Annual report pursuant to Section 13 and 15(d)

Summary Of Significant Accounting Policies (Policy)

Summary Of Significant Accounting Policies (Policy)
12 Months Ended
Dec. 31, 2011
Summary Of Significant Accounting Policies [Abstract]  
Basis Of Presentation
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. The cash balance includes $29 thousand and $2.4 million, respectively, held in escrow for encumbered properties at December 31, 2011 and 2010.

Accounts Receivable
Revenue And Expense Recognition
Other Operating Income

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

Investment In Storage Facilities
Other Assets
Investment In Unconsolidated Joint Ventures
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. The Company accrues property tax expense based on estimates and historical trends. Actual expense could differ from these estimates.

Income Taxes
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.

Stock-Based Compensation

Reclassification: Certain amounts from the 2010 financial statements have been reclassified as a result of separating acquisition costs from general and administrative expenses on the consolidated statements of operations.

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.