CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2017

(Dollars in thousands)


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Chandler I, AZ	47,680		327	1,257	399	327	1,480	1,807	608	2005
Chandler II, AZ	82,915		1,518	7,485	108	1,518	7,592	9,110	1,045	2013
Gilbert I, AZ	57,200		951	4,688	90	951	4,779	5,730	730	2013
Gilbert II, AZ	114,080		1,199	11,846	152	1,199	11,998	13,197	383	2016
Glendale, AZ	56,807		201	2,265	1,195	418	2,899	3,317	1,356	1998
Green Valley, AZ	25,050		298	1,153	196	298	1,139	1,437	437	2005
Mesa I, AZ	52,575		920	2,739	311	921	2,603	3,524	1,034	2006
Mesa II, AZ	45,511		731	2,176	284	731	2,132	2,863	854	2006
Mesa III, AZ	59,629		706	2,101	254	706	1,971	2,677	805	2006
Peoria, AZ	110,835		1,436	7,082	241	1,436	7,322	8,758	596	2015
Phoenix I, AZ	101,275		1,134	3,376	560	1,135	3,284	4,419	1,315	2006
Phoenix II, AZ	83,160		756	2,251	1,636	847	3,187	4,034	1,210	2006/2011
Phoenix III, AZ	121,730		2,115	10,429	130	2,115	10,559	12,674	1,295	2014
Phoenix IV, AZ	69,610		930	12,277	85	930	12,363	13,293	454	2016
Queen Creek, AZ	94,462		1,159	5,716	84	1,159	5,800	6,959	513	2015
Scottsdale, AZ	80,725		443	4,879	1,758	883	5,521	6,404	2,638	1998
Surprise , AZ	72,325		584	3,761	107	584	3,868	4,452	256	2015
Tempe I, AZ	53,890		749	2,159	575	749	2,424	3,173	846	2005
Tempe II, AZ	68,409		588	2,898	2,153	588	5,051	5,639	761	2013
Tucson I, AZ	59,800		188	2,078	1,076	384	2,650	3,034	1,258	1998
Tucson II, AZ	43,950		188	2,078	1,090	391	2,683	3,074	1,241	1998
Tucson III, AZ	49,820		532	2,048	258	533	1,945	2,478	771	2005
Tucson IV, AZ	48,040		674	2,595	371	675	2,545	3,220	984	2005
Tucson V, AZ	45,134		515	1,980	357	515	1,981	2,496	786	2005
Tucson VI, AZ	40,790		440	1,692	229	430	1,623	2,053	648	2005
Tucson VII, AZ	52,663		670	2,576	324	670	2,486	3,156	994	2005
Tucson VIII, AZ	46,650		589	2,265	336	589	2,250	2,839	888	2005
Tucson IX, AZ	67,496		724	2,786	469	725	2,734	3,459	1,075	2005
Tucson X, AZ	46,350		424	1,633	327	425	1,650	2,075	629	2005
Tucson XI, AZ	42,700		439	1,689	416	439	1,814	2,253	767	2005
Tucson XII, AZ	42,275		671	2,582	343	672	2,497	3,169	965	2005
Tucson XIII, AZ	45,800		587	2,258	350	587	2,238	2,825	886	2005
Tucson XIV, AZ	48,995		707	2,721	468	708	2,641	3,349	1,058	2005
Benicia, CA	74,770		2,392	7,028	305	2,392	6,249	8,641	2,426	2005
Citrus Heights, CA	75,620		1,633	4,793	234	1,634	4,253	5,887	1,720	2005
Corona, CA	94,975		2,107	10,385	78	2,107	10,462	12,569	1,054	2014
Diamond Bar, CA	103,558		2,522	7,404	273	2,524	6,585	9,109	2,645	2005
Escondido, CA	143,645		3,040	11,804	223	3,040	9,669	12,709	3,140	2007
Fallbrook, CA	45,926		133	1,492	1,849	432	2,832	3,264	1,333	1997
Fremont, CA	51,324		1,158	5,711	164	1,158	5,876	7,034	743	2014
Lancaster, CA	60,475		390	2,247	1,059	556	2,571	3,127	1,034	2001
Long Beach, CA	124,571		3,138	14,368	903	3,138	13,335	16,473	4,995	2006
Murrieta, CA	49,775		1,883	5,532	249	1,903	4,915	6,818	1,910	2005
North Highlands, CA	57,094		868	2,546	429	868	2,517	3,385	1,021	2005
Ontario, CA	93,590		1,705	8,401	345	1,705	8,745	10,450	897	2014
Orangevale, CA	50,542		1,423	4,175	312	1,423	3,813	5,236	1,546	2005
Pleasanton, CA	83,600		2,799	8,222	215	2,799	7,194	9,993	2,789	2005
Rancho Cordova, CA	53,978		1,094	3,212	390	1,095	3,059	4,154	1,201	2005
Rialto I, CA	57,391		899	4,118	212	899	3,758	4,657	1,434	2006
Rialto II, CA	99,783		277	3,098	1,756	672	4,057	4,729	2,030	1997
Riverside I, CA	67,220		1,351	6,183	598	1,351	5,949	7,300	2,232	2006
Riverside II, CA	85,176		1,170	5,359	372	1,170	4,941	6,111	1,900	2006
Roseville, CA	59,944		1,284	3,767	425	1,284	3,593	4,877	1,459	2005
Sacramento I, CA	50,664		1,152	3,380	324	1,152	3,144	4,296	1,266	2005
Sacramento II, CA	111,736		2,085	6,750	327	2,086	6,413	8,499	1,547	2005/2017
San Bernardino I, CA	31,070		51	572	1,188	182	1,432	1,614	660	1997
San Bernardino II, CA	41,546		112	1,251	1,359	306	2,067	2,373	952	1997
San Bernardino III, CA	35,416		98	1,093	1,321	242	1,918	2,160	889	1997
San Bernardino IV, CA	83,227		1,872	5,391	219	1,872	4,894	6,766	1,882	2005
San Bernardino V, CA	56,745		783	3,583	571	783	3,628	4,411	1,394	2006
San Bernardino VII, CA	78,809		1,475	6,753	309	1,290	6,315	7,605	2,444	2006
San Bernardino VIII, CA	103,567		1,691	7,741	603	1,692	6,391	8,083	2,501	2006
San Marcos, CA	37,425		775	2,288	175	776	2,093	2,869	835	2005
Santa Ana, CA	63,916		1,223	5,600	436	1,223	5,258	6,481	1,985	2006
South Sacramento, CA	52,390		790	2,319	344	791	2,244	3,035	891	2005
Spring Valley, CA	55,035		1,178	5,394	848	1,178	5,498	6,676	2,075	2006
Temecula I, CA	81,340		660	4,735	1,001	899	5,165	6,064	2,307	1998
Temecula II, CA	84,520		3,080	5,839	708	3,080	5,612	8,692	1,736	2007
Vista I, CA	74,238		711	4,076	2,346	1,118	5,099	6,217	2,059	2001
Vista II, CA	147,753		4,629	13,599	174	4,629	11,712	16,341	4,590	2005
Walnut, CA	50,708		1,578	4,635	326	1,595	4,223	5,818	1,644	2005
West Sacramento, CA	39,765	(A)	1,222	3,590	216	1,222	3,239	4,461	1,278	2005
Westminster, CA	68,393		1,740	5,142	379	1,743	4,634	6,377	1,880	2005
Aurora, CO	75,717		1,343	2,986	559	1,343	2,996	4,339	1,102	2005
Centennial, CO	62,400		1,281	8,958	92	1,281	9,049	10,330	452	2016
Colorado Springs I, CO	47,975		771	1,717	409	771	1,783	2,554	683	2005
Colorado Springs II, CO	62,400		657	2,674	269	656	2,435	3,091	934	2006
Denver I, CO	59,200		673	2,741	227	646	2,490	3,136	1,010	2006
Denver II, CO	74,390		1,430	7,053	120	1,430	7,172	8,602	1,213	2012
Denver III, CO	76,025		1,828	12,109	65	1,828	12,174	14,002	496	2016
Federal Heights, CO	54,770		878	1,953	275	879	1,830	2,709	702	2005
Golden, CO	87,800		1,683	3,744	564	1,684	3,636	5,320	1,367	2005
Littleton, CO	53,490		1,268	2,820	388	1,268	2,701	3,969	983	2005
Northglenn, CO	43,102		862	1,917	432	662	2,135	2,797	750	2005
Bloomfield, CT	48,700		78	880	2,408	360	2,678	3,038	1,180	1997


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Branford, CT	50,629		217	2,433	1,516	504	3,236	3,740	1,587	1995
Bristol, CT	47,725		1,819	3,161	104	1,819	2,801	4,620	1,211	2005
East Windsor, CT	45,966		744	1,294	508	744	1,531	2,275	680	2005
Enfield, CT	52,875		424	2,424	460	473	2,107	2,580	890	2001
Gales Ferry, CT	54,905		240	2,697	1,550	489	3,555	4,044	1,878	1995
Manchester I, CT	46,925		540	3,096	476	563	2,576	3,139	1,019	2002
Manchester II, CT	52,725		996	1,730	325	996	1,748	2,744	739	2005
Manchester III, CT	60,113		671	3,308	157	671	3,465	4,136	444	2014
Milford, CT	44,885		87	1,050	1,210	274	1,767	2,041	849	1996
Monroe, CT	58,500		2,004	3,483	656	2,004	3,454	5,458	1,557	2005
Mystic, CT	50,825		136	1,645	2,071	410	2,958	3,368	1,406	1996
Newington I, CT	42,620		1,059	1,840	272	1,059	1,818	2,877	764	2005
Newington II, CT	36,140		911	1,584	291	911	1,601	2,512	685	2005
Norwalk I, CT	30,160		646	3,187	58	646	3,244	3,890	569	2012
Norwalk II, CT	78,175		1,171	15,422	108	1,171	15,530	16,701	784	2016
Old Saybrook I, CT	87,000		3,092	5,374	706	3,092	5,226	8,318	2,247	2005
Old Saybrook II, CT	26,425		1,135	1,973	254	1,135	1,899	3,034	850	2005
Shelton, CT	78,405		1,613	9,032	217	1,613	8,165	9,778	1,614	2011
South Windsor, CT	72,025		90	1,127	1,493	272	2,228	2,500	1,018	1996
Stamford, CT	28,907		1,941	3,374	188	1,941	3,022	4,963	1,273	2005
Wilton, CT	84,515		2,409	12,261	404	2,421	12,727	15,148	2,353	2012
Washington I, DC	62,685	(A)	871	12,759	536	894	10,573	11,467	3,328	2008
Washington II, DC	82,697		3,152	13,612	202	3,154	12,039	15,193	2,302	2011
Washington III, DC	78,340		4,469	15,438	58	4,469	15,497	19,966	894	2016
Washington IV, DC	71,971		6,359	20,417	2	6,359	20,419	26,778	133	2017
Boca Raton, FL	37,968		529	3,054	1,605	813	3,551	4,364	1,459	2001
Boynton Beach I, FL	61,725		667	3,796	1,927	958	4,392	5,350	1,795	2001
Boynton Beach II, FL	61,514		1,030	2,968	443	1,030	2,973	4,003	1,145	2005
Boynton Beach III, FL	67,393		1,225	6,037	247	1,225	6,285	7,510	718	2014
Boynton Beach IV, FL	76,098		1,455	7,171	54	1,455	7,226	8,681	576	2015
Bradenton I, FL	68,398		1,180	3,324	250	1,180	3,053	4,233	1,216	2004
Bradenton II, FL	88,063		1,931	5,561	1,131	1,931	5,596	7,527	2,221	2004
Cape Coral I, FL	76,857		472	2,769	2,574	830	4,040	4,870	1,997	2000
Cape Coral II, FL	67,955		1,093	5,387	99	1,093	5,485	6,578	545	2014
Coconut Creek I, FL	78,846		1,189	5,863	173	1,189	6,035	7,224	1,030	2012
Coconut Creek II, FL	90,147		1,937	9,549	174	1,937	9,723	11,660	1,223	2014
Dania Beach, FL	180,588		3,584	10,324	1,656	3,584	10,442	14,026	4,087	2004
Dania, FL	58,165		205	2,068	1,519	481	2,888	3,369	1,431	1996
Davie, FL	80,985		1,268	7,183	1,240	1,373	6,152	7,525	2,384	2001
Deerfield Beach, FL	57,230		946	2,999	2,001	1,311	4,490	5,801	2,044	1998
Delray Beach I, FL	67,833		798	4,539	822	883	4,075	4,958	1,707	2001
Delray Beach II, FL	75,710		957	4,718	222	957	4,940	5,897	737	2013
Delray Beach III, FL	94,377		2,086	10,286	155	2,086	10,442	12,528	1,174	2014
Delray Beach IV, FL	97,945		2,208	14,384	5	2,208	14,388	16,596	36	2017
Ft. Lauderdale I, FL	70,093		937	3,646	2,490	1,384	5,455	6,839	2,490	1999
Ft. Lauderdale II, FL	49,577		862	4,250	86	862	4,337	5,199	557	2013
Ft. Myers I, FL	67,534		303	3,329	940	328	3,269	3,597	1,504	1999
Ft. Myers II, FL	83,375		1,030	5,080	135	1,030	5,215	6,245	592	2014
Ft. Myers III, FL	81,554		1,148	5,658	155	1,148	5,814	6,962	657	2014
Jacksonville I, FL	79,705		1,862	5,362	156	1,862	4,836	6,698	1,742	2005
Jacksonville II, FL	64,970		950	7,004	170	950	5,626	6,576	1,822	2007
Jacksonville III, FL	65,840		860	7,409	1,010	1,670	6,018	7,688	1,960	2007
Jacksonville IV, FL	77,525		870	8,049	1,159	1,651	7,133	8,784	2,297	2007
Jacksonville V, FL	82,523		1,220	8,210	362	1,220	6,835	8,055	2,230	2007
Jacksonville VI, FL	67,375		755	3,725	122	755	3,846	4,601	384	2014
Kendall, FL	75,495	(A)	2,350	8,106	476	2,350	6,808	9,158	2,156	2007
Lake Worth I, FL	160,622		183	6,597	7,507	354	10,905	11,259	4,972	1998
Lake Worth II, FL	86,924		1,552	7,654	176	1,552	7,829	9,381	922	2014
Lake Worth III, FL	92,510		957	4,716	211	957	4,928	5,885	421	2015
Lakeland, FL	49,095		81	896	1,247	256	1,556	1,812	737	1994
Leisure City, FL	56,225		409	2,018	164	409	2,181	2,590	384	2012
Lutz I, FL	66,795		901	2,478	264	901	2,356	3,257	928	2004
Lutz II, FL	69,232		992	2,868	400	992	2,773	3,765	1,077	2004
Margate I, FL	53,660		161	1,763	2,202	399	3,285	3,684	1,603	1996
Margate II, FL	65,380		132	1,473	1,859	383	2,712	3,095	1,286	1996
Merritt Island, FL	50,261		716	2,983	667	796	2,738	3,534	1,038	2002
Miami I, FL	46,500		179	1,999	1,850	484	2,850	3,334	1,373	1996
Miami II, FL	66,960		253	2,544	1,619	561	3,332	3,893	1,649	1996
Miami III, FL	151,620		4,577	13,185	867	4,577	12,228	16,805	4,537	2005
Miami IV, FL	76,695		1,852	10,494	936	1,963	9,869	11,832	2,126	2011
Miramar, FL	80,130		1,206	5,944	80	1,206	6,025	7,231	881	2013
Naples I, FL	48,100		90	1,010	2,631	270	3,100	3,370	1,469	1996
Naples II, FL	65,850		148	1,652	4,294	558	5,252	5,810	2,535	1997
Naples III, FL	80,021		139	1,561	4,147	598	4,079	4,677	1,994	1997
Naples IV, FL	40,625		262	2,980	613	407	2,996	3,403	1,473	1998
New Smyrna Beach, FL	81,454		1,261	6,215	193	1,261	6,407	7,668	647	2014
North Palm Beach, FL	46,275		1,374	7,649	29	1,374	7,679	9,053	234	2017
Oakland Park, FL	63,231		3,007	10,145	11	3,007	10,157	13,164	47	2017
Ocoee, FL	76,150		1,286	3,705	198	1,286	3,386	4,672	1,280	2005
Orange City, FL	59,580		1,191	3,209	230	1,191	2,952	4,143	1,180	2004
Orlando II, FL	63,184		1,589	4,576	202	1,589	4,138	5,727	1,565	2005
Orlando III, FL	101,510		1,209	7,768	742	1,209	7,122	8,331	2,408	2006
Orlando IV, FL	76,601		633	3,587	184	633	3,268	3,901	734	2010
Orlando V, FL	75,327		950	4,685	127	950	4,811	5,761	803	2012
Orlando VI, FL	67,275		640	3,154	141	640	3,295	3,935	334	2014
Oviedo, FL	49,276		440	2,824	607	440	2,759	3,199	963	2006
Palm Coast I, FL	47,400		555	2,735	110	555	2,845	3,400	366	2014
Palm Coast II, FL	122,490		1,511	7,450	353	1,511	7,804	9,315	999	2014
Palm Harbor, FL	82,685		2,457	16,178	118	2,457	16,297	18,754	782	2016
Pembroke Pines, FL	67,321		337	3,772	2,808	953	5,434	6,387	2,633	1997
Royal Palm Beach II, FL	81,238		1,640	8,607	301	1,640	7,247	8,887	2,358	2007
Sanford I, FL	61,810		453	2,911	187	453	2,532	2,985	848	2006
Sanford II, FL	69,755		1,003	4,944	215	1,003	5,159	6,162	526	2014


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Sarasota, FL	71,142		333	3,656	1,399	529	3,842	4,371	1,739	1999
St. Augustine, FL	59,725		135	1,515	3,411	383	4,322	4,705	2,126	1996
St. Petersburg, FL	66,025		2,721	10,173	422	2,721	10,594	13,315	508	2016
Stuart, FL	86,756		324	3,625	3,185	685	5,823	6,508	2,781	1997
SW Ranches, FL	64,975		1,390	7,598	284	1,390	6,020	7,410	1,938	2007
Tampa I, FL	83,938		2,670	6,249	258	2,670	5,154	7,824	1,659	2007
Tampa II, FL	74,790		2,291	10,262	123	2,291	10,385	12,676	495	2016
West Palm Beach I, FL	66,906		719	3,420	1,667	835	3,841	4,676	1,602	2001
West Palm Beach II, FL	94,353		2,129	8,671	439	2,129	7,805	9,934	3,132	2004
West Palm Beach III, FL	77,410		804	3,962	74	804	4,036	4,840	655	2012
West Palm Beach IV, FL	102,742		1,499	7,392	318	1,499	7,709	9,208	883	2014
Winter Park, FL	54,416		866	4,268	92	866	4,360	5,226	446	2014
Alpharetta, GA	90,501		806	4,720	1,060	967	4,032	4,999	1,622	2001
Atlanta, GA	66,625		822	4,053	73	822	4,127	4,949	706	2012
Austell, GA	83,655		1,635	4,711	381	1,643	4,436	6,079	1,485	2006
Decatur, GA	145,320		616	6,776	400	616	6,183	6,799	3,118	1998
Duluth, GA	70,885		373	2,044	216	373	1,935	2,308	400	2011
Lawrenceville, GA	73,740		546	2,903	424	546	2,910	3,456	614	2011
Lithia Springs, GA	66,750		748	5,552	125	748	5,675	6,423	380	2015
Norcross I, GA	85,420		514	2,930	954	632	2,969	3,601	1,171	2001
Norcross II, GA	52,595		366	2,025	224	366	1,965	2,331	414	2011
Norcross III, GA	46,955		938	4,625	70	938	4,696	5,634	876	2012
Norcross IV, GA	57,505		576	2,839	117	576	2,956	3,532	503	2012
Peachtree City I, GA	49,875		435	2,532	788	529	2,541	3,070	997	2001
Peachtree City II, GA	59,950		398	1,963	120	398	2,084	2,482	350	2012
Smyrna, GA	57,015		750	4,271	318	750	3,471	4,221	1,414	2001
Snellville, GA	79,950		1,660	4,781	355	1,660	4,473	6,133	1,477	2007
Suwanee I, GA	85,125		1,737	5,010	343	1,737	4,653	6,390	1,534	2007
Suwanee II, GA	80,340		800	6,942	93	622	5,831	6,453	1,897	2007
Villa Rica, GA	65,281		757	5,616	147	757	5,763	6,520	385	2015
Addison, IL	31,575		428	3,531	475	428	3,505	3,933	1,369	2004
Aurora, IL	73,985		644	3,652	203	644	3,335	3,979	1,311	2004
Bartlett, IL	51,395		931	2,493	306	931	2,395	3,326	944	2004
Bellwood, IL	86,350		1,012	5,768	1,070	1,012	5,103	6,115	2,004	2001
Blue Island, IL	55,125		633	3,120	47	633	3,167	3,800	281	2015
Bolingbrook, IL	82,425		1,675	8,254	175	1,675	8,430	10,105	860	2014
Chicago I, IL	95,845		2,667	13,118	953	2,667	14,070	16,737	1,453	2014
Chicago II, IL	78,585		833	4,035	73	833	4,108	4,941	416	2014
Chicago III, IL	84,990		2,427	11,962	813	2,427	12,775	15,202	1,327	2014
Chicago IV, IL	60,495		1,296	6,385	56	1,296	6,442	7,738	564	2015
Chicago V, IL	51,775		1,044	5,144	53	1,044	5,197	6,241	456	2015
Chicago VI, IL	71,785		1,596	9,535	47	1,596	9,582	11,178	483	2016
Chicago VII, IL	91,292		—	11,191	290	—	11,481	11,481	58	2017
Countryside, IL	97,356		2,607	12,684	185	2,607	12,870	15,477	1,303	2014
Des Plaines, IL	69,450		1,564	4,327	815	1,564	4,503	6,067	1,703	2004
Downers Grove, IL	71,625		1,498	13,153	23	1,498	13,176	14,674	678	2016
Elk Grove Village, IL	64,054		1,446	3,535	306	1,446	3,311	4,757	1,348	2004
Evanston, IL	57,715		1,103	5,440	218	1,103	5,657	6,760	848	2013
Glenview, IL	100,085		3,740	10,367	578	3,740	9,478	13,218	3,719	2004
Gurnee, IL	80,300		1,521	5,440	380	1,521	5,056	6,577	2,004	2004
Hanover, IL	41,190		1,126	2,197	307	1,126	2,166	3,292	862	2004
Harvey, IL	60,090		869	3,635	354	869	3,447	4,316	1,324	2004
Joliet, IL	72,865		547	4,704	251	547	4,296	4,843	1,703	2004
Kildeer, IL	74,463		2,102	2,187	4,570	1,997	6,554	8,551	979	2004
Lombard, IL	58,241		1,305	3,938	932	1,305	4,264	5,569	1,679	2004
Maywood, IL	60,225		749	3,689	31	749	3,720	4,469	325	2015
Mount Prospect, IL	64,950		1,701	3,114	645	1,701	3,306	5,007	1,249	2004
Mundelein, IL	44,700		1,498	2,782	412	1,498	2,778	4,276	1,052	2004
North Chicago, IL	53,400		1,073	3,006	510	1,073	3,031	4,104	1,183	2004
Plainfield I, IL	53,900		1,770	1,715	346	1,740	1,768	3,508	667	2004
Plainfield II, IL	51,900		694	2,000	285	694	1,952	2,646	702	2005
Riverwoods, IL	73,915		1,585	7,826	92	1,585	7,918	9,503	199	2017
Schaumburg, IL	31,160		538	645	257	538	765	1,303	287	2004
Streamwood, IL	64,305		1,447	1,662	491	1,447	1,841	3,288	702	2004
Warrenville, IL	48,796		1,066	3,072	505	1,066	3,145	4,211	1,112	2005
Waukegan, IL	79,500		1,198	4,363	650	1,198	4,360	5,558	1,668	2004
West Chicago, IL	48,175		1,071	2,249	497	1,071	2,388	3,459	909	2004
Westmont, IL	53,400		1,155	3,873	318	1,155	3,650	4,805	1,408	2004
Wheeling I, IL	54,210		857	3,213	458	857	3,199	4,056	1,255	2004
Wheeling II, IL	67,825		793	3,816	550	793	3,814	4,607	1,510	2004
Woodridge, IL	50,232		943	3,397	303	943	3,225	4,168	1,248	2004
Schererville, IN	67,604		1,134	5,589	54	1,134	5,643	6,777	645	2014
Boston I, MA	33,286		538	3,048	266	538	2,890	3,428	651	2010
Boston II, MA	60,470		1,516	8,628	726	1,516	6,899	8,415	2,597	2002
Boston III, MA	108,205		3,211	15,829	706	3,211	16,535	19,746	1,682	2014
Brockton, MA	59,296		577	4,394	34	577	4,427	5,004	293	2015
Haverhill, MA	60,589		669	6,610	54	669	6,664	7,333	444	2015
Lawrence, MA	34,672		585	4,737	263	585	5,000	5,585	331	2015
Leominster, MA	54,073		90	1,519	2,533	338	3,411	3,749	1,564	1998
Medford, MA	58,685		1,330	7,165	374	1,330	6,046	7,376	1,793	2007
Stoneham, MA	61,300		1,558	7,679	319	1,558	7,998	9,556	1,150	2013
Tewksbury, MA	62,402		1,537	7,579	276	1,537	7,854	9,391	902	2014
Walpole, MA	74,890		634	13,069	324	634	13,393	14,027	594	2016
Annapolis, MD	92,332	5,786	2,643	13,938	38	2,643	13,976	16,619	271	2017
Baltimore, MD	93,750		1,050	5,997	1,443	1,173	5,297	6,470	2,116	2001
Beltsville, MD	63,687		1,277	6,295	72	1,268	6,375	7,643	937	2013
California, MD	77,840		1,486	4,280	341	1,486	4,030	5,516	1,558	2004
Capitol Heights, MD	79,600		2,704	13,332	43	2,704	13,376	16,080	1,028	2015
Clinton, MD	84,225		2,182	10,757	133	2,182	10,890	13,072	1,417	2013
District Heights, MD	78,240		1,527	8,313	540	1,527	7,728	9,255	1,578	2011
Elkridge, MD	63,475		1,155	5,695	239	1,155	5,934	7,089	790	2013
Gaithersburg I, MD	87,045		3,124	9,000	480	3,124	8,218	11,342	3,215	2005
Gaithersburg II, MD	74,150		2,383	11,750	69	2,383	11,819	14,202	913	2015


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Hyattsville, MD	52,830		1,113	5,485	100	1,113	5,586	6,699	819	2013
Laurel, MD	162,896		1,409	8,035	3,673	1,928	8,853	10,781	3,644	2001
Temple Hills I, MD	97,270		1,541	8,788	2,596	1,800	8,886	10,686	3,573	2001
Temple Hills II, MD	84,225		2,229	10,988	54	2,229	11,042	13,271	1,378	2014
Timonium, MD	66,717		2,269	11,184	199	2,269	11,382	13,651	1,426	2014
Upper Marlboro, MD	62,290		1,309	6,455	99	1,309	6,552	7,861	968	2013
Bloomington, MN	101,028		1,598	12,298	124	1,598	12,424	14,022	458	2016
Belmont, NC	81,850		385	2,196	959	451	2,339	2,790	939	2001
Burlington I, NC	109,300		498	2,837	875	498	2,898	3,396	1,222	2001
Burlington II, NC	42,165		320	1,829	442	340	1,731	2,071	709	2001
Cary, NC	112,402		543	3,097	827	543	3,228	3,771	1,350	2001
Charlotte I, NC	69,000		782	4,429	1,537	1,068	4,510	5,578	1,722	2002
Charlotte II, NC	53,736		821	8,764	55	821	8,818	9,639	284	2016
Cornelius, NC	59,270		2,424	4,991	929	2,424	5,920	8,344	374	2015
Pineville, NC	77,747		2,490	9,169	140	2,490	9,309	11,799	622	2015
Raleigh, NC	48,675		209	2,398	422	296	2,344	2,640	1,106	1998
Bordentown, NJ	50,550		457	2,255	170	457	2,424	2,881	399	2012
Brick, NJ	51,720		234	2,762	1,466	485	3,395	3,880	1,737	1996
Cherry Hill I, NJ	51,500		222	1,260	182	222	1,260	1,482	300	2010
Cherry Hill II, NJ	65,500		471	2,323	317	471	2,640	3,111	420	2012
Clifton, NJ	105,550		4,346	12,520	300	4,340	11,140	15,480	4,177	2005
Cranford, NJ	91,280		290	3,493	2,757	779	5,055	5,834	2,370	1996
East Hanover, NJ	107,679		504	5,763	4042	1,315	7,873	9,188	3,984	1996
Egg Harbor I, NJ	36,025		104	510	66	104	565	669	125	2010
Egg Harbor II, NJ	70,400		284	1,608	278	284	1,666	1,950	397	2010
Elizabeth, NJ	38,830		751	2,164	692	751	2,533	3,284	918	2005
Fairview, NJ	27,876		246	2,759	583	246	2,736	2,982	1,335	1997
Freehold, NJ	81,420		1,086	5,355	203	1,086	5,558	6,644	946	2012
Hamilton, NJ	70,550		1,885	5,430	498	1,893	5,160	7,053	1,721	2006
Hoboken, NJ	34,130		1,370	3,947	774	1,370	4,087	5,457	1,622	2005
Linden, NJ	100,425		517	6,008	2,522	1,043	6,994	8,037	3,339	1996
Lumberton, NJ	96,025		987	4,864	315	987	5,178	6,165	873	2012
Morris Township, NJ	72,226		500	5,602	2,984	1,072	6,947	8,019	3,292	1997
Parsippany, NJ	84,655		475	5,322	5,740	844	9,723	10,567	3,115	1997
Rahway, NJ	83,121		1,486	7,326	660	1,486	7,986	9,472	1,119	2013
Randolph, NJ	52,565		855	4,872	1,358	1,108	4,541	5,649	1,811	2002
Ridgefield, NJ	67,803		1,810	8,925	315	1,810	9,239	11,049	700	2015
Roseland, NJ	53,569		1,844	9,759	145	1,844	9,904	11,748	665	2015
Sewell, NJ	57,826		484	2,766	1,414	706	3,102	3,808	1,267	2001
Somerset, NJ	57,485		1,243	6,129	205	1,243	6,333	7,576	1,056	2012
Whippany, NJ	92,070		2,153	10,615	131	2,153	10,746	12,899	1,581	2013
Albuquerque I, NM	65,927		1,039	3,395	356	1,039	3,168	4,207	1,289	2005
Albuquerque II, NM	58,798		1,163	3,801	268	1,163	3,446	4,609	1,432	2005
Albuquerque III, NM	57,536		664	2,171	364	664	2,145	2,809	887	2005
Henderson, NV	75,150		1,246	6,143	100	1,246	6,241	7,487	635	2014
Las Vegas I, NV	48,732		1,851	2,986	581	1,851	3,155	5,006	1,353	2006
Las Vegas II, NV	48,850		3,354	5,411	435	3,355	5,265	8,620	2,261	2006
Las Vegas III, NV	84,600		1,171	10,034	110	1,171	10,144	11,315	396	2016
Las Vegas IV, NV	91,557		1,116	8,575	92	1,116	8,665	9,781	355	2016
Las Vegas V, NV	107,226		1,460	9,560	176	1,460	9,736	11,196	338	2016
Las Vegas VI, NV	92,707		1,386	12,299	98	1,386	12,397	13,783	361	2016
Baldwin, NY	61,380		1,559	7,685	624	1,559	8,309	9,868	626	2015
Bronx I, NY	67,864		2,014	11,411	1,021	2,014	10,840	12,854	2,539	2010
Bronx II, NY	99,046		—	28,289	1,697	—	29,451	29,451	5,659	2011
Bronx III, NY	105,900		6,459	36,180	185	6,460	32,018	38,478	6,261	2011
Bronx IV, NY	74,580		—	22,074	124	—	19,543	19,543	3,836	2011
Bronx V, NY	54,704		—	17,556	208	—	15,653	15,653	3,075	2011
Bronx VI, NY	45,970		—	16,803	361	—	15,132	15,132	2,959	2011
Bronx VII, NY	78,625	8,228	—	22,512	186	—	22,807	22,807	4,227	2012
Bronx VIII, NY	30,550	2,889	1,245	6,137	163	1,251	6,330	7,581	1,181	2012
Bronx IX, NY	147,870	22,508	7,967	39,279	1,332	7,967	40,610	48,577	7,374	2012
Bronx X, NY	159,805	25,700	9,090	44,816	475	9,090	45,291	54,381	7,838	2012
Bronx XI, NY	46,425		—	17,130	265	—	17,396	17,396	1,733	2014
Bronx XII, NY	89,785		—	31,603	73	—	31,674	31,674	1,564	2016
Brooklyn I, NY	57,566		1,795	10,172	329	1,795	9,084	10,879	2,097	2010
Brooklyn II, NY	60,920		1,601	9,073	494	1,601	8,269	9,870	1,943	2010
Brooklyn III, NY	41,510		2,772	13,570	142	2,772	13,794	16,566	2,712	2011
Brooklyn IV, NY	37,545		2,283	11,184	164	2,284	11,411	13,695	2,251	2011
Brooklyn V, NY	47,020		2,374	11,636	109	2,374	11,798	14,172	2,307	2011
Brooklyn VI, NY	74,920		4,210	20,638	100	4,211	20,845	25,056	4,076	2011
Brooklyn VII, NY	72,750		5,604	27,452	192	5,604	27,809	33,413	5,447	2011
Brooklyn VIII, NY	61,555		4,982	24,561	89	4,982	24,649	29,631	2,882	2014
Brooklyn IX, NY	46,980		2,966	14,620	106	2,966	14,726	17,692	1,721	2014
Brooklyn X, NY	55,875		3,739	7,703	2,916	4,885	9,472	14,357	622	2015
Brooklyn XI, NY	110,075		10,093	35,385	226	10,093	35,610	45,703	2,069	2016
Brooklyn XII, NY	131,588		1,077	6,057	—	1,077	6,056	7,133	—	2017
Holbrook, NY	60,397		2,029	10,737	57	2,029	10,794	12,823	719	2015
Jamaica I, NY	88,385		2,043	11,658	1,802	2,043	10,739	12,782	4,408	2001
Jamaica II, NY	92,805		5,391	26,413	386	5,391	26,942	32,333	5,259	2011
Long Island City, NY	88,825		5,700	28,101	43	5,700	28,144	33,844	2,759	2014
New Rochelle I, NY	43,596		1,673	4,827	1,212	1,673	5,380	7,053	1,872	2005
New Rochelle II, NY	63,300		3,167	2,713	434	3,762	18,980	22,742	3,521	2012
New York, NY	94,912	31,727	42,022	38,753	—	42,022	38,753	80,775	405	2017
North Babylon, NY	78,350		225	2,514	4,230	568	5,595	6,163	2,615	1998
Patchogue, NY	47,759		1,141	5,624	48	1,141	5,672	6,813	574	2014
Queens I, NY	74,188		5,158	12,339	757	5,160	13,094	18,254	928	2015
Queens II, NY	90,728		6,208	25,815	6	6,208	25,822	32,030	1,661	2016
Riverhead, NY	38,490		1,068	1,149	204	1,068	1,075	2,143	487	2005
Southold, NY	59,945		2,079	2,238	347	2,079	2,181	4,260	951	2005
Staten Island, NY	96,573		1,919	9,463	848	1,919	10,312	12,231	1,429	2013
Tuckahoe, NY	50,978		2,363	17,411	286	2,363	11,926	14,289	2,322	2011
West Hempstead, NY	83,395		2,237	11,030	159	2,237	11,188	13,425	1,889	2012
White Plains, NY	85,864		3,295	18,049	1,020	3,295	16,577	19,872	3,522	2011


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Woodhaven, NY	50,665		2,015	11,219	90	2,015	10,012	12,027	1,960	2011
Wyckoff, NY	60,210		1,961	11,113	325	1,961	9,956	11,917	2,221	2010
Yorktown, NY	78,879		2,382	11,720	193	2,382	11,927	14,309	2,342	2011
Cleveland I, OH	46,000		525	2,592	270	524	2,512	3,036	1,009	2005
Cleveland II, OH	58,325		290	1,427	230	289	1,404	1,693	573	2005
Columbus I, OH	71,905		1,234	3,151	148	1,239	2,823	4,062	1,084	2006
Columbus II, OH	36,409		769	3,788	209	769	3,997	4,766	407	2014
Columbus III, OH	51,200		326	1,607	118	326	1,725	2,051	179	2014
Columbus IV, OH	60,950		443	2,182	99	443	2,281	2,724	236	2014
Columbus V, OH	73,325		838	4,128	114	838	4,242	5,080	430	2014
Columbus VI, OH	63,525		701	3,454	99	701	3,553	4,254	362	2014
Grove City, OH	89,290		1,756	4,485	280	1,761	4,147	5,908	1,553	2006
Hilliard, OH	89,290		1,361	3,476	255	1,366	3,243	4,609	1,232	2006
Lakewood, OH	39,332		405	854	637	405	1,335	1,740	997	1989
Lewis Center, OH	76,024		1,056	5,206	141	1,056	5,346	6,402	544	2014
Middleburg Heights, OH	93,200		63	704	2,316	332	2,352	2,684	1,063	1980
North Olmsted I, OH	48,672		63	704	1,520	214	1,737	1,951	822	1979
North Olmsted II, OH	47,850		290	1,129	1,229	469	2,032	2,501	1,637	1988
North Randall, OH	80,297		515	2,323	3,246	898	4,303	5,201	2,017	1998
Reynoldsburg, OH	67,245		1,290	3,295	338	1,295	3,178	4,473	1,213	2006
Strongsville, OH	43,683		570	3,486	418	570	3,071	3,641	1,018	2007
Warrensville Heights, OH	90,281		525	766	3,249	935	3,417	4,352	1,511	1980
Westlake, OH	62,750		509	2,508	260	508	2,379	2,887	985	2005
Conshohocken, PA	81,285		1,726	8,508	174	1,726	8,682	10,408	1,479	2012
Exton, PA	57,750		541	2,668	124	519	2,814	3,333	476	2012
Langhorne, PA	64,938		1,019	5,023	343	1,019	5,366	6,385	898	2012
Levittown, PA	76,130		926	5,296	1,267	926	4,842	5,768	1,956	2001
Malvern, PA	18,848		2,959	18,198	1,657	2,959	19,853	22,812	2,182	2013
Montgomeryville, PA	84,145		975	4,809	221	975	5,029	6,004	871	2012
Norristown, PA	61,746		662	3,142	776	638	4,048	4,686	850	2011
Philadelphia I, PA	96,016		1,461	8,334	1,913	1,461	6,904	8,365	2,832	2001
Philadelphia II, PA	68,279		1,012	4,990	163	1,012	5,153	6,165	636	2014
Exeter, RI	41,275		547	2,697	126	547	2,823	3,370	290	2014
Johnston, RI	77,275		1,061	5,229	101	1,061	5,331	6,392	541	2014
Wakefield, RI	45,745		823	4,058	50	823	4,108	4,931	413	2014
Woonsocket, RI	72,900		1,049	5,172	143	1,049	5,315	6,364	541	2014
Antioch, TN	75,985		588	4,906	350	588	4,489	5,077	1,734	2005
Nashville I, TN	107,850		405	3,379	773	405	3,563	3,968	1,346	2005
Nashville II, TN	83,174		593	4,950	221	593	4,476	5,069	1,758	2005
Nashville III, TN	101,525		416	3,469	289	416	3,425	3,841	1,331	2006
Nashville IV, TN	102,450		992	8,274	377	992	7,409	8,401	2,858	2006
Nashville V, TN	74,560	2,411	895	4,311	802	895	5,113	6,008	415	2015
Nashville VI, TN	72,436		2,749	8,443	97	2,749	8,539	11,288	570	2015
Allen, TX	62,170		714	3,519	113	714	3,632	4,346	631	2012
Austin I, TX	59,645		2,239	2,038	275	2,239	1,964	4,203	737	2005
Austin II, TX	64,415	(A)	734	3,894	377	738	3,709	4,447	1,321	2006
Austin III, TX	70,585		1,030	5,468	326	1,035	5,135	6,170	1,791	2006
Austin IV, TX	65,308		862	4,250	332	862	4,582	5,444	554	2014
Austin V, TX	67,850		1,050	5,175	240	1,050	5,415	6,465	571	2014
Austin VI, TX	62,850		1,150	5,669	262	1,150	5,932	7,082	605	2014
Austin VII, TX	71,023		1,429	6,263	132	1,429	6,394	7,823	426	2015
Austin VIII, TX	61,075		2,935	7,007	49	2,935	7,057	9,992	427	2016
Bryan, TX	60,400		1,394	1,268	561	1,396	1,592	2,988	509	2005
Carrollton, TX	77,380		661	3,261	137	661	3,398	4,059	545	2012
Cedar Park, TX	88,700		3,350	7,950	39	3,350	7,989	11,339	483	2016
College Station, TX	26,550		812	740	199	813	752	1,565	275	2005
Cypress, TX	58,161		360	1,773	145	360	1,919	2,279	341	2012
Dallas I, TX	58,582		2,475	2,253	482	2,475	2,288	4,763	866	2005
Dallas II, TX	76,673		940	4,635	229	940	4,864	5,804	646	2013
Dallas III, TX	83,427		2,608	12,857	253	2,608	13,110	15,718	1,283	2014
Dallas IV, TX	114,550		2,369	11,850	65	2,369	11,914	14,283	1,061	2015
Dallas V, TX	54,499		—	11,604	84	—	11,689	11,689	906	2015
Denton, TX	60,846		553	2,936	305	569	2,746	3,315	923	2006
Fort Worth I, TX	50,416		1,253	1,141	353	1,253	1,256	2,509	444	2005
Fort Worth II, TX	72,900		868	4,607	392	874	4,331	5,205	1,547	2006
Fort Worth III, TX	80,445		1,000	4,928	128	1,000	5,057	6,057	455	2015
Fort Worth IV, TX	77,329		1,274	7,693	31	1,274	7,724	8,998	423	2016
Frisco I, TX	50,854		1,093	3,148	193	1,093	2,883	3,976	1,080	2005
Frisco II, TX	71,599		1,564	4,507	202	1,564	4,093	5,657	1,531	2005
Frisco III, TX	74,665		1,147	6,088	572	1,154	5,850	7,004	2,050	2006
Frisco IV, TX	75,175		719	4,072	281	719	3,795	4,514	893	2010
Frisco V, TX	74,415		1,159	5,714	133	1,159	5,846	7,005	708	2014
Frisco VI, TX	69,176		1,064	5,247	170	1,064	5,417	6,481	556	2014
Garland I, TX	70,100		751	3,984	590	767	3,981	4,748	1,402	2006
Garland II, TX	68,425		862	4,578	297	862	4,278	5,140	1,447	2006
Grapevine, TX	78,019		1,211	8,559	112	1,211	8,671	9,882	469	2016
Houston III, TX	61,590		575	524	388	576	799	1,375	316	2005
Houston IV, TX	43,750		960	875	677	961	1,352	2,313	436	2005
Houston V, TX	124,279		1,153	6,122	1,336	991	6,709	7,700	2,140	2006
Houston VI, TX	54,690		575	524	5,783	983	4,985	5,968	1,044	2011
Houston VII, TX	46,991		681	3,355	179	681	3,534	4,215	666	2012
Houston VIII, TX	54,209		1,294	6,377	375	1,294	6,753	8,047	1,170	2012
Houston IX, TX	51,208		296	1,459	129	296	1,588	1,884	278	2012
Humble, TX	70,702		706	5,727	95	706	5,822	6,528	389	2015
Katy, TX	71,308		1,329	6,552	84	1,329	6,637	7,966	861	2013
Keller, TX	88,060		1,330	7,960	316	1,331	7,660	8,991	1,584	2006/2017
Lewisville I, TX	67,340		476	2,525	418	492	2,506	2,998	865	2006
Lewisville II, TX	127,659		1,464	7,217	328	1,464	7,545	9,009	1,052	2013
Lewisville III, TX	93,855		1,307	15,025	175	1,307	15,201	16,508	824	2016
Little Elm I, TX	60,065		892	5,529	127	892	5,657	6,549	319	2016
Little Elm II, TX	96,896		1,219	9,864	83	1,219	9,948	11,167	542	2016
Mansfield I, TX	63,025		837	4,443	267	843	4,129	4,972	1,479	2006


						Gross Carrying Amount at
			Initial Cost		Costs	December 31, 2017
				Buildings	Subsequent		Buildings		Accumulated	Year
	Square			&	to		&		Depreciation	Acquired/
Description	Footage	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	(B)	Developed
Mansfield II, TX	57,375		662	3,261	144	662	3,405	4,067	609	2012
Mansfield III, TX	70,920		947	4,703	166	947	4,870	5,817	195	2016
McKinney I, TX	47,020		1,632	1,486	213	1,634	1,459	3,093	548	2005
McKinney II, TX	70,050		855	5,076	227	857	4,677	5,534	1,680	2006
McKinney III, TX	53,750		652	3,213	69	652	3,281	3,933	316	2014
North Richland Hills, TX	57,200		2,252	2,049	254	2,252	1,924	4,176	716	2005
Pearland, TX	72,050		450	2,216	359	450	2,576	3,026	428	2012
Richmond, TX	102,330		1,437	7,083	157	1,437	7,240	8,677	938	2013
Roanoke, TX	59,300		1,337	1,217	171	1,337	1,161	2,498	434	2005
San Antonio I, TX	73,329		2,895	2,635	358	2,895	2,460	5,355	921	2005
San Antonio II, TX	73,155		1,047	5,558	223	1,052	5,088	6,140	1,727	2006
San Antonio III, TX	71,825		996	5,286	297	996	4,861	5,857	1,623	2007
San Antonio IV, TX	61,500		829	3,891	145	829	4,037	4,866	153	2016
Spring, TX	72,751		580	3,081	289	580	2,879	3,459	1,025	2006
Murray I, UT	60,280		3,847	1,017	525	3,848	1,326	5,174	544	2005
Murray II, UT	71,621		2,147	567	526	2,147	922	3,069	366	2005
Salt Lake City I, UT	56,446		2,695	712	526	2,696	1,052	3,748	428	2005
Salt Lake City II, UT	51,676		2,074	548	411	1,937	794	2,731	334	2005
Alexandria, VA	114,100		2,812	13,865	235	2,812	14,101	16,913	2,471	2012
Arlington, VA	96,143		6,836	9,843	94	6,836	9,938	16,774	975	2015
Burke Lake, VA	91,467		2,093	10,940	1,184	2,093	10,528	12,621	2,312	2011
Fairfax, VA	73,265		2,276	11,220	307	2,276	11,528	13,804	1,948	2012
Fredericksburg I, VA	69,475		1,680	4,840	349	1,680	4,516	6,196	1,599	2005
Fredericksburg II, VA	61,057		1,757	5,062	412	1,757	4,782	6,539	1,707	2005
Leesburg, VA	85,503		1,746	9,894	181	1,746	8,787	10,533	1,700	2011
Manassas, VA	72,745		860	4,872	255	860	4,464	5,324	1,011	2010
McLearen, VA	69,385		1,482	8,400	226	1,482	7,471	8,953	1,661	2010
Vienna, VA	55,111		2,300	11,340	147	2,300	11,487	13,787	1,945	2012
Divisional Offices					374		374	374	96
	33,759,762		689,793	3,031,426	289,554	711,140	3,086,252	3,797,392	652,455

(A)

This store is part of the YSI 33 Loan portfolio, with a balance of $9,547 as of December 31, 2017.

(B)

Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years.

Activity in storage properties during 2017 and 2016 was as follows (in thousands):


	2017		2016
Storage properties*
Balance at beginning of year	$	3,998,180	$	3,467,032
Acquisitions & improvements		247,546		490,980
Fully depreciated assets		(53,903)		(61,232)
Dispositions and other		(9,179)		—
Construction in progress, net		(20,929)		101,400
Balance at end of year	$	4,161,715	$	3,998,180

Accumulated depreciation*
Balance at beginning of year	$	671,364	$	594,049
Depreciation expense		135,732		138,547
Fully depreciated assets		(53,903)		(61,232)
Dispositions and other		(268)		—
Balance at end of year	$	752,925	$	671,364
Storage properties, net	$	3,408,790	$	3,326,816

*These amounts include equipment that is housed at the Company’s stores which is excluded from Schedule III above.