DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2012

DISCONTINUED OPERATIONS

5. DISCONTINUED OPERATIONS

In July and August of 2012, the Company sold 17 non-strategic storage facilities in Maryland (1), Michigan (4), and Texas (12) for net proceeds of approximately $47.7 million resulting in a gain of approximately $4.5 million. The operations of these facilities are reported as discontinued operations for all periods presented. Cash flows of discontinued operations have not been segregated from the cash flows of continuing operations on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2012 and 2011. The following is a summary of the amounts reported as discontinued operations:

(dollars in thousands)	Jan. 1, 2012 to Sep. 30, 2012			Jan. 1, 2011 to Sep. 30, 2011
Total revenue	$	5,144		$	6,332
Property operations and maintenance expense		(1,601	)		(1,881	)
Real estate tax expense		(561	)		(798	)
Depreciation and amortization expense		(787	)		(1,058	)
Net realized gain on sale of property		4,498			—
Total income from discontinued operations	$	6,693		$	2,595