Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

Discontinued Operations
9 Months Ended
Sep. 30, 2011
Discontinued Operations [Abstract]  
Discontinued Operations


In April and May 2010, the Company sold ten non-strategic storage facilities in Georgia, Michigan, North Carolina and Virginia for net proceeds of approximately $23.7 million resulting in a gain of $6.9 million. The operations of the ten facilities sold in 2010 and the gain on sale are reported as discontinued operations. 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, 2010. The following is a summary of the amounts reported as discontinued operations:


     Jan. 1, 2010  
(dollars in thousands)    Sep. 30, 2010  

Total revenue

     $    1,404       

Property operations and maintenance expense


Real estate tax expense


Depreciation and amortization expense


Net gain on sale of property





Total income from discontinued operations

     $    7,562