statement (Form S-3 No. 333-195592) and related Prospectus of Sovran Self Storage, Inc. for the registration of common stock, preferred stock, warrants, debt securities and units, and

(9) Registration Statement (Form S-3 No. 333-211985 and No. 333-211985-01) and related Prospectus of Sovran Self Storage, Inc. and Sovran Acquisition Limited Partnership for the registration of common stock, preferred stock, warrants, units and guarantees of Sovran Self Storage, Inc. and debt securities of Sovran Acquisition Limited Partnership;

of our reports dated February 27, 2017, with respect to the consolidated financial statements and schedule of Life Storage, Inc. and the effectiveness of internal control over financial reporting of Life Storage, Inc. included in this Annual Report (Form 10-K) of Life Storage, Inc. for the year ended December 31, 2016.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

EX-23.2

Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-21679) of Sovran Self Storage, Inc.,

(2) Registration Statement (Form S-8 No. 333-42272) pertaining to the 1995 Award and Option Plan and to the 1995 Outside Directors’ Stock Option Plan,

(3) Registration Statement (Form S-8 No. 333-42270) pertaining to the Deferred Compensation Plan for Directors of Sovran Self Storage, Inc.,

(4) Registration Statement (Form S-8 No. 333-73806) pertaining to the 1995 Award and Option Plan,

(5) Registration Statement (Form S-8 No. 333-107464) pertaining to the 1995 Outside Directors’ Stock Option Plan,

(6) Registration Statement (Form S-8 No. 333-138937) pertaining to the 2005 Award and Option Plan,

(7) Registration Statement (Form S-3 No. 333-187351) and related Prospectus of Sovran Self Storage, Inc. for the registration of 3,000,000 shares of its common stock,

(8) Registration Statement (Form S-3 No. 333-195592) and related Prospectus of Sovran Self Storage, Inc. for the registration of common stock, preferred stock, warrants, debt securities and units, and

(9) Registration Statement (Form S-3 No. 333-211985 and No. 333-211985-01) and related Prospectus of Sovran Self Storage, Inc. and Sovran Acquisition Limited Partnership for the registration of common stock, preferred stock, warrants, units and guarantees of Sovran Self Storage, Inc. and debt securities of Sovran Acquisition Limited Partnership;

of our reports dated February 27, 2017, with respect to the consolidated financial statements and schedule of Life Storage LP and the effectiveness of internal control over financial reporting of Life Storage LP included in this Annual Report (Form 10-K) of Life Storage LP for the year ended December 31, 2016.

/s/ Ernst & Young LLP

Buffalo, New York

February 27, 2017

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange

Act, as amended

I, David L. Rogers, certify that:

1. I have reviewed this report on Form 10-K of Life Storage, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of this annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2017

/S/ David L. Rogers

David L. Rogers

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange

Act, as amended

I, Andrew J. Gregoire, certify that:

1. I have reviewed this report on Form 10-K of Life Storage, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of this annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2017

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Secretary, Chief Financial Officer

EX-31.3

Exhibit 31.3

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange

Act, as amended

I, David L. Rogers, certify that:

1. I have reviewed this report on Form 10-K of Life Storage LP;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of this annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2017

/S/ David L. Rogers

David L. Rogers

Chief Executive Officer

EX-31.4

Exhibit 31.4

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange

Act, as amended

I, Andrew J. Gregoire, certify that:

1. I have reviewed this report on Form 10-K of Life Storage LP;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of this annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2017

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Secretary, Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as

adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned of Life Storage, Inc. (the “Company”) does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1) The report on Form 10-K of the Company for the annual period ended December 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 27, 2017

/S/ David L. Rogers

David L. Rogers

Chief Executive Officer

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

EX-32.2

Exhibit 32.2

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned of Life Storage LP (the “Company”) does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1) The report on Form 10-K of the Company for the annual period ended December 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 27, 2017

/S/ David L. Rogers

David L. Rogers

Chief Executive Officer

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 13, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,487,121
Entity Public Float			$ 4,779,975,682
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 20,565,159

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in storage facilities:
Land	$ 786,764	$ 480,176
Building, equipment, and construction in progress	3,456,544	2,011,526
Real estate investment property, at cost, total	4,243,308	2,491,702
Less: accumulated depreciation	(535,704)	(465,195)
Investment in storage facilities, net	3,707,604	2,026,507
Cash and cash equivalents	23,685	7,020
Accounts receivable	5,469	6,805
Receivable from unconsolidated joint ventures	1,223	929
Investment in unconsolidated joint ventures	67,300	62,520
Prepaid expenses	6,649	5,431
Fair value of interest rate swap agreements		550
Trade name	16,500
Other assets	29,554	9,060
Total Assets	3,857,984	2,118,822
Liabilities
Line of credit	253,000	79,000
Term notes, net	1,387,525	746,650
Accounts payable and accrued liabilities	75,132	47,839
Deferred revenue	9,700	7,511
Fair value of interest rate swap agreements	13,015	15,343
Mortgages payable	13,027	1,993
Total Liabilities	1,751,399	898,336
Noncontrolling redeemable Operating Partnership Units at redemption value	18,091	18,171
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 46,454,606 shares outstanding at December 31, 2016 (36,710,673 at December 31, 2015)	464	367
Additional paid-in capital	2,348,567	1,388,343
Dividends in excess of net income	(239,062)	(171,980)
Accumulated other comprehensive loss	(21,475)	(14,415)
Total Shareholders' Equity	2,088,494	1,202,315
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,088,494	1,202,315
Total Liabilities and Shareholders' Equity/ Partners' Capital	3,857,984	2,118,822
Life Storage LP [Member]
Investment in storage facilities:
Land	786,764	480,176
Building, equipment, and construction in progress	3,456,544	2,011,526
Real estate investment property, at cost, total	4,243,308	2,491,702
Less: accumulated depreciation	(535,704)	(465,195)
Investment in storage facilities, net	3,707,604	2,026,507
Cash and cash equivalents	23,685	7,020
Accounts receivable	5,469	6,805
Receivable from unconsolidated joint ventures	1,223	929
Investment in unconsolidated joint ventures	67,300	62,520
Prepaid expenses	6,649	5,431
Fair value of interest rate swap agreements		550
Trade name	16,500
Other assets	29,554	9,060
Total Assets	3,857,984	2,118,822
Liabilities
Line of credit	253,000	79,000
Term notes, net	1,387,525	746,650
Accounts payable and accrued liabilities	75,132	47,839
Deferred revenue	9,700	7,511
Fair value of interest rate swap agreements	13,015	15,343
Mortgages payable	13,027	1,993
Total Liabilities	1,751,399	898,336
Limited partners' redeemable capital interest at redemption value (217,481 and 168,866 units outstanding at December 31, 2016 and December 31, 2015, respectively)	18,091	18,171
Shareholders' Equity/ Partners' Capital
General partner (466,721 and 368,795 units outstanding at December 31, 2016 and December 31, 2015, respectively)	21,065	12,205
Limited partners (45,987,885 and 36,341,878 units outstanding at December 31, 2016 and December 31, 2015, respectively)	2,088,904	1,204,525
Accumulated other comprehensive loss	(21,475)	(14,415)
Total Controlling Partners' Capital	2,088,494	1,202,315
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,088,494	1,202,315
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 3,857,984	$ 2,118,822

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	46,454,606	36,710,673
Limited partner, units outstanding	217,481	168,866
Life Storage LP [Member]
General partner, units outstanding	466,721	368,795
Limited partner, units outstanding	45,987,885	36,341,878
Limited Partners Redeemable Capital Interest at Redemption Value [Member] | Life Storage LP [Member]
Limited partner, units outstanding	217,481	168,866

XML

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental income	$ 428,121,000	$ 338,435,000	$ 302,044,000
Other operating income	34,487,000	28,167,000	24,036,000
Total operating revenues	462,608,000	366,602,000	326,080,000
Expenses
Property operations and maintenance	103,388,000	81,915,000	75,333,000
Real estate taxes	47,876,000	36,563,000	32,097,000
General and administrative	43,103,000	38,659,000	35,222,000
Acquisition costs	29,542,000	2,991,000	7,359,000
Write-off of acquired property deposits	1,783,000	0	0
Operating leases of storage facilities		683,000	7,987,000
Depreciation and amortization	117,081,000	58,506,000	51,749,000
Total operating expenses	342,773,000	219,317,000	209,747,000
Income from operations	119,835,000	147,285,000	116,333,000
Other income (expenses)
Interest expense	(47,175,000)	(37,124,000)	(34,578,000)
Interest expense - bridge financing commitment fee	(7,329,000)
Interest income	67,000	5,000	40,000
Gain (loss) on sale of storage facilities	15,270,000	(494,000)	5,176,000
Gain on sale of real estate	623,000
Equity in income of joint ventures	3,665,000	3,405,000	2,086,000
Net income	84,956,000	113,077,000	89,057,000
Net income attributable to noncontrolling interest in the Operating Partnership	(398,000)	(553,000)	(526,000)
Net loss attributable to noncontrolling interest in consolidated subsidiary	667,000
Net income attributable to common shareholders/unitholders	$ 85,225,000	$ 112,524,000	$ 88,531,000
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.97	$ 3.18	$ 2.68
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.96	$ 3.16	$ 2.67
Life Storage LP [Member]
Revenues
Rental income	$ 428,121,000	$ 338,435,000	$ 302,044,000
Other operating income	34,487,000	28,167,000	24,036,000
Total operating revenues	462,608,000	366,602,000	326,080,000
Expenses
Property operations and maintenance	103,388,000	81,915,000	75,333,000
Real estate taxes	47,876,000	36,563,000	32,097,000
General and administrative	43,103,000	38,659,000	35,222,000
Acquisition costs	29,542,000	2,991,000	7,359,000
Write-off of acquired property deposits	1,783,000
Operating leases of storage facilities		683,000	7,987,000
Depreciation and amortization	117,081,000	58,506,000	51,749,000
Total operating expenses	342,773,000	219,317,000	209,747,000
Income from operations	119,835,000	147,285,000	116,333,000
Other income (expenses)
Interest expense	(47,175,000)	(37,124,000)	(34,578,000)
Interest expense - bridge financing commitment fee	(7,329,000)
Interest income	67,000	5,000	40,000
Gain (loss) on sale of storage facilities	15,270,000	(494,000)	5,176,000
Gain on sale of real estate	623,000
Equity in income of joint ventures	3,665,000	3,405,000	2,086,000
Net income	84,956,000	113,077,000	89,057,000
Net income attributable to noncontrolling interest in the Operating Partnership	(398,000)	(553,000)	(526,000)
Net loss attributable to noncontrolling interest in consolidated subsidiary	667,000
Net income attributable to common shareholders/unitholders	$ 85,225,000	$ 112,524,000	$ 88,531,000
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.97	$ 3.18	$ 2.68
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.96	$ 3.16	$ 2.67
Net income attributable to general partner	$ 856,000	$ 1,131,000	$ 891,000
Net income attributable to limited partners	$ 84,369,000	$ 111,393,000	$ 87,640,000

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 84,956	$ 113,077	$ 89,057
Other comprehensive income:
Effective portion of loss on derivatives net of reclassification to interest expense	(7,060)	(1,410)	(6,603)
Total comprehensive income	77,896	111,667	82,454
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(365)	(546)	(487)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	667
Comprehensive income attributable to common shareholders/unitholders	78,198	111,121	81,967
Life Storage LP [Member]
Net income	84,956	113,077	89,057
Other comprehensive income:
Effective portion of loss on derivatives net of reclassification to interest expense	(7,060)	(1,410)	(6,603)
Total comprehensive income	77,896	111,667	82,454
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(365)	(546)	(487)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	667
Comprehensive income attributable to common shareholders/unitholders	$ 78,198	$ 111,121	$ 81,967

XML

Consolidated Statements of Shareholders' Equity and Partners' Capital - USD ($) $ in Thousands	Total	Common Stock Shares [Member]	Additional Paid-in Capital [Member]	Dividends in Excess of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Life Storage LP [Member]	Life Storage LP [Member] Life Storage Holdings, Inc. General Partner [Member]	Life Storage LP [Member] Life Storage, Inc. Limited Partner [Member]	Life Storage LP [Member] Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance, value at Dec. 31, 2013	$ 870,709	$ 325	$ 1,039,236	$ (162,450)	$ (6,402)
Beginning Balance, value at Dec. 31, 2013						$ 870,709	$ 8,836	$ 868,275	$ (6,402)
Beginning Balance, shares at Dec. 31, 2013		32,532,991
Net proceeds from the issuance of common stock/Partnership Units	98,981	$ 13	98,968			98,981	1,014	97,967
Net proceeds from the issuance of common stock/Partnership Units, Shares		1,283,505
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan	12,449	$ 2	12,447			12,449	124	12,325
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan, Shares		171,854
Exercise of stock options	$ 1,245		1,245			1,245	13	1,232
Exercise of stock options, shares	27,462	27,462
Issuance of non-vested stock		$ 1	(1)
Issuance of non-vested stock, shares		90,143
Earned portion of non-vested stock	$ 4,556		4,556			4,556	46	4,510
Stock option expense	223		223			223	2	221
Deferred compensation outside directors	121		121			121	1	120
Carrying value less than redemption value on redeemed noncontrolling interest	(570)		(570)			(570)	(60)	(510)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units	(3,738)			(3,738)		(3,738)		(3,738)
Net income attributable to common shareholders/unitholders	88,531			88,531		88,531	891	87,640
Change in fair value of derivatives	(6,603)				(6,603)	(6,603)	(66)	66	(6,603)
Dividends / Distributions	(90,035)			(90,035)		(90,035)	(906)	(89,129)
Ending balance, value at Dec. 31, 2014	975,869	$ 341	1,156,225	(167,692)	(13,005)
Ending balance, value at Dec. 31, 2014						975,869	9,895	978,979	(13,005)
Ending balance, shares at Dec. 31, 2014		34,105,955
Net proceeds from the issuance of common stock/Partnership Units	210,142	$ 23	210,119			210,142	2,123	208,019
Net proceeds from the issuance of common stock/Partnership Units, Shares		2,329,911
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan	$ 13,926	$ 1	13,925			13,926	139	13,787
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan, Shares	151,246	151,246
Exercise of stock options	$ 1,633	$ 1	1,632			1,633	16	1,617
Exercise of stock options, shares	30,900	30,900
Issuance of non-vested stock		$ 1	(1)
Issuance of non-vested stock, shares		64,244
Earned portion of non-vested stock	$ 6,254		6,254			6,254	63	6,191
Stock option expense	210		210			210	2	208
Deferred compensation outside directors	59		59			59		59
Deferred compensation outside directors, shares		28,417
Carrying value less than redemption value on redeemed noncontrolling interest	(80)		(80)			(80)	(10)	(70)
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units	(3,328)			(3,328)		(3,328)		(3,328)
Net income attributable to common shareholders/unitholders	112,524			112,524		112,524	1,131	111,393
Change in fair value of derivatives	(1,410)				(1,410)	(1,410)	(14)	14	(1,410)
Dividends / Distributions	(113,484)			(113,484)		(113,484)	(1,140)	(112,344)
Ending balance, value at Dec. 31, 2015	$ 1,202,315	$ 367	1,388,343	(171,980)	(14,415)
Ending balance, value at Dec. 31, 2015						1,202,315	12,205	1,204,525	(14,415)
Ending balance, shares at Dec. 31, 2015	36,710,673	36,710,673
Net proceeds from the issuance of common stock/Partnership Units	$ 934,963	$ 96	934,867			934,963	9,349	925,614
Net proceeds from the issuance of common stock/Partnership Units, Shares		9,545,000
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan	$ 13,166	$ 1	13,165			13,166	132	13,034
Net proceeds from the issuance of common stock/Partnership Units through Dividend Reinvestment Plan, Shares	133,666	133,666
Conversion of operating partnership units to common shares	$ 4,795		4,795			4,795		4,795
Exercise of stock options, shares	0
Conversion of operating partnership units to common shares, shares		41,862
Issuance of operating partnership units							95	(95)
Issuance of non-vested stock, shares		23,405
Earned portion of non-vested stock	$ 7,216		7,216			7,216	72	7,144
Stock option expense	89		89			89	1	88
Deferred compensation outside directors	92		92			92	1	91
Adjustment to redemption value of noncontrolling redeemable Operating Partnership Units	4,457			4,457		4,457		4,457
Net income attributable to common shareholders/unitholders	85,225			85,225		85,225	856	84,369
Change in fair value of derivatives	(7,518)				(7,518)	(7,518)	(75)	75	(7,518)
Dividends / Distributions	(156,764)			(156,764)		(156,764)	(1,575)	(155,189)
Ending balance, value at Dec. 31, 2016	$ 2,088,494	$ 464	$ 2,348,567	$ (239,062)	(21,475)
Ending balance, value at Dec. 31, 2016						2,088,494	21,065	2,088,904	(21,475)
Ending balance, shares at Dec. 31, 2016	46,454,606	46,454,606
Amortization of terminated hedge included in AOCI	$ 458				$ 458	$ 458	$ 4	$ (4)	$ 458

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net income	$ 84,956,000	$ 113,077,000	$ 89,057,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	117,081,000	58,506,000	51,749,000
Amortization of debt issuance costs and bond discount	9,688,000	1,184,000	942,000
(Gain) loss on sale of storage facilities	(15,270,000)	494,000	(5,176,000)
Gain on sale of real estate	(623,000)
Write-off of acquired property deposits	1,783,000	0	0
Equity in income of joint ventures	(3,665,000)	(3,405,000)	(2,086,000)
Distributions from unconsolidated joint venture	5,207,000	4,821,000	3,123,000
Non-vested stock earned	7,308,000	6,313,000	4,677,000
Stock option expense	89,000	210,000	223,000
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	4,814,000	(1,038,000)	(606,000)
Prepaid expenses	(230,000)	1,132,000	(457,000)
(Advances to) receipts from joint ventures	(294,000)	(346,000)	590,000
Accounts payable and other liabilities	18,494,000	5,847,000	5,187,000
Deferred revenue	(3,788,000)	(597,000)	(1,155,000)
Net cash provided by operating activities	225,550,000	186,198,000	146,068,000
Investing Activities
Acquisition of storage facilities, net of cash acquired	(1,750,267,000)	(280,010,000)	(281,731,000)
Improvements, equipment additions, and construction in progress	(72,852,000)	(41,739,000)	(35,097,000)
Net proceeds from the sale of storage facilities	34,074,000	4,646,000	11,191,000
Net proceeds from the sale of real estate	623,000
Investment in unconsolidated joint ventures	(6,438,000)	(6,151,000)	(28,650,000)
Property deposits	(1,209,000)	(5,435,000)	(706,000)
Net cash used in investing activities	(1,796,069,000)	(328,689,000)	(334,993,000)
Financing Activities
Net proceeds from sale of common stock/partnership units	948,129,000	225,701,000	112,676,000
Proceeds from line of credit	1,102,000,000	330,000,000	202,000,000
Repayment of line of credit	(928,000,000)	(300,000,000)	(202,000,000)
Proceeds from term notes, net of discount	796,682,000		175,000,000
Repayment of term note	(150,000,000)
Debt issuance costs	(15,273,000)		(3,001,000)
Settlement of forward starting interest rate swaps	(9,166,000)
Dividends paid - common stock	(156,249,000)	(113,039,000)	(90,035,000)
Distributions to noncontrolling interest holders	(742,000)	(555,000)	(541,000)
Redemption of operating partnership units		(1,005,000)	(6,028,000)
Mortgage principal payments	(197,000)	(134,000)	(127,000)
Net cash provided by financing activities	1,587,184,000	140,968,000	187,944,000
Net increase (decrease) in cash	16,665,000	(1,523,000)	(981,000)
Cash at beginning of period	7,020,000	8,543,000	9,524,000
Cash at end of period	23,685,000	7,020,000	8,543,000
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	39,856,000	35,926,000	31,764,000
Cash paid for income taxes, net of refunds	981,000	1,084,000	665,000
Life Storage LP [Member]
Operating Activities
Net income	84,956,000	113,077,000	89,057,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	117,081,000	58,506,000	51,749,000
Amortization of debt issuance costs and bond discount	9,688,000	1,184,000	942,000
(Gain) loss on sale of storage facilities	(15,270,000)	494,000	(5,176,000)
Gain on sale of real estate	(623,000)
Write-off of acquired property deposits	1,783,000
Equity in income of joint ventures	(3,665,000)	(3,405,000)	(2,086,000)
Distributions from unconsolidated joint venture	5,207,000	4,821,000	3,123,000
Non-vested stock earned	7,308,000	6,313,000	4,677,000
Stock option expense	89,000	210,000	223,000
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	4,814,000	(1,038,000)	(606,000)
Prepaid expenses	(230,000)	1,132,000	(457,000)
(Advances to) receipts from joint ventures	(294,000)	(346,000)	590,000
Accounts payable and other liabilities	18,494,000	5,847,000	5,187,000
Deferred revenue	(3,788,000)	(597,000)	(1,155,000)
Net cash provided by operating activities	225,550,000	186,198,000	146,068,000
Investing Activities
Acquisition of storage facilities, net of cash acquired	(1,750,267,000)	(280,010,000)	(281,731,000)
Improvements, equipment additions, and construction in progress	(72,852,000)	(41,739,000)	(35,097,000)
Net proceeds from the sale of storage facilities	34,074,000	4,646,000	11,191,000
Net proceeds from the sale of real estate	623,000
Investment in unconsolidated joint ventures	(6,438,000)	(6,151,000)	(28,650,000)
Property deposits	(1,209,000)	(5,435,000)	(706,000)
Net cash used in investing activities	(1,796,069,000)	(328,689,000)	(334,993,000)
Financing Activities
Net proceeds from sale of common stock/partnership units	948,129,000	225,701,000	112,676,000
Proceeds from line of credit	1,102,000,000	330,000,000	202,000,000
Repayment of line of credit	(928,000,000)	(300,000,000)	(202,000,000)
Proceeds from term notes, net of discount	796,682,000		175,000,000
Repayment of term note	(150,000,000)
Debt issuance costs	(15,273,000)		(3,001,000)
Settlement of forward starting interest rate swaps	(9,166,000)
Distributions to unitholders	(156,249,000)	(113,039,000)	(90,035,000)
Distributions to noncontrolling interest holders	(742,000)	(555,000)	(541,000)
Redemption of operating partnership units	(4,795,000)	(1,005,000)	(6,028,000)
Mortgage principal payments	(197,000)	(134,000)	(127,000)
Net cash provided by financing activities	1,587,184,000	140,968,000	187,944,000
Net increase (decrease) in cash	16,665,000	(1,523,000)	(981,000)
Cash at beginning of period	7,020,000	8,543,000	9,524,000
Cash at end of period	23,685,000	7,020,000	8,543,000
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	39,856,000	35,926,000	31,764,000
Cash paid for income taxes, net of refunds	$ 981,000	$ 1,084,000	$ 665,000

XML

Organization

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. ORGANIZATION

Effective August 15, 2016, the Parent Company changed its name from “Sovran Self Storage, Inc.” to “Life Storage, Inc.” and the Operating Partnership changed its name from “Sovran Acquisition Limited Partnership” to “Life Storage LP”. Also, consistent with these name changes, and in connection with the rebranding of our storage facilities from “Uncle Bob’s Self Storage^®” to “Life Storage^®”, the name of the general partner of the Operating Partnership has been changed from “Sovran Holdings, Inc.” to “Life Storage Holdings, Inc.” and the name of the Parent Company’s taxable REIT subsidiary changed from “Uncle Bob’s Management, LLC” to “Life Storage Solutions, LLC”.

The Parent Company, which operates as a self-administered and self-managed real estate investment trust (a “REIT”), was formed on April 19, 1995 to own and operate self-storage facilities throughout the United States. On June 26, 1995, the Parent Company commenced operations effective with the completion of its initial public offering. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

At December 31, 2016, we had an ownership interest in, and/or managed 659 self-storage properties in 29 states under the names Life Storage^® and Uncle Bob’s Self Storage^®. Among our 659 self-storage properties are 39 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings LLC) of which we are a 20% owner, 30 properties that we manage for an unconsolidated joint venture (Sovran HHF Storage Holdings II LLC) of which we are a 15% owner, and 26 properties that we manage and have no ownership interest. Approximately 38% of the Company’s revenue is derived from stores in the states of Texas and Florida.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: All of the Company’s assets are owned by, and all its operations are conducted through the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of December 31, 2016. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership.

We consolidate all wholly owned subsidiaries. Partially owned subsidiaries and joint ventures are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, and Life Storage Solutions, LLC. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but for which we have significant influence over are accounted for using the equity method.

Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable operating partnership units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interest at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. At December 31, 2016, there were 217,481 noncontrolling redeemable operating partnership Units outstanding (168,866 at December 31, 2015). These unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The Operating Partnership is obligated to redeem each of these limited partnership Units in the Operating Partnership at the request of the holder thereof for cash equal to the fair market value of a share of the Company’s common stock, at the time of such redemption, provided that the Company at its option may elect to acquire any such Unit presented for redemption for one common share or cash. The Company accounts for these noncontrolling redeemable Operating Partnership Units under the provisions of EITF D-98, “Classification and Measurement of Redeemable Securities” which was codified in FASB ASC Topic 480-10-S99. The application of the FASB ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount). The offset to the adjustment to the carrying amount of the noncontrolling redeemable Operating Partnership Units is reflected in the Parent Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, noncontrolling interests are reflected at redemption value at December 31, 2016 and 2015, equal to the number of noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates.

The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units:

(Dollars in thousands)	2016			2015
Beginning balance noncontrolling redeemable Operating Partnership Units	$	18,171		$	13,622
Redemption of Operating Partnership Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Operating Partnership Units		9,516			2,148
Net income attributable to noncontrolling interests in Operating Partnership		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance noncontrolling redeemable Operating Partnership Units	$	18,091		$	18,171

The following is a reconciliation of the Operating Partnership’s limited partners’ redeemable capital interest:

(Dollars in thousands)	2016			2015
Beginning balance Limited Partners’ Redeemable Capital Interest	$	18,171		$	13,622
Redemption of Limited Partners’ Redeemable Capital Interest Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Limited Partners’ Redeemable Capital Interest Units		9,516			2,148
Net income attributable to Limited Partners’ Redeemable Capital Interest		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance Limited Partners’ Redeemable Capital Interest	$	18,091		$	18,171

In 2016 the Operating Partnership issued 90,477 Units with a fair value of $9.5 million to acquire self-storage properties. In 2015 the Company issued 23,382 Units with a fair value of $2.1 million to acquire one self-storage property. The fair value of the Units on the dates of issuance was determined based upon the fair market value of the Company’s common stock on those dates.

Operating Partnership Units redeemed in 2016 were redeemed for a total of 41,862 shares of the Parent Company.

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents.

Accounts Receivable: Accounts receivable are composed of trade and other receivables recorded at billed amounts and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable uncollectible amounts in the Company’s existing accounts receivable. The Company determines the allowance based on a number of factors, including experience, credit worthiness of customers, and current market and economic conditions. The Company reviews the allowance for doubtful accounts on a regular basis. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts is recorded as a reduction of accounts receivable and amounted to $1.0 million and $0.4 million at December 31, 2016 and 2015, respectively.

Revenue and Expense Recognition: Rental income is recognized when earned pursuant to month-to-month leases for storage space. Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy. Rental income received prior to the start of the rental period is included in deferred revenue. Equity in earnings of real estate joint ventures that we have significant influence over is recognized based on our ownership interest in the earnings of these entities.

Cost of operations, general and administrative expense, interest expense and advertising costs are expensed as incurred. For the years ended December 31, 2016, 2015, and 2014, advertising costs were $9.5 million, $7.3 million, and $6.2 million, respectively. The Company accrues property taxes based on estimates and historical trends. If these estimates are incorrect, the timing and amount of expense recognition would be affected.

Other Operating Income: Consists primarily of sales of storage-related merchandise (locks and packing supplies), insurance administrative fees, incidental truck rentals, and management and acquisition fees from unconsolidated joint ventures.

Investment in Storage Facilities: Storage facilities are recorded at cost. The purchase price of acquired facilities is allocated to land, land improvements, building, equipment, and in-place customer leases based on the fair value of each component. The fair values of land are determined based upon comparable market sales information. The fair values of buildings are determined based upon estimates of current replacement costs adjusted for depreciation on the properties. For the years ended December 31, 2016, 2015, and 2014, $29.5 million, $3.0 million, and $7.4 million of acquisition related costs were incurred and expensed, respectively.

Depreciation is computed using the straight-line method over estimated useful lives of forty years for buildings and improvements, and five to twenty years for furniture, fixtures and equipment. Estimated useful lives are reevaluated when facts and circumstances indicate that the economic lives of assets do not extend to their currently assigned useful lives. Expenditures for significant renovations or improvements that extend the useful life of assets are capitalized. Depreciation expense was $87.2 million, $55.1 million and $47.7 million for the years ending December 31 206, 2015 and 2014, respectively. Interest and other costs incurred during the construction period of major expansions are capitalized. Capitalized interest during the years ended December 31, 2016, 2015, and 2014 was $0.1 million annually. Repair and maintenance costs are expensed as incurred.

Whenever events or changes in circumstances indicate that the basis of the Company’s property may not be recoverable, the Company’s policy is to complete an assessment of impairment. Impairment is evaluated based upon comparing the sum of the property’s expected undiscounted future cash flows to the carrying value of the property. If the sum of the undiscounted cash flows is less than the carrying amount of the property, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the years ended December 31, 2016, 2015 and 2014, no assets have been determined to be impaired under this policy.

In general, sales of real estate and related profits / losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred.

Trade Name: The Company’s trade name has an indefinite life and is not amortized but is reviewed for impairment annually or more frequently when facts and circumstances indicate that the carrying value of the Company’s trade name may not be recoverable. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors as part of our annual test. If, after completing this assessment, it is determined that it is more likely than not that the fair value of the trade name is less than its carrying value, we proceed to a quantitative test. We did not elect to perform a qualitative assessment in 2016.

Quantitative testing requires a comparison of the fair value of the trade name to its carrying value. We use a discounted cash flow analysis under the relief-from-royalty method to estimate the fair value of the trade name. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized. If the carrying value exceeds the fair value, the trade name is considered impaired to the extent that the carrying value exceeds the fair value. We did not record any impairment in 2016, the year in which the trade name was acquired.

Other Assets: Included in other assets are cash balances held in escrow for encumbered properties, property deposits and the value placed on in-place customer leases at the time of acquisition. Cash held in escrow for encumbered properties at December 31, 2016 and 2015, totaled $238,000 and $12,000, respectively. Property deposits at December 31, 2016 and 2015 were $2.4 million and $5.9 million, respectively. In 2016, a decision was made to not proceed with the acquisition of two properties on which the Company had previously made property deposits totaling $1.8 million. As a result, these property deposits were abandoned and are included in write-off of acquired property deposits on the accompanying consolidated statements of operations. No such expenses were incurred in 2015 or 2014.

The Company allocates a portion of the purchase price of acquisitions to in-place customer leases. The methodology used to determine the fair value of in-place customer leases is disclosed in Note 8. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period).

Investment in Unconsolidated Joint Ventures: The Company’s investment in unconsolidated joint ventures, where the Company has significant influence, but not control and joint ventures which are variable interest entities in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in unconsolidated joint ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of unconsolidated joint ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated joint ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “look through” approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture’s sale of assets), in which case it is reported as an investing activity.

Accounts Payable and Accrued Liabilities: Accounts payable and accrued liabilities consists primarily of trade payables, accrued interest, and property tax accruals.

Income Taxes: The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements.

The Company has elected to treat one of its subsidiaries as a taxable REIT subsidiary. In general, the Company’s taxable REIT subsidiary may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

For the years ended December 31, 2016, 2015 and 2014, the Company recorded federal and state income tax expense of $0.4 million, $1.3 million, and $0.9 million, respectively. The 2016 income tax expense includes current expense of $0.1 million and deferred tax expense of $0.3 million. At December 31, 2016 and 2015, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2016 and 2015, the Company had no interest or penalties related to uncertain tax provisions. Net income taxes payable and the net deferred tax liability of our taxable REIT subsidiary are classified within accounts payable and accrued liabilities and prepaid taxes are classified within prepaid expenses in the consolidated balance sheets. As of December 31, 2016, the Company’s taxable REIT subsidiary has prepaid taxes of $0.4 million, deferred tax assets of $1.5 million and a deferred tax liability of $2.2 million. As of December 31, 2015, the Company’s taxable REIT subsidiary had prepaid taxes of $0.2 million and a deferred tax liability of $1.2 million.

Derivative Financial Instruments: The Company accounts for derivatives in accordance with ASC Topic 815 “Derivatives and Hedging”, which requires companies to carry all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives using an income approach. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is limited to cash flow hedges of certain interest rate risks.

Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the new guidance recognized at the date of initial application. We are currently evaluating the alternative methods of adoption and the effect of adopting ASU 2014-09 on our financial statements and related disclosures. We are also in the process of assessing which of our operating revenue streams will be impacted by the adoption of the new standard. Leases are specifically excluded from the scope of ASU 2014-09, therefore the Company does not anticipate that adoption of the new standard will have any impact on the timing or amounts of the Company’s rental revenue from customers which is a substantial portion of the Company’s total operating revenues. The Company intends to make a decision on which method of adoption will be elected by the end of the second quarter of 2017.

In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. The adoption of ASU 2014-12 by the Company did not have a material impact on its consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 310-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which is effective for annual periods ending after December 15, 2016 and annual and interim periods thereafter. This ASU requires management to make an assessment for each annual and interim reporting period as to whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If management identifies conditions or events that raise substantial doubt about about the Company’s ability to continue as a going concern, certain additional considerations and disclosures are required to be made. The adoption of ASU 2014-15 by the Company did not have a material impact on its consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This ASU is effective for annual reporting periods beginning after December 15, 2015 including interim periods within that reporting period. ASU 2015-02 amends the current consolidation model specifically as it relates to variable interest entities (“VIE’s”) and provides reporting entities with a revised consolidation analysis procedure. The adoption of ASU 2015-02 by the Company did not have a material impact on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which amends the requirements for the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years, with retrospective application required. Consistent with the guidance in ASU No. 2015-03 there are $3.4 million of debt issuance costs that have been presented as a reduction of term notes in our accompanying consolidated balance sheets at December 31, 2015 that were previously classified in other assets prior to the adoption of ASU No. 2015-03. The implementation of this accounting standards update had no effect on our results of operations or cash flows.

In August 2015, the FASB issued Accounting Standards Update 2015-15, “Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”). ASU 2015-15 codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as assets. ASU No. 2015-15 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years. The implementation of this update did not result in any changes to our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-16 by the Company did not have a material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This guidance revises existing practice related to accounting for leases under Accounting Standards Codification Topic 840 Leases (ASC 840) for both lessees and lessors. The new guidance in ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). While the new standard maintains similar accounting for lessors as under ASC 840, the new standard reflects updates to, among other things, align with certain changes to the lessee model. ASU 2016-02 is effective for fiscal years and interim periods, within those years, beginning after December 15, 2018. Early adoption is permitted for all entities. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments”. ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by removing the requirement to assess whether a contingent event is related to interest rates or credit risks. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-06 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”. ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an adjustment must be made to the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-07 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company has determined that the adoption of ASU 2016-09 will not have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a Consensus of the Emerging Issues Task Force)” in an effort to reduce existing diversity in practice related to the classification of certain cash receipts and cash payments on the statements of cash flows. The guidance addresses the classification of cash flows related to, among other things, distributions received from equity method investees. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company has not yet completed its assessment of the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a Consensus of the Emerging Issues Task Force)” which requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. Other than modifications to the statement of cash flows, the adoption of ASU 2016-18 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” which is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. The adoption of ASU 2017-01 is expected to have potential impact on the accounting treatment of properties acquired subsequent to the adoption date. Property acquisitions treated as business combinations under current guidance may no longer be treated as business combinations subsequent to the adoption of ASU 2017-01. We are in the process of evaluating whether the properties we acquire will meet the definition of a “business” under ASU 2017-01. To the extent they do not meet such definition, future acquisitions of properties may be accounted for as asset acquisitions resulting in the capitalization of acquisition costs incurred in connection with these transactions and the allocation of the purchase price and related acquisition costs to the assets acquired based on their relative fair values.

Stock-Based Compensation: The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation”. The Company recognizes compensation cost in its financial statements for all share based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

The Company recorded compensation expense (included in general and administrative expense) of $89,000, $210,000, and $223,000, respectively, related to stock options and $7.2 million, $6.3 million, and $4.6 million, respectively, related to amortization of non-vested stock grants for the years ended December 31, 2016, 2015 and 2014. The Company uses the Black-Scholes Merton option pricing model to estimate the fair value of stock options granted subsequent to the adoption of ASC Topic 718. The application of this pricing model involves assumptions that are judgmental and sensitive in the determination of compensation expense. The weighted-average fair value of options granted during the years ended December 31, 2015 and 2014, were $9.90 and $10.04, respectively. There were no options granted during the year ended December 31, 2016.

To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the expected life of the options granted. Expected dividends are based on the Company’s history and expectation of dividend payouts. The expected life of stock options is based on the midpoint between the vesting date and the end of the contractual term.

During 2016, 2015 and 2014, the Company issued performance based non-vested stock awards to certain executives. The fair value for the performance based awards in 2016, 2015 and 2014 was estimated at the time the awards were granted using a Monte Carlo pricing model applying the following assumptions:

	2016			2015			2014
Expected life (years)		3.0			3.0			3.0
Risk free interest rate		1.53	%		1.33	%		1.18	%
Expected volatility		19.37	%		18.88	%		18.42	%
Fair value	$	80.24		$	101.43		$	46.95

The Monte Carlo pricing model was not used to value any other 2016, 2015 and 2014 non-vested shares granted as no market conditions were present in these awards. The value of these other non-vested shares was equal to the stock price on the date of grant.

Reclassification: As noted below, certain amounts in the 2014 financial statements have been reclassified to conform with the 2015 and 2016 presentation.

Internet advertising expense, which had been included in the general and administrative expense line in financial statements filed in 2014 and prior years, has been reclassified to property operations and maintenance expense to conform with the current presentation which we implemented in the first quarter of 2015. The Company believes the classification of internet advertising expenses as property operations and maintenance expense is more consistent with industry trends. The amount of internet advertising expense that was reclassified for the year ended December 31, 2014 was $5.6 million.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Earnings Per Share and Earnings Per Unit

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share and Earnings Per Unit

3. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance with ASC Topic 260, “Earnings Per Share.” Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position (“FSP”) EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities”, or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per share data)	2016		2015		2014
Numerator:
Net income attributable to common shareholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per share - weighted average shares		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion		43,407		35,601		33,191
Basic Earnings per common share attributable to common shareholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common share attributable to common shareholders	$	1.96	$	3.16	$	2.67

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per unit data)	2016		2015		2014
Numerator:
Net income attributable to common unitholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per unit - weighted average units		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average units and assumed conversion		43,407		35,601		33,191
Basic Earnings per common unit attributable to common unitholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common unit attributable to common unitholders	$	1.96	$	3.16	$	2.67

Not included in the effect of dilutive securities above are 107,283 unvested restricted shares for the year ended December 31, 2016; and 5,500 stock options and 152,835 unvested restricted shares for the year ended December 31, 2015; and 5,000 stock options and 151,474 unvested restricted shares for the year ended December 31, 2014, because their effect would be antidilutive.

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Investment in Storage Facilities

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Investment in Storage Facilities

4. INVESTMENT IN STORAGE FACILITIES

The following summarizes activity in storage facilities during the years ended December 31, 2016 and December 31, 2015.

(Dollars in thousands)	2016			2015
Cost:
Beginning balance	$	2,491,702		$	2,177,983
Acquisition of storage facilities		1,714,029			278,572
Improvements and equipment additions		65,860			39,807
Net increase in construction in progress		7,525			2,239
Dispositions		(35,808	)		(6,899	)
Ending balance	$	4,243,308		$	2,491,702
Accumulated Depreciation:
Beginning balance	$	465,195		$	411,701
Additions during the year		87,219			55,101
Dispositions		(16,710	)		(1,607	)
Ending balance	$	535,704		$	465,195

On July 15, 2016, the Company acquired all of the outstanding partnership interests in LifeStorage, LP, a Delaware limited partnership (“LS”). Pursuant to the acquisition, the Company acquired 83 self-storage properties throughout the country, including the following markets: Chicago, Illinois; Las Vegas, Nevada; Sacramento, California; Austin, Texas; and Los Angeles, California. Pursuant to the terms of the Agreement and Plan of Merger dated as of May 18, 2016 by and among LS, the Operating Partnership, Solar Lunar Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Operating Partnership, and Fortis Advisors LLC, a Delaware limited liability company, as Sellers’ Representative, the Company paid aggregate consideration of approximately $1.3 billion, of which $482 million was paid to discharge existing indebtedness of LS (including prepayment penalties and defeasance costs totaling $15.5 million). The merger was funded with the existing cash that was generated primarily from the proceeds from the Company’s May 2016 common stock offering and the 2026 Senior Notes offering, and draws on the Company’s line of credit totaling $482 million.

Including the LS acquisition, the Company acquired 122 facilities during 2016. The acquisition of three stores that were acquired at certificate of occupancy were accounted for as asset acquisitions. The cost of these stores, including closing costs, was assigned to land, building, equipment and improvements components based upon their relative fair values. The assets and liabilities of the other 119 storage facilities acquired in 2016, which primarily consist of tangible and intangible assets, are measured at fair value on the date of acquisition in accordance with the principles of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and were accounted for as business combinations in accordance with the principles of FASB ASC Topic 805 “Business Combinations.”

The Company acquired 27 facilities during 2015. The four facilities acquired in Connecticut and New York on February 2, 2015 had been leased by the Company since November 1, 2013. The acquisitions of these four stores and three additional stores that were acquired at certificate of occupancy were accounted for as asset acquisitions. The cost of these seven stores, including closing costs, was assigned to their land, building, equipment and improvements components based upon their relative fair values. The assets and liabilities of the other 20 storage facilities acquired in 2015, which primarily consist of tangible and intangible assets, are measured at fair value on the date of acquisition in accordance with the principles of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and were accounted for as business combinations in accordance with the principles of FASB ASC Topic 805 “Business Combinations.”

The purchase price of the 122 facilities acquired in 2016 and the 27 facilities acquired in 2015 has been assigned as follows (as of December 31, 2016 the purchase price assignments relating to the facilities acquired during the second half of 2016 are preliminary):

(dollars in thousands)							Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Mortgage Assumed		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Trade Name		Closing Costs Expensed
2016
FL		4		1/6/2016	$	20,350	$	20,246	$	—	$	—	$	104		$	6,646	$	13,339	$	365	$	—	$	437
CA		4		1/21/2016		80,603		80,415		—		—		188			28,420		51,145		1,038		—		397
NH		5		1/21/2016		55,435		55,151		—		—		284			13,281		41,237		917		—		657
MA		1		1/21/2016		11,387		11,362		—		—		25			4,880		6,341		166		—		81
TX		3		1/21/2016		38,975		38,819		—		—		156			19,796		18,598		581		—		299
AZ		1		2/1/2016		9,275		9,261		—		—		14			988		8,224		63		—		136
FL		1		2/12/2016		11,274		11,270		—		—		4			2,294		8,980		—		—		—
PA		1		2/17/2016		5,750		5,732		—		—		18			1,768		3,879		103		—		164
CO		1		2/29/2016		12,600		12,549		—		—		51			4,528		7,915		157		—		188
CA		3		3/16/2016		68,832		63,965		4,472		—		395			22,647		45,371		814		—		313
CA		1		3/17/2016		17,320		17,278		—		—		42			6,728		10,339		253		—		132
CA		1		4/11/2016		36,750		33,346		3,294		—		110			17,445		18,840		465		—		141
CT		2		4/14/2016		17,313		17,152		—		—		161			6,142		10,904		267		—		204
NY		2		4/26/2016		24,312		20,143		—		4,249		(80	)		5,710		18,201		401		—		372
FL		1		5/2/2016		8,100		4,006		—		4,036		58			3,018		4,922		160		—		161
TX		1		5/5/2016		10,800		10,708		—		—		92			2,333		8,302		165		—		133
NY		2		5/19/2016		8,400		8,366		—		—		34			714		7,521		165		—		213
CA, CO, FL, IL, MS, NV, TX, UT, WI		83		7/15/2016		1,299,740		1,335,274		—		—		(35,534	)		150,660		1,085,750		46,830		16,500		25,398
SC		1		7/29/2016		8,620		8,617		—		—		3			920		7,700		—		—		—
CO		1		8/4/2016		8,900		8,831		—		—		69			5,062		3,679		159		—		119
FL		1		9/27/2016		10,500		10,407		—		—		93			2,809		7,523		168		—		244
IL		1		11/17/2016		8,884		7,125		1,750		—		9			371		8,513		—		—		—
FL		1		12/20/2016		9,800		6,900		—		2,966		(66	)		3,268		6,378		154		—		98
Total acquired 2016		122			$	1,783,920	$	1,796,923	$	9,516	$	11,251	$	(33,770	)	$	310,428	$	1,403,601	$	53,391	$	16,500	$	29,887

(dollars in thousands)							Consideration paid							Acquisition Date Fair Value
State	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Closing Costs Expensed
2015
CT		2		2/2/2015	$	61,116	$	62,377	$	—	$	(1,261	)	$	19,389	$	41,727	$	—	$	—
NY		2		2/2/2015		57,900		59,103		—		(1,203	)		10,084		47,816		—		—
IL		1		2/5/2015		6,800		6,652		—		148			2,579		4,066		155		146
IL		1		3/9/2015		8,690		6,466		2,148		76			1,719		6,971		—		—
FL		1		4/1/2015		6,290		6,236		—		54			1,793		4,382		115		359
TX		1		4/16/2015		8,800		8,713		—		87			3,864		4,777		159		140
FL		1		4/21/2015		8,750		8,687		—		63			2,118		6,501		131		122
FL		4		5/1/2015		32,465		32,279		—		186			12,184		19,672		609		516
AZ		1		6/16/2015		7,904		7,904		—		—			852		7,052		—		—
MA		1		6/19/2015		10,291		10,286		—		5			2,110		8,181		—		—
NY		4		8/25/2015		17,900		17,690		—		210			4,685		12,826		389		409
NC		1		9/1/2015		3,775		3,762		—		13			718		2,977		80		80
SC		6		9/1/2015		44,000		43,564		—		436			17,461		25,644		895		684
PA		1		12/30/2015		6,550		6,541		—		9			1,926		4,498		126		190
Total acquired 2015		27			$	281,231	$	280,260	$	2,148	$	(1,177	)	$	81,482	$	197,090	$	2,659	$	2,646

All of the properties acquired were purchased from unrelated third parties. The operating results of the four facilities which had been leased since November 1, 2013 have been included in the Company’s operations since that date. The operating results of the other facilities acquired have been included in the Company’s operations since the respective acquisition dates. The $1,796.9 million of cash paid for the properties acquired during 2016 includes payment for cash acquired of $40.9 million and $5.3 million of deposits that were paid in 2015 when certain of these properties originally went under contract. Of the $280.3 million paid at closing for the properties acquired during 2015, $250,000 represented deposits that were paid in 2014 when certain of these properties originally went under contract. Closing costs totaling $345,000 were incurred and expensed in 2015 related to facilities acquired in 2016 and are reflected in totals for the respective 2016 acquisitions in the charts above.

Non-cash investing activities during 2016 include the issuance of $9.5 million in Operating Partnership Units valued based on the market price of the Company’s common stock at the date of acquisition, the assumption of three mortgages with acquisition-date fair values of $11.3 million, and the assumption of net other liabilities of $7.2 million. Non-cash investing activities during 2015 include the issuance of $2.1 million in Operating Partnership Units, the assumption of $1.3 million of other net liabilities and $2.5 million for the settlement of a straight-line rent liability in connection with the acquisition of self-storage facilities.

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the estimated cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method.

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(dollars in thousands)	2016			2015
In-place customer leases	$	75,611		$	22,320
Accumulated amortization		(50,782	)		(21,017	)
Net carrying value at December 31,	$	24,829		$	1,303

Amortization expense related to in-place customer leases was $29.9 million, $3.4 million, and $4.1 million, for the years ended December 31, 2016, 2015, and 2014, respectively. Amortization expense on 2016 acquisitions is expected to be $24.8 million in 2017.

As noted above, during 2016, the Company acquired 122 properties, 119 of which were accounted for as business combinations. The following unaudited pro forma information is based on the combined historical financial statements of the Company and the 119 properties acquired during 2016, and accounted for as business acquisitions, as if the acquisitions had occurred as of January 1, 2015:

(dollars in thousands)	2016		2015
Total revenues	$	513,565	$	465,614
Net income attributable to common shareholders	$	154,522	$	54,144
Earnings per common share
Basic	$	3.34	$	1.17
Diluted	$	3.33	$	1.17

The above pro forma information includes the results of eight stores acquired by LS in 2016 and 17 stores acquired by LS in 2015. These stores therefore were not owned by LS for the entire pro forma periods and results prior to LS ownership are not included in the above pro forma information. The above pro forma information also includes increases in amortization of in-place customer leases totaling $53.4 million in 2015. As noted above, in-place customer leases are amortized over their estimated future benefit period of 12 months. Material, nonrecurring pro forma adjustments directly attributable to the business combinations and included in the above pro forma financial information include reductions to interest expense related to acquisition bridge financing totaling $7.3 million in 2016, reductions to acquisition costs totaling $29.5 million in 2016, and reductions to write-off of acquired property deposits totaling $1.8 million in 2016.

The following table summarizes the revenues and earnings since the acquisition dates that are included in the Company’s 2016 consolidated statement of operations related to the 119 properties acquired and accounted for as business combinations during 2016.

(dollars in thousands)
Total revenues	$	68,526
Net loss attributable to common shareholders	$	(52,814	)

The above net loss attributable to common shareholders was primarily due to amortization of in-place customer leases acquired and the acquisition costs incurred in connection with the 2016 acquisitions.

Property Dispositions

During 2016 the Company sold eight non-strategic properties with a carrying value of $18.8 million and received cash proceeds of $34.1 million, resulting in a $15.3 million gain on sale. During 2015 the Company sold three non-strategic properties purchased in 2014 and 2015 with a carrying value of $5.1 million and received cash proceeds of $4.6 million, resulting in a $0.5 million loss on sale. During 2014 the Company sold two properties with a carrying value of $5.8 million and received cash proceeds of $11.0 million, resulting in a $5.2 million gain on sale.

The following table summarizes the revenues and expenses up to the dates of sale of the 13 properties sold in 2016, 2015 and 2014 that are included in the Company’s consolidated statements of operations for 2016, 2015 and 2014.

(dollars in thousands)	2016			2015			2014
Total revenues	$	2,324		$	4,801		$	5,782
Property operations and maintenance expense		(614	)		(1,401	)		(1,477	)
Real estate tax expense		(98	)		(295	)		(424	)
Depreciation and amortization expense		(359	)		(780	)		(820	)
Gain (loss) on sale of storage facilities		15,270			(494	)		5,176
	$	16,523		$	1,831		$	8,237

Change in Signage Useful Life Estimates

The change in name of the Company’s storage facilities from Uncle Bob’s Self Storage^® to Life Storage^® as discussed in Note 1 requires replacement of signage at all existing storage facilities which are currently included in investment in storage facilities, net on the consolidated balance sheets. The replacement of this signage is being completed at various times based on market, and is expected to be completed in the first half of 2017. The Company has reassessed the estimated useful lives of the existing signage which resulted in an increase in depreciation expense of approximately $8.2 million in 2016 as depreciation was accelerated over the new useful lives. The Company estimates that this change will result in depreciation expense of approximately $1 million in 2017 as a result of the replacement of this existing Uncle Bob’s Self Storage^® signage.

The accelerated depreciation reduced 2016 basic and diluted earnings by approximately $0.19 per share/unit.

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Unsecured Line of Credit and Term Notes

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Unsecured Line of Credit and Term Notes

5. UNSECURED LINE OF CREDIT AND TERM NOTES

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	Dec. 31, 2016			Dec. 31, 2015
Revolving line of credit borrowings	$	253,000		$	79,000
Term note due April 26, 2016		—			150,000
Term note due June 4, 2020		325,000			325,000
Term note due August 5, 2021		100,000			100,000
Term note due April 8, 2024		175,000			175,000
Senior term note due July 1, 2026		600,000			—
Term note due July 21, 2028		200,000			—
Total term note principal balance outstanding	$	1,400,000		$	750,000
Less: unamortized debt issuance costs		(9,323	)		(3,350	)
Less: unamortized senior term note discount		(3,152	)		—
Term notes payable	$	1,387,525		$	746,650

In January 2016, the Company exercised the expansion feature on its existing amended unsecured credit agreement and increased the revolving credit limit from $300 million to $500 million. The interest rate on the revolving credit facility bears interest at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.10%), and requires an annual 0.15% facility fee. The Company’s unsecured credit agreement also includes a $325 million unsecured term note maturing June 4, 2020, with the term note bearing interest at LIBOR plus a margin based on the Company’s credit rating (at December 31, 2016 the margin is 1.15%). The interest rate at December 31, 2016 on the Company’s line of credit was approximately 1.79% (1.72% at December 31, 2015). At December 31, 2016, there was $247 million available on the unsecured line of credit. The revolving line of credit has a maturity date of December 10, 2019.

On May 17, 2016, the Company entered into two senior unsecured acquisition bridge facilities (the “Bridge Facilities”) totaling $1,675 million with the Company’s third-party advisors to the LS acquisition (see Note 4). In consideration for the bridge financing commitments, the Company paid fees totaling $7.3 million which are included as interest expense – bridge financing commitment fee in the 2016 consolidated statement of operations. The Bridge Facilities commitments were not drawn upon and were terminated on June 29, 2016.

On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on January 1 and July 1, beginning on January 1, 2017. The 2026 Senior Notes are fully and unconditionally guaranteed by the Parent Company. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million. The indenture under which the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. As of December 31, 2016, the Company was in compliance with all of the financial covenants under the 2026 Senior Notes.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. The proceeds from this term note were used to repay a portion of the then outstanding balance on the Company’s line of credit.

On April 8, 2014, the Company entered into a $175 million term note maturing April 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The proceeds from this term note were used to repay the $115 million outstanding on the Company’s line of credit at April 8, 2014, with the excess proceeds used for acquisitions.

In 2011, the Company entered into a $100 million term note maturing August 5, 2021 bearing interest at a fixed rate of 5.54%. The interest rate on the term note increases to 7.29% if the notes are not rated by at least one rating agency, the credit rating on the notes is downgraded or if the Company’s credit rating is downgraded. The proceeds from this term note were used to fund acquisitions and investments in unconsolidated joint ventures.

The Company had maintained a $150 million unsecured term note maturing April 26, 2016 bearing interest at 6.38%. The Company used a draw on the line of credit to pay off the balance of this note on April 26, 2016.

The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At December 31, 2016, the Company was in compliance with its debt covenants.

We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at December 31, 2016 the entire availability on the line of credit could be drawn without violating our debt covenants.

The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control.

Subsequent to the adoption of ASU 2015-03, deferred debt issuance costs and the discount on the 2026 Senior Notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at December 31, 2016 and December 31, 2015. Amortization expense related to these deferred debt issuance costs, which exclude costs related to the Bridge Facilities, was $1.7 million, $1.2 million and $0.9 million for the periods ended December 31, 2016, 2015 and 2014, respectively, and is included in interest expense in the consolidated statements of operations.

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Mortgages Payable and Debt Maturities

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Mortgages Payable and Debt Maturities

6. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at December 31, 2016 and 2015 consist of the following:

(dollars in thousands)	December 31, 2016		December 31, 2015
4.98% mortgage note due January 1, 2021 secured by one self-storage facility with an aggregate net book value of $9.8 million, principal and interest paid monthly (effective interest rate 4.98%)	$	2,966	$	—
4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.6 million, principal and interest paid monthly (effective interest rate 4.23%)		4,207		—
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.1 million, principal and interest paid monthly (effective interest rate 5.48%)		4,002		—
5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $4.2 million, principal and interest paid monthly (effective interest rate 6.21%)		1,852		1,993
Total mortgages payable	$	13,027	$	1,993

The table below summarizes the Company’s debt obligations and interest rate derivatives at December 31, 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 8. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2017		2018		2019		2020		2021		Thereafter		Total		Fair Value
Line of credit—variable rate LIBOR + 1.10% (1.79% at December 31, 2016)		—		—	$	253,000		—		—		—	$	253,000	$	253,000
Notes Payable:
Term note—variable rate LIBOR+1.15% (1.92% at December 31, 2016)		—		—		—	$	325,000		—		—	$	325,000	$	325,000
Term note—fixed rate 5.54%		—		—		—		—	$	100,000		—	$	100,000	$	109,379
Term note—fixed rate 4.533%		—		—		—		—		—	$	175,000	$	175,000	$	181,567
Term note—fixed rate 3.50%		—		—		—		—		—	$	600,000	$	600,000	$	574,126
Term note—fixed rate 3.67%		—		—		—		—		—	$	200,000	$	200,000	$	188,284
Mortgage note—fixed rate 4.98%	$	51	$	53	$	56	$	58	$	2,748		—	$	2,966	$	2,966
Mortgage note—fixed rate 4.065%	$	88	$	92	$	96	$	99	$	104	$	3,728	$	4,207	$	4,210
Mortgage note—fixed rate 5.26%	$	63	$	67	$	71	$	74	$	78	$	3,649	$	4,002	$	4,281
Mortgage note—fixed rate 5.99%	$	151	$	160	$	170	$	181	$	192	$	998	$	1,852	$	1,997
Interest rate derivatives – liability		—		—		—		—		—		—		—	$	13,015

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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. DERIVATIVE FINANCIAL INSTRUMENTS

Interest rate swaps are used to adjust the proportion of total debt that is subject to variable interest rates. The interest rate swaps require the Company to pay an amount equal to a specific fixed rate of interest times a notional principal amount and to receive in return an amount equal to a variable rate of interest times the same notional amount. The notional amounts are not exchanged. Forward starting interest rate swaps are also used by the Company to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. No other cash payments are made unless the contract is terminated prior to its maturity, in which case the contract would likely be settled for an amount equal to its fair value. The Company enters into interest rate swaps with a number of major financial institutions to minimize counterparty credit risk.

The interest rate swaps qualify and are designated as hedges of the amount of future cash flows related to interest payments on variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheets at fair value and the related gains or losses are deferred in shareholders’ equity or partners’ capital as Accumulated Other Comprehensive Loss (“AOCL”). These deferred gains and losses are recognized in interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was de minimis in 2016, 2015, and 2014.

The Company has interest rate swap agreements in effect at December 31, 2016 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt.

Notional Amount	Effective Date		Expiration Date		Fixed Rate Paid			Floating Rate Received
$125 Million		9/1/2011		8/1/18		2.3700	%		1 month LIBOR
$100 Million		12/30/11		12/29/17		1.6125	%		1 month LIBOR
$100 Million		9/4/13		9/4/18		1.3710	%		1 month LIBOR
$100 Million		12/29/17		11/29/19		3.9680	%		1 month LIBOR
$125 Million		8/1/18		6/1/20		4.1930	%		1 month LIBOR

In the fourth quarter of 2015, the Company entered into forward starting interest rate swap agreements with a total notional value of $50 million. In the first quarter of 2016, the Company entered into additional forward starting interest rate swap agreements with a total notional value of $100 million. These forward starting interest rate swap agreements were entered into to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 5), the Company terminated these hedges and settled the forward starting swap agreements for approximately $9.2 million. The $9.2 million has been deferred in accumulated other comprehensive loss and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Approximately $0.5 million of interest expense was recorded in 2016 as a result of this amortization. Consistent with the Company’s accounting policy, the cash outflow related to the settlement of the forward starting swap agreements is reflected as a financing activity in the consolidated statements of cash flows.

The interest rate swap agreements are the only derivative instruments, as defined by FASB ASC Topic 815 “Derivatives and Hedging”, held by the Company. During 2016, 2015, and 2014, the net reclassification from AOCL to interest expense was $4.6 million, $5.2 million, and $5.5 million, respectively, based on payments made under the swap agreements. Based on current interest rates, the Company estimates that payments under the interest rate swaps will be approximately $4.0 million in 2017. Payments made under the interest rate swap agreements will be reclassified to interest expense as settlements occur. The fair value of the swap agreements, including accrued interest, was a liability of $13.0 million at December 31, 2016 and an asset of $550,000 and a liability of $15.3 million at December 31, 2015.

The Company’s agreements with its interest rate swap counterparties contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. The interest rate swap agreements also incorporate other loan covenants of the Company. Failure to comply with the loan covenant provisions would result in the Company being in default on the interest rate swap agreements. As of December 31, 2016, the Company had not posted any collateral related to the interest rate swap agreements. If the Company had breached any of these provisions as of December 31, 2016, it could have been required to settle its obligations under the agreements at their net termination value of $13.0 million.

The changes in AOCL for the years ended December 31, 2016, 2015 and 2014 are summarized as follows:

(dollars in thousands)	Jan. 1, 2016 to Dec. 31, 2016			Jan. 1, 2015 to Dec. 31, 2015			Jan. 1, 2014 to Dec. 31, 2014
Accumulated other comprehensive loss beginning of period	$	(14,415	)	$	(13,005	)	$	(6,402	)
Realized loss reclassified from accumulated other comprehensive loss to interest expense		5,044			5,229			5,506
Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps		(12,104	)		(6,639	)		(12,109	)
Loss included in other comprehensive loss		(7,060	)		(1,410	)		(6,603	)
Accumulated other comprehensive loss end of period	$	(21,475	)	$	(14,415	)	$	(13,005	)

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. FAIR VALUE MEASUREMENTS

The Company applies the provisions of ASC Topic 820 “Fair Value Measurements and Disclosures” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Refer to Note 6 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis.

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016 and December 31, 2015 (dollars in thousands):

	Asset (Liability)			Level 1		Level 2			Level 3
December 31, 2016
Interest rate swaps	$	(13,015	)		—	$	(13,015	)		—
December 31, 2015
Interest rate swaps		550			—		550			—
Interest rate swaps		(15,343	)		—		(15,343	)		—

Interest rate swaps are over the counter securities with no quoted readily available Level 1 inputs, and therefore are measured at fair value using inputs that are directly observable in active markets and are classified within Level 2 of the valuation hierarchy, using the income approach.

During 2016, assets and liabilities measured at fair value on a non-recurring basis included the assets acquired and liabilities assumed in connection with the acquisition of 122 storage facilities (see note 4), including the LS acquisition. To determine the fair value of land, the Company used prices per acre derived from observed transactions involving comparable land in similar locations, which is considered a Level 2 input. To determine the fair value of buildings, equipment and improvements, the Company used current replacement cost based on information derived from construction industry data by geographic region which is considered a Level 2 input. The replacement cost is then adjusted for the age, condition, and economic obsolescence associated with these assets, which are considered Level 3 inputs. The fair value of in-place customer leases is based on the rent lost due to the amount of time required to replace existing customers and the cost to replace in-place tenants which are based on the Company’s historical experience with turnover at its facilities and on market rental rates and estimated downtime required to replace the in-place leases, all of which are Level 3 inputs. The average downtime is based upon estimated demand information including the number of potential customers exhibited in historical property interest data. The fair value of trade names is based on royalty payments avoided had the trade name been owned by a third party which is determined using market royalty rates. Other assets acquired and liabilities assumed in the acquisitions consist primarily of prepaid or accrued real estate taxes and deferred revenues from advance monthly rentals paid by customers. The fair values of these assets and liabilities are based on their carrying values as they typically turn over within one year from the acquisition date and these are Level 3 inputs.

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Stock Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

9. STOCK BASED COMPENSATION

The Company established the 2015 Award and Option Plan (the “2015 Plan”) which replaced the expired 2005 Award and Option Plan for the purpose of attracting and retaining the Company’s executive officers and other key employees, such plans being the “Plans”. There were 561,000 shares authorized for issuance under the 2015 Plan. Options granted under the Plans vest ratably over four and eight years, and must be exercised within ten years from the date of grant. The exercise price for qualified incentive stock options must be at least equal to the fair market value of the common shares at the date of grant. As of December 31, 2016, options for 77,206 shares were outstanding under the Plans and options for 435,570 shares of common stock were available for future issuance. The Company may also grant other stock-based awards under the 2015 Plan, including restricted stock and performance-based awards.

The Company also established the 2009 Outside Directors’ Stock Option and Award Plan (the “Non-employee Plan”) which replaced the 1995 Outside Directors’ Stock Option Plan for the purpose of attracting and retaining the services of experienced and knowledgeable outside directors. Prior to 2016, the Non-employee Plan provided for the initial granting of options to purchase 3,500 shares of common stock and for the annual granting of options to purchase 2,000 shares of common stock to each eligible director. Such options vest over a one-year period for initial awards and immediately upon subsequent grants. The issuance of stock options to directors was discontinued in 2016. In addition, each outside director receives non-vested shares annually equal to 80% of the annual fees paid to them. During the restriction period, the non-vested shares may not be sold, transferred, or otherwise encumbered. The holder of the non-vested shares has all rights of a holder of common shares, including the right to vote and receive dividends. During 2016, 1,864 non-vested shares were issued to outside directors. Such non-vested shares vest over a one-year period. The total shares reserved under the Non-employee Plan is 150,000. The exercise price for options granted under the Non-employee Plan is equal to the fair market value at the date of grant. As of December 31, 2016, options for 18,500 common shares and 16,984 of non-vested shares were outstanding under the Non-employee Plans. As of December 31, 2016 options for 71,016 shares of common stock were available for future issuance.

A summary of the Company’s stock option activity and related information for the years ended December 31 follows:

	2016				2015					2014
	Options		Weighted average exercise price		Options			Weighted average exercise price		Options			Weighted average exercise price
Outstanding at beginning of year:		95,706	$	52.08		115,606		$	48.54		130,568		$	44.82
Granted		—		—		11,000			91.58		14,000			76.01
Exercised		—		—		(30,900	)		52.87		(27,462	)		45.34
Adjusted / (forfeited)		—		—		—			—		(1,500	)		40.07
Outstanding at end of year		95,706	$	52.08		95,706		$	52.08		115,606		$	48.54
Exercisable at end of year		92,706	$	51.31		63,815		$	48.73		67,316		$	49.18

A summary of the Company’s stock options outstanding at December 31, 2016 follows:

	Outstanding				Exercisable
Exercise Price Range	Options		Weighted average exercise price		Options		Weighted average exercise price
$30.00 – 39.99		1,100	$	35.73		1,100	$	35.73
$40.00 – 69.99		77,106	$	44.67		77,106	$	44.67
$70.00 – 91.58		17,500	$	85.78		14,500	$	87.82
Total		95,706	$	52.08		92,706	$	51.31
Intrinsic value of outstanding stock options at December 31, 2016							$	3,244,663
Intrinsic value of exercisable stock options at December 31, 2016							$	3,216,643

The intrinsic value of stock options exercised during the years ended December 31, 2016, 2015, and 2014 was $0, $1.4 million, and $0.9 million, respectively.

Proceeds from stock options exercised during the years ended December 31, 2016, 2015, and 2014 amounted to $0, $1.6 million, and $1.2 million, respectively.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock at December 31, 2016, or the price on the date of exercise for those exercised during the year. As of December 31, 2016, there was approximately $22,000 of total unrecognized compensation cost related to stock option compensation arrangements granted under our stock award plans. That cost is expected to be recognized over a weighted-average period of approximately 1.5 years. The weighted average remaining contractual life of all options is 2.9 years, and for exercisable options is 2.8 years.

Non-vested stock

The Company has also issued shares of non-vested stock to employees which vest over one to nine year periods. During the restriction period, the non-vested shares may not be sold, transferred, or otherwise encumbered. The holder of the non-vested shares has all rights of a holder of common shares, including the right to vote and receive dividends. For issuances of non-vested stock during the year ended December 31, 2016, the fair market value of the non-vested stock on the date of grant ranged from $82.52 to $117.27. During 2016, 23,405 shares of non-vested stock were issued to employees and directors with an aggregate fair value of $2.1 million. The Company charges the fair value ratably to expense over the vesting period. The Company uses the average of the high and low price of its common stock on the date the award is granted as the fair value for non-vested stock awards that do not have a market condition.

A summary of the status of unvested shares of stock issued to employees and directors as of and during the years ended December 31 follows:

	2016					2015					2014
	Non-vested Shares			Weighted average grant date fair value		Non-vested Shares			Weighted average grant date fair value		Non- vested Shares			Weighted average grant date fair value
Unvested at beginning of year:		305,520		$	59.09		310,463		$	51.93		293,196		$	49.20
Granted		23,405			89.30		64,665			94.74		92,665			60.87
Vested		(70,762	)		69.82		(69,187	)		60.28		(72,876	)		53.11
Forfeited		—			—		(421	)		76.07		(2,522	)		28.66
Unvested at end of year		258,163		$	58.89		305,520		$	59.09		310,463		$	51.93

Compensation expense of $7.2 million, $6.3 million, and $4.6 million was recognized for the vested portion of non-vested stock grants in 2016, 2015, and 2014, respectively. The fair value of non-vested stock that vested during 2016, 2015, and 2014 was $4.9 million, $4.2 million, and $3.9 million, respectively. The total unrecognized compensation cost related to non-vested stock was $9.6 million at December 31, 2016, and the remaining weighted-average period over which this expense will be recognized was 3.4 years.

Performance-based awards

During 2016 and 2015, the Company granted performance-based awards that entitle the recipients to earn up to 37,082 and 42,538 shares, respectively, if certain performance criteria are achieved over a three year period. The actual number of shares to be issued will be determined at the end of a three year period, and no performance-based shares were issued in 2016 or 2015. The Company granted and issued a total of 60,654 performance shares under the Plan during 2014 which are included in the table above. The performance-based awards granted are based upon the Company’s performance over a three year period depending on the Company’s total shareholder return relative to a group of peer companies. Performance based awards are recognized as compensation expense based on fair value on date of grant, the number of shares ultimately expected to vest and the vesting period. For accounting purposes, the performance shares are considered to have a market condition. The effect of the market condition is reflected in the grant date fair value of the award and thus, compensation expense is recognized on this type of award provided that the requisite service is rendered (regardless of whether the market condition is achieved). The Company estimated the fair value of each performance-based award granted under the Plans on the date of grant using a Monte Carlo simulation that uses the assumptions noted in Note 2.

During 2016, compensation expense of $2.6 million (included in the $7.2 million discussed above) was recognized for performance awards granted in 2014 and prior. The total unrecognized compensation cost related to non-vested performance awards was $3.9 million at December 31, 2016 and the weighted-average period over which this expense will be recognized is 1.6 years.

Deferred compensation plan for directors

Under the Deferred Compensation Plan for Directors, non-employee Directors may defer all or part of their Directors’ fees that are otherwise payable in cash. Directors’ fees that are deferred under this plan are credited to each Directors’ account under the plan in the form of Units. The number of Units credited is determined by dividing the amount of Directors’ fees deferred by the closing price of the Company’s Common Stock on the New York Stock Exchange on the day immediately preceding the day upon which Directors’ fees otherwise would be paid by the Company. A Director is credited with additional Units for dividends on the shares of Common Stock represented by Units in such Directors’ Account. A Director may elect to receive the shares in a lump sum on a date specified by the Director or in quarterly or annual installments over a specified period and commencing on a specified date. The Directors may not elect to receive cash in lieu of shares. Under this plan there were a total of 20,513 units outstanding at December 31, 2016. Fees that were earned and credited to Directors’ accounts are recorded as compensation expense which totaled $0.1 million annually in each of 2016, 2015, and 2014.

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Retirement Plan

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Plan

10. RETIREMENT PLAN

Employees of the Company qualifying under certain age and service requirements are eligible to be a participant in a 401(k) Plan. In 2015 and 2014, the Company contributed to the Plan at the rate of 25% of the first 4% of gross wages that the employee contributes. Beginning on January 1, 2016, the Company contributes to the Plan at the rate of 33% of the first 5% of gross wages that the employee contributes. Total expense to the Company was approximately $505,000, $276,000, and $192,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

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Investment in Joint Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

11. INVESTMENT IN JOINT VENTURES

The Company has a 20% ownership interest in Sovran HHF Storage Holdings LLC (“Sovran HHF”), a joint venture that owns 39 self-storage properties that are managed by the Company. The carrying value of the Company’s investment at December 31, 2016 and 2015 was $43.8 million and $44.6 million, respectively. In 2014, the Company contributed $28.6 million in cash to the joint venture as its share of capital required to fund property acquisitions. In 2015 the Company contributed an additional $0.4 million in cash to the joint venture as its share of capital required to fund certain capital expenditures and property taxes related to 2014 acquisitions. As of December 31, 2016, the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment, which is assessed for other-than-temporary impairment on a periodic basis. No other-than-temporary impairments have been recorded on this investment.

The Company has a 15% ownership interest in Sovran HHF Storage Holdings II LLC (“Sovran HHF II”), a joint venture that owns 30 self-storage properties that are managed by the Company. The carrying value of the Company’s investment at December 31, 2016 and 2015 was $13.5 million and $13.9 million, respectively. In 2015 the Company contributed $1.7 million in cash to the joint venture as its share of capital required to fund the payoff of a mortgage note. The carrying value of this investment is assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on this investment.

As manager of Sovran HHF and Sovran HHF II, the Company earns a management and call center fee of 7% of gross revenues which totaled $4.9 million, $4.9 million, and $3.9 million for 2016, 2015, and 2014, respectively. The Company also received an acquisition fee of $0.4 million for securing purchases for Sovran HHF and Sovran HHF II in 2014. The Company’s share of Sovran HHF and Sovran HHF II’s income for 2016, 2015, and 2014 was $3.4 million, $3.2 million, and $1.9 million, respectively.

The Company has a 49% ownership interest in Iskalo Office Holdings, LLC, which owns the building that houses the Company’s headquarters and other tenants. The carrying value of the Company’s investment is a liability of $0.4 million and $0.5 million at December 31, 2016 and 2015, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. For the years ended December 31, 2016, 2015, and 2014, the Company’s share of Iskalo Office Holdings, LLC’s income was $214,000, $189,000, and $107,000, respectively. The Company paid rent to Iskalo Office Holdings, LLC of $1.2 million, $1.1 million, and $1.0 million in 2016, 2015, and 2014, respectively.

The Company holds an 85% equity interest in Urban Box Coralway Storage, LLC (Urban Box), a joint venture with an unrelated third party. Urban Box was formed in 2015 and is currently developing a self-storage property in Florida. During 2015, the Company contributed $4.0 million to Urban Box as its share of capital to develop the property, which primarily consists of the acquisition of land in 2015. In 2016, Urban Box entered into a non-recourse mortgage loan in order to finance future development costs. The Company and the other joint venture member have participation rights which require the agreement of both members in order to implement the activities of Urban Box which are most significant to its economic performance. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management services for Urban Box in exchange for a management fee based on 6% of property revenues. There were no management fees in 2016 or 2015.

The Company holds a 5% equity interest in SNL/Orix 1200 McDonald Ave., LLC (“McDonald”), a joint venture with an unrelated third party. The joint venture for McDonald was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.3 million of preferred capital to McDonald as its share of capital to develop the property. McDonald entered into a non-recourse mortgage loan in order to finance the future development costs. In accordance with the terms of the McDonald joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management services for McDonald in exchange for a management fee based on property revenues. There were no management fees in 2016.

The Company holds a 5% equity interest in SNL Orix Merrick, LLC (“Merrick”), a joint venture with an unrelated third party. The joint venture for Merrick was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.1 million of preferred capital to Merrick as its share of capital to develop the property. Merrick will enter into a non-recourse mortgage loan in order to finance the future development costs. In accordance with the terms of the Merrick joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management services for Merrick in exchange for a management fee based on property revenues. There were no management fees in 2016.

The Company holds a 20% ownership interest in 191 III Holdings LLC (“191 III”), a joint venture that was formed in 2016 to acquire self-storage properties that are managed by the Company. During 2016, the Company contributed $0.7 million to 191 III as its share of capital to fund future acquisitions. In accordance with the terms of the 191 III joint venture agreement, the Company has the ability to assert influence over certain business matters. Accordingly, the investment is accounted for by the Company using the equity method.

The Company will perform property management and call center services for 191 III in exchange for an aggregate fee based on 7% of the gross revenues of the joint venture. There were no management fees in 2016.

A summary of the combined unconsolidated joint ventures’ financial statements as of and for the year ended December 31, 2016 is as follows:

(dollars in thousands)
Balance Sheet Data:
Investment in storage facilities, net	$	534,719
Investment in office building		5,008
Other assets		17,440
Total Assets	$	557,167
Due to the Company	$	1,223
Mortgages payable		220,456
Other liabilities		7,394
Total Liabilities		229,073
Unaffiliated partners’ equity		262,944
Company equity		65,150
Total Partners’ Equity		328,094
Total Liabilities and Partners’ Equity	$	557,167
Income Statement Data:
Total revenues	$	74,034
Property operating expenses		(23,879	)
Administrative, management and call center fees		(5,389	)
Depreciation and amortization of customer list		(13,946	)
Amortization of financing fees		(354	)
Income tax expense		(232	)
Interest expense		(10,258	)
Net income	$	19,976

The Company does not guarantee the debt of Sovran HHF, Sovran HHF II, Iskalo Office Holdings, LLC, Urban Box, McDonald, Merrick, or 191 III.

We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital for future acquisitions of properties. A summary of our revenues, expenses and cash flows arising from the off-balance sheet arrangements with Sovran HHF, Sovran HHF II, Iskalo Office Holdings, LLC, Urban Box, McDonald, Merrick, and 191 III for the three years ended December 31, 2016 are as follows:

	Year ended December 31,
(dollars in thousands)	2016			2015			2014
Statement of Operations
Other operating income (management fees and acquisition fee income)	$	4,891		$	4,889		$	4,231
General and administrative expenses (corporate office rent)		1,214			1,053			1,023
Equity in income of joint ventures		3,665			3,405			2,086
Distributions from unconsolidated joint ventures		5,207			4,821			3,123
(Advances to) receipts from joint ventures		(294	)		(346	)		590
Investing activities
Investment in unconsolidated joint ventures		(6,438	)		(6,151	)		(28,650	)

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Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Shareholders' Equity

12. SHAREHOLDERS’ EQUITY

On March 3, 2015, the Company completed the public offering of 1,380,000 shares of its common stock at $90.40 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $119.5 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit.

On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit.

On May 25, 2016, the Company completed the public offering of 6,900,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $665.4 million. The Company initially used the net proceeds from the offering to repay the indebtedness then outstanding on the Company’s unsecured line of credit. The proceeds from this offering and the proceeds from the 2026 Senior Notes (see Note 5) were used, along with draws on the Company’s revolving line of credit, to fund the purchase of LS on July 15, 2016 (see Note 4).

On May 12, 2014, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC (“Jefferies”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), Piper Jaffray & Co. (“Piper”), HSBC Securities (USA) Inc. (“HSBC”), and BB&T Capital Markets, a division of BB&T Securities, LLC (“BB&T”), pursuant to which the Company may sell from time to time up to $225 million in aggregate offering price of shares of the Company’s common stock. Actual sales under the Equity Program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program.

During 2016, the Company did not issue any shares of common stock under the Equity Program. As of December 31, 2016, the Company had $59.3 million available for issuance under the Equity Program which expires in May 2017.

During 2015, the Company issued 949,911 shares of common stock under the Equity Program at a weighted average issue price of $96.80 per share, generating net proceeds of $90.6 million after deducting $1.1 million of sales commissions paid to Jefferies, Piper, and HSBC, as well as other expenses of $0.2 million. The Company used the proceeds from the equity programs to fund a portion of the acquisition of 27 storage facilities.

During 2014, the Company issued 924,403 shares of common stock under the Equity Program at a weighted average issue price of $79.77 per share, generating net proceeds of $72.8 million after deducting $0.9 million of sales commissions paid to Piper, HSBC and BB&T. During the three months ended March 31, 2014, the Company issued 359,102 shares of common stock under a previous equity program at a weighted average issue price of $74.32 per share, generating net proceeds of $26.4 million after deducting $0.3 million of sales commissions payable to SunTrust. In addition to sales commissions, the Company incurred expenses of $0.2 million in connection with these equity programs during 2014. The Company used the proceeds from the equity programs to fund a portion of the acquisition of 33 storage facilities.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 133,666 and 151,246 shares under the plan in 2016 and 2015, respectively.

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Supplementary Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Supplementary Quarterly Financial Data (Unaudited)

13. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of quarterly results of Life Storage Inc. operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common shareholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per share attributable to common shareholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common shareholders		22,451		28,532		31,504			30,037
Net income per share attributable to common shareholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

The following is a summary of quarterly results of Life Storage LP operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common unitholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per unit attributable to common unitholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common unitholders		22,451		28,532		31,504			30,037
Net income per unit attributable to common unitholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

See note 4 for a discussion of property acquisitions made during 2016 and the depreciation resulting from the change in estimated useful lives of Uncle Bob’s Self Storage^® signage. See note 6 for financing transactions entered into in 2016.

XML

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

The Company’s current practice is to conduct environmental investigations in connection with property acquisitions. At this time, the Company is not aware of any environmental contamination of any of its facilities that individually or in the aggregate would be material to the Company’s overall business, financial condition, or results of operations.

Future minimum lease payments on a building lease and the lease of the Company’s headquarters are as follows (dollars in thousands):

Year ending December 31:
2017	$	2,432
2018		2,332
2019		2,227
2020		2,278
2021		2,288
Thereafter		13,431
Total	$	24,988

At December 31, 2016, the Company was under contract to acquire five self-storage facilities for cash consideration of approximately $67.0 million. One of the properties was acquired in February 2017 from an unrelated party for $9.8 million. The Company has not yet determined the assignment of the purchase price of this facility to the individual assets acquired. This acquisition was funded with a draw on the Company’s revolving line of credit. The following is a summary of the properties under contract at December 31, 2016 (dollars in thousands).

State	No. of Properties		Contract Amount		Acquisition Date
Illinois*		1	$	9,800		Feb. 2017
North Carolina*		1		12,425
Texas*		3		44,800
		5	$	67,025

* Properties purchased or expected to be purchased upon completion of construction.

The purchase of the remaining facilities by the Company is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At December 31, 2016, 191 III was under contract to acquire five self-storage facilities for cash consideration of $109.5 million. Four of these facilities were acquired by 191 III in January 2017. The Company’s cash contribution to 191 III for the purchase of the four facilities was approximately $15.0 million. 191 III is under contract to purchase the remaining facility for $32.3 million of which the company is committed to contribute $6.5 million. The purchase of this remaining facility by 191 III is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.

At December 31, 2016, the Company has signed contracts in place with third party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $11.6 million under these contracts in 2017.

On or about August 25, 2014, a putative class action was filed against the Company in the Superior Court of New Jersey Law Division Burlington County. The action seeks to obtain declaratory, injunctive and monetary relief for a class of consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act, the New Jersey Consumer Fraud Act and the New Jersey Insurance Producer Licensing Act. On October 17, 2014, the action was removed from the Superior Court of New Jersey Law Division Burlington County to the United States District Court for the District of New Jersey. The Company brought a motion to partially dismiss the complaint for failure to state a claim, and on July 16, 2015, the Company’s motion was granted in part and denied in part. On October 20, 2016, the complaint was amended to add a claim that the Company’s insurance program violates New Jersey consumer protection laws. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

On January 4, 2017, the Company declared a quarterly dividend of $0.95 per common share. The dividend was paid on January 26, 2017 to shareholders of record on January 17, 2017. The total dividend paid amounted to $44.1 million.

In January 2017, the Company executed a joint venture agreement, Review Avenue Partners, LLC (“RAP”), with an unrelated third party. The Company holds a 40% interest in RAP and contributed $12.4 million of common capital to RAP on January 4, 2017. RAP is currently operating a self-storage property in New York and has entered into a non-recourse mortgage loan to finance a portion of the cost of the facility. The Company will perform property management services for RAP in exchange for a management fee based on property revenues.

XML

Schedule III Combined Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Combined Real Estate and Accumulated Depreciation

Life Storage, Inc.

Schedule III

Combined Real Estate and Accumulated Depreciation

(in thousands)

December 31, 2016

							Initial Cost to Company								Cost Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period																			Life on which depreciation
			Encum								Building, Equipment and				Building, Equipment and								Building, Equipment and								Accum.				Date of	Date		in latest income statement
Description	ST		brance				Land				Impvmts.				Impvmts.				Land				Impvmts.				Total				Deprec.				Const.	Acquired		is completed
Charleston	SC						$	416			$	1,516			$	2,350			$	416			$	3,866			$	4,282			$	1,585			1985		6/26/1995		5 to 40 years
Lakeland	FL							397				1,424				1,696				397				3,120				3,517				1,293			1985		6/26/1995		5 to 40 years
Charlotte	NC							308				1,102				3,508				747				4,171				4,918				1,256			1986		6/26/1995		5 to 40 years
Youngstown	OH							239				1,110				2,531				239				3,641				3,880				1,329			1980		6/26/1995		5 to 40 years
Cleveland	OH							701				1,659				3,808				1,036				5,132				6,168				1,403			1987		6/26/1995		5 to 40 years
Pt. St. Lucie	FL							395				1,501				1,063				779				2,180				2,959				1,211			1985		6/26/1995		5 to 40 years
Orlando - Deltona	FL							483				1,752				2,287				483				4,039				4,522				1,799			1984		6/26/1995		5 to 40 years
NY Metro-Middletown	NY							224				808				1,080				224				1,888				2,112				940			1988		6/26/1995		5 to 40 years
Buffalo	NY							423				1,531				3,477				497				4,934				5,431				1,946			1981		6/26/1995		5 to 40 years
Rochester	NY							395				1,404				661				395				2,065				2,460				1,120			1981		6/26/1995		5 to 40 years
Jacksonville	FL							152				728				3,898				687				4,091				4,778				1,119			1985		6/26/1995		5 to 40 years
Columbia	SC							268				1,248				777				268				2,025				2,293				1,020			1985		6/26/1995		5 to 40 years
Boston	MA							363				1,679				854				363				2,533				2,896				1,282			1980		6/26/1995		5 to 40 years
Rochester	NY							230				847				2,323				234				3,166				3,400				862			1980		6/26/1995		5 to 40 years
Boston	MA							680				1,616				874				680				2,490				3,170				1,199			1986		6/26/1995		5 to 40 years
Savannah	GA							463				1,684				4,937				1,445				5,639				7,084				2,298			1981		6/26/1995		5 to 40 years
Greensboro	NC							444				1,613				3,209				444				4,822				5,266				1,719			1986		6/26/1995		5 to 40 years
Raleigh-Durham	NC							649				2,329				1,446				649				3,775				4,424				1,806			1985		6/26/1995		5 to 40 years
Hartford-New Haven	CT							387				1,402				3,971				387				5,373				5,760				1,452			1985		6/26/1995		5 to 40 years
Atlanta	GA							844				2,021				972				844				2,993				3,837				1,515			1988		6/26/1995		5 to 40 years
Atlanta	GA							302				1,103				684				303				1,786				2,089				899			1988		6/26/1995		5 to 40 years
Buffalo	NY							315				745				4,039				517				4,582				5,099				1,307			1984		6/26/1995		5 to 40 years
Raleigh-Durham	NC							321				1,150				861				321				2,011				2,332				1,029			1985		6/26/1995		5 to 40 years
Columbia	SC							361				1,331				924				374				2,242				2,616				1,168			1987		6/26/1995		5 to 40 years
Columbia	SC							189				719				1,192				189				1,911				2,100				975			1989		6/26/1995		5 to 40 years
Columbia	SC							488				1,188				2,097				488				3,285				3,773				1,169			1986		6/26/1995		5 to 40 years
Atlanta	GA							430				1,579				2,323				602				3,730				4,332				1,511			1988		6/26/1995		5 to 40 years
Orlando	FL							513				1,930				813				513				2,743				3,256				1,483			1988		6/26/1995		5 to 40 years
Sharon	PA							194				912				572				194				1,484				1,678				776			1975		6/26/1995		5 to 40 years
Ft. Lauderdale	FL							1,503				3,619				1,233				1,503				4,852				6,355				2,253			1985		6/26/1995		5 to 40 years
West Palm	FL							398				1,035				502				398				1,537				1,935				851			1985		6/26/1995		5 to 40 years
Atlanta	GA							423				1,015				574				424				1,588				2,012				861			1989		6/26/1995		5 to 40 years
Atlanta	GA							483				1,166				1,253				483				2,419				2,902				1,102			1988		6/26/1995		5 to 40 years
Atlanta	GA							308				1,116				794				308				1,910				2,218				1,022			1986		6/26/1995		5 to 40 years
Atlanta	GA							170				786				856				174				1,638				1,812				824			1981		6/26/1995		5 to 40 years
Atlanta	GA							413				999				808				413				1,807				2,220				1,032			1975		6/26/1995		5 to 40 years
Baltimore	MD							154				555				1,473				306				1,876				2,182				840			1984		6/26/1995		5 to 40 years
Baltimore	MD							479				1,742				2,978				479				4,720				5,199				1,904			1988		6/26/1995		5 to 40 years
Melbourne	FL							883				2,104				2,026				883				4,130				5,013				2,007			1986		6/26/1995		5 to 40 years
Newport News	VA							316				1,471				1,016				316				2,487				2,803				1,293			1988		6/26/1995		5 to 40 years
Pensacola	FL							632				2,962				1,649				651				4,592				5,243				2,472			1983		6/26/1995		5 to 40 years
Hartford	CT							715				1,695				1,383				715				3,078				3,793				1,461			1988		6/26/1995		5 to 40 years
Atlanta	GA							304				1,118				2,820				619				3,623				4,242				1,526			1988		6/26/1995		5 to 40 years
Alexandria	VA							1,375				3,220				2,836				1,376				6,055				7,431				2,919			1984		6/26/1995		5 to 40 years
Pensacola	FL							244				901				658				244				1,559				1,803				871			1986		6/26/1995		5 to 40 years
Melbourne	FL							834				2,066				3,483				1,591				4,792				6,383				1,518			1986		6/26/1995		5 to 40 years
Hartford	CT							234				861				3,486				612				3,969				4,581				1,205			1992		6/26/1995		5 to 40 years
Atlanta	GA							256				1,244				2,231				256				3,475				3,731				1,501			1988		6/26/1995		5 to 40 years
Norfolk	VA							313				1,462				2,657				313				4,119				4,432				1,485			1984		6/26/1995		5 to 40 years
Norfolk - Virginia Beach	VA							1,142				4,998				3,411				1,142				8,409				9,551				3,218			1989/93/95		6/26/1995		5 to 40 years
Birmingham	AL							307				1,415				1,922				385				3,259				3,644				1,430			1990		6/26/1995		5 to 40 years
Birmingham	AL							730				1,725				2,981				730				4,706				5,436				1,544			1990		6/26/1995		5 to 40 years
Montgomery	AL							863				2,041				1,415				863				3,456				4,319				1,630			1982		6/26/1995		5 to 40 years
Jacksonville	FL							326				1,515				1,368				326				2,883				3,209				1,182			1987		6/26/1995		5 to 40 years
Pensacola	FL							369				1,358				3,194				369				4,552				4,921				1,901			1986		6/26/1995		5 to 40 years
Pensacola	FL							244				1,128				2,819				720				3,471				4,191				1,205			1990		6/26/1995		5 to 40 years
Pensacola	FL							226				1,046				784				226				1,830				2,056				996			1990		6/26/1995		5 to 40 years
Tampa	FL							1,088				2,597				1,160				1,088				3,757				4,845				2,121			1989		6/26/1995		5 to 40 years
Clearwater	FL							526				1,958				1,545				526				3,503				4,029				1,660			1985		6/26/1995		5 to 40 years
Clearwater-Largo	FL							672				2,439				900				672				3,339				4,011				1,757			1988		6/26/1995		5 to 40 years
Jackson	MS							343				1,580				2,612				796				3,739				4,535				1,475			1990		6/26/1995		5 to 40 years
Jackson	MS							209				964				870				209				1,834				2,043				978			1990		6/26/1995		5 to 40 years
Providence	RI							345				1,268				2,081				486				3,208				3,694				1,185			1984		6/26/1995		5 to 40 years
Richmond	VA							443				1,602				1,104				443				2,706				3,149				1,383			1987		8/25/1995		5 to 40 years
Orlando	FL							1,161				2,755				2,155				1,162				4,909				6,071				2,173			1986		9/29/1995		5 to 40 years
Syracuse	NY							470				1,712				1,512				472				3,222				3,694				1,534			1987		12/27/1995		5 to 40 years
Ft. Myers	FL							205				912				553				206				1,464				1,670				813			1988		12/28/1995		5 to 40 years
Ft. Myers	FL							412				1,703				763				413				2,465				2,878				1,420			1991/94		12/28/1995		5 to 40 years
Harrisburg	PA							360				1,641				711				360				2,352				2,712				1,308			1983		12/29/1995		5 to 40 years
Harrisburg	PA							627				2,224				3,872				692				6,031				6,723				2,068			1985		12/29/1995		5 to 40 years
Newport News	VA							442				1,592				1,422				442				3,014				3,456				1,408			1988/93		1/5/1996		5 to 40 years
Montgomery	AL							353				1,299				1,094				353				2,393				2,746				1,042			1984		1/23/1996		5 to 40 years
Charleston	SC							237				858				983				245				1,833				2,078				893			1985		3/1/1996		5 to 40 years
Tampa	FL							766				1,800				772				766				2,572				3,338				1,324			1985		3/28/1996		5 to 40 years
Dallas-Ft.Worth	TX							442				1,767				454				442				2,221				2,663				1,146			1987		3/29/1996		5 to 40 years
Dallas-Ft.Worth	TX							408				1,662				1,284				408				2,946				3,354				1,416			1986		3/29/1996		5 to 40 years
Dallas-Ft.Worth	TX							328				1,324				431				328				1,755				2,083				922			1986		3/29/1996		5 to 40 years
San Antonio	TX							436				1,759				1,518				436				3,277				3,713				1,499			1986		3/29/1996		5 to 40 years
San Antonio	TX							289				1,161				2,453				289				3,614				3,903				362			2012		3/29/1996		5 to 40 years
Montgomery	AL							279				1,014				1,476				433				2,336				2,769				1,001			1988		5/21/1996		5 to 40 years
West Palm	FL							345				1,262				667				345				1,929				2,274				891			1986		5/29/1996		5 to 40 years
Ft. Myers	FL							229				884				2,864				383				3,594				3,977				875			1986		5/29/1996		5 to 40 years
Syracuse	NY							481				1,559				2,643				671				4,012				4,683				1,771			1983		6/5/1996		5 to 40 years
Lakeland	FL							359				1,287				1,291				359				2,578				2,937				1,318			1988		6/26/1996		5 to 40 years
Boston—Springfield	MA							251				917				2,530				297				3,401				3,698				1,567			1986		6/28/1996		5 to 40 years
Ft. Myers	FL							344				1,254				654				310				1,942				2,252				996			1987		6/28/1996		5 to 40 years
Cincinnati	OH							557				1,988				977				688				2,834				3,522				894			1988		7/23/1996		5 to 40 years
Baltimore	MD							777				2,770				798				777				3,568				4,345				1,758			1990		7/26/1996		5 to 40 years
Jacksonville	FL							568				2,028				1,366				568				3,394				3,962				1,713			1987		8/23/1996		5 to 40 years
Jacksonville	FL							436				1,635				920				436				2,555				2,991				1,255			1985		8/26/1996		5 to 40 years
Jacksonville	FL							535				2,033				603				538				2,633				3,171				1,422			1987/92		8/30/1996		5 to 40 years
Charlotte	NC							487				1,754				683				487				2,437				2,924				1,198			1995		9/16/1996		5 to 40 years
Charlotte	NC							315				1,131				508				315				1,639				1,954				845			1995		9/16/1996		5 to 40 years
Orlando	FL							314				1,113				1,296				314				2,409				2,723				1,155			1975		10/30/1996		5 to 40 years
Rochester	NY							704				2,496				2,851				707				5,344				6,051				1,987			1990		12/20/1996		5 to 40 years
Youngstown	OH							600				2,142				2,574				693				4,623				5,316				1,745			1988		1/10/1997		5 to 40 years
Cleveland	OH							751				2,676				4,405				751				7,081				7,832				2,404			1986		1/10/1997		5 to 40 years
Cleveland	OH							725				2,586				2,332				725				4,918				5,643				2,152			1978		1/10/1997		5 to 40 years
Cleveland	OH							637				2,918				2,052				701				4,906				5,607				2,610			1979		1/10/1997		5 to 40 years
Cleveland	OH							495				1,781				1,386				495				3,167				3,662				1,480			1979		1/10/1997		5 to 40 years
Cleveland	OH							761				2,714				1,734				761				4,448				5,209				2,201			1977		1/10/1997		5 to 40 years
Cleveland	OH							418				1,921				2,934				418				4,855				5,273				1,959			1970		1/10/1997		5 to 40 years
Cleveland	OH							606				2,164				1,523				606				3,687				4,293				1,614			1982		1/10/1997		5 to 40 years
San Antonio	TX							474				1,686				688				504				2,344				2,848				1,049			1981		1/30/1997		5 to 40 years
San Antonio	TX							346				1,236				576				346				1,812				2,158				865			1985		1/30/1997		5 to 40 years
San Antonio	TX							432				1,560				2,101				432				3,661				4,093				1,632			1995		1/30/1997		5 to 40 years
Houston-Beaumont	TX							634				2,565				4,380				634				6,945				7,579				1,940			1993/95		3/26/1997		5 to 40 years
Houston-Beaumont	TX							566				2,279				570				566				2,849				3,415				1,400			1995		3/26/1997		5 to 40 years
Houston-Beaumont	TX							293				1,357				707				293				2,064				2,357				947			1995		3/26/1997		5 to 40 years
Chesapeake	VA							260				1,043				4,720				260				5,763				6,023				1,491			1988/95		3/31/1997		5 to 40 years
Orlando-W 25th St	FL							289				1,160				2,467				616				3,300				3,916				948			1984		3/31/1997		5 to 40 years
Delray	FL							491				1,756				778				491				2,534				3,025				1,321			1969		4/11/1997		5 to 40 years
Savannah	GA							296				1,196				590				296				1,786				2,082				875			1988		5/8/1997		5 to 40 years
Delray	FL							921				3,282				795				921				4,077				4,998				2,021			1980		5/21/1997		5 to 40 years
Cleveland-Avon	OH							301				1,214				2,302				304				3,513				3,817				1,438			1989		6/4/1997		5 to 40 years
Dallas-Fort Worth	TX							965				3,864				1,728				943				5,614				6,557				2,652			1977		6/30/1997		5 to 40 years
Atlanta-Alpharetta	GA							1,033				3,753				720				1,033				4,473				5,506				2,186			1994		7/24/1997		5 to 40 years
Atlanta-Marietta	GA							769				2,788				642				825				3,374				4,199				1,641			1996		7/24/1997		5 to 40 years
Atlanta-Doraville	GA							735				3,429				496				735				3,925				4,660				1,962			1995		8/21/1997		5 to 40 years
Greensboro-Hilltop	NC							268				1,097				859				231				1,993				2,224				814			1995		9/25/1997		5 to 40 years
Greensboro-StgCch	NC							89				376				1,854				89				2,230				2,319				941			1997		9/25/1997		5 to 40 years
Baton Rouge-Airline	LA							396				1,831				1,161				421				2,967				3,388				1,382			1982		10/9/1997		5 to 40 years
Baton Rouge-Airline2	LA							282				1,303				504				282				1,807				2,089				894			1985		11/21/1997		5 to 40 years
Harrisburg-Peiffers	PA							635				2,550				731				637				3,279				3,916				1,626			1984		12/3/1997		5 to 40 years
Tampa-E. Hillsborough	FL							709				3,235				979				709				4,214				4,923				2,041			1985		2/4/1998		5 to 40 years
NY Metro-Middletown	NY							843				3,394				1,038				843				4,432				5,275				2,047			1989/95		2/4/1998		5 to 40 years
Chesapeake-Military	VA							542				2,210				527				542				2,737				3,279				1,304			1996		2/5/1998		5 to 40 years
Chesapeake-Volvo	VA							620				2,532				1,289				620				3,821				4,441				1,727			1995		2/5/1998		5 to 40 years
Virginia Beach-Shell	VA							540				2,211				508				540				2,719				3,259				1,300			1991		2/5/1998		5 to 40 years
Norfolk-Naval Base	VA							1,243				5,019				990				1,243				6,009				7,252				2,862			1975		2/5/1998		5 to 40 years
Boston-Northbridge	MA							441				1,788				1,120				694				2,655				3,349				813			1988		2/9/1998		5 to 40 years
Greensboro-High Point	NC							397				1,834				964				397				2,798				3,195				1,241			1993		2/10/1998		5 to 40 years
Titusville	FL							492				1,990				1,282				688				3,076				3,764				953			1986/90		2/25/1998		5 to 40 years
Boston-Salem	MA							733				2,941				1,676				733				4,617				5,350				2,186			1979		3/3/1998		5 to 40 years
Providence	RI							702				2,821				4,243				702				7,064				7,766				2,310			1984/88		3/26/1998		5 to 40 years
Chattanooga-Lee Hwy	TN							384				1,371				623				384				1,994				2,378				1,018			1987		3/27/1998		5 to 40 years
Chattanooga-Hwy 58	TN							296				1,198				2,358				414				3,438				3,852				1,293			1985		3/27/1998		5 to 40 years
Ft. Oglethorpe	GA							349				1,250				1,834				464				2,969				3,433				1,061			1989		3/27/1998		5 to 40 years
Birmingham-Walt	AL							544				1,942				1,311				544				3,253				3,797				1,555			1984		3/27/1998		5 to 40 years
Salem-Policy	NH							742				2,977				649				742				3,626				4,368				1,679			1980		4/7/1998		5 to 40 years
Raleigh-Durham	NC							775				3,103				940				775				4,043				4,818				1,904			1988/91		4/9/1998		5 to 40 years
Raleigh-Durham	NC							940				3,763				979				940				4,742				5,682				2,235			1990/96		4/9/1998		5 to 40 years
Youngstown-Warren	OH							522				1,864				1,393				569				3,210				3,779				1,454			1986		4/22/1998		5 to 40 years
Youngstown-Warren	OH							512				1,829				2,765				633				4,473				5,106				1,561			1986		4/22/1998		5 to 40 years
Jackson	MS							744				3,021				288				744				3,309				4,053				1,575			1995		5/13/1998		5 to 40 years
Houston-Katy	TX							419				1,524				4,064				419				5,588				6,007				1,613			1994		5/20/1998		5 to 40 years
Melbourne	FL							662				2,654				3,704				662				6,358				7,020				1,558			1985		6/2/1998		5 to 40 years
Vero Beach	FL							489				1,813				1,768				584				3,486				4,070				1,136			1997		6/12/1998		5 to 40 years
Houston-Humble	TX							447				1,790				2,587				740				4,084				4,824				1,523			1986		6/16/1998		5 to 40 years
Houston-Webster	TX							635				2,302				371				635				2,673				3,308				1,200			1997		6/19/1998		5 to 40 years
Dallas-Fort Worth	TX							548				1,988				423				548				2,411				2,959				1,097			1997		6/19/1998		5 to 40 years
San Marcos	TX							324				1,493				2,204				324				3,697				4,021				1,345			1994		6/30/1998		5 to 40 years
Austin-McNeil	TX							492				1,995				2,631				510				4,608				5,118				1,509			1994		6/30/1998		5 to 40 years
Austin-FM	TX							484				1,951				724				481				2,678				3,159				1,184			1996		6/30/1998		5 to 40 years
Hollywood-Sheridan	FL							1,208				4,854				700				1,208				5,554				6,762				2,620			1988		7/1/1998		5 to 40 years
Pompano Beach-Atlantic	FL							944				3,803				795				944				4,598				5,542				2,182			1985		7/1/1998		5 to 40 years
Pompano Beach-Sample	FL							903				3,643				592				903				4,235				5,138				1,978			1988		7/1/1998		5 to 40 years
Boca Raton-18th St	FL							1,503				6,059				-1,853				851				4,858				5,709				2,298			1991		7/1/1998		5 to 40 years
Hollywood-N.21st	FL							840				3,373				642				840				4,015				4,855				1,913			1987		8/3/1998		5 to 40 years
Dallas-Fort Worth	TX							550				1,998				850				550				2,848				3,398				1,199			1996		9/29/1998		5 to 40 years
Dallas-Fort Worth	TX							670				2,407				1,761				670				4,168				4,838				1,690			1996		10/9/1998		5 to 40 years
Cincinnati-Batavia	OH							390				1,570				1,462				390				3,032				3,422				1,136			1988		11/19/1998		5 to 40 years
Jackson-N.West	MS							460				1,642				765				460				2,407				2,867				1,151			1984		12/1/1998		5 to 40 years
Houston-Katy	TX							507				2,058				1,812				507				3,870				4,377				1,455			1993		12/15/1998		5 to 40 years
Providence	RI							447				1,776				1,023				447				2,799				3,246				1,268			1986/94		2/2/1999		5 to 40 years
Lafayette-Pinhook 1	LA							556				1,951				1,288				556				3,239				3,795				1,606			1980		2/17/1999		5 to 40 years
Lafayette-Pinhook2	LA							708				2,860				1,320				708				4,180				4,888				1,591			1992/94		2/17/1999		5 to 40 years
Lafayette-Ambassador	LA							314				1,095				954				314				2,049				2,363				1,055			1975		2/17/1999		5 to 40 years
Lafayette-Evangeline	LA							188				652				1,674				188				2,326				2,514				1,073			1977		2/17/1999		5 to 40 years
Lafayette-Guilbeau	LA							963				3,896				1,136				963				5,032				5,995				2,108			1994		2/17/1999		5 to 40 years
Phoenix-Gilbert	AZ							651				2,600				1,313				772				3,792				4,564				1,600			1995		5/18/1999		5 to 40 years
Phoenix-Glendale	AZ							565				2,596				769				565				3,365				3,930				1,472			1997		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ							330				1,309				2,586				733				3,492				4,225				1,173			1986		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ							339				1,346				740				339				2,086				2,425				882			1986		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ							291				1,026				1,143				291				2,169				2,460				835			1976		5/18/1999		5 to 40 years
Phoenix-Mesa	AZ							354				1,405				594				354				1,999				2,353				911			1986		5/18/1999		5 to 40 years
Phoenix-Camelback	AZ							453				1,610				1,095				453				2,705				3,158				1,211			1984		5/18/1999		5 to 40 years
Phoenix-Bell	AZ							872				3,476				3,618				872				7,094				7,966				2,354			1984		5/18/1999		5 to 40 years
Phoenix-35th Ave	AZ							849				3,401				955				849				4,356				5,205				1,932			1996		5/21/1999		5 to 40 years
Portland	ME							410				1,626				2,024				410				3,650				4,060				1,435			1988		8/2/1999		5 to 40 years
Space Coast-Cocoa	FL							667				2,373				1,014				667				3,387				4,054				1,514			1982		9/29/1999		5 to 40 years
Dallas-Fort Worth	TX							335				1,521				853				335				2,374				2,709				921			1985		11/9/1999		5 to 40 years
NY Metro-Middletown	NY							276				1,312				1,314				276				2,626				2,902				1,010			1998		2/2/2000		5 to 40 years
Boston-N. Andover	MA							633				2,573				1,055				633				3,628				4,261				1,458			1989		2/15/2000		5 to 40 years
Houston-Seabrook	TX							633				2,617				476				633				3,093				3,726				1,351			1996		3/1/2000		5 to 40 years
Ft. Lauderdale	FL							384				1,422				842				384				2,264				2,648				897			1994		5/2/2000		5 to 40 years
Birmingham-Bessemer	AL							254				1,059				2,066				332				3,047				3,379				906			1998		11/15/2000		5 to 40 years
NY Metro-Brewster	NY							1,716				6,920				1,754				1,981				8,409				10,390				2,108			1991/97		12/27/2000		5 to 40 years
Austin-Lamar	TX							837				2,977				3,579				966				6,427				7,393				1,271			1996/99		2/22/2001		5 to 40 years
Houston	TX							733				3,392				900				841				4,184				5,025				1,300			1993/97		3/2/2001		5 to 40 years
Ft.Myers	FL							787				3,249				750				902				3,884				4,786				1,254			1997		3/13/2001		5 to 40 years
Boston-Dracut	MA							1,035				3,737				743				1,104				4,411				5,515				1,743			1986		12/1/2001		5 to 40 years
Boston-Methuen	MA							1,024				3,649				827				1,091				4,409				5,500				1,675			1984		12/1/2001		5 to 40 years
Columbia	SC							883				3,139				1,473				942				4,553				5,495				1,624			1985		12/1/2001		5 to 40 years
Myrtle Beach	SC							552				1,970				1,155				589				3,088				3,677				1,192			1984		12/1/2001		5 to 40 years
Maine-Saco	ME							534				1,914				511				570				2,389				2,959				908			1988		12/3/2001		5 to 40 years
Boston-Plymouth	MA							1,004				4,584				2,370				1,004				6,954				7,958				2,292			1996		12/19/2001		5 to 40 years
Boston-Sandwich	MA							670				3,060				611				714				3,627				4,341				1,363			1984		12/19/2001		5 to 40 years
Syracuse	NY							294				1,203				1,194				327				2,364				2,691				774			1987		2/5/2002		5 to 40 years
Dallas-Fort Worth	TX							734				2,956				822				784				3,728				4,512				1,379			1984		2/13/2002		5 to 40 years
Dallas-Fort Worth	TX							394				1,595				499				421				2,067				2,488				763			1985		2/13/2002		5 to 40 years
San Antonio-Hunt	TX							381				1,545				3,979				618				5,287				5,905				1,185			1980		2/13/2002		5 to 40 years
Houston-Humble	TX							919				3,696				702				919				4,398				5,317				1,562			1998/02		6/19/2002		5 to 40 years
Houston-Pasadena	TX							612				2,468				463				612				2,931				3,543				1,053			1999		6/19/2002		5 to 40 years
Houston-League City	TX							689				3,159				795				689				3,954				4,643				1,336			1994/97		6/19/2002		5 to 40 years
Houston-Montgomery	TX							817				3,286				2,190				1,119				5,174				6,293				1,696			1998		6/19/2002		5 to 40 years
Houston-S. Hwy 6	TX							407				1,650				327				407				1,977				2,384				723			1997		6/19/2002		5 to 40 years
Houston-Beaumont	TX							817				3,287				499				817				3,786				4,603				1,418			1996		6/19/2002		5 to 40 years
The Hamptons	NY							2,207				8,866				830				2,207				9,696				11,903				3,497			1989/95		12/16/2002		5 to 40 years
The Hamptons	NY							1,131				4,564				608				1,131				5,172				6,303				1,823			1998		12/16/2002		5 to 40 years
The Hamptons	NY							635				2,918				447				635				3,365				4,000				1,193			1997		12/16/2002		5 to 40 years
The Hamptons	NY							1,251				5,744				543				1,251				6,287				7,538				2,198			1994/98		12/16/2002		5 to 40 years
Dallas-Fort Worth	TX							1,039				4,201				258				1,039				4,459				5,498				1,517			1995/99		8/26/2003		5 to 40 years
Dallas-Fort Worth	TX							827				3,776				509				827				4,285				5,112				1,422			1998/01		10/1/2003		5 to 40 years
Stamford	CT							2,713				11,013				595				2,713				11,608				14,321				3,920			1998		3/17/2004		5 to 40 years
Houston-Tomball	TX							773				3,170				1,876				773				5,046				5,819				1,590			2000		5/19/2004		5 to 40 years
Houston-Conroe	TX							1,195				4,877				435				1,195				5,312				6,507				1,664			2001		5/19/2004		5 to 40 years
Houston-Spring	TX							1,103				4,550				512				1,103				5,062				6,165				1,684			2001		5/19/2004		5 to 40 years
Houston-Bissonnet	TX							1,061				4,427				2,910				1,061				7,337				8,398				2,191			2003		5/19/2004		5 to 40 years
Houston-Alvin	TX							388				1,640				1,046				388				2,686				3,074				801			2003		5/19/2004		5 to 40 years
Clearwater	FL							1,720				6,986				315				1,720				7,301				9,021				2,366			2001		6/3/2004		5 to 40 years
Houston-Missouri City	TX							1,167				4,744				3,576				1,566				7,921				9,487				2,176			1998		6/23/2004		5 to 40 years
Chattanooga-Hixson	TN							1,365				5,569				1,845				1,365				7,414				8,779				2,388			1998/02		8/4/2004		5 to 40 years
Austin-Round Rock	TX							2,047				5,857				880				1,976				6,808				8,784				2,181			2000		8/5/2004		5 to 40 years
Long Island-Bayshore	NY							1,131				4,609				252				1,131				4,861				5,992				1,492			2003		3/15/2005		5 to 40 years
Syracuse - Cicero	NY							527				2,121				3,273				527				5,394				5,921				1,014			1988/02		3/16/2005		5 to 40 years
Boston-Springfield	MA							612				2,501				368				612				2,869				3,481				859			1965/75		4/12/2005		5 to 40 years
Stamford	CT							1,612				6,585				289				1,612				6,874				8,486				2,166			2002		4/14/2005		5 to 40 years
Montgomery-Richard	AL							1,906				7,726				389				1,906				8,115				10,021				2,450			1997		6/1/2005		5 to 40 years
Houston-Jones	TX							1,214				4,949				363				1,215				5,311				6,526				1,592			1997/99		6/6/2005		5 to 40 years
Boston-Oxford	MA							470				1,902				1,668				470				3,570				4,040				1,008			2002		6/23/2005		5 to 40 years
Austin-290E	TX							537				2,183				-320				491				1,909				2,400				638			2003		7/12/2005		5 to 40 years
San Antonio-Marbach	TX							556				2,265				549				556				2,814				3,370				866			2003		7/12/2005		5 to 40 years
Austin-South 1st	TX							754				3,065				259				754				3,324				4,078				1,028			2003		7/12/2005		5 to 40 years
Houston-Pinehurst	TX							484				1,977				1,544				484				3,521				4,005				957			2002/04		7/12/2005		5 to 40 years
Atlanta-Marietta	GA							811				3,397				580				811				3,977				4,788				1,224			2003		9/15/2005		5 to 40 years
Baton Rouge	LA							719				2,927				2,568				719				5,495				6,214				1,291			1984/94		11/15/2005		5 to 40 years
San Marcos-Hwy 35S	TX							628				2,532				3,288				982				5,466				6,448				773			2001		1/10/2006		5 to 40 years
Houston-Baytown	TX							596				2,411				287				596				2,698				3,294				735			2002		1/10/2006		5 to 40 years
Houston-Cypress	TX							721				2,994				2,318				721				5,312				6,033				1,303			2003		1/13/2006		5 to 40 years
Rochester	NY							937				3,779				228				937				4,007				4,944				1,151			2002/06		2/1/2006		5 to 40 years
Houston-Jones Rd 2	TX							707				2,933				2,831				707				5,764				6,471				1,506			2000		3/9/2006		5 to 40 years
Lafayette	LA							411				1,621				281				411				1,902				2,313				592			1997		4/13/2006		5 to 40 years
Lafayette	LA							463				1,831				208				463				2,039				2,502				616			2001/04		4/13/2006		5 to 40 years
Lafayette	LA							601				2,406				1,442				601				3,848				4,449				1,071			2002		4/13/2006		5 to 40 years
Lafayette	LA							542				1,319				2,210				542				3,529				4,071				920			1997/99		4/13/2006		5 to 40 years
Manchester	NH							832				3,268				185				832				3,453				4,285				977			2000		4/26/2006		5 to 40 years
Clearwater-Largo	FL							1,270				5,037				376				1,270				5,413				6,683				1,502			1998		6/22/2006		5 to 40 years
Clearwater-Pinellas Park	FL							929				3,676				339				929				4,015				4,944				1,078			2000		6/22/2006		5 to 40 years
Clearwater-Tarpon Spring	FL							696				2,739				240				696				2,979				3,675				836			1999		6/22/2006		5 to 40 years
New Orleans	LA							1,220				4,805				316				1,220				5,121				6,341				1,432			2000		6/22/2006		5 to 40 years
St Louis-Meramec	MO							1,113				4,359				378				1,113				4,737				5,850				1,322			1999		6/22/2006		5 to 40 years
St Louis-Charles Rock	MO							766				3,040				1,504				766				4,544				5,310				1,009			1999		6/22/2006		5 to 40 years
St Louis-Shackelford	MO							828				3,290				206				828				3,496				4,324				979			1999		6/22/2006		5 to 40 years
St Louis-W.Washington	MO							734				2,867				2,503				734				5,370				6,104				1,139			1980/01		6/22/2006		5 to 40 years
St Louis-Howdershell	MO							899				3,596				324				899				3,920				4,819				1,078			2000		6/22/2006		5 to 40 years
St Louis-Lemay Ferry	MO							890				3,552				473				890				4,025				4,915				1,091			1999		6/22/2006		5 to 40 years
St Louis-Manchester	MO							697				2,711				225				697				2,936				3,633				809			2000		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							1,256				4,946				475				1,256				5,421				6,677				1,446			1998/03		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							605				2,434				197				605				2,631				3,236				698			2004		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							607				2,428				219				607				2,647				3,254				716			2004		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							1,073				4,276				98				1,073				4,374				5,447				1,184			2003		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							549				2,180				1,148				549				3,328				3,877				793			1998		6/22/2006		5 to 40 years
Dallas-Fort Worth	TX							644				2,542				136				644				2,678				3,322				734			1999		6/22/2006		5 to 40 years
San Antonio-Blanco	TX							963				3,836				222				963				4,058				5,021				1,122			2004		6/22/2006		5 to 40 years
San Antonio-Broadway	TX							773				3,060				2,012				773				5,072				5,845				1,118			2000		6/22/2006		5 to 40 years
San Antonio-Huebner	TX							1,175				4,624				365				1,175				4,989				6,164				1,318			1998		6/22/2006		5 to 40 years
Nashua	NH							617				2,422				587				617				3,009				3,626				835			1989		6/29/2006		5 to 40 years
Lafayette	LA							699				2,784				3,809				699				6,593				7,292				1,276			1995/99		8/1/2006		5 to 40 years
Chattanooga-Lee Hwy II	TN							619				2,471				169				619				2,640				3,259				726			2002		8/7/2006		5 to 40 years
Montgomery-E.S.Blvd	AL							1,158				4,639				1,032				1,158				5,671				6,829				1,541			1996/97		9/28/2006		5 to 40 years
Auburn-Pepperell Pkwy	AL							590				2,361				599				590				2,960				3,550				776			1998		9/28/2006		5 to 40 years
Auburn-Gatewood Dr	AL							694				2,758				344				694				3,102				3,796				809			2002/03		9/28/2006		5 to 40 years
Columbus-Williams Rd	GA							736				2,905				330				736				3,235				3,971				871			2002/04/06		9/28/2006		5 to 40 years
Columbus-Miller Rd	GA							975				3,854				1,383				975				5,237				6,212				1,113			1995		9/28/2006		5 to 40 years
Columbus-Armour Rd	GA							0				3,680				324				0				4,004				4,004				1,056			2004/05		9/28/2006		5 to 40 years
Columbus-Amber Dr	GA							439				1,745				321				439				2,066				2,505				575			1998		9/28/2006		5 to 40 years
Concord	NH							813				3,213				2,041				813				5,254				6,067				1,283			2000		10/31/2006		5 to 40 years
Houston-Beaumont	TX							929				3,647				233				930				3,879				4,809				1,016			2002/04		3/8/2007		5 to 40 years
Houston-Beaumont	TX							1,537				6,018				611				1,537				6,629				8,166				1,694			2003/06		3/8/2007		5 to 40 years
Buffalo-Langner Rd	NY							532				2,119				3,492				532				5,611				6,143				908			1993/07		3/30/2007		5 to 40 years
Buffalo-Transit Rd	NY							437				1,794				702				437				2,496				2,933				600			1998		3/30/2007		5 to 40 years
Buffalo-Lake Ave	NY							638				2,531				2,939				638				5,470				6,108				853			1997		3/30/2007		5 to 40 years
Buffalo-Union Rd	NY							348				1,344				474				348				1,818				2,166				435			1998		3/30/2007		5 to 40 years
Buffalo-NF Blvd	NY							323				1,331				249				323				1,580				1,903				409			1998		3/30/2007		5 to 40 years
Buffalo-Young St	NY							315				2,185				1,143				316				3,327				3,643				774			1999/00		3/30/2007		5 to 40 years
Buffalo-Sheridan Dr	NY							961				3,827				2,637				961				6,464				7,425				1,288			1999		3/30/2007		5 to 40 years
Buffalo-Transit Rd	NY							375				1,498				649				375				2,147				2,522				505			1990/95		3/30/2007		5 to 40 years
Rochester-Phillips Rd	NY							1,003				4,002				144				1,003				4,146				5,149				1,051			1999		3/30/2007		5 to 40 years
San Antonio-Foster	TX							676				2,685				431				676				3,116				3,792				814			2003/06		5/21/2007		5 to 40 years
Huntsville-Memorial Pkwy	AL							1,607				6,338				1,085				1,677				7,353				9,030				1,771			1989/06		6/1/2007		5 to 40 years
Huntsville-Madison 1	AL							1,016				4,013				454				1,017				4,466				5,483				1,130			1993/07		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS							1,423				5,624				197				1,423				5,821				7,244				1,469			1998/05		6/1/2007		5 to 40 years
Huntsville-Hwy 72	AL							1,206				4,775				365				1,206				5,140				6,346				1,266			1998/06		6/1/2007		5 to 40 years
Mobile-Airport Blvd	AL							1,216				4,819				359				1,216				5,178				6,394				1,331			2000/07		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS							1,345				5,325				120				1,301				5,489				6,790				1,360			2002/04		6/1/2007		5 to 40 years
Huntsville-Madison 2	AL							1,164				4,624				297				1,164				4,921				6,085				1,233			2002/06		6/1/2007		5 to 40 years
Foley-Hwy 59	AL							1,346				5,474				1,575				1,346				7,049				8,395				1,512			2003/06		6/1/2007		5 to 40 years
Pensacola 6-Nine Mile	FL							1,029				4,180				194				1,029				4,374				5,403				1,178			2003/06		6/1/2007		5 to 40 years
Auburn-College St	AL							686				2,732				242				686				2,974				3,660				775			2003		6/1/2007		5 to 40 years
Biloxi-Gulfport	MS							1,811				7,152				140				1,811				7,292				9,103				1,782			2004/06		6/1/2007		5 to 40 years
Pensacola 7-Hwy 98	FL							732				3,015				82				732				3,097				3,829				822			2006		6/1/2007		5 to 40 years
Montgomery-Arrowhead	AL							1,075				4,333				302				1,075				4,635				5,710				1,166			2006		6/1/2007		5 to 40 years
Montgomery-McLemore	AL							885				3,586				253				885				3,839				4,724				945			2006		6/1/2007		5 to 40 years
Houston-Beaumont	TX							742				3,024				246				742				3,270				4,012				855			2002/05		11/14/2007		5 to 40 years
Hattiesburg-Classic	MS							444				1,799				228				444				2,027				2,471				521			1998		12/19/2007		5 to 40 years
Biloxi-Ginger	MS							384				1,548				139				384				1,687				2,071				405			2000		12/19/2007		5 to 40 years
Foley-7905 St Hwy 59	AL							437				1,757				207				437				1,964				2,401				461			2000		12/19/2007		5 to 40 years
Jackson-Ridgeland	MS							1,479				5,965				546				1,479				6,511				7,990				1,529			1997/00		1/17/2008		5 to 40 years
Jackson-5111	MS							1,337				5,377				240				1,337				5,617				6,954				1,308			2003		1/17/2008		5 to 40 years
Cincinnati-Robertson	OH							852				3,409				274				852				3,683				4,535				772			2003/04		12/31/2008		5 to 40 years
Richmond-Bridge Rd	VA							1,047				5,981				2,729				1,047				8,710				9,757				1,334			2009		10/1/2009		5 to 40 years
Raleigh-Durham	NC							846				4,095				194				846				4,289				5,135				691			2000		12/28/2010		5 to 40 years
Charlotte-Wallace	NC							961				3,702				1,216				961				4,918				5,879				667			2008		12/29/2010		5 to 40 years
Raleigh-Durham	NC							574				3,975				244				574				4,219				4,793				661			2008		12/29/2010		5 to 40 years
Charlotte-Westmoreland	NC							513				5,317				40				513				5,357				5,870				849			2009		12/29/2010		5 to 40 years
Charlotte-Matthews	NC							1,129				4,767				125				1,129				4,892				6,021				794			2009		12/29/2010		5 to 40 years
Raleigh-Durham	NC							381				3,575				92				381				3,667				4,048				585			2008		12/29/2010		5 to 40 years
Charlotte-Zeb Morris	NC							965				3,355				103				965				3,458				4,423				555			2007		12/29/2010		5 to 40 years
Fair Lawn	NJ							796				9,467				312				796				9,779				10,575				1,388			1999		7/14/2011		5 to 40 years
Elizabeth	NJ							885				3,073				652				885				3,725				4,610				498			1988		7/14/2011		5 to 40 years
Saint Louis-High Ridge	MO							197				2,132				63				197				2,195				2,392				392			2007		7/28/2011		5 to 40 years
Atlanta-Decatur	GA							1,043				8,252				84				1,043				8,336				9,379				1,145			2006		8/17/2011		5 to 40 years
Houston-Humble	TX							825				4,201				325				825				4,526				5,351				679			1993		9/22/2011		5 to 40 years
Dallas-Fort Worth	TX							693				3,552				121				693				3,673				4,366				545			2001		9/22/2011		5 to 40 years
Houston-Hwy 6N	TX							1,243				3,106				128				1,243				3,234				4,477				499			2000		9/22/2011		5 to 40 years
Austin-Cedar Park	TX							1,559				2,727				91				1,559				2,818				4,377				440			1998		9/22/2011		5 to 40 years
Houston-Katy	TX							691				4,435				2,478				691				6,913				7,604				801			2000		9/22/2011		5 to 40 years
Houston-Deer Park	TX							1,012				3,312				222				1,012				3,534				4,546				512			1998		9/22/2011		5 to 40 years
Houston-W. Little York	TX							575				3,557				185				575				3,742				4,317				586			1998		9/22/2011		5 to 40 years
Houston-Pasadena	TX							705				4,223				206				705				4,429				5,134				651			2000		9/22/2011		5 to 40 years
Houston-Friendswood	TX							1,168				2,315				215				1,168				2,530				3,698				391			1994		9/22/2011		5 to 40 years
Houston-Spring	TX							2,152				3,027				330				2,152				3,357				5,509				528			1993		9/22/2011		5 to 40 years
Houston-W. Sam Houston	TX							402				3,602				259				402				3,861				4,263				542			1999		9/22/2011		5 to 40 years
Austin-Pond Springs Rd	TX							1,653				4,947				409				1,653				5,356				7,009				741			1984		9/22/2011		5 to 40 years
Houston-Spring	TX							1,474				4,500				31				1,456				4,549				6,005				678			2006		9/22/2011		5 to 40 years
Austin-Round Rock	TX							177				3,223				143				177				3,366				3,543				493			1999		9/22/2011		5 to 40 years
Houston-Silverado Dr	TX							1,438				4,583				128				1,438				4,711				6,149				680			2000		9/22/2011		5 to 40 years
Houston-Sugarland	TX							272				3,236				196				272				3,432				3,704				526			2001		9/22/2011		5 to 40 years
Houston-Westheimer Rd	TX							536				2,687				167				536				2,854				3,390				430			1997		9/22/2011		5 to 40 years
Houston-Wilcrest Dr	TX							1,478				4,145				173				1,478				4,318				5,796				606			1999		9/22/2011		5 to 40 years
Houston-Woodlands	TX							1,315				6,142				222				1,315				6,364				7,679				880			1997		9/22/2011		5 to 40 years
Houston-Woodlands	TX							3,189				3,974				177				3,189				4,151				7,340				581			2000		9/22/2011		5 to 40 years
Houston-Katy Freeway	TX							1,049				5,175				517				1,049				5,692				6,741				805			1999		9/22/2011		5 to 40 years
Houston-Webster	TX			1,852				2,054				2,138				365				2,054				2,503				4,557				376			1982		9/22/2011		5 to 40 years
Newport News-Brick Kiln	VA							2,848				5,892				95				2,848				5,987				8,835				861			2004		9/29/2011		5 to 40 years
Pensacola-Palafox	FL							197				4,281				600				197				4,881				5,078				648			1996		11/15/2011		5 to 40 years
Miami	FL							2,960				12,077				123				2,960				12,200				15,160				1,446			2005		5/16/2012		5 to 40 years
Chicago - Lake Forest	IL							1,932				11,606				167				1,932				11,773				13,705				1,372			1996/2004		6/6/2012		5 to 40 years
Chicago - Schaumburg	IL							1,940				4,880				292				1,940				5,172				7,112				621			1998		6/6/2012		5 to 40 years
Norfolk - E. Little Creek	VA							911				5,862				73				911				5,935				6,846				723			2007		6/20/2012		5 to 40 years
Atlanta-14th St.	GA							1,560				6,766				27				1,560				6,793				8,353				798			2009		7/18/2012		5 to 40 years
Jacksonville - Middleburg	FL							644				5,719				78				644				5,797				6,441				676			2008		9/18/2012		5 to 40 years
Jacksonville - Orange Park	FL							772				3,882				76				772				3,958				4,730				490			2007		9/18/2012		5 to 40 years
Jacksonville - St. Augustine	FL							739				3,858				63				739				3,921				4,660				475			2007		9/18/2012		5 to 40 years
Atlanta - NE Expressway	GA							1,384				9,266				77				1,384				9,343				10,727				1,058			2009		9/18/2012		5 to 40 years
Atlanta - Kennesaw	GA							856				4,315				67				856				4,382				5,238				491			2008		9/18/2012		5 to 40 years
Atlanta - Lawrenceville	GA							855				3,838				122				855				3,960				4,815				482			2007		9/18/2012		5 to 40 years
Atlanta - Woodstock	GA							1,342				4,692				96				1,342				4,788				6,130				578			2009		9/18/2012		5 to 40 years
Raleigh-Durham	NC							2,337				4,901				219				2,337				5,120				7,457				608			2002		9/19/2012		5 to 40 years
Chicago - Lindenhurst	IL							1,213				3,129				207				1,213				3,336				4,549				382			1999/2006		9/27/2012		5 to 40 years
Chicago - Orland Park	IL							1,050				5,894				160				1,050				6,054				7,104				650			2007		12/10/2012		5 to 40 years
Phoenix-83rd	AZ							910				3,656				162				910				3,818				4,728				418			2008		12/18/2012		5 to 40 years
Chicago-North Austin	IL							2,593				5,029				240				2,593				5,269				7,862				548			2005		12/20/2012		5 to 40 years
Chicago-North Western	IL							1,718				6,466				643				1,798				7,029				8,827				695			2005		12/20/2012		5 to 40 years
Chicago-West Pershing	IL							395				3,226				105				395				3,331				3,726				340			2008		12/20/2012		5 to 40 years
Chicago - North Broadway	IL							2,373				9,869				126				2,373				9,995				12,368				1,010			2011		12/20/2012		5 to 40 years
Brandenton	FL							1,501				3,775				186				1,501				3,961				5,462				422			1997		12/21/2012		5 to 40 years
Ft. Myers-Cleveland	FL							515				2,280				138				515				2,418				2,933				275			1998		12/21/2012		5 to 40 years
Clearwater-Drew St.	FL							1,234				4,018				126				1,234				4,144				5,378				458			2000		12/21/2012		5 to 40 years
Clearwater-N. Myrtle	FL							1,555				5,978				141				1,555				6,119				7,674				654			2000		12/21/2012		5 to 40 years
Austin-Cedar Park	TX							1,246				5,740				155				1,246				5,895				7,141				615			2006		12/27/2012		5 to 40 years
Austin-Round Rock	TX							774				3,327				146				774				3,473				4,247				363			2004		12/27/2012		5 to 40 years
Austin-Round Rock	TX							632				1,985				88				632				2,073				2,705				244			2007		12/27/2012		5 to 40 years
Chicago-Aurora	IL							269				3,126				320				269				3,446				3,715				336			2010		12/31/2012		5 to 40 years
San Antonio - Marbach	TX							337				2,005				191				337				2,196				2,533				238			2005		2/11/2013		5 to 40 years
Long Island - Lindenhurst	NY							2,122				8,735				517				2,122				9,252				11,374				857			2002		3/22/2013		5 to 40 years
Boston - Somerville	MA							1,553				7,186				21				1,506				7,254				8,760				727			2008		3/22/2013		5 to 40 years
Long Island - Deer Park	NY							1,096				8,276				89				1,096				8,365				9,461				731			2009		8/29/2013		5 to 40 years
Long Island - Amityville	NY							2,224				10,102				46				2,224				10,148				12,372				879			2009		8/29/2013		5 to 40 years
Colorado Springs - Scarlet	CO							629				5,201				184				629				5,385				6,014				442			2006		9/30/2013		5 to 40 years
Toms River - Route 37 W	NJ							1,843				6,544				99				1,843				6,643				8,486				575			2007		11/26/2013		5 to 40 years
Lake Worth - S Military	FL							868				5,306				709				868				6,015				6,883				490			2000		12/4/2013		5 to 40 years
Austin-Round Rock	TX							1,547				5,226				153				1,547				5,379				6,926				449			2008		12/27/2013		5 to 40 years
Hartford-Bristol	CT							1,174				8,816				81				1,174				8,897				10,071				674			2004		12/30/2013		5 to 40 years
Piscataway–New Brunswick	NJ							1,639				10,946				83				1,639				11,029				12,668				862			2006		12/30/2013		5 to 40 years
Fort Lauderdale - 3rd Ave	FL							7,629				11,918				199				7,629				12,117				19,746				949			1998		1/9/2014		5 to 40 years
West Palm - Mercer	FL							15,680				17,520				504				15,680				18,024				33,704				1,437			2000		1/9/2014		5 to 40 years
Austin - Manchaca	TX							3,999				4,297				665				3,999				4,962				8,961				409			1998/2002		1/17/2014		5 to 40 years
San Antonio	TX							2,235				6,269				328				2,235				6,597				8,832				514			2012		2/10/2014		5 to 40 years
Portland	ME							2,146				6,418				235				2,146				6,653				8,799				525			2000		2/11/2014		5 to 40 years
Portland-Topsham	ME							493				5,234				98				493				5,332				5,825				411			2006		2/11/2014		5 to 40 years
Chicago - St. Charles	IL							1,837				6,301				538				1,837				6,839				8,676				506			2004/2013		3/31/2014		5 to 40 years
Chicago - Ashland	IL							598				4,789				178				598				4,967				5,565				355			2014		5/5/2014		5 to 40 years
San Antonio - Walzem	TX							2,000				3,749				495				2,000				4,244				6,244				316			1997		5/13/2014		5 to 40 years
St. Louis - Woodson	MO							2,444				5,966				1,587				2,444				7,553				9,997				549			1998		5/22/2014		5 to 40 years
St. Louis - Mexico	MO							638				3,518				1,778				638				5,296				5,934				336			1998		5/22/2014		5 to 40 years
St. Louis - Vogel	MO							2,010				3,544				232				2,010				3,776				5,786				303			2000		5/22/2014		5 to 40 years
St. Louis - Manchester	MO							508				2,042				396				508				2,438				2,946				201			1996		5/22/2014		5 to 40 years
St. Louis - North Highway	MO							1,989				4,045				567				1,989				4,612				6,601				365			1997		5/22/2014		5 to 40 years
St. Louis - Dunn	MO							1,538				4,510				386				1,538				4,896				6,434				390			2000		5/22/2014		5 to 40 years
Trenton-Hamilton Twnship	NJ							5,161				7,063				841				5,161				7,904				13,065				522			1980		6/5/2014		5 to 40 years
NY Metro-Fishkill	NY							1,741				6,006				309				1,741				6,315				8,056				424			2005		6/11/2014		5 to 40 years
Atlanta-Peachtree City	GA							2,263				4,931				440				2,263				5,371				7,634				392			2007		6/12/2014		5 to 40 years
Wayne - Willowbrook	NJ							0				2,292				196				0				2,488				2,488				411			2000		6/12/2014		5 to 40 years
Asbury Park - 1st Ave	NJ							819				4,734				548				819				5,282				6,101				368			2003		6/18/2014		5 to 40 years
Farmingdale - Tinton Falls	NJ							1,097				5,618				320				1,097				5,938				7,035				425			2004		6/18/2014		5 to 40 years
Lakewood - Route 70	NJ							626				4,549				188				626				4,737				5,363				316			2003		6/18/2014		5 to 40 years
Matawan - Highway 34	NJ							1,512				9,707				724				1,512				10,431				11,943				668			2005		7/10/2014		5 to 40 years
St. Petersburg - Gandy	FL							2,958				6,904				217				2,958				7,121				10,079				446			2007		8/28/2014		5 to 40 years
Chesapeake - Campostella	VA							2,349				3,875				282				2,349				4,157				6,506				272			2000		9/5/2014		5 to 40 years
San Antonio-Castle Hills	TX							2,658				8,190				415				4,544				6,719				11,263				424			2002		9/10/2014		5 to 40 years
Chattanooga - Broad St	TN							759				5,608				181				759				5,789				6,548				366			2014		9/18/2014		5 to 40 years
New Orleans-Kenner	LA							5,771				10,375				427				5,771				10,802				16,573				652			2008		10/10/2014		5 to 40 years
Orlando-Celebration	FL							6,091				4,641				356				6,091				4,997				11,088				297			2006		10/21/2014		5 to 40 years
Austin-Cedar Park	TX							4,196				8,374				547				4,196				8,921				13,117				510			2003		10/28/2014		5 to 40 years
Chicago - Pulaski	IL							889				4,700				624				889				5,324				6,213				293			2014		11/14/2014		5 to 40 years
Houston - Gessner	TX							1,599				5,813				508				1,599				6,321				7,920				343			2006		12/18/2014		5 to 40 years
New England - Danbury	CT							9,747				18,374				80				9,747				18,454				28,201				892			1999		2/2/2015		5 to 40 years
New England - Milford	CT							9,642				23,352				117				9,642				23,469				33,111				1,139			1999		2/2/2015		5 to 40 years
Long Island - Hicksville	NY							5,153				27,401				158				5,153				27,559				32,712				1,392			2002		2/2/2015		5 to 40 years
Long Island - Farmingdale	NY							4,931				20,415				94				4,931				20,509				25,440				994			2000		2/2/2015		5 to 40 years
Chicago - Alsip	IL							2,579				4,066				84				2,579				4,150				6,729				204			1986		2/5/2015		5 to 40 years
Chicago - N. Pulaski	IL							1,719				6,971				372				1,719				7,343				9,062				344			2015		3/9/2015		5 to 40 years
Fort Myers - Tamiami Trail	FL							1,793				4,382				158				1,793				4,540				6,333				234			2004		4/1/2015		5 to 40 years
Dallas - Allen	TX							3,864				4,777				224				3,864				5,001				8,865				226			2002		4/16/2015		5 to 40 years
Jacksonville - Beach Blvd.	FL							2,118				6,501				67				2,118				6,568				8,686				312			2013		4/21/2015		5 to 40 years
Space Coast - Vero Beach	FL							1,169				4,409				324				1,169				4,733				5,902				204			1997		5/1/2015		5 to 40 years
Port St. Lucie - Federal Hwy	FL							4,957				6,045				201				4,957				6,246				11,203				293			2001		5/1/2015		5 to 40 years
West Palm - N. Military	FL							3,372				4,206				134				3,372				4,340				7,712				216			1985		5/1/2015		5 to 40 years
Ft. Myers - Bonita Springs	FL							2,687				5,012				212				2,687				5,224				7,911				250			2000		5/1/2015		5 to 40 years
Phoenix - Tatum Blvd.	AZ							852				7,052				159				852				7,211				8,063				302			2015		6/16/2015		5 to 40 years
Boston - Lynn	MA							2,110				8,182				79				2,110				8,261				10,371				379			2015		6/16/2015		5 to 40 years
Syracuse - Ainsely Dr.	NY							2,711				3,795				109				2,711				3,904				6,615				171			2000		8/25/2015		5 to 40 years
Syracuse - Cicero	NY							668				1,957				80				668				2,037				2,705				82			2002		8/25/2015		5 to 40 years
Syracuse - Camillus	NY							473				5,368				85				473				5,453				5,926				210			2005/2011		8/25/2015		5 to 40 years
Syracuse - Manlius	NY							834				1,705				45				834				1,750				2,584				64			2000		8/25/2015		5 to 40 years
Charlotte - Brookshire Blvd.	NC							718				2,977				805				718				3,782				4,500				150			2000		9/1/2015		5 to 40 years
Charleston III	SC							7,604				9,086				169				7,604				9,255				16,859				322			2005		9/1/2015		5 to 40 years
Myrtle Beach II	SC							2,511				6,147				219				2,511				6,366				8,877				253			1999		9/1/2015		5 to 40 years
Columbia VI	SC							3,640				3,452				64				3,640				3,516				7,156				153			2004/2008		9/1/2015		5 to 40 years
Hilton Head - Bluffton	SC							3,084				3,192				89				3,084				3,281				6,365				127			1998		9/1/2015		5 to 40 years
Philadelphia - Eagleville	PA							1,926				4,498				97				1,926				4,595				6,521				150			2010		12/30/2015		5 to 40 years
Orlando - University	FL							882				5,756				241				882				5,997				6,879				150			2001		1/6/2016		5 to 40 years
Orlando - N. Powers	FL							2,567				2,838				51				2,567				2,889				5,456				77			1997		1/6/2016		5 to 40 years
Sarasota - North Port	FL							4,884				10,014				109				4,884				10,123				15,007				116			2001/2006		1/6/2016		5 to 40 years
Los Angeles – Commercial	CA							6,512				12,352				327				6,512				12,679				19,191				319			2004		1/21/2016		5 to 40 years
Los Angeles - E. Slauson	CA							3,998				13,547				220				3,998				13,767				17,765				323			2012		1/21/2016		5 to 40 years
Los Angeles - Westminster	CA							4,636				14,826				107				4,636				14,933				19,569				347			2006		1/21/2016		5 to 40 years
Los Angeles - Calabasas	CA							13,274				10,419				333				13,274				10,752				24,026				267			2004/2014		1/21/2016		5 to 40 years
Portsmouth - Kingston	NH							1,713				2,709				29				1,713				2,738				4,451				67			2003		1/21/2016		5 to 40 years
Portsmouth - Danville	NH							1,615				3,333				36				1,615				3,369				4,984				95			2003		1/21/2016		5 to 40 years
Portsmouth - Hampton Falls	NH							2,445				6,295				23				2,445				6,318				8,763				160			2005		1/21/2016		5 to 40 years
Portsmouth - Lee	NH							3,078				2,861				38				3,078				2,899				5,977				70			2000		1/21/2016		5 to 40 years
Portsmouth - Heritage	NH							4,430				26,040				46				4,430				26,086				30,516				606			1985/1999		1/21/2016		5 to 40 years
Boston - Salisbury	MA							4,880				6,342				71				4,880				6,413				11,293				182			2003		1/21/2016		5 to 40 years
Dallas - Frisco	TX							6,191				5,088				140				6,191				5,228				11,419				128			2003		1/21/2016		5 to 40 years
Dallas - McKinney	TX							8,097				7,047				62				8,097				7,109				15,206				174			2003		1/21/2016		5 to 40 years
Dallas - McKinney	TX							5,508				6,462				61				5,508				6,523				12,031				156			2002		1/21/2016		5 to 40 years
Phoenix - 48th	AZ							988				8,224				40				988				8,264				9,252				201			2015		2/1/2016		5 to 40 years
Miami	FL							2,294				8,980				131				2,294				9,111				11,405				222			2016		2/12/2016		5 to 40 years
Philadelphia - Glenolden	PA							1,768				3,879				78				1,768				3,957				5,725				98			1970		2/17/2016		5 to 40 years
Denver - Thornton	CO							4,528				7,915				85				4,528				8,000				12,528				175			2011		2/29/2016		5 to 40 years
Los Angeles - Costa Mesa	CA							17,976				25,145				372				17,976				25,517				43,493				491			2005		3/16/2016		5 to 40 years
Los Angeles - Irving	CA							0				6,318				211				0				6,529				6,529				264			1985		3/16/2016		5 to 40 years
Los Angeles - Durante	CA							4,671				13,908				80				4,671				13,988				18,659				269			2015		3/16/2016		5 to 40 years
Los Angeles - Wildomar	CA							6,728				10,340				186				6,728				10,526				17,254				210			2005		3/17/2016		5 to 40 years
Los Angeles - Torrance	CA							17,445				18,839				402				17,445				19,241				36,686				370			2003		4/11/2016		5 to 40 years
New Haven - Wallingford	CT							3,618				5,286				181				3,618				5,467				9,085				104			2000		4/14/2016		5 to 40 years
New Haven - Waterbury	CT							2,524				5,618				74				2,524				5,692				8,216				109			2001		4/14/2016		5 to 40 years
New York - Mahopac	NY			4,207				2,373				5,089				161				2,373				5,250				7,623				87			1991/1944		4/26/2016		5 to 40 years
New York - Mount Vernon	NY							3,337				13,112				75				3,337				13,187				16,524				226			2013		4/26/2016		5 to 40 years
Pt. St. Lucie	FL			4,002				4,140				7,176				232				4,140				7,408				11,548				161			2002		5/2/2016		5 to 40 years
Dallas - Lewisville	TX							2,333				8,302				122				2,333				8,424				10,757				149			2007		5/5/2016		5 to 40 years
Buffalo - Cayuga	NY							499				5,198				106				499				5,304				5,803				80			2006		5/19/2016		5 to 40 years
Buffalo - Lackawanna	NY							215				2,323				240				215				2,563				2,778				38			2006		5/19/2016		5 to 40 years
Austin - S. Congress	TX							1,030				8,163				83				1,030				8,246				9,276				106			1984		7/15/2016		5 to 40 years
Austin - W Braker	TX							1,210				14,833				53				1,210				14,886				16,096				189			2003		7/15/2016		5 to 40 years
Austin - Highway 290	TX							930				12,269				46				930				12,315				13,245				159			1999		7/15/2016		5 to 40 years
Austin - Killeen	TX							3,070				20,782				111				3,070				20,893				23,963				282			2005		7/15/2016		5 to 40 years
Austin - Round Rock	TX							830				6,129				44				830				6,173				7,003				80			1986		7/15/2016		5 to 40 years
Austin - Georgetown	TX							1,530				10,647				54				1,530				10,701				12,231				145			2001/2015		7/15/2016		5 to 40 years
Austin - Pflugerville	TX							750				9,238				49				750				9,287				10,037				120			2005		7/15/2016		5 to 40 years
Chicago - Algonquin	IL							1,430				14,958				26				1,430				14,984				16,414				193			2006		7/15/2016		5 to 40 years
Chicago - Carpentersville	IL							350				4,710				14				350				4,724				5,074				61			2004		7/15/2016		5 to 40 years
Chicago - W. Addison	IL							2,770				25,112				85				2,770				25,197				27,967				319			2007		7/15/2016		5 to 40 years
Chicago - State St.	IL							1,190				19,159				40				1,190				19,199				20,389				241			2009		7/15/2016		5 to 40 years
Chicago -W. Grand	IL							1,720				10,628				58				1,720				10,686				12,406				134			2007		7/15/2016		5 to 40 years
Chicago - Libertyville	IL							3,670				26,660				126				3,670				26,786				30,456				338			2009		7/15/2016		5 to 40 years
Chicago - Aurora	IL							1,090				20,033				49				1,090				20,082				21,172				257			2009		7/15/2016		5 to 40 years
Chicago - Morton Grove	IL							1,610				14,914				40				1,610				14,954				16,564				189			2009		7/15/2016		5 to 40 years
Chicago - Bridgeview	IL							3,770				19,990				74				3,770				20,064				23,834				262			2008		7/15/2016		5 to 40 years
Chicago - Addison	IL							1,340				11,881				33				1,340				11,914				13,254				153			2008		7/15/2016		5 to 40 years
Chicago - W Diversey	IL							1,670				10,811				24				1,670				10,835				12,505				136			2010		7/15/2016		5 to 40 years
Chicago - Elmhurst	IL							670				18,729				20				670				18,749				19,419				236			2008		7/15/2016		5 to 40 years
Chicago - Elgin	IL							1,130				12,584				71				1,130				12,655				13,785				162			2003		7/15/2016		5 to 40 years
Chicago - N. Paulina St.,	IL							5,600				12,721				24				5,600				12,745				18,345				162			2006		7/15/2016		5 to 40 years
Chicago - Matteson	IL							1,590				12,053				32				1,590				12,085				13,675				161			2007		7/15/2016		5 to 40 years
Chicago - S. Heights	IL							1,050				4,960				45				1,050				5,005				6,055				68			2006		7/15/2016		5 to 40 years
Chicago - W. Grand	IL							1,780				8,928				80				1,780				9,008				10,788				113			2007		7/15/2016		5 to 40 years
Chicago - W 30th St	IL							600				15,574				47				600				15,621				16,221				197			2008		7/15/2016		5 to 40 years
Chicago - Mokena	IL							3,230				18,623				195				3,230				18,818				22,048				243			2008		7/15/2016		5 to 40 years
Chicago - Barrington	IL							1,890				9,395				65				1,890				9,460				11,350				123			2015		7/15/2016		5 to 40 years
Chicago - Naperville	IL							2,620				11,933				62				2,620				11,995				14,615				160			2015		7/15/2016		5 to 40 years
Chicago - Forest Park	IL							1,100				10,087				35				1,100				10,122				11,222				130			2015		7/15/2016		5 to 40 years
Chicago - La Grange	IL							960				13,019				28				960				13,047				14,007				167			2015		7/15/2016		5 to 40 years
Chicago - Glenview	IL							3,210				8,519				35				3,210				8,554				11,764				114			2014/2015		7/15/2016		5 to 40 years
Dallas - Richardson	TX							630				10,282				43				630				10,325				10,955				136			2001		7/15/2016		5 to 40 years
Dallas - Arlington	TX							790				12,785				44				790				12,829				13,619				164			2007		7/15/2016		5 to 40 years
Dallas - Plano	TX							1,370				10,166				34				1,370				10,200				11,570				130			1998		7/15/2016		5 to 40 years
Dallas - Mesquite	TX							620				8,771				32				620				8,803				9,423				113			2016		7/15/2016		5 to 40 years
Dallas - S Good Latimer	TX							4,030				8,029				64				4,030				8,093				12,123				104			2016		7/15/2016		5 to 40 years
Boulder - Arapahoe	CO							3,690				12,074				28				3,690				12,102				15,792				158			1992		7/15/2016		5 to 40 years
Boulder - Odell	CO							2,650				15,304				30				2,650				15,334				17,984				201			1998		7/15/2016		5 to 40 years
Boulder - Arapahoe	CO							11,540				15,571				34				11,540				15,605				27,145				204			1984		7/15/2016		5 to 40 years
Boulder - Broadway	CO							2,670				5,623				42				2,670				5,665				8,335				75			1992		7/15/2016		5 to 40 years
Houston - Westpark	TX							2,760				8,288				96				2,760				8,384				11,144				110			1996		7/15/2016		5 to 40 years
Houston - C. Jester	TX							8,080				10,114				96				8,080				10,210				18,290				132			2008		7/15/2016		5 to 40 years
Houston - Bay Pointe	TX							1,960				9,585				65				1,960				9,650				11,610				125			1972		7/15/2016		5 to 40 years
Houston - FM 529	TX							680				3,951				48				680				3,999				4,679				53			2005		7/15/2016		5 to 40 years
Houston - Jones	TX							1,260				2,382				44				1,260				2,426				3,686				35			1994		7/15/2016		5 to 40 years
Jackson - Flowood	MS							680				20,066				36				680				20,102				20,782				260			2000		7/15/2016		5 to 40 years
Las Vegas - Spencer	NV							1,020				25,152				16				1,020				25,168				26,188				320			2000		7/15/2016		5 to 40 years
Las Vegas - Maule	NV							2,510				11,822				15				2,510				11,837				14,347				151			2005		7/15/2016		5 to 40 years
Las Vegas - Wigwam	NV							590				16,838				3				590				16,841				17,431				212			2008		7/15/2016		5 to 40 years
Las Vegas - Stufflebeam	NV							350				6,977				86				350				7,063				7,413				91			1996		7/15/2016		5 to 40 years
Las Vegas - Ft. Apache	NV							1,470				11,047				15				1,470				11,062				12,532				144			2004		7/15/2016		5 to 40 years
Las Vegas - North	NV							390				7,042				20				390				7,062				7,452				91			2005		7/15/2016		5 to 40 years
Las Vegas - Warm Springs	NV							1,340				5,141				51				1,340				5,192				6,532				83			2004		7/15/2016		5 to 40 years
Las Vegas - Conestoga	NV							1,420				10,295				21				1,420				10,316				11,736				138			2007		7/15/2016		5 to 40 years
Las Vegas - Warm Springs	NV							1,080				16,436				15				1,080				16,451				17,531				209			2007		7/15/2016		5 to 40 years
Las Vegas - Nellis	NV							790				5,233				7				790				5,240				6,030				73			1995		7/15/2016		5 to 40 years
Las Vegas - Cheyenne	NV							1,470				17,366				17				1,470				17,383				18,853				231			2004		7/15/2016		5 to 40 years
Las Vegas - Dean Martin	NV							3,050				23,333				6				3,050				23,339				26,389				327			2005		7/15/2016		5 to 40 years
Las Vegas - Flamingo	NV							980				13,451				23				980				13,474				14,454				171			2007		7/15/2016		5 to 40 years
Las Vegas - North	NV							330				15,651				19				330				15,670				16,000				199			2007		7/15/2016		5 to 40 years
Las Vegas - Henderson	NV							570				12,676				37				570				12,713				13,283				167			2005		7/15/2016		5 to 40 years
Las Vegas - North	NV							520				10,105				6				520				10,111				10,631				132			2002		7/15/2016		5 to 40 years
Las Vegas - Farm	NV							1,510				9,388				13				1,510				9,401				10,911				121			2008		7/15/2016		5 to 40 years
Los Angeles - Torrance	CA							5,250				32,363				61				5,250				32,424				37,674				412			2004		7/15/2016		5 to 40 years
Los Angeles - Irvine	CA							2,520				18,402				134				2,520				18,536				21,056				234			2002		7/15/2016		5 to 40 years
Los Angeles - Palm Desert	CA							2,660				16,589				69				2,660				16,658				19,318				216			2002		7/15/2016		5 to 40 years
Milwaukee - Green Bay	WI							750				14,720				3				750				14,723				15,473				189			2005		7/15/2016		5 to 40 years
Orlando - Winter Garden	FL							640				6,688				38				640				6,726				7,366				87			2006		7/15/2016		5 to 40 years
Orlando - Longwood	FL							1,230				9,586				27				1,230				9,613				10,843				123			2000		7/15/2016		5 to 40 years
Orlando - Overland	FL							1,080				3,713				29				1,080				3,742				4,822				49			2000		7/15/2016		5 to 40 years
Sacramento - Calvine	CA							2,280				17,069				20				2,280				17,089				19,369				220			2004		7/15/2016		5 to 40 years
Sacramento - Folsom	CA							1,200				22,150				16				1,200				22,166				23,366				279			2005		7/15/2016		5 to 40 years
Sacramento - Pell	CA							540				8,874				12				540				8,886				9,426				115			2004		7/15/2016		5 to 40 years
Sacramento - Goldenland	CA							2,010				8,944				10				2,010				8,954				10,964				122			2005		7/15/2016		5 to 40 years
Sacramento - Woodland	CA							860				10,569				18				860				10,587				11,447				135			2003		7/15/2016		5 to 40 years
Sacramento - El Camino	CA							1,450				12,239				7				1,450				12,246				13,696				158			2002		7/15/2016		5 to 40 years
Sacramento - Bayou	CA							1,640				21,603				10				1,640				21,613				23,253				277			2005		7/15/2016		5 to 40 years
Sacramento - Calvine	CA							2,120				24,650				7				2,120				24,657				26,777				318			2003		7/15/2016		5 to 40 years
Sacramento - El Dorado	CA							1,610				24,829				13				1,610				24,842				26,452				319			2007		7/15/2016		5 to 40 years
Sacramento - Fruitridge	CA							1,480				15,695				126				1,480				15,821				17,301				207			2007		7/15/2016		5 to 40 years
Salt Lake City - W. Jordan	UT							780				12,301				-88				780				12,213				12,993				154			2007		7/15/2016		5 to 40 years
San Antonio - US 281	TX							1,380				8,457				57				1,380				8,514				9,894				108			2003		7/15/2016		5 to 40 years
Austin - San Marcos	TX							990				7,323				48				990				7,371				8,361				96			2016		7/15/2016		5 to 40 years
Charleston	SC							920				7,700				25				920				7,725				8,645				87			2016		7/29/2016		5 to 40 years
Denver - Westminster		CO								5,062				3,679				172				5,062				3,851				8,913				40			2000		8/4/2016	5 to 40 years
Chicago - Arlington Hgts		IL								370				8,513				3				370				8,516				8,886				18			2016		11/17/2016	5 to 40 years
Orlando - Curry Ford		FL				2,966				3,268				6,378				23				3,268				6,401				9,669				13			2016		12/20/2016	5 to 40 years
Construction in Progress										0				0				14,524				0				14,524				14,524				0			2015
Corporate Office		NY								0				68				33,969				1,633				32,404				34,037				17,651			2000		5/1/2000	5 to 40 years
					$	13,027			$	772,601			$	2,965,619			$	505,088			$	786,764			$	3,456,544			$	4,243,308			$	535,704

(dollars in thousands)

	December 31, 2016			December 31, 2015			December 31, 2014
Cost:
Balance at beginning of period	$	2,491,702		$	2,177,983		$	1,864,637
Additions during period:
Acquisitions through foreclosure		—			—			—
Other acquisitions		1,714,029			278,572			286,691
Improvements, etc.		73,385			42,046			35,097
		1,787,414			320,618			321,788
Deductions during period:
Cost of assets disposed		(35,808	)		(6,899	)		(8,442	)
Impairment write-down		—			—			—
Casualty loss		—			—			—
		(35,808	)		(6,899	)		(8,442	)
Balance at close of period	$	4,243,308		$	2,491,702		$	2,177,983
Accumulated Depreciation:
Balance at beginning of period	$	465,195		$	411,701		$	366,472
Additions during period:
Depreciation expense		87,219			55,101			47,656
		87,219			55,101			47,656
Deductions during period:
Accumulated depreciation of assets disposed		(16,710	)		(1,607	)		(2,427	)
Accumulated depreciation on impaired asset		—			—			—
Accumulated depreciation on casualty loss		—			—			—
		(16,710	)		(1,607	)		(2,427	)
Balance at close of period	$	535,704		$	465,195		$	411,701

The aggregate cost of real estate for U.S. federal income tax purposes is $4,326,173.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: All of the Company’s assets are owned by, and all its operations are conducted through the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of December 31, 2016. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership.

We consolidate all wholly owned subsidiaries. Partially owned subsidiaries and joint ventures are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, and Life Storage Solutions, LLC. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but for which we have significant influence over are accounted for using the equity method.

Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable operating partnership units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interest at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. At December 31, 2016, there were 217,481 noncontrolling redeemable operating partnership Units outstanding (168,866 at December 31, 2015). These unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The Operating Partnership is obligated to redeem each of these limited partnership Units in the Operating Partnership at the request of the holder thereof for cash equal to the fair market value of a share of the Company’s common stock, at the time of such redemption, provided that the Company at its option may elect to acquire any such Unit presented for redemption for one common share or cash. The Company accounts for these noncontrolling redeemable Operating Partnership Units under the provisions of EITF D-98, “Classification and Measurement of Redeemable Securities” which was codified in FASB ASC Topic 480-10-S99. The application of the FASB ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount). The offset to the adjustment to the carrying amount of the noncontrolling redeemable Operating Partnership Units is reflected in the Parent Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, noncontrolling interests are reflected at redemption value at December 31, 2016 and 2015, equal to the number of noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates.

The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units:

(Dollars in thousands)	2016			2015
Beginning balance noncontrolling redeemable Operating Partnership Units	$	18,171		$	13,622
Redemption of Operating Partnership Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Operating Partnership Units		9,516			2,148
Net income attributable to noncontrolling interests in Operating Partnership		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance noncontrolling redeemable Operating Partnership Units	$	18,091		$	18,171

The following is a reconciliation of the Operating Partnership’s limited partners’ redeemable capital interest:

(Dollars in thousands)	2016			2015
Beginning balance Limited Partners’ Redeemable Capital Interest	$	18,171		$	13,622
Redemption of Limited Partners’ Redeemable Capital Interest Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Limited Partners’ Redeemable Capital Interest Units		9,516			2,148
Net income attributable to Limited Partners’ Redeemable Capital Interest		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance Limited Partners’ Redeemable Capital Interest	$	18,091		$	18,171

In 2016 the Operating Partnership issued 90,477 Units with a fair value of $9.5 million to acquire self-storage properties. In 2015 the Company issued 23,382 Units with a fair value of $2.1 million to acquire one self-storage property. The fair value of the Units on the dates of issuance was determined based upon the fair market value of the Company’s common stock on those dates.

Operating Partnership Units redeemed in 2016 were redeemed for a total of 41,862 shares of the Parent Company.

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents.

Accounts Receivable

Accounts Receivable: Accounts receivable are composed of trade and other receivables recorded at billed amounts and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable uncollectible amounts in the Company’s existing accounts receivable. The Company determines the allowance based on a number of factors, including experience, credit worthiness of customers, and current market and economic conditions. The Company reviews the allowance for doubtful accounts on a regular basis. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts is recorded as a reduction of accounts receivable and amounted to $1.0 million and $0.4 million at December 31, 2016 and 2015, respectively.

Revenue and Expense Recognition

Revenue and Expense Recognition: Rental income is recognized when earned pursuant to month-to-month leases for storage space. Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy. Rental income received prior to the start of the rental period is included in deferred revenue. Equity in earnings of real estate joint ventures that we have significant influence over is recognized based on our ownership interest in the earnings of these entities.

Cost of operations, general and administrative expense, interest expense and advertising costs are expensed as incurred. For the years ended December 31, 2016, 2015, and 2014, advertising costs were $9.5 million, $7.3 million, and $6.2 million, respectively. The Company accrues property taxes based on estimates and historical trends. If these estimates are incorrect, the timing and amount of expense recognition would be affected.

Other Operating Income

Other Operating Income: Consists primarily of sales of storage-related merchandise (locks and packing supplies), insurance administrative fees, incidental truck rentals, and management and acquisition fees from unconsolidated joint ventures.

Investment in Storage Facilities

Investment in Storage Facilities: Storage facilities are recorded at cost. The purchase price of acquired facilities is allocated to land, land improvements, building, equipment, and in-place customer leases based on the fair value of each component. The fair values of land are determined based upon comparable market sales information. The fair values of buildings are determined based upon estimates of current replacement costs adjusted for depreciation on the properties. For the years ended December 31, 2016, 2015, and 2014, $29.5 million, $3.0 million, and $7.4 million of acquisition related costs were incurred and expensed, respectively.

Depreciation is computed using the straight-line method over estimated useful lives of forty years for buildings and improvements, and five to twenty years for furniture, fixtures and equipment. Estimated useful lives are reevaluated when facts and circumstances indicate that the economic lives of assets do not extend to their currently assigned useful lives. Expenditures for significant renovations or improvements that extend the useful life of assets are capitalized. Depreciation expense was $87.2 million, $55.1 million and $47.7 million for the years ending December 31 206, 2015 and 2014, respectively. Interest and other costs incurred during the construction period of major expansions are capitalized. Capitalized interest during the years ended December 31, 2016, 2015, and 2014 was $0.1 million annually. Repair and maintenance costs are expensed as incurred.

Whenever events or changes in circumstances indicate that the basis of the Company’s property may not be recoverable, the Company’s policy is to complete an assessment of impairment. Impairment is evaluated based upon comparing the sum of the property’s expected undiscounted future cash flows to the carrying value of the property. If the sum of the undiscounted cash flows is less than the carrying amount of the property, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the years ended December 31, 2016, 2015 and 2014, no assets have been determined to be impaired under this policy.

In general, sales of real estate and related profits / losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred.

Trade Name

Trade Name: The Company’s trade name has an indefinite life and is not amortized but is reviewed for impairment annually or more frequently when facts and circumstances indicate that the carrying value of the Company’s trade name may not be recoverable. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors as part of our annual test. If, after completing this assessment, it is determined that it is more likely than not that the fair value of the trade name is less than its carrying value, we proceed to a quantitative test. We did not elect to perform a qualitative assessment in 2016.

Quantitative testing requires a comparison of the fair value of the trade name to its carrying value. We use a discounted cash flow analysis under the relief-from-royalty method to estimate the fair value of the trade name. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized. If the carrying value exceeds the fair value, the trade name is considered impaired to the extent that the carrying value exceeds the fair value. We did not record any impairment in 2016, the year in which the trade name was acquired.

Other Assets

Other Assets: Included in other assets are cash balances held in escrow for encumbered properties, property deposits and the value placed on in-place customer leases at the time of acquisition. Cash held in escrow for encumbered properties at December 31, 2016 and 2015, totaled $238,000 and $12,000, respectively. Property deposits at December 31, 2016 and 2015 were $2.4 million and $5.9 million, respectively. In 2016, a decision was made to not proceed with the acquisition of two properties on which the Company had previously made property deposits totaling $1.8 million. As a result, these property deposits were abandoned and are included in write-off of acquired property deposits on the accompanying consolidated statements of operations. No such expenses were incurred in 2015 or 2014.

The Company allocates a portion of the purchase price of acquisitions to in-place customer leases. The methodology used to determine the fair value of in-place customer leases is disclosed in Note 8. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period).

Investment in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures: The Company’s investment in unconsolidated joint ventures, where the Company has significant influence, but not control and joint ventures which are variable interest entities in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in unconsolidated joint ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of unconsolidated joint ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated joint ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “look through” approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture’s sale of assets), in which case it is reported as an investing activity.

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities: Accounts payable and accrued liabilities consists primarily of trade payables, accrued interest, and property tax accruals.

Income Taxes

Income Taxes: The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements.

The Company has elected to treat one of its subsidiaries as a taxable REIT subsidiary. In general, the Company’s taxable REIT subsidiary may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

For the years ended December 31, 2016, 2015 and 2014, the Company recorded federal and state income tax expense of $0.4 million, $1.3 million, and $0.9 million, respectively. The 2016 income tax expense includes current expense of $0.1 million and deferred tax expense of $0.3 million. At December 31, 2016 and 2015, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2016 and 2015, the Company had no interest or penalties related to uncertain tax provisions. Net income taxes payable and the net deferred tax liability of our taxable REIT subsidiary are classified within accounts payable and accrued liabilities and prepaid taxes are classified within prepaid expenses in the consolidated balance sheets. As of December 31, 2016, the Company’s taxable REIT subsidiary has prepaid taxes of $0.4 million, deferred tax assets of $1.5 million and a deferred tax liability of $2.2 million. As of December 31, 2015, the Company’s taxable REIT subsidiary had prepaid taxes of $0.2 million and a deferred tax liability of $1.2 million.

Derivative Financial Instruments

Derivative Financial Instruments: The Company accounts for derivatives in accordance with ASC Topic 815 “Derivatives and Hedging”, which requires companies to carry all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives using an income approach. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments is limited to cash flow hedges of certain interest rate risks.

Recent Accounting Pronouncements

Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the new guidance recognized at the date of initial application. We are currently evaluating the alternative methods of adoption and the effect of adopting ASU 2014-09 on our financial statements and related disclosures. We are also in the process of assessing which of our operating revenue streams will be impacted by the adoption of the new standard. Leases are specifically excluded from the scope of ASU 2014-09, therefore the Company does not anticipate that adoption of the new standard will have any impact on the timing or amounts of the Company’s rental revenue from customers which is a substantial portion of the Company’s total operating revenues. The Company intends to make a decision on which method of adoption will be elected by the end of the second quarter of 2017.

In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. The adoption of ASU 2014-12 by the Company did not have a material impact on its consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 310-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which is effective for annual periods ending after December 15, 2016 and annual and interim periods thereafter. This ASU requires management to make an assessment for each annual and interim reporting period as to whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If management identifies conditions or events that raise substantial doubt about about the Company’s ability to continue as a going concern, certain additional considerations and disclosures are required to be made. The adoption of ASU 2014-15 by the Company did not have a material impact on its consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This ASU is effective for annual reporting periods beginning after December 15, 2015 including interim periods within that reporting period. ASU 2015-02 amends the current consolidation model specifically as it relates to variable interest entities (“VIE’s”) and provides reporting entities with a revised consolidation analysis procedure. The adoption of ASU 2015-02 by the Company did not have a material impact on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which amends the requirements for the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years, with retrospective application required. Consistent with the guidance in ASU No. 2015-03 there are $3.4 million of debt issuance costs that have been presented as a reduction of term notes in our accompanying consolidated balance sheets at December 31, 2015 that were previously classified in other assets prior to the adoption of ASU No. 2015-03. The implementation of this accounting standards update had no effect on our results of operations or cash flows.

In August 2015, the FASB issued Accounting Standards Update 2015-15, “Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”). ASU 2015-15 codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as assets. ASU No. 2015-15 is effective for fiscal years, beginning after December 15, 2015 and interim periods within those fiscal years. The implementation of this update did not result in any changes to our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-16 by the Company did not have a material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This guidance revises existing practice related to accounting for leases under Accounting Standards Codification Topic 840 Leases (ASC 840) for both lessees and lessors. The new guidance in ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). While the new standard maintains similar accounting for lessors as under ASC 840, the new standard reflects updates to, among other things, align with certain changes to the lessee model. ASU 2016-02 is effective for fiscal years and interim periods, within those years, beginning after December 15, 2018. Early adoption is permitted for all entities. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments”. ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by removing the requirement to assess whether a contingent event is related to interest rates or credit risks. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-06 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, “Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”. ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an adjustment must be made to the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The new standard will be effective for us on January 1, 2017. The Company has determined that the adoption of ASU 2016-07 will not have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company has determined that the adoption of ASU 2016-09 will not have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a Consensus of the Emerging Issues Task Force)” in an effort to reduce existing diversity in practice related to the classification of certain cash receipts and cash payments on the statements of cash flows. The guidance addresses the classification of cash flows related to, among other things, distributions received from equity method investees. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company has not yet completed its assessment of the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a Consensus of the Emerging Issues Task Force)” which requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. Other than modifications to the statement of cash flows, the adoption of ASU 2016-18 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” which is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. The amendments in this update are effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption of this update is permitted. The adoption of ASU 2017-01 is expected to have potential impact on the accounting treatment of properties acquired subsequent to the adoption date. Property acquisitions treated as business combinations under current guidance may no longer be treated as business combinations subsequent to the adoption of ASU 2017-01. We are in the process of evaluating whether the properties we acquire will meet the definition of a “business” under ASU 2017-01. To the extent they do not meet such definition, future acquisitions of properties may be accounted for as asset acquisitions resulting in the capitalization of acquisition costs incurred in connection with these transactions and the allocation of the purchase price and related acquisition costs to the assets acquired based on their relative fair values.

Stock-Based Compensation

Stock-Based Compensation: The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation”. The Company recognizes compensation cost in its financial statements for all share based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

The Company recorded compensation expense (included in general and administrative expense) of $89,000, $210,000, and $223,000, respectively, related to stock options and $7.2 million, $6.3 million, and $4.6 million, respectively, related to amortization of non-vested stock grants for the years ended December 31, 2016, 2015 and 2014. The Company uses the Black-Scholes Merton option pricing model to estimate the fair value of stock options granted subsequent to the adoption of ASC Topic 718. The application of this pricing model involves assumptions that are judgmental and sensitive in the determination of compensation expense. The weighted-average fair value of options granted during the years ended December 31, 2015 and 2014, were $9.90 and $10.04, respectively. There were no options granted during the year ended December 31, 2016.

To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the expected life of the options granted. Expected dividends are based on the Company’s history and expectation of dividend payouts. The expected life of stock options is based on the midpoint between the vesting date and the end of the contractual term.

During 2016, 2015 and 2014, the Company issued performance based non-vested stock awards to certain executives. The fair value for the performance based awards in 2016, 2015 and 2014 was estimated at the time the awards were granted using a Monte Carlo pricing model applying the following assumptions:

	2016			2015			2014
Expected life (years)		3.0			3.0			3.0
Risk free interest rate		1.53	%		1.33	%		1.18	%
Expected volatility		19.37	%		18.88	%		18.42	%
Fair value	$	80.24		$	101.43		$	46.95

The Monte Carlo pricing model was not used to value any other 2016, 2015 and 2014 non-vested shares granted as no market conditions were present in these awards. The value of these other non-vested shares was equal to the stock price on the date of grant.

Reclassification

Reclassification: As noted below, certain amounts in the 2014 financial statements have been reclassified to conform with the 2015 and 2016 presentation.

Internet advertising expense, which had been included in the general and administrative expense line in financial statements filed in 2014 and prior years, has been reclassified to property operations and maintenance expense to conform with the current presentation which we implemented in the first quarter of 2015. The Company believes the classification of internet advertising expenses as property operations and maintenance expense is more consistent with industry trends. The amount of internet advertising expense that was reclassified for the year ended December 31, 2014 was $5.6 million.

Use of Estimates

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements and Disclosures

The assets and liabilities of the other 119 storage facilities acquired in 2016, which primarily consist of tangible and intangible assets, are measured at fair value on the date of acquisition in accordance with the principles of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and were accounted for as business combinations in accordance with the principles of FASB ASC Topic 805 “Business Combinations.”

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Reconciliation of Noncontrolling Interests

The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units:

(Dollars in thousands)	2016			2015
Beginning balance noncontrolling redeemable Operating Partnership Units	$	18,171		$	13,622
Redemption of Operating Partnership Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Operating Partnership Units		9,516			2,148
Net income attributable to noncontrolling interests in Operating Partnership		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance noncontrolling redeemable Operating Partnership Units	$	18,091		$	18,171

Life Storage LP [Member]

Summary of Reconciliation of Noncontrolling Interests

The following is a reconciliation of the Operating Partnership’s limited partners’ redeemable capital interest:

(Dollars in thousands)	2016			2015
Beginning balance Limited Partners’ Redeemable Capital Interest	$	18,171		$	13,622
Redemption of Limited Partners’ Redeemable Capital Interest Units		(4,795	)		(1,005	)
Redemption value in excess of carrying value		—			80
Issuance of Limited Partners’ Redeemable Capital Interest Units		9,516			2,148
Net income attributable to Limited Partners’ Redeemable Capital Interest		398			553
Distributions		(742	)		(555	)
Adjustment to redemption value		(4,457	)		3,328
Ending balance Limited Partners’ Redeemable Capital Interest	$	18,091		$	18,171

Performance Based Nonvested [Member]

Schedule of Weighted Average Fair Value of Options Granted

stock awards to certain executives. The fair value for the performance based awards in 2016, 2015 and 2014 was estimated at the time the awards were granted using a Monte Carlo pricing model applying the following assumptions:

	2016			2015			2014
Expected life (years)		3.0			3.0			3.0
Risk free interest rate		1.53	%		1.33	%		1.18	%
Expected volatility		19.37	%		18.88	%		18.42	%
Fair value	$	80.24		$	101.43		$	46.95

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Earnings Per Share and Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share/Unit

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per share data)	2016		2015		2014
Numerator:
Net income attributable to common shareholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per share - weighted average shares		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion		43,407		35,601		33,191
Basic Earnings per common share attributable to common shareholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common share attributable to common shareholders	$	1.96	$	3.16	$	2.67

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

	Year Ended December 31,
(Amounts in thousands, except per unit data)	2016		2015		2014
Numerator:
Net income attributable to common unitholders	$	85,225	$	112,524	$	88,531
Denominator:
Denominator for basic earnings per unit - weighted average units		43,184		35,379		33,019
Effect of Dilutive Securities:
Stock options and non-vested stock		223		222		172
Denominator for diluted earnings per share - adjusted weighted average units and assumed conversion		43,407		35,601		33,191
Basic Earnings per common unit attributable to common unitholders	$	1.97	$	3.18	$	2.68
Diluted Earnings per common unit attributable to common unitholders	$	1.96	$	3.16	$	2.67

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Investment in Storage Facilities (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Summary of Activity in Storage Facilities

The following summarizes activity in storage facilities during the years ended December 31, 2016 and December 31, 2015.

(Dollars in thousands)	2016			2015
Cost:
Beginning balance	$	2,491,702		$	2,177,983
Acquisition of storage facilities		1,714,029			278,572
Improvements and equipment additions		65,860			39,807
Net increase in construction in progress		7,525			2,239
Dispositions		(35,808	)		(6,899	)
Ending balance	$	4,243,308		$	2,491,702
Accumulated Depreciation:
Beginning balance	$	465,195		$	411,701
Additions during the year		87,219			55,101
Dispositions		(16,710	)		(1,607	)
Ending balance	$	535,704		$	465,195

Schedule of Acquired Facilities and Purchase Price of Facilities

The purchase price of the 122 facilities acquired in 2016 and the 27 facilities acquired in 2015 has been assigned as follows (as of December 31, 2016 the purchase price assignments relating to the facilities acquired during the second half of 2016 are preliminary):

(dollars in thousands)							Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Mortgage Assumed		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Trade Name		Closing Costs Expensed
2016
FL		4		1/6/2016	$	20,350	$	20,246	$	—	$	—	$	104		$	6,646	$	13,339	$	365	$	—	$	437
CA		4		1/21/2016		80,603		80,415		—		—		188			28,420		51,145		1,038		—		397
NH		5		1/21/2016		55,435		55,151		—		—		284			13,281		41,237		917		—		657
MA		1		1/21/2016		11,387		11,362		—		—		25			4,880		6,341		166		—		81
TX		3		1/21/2016		38,975		38,819		—		—		156			19,796		18,598		581		—		299
AZ		1		2/1/2016		9,275		9,261		—		—		14			988		8,224		63		—		136
FL		1		2/12/2016		11,274		11,270		—		—		4			2,294		8,980		—		—		—
PA		1		2/17/2016		5,750		5,732		—		—		18			1,768		3,879		103		—		164
CO		1		2/29/2016		12,600		12,549		—		—		51			4,528		7,915		157		—		188
CA		3		3/16/2016		68,832		63,965		4,472		—		395			22,647		45,371		814		—		313
CA		1		3/17/2016		17,320		17,278		—		—		42			6,728		10,339		253		—		132
CA		1		4/11/2016		36,750		33,346		3,294		—		110			17,445		18,840		465		—		141
CT		2		4/14/2016		17,313		17,152		—		—		161			6,142		10,904		267		—		204
NY		2		4/26/2016		24,312		20,143		—		4,249		(80	)		5,710		18,201		401		—		372
FL		1		5/2/2016		8,100		4,006		—		4,036		58			3,018		4,922		160		—		161
TX		1		5/5/2016		10,800		10,708		—		—		92			2,333		8,302		165		—		133
NY		2		5/19/2016		8,400		8,366		—		—		34			714		7,521		165		—		213
CA, CO, FL, IL, MS, NV, TX, UT, WI		83		7/15/2016		1,299,740		1,335,274		—		—		(35,534	)		150,660		1,085,750		46,830		16,500		25,398
SC		1		7/29/2016		8,620		8,617		—		—		3			920		7,700		—		—		—
CO		1		8/4/2016		8,900		8,831		—		—		69			5,062		3,679		159		—		119
FL		1		9/27/2016		10,500		10,407		—		—		93			2,809		7,523		168		—		244
IL		1		11/17/2016		8,884		7,125		1,750		—		9			371		8,513		—		—		—
FL		1		12/20/2016		9,800		6,900		—		2,966		(66	)		3,268		6,378		154		—		98
Total acquired 2016		122			$	1,783,920	$	1,796,923	$	9,516	$	11,251	$	(33,770	)	$	310,428	$	1,403,601	$	53,391	$	16,500	$	29,887

(dollars in thousands)							Consideration paid							Acquisition Date Fair Value
State	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Closing Costs Expensed
2015
CT		2		2/2/2015	$	61,116	$	62,377	$	—	$	(1,261	)	$	19,389	$	41,727	$	—	$	—
NY		2		2/2/2015		57,900		59,103		—		(1,203	)		10,084		47,816		—		—
IL		1		2/5/2015		6,800		6,652		—		148			2,579		4,066		155		146
IL		1		3/9/2015		8,690		6,466		2,148		76			1,719		6,971		—		—
FL		1		4/1/2015		6,290		6,236		—		54			1,793		4,382		115		359
TX		1		4/16/2015		8,800		8,713		—		87			3,864		4,777		159		140
FL		1		4/21/2015		8,750		8,687		—		63			2,118		6,501		131		122
FL		4		5/1/2015		32,465		32,279		—		186			12,184		19,672		609		516
AZ		1		6/16/2015		7,904		7,904		—		—			852		7,052		—		—
MA		1		6/19/2015		10,291		10,286		—		5			2,110		8,181		—		—
NY		4		8/25/2015		17,900		17,690		—		210			4,685		12,826		389		409
NC		1		9/1/2015		3,775		3,762		—		13			718		2,977		80		80
SC		6		9/1/2015		44,000		43,564		—		436			17,461		25,644		895		684
PA		1		12/30/2015		6,550		6,541		—		9			1,926		4,498		126		190
Total acquired 2015		27			$	281,231	$	280,260	$	2,148	$	(1,177	)	$	81,482	$	197,090	$	2,659	$	2,646

Schedule of Fair Value of In-Place Customer Lease Intangible Assets

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(dollars in thousands)	2016			2015
In-place customer leases	$	75,611		$	22,320
Accumulated amortization		(50,782	)		(21,017	)
Net carrying value at December 31,	$	24,829		$	1,303

Pro Forma Information Based on Combined Historical Financial Statements on Properties Acquired

The following unaudited pro forma information is based on the combined historical financial statements of the Company and the 119 properties acquired during 2016, and accounted for as business acquisitions, as if the acquisitions had occurred as of January 1, 2015:

(dollars in thousands)	2016		2015
Total revenues	$	513,565	$	465,614
Net income attributable to common shareholders	$	154,522	$	54,144
Earnings per common share
Basic	$	3.34	$	1.17
Diluted	$	3.33	$	1.17

Summary of Revenues and Earnings Related to Properties Included in Company's Consolidated Statement of Operations

The following table summarizes the revenues and earnings since the acquisition dates that are included in the Company’s 2016 consolidated statement of operations related to the 119 properties acquired and accounted for as business combinations during 2016.

(dollars in thousands)
Total revenues	$	68,526
Net loss attributable to common shareholders	$	(52,814	)

Summary of Revenues and Expenses Related to Sale of Properties Included in Company's Consolidated Statements of Operations

The following table summarizes the revenues and expenses up to the dates of sale of the 13 properties sold in 2016, 2015 and 2014 that are included in the Company’s consolidated statements of operations for 2016, 2015 and 2014.

(dollars in thousands)	2016			2015			2014
Total revenues	$	2,324		$	4,801		$	5,782
Property operations and maintenance expense		(614	)		(1,401	)		(1,477	)
Real estate tax expense		(98	)		(295	)		(424	)
Depreciation and amortization expense		(359	)		(780	)		(820	)
Gain (loss) on sale of storage facilities		15,270			(494	)		5,176
	$	16,523		$	1,831		$	8,237

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Unsecured Line of Credit and Term Notes (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Borrowings Outstanding on Unsecured Line of Credit and Term Notes

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	Dec. 31, 2016			Dec. 31, 2015
Revolving line of credit borrowings	$	253,000		$	79,000
Term note due April 26, 2016		—			150,000
Term note due June 4, 2020		325,000			325,000
Term note due August 5, 2021		100,000			100,000
Term note due April 8, 2024		175,000			175,000
Senior term note due July 1, 2026		600,000			—
Term note due July 21, 2028		200,000			—
Total term note principal balance outstanding	$	1,400,000		$	750,000
Less: unamortized debt issuance costs		(9,323	)		(3,350	)
Less: unamortized senior term note discount		(3,152	)		—
Term notes payable	$	1,387,525		$	746,650

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Mortgages Payable and Debt Maturities (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of Mortgage Payable

Mortgages payable at December 31, 2016 and 2015 consist of the following:

(dollars in thousands)	December 31, 2016		December 31, 2015
4.98% mortgage note due January 1, 2021 secured by one self-storage facility with an aggregate net book value of $9.8 million, principal and interest paid monthly (effective interest rate 4.98%)	$	2,966	$	—
4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.6 million, principal and interest paid monthly (effective interest rate 4.23%)		4,207		—
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.1 million, principal and interest paid monthly (effective interest rate 5.48%)		4,002		—
5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $4.2 million, principal and interest paid monthly (effective interest rate 6.21%)		1,852		1,993
Total mortgages payable	$	13,027	$	1,993

Summary of Debt Obligation and Interest Rate Derivatives

Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2017		2018		2019		2020		2021		Thereafter		Total		Fair Value
Line of credit—variable rate LIBOR + 1.10% (1.79% at December 31, 2016)		—		—	$	253,000		—		—		—	$	253,000	$	253,000
Notes Payable:
Term note—variable rate LIBOR+1.15% (1.92% at December 31, 2016)		—		—		—	$	325,000		—		—	$	325,000	$	325,000
Term note—fixed rate 5.54%		—		—		—		—	$	100,000		—	$	100,000	$	109,379
Term note—fixed rate 4.533%		—		—		—		—		—	$	175,000	$	175,000	$	181,567
Term note—fixed rate 3.50%		—		—		—		—		—	$	600,000	$	600,000	$	574,126
Term note—fixed rate 3.67%		—		—		—		—		—	$	200,000	$	200,000	$	188,284
Mortgage note—fixed rate 4.98%	$	51	$	53	$	56	$	58	$	2,748		—	$	2,966	$	2,966
Mortgage note—fixed rate 4.065%	$	88	$	92	$	96	$	99	$	104	$	3,728	$	4,207	$	4,210
Mortgage note—fixed rate 5.26%	$	63	$	67	$	71	$	74	$	78	$	3,649	$	4,002	$	4,281
Mortgage note—fixed rate 5.99%	$	151	$	160	$	170	$	181	$	192	$	998	$	1,852	$	1,997
Interest rate derivatives – liability		—		—		—		—		—		—		—	$	13,015

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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreements

The Company has interest rate swap agreements in effect at December 31, 2016 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt.

Notional Amount	Effective Date		Expiration Date		Fixed Rate Paid			Floating Rate Received
$125 Million		9/1/2011		8/1/18		2.3700	%		1 month LIBOR
$100 Million		12/30/11		12/29/17		1.6125	%		1 month LIBOR
$100 Million		9/4/13		9/4/18		1.3710	%		1 month LIBOR
$100 Million		12/29/17		11/29/19		3.9680	%		1 month LIBOR
$125 Million		8/1/18		6/1/20		4.1930	%		1 month LIBOR

Summary of Changes in AOCL

The changes in AOCL for the years ended December 31, 2016, 2015 and 2014 are summarized as follows:

(dollars in thousands)	Jan. 1, 2016 to Dec. 31, 2016			Jan. 1, 2015 to Dec. 31, 2015			Jan. 1, 2014 to Dec. 31, 2014
Accumulated other comprehensive loss beginning of period	$	(14,415	)	$	(13,005	)	$	(6,402	)
Realized loss reclassified from accumulated other comprehensive loss to interest expense		5,044			5,229			5,506
Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps		(12,104	)		(6,639	)		(12,109	)
Loss included in other comprehensive loss		(7,060	)		(1,410	)		(6,603	)
Accumulated other comprehensive loss end of period	$	(21,475	)	$	(14,415	)	$	(13,005	)

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016 and December 31, 2015 (dollars in thousands):

	Asset (Liability)			Level 1		Level 2			Level 3
December 31, 2016
Interest rate swaps	$	(13,015	)		—	$	(13,015	)		—
December 31, 2015
Interest rate swaps		550			—		550			—
Interest rate swaps		(15,343	)		—		(15,343	)		—

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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the years ended December 31 follows:

	2016				2015					2014
	Options		Weighted average exercise price		Options			Weighted average exercise price		Options			Weighted average exercise price
Outstanding at beginning of year:		95,706	$	52.08		115,606		$	48.54		130,568		$	44.82
Granted		—		—		11,000			91.58		14,000			76.01
Exercised		—		—		(30,900	)		52.87		(27,462	)		45.34
Adjusted / (forfeited)		—		—		—			—		(1,500	)		40.07
Outstanding at end of year		95,706	$	52.08		95,706		$	52.08		115,606		$	48.54
Exercisable at end of year		92,706	$	51.31		63,815		$	48.73		67,316		$	49.18

Stock Options Outstanding

A summary of the Company’s stock options outstanding at December 31, 2016 follows:

	Outstanding				Exercisable
Exercise Price Range	Options		Weighted average exercise price		Options		Weighted average exercise price
$30.00 – 39.99		1,100	$	35.73		1,100	$	35.73
$40.00 – 69.99		77,106	$	44.67		77,106	$	44.67
$70.00 – 91.58		17,500	$	85.78		14,500	$	87.82
Total		95,706	$	52.08		92,706	$	51.31
Intrinsic value of outstanding stock options at December 31, 2016							$	3,244,663
Intrinsic value of exercisable stock options at December 31, 2016							$	3,216,643

Status of Unvested Shares of Stock Issued to Employees and Directors

A summary of the status of unvested shares of stock issued to employees and directors as of and during the years ended December 31 follows:

	2016					2015					2014
	Non-vested Shares			Weighted average grant date fair value		Non-vested Shares			Weighted average grant date fair value		Non- vested Shares			Weighted average grant date fair value
Unvested at beginning of year:		305,520		$	59.09		310,463		$	51.93		293,196		$	49.20
Granted		23,405			89.30		64,665			94.74		92,665			60.87
Vested		(70,762	)		69.82		(69,187	)		60.28		(72,876	)		53.11
Forfeited		—			—		(421	)		76.07		(2,522	)		28.66
Unvested at end of year		258,163		$	58.89		305,520		$	59.09		310,463		$	51.93

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Investment in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Summary of Combined Unconsolidated Joint Ventures' Financial Statements

A summary of the combined unconsolidated joint ventures’ financial statements as of and for the year ended December 31, 2016 is as follows:

(dollars in thousands)
Balance Sheet Data:
Investment in storage facilities, net	$	534,719
Investment in office building		5,008
Other assets		17,440
Total Assets	$	557,167
Due to the Company	$	1,223
Mortgages payable		220,456
Other liabilities		7,394
Total Liabilities		229,073
Unaffiliated partners’ equity		262,944
Company equity		65,150
Total Partners’ Equity		328,094
Total Liabilities and Partners’ Equity	$	557,167
Income Statement Data:
Total revenues	$	74,034
Property operating expenses		(23,879	)
Administrative, management and call center fees		(5,389	)
Depreciation and amortization of customer list		(13,946	)
Amortization of financing fees		(354	)
Income tax expense		(232	)
Interest expense		(10,258	)
Net income	$	19,976

Summary of Revenues, Expenses and Cash Flows Arising from Off-Balance Sheet Arrangements

A summary of our revenues, expenses and cash flows arising from the off-balance sheet arrangements with Sovran HHF, Sovran HHF II, Iskalo Office Holdings, LLC, Urban Box, McDonald, Merrick, and 191 III for the three years ended December 31, 2016 are as follows:

	Year ended December 31,
(dollars in thousands)	2016			2015			2014
Statement of Operations
Other operating income (management fees and acquisition fee income)	$	4,891		$	4,889		$	4,231
General and administrative expenses (corporate office rent)		1,214			1,053			1,023
Equity in income of joint ventures		3,665			3,405			2,086
Distributions from unconsolidated joint ventures		5,207			4,821			3,123
(Advances to) receipts from joint ventures		(294	)		(346	)		590
Investing activities
Investment in unconsolidated joint ventures		(6,438	)		(6,151	)		(28,650	)

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Supplementary Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following is a summary of quarterly results of Life Storage Inc. operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common shareholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per share attributable to common shareholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common shareholders		22,451		28,532		31,504			30,037
Net income per share attributable to common shareholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

The following is a summary of quarterly results of Life Storage LP operations for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data):

	2016 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	99,124	$	107,005	$	127,801		$	128,678
Net income (loss)		28,230		43,504		(4,969	)		18,191
Net income (loss) attributable to common unitholders		28,339		43,456		(4,738	)		18,168
Net income (loss) per unit attributable to common unitholders
Basic	$	0.74	$	1.04	$	(0.10	)	$	0.39
Diluted	$	0.73	$	1.03	$	(0.10	)	$	0.39
	2015 Quarter Ended
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Operating revenue	$	85,408	$	90,726	$	95,428		$	95,040
Net income		22,557		28,676		31,661			30,183
Net income attributable to common unitholders		22,451		28,532		31,504			30,037
Net income per unit attributable to common unitholders
Basic	$	0.65	$	0.81	$	0.88		$	0.83
Diluted	$	0.65	$	0.80	$	0.88		$	0.83

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments

Future minimum lease payments on a building lease and the lease of the Company’s headquarters are as follows (dollars in thousands):

Year ending December 31:
2017	$	2,432
2018		2,332
2019		2,227
2020		2,278
2021		2,288
Thereafter		13,431
Total	$	24,988

Summary of Self Storage Facilities Acquisitions

The following is a summary of the properties under contract at December 31, 2016 (dollars in thousands).

State	No. of Properties		Contract Amount		Acquisition Date
Illinois*		1	$	9,800		Feb. 2017
North Carolina*		1		12,425
Texas*		3		44,800
		5	$	67,025

* Properties purchased or expected to be purchased upon completion of construction.

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Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 States Property
Organization [Line Items]
Number of self-storage properties owned and managed	659
Number of states in which self-storage properties owned and managed | States	29
Number of properties managed with no ownership	26
Sovran HHF Storage Holdings LLC [Member]
Organization [Line Items]
Number of properties owned and managed under twenty-percent stake joint venture	39
Percentage ownership in unconsolidated joint venture	20.00%
Sovran HHF Storage Holdings II LLC [Member]
Organization [Line Items]
Percentage ownership in unconsolidated joint venture	15.00%
Number of properties owned and managed under fifteen-percent stake joint venture	30
Geographic Concentration Risk [Member] | Texas and Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	38.00%

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Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) Facility Property shares	Dec. 31, 2015 USD ($) Facility $ / shares shares	Dec. 31, 2014 USD ($) Facility $ / shares
Schedule Of Significant Accounting Policies [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership	99.50%
Units of redeemable noncontrolling interest in operating partnership | shares	217,481	168,866
Noncontrolling limited partnership unit redemption value	One common share or cash
Number of units issued for acquisition | shares	90,477	23,382
Fair value of units, issued for acquisition	$ 9,516,000	$ 2,148,000
Number of storage facilities acquired | Facility	122	27	33
Number of partnership Units redeemed | shares	41,862
Allowance for doubtful accounts	$ 1,000,000	$ 400,000
Advertising costs	9,500,000	7,300,000	$ 6,200,000
Acquisition related costs	29,542,000	2,991,000	7,359,000
Depreciation expenses	87,200,000	55,100,000	47,700,000
Capitalized interest	100,000	100,000	100,000
Impairment charges	0
Property deposits	2,400,000	5,900,000
Cash held in escrow for encumbered properties	238,000	12,000
Write-off of acquired property deposits	$ 1,783,000	0	0
Number of acquisitions cancelled | Property	2
Federal and state income tax expense	$ 400,000	1,300,000	900,000
Federal and state income tax expense, current	100,000
Federal and state income tax expense, deferred	300,000
Unrecognized tax benefits	0	0
Interest or penalties related to uncertain tax provisions	0	0
Prepaid taxes	400,000	200,000
Deferred tax liability	2,200,000	1,200,000
Deferred tax assets	1,500,000
Debt issuance cost	9,323,000	3,350,000
Stock option expense	89,000	210,000	223,000
Amortization of non-vested stock grants	$ 7,200,000	$ 6,300,000	$ 4,600,000
Weighted-average fair value of options granted | $ / shares		$ 9.90	$ 10.04
Options granted during period | shares	0
Internet advertising expense reclassified to property operations and maintenance expense	$ 103,388,000	$ 81,915,000	$ 75,333,000
Restatement Adjustment [Member]
Schedule Of Significant Accounting Policies [Line Items]
Internet advertising expense reclassified to property operations and maintenance expense			$ 5,600,000
Self-Storage Facility [Member]
Schedule Of Significant Accounting Policies [Line Items]
Number of storage facilities acquired | Facility		1
Building and Improvements [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives, (in years)	40 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives, (in years)	5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives, (in years)	20 years

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Summary of Significant Accounting Policies - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Noncontrolling interest, beginning balance	$ 18,171	$ 13,622
Redemption of Operating Partnership Units	(4,795)	(1,005)
Redemption of Limited Partners' Redeemable Capital Interest Units		(1,005)	$ (6,028)
Redemption value in excess of carrying value		80
Issuance of Operating Partnership Units/Limited Partners' Redeemable Capital Interest Units	9,516	2,148
Net income attributable to noncontrolling interest in Operating Partnership/Limited Partners' Redeemable Capital Interest	398	553	526
Distributions	(742)	(555)
Adjustment to redemption value	(4,457)	3,328	3,738
Noncontrolling interest, ending balance	18,091	18,171	13,622
Life Storage LP [Member]
Class of Stock [Line Items]
Noncontrolling interest, beginning balance	18,171	13,622
Redemption of Limited Partners' Redeemable Capital Interest Units	(4,795)	(1,005)	(6,028)
Redemption value in excess of carrying value		80
Issuance of Operating Partnership Units/Limited Partners' Redeemable Capital Interest Units	9,516	2,148
Net income attributable to noncontrolling interest in Operating Partnership/Limited Partners' Redeemable Capital Interest	398	553	526
Distributions	(742)	(555)
Adjustment to redemption value	(4,457)	3,328	3,738
Noncontrolling interest, ending balance	$ 18,091	$ 18,171	$ 13,622

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Summary of Significant Accounting Policies - Schedule of Weighted Average Fair Value of Options Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items]
Weighted Average Fair value		$ 9.90	$ 10.04
Performance Based Nonvested [Member]
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items]
Expected life (years)	3 years	3 years	3 years
Risk free interest rate	1.53%	1.33%	1.18%
Expected volatility	19.37%	18.88%	18.42%
Weighted Average Fair value	$ 80.24	$ 101.43	$ 46.95

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Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to common shareholders/unitholders	$ 18,168	$ (4,738)	$ 43,456	$ 28,339	$ 30,037	$ 31,504	$ 28,532	$ 22,451	$ 85,225	$ 112,524	$ 88,531
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units									43,184	35,379	33,019
Effect of Dilutive Securities:
Stock options and non-vested stock									223	222	172
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion									43,407	35,601	33,191
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.39	$ (0.10)	$ 1.04	$ 0.74	$ 0.83	$ 0.88	$ 0.81	$ 0.65	$ 1.97	$ 3.18	$ 2.68
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.39	$ (0.10)	$ 1.03	$ 0.73	$ 0.83	$ 0.88	$ 0.80	$ 0.65	$ 1.96	$ 3.16	$ 2.67
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 18,168	$ (4,738)	$ 43,456	$ 28,339	$ 30,037	$ 31,504	$ 28,532	$ 22,451	$ 85,225	$ 112,524	$ 88,531
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units									43,184	35,379	33,019
Effect of Dilutive Securities:
Stock options and non-vested stock									223	222	172
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion									43,407	35,601	33,191
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.39	$ (0.10)	$ 1.04	$ 0.74	$ 0.83	$ 0.88	$ 0.81	$ 0.65	$ 1.97	$ 3.18	$ 2.68
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.39	$ (0.10)	$ 1.03	$ 0.73	$ 0.83	$ 0.88	$ 0.80	$ 0.65	$ 1.96	$ 3.16	$ 2.67

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Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	107,283	152,835	151,474
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities		5,500	5,000

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Investment in Storage Facilities - Summary of Activity in Storage Facilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cost:
Beginning balance	$ 2,491,702	$ 2,177,983
Acquisition of storage facilities	1,714,029	278,572
Improvements and equipment additions	65,860	39,807
Net increase in construction in progress	7,525	2,239
Dispositions	(35,808)	(6,899)	$ (8,442)
Ending balance	4,243,308	2,491,702	2,177,983
Accumulated Depreciation:
Beginning balance	465,195	411,701
Additions during the year	87,219	55,101
Dispositions	(16,710)	(1,607)
Ending balance	$ 535,704	$ 465,195	$ 411,701

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Investment in Storage Facilities - Additional Information (Detail)		12 Months Ended
	Jul. 15, 2016 USD ($) Facility	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) Facility Property Store $ / shares	Dec. 31, 2015 USD ($) Facility Property Store	Dec. 31, 2014 USD ($) Facility Property	Feb. 02, 2015 Facility
Investment Holdings [Line Items]
Payment for self-storage facilities under contract			$ 67,025,000
Number of storage facilities acquired | Facility			122	27	33
Stores acquired at certificate of occupancy | Store			3	3
Cash paid for properties acquired			$ 1,796,900,000	$ 280,300,000
Cash acquired during purchase			40,900,000
Deposits paid at the time of contract				5,300,000	$ 250,000
Acquisition costs			29,542,000	2,991,000	7,359,000
Issuance of Operating Partnership Units			9,500,000	2,100,000
Fair value of three mortgages			11,300,000
Net other liabilities assumed			$ 7,200,000	1,300,000
Settlement of a straight-line rent liability				2,500,000
Amortization period for in-place customer leases on a straight-line basis			12 months
Amortization expense related to in-place customer leases			$ 29,900,000	3,400,000	4,100,000
Amortization expense expected for 2017			24,800,000
Reductions to interest expense			7,329,000
Reductions to acquisition costs			29,500,000
Write-off of property deposits			1,783,000	0	0
Net proceeds from the sale of storage facilities			34,074,000	4,646,000	11,191,000
(Loss) gain on sale of storage facilities			15,270,000	$ (494,000)	$ 5,176,000
Increase in depreciation expense			$ 8,200,000
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares			$ 0.19
Scenario, Forecast [Member]
Investment Holdings [Line Items]
Increase in depreciation expense		$ 1,000,000
Bridge Financing [Member]
Investment Holdings [Line Items]
Reductions to interest expense			$ 7,300,000
LifeStorage, LP [Member]
Investment Holdings [Line Items]
Number of self-storage facilities under contract to be purchased | Facility	83
Payment for self-storage facilities under contract	$ 1,300,000,000
Discharge of indebtedness	482,000,000
Line of credit	482,000,000
Prepayment penalties and defeasance costs	$ 15,500,000
Number of storage facilities acquired | Store			8	17
Amortization expense related to in-place customer leases				$ 53,400,000
2016 Acquisitions [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Facility			119
Acquisition costs				$ 345,000
Connecticut and New York [Member]
Investment Holdings [Line Items]
Number of facilities acquired and leased since November 1, 2013 | Facility						4
Property Dispositions [Member]
Investment Holdings [Line Items]
Number of properties sold | Property			8	3	2
Carrying value of properties sold			$ 18,800,000	$ 5,100,000	$ 5,800,000
Net proceeds from the sale of storage facilities			34,100,000	4,600,000	11,000,000
(Loss) gain on sale of storage facilities			$ 15,300,000	$ (500,000)	$ 5,200,000

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Investment in Storage Facilities - Schedule of Acquired Facilities and Purchase Price of Facilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) Facility Property	Dec. 31, 2015 USD ($) Facility Property	Dec. 31, 2014 USD ($) Facility
Investment Holdings [Line Items]
Number of Properties | Facility	122	27	33
Cash Paid	$ 1,796,900	$ 280,300
Closing Costs Expensed	$ 29,542	$ 2,991	$ 7,359
Acquisitions 2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	122
Purchase Price	$ 1,783,920
Cash Paid	1,796,923
Consideration paid Value of Operating Partnership Units Issued	9,516
Mortgage Assumed	11,251
Net Other Liabilities Assumed (Assets Acquired)	(33,770)
Land	310,428
Acquisition Date Building, Equipment, and Improvements	1,403,601
Fair Value In-Place Customer Leases	53,391
Trade Name	16,500
Closing Costs Expensed	$ 29,887
Acquisitions 2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		27
Purchase Price		$ 281,231
Cash Paid		280,260
Consideration paid Value of Operating Partnership Units Issued		2,148
Net Other Liabilities Assumed (Assets Acquired)		(1,177)
Land		81,482
Acquisition Date Building, Equipment, and Improvements		197,090
Fair Value In-Place Customer Leases		2,659
Closing Costs Expensed		$ 2,646
Connecticut [Member] | Date Of Acquisition, 4/14/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Apr. 14, 2016
Purchase Price	$ 17,313
Cash Paid	17,152
Net Other Liabilities Assumed (Assets Acquired)	161
Land	6,142
Acquisition Date Building, Equipment, and Improvements	10,904
Fair Value In-Place Customer Leases	267
Closing Costs Expensed	$ 204
Connecticut [Member] | Date of Acquisition, 2/2/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		2
Date of Acquisition		Feb. 02, 2015
Purchase Price		$ 61,116
Cash Paid		62,377
Net Other Liabilities Assumed (Assets Acquired)		(1,261)
Land		19,389
Acquisition Date Building, Equipment, and Improvements		$ 41,727
New York [Member] | Date Of Acquisition, 4/26/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Apr. 26, 2016
Purchase Price	$ 24,312
Cash Paid	20,143
Mortgage Assumed	4,249
Net Other Liabilities Assumed (Assets Acquired)	(80)
Land	5,710
Acquisition Date Building, Equipment, and Improvements	18,201
Fair Value In-Place Customer Leases	401
Closing Costs Expensed	$ 372
New York [Member] | Date Of Acquisition, 5/19/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	May 19, 2016
Purchase Price	$ 8,400
Cash Paid	8,366
Net Other Liabilities Assumed (Assets Acquired)	34
Land	714
Acquisition Date Building, Equipment, and Improvements	7,521
Fair Value In-Place Customer Leases	165
Closing Costs Expensed	$ 213
New York [Member] | Date of Acquisition, 2/2/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		2
Date of Acquisition		Feb. 02, 2015
Purchase Price		$ 57,900
Cash Paid		59,103
Net Other Liabilities Assumed (Assets Acquired)		(1,203)
Land		10,084
Acquisition Date Building, Equipment, and Improvements		$ 47,816
New York [Member] | Date of Acquisition, 8/25/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		4
Date of Acquisition		Aug. 25, 2015
Purchase Price		$ 17,900
Cash Paid		17,690
Net Other Liabilities Assumed (Assets Acquired)		210
Land		4,685
Acquisition Date Building, Equipment, and Improvements		12,826
Fair Value In-Place Customer Leases		389
Closing Costs Expensed		$ 409
Illinois [Member] | Date Of Acquisition, 11/17/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Nov. 17, 2016
Purchase Price	$ 8,884
Cash Paid	7,125
Consideration paid Value of Operating Partnership Units Issued	1,750
Net Other Liabilities Assumed (Assets Acquired)	9
Land	371
Acquisition Date Building, Equipment, and Improvements	$ 8,513
Illinois [Member] | Date of Acquisition, 2/5/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Feb. 05, 2015
Purchase Price		$ 6,800
Cash Paid		6,652
Net Other Liabilities Assumed (Assets Acquired)		148
Land		2,579
Acquisition Date Building, Equipment, and Improvements		4,066
Fair Value In-Place Customer Leases		155
Closing Costs Expensed		$ 146
Illinois [Member] | Date of Acquisition, 3/9/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Mar. 09, 2015
Purchase Price		$ 8,690
Cash Paid		6,466
Consideration paid Value of Operating Partnership Units Issued		2,148
Net Other Liabilities Assumed (Assets Acquired)		76
Land		1,719
Acquisition Date Building, Equipment, and Improvements		$ 6,971
Florida [Member] | Date Of Acquisition, 1/6/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	4
Date of Acquisition	Jan. 06, 2016
Purchase Price	$ 20,350
Cash Paid	20,246
Net Other Liabilities Assumed (Assets Acquired)	104
Land	6,646
Acquisition Date Building, Equipment, and Improvements	13,339
Fair Value In-Place Customer Leases	365
Closing Costs Expensed	$ 437
Florida [Member] | Date Of Acquisition, 2/12/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Feb. 12, 2016
Purchase Price	$ 11,274
Cash Paid	11,270
Net Other Liabilities Assumed (Assets Acquired)	4
Land	2,294
Acquisition Date Building, Equipment, and Improvements	$ 8,980
Florida [Member] | Date Of Acquisition, 5/2/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 02, 2016
Purchase Price	$ 8,100
Cash Paid	4,006
Mortgage Assumed	4,036
Net Other Liabilities Assumed (Assets Acquired)	58
Land	3,018
Acquisition Date Building, Equipment, and Improvements	4,922
Fair Value In-Place Customer Leases	160
Closing Costs Expensed	$ 161
Florida [Member] | Date Of Acquisition, 9/27/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Sep. 27, 2016
Purchase Price	$ 10,500
Cash Paid	10,407
Net Other Liabilities Assumed (Assets Acquired)	93
Land	2,809
Acquisition Date Building, Equipment, and Improvements	7,523
Fair Value In-Place Customer Leases	168
Closing Costs Expensed	$ 244
Florida [Member] | Date Of Acquisition, 12/20/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Dec. 20, 2016
Purchase Price	$ 9,800
Cash Paid	6,900
Mortgage Assumed	2,966
Net Other Liabilities Assumed (Assets Acquired)	(66)
Land	3,268
Acquisition Date Building, Equipment, and Improvements	6,378
Fair Value In-Place Customer Leases	154
Closing Costs Expensed	$ 98
Florida [Member] | Date of Acquisition, 4/1/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Apr. 01, 2015
Purchase Price		$ 6,290
Cash Paid		6,236
Net Other Liabilities Assumed (Assets Acquired)		54
Land		1,793
Acquisition Date Building, Equipment, and Improvements		4,382
Fair Value In-Place Customer Leases		115
Closing Costs Expensed		$ 359
Florida [Member] | Date of Acquisition, 4/21/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Apr. 21, 2015
Purchase Price		$ 8,750
Cash Paid		8,687
Net Other Liabilities Assumed (Assets Acquired)		63
Land		2,118
Acquisition Date Building, Equipment, and Improvements		6,501
Fair Value In-Place Customer Leases		131
Closing Costs Expensed		$ 122
Florida [Member] | Date of Acquisition, 5/1/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		4
Date of Acquisition		May 01, 2015
Purchase Price		$ 32,465
Cash Paid		32,279
Net Other Liabilities Assumed (Assets Acquired)		186
Land		12,184
Acquisition Date Building, Equipment, and Improvements		19,672
Fair Value In-Place Customer Leases		609
Closing Costs Expensed		$ 516
Texas [Member] | Date Of Acquisition, 1/21/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Jan. 21, 2016
Purchase Price	$ 38,975
Cash Paid	38,819
Net Other Liabilities Assumed (Assets Acquired)	156
Land	19,796
Acquisition Date Building, Equipment, and Improvements	18,598
Fair Value In-Place Customer Leases	581
Closing Costs Expensed	$ 299
Texas [Member] | Date Of Acquisition, 5/5/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 05, 2016
Purchase Price	$ 10,800
Cash Paid	10,708
Net Other Liabilities Assumed (Assets Acquired)	92
Land	2,333
Acquisition Date Building, Equipment, and Improvements	8,302
Fair Value In-Place Customer Leases	165
Closing Costs Expensed	$ 133
Texas [Member] | Date of Acquisition, 4/16/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Apr. 16, 2015
Purchase Price		$ 8,800
Cash Paid		8,713
Net Other Liabilities Assumed (Assets Acquired)		87
Land		3,864
Acquisition Date Building, Equipment, and Improvements		4,777
Fair Value In-Place Customer Leases		159
Closing Costs Expensed		$ 140
Arizona [Member] | Date Of Acquisition, 2/1/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Feb. 01, 2016
Purchase Price	$ 9,275
Cash Paid	9,261
Net Other Liabilities Assumed (Assets Acquired)	14
Land	988
Acquisition Date Building, Equipment, and Improvements	8,224
Fair Value In-Place Customer Leases	63
Closing Costs Expensed	$ 136
Arizona [Member] | Date of Acquisition, 6/16/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Jun. 16, 2015
Purchase Price		$ 7,904
Cash Paid		7,904
Land		852
Acquisition Date Building, Equipment, and Improvements		$ 7,052
Massachusetts [Member] | Date Of Acquisition, 1/21/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 21, 2016
Purchase Price	$ 11,387
Cash Paid	11,362
Net Other Liabilities Assumed (Assets Acquired)	25
Land	4,880
Acquisition Date Building, Equipment, and Improvements	6,341
Fair Value In-Place Customer Leases	166
Closing Costs Expensed	$ 81
Massachusetts [Member] | Date of Acquisition, 6/19/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Jun. 19, 2015
Purchase Price		$ 10,291
Cash Paid		10,286
Net Other Liabilities Assumed (Assets Acquired)		5
Land		2,110
Acquisition Date Building, Equipment, and Improvements		$ 8,181
North Carolina [Member] | Date of Acquisition, 9/1/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Sep. 01, 2015
Purchase Price		$ 3,775
Cash Paid		3,762
Net Other Liabilities Assumed (Assets Acquired)		13
Land		718
Acquisition Date Building, Equipment, and Improvements		2,977
Fair Value In-Place Customer Leases		80
Closing Costs Expensed		$ 80
South Carolina [Member] | Date Of Acquisition, 7/29/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jul. 29, 2016
Purchase Price	$ 8,620
Cash Paid	8,617
Net Other Liabilities Assumed (Assets Acquired)	3
Land	920
Acquisition Date Building, Equipment, and Improvements	$ 7,700
South Carolina [Member] | Date of Acquisition, 9/1/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		6
Date of Acquisition		Sep. 01, 2015
Purchase Price		$ 44,000
Cash Paid		43,564
Net Other Liabilities Assumed (Assets Acquired)		436
Land		17,461
Acquisition Date Building, Equipment, and Improvements		25,644
Fair Value In-Place Customer Leases		895
Closing Costs Expensed		$ 684
Pennsylvania [Member] | Date Of Acquisition, 2/17/2016[Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Feb. 17, 2016
Purchase Price	$ 5,750
Cash Paid	5,732
Net Other Liabilities Assumed (Assets Acquired)	18
Land	1,768
Acquisition Date Building, Equipment, and Improvements	3,879
Fair Value In-Place Customer Leases	103
Closing Costs Expensed	$ 164
Pennsylvania [Member] | Date Of Acquisition, 12/30/2015 [Member]
Investment Holdings [Line Items]
Number of Properties | Property		1
Date of Acquisition		Dec. 30, 2015
Purchase Price		$ 6,550
Cash Paid		6,541
Net Other Liabilities Assumed (Assets Acquired)		9
Land		1,926
Acquisition Date Building, Equipment, and Improvements		4,498
Fair Value In-Place Customer Leases		126
Closing Costs Expensed		$ 190
CA [Member] | Date Of Acquisition, 1/21/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	4
Date of Acquisition	Jan. 21, 2016
Purchase Price	$ 80,603
Cash Paid	80,415
Net Other Liabilities Assumed (Assets Acquired)	188
Land	28,420
Acquisition Date Building, Equipment, and Improvements	51,145
Fair Value In-Place Customer Leases	1,038
Closing Costs Expensed	$ 397
CA [Member] | Date Of Acquisition, 3/16/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Mar. 16, 2016
Purchase Price	$ 68,832
Cash Paid	63,965
Consideration paid Value of Operating Partnership Units Issued	4,472
Net Other Liabilities Assumed (Assets Acquired)	395
Land	22,647
Acquisition Date Building, Equipment, and Improvements	45,371
Fair Value In-Place Customer Leases	814
Closing Costs Expensed	$ 313
CA [Member] | Date Of Acquisition, 3/17/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 17, 2016
Purchase Price	$ 17,320
Cash Paid	17,278
Net Other Liabilities Assumed (Assets Acquired)	42
Land	6,728
Acquisition Date Building, Equipment, and Improvements	10,339
Fair Value In-Place Customer Leases	253
Closing Costs Expensed	$ 132
CA [Member] | Date Of Acquisition, 4/11/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 11, 2016
Purchase Price	$ 36,750
Cash Paid	33,346
Consideration paid Value of Operating Partnership Units Issued	3,294
Net Other Liabilities Assumed (Assets Acquired)	110
Land	17,445
Acquisition Date Building, Equipment, and Improvements	18,840
Fair Value In-Place Customer Leases	465
Closing Costs Expensed	$ 141
NH [Member] | Date Of Acquisition, 1/21/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	5
Date of Acquisition	Jan. 21, 2016
Purchase Price	$ 55,435
Cash Paid	55,151
Net Other Liabilities Assumed (Assets Acquired)	284
Land	13,281
Acquisition Date Building, Equipment, and Improvements	41,237
Fair Value In-Place Customer Leases	917
Closing Costs Expensed	$ 657
CO [Member] | Date Of Acquisition, 2/29/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Feb. 29, 2016
Purchase Price	$ 12,600
Cash Paid	12,549
Net Other Liabilities Assumed (Assets Acquired)	51
Land	4,528
Acquisition Date Building, Equipment, and Improvements	7,915
Fair Value In-Place Customer Leases	157
Closing Costs Expensed	$ 188
CO [Member] | Date Of Acquisition, 8/4/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 04, 2016
Purchase Price	$ 8,900
Cash Paid	8,831
Net Other Liabilities Assumed (Assets Acquired)	69
Land	5,062
Acquisition Date Building, Equipment, and Improvements	3,679
Fair Value In-Place Customer Leases	159
Closing Costs Expensed	$ 119
Other States [Member] | Date Of Acquisition, 7/15/2016 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	83
Date of Acquisition	Jul. 15, 2016
Purchase Price	$ 1,299,740
Cash Paid	1,335,274
Net Other Liabilities Assumed (Assets Acquired)	(35,534)
Land	150,660
Acquisition Date Building, Equipment, and Improvements	1,085,750
Fair Value In-Place Customer Leases	46,830
Trade Name	16,500
Closing Costs Expensed	$ 25,398

XML

Investment in Storage Facilities - Schedule of Fair Value of In-Place Customer Lease Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
In-place customer leases	$ 75,611	$ 22,320
Accumulated amortization	(50,782)	(21,017)
Net carrying value at the end of period	$ 24,829	$ 1,303

XML

Investment in Storage Facilities - Pro Forma Information Based on Combined Historical Financial Statements on Properties Acquired (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investments Schedule [Abstract]
Total revenues	$ 513,565	$ 465,614
Net income attributable to common shareholders	$ 154,522	$ 54,144
Basic	$ 3.34	$ 1.17
Diluted	$ 3.33	$ 1.17

XML

Investment in Storage Facilities - Summary of Revenues and Earnings Related to Properties Included in Company's Consolidated Statement of Operations (Detail) - Acquisitions 2016 [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Total revenues	$ 68,526
Net loss attributable to common shareholders	$ (52,814)

XML

Investment in Storage Facilities - Summary of Revenues and Expenses Related to Sale of Properties Included in Company's Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 128,678	$ 127,801	$ 107,005	$ 99,124	$ 95,040	$ 95,428	$ 90,726	$ 85,408	$ 462,608	$ 366,602	$ 326,080
Property operations and maintenance expense									(103,388)	(81,915)	(75,333)
Real estate tax expense									(47,876)	(36,563)	(32,097)
Depreciation and amortization expense									(117,081)	(58,506)	(51,749)
Gain (loss) on sale of storage facilities									15,270	(494)	5,176
Properties Sold In Two Thousand And Fifteen Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues									2,324	4,801	5,782
Property operations and maintenance expense									(614)	(1,401)	(1,477)
Real estate tax expense									(98)	(295)	(424)
Depreciation and amortization expense									(359)	(780)	(820)
Gain (loss) on sale of storage facilities									15,270	(494)	5,176
Total income from discontinued operations									$ 16,523	$ 1,831	$ 8,237

XML

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Unsecured Line Of Credit And Term Notes [Line Items]
Revolving line of credit borrowings	$ 253,000	$ 79,000
Total term notes payable - gross	1,400,000	750,000
Less: unamortized debt issuance costs	(9,323)	(3,350)
Less: unamortized senior term note discount	(3,152)
Term notes, net of debt issuance costs	1,387,525	746,650
Term Note Due April 26, 2016 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross		150,000
Term Note Due June 4, 2020 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	325,000	325,000
Term Note Due August 5, 2021 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	100,000	100,000
Term Note Due April 8, 2024 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	175,000	$ 175,000
Senior Term Note Due July 1, 2026 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	600,000
Term Note Due July 21, 2028 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	$ 200,000

XML

Unsecured Line of Credit and Term Notes - Additional Information (Detail)						12 Months Ended
	Jul. 21, 2016 USD ($)	Jun. 20, 2016 USD ($)	May 17, 2016 USD ($) Bridge_Loan	Apr. 26, 2016 USD ($)	Apr. 08, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2011 USD ($)	Jan. 31, 2016 USD ($)
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note						$ 1,400,000,000	$ 750,000,000
Interest expense - bridge financing commitment fee						7,329,000
Interest coverage ratio on debt		150.00%
Unamortized senior term note discount						3,152,000
Underwriting discount and other offering expenses						15,273,000		$ 3,001,000
Unsecured term note						150,000,000
Amortization expense related to deferred debt issuance costs						9,688,000	$ 1,184,000	942,000
Bridge Facilities [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Number of bridge facilities | Bridge_Loan			2
Senior unsecured acquisition bridge facilities, amount			$ 1,675,000,000
Interest expense - bridge financing commitment fee						7,300,000
Bridge loan, termination date			Jun. 29, 2016
Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Leverage ratio percentage		60.00%
Indenture covenant percentage on unencumbered assets		150.00%
Secured Debt [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Leverage ratio percentage		40.00%
Revolving Credit Facility [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Revolving credit limit						$ 500,000,000				$ 300,000,000
Maturity on December 10, 2019 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Basis spread over LIBOR						1.10%
Facility fee						0.15%
Interest rate, line of credit facility						1.79%	1.72%
Amount available on unsecured line of credit						$ 247,000,000
Line of credit facility, expiration date						Dec. 10, 2019
Maturity on June 4, 2020 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Basis spread over LIBOR						1.15%
Unsecured term note						$ 325,000,000
Maturity in April 8, 2024 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date						Apr. 08, 2024
Additional secured term note					$ 175,000,000
Term note stated interest rate						4.533%
Repayment of Lines of Credit					$ 115,000,000
Maturity in April 8, 2024 [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Term note stated interest rate						6.283%
Maturity in August 2021 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date						Aug. 05, 2021
Additional secured term note									$ 100,000,000
Term note stated interest rate									5.54%
Maturity in August 2021 [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Term note stated interest rate									7.29%
Maturity in April 2016 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date						Apr. 26, 2016
Term note stated interest rate						6.38%
Unsecured term note				$ 150,000,000
Senior Term Note Due July 1, 2026 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note						$ 600,000,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Debt instrument principal amount		$ 600,000,000
Debt instrument percentage		3.50%
Debt instrument percentage discount to par		0.553%
Unamortized senior term note discount		$ 3,300,000
Underwriting discount and other offering expenses		5,500,000
Proceeds from senior notes, net		$ 591,200,000
Term Note Due July 21, 2028 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note						200,000,000
Line of credit facility, expiration date	Jul. 21, 2028
Additional secured term note	$ 200,000,000
Term note stated interest rate	3.67%
Senior Notes and Term Notes [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Amortization expense related to deferred debt issuance costs						$ 1,700,000	$ 1,200,000	$ 900,000

XML

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages payable	$ 13,027	$ 1,993
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,966
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	4,207
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	4,002
5.99% Mortgage Notes Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,852	$ 1,993

XML

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) Facility
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
Mortgage note due date	Jan. 01, 2021
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 9.8
Effective interest rate	4.98%
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.6
Effective interest rate	4.23%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 8.1
Effective interest rate	5.48%
5.99% Mortgage Notes Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 01, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 4.2
Effective interest rate	6.21%

XML

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Line of credit	$ 253,000	$ 79,000
Term notes, net of debt issuance costs	1,400,000	750,000
Mortgage note, total	13,027	1,993
Interest rate derivatives - liability	13,015	$ 15,343
Line of credit - variable rate LIBOR + 1.10% (0% at December 31, 2016) [Member]
Debt Instrument [Line Items]
Payable due 2019	253,000
Line of credit	253,000
Debt instrument, fair value	253,000
Term note - variable rate LIBOR+1.15% (0% at December 31, 2016) [Member]
Debt Instrument [Line Items]
Payable due 2020	325,000
Term notes, net of debt issuance costs	325,000
Term note, fair value	325,000
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Payable due 2021	100,000
Term notes, net of debt issuance costs	100,000
Term note, fair value	109,379
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	175,000
Term notes, net of debt issuance costs	175,000
Term note, fair value	181,567
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Term notes, net of debt issuance costs	600,000
Term note, fair value	574,126
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Term notes, net of debt issuance costs	200,000
Term note, fair value	188,284
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2017	51
Payables due 2018	53
Payable due 2019	56
Payable due 2020	58
Payable due 2021	2,748
Mortgage note, total	2,966
Debt instrument, fair value	2,966
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2017	88
Payables due 2018	92
Payable due 2019	96
Payable due 2020	99
Payable due 2021	104
Payables due Thereafter	3,728
Mortgage note, total	4,207
Debt instrument, fair value	4,210
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2017	63
Payables due 2018	67
Payable due 2019	71
Payable due 2020	74
Payable due 2021	78
Payables due Thereafter	3,649
Mortgage note, total	4,002
Debt instrument, fair value	4,281
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2017	151
Payables due 2018	160
Payable due 2019	170
Payable due 2020	181
Payable due 2021	192
Payables due Thereafter	998
Mortgage note, total	1,852
Debt instrument, fair value	$ 1,997

XML

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016
Line of credit - variable rate LIBOR + 1.10% (0% at December 31, 2016) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.79%
Basis spread over LIBOR	1.10%
Term note - variable rate LIBOR+1.15% (0% at December 31, 2016) [Member]
Debt Instrument [Line Items]
Interest rate	1.92%
Basis spread over LIBOR	1.15%
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Interest rate	5.54%
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Interest rate	4.533%
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

XML

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Derivative [Line Items]
Cash flow hedge ineffectiveness	Ineffectiveness was de minimis in 2016, 2015, and 2014.
Derivative notional amount		$ 50,000,000		$ 100,000,000
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ (5,044,000)	(5,229,000)	$ (5,506,000)
Estimated payments to be made under interest rate swaps	4,000,000
Fair value of interest rate swap agreements, liability	13,015,000	15,343,000
Fair value of interest rate swap agreements, asset		550,000
Net termination cost	13,000,000
Senior Term Note Due July 1, 2026 [Member]
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9,200,000
Amortized period on interest expense	10 years
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 500,000
Interest Expense [Member]
Derivative [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense	4,600,000	$ 5,200,000	$ 5,500,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of variable rate debt swapped	325,000,000
Derivative notional amount	$ 125,000,000

XML

Derivative Financial Instruments - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional Amount		$ 100,000,000	$ 50,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 125,000,000
Effective Date	Sep. 01, 2011
Expiration Date	Aug. 01, 2018
Fixed Rate Paid	2.37%
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap One [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Dec. 30, 2011
Expiration Date	Dec. 29, 2017
Fixed Rate Paid	1.6125%
Interest Rate Swap One [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Two [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Sep. 04, 2013
Expiration Date	Sep. 04, 2018
Fixed Rate Paid	1.371%
Interest Rate Swap Two [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Three [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Dec. 29, 2017
Expiration Date	Nov. 29, 2019
Fixed Rate Paid	3.968%
Interest Rate Swap Three [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Four [Member]
Derivative [Line Items]
Notional Amount	$ 125,000,000
Effective Date	Aug. 01, 2018
Expiration Date	Jun. 01, 2020
Fixed Rate Paid	4.193%
Interest Rate Swap Four [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR

XML

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss beginning of period	$ (14,415)	$ (13,005)	$ (6,402)
Realized loss reclassified from accumulated other comprehensive loss to interest expense	5,044	5,229	5,506
Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps	(12,104)	(6,639)	(12,109)
Loss included in other comprehensive loss	(7,060)	(1,410)	(6,603)
Accumulated other comprehensive loss end of period	$ (21,475)	$ (14,415)	$ (13,005)

XML

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Asset		$ 550
Interest rate swaps, Liability	$ (13,015)	(15,343)
Interest Rate Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Asset		550
Interest rate swaps, Liability	(13,015)	(15,343)
Interest Rate Swap [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Asset		550
Interest rate swaps, Liability	$ (13,015)	$ (15,343)

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Fair Value Measurements - Additional Information (Detail) - Facility	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Number of storage facilities acquired	122	27	33
Storage Facilities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Number of storage facilities acquired	122

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Stock Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the Plan		561,000
Stock option plan, share based compensation, vesting period (in years)	1 year
Share-based compensation exercise period		10 years
Shares outstanding under the Plans	95,706	95,706	115,606	130,568
Number of shares for initial granting of options	3,500
Number of shares for annual granting of options	2,000
Percentage of annual fees in the form of non-vested shares	80.00%
Common stock authorized for issuance	150,000
Shares outstanding under the Plans, non-vested shares	258,163	305,520	310,463	293,196
Intrinsic value of stock options exercised	$ 0	$ 1,400,000	$ 900,000
Proceeds from stock options exercised	$ 0	$ 1,600,000	$ 1,200,000
Fair market value of the non-vested stock on the date of grant	$ 89.30	$ 94.74	$ 60.87
Compensation expense-vested portion of non-vested stock grants	$ 7,200,000	$ 6,300,000	$ 4,600,000
Shares granted under performance plan	23,405	64,665	92,665
Equity Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of all options (in years)	2 years 10 months 24 days
Weighted average remaining contractual life of all exercisable options (in years)	2 years 9 months 18 days
Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued	1,864
Deferred compensation expense	$ 100,000	$ 100,000	$ 100,000
Deferred Compensation Plan For Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding under Deferred Compensation Plan	20,513
Employees And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued	23,405
Non-vested stock, aggregate fair value	$ 2,100,000
Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding under the Plans, non-vested shares	16,984
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant for future issuance	435,570
Shares outstanding under the Plans	77,206
Common stock authorized for issuance	71,016
Common shares options outstanding	18,500
Total unrecognized compensation	$ 9,600,000
Cost recognition, weighted-average period	3 years 4 months 24 days
Non-vested stock, aggregate fair value	$ 4,900,000	$ 4,200,000	$ 3,900,000
Stock Options [Member] | Equity Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation	$ 22,000
Cost recognition, weighted-average period	1 year 6 months
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation	$ 3,900,000
Cost recognition, weighted-average period	1 year 7 months 6 days
Shares granted under performance plan	0	0	60,654
Compensation expense-Performance awards	$ 2,600,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)		4 years
Fair market value of the non-vested stock on the date of grant	$ 82.52
Minimum [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)		8 years
Fair market value of the non-vested stock on the date of grant	$ 117.27
Maximum [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	9 years
Maximum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under performance plan	37,082	42,538

XML

Stock Based Compensation - Stock Option Activity and Related Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of year, Options	95,706	115,606	130,568
Granted, Options	0	11,000	14,000
Exercised, Options	0	(30,900)	(27,462)
Adjusted / (forfeited), Options	0		(1,500)
Outstanding at end of year, Options	95,706	95,706	115,606
Exercisable at end of year, Options	92,706	63,815	67,316
Outstanding at beginning of year, Weighted average exercise price	$ 52.08	$ 48.54	$ 44.82
Granted, Weighted average exercise price		91.58	76.01
Exercised, Weighted average exercise price		52.87	45.34
Adjusted / (forfeited), Weighted average exercise price			40.07
Outstanding at end of year, Weighted average exercise price	52.08	52.08	48.54
Exercisable at end of year, Weighted average exercise price	$ 51.31	$ 48.73	$ 49.18

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Stock Based Compensation - Stock Options Outstanding (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, Options | shares	95,706
Outstanding, Weighted average exercise price	$ 52.08
Exercisable, Options | shares	92,706
Exercisable, Weighted average exercise price	$ 51.31
Intrinsic value of outstanding stock options at December 31, 2016 | $	$ 3,244,663
Intrinsic value of exercisable stock options at December 31, 2016 | $	$ 3,216,643
$30.00 - 39.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, minimum	$ 30.00
Exercise Price Range, maximum	$ 39.99
Outstanding, Options | shares	1,100
Outstanding, Weighted average exercise price	$ 35.73
Exercisable, Options | shares	1,100
Exercisable, Weighted average exercise price	$ 35.73
$40.00 - 69.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, minimum	40.00
Exercise Price Range, maximum	$ 69.99
Outstanding, Options | shares	77,106
Outstanding, Weighted average exercise price	$ 44.67
Exercisable, Options | shares	77,106
Exercisable, Weighted average exercise price	$ 44.67
$70.00 - 91.58 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, minimum	70.00
Exercise Price Range, maximum	$ 91.58
Outstanding, Options | shares	17,500
Outstanding, Weighted average exercise price	$ 85.78
Exercisable, Options | shares	14,500
Exercisable, Weighted average exercise price	$ 87.82

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Stock Based Compensation - Status of Unvested Shares of Stock Issued to Employees and Directors (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unvested at beginning of year, Non-vested Shares	305,520	310,463	293,196
Granted, Non-vested Shares	23,405	64,665	92,665
Vested, Non-vested Shares	(70,762)	(69,187)	(72,876)
Forfeited, Non-vested Shares		(421)	(2,522)
Unvested at end of year, Non-vested Shares	258,163	305,520	310,463
Unvested at beginning of year, Weighted average grant date fair value	$ 59.09	$ 51.93	$ 49.20
Granted, Weighted average grant date fair value	89.30	94.74	60.87
Vested, Weighted average grant date fair value	69.82	60.28	53.11
Forfeited, Weighted average grant date fair value		76.07	28.66
Unvested at end of year, Weighted average grant date fair value	$ 58.89	$ 59.09	$ 51.93

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Retirement Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employer contribution, percentage	33.00%	25.00%	25.00%
Percentage of employee wage contributions matched by the employer	5.00%	4.00%	4.00%
Retirement Plan, Total expense	$ 505,000	$ 276,000	$ 192,000

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Investment in Joint Ventures - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) Property	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment at carrying value	$ 67,300,000	$ 62,520,000
Equity in income of joint ventures	$ 3,665,000	3,405,000	$ 2,086,000
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	20.00%
Investment at carrying value	$ 43,800,000	44,600,000
Number of properties owned and managed under twenty-percent stake joint venture | Property	39
Contribution of company to joint venture as share in capital		400,000	28,600,000
Excess of investment over net asset due to capitalization of acquisition related costs	$ 1,700,000
Other-than-temporary impairment recorded on investment	$ 0
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	15.00%
Investment at carrying value	$ 13,500,000	13,900,000
Contribution of company to joint venture as share in capital		1,700,000
Number of properties owned and managed under fifteen-percent stake joint venture | Property	30
Sovran HHF and Sovran HHF II [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	7.00%
Management and call center fee earned	$ 4,900,000	4,900,000	3,900,000
Acquisition fees received for securing purchases			400,000
Equity in income of joint ventures	$ 3,400,000	3,200,000	1,900,000
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	49.00%
Equity in income of joint ventures	$ 214,000	189,000	107,000
Investment liability at carrying value	(400,000)	(500,000)
Rent paid during the period	$ 1,200,000	1,100,000	$ 1,000,000
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	85.00%
Contribution of company to joint venture as share in capital		4,000,000
Management and call center fee as a percentage of revenues	6.00%
Management and call center fee earned	$ 0	$ 0
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	5.00%
Management and call center fee earned	$ 0
SNL Orix Merrick, LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	400,000
SNL Orix Merrick, LLC [Member] | Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	$ 2,100,000
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	5.00%
Management and call center fee earned	$ 0
SNL/Orix 1200 McDonald Ave., LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	400,000
SNL/Orix 1200 McDonald Ave., LLC [Member] | Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	$ 2,300,000
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	20.00%
Contribution of company to joint venture as share in capital	$ 700,000
Management and call center fee as a percentage of revenues	7.00%
Management and call center fee earned	$ 0

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Investment in Joint Ventures - Summary of Combined Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 3,707,604	$ 2,026,507
Other assets	29,554	9,060
Total Assets	3,857,984	2,118,822
Mortgages payable	13,027	1,993
Total Liabilities	1,751,399	898,336
Unaffiliated partners' equity	0	0
Company equity	2,088,494	1,202,315	$ 975,869	$ 870,709
Total Partners' Equity	2,088,494	1,202,315
Depreciation and amortization of customer list	(117,081)	(58,506)	(51,749)
Amortization of financing fees	(9,688)	(1,184)	(942)
Income tax expense	(400)	(1,300)	(900)
Interest expense	(47,175)	$ (37,124)	$ (34,578)
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	534,719
Investment in office building	5,008
Other assets	17,440
Total Assets	557,167
Due to the Company	1,223
Mortgages payable	220,456
Other liabilities	7,394
Total Liabilities	229,073
Unaffiliated partners' equity	262,944
Company equity	65,150
Total Partners' Equity	328,094
Total Liabilities and Partners' Equity	557,167
Total revenues	74,034
Property operating expenses	(23,879)
Administrative, management and call center fees	(5,389)
Depreciation and amortization of customer list	(13,946)
Amortization of financing fees	(354)
Income tax expense	(232)
Interest expense	(10,258)
Net income	$ 19,976

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Investment in Joint Ventures - Summary of Revenues, Expenses and Cash Flows Arising from Off-Balance Sheet Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Other operating income (management fees and acquisition fee income)	$ 34,487	$ 28,167	$ 24,036
General and administrative expenses (corporate office rent)	43,103	38,659	35,222
Equity in income of joint ventures	3,665	3,405	2,086
Distributions from unconsolidated joint ventures	5,207	4,821	3,123
(Advances to) receipts from joint ventures	(294)	(346)	590
Investment in unconsolidated joint ventures	(6,438)	(6,151)	(28,650)
Sovran HHF Sovran HHF II Iskalo Office Holdings LLC and Urban Box [Member]
Schedule of Equity Method Investments [Line Items]
Other operating income (management fees and acquisition fee income)	4,891	4,889	4,231
General and administrative expenses (corporate office rent)	1,214	1,053	1,023
Equity in income of joint ventures	3,665	3,405	2,086
Distributions from unconsolidated joint ventures	5,207	4,821	3,123
(Advances to) receipts from joint ventures	(294)	(346)	590
Investment in unconsolidated joint ventures	$ (6,438)	$ (6,151)	$ (28,650)

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Shareholders' Equity - Additional Information (Detail)				3 Months Ended	12 Months Ended
	May 25, 2016 USD ($) $ / shares shares	Jan. 20, 2016 USD ($) $ / shares shares	Mar. 03, 2015 USD ($) $ / shares shares	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) Facility shares	Dec. 31, 2015 USD ($) Facility $ / shares shares	Dec. 31, 2014 USD ($) Facility $ / shares shares	May 12, 2014 USD ($)
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program | shares	6,900,000	2,645,000	1,380,000
Common stock, price per share, public offering | $ / shares	$ 100.00	$ 105.75	$ 90.40
Proceeds from issuance of common stock	$ 665,400,000	$ 269,700,000	$ 119,500,000
Common stock value authorized under equity offering program								$ 225,000,000
Expenses related to equity program						$ 200,000	$ 200,000
Number of storage facilities acquired | Facility					122	27	33
Shares issued under dividend reinvestment plan | shares					133,666	151,246
Equity Program [Member]
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program | shares						949,911	924,403
Proceeds from issuance of common stock						$ 90,600,000	$ 72,800,000
Common stock, value reserved for future issuance					$ 59,300,000
Weighted average issue price of common stock | $ / shares						$ 96.80	$ 79.77
Number of storage facilities acquired | Facility						27
Equity Program [Member] | Jefferies, Piper and HSBC [Member]
Stockholders Equity [Line Items]
Offering related costs and commissions						$ 1,100,000
Equity Program [Member] | Piper, HSBC and BB&T [Member]
Stockholders Equity [Line Items]
Offering related costs and commissions							$ 900,000
Previous Equity Program [Member]
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program | shares				359,102
Proceeds from issuance of common stock				$ 26,400,000
Weighted average issue price of common stock | $ / shares				$ 74.32
Previous Equity Program [Member] | SunTrust [Member]
Stockholders Equity [Line Items]
Offering related costs and commissions				$ 300,000

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Supplementary Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information [Line Items]
Operating revenue	$ 128,678	$ 127,801	$ 107,005	$ 99,124	$ 95,040	$ 95,428	$ 90,726	$ 85,408	$ 462,608	$ 366,602	$ 326,080
Net income (loss)	18,191	(4,969)	43,504	28,230	30,183	31,661	28,676	22,557	84,956	113,077	89,057
Net income (loss) attributable to common shareholders	$ 18,168	$ (4,738)	$ 43,456	$ 28,339	$ 30,037	$ 31,504	$ 28,532	$ 22,451	$ 85,225	$ 112,524	$ 88,531
Basic	$ 0.39	$ (0.10)	$ 1.04	$ 0.74	$ 0.83	$ 0.88	$ 0.81	$ 0.65	$ 1.97	$ 3.18	$ 2.68
Diluted	$ 0.39	$ (0.10)	$ 1.03	$ 0.73	$ 0.83	$ 0.88	$ 0.80	$ 0.65	$ 1.96	$ 3.16	$ 2.67
Life Storage LP [Member]
Quarterly Financial Information [Line Items]
Operating revenue	$ 128,678	$ 127,801	$ 107,005	$ 99,124	$ 95,040	$ 95,428	$ 90,726	$ 85,408	$ 462,608	$ 366,602	$ 326,080
Net income (loss)	18,191	(4,969)	43,504	28,230	30,183	31,661	28,676	22,557	84,956	113,077	89,057
Net income (loss) attributable to common shareholders	$ 18,168	$ (4,738)	$ 43,456	$ 28,339	$ 30,037	$ 31,504	$ 28,532	$ 22,451	$ 85,225	$ 112,524	$ 88,531
Basic	$ 0.39	$ (0.10)	$ 1.04	$ 0.74	$ 0.83	$ 0.88	$ 0.81	$ 0.65	$ 1.97	$ 3.18	$ 2.68
Diluted	$ 0.39	$ (0.10)	$ 1.03	$ 0.73	$ 0.83	$ 0.88	$ 0.80	$ 0.65	$ 1.96	$ 3.16	$ 2.67

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Commitments and Contingencies - Future Minimum Lease Payments (Detail) $ in Thousands	Dec. 31, 2016 USD ($)
Leases, Operating [Abstract]
2017	$ 2,432
2018	2,332
2019	2,227
2020	2,278
2021	2,288
Thereafter	13,431
Total	$ 24,988

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Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2017 USD ($) Facility	Dec. 31, 2016 USD ($) Facility	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract		$ 67,025
Number of self-storage facilities under contract to be purchased | Facility		5
Payments to acquire real estate		$ 1,750,267	$ 280,010	$ 281,731
Expansion and enhancement contracts		11,600
Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Number of self-storage facilities under contract to be purchased | Facility	1
Payments to acquire real estate	$ 9,800
191 III Holdings LLC [Member]
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract		$ 109,500
Number of self-storage facilities under contract to be purchased | Facility		5
Payments to acquire real estate		$ 15,000
Number of self-storage facilities acquired under contract | Facility		4
Business Combination, Contingent Consideration, Liability, Current		$ 6,500
Business Combination, Contingent Consideration for the purchase of remaining facility		$ 32,300

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Commitments and Contingencies - Summary of Self Storage Facilities Acquisitions (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) Facility
Business Acquisition [Line Items]
No. of Properties | Facility	5
Contract Amount | $	$ 67,025
Illinois [Member]
Business Acquisition [Line Items]
No. of Properties | Facility	1
Contract Amount | $	$ 9,800
Acquisition Date	2017-02
North Carolina [Member]
Business Acquisition [Line Items]
No. of Properties | Facility	1
Contract Amount | $	$ 12,425
Texas [Member]
Business Acquisition [Line Items]
No. of Properties | Facility	3
Contract Amount | $	$ 44,800

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Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 26, 2017	Dec. 31, 2016	Jan. 04, 2017	Dec. 31, 2015
Subsequent Event [Line Items]
Dividend declared, date		Jan. 04, 2017
Dividend paid, date		Jan. 26, 2017
Dividend record, date		Jan. 17, 2017
Investment at carrying value		$ 67,300		$ 62,520
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend per common share			$ 0.95
Dividend paid	$ 44,100
Subsequent Event [Member] | Review Avenue Partners LLC [Member]
Subsequent Event [Line Items]
Percentage ownership in unconsolidated joint venture			40.00%
Investment at carrying value			$ 12,400

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Schedule III Combined Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 13,027
Initial Cost to Company, Land	772,601
Initial Cost to Company, Building, Equipment and Improvements	2,965,619
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	505,088
Gross Amount at Which Carried at Close of Period, Land	786,764
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,456,544
Gross Amount at Which Carried at Close of Period, Total	4,243,308	$ 2,491,702	$ 2,177,983	$ 1,864,637
Accumulated Depreciation	535,704	$ 465,195	$ 411,701	$ 366,472
Construction in Progress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	0
Initial Cost to Company, Building, Equipment and Improvements	0
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	14,524
Gross Amount at Which Carried at Close of Period, Land	0
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,524
Gross Amount at Which Carried at Close of Period, Total	14,524
Accumulated Depreciation	$ 0
Date of Construction	2015
Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 416
Initial Cost to Company, Building, Equipment and Improvements	1,516
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,350
Gross Amount at Which Carried at Close of Period, Land	416
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,866
Gross Amount at Which Carried at Close of Period, Total	4,282
Accumulated Depreciation	$ 1,585
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 397
Initial Cost to Company, Building, Equipment and Improvements	1,424
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,696
Gross Amount at Which Carried at Close of Period, Land	397
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,120
Gross Amount at Which Carried at Close of Period, Total	3,517
Accumulated Depreciation	$ 1,293
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 308
Initial Cost to Company, Building, Equipment and Improvements	1,102
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,508
Gross Amount at Which Carried at Close of Period, Land	747
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,171
Gross Amount at Which Carried at Close of Period, Total	4,918
Accumulated Depreciation	$ 1,256
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 239
Initial Cost to Company, Building, Equipment and Improvements	1,110
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,531
Gross Amount at Which Carried at Close of Period, Land	239
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,641
Gross Amount at Which Carried at Close of Period, Total	3,880
Accumulated Depreciation	$ 1,329
Date of Construction	1980
Date Acquired	Jun. 26, 1995
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 701
Initial Cost to Company, Building, Equipment and Improvements	1,659
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,808
Gross Amount at Which Carried at Close of Period, Land	1,036
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,132
Gross Amount at Which Carried at Close of Period, Total	6,168
Accumulated Depreciation	$ 1,403
Date of Construction	1987
Date Acquired	Jun. 26, 1995
Pt. St. Lucie [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 395
Initial Cost to Company, Building, Equipment and Improvements	1,501
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,063
Gross Amount at Which Carried at Close of Period, Land	779
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,180
Gross Amount at Which Carried at Close of Period, Total	2,959
Accumulated Depreciation	$ 1,211
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Orlando - Deltona [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 483
Initial Cost to Company, Building, Equipment and Improvements	1,752
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,287
Gross Amount at Which Carried at Close of Period, Land	483
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,039
Gross Amount at Which Carried at Close of Period, Total	4,522
Accumulated Depreciation	$ 1,799
Date of Construction	1984
Date Acquired	Jun. 26, 1995
NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 224
Initial Cost to Company, Building, Equipment and Improvements	808
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,080
Gross Amount at Which Carried at Close of Period, Land	224
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,888
Gross Amount at Which Carried at Close of Period, Total	2,112
Accumulated Depreciation	$ 940
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 423
Initial Cost to Company, Building, Equipment and Improvements	1,531
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,477
Gross Amount at Which Carried at Close of Period, Land	497
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,934
Gross Amount at Which Carried at Close of Period, Total	5,431
Accumulated Depreciation	$ 1,946
Date of Construction	1981
Date Acquired	Jun. 26, 1995
Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 395
Initial Cost to Company, Building, Equipment and Improvements	1,404
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	661
Gross Amount at Which Carried at Close of Period, Land	395
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,065
Gross Amount at Which Carried at Close of Period, Total	2,460
Accumulated Depreciation	$ 1,120
Date of Construction	1981
Date Acquired	Jun. 26, 1995
Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 152
Initial Cost to Company, Building, Equipment and Improvements	728
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,898
Gross Amount at Which Carried at Close of Period, Land	687
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,091
Gross Amount at Which Carried at Close of Period, Total	4,778
Accumulated Depreciation	$ 1,119
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 268
Initial Cost to Company, Building, Equipment and Improvements	1,248
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	777
Gross Amount at Which Carried at Close of Period, Land	268
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,025
Gross Amount at Which Carried at Close of Period, Total	2,293
Accumulated Depreciation	$ 1,020
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 363
Initial Cost to Company, Building, Equipment and Improvements	1,679
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	854
Gross Amount at Which Carried at Close of Period, Land	363
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,533
Gross Amount at Which Carried at Close of Period, Total	2,896
Accumulated Depreciation	$ 1,282
Date of Construction	1980
Date Acquired	Jun. 26, 1995
Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 230
Initial Cost to Company, Building, Equipment and Improvements	847
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,323
Gross Amount at Which Carried at Close of Period, Land	234
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,166
Gross Amount at Which Carried at Close of Period, Total	3,400
Accumulated Depreciation	$ 862
Date of Construction	1980
Date Acquired	Jun. 26, 1995
Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 680
Initial Cost to Company, Building, Equipment and Improvements	1,616
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	874
Gross Amount at Which Carried at Close of Period, Land	680
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,490
Gross Amount at Which Carried at Close of Period, Total	3,170
Accumulated Depreciation	$ 1,199
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 463
Initial Cost to Company, Building, Equipment and Improvements	1,684
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,937
Gross Amount at Which Carried at Close of Period, Land	1,445
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,639
Gross Amount at Which Carried at Close of Period, Total	7,084
Accumulated Depreciation	$ 2,298
Date of Construction	1981
Date Acquired	Jun. 26, 1995
Greensboro [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 444
Initial Cost to Company, Building, Equipment and Improvements	1,613
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,209
Gross Amount at Which Carried at Close of Period, Land	444
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,822
Gross Amount at Which Carried at Close of Period, Total	5,266
Accumulated Depreciation	$ 1,719
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 649
Initial Cost to Company, Building, Equipment and Improvements	2,329
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,446
Gross Amount at Which Carried at Close of Period, Land	649
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,775
Gross Amount at Which Carried at Close of Period, Total	4,424
Accumulated Depreciation	$ 1,806
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Hartford-New Haven [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 387
Initial Cost to Company, Building, Equipment and Improvements	1,402
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,971
Gross Amount at Which Carried at Close of Period, Land	387
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,373
Gross Amount at Which Carried at Close of Period, Total	5,760
Accumulated Depreciation	$ 1,452
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 844
Initial Cost to Company, Building, Equipment and Improvements	2,021
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	972
Gross Amount at Which Carried at Close of Period, Land	844
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,993
Gross Amount at Which Carried at Close of Period, Total	3,837
Accumulated Depreciation	$ 1,515
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 302
Initial Cost to Company, Building, Equipment and Improvements	1,103
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	684
Gross Amount at Which Carried at Close of Period, Land	303
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,786
Gross Amount at Which Carried at Close of Period, Total	2,089
Accumulated Depreciation	$ 899
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 315
Initial Cost to Company, Building, Equipment and Improvements	745
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,039
Gross Amount at Which Carried at Close of Period, Land	517
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,582
Gross Amount at Which Carried at Close of Period, Total	5,099
Accumulated Depreciation	$ 1,307
Date of Construction	1984
Date Acquired	Jun. 26, 1995
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 321
Initial Cost to Company, Building, Equipment and Improvements	1,150
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	861
Gross Amount at Which Carried at Close of Period, Land	321
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,011
Gross Amount at Which Carried at Close of Period, Total	2,332
Accumulated Depreciation	$ 1,029
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 361
Initial Cost to Company, Building, Equipment and Improvements	1,331
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	924
Gross Amount at Which Carried at Close of Period, Land	374
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,242
Gross Amount at Which Carried at Close of Period, Total	2,616
Accumulated Depreciation	$ 1,168
Date of Construction	1987
Date Acquired	Jun. 26, 1995
Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 189
Initial Cost to Company, Building, Equipment and Improvements	719
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,192
Gross Amount at Which Carried at Close of Period, Land	189
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,911
Gross Amount at Which Carried at Close of Period, Total	2,100
Accumulated Depreciation	$ 975
Date of Construction	1989
Date Acquired	Jun. 26, 1995
Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 488
Initial Cost to Company, Building, Equipment and Improvements	1,188
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,097
Gross Amount at Which Carried at Close of Period, Land	488
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,285
Gross Amount at Which Carried at Close of Period, Total	3,773
Accumulated Depreciation	$ 1,169
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 430
Initial Cost to Company, Building, Equipment and Improvements	1,579
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,323
Gross Amount at Which Carried at Close of Period, Land	602
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,730
Gross Amount at Which Carried at Close of Period, Total	4,332
Accumulated Depreciation	$ 1,511
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 513
Initial Cost to Company, Building, Equipment and Improvements	1,930
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	813
Gross Amount at Which Carried at Close of Period, Land	513
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,743
Gross Amount at Which Carried at Close of Period, Total	3,256
Accumulated Depreciation	$ 1,483
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Sharon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 194
Initial Cost to Company, Building, Equipment and Improvements	912
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	572
Gross Amount at Which Carried at Close of Period, Land	194
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,484
Gross Amount at Which Carried at Close of Period, Total	1,678
Accumulated Depreciation	$ 776
Date of Construction	1975
Date Acquired	Jun. 26, 1995
Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,503
Initial Cost to Company, Building, Equipment and Improvements	3,619
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,233
Gross Amount at Which Carried at Close of Period, Land	1,503
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,852
Gross Amount at Which Carried at Close of Period, Total	6,355
Accumulated Depreciation	$ 2,253
Date of Construction	1985
Date Acquired	Jun. 26, 1995
West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 398
Initial Cost to Company, Building, Equipment and Improvements	1,035
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	502
Gross Amount at Which Carried at Close of Period, Land	398
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,537
Gross Amount at Which Carried at Close of Period, Total	1,935
Accumulated Depreciation	$ 851
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 423
Initial Cost to Company, Building, Equipment and Improvements	1,015
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	574
Gross Amount at Which Carried at Close of Period, Land	424
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,588
Gross Amount at Which Carried at Close of Period, Total	2,012
Accumulated Depreciation	$ 861
Date of Construction	1989
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 483
Initial Cost to Company, Building, Equipment and Improvements	1,166
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,253
Gross Amount at Which Carried at Close of Period, Land	483
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,419
Gross Amount at Which Carried at Close of Period, Total	2,902
Accumulated Depreciation	$ 1,102
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 308
Initial Cost to Company, Building, Equipment and Improvements	1,116
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	794
Gross Amount at Which Carried at Close of Period, Land	308
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,910
Gross Amount at Which Carried at Close of Period, Total	2,218
Accumulated Depreciation	$ 1,022
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 170
Initial Cost to Company, Building, Equipment and Improvements	786
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	856
Gross Amount at Which Carried at Close of Period, Land	174
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,638
Gross Amount at Which Carried at Close of Period, Total	1,812
Accumulated Depreciation	$ 824
Date of Construction	1981
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 413
Initial Cost to Company, Building, Equipment and Improvements	999
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	808
Gross Amount at Which Carried at Close of Period, Land	413
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,807
Gross Amount at Which Carried at Close of Period, Total	2,220
Accumulated Depreciation	$ 1,032
Date of Construction	1975
Date Acquired	Jun. 26, 1995
Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MD
Initial Cost to Company, Land	$ 154
Initial Cost to Company, Building, Equipment and Improvements	555
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,473
Gross Amount at Which Carried at Close of Period, Land	306
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,876
Gross Amount at Which Carried at Close of Period, Total	2,182
Accumulated Depreciation	$ 840
Date of Construction	1984
Date Acquired	Jun. 26, 1995
Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MD
Initial Cost to Company, Land	$ 479
Initial Cost to Company, Building, Equipment and Improvements	1,742
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,978
Gross Amount at Which Carried at Close of Period, Land	479
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,720
Gross Amount at Which Carried at Close of Period, Total	5,199
Accumulated Depreciation	$ 1,904
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 883
Initial Cost to Company, Building, Equipment and Improvements	2,104
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,026
Gross Amount at Which Carried at Close of Period, Land	883
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,130
Gross Amount at Which Carried at Close of Period, Total	5,013
Accumulated Depreciation	$ 2,007
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 316
Initial Cost to Company, Building, Equipment and Improvements	1,471
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,016
Gross Amount at Which Carried at Close of Period, Land	316
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,487
Gross Amount at Which Carried at Close of Period, Total	2,803
Accumulated Depreciation	$ 1,293
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 632
Initial Cost to Company, Building, Equipment and Improvements	2,962
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,649
Gross Amount at Which Carried at Close of Period, Land	651
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,592
Gross Amount at Which Carried at Close of Period, Total	5,243
Accumulated Depreciation	$ 2,472
Date of Construction	1983
Date Acquired	Jun. 26, 1995
Hartford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 715
Initial Cost to Company, Building, Equipment and Improvements	1,695
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,383
Gross Amount at Which Carried at Close of Period, Land	715
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,078
Gross Amount at Which Carried at Close of Period, Total	3,793
Accumulated Depreciation	$ 1,461
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 304
Initial Cost to Company, Building, Equipment and Improvements	1,118
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,820
Gross Amount at Which Carried at Close of Period, Land	619
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,623
Gross Amount at Which Carried at Close of Period, Total	4,242
Accumulated Depreciation	$ 1,526
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Alexandria [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 1,375
Initial Cost to Company, Building, Equipment and Improvements	3,220
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,836
Gross Amount at Which Carried at Close of Period, Land	1,376
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,055
Gross Amount at Which Carried at Close of Period, Total	7,431
Accumulated Depreciation	$ 2,919
Date of Construction	1984
Date Acquired	Jun. 26, 1995
Pensacola Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 244
Initial Cost to Company, Building, Equipment and Improvements	901
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	658
Gross Amount at Which Carried at Close of Period, Land	244
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,559
Gross Amount at Which Carried at Close of Period, Total	1,803
Accumulated Depreciation	$ 871
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Melbourne Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 834
Initial Cost to Company, Building, Equipment and Improvements	2,066
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,483
Gross Amount at Which Carried at Close of Period, Land	1,591
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,792
Gross Amount at Which Carried at Close of Period, Total	6,383
Accumulated Depreciation	$ 1,518
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Hartford One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 234
Initial Cost to Company, Building, Equipment and Improvements	861
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,486
Gross Amount at Which Carried at Close of Period, Land	612
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,969
Gross Amount at Which Carried at Close of Period, Total	4,581
Accumulated Depreciation	$ 1,205
Date of Construction	1992
Date Acquired	Jun. 26, 1995
Atlanta Metro Ten [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 256
Initial Cost to Company, Building, Equipment and Improvements	1,244
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,231
Gross Amount at Which Carried at Close of Period, Land	256
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,475
Gross Amount at Which Carried at Close of Period, Total	3,731
Accumulated Depreciation	$ 1,501
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Norfolk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 313
Initial Cost to Company, Building, Equipment and Improvements	1,462
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,657
Gross Amount at Which Carried at Close of Period, Land	313
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,119
Gross Amount at Which Carried at Close of Period, Total	4,432
Accumulated Depreciation	$ 1,485
Date of Construction	1984
Date Acquired	Jun. 26, 1995
Norfolk - Virginia Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 1,142
Initial Cost to Company, Building, Equipment and Improvements	4,998
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,411
Gross Amount at Which Carried at Close of Period, Land	1,142
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,409
Gross Amount at Which Carried at Close of Period, Total	9,551
Accumulated Depreciation	$ 3,218
Date of Construction	1989/93/95
Date Acquired	Jun. 26, 1995
Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 307
Initial Cost to Company, Building, Equipment and Improvements	1,415
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,922
Gross Amount at Which Carried at Close of Period, Land	385
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,259
Gross Amount at Which Carried at Close of Period, Total	3,644
Accumulated Depreciation	$ 1,430
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 730
Initial Cost to Company, Building, Equipment and Improvements	1,725
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,981
Gross Amount at Which Carried at Close of Period, Land	730
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,706
Gross Amount at Which Carried at Close of Period, Total	5,436
Accumulated Depreciation	$ 1,544
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 863
Initial Cost to Company, Building, Equipment and Improvements	2,041
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,415
Gross Amount at Which Carried at Close of Period, Land	863
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,456
Gross Amount at Which Carried at Close of Period, Total	4,319
Accumulated Depreciation	$ 1,630
Date of Construction	1982
Date Acquired	Jun. 26, 1995
Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 326
Initial Cost to Company, Building, Equipment and Improvements	1,515
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,368
Gross Amount at Which Carried at Close of Period, Land	326
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,883
Gross Amount at Which Carried at Close of Period, Total	3,209
Accumulated Depreciation	$ 1,182
Date of Construction	1987
Date Acquired	Jun. 26, 1995
Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 369
Initial Cost to Company, Building, Equipment and Improvements	1,358
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,194
Gross Amount at Which Carried at Close of Period, Land	369
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,552
Gross Amount at Which Carried at Close of Period, Total	4,921
Accumulated Depreciation	$ 1,901
Date of Construction	1986
Date Acquired	Jun. 26, 1995
Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 244
Initial Cost to Company, Building, Equipment and Improvements	1,128
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,819
Gross Amount at Which Carried at Close of Period, Land	720
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,471
Gross Amount at Which Carried at Close of Period, Total	4,191
Accumulated Depreciation	$ 1,205
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 226
Initial Cost to Company, Building, Equipment and Improvements	1,046
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	784
Gross Amount at Which Carried at Close of Period, Land	226
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,830
Gross Amount at Which Carried at Close of Period, Total	2,056
Accumulated Depreciation	$ 996
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,088
Initial Cost to Company, Building, Equipment and Improvements	2,597
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,160
Gross Amount at Which Carried at Close of Period, Land	1,088
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,757
Gross Amount at Which Carried at Close of Period, Total	4,845
Accumulated Depreciation	$ 2,121
Date of Construction	1989
Date Acquired	Jun. 26, 1995
Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 526
Initial Cost to Company, Building, Equipment and Improvements	1,958
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,545
Gross Amount at Which Carried at Close of Period, Land	526
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,503
Gross Amount at Which Carried at Close of Period, Total	4,029
Accumulated Depreciation	$ 1,660
Date of Construction	1985
Date Acquired	Jun. 26, 1995
Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 672
Initial Cost to Company, Building, Equipment and Improvements	2,439
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	900
Gross Amount at Which Carried at Close of Period, Land	672
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,339
Gross Amount at Which Carried at Close of Period, Total	4,011
Accumulated Depreciation	$ 1,757
Date of Construction	1988
Date Acquired	Jun. 26, 1995
Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 343
Initial Cost to Company, Building, Equipment and Improvements	1,580
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,612
Gross Amount at Which Carried at Close of Period, Land	796
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,739
Gross Amount at Which Carried at Close of Period, Total	4,535
Accumulated Depreciation	$ 1,475
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 209
Initial Cost to Company, Building, Equipment and Improvements	964
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	870
Gross Amount at Which Carried at Close of Period, Land	209
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,834
Gross Amount at Which Carried at Close of Period, Total	2,043
Accumulated Depreciation	$ 978
Date of Construction	1990
Date Acquired	Jun. 26, 1995
Providence [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	RI
Initial Cost to Company, Land	$ 345
Initial Cost to Company, Building, Equipment and Improvements	1,268
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,081
Gross Amount at Which Carried at Close of Period, Land	486
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,208
Gross Amount at Which Carried at Close of Period, Total	3,694
Accumulated Depreciation	$ 1,185
Date of Construction	1984
Date Acquired	Jun. 26, 1995
Richmond [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 443
Initial Cost to Company, Building, Equipment and Improvements	1,602
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,104
Gross Amount at Which Carried at Close of Period, Land	443
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,706
Gross Amount at Which Carried at Close of Period, Total	3,149
Accumulated Depreciation	$ 1,383
Date of Construction	1987
Date Acquired	Aug. 25, 1995
Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,161
Initial Cost to Company, Building, Equipment and Improvements	2,755
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,155
Gross Amount at Which Carried at Close of Period, Land	1,162
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,909
Gross Amount at Which Carried at Close of Period, Total	6,071
Accumulated Depreciation	$ 2,173
Date of Construction	1986
Date Acquired	Sep. 29, 1995
Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 470
Initial Cost to Company, Building, Equipment and Improvements	1,712
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,512
Gross Amount at Which Carried at Close of Period, Land	472
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,222
Gross Amount at Which Carried at Close of Period, Total	3,694
Accumulated Depreciation	$ 1,534
Date of Construction	1987
Date Acquired	Dec. 27, 1995
Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 205
Initial Cost to Company, Building, Equipment and Improvements	912
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	553
Gross Amount at Which Carried at Close of Period, Land	206
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,464
Gross Amount at Which Carried at Close of Period, Total	1,670
Accumulated Depreciation	$ 813
Date of Construction	1988
Date Acquired	Dec. 28, 1995
Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 412
Initial Cost to Company, Building, Equipment and Improvements	1,703
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	763
Gross Amount at Which Carried at Close of Period, Land	413
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,465
Gross Amount at Which Carried at Close of Period, Total	2,878
Accumulated Depreciation	$ 1,420
Date of Construction	1991/94
Date Acquired	Dec. 28, 1995
Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 360
Initial Cost to Company, Building, Equipment and Improvements	1,641
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	711
Gross Amount at Which Carried at Close of Period, Land	360
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,352
Gross Amount at Which Carried at Close of Period, Total	2,712
Accumulated Depreciation	$ 1,308
Date of Construction	1983
Date Acquired	Dec. 29, 1995
Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 627
Initial Cost to Company, Building, Equipment and Improvements	2,224
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,872
Gross Amount at Which Carried at Close of Period, Land	692
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,031
Gross Amount at Which Carried at Close of Period, Total	6,723
Accumulated Depreciation	$ 2,068
Date of Construction	1985
Date Acquired	Dec. 29, 1995
Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 442
Initial Cost to Company, Building, Equipment and Improvements	1,592
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,422
Gross Amount at Which Carried at Close of Period, Land	442
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,014
Gross Amount at Which Carried at Close of Period, Total	3,456
Accumulated Depreciation	$ 1,408
Date of Construction	1988/93
Date Acquired	Jan. 05, 1996
Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 353
Initial Cost to Company, Building, Equipment and Improvements	1,299
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,094
Gross Amount at Which Carried at Close of Period, Land	353
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,393
Gross Amount at Which Carried at Close of Period, Total	2,746
Accumulated Depreciation	$ 1,042
Date of Construction	1984
Date Acquired	Jan. 23, 1996
Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 237
Initial Cost to Company, Building, Equipment and Improvements	858
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	983
Gross Amount at Which Carried at Close of Period, Land	245
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,833
Gross Amount at Which Carried at Close of Period, Total	2,078
Accumulated Depreciation	$ 893
Date of Construction	1985
Date Acquired	Mar. 01, 1996
Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 766
Initial Cost to Company, Building, Equipment and Improvements	1,800
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	772
Gross Amount at Which Carried at Close of Period, Land	766
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,572
Gross Amount at Which Carried at Close of Period, Total	3,338
Accumulated Depreciation	$ 1,324
Date of Construction	1985
Date Acquired	Mar. 28, 1996
Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 442
Initial Cost to Company, Building, Equipment and Improvements	1,767
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	454
Gross Amount at Which Carried at Close of Period, Land	442
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,221
Gross Amount at Which Carried at Close of Period, Total	2,663
Accumulated Depreciation	$ 1,146
Date of Construction	1987
Date Acquired	Mar. 29, 1996
Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 408
Initial Cost to Company, Building, Equipment and Improvements	1,662
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,284
Gross Amount at Which Carried at Close of Period, Land	408
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,946
Gross Amount at Which Carried at Close of Period, Total	3,354
Accumulated Depreciation	$ 1,416
Date of Construction	1986
Date Acquired	Mar. 29, 1996
Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 328
Initial Cost to Company, Building, Equipment and Improvements	1,324
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	431
Gross Amount at Which Carried at Close of Period, Land	328
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,755
Gross Amount at Which Carried at Close of Period, Total	2,083
Accumulated Depreciation	$ 922
Date of Construction	1986
Date Acquired	Mar. 29, 1996
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 436
Initial Cost to Company, Building, Equipment and Improvements	1,759
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,518
Gross Amount at Which Carried at Close of Period, Land	436
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,277
Gross Amount at Which Carried at Close of Period, Total	3,713
Accumulated Depreciation	$ 1,499
Date of Construction	1986
Date Acquired	Mar. 29, 1996
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 289
Initial Cost to Company, Building, Equipment and Improvements	1,161
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,453
Gross Amount at Which Carried at Close of Period, Land	289
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,614
Gross Amount at Which Carried at Close of Period, Total	3,903
Accumulated Depreciation	$ 362
Date of Construction	2012
Date Acquired	Mar. 29, 1996
Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 279
Initial Cost to Company, Building, Equipment and Improvements	1,014
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,476
Gross Amount at Which Carried at Close of Period, Land	433
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,336
Gross Amount at Which Carried at Close of Period, Total	2,769
Accumulated Depreciation	$ 1,001
Date of Construction	1988
Date Acquired	May 21, 1996
West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 345
Initial Cost to Company, Building, Equipment and Improvements	1,262
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	667
Gross Amount at Which Carried at Close of Period, Land	345
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,929
Gross Amount at Which Carried at Close of Period, Total	2,274
Accumulated Depreciation	$ 891
Date of Construction	1986
Date Acquired	May 29, 1996
Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 229
Initial Cost to Company, Building, Equipment and Improvements	884
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,864
Gross Amount at Which Carried at Close of Period, Land	383
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,594
Gross Amount at Which Carried at Close of Period, Total	3,977
Accumulated Depreciation	$ 875
Date of Construction	1986
Date Acquired	May 29, 1996
Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 481
Initial Cost to Company, Building, Equipment and Improvements	1,559
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,643
Gross Amount at Which Carried at Close of Period, Land	671
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,012
Gross Amount at Which Carried at Close of Period, Total	4,683
Accumulated Depreciation	$ 1,771
Date of Construction	1983
Date Acquired	Jun. 05, 1996
Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 359
Initial Cost to Company, Building, Equipment and Improvements	1,287
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,291
Gross Amount at Which Carried at Close of Period, Land	359
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,578
Gross Amount at Which Carried at Close of Period, Total	2,937
Accumulated Depreciation	$ 1,318
Date of Construction	1988
Date Acquired	Jun. 26, 1996
Boston - Springfield [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 251
Initial Cost to Company, Building, Equipment and Improvements	917
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,530
Gross Amount at Which Carried at Close of Period, Land	297
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,401
Gross Amount at Which Carried at Close of Period, Total	3,698
Accumulated Depreciation	$ 1,567
Date of Construction	1986
Date Acquired	Jun. 28, 1996
Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 344
Initial Cost to Company, Building, Equipment and Improvements	1,254
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	654
Gross Amount at Which Carried at Close of Period, Land	310
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,942
Gross Amount at Which Carried at Close of Period, Total	2,252
Accumulated Depreciation	$ 996
Date of Construction	1987
Date Acquired	Jun. 28, 1996
Cincinnati [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 557
Initial Cost to Company, Building, Equipment and Improvements	1,988
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	977
Gross Amount at Which Carried at Close of Period, Land	688
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,834
Gross Amount at Which Carried at Close of Period, Total	3,522
Accumulated Depreciation	$ 894
Date of Construction	1988
Date Acquired	Jul. 23, 1996
Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MD
Initial Cost to Company, Land	$ 777
Initial Cost to Company, Building, Equipment and Improvements	2,770
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	798
Gross Amount at Which Carried at Close of Period, Land	777
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,568
Gross Amount at Which Carried at Close of Period, Total	4,345
Accumulated Depreciation	$ 1,758
Date of Construction	1990
Date Acquired	Jul. 26, 1996
Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 568
Initial Cost to Company, Building, Equipment and Improvements	2,028
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,366
Gross Amount at Which Carried at Close of Period, Land	568
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,394
Gross Amount at Which Carried at Close of Period, Total	3,962
Accumulated Depreciation	$ 1,713
Date of Construction	1987
Date Acquired	Aug. 23, 1996
Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 436
Initial Cost to Company, Building, Equipment and Improvements	1,635
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	920
Gross Amount at Which Carried at Close of Period, Land	436
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,555
Gross Amount at Which Carried at Close of Period, Total	2,991
Accumulated Depreciation	$ 1,255
Date of Construction	1985
Date Acquired	Aug. 26, 1996
Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 535
Initial Cost to Company, Building, Equipment and Improvements	2,033
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	603
Gross Amount at Which Carried at Close of Period, Land	538
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,633
Gross Amount at Which Carried at Close of Period, Total	3,171
Accumulated Depreciation	$ 1,422
Date of Construction	1987/92
Date Acquired	Aug. 30, 1996
Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 487
Initial Cost to Company, Building, Equipment and Improvements	1,754
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	683
Gross Amount at Which Carried at Close of Period, Land	487
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,437
Gross Amount at Which Carried at Close of Period, Total	2,924
Accumulated Depreciation	$ 1,198
Date of Construction	1995
Date Acquired	Sep. 16, 1996
Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 315
Initial Cost to Company, Building, Equipment and Improvements	1,131
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	508
Gross Amount at Which Carried at Close of Period, Land	315
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,639
Gross Amount at Which Carried at Close of Period, Total	1,954
Accumulated Depreciation	$ 845
Date of Construction	1995
Date Acquired	Sep. 16, 1996
Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 314
Initial Cost to Company, Building, Equipment and Improvements	1,113
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,296
Gross Amount at Which Carried at Close of Period, Land	314
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,409
Gross Amount at Which Carried at Close of Period, Total	2,723
Accumulated Depreciation	$ 1,155
Date of Construction	1975
Date Acquired	Oct. 30, 1996
Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 704
Initial Cost to Company, Building, Equipment and Improvements	2,496
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,851
Gross Amount at Which Carried at Close of Period, Land	707
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,344
Gross Amount at Which Carried at Close of Period, Total	6,051
Accumulated Depreciation	$ 1,987
Date of Construction	1990
Date Acquired	Dec. 20, 1996
Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 600
Initial Cost to Company, Building, Equipment and Improvements	2,142
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,574
Gross Amount at Which Carried at Close of Period, Land	693
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,623
Gross Amount at Which Carried at Close of Period, Total	5,316
Accumulated Depreciation	$ 1,745
Date of Construction	1988
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 751
Initial Cost to Company, Building, Equipment and Improvements	2,676
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,405
Gross Amount at Which Carried at Close of Period, Land	751
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,081
Gross Amount at Which Carried at Close of Period, Total	7,832
Accumulated Depreciation	$ 2,404
Date of Construction	1986
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 725
Initial Cost to Company, Building, Equipment and Improvements	2,586
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,332
Gross Amount at Which Carried at Close of Period, Land	725
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,918
Gross Amount at Which Carried at Close of Period, Total	5,643
Accumulated Depreciation	$ 2,152
Date of Construction	1978
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 637
Initial Cost to Company, Building, Equipment and Improvements	2,918
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,052
Gross Amount at Which Carried at Close of Period, Land	701
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,906
Gross Amount at Which Carried at Close of Period, Total	5,607
Accumulated Depreciation	$ 2,610
Date of Construction	1979
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 495
Initial Cost to Company, Building, Equipment and Improvements	1,781
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,386
Gross Amount at Which Carried at Close of Period, Land	495
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,167
Gross Amount at Which Carried at Close of Period, Total	3,662
Accumulated Depreciation	$ 1,480
Date of Construction	1979
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 761
Initial Cost to Company, Building, Equipment and Improvements	2,714
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,734
Gross Amount at Which Carried at Close of Period, Land	761
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,448
Gross Amount at Which Carried at Close of Period, Total	5,209
Accumulated Depreciation	$ 2,201
Date of Construction	1977
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 418
Initial Cost to Company, Building, Equipment and Improvements	1,921
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,934
Gross Amount at Which Carried at Close of Period, Land	418
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,855
Gross Amount at Which Carried at Close of Period, Total	5,273
Accumulated Depreciation	$ 1,959
Date of Construction	1970
Date Acquired	Jan. 10, 1997
Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 606
Initial Cost to Company, Building, Equipment and Improvements	2,164
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,523
Gross Amount at Which Carried at Close of Period, Land	606
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,687
Gross Amount at Which Carried at Close of Period, Total	4,293
Accumulated Depreciation	$ 1,614
Date of Construction	1982
Date Acquired	Jan. 10, 1997
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 474
Initial Cost to Company, Building, Equipment and Improvements	1,686
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	688
Gross Amount at Which Carried at Close of Period, Land	504
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,344
Gross Amount at Which Carried at Close of Period, Total	2,848
Accumulated Depreciation	$ 1,049
Date of Construction	1981
Date Acquired	Jan. 30, 1997
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 346
Initial Cost to Company, Building, Equipment and Improvements	1,236
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	576
Gross Amount at Which Carried at Close of Period, Land	346
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,812
Gross Amount at Which Carried at Close of Period, Total	2,158
Accumulated Depreciation	$ 865
Date of Construction	1985
Date Acquired	Jan. 30, 1997
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 432
Initial Cost to Company, Building, Equipment and Improvements	1,560
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,101
Gross Amount at Which Carried at Close of Period, Land	432
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,661
Gross Amount at Which Carried at Close of Period, Total	4,093
Accumulated Depreciation	$ 1,632
Date of Construction	1995
Date Acquired	Jan. 30, 1997
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 634
Initial Cost to Company, Building, Equipment and Improvements	2,565
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,380
Gross Amount at Which Carried at Close of Period, Land	634
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,945
Gross Amount at Which Carried at Close of Period, Total	7,579
Accumulated Depreciation	$ 1,940
Date of Construction	1993/95
Date Acquired	Mar. 26, 1997
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 566
Initial Cost to Company, Building, Equipment and Improvements	2,279
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	570
Gross Amount at Which Carried at Close of Period, Land	566
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,849
Gross Amount at Which Carried at Close of Period, Total	3,415
Accumulated Depreciation	$ 1,400
Date of Construction	1995
Date Acquired	Mar. 26, 1997
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 293
Initial Cost to Company, Building, Equipment and Improvements	1,357
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	707
Gross Amount at Which Carried at Close of Period, Land	293
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,064
Gross Amount at Which Carried at Close of Period, Total	2,357
Accumulated Depreciation	$ 947
Date of Construction	1995
Date Acquired	Mar. 26, 1997
Chesapeake [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 260
Initial Cost to Company, Building, Equipment and Improvements	1,043
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,720
Gross Amount at Which Carried at Close of Period, Land	260
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,763
Gross Amount at Which Carried at Close of Period, Total	6,023
Accumulated Depreciation	$ 1,491
Date of Construction	1988/95
Date Acquired	Mar. 31, 1997
Orlando-W 25th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 289
Initial Cost to Company, Building, Equipment and Improvements	1,160
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,467
Gross Amount at Which Carried at Close of Period, Land	616
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,300
Gross Amount at Which Carried at Close of Period, Total	3,916
Accumulated Depreciation	$ 948
Date of Construction	1984
Date Acquired	Mar. 31, 1997
Delray [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 491
Initial Cost to Company, Building, Equipment and Improvements	1,756
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	778
Gross Amount at Which Carried at Close of Period, Land	491
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,534
Gross Amount at Which Carried at Close of Period, Total	3,025
Accumulated Depreciation	$ 1,321
Date of Construction	1969
Date Acquired	Apr. 11, 1997
Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 296
Initial Cost to Company, Building, Equipment and Improvements	1,196
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	590
Gross Amount at Which Carried at Close of Period, Land	296
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,786
Gross Amount at Which Carried at Close of Period, Total	2,082
Accumulated Depreciation	$ 875
Date of Construction	1988
Date Acquired	May 08, 1997
Delray One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 921
Initial Cost to Company, Building, Equipment and Improvements	3,282
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	795
Gross Amount at Which Carried at Close of Period, Land	921
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,077
Gross Amount at Which Carried at Close of Period, Total	4,998
Accumulated Depreciation	$ 2,021
Date of Construction	1980
Date Acquired	May 21, 1997
Cleveland-Avon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 301
Initial Cost to Company, Building, Equipment and Improvements	1,214
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,302
Gross Amount at Which Carried at Close of Period, Land	304
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,513
Gross Amount at Which Carried at Close of Period, Total	3,817
Accumulated Depreciation	$ 1,438
Date of Construction	1989
Date Acquired	Jun. 04, 1997
Dallas Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 965
Initial Cost to Company, Building, Equipment and Improvements	3,864
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,728
Gross Amount at Which Carried at Close of Period, Land	943
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,614
Gross Amount at Which Carried at Close of Period, Total	6,557
Accumulated Depreciation	$ 2,652
Date of Construction	1977
Date Acquired	Jun. 30, 1997
Atlanta-Alpharetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 1,033
Initial Cost to Company, Building, Equipment and Improvements	3,753
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	720
Gross Amount at Which Carried at Close of Period, Land	1,033
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,473
Gross Amount at Which Carried at Close of Period, Total	5,506
Accumulated Depreciation	$ 2,186
Date of Construction	1994
Date Acquired	Jul. 24, 1997
Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 769
Initial Cost to Company, Building, Equipment and Improvements	2,788
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	642
Gross Amount at Which Carried at Close of Period, Land	825
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,374
Gross Amount at Which Carried at Close of Period, Total	4,199
Accumulated Depreciation	$ 1,641
Date of Construction	1996
Date Acquired	Jul. 24, 1997
Atlanta-Doraville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 735
Initial Cost to Company, Building, Equipment and Improvements	3,429
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	496
Gross Amount at Which Carried at Close of Period, Land	735
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,925
Gross Amount at Which Carried at Close of Period, Total	4,660
Accumulated Depreciation	$ 1,962
Date of Construction	1995
Date Acquired	Aug. 21, 1997
Greensboro-Hilltop [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 268
Initial Cost to Company, Building, Equipment and Improvements	1,097
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	859
Gross Amount at Which Carried at Close of Period, Land	231
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,993
Gross Amount at Which Carried at Close of Period, Total	2,224
Accumulated Depreciation	$ 814
Date of Construction	1995
Date Acquired	Sep. 25, 1997
Greensboro-StgCch [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 89
Initial Cost to Company, Building, Equipment and Improvements	376
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,854
Gross Amount at Which Carried at Close of Period, Land	89
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,230
Gross Amount at Which Carried at Close of Period, Total	2,319
Accumulated Depreciation	$ 941
Date of Construction	1997
Date Acquired	Sep. 25, 1997
Baton Rouge-Airline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 396
Initial Cost to Company, Building, Equipment and Improvements	1,831
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,161
Gross Amount at Which Carried at Close of Period, Land	421
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,967
Gross Amount at Which Carried at Close of Period, Total	3,388
Accumulated Depreciation	$ 1,382
Date of Construction	1982
Date Acquired	Oct. 09, 1997
Baton Rouge-Airline2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 282
Initial Cost to Company, Building, Equipment and Improvements	1,303
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	504
Gross Amount at Which Carried at Close of Period, Land	282
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,807
Gross Amount at Which Carried at Close of Period, Total	2,089
Accumulated Depreciation	$ 894
Date of Construction	1985
Date Acquired	Nov. 21, 1997
Harrisburg-Peiffers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 635
Initial Cost to Company, Building, Equipment and Improvements	2,550
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	731
Gross Amount at Which Carried at Close of Period, Land	637
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,279
Gross Amount at Which Carried at Close of Period, Total	3,916
Accumulated Depreciation	$ 1,626
Date of Construction	1984
Date Acquired	Dec. 03, 1997
Tampa-E.Hillsborough [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 709
Initial Cost to Company, Building, Equipment and Improvements	3,235
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	979
Gross Amount at Which Carried at Close of Period, Land	709
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,214
Gross Amount at Which Carried at Close of Period, Total	4,923
Accumulated Depreciation	$ 2,041
Date of Construction	1985
Date Acquired	Feb. 04, 1998
NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 843
Initial Cost to Company, Building, Equipment and Improvements	3,394
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,038
Gross Amount at Which Carried at Close of Period, Land	843
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,432
Gross Amount at Which Carried at Close of Period, Total	5,275
Accumulated Depreciation	$ 2,047
Date of Construction	1989/95
Date Acquired	Feb. 04, 1998
Chesapeake-Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 542
Initial Cost to Company, Building, Equipment and Improvements	2,210
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	527
Gross Amount at Which Carried at Close of Period, Land	542
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,737
Gross Amount at Which Carried at Close of Period, Total	3,279
Accumulated Depreciation	$ 1,304
Date of Construction	1996
Date Acquired	Feb. 05, 1998
Chesapeake-Volvo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 620
Initial Cost to Company, Building, Equipment and Improvements	2,532
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,289
Gross Amount at Which Carried at Close of Period, Land	620
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,821
Gross Amount at Which Carried at Close of Period, Total	4,441
Accumulated Depreciation	$ 1,727
Date of Construction	1995
Date Acquired	Feb. 05, 1998
Virginia Beach-Shell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 540
Initial Cost to Company, Building, Equipment and Improvements	2,211
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	508
Gross Amount at Which Carried at Close of Period, Land	540
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,719
Gross Amount at Which Carried at Close of Period, Total	3,259
Accumulated Depreciation	$ 1,300
Date of Construction	1991
Date Acquired	Feb. 05, 1998
Norfolk-Naval Base [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 1,243
Initial Cost to Company, Building, Equipment and Improvements	5,019
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	990
Gross Amount at Which Carried at Close of Period, Land	1,243
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,009
Gross Amount at Which Carried at Close of Period, Total	7,252
Accumulated Depreciation	$ 2,862
Date of Construction	1975
Date Acquired	Feb. 05, 1998
Boston North Bridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 441
Initial Cost to Company, Building, Equipment and Improvements	1,788
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,120
Gross Amount at Which Carried at Close of Period, Land	694
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,655
Gross Amount at Which Carried at Close of Period, Total	3,349
Accumulated Depreciation	$ 813
Date of Construction	1988
Date Acquired	Feb. 09, 1998
Greensboro-High Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 397
Initial Cost to Company, Building, Equipment and Improvements	1,834
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	964
Gross Amount at Which Carried at Close of Period, Land	397
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,798
Gross Amount at Which Carried at Close of Period, Total	3,195
Accumulated Depreciation	$ 1,241
Date of Construction	1993
Date Acquired	Feb. 10, 1998
Titusville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 492
Initial Cost to Company, Building, Equipment and Improvements	1,990
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,282
Gross Amount at Which Carried at Close of Period, Land	688
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,076
Gross Amount at Which Carried at Close of Period, Total	3,764
Accumulated Depreciation	$ 953
Date of Construction	1986/90
Date Acquired	Feb. 25, 1998
Boston Salem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 733
Initial Cost to Company, Building, Equipment and Improvements	2,941
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,676
Gross Amount at Which Carried at Close of Period, Land	733
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,617
Gross Amount at Which Carried at Close of Period, Total	5,350
Accumulated Depreciation	$ 2,186
Date of Construction	1979
Date Acquired	Mar. 03, 1998
Providence One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	RI
Initial Cost to Company, Land	$ 702
Initial Cost to Company, Building, Equipment and Improvements	2,821
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,243
Gross Amount at Which Carried at Close of Period, Land	702
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,064
Gross Amount at Which Carried at Close of Period, Total	7,766
Accumulated Depreciation	$ 2,310
Date of Construction	1984/88
Date Acquired	Mar. 26, 1998
Chattanooga-Lee Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TN
Initial Cost to Company, Land	$ 384
Initial Cost to Company, Building, Equipment and Improvements	1,371
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	623
Gross Amount at Which Carried at Close of Period, Land	384
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,994
Gross Amount at Which Carried at Close of Period, Total	2,378
Accumulated Depreciation	$ 1,018
Date of Construction	1987
Date Acquired	Mar. 27, 1998
Chattanooga-Hwy 58 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TN
Initial Cost to Company, Land	$ 296
Initial Cost to Company, Building, Equipment and Improvements	1,198
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,358
Gross Amount at Which Carried at Close of Period, Land	414
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,438
Gross Amount at Which Carried at Close of Period, Total	3,852
Accumulated Depreciation	$ 1,293
Date of Construction	1985
Date Acquired	Mar. 27, 1998
Ft. Oglethorpe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 349
Initial Cost to Company, Building, Equipment and Improvements	1,250
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,834
Gross Amount at Which Carried at Close of Period, Land	464
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,969
Gross Amount at Which Carried at Close of Period, Total	3,433
Accumulated Depreciation	$ 1,061
Date of Construction	1989
Date Acquired	Mar. 27, 1998
Birmingham-Walt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 544
Initial Cost to Company, Building, Equipment and Improvements	1,942
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,311
Gross Amount at Which Carried at Close of Period, Land	544
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,253
Gross Amount at Which Carried at Close of Period, Total	3,797
Accumulated Depreciation	$ 1,555
Date of Construction	1984
Date Acquired	Mar. 27, 1998
Salem-Policy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 742
Initial Cost to Company, Building, Equipment and Improvements	2,977
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	649
Gross Amount at Which Carried at Close of Period, Land	742
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,626
Gross Amount at Which Carried at Close of Period, Total	4,368
Accumulated Depreciation	$ 1,679
Date of Construction	1980
Date Acquired	Apr. 07, 1998
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 775
Initial Cost to Company, Building, Equipment and Improvements	3,103
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	940
Gross Amount at Which Carried at Close of Period, Land	775
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,043
Gross Amount at Which Carried at Close of Period, Total	4,818
Accumulated Depreciation	$ 1,904
Date of Construction	1988/91
Date Acquired	Apr. 09, 1998
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 940
Initial Cost to Company, Building, Equipment and Improvements	3,763
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	979
Gross Amount at Which Carried at Close of Period, Land	940
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,742
Gross Amount at Which Carried at Close of Period, Total	5,682
Accumulated Depreciation	$ 2,235
Date of Construction	1990/96
Date Acquired	Apr. 09, 1998
Youngstown Warren [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 522
Initial Cost to Company, Building, Equipment and Improvements	1,864
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,393
Gross Amount at Which Carried at Close of Period, Land	569
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,210
Gross Amount at Which Carried at Close of Period, Total	3,779
Accumulated Depreciation	$ 1,454
Date of Construction	1986
Date Acquired	Apr. 22, 1998
Youngstown Warren One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 512
Initial Cost to Company, Building, Equipment and Improvements	1,829
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,765
Gross Amount at Which Carried at Close of Period, Land	633
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,473
Gross Amount at Which Carried at Close of Period, Total	5,106
Accumulated Depreciation	$ 1,561
Date of Construction	1986
Date Acquired	Apr. 22, 1998
Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 744
Initial Cost to Company, Building, Equipment and Improvements	3,021
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	288
Gross Amount at Which Carried at Close of Period, Land	744
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,309
Gross Amount at Which Carried at Close of Period, Total	4,053
Accumulated Depreciation	$ 1,575
Date of Construction	1995
Date Acquired	May 13, 1998
Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 419
Initial Cost to Company, Building, Equipment and Improvements	1,524
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	4,064
Gross Amount at Which Carried at Close of Period, Land	419
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,588
Gross Amount at Which Carried at Close of Period, Total	6,007
Accumulated Depreciation	$ 1,613
Date of Construction	1994
Date Acquired	May 20, 1998
Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 662
Initial Cost to Company, Building, Equipment and Improvements	2,654
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,704
Gross Amount at Which Carried at Close of Period, Land	662
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,358
Gross Amount at Which Carried at Close of Period, Total	7,020
Accumulated Depreciation	$ 1,558
Date of Construction	1985
Date Acquired	Jun. 02, 1998
Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 489
Initial Cost to Company, Building, Equipment and Improvements	1,813
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,768
Gross Amount at Which Carried at Close of Period, Land	584
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,486
Gross Amount at Which Carried at Close of Period, Total	4,070
Accumulated Depreciation	$ 1,136
Date of Construction	1997
Date Acquired	Jun. 12, 1998
Houston Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 447
Initial Cost to Company, Building, Equipment and Improvements	1,790
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,587
Gross Amount at Which Carried at Close of Period, Land	740
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,084
Gross Amount at Which Carried at Close of Period, Total	4,824
Accumulated Depreciation	$ 1,523
Date of Construction	1986
Date Acquired	Jun. 16, 1998
Houston Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 635
Initial Cost to Company, Building, Equipment and Improvements	2,302
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	371
Gross Amount at Which Carried at Close of Period, Land	635
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,673
Gross Amount at Which Carried at Close of Period, Total	3,308
Accumulated Depreciation	$ 1,200
Date of Construction	1997
Date Acquired	Jun. 19, 1998
Dallas Fort Worth Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 548
Initial Cost to Company, Building, Equipment and Improvements	1,988
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	423
Gross Amount at Which Carried at Close of Period, Land	548
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,411
Gross Amount at Which Carried at Close of Period, Total	2,959
Accumulated Depreciation	$ 1,097
Date of Construction	1997
Date Acquired	Jun. 19, 1998
San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 324
Initial Cost to Company, Building, Equipment and Improvements	1,493
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,204
Gross Amount at Which Carried at Close of Period, Land	324
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,697
Gross Amount at Which Carried at Close of Period, Total	4,021
Accumulated Depreciation	$ 1,345
Date of Construction	1994
Date Acquired	Jun. 30, 1998
Austin-McNeil [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 492
Initial Cost to Company, Building, Equipment and Improvements	1,995
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,631
Gross Amount at Which Carried at Close of Period, Land	510
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,608
Gross Amount at Which Carried at Close of Period, Total	5,118
Accumulated Depreciation	$ 1,509
Date of Construction	1994
Date Acquired	Jun. 30, 1998
Austin-FM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 484
Initial Cost to Company, Building, Equipment and Improvements	1,951
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	724
Gross Amount at Which Carried at Close of Period, Land	481
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,678
Gross Amount at Which Carried at Close of Period, Total	3,159
Accumulated Depreciation	$ 1,184
Date of Construction	1996
Date Acquired	Jun. 30, 1998
Hollywood-Sheridan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,208
Initial Cost to Company, Building, Equipment and Improvements	4,854
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	700
Gross Amount at Which Carried at Close of Period, Land	1,208
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,554
Gross Amount at Which Carried at Close of Period, Total	6,762
Accumulated Depreciation	$ 2,620
Date of Construction	1988
Date Acquired	Jul. 01, 1998
Pompano Beach-Atlantic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 944
Initial Cost to Company, Building, Equipment and Improvements	3,803
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	795
Gross Amount at Which Carried at Close of Period, Land	944
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,598
Gross Amount at Which Carried at Close of Period, Total	5,542
Accumulated Depreciation	$ 2,182
Date of Construction	1985
Date Acquired	Jul. 01, 1998
Pompano Beach-Sample [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 903
Initial Cost to Company, Building, Equipment and Improvements	3,643
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	592
Gross Amount at Which Carried at Close of Period, Land	903
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,235
Gross Amount at Which Carried at Close of Period, Total	5,138
Accumulated Depreciation	$ 1,978
Date of Construction	1988
Date Acquired	Jul. 01, 1998
Boca Raton-18th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,503
Initial Cost to Company, Building, Equipment and Improvements	6,059
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	(1,853)
Gross Amount at Which Carried at Close of Period, Land	851
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,858
Gross Amount at Which Carried at Close of Period, Total	5,709
Accumulated Depreciation	$ 2,298
Date of Construction	1991
Date Acquired	Jul. 01, 1998
Hollywood-N.21st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 840
Initial Cost to Company, Building, Equipment and Improvements	3,373
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	642
Gross Amount at Which Carried at Close of Period, Land	840
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,015
Gross Amount at Which Carried at Close of Period, Total	4,855
Accumulated Depreciation	$ 1,913
Date of Construction	1987
Date Acquired	Aug. 03, 1998
Dallas Fort Worth Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 550
Initial Cost to Company, Building, Equipment and Improvements	1,998
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	850
Gross Amount at Which Carried at Close of Period, Land	550
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,848
Gross Amount at Which Carried at Close of Period, Total	3,398
Accumulated Depreciation	$ 1,199
Date of Construction	1996
Date Acquired	Sep. 29, 1998
Dallas Fort Worth Four [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 670
Initial Cost to Company, Building, Equipment and Improvements	2,407
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,761
Gross Amount at Which Carried at Close of Period, Land	670
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,168
Gross Amount at Which Carried at Close of Period, Total	4,838
Accumulated Depreciation	$ 1,690
Date of Construction	1996
Date Acquired	Oct. 09, 1998
Cincinnati Batavia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 390
Initial Cost to Company, Building, Equipment and Improvements	1,570
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,462
Gross Amount at Which Carried at Close of Period, Land	390
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,032
Gross Amount at Which Carried at Close of Period, Total	3,422
Accumulated Depreciation	$ 1,136
Date of Construction	1988
Date Acquired	Nov. 19, 1998
Jackson-N.West [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 460
Initial Cost to Company, Building, Equipment and Improvements	1,642
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	765
Gross Amount at Which Carried at Close of Period, Land	460
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,407
Gross Amount at Which Carried at Close of Period, Total	2,867
Accumulated Depreciation	$ 1,151
Date of Construction	1984
Date Acquired	Dec. 01, 1998
Houston Katy One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 507
Initial Cost to Company, Building, Equipment and Improvements	2,058
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,812
Gross Amount at Which Carried at Close of Period, Land	507
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,870
Gross Amount at Which Carried at Close of Period, Total	4,377
Accumulated Depreciation	$ 1,455
Date of Construction	1993
Date Acquired	Dec. 15, 1998
Providence Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	RI
Initial Cost to Company, Land	$ 447
Initial Cost to Company, Building, Equipment and Improvements	1,776
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,023
Gross Amount at Which Carried at Close of Period, Land	447
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,799
Gross Amount at Which Carried at Close of Period, Total	3,246
Accumulated Depreciation	$ 1,268
Date of Construction	1986/94
Date Acquired	Feb. 02, 1999
Lafayette-Pinhook 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 556
Initial Cost to Company, Building, Equipment and Improvements	1,951
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,288
Gross Amount at Which Carried at Close of Period, Land	556
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,239
Gross Amount at Which Carried at Close of Period, Total	3,795
Accumulated Depreciation	$ 1,606
Date of Construction	1980
Date Acquired	Feb. 17, 1999
Lafayette-Pinhook2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 708
Initial Cost to Company, Building, Equipment and Improvements	2,860
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,320
Gross Amount at Which Carried at Close of Period, Land	708
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,180
Gross Amount at Which Carried at Close of Period, Total	4,888
Accumulated Depreciation	$ 1,591
Date of Construction	1992/94
Date Acquired	Feb. 17, 1999
Lafayette-Ambassador [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 314
Initial Cost to Company, Building, Equipment and Improvements	1,095
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	954
Gross Amount at Which Carried at Close of Period, Land	314
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,049
Gross Amount at Which Carried at Close of Period, Total	2,363
Accumulated Depreciation	$ 1,055
Date of Construction	1975
Date Acquired	Feb. 17, 1999
Lafayette-Evangeline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 188
Initial Cost to Company, Building, Equipment and Improvements	652
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,674
Gross Amount at Which Carried at Close of Period, Land	188
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,326
Gross Amount at Which Carried at Close of Period, Total	2,514
Accumulated Depreciation	$ 1,073
Date of Construction	1977
Date Acquired	Feb. 17, 1999
Lafayette-Guilbeau [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 963
Initial Cost to Company, Building, Equipment and Improvements	3,896
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,136
Gross Amount at Which Carried at Close of Period, Land	963
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,032
Gross Amount at Which Carried at Close of Period, Total	5,995
Accumulated Depreciation	$ 2,108
Date of Construction	1994
Date Acquired	Feb. 17, 1999
Phoenix Gilbert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 651
Initial Cost to Company, Building, Equipment and Improvements	2,600
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,313
Gross Amount at Which Carried at Close of Period, Land	772
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,792
Gross Amount at Which Carried at Close of Period, Total	4,564
Accumulated Depreciation	$ 1,600
Date of Construction	1995
Date Acquired	May 18, 1999
Phoenix Glendale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 565
Initial Cost to Company, Building, Equipment and Improvements	2,596
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	769
Gross Amount at Which Carried at Close of Period, Land	565
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,365
Gross Amount at Which Carried at Close of Period, Total	3,930
Accumulated Depreciation	$ 1,472
Date of Construction	1997
Date Acquired	May 18, 1999
Phoenix Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 330
Initial Cost to Company, Building, Equipment and Improvements	1,309
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,586
Gross Amount at Which Carried at Close of Period, Land	733
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,492
Gross Amount at Which Carried at Close of Period, Total	4,225
Accumulated Depreciation	$ 1,173
Date of Construction	1986
Date Acquired	May 18, 1999
Phoenix Mesa One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 339
Initial Cost to Company, Building, Equipment and Improvements	1,346
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	740
Gross Amount at Which Carried at Close of Period, Land	339
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,086
Gross Amount at Which Carried at Close of Period, Total	2,425
Accumulated Depreciation	$ 882
Date of Construction	1986
Date Acquired	May 18, 1999
Phoenix Mesa Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 291
Initial Cost to Company, Building, Equipment and Improvements	1,026
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,143
Gross Amount at Which Carried at Close of Period, Land	291
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,169
Gross Amount at Which Carried at Close of Period, Total	2,460
Accumulated Depreciation	$ 835
Date of Construction	1976
Date Acquired	May 18, 1999
Phoenix Mesa Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 354
Initial Cost to Company, Building, Equipment and Improvements	1,405
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	594
Gross Amount at Which Carried at Close of Period, Land	354
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,999
Gross Amount at Which Carried at Close of Period, Total	2,353
Accumulated Depreciation	$ 911
Date of Construction	1986
Date Acquired	May 18, 1999
Phoenix-Camelback [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 453
Initial Cost to Company, Building, Equipment and Improvements	1,610
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,095
Gross Amount at Which Carried at Close of Period, Land	453
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,705
Gross Amount at Which Carried at Close of Period, Total	3,158
Accumulated Depreciation	$ 1,211
Date of Construction	1984
Date Acquired	May 18, 1999
Phoenix-Bell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 872
Initial Cost to Company, Building, Equipment and Improvements	3,476
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,618
Gross Amount at Which Carried at Close of Period, Land	872
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,094
Gross Amount at Which Carried at Close of Period, Total	7,966
Accumulated Depreciation	$ 2,354
Date of Construction	1984
Date Acquired	May 18, 1999
Phoenix-35th Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 849
Initial Cost to Company, Building, Equipment and Improvements	3,401
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	955
Gross Amount at Which Carried at Close of Period, Land	849
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,356
Gross Amount at Which Carried at Close of Period, Total	5,205
Accumulated Depreciation	$ 1,932
Date of Construction	1996
Date Acquired	May 21, 1999
Portland 1988 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	ME
Initial Cost to Company, Land	$ 410
Initial Cost to Company, Building, Equipment and Improvements	1,626
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,024
Gross Amount at Which Carried at Close of Period, Land	410
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,650
Gross Amount at Which Carried at Close of Period, Total	4,060
Accumulated Depreciation	$ 1,435
Date of Construction	1988
Date Acquired	Aug. 02, 1999
Space Coast- Cocoa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 667
Initial Cost to Company, Building, Equipment and Improvements	2,373
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,014
Gross Amount at Which Carried at Close of Period, Land	667
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,387
Gross Amount at Which Carried at Close of Period, Total	4,054
Accumulated Depreciation	$ 1,514
Date of Construction	1982
Date Acquired	Sep. 29, 1999
Dallas Fort Worth Five [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 335
Initial Cost to Company, Building, Equipment and Improvements	1,521
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	853
Gross Amount at Which Carried at Close of Period, Land	335
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,374
Gross Amount at Which Carried at Close of Period, Total	2,709
Accumulated Depreciation	$ 921
Date of Construction	1985
Date Acquired	Nov. 09, 1999
NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 276
Initial Cost to Company, Building, Equipment and Improvements	1,312
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,314
Gross Amount at Which Carried at Close of Period, Land	276
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,626
Gross Amount at Which Carried at Close of Period, Total	2,902
Accumulated Depreciation	$ 1,010
Date of Construction	1998
Date Acquired	Feb. 02, 2000
Boston-N. Andover [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 633
Initial Cost to Company, Building, Equipment and Improvements	2,573
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,055
Gross Amount at Which Carried at Close of Period, Land	633
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,628
Gross Amount at Which Carried at Close of Period, Total	4,261
Accumulated Depreciation	$ 1,458
Date of Construction	1989
Date Acquired	Feb. 15, 2000
Houston Seabrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 633
Initial Cost to Company, Building, Equipment and Improvements	2,617
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	476
Gross Amount at Which Carried at Close of Period, Land	633
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,093
Gross Amount at Which Carried at Close of Period, Total	3,726
Accumulated Depreciation	$ 1,351
Date of Construction	1996
Date Acquired	Mar. 01, 2000
Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 384
Initial Cost to Company, Building, Equipment and Improvements	1,422
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	842
Gross Amount at Which Carried at Close of Period, Land	384
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,264
Gross Amount at Which Carried at Close of Period, Total	2,648
Accumulated Depreciation	$ 897
Date of Construction	1994
Date Acquired	May 02, 2000
Birmingham-Bessemer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 254
Initial Cost to Company, Building, Equipment and Improvements	1,059
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,066
Gross Amount at Which Carried at Close of Period, Land	332
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,047
Gross Amount at Which Carried at Close of Period, Total	3,379
Accumulated Depreciation	$ 906
Date of Construction	1998
Date Acquired	Nov. 15, 2000
NY Metro-Brewster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,716
Initial Cost to Company, Building, Equipment and Improvements	6,920
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,754
Gross Amount at Which Carried at Close of Period, Land	1,981
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,409
Gross Amount at Which Carried at Close of Period, Total	10,390
Accumulated Depreciation	$ 2,108
Date of Construction	1991/97
Date Acquired	Dec. 27, 2000
Austin-Lamar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 837
Initial Cost to Company, Building, Equipment and Improvements	2,977
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,579
Gross Amount at Which Carried at Close of Period, Land	966
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,427
Gross Amount at Which Carried at Close of Period, Total	7,393
Accumulated Depreciation	$ 1,271
Date of Construction	1996/99
Date Acquired	Feb. 22, 2001
Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 733
Initial Cost to Company, Building, Equipment and Improvements	3,392
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	900
Gross Amount at Which Carried at Close of Period, Land	841
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,184
Gross Amount at Which Carried at Close of Period, Total	5,025
Accumulated Depreciation	$ 1,300
Date of Construction	1993/97
Date Acquired	Mar. 02, 2001
Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 787
Initial Cost to Company, Building, Equipment and Improvements	3,249
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	750
Gross Amount at Which Carried at Close of Period, Land	902
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,884
Gross Amount at Which Carried at Close of Period, Total	4,786
Accumulated Depreciation	$ 1,254
Date of Construction	1997
Date Acquired	Mar. 13, 2001
Boston Dracut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 1,035
Initial Cost to Company, Building, Equipment and Improvements	3,737
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	743
Gross Amount at Which Carried at Close of Period, Land	1,104
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,411
Gross Amount at Which Carried at Close of Period, Total	5,515
Accumulated Depreciation	$ 1,743
Date of Construction	1986
Date Acquired	Dec. 01, 2001
Boston-Methuen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 1,024
Initial Cost to Company, Building, Equipment and Improvements	3,649
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	827
Gross Amount at Which Carried at Close of Period, Land	1,091
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,409
Gross Amount at Which Carried at Close of Period, Total	5,500
Accumulated Depreciation	$ 1,675
Date of Construction	1984
Date Acquired	Dec. 01, 2001
Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 883
Initial Cost to Company, Building, Equipment and Improvements	3,139
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,473
Gross Amount at Which Carried at Close of Period, Land	942
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,553
Gross Amount at Which Carried at Close of Period, Total	5,495
Accumulated Depreciation	$ 1,624
Date of Construction	1985
Date Acquired	Dec. 01, 2001
Myrtle Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 552
Initial Cost to Company, Building, Equipment and Improvements	1,970
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,155
Gross Amount at Which Carried at Close of Period, Land	589
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,088
Gross Amount at Which Carried at Close of Period, Total	3,677
Accumulated Depreciation	$ 1,192
Date of Construction	1984
Date Acquired	Dec. 01, 2001
Maine-Saco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	ME
Initial Cost to Company, Land	$ 534
Initial Cost to Company, Building, Equipment and Improvements	1,914
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	511
Gross Amount at Which Carried at Close of Period, Land	570
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,389
Gross Amount at Which Carried at Close of Period, Total	2,959
Accumulated Depreciation	$ 908
Date of Construction	1988
Date Acquired	Dec. 03, 2001
Boston-Plymouth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 1,004
Initial Cost to Company, Building, Equipment and Improvements	4,584
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,370
Gross Amount at Which Carried at Close of Period, Land	1,004
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,954
Gross Amount at Which Carried at Close of Period, Total	7,958
Accumulated Depreciation	$ 2,292
Date of Construction	1996
Date Acquired	Dec. 19, 2001
Boston-Sandwich [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 670
Initial Cost to Company, Building, Equipment and Improvements	3,060
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	611
Gross Amount at Which Carried at Close of Period, Land	714
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,627
Gross Amount at Which Carried at Close of Period, Total	4,341
Accumulated Depreciation	$ 1,363
Date of Construction	1984
Date Acquired	Dec. 19, 2001
Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 294
Initial Cost to Company, Building, Equipment and Improvements	1,203
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,194
Gross Amount at Which Carried at Close of Period, Land	327
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,364
Gross Amount at Which Carried at Close of Period, Total	2,691
Accumulated Depreciation	$ 774
Date of Construction	1987
Date Acquired	Feb. 05, 2002
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 734
Initial Cost to Company, Building, Equipment and Improvements	2,956
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	822
Gross Amount at Which Carried at Close of Period, Land	784
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,728
Gross Amount at Which Carried at Close of Period, Total	4,512
Accumulated Depreciation	$ 1,379
Date of Construction	1984
Date Acquired	Feb. 13, 2002
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 394
Initial Cost to Company, Building, Equipment and Improvements	1,595
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	499
Gross Amount at Which Carried at Close of Period, Land	421
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,067
Gross Amount at Which Carried at Close of Period, Total	2,488
Accumulated Depreciation	$ 763
Date of Construction	1985
Date Acquired	Feb. 13, 2002
San Antonio-Hunt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 381
Initial Cost to Company, Building, Equipment and Improvements	1,545
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,979
Gross Amount at Which Carried at Close of Period, Land	618
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,287
Gross Amount at Which Carried at Close of Period, Total	5,905
Accumulated Depreciation	$ 1,185
Date of Construction	1980
Date Acquired	Feb. 13, 2002
Houston-Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 919
Initial Cost to Company, Building, Equipment and Improvements	3,696
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	702
Gross Amount at Which Carried at Close of Period, Land	919
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,398
Gross Amount at Which Carried at Close of Period, Total	5,317
Accumulated Depreciation	$ 1,562
Date of Construction	1998/02
Date Acquired	Jun. 19, 2002
Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 612
Initial Cost to Company, Building, Equipment and Improvements	2,468
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	463
Gross Amount at Which Carried at Close of Period, Land	612
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,931
Gross Amount at Which Carried at Close of Period, Total	3,543
Accumulated Depreciation	$ 1,053
Date of Construction	1999
Date Acquired	Jun. 19, 2002
Houston-League City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 689
Initial Cost to Company, Building, Equipment and Improvements	3,159
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	795
Gross Amount at Which Carried at Close of Period, Land	689
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,954
Gross Amount at Which Carried at Close of Period, Total	4,643
Accumulated Depreciation	$ 1,336
Date of Construction	1994/97
Date Acquired	Jun. 19, 2002
Houston-Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 817
Initial Cost to Company, Building, Equipment and Improvements	3,286
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,190
Gross Amount at Which Carried at Close of Period, Land	1,119
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,174
Gross Amount at Which Carried at Close of Period, Total	6,293
Accumulated Depreciation	$ 1,696
Date of Construction	1998
Date Acquired	Jun. 19, 2002
Houston-S. Hwy 6 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 407
Initial Cost to Company, Building, Equipment and Improvements	1,650
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	327
Gross Amount at Which Carried at Close of Period, Land	407
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,977
Gross Amount at Which Carried at Close of Period, Total	2,384
Accumulated Depreciation	$ 723
Date of Construction	1997
Date Acquired	Jun. 19, 2002
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 817
Initial Cost to Company, Building, Equipment and Improvements	3,287
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	499
Gross Amount at Which Carried at Close of Period, Land	817
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,786
Gross Amount at Which Carried at Close of Period, Total	4,603
Accumulated Depreciation	$ 1,418
Date of Construction	1996
Date Acquired	Jun. 19, 2002
The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 2,207
Initial Cost to Company, Building, Equipment and Improvements	8,866
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	830
Gross Amount at Which Carried at Close of Period, Land	2,207
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,696
Gross Amount at Which Carried at Close of Period, Total	11,903
Accumulated Depreciation	$ 3,497
Date of Construction	1989/95
Date Acquired	Dec. 16, 2002
The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,131
Initial Cost to Company, Building, Equipment and Improvements	4,564
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	608
Gross Amount at Which Carried at Close of Period, Land	1,131
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,172
Gross Amount at Which Carried at Close of Period, Total	6,303
Accumulated Depreciation	$ 1,823
Date of Construction	1998
Date Acquired	Dec. 16, 2002
The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 635
Initial Cost to Company, Building, Equipment and Improvements	2,918
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	447
Gross Amount at Which Carried at Close of Period, Land	635
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,365
Gross Amount at Which Carried at Close of Period, Total	4,000
Accumulated Depreciation	$ 1,193
Date of Construction	1997
Date Acquired	Dec. 16, 2002
The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,251
Initial Cost to Company, Building, Equipment and Improvements	5,744
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	543
Gross Amount at Which Carried at Close of Period, Land	1,251
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,287
Gross Amount at Which Carried at Close of Period, Total	7,538
Accumulated Depreciation	$ 2,198
Date of Construction	1994/98
Date Acquired	Dec. 16, 2002
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,039
Initial Cost to Company, Building, Equipment and Improvements	4,201
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	258
Gross Amount at Which Carried at Close of Period, Land	1,039
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,459
Gross Amount at Which Carried at Close of Period, Total	5,498
Accumulated Depreciation	$ 1,517
Date of Construction	1995/99
Date Acquired	Aug. 26, 2003
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 827
Initial Cost to Company, Building, Equipment and Improvements	3,776
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	509
Gross Amount at Which Carried at Close of Period, Land	827
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,285
Gross Amount at Which Carried at Close of Period, Total	5,112
Accumulated Depreciation	$ 1,422
Date of Construction	1998/01
Date Acquired	Oct. 01, 2003
Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 2,713
Initial Cost to Company, Building, Equipment and Improvements	11,013
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	595
Gross Amount at Which Carried at Close of Period, Land	2,713
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,608
Gross Amount at Which Carried at Close of Period, Total	14,321
Accumulated Depreciation	$ 3,920
Date of Construction	1998
Date Acquired	Mar. 17, 2004
Houston-Tomball [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 773
Initial Cost to Company, Building, Equipment and Improvements	3,170
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,876
Gross Amount at Which Carried at Close of Period, Land	773
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,046
Gross Amount at Which Carried at Close of Period, Total	5,819
Accumulated Depreciation	$ 1,590
Date of Construction	2000
Date Acquired	May 19, 2004
Houston-Conroe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,195
Initial Cost to Company, Building, Equipment and Improvements	4,877
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	435
Gross Amount at Which Carried at Close of Period, Land	1,195
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,312
Gross Amount at Which Carried at Close of Period, Total	6,507
Accumulated Depreciation	$ 1,664
Date of Construction	2001
Date Acquired	May 19, 2004
Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,103
Initial Cost to Company, Building, Equipment and Improvements	4,550
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	512
Gross Amount at Which Carried at Close of Period, Land	1,103
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,062
Gross Amount at Which Carried at Close of Period, Total	6,165
Accumulated Depreciation	$ 1,684
Date of Construction	2001
Date Acquired	May 19, 2004
Houston-Bissonnet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,061
Initial Cost to Company, Building, Equipment and Improvements	4,427
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,910
Gross Amount at Which Carried at Close of Period, Land	1,061
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,337
Gross Amount at Which Carried at Close of Period, Total	8,398
Accumulated Depreciation	$ 2,191
Date of Construction	2003
Date Acquired	May 19, 2004
Houston-Alvin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 388
Initial Cost to Company, Building, Equipment and Improvements	1,640
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,046
Gross Amount at Which Carried at Close of Period, Land	388
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,686
Gross Amount at Which Carried at Close of Period, Total	3,074
Accumulated Depreciation	$ 801
Date of Construction	2003
Date Acquired	May 19, 2004
Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,720
Initial Cost to Company, Building, Equipment and Improvements	6,986
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	315
Gross Amount at Which Carried at Close of Period, Land	1,720
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,301
Gross Amount at Which Carried at Close of Period, Total	9,021
Accumulated Depreciation	$ 2,366
Date of Construction	2001
Date Acquired	Jun. 03, 2004
Houston-Missouri City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,167
Initial Cost to Company, Building, Equipment and Improvements	4,744
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,576
Gross Amount at Which Carried at Close of Period, Land	1,566
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,921
Gross Amount at Which Carried at Close of Period, Total	9,487
Accumulated Depreciation	$ 2,176
Date of Construction	1998
Date Acquired	Jun. 23, 2004
Chattanooga-Hixson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TN
Initial Cost to Company, Land	$ 1,365
Initial Cost to Company, Building, Equipment and Improvements	5,569
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,845
Gross Amount at Which Carried at Close of Period, Land	1,365
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,414
Gross Amount at Which Carried at Close of Period, Total	8,779
Accumulated Depreciation	$ 2,388
Date of Construction	1998/02
Date Acquired	Aug. 04, 2004
Austin - Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,047
Initial Cost to Company, Building, Equipment and Improvements	5,857
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	880
Gross Amount at Which Carried at Close of Period, Land	1,976
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,808
Gross Amount at Which Carried at Close of Period, Total	8,784
Accumulated Depreciation	$ 2,181
Date of Construction	2000
Date Acquired	Aug. 05, 2004
Long Island-Bayshore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,131
Initial Cost to Company, Building, Equipment and Improvements	4,609
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	252
Gross Amount at Which Carried at Close of Period, Land	1,131
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,861
Gross Amount at Which Carried at Close of Period, Total	5,992
Accumulated Depreciation	$ 1,492
Date of Construction	2003
Date Acquired	Mar. 15, 2005
Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 527
Initial Cost to Company, Building, Equipment and Improvements	2,121
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,273
Gross Amount at Which Carried at Close of Period, Land	527
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,394
Gross Amount at Which Carried at Close of Period, Total	5,921
Accumulated Depreciation	$ 1,014
Date of Construction	1988/02
Date Acquired	Mar. 16, 2005
Boston Springfield One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 612
Initial Cost to Company, Building, Equipment and Improvements	2,501
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	368
Gross Amount at Which Carried at Close of Period, Land	612
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,869
Gross Amount at Which Carried at Close of Period, Total	3,481
Accumulated Depreciation	$ 859
Date of Construction	1965/75
Date Acquired	Apr. 12, 2005
Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 1,612
Initial Cost to Company, Building, Equipment and Improvements	6,585
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	289
Gross Amount at Which Carried at Close of Period, Land	1,612
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,874
Gross Amount at Which Carried at Close of Period, Total	8,486
Accumulated Depreciation	$ 2,166
Date of Construction	2002
Date Acquired	Apr. 14, 2005
Montgomery-Richard [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,906
Initial Cost to Company, Building, Equipment and Improvements	7,726
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	389
Gross Amount at Which Carried at Close of Period, Land	1,906
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,115
Gross Amount at Which Carried at Close of Period, Total	10,021
Accumulated Depreciation	$ 2,450
Date of Construction	1997
Date Acquired	Jun. 01, 2005
Houston - Jones [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,214
Initial Cost to Company, Building, Equipment and Improvements	4,949
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	363
Gross Amount at Which Carried at Close of Period, Land	1,215
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,311
Gross Amount at Which Carried at Close of Period, Total	6,526
Accumulated Depreciation	$ 1,592
Date of Construction	1997/99
Date Acquired	Jun. 06, 2005
Boston-Oxford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 470
Initial Cost to Company, Building, Equipment and Improvements	1,902
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,668
Gross Amount at Which Carried at Close of Period, Land	470
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,570
Gross Amount at Which Carried at Close of Period, Total	4,040
Accumulated Depreciation	$ 1,008
Date of Construction	2002
Date Acquired	Jun. 23, 2005
Austin-290E [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 537
Initial Cost to Company, Building, Equipment and Improvements	2,183
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	(320)
Gross Amount at Which Carried at Close of Period, Land	491
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,909
Gross Amount at Which Carried at Close of Period, Total	2,400
Accumulated Depreciation	$ 638
Date of Construction	2003
Date Acquired	Jul. 12, 2005
SanAntonio-Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 556
Initial Cost to Company, Building, Equipment and Improvements	2,265
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	549
Gross Amount at Which Carried at Close of Period, Land	556
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,814
Gross Amount at Which Carried at Close of Period, Total	3,370
Accumulated Depreciation	$ 866
Date of Construction	2003
Date Acquired	Jul. 12, 2005
Austin-South 1st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 754
Initial Cost to Company, Building, Equipment and Improvements	3,065
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	259
Gross Amount at Which Carried at Close of Period, Land	754
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,324
Gross Amount at Which Carried at Close of Period, Total	4,078
Accumulated Depreciation	$ 1,028
Date of Construction	2003
Date Acquired	Jul. 12, 2005
Houston-Pinehurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 484
Initial Cost to Company, Building, Equipment and Improvements	1,977
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,544
Gross Amount at Which Carried at Close of Period, Land	484
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,521
Gross Amount at Which Carried at Close of Period, Total	4,005
Accumulated Depreciation	$ 957
Date of Construction	2002/04
Date Acquired	Jul. 12, 2005
Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 811
Initial Cost to Company, Building, Equipment and Improvements	3,397
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	580
Gross Amount at Which Carried at Close of Period, Land	811
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,977
Gross Amount at Which Carried at Close of Period, Total	4,788
Accumulated Depreciation	$ 1,224
Date of Construction	2003
Date Acquired	Sep. 15, 2005
Baton Rouge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 719
Initial Cost to Company, Building, Equipment and Improvements	2,927
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,568
Gross Amount at Which Carried at Close of Period, Land	719
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,495
Gross Amount at Which Carried at Close of Period, Total	6,214
Accumulated Depreciation	$ 1,291
Date of Construction	1984/94
Date Acquired	Nov. 15, 2005
San Marcos-Hwy 35S [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 628
Initial Cost to Company, Building, Equipment and Improvements	2,532
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,288
Gross Amount at Which Carried at Close of Period, Land	982
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,466
Gross Amount at Which Carried at Close of Period, Total	6,448
Accumulated Depreciation	$ 773
Date of Construction	2001
Date Acquired	Jan. 10, 2006
Houston-Baytown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 596
Initial Cost to Company, Building, Equipment and Improvements	2,411
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	287
Gross Amount at Which Carried at Close of Period, Land	596
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,698
Gross Amount at Which Carried at Close of Period, Total	3,294
Accumulated Depreciation	$ 735
Date of Construction	2002
Date Acquired	Jan. 10, 2006
Houston-Cypress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 721
Initial Cost to Company, Building, Equipment and Improvements	2,994
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,318
Gross Amount at Which Carried at Close of Period, Land	721
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,312
Gross Amount at Which Carried at Close of Period, Total	6,033
Accumulated Depreciation	$ 1,303
Date of Construction	2003
Date Acquired	Jan. 13, 2006
Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 937
Initial Cost to Company, Building, Equipment and Improvements	3,779
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	228
Gross Amount at Which Carried at Close of Period, Land	937
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,007
Gross Amount at Which Carried at Close of Period, Total	4,944
Accumulated Depreciation	$ 1,151
Date of Construction	2002/06
Date Acquired	Feb. 01, 2006
Houston-Jones Rd 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 707
Initial Cost to Company, Building, Equipment and Improvements	2,933
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,831
Gross Amount at Which Carried at Close of Period, Land	707
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,764
Gross Amount at Which Carried at Close of Period, Total	6,471
Accumulated Depreciation	$ 1,506
Date of Construction	2000
Date Acquired	Mar. 09, 2006
Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 411
Initial Cost to Company, Building, Equipment and Improvements	1,621
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	281
Gross Amount at Which Carried at Close of Period, Land	411
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,902
Gross Amount at Which Carried at Close of Period, Total	2,313
Accumulated Depreciation	$ 592
Date of Construction	1997
Date Acquired	Apr. 13, 2006
Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 463
Initial Cost to Company, Building, Equipment and Improvements	1,831
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	208
Gross Amount at Which Carried at Close of Period, Land	463
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,039
Gross Amount at Which Carried at Close of Period, Total	2,502
Accumulated Depreciation	$ 616
Date of Construction	2001/04
Date Acquired	Apr. 13, 2006
Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 601
Initial Cost to Company, Building, Equipment and Improvements	2,406
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,442
Gross Amount at Which Carried at Close of Period, Land	601
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,848
Gross Amount at Which Carried at Close of Period, Total	4,449
Accumulated Depreciation	$ 1,071
Date of Construction	2002
Date Acquired	Apr. 13, 2006
Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 542
Initial Cost to Company, Building, Equipment and Improvements	1,319
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,210
Gross Amount at Which Carried at Close of Period, Land	542
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,529
Gross Amount at Which Carried at Close of Period, Total	4,071
Accumulated Depreciation	$ 920
Date of Construction	1997/99
Date Acquired	Apr. 13, 2006
Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 832
Initial Cost to Company, Building, Equipment and Improvements	3,268
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	185
Gross Amount at Which Carried at Close of Period, Land	832
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,453
Gross Amount at Which Carried at Close of Period, Total	4,285
Accumulated Depreciation	$ 977
Date of Construction	2000
Date Acquired	Apr. 26, 2006
Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,270
Initial Cost to Company, Building, Equipment and Improvements	5,037
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	376
Gross Amount at Which Carried at Close of Period, Land	1,270
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,413
Gross Amount at Which Carried at Close of Period, Total	6,683
Accumulated Depreciation	$ 1,502
Date of Construction	1998
Date Acquired	Jun. 22, 2006
Clearwater-Pinellas Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 929
Initial Cost to Company, Building, Equipment and Improvements	3,676
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	339
Gross Amount at Which Carried at Close of Period, Land	929
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,015
Gross Amount at Which Carried at Close of Period, Total	4,944
Accumulated Depreciation	$ 1,078
Date of Construction	2000
Date Acquired	Jun. 22, 2006
Clearwater-Tarpon Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 696
Initial Cost to Company, Building, Equipment and Improvements	2,739
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	240
Gross Amount at Which Carried at Close of Period, Land	696
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,979
Gross Amount at Which Carried at Close of Period, Total	3,675
Accumulated Depreciation	$ 836
Date of Construction	1999
Date Acquired	Jun. 22, 2006
New Orleans [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 1,220
Initial Cost to Company, Building, Equipment and Improvements	4,805
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	316
Gross Amount at Which Carried at Close of Period, Land	1,220
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,121
Gross Amount at Which Carried at Close of Period, Total	6,341
Accumulated Depreciation	$ 1,432
Date of Construction	2000
Date Acquired	Jun. 22, 2006
St Louis-Meramec [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 1,113
Initial Cost to Company, Building, Equipment and Improvements	4,359
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	378
Gross Amount at Which Carried at Close of Period, Land	1,113
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,737
Gross Amount at Which Carried at Close of Period, Total	5,850
Accumulated Depreciation	$ 1,322
Date of Construction	1999
Date Acquired	Jun. 22, 2006
St Louis-Charles Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 766
Initial Cost to Company, Building, Equipment and Improvements	3,040
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,504
Gross Amount at Which Carried at Close of Period, Land	766
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,544
Gross Amount at Which Carried at Close of Period, Total	5,310
Accumulated Depreciation	$ 1,009
Date of Construction	1999
Date Acquired	Jun. 22, 2006
St Louis-Shackelford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 828
Initial Cost to Company, Building, Equipment and Improvements	3,290
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	206
Gross Amount at Which Carried at Close of Period, Land	828
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,496
Gross Amount at Which Carried at Close of Period, Total	4,324
Accumulated Depreciation	$ 979
Date of Construction	1999
Date Acquired	Jun. 22, 2006
St Louis-W.Washington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 734
Initial Cost to Company, Building, Equipment and Improvements	2,867
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,503
Gross Amount at Which Carried at Close of Period, Land	734
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,370
Gross Amount at Which Carried at Close of Period, Total	6,104
Accumulated Depreciation	$ 1,139
Date of Construction	1980/01
Date Acquired	Jun. 22, 2006
St Louis-Howdershell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 899
Initial Cost to Company, Building, Equipment and Improvements	3,596
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	324
Gross Amount at Which Carried at Close of Period, Land	899
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,920
Gross Amount at Which Carried at Close of Period, Total	4,819
Accumulated Depreciation	$ 1,078
Date of Construction	2000
Date Acquired	Jun. 22, 2006
St Louis-Lemay Ferry [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 890
Initial Cost to Company, Building, Equipment and Improvements	3,552
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	473
Gross Amount at Which Carried at Close of Period, Land	890
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,025
Gross Amount at Which Carried at Close of Period, Total	4,915
Accumulated Depreciation	$ 1,091
Date of Construction	1999
Date Acquired	Jun. 22, 2006
St Louis-Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 697
Initial Cost to Company, Building, Equipment and Improvements	2,711
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	225
Gross Amount at Which Carried at Close of Period, Land	697
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,936
Gross Amount at Which Carried at Close of Period, Total	3,633
Accumulated Depreciation	$ 809
Date of Construction	2000
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,256
Initial Cost to Company, Building, Equipment and Improvements	4,946
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	475
Gross Amount at Which Carried at Close of Period, Land	1,256
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,421
Gross Amount at Which Carried at Close of Period, Total	6,677
Accumulated Depreciation	$ 1,446
Date of Construction	1998/03
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 605
Initial Cost to Company, Building, Equipment and Improvements	2,434
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	197
Gross Amount at Which Carried at Close of Period, Land	605
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,631
Gross Amount at Which Carried at Close of Period, Total	3,236
Accumulated Depreciation	$ 698
Date of Construction	2004
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 607
Initial Cost to Company, Building, Equipment and Improvements	2,428
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	219
Gross Amount at Which Carried at Close of Period, Land	607
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,647
Gross Amount at Which Carried at Close of Period, Total	3,254
Accumulated Depreciation	$ 716
Date of Construction	2004
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,073
Initial Cost to Company, Building, Equipment and Improvements	4,276
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	98
Gross Amount at Which Carried at Close of Period, Land	1,073
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,374
Gross Amount at Which Carried at Close of Period, Total	5,447
Accumulated Depreciation	$ 1,184
Date of Construction	2003
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 549
Initial Cost to Company, Building, Equipment and Improvements	2,180
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,148
Gross Amount at Which Carried at Close of Period, Land	549
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,328
Gross Amount at Which Carried at Close of Period, Total	3,877
Accumulated Depreciation	$ 793
Date of Construction	1998
Date Acquired	Jun. 22, 2006
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 644
Initial Cost to Company, Building, Equipment and Improvements	2,542
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	136
Gross Amount at Which Carried at Close of Period, Land	644
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,678
Gross Amount at Which Carried at Close of Period, Total	3,322
Accumulated Depreciation	$ 734
Date of Construction	1999
Date Acquired	Jun. 22, 2006
San Antonio-Blanco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 963
Initial Cost to Company, Building, Equipment and Improvements	3,836
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	222
Gross Amount at Which Carried at Close of Period, Land	963
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,058
Gross Amount at Which Carried at Close of Period, Total	5,021
Accumulated Depreciation	$ 1,122
Date of Construction	2004
Date Acquired	Jun. 22, 2006
San Antonio-Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 773
Initial Cost to Company, Building, Equipment and Improvements	3,060
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,012
Gross Amount at Which Carried at Close of Period, Land	773
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,072
Gross Amount at Which Carried at Close of Period, Total	5,845
Accumulated Depreciation	$ 1,118
Date of Construction	2000
Date Acquired	Jun. 22, 2006
San Antonio-Huebner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,175
Initial Cost to Company, Building, Equipment and Improvements	4,624
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	365
Gross Amount at Which Carried at Close of Period, Land	1,175
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,989
Gross Amount at Which Carried at Close of Period, Total	6,164
Accumulated Depreciation	$ 1,318
Date of Construction	1998
Date Acquired	Jun. 22, 2006
Nashua [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 617
Initial Cost to Company, Building, Equipment and Improvements	2,422
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	587
Gross Amount at Which Carried at Close of Period, Land	617
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,009
Gross Amount at Which Carried at Close of Period, Total	3,626
Accumulated Depreciation	$ 835
Date of Construction	1989
Date Acquired	Jun. 29, 2006
Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 699
Initial Cost to Company, Building, Equipment and Improvements	2,784
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,809
Gross Amount at Which Carried at Close of Period, Land	699
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,593
Gross Amount at Which Carried at Close of Period, Total	7,292
Accumulated Depreciation	$ 1,276
Date of Construction	1995/99
Date Acquired	Aug. 01, 2006
Chattanooga-Lee Hwy II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TN
Initial Cost to Company, Land	$ 619
Initial Cost to Company, Building, Equipment and Improvements	2,471
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	169
Gross Amount at Which Carried at Close of Period, Land	619
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,640
Gross Amount at Which Carried at Close of Period, Total	3,259
Accumulated Depreciation	$ 726
Date of Construction	2002
Date Acquired	Aug. 07, 2006
Montgomery-E.S.Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,158
Initial Cost to Company, Building, Equipment and Improvements	4,639
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,032
Gross Amount at Which Carried at Close of Period, Land	1,158
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,671
Gross Amount at Which Carried at Close of Period, Total	6,829
Accumulated Depreciation	$ 1,541
Date of Construction	1996/97
Date Acquired	Sep. 28, 2006
Auburn-Pepperell Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 590
Initial Cost to Company, Building, Equipment and Improvements	2,361
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	599
Gross Amount at Which Carried at Close of Period, Land	590
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,960
Gross Amount at Which Carried at Close of Period, Total	3,550
Accumulated Depreciation	$ 776
Date of Construction	1998
Date Acquired	Sep. 28, 2006
Auburn-Gatewood Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 694
Initial Cost to Company, Building, Equipment and Improvements	2,758
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	344
Gross Amount at Which Carried at Close of Period, Land	694
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,102
Gross Amount at Which Carried at Close of Period, Total	3,796
Accumulated Depreciation	$ 809
Date of Construction	2002/03
Date Acquired	Sep. 28, 2006
Columbus-Williams Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 736
Initial Cost to Company, Building, Equipment and Improvements	2,905
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	330
Gross Amount at Which Carried at Close of Period, Land	736
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,235
Gross Amount at Which Carried at Close of Period, Total	3,971
Accumulated Depreciation	$ 871
Date of Construction	2002/04/06
Date Acquired	Sep. 28, 2006
Columbus-Miller Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 975
Initial Cost to Company, Building, Equipment and Improvements	3,854
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,383
Gross Amount at Which Carried at Close of Period, Land	975
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,237
Gross Amount at Which Carried at Close of Period, Total	6,212
Accumulated Depreciation	$ 1,113
Date of Construction	1995
Date Acquired	Sep. 28, 2006
Columbus-Armour Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building, Equipment and Improvements	3,680
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	324
Gross Amount at Which Carried at Close of Period, Land	0
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,004
Gross Amount at Which Carried at Close of Period, Total	4,004
Accumulated Depreciation	$ 1,056
Date of Construction	2004/05
Date Acquired	Sep. 28, 2006
Columbus-Amber Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 439
Initial Cost to Company, Building, Equipment and Improvements	1,745
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	321
Gross Amount at Which Carried at Close of Period, Land	439
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,066
Gross Amount at Which Carried at Close of Period, Total	2,505
Accumulated Depreciation	$ 575
Date of Construction	1998
Date Acquired	Sep. 28, 2006
Concord [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 813
Initial Cost to Company, Building, Equipment and Improvements	3,213
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,041
Gross Amount at Which Carried at Close of Period, Land	813
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,254
Gross Amount at Which Carried at Close of Period, Total	6,067
Accumulated Depreciation	$ 1,283
Date of Construction	2000
Date Acquired	Oct. 31, 2006
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 929
Initial Cost to Company, Building, Equipment and Improvements	3,647
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	233
Gross Amount at Which Carried at Close of Period, Land	930
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,879
Gross Amount at Which Carried at Close of Period, Total	4,809
Accumulated Depreciation	$ 1,016
Date of Construction	2002/04
Date Acquired	Mar. 08, 2007
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,537
Initial Cost to Company, Building, Equipment and Improvements	6,018
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	611
Gross Amount at Which Carried at Close of Period, Land	1,537
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,629
Gross Amount at Which Carried at Close of Period, Total	8,166
Accumulated Depreciation	$ 1,694
Date of Construction	2003/06
Date Acquired	Mar. 08, 2007
Buffalo-Langner Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 532
Initial Cost to Company, Building, Equipment and Improvements	2,119
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3,492
Gross Amount at Which Carried at Close of Period, Land	532
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,611
Gross Amount at Which Carried at Close of Period, Total	6,143
Accumulated Depreciation	$ 908
Date of Construction	1993/07
Date Acquired	Mar. 30, 2007
Buffalo-Transit Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 437
Initial Cost to Company, Building, Equipment and Improvements	1,794
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	702
Gross Amount at Which Carried at Close of Period, Land	437
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,496
Gross Amount at Which Carried at Close of Period, Total	2,933
Accumulated Depreciation	$ 600
Date of Construction	1998
Date Acquired	Mar. 30, 2007
Buffalo-Lake Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 638
Initial Cost to Company, Building, Equipment and Improvements	2,531
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,939
Gross Amount at Which Carried at Close of Period, Land	638
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,470
Gross Amount at Which Carried at Close of Period, Total	6,108
Accumulated Depreciation	$ 853
Date of Construction	1997
Date Acquired	Mar. 30, 2007
Buffalo-Union Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 348
Initial Cost to Company, Building, Equipment and Improvements	1,344
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	474
Gross Amount at Which Carried at Close of Period, Land	348
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,818
Gross Amount at Which Carried at Close of Period, Total	2,166
Accumulated Depreciation	$ 435
Date of Construction	1998
Date Acquired	Mar. 30, 2007
Buffalo-NF Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 323
Initial Cost to Company, Building, Equipment and Improvements	1,331
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	249
Gross Amount at Which Carried at Close of Period, Land	323
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,580
Gross Amount at Which Carried at Close of Period, Total	1,903
Accumulated Depreciation	$ 409
Date of Construction	1998
Date Acquired	Mar. 30, 2007
Buffalo-Young St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 315
Initial Cost to Company, Building, Equipment and Improvements	2,185
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,143
Gross Amount at Which Carried at Close of Period, Land	316
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,327
Gross Amount at Which Carried at Close of Period, Total	3,643
Accumulated Depreciation	$ 774
Date of Construction	1999/00
Date Acquired	Mar. 30, 2007
Buffalo-Sheridan Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 961
Initial Cost to Company, Building, Equipment and Improvements	3,827
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,637
Gross Amount at Which Carried at Close of Period, Land	961
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,464
Gross Amount at Which Carried at Close of Period, Total	7,425
Accumulated Depreciation	$ 1,288
Date of Construction	1999
Date Acquired	Mar. 30, 2007
Buffalo Transit Rd One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 375
Initial Cost to Company, Building, Equipment and Improvements	1,498
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	649
Gross Amount at Which Carried at Close of Period, Land	375
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,147
Gross Amount at Which Carried at Close of Period, Total	2,522
Accumulated Depreciation	$ 505
Date of Construction	1990/95
Date Acquired	Mar. 30, 2007
Rochester-Phillips Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,003
Initial Cost to Company, Building, Equipment and Improvements	4,002
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	144
Gross Amount at Which Carried at Close of Period, Land	1,003
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,146
Gross Amount at Which Carried at Close of Period, Total	5,149
Accumulated Depreciation	$ 1,051
Date of Construction	1999
Date Acquired	Mar. 30, 2007
San Antonio-Foster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 676
Initial Cost to Company, Building, Equipment and Improvements	2,685
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	431
Gross Amount at Which Carried at Close of Period, Land	676
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,116
Gross Amount at Which Carried at Close of Period, Total	3,792
Accumulated Depreciation	$ 814
Date of Construction	2003/06
Date Acquired	May 21, 2007
Huntsville-Memorial Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,607
Initial Cost to Company, Building, Equipment and Improvements	6,338
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,085
Gross Amount at Which Carried at Close of Period, Land	1,677
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,353
Gross Amount at Which Carried at Close of Period, Total	9,030
Accumulated Depreciation	$ 1,771
Date of Construction	1989/06
Date Acquired	Jun. 01, 2007
Huntsville-Madison 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,016
Initial Cost to Company, Building, Equipment and Improvements	4,013
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	454
Gross Amount at Which Carried at Close of Period, Land	1,017
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,466
Gross Amount at Which Carried at Close of Period, Total	5,483
Accumulated Depreciation	$ 1,130
Date of Construction	1993/07
Date Acquired	Jun. 01, 2007
Biloxi-Gulfport 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 1,423
Initial Cost to Company, Building, Equipment and Improvements	5,624
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	197
Gross Amount at Which Carried at Close of Period, Land	1,423
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,821
Gross Amount at Which Carried at Close of Period, Total	7,244
Accumulated Depreciation	$ 1,469
Date of Construction	1998/05
Date Acquired	Jun. 01, 2007
Huntsville-Hwy 72 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,206
Initial Cost to Company, Building, Equipment and Improvements	4,775
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	365
Gross Amount at Which Carried at Close of Period, Land	1,206
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,140
Gross Amount at Which Carried at Close of Period, Total	6,346
Accumulated Depreciation	$ 1,266
Date of Construction	1998/06
Date Acquired	Jun. 01, 2007
Mobile-Airport Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,216
Initial Cost to Company, Building, Equipment and Improvements	4,819
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	359
Gross Amount at Which Carried at Close of Period, Land	1,216
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,178
Gross Amount at Which Carried at Close of Period, Total	6,394
Accumulated Depreciation	$ 1,331
Date of Construction	2000/07
Date Acquired	Jun. 01, 2007
Biloxi-Gulfport 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 1,345
Initial Cost to Company, Building, Equipment and Improvements	5,325
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	120
Gross Amount at Which Carried at Close of Period, Land	1,301
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,489
Gross Amount at Which Carried at Close of Period, Total	6,790
Accumulated Depreciation	$ 1,360
Date of Construction	2002/04
Date Acquired	Jun. 01, 2007
Huntsville-Madison 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,164
Initial Cost to Company, Building, Equipment and Improvements	4,624
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	297
Gross Amount at Which Carried at Close of Period, Land	1,164
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,921
Gross Amount at Which Carried at Close of Period, Total	6,085
Accumulated Depreciation	$ 1,233
Date of Construction	2002/06
Date Acquired	Jun. 01, 2007
Foley-Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,346
Initial Cost to Company, Building, Equipment and Improvements	5,474
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,575
Gross Amount at Which Carried at Close of Period, Land	1,346
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,049
Gross Amount at Which Carried at Close of Period, Total	8,395
Accumulated Depreciation	$ 1,512
Date of Construction	2003/06
Date Acquired	Jun. 01, 2007
Pensacola 6-Nine Mile [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,029
Initial Cost to Company, Building, Equipment and Improvements	4,180
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	194
Gross Amount at Which Carried at Close of Period, Land	1,029
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,374
Gross Amount at Which Carried at Close of Period, Total	5,403
Accumulated Depreciation	$ 1,178
Date of Construction	2003/06
Date Acquired	Jun. 01, 2007
Auburn-College St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 686
Initial Cost to Company, Building, Equipment and Improvements	2,732
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	242
Gross Amount at Which Carried at Close of Period, Land	686
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,974
Gross Amount at Which Carried at Close of Period, Total	3,660
Accumulated Depreciation	$ 775
Date of Construction	2003
Date Acquired	Jun. 01, 2007
Biloxi-Gulfport [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 1,811
Initial Cost to Company, Building, Equipment and Improvements	7,152
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	140
Gross Amount at Which Carried at Close of Period, Land	1,811
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,292
Gross Amount at Which Carried at Close of Period, Total	9,103
Accumulated Depreciation	$ 1,782
Date of Construction	2004/06
Date Acquired	Jun. 01, 2007
Pensacola 7-Hwy 98 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 732
Initial Cost to Company, Building, Equipment and Improvements	3,015
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	82
Gross Amount at Which Carried at Close of Period, Land	732
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,097
Gross Amount at Which Carried at Close of Period, Total	3,829
Accumulated Depreciation	$ 822
Date of Construction	2006
Date Acquired	Jun. 01, 2007
Montgomery-Arrowhead [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 1,075
Initial Cost to Company, Building, Equipment and Improvements	4,333
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	302
Gross Amount at Which Carried at Close of Period, Land	1,075
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,635
Gross Amount at Which Carried at Close of Period, Total	5,710
Accumulated Depreciation	$ 1,166
Date of Construction	2006
Date Acquired	Jun. 01, 2007
Montgomery-McLemore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 885
Initial Cost to Company, Building, Equipment and Improvements	3,586
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	253
Gross Amount at Which Carried at Close of Period, Land	885
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,839
Gross Amount at Which Carried at Close of Period, Total	4,724
Accumulated Depreciation	$ 945
Date of Construction	2006
Date Acquired	Jun. 01, 2007
Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 742
Initial Cost to Company, Building, Equipment and Improvements	3,024
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	246
Gross Amount at Which Carried at Close of Period, Land	742
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,270
Gross Amount at Which Carried at Close of Period, Total	4,012
Accumulated Depreciation	$ 855
Date of Construction	2002/05
Date Acquired	Nov. 14, 2007
Hattiesburg-Classic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 444
Initial Cost to Company, Building, Equipment and Improvements	1,799
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	228
Gross Amount at Which Carried at Close of Period, Land	444
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,027
Gross Amount at Which Carried at Close of Period, Total	2,471
Accumulated Depreciation	$ 521
Date of Construction	1998
Date Acquired	Dec. 19, 2007
Biloxi-Ginger [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 384
Initial Cost to Company, Building, Equipment and Improvements	1,548
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	139
Gross Amount at Which Carried at Close of Period, Land	384
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,687
Gross Amount at Which Carried at Close of Period, Total	2,071
Accumulated Depreciation	$ 405
Date of Construction	2000
Date Acquired	Dec. 19, 2007
Foley-7905 St Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AL
Initial Cost to Company, Land	$ 437
Initial Cost to Company, Building, Equipment and Improvements	1,757
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	207
Gross Amount at Which Carried at Close of Period, Land	437
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,964
Gross Amount at Which Carried at Close of Period, Total	2,401
Accumulated Depreciation	$ 461
Date of Construction	2000
Date Acquired	Dec. 19, 2007
Jackson-Ridgeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 1,479
Initial Cost to Company, Building, Equipment and Improvements	5,965
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	546
Gross Amount at Which Carried at Close of Period, Land	1,479
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,511
Gross Amount at Which Carried at Close of Period, Total	7,990
Accumulated Depreciation	$ 1,529
Date of Construction	1997/00
Date Acquired	Jan. 17, 2008
Jackson-5111 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 1,337
Initial Cost to Company, Building, Equipment and Improvements	5,377
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	240
Gross Amount at Which Carried at Close of Period, Land	1,337
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,617
Gross Amount at Which Carried at Close of Period, Total	6,954
Accumulated Depreciation	$ 1,308
Date of Construction	2003
Date Acquired	Jan. 17, 2008
Cincinnati-Robertson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	OH
Initial Cost to Company, Land	$ 852
Initial Cost to Company, Building, Equipment and Improvements	3,409
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	274
Gross Amount at Which Carried at Close of Period, Land	852
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,683
Gross Amount at Which Carried at Close of Period, Total	4,535
Accumulated Depreciation	$ 772
Date of Construction	2003/04
Date Acquired	Dec. 31, 2008
Richmond-Bridge Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 1,047
Initial Cost to Company, Building, Equipment and Improvements	5,981
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,729
Gross Amount at Which Carried at Close of Period, Land	1,047
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,710
Gross Amount at Which Carried at Close of Period, Total	9,757
Accumulated Depreciation	$ 1,334
Date of Construction	2009
Date Acquired	Oct. 01, 2009
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 846
Initial Cost to Company, Building, Equipment and Improvements	4,095
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	194
Gross Amount at Which Carried at Close of Period, Land	846
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,289
Gross Amount at Which Carried at Close of Period, Total	5,135
Accumulated Depreciation	$ 691
Date of Construction	2000
Date Acquired	Dec. 28, 2010
Charlotte-Wallace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 961
Initial Cost to Company, Building, Equipment and Improvements	3,702
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,216
Gross Amount at Which Carried at Close of Period, Land	961
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,918
Gross Amount at Which Carried at Close of Period, Total	5,879
Accumulated Depreciation	$ 667
Date of Construction	2008
Date Acquired	Dec. 29, 2010
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 574
Initial Cost to Company, Building, Equipment and Improvements	3,975
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	244
Gross Amount at Which Carried at Close of Period, Land	574
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,219
Gross Amount at Which Carried at Close of Period, Total	4,793
Accumulated Depreciation	$ 661
Date of Construction	2008
Date Acquired	Dec. 29, 2010
Charlotte- Westmoreland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 513
Initial Cost to Company, Building, Equipment and Improvements	5,317
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	40
Gross Amount at Which Carried at Close of Period, Land	513
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,357
Gross Amount at Which Carried at Close of Period, Total	5,870
Accumulated Depreciation	$ 849
Date of Construction	2009
Date Acquired	Dec. 29, 2010
Charlotte-Matthews [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 1,129
Initial Cost to Company, Building, Equipment and Improvements	4,767
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	125
Gross Amount at Which Carried at Close of Period, Land	1,129
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,892
Gross Amount at Which Carried at Close of Period, Total	6,021
Accumulated Depreciation	$ 794
Date of Construction	2009
Date Acquired	Dec. 29, 2010
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 381
Initial Cost to Company, Building, Equipment and Improvements	3,575
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	92
Gross Amount at Which Carried at Close of Period, Land	381
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,667
Gross Amount at Which Carried at Close of Period, Total	4,048
Accumulated Depreciation	$ 585
Date of Construction	2008
Date Acquired	Dec. 29, 2010
Charlotte-Zeb Morris [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 965
Initial Cost to Company, Building, Equipment and Improvements	3,355
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	103
Gross Amount at Which Carried at Close of Period, Land	965
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,458
Gross Amount at Which Carried at Close of Period, Total	4,423
Accumulated Depreciation	$ 555
Date of Construction	2007
Date Acquired	Dec. 29, 2010
Fair Lawn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 796
Initial Cost to Company, Building, Equipment and Improvements	9,467
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	312
Gross Amount at Which Carried at Close of Period, Land	796
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,779
Gross Amount at Which Carried at Close of Period, Total	10,575
Accumulated Depreciation	$ 1,388
Date of Construction	1999
Date Acquired	Jul. 14, 2011
Elizabeth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 885
Initial Cost to Company, Building, Equipment and Improvements	3,073
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	652
Gross Amount at Which Carried at Close of Period, Land	885
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,725
Gross Amount at Which Carried at Close of Period, Total	4,610
Accumulated Depreciation	$ 498
Date of Construction	1988
Date Acquired	Jul. 14, 2011
Saint Louis-High Ridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 197
Initial Cost to Company, Building, Equipment and Improvements	2,132
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	63
Gross Amount at Which Carried at Close of Period, Land	197
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,195
Gross Amount at Which Carried at Close of Period, Total	2,392
Accumulated Depreciation	$ 392
Date of Construction	2007
Date Acquired	Jul. 28, 2011
Atlanta-Decatur [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 1,043
Initial Cost to Company, Building, Equipment and Improvements	8,252
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	84
Gross Amount at Which Carried at Close of Period, Land	1,043
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,336
Gross Amount at Which Carried at Close of Period, Total	9,379
Accumulated Depreciation	$ 1,145
Date of Construction	2006
Date Acquired	Aug. 17, 2011
Houston Humble Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 825
Initial Cost to Company, Building, Equipment and Improvements	4,201
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	325
Gross Amount at Which Carried at Close of Period, Land	825
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,526
Gross Amount at Which Carried at Close of Period, Total	5,351
Accumulated Depreciation	$ 679
Date of Construction	1993
Date Acquired	Sep. 22, 2011
Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 693
Initial Cost to Company, Building, Equipment and Improvements	3,552
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	121
Gross Amount at Which Carried at Close of Period, Land	693
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,673
Gross Amount at Which Carried at Close of Period, Total	4,366
Accumulated Depreciation	$ 545
Date of Construction	2001
Date Acquired	Sep. 22, 2011
Houston-Hwy 6N [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,243
Initial Cost to Company, Building, Equipment and Improvements	3,106
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	128
Gross Amount at Which Carried at Close of Period, Land	1,243
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,234
Gross Amount at Which Carried at Close of Period, Total	4,477
Accumulated Depreciation	$ 499
Date of Construction	2000
Date Acquired	Sep. 22, 2011
Austin - Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,559
Initial Cost to Company, Building, Equipment and Improvements	2,727
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	91
Gross Amount at Which Carried at Close of Period, Land	1,559
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,818
Gross Amount at Which Carried at Close of Period, Total	4,377
Accumulated Depreciation	$ 440
Date of Construction	1998
Date Acquired	Sep. 22, 2011
Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 691
Initial Cost to Company, Building, Equipment and Improvements	4,435
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	2,478
Gross Amount at Which Carried at Close of Period, Land	691
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,913
Gross Amount at Which Carried at Close of Period, Total	7,604
Accumulated Depreciation	$ 801
Date of Construction	2000
Date Acquired	Sep. 22, 2011
Houston-Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,012
Initial Cost to Company, Building, Equipment and Improvements	3,312
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	222
Gross Amount at Which Carried at Close of Period, Land	1,012
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,534
Gross Amount at Which Carried at Close of Period, Total	4,546
Accumulated Depreciation	$ 512
Date of Construction	1998
Date Acquired	Sep. 22, 2011
Houston-W.Little York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 575
Initial Cost to Company, Building, Equipment and Improvements	3,557
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	185
Gross Amount at Which Carried at Close of Period, Land	575
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,742
Gross Amount at Which Carried at Close of Period, Total	4,317
Accumulated Depreciation	$ 586
Date of Construction	1998
Date Acquired	Sep. 22, 2011
Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 705
Initial Cost to Company, Building, Equipment and Improvements	4,223
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	206
Gross Amount at Which Carried at Close of Period, Land	705
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,429
Gross Amount at Which Carried at Close of Period, Total	5,134
Accumulated Depreciation	$ 651
Date of Construction	2000
Date Acquired	Sep. 22, 2011
Houston-Friendswood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,168
Initial Cost to Company, Building, Equipment and Improvements	2,315
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	215
Gross Amount at Which Carried at Close of Period, Land	1,168
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,530
Gross Amount at Which Carried at Close of Period, Total	3,698
Accumulated Depreciation	$ 391
Date of Construction	1994
Date Acquired	Sep. 22, 2011
Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,152
Initial Cost to Company, Building, Equipment and Improvements	3,027
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	330
Gross Amount at Which Carried at Close of Period, Land	2,152
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,357
Gross Amount at Which Carried at Close of Period, Total	5,509
Accumulated Depreciation	$ 528
Date of Construction	1993
Date Acquired	Sep. 22, 2011
Houston-W.Sam Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 402
Initial Cost to Company, Building, Equipment and Improvements	3,602
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	259
Gross Amount at Which Carried at Close of Period, Land	402
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,861
Gross Amount at Which Carried at Close of Period, Total	4,263
Accumulated Depreciation	$ 542
Date of Construction	1999
Date Acquired	Sep. 22, 2011
Austin-Pond Springs Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,653
Initial Cost to Company, Building, Equipment and Improvements	4,947
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	409
Gross Amount at Which Carried at Close of Period, Land	1,653
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,356
Gross Amount at Which Carried at Close of Period, Total	7,009
Accumulated Depreciation	$ 741
Date of Construction	1984
Date Acquired	Sep. 22, 2011
Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,474
Initial Cost to Company, Building, Equipment and Improvements	4,500
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	31
Gross Amount at Which Carried at Close of Period, Land	1,456
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,549
Gross Amount at Which Carried at Close of Period, Total	6,005
Accumulated Depreciation	$ 678
Date of Construction	2006
Date Acquired	Sep. 22, 2011
Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 177
Initial Cost to Company, Building, Equipment and Improvements	3,223
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	143
Gross Amount at Which Carried at Close of Period, Land	177
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,366
Gross Amount at Which Carried at Close of Period, Total	3,543
Accumulated Depreciation	$ 493
Date of Construction	1999
Date Acquired	Sep. 22, 2011
Houston-Silverado Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,438
Initial Cost to Company, Building, Equipment and Improvements	4,583
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	128
Gross Amount at Which Carried at Close of Period, Land	1,438
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,711
Gross Amount at Which Carried at Close of Period, Total	6,149
Accumulated Depreciation	$ 680
Date of Construction	2000
Date Acquired	Sep. 22, 2011
Houston-Sugarland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 272
Initial Cost to Company, Building, Equipment and Improvements	3,236
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	196
Gross Amount at Which Carried at Close of Period, Land	272
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,432
Gross Amount at Which Carried at Close of Period, Total	3,704
Accumulated Depreciation	$ 526
Date of Construction	2001
Date Acquired	Sep. 22, 2011
Houston-Westheimer Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 536
Initial Cost to Company, Building, Equipment and Improvements	2,687
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	167
Gross Amount at Which Carried at Close of Period, Land	536
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,854
Gross Amount at Which Carried at Close of Period, Total	3,390
Accumulated Depreciation	$ 430
Date of Construction	1997
Date Acquired	Sep. 22, 2011
Houston-Wilcrest Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,478
Initial Cost to Company, Building, Equipment and Improvements	4,145
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	173
Gross Amount at Which Carried at Close of Period, Land	1,478
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,318
Gross Amount at Which Carried at Close of Period, Total	5,796
Accumulated Depreciation	$ 606
Date of Construction	1999
Date Acquired	Sep. 22, 2011
Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,315
Initial Cost to Company, Building, Equipment and Improvements	6,142
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	222
Gross Amount at Which Carried at Close of Period, Land	1,315
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,364
Gross Amount at Which Carried at Close of Period, Total	7,679
Accumulated Depreciation	$ 880
Date of Construction	1997
Date Acquired	Sep. 22, 2011
Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 3,189
Initial Cost to Company, Building, Equipment and Improvements	3,974
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	177
Gross Amount at Which Carried at Close of Period, Land	3,189
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,151
Gross Amount at Which Carried at Close of Period, Total	7,340
Accumulated Depreciation	$ 581
Date of Construction	2000
Date Acquired	Sep. 22, 2011
Houston-Katy Freeway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,049
Initial Cost to Company, Building, Equipment and Improvements	5,175
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	517
Gross Amount at Which Carried at Close of Period, Land	1,049
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,692
Gross Amount at Which Carried at Close of Period, Total	6,741
Accumulated Depreciation	$ 805
Date of Construction	1999
Date Acquired	Sep. 22, 2011
Houston-Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Encumbrance	$ 1,852
Initial Cost to Company, Land	2,054
Initial Cost to Company, Building, Equipment and Improvements	2,138
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	365
Gross Amount at Which Carried at Close of Period, Land	2,054
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,503
Gross Amount at Which Carried at Close of Period, Total	4,557
Accumulated Depreciation	$ 376
Date of Construction	1982
Date Acquired	Sep. 22, 2011
Newport News-Brick Kiln[Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 2,848
Initial Cost to Company, Building, Equipment and Improvements	5,892
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	95
Gross Amount at Which Carried at Close of Period, Land	2,848
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,987
Gross Amount at Which Carried at Close of Period, Total	8,835
Accumulated Depreciation	$ 861
Date of Construction	2004
Date Acquired	Sep. 29, 2011
Pensacola-Palafox [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 197
Initial Cost to Company, Building, Equipment and Improvements	4,281
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	600
Gross Amount at Which Carried at Close of Period, Land	197
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,881
Gross Amount at Which Carried at Close of Period, Total	5,078
Accumulated Depreciation	$ 648
Date of Construction	1996
Date Acquired	Nov. 15, 2011
Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,960
Initial Cost to Company, Building, Equipment and Improvements	12,077
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	123
Gross Amount at Which Carried at Close of Period, Land	2,960
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,200
Gross Amount at Which Carried at Close of Period, Total	15,160
Accumulated Depreciation	$ 1,446
Date of Construction	2005
Date Acquired	May 16, 2012
Chicago - Lake Forest [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,932
Initial Cost to Company, Building, Equipment and Improvements	11,606
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	167
Gross Amount at Which Carried at Close of Period, Land	1,932
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,773
Gross Amount at Which Carried at Close of Period, Total	13,705
Accumulated Depreciation	$ 1,372
Date of Construction	1996/2004
Date Acquired	Jun. 06, 2012
Chicago - Schaumburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,940
Initial Cost to Company, Building, Equipment and Improvements	4,880
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	292
Gross Amount at Which Carried at Close of Period, Land	1,940
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,172
Gross Amount at Which Carried at Close of Period, Total	7,112
Accumulated Depreciation	$ 621
Date of Construction	1998
Date Acquired	Jun. 06, 2012
Norfolk - E. Little Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 911
Initial Cost to Company, Building, Equipment and Improvements	5,862
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	73
Gross Amount at Which Carried at Close of Period, Land	911
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,935
Gross Amount at Which Carried at Close of Period, Total	6,846
Accumulated Depreciation	$ 723
Date of Construction	2007
Date Acquired	Jun. 20, 2012
Atlanta-14th St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 1,560
Initial Cost to Company, Building, Equipment and Improvements	6,766
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	27
Gross Amount at Which Carried at Close of Period, Land	1,560
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,793
Gross Amount at Which Carried at Close of Period, Total	8,353
Accumulated Depreciation	$ 798
Date of Construction	2009
Date Acquired	Jul. 18, 2012
Jacksonville - Middlebg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 644
Initial Cost to Company, Building, Equipment and Improvements	5,719
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	78
Gross Amount at Which Carried at Close of Period, Land	644
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,797
Gross Amount at Which Carried at Close of Period, Total	6,441
Accumulated Depreciation	$ 676
Date of Construction	2008
Date Acquired	Sep. 18, 2012
Jacksonville - Orange Pk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 772
Initial Cost to Company, Building, Equipment and Improvements	3,882
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	76
Gross Amount at Which Carried at Close of Period, Land	772
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,958
Gross Amount at Which Carried at Close of Period, Total	4,730
Accumulated Depreciation	$ 490
Date of Construction	2007
Date Acquired	Sep. 18, 2012
Jacksonville - St. Augustine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 739
Initial Cost to Company, Building, Equipment and Improvements	3,858
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	63
Gross Amount at Which Carried at Close of Period, Land	739
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,921
Gross Amount at Which Carried at Close of Period, Total	4,660
Accumulated Depreciation	$ 475
Date of Construction	2007
Date Acquired	Sep. 18, 2012
Atlanta - NE Expressway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 1,384
Initial Cost to Company, Building, Equipment and Improvements	9,266
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	77
Gross Amount at Which Carried at Close of Period, Land	1,384
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,343
Gross Amount at Which Carried at Close of Period, Total	10,727
Accumulated Depreciation	$ 1,058
Date of Construction	2009
Date Acquired	Sep. 18, 2012
Atlanta - Kennesaw [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 856
Initial Cost to Company, Building, Equipment and Improvements	4,315
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	67
Gross Amount at Which Carried at Close of Period, Land	856
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,382
Gross Amount at Which Carried at Close of Period, Total	5,238
Accumulated Depreciation	$ 491
Date of Construction	2008
Date Acquired	Sep. 18, 2012
Atlanta - Lawrenceville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 855
Initial Cost to Company, Building, Equipment and Improvements	3,838
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	122
Gross Amount at Which Carried at Close of Period, Land	855
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,960
Gross Amount at Which Carried at Close of Period, Total	4,815
Accumulated Depreciation	$ 482
Date of Construction	2007
Date Acquired	Sep. 18, 2012
Atlanta - Woodstock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 1,342
Initial Cost to Company, Building, Equipment and Improvements	4,692
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	96
Gross Amount at Which Carried at Close of Period, Land	1,342
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,788
Gross Amount at Which Carried at Close of Period, Total	6,130
Accumulated Depreciation	$ 578
Date of Construction	2009
Date Acquired	Sep. 18, 2012
Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 2,337
Initial Cost to Company, Building, Equipment and Improvements	4,901
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	219
Gross Amount at Which Carried at Close of Period, Land	2,337
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,120
Gross Amount at Which Carried at Close of Period, Total	7,457
Accumulated Depreciation	$ 608
Date of Construction	2002
Date Acquired	Sep. 19, 2012
Chicago - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,213
Initial Cost to Company, Building, Equipment and Improvements	3,129
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	207
Gross Amount at Which Carried at Close of Period, Land	1,213
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,336
Gross Amount at Which Carried at Close of Period, Total	4,549
Accumulated Depreciation	$ 382
Date of Construction	1999/2006
Date Acquired	Sep. 27, 2012
Chicago - Orland Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,050
Initial Cost to Company, Building, Equipment and Improvements	5,894
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	160
Gross Amount at Which Carried at Close of Period, Land	1,050
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,054
Gross Amount at Which Carried at Close of Period, Total	7,104
Accumulated Depreciation	$ 650
Date of Construction	2007
Date Acquired	Dec. 10, 2012
Phoenix-83rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 910
Initial Cost to Company, Building, Equipment and Improvements	3,656
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	162
Gross Amount at Which Carried at Close of Period, Land	910
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,818
Gross Amount at Which Carried at Close of Period, Total	4,728
Accumulated Depreciation	$ 418
Date of Construction	2008
Date Acquired	Dec. 18, 2012
Chicago-North Austin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 2,593
Initial Cost to Company, Building, Equipment and Improvements	5,029
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	240
Gross Amount at Which Carried at Close of Period, Land	2,593
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,269
Gross Amount at Which Carried at Close of Period, Total	7,862
Accumulated Depreciation	$ 548
Date of Construction	2005
Date Acquired	Dec. 20, 2012
Chicago-North Western [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,718
Initial Cost to Company, Building, Equipment and Improvements	6,466
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	643
Gross Amount at Which Carried at Close of Period, Land	1,798
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,029
Gross Amount at Which Carried at Close of Period, Total	8,827
Accumulated Depreciation	$ 695
Date of Construction	2005
Date Acquired	Dec. 20, 2012
Chicago-West Pershing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 395
Initial Cost to Company, Building, Equipment and Improvements	3,226
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	105
Gross Amount at Which Carried at Close of Period, Land	395
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,331
Gross Amount at Which Carried at Close of Period, Total	3,726
Accumulated Depreciation	$ 340
Date of Construction	2008
Date Acquired	Dec. 20, 2012
Chicago - North Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 2,373
Initial Cost to Company, Building, Equipment and Improvements	9,869
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	126
Gross Amount at Which Carried at Close of Period, Land	2,373
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,995
Gross Amount at Which Carried at Close of Period, Total	12,368
Accumulated Depreciation	$ 1,010
Date of Construction	2011
Date Acquired	Dec. 20, 2012
Brandenton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,501
Initial Cost to Company, Building, Equipment and Improvements	3,775
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	186
Gross Amount at Which Carried at Close of Period, Land	1,501
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,961
Gross Amount at Which Carried at Close of Period, Total	5,462
Accumulated Depreciation	$ 422
Date of Construction	1997
Date Acquired	Dec. 21, 2012
Ft. Myers-Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 515
Initial Cost to Company, Building, Equipment and Improvements	2,280
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	138
Gross Amount at Which Carried at Close of Period, Land	515
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,418
Gross Amount at Which Carried at Close of Period, Total	2,933
Accumulated Depreciation	$ 275
Date of Construction	1998
Date Acquired	Dec. 21, 2012
Clearwater-Drew St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,234
Initial Cost to Company, Building, Equipment and Improvements	4,018
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	126
Gross Amount at Which Carried at Close of Period, Land	1,234
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,144
Gross Amount at Which Carried at Close of Period, Total	5,378
Accumulated Depreciation	$ 458
Date of Construction	2000
Date Acquired	Dec. 21, 2012
Clearwater-N. Myrtle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,555
Initial Cost to Company, Building, Equipment and Improvements	5,978
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	141
Gross Amount at Which Carried at Close of Period, Land	1,555
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,119
Gross Amount at Which Carried at Close of Period, Total	7,674
Accumulated Depreciation	$ 654
Date of Construction	2000
Date Acquired	Dec. 21, 2012
Austin-Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,246
Initial Cost to Company, Building, Equipment and Improvements	5,740
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	155
Gross Amount at Which Carried at Close of Period, Land	1,246
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,895
Gross Amount at Which Carried at Close of Period, Total	7,141
Accumulated Depreciation	$ 615
Date of Construction	2006
Date Acquired	Dec. 27, 2012
Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 774
Initial Cost to Company, Building, Equipment and Improvements	3,327
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	146
Gross Amount at Which Carried at Close of Period, Land	774
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,473
Gross Amount at Which Carried at Close of Period, Total	4,247
Accumulated Depreciation	$ 363
Date of Construction	2004
Date Acquired	Dec. 27, 2012
Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 632
Initial Cost to Company, Building, Equipment and Improvements	1,985
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	88
Gross Amount at Which Carried at Close of Period, Land	632
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,073
Gross Amount at Which Carried at Close of Period, Total	2,705
Accumulated Depreciation	$ 244
Date of Construction	2007
Date Acquired	Dec. 27, 2012
Chicago - Aurora [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 269
Initial Cost to Company, Building, Equipment and Improvements	3,126
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	320
Gross Amount at Which Carried at Close of Period, Land	269
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,446
Gross Amount at Which Carried at Close of Period, Total	3,715
Accumulated Depreciation	$ 336
Date of Construction	2010
Date Acquired	Dec. 31, 2012
San Antonio - Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 337
Initial Cost to Company, Building, Equipment and Improvements	2,005
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	191
Gross Amount at Which Carried at Close of Period, Land	337
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,196
Gross Amount at Which Carried at Close of Period, Total	2,533
Accumulated Depreciation	$ 238
Date of Construction	2005
Date Acquired	Feb. 11, 2013
Long Island - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 2,122
Initial Cost to Company, Building, Equipment and Improvements	8,735
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	517
Gross Amount at Which Carried at Close of Period, Land	2,122
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,252
Gross Amount at Which Carried at Close of Period, Total	11,374
Accumulated Depreciation	$ 857
Date of Construction	2002
Date Acquired	Mar. 22, 2013
Boston - Somerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 1,553
Initial Cost to Company, Building, Equipment and Improvements	7,186
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	21
Gross Amount at Which Carried at Close of Period, Land	1,506
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,254
Gross Amount at Which Carried at Close of Period, Total	8,760
Accumulated Depreciation	$ 727
Date of Construction	2008
Date Acquired	Mar. 22, 2013
Long Island - Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,096
Initial Cost to Company, Building, Equipment and Improvements	8,276
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	89
Gross Amount at Which Carried at Close of Period, Land	1,096
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,365
Gross Amount at Which Carried at Close of Period, Total	9,461
Accumulated Depreciation	$ 731
Date of Construction	2009
Date Acquired	Aug. 29, 2013
Long Island - Amityville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 2,224
Initial Cost to Company, Building, Equipment and Improvements	10,102
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	46
Gross Amount at Which Carried at Close of Period, Land	2,224
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,148
Gross Amount at Which Carried at Close of Period, Total	12,372
Accumulated Depreciation	$ 879
Date of Construction	2009
Date Acquired	Aug. 29, 2013
Colorado Springs - Scarlet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 629
Initial Cost to Company, Building, Equipment and Improvements	5,201
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	184
Gross Amount at Which Carried at Close of Period, Land	629
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,385
Gross Amount at Which Carried at Close of Period, Total	6,014
Accumulated Depreciation	$ 442
Date of Construction	2006
Date Acquired	Sep. 30, 2013
Toms River - Route 37 W [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 1,843
Initial Cost to Company, Building, Equipment and Improvements	6,544
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	99
Gross Amount at Which Carried at Close of Period, Land	1,843
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,643
Gross Amount at Which Carried at Close of Period, Total	8,486
Accumulated Depreciation	$ 575
Date of Construction	2007
Date Acquired	Nov. 26, 2013
Lake Worth - S Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 868
Initial Cost to Company, Building, Equipment and Improvements	5,306
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	709
Gross Amount at Which Carried at Close of Period, Land	868
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,015
Gross Amount at Which Carried at Close of Period, Total	6,883
Accumulated Depreciation	$ 490
Date of Construction	2000
Date Acquired	Dec. 04, 2013
Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,547
Initial Cost to Company, Building, Equipment and Improvements	5,226
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	153
Gross Amount at Which Carried at Close of Period, Land	1,547
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,379
Gross Amount at Which Carried at Close of Period, Total	6,926
Accumulated Depreciation	$ 449
Date of Construction	2008
Date Acquired	Dec. 27, 2013
Hartford-Bristol [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 1,174
Initial Cost to Company, Building, Equipment and Improvements	8,816
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	81
Gross Amount at Which Carried at Close of Period, Land	1,174
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,897
Gross Amount at Which Carried at Close of Period, Total	10,071
Accumulated Depreciation	$ 674
Date of Construction	2004
Date Acquired	Dec. 30, 2013
Piscataway-New Brunswick [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 1,639
Initial Cost to Company, Building, Equipment and Improvements	10,946
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	83
Gross Amount at Which Carried at Close of Period, Land	1,639
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,029
Gross Amount at Which Carried at Close of Period, Total	12,668
Accumulated Depreciation	$ 862
Date of Construction	2006
Date Acquired	Dec. 30, 2013
Fort Lauderdale - 3rd Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 7,629
Initial Cost to Company, Building, Equipment and Improvements	11,918
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	199
Gross Amount at Which Carried at Close of Period, Land	7,629
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,117
Gross Amount at Which Carried at Close of Period, Total	19,746
Accumulated Depreciation	$ 949
Date of Construction	1998
Date Acquired	Jan. 09, 2014
West Palm - Mercer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 15,680
Initial Cost to Company, Building, Equipment and Improvements	17,520
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	504
Gross Amount at Which Carried at Close of Period, Land	15,680
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	18,024
Gross Amount at Which Carried at Close of Period, Total	33,704
Accumulated Depreciation	$ 1,437
Date of Construction	2000
Date Acquired	Jan. 09, 2014
Austin - Manchaca [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 3,999
Initial Cost to Company, Building, Equipment and Improvements	4,297
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	665
Gross Amount at Which Carried at Close of Period, Land	3,999
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,962
Gross Amount at Which Carried at Close of Period, Total	8,961
Accumulated Depreciation	$ 409
Date of Construction	1998/2002
Date Acquired	Jan. 17, 2014
San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,235
Initial Cost to Company, Building, Equipment and Improvements	6,269
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	328
Gross Amount at Which Carried at Close of Period, Land	2,235
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,597
Gross Amount at Which Carried at Close of Period, Total	8,832
Accumulated Depreciation	$ 514
Date of Construction	2012
Date Acquired	Feb. 10, 2014
Portland 2000 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	ME
Initial Cost to Company, Land	$ 2,146
Initial Cost to Company, Building, Equipment and Improvements	6,418
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	235
Gross Amount at Which Carried at Close of Period, Land	2,146
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,653
Gross Amount at Which Carried at Close of Period, Total	8,799
Accumulated Depreciation	$ 525
Date of Construction	2000
Date Acquired	Feb. 11, 2014
Portland-Topsham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	ME
Initial Cost to Company, Land	$ 493
Initial Cost to Company, Building, Equipment and Improvements	5,234
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	98
Gross Amount at Which Carried at Close of Period, Land	493
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,332
Gross Amount at Which Carried at Close of Period, Total	5,825
Accumulated Depreciation	$ 411
Date of Construction	2006
Date Acquired	Feb. 11, 2014
Chicago St Charles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,837
Initial Cost to Company, Building, Equipment and Improvements	6,301
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	538
Gross Amount at Which Carried at Close of Period, Land	1,837
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,839
Gross Amount at Which Carried at Close of Period, Total	8,676
Accumulated Depreciation	$ 506
Date of Construction	2004/2013
Date Acquired	Mar. 31, 2014
Chicago - Ashland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 598
Initial Cost to Company, Building, Equipment and Improvements	4,789
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	178
Gross Amount at Which Carried at Close of Period, Land	598
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,967
Gross Amount at Which Carried at Close of Period, Total	5,565
Accumulated Depreciation	$ 355
Date of Construction	2014
Date Acquired	May 05, 2014
San Antonio - Walzem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,000
Initial Cost to Company, Building, Equipment and Improvements	3,749
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	495
Gross Amount at Which Carried at Close of Period, Land	2,000
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,244
Gross Amount at Which Carried at Close of Period, Total	6,244
Accumulated Depreciation	$ 316
Date of Construction	1997
Date Acquired	May 13, 2014
St. Louis - Woodson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 2,444
Initial Cost to Company, Building, Equipment and Improvements	5,966
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,587
Gross Amount at Which Carried at Close of Period, Land	2,444
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,553
Gross Amount at Which Carried at Close of Period, Total	9,997
Accumulated Depreciation	$ 549
Date of Construction	1998
Date Acquired	May 22, 2014
St. Louis - Mexico [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 638
Initial Cost to Company, Building, Equipment and Improvements	3,518
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	1,778
Gross Amount at Which Carried at Close of Period, Land	638
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,296
Gross Amount at Which Carried at Close of Period, Total	5,934
Accumulated Depreciation	$ 336
Date of Construction	1998
Date Acquired	May 22, 2014
St. Louis - Vogel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 2,010
Initial Cost to Company, Building, Equipment and Improvements	3,544
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	232
Gross Amount at Which Carried at Close of Period, Land	2,010
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,776
Gross Amount at Which Carried at Close of Period, Total	5,786
Accumulated Depreciation	$ 303
Date of Construction	2000
Date Acquired	May 22, 2014
St Louis Manchester Nineteen Ninety Six [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 508
Initial Cost to Company, Building, Equipment and Improvements	2,042
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	396
Gross Amount at Which Carried at Close of Period, Land	508
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,438
Gross Amount at Which Carried at Close of Period, Total	2,946
Accumulated Depreciation	$ 201
Date of Construction	1996
Date Acquired	May 22, 2014
St. Louis - North Highway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 1,989
Initial Cost to Company, Building, Equipment and Improvements	4,045
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	567
Gross Amount at Which Carried at Close of Period, Land	1,989
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,612
Gross Amount at Which Carried at Close of Period, Total	6,601
Accumulated Depreciation	$ 365
Date of Construction	1997
Date Acquired	May 22, 2014
St. Louis - Dunn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MO
Initial Cost to Company, Land	$ 1,538
Initial Cost to Company, Building, Equipment and Improvements	4,510
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	386
Gross Amount at Which Carried at Close of Period, Land	1,538
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,896
Gross Amount at Which Carried at Close of Period, Total	6,434
Accumulated Depreciation	$ 390
Date of Construction	2000
Date Acquired	May 22, 2014
Trenton-Hamilton Twnship [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 5,161
Initial Cost to Company, Building, Equipment and Improvements	7,063
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	841
Gross Amount at Which Carried at Close of Period, Land	5,161
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,904
Gross Amount at Which Carried at Close of Period, Total	13,065
Accumulated Depreciation	$ 522
Date of Construction	1980
Date Acquired	Jun. 05, 2014
NY Metro-Fishkill [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 1,741
Initial Cost to Company, Building, Equipment and Improvements	6,006
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	309
Gross Amount at Which Carried at Close of Period, Land	1,741
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,315
Gross Amount at Which Carried at Close of Period, Total	8,056
Accumulated Depreciation	$ 424
Date of Construction	2005
Date Acquired	Jun. 11, 2014
Atlanta-Peachtree City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	GA
Initial Cost to Company, Land	$ 2,263
Initial Cost to Company, Building, Equipment and Improvements	4,931
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	440
Gross Amount at Which Carried at Close of Period, Land	2,263
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,371
Gross Amount at Which Carried at Close of Period, Total	7,634
Accumulated Depreciation	$ 392
Date of Construction	2007
Date Acquired	Jun. 12, 2014
Wayne - Willowbrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building, Equipment and Improvements	2,292
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	196
Gross Amount at Which Carried at Close of Period, Land	0
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,488
Gross Amount at Which Carried at Close of Period, Total	2,488
Accumulated Depreciation	$ 411
Date of Construction	2000
Date Acquired	Jun. 12, 2014
Asbury Park - 1st Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 819
Initial Cost to Company, Building, Equipment and Improvements	4,734
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	548
Gross Amount at Which Carried at Close of Period, Land	819
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,282
Gross Amount at Which Carried at Close of Period, Total	6,101
Accumulated Depreciation	$ 368
Date of Construction	2003
Date Acquired	Jun. 18, 2014
Farmingdale - Tinton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 1,097
Initial Cost to Company, Building, Equipment and Improvements	5,618
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	320
Gross Amount at Which Carried at Close of Period, Land	1,097
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,938
Gross Amount at Which Carried at Close of Period, Total	7,035
Accumulated Depreciation	$ 425
Date of Construction	2004
Date Acquired	Jun. 18, 2014
Lakewood - Route 70 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 626
Initial Cost to Company, Building, Equipment and Improvements	4,549
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	188
Gross Amount at Which Carried at Close of Period, Land	626
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,737
Gross Amount at Which Carried at Close of Period, Total	5,363
Accumulated Depreciation	$ 316
Date of Construction	2003
Date Acquired	Jun. 18, 2014
Matawan - Highway 34 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NJ
Initial Cost to Company, Land	$ 1,512
Initial Cost to Company, Building, Equipment and Improvements	9,707
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	724
Gross Amount at Which Carried at Close of Period, Land	1,512
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,431
Gross Amount at Which Carried at Close of Period, Total	11,943
Accumulated Depreciation	$ 668
Date of Construction	2005
Date Acquired	Jul. 10, 2014
St. Petersburg - Gandy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,958
Initial Cost to Company, Building, Equipment and Improvements	6,904
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	217
Gross Amount at Which Carried at Close of Period, Land	2,958
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,121
Gross Amount at Which Carried at Close of Period, Total	10,079
Accumulated Depreciation	$ 446
Date of Construction	2007
Date Acquired	Aug. 28, 2014
Chesapeake - Campostella [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	VA
Initial Cost to Company, Land	$ 2,349
Initial Cost to Company, Building, Equipment and Improvements	3,875
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	282
Gross Amount at Which Carried at Close of Period, Land	2,349
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,157
Gross Amount at Which Carried at Close of Period, Total	6,506
Accumulated Depreciation	$ 272
Date of Construction	2000
Date Acquired	Sep. 05, 2014
San Antonio- Castle Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,658
Initial Cost to Company, Building, Equipment and Improvements	8,190
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	415
Gross Amount at Which Carried at Close of Period, Land	4,544
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,719
Gross Amount at Which Carried at Close of Period, Total	11,263
Accumulated Depreciation	$ 424
Date of Construction	2002
Date Acquired	Sep. 10, 2014
Chattanooga - Broad St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TN
Initial Cost to Company, Land	$ 759
Initial Cost to Company, Building, Equipment and Improvements	5,608
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	181
Gross Amount at Which Carried at Close of Period, Land	759
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,789
Gross Amount at Which Carried at Close of Period, Total	6,548
Accumulated Depreciation	$ 366
Date of Construction	2014
Date Acquired	Sep. 18, 2014
New Orleans-Kenner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	LA
Initial Cost to Company, Land	$ 5,771
Initial Cost to Company, Building, Equipment and Improvements	10,375
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	427
Gross Amount at Which Carried at Close of Period, Land	5,771
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,802
Gross Amount at Which Carried at Close of Period, Total	16,573
Accumulated Depreciation	$ 652
Date of Construction	2008
Date Acquired	Oct. 10, 2014
Orlando-Celebration [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 6,091
Initial Cost to Company, Building, Equipment and Improvements	4,641
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	356
Gross Amount at Which Carried at Close of Period, Land	6,091
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,997
Gross Amount at Which Carried at Close of Period, Total	11,088
Accumulated Depreciation	$ 297
Date of Construction	2006
Date Acquired	Oct. 21, 2014
Austin-Cedar Park 2003 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 4,196
Initial Cost to Company, Building, Equipment and Improvements	8,374
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	547
Gross Amount at Which Carried at Close of Period, Land	4,196
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,921
Gross Amount at Which Carried at Close of Period, Total	13,117
Accumulated Depreciation	$ 510
Date of Construction	2003
Date Acquired	Oct. 28, 2014
Chicago - Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 889
Initial Cost to Company, Building, Equipment and Improvements	4,700
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	624
Gross Amount at Which Carried at Close of Period, Land	889
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,324
Gross Amount at Which Carried at Close of Period, Total	6,213
Accumulated Depreciation	$ 293
Date of Construction	2014
Date Acquired	Nov. 14, 2014
Houston - Gessner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,599
Initial Cost to Company, Building, Equipment and Improvements	5,813
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	508
Gross Amount at Which Carried at Close of Period, Land	1,599
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,321
Gross Amount at Which Carried at Close of Period, Total	7,920
Accumulated Depreciation	$ 343
Date of Construction	2006
Date Acquired	Dec. 18, 2014
New England - Danbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 9,747
Initial Cost to Company, Building, Equipment and Improvements	18,374
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	80
Gross Amount at Which Carried at Close of Period, Land	9,747
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	18,454
Gross Amount at Which Carried at Close of Period, Total	28,201
Accumulated Depreciation	$ 892
Date of Construction	1999
Date Acquired	Feb. 02, 2015
New England - Milford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 9,642
Initial Cost to Company, Building, Equipment and Improvements	23,352
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	117
Gross Amount at Which Carried at Close of Period, Land	9,642
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	23,469
Gross Amount at Which Carried at Close of Period, Total	33,111
Accumulated Depreciation	$ 1,139
Date of Construction	1999
Date Acquired	Feb. 02, 2015
Long Island - Hicksville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 5,153
Initial Cost to Company, Building, Equipment and Improvements	27,401
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	158
Gross Amount at Which Carried at Close of Period, Land	5,153
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	27,559
Gross Amount at Which Carried at Close of Period, Total	32,712
Accumulated Depreciation	$ 1,392
Date of Construction	2002
Date Acquired	Feb. 02, 2015
Long Island - Farmingdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 4,931
Initial Cost to Company, Building, Equipment and Improvements	20,415
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	94
Gross Amount at Which Carried at Close of Period, Land	4,931
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	20,509
Gross Amount at Which Carried at Close of Period, Total	25,440
Accumulated Depreciation	$ 994
Date of Construction	2000
Date Acquired	Feb. 02, 2015
Chicago - Alsip [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 2,579
Initial Cost to Company, Building, Equipment and Improvements	4,066
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	84
Gross Amount at Which Carried at Close of Period, Land	2,579
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,150
Gross Amount at Which Carried at Close of Period, Total	6,729
Accumulated Depreciation	$ 204
Date of Construction	1986
Date Acquired	Feb. 05, 2015
Chicago - N. Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,719
Initial Cost to Company, Building, Equipment and Improvements	6,971
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	372
Gross Amount at Which Carried at Close of Period, Land	1,719
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,343
Gross Amount at Which Carried at Close of Period, Total	9,062
Accumulated Depreciation	$ 344
Date of Construction	2015
Date Acquired	Mar. 09, 2015
Fort Myers - Tamiami Trail [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,793
Initial Cost to Company, Building, Equipment and Improvements	4,382
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	158
Gross Amount at Which Carried at Close of Period, Land	1,793
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,540
Gross Amount at Which Carried at Close of Period, Total	6,333
Accumulated Depreciation	$ 234
Date of Construction	2004
Date Acquired	Apr. 01, 2015
Dallas - Allen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 3,864
Initial Cost to Company, Building, Equipment and Improvements	4,777
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	224
Gross Amount at Which Carried at Close of Period, Land	3,864
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,001
Gross Amount at Which Carried at Close of Period, Total	8,865
Accumulated Depreciation	$ 226
Date of Construction	2002
Date Acquired	Apr. 16, 2015
Jacksonville - Beach Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,118
Initial Cost to Company, Building, Equipment and Improvements	6,501
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	67
Gross Amount at Which Carried at Close of Period, Land	2,118
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,568
Gross Amount at Which Carried at Close of Period, Total	8,686
Accumulated Depreciation	$ 312
Date of Construction	2013
Date Acquired	Apr. 21, 2015
Space Coast - Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,169
Initial Cost to Company, Building, Equipment and Improvements	4,409
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	324
Gross Amount at Which Carried at Close of Period, Land	1,169
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,733
Gross Amount at Which Carried at Close of Period, Total	5,902
Accumulated Depreciation	$ 204
Date of Construction	1997
Date Acquired	May 01, 2015
Port St. Lucie - Federal Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 4,957
Initial Cost to Company, Building, Equipment and Improvements	6,045
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	201
Gross Amount at Which Carried at Close of Period, Land	4,957
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,246
Gross Amount at Which Carried at Close of Period, Total	11,203
Accumulated Depreciation	$ 293
Date of Construction	2001
Date Acquired	May 01, 2015
West Palm - N. Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 3,372
Initial Cost to Company, Building, Equipment and Improvements	4,206
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	134
Gross Amount at Which Carried at Close of Period, Land	3,372
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,340
Gross Amount at Which Carried at Close of Period, Total	7,712
Accumulated Depreciation	$ 216
Date of Construction	1985
Date Acquired	May 01, 2015
Ft. Myers - Bonita Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,687
Initial Cost to Company, Building, Equipment and Improvements	5,012
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	212
Gross Amount at Which Carried at Close of Period, Land	2,687
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,224
Gross Amount at Which Carried at Close of Period, Total	7,911
Accumulated Depreciation	$ 250
Date of Construction	2000
Date Acquired	May 01, 2015
Phoenix - Tatum Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 852
Initial Cost to Company, Building, Equipment and Improvements	7,052
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	159
Gross Amount at Which Carried at Close of Period, Land	852
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,211
Gross Amount at Which Carried at Close of Period, Total	8,063
Accumulated Depreciation	$ 302
Date of Construction	2015
Date Acquired	Jun. 16, 2015
Boston - Lynn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 2,110
Initial Cost to Company, Building, Equipment and Improvements	8,182
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	79
Gross Amount at Which Carried at Close of Period, Land	2,110
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,261
Gross Amount at Which Carried at Close of Period, Total	10,371
Accumulated Depreciation	$ 379
Date of Construction	2015
Date Acquired	Jun. 16, 2015
Syracuse - Ainsely Dr. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 2,711
Initial Cost to Company, Building, Equipment and Improvements	3,795
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	109
Gross Amount at Which Carried at Close of Period, Land	2,711
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,904
Gross Amount at Which Carried at Close of Period, Total	6,615
Accumulated Depreciation	$ 171
Date of Construction	2000
Date Acquired	Aug. 25, 2015
Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 668
Initial Cost to Company, Building, Equipment and Improvements	1,957
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	80
Gross Amount at Which Carried at Close of Period, Land	668
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,037
Gross Amount at Which Carried at Close of Period, Total	2,705
Accumulated Depreciation	$ 82
Date of Construction	2002
Date Acquired	Aug. 25, 2015
Syracuse - Camillus [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 473
Initial Cost to Company, Building, Equipment and Improvements	5,368
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	85
Gross Amount at Which Carried at Close of Period, Land	473
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,453
Gross Amount at Which Carried at Close of Period, Total	5,926
Accumulated Depreciation	$ 210
Date of Construction	2005/2011
Date Acquired	Aug. 25, 2015
Syracuse - Manlius [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 834
Initial Cost to Company, Building, Equipment and Improvements	1,705
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	45
Gross Amount at Which Carried at Close of Period, Land	834
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	1,750
Gross Amount at Which Carried at Close of Period, Total	2,584
Accumulated Depreciation	$ 64
Date of Construction	2000
Date Acquired	Aug. 25, 2015
Charlotte - Brookshire Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NC
Initial Cost to Company, Land	$ 718
Initial Cost to Company, Building, Equipment and Improvements	2,977
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	805
Gross Amount at Which Carried at Close of Period, Land	718
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,782
Gross Amount at Which Carried at Close of Period, Total	4,500
Accumulated Depreciation	$ 150
Date of Construction	2000
Date Acquired	Aug. 25, 2015
Charleston III [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 7,604
Initial Cost to Company, Building, Equipment and Improvements	9,086
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	169
Gross Amount at Which Carried at Close of Period, Land	7,604
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,255
Gross Amount at Which Carried at Close of Period, Total	16,859
Accumulated Depreciation	$ 322
Date of Construction	2005
Date Acquired	Sep. 01, 2015
Myrtle Beach II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 2,511
Initial Cost to Company, Building, Equipment and Improvements	6,147
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	219
Gross Amount at Which Carried at Close of Period, Land	2,511
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,366
Gross Amount at Which Carried at Close of Period, Total	8,877
Accumulated Depreciation	$ 253
Date of Construction	1999
Date Acquired	Sep. 01, 2015
Columbia VI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 3,640
Initial Cost to Company, Building, Equipment and Improvements	3,452
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	64
Gross Amount at Which Carried at Close of Period, Land	3,640
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,516
Gross Amount at Which Carried at Close of Period, Total	7,156
Accumulated Depreciation	$ 153
Date of Construction	2004/2008
Date Acquired	Sep. 01, 2015
Hilton Head - Bluffton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 3,084
Initial Cost to Company, Building, Equipment and Improvements	3,192
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	89
Gross Amount at Which Carried at Close of Period, Land	3,084
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,281
Gross Amount at Which Carried at Close of Period, Total	6,365
Accumulated Depreciation	$ 127
Date of Construction	1998
Date Acquired	Sep. 01, 2015
Philadelphia - Eagleville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 1,926
Initial Cost to Company, Building, Equipment and Improvements	4,498
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	97
Gross Amount at Which Carried at Close of Period, Land	1,926
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,595
Gross Amount at Which Carried at Close of Period, Total	6,521
Accumulated Depreciation	$ 150
Date of Construction	2010
Date Acquired	Dec. 30, 2015
Orlando - University [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 882
Initial Cost to Company, Building, Equipment and Improvements	5,756
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	241
Gross Amount at Which Carried at Close of Period, Land	882
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,997
Gross Amount at Which Carried at Close of Period, Total	6,879
Accumulated Depreciation	$ 150
Date of Construction	2001
Date Acquired	Jan. 06, 2016
Orlando - N. Powers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,567
Initial Cost to Company, Building, Equipment and Improvements	2,838
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	51
Gross Amount at Which Carried at Close of Period, Land	2,567
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,889
Gross Amount at Which Carried at Close of Period, Total	5,456
Accumulated Depreciation	$ 77
Date of Construction	1997
Date Acquired	Jan. 06, 2016
Sarasota - North Port [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 4,884
Initial Cost to Company, Building, Equipment and Improvements	10,014
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	109
Gross Amount at Which Carried at Close of Period, Land	4,884
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,123
Gross Amount at Which Carried at Close of Period, Total	15,007
Accumulated Depreciation	$ 116
Date of Construction	2001/2006
Date Acquired	Jan. 06, 2016
Los Angeles - Commercial [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 6,512
Initial Cost to Company, Building, Equipment and Improvements	12,352
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	327
Gross Amount at Which Carried at Close of Period, Land	6,512
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,679
Gross Amount at Which Carried at Close of Period, Total	19,191
Accumulated Depreciation	$ 319
Date of Construction	2004
Date Acquired	Jan. 21, 2016
Los Angeles - E. Slauson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 3,998
Initial Cost to Company, Building, Equipment and Improvements	13,547
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	220
Gross Amount at Which Carried at Close of Period, Land	3,998
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	13,767
Gross Amount at Which Carried at Close of Period, Total	17,765
Accumulated Depreciation	$ 323
Date of Construction	2012
Date Acquired	Jan. 21, 2016
Los Angeles - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 4,636
Initial Cost to Company, Building, Equipment and Improvements	14,826
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	107
Gross Amount at Which Carried at Close of Period, Land	4,636
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,933
Gross Amount at Which Carried at Close of Period, Total	19,569
Accumulated Depreciation	$ 347
Date of Construction	2006
Date Acquired	Jan. 21, 2016
Los Angeles - Calabasas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 13,274
Initial Cost to Company, Building, Equipment and Improvements	10,419
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	333
Gross Amount at Which Carried at Close of Period, Land	13,274
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,752
Gross Amount at Which Carried at Close of Period, Total	24,026
Accumulated Depreciation	$ 267
Date of Construction	2004/2014
Date Acquired	Jan. 21, 2016
Portsmouth - Kingston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 1,713
Initial Cost to Company, Building, Equipment and Improvements	2,709
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	29
Gross Amount at Which Carried at Close of Period, Land	1,713
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,738
Gross Amount at Which Carried at Close of Period, Total	4,451
Accumulated Depreciation	$ 67
Date of Construction	2003
Date Acquired	Jan. 21, 2016
Portsmouth - Danville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 1,615
Initial Cost to Company, Building, Equipment and Improvements	3,333
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	36
Gross Amount at Which Carried at Close of Period, Land	1,615
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,369
Gross Amount at Which Carried at Close of Period, Total	4,984
Accumulated Depreciation	$ 95
Date of Construction	2003
Date Acquired	Jan. 21, 2016
Portsmouth - Hampton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 2,445
Initial Cost to Company, Building, Equipment and Improvements	6,295
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	23
Gross Amount at Which Carried at Close of Period, Land	2,445
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,318
Gross Amount at Which Carried at Close of Period, Total	8,763
Accumulated Depreciation	$ 160
Date of Construction	2005
Date Acquired	Jan. 21, 2016
Portsmouth - Lee [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 3,078
Initial Cost to Company, Building, Equipment and Improvements	2,861
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	38
Gross Amount at Which Carried at Close of Period, Land	3,078
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,899
Gross Amount at Which Carried at Close of Period, Total	5,977
Accumulated Depreciation	$ 70
Date of Construction	2000
Date Acquired	Jan. 21, 2016
Portsmouth - Heritage [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NH
Initial Cost to Company, Land	$ 4,430
Initial Cost to Company, Building, Equipment and Improvements	26,040
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	46
Gross Amount at Which Carried at Close of Period, Land	4,430
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	26,086
Gross Amount at Which Carried at Close of Period, Total	30,516
Accumulated Depreciation	$ 606
Date of Construction	1985/1999
Date Acquired	Jan. 21, 2016
Boston - Salisbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MA
Initial Cost to Company, Land	$ 4,880
Initial Cost to Company, Building, Equipment and Improvements	6,342
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	71
Gross Amount at Which Carried at Close of Period, Land	4,880
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,413
Gross Amount at Which Carried at Close of Period, Total	11,293
Accumulated Depreciation	$ 182
Date of Construction	2003
Date Acquired	Jan. 21, 2016
Dallas - Frisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 6,191
Initial Cost to Company, Building, Equipment and Improvements	5,088
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	140
Gross Amount at Which Carried at Close of Period, Land	6,191
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,228
Gross Amount at Which Carried at Close of Period, Total	11,419
Accumulated Depreciation	$ 128
Date of Construction	2003
Date Acquired	Jan. 21, 2016
Dallas - McKinney [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 8,097
Initial Cost to Company, Building, Equipment and Improvements	7,047
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	62
Gross Amount at Which Carried at Close of Period, Land	8,097
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,109
Gross Amount at Which Carried at Close of Period, Total	15,206
Accumulated Depreciation	$ 174
Date of Construction	2003
Date Acquired	Jan. 21, 2016
Dallas - McKinney 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 5,508
Initial Cost to Company, Building, Equipment and Improvements	6,462
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	61
Gross Amount at Which Carried at Close of Period, Land	5,508
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,523
Gross Amount at Which Carried at Close of Period, Total	12,031
Accumulated Depreciation	$ 156
Date of Construction	2002
Date Acquired	Jan. 21, 2016
Phoenix - 48th [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	AZ
Initial Cost to Company, Land	$ 988
Initial Cost to Company, Building, Equipment and Improvements	8,224
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	40
Gross Amount at Which Carried at Close of Period, Land	988
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,264
Gross Amount at Which Carried at Close of Period, Total	9,252
Accumulated Depreciation	$ 201
Date of Construction	2015
Date Acquired	Feb. 01, 2016
Miami 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 2,294
Initial Cost to Company, Building, Equipment and Improvements	8,980
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	131
Gross Amount at Which Carried at Close of Period, Land	2,294
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,111
Gross Amount at Which Carried at Close of Period, Total	11,405
Accumulated Depreciation	$ 222
Date of Construction	2016
Date Acquired	Feb. 12, 2016
Philadelphia - Glenolden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	PA
Initial Cost to Company, Land	$ 1,768
Initial Cost to Company, Building, Equipment and Improvements	3,879
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	78
Gross Amount at Which Carried at Close of Period, Land	1,768
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,957
Gross Amount at Which Carried at Close of Period, Total	5,725
Accumulated Depreciation	$ 98
Date of Construction	1970
Date Acquired	Feb. 17, 2016
Denver - Thornton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 4,528
Initial Cost to Company, Building, Equipment and Improvements	7,915
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	85
Gross Amount at Which Carried at Close of Period, Land	4,528
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,000
Gross Amount at Which Carried at Close of Period, Total	12,528
Accumulated Depreciation	$ 175
Date of Construction	2011
Date Acquired	Feb. 29, 2016
Los Angeles - Costa Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 17,976
Initial Cost to Company, Building, Equipment and Improvements	25,145
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	372
Gross Amount at Which Carried at Close of Period, Land	17,976
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	25,517
Gross Amount at Which Carried at Close of Period, Total	43,493
Accumulated Depreciation	$ 491
Date of Construction	2005
Date Acquired	Mar. 16, 2016
Los Angeles - Irving [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building, Equipment and Improvements	6,318
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	211
Gross Amount at Which Carried at Close of Period, Land	0
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,529
Gross Amount at Which Carried at Close of Period, Total	6,529
Accumulated Depreciation	$ 264
Date of Construction	1985
Date Acquired	Mar. 16, 2016
Los Angeles - Durante [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 4,671
Initial Cost to Company, Building, Equipment and Improvements	13,908
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	80
Gross Amount at Which Carried at Close of Period, Land	4,671
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	13,988
Gross Amount at Which Carried at Close of Period, Total	18,659
Accumulated Depreciation	$ 269
Date of Construction	2015
Date Acquired	Mar. 16, 2016
Los Angeles - Wildomar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 6,728
Initial Cost to Company, Building, Equipment and Improvements	10,340
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	186
Gross Amount at Which Carried at Close of Period, Land	6,728
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,526
Gross Amount at Which Carried at Close of Period, Total	17,254
Accumulated Depreciation	$ 210
Date of Construction	2005
Date Acquired	Mar. 17, 2016
Los Angeles - Torrance [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 17,445
Initial Cost to Company, Building, Equipment and Improvements	18,839
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	402
Gross Amount at Which Carried at Close of Period, Land	17,445
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	19,241
Gross Amount at Which Carried at Close of Period, Total	36,686
Accumulated Depreciation	$ 370
Date of Construction	2003
Date Acquired	Apr. 11, 2016
New Haven - Wallingford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 3,618
Initial Cost to Company, Building, Equipment and Improvements	5,286
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	181
Gross Amount at Which Carried at Close of Period, Land	3,618
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,467
Gross Amount at Which Carried at Close of Period, Total	9,085
Accumulated Depreciation	$ 104
Date of Construction	2000
Date Acquired	Apr. 14, 2016
New Haven - Waterbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CT
Initial Cost to Company, Land	$ 2,524
Initial Cost to Company, Building, Equipment and Improvements	5,618
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	74
Gross Amount at Which Carried at Close of Period, Land	2,524
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,692
Gross Amount at Which Carried at Close of Period, Total	8,216
Accumulated Depreciation	$ 109
Date of Construction	2001
Date Acquired	Apr. 14, 2016
New York - Mahopac [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Encumbrance	$ 4,207
Initial Cost to Company, Land	2,373
Initial Cost to Company, Building, Equipment and Improvements	5,089
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	161
Gross Amount at Which Carried at Close of Period, Land	2,373
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,250
Gross Amount at Which Carried at Close of Period, Total	7,623
Accumulated Depreciation	$ 87
Date of Construction	1991/1944
Date Acquired	Apr. 26, 2016
New York - Mount Vernon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 3,337
Initial Cost to Company, Building, Equipment and Improvements	13,112
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	75
Gross Amount at Which Carried at Close of Period, Land	3,337
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	13,187
Gross Amount at Which Carried at Close of Period, Total	16,524
Accumulated Depreciation	$ 226
Date of Construction	2013
Date Acquired	Apr. 26, 2016
Pt. St. Lucie 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Encumbrance	$ 4,002
Initial Cost to Company, Land	4,140
Initial Cost to Company, Building, Equipment and Improvements	7,176
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	232
Gross Amount at Which Carried at Close of Period, Land	4,140
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,408
Gross Amount at Which Carried at Close of Period, Total	11,548
Accumulated Depreciation	$ 161
Date of Construction	2002
Date Acquired	May 05, 2016
Dallas - Lewisville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,333
Initial Cost to Company, Building, Equipment and Improvements	8,302
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	122
Gross Amount at Which Carried at Close of Period, Land	2,333
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,424
Gross Amount at Which Carried at Close of Period, Total	10,757
Accumulated Depreciation	$ 149
Date of Construction	2007
Date Acquired	May 05, 2016
Buffalo - Cayuga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 499
Initial Cost to Company, Building, Equipment and Improvements	5,198
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	106
Gross Amount at Which Carried at Close of Period, Land	499
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,304
Gross Amount at Which Carried at Close of Period, Total	5,803
Accumulated Depreciation	$ 80
Date of Construction	2006
Date Acquired	May 19, 2016
Buffalo - Lackawanna [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 215
Initial Cost to Company, Building, Equipment and Improvements	2,323
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	240
Gross Amount at Which Carried at Close of Period, Land	215
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,563
Gross Amount at Which Carried at Close of Period, Total	2,778
Accumulated Depreciation	$ 38
Date of Construction	2006
Date Acquired	May 19, 2016
Austin - S. Congress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,030
Initial Cost to Company, Building, Equipment and Improvements	8,163
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	83
Gross Amount at Which Carried at Close of Period, Land	1,030
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,246
Gross Amount at Which Carried at Close of Period, Total	9,276
Accumulated Depreciation	$ 106
Date of Construction	1984
Date Acquired	Jul. 15, 2016
Austin - W Braker [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,210
Initial Cost to Company, Building, Equipment and Improvements	14,833
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	53
Gross Amount at Which Carried at Close of Period, Land	1,210
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,886
Gross Amount at Which Carried at Close of Period, Total	16,096
Accumulated Depreciation	$ 189
Date of Construction	2003
Date Acquired	Jul. 15, 2016
Austin - Highway 290 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 930
Initial Cost to Company, Building, Equipment and Improvements	12,269
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	46
Gross Amount at Which Carried at Close of Period, Land	930
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,315
Gross Amount at Which Carried at Close of Period, Total	13,245
Accumulated Depreciation	$ 159
Date of Construction	1999
Date Acquired	Jul. 15, 2016
Austin - Killeen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 3,070
Initial Cost to Company, Building, Equipment and Improvements	20,782
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	111
Gross Amount at Which Carried at Close of Period, Land	3,070
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	20,893
Gross Amount at Which Carried at Close of Period, Total	23,963
Accumulated Depreciation	$ 282
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Austin - Round Rock 5 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 830
Initial Cost to Company, Building, Equipment and Improvements	6,129
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	44
Gross Amount at Which Carried at Close of Period, Land	830
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,173
Gross Amount at Which Carried at Close of Period, Total	7,003
Accumulated Depreciation	$ 80
Date of Construction	1986
Date Acquired	Jul. 15, 2016
Austin - Georgetown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,530
Initial Cost to Company, Building, Equipment and Improvements	10,647
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	54
Gross Amount at Which Carried at Close of Period, Land	1,530
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,701
Gross Amount at Which Carried at Close of Period, Total	12,231
Accumulated Depreciation	$ 145
Date of Construction	2001/2015
Date Acquired	Jul. 15, 2016
Austin - Pflugerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 750
Initial Cost to Company, Building, Equipment and Improvements	9,238
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	49
Gross Amount at Which Carried at Close of Period, Land	750
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,287
Gross Amount at Which Carried at Close of Period, Total	10,037
Accumulated Depreciation	$ 120
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Chicago - Algonquin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,430
Initial Cost to Company, Building, Equipment and Improvements	14,958
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	26
Gross Amount at Which Carried at Close of Period, Land	1,430
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,984
Gross Amount at Which Carried at Close of Period, Total	16,414
Accumulated Depreciation	$ 193
Date of Construction	2006
Date Acquired	Jul. 15, 2016
Chicago - Carpentersville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 350
Initial Cost to Company, Building, Equipment and Improvements	4,710
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	14
Gross Amount at Which Carried at Close of Period, Land	350
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	4,724
Gross Amount at Which Carried at Close of Period, Total	5,074
Accumulated Depreciation	$ 61
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Chicago - W. Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 2,770
Initial Cost to Company, Building, Equipment and Improvements	25,112
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	85
Gross Amount at Which Carried at Close of Period, Land	2,770
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	25,197
Gross Amount at Which Carried at Close of Period, Total	27,967
Accumulated Depreciation	$ 319
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Chicago - State St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,190
Initial Cost to Company, Building, Equipment and Improvements	19,159
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	40
Gross Amount at Which Carried at Close of Period, Land	1,190
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	19,199
Gross Amount at Which Carried at Close of Period, Total	20,389
Accumulated Depreciation	$ 241
Date of Construction	2009
Date Acquired	Jul. 15, 2016
Chicago - W. Grand [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,720
Initial Cost to Company, Building, Equipment and Improvements	10,628
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	58
Gross Amount at Which Carried at Close of Period, Land	1,720
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,686
Gross Amount at Which Carried at Close of Period, Total	12,406
Accumulated Depreciation	$ 134
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Chicago - Libertyville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 3,670
Initial Cost to Company, Building, Equipment and Improvements	26,660
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	126
Gross Amount at Which Carried at Close of Period, Land	3,670
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	26,786
Gross Amount at Which Carried at Close of Period, Total	30,456
Accumulated Depreciation	$ 338
Date of Construction	2009
Date Acquired	Jul. 15, 2016
Chicago - Aurora 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,090
Initial Cost to Company, Building, Equipment and Improvements	20,033
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	49
Gross Amount at Which Carried at Close of Period, Land	1,090
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	20,082
Gross Amount at Which Carried at Close of Period, Total	21,172
Accumulated Depreciation	$ 257
Date of Construction	2009
Date Acquired	Jul. 15, 2016
Chicago - Morton Grove [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,610
Initial Cost to Company, Building, Equipment and Improvements	14,914
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	40
Gross Amount at Which Carried at Close of Period, Land	1,610
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,954
Gross Amount at Which Carried at Close of Period, Total	16,564
Accumulated Depreciation	$ 189
Date of Construction	2009
Date Acquired	Jul. 15, 2016
Chicago - Bridgeview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 3,770
Initial Cost to Company, Building, Equipment and Improvements	19,990
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	74
Gross Amount at Which Carried at Close of Period, Land	3,770
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	20,064
Gross Amount at Which Carried at Close of Period, Total	23,834
Accumulated Depreciation	$ 262
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Chicago - Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,340
Initial Cost to Company, Building, Equipment and Improvements	11,881
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	33
Gross Amount at Which Carried at Close of Period, Land	1,340
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,914
Gross Amount at Which Carried at Close of Period, Total	13,254
Accumulated Depreciation	$ 153
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Chicago - W Diversey [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,670
Initial Cost to Company, Building, Equipment and Improvements	10,811
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	24
Gross Amount at Which Carried at Close of Period, Land	1,670
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,835
Gross Amount at Which Carried at Close of Period, Total	12,505
Accumulated Depreciation	$ 136
Date of Construction	2010
Date Acquired	Jul. 15, 2016
Chicago - Elmhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 670
Initial Cost to Company, Building, Equipment and Improvements	18,729
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	20
Gross Amount at Which Carried at Close of Period, Land	670
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	18,749
Gross Amount at Which Carried at Close of Period, Total	19,419
Accumulated Depreciation	$ 236
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Chicago - Elgin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,130
Initial Cost to Company, Building, Equipment and Improvements	12,584
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	71
Gross Amount at Which Carried at Close of Period, Land	1,130
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,655
Gross Amount at Which Carried at Close of Period, Total	13,785
Accumulated Depreciation	$ 162
Date of Construction	2003
Date Acquired	Jul. 15, 2016
Chicago - N. Paulina St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 5,600
Initial Cost to Company, Building, Equipment and Improvements	12,721
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	24
Gross Amount at Which Carried at Close of Period, Land	5,600
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,745
Gross Amount at Which Carried at Close of Period, Total	18,345
Accumulated Depreciation	$ 162
Date of Construction	2006
Date Acquired	Jul. 15, 2016
Chicago - Matteson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,590
Initial Cost to Company, Building, Equipment and Improvements	12,053
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	32
Gross Amount at Which Carried at Close of Period, Land	1,590
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,085
Gross Amount at Which Carried at Close of Period, Total	13,675
Accumulated Depreciation	$ 161
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Chicago - S. Heights [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,050
Initial Cost to Company, Building, Equipment and Improvements	4,960
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	45
Gross Amount at Which Carried at Close of Period, Land	1,050
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,005
Gross Amount at Which Carried at Close of Period, Total	6,055
Accumulated Depreciation	$ 68
Date of Construction	2006
Date Acquired	Jul. 15, 2016
Chicago - W. Grand 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,780
Initial Cost to Company, Building, Equipment and Improvements	8,928
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	80
Gross Amount at Which Carried at Close of Period, Land	1,780
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,008
Gross Amount at Which Carried at Close of Period, Total	10,788
Accumulated Depreciation	$ 113
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Chicago - W 30th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 600
Initial Cost to Company, Building, Equipment and Improvements	15,574
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	47
Gross Amount at Which Carried at Close of Period, Land	600
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	15,621
Gross Amount at Which Carried at Close of Period, Total	16,221
Accumulated Depreciation	$ 197
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Chicago - Mokena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 3,230
Initial Cost to Company, Building, Equipment and Improvements	18,623
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	195
Gross Amount at Which Carried at Close of Period, Land	3,230
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	18,818
Gross Amount at Which Carried at Close of Period, Total	22,048
Accumulated Depreciation	$ 243
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Chicago - Barrington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,890
Initial Cost to Company, Building, Equipment and Improvements	9,395
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	65
Gross Amount at Which Carried at Close of Period, Land	1,890
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,460
Gross Amount at Which Carried at Close of Period, Total	11,350
Accumulated Depreciation	$ 123
Date of Construction	2015
Date Acquired	Jul. 15, 2016
Chicago - Naperville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 2,620
Initial Cost to Company, Building, Equipment and Improvements	11,933
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	62
Gross Amount at Which Carried at Close of Period, Land	2,620
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,995
Gross Amount at Which Carried at Close of Period, Total	14,615
Accumulated Depreciation	$ 160
Date of Construction	2015
Date Acquired	Jul. 15, 2016
Chicago - Forest Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 1,100
Initial Cost to Company, Building, Equipment and Improvements	10,087
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	35
Gross Amount at Which Carried at Close of Period, Land	1,100
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,122
Gross Amount at Which Carried at Close of Period, Total	11,222
Accumulated Depreciation	$ 130
Date of Construction	2015
Date Acquired	Jul. 15, 2016
Chicago - La Grange [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 960
Initial Cost to Company, Building, Equipment and Improvements	13,019
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	28
Gross Amount at Which Carried at Close of Period, Land	960
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	13,047
Gross Amount at Which Carried at Close of Period, Total	14,007
Accumulated Depreciation	$ 167
Date of Construction	2015
Date Acquired	Jul. 15, 2016
Chicago - Glenview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 3,210
Initial Cost to Company, Building, Equipment and Improvements	8,519
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	35
Gross Amount at Which Carried at Close of Period, Land	3,210
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,554
Gross Amount at Which Carried at Close of Period, Total	11,764
Accumulated Depreciation	$ 114
Date of Construction	2014/2015
Date Acquired	Jul. 15, 2016
Dallas - Richardson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 630
Initial Cost to Company, Building, Equipment and Improvements	10,282
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	43
Gross Amount at Which Carried at Close of Period, Land	630
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,325
Gross Amount at Which Carried at Close of Period, Total	10,955
Accumulated Depreciation	$ 136
Date of Construction	2001
Date Acquired	Jul. 15, 2016
Dallas - Arlington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 790
Initial Cost to Company, Building, Equipment and Improvements	12,785
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	44
Gross Amount at Which Carried at Close of Period, Land	790
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,829
Gross Amount at Which Carried at Close of Period, Total	13,619
Accumulated Depreciation	$ 164
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Dallas - Plano [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,370
Initial Cost to Company, Building, Equipment and Improvements	10,166
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	34
Gross Amount at Which Carried at Close of Period, Land	1,370
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,200
Gross Amount at Which Carried at Close of Period, Total	11,570
Accumulated Depreciation	$ 130
Date of Construction	1998
Date Acquired	Jul. 15, 2016
Dallas - Mesquite [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 620
Initial Cost to Company, Building, Equipment and Improvements	8,771
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	32
Gross Amount at Which Carried at Close of Period, Land	620
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,803
Gross Amount at Which Carried at Close of Period, Total	9,423
Accumulated Depreciation	$ 113
Date of Construction	2016
Date Acquired	Jul. 15, 2016
Dallas S Good Latimer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 4,030
Initial Cost to Company, Building, Equipment and Improvements	8,029
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	64
Gross Amount at Which Carried at Close of Period, Land	4,030
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,093
Gross Amount at Which Carried at Close of Period, Total	12,123
Accumulated Depreciation	$ 104
Date of Construction	2016
Date Acquired	Jul. 15, 2016
Boulder - Arapahoe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 3,690
Initial Cost to Company, Building, Equipment and Improvements	12,074
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	28
Gross Amount at Which Carried at Close of Period, Land	3,690
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,102
Gross Amount at Which Carried at Close of Period, Total	15,792
Accumulated Depreciation	$ 158
Date of Construction	1992
Date Acquired	Jul. 15, 2016
Boulder - Odell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 2,650
Initial Cost to Company, Building, Equipment and Improvements	15,304
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	30
Gross Amount at Which Carried at Close of Period, Land	2,650
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	15,334
Gross Amount at Which Carried at Close of Period, Total	17,984
Accumulated Depreciation	$ 201
Date of Construction	1998
Date Acquired	Jul. 15, 2016
Boulder - Arapahoe 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 11,540
Initial Cost to Company, Building, Equipment and Improvements	15,571
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	34
Gross Amount at Which Carried at Close of Period, Land	11,540
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	15,605
Gross Amount at Which Carried at Close of Period, Total	27,145
Accumulated Depreciation	$ 204
Date of Construction	1984
Date Acquired	Jul. 15, 2016
Boulder - Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 2,670
Initial Cost to Company, Building, Equipment and Improvements	5,623
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	42
Gross Amount at Which Carried at Close of Period, Land	2,670
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,665
Gross Amount at Which Carried at Close of Period, Total	8,335
Accumulated Depreciation	$ 75
Date of Construction	1992
Date Acquired	Jul. 15, 2016
Houston - Westpark [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 2,760
Initial Cost to Company, Building, Equipment and Improvements	8,288
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	96
Gross Amount at Which Carried at Close of Period, Land	2,760
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,384
Gross Amount at Which Carried at Close of Period, Total	11,144
Accumulated Depreciation	$ 110
Date of Construction	1996
Date Acquired	Jul. 15, 2016
Houston - C. Jester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 8,080
Initial Cost to Company, Building, Equipment and Improvements	10,114
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	96
Gross Amount at Which Carried at Close of Period, Land	8,080
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,210
Gross Amount at Which Carried at Close of Period, Total	18,290
Accumulated Depreciation	$ 132
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Houston - Bay Pointe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,960
Initial Cost to Company, Building, Equipment and Improvements	9,585
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	65
Gross Amount at Which Carried at Close of Period, Land	1,960
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,650
Gross Amount at Which Carried at Close of Period, Total	11,610
Accumulated Depreciation	$ 125
Date of Construction	1972
Date Acquired	Jul. 15, 2016
Houston - FM 529 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 680
Initial Cost to Company, Building, Equipment and Improvements	3,951
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	48
Gross Amount at Which Carried at Close of Period, Land	680
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,999
Gross Amount at Which Carried at Close of Period, Total	4,679
Accumulated Depreciation	$ 53
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Houston - Jones 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,260
Initial Cost to Company, Building, Equipment and Improvements	2,382
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	44
Gross Amount at Which Carried at Close of Period, Land	1,260
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	2,426
Gross Amount at Which Carried at Close of Period, Total	3,686
Accumulated Depreciation	$ 35
Date of Construction	1994
Date Acquired	Jul. 15, 2016
Jackson - Flowood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	MS
Initial Cost to Company, Land	$ 680
Initial Cost to Company, Building, Equipment and Improvements	20,066
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	36
Gross Amount at Which Carried at Close of Period, Land	680
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	20,102
Gross Amount at Which Carried at Close of Period, Total	20,782
Accumulated Depreciation	$ 260
Date of Construction	2000
Date Acquired	Jul. 15, 2016
Las Vegas - Spencer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,020
Initial Cost to Company, Building, Equipment and Improvements	25,152
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	16
Gross Amount at Which Carried at Close of Period, Land	1,020
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	25,168
Gross Amount at Which Carried at Close of Period, Total	26,188
Accumulated Depreciation	$ 320
Date of Construction	2000
Date Acquired	Jul. 15, 2016
Las Vegas - Maule [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 2,510
Initial Cost to Company, Building, Equipment and Improvements	11,822
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	15
Gross Amount at Which Carried at Close of Period, Land	2,510
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,837
Gross Amount at Which Carried at Close of Period, Total	14,347
Accumulated Depreciation	$ 151
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Las Vegas - Wigwam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 590
Initial Cost to Company, Building, Equipment and Improvements	16,838
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3
Gross Amount at Which Carried at Close of Period, Land	590
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	16,841
Gross Amount at Which Carried at Close of Period, Total	17,431
Accumulated Depreciation	$ 212
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Las Vegas - Stufflebeam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 350
Initial Cost to Company, Building, Equipment and Improvements	6,977
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	86
Gross Amount at Which Carried at Close of Period, Land	350
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,063
Gross Amount at Which Carried at Close of Period, Total	7,413
Accumulated Depreciation	$ 91
Date of Construction	1996
Date Acquired	Jul. 15, 2016
Las Vegas - Ft. Apache [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,470
Initial Cost to Company, Building, Equipment and Improvements	11,047
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	15
Gross Amount at Which Carried at Close of Period, Land	1,470
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	11,062
Gross Amount at Which Carried at Close of Period, Total	12,532
Accumulated Depreciation	$ 144
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Las Vegas - North [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 390
Initial Cost to Company, Building, Equipment and Improvements	7,042
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	20
Gross Amount at Which Carried at Close of Period, Land	390
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,062
Gross Amount at Which Carried at Close of Period, Total	7,452
Accumulated Depreciation	$ 91
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Las Vegas - Warm Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,340
Initial Cost to Company, Building, Equipment and Improvements	5,141
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	51
Gross Amount at Which Carried at Close of Period, Land	1,340
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,192
Gross Amount at Which Carried at Close of Period, Total	6,532
Accumulated Depreciation	$ 83
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Las Vegas - Conestoga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,420
Initial Cost to Company, Building, Equipment and Improvements	10,295
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	21
Gross Amount at Which Carried at Close of Period, Land	1,420
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,316
Gross Amount at Which Carried at Close of Period, Total	11,736
Accumulated Depreciation	$ 138
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Las Vegas - Warm Springs 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,080
Initial Cost to Company, Building, Equipment and Improvements	16,436
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	15
Gross Amount at Which Carried at Close of Period, Land	1,080
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	16,451
Gross Amount at Which Carried at Close of Period, Total	17,531
Accumulated Depreciation	$ 209
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Las Vegas - Nellis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 790
Initial Cost to Company, Building, Equipment and Improvements	5,233
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	7
Gross Amount at Which Carried at Close of Period, Land	790
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	5,240
Gross Amount at Which Carried at Close of Period, Total	6,030
Accumulated Depreciation	$ 73
Date of Construction	1995
Date Acquired	Jul. 15, 2016
Las Vegas - Cheyenne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,470
Initial Cost to Company, Building, Equipment and Improvements	17,366
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	17
Gross Amount at Which Carried at Close of Period, Land	1,470
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	17,383
Gross Amount at Which Carried at Close of Period, Total	18,853
Accumulated Depreciation	$ 231
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Las Vegas - Dean Martin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 3,050
Initial Cost to Company, Building, Equipment and Improvements	23,333
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	6
Gross Amount at Which Carried at Close of Period, Land	3,050
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	23,339
Gross Amount at Which Carried at Close of Period, Total	26,389
Accumulated Depreciation	$ 327
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Las Vegas - Flamingo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 980
Initial Cost to Company, Building, Equipment and Improvements	13,451
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	23
Gross Amount at Which Carried at Close of Period, Land	980
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	13,474
Gross Amount at Which Carried at Close of Period, Total	14,454
Accumulated Depreciation	$ 171
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Las Vegas - North 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 330
Initial Cost to Company, Building, Equipment and Improvements	15,651
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	19
Gross Amount at Which Carried at Close of Period, Land	330
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	15,670
Gross Amount at Which Carried at Close of Period, Total	16,000
Accumulated Depreciation	$ 199
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Las Vegas Henderson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 570
Initial Cost to Company, Building, Equipment and Improvements	12,676
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	37
Gross Amount at Which Carried at Close of Period, Land	570
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,713
Gross Amount at Which Carried at Close of Period, Total	13,283
Accumulated Depreciation	$ 167
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Las Vegas - North 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 520
Initial Cost to Company, Building, Equipment and Improvements	10,105
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	6
Gross Amount at Which Carried at Close of Period, Land	520
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,111
Gross Amount at Which Carried at Close of Period, Total	10,631
Accumulated Depreciation	$ 132
Date of Construction	2002
Date Acquired	Jul. 15, 2016
Las Vegas - Farm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NV
Initial Cost to Company, Land	$ 1,510
Initial Cost to Company, Building, Equipment and Improvements	9,388
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	13
Gross Amount at Which Carried at Close of Period, Land	1,510
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,401
Gross Amount at Which Carried at Close of Period, Total	10,911
Accumulated Depreciation	$ 121
Date of Construction	2008
Date Acquired	Jul. 15, 2016
Los Angeles - Torrance 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 5,250
Initial Cost to Company, Building, Equipment and Improvements	32,363
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	61
Gross Amount at Which Carried at Close of Period, Land	5,250
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	32,424
Gross Amount at Which Carried at Close of Period, Total	37,674
Accumulated Depreciation	$ 412
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Los Angeles - Irvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 2,520
Initial Cost to Company, Building, Equipment and Improvements	18,402
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	134
Gross Amount at Which Carried at Close of Period, Land	2,520
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	18,536
Gross Amount at Which Carried at Close of Period, Total	21,056
Accumulated Depreciation	$ 234
Date of Construction	2002
Date Acquired	Jul. 15, 2016
Los Angeles - Palm Desert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 2,660
Initial Cost to Company, Building, Equipment and Improvements	16,589
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	69
Gross Amount at Which Carried at Close of Period, Land	2,660
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	16,658
Gross Amount at Which Carried at Close of Period, Total	19,318
Accumulated Depreciation	$ 216
Date of Construction	2002
Date Acquired	Jul. 15, 2016
Milwaukee - Green Bay [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	WI
Initial Cost to Company, Land	$ 750
Initial Cost to Company, Building, Equipment and Improvements	14,720
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3
Gross Amount at Which Carried at Close of Period, Land	750
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	14,723
Gross Amount at Which Carried at Close of Period, Total	15,473
Accumulated Depreciation	$ 189
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Orlando - Winter Garden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 640
Initial Cost to Company, Building, Equipment and Improvements	6,688
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	38
Gross Amount at Which Carried at Close of Period, Land	640
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,726
Gross Amount at Which Carried at Close of Period, Total	7,366
Accumulated Depreciation	$ 87
Date of Construction	2006
Date Acquired	Jul. 15, 2016
Orlando - Longwood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,230
Initial Cost to Company, Building, Equipment and Improvements	9,586
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	27
Gross Amount at Which Carried at Close of Period, Land	1,230
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	9,613
Gross Amount at Which Carried at Close of Period, Total	10,843
Accumulated Depreciation	$ 123
Date of Construction	2000
Date Acquired	Jul. 15, 2016
Orlando - Overland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Initial Cost to Company, Land	$ 1,080
Initial Cost to Company, Building, Equipment and Improvements	3,713
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	29
Gross Amount at Which Carried at Close of Period, Land	1,080
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,742
Gross Amount at Which Carried at Close of Period, Total	4,822
Accumulated Depreciation	$ 49
Date of Construction	2000
Date Acquired	Jul. 15, 2016
Sacramento - Calvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 2,280
Initial Cost to Company, Building, Equipment and Improvements	17,069
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	20
Gross Amount at Which Carried at Close of Period, Land	2,280
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	17,089
Gross Amount at Which Carried at Close of Period, Total	19,369
Accumulated Depreciation	$ 220
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Sacramento - Folsom [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 1,200
Initial Cost to Company, Building, Equipment and Improvements	22,150
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	16
Gross Amount at Which Carried at Close of Period, Land	1,200
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	22,166
Gross Amount at Which Carried at Close of Period, Total	23,366
Accumulated Depreciation	$ 279
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Sacramento - Pell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 540
Initial Cost to Company, Building, Equipment and Improvements	8,874
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	12
Gross Amount at Which Carried at Close of Period, Land	540
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,886
Gross Amount at Which Carried at Close of Period, Total	9,426
Accumulated Depreciation	$ 115
Date of Construction	2004
Date Acquired	Jul. 15, 2016
Sacramento - Goldenland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 2,010
Initial Cost to Company, Building, Equipment and Improvements	8,944
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	10
Gross Amount at Which Carried at Close of Period, Land	2,010
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,954
Gross Amount at Which Carried at Close of Period, Total	10,964
Accumulated Depreciation	$ 122
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Sacramento - Woodland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 860
Initial Cost to Company, Building, Equipment and Improvements	10,569
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	18
Gross Amount at Which Carried at Close of Period, Land	860
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	10,587
Gross Amount at Which Carried at Close of Period, Total	11,447
Accumulated Depreciation	$ 135
Date of Construction	2003
Date Acquired	Jul. 15, 2016
Sacramento - El Camino [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 1,450
Initial Cost to Company, Building, Equipment and Improvements	12,239
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	7
Gross Amount at Which Carried at Close of Period, Land	1,450
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,246
Gross Amount at Which Carried at Close of Period, Total	13,696
Accumulated Depreciation	$ 158
Date of Construction	2002
Date Acquired	Jul. 15, 2016
Sacramento - Bayou [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 1,640
Initial Cost to Company, Building, Equipment and Improvements	21,603
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	10
Gross Amount at Which Carried at Close of Period, Land	1,640
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	21,613
Gross Amount at Which Carried at Close of Period, Total	23,253
Accumulated Depreciation	$ 277
Date of Construction	2005
Date Acquired	Jul. 15, 2016
Sacramento - Calvine 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 2,120
Initial Cost to Company, Building, Equipment and Improvements	24,650
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	7
Gross Amount at Which Carried at Close of Period, Land	2,120
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	24,657
Gross Amount at Which Carried at Close of Period, Total	26,777
Accumulated Depreciation	$ 318
Date of Construction	2003
Date Acquired	Jul. 15, 2016
Sacramento - El Dorado [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 1,610
Initial Cost to Company, Building, Equipment and Improvements	24,829
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	13
Gross Amount at Which Carried at Close of Period, Land	1,610
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	24,842
Gross Amount at Which Carried at Close of Period, Total	26,452
Accumulated Depreciation	$ 319
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Sacramento - Fruitridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CA
Initial Cost to Company, Land	$ 1,480
Initial Cost to Company, Building, Equipment and Improvements	15,695
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	126
Gross Amount at Which Carried at Close of Period, Land	1,480
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	15,821
Gross Amount at Which Carried at Close of Period, Total	17,301
Accumulated Depreciation	$ 207
Date of Construction	2007
Date Acquired	Jul. 15, 2016
Salt Lake City - W. Jordan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	UT
Initial Cost to Company, Land	$ 780
Initial Cost to Company, Building, Equipment and Improvements	12,301
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	(88)
Gross Amount at Which Carried at Close of Period, Land	780
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	12,213
Gross Amount at Which Carried at Close of Period, Total	12,993
Accumulated Depreciation	$ 154
Date of Construction	2007
Date Acquired	Jul. 15, 2016
San Antonio - US 281 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 1,380
Initial Cost to Company, Building, Equipment and Improvements	8,457
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	57
Gross Amount at Which Carried at Close of Period, Land	1,380
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,514
Gross Amount at Which Carried at Close of Period, Total	9,894
Accumulated Depreciation	$ 108
Date of Construction	2003
Date Acquired	Jul. 15, 2016
Austin - San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	TX
Initial Cost to Company, Land	$ 990
Initial Cost to Company, Building, Equipment and Improvements	7,323
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	48
Gross Amount at Which Carried at Close of Period, Land	990
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,371
Gross Amount at Which Carried at Close of Period, Total	8,361
Accumulated Depreciation	$ 96
Date of Construction	2016
Date Acquired	Jul. 15, 2016
Charleston 4 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	SC
Initial Cost to Company, Land	$ 920
Initial Cost to Company, Building, Equipment and Improvements	7,700
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	25
Gross Amount at Which Carried at Close of Period, Land	920
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	7,725
Gross Amount at Which Carried at Close of Period, Total	8,645
Accumulated Depreciation	$ 87
Date of Construction	2016
Date Acquired	Jul. 29, 2016
Denver - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	CO
Initial Cost to Company, Land	$ 5,062
Initial Cost to Company, Building, Equipment and Improvements	3,679
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	172
Gross Amount at Which Carried at Close of Period, Land	5,062
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	3,851
Gross Amount at Which Carried at Close of Period, Total	8,913
Accumulated Depreciation	$ 40
Date of Construction	2000
Date Acquired	Aug. 04, 2016
Chicago - Arlington Hgts [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	IL
Initial Cost to Company, Land	$ 370
Initial Cost to Company, Building, Equipment and Improvements	8,513
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	3
Gross Amount at Which Carried at Close of Period, Land	370
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	8,516
Gross Amount at Which Carried at Close of Period, Total	8,886
Accumulated Depreciation	$ 18
Date of Construction	2016
Date Acquired	Nov. 17, 2016
Orlando - Curry Ford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	FL
Encumbrance	$ 2,966
Initial Cost to Company, Land	3,268
Initial Cost to Company, Building, Equipment and Improvements	6,378
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	23
Gross Amount at Which Carried at Close of Period, Land	3,268
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	6,401
Gross Amount at Which Carried at Close of Period, Total	9,669
Accumulated Depreciation	$ 13
Date of Construction	2016
Date Acquired	Dec. 20, 2016
Corporate Office [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
ST	NY
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building, Equipment and Improvements	68
Cost Capitalized Subsequent to Acquisition, Building, Equipment and Improvements	33,969
Gross Amount at Which Carried at Close of Period, Land	1,633
Gross Amount at Which Carried at Close of Period, Building, Equipment and Improvements	32,404
Gross Amount at Which Carried at Close of Period, Total	34,037
Accumulated Depreciation	$ 17,651
Date of Construction	2000
Date Acquired	May 01, 2000
Minimum [Member] | Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pt. St. Lucie [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - Deltona [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Greensboro [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hartford-New Haven [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sharon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hartford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Alexandria [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Melbourne Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hartford One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta Metro Ten [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Norfolk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Norfolk - Virginia Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Providence [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Richmond [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston - Springfield [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cincinnati [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chesapeake [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando-W 25th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Delray [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Delray One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cleveland-Avon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Alpharetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Doraville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Greensboro-Hilltop [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Greensboro-StgCch [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baton Rouge-Airline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baton Rouge-Airline2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Harrisburg-Peiffers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Tampa-E.Hillsborough [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chesapeake-Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chesapeake-Volvo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Virginia Beach-Shell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Norfolk-Naval Base [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston North Bridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Greensboro-High Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Titusville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston Salem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Providence One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chattanooga-Lee Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chattanooga-Hwy 58 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Oglethorpe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Birmingham-Walt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Salem-Policy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Youngstown Warren [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Youngstown Warren One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas Fort Worth Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-McNeil [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-FM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hollywood-Sheridan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pompano Beach-Atlantic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pompano Beach-Sample [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boca Raton-18th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hollywood-N.21st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas Fort Worth Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas Fort Worth Four [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cincinnati Batavia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson-N.West [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Katy One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Providence Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette-Pinhook 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette-Pinhook2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette-Ambassador [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette-Evangeline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette-Guilbeau [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Gilbert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Glendale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Mesa One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Mesa Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix Mesa Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix-Camelback [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix-Bell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix-35th Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portland 1988 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Space Coast- Cocoa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas Fort Worth Five [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston-N. Andover [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Seabrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Birmingham-Bessemer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | NY Metro-Brewster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Lamar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston Dracut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston-Methuen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Myrtle Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Maine-Saco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston-Plymouth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston-Sandwich [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio-Hunt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-League City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-S. Hwy 6 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Tomball [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Conroe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Bissonnet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Alvin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Missouri City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chattanooga-Hixson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island-Bayshore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston Springfield One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery-Richard [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - Jones [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston-Oxford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-290E [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | SanAntonio-Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-South 1st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Pinehurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Baton Rouge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Marcos-Hwy 35S [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Baytown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Cypress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Jones Rd 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-Pinellas Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-Tarpon Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New Orleans [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Meramec [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Charles Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Shackelford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-W.Washington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Howdershell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Lemay Ferry [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis-Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio-Blanco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio-Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio-Huebner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Nashua [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chattanooga-Lee Hwy II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery-E.S.Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Auburn-Pepperell Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Auburn-Gatewood Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbus-Williams Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbus-Miller Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbus-Armour Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbus-Amber Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Concord [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Langner Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Transit Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Lake Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Union Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-NF Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Young St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo-Sheridan Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo Transit Rd One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Rochester-Phillips Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio-Foster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Huntsville-Memorial Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Huntsville-Madison 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Biloxi-Gulfport 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Huntsville-Hwy 72 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Mobile-Airport Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Biloxi-Gulfport 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Huntsville-Madison 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Foley-Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola 6-Nine Mile [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Auburn-College St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Biloxi-Gulfport [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola 7-Hwy 98 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery-Arrowhead [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Montgomery-McLemore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hattiesburg-Classic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Biloxi-Ginger [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Foley-7905 St Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson-Ridgeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson-5111 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Cincinnati-Robertson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Richmond-Bridge Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte-Wallace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte- Westmoreland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte-Matthews [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte-Zeb Morris [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Fair Lawn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Elizabeth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Saint Louis-High Ridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Decatur [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Humble Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Hwy 6N [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-W.Little York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Friendswood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-W.Sam Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Pond Springs Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Silverado Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Sugarland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Westheimer Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Wilcrest Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Katy Freeway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston-Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Newport News-Brick Kiln[Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pensacola-Palafox [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Lake Forest [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Schaumburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Norfolk - E. Little Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-14th St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville - Middlebg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville - Orange Pk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville - St. Augustine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta - NE Expressway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta - Kennesaw [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta - Lawrenceville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta - Woodstock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Orland Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix-83rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago-North Austin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago-North Western [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago-West Pershing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - North Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Brandenton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers-Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-Drew St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Clearwater-N. Myrtle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Aurora [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio - Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston - Somerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island - Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island - Amityville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Colorado Springs - Scarlet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Toms River - Route 37 W [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lake Worth - S Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hartford-Bristol [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Piscataway-New Brunswick [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Fort Lauderdale - 3rd Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | West Palm - Mercer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Manchaca [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portland 2000 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portland-Topsham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago St Charles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Ashland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio - Walzem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Louis - Woodson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Louis - Mexico [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Louis - Vogel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St Louis Manchester Nineteen Ninety Six [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Louis - North Highway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Louis - Dunn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Trenton-Hamilton Twnship [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | NY Metro-Fishkill [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Atlanta-Peachtree City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Wayne - Willowbrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Asbury Park - 1st Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Farmingdale - Tinton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Lakewood - Route 70 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Matawan - Highway 34 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | St. Petersburg - Gandy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chesapeake - Campostella [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio- Castle Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chattanooga - Broad St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New Orleans-Kenner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando-Celebration [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin-Cedar Park 2003 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - Gessner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New England - Danbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New England - Milford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island - Hicksville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Long Island - Farmingdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Alsip [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - N. Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Fort Myers - Tamiami Trail [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Allen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jacksonville - Beach Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Space Coast - Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Port St. Lucie - Federal Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | West Palm - N. Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Ft. Myers - Bonita Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix - Tatum Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston - Lynn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse - Ainsely Dr. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse - Camillus [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Syracuse - Manlius [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charlotte - Brookshire Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charleston III [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Myrtle Beach II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Columbia VI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Hilton Head - Bluffton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Philadelphia - Eagleville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - University [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - N. Powers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sarasota - North Port [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Commercial [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - E. Slauson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Calabasas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portsmouth - Kingston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portsmouth - Danville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portsmouth - Hampton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portsmouth - Lee [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Portsmouth - Heritage [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boston - Salisbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Frisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - McKinney [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - McKinney 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Phoenix - 48th [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Miami 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Philadelphia - Glenolden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Denver - Thornton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Costa Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Irving [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Durante [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Wildomar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Torrance [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New Haven - Wallingford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New Haven - Waterbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New York - Mahopac [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | New York - Mount Vernon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Pt. St. Lucie 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Lewisville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo - Cayuga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Buffalo - Lackawanna [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - S. Congress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - W Braker [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Highway 290 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Killeen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Round Rock 5 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Georgetown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - Pflugerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Algonquin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Carpentersville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - W. Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - State St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - W. Grand [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Libertyville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Aurora 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Morton Grove [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Bridgeview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - W Diversey [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Elmhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Elgin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - N. Paulina St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Matteson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - S. Heights [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - W. Grand 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - W 30th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Mokena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Barrington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Naperville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Forest Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - La Grange [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Glenview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Richardson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Arlington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Plano [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas - Mesquite [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Dallas S Good Latimer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boulder - Arapahoe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boulder - Odell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boulder - Arapahoe 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Boulder - Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - Westpark [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - C. Jester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - Bay Pointe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - FM 529 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Houston - Jones 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Jackson - Flowood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Spencer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Maule [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Wigwam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Stufflebeam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Ft. Apache [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - North [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Warm Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Conestoga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Warm Springs 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Nellis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Cheyenne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Dean Martin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Flamingo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - North 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas Henderson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - North 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Las Vegas - Farm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Torrance 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Irvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Los Angeles - Palm Desert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Milwaukee - Green Bay [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - Winter Garden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - Longwood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - Overland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Calvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Folsom [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Pell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Goldenland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Woodland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - El Camino [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Bayou [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Calvine 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - El Dorado [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Sacramento - Fruitridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Salt Lake City - W. Jordan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | San Antonio - US 281 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Austin - San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Charleston 4 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Denver - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Chicago - Arlington Hgts [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Orlando - Curry Ford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Minimum [Member] | Corporate Office [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	5 years
Maximum [Member] | Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pt. St. Lucie [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - Deltona [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Greensboro [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hartford-New Haven [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sharon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hartford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Alexandria [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Melbourne Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hartford One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta Metro Ten [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Norfolk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Norfolk - Virginia Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Birmingham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Providence [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Richmond [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Harrisburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Newport News [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charleston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Ft.Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | West Palm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lakeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston - Springfield [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cincinnati [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baltimore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Youngstown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chesapeake [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando-W 25th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Delray [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Delray One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cleveland-Avon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Alpharetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Doraville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Greensboro-Hilltop [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Greensboro-StgCch [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baton Rouge-Airline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baton Rouge-Airline2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Harrisburg-Peiffers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Tampa-E.Hillsborough [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chesapeake-Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chesapeake-Volvo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Virginia Beach-Shell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Norfolk-Naval Base [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston North Bridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Greensboro-High Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Titusville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston Salem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Providence One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chattanooga-Lee Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chattanooga-Hwy 58 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Oglethorpe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Birmingham-Walt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Salem-Policy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Youngstown Warren [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Youngstown Warren One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Melbourne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas Fort Worth Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-McNeil [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-FM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hollywood-Sheridan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pompano Beach-Atlantic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pompano Beach-Sample [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boca Raton-18th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hollywood-N.21st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas Fort Worth Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas Fort Worth Four [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cincinnati Batavia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson-N.West [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Katy One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Providence Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette-Pinhook 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette-Pinhook2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette-Ambassador [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette-Evangeline [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette-Guilbeau [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Gilbert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Glendale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Mesa One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Mesa Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix Mesa Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix-Camelback [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix-Bell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix-35th Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portland 1988 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Space Coast- Cocoa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas Fort Worth Five [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | NY Metro-Middletown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston-N. Andover [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Seabrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Lauderdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Birmingham-Bessemer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | NY Metro-Brewster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Lamar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston Dracut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston-Methuen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Myrtle Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Maine-Saco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston-Plymouth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston-Sandwich [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio-Hunt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Humble [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-League City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Montgomery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-S. Hwy 6 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | The Hamptons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Tomball [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Conroe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Bissonnet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Alvin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Missouri City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chattanooga-Hixson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island-Bayshore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston Springfield One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Stamford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery-Richard [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - Jones [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston-Oxford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-290E [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | SanAntonio-Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-South 1st [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Pinehurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Marietta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Baton Rouge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Marcos-Hwy 35S [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Baytown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Cypress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Rochester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Jones Rd 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-Largo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-Pinellas Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-Tarpon Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New Orleans [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Meramec [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Charles Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Shackelford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-W.Washington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Howdershell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Lemay Ferry [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis-Manchester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio-Blanco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio-Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio-Huebner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Nashua [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lafayette [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chattanooga-Lee Hwy II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery-E.S.Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Auburn-Pepperell Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Auburn-Gatewood Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbus-Williams Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbus-Miller Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbus-Armour Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbus-Amber Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Concord [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Langner Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Transit Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Lake Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Union Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-NF Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Young St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo-Sheridan Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo Transit Rd One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Rochester-Phillips Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio-Foster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Huntsville-Memorial Pkwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Huntsville-Madison 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Biloxi-Gulfport 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Huntsville-Hwy 72 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Mobile-Airport Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Biloxi-Gulfport 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Huntsville-Madison 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Foley-Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola 6-Nine Mile [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Auburn-College St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Biloxi-Gulfport [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola 7-Hwy 98 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery-Arrowhead [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Montgomery-McLemore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Beaumont [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hattiesburg-Classic [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Biloxi-Ginger [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Foley-7905 St Hwy 59 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson-Ridgeland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson-5111 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Cincinnati-Robertson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Richmond-Bridge Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte-Wallace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte- Westmoreland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte-Matthews [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte-Zeb Morris [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Fair Lawn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Elizabeth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Saint Louis-High Ridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Decatur [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Humble Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas-Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Hwy 6N [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston Katy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-W.Little York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Pasadena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Friendswood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-W.Sam Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Pond Springs Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Spring [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Silverado Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Sugarland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Westheimer Rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Wilcrest Dr [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Woodlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Katy Freeway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston-Webster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Newport News-Brick Kiln[Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pensacola-Palafox [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Lake Forest [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Schaumburg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Norfolk - E. Little Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-14th St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville - Middlebg [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville - Orange Pk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville - St. Augustine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta - NE Expressway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta - Kennesaw [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta - Lawrenceville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta - Woodstock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Raleigh-Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Orland Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix-83rd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago-North Austin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago-North Western [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago-West Pershing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - North Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Brandenton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers-Cleveland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-Drew St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Clearwater-N. Myrtle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Cedar Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Aurora [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio - Marbach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island - Lindenhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston - Somerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island - Deer Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island - Amityville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Colorado Springs - Scarlet [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Toms River - Route 37 W [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lake Worth - S Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Round Rock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hartford-Bristol [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Piscataway-New Brunswick [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Fort Lauderdale - 3rd Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | West Palm - Mercer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Manchaca [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portland 2000 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portland-Topsham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago St Charles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Ashland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio - Walzem [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Louis - Woodson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Louis - Mexico [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Louis - Vogel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St Louis Manchester Nineteen Ninety Six [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Louis - North Highway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Louis - Dunn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Trenton-Hamilton Twnship [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | NY Metro-Fishkill [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Atlanta-Peachtree City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Wayne - Willowbrook [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Asbury Park - 1st Ave [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Farmingdale - Tinton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Lakewood - Route 70 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Matawan - Highway 34 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | St. Petersburg - Gandy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chesapeake - Campostella [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio- Castle Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chattanooga - Broad St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New Orleans-Kenner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando-Celebration [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin-Cedar Park 2003 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - Gessner [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New England - Danbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New England - Milford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island - Hicksville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Long Island - Farmingdale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Alsip [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - N. Pulaski [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Fort Myers - Tamiami Trail [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Allen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jacksonville - Beach Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Space Coast - Vero Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Port St. Lucie - Federal Hwy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | West Palm - N. Military [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Ft. Myers - Bonita Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix - Tatum Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston - Lynn [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse - Ainsely Dr. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse - Cicero [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse - Camillus [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Syracuse - Manlius [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charlotte - Brookshire Blvd. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charleston III [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Myrtle Beach II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Columbia VI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Hilton Head - Bluffton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Philadelphia - Eagleville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - University [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - N. Powers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sarasota - North Port [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Commercial [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - E. Slauson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Calabasas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portsmouth - Kingston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portsmouth - Danville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portsmouth - Hampton Falls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portsmouth - Lee [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Portsmouth - Heritage [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boston - Salisbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Frisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - McKinney [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - McKinney 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Phoenix - 48th [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Miami 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Philadelphia - Glenolden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Denver - Thornton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Costa Mesa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Irving [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Durante [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Wildomar [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Torrance [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New Haven - Wallingford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New Haven - Waterbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New York - Mahopac [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | New York - Mount Vernon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Pt. St. Lucie 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Lewisville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo - Cayuga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Buffalo - Lackawanna [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - S. Congress [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - W Braker [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Highway 290 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Killeen [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Round Rock 5 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Georgetown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - Pflugerville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Algonquin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Carpentersville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - W. Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - State St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - W. Grand [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Libertyville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Aurora 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Morton Grove [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Bridgeview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Addison [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - W Diversey [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Elmhurst [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Elgin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - N. Paulina St. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Matteson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - S. Heights [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - W. Grand 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - W 30th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Mokena [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Barrington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Naperville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Forest Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - La Grange [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Glenview [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Richardson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Arlington [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Plano [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas - Mesquite [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Dallas S Good Latimer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boulder - Arapahoe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boulder - Odell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boulder - Arapahoe 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Boulder - Broadway [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - Westpark [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - C. Jester [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - Bay Pointe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - FM 529 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Houston - Jones 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Jackson - Flowood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Spencer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Maule [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Wigwam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Stufflebeam [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Ft. Apache [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - North [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Warm Springs [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Conestoga [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Warm Springs 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Nellis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Cheyenne [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Dean Martin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Flamingo [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - North 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas Henderson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - North 2 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Las Vegas - Farm [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Torrance 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Irvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Los Angeles - Palm Desert [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Milwaukee - Green Bay [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - Winter Garden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - Longwood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - Overland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Calvine [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Folsom [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Pell [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Goldenland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Woodland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - El Camino [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Bayou [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Calvine 1 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - El Dorado [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Sacramento - Fruitridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Salt Lake City - W. Jordan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | San Antonio - US 281 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Austin - San Marcos [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Charleston 4 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Denver - Westminster [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Chicago - Arlington Hgts [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Orlando - Curry Ford [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years
Maximum [Member] | Corporate Office [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is completed	40 years

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Schedule III Combined Real Estate and Accumulated Depreciation - Cost and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cost:
Balance at beginning of period	$ 2,491,702	$ 2,177,983	$ 1,864,637
Acquisitions through foreclosure	0	0	0
Other acquisitions	1,714,029	278,572	286,691
Improvements, etc.	73,385	42,046	35,097
Additions during period other acquisitions, improvements, total	1,787,414	320,618	321,788
Cost of assets disposed	(35,808)	(6,899)	(8,442)
Impairment write-down	0	0	0
Casualty loss	0	0	0
Deductions during period	(35,808)	(6,899)	(8,442)
Balance at close of period	4,243,308	2,491,702	2,177,983
Accumulated Depreciation:
Balance at beginning of period	465,195	411,701	366,472
Depreciation expense	87,219	55,101	47,656
Additions during period depreciation expense, total	87,219	55,101	47,656
Accumulated depreciation of assets disposed	(16,710)	(1,607)	(2,427)
Accumulated depreciation on impaired asset	0	0	0
Accumulated depreciation on casualty loss	0	0	0
Deductions during period	(16,710)	(1,607)	(2,427)
Balance at close of period	$ 535,704	$ 465,195	$ 411,701

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Schedule III Combined Real Estate and Accumulated Depreciation - Additional Information (Detail)	Dec. 31, 2016 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate for federal income tax purposes	$ 4,326,173