##### Table of Contents



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, 2007
Commission File Number: 1-13820
 SOVRAN SELF STORAGE, INC.
  Maryland
    
    16-1194043(State of incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 (Address of principal executive offices) (Zip code)
 (Registrants telephone number including area code)
  Title of Securities
    
    Exchanges on which RegisteredCommon
Stock, $.01 Par Value
    
    New York Stock Exchange
  þ o
 o þ
 þ o
 þ
  Large accelerated filer
þ
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS
 Part IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPart IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity SecuritiesItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures About Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem 9a. Controls and ProceduresPart IIIItem 10. Directors, Executive Officers and Corporate GovernanceItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
MattersItem 13. Certain Relationships and Related Transactions, and Director IndependenceItem 14. Principal Accountant Fees and ServicesPart IVItem 15. Exhibits, Financial Statement SchedulesSIGNATURESEX-12.1EX-23EX-31.1EX-31.2EX-32
  2




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Part I
  
 Item 1. Business
 ®
  www.sovranss.com
  Industry Overview
  3




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Property Management
  Personnel:
  Marketing and Sales:
  -
    
    A Customer Care Center (call center) that services new and existing
customers inquiries and facilitates the capture of sales leads that
were previously lost;-
    
    Internet marketing, which provides customers information about all of
our stores via numerous portals and e-mail;-
    
    A rate management system, that matches product availability with
market demand for each type of storage unit at each store, and
determines appropriate pricing. The Company credits this program in
achieving higher yields and controlling discounting;-
    
    Dri-guard, that provides humidity-controlled spaces. We became the
first self-storage operator to utilize this humidity protection
technology. These environmental control systems are a premium storage
feature intended to protect metal, electronics, furniture, fabrics and
paper from moisture; and-
    
    Uncle Bobs trucks, that provide customers with convenient, affordable
access to vehicles to help move-in their goods, and which also serve
as moving billboards to help advertise our storage facilities.
 Ancillary Income:
  Information Systems:
  4




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Property Maintenance:
  Environmental and Other Regulations
   Insurance
  Federal Income Tax
  Competition
   Investment Policy
  5




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Disposition Policy
   Distribution Policy
  Borrowing Policy
     6




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Employees
  Available Information
 http://www.sovranss.com http://www.sovranss.com
  
 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
  7




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We May Incur Problems with Our Real Estate Financing
 Unsecured Credit Facility.
 Rising Interest Rates.
 Refinancing May Not Be Available.
 Recent turmoil in the credit markets could affect our ability to obtain debt financing on
reasonable terms and have other adverse effects on us.
 Our Debt Levels May Increase
  8




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##### Table of Contents



We Are Subject to the Risks Posed by Fluctuating Demand and Significant Competition in the
Self-Storage Industry
  
    
    Decreases in demand for rental spaces in a particular locale;
    
    Changes in supply of, or demand for, similar or competing self-storage facilities in an
area;
    
    Changes in market rental rates; and
    
    Inability to collect rents from customers.
  Our Real Estate Investments Are Illiquid and Are Subject to Uninsurable Risks and Government Regulation
 General Risks.
 
    
    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 mortgage funds;
    
    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;
    
    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.
 9




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Illiquidity of Real Estate May Limit its Value.
 Uninsured and Underinsured Losses Could Reduce the Value of our Self Storage Facilities.
 Possible Liability Relating to Environmental Matters.
 Americans with Disabilities Act.
 There Are Limitations on the Ability to Change Control of Sovran
 Limitation on Ownership and Transfer of Shares.
  
    
    Have the effect of precluding an acquisition of control of Sovran 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 Sovran.
  10




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Other Limitations.
 Our Failure to Qualify as a REIT Would Have Adverse Consequences
    Market Interest Rates May Influence the Price of Our Common Stock
  Regional Concentration of Our Business May Subject Us to Economic Downturns in the States of Texas and Florida.
  11




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##### Table of Contents



Changes in Taxation of Corporate Dividends May Adversely Affect the Value of Our Common Stock
  Terrorist
Attacks and the Possibility of Armed Conflict May Have an Adverse Effect on Our Business, Financial Condition and Operating Results and Could Decrease the Value of Our Assets
  
 Item 1B. Unresolved Staff Comments
  12




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Item 2. Properties
     Number ofStores at
    
    
    
    
    
    
    
    
    
    
    PercentageDecember 31,
    
    
    Square
    
    
    Number of
    
    
    of Store2007
    
    
    Feet
    
    
    Spaces
    
    
    RevenueAlabama
    
    
    22
    
    
    
    1,602,057
    
    
    
    12,019
    
    
    
    4.4
    %Arizona
    
    
    9
    
    
    
    510,720
    
    
    
    4,519
    
    
    
    2.5
    %Connecticut
    
    
    5
    
    
    
    303,537
    
    
    
    2,864
    
    
    
    2.3
    %Florida
    
    
    54
    
    
    
    3,398,478
    
    
    
    30,780
    
    
    
    17.7
    %Georgia
    
    
    26
    
    
    
    1,575,198
    
    
    
    12,773
    
    
    
    6.6
    %Louisiana
    
    
    14
    
    
    
    795,426
    
    
    
    7,142
    
    
    
    3.7
    %Maine
    
    
    2
    
    
    
    115,345
    
    
    
    1,010
    
    
    
    0.6
    %Maryland
    
    
    4
    
    
    
    172,901
    
    
    
    2,035
    
    
    
    1.1
    %Massachusetts
    
    
    14
    
    
    
    755,389
    
    
    
    6,834
    
    
    
    4.0
    %Michigan
    
    
    7
    
    
    
    482,597
    
    
    
    4,579
    
    
    
    1.6
    %Mississippi
    
    
    10
    
    
    
    739,220
    
    
    
    5,732
    
    
    
    2.1
    %Missouri
    
    
    7
    
    
    
    435,990
    
    
    
    3,804
    
    
    
    2.1
    %New Hampshire
    
    
    4
    
    
    
    231,123
    
    
    
    2,089
    
    
    
    1.1
    %New York
    
    
    28
    
    
    
    1,608,916
    
    
    
    14,565
    
    
    
    8.1
    %North Carolina
    
    
    15
    
    
    
    797,087
    
    
    
    6,957
    
    
    
    3.4
    %Ohio
    
    
    16
    
    
    
    1,072,722
    
    
    
    8,732
    
    
    
    4.2
    %Pennsylvania
    
    
    6
    
    
    
    367,985
    
    
    
    2,965
    
    
    
    1.5
    %Rhode Island
    
    
    4
    
    
    
    167,886
    
    
    
    1,566
    
    
    
    1.0
    %South Carolina
    
    
    8
    
    
    
    445,968
    
    
    
    3,773
    
    
    
    1.9
    %Tennessee
    
    
    4
    
    
    
    280,299
    
    
    
    2,354
    
    
    
    1.1
    %Texas
    
    
    81
    
    
    
    5,778,898
    
    
    
    46,747
    
    
    
    24.0
    %Virginia
    
    
    18
    
    
    
    1,067,443
    
    
    
    9,910
    
    
    
    5.0
    %Total
    
    
    358
    
    
    
    22,705,185
    
    
    
    193,749
    
    
    
    100.0
    %
 
 Item 3. Legal Proceedings
  13




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Item 4. Submission of Matters to a Vote of Security Holders
  
 Part II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
  Quarter 2006
    
    High
    
    
    Low1st
    
    $
    55.71
    
    
    $
    46.392nd
    
    
    55.20
    
    
    
    45.713rd
    
    
    56.35
    
    
    
    49.004th
    
    
    60.00
    
    
    
    54.63
 Quarter 2007
    
    High
    
    
    Low1st
    
    $
    63.93
    
    
    $
    54.982nd
    
    
    56.56
    
    
    
    47.183rd
    
    
    50.25
    
    
    
    40.404th
    
    
    50.43
    
    
    
    39.75
    History of Dividends Declared on Common Stock
 1st Quarter, 2006
    
    $0.615 per share2nd Quarter, 2006
    
    $0.615 per share3rd Quarter, 2006
    
    $0.620 per share4th Quarter, 2006
    
    $0.620 per share1st Quarter, 2007
    
    $0.620 per share2nd Quarter, 2007
    
    $0.620 per share3rd Quarter, 2007
    
    $0.630 per share4th Quarter, 2007
    
    $0.630 per share
 14




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##### Table of Contents



EQUITY COMPENSATION PLAN INFORMATION
  Number ofsecurities to beissued upon
    
    
    Weighted average
    
    
    Number ofexercise of
    
    
    exercise price of
    
    
    securitiesoutstanding
    
    
    outstanding
    
    
    remaining availableoptions, warrants
    
    
    options, warrants
    
    
    for future issuancePlan Category
    
    and rights (#)
    
    
    and rights ($)
    
    
    (#)Equity compensation plans approved by
shareholders:2005 Award and Option Plan
    
    
    87,000
    
    
    $
    50.96
    
    
    
    1,327,5201995 Award and Option Plan
    
    
    53,125
    
    
    $
    26.80
    
    
    
    01995 Outside Directors Stock Option Plan
    
    
    28,000
    
    
    $
    46.25
    
    
    
    9,160Deferred Compensation Plan for Directors (1)
    
    
    34,959
    
    
    
    N/A
    
    
    
    10,041Equity 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. 15




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CORPORATE PERFORMANCE GRAPH
  
 CUMULATIVE TOTAL SHAREHOLDER RETURN
SOVRAN SELF STORAGE, INC.
DECEMBER 31, 2002  DECEMBER 31, 2007
 Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,2002
    
    
    2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007S&P
    
    
    100.00
    
    
    
    128.70
    
    
    
    142.69
    
    
    
    149.69
    
    
    
    173.34
    
    
    
    182.86NAREIT
    
    
    100.00
    
    
    
    137.13
    
    
    
    180.43
    
    
    
    202.38
    
    
    
    273.34
    
    
    
    230.45SSS
    
    
    100.00
    
    
    
    139.50
    
    
    
    167.30
    
    
    
    197.23
    
    
    
    252.25
    
    
    
    185.23
  16




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Item 6. Selected Financial Data
  (dollars in thousands, except per
    
    At or For Year Ended December 31,share data)
    
    2007
    
    2006
    
    2005
    
    2004
    
    2003Operating DataOperating revenues
    
    $
    193,769
    
    
    $
    166,295
    
    
    $
    138,305
    
    
    $
    123,286
    
    
    $
    111,414Income from continuing operations
    
    
    39,214
    
    
    
    36,610
    
    
    
    34,790
    
    
    
    30,698
    
    
    
    27,586Income from discontinued operations (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,306
    
    
    
    837Net income
    
    
    39,214
    
    
    
    36,610
    
    
    
    34,790
    
    
    
    32,004
    
    
    
    28,423Income from continuing operations per
common share  diluted
    
    
    1.81
    
    
    
    1.89
    
    
    
    1.84
    
    
    
    1.44
    
    
    
    1.40Net income per common share  basic
    
    
    1.81
    
    
    
    1.90
    
    
    
    1.86
    
    
    
    1.54
    
    
    
    1.47Net income per common share  diluted
    
    
    1.81
    
    
    
    1.89
    
    
    
    1.84
    
    
    
    1.53
    
    
    
    1.46Dividends declared per common share
    
    
    2.50
    
    
    
    2.47
    
    
    
    2.44
    
    
    
    2.42
    
    
    
    2.41Balance Sheet DataInvestment in storage facilities at cost
    
    $
    1,330,639
    
    
    $
    1,143,904
    
    
    $
    893,980
    
    
    $
    811,516
    
    
    $
    727,289Total assets
    
    
    1,164,636
    
    
    
    1,053,210
    
    
    
    784,376
    
    
    
    719,573
    
    
    
    683,336Total debt
    
    
    566,517
    
    
    
    462,027
    
    
    
    339,144
    
    
    
    289,075
    
    
    
    255,819Total liabilities
    
    
    610,805
    
    
    
    495,352
    
    
    
    365,037
    
    
    
    315,108
    
    
    
    285,755Series B preferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,585Series C preferred stock
    
    
    
    
    
    
    26,613
    
    
    
    26,613
    
    
    
    53,227
    
    
    
    67,129Other DataNet cash
provided by operating activities
    
    $
    85,077
    
    
    $
    64,533
    
    
    $
    60,234
    
    
    $
    53,914
    
    
    $
    51,003Net cash provided by operating activities  discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    287
    
    
    
    1,124Net cash used in investing activities
    
    
    (190,267
    )
    
    
    (176,567
    )
    
    
    (79,156
    )
    
    
    (71,034
    )
    
    
    (31,284
    )Net cash used in investing activities
 discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (41
    )Net cash
provided by (used in) financing activities
    
    
    61,470
    
    
    
    154,853
    
    
    
    20,728
    
    
    
    (163
    )
    
    
    (2,764
    )
 
 (1)
    
    In 2004 we sold five stores whose operations and gain are classified as discontinued operations
for all previous years presented. 17




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Disclosure Regarding Forward-Looking Statements
  Business and Overview
  Operating Strategy:
  A.
    
    Increasing operating performance and cash flow through aggressive management of our
stores:
 -
    
    Operating performance continues to improve as a result of revenue drivers
implemented by us over the past five years, including:
 -
    
    The formation of our Customer Care Center, which answers sales
inquiries and makes reservations for all of our properties on a centralized
basis,-
    
    The rollout of the Uncle Bobs truck move-in program, under which,
at present, 262 of our stores offer a free Uncle Bobs truck to assist our
customers in moving into their spaces, and-
    
    An increase in internet marketing and sales.
 -
    
    In addition to increasing revenue, we have worked to improve services and
amenities at our stores. While this has caused operating expenses to increase over the
past five years, it has resulted in a superior storage experience for our customers.
Our managers are better qualified and receive a significantly higher level of training
than they did five years ago, customer access and security are greatly enhanced as a
result of advances in technology, and property appearance and functionality have been
improved.-
    
    Our customized property management systems enable us to improve our ability to
track trends, set optimal pricing levels, enjoy considerable economies of scale in
vendor and supply pricing, and control collections and accounts receivable.
 18




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-
    
    In markets where we already operate facilities, we seek to acquire new stores
one or two at a time from independent operators. By so doing, we can add to our
existing base, which should improve market penetration in those areas, and contribute
to the benefits achieved from economies of scale.-
    
    We will seek to enter new markets if we can do so by acquiring a group of
stores in those markets. We feel that our marketing efforts and control systems would
enhance even those portfolios that have been managed efficiently by independent
operators, and that attractive returns can be generated by such acquisitions.
  -
    
    We intend to continue to install climate controlled and Dri-guard space at
select stores, providing our customers with better storage solutions and improving
yields on our portfolio.-
    
    We intend to add buildings to a number of our stores, providing additional
rental units of a size and type to meet existing demand.-
    
    We will seek to acquire parcels of land contiguous to some of our stores and
add to the available rental space at those stores.-
    
    We intend to modify existing buildings to better match size and type of rental
units to existing demand. At some stores, this may be as simple as reconfiguring walls
and doors; at others, it may entail rebuilding in a configuration more in tune with
market conditions.-
    
    Over the past three years, we have undertaken an announced program of expanding
and enhancing our properties. Primarily, we have worked to add premium storage (i.e.,
air-conditioned and/or humidity controlled) space to our portfolio. In 2006, we
expended approximately $12.6 million to add some 290,000 square feet of such space to
our properties; in 2007, we spent approximately $25 million to add 444,000 square feet.
The program entails construction of new buildings, acquisition of parcels of land
contiguous to stores deemed suitable for expansion, and demolition of certain
structures to make room for more optimally configured spaces. In 2008, we expect to
continue this program, spending as much as $50 million to add up to 700,000 square feet
of additional space to our existing stores.
 Supply and Demand
  Operating Trends
  19




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Critical Accounting Policies and Estimates
     YEAR ENDED DECEMBER 31, 2007 COMPARED TO
YEAR ENDED DECEMBER 31, 2006
  20




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YEAR ENDED DECEMBER 31, 2006 COMPARED TO
YEAR ENDED DECEMBER 31, 2005
   21




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FUNDS FROM OPERATIONS
    22




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Reconciliation of Net Income to Funds From Operations
 For Year Ended December 31,(dollars in thousands)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Net income
    
    $
    39,214
    
    
    $
    36,610
    
    
    $
    34,790
    
    
    $
    32,004
    
    
    $
    28,423Minority interest in income
    
    
    2,631
    
    
    
    2,434
    
    
    
    1,529
    
    
    
    1,542
    
    
    
    1,790Depreciation of real estate and
amortization of intangible assets
exclusive of deferred financing fees
    
    
    34,036
    
    
    
    25,305
    
    
    
    21,222
    
    
    
    19,175
    
    
    
    17,856Depreciation of real estate
included in discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    90
    
    
    
    293Depreciation and amortization from
unconsolidated joint ventures
    
    
    59
    
    
    
    168
    
    
    
    484
    
    
    
    473
    
    
    
    460Casualty gain
    
    
    (114
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gain on sale of real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,137
    )
    
    
    Preferred stock dividends
    
    
    (1,256
    )
    
    
    (2,512
    )
    
    
    (4,123
    )
    
    
    (7,168
    )
    
    
    (8,818
    )Redemption amount in excess of
carrying value of Series B
Preferred Stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,415
    )
    
    
    Funds from operations allocable to
minority interest in Operating
Partnership
    
    
    (1,425
    )
    
    
    (1,450
    )
    
    
    (1,519
    )
    
    
    (1,333
    )
    
    
    (1,563
    )Funds from
operations allocable to minority interest in Locke Sovran I
and Locke Sovran II
    
    
    (1,848
    )
    
    
    (1,785
    )
    
    
    (1,499
    )
    
    
    (1,475
    )
    
    
    (1,539
    )Funds from operations available to
common shareholders
    
    $
    71,297
    
    
    $
    58,770
    
    
    $
    50,884
    
    
    $
    40,756
    
    
    $
    36,902
 LIQUIDITY AND CAPITAL RESOURCES
      23




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*
    
    7.80% mortgage note due December 2011, secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book value of $41.6 million, principal
and interest paid monthly. The outstanding balance at December 31, 2007 on
this mortgage was $29.1 million.*
    
    7.19% mortgage note due March 2012, secured by 27 self-storage facilities
(Locke Sovran II) with an aggregate net book value of $80.2 million, principal
and interest paid monthly. The outstanding balance at December 31, 2007 on
this mortgage was $43.6 million.*
    
    7.25% mortgage note due December 2011, secured by 1 self-storage facility
with an aggregate net book value of $5.9 million, principal and interest paid
monthly. Estimated market rate at time of acquisition 5.40%. The outstanding
balance at December 31, 2007 on this mortgage was $3.7 million.*
    
    6.76% mortgage note due September 2013, secured by 1 self-storage facility
with an aggregate net book value of $2.1 million, principal and interest paid
monthly. The outstanding balance at December 31, 2007 on this mortgage was
$1.0 million.*
    
    6.35% mortgage note due March 2014, secured by 1 self-storage facility with
an aggregate net book value of $1.9 million, principal and interest paid
monthly. The outstanding balance at December 31, 2007 on this mortgage was
$1.1 million.*
    
    5.55% mortgage notes due November 2009, secured by 8 self-storage facilities
with an aggregate net book value of $35.3 million, interest only paid monthly.
Estimated market rate at time of acquisition 6.44%. The outstanding balance at
December 31, 2007 on this mortgage was $25.7 million.*
    
    7.50% mortgage notes due August 2011, secured by 3 self-storage facilities
with an aggregate net book value of $14.5 million, principal and interest paid
monthly. Estimated market rate at time of acquisition 6.42%. The outstanding
balance at December 31, 2007 on this mortgage was $6.3 million.
  24




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##### Table of Contents



CONTRACTUAL OBLIGATIONS
  Contractual
    
    Payments due by periodobligations
    
    Total

    
    2008

    
    2009-2010

    
    2011-2012

    
    2013 and thereafterLine of credit
        $
    100.0million
        $
    100.0million
    
    
    
    
    
    
    
    
    
    
    Term notes
    
$
    356.0million
        $
    6.0million
        $
    100.0million
    
    
    
    
    
$
    $250.0millionMortgages payable
        $
    110.5million
        $
    1.8million
        $
    29.9million
        $
    76.9million
        $
    1.9millionInterest payments
        $
    157.7million
        $
    34.3million
        $
    49.6million
        $
    38.3million
        $
    35.5millionLand lease
        $
    1.2million
        $
    0.1million
        $
    0.1million
        $
    0.1million
        $
    0.9millionBuilding leases
        $
    4.5million
        $
    0.6million
        $
    0.8million
        $
    0.1million
        $
    3.0millionTotal
        $
    729.9million
        $
    142.8million
        $
    180.4million
        $
    115.4million
        $
    291.3million
 ACQUISITION OF PROPERTIES
  25




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##### Table of Contents



FUTURE ACQUISITION AND DEVELOPMENT PLANS
     DISPOSITION OF PROPERTIES
   OFF-BALANCE SHEET ARRANGEMENTS
    26




---



##### Table of Contents



Iskalo Office(dollars in thousands)
    
    Holdings, LLCBalance Sheet Data:Investment in office building
    
    $
    5,662Other assets
    
    
    808Total Assets
    
    $
    6,470Mortgage payable
    
    $
    7,410Other liabilities
    
    
    110Total Liabilities
    
    
    7,520Unaffiliated partners deficiency
    
    
    (610)Company deficiency
    
    
    (440)Total Liabilities and Partners Deficiency
    
    $
    6,470Income Statement Data:Total revenues
    
    $
    1,387Total expenses
    
    
    1,224Net income
    
    $
    163
  Year ended December 31,(dollars in thousands)
    
    2007
    
    2006
    
    2005Statement of OperationsOther income (management fees income)
    
    $
    
    
    
    $
    85
    
    
    $
    332General and administrative expenses (corporate office
rent)
    
    
    561
    
    
    
    583
    
    
    
    445Equity in income of joint ventures
    
    
    119
    
    
    
    172
    
    
    
    202Investing activitiesReimbursement of advances to (advances to) joint ventures
    
    
    
    
    
    
    17
    
    
    
    (187
    )Financing activitiesDistributions from unconsolidated joint ventures
    
    
    98
    
    
    
    123
    
    
    
    490
 27




---



##### Table of Contents



REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS
   INTEREST RATE RISK
  Fixed
    
    Floating RateNotional Amount
    
    Effective Date
    
    Expiration Date
    
    Rate Paid
    
    Received$50 Million
    
    
    11/14/05
    
    
    
    9/1/09
    
    
    
    5.590
    %
    
    1 month LIBOR$20 Million
    
    
    9/4/05
    
    
    
    9/4/13
    
    
    
    5.935
    %
    
    6 month LIBOR$50 Million
    
    
    10/10/06
    
    
    
    9/1/09
    
    
    
    5.680
    %
    
    1 month LIBOR
   28




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##### Table of Contents



Expected Maturity Date Including Discount
    
    
    
    
    
    
    Fair(dollars in thousands)
    
    2008
    
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    Thereafter
    
    
    Total
    
    
    ValueLine of credit  variable rate LIBOR
+ 0.9%
    
    $
    100,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    100,000
    
    
    $
    100,000Notes Payable:Term note  variable rate LIBOR+1.20%
    
    $
    6,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    6,000
    
    
    $
    6,000Term note  variable rate LIBOR+1.20%
    
    
    
    
    
    $
    100,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    100,000
    
    
    $
    100,000Term note  variable rate LIBOR+1.50%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    $
    80,000
    
    
    $
    81,640Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    152,754Mortgage note  fixed rate 7.80%
    
    $
    427
    
    
    $
    467
    
    
    $
    504
    
    
    $
    27,686
    
    
    
    
    
    
    
    
    
    
    $
    29,084
    
    
    $
    30,989Mortgage note  fixed rate 7.19%
    
    $
    1,042
    
    
    $
    1,128
    
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    $
    43,645
    
    
    $
    45,876Mortgage note  fixed rate 7.25%
    
    $
    133
    
    
    $
    141
    
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    $
    3,643
    
    
    $
    3,612Mortgage note  fixed rate 6.76%
    
    $
    22
    
    
    $
    23
    
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    $
    1,022
    
    
    $
    1,075Mortgage note  fixed rate 6.35%
    
    $
    24
    
    
    $
    26
    
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    983
    
    
    $
    1,122
    
    
    $
    1,146Mortgage notes  fixed rate 5.55%
    
    
    
    
    
    $
    25,719
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,719
    
    
    $
    26,684Mortgage notes  fixed rate 7.50%
    
    $
    194
    
    
    $
    208
    
    
    $
    222
    
    
    $
    5,658
    
    
    
    
    
    
    
    
    
    
    $
    6,282
    
    
    $
    6,517Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    1,368
 INFLATION
  SEASONALITY
  RECENT ACCOUNTING PRONOUNCEMENTS
  29




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##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures About Market Risk
  30




---



##### Table of Contents



Item 8. Financial Statements and Supplementary Data
 Report of Independent Registered Public Accounting Firm
       /s/ Ernst & Young LLP 
 31




---



##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
 December 31,(dollars in thousands, except share data)
    
    2007
    
    
    2006AssetsInvestment in storage facilities:Land
    
    $
    237,836
    
    
    $
    208,644Building, equipment, and construction in progress
    
    
    1,092,803
    
    
    
    935,2601,330,639
    
    
    
    1,143,904Less: accumulated depreciation
    
    
    (185,258
    )
    
    
    (155,843
    )Investment in storage facilities, net
    
    
    1,145,381
    
    
    
    988,061Cash and cash equivalents
    
    
    4,010
    
    
    
    47,730Accounts receivable
    
    
    2,802
    
    
    
    2,166Receivable from related parties
    
    
    27
    
    
    
    37Prepaid expenses
    
    
    4,842
    
    
    
    5,336Fair value of interest rate swap agreements
    
    
    
    
    
    
    2,274Other assets
    
    
    7,574
    
    
    
    7,606Total Assets
    
    $
    1,164,636
    
    
    $
    1,053,210LiabilitiesLine of credit
    
    $
    100,000
    
    
    $
    Term notes
    
    
    356,000
    
    
    
    350,000Accounts payable and accrued liabilities
    
    
    23,755
    
    
    
    15,358Deferred revenue
    
    
    5,647
    
    
    
    5,292Fair value of interest rate swap agreements
    
    
    1,230
    
    
    
    Accrued dividends
    
    
    13,656
    
    
    
    12,675Mortgages payable
    
    
    110,517
    
    
    
    112,027Total Liabilities
    
    
    610,805
    
    
    
    495,352Minority interest  Operating Partnership
    
    
    9,659
    
    
    
    10,164Minority interest  consolidated joint venture
    
    
    16,783
    
    
    
    16,783Shareholders Equity8.375% Series C Convertible Cumulative Preferred
Stock, $.01 par value, no shares issued and
outstanding at December 31, 2007 (1,200,000
shares issued and outstanding at December 31,
2006, $30 million liquidation value)
    
    
    
    
    
    
    26,613Common stock $.01 par value, 100,000,000 shares
authorized, 21,676,586 shares outstanding
(20,443,529 at December 31, 2006)
    
    
    228
    
    
    
    216Additional paid-in capital
    
    
    654,141
    
    
    
    612,738Dividends in excess of net income
    
    
    (98,437
    )
    
    
    (83,609
    )Accumulated other comprehensive income
    
    
    (1,368
    )
    
    
    2,128Treasury stock at cost, 1,171,886 shares
    
    
    (27,175
    )
    
    
    (27,175
    )Total Shareholders Equity
    
    
    527,389
    
    
    
    530,911Total Liabilities and Shareholders Equity
    
    $
    1,164,636
    
    
    $
    1,053,210
  32




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 Year Ended December 31,(dollars in thousands, except per share data)
    
    2007
    
    
    2006
    
    
    2005RevenuesRental income
    
    $
    187,479
    
    
    $
    160,924
    
    
    $
    133,856Other operating income
    
    
    6,290
    
    
    
    5,371
    
    
    
    4,449Total operating revenues
    
    
    193,769
    
    
    
    166,295
    
    
    
    138,305ExpensesProperty operations and maintenance
    
    
    52,513
    
    
    
    44,034
    
    
    
    35,954Real estate taxes
    
    
    17,467
    
    
    
    15,260
    
    
    
    12,407General and administrative
    
    
    15,234
    
    
    
    14,095
    
    
    
    12,863Depreciation and amortization
    
    
    34,036
    
    
    
    25,347
    
    
    
    21,222Total operating expenses
    
    
    119,250
    
    
    
    98,736
    
    
    
    82,446Income from operations
    
    
    74,519
    
    
    
    67,559
    
    
    
    55,859Other income (expenses)Interest expense
    
    
    (33,861
    )
    
    
    (29,494
    )
    
    
    (20,229
    )Interest income
    
    
    954
    
    
    
    807
    
    
    
    487Casualty gain
    
    
    114
    
    
    
    
    
    
    
    Minority interest  Operating Partnership
    
    
    (783
    )
    
    
    (905
    )
    
    
    (1,039
    )Minority interest  consolidated joint ventures
    
    
    (1,848
    )
    
    
    (1,529
    )
    
    
    (490
    )Equity in income of joint ventures
    
    
    119
    
    
    
    172
    
    
    
    202Net Income
    
    
    39,214
    
    
    
    36,610
    
    
    
    34,790Preferred stock dividends
    
    
    (1,256
    )
    
    
    (2,512
    )
    
    
    (4,123
    )Net income available to common shareholders
    
    $
    37,958
    
    
    $
    34,098
    
    
    $
    30,667Earnings per common share  basic
    
    $
    1.81
    
    
    $
    1.90
    
    
    $
    1.86Earnings per common share  diluted
    
    $
    1.81
    
    
    $
    1.89
    
    
    $
    1.84Dividends declared per common share
    
    $
    2.50
    
    
    $
    2.47
    
    
    $
    2.44
  33




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 8.375% Series CPreferred
    
    
    8.375% Series C
    
    
    CommonStock
    
    
    Preferred
    
    
    Stock
    
    
    Common(dollars in thousands, except share data)
    
    Shares
    
    
    Stock
    
    
    Shares
    
    
    StockBalance January 1, 2005
    
    
    2,400,000
    
    
    $
    53,227
    
    
    
    15,972,227
    
    
    $
    171Net proceeds from issuance of stock through
Dividend Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    283,379
    
    
    
    3Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    129,015
    
    
    
    1Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    13,778
    
    
    
    Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion of Series C Preferred Stock to common
stock and exercise of related stock warrants
    
    
    (1,200,000
    )
    
    
    (26,614
    )
    
    
    1,164,647
    
    
    
    12Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2005
    
    
    1,200,000
    
    
    
    26,613
    
    
    
    17,563,046
    
    
    
    187Net proceeds from the issuance of common stock
    
    
    
    
    
    
    
    
    
    
    2,300,000
    
    
    
    23Net proceeds from issuance of stock through
Dividend Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    501,089
    
    
    
    5Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    37,675
    
    
    
    Reclass of unearned non-vested stock to additional
paid in capital
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    41,719
    
    
    
    1Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Carrying value less than redemption value on
redeemed partnership units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2006
    
    
    1,200,000
    
    
    
    26,613
    
    
    
    20,443,529
    
    
    
    216Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    252,816
    
    
    
    3Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    13,100
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    43,989
    
    
    
    Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion of Series C Preferred Stock to common
stock and exercise of related stock warrants
    
    
    (1,200,000
    )
    
    
    (26,613
    )
    
    
    920,244
    
    
    
    9Conversion of operating partnership units to common
stock
    
    
    
    
    
    
    
    
    
    
    2,908
    
    
    
    Carrying value less than redemption value on
redeemed
partnership units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2007
    
    
    
    
    
    $
    
    
    
    
    21,676,586
    
    
    $
    228
  34




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 AccumulatedAdditional
    
    Non-
    
    
    Dividends in
    
    
    OtherPaid-in
    
    vested
    
    
    Excess of
    
    
    Comprehensive
    
    
    Treasury
    
    
    TotalCapital
    
    Stock
    
    
    Net Income
    
    
    Income (loss)
    
    
    Stock
    
    
    Equity$           418,007
    
    $
    (1,774
    )
    
    $
    (61,751
    )
    
    $
    (3,254
    )
    
    $
    (27,175
    )
    
    $
    377,45111,929
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,9323,238
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,239582
    
    
    (582
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    518
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    518125
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12532,958
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,356
    
    
    
    
    
    
    34,790
    
    
    
    
    
    
    
    
    
    
    
    34,790
    
    
    
    
    
    
    
    
    
    
    4,708
    
    
    
    
    
    
    
    4,708
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39,498
    
    
    
    
    
    
    (45,034
    )
    
    
    
    
    
    
    
    
    
    
    (45,034
    )466,839
    
    
    (1,838
    )
    
    
    (71,995
    )
    
    
    1,454
    
    
    
    (27,175
    )
    
    
    394,085122,388
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    122,41124,862
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,8671,142
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,142(1,838)
    
    
    1,838
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    876
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    876119
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    119181
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    181(1,830)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,830
    )
    
    
    
    
    
    
    36,610
    
    
    
    
    
    
    
    
    
    
    
    36,610
    
    
    
    
    
    
    
    
    
    
    674
    
    
    
    
    
    
    
    674
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,284
    
    
    
    
    
    
    (48,224
    )
    
    
    
    
    
    
    
    
    
    
    (48,224
    )612,738
    
    
    
    
    
    
    (83,609
    )
    
    
    2,128
    
    
    
    (27,175
    )
    
    
    530,91112,756
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,759425
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    425
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,224
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,224183
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    183161
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16126,604
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167(117)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (117
    )
    
    
    
    
    
    
    39,214
    
    
    
    
    
    
    
    
    
    
    
    39,214
    
    
    
    
    
    
    
    
    
    
    (3,496
    )
    
    
    
    
    
    
    (3,496
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,718
    
    
    
    
    
    
    (54,042
    )
    
    
    
    
    
    
    
    
    
    
    (54,042
    )$           654,141
    
    $
    
    
    
    $
    (98,437
    )
    
    $
    (1,368
    )
    
    $
    (27,175
    )
    
    $
    527,389
 35




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended December 31,(dollars in thousands)
    
    2007
    
    
    2006
    
    
    2005Operating ActivitiesNet income
    
    $
    39,214
    
    
    $
    36,610
    
    
    $
    34,790Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    34,999
    
    
    
    26,340
    
    
    
    22,012Casualty gain
    
    
    (114
    )
    
    
    
    
    
    
    Equity in income of joint ventures
    
    
    (119
    )
    
    
    (172
    )
    
    
    (202
    )Minority interest
    
    
    2,631
    
    
    
    2,434
    
    
    
    1,529Non-vested stock earned
    
    
    1,224
    
    
    
    876
    
    
    
    518Stock option expense
    
    
    183
    
    
    
    119
    
    
    
    Changes in assets and liabilities:Accounts receivable
    
    
    (599
    )
    
    
    (407
    )
    
    
    (74
    )Prepaid expenses
    
    
    822
    
    
    
    (2,029
    )
    
    
    183Accounts payable and other liabilities
    
    
    7,082
    
    
    
    1,011
    
    
    
    1,445Deferred revenue
    
    
    (246
    )
    
    
    (249
    )
    
    
    33Net cash provided by operating activities
    
    
    85,077
    
    
    
    64,533
    
    
    
    60,234Investing ActivitiesAcquisition of storage facilities
    
    
    (138,059
    )
    
    
    (130,251
    )
    
    
    (60,681
    )Improvements, equipment additions, and construction in progress
    
    
    (52,441
    )
    
    
    (37,021
    )
    
    
    (17,885
    )Casualty insurance proceeds received
    
    
    1,692
    
    
    
    
    
    
    
    Additional investment in consolidated joint ventures net of cash acquired
    
    
    
    
    
    
    (8,181
    )
    
    
    Reimbursement of advances to (advances to) joint ventures
    
    
    
    
    
    
    17
    
    
    
    (187
    )Property deposits
    
    
    (1,469
    )
    
    
    (1,169
    )
    
    
    (418
    )Receipts from related parties
    
    
    10
    
    
    
    38
    
    
    
    15Net cash used in investing activities
    
    
    (190,267
    )
    
    
    (176,567
    )
    
    
    (79,156
    )Financing ActivitiesNet proceeds from sale of common stock
    
    
    13,345
    
    
    
    148,601
    
    
    
    21,652Proceeds from line of credit
    
    
    112,000
    
    
    
    94,000
    
    
    
    56,000Paydown of line of credit
    
    
    (12,000
    )
    
    
    (184,000
    )
    
    
    (9,000
    )Proceeds from term notes
    
    
    6,000
    
    
    
    150,000
    
    
    
    Financing costs
    
    
    (316
    )
    
    
    (632
    )
    
    
    (352
    )Dividends paid  common stock
    
    
    (51,805
    )
    
    
    (43,837
    )
    
    
    (39,773
    )Dividends paid  preferred stock
    
    
    (1,256
    )
    
    
    (2,513
    )
    
    
    (4,123
    )Distributions from unconsolidated joint venture
    
    
    98
    
    
    
    123
    
    
    
    490Minority interest distributions
    
    
    (2,912
    )
    
    
    (2,815
    )
    
    
    (2,567
    )Redemption of operating partnership units
    
    
    (174
    )
    
    
    (2,788
    )
    
    
    (722
    )Mortgage principal and capital lease payments
    
    
    (1,510
    )
    
    
    (1,286
    )
    
    
    (877
    )Net cash provided by financing activities
    
    
    61,470
    
    
    
    154,853
    
    
    
    20,728Net (decrease) increase in cash
    
    
    (43,720
    )
    
    
    42,819
    
    
    
    1,806Cash at beginning of period
    
    
    47,730
    
    
    
    4,911
    
    
    
    3,105Cash at end of period
    
    $
    4,010
    
    
    $
    47,730
    
    
    $
    4,911Supplemental cash flow informationCash paid for interest, net of interest capitalized
    
    $
    32,313
    
    
    $
    26,647
    
    
    $
    19,097Fair value of net liabilities assumed on the acquisition of storage facilities
    
    
    1,580
    
    
    
    65,650
    
    
    
    4,320
   36




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##### Table of Contents



SOVRAN SELF STORAGE, INC.  DECEMBER 31, 2007
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. ORGANIZATION
 ®
 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
   Cash and Cash Equivalents
 Revenue and Expense Recognition
 Other Income
 Investment in Storage Facilities
 37




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##### Table of Contents



Other Assets
   Accounts Payable and Accrued Liabilities
 Minority Interest
 Income Taxes
 Comprehensive Income
 38




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##### Table of Contents



Derivative Financial Instruments
 Recent Accounting Pronouncements
     Stock-Based Compensation
 39




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##### Table of Contents



Weighted Average
    
    RangeExpected life (years)
    
    
    6.76
    
    
    
    5.00 - 7.00Risk free interest rate
    
    
    4.70
    %
    
    
    4.30 - 4.99
    %Expected volatility
    
    
    20.27
    %
    
    
    20.00% - 20.80
    %Expected dividend yield
    
    
    5.11
    %
    
    
    4.50% - 5.70
    %Fair value
    
    $
    6.86
    
    
    $
    5.15 - $8.89
   Pro Forma(dollars in thousands, except per share data)
    
    2005Net income available to common shareholders as reported
    
    $
    30,667Add: Total stock-based compensation expense recorded
    
    
    518Deduct: Total stock-based employee compensation expense
determined under fair value method for all awards
    
    
    (657
    )Pro forma net income available to common shareholders
    
    $
    30,528Earnings per common shareBasic  as reported
    
    $
    1.86Basic  pro forma
    
    $
    1.85Diluted  as reported
    
    $
    1.85Diluted  pro forma
    
    $
    1.84
 Use of Estimates
 40




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##### Table of Contents



3. EARNINGS PER SHARE
  (Amounts in thousands,
    
    Year Ended December 31,except per share data)
    
    2007
    
    2006
    
    2005Numerator:Net income available to common shareholders
    
    $
    37,958
    
    
    $
    34,098
    
    
    $
    30,667Denominator:Denominator
for basic earnings per share  weighted average shares
    
    
    20,955
    
    
    
    17,951
    
    
    
    16,506Effect of Dilutive Securities:Stock options and warrants and non-vested stock
    
    
    49
    
    
    
    70
    
    
    
    127Denominator
for diluted earnings per share  adjusted weighted average
shares and assumed conversion
    
    
    21,004
    
    
    
    18,021
    
    
    
    16,633Basic Earnings per Common Share
    
    $
    1.81
    
    
    $
    1.90
    
    
    $
    1.86Diluted Earnings per Common Share
    
    $
    1.81
    
    
    $
    1.89
    
    
    $
    1.84
 4. INVESTMENT IN STORAGE FACILITIES
  (Dollars in thousands)
    
    2007
    
    2006Cost:Beginning balance
    
    $
    1,143,904
    
    
    $
    893,980Acquisition of storage facilities
    
    
    136,653
    
    
    
    166,310Consolidation of Locke Sovran I, LLC as of April 1, 2006
    
    
    
    
    
    
    38,000Additional investment in consolidated joint ventures
    
    
    
    
    
    
    8,647Improvements and equipment additions
    
    
    45,885
    
    
    
    30,480Increase in construction in progress
    
    
    6,621
    
    
    
    6,586Dispositions
    
    
    (2,424
    )
    
    
    (99
    )Ending balance
    
    $
    1,330,639
    
    
    $
    1,143,904Accumulated Depreciation:Beginning balance
    
    $
    155,843
    
    
    $
    130,550Additions during the year
    
    
    30,196
    
    
    
    25,347Dispositions
    
    
    (781
    )
    
    
    (54
    )Ending balance
    
    $
    185,258
    
    
    $
    155,843
  41




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##### Table of Contents



5. PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
  Year Ended December 31,(dollars in thousands, except share data)
    
    2007
    
    2006Pro forma total operating revenues
    
    $
    199,569
    
    
    $
    191,505Pro forma net income
    
    $
    41,749
    
    
    $
    33,985Pro forma earnings per common share  diluted
    
    $
    1.92
    
    
    $
    1.54
 6. UNSECURED LINE OF CREDIT AND TERM NOTES
   42




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##### Table of Contents



7. MORTGAGES PAYABLE
  December 31,
    
    
    December 31,(dollars in thousands)
    
    2007
    
    
    20067.80% mortgage note due December 2011,
secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book
value of $41.6 million, principal and
interest paid monthly
    
    $
    29,084
    
    
    $
    29,4867.19% mortgage note due March 2012, secured
by 27 self-storage facilities (Locke Sovran
II) with an aggregate net book value of
$80.2 million, principal and interest paid
monthly
    
    
    43,645
    
    
    
    44,6237.25% mortgage note due December 2011,
secured by 1 self-storage facility with an
aggregate net book value of $5.9 million,
principal and interest paid monthly.
Estimated market rate at time of
acquisition 5.40%
    
    
    3,643
    
    
    
    3,7696.76% mortgage note due September 2013,
secured by 1 self-storage facility with an
aggregate net book value of $2.1 million,
principal and interest paid monthly
    
    
    1,022
    
    
    
    1,0436.35% mortgage note due March 2014, secured
by 1 self-storage facility with an
aggregate net book value of $1.9 million,
principal and interest paid monthly
    
    
    1,122
    
    
    
    1,1445.55% mortgage notes due November 2009,
secured by 8 self-storage facilities with
an aggregate net book value of $35.3
million, interest only paid monthly.
Estimated market rate at time of
acquisition 6.44%
    
    
    25,719
    
    
    
    25,4967.50% mortgage notes due August 2011,
secured by 3 self-storage facilities with
an aggregate net book value of $14.5
million, principal and interest paid
monthly. Estimated market rate at time of
acquisition 6.42%
    
    
    6,282
    
    
    
    6,466Total mortgages payable
    
    $
    110,517
    
    
    $
    112,027
   43




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##### Table of Contents



Expected Maturity Date Including Premium
    
    Fair(dollars in thousands)
    
    2008
    
    2009
    
    2010
    
    2011
    
    2012
    
    Thereafter
    
    Total
    
    ValueLine of credit  variable rate LIBOR
+ 0.9%
    
    $
    100,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    100,000
    
    
    $
    100,000Notes Payable:Term note  variable rate LIBOR+1.20%
    
    $
    6,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    6,000
    
    
    $
    6,000Term note  variable rate LIBOR+1.20%
    
    
    
    
    
    $
    100,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    100,000
    
    
    $
    100,000Term note  variable rate LIBOR+1.50%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    $
    80,000
    
    
    $
    81,640Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    152,754Mortgage note  fixed rate 7.80%
    
    $
    427
    
    
    $
    467
    
    
    $
    504
    
    
    $
    27,686
    
    
    
    
    
    
    
    
    
    
    $
    29,084
    
    
    $
    30,989Mortgage note  fixed rate 7.19%
    
    $
    1,042
    
    
    $
    1,128
    
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    $
    43,645
    
    
    $
    45,876Mortgage note  fixed rate 7.25%
    
    $
    133
    
    
    $
    141
    
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    $
    3,643
    
    
    $
    3,612Mortgage note  fixed rate 6.76%
    
    $
    22
    
    
    $
    23
    
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    $
    1,022
    
    
    $
    1,075Mortgage note  fixed rate 6.35%
    
    $
    24
    
    
    $
    26
    
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    983
    
    
    $
    1,122
    
    
    $
    1,146Mortgage notes  fixed rate 5.55%
    
    
    
    
    
    $
    25,719
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,719
    
    
    $
    26,684Mortgage notes  fixed rate 7.50%
    
    $
    194
    
    
    $
    208
    
    
    $
    222
    
    
    $
    5,658
    
    
    
    
    
    
    
    
    
    
    $
    6,282
    
    
    $
    6,517Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    1,368
 8. DERIVATIVE FINANCIAL INSTRUMENTS
    Fixed
    
    Floating RateNotional Amount
    
    Effective Date
    
    Expiration Date
    
    Rate Paid
    
    Received$50 Million
    
    11/14/05
    
    9/1/09
    
    
    5.590
    %
    
    1 month LIBOR$20 Million
    
    9/4/05
    
    9/4/13
    
    
    5.935
    %
    
    6 month LIBOR$50 Million
    
    10/10/06
    
    9/1/09
    
    
    5.680
    %
    
    1 month LIBOR
  44




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##### Table of Contents



9. STOCK OPTIONS AND NON-VESTED STOCK
    2007
    
    2006
    
    2005Weighted
    
    
    
    
    
    Weighted
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    average
    
    
    
    
    
    averageexercise
    
    
    
    
    
    exercise
    
    
    
    
    
    exerciseOptions
    
    price
    
    Options
    
    price
    
    Options
    
    priceOutstanding
at beginning of year:
    
    
    113,225
    
    
    $
    35.77
    
    
    
    142,900
    
    
    $
    32.68
    
    
    
    247,415
    
    
    $
    27.00Granted
    
    
    74,000
    
    
    
    52.49
    
    
    
    14,000
    
    
    
    51.78
    
    
    
    38,000
    
    
    
    45.26Exercised
    
    
    (13,100
    )
    
    
    32.44
    
    
    
    (37,675
    )
    
    
    30.33
    
    
    
    (129,015
    )
    
    
    25.11Forfeited
    
    
    (6,000
    )
    
    
    59.62
    
    
    
    (6,000
    )
    
    
    33.05
    
    
    
    (13,500
    )
    
    
    36.39Outstanding at end of year
    
    
    168,125
    
    
    $
    42.54
    
    
    
    113,225
    
    
    $
    35.77
    
    
    
    142,900
    
    
    $
    32.68Exercisable at end of year
    
    
    82,625
    
    
    $
    34.45
    
    
    
    74,225
    
    
    $
    31.14
    
    
    
    72,650
    
    
    $
    27.26
  45




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##### Table of Contents



Outstanding
    
    
    ExercisableWeighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    averageexercise
    
    
    
    
    
    
    exerciseExercise Price Range
    
    Options
    
    
    price
    
    
    Options
    
    
    price$19.06  29.99
    
    
    33,275
    
    
    $
    21.75
    
    
    
    33,275
    
    
    $
    21.75$30.00  39.99
    
    
    21,850
    
    
    $
    34.51
    
    
    
    15,850
    
    
    $
    33.14$40.00  57.79
    
    
    113,000
    
    
    $
    50.21
    
    
    
    33,500
    
    
    $
    47.68Total
    
    
    168,125
    
    
    $
    42.54
    
    
    
    82,625
    
    
    $
    34.45
 Intrinsic value of outstanding stock options at December 31, 2007
    
    $
    732,616Intrinsic value of exercisable stock options at December 31, 2007
    
    $
    720,804Intrinsic value of stock options exercised in 2007
    
    $
    346,306
  Non-vested Stock
   2007
    
    2006
    
    2005Weighted
    
    
    
    
    
    Weighted
    
    
    
    WeightedNon-
    
    average
    
    Non-
    
    average
    
    Non-
    
    averagevested
    
    grant date
    
    vested
    
    grant date
    
    vested
    
    grant dateShares
    
    fair value
    
    Shares
    
    fair value
    
    Shares
    
    fair valueUnvested at
beginning of year:
    
    
    96,453
    
    
    $
    40.21
    
    
    
    71,411
    
    
    $
    30.39
    
    
    
    71,904
    
    
    $
    27.83Granted
    
    
    43,989
    
    
    
    53.79
    
    
    
    41,719
    
    
    
    53.86
    
    
    
    13,778
    
    
    
    42.24Vested
    
    
    (24,546
    )
    
    
    39.39
    
    
    
    (16,677
    )
    
    
    32.29
    
    
    
    (14,271
    )
    
    
    28.94Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unvested at end of year
    
    
    115,896
    
    
    $
    45.54
    
    
    
    96,453
    
    
    $
    40.21
    
    
    
    71,411
    
    
    $
    30.39
  46




---



##### Table of Contents



10. RETIREMENT PLAN
  11. INVESTMENT IN JOINT VENTURES
   Iskalo Office(dollars in thousands)
    
    Holdings, LLCBalance Sheet Data:Investment in office building
    
    $
    5,662Other assets
    
    
    808Total Assets
    
    $
    6,470Mortgage payable
    
    $
    7,410Other liabilities
    
    
    110Total Liabilities
    
    
    7,520Unaffiliated partners deficiency
    
    
    (610
    )Company deficiency
    
    
    (440
    )Total Liabilities and Partners Deficiency
    
    $
    6,470Income Statement Data:Total revenues
    
    $
    1,387Total expenses
    
    
    1,224Net income
    
    $
    163
    47




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##### Table of Contents



12. PREFERRED STOCK
  13. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)
  2007 Quarter EndedMarch 31
    
    June 30
    
    Sept. 30
    
    Dec. 31Operating revenue
    
    $
    44,600
    
    
    $
    48,101
    
    
    $
    50,998
    
    
    $
    50,070Net Income
    
    $
    9,537
    
    
    $
    8,064
    
    
    $
    10,875
    
    
    $
    10,738Net income available to common
shareholders
    
    $
    8,909
    
    
    $
    7,436
    
    
    $
    10,875
    
    
    $
    10,738Net Income Per Common ShareBasic
    
    $
    0.44
    
    
    $
    0.36
    
    
    $
    0.51
    
    
    $
    0.50Diluted
    
    $
    0.44
    
    
    $
    0.36
    
    
    $
    0.51
    
    
    $
    0.50
 2006 Quarter EndedMarch 31
    
    June 30
    
    Sept. 30
    
    Dec. 31Operating revenue
    
    $
    36,657
    
    
    $
    40,296
    
    
    $
    44,784
    
    
    $
    44,558Net Income
    
    $
    8,595
    
    
    $
    9,386
    
    
    $
    9,465
    
    
    $
    9,165Net income
available to common shareholders
    
    $
    7,967
    
    
    $
    8,758
    
    
    $
    8,837
    
    
    $
    8,537Net Income Per Common ShareBasic
    
    $
    0.45
    
    
    $
    0.50
    
    
    $
    0.49
    
    
    $
    0.46Diluted
    
    $
    0.45
    
    
    $
    0.50
    
    
    $
    0.49
    
    
    $
    0.45
 14. COMMITMENTS AND CONTINGENCIES
   48




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##### Table of Contents



Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
    /S/ Robert J. Attea
    
    /S/ David L. RogersChief Executive Officer
    
    Chief Financial Officer
 49




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
        /s/ Ernst & Young LLP 
 50




---



##### Table of Contents



Part III
 
 Item 10. Directors, Executive Officers and Corporate Governance
   
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accountant Fees and Services
  
 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 Sovran Self Storage, Inc. are included in Item 8.
 (i)
    
    Consolidated Balance Sheets as of December 31, 2007 and 2006.(ii)
    
    Consolidated Statements of Operations for Years Ended December 31, 2007, 2006, and 2005.(iii)
    
    Consolidated Statements of Shareholders Equity for Years Ended December 31, 2007,
2006, and 2005.(iv)
    
    Consolidated Statements of Cash Flows for Years Ended December 31, 2007, 2006, and 2005.(v)
    
    Notes to Consolidated Financial Statements.
 2.
    
    The following financial statement Schedule as of the period ended December 31, 2007 is included in this Annual Report on Form 10-K.Schedule III Real Estate and Accumulated Depreciation.
 51




---



##### Table of Contents



3.
    
    Exhibits
  3.1
    
    Amended and Restated Articles of Incorporation of the
Registrant. (incorporated by reference to Exhibit 3.1 (a) to
the Registrant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 Registrant classifying and
designating the series A Junior Participating Cumulative
Preferred Stock. (incorporated by reference to Exhibit 3.1
to the Registrants Form 8-A filed December 3, 1996.)3.3
    
    Articles Supplementary to the Amended and Restated Articles
of Incorporation of the Registrant classifying and
designating the 8.375% Series C Convertible Cumulative
Preferred Stock. (incorporated by reference to Exhibit 4.1
to Registrants Current Report on Form 8-K filed July 12,
2002).3.4
    
    Bylaws, as amended, of the Registrant (incorporated by
reference to Exhibit 3.2 to Registrants Current Report on
Form 8-K filed April 7, 2004).4.1
    
    Form of Common Stock Certificate (incorporated by reference
to Exhibit 4.1 to Registrants Registration Statement on Form
S-11 (File No. 33-91422) filed June 19, 1995).10.1+
    
    Sovran Self Storage, Inc. 2005 Award and Option Plan, as
amended (incorporated by reference to the Registrants Proxy
Statement filed April 11, 2005).10.2+
    
    Sovran Self Storage, Inc. 1995 Outside Directors Stock
Option Plan, as amended (incorporated by reference to the
Registrants Proxy Statement filed April 8, 2004).10.3+
    
    Employment Agreement between the Registrant and Robert J.
Attea (incorporated by reference to Exhibit 10.19 as filed in
the Companys Annual Report on Form 10-K/A, filed June 27,
2002).10.4+
    
    Employment Agreement between the Registrant and Kenneth F.
Myszka (incorporated by reference to Exhibit 10.20 as filed
in the Companys Annual Report on Form 10-K/A, filed June 27,
2002).10.5+
    
    Employment Agreement between the Registrant and David L.
Rogers (incorporated by reference to Exhibit 10.21 as filed
in the Companys Annual Report on Form 10-K/A, filed June 27,
2002).10.6+
    
    Standard form of Employment Agreement to which Andrew J.
Gregoire, Edward F. Killeen, and Paul T. Powell employees are
parties.10.7+
    
    Form of restricted stock grant pursuant to Sovran Self
Storage, Inc. 2005 Award and Option Plan (incorporated by
reference to Exhibit 10.1 to Registrants Quarterly Report on
Form 10-Q/A filed November 24, 2006).10.8+
    
    Form of stock option grant pursuant to Sovran Self Storage,
Inc. 2005 Award and Option Plan (incorporated by reference to
Exhibit 10.2 to Registrants Quarterly Report on Form 10-Q/A
filed November 24, 2006).10.9+
    
    Form of restricted stock grant pursuant to Sovran Self
Storage, Inc. 1995 Award and Option Plan (incorporated by
reference to Exhibit 10.3 to Registrants Quarterly Report on
Form 10-Q/A filed November 24, 2006).10.10+
    
    Form of stock option grant pursuant to Sovran Self Storage,
Inc. 1995 Award and Option Plan
 52




---



##### Table of Contents



(incorporated by reference to
Exhibit 10.4 to Registrants Quarterly Report on Form 10-Q/A
filed November 24, 2006).10.11+
    
    Deferred Compensation Plan for Directors (incorporated by
reference to Schedule 14A Proxy Statement filed April 8,
2004).10.12
    
    Amended Indemnification Agreements with members of the Board
of Directors and Executive Officers (incorporated by
reference to Exhibit 10.35 and 10.36 to Registrants Current
Report on Form 8-K filed July 20, 2006).10.13
    
    Amendments to Agreement of Limited Partnership of Sovran
Acquisition Limited Partnership (incorporated by reference to
Exhibit 10.2 filed in the Companys Current Report on Form
8-K, filed July 12, 2002).10.14
    
    Promissory Note between Locke Sovran II, LLC and PNC Bank,
National Association (incorporated by reference to Exhibit
10.22 to Registrants Form 10-K filed March 27, 2003).10.15
    
    Second Amended and Restated Revolving Credit and Term Loan
Agreement among Registrant, the Partnership, Fleet National
Bank and other lenders named therein (incorporated by
reference to Exhibit 10.25 filed in the Companys Current
Report on Form 8-K, filed December 21, 2004).10.16
    
    Note Purchase Agreement among Registrant, the Partnership and
the purchaser named therein (incorporated by reference to
Exhibit 10.24 filed in the Companys Quarterly Report on Form
10-Q, filed November 12, 2003).10.17
    
    Amendment to Note Purchase Agreement dated September 3, 2003
(incorporated by reference to Exhibit 10.26 of Registrants
Current Report on Form 8-K filed May 20, 2005).10.18
    
    Cornerstone Acquisition Agreement and Amendments to Certain
Loan Agreements (incorporated by reference to Exhibits 10.30,
10.31, 10.32, 10.33 and 10.34 of Registrants Current Report
on Form 8-K filed June 26, 2006).10.19
    
    $150 million, 6.38% Senior Guaranteed Notes, Series C due
April 26, 2016, and Amendments to Second Amendment Restated
Revolving Credit and Term Loan Agreement dated December 16,
2004 and Amendment to Note Purchase Agreement dated September
4, 2003 (incorporated by reference to Exhibits 10.27, 10.28,
and 10.29 of the Registrants Current Report on Form 8-K
filed May 1, 2006).10.20
    
    Term Loan Agreement dated September 12, 2007 among
Registrant, the Partnership and M&T Bank (incorporated by
reference to Exhibit 10.26 of the Registrants Current Report
on Form 8-K filed September 17, 2007).10.21
    
    Promissory Note between Locke Sovran I, LLC and GMAC
Commercial Mortgage Corporation (incorporated by reference to
Exhibit 10.21 as filed in the Companys Annual Report on Form
10-K, filed March 1, 2007).12.1*
    
    Statement Re: Computation of Earnings to Fixed Charges.21
    
    Subsidiaries of the Company (incorporated by reference to
Exhibit 21 as filed in the Companys Annual Report on Form
10-K, filed March 1, 2007).23*
    
    Consent of Independent Registered Public Accounting Firm.24.1*
    
    Powers of Attorney (included on signature pages).31.1*
    
    Certification of Chief Executive Officer pursuant to Rule
13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act,
as amended.
 53




---



##### Table of Contents



31.2*
    
    Certification of Chief Financial Officer pursuant to Rule
13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act,
as amended.32*
    
    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.
 
 *
    
    Filed herewith.+
    
    Management contract or compensatory plan or arrangement
required to be filed as an exhibit to this Form 10-K.
 54




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##### Table of Contents



SOVRAN SELF STORAGE, INC.February 28, 2008
    By:
    /s/ David L. RogersDavid L. Rogers,Chief Financial Officer,
Secretary  Signature
    
    Title
    
    Date/s/ Robert J. Attea

Robert J. Attea
    
    Chairman of the Board of Directors
Chief Executive Officer and Director
(Principal Executive Officer)
    
    February 28, 2008/s/ Kenneth F. Myszka

Kenneth F. Myszka
    
    President, Chief Operating
Officer and Director
    
    February 28, 2008/s/ David L. Rogers

David L. Rogers
    
    Chief Financial Officer (Principal
Financial and Accounting Officer)
    
    February 28, 2008/s/ John Burns

John Burns
    
    Director
    
    February 28, 2008/s/ Michael A. Elia

Michael A. Elia
    
    Director
    
    February 28, 2008/s/ Anthony P. Gammie

Anthony P. Gammie
    
    Director
    
    February 28, 2008/s/ Charles E. Lannon

Charles E. Lannon
    
    Director
    
    February 28, 2008
 55




---



##### Table of Contents



Sovran Self Storage, Inc.
Schedule III
Combined Real Estate and Accumulated Depreciation
(in thousands)
December 31, 2007
 Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedBoston-Metro I
    
    MA
    
    
    
    
    
    $
    363
    
    
    $
    1,679
    
    
    $
    438
    
    
    $
    363
    
    
    $
    2,117
    
    
    $
    2,480
    
    
    $
    643
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBoston-Metro II
    
    MA
    
    
    
    
    
    
    680
    
    
    
    1,616
    
    
    
    335
    
    
    
    680
    
    
    
    1,951
    
    
    
    2,631
    
    
    
    633
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsE. Providence
    
    RI
    
    
    
    
    
    
    345
    
    
    
    1,268
    
    
    
    482
    
    
    
    345
    
    
    
    1,750
    
    
    
    2,095
    
    
    
    517
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharleston l
    
    SC
    
    
    
    
    
    
    416
    
    
    
    1,516
    
    
    
    1,977
    
    
    
    416
    
    
    
    3,493
    
    
    
    3,909
    
    
    
    658
    
    
    
    1985/07
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsLakeland I
    
    FL
    
    
    
    
    
    
    397
    
    
    
    1,424
    
    
    
    313
    
    
    
    397
    
    
    
    1,737
    
    
    
    2,134
    
    
    
    563
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharlotte
    
    NC
    
    
    
    
    
    
    308
    
    
    
    1,102
    
    
    
    922
    
    
    
    747
    
    
    
    1,585
    
    
    
    2,332
    
    
    
    508
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee I
    
    FL
    
    
    
    
    
    
    770
    
    
    
    2,734
    
    
    
    1,826
    
    
    
    770
    
    
    
    4,560
    
    
    
    5,330
    
    
    
    1,357
    
    
    
    1973
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsYoungstown
    
    OH
    
    
    
    
    
    
    239
    
    
    
    1,110
    
    
    
    1,254
    
    
    
    239
    
    
    
    2,364
    
    
    
    2,603
    
    
    
    553
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCleveland-Metro II
    
    OH
    
    
    
    
    
    
    701
    
    
    
    1,659
    
    
    
    727
    
    
    
    701
    
    
    
    2,386
    
    
    
    3,087
    
    
    
    690
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee II
    
    FL
    
    
    
    
    
    
    204
    
    
    
    734
    
    
    
    886
    
    
    
    198
    
    
    
    1,626
    
    
    
    1,824
    
    
    
    449
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPt. St. Lucie
    
    FL
    
    
    
    
    
    
    395
    
    
    
    1,501
    
    
    
    832
    
    
    
    779
    
    
    
    1,949
    
    
    
    2,728
    
    
    
    694
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsDeltona
    
    FL
    
    
    
    
    
    
    483
    
    
    
    1,752
    
    
    
    1,889
    
    
    
    483
    
    
    
    3,641
    
    
    
    4,124
    
    
    
    813
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMiddletown
    
    NY
    
    
    
    
    
    
    224
    
    
    
    808
    
    
    
    792
    
    
    
    224
    
    
    
    1,600
    
    
    
    1,824
    
    
    
    481
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo I
    
    NY
    
    
    
    
    
    
    423
    
    
    
    1,531
    
    
    
    1,608
    
    
    
    497
    
    
    
    3,065
    
    
    
    3,562
    
    
    
    921
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester I
    
    NY
    
    
    
    
    
    
    395
    
    
    
    1,404
    
    
    
    447
    
    
    
    395
    
    
    
    1,851
    
    
    
    2,246
    
    
    
    549
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSalisbury
    
    MD
    
    
    
    
    
    
    164
    
    
    
    760
    
    
    
    370
    
    
    
    164
    
    
    
    1,130
    
    
    
    1,294
    
    
    
    357
    
    
    
    1979
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNew Bedford
    
    MA
    
    
    
    
    
    
    367
    
    
    
    1,325
    
    
    
    373
    
    
    
    367
    
    
    
    1,698
    
    
    
    2,065
    
    
    
    586
    
    
    
    1982
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsFayetteville
    
    NC
    
    
    
    
    
    
    853
    
    
    
    3,057
    
    
    
    609
    
    
    
    853
    
    
    
    3,666
    
    
    
    4,519
    
    
    
    1,090
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville I
    
    FL
    
    
    
    
    
    
    152
    
    
    
    728
    
    
    
    867
    
    
    
    687
    
    
    
    1,060
    
    
    
    1,747
    
    
    
    382
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia I
    
    SC
    
    
    
    
    
    
    268
    
    
    
    1,248
    
    
    
    440
    
    
    
    268
    
    
    
    1,688
    
    
    
    1,956
    
    
    
    562
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester II
    
    NY
    
    
    
    
    
    
    230
    
    
    
    847
    
    
    
    395
    
    
    
    234
    
    
    
    1,238
    
    
    
    1,472
    
    
    
    377
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSavannah l
    
    GA
    
    
    
    
    
    
    463
    
    
    
    1,684
    
    
    
    3,533
    
    
    
    816
    
    
    
    4,864
    
    
    
    5,680
    
    
    
    937
    
    
    
    1981/07
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsGreensboro
    
    NC
    
    
    
    
    
    
    444
    
    
    
    1,613
    
    
    
    489
    
    
    
    444
    
    
    
    2,102
    
    
    
    2,546
    
    
    
    711
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh I
    
    NC
    
    
    
    
    
    
    649
    
    
    
    2,329
    
    
    
    763
    
    
    
    649
    
    
    
    3,092
    
    
    
    3,741
    
    
    
    939
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNew Haven
    
    CT
    
    
    
    
    
    
    387
    
    
    
    1,402
    
    
    
    828
    
    
    
    387
    
    
    
    2,230
    
    
    
    2,617
    
    
    
    586
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro I
    
    GA
    
    
    
    
    
    
    844
    
    
    
    2,021
    
    
    
    634
    
    
    
    844
    
    
    
    2,655
    
    
    
    3,499
    
    
    
    822
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro II
    
    GA
    
    
    
    
    
    
    302
    
    
    
    1,103
    
    
    
    316
    
    
    
    303
    
    
    
    1,418
    
    
    
    1,721
    
    
    
    493
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo II
    
    NY
    
    
    
    
    
    
    315
    
    
    
    745
    
    
    
    1,638
    
    
    
    517
    
    
    
    2,181
    
    
    
    2,698
    
    
    
    458
    
    
    
    1984/07
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh II
    
    NC
    
    
    
    
    
    
    321
    
    
    
    1,150
    
    
    
    554
    
    
    
    321
    
    
    
    1,704
    
    
    
    2,025
    
    
    
    489
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia II
    
    SC
    
    
    
    
    
    
    361
    
    
    
    1,331
    
    
    
    547
    
    
    
    374
    
    
    
    1,865
    
    
    
    2,239
    
    
    
    588
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia III
    
    SC
    
    
    
    
    
    
    189
    
    
    
    719
    
    
    
    971
    
    
    
    189
    
    
    
    1,690
    
    
    
    1,879
    
    
    
    441
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia IV
    
    SC
    
    
    
    
    
    
    488
    
    
    
    1,188
    
    
    
    485
    
    
    
    488
    
    
    
    1,673
    
    
    
    2,161
    
    
    
    530
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro III
    
    GA
    
    
    
    
    
    
    430
    
    
    
    1,579
    
    
    
    513
    
    
    
    602
    
    
    
    1,920
    
    
    
    2,522
    
    
    
    673
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsOrlando I
    
    FL
    
    
    
    
    
    
    513
    
    
    
    1,930
    
    
    
    422
    
    
    
    513
    
    
    
    2,352
    
    
    
    2,865
    
    
    
    797
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 years
 56




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedSharon
    
    PA
    
    
    
    
    
    
    194
    
    
    
    912
    
    
    
    354
    
    
    
    194
    
    
    
    1,266
    
    
    
    1,460
    
    
    
    409
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsFt. Lauderdale
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    3,619
    
    
    
    -344
    
    
    
    1,503
    
    
    
    3,275
    
    
    
    4,778
    
    
    
    1,112
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsWest Palm l
    
    FL
    
    
    
    
    
    
    398
    
    
    
    1,035
    
    
    
    231
    
    
    
    398
    
    
    
    1,266
    
    
    
    1,664
    
    
    
    471
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IV
    
    GA
    
    
    
    
    
    
    423
    
    
    
    1,015
    
    
    
    353
    
    
    
    424
    
    
    
    1,367
    
    
    
    1,791
    
    
    
    468
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro V
    
    GA
    
    
    
    
    
    
    483
    
    
    
    1,166
    
    
    
    272
    
    
    
    483
    
    
    
    1,438
    
    
    
    1,921
    
    
    
    496
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VI
    
    GA
    
    
    
    
    
    
    308
    
    
    
    1,116
    
    
    
    482
    
    
    
    308
    
    
    
    1,598
    
    
    
    1,906
    
    
    
    563
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VII
    
    GA
    
    
    
    
    
    
    170
    
    
    
    786
    
    
    
    490
    
    
    
    174
    
    
    
    1,272
    
    
    
    1,446
    
    
    
    418
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VIII
    
    GA
    
    
    
    
    
    
    413
    
    
    
    999
    
    
    
    577
    
    
    
    413
    
    
    
    1,576
    
    
    
    1,989
    
    
    
    554
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore I
    
    MD
    
    
    
    
    
    
    154
    
    
    
    555
    
    
    
    1,294
    
    
    
    306
    
    
    
    1,697
    
    
    
    2,003
    
    
    
    360
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore II
    
    MD
    
    
    
    
    
    
    479
    
    
    
    1,742
    
    
    
    1,086
    
    
    
    479
    
    
    
    2,828
    
    
    
    3,307
    
    
    
    788
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta I
    
    GA
    
    
    
    
    
    
    357
    
    
    
    1,296
    
    
    
    703
    
    
    
    357
    
    
    
    1,999
    
    
    
    2,356
    
    
    
    603
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMacon I
    
    GA
    
    
    
    
    
    
    231
    
    
    
    1,081
    
    
    
    358
    
    
    
    231
    
    
    
    1,439
    
    
    
    1,670
    
    
    
    472
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne I
    
    FL
    
    
    
    
    
    
    883
    
    
    
    2,104
    
    
    
    1,511
    
    
    
    883
    
    
    
    3,615
    
    
    
    4,498
    
    
    
    1,051
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNewport News
    
    VA
    
    
    
    
    
    
    316
    
    
    
    1,471
    
    
    
    687
    
    
    
    316
    
    
    
    2,158
    
    
    
    2,474
    
    
    
    690
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola I
    
    FL
    
    
    
    
    
    
    632
    
    
    
    2,962
    
    
    
    1,042
    
    
    
    651
    
    
    
    3,985
    
    
    
    4,636
    
    
    
    1,286
    
    
    
    1983
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta II
    
    GA
    
    
    
    
    
    
    315
    
    
    
    1,139
    
    
    
    729
    
    
    
    315
    
    
    
    1,868
    
    
    
    2,183
    
    
    
    524
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro I
    
    CT
    
    
    
    
    
    
    715
    
    
    
    1,695
    
    
    
    865
    
    
    
    715
    
    
    
    2,560
    
    
    
    3,275
    
    
    
    714
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IX
    
    GA
    
    
    
    
    
    
    304
    
    
    
    1,118
    
    
    
    2,365
    
    
    
    619
    
    
    
    3,168
    
    
    
    3,787
    
    
    
    632
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAlexandria
    
    VA
    
    
    
    
    
    
    1,375
    
    
    
    3,220
    
    
    
    994
    
    
    
    1,376
    
    
    
    4,213
    
    
    
    5,589
    
    
    
    1,302
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola II
    
    FL
    
    
    
    
    
    
    244
    
    
    
    901
    
    
    
    360
    
    
    
    244
    
    
    
    1,261
    
    
    
    1,505
    
    
    
    486
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne II
    
    FL
    
    
    
    
    
    
    834
    
    
    
    2,066
    
    
    
    1,087
    
    
    
    1,591
    
    
    
    2,396
    
    
    
    3,987
    
    
    
    855
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro II
    
    CT
    
    
    
    
    
    
    234
    
    
    
    861
    
    
    
    1,844
    
    
    
    612
    
    
    
    2,327
    
    
    
    2,939
    
    
    
    500
    
    
    
    1992
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro X
    
    GA
    
    
    
    
    
    
    256
    
    
    
    1,244
    
    
    
    1,700
    
    
    
    256
    
    
    
    2,944
    
    
    
    3,200
    
    
    
    662
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk I
    
    VA
    
    
    
    
    
    
    313
    
    
    
    1,462
    
    
    
    757
    
    
    
    313
    
    
    
    2,219
    
    
    
    2,532
    
    
    
    686
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk II
    
    VA
    
    
    
    
    
    
    278
    
    
    
    1,004
    
    
    
    277
    
    
    
    278
    
    
    
    1,281
    
    
    
    1,559
    
    
    
    457
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham I
    
    AL
    
    
    
    
    
    
    307
    
    
    
    1,415
    
    
    
    1,529
    
    
    
    384
    
    
    
    2,867
    
    
    
    3,251
    
    
    
    617
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham II
    
    AL
    
    
    
    
    
    
    730
    
    
    
    1,725
    
    
    
    497
    
    
    
    730
    
    
    
    2,222
    
    
    
    2,952
    
    
    
    747
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMontgomery l
    
    AL
    
    
    
    
    
    
    863
    
    
    
    2,041
    
    
    
    535
    
    
    
    863
    
    
    
    2,576
    
    
    
    3,439
    
    
    
    845
    
    
    
    1982
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville II
    
    FL
    
    
    
    
    
    
    326
    
    
    
    1,515
    
    
    
    394
    
    
    
    326
    
    
    
    1,909
    
    
    
    2,235
    
    
    
    612
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola III
    
    FL
    
    
    
    
    
    
    369
    
    
    
    1,358
    
    
    
    2,708
    
    
    
    369
    
    
    
    4,066
    
    
    
    4,435
    
    
    
    789
    
    
    
    1986/07
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola IV
    
    FL
    
    
    
    
    
    
    244
    
    
    
    1,128
    
    
    
    687
    
    
    
    719
    
    
    
    1,340
    
    
    
    2,059
    
    
    
    459
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola V
    
    FL
    
    
    
    
    
    
    226
    
    
    
    1,046
    
    
    
    517
    
    
    
    226
    
    
    
    1,563
    
    
    
    1,789
    
    
    
    512
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa I
    
    FL
    
    
    
    
    
    
    1,088
    
    
    
    2,597
    
    
    
    909
    
    
    
    1,088
    
    
    
    3,506
    
    
    
    4,594
    
    
    
    1,138
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa II
    
    FL
    
    
    
    
    
    
    526
    
    
    
    1,958
    
    
    
    663
    
    
    
    526
    
    
    
    2,621
    
    
    
    3,147
    
    
    
    877
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa III
    
    FL
    
    
    
    
    
    
    672
    
    
    
    2,439
    
    
    
    557
    
    
    
    672
    
    
    
    2,996
    
    
    
    3,668
    
    
    
    954
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson I
    
    MS
    
    
    
    
    
    
    343
    
    
    
    1,580
    
    
    
    2,146
    
    
    
    796
    
    
    
    3,273
    
    
    
    4,069
    
    
    
    634
    
    
    
    1990/07
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson II
    
    MS
    
    
    
    
    
    
    209
    
    
    
    964
    
    
    
    581
    
    
    
    209
    
    
    
    1,545
    
    
    
    1,754
    
    
    
    527
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRichmond
    
    VA
    
    
    
    
    
    
    443
    
    
    
    1,602
    
    
    
    709
    
    
    
    443
    
    
    
    2,311
    
    
    
    2,754
    
    
    
    704
    
    
    
    1987
    
    
    
    8/25/1995
    
    
    
    5 to 40 yearsOrlando II
    
    FL
    
    
    
    
    
    
    1,161
    
    
    
    2,755
    
    
    
    869
    
    
    
    1,162
    
    
    
    3,623
    
    
    
    4,785
    
    
    
    1,157
    
    
    
    1986
    
    
    
    9/29/1995
    
    
    
    5 to 40 years
 57




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedBirmingham III
    
    AL
    
    
    
    
    
    
    424
    
    
    
    1,506
    
    
    
    647
    
    
    
    424
    
    
    
    2,153
    
    
    
    2,577
    
    
    
    762
    
    
    
    1970
    
    
    
    1/16/1996
    
    
    
    5 to 40 yearsMacon II
    
    GA
    
    
    
    
    
    
    431
    
    
    
    1,567
    
    
    
    671
    
    
    
    431
    
    
    
    2,238
    
    
    
    2,669
    
    
    
    656
    
    
    
    1989/94
    
    
    
    12/1/1995
    
    
    
    5 to 40 yearsHarrisburg I
    
    PA
    
    
    
    
    
    
    360
    
    
    
    1,641
    
    
    
    525
    
    
    
    360
    
    
    
    2,166
    
    
    
    2,526
    
    
    
    672
    
    
    
    1983
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsHarrisburg II
    
    PA
    
    
    (1
    )
    
    
    627
    
    
    
    2,224
    
    
    
    844
    
    
    
    692
    
    
    
    3,003
    
    
    
    3,695
    
    
    
    849
    
    
    
    1985
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsSyracuse I
    
    NY
    
    
    
    
    
    
    470
    
    
    
    1,712
    
    
    
    1,210
    
    
    
    472
    
    
    
    2,920
    
    
    
    3,392
    
    
    
    739
    
    
    
    1987
    
    
    
    12/27/1995
    
    
    
    5 to 40 yearsFt. Myers
    
    FL
    
    
    
    
    
    
    205
    
    
    
    912
    
    
    
    261
    
    
    
    206
    
    
    
    1,172
    
    
    
    1,378
    
    
    
    487
    
    
    
    1988
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsFt. Myers II
    
    FL
    
    
    
    
    
    
    412
    
    
    
    1,703
    
    
    
    415
    
    
    
    413
    
    
    
    2,117
    
    
    
    2,530
    
    
    
    832
    
    
    
    1991/94
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsNewport News II
    
    VA
    
    
    
    
    
    
    442
    
    
    
    1,592
    
    
    
    1,045
    
    
    
    442
    
    
    
    2,637
    
    
    
    3,079
    
    
    
    574
    
    
    
    1988/93/07
    
    
    
    1/5/1996
    
    
    
    5 to 40 yearsMontgomery II
    
    AL
    
    
    
    
    
    
    353
    
    
    
    1,299
    
    
    
    261
    
    
    
    353
    
    
    
    1,560
    
    
    
    1,913
    
    
    
    543
    
    
    
    1984
    
    
    
    1/23/1996
    
    
    
    5 to 40 yearsCharleston II
    
    SC
    
    
    
    
    
    
    237
    
    
    
    858
    
    
    
    597
    
    
    
    232
    
    
    
    1,460
    
    
    
    1,692
    
    
    
    438
    
    
    
    1985
    
    
    
    3/1/1996
    
    
    
    5 to 40 yearsTampa IV
    
    FL
    
    
    
    
    
    
    766
    
    
    
    1,800
    
    
    
    615
    
    
    
    766
    
    
    
    2,415
    
    
    
    3,181
    
    
    
    697
    
    
    
    1985
    
    
    
    3/28/1996
    
    
    
    5 to 40 yearsArlington I
    
    TX
    
    
    
    
    
    
    442
    
    
    
    1,767
    
    
    
    267
    
    
    
    442
    
    
    
    2,034
    
    
    
    2,476
    
    
    
    617
    
    
    
    1987
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsArlington II
    
    TX
    
    
    
    
    
    
    408
    
    
    
    1,662
    
    
    
    981
    
    
    
    408
    
    
    
    2,643
    
    
    
    3,051
    
    
    
    721
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsFt. Worth
    
    TX
    
    
    
    
    
    
    328
    
    
    
    1,324
    
    
    
    304
    
    
    
    328
    
    
    
    1,628
    
    
    
    1,956
    
    
    
    498
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio I
    
    TX
    
    
    
    
    
    
    436
    
    
    
    1,759
    
    
    
    1,109
    
    
    
    436
    
    
    
    2,868
    
    
    
    3,304
    
    
    
    769
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio II
    
    TX
    
    
    
    
    
    
    289
    
    
    
    1,161
    
    
    
    416
    
    
    
    289
    
    
    
    1,577
    
    
    
    1,866
    
    
    
    491
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSyracuse II
    
    NY
    
    
    
    
    
    
    481
    
    
    
    1,559
    
    
    
    2,273
    
    
    
    671
    
    
    
    3,642
    
    
    
    4,313
    
    
    
    795
    
    
    
    1983
    
    
    
    6/5/1996
    
    
    
    5 to 40 yearsMontgomery III
    
    AL
    
    
    
    
    
    
    279
    
    
    
    1,014
    
    
    
    988
    
    
    
    433
    
    
    
    1,848
    
    
    
    2,281
    
    
    
    477
    
    
    
    1988
    
    
    
    5/21/1996
    
    
    
    5 to 40 yearsWest Palm II
    
    FL
    
    
    
    
    
    
    345
    
    
    
    1,262
    
    
    
    269
    
    
    
    345
    
    
    
    1,531
    
    
    
    1,876
    
    
    
    485
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsFt. Myers III
    
    FL
    
    
    
    
    
    
    229
    
    
    
    884
    
    
    
    289
    
    
    
    229
    
    
    
    1,173
    
    
    
    1,402
    
    
    
    344
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsPittsburgh
    
    PA
    
    
    
    
    
    
    545
    
    
    
    1,940
    
    
    
    1,084
    
    
    
    545
    
    
    
    3,024
    
    
    
    3,569
    
    
    
    688
    
    
    
    1990
    
    
    
    6/19/1996
    
    
    
    5 to 40 yearsLakeland II
    
    FL
    
    
    
    
    
    
    359
    
    
    
    1,287
    
    
    
    1,023
    
    
    
    359
    
    
    
    2,310
    
    
    
    2,669
    
    
    
    678
    
    
    
    1988
    
    
    
    6/26/1996
    
    
    
    5 to 40 yearsSpringfield
    
    MA
    
    
    
    
    
    
    251
    
    
    
    917
    
    
    
    2,201
    
    
    
    297
    
    
    
    3,072
    
    
    
    3,369
    
    
    
    693
    
    
    
    1986
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsFt. Myers IV
    
    FL
    
    
    
    
    
    
    344
    
    
    
    1,254
    
    
    
    219
    
    
    
    310
    
    
    
    1,507
    
    
    
    1,817
    
    
    
    475
    
    
    
    1987
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsCincinnati
    
    OH
    
    
    (2
    )
    
    
    557
    
    
    
    1,988
    
    
    
    530
    
    
    
    652
    
    
    
    2,423
    
    
    
    3,075
    
    
    
    135
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsDayton
    
    OH
    
    
    (2
    )
    
    
    667
    
    
    
    2,379
    
    
    
    181
    
    
    
    646
    
    
    
    2,581
    
    
    
    3,227
    
    
    
    156
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsBaltimore III
    
    MD
    
    
    
    
    
    
    777
    
    
    
    2,770
    
    
    
    268
    
    
    
    777
    
    
    
    3,038
    
    
    
    3,815
    
    
    
    887
    
    
    
    1990
    
    
    
    7/26/1996
    
    
    
    5 to 40 yearsJacksonville III
    
    FL
    
    
    
    
    
    
    568
    
    
    
    2,028
    
    
    
    897
    
    
    
    568
    
    
    
    2,925
    
    
    
    3,493
    
    
    
    866
    
    
    
    1987
    
    
    
    8/23/1996
    
    
    
    5 to 40 yearsJacksonville IV
    
    FL
    
    
    
    
    
    
    436
    
    
    
    1,635
    
    
    
    436
    
    
    
    436
    
    
    
    2,071
    
    
    
    2,507
    
    
    
    663
    
    
    
    1985
    
    
    
    8/26/1996
    
    
    
    5 to 40 yearsPittsburgh II
    
    PA
    
    
    
    
    
    
    627
    
    
    
    2,257
    
    
    
    1,274
    
    
    
    631
    
    
    
    3,527
    
    
    
    4,158
    
    
    
    992
    
    
    
    1983
    
    
    
    8/28/1996
    
    
    
    5 to 40 yearsJacksonville V
    
    FL
    
    
    
    
    
    
    535
    
    
    
    2,033
    
    
    
    292
    
    
    
    538
    
    
    
    2,322
    
    
    
    2,860
    
    
    
    775
    
    
    
    1987/92
    
    
    
    8/30/1996
    
    
    
    5 to 40 yearsCharlotte II
    
    NC
    
    
    
    
    
    
    487
    
    
    
    1,754
    
    
    
    378
    
    
    
    487
    
    
    
    2,132
    
    
    
    2,619
    
    
    
    556
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsCharlotte III
    
    NC
    
    
    
    
    
    
    315
    
    
    
    1,131
    
    
    
    301
    
    
    
    315
    
    
    
    1,432
    
    
    
    1,747
    
    
    
    398
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsOrlando III
    
    FL
    
    
    
    
    
    
    314
    
    
    
    1,113
    
    
    
    838
    
    
    
    314
    
    
    
    1,951
    
    
    
    2,265
    
    
    
    563
    
    
    
    1975
    
    
    
    10/30/1996
    
    
    
    5 to 40 yearsRochester III
    
    NY
    
    
    
    
    
    
    704
    
    
    
    2,496
    
    
    
    1,200
    
    
    
    707
    
    
    
    3,693
    
    
    
    4,400
    
    
    
    828
    
    
    
    1990
    
    
    
    12/20/1996
    
    
    
    5 to 40 yearsYoungstown ll
    
    OH
    
    
    
    
    
    
    600
    
    
    
    2,142
    
    
    
    1,938
    
    
    
    693
    
    
    
    3,987
    
    
    
    4,680
    
    
    
    701
    
    
    
    1988/07
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lll
    
    OH
    
    
    
    
    
    
    751
    
    
    
    2,676
    
    
    
    1,659
    
    
    
    751
    
    
    
    4,335
    
    
    
    5,086
    
    
    
    1,033
    
    
    
    1986
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lV
    
    OH
    
    
    
    
    
    
    725
    
    
    
    2,586
    
    
    
    1,244
    
    
    
    725
    
    
    
    3,830
    
    
    
    4,555
    
    
    
    973
    
    
    
    1978
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland V
    
    OH
    
    
    (1
    )
    
    
    637
    
    
    
    2,918
    
    
    
    1,545
    
    
    
    701
    
    
    
    4,399
    
    
    
    5,100
    
    
    
    1,262
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 years
 58




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedCleveland Vl
    
    OH
    
    
    
    
    
    
    495
    
    
    
    1,781
    
    
    
    813
    
    
    
    495
    
    
    
    2,594
    
    
    
    3,089
    
    
    
    681
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vll
    
    OH
    
    
    
    
    
    
    761
    
    
    
    2,714
    
    
    
    1,098
    
    
    
    761
    
    
    
    3,812
    
    
    
    4,573
    
    
    
    1,033
    
    
    
    1977
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vlll
    
    OH
    
    
    
    
    
    
    418
    
    
    
    1,921
    
    
    
    1,426
    
    
    
    418
    
    
    
    3,347
    
    
    
    3,765
    
    
    
    895
    
    
    
    1970
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lX
    
    OH
    
    
    
    
    
    
    606
    
    
    
    2,164
    
    
    
    682
    
    
    
    606
    
    
    
    2,846
    
    
    
    3,452
    
    
    
    732
    
    
    
    1982
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsGrand Rapids l
    
    MI
    
    
    (2
    )
    
    
    455
    
    
    
    1,631
    
    
    
    772
    
    
    
    591
    
    
    
    2,267
    
    
    
    2,858
    
    
    
    133
    
    
    
    1976
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsGrand Rapids ll
    
    MI
    
    
    
    
    
    
    219
    
    
    
    790
    
    
    
    797
    
    
    
    219
    
    
    
    1,587
    
    
    
    1,806
    
    
    
    428
    
    
    
    1983
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsKalamazoo
    
    MI
    
    
    (2
    )
    
    
    516
    
    
    
    1,845
    
    
    
    1,396
    
    
    
    657
    
    
    
    3,100
    
    
    
    3,757
    
    
    
    151
    
    
    
    1978/07
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsLansing
    
    MI
    
    
    (2
    )
    
    
    327
    
    
    
    1,332
    
    
    
    1,305
    
    
    
    513
    
    
    
    2,451
    
    
    
    2,964
    
    
    
    134
    
    
    
    1987
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsHolland
    
    MI
    
    
    
    
    
    
    451
    
    
    
    1,830
    
    
    
    1,797
    
    
    
    451
    
    
    
    3,627
    
    
    
    4,078
    
    
    
    903
    
    
    
    1978/07
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsSan Antonio lll
    
    TX
    
    
    (1
    )
    
    
    474
    
    
    
    1,686
    
    
    
    365
    
    
    
    504
    
    
    
    2,021
    
    
    
    2,525
    
    
    
    529
    
    
    
    1981
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsUniversal
    
    TX
    
    
    
    
    
    
    346
    
    
    
    1,236
    
    
    
    247
    
    
    
    346
    
    
    
    1,483
    
    
    
    1,829
    
    
    
    424
    
    
    
    1985
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsSan Antonio lV
    
    TX
    
    
    
    
    
    
    432
    
    
    
    1,560
    
    
    
    1,603
    
    
    
    432
    
    
    
    3,163
    
    
    
    3,595
    
    
    
    723
    
    
    
    1995
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsHouston-Eastex
    
    TX
    
    
    
    
    
    
    634
    
    
    
    2,565
    
    
    
    1,141
    
    
    
    634
    
    
    
    3,706
    
    
    
    4,340
    
    
    
    916
    
    
    
    1993/95
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-Nederland
    
    TX
    
    
    
    
    
    
    566
    
    
    
    2,279
    
    
    
    282
    
    
    
    566
    
    
    
    2,561
    
    
    
    3,127
    
    
    
    688
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-College
    
    TX
    
    
    
    
    
    
    293
    
    
    
    1,357
    
    
    
    551
    
    
    
    293
    
    
    
    1,908
    
    
    
    2,201
    
    
    
    462
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsLynchburg-Lakeside
    
    VA
    
    
    
    
    
    
    335
    
    
    
    1,342
    
    
    
    1,232
    
    
    
    335
    
    
    
    2,574
    
    
    
    2,909
    
    
    
    571
    
    
    
    1982
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    328
    
    
    
    1,315
    
    
    
    829
    
    
    
    328
    
    
    
    2,144
    
    
    
    2,472
    
    
    
    572
    
    
    
    1985
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Amherst
    
    VA
    
    
    
    
    
    
    155
    
    
    
    710
    
    
    
    309
    
    
    
    152
    
    
    
    1,022
    
    
    
    1,174
    
    
    
    299
    
    
    
    1987
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChristiansburg
    
    VA
    
    
    
    
    
    
    245
    
    
    
    1,120
    
    
    
    464
    
    
    
    245
    
    
    
    1,584
    
    
    
    1,829
    
    
    
    378
    
    
    
    1985/90
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChesapeake
    
    VA
    
    
    
    
    
    
    260
    
    
    
    1,043
    
    
    
    1,063
    
    
    
    260
    
    
    
    2,106
    
    
    
    2,366
    
    
    
    476
    
    
    
    1988/95
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDanville
    
    VA
    
    
    
    
    
    
    326
    
    
    
    1,488
    
    
    
    180
    
    
    
    326
    
    
    
    1,668
    
    
    
    1,994
    
    
    
    444
    
    
    
    1988
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsOrlando-W 25th St
    
    FL
    
    
    
    
    
    
    289
    
    
    
    1,160
    
    
    
    701
    
    
    
    616
    
    
    
    1,534
    
    
    
    2,150
    
    
    
    411
    
    
    
    1984
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDelray l-Mini
    
    FL
    
    
    
    
    
    
    491
    
    
    
    1,756
    
    
    
    600
    
    
    
    491
    
    
    
    2,356
    
    
    
    2,847
    
    
    
    693
    
    
    
    1969
    
    
    
    4/11/1997
    
    
    
    5 to 40 yearsSavannah ll
    
    GA
    
    
    
    
    
    
    296
    
    
    
    1,196
    
    
    
    324
    
    
    
    296
    
    
    
    1,520
    
    
    
    1,816
    
    
    
    416
    
    
    
    1988
    
    
    
    5/8/1997
    
    
    
    5 to 40 yearsDelray ll-Safeway
    
    FL
    
    
    
    
    
    
    921
    
    
    
    3,282
    
    
    
    431
    
    
    
    921
    
    
    
    3,713
    
    
    
    4,634
    
    
    
    1,047
    
    
    
    1980
    
    
    
    5/21/1997
    
    
    
    5 to 40 yearsCleveland X-Avon
    
    OH
    
    
    
    
    
    
    301
    
    
    
    1,214
    
    
    
    1,979
    
    
    
    304
    
    
    
    3,190
    
    
    
    3,494
    
    
    
    541
    
    
    
    1989/07
    
    
    
    6/4/1997
    
    
    
    5 to 40 yearsDallas-Skillman
    
    TX
    
    
    
    
    
    
    960
    
    
    
    3,847
    
    
    
    1,070
    
    
    
    960
    
    
    
    4,917
    
    
    
    5,877
    
    
    
    1,379
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Centennial
    
    TX
    
    
    
    
    
    
    965
    
    
    
    3,864
    
    
    
    1,160
    
    
    
    943
    
    
    
    5,046
    
    
    
    5,989
    
    
    
    1,364
    
    
    
    1977
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Samuell
    
    TX
    
    
    (1
    )
    
    
    570
    
    
    
    2,285
    
    
    
    741
    
    
    
    611
    
    
    
    2,985
    
    
    
    3,596
    
    
    
    838
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Hargrove
    
    TX
    
    
    
    
    
    
    370
    
    
    
    1,486
    
    
    
    425
    
    
    
    370
    
    
    
    1,911
    
    
    
    2,281
    
    
    
    592
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsHouston-Antoine
    
    TX
    
    
    
    
    
    
    515
    
    
    
    2,074
    
    
    
    508
    
    
    
    515
    
    
    
    2,582
    
    
    
    3,097
    
    
    
    722
    
    
    
    1984
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsAtlanta-Alpharetta
    
    GA
    
    
    
    
    
    
    1,033
    
    
    
    3,753
    
    
    
    422
    
    
    
    1,033
    
    
    
    4,175
    
    
    
    5,208
    
    
    
    1,186
    
    
    
    1994
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Marietta
    
    GA
    
    
    (1
    )
    
    
    769
    
    
    
    2,788
    
    
    
    429
    
    
    
    825
    
    
    
    3,161
    
    
    
    3,986
    
    
    
    846
    
    
    
    1996
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Doraville
    
    GA
    
    
    
    
    
    
    735
    
    
    
    3,429
    
    
    
    281
    
    
    
    735
    
    
    
    3,710
    
    
    
    4,445
    
    
    
    1,001
    
    
    
    1995
    
    
    
    8/21/1997
    
    
    
    5 to 40 yearsGreensboroHilltop
    
    NC
    
    
    
    
    
    
    268
    
    
    
    1,097
    
    
    
    272
    
    
    
    268
    
    
    
    1,369
    
    
    
    1,637
    
    
    
    353
    
    
    
    1995
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsGreensboroStgCch
    
    NC
    
    
    
    
    
    
    89
    
    
    
    376
    
    
    
    1,341
    
    
    
    89
    
    
    
    1,717
    
    
    
    1,806
    
    
    
    338
    
    
    
    1997
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline
    
    LA
    
    
    (1
    )
    
    
    396
    
    
    
    1,831
    
    
    
    900
    
    
    
    421
    
    
    
    2,706
    
    
    
    3,127
    
    
    
    624
    
    
    
    1982
    
    
    
    10/9/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline2
    
    LA
    
    
    
    
    
    
    282
    
    
    
    1,303
    
    
    
    287
    
    
    
    282
    
    
    
    1,590
    
    
    
    1,872
    
    
    
    440
    
    
    
    1985
    
    
    
    11/21/1997
    
    
    
    5 to 40 yearsHarrisburg-Peiffers
    
    PA
    
    
    
    
    
    
    635
    
    
    
    2,550
    
    
    
    514
    
    
    
    637
    
    
    
    3,062
    
    
    
    3,699
    
    
    
    726
    
    
    
    1984
    
    
    
    12/3/1997
    
    
    
    5 to 40 years
 59




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedChesapeake-Military
    
    VA
    
    
    
    
    
    
    542
    
    
    
    2,210
    
    
    
    218
    
    
    
    542
    
    
    
    2,428
    
    
    
    2,970
    
    
    
    649
    
    
    
    1996
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsChesapeake-Volvo
    
    VA
    
    
    
    
    
    
    620
    
    
    
    2,532
    
    
    
    821
    
    
    
    620
    
    
    
    3,353
    
    
    
    3,973
    
    
    
    822
    
    
    
    1995
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Shell
    
    VA
    
    
    
    
    
    
    540
    
    
    
    2,211
    
    
    
    209
    
    
    
    540
    
    
    
    2,420
    
    
    
    2,960
    
    
    
    651
    
    
    
    1991
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Central
    
    VA
    
    
    
    
    
    
    864
    
    
    
    3,994
    
    
    
    661
    
    
    
    864
    
    
    
    4,655
    
    
    
    5,519
    
    
    
    1,198
    
    
    
    1993/95
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsNorfolk-Naval Base
    
    VA
    
    
    
    
    
    
    1,243
    
    
    
    5,019
    
    
    
    654
    
    
    
    1,243
    
    
    
    5,673
    
    
    
    6,916
    
    
    
    1,451
    
    
    
    1975
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsTampa-E.Hillsborough
    
    FL
    
    
    
    
    
    
    709
    
    
    
    3,235
    
    
    
    701
    
    
    
    709
    
    
    
    3,936
    
    
    
    4,645
    
    
    
    1,100
    
    
    
    1985
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsNorthbridge
    
    MA
    
    
    (2
    )
    
    
    441
    
    
    
    1,788
    
    
    
    776
    
    
    
    657
    
    
    
    2,348
    
    
    
    3,005
    
    
    
    120
    
    
    
    1988
    
    
    
    2/9/1998
    
    
    
    5 to 40 yearsHarriman
    
    NY
    
    
    
    
    
    
    843
    
    
    
    3,394
    
    
    
    466
    
    
    
    843
    
    
    
    3,860
    
    
    
    4,703
    
    
    
    999
    
    
    
    1989/95
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsGreensboro-High Point
    
    NC
    
    
    
    
    
    
    397
    
    
    
    1,834
    
    
    
    464
    
    
    
    397
    
    
    
    2,298
    
    
    
    2,695
    
    
    
    579
    
    
    
    1993
    
    
    
    2/10/1998
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    488
    
    
    
    1,746
    
    
    
    431
    
    
    
    488
    
    
    
    2,177
    
    
    
    2,665
    
    
    
    534
    
    
    
    1990/96
    
    
    
    2/18/1998
    
    
    
    5 to 40 yearsTitusville
    
    FL
    
    
    (2
    )
    
    
    492
    
    
    
    1,990
    
    
    
    636
    
    
    
    652
    
    
    
    2,466
    
    
    
    3,118
    
    
    
    125
    
    
    
    1986/90
    
    
    
    2/25/1998
    
    
    
    5 to 40 yearsSalem
    
    MA
    
    
    
    
    
    
    733
    
    
    
    2,941
    
    
    
    934
    
    
    
    733
    
    
    
    3,875
    
    
    
    4,608
    
    
    
    992
    
    
    
    1979
    
    
    
    3/3/1998
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy
    
    TN
    
    
    
    
    
    
    384
    
    
    
    1,371
    
    
    
    487
    
    
    
    384
    
    
    
    1,858
    
    
    
    2,242
    
    
    
    485
    
    
    
    1987
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsChattanooga-Hwy 58
    
    TN
    
    
    
    
    
    
    296
    
    
    
    1,198
    
    
    
    999
    
    
    
    414
    
    
    
    2,079
    
    
    
    2,493
    
    
    
    489
    
    
    
    1985
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsFt. Oglethorpe
    
    GA
    
    
    
    
    
    
    349
    
    
    
    1,250
    
    
    
    454
    
    
    
    349
    
    
    
    1,704
    
    
    
    2,053
    
    
    
    450
    
    
    
    1989
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsBirmingham-Walt
    
    AL
    
    
    
    
    
    
    544
    
    
    
    1,942
    
    
    
    736
    
    
    
    544
    
    
    
    2,678
    
    
    
    3,222
    
    
    
    752
    
    
    
    1984
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsEast Greenwich
    
    RI
    
    
    
    
    
    
    702
    
    
    
    2,821
    
    
    
    1,005
    
    
    
    702
    
    
    
    3,826
    
    
    
    4,528
    
    
    
    897
    
    
    
    1984/88
    
    
    
    3/26/1998
    
    
    
    5 to 40 yearsDurham-Hillsborough
    
    NC
    
    
    
    
    
    
    775
    
    
    
    3,103
    
    
    
    568
    
    
    
    775
    
    
    
    3,671
    
    
    
    4,446
    
    
    
    916
    
    
    
    1988/91
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsDurham-Cornwallis
    
    NC
    
    
    
    
    
    
    940
    
    
    
    3,763
    
    
    
    636
    
    
    
    940
    
    
    
    4,399
    
    
    
    5,339
    
    
    
    1,068
    
    
    
    1990/96
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsSalem-Policy
    
    NH
    
    
    
    
    
    
    742
    
    
    
    2,977
    
    
    
    459
    
    
    
    742
    
    
    
    3,436
    
    
    
    4,178
    
    
    
    788
    
    
    
    1980
    
    
    
    4/7/1998
    
    
    
    5 to 40 yearsWarren-Elm
    
    OH
    
    
    (1
    )
    
    
    522
    
    
    
    1,864
    
    
    
    1,116
    
    
    
    569
    
    
    
    2,933
    
    
    
    3,502
    
    
    
    624
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsWarren-Youngstown
    
    OH
    
    
    
    
    
    
    512
    
    
    
    1,829
    
    
    
    1,693
    
    
    
    675
    
    
    
    3,359
    
    
    
    4,034
    
    
    
    559
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsWaterford-Highland
    
    MI
    
    
    
    
    
    
    1,487
    
    
    
    5,306
    
    
    
    1,139
    
    
    
    1,487
    
    
    
    6,445
    
    
    
    7,932
    
    
    
    1,580
    
    
    
    1978
    
    
    
    4/28/1998
    
    
    
    5 to 40 yearsIndian Harbor Beach
    
    FL
    
    
    
    
    
    
    662
    
    
    
    2,654
    
    
    
    -627
    
    
    
    662
    
    
    
    2,027
    
    
    
    2,689
    
    
    
    544
    
    
    
    1985
    
    
    
    6/2/1998
    
    
    
    5 to 40 yearsJackson 3 - I55
    
    MS
    
    
    
    
    
    
    744
    
    
    
    3,021
    
    
    
    117
    
    
    
    744
    
    
    
    3,138
    
    
    
    3,882
    
    
    
    794
    
    
    
    1995
    
    
    
    5/13/1998
    
    
    
    5 to 40 yearsKaty-N.Fry
    
    TX
    
    
    
    
    
    
    419
    
    
    
    1,524
    
    
    
    863
    
    
    
    419
    
    
    
    2,387
    
    
    
    2,806
    
    
    
    502
    
    
    
    1994
    
    
    
    5/20/1998
    
    
    
    5 to 40 yearsHollywood-Sheridan
    
    FL
    
    
    
    
    
    
    1,208
    
    
    
    4,854
    
    
    
    306
    
    
    
    1,208
    
    
    
    5,160
    
    
    
    6,368
    
    
    
    1,275
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Atlantic
    
    FL
    
    
    
    
    
    
    944
    
    
    
    3,803
    
    
    
    242
    
    
    
    944
    
    
    
    4,045
    
    
    
    4,989
    
    
    
    1,029
    
    
    
    1985
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Sample
    
    FL
    
    
    
    
    
    
    903
    
    
    
    3,643
    
    
    
    188
    
    
    
    903
    
    
    
    3,831
    
    
    
    4,734
    
    
    
    936
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsBoca Raton-18th St
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    6,059
    
    
    
    651
    
    
    
    1,503
    
    
    
    6,710
    
    
    
    8,213
    
    
    
    1,662
    
    
    
    1991
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsVero Beach
    
    FL
    
    
    
    
    
    
    489
    
    
    
    1,813
    
    
    
    95
    
    
    
    489
    
    
    
    1,908
    
    
    
    2,397
    
    
    
    511
    
    
    
    1997
    
    
    
    6/12/1998
    
    
    
    5 to 40 yearsHumble
    
    TX
    
    
    
    
    
    
    447
    
    
    
    1,790
    
    
    
    2,180
    
    
    
    740
    
    
    
    3,677
    
    
    
    4,417
    
    
    
    621
    
    
    
    1986/07
    
    
    
    6/16/1998
    
    
    
    5 to 40 yearsHouston-Old Katy
    
    TX
    
    
    (1
    )
    
    
    659
    
    
    
    2,680
    
    
    
    356
    
    
    
    698
    
    
    
    2,997
    
    
    
    3,695
    
    
    
    658
    
    
    
    1996
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsWebster
    
    TX
    
    
    
    
    
    
    635
    
    
    
    2,302
    
    
    
    116
    
    
    
    635
    
    
    
    2,418
    
    
    
    3,053
    
    
    
    595
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsCarrollton
    
    TX
    
    
    
    
    
    
    548
    
    
    
    1,988
    
    
    
    275
    
    
    
    548
    
    
    
    2,263
    
    
    
    2,811
    
    
    
    545
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsHollywood-N.21st
    
    FL
    
    
    
    
    
    
    840
    
    
    
    3,373
    
    
    
    322
    
    
    
    840
    
    
    
    3,695
    
    
    
    4,535
    
    
    
    933
    
    
    
    1987
    
    
    
    8/3/1998
    
    
    
    5 to 40 yearsSan Marcos
    
    TX
    
    
    
    
    
    
    324
    
    
    
    1,493
    
    
    
    591
    
    
    
    324
    
    
    
    2,084
    
    
    
    2,408
    
    
    
    513
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-McNeil
    
    TX
    
    
    
    
    
    
    492
    
    
    
    1,995
    
    
    
    256
    
    
    
    510
    
    
    
    2,233
    
    
    
    2,743
    
    
    
    599
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-FM
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,951
    
    
    
    425
    
    
    
    481
    
    
    
    2,379
    
    
    
    2,860
    
    
    
    577
    
    
    
    1996
    
    
    
    6/30/1998
    
    
    
    5 to 40 years
 60




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedJacksonville-Center
    
    NC
    
    
    
    
    
    
    327
    
    
    
    1,329
    
    
    
    651
    
    
    
    327
    
    
    
    1,980
    
    
    
    2,307
    
    
    
    384
    
    
    
    1995
    
    
    
    8/6/1998
    
    
    
    5 to 40 yearsJacksonville-Gum Branch
    
    NC
    
    
    
    
    
    
    508
    
    
    
    1,815
    
    
    
    1,211
    
    
    
    508
    
    
    
    3,026
    
    
    
    3,534
    
    
    
    567
    
    
    
    1989
    
    
    
    8/17/1998
    
    
    
    5 to 40 yearsJacksonville-N.Marine
    
    NC
    
    
    
    
    
    
    216
    
    
    
    782
    
    
    
    502
    
    
    
    216
    
    
    
    1,284
    
    
    
    1,500
    
    
    
    369
    
    
    
    1985
    
    
    
    9/24/1998
    
    
    
    5 to 40 yearsEuless
    
    TX
    
    
    
    
    
    
    550
    
    
    
    1,998
    
    
    
    624
    
    
    
    550
    
    
    
    2,622
    
    
    
    3,172
    
    
    
    563
    
    
    
    1996
    
    
    
    9/29/1998
    
    
    
    5 to 40 yearsN. Richland Hills
    
    TX
    
    
    
    
    
    
    670
    
    
    
    2,407
    
    
    
    1,407
    
    
    
    670
    
    
    
    3,814
    
    
    
    4,484
    
    
    
    698
    
    
    
    1996/07
    
    
    
    10/9/1998
    
    
    
    5 to 40 yearsBatavia
    
    OH
    
    
    
    
    
    
    390
    
    
    
    1,570
    
    
    
    834
    
    
    
    390
    
    
    
    2,404
    
    
    
    2,794
    
    
    
    483
    
    
    
    1988/07
    
    
    
    11/19/1998
    
    
    
    5 to 40 yearsJackson-N.West
    
    MS
    
    
    
    
    
    
    460
    
    
    
    1,642
    
    
    
    435
    
    
    
    460
    
    
    
    2,077
    
    
    
    2,537
    
    
    
    580
    
    
    
    1984
    
    
    
    12/1/1998
    
    
    
    5 to 40 yearsKaty-Franz
    
    TX
    
    
    
    
    
    
    507
    
    
    
    2,058
    
    
    
    1,524
    
    
    
    507
    
    
    
    3,582
    
    
    
    4,089
    
    
    
    530
    
    
    
    1993
    
    
    
    12/15/1998
    
    
    
    5 to 40 yearsW.Warwick
    
    RI
    
    
    
    
    
    
    447
    
    
    
    1,776
    
    
    
    776
    
    
    
    447
    
    
    
    2,552
    
    
    
    2,999
    
    
    
    550
    
    
    
    1986/94
    
    
    
    2/2/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook 1
    
    LA
    
    
    
    
    
    
    556
    
    
    
    1,951
    
    
    
    831
    
    
    
    556
    
    
    
    2,782
    
    
    
    3,338
    
    
    
    785
    
    
    
    1980
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook2
    
    LA
    
    
    
    
    
    
    708
    
    
    
    2,860
    
    
    
    243
    
    
    
    708
    
    
    
    3,103
    
    
    
    3,811
    
    
    
    716
    
    
    
    1992/94
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Ambassador
    
    LA
    
    
    
    
    
    
    314
    
    
    
    1,095
    
    
    
    622
    
    
    
    314
    
    
    
    1,717
    
    
    
    2,031
    
    
    
    513
    
    
    
    1975
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    188
    
    
    
    652
    
    
    
    1,401
    
    
    
    188
    
    
    
    2,053
    
    
    
    2,241
    
    
    
    490
    
    
    
    1977
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Guilbeau
    
    LA
    
    
    
    
    
    
    963
    
    
    
    3,896
    
    
    
    753
    
    
    
    963
    
    
    
    4,649
    
    
    
    5,612
    
    
    
    976
    
    
    
    1994
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsGilbert-Elliot Rd
    
    AZ
    
    
    
    
    
    
    651
    
    
    
    2,600
    
    
    
    1,076
    
    
    
    772
    
    
    
    3,555
    
    
    
    4,327
    
    
    
    671
    
    
    
    1995/07
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsGlendale-59th Ave
    
    AZ
    
    
    
    
    
    
    565
    
    
    
    2,596
    
    
    
    472
    
    
    
    565
    
    
    
    3,068
    
    
    
    3,633
    
    
    
    660
    
    
    
    1997
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Baseline
    
    AZ
    
    
    
    
    
    
    330
    
    
    
    1,309
    
    
    
    630
    
    
    
    733
    
    
    
    1,536
    
    
    
    2,269
    
    
    
    343
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-E.Broadway
    
    AZ
    
    
    
    
    
    
    339
    
    
    
    1,346
    
    
    
    560
    
    
    
    339
    
    
    
    1,906
    
    
    
    2,245
    
    
    
    374
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-W.Broadway
    
    AZ
    
    
    
    
    
    
    291
    
    
    
    1,026
    
    
    
    563
    
    
    
    291
    
    
    
    1,589
    
    
    
    1,880
    
    
    
    306
    
    
    
    1976
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Greenfield
    
    AZ
    
    
    
    
    
    
    354
    
    
    
    1,405
    
    
    
    229
    
    
    
    354
    
    
    
    1,634
    
    
    
    1,988
    
    
    
    377
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Camelback
    
    AZ
    
    
    
    
    
    
    453
    
    
    
    1,610
    
    
    
    654
    
    
    
    453
    
    
    
    2,264
    
    
    
    2,717
    
    
    
    481
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Bell
    
    AZ
    
    
    
    
    
    
    872
    
    
    
    3,476
    
    
    
    667
    
    
    
    872
    
    
    
    4,143
    
    
    
    5,015
    
    
    
    949
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-35th Ave
    
    AZ
    
    
    
    
    
    
    849
    
    
    
    3,401
    
    
    
    625
    
    
    
    849
    
    
    
    4,026
    
    
    
    4,875
    
    
    
    851
    
    
    
    1996
    
    
    
    5/21/1999
    
    
    
    5 to 40 yearsWestbrook
    
    ME
    
    
    
    
    
    
    410
    
    
    
    1,626
    
    
    
    1,704
    
    
    
    410
    
    
    
    3,330
    
    
    
    3,740
    
    
    
    521
    
    
    
    1988
    
    
    
    8/2/1999
    
    
    
    5 to 40 yearsCocoa
    
    FL
    
    
    
    
    
    
    667
    
    
    
    2,373
    
    
    
    686
    
    
    
    667
    
    
    
    3,059
    
    
    
    3,726
    
    
    
    654
    
    
    
    1982
    
    
    
    9/29/1999
    
    
    
    5 to 40 yearsCedar Hill
    
    TX
    
    
    
    
    
    
    335
    
    
    
    1,521
    
    
    
    242
    
    
    
    335
    
    
    
    1,763
    
    
    
    2,098
    
    
    
    426
    
    
    
    1985
    
    
    
    11/9/1999
    
    
    
    5 to 40 yearsMonroe
    
    NY
    
    
    
    
    
    
    276
    
    
    
    1,312
    
    
    
    1,079
    
    
    
    276
    
    
    
    2,391
    
    
    
    2,667
    
    
    
    367
    
    
    
    1998
    
    
    
    2/2/2000
    
    
    
    5 to 40 yearsN.Andover
    
    MA
    
    
    
    
    
    
    633
    
    
    
    2,573
    
    
    
    585
    
    
    
    633
    
    
    
    3,158
    
    
    
    3,791
    
    
    
    554
    
    
    
    1989
    
    
    
    2/15/2000
    
    
    
    5 to 40 yearsSeabrook
    
    TX
    
    
    
    
    
    
    633
    
    
    
    2,617
    
    
    
    301
    
    
    
    633
    
    
    
    2,918
    
    
    
    3,551
    
    
    
    600
    
    
    
    1996
    
    
    
    3/1/2000
    
    
    
    5 to 40 yearsPlantation
    
    FL
    
    
    
    
    
    
    384
    
    
    
    1,422
    
    
    
    349
    
    
    
    384
    
    
    
    1,771
    
    
    
    2,155
    
    
    
    363
    
    
    
    1994
    
    
    
    5/2/2000
    
    
    
    5 to 40 yearsBirmingham-Bessemer
    
    AL
    
    
    
    
    
    
    254
    
    
    
    1,059
    
    
    
    1,107
    
    
    
    254
    
    
    
    2,166
    
    
    
    2,420
    
    
    
    291
    
    
    
    1998
    
    
    
    11/15/2000
    
    
    
    5 to 40 yearsBrewster
    
    NY
    
    
    (2
    )
    
    
    1,716
    
    
    
    6,920
    
    
    
    293
    
    
    
    1,876
    
    
    
    7,053
    
    
    
    8,929
    
    
    
    362
    
    
    
    1991/97
    
    
    
    12/27/2000
    
    
    
    5 to 40 yearsAustin-Lamar
    
    TX
    
    
    (2
    )
    
    
    837
    
    
    
    2,977
    
    
    
    164
    
    
    
    914
    
    
    
    3,064
    
    
    
    3,978
    
    
    
    177
    
    
    
    1996/99
    
    
    
    2/22/2001
    
    
    
    5 to 40 yearsHouston-E.Main
    
    TX
    
    
    (2
    )
    
    
    733
    
    
    
    3,392
    
    
    
    240
    
    
    
    796
    
    
    
    3,569
    
    
    
    4,365
    
    
    
    191
    
    
    
    1993/97
    
    
    
    3/2/2001
    
    
    
    5 to 40 yearsFt.Myers-Abrams
    
    FL
    
    
    (2
    )
    
    
    787
    
    
    
    3,249
    
    
    
    114
    
    
    
    854
    
    
    
    3,296
    
    
    
    4,150
    
    
    
    190
    
    
    
    1997
    
    
    
    3/13/2001
    
    
    
    5 to 40 yearsDracut
    
    MA
    
    
    (1
    )
    
    
    1,035
    
    
    
    3,737
    
    
    
    519
    
    
    
    1,104
    
    
    
    4,187
    
    
    
    5,291
    
    
    
    642
    
    
    
    1986
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMethuen
    
    MA
    
    
    (1
    )
    
    
    1,024
    
    
    
    3,649
    
    
    
    499
    
    
    
    1,091
    
    
    
    4,081
    
    
    
    5,172
    
    
    
    619
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsColumbia 5
    
    SC
    
    
    (1
    )
    
    
    883
    
    
    
    3,139
    
    
    
    1,109
    
    
    
    942
    
    
    
    4,189
    
    
    
    5,131
    
    
    
    588
    
    
    
    1985/07
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMyrtle Beach
    
    SC
    
    
    (1
    )
    
    
    552
    
    
    
    1,970
    
    
    
    723
    
    
    
    589
    
    
    
    2,656
    
    
    
    3,245
    
    
    
    426
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 years
 61




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedKingsland
    
    GA
    
    
    (1
    )
    
    
    470
    
    
    
    1,902
    
    
    
    812
    
    
    
    666
    
    
    
    2,518
    
    
    
    3,184
    
    
    
    429
    
    
    
    1989
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsSaco
    
    ME
    
    
    (1
    )
    
    
    534
    
    
    
    1,914
    
    
    
    266
    
    
    
    570
    
    
    
    2,144
    
    
    
    2,714
    
    
    
    324
    
    
    
    1988
    
    
    
    12/3/2001
    
    
    
    5 to 40 yearsPlymouth
    
    MA
    
    
    
    
    
    
    1,004
    
    
    
    4,584
    
    
    
    192
    
    
    
    1,004
    
    
    
    4,776
    
    
    
    5,780
    
    
    
    720
    
    
    
    1996
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSandwich
    
    MA
    
    
    (1
    )
    
    
    670
    
    
    
    3,060
    
    
    
    400
    
    
    
    714
    
    
    
    3,416
    
    
    
    4,130
    
    
    
    533
    
    
    
    1984
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSyracuse
    
    NY
    
    
    (1
    )
    
    
    294
    
    
    
    1,203
    
    
    
    358
    
    
    
    313
    
    
    
    1,542
    
    
    
    1,855
    
    
    
    267
    
    
    
    1987
    
    
    
    2/5/2002
    
    
    
    5 to 40 yearsHouston-Westward
    
    TX
    
    
    (1
    )
    
    
    853
    
    
    
    3,434
    
    
    
    804
    
    
    
    912
    
    
    
    4,179
    
    
    
    5,091
    
    
    
    647
    
    
    
    1976
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Boone
    
    TX
    
    
    (1
    )
    
    
    250
    
    
    
    1,020
    
    
    
    467
    
    
    
    268
    
    
    
    1,469
    
    
    
    1,737
    
    
    
    224
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Cook
    
    TX
    
    
    (1
    )
    
    
    285
    
    
    
    1,160
    
    
    
    295
    
    
    
    305
    
    
    
    1,435
    
    
    
    1,740
    
    
    
    228
    
    
    
    1986
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Harwin
    
    TX
    
    
    (1
    )
    
    
    449
    
    
    
    1,816
    
    
    
    578
    
    
    
    480
    
    
    
    2,363
    
    
    
    2,843
    
    
    
    358
    
    
    
    1981
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hempstead
    
    TX
    
    
    (1
    )
    
    
    545
    
    
    
    2,200
    
    
    
    859
    
    
    
    583
    
    
    
    3,021
    
    
    
    3,604
    
    
    
    418
    
    
    
    1974/78
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Kuykendahl
    
    TX
    
    
    (1
    )
    
    
    517
    
    
    
    2,090
    
    
    
    697
    
    
    
    553
    
    
    
    2,751
    
    
    
    3,304
    
    
    
    427
    
    
    
    1979/83
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hwy 249
    
    TX
    
    
    (1
    )
    
    
    299
    
    
    
    1,216
    
    
    
    960
    
    
    
    320
    
    
    
    2,155
    
    
    
    2,475
    
    
    
    285
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Hwy 80
    
    TX
    
    
    (1
    )
    
    
    463
    
    
    
    1,873
    
    
    
    494
    
    
    
    496
    
    
    
    2,334
    
    
    
    2,830
    
    
    
    345
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Franklin
    
    TX
    
    
    (1
    )
    
    
    734
    
    
    
    2,956
    
    
    
    654
    
    
    
    784
    
    
    
    3,560
    
    
    
    4,344
    
    
    
    495
    
    
    
    1984
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsDallas-Plantation
    
    TX
    
    
    (1
    )
    
    
    394
    
    
    
    1,595
    
    
    
    263
    
    
    
    421
    
    
    
    1,831
    
    
    
    2,252
    
    
    
    279
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsSan Antonio-Hunt
    
    TX
    
    
    (1
    )
    
    
    381
    
    
    
    1,545
    
    
    
    394
    
    
    
    408
    
    
    
    1,912
    
    
    
    2,320
    
    
    
    284
    
    
    
    1980
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHumble-5250 FM
    
    TX
    
    
    
    
    
    
    919
    
    
    
    3,696
    
    
    
    303
    
    
    
    919
    
    
    
    3,999
    
    
    
    4,918
    
    
    
    553
    
    
    
    1998/02
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsPasadena
    
    TX
    
    
    
    
    
    
    612
    
    
    
    2,468
    
    
    
    225
    
    
    
    612
    
    
    
    2,693
    
    
    
    3,305
    
    
    
    365
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLeague City-E.Main
    
    TX
    
    
    
    
    
    
    689
    
    
    
    3,159
    
    
    
    253
    
    
    
    689
    
    
    
    3,412
    
    
    
    4,101
    
    
    
    469
    
    
    
    1994/97
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsMontgomery
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    1,965
    
    
    
    1,119
    
    
    
    4,949
    
    
    
    6,068
    
    
    
    469
    
    
    
    1998/07
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    118
    
    
    
    817
    
    
    
    3,404
    
    
    
    4,221
    
    
    
    481
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsHouston-Hwy 6
    
    TX
    
    
    
    
    
    
    407
    
    
    
    1,650
    
    
    
    154
    
    
    
    407
    
    
    
    1,804
    
    
    
    2,211
    
    
    
    253
    
    
    
    1997
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLumberton
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,287
    
    
    
    161
    
    
    
    817
    
    
    
    3,448
    
    
    
    4,265
    
    
    
    486
    
    
    
    1996
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsThe Hamptons l
    
    NY
    
    
    
    
    
    
    2,207
    
    
    
    8,866
    
    
    
    556
    
    
    
    2,207
    
    
    
    9,422
    
    
    
    11,629
    
    
    
    1,189
    
    
    
    1989/95
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 2
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,564
    
    
    
    446
    
    
    
    1,131
    
    
    
    5,010
    
    
    
    6,141
    
    
    
    628
    
    
    
    1998
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 3
    
    NY
    
    
    
    
    
    
    635
    
    
    
    2,918
    
    
    
    290
    
    
    
    635
    
    
    
    3,208
    
    
    
    3,843
    
    
    
    396
    
    
    
    1997
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 4
    
    NY
    
    
    
    
    
    
    1,251
    
    
    
    5,744
    
    
    
    310
    
    
    
    1,252
    
    
    
    6,053
    
    
    
    7,305
    
    
    
    761
    
    
    
    1994/98
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsDuncanville
    
    TX
    
    
    
    
    
    
    1,039
    
    
    
    4,201
    
    
    
    34
    
    
    
    1,039
    
    
    
    4,235
    
    
    
    5,274
    
    
    
    474
    
    
    
    1995/99
    
    
    
    8/26/2003
    
    
    
    5 to 40 yearsDallas-Harry Hines
    
    TX
    
    
    
    
    
    
    827
    
    
    
    3,776
    
    
    
    296
    
    
    
    827
    
    
    
    4,072
    
    
    
    4,899
    
    
    
    422
    
    
    
    1998/01
    
    
    
    10/1/2003
    
    
    
    5 to 40 yearsStamford
    
    CT
    
    
    
    
    
    
    2,713
    
    
    
    11,013
    
    
    
    271
    
    
    
    2,713
    
    
    
    11,284
    
    
    
    13,997
    
    
    
    1,087
    
    
    
    1998
    
    
    
    3/17/2004
    
    
    
    5 to 40 yearsHouston-Tomball
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,170
    
    
    
    1,732
    
    
    
    773
    
    
    
    4,902
    
    
    
    5,675
    
    
    
    379
    
    
    
    2000
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Conroe
    
    TX
    
    
    
    
    
    
    1,195
    
    
    
    4,877
    
    
    
    78
    
    
    
    1,195
    
    
    
    4,955
    
    
    
    6,150
    
    
    
    464
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Spring
    
    TX
    
    
    
    
    
    
    1,103
    
    
    
    4,550
    
    
    
    223
    
    
    
    1,103
    
    
    
    4,773
    
    
    
    5,876
    
    
    
    455
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Bissonnet
    
    TX
    
    
    
    
    
    
    1,061
    
    
    
    4,427
    
    
    
    2,601
    
    
    
    1,061
    
    
    
    7,028
    
    
    
    8,089
    
    
    
    442
    
    
    
    2003/07
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Alvin
    
    TX
    
    
    
    
    
    
    388
    
    
    
    1,640
    
    
    
    32
    
    
    
    388
    
    
    
    1,672
    
    
    
    2,060
    
    
    
    170
    
    
    
    2003
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsClearwater
    
    FL
    
    
    
    
    
    
    1,720
    
    
    
    6,986
    
    
    
    26
    
    
    
    1,720
    
    
    
    7,012
    
    
    
    8,732
    
    
    
    654
    
    
    
    2001
    
    
    
    6/3/2004
    
    
    
    5 to 40 yearsHouston-Missouri City
    
    TX
    
    
    
    
    
    
    1,167
    
    
    
    4,744
    
    
    
    447
    
    
    
    1,566
    
    
    
    4,792
    
    
    
    6,358
    
    
    
    438
    
    
    
    1998
    
    
    
    6/23/2004
    
    
    
    5 to 40 yearsChattanooga-Hixson
    
    TN
    
    
    
    
    
    
    1,365
    
    
    
    5,569
    
    
    
    697
    
    
    
    1,365
    
    
    
    6,266
    
    
    
    7,631
    
    
    
    576
    
    
    
    1998/02
    
    
    
    8/4/2004
    
    
    
    5 to 40 yearsAustin-Round Rock
    
    TX
    
    
    
    
    
    
    2,047
    
    
    
    5,857
    
    
    
    653
    
    
    
    2,051
    
    
    
    6,506
    
    
    
    8,557
    
    
    
    552
    
    
    
    2000
    
    
    
    8/5/2004
    
    
    
    5 to 40 years
 62




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedEast Falmouth
    
    MA
    
    
    
    
    
    
    1,479
    
    
    
    5,978
    
    
    
    95
    
    
    
    1,479
    
    
    
    6,073
    
    
    
    7,552
    
    
    
    443
    
    
    
    1998
    
    
    
    2/23/2005
    
    
    
    5 to 40 yearsCicero
    
    NY
    
    
    
    
    
    
    527
    
    
    
    2,121
    
    
    
    489
    
    
    
    527
    
    
    
    2,610
    
    
    
    3,137
    
    
    
    187
    
    
    
    1988/02
    
    
    
    3/16/2005
    
    
    
    5 to 40 yearsBay Shore
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,609
    
    
    
    49
    
    
    
    1,131
    
    
    
    4,658
    
    
    
    5,789
    
    
    
    345
    
    
    
    2003
    
    
    
    3/15/2005
    
    
    
    5 to 40 yearsSpringfield-Congress
    
    MA
    
    
    
    
    
    
    612
    
    
    
    2,501
    
    
    
    70
    
    
    
    612
    
    
    
    2,571
    
    
    
    3,183
    
    
    
    186
    
    
    
    1965/75
    
    
    
    4/12/2005
    
    
    
    5 to 40 yearsStamford-Hope
    
    CT
    
    
    
    
    
    
    1,612
    
    
    
    6,585
    
    
    
    84
    
    
    
    1,612
    
    
    
    6,669
    
    
    
    8,281
    
    
    
    484
    
    
    
    2002
    
    
    
    4/14/2005
    
    
    
    5 to 40 yearsHouston-Jones
    
    TX
    
    
    3,643
    
    
    
    1,214
    
    
    
    4,949
    
    
    
    55
    
    
    
    1,215
    
    
    
    5,003
    
    
    
    6,218
    
    
    
    337
    
    
    
    1997/99
    
    
    
    6/6/2005
    
    
    
    5 to 40 yearsMontgomery-Richard
    
    AL
    
    
    
    
    
    
    1,906
    
    
    
    7,726
    
    
    
    85
    
    
    
    1,906
    
    
    
    7,811
    
    
    
    9,717
    
    
    
    526
    
    
    
    1997
    
    
    
    6/1/2005
    
    
    
    5 to 40 yearsOxford
    
    MA
    
    
    
    
    
    
    470
    
    
    
    1,902
    
    
    
    81
    
    
    
    470
    
    
    
    1,983
    
    
    
    2,453
    
    
    
    129
    
    
    
    2002
    
    
    
    6/23/2005
    
    
    
    5 to 40 yearsAustin-290E
    
    TX
    
    
    
    
    
    
    537
    
    
    
    2,183
    
    
    
    98
    
    
    
    537
    
    
    
    2,281
    
    
    
    2,818
    
    
    
    151
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsSanAntonio-Marbach
    
    TX
    
    
    
    
    
    
    556
    
    
    
    2,265
    
    
    
    146
    
    
    
    556
    
    
    
    2,411
    
    
    
    2,967
    
    
    
    153
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsAustin-South 1st
    
    TX
    
    
    
    
    
    
    754
    
    
    
    3,065
    
    
    
    51
    
    
    
    754
    
    
    
    3,116
    
    
    
    3,870
    
    
    
    203
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsPinehurst
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,977
    
    
    
    89
    
    
    
    484
    
    
    
    2,066
    
    
    
    2,550
    
    
    
    136
    
    
    
    2002/04
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsMarietta-Austell
    
    GA
    
    
    
    
    
    
    811
    
    
    
    3,397
    
    
    
    429
    
    
    
    811
    
    
    
    3,826
    
    
    
    4,637
    
    
    
    237
    
    
    
    2003
    
    
    
    9/15/2005
    
    
    
    5 to 40 yearsBaton Rouge-Florida
    
    LA
    
    
    
    
    
    
    719
    
    
    
    2,927
    
    
    
    112
    
    
    
    719
    
    
    
    3,039
    
    
    
    3,758
    
    
    
    173
    
    
    
    1984/94
    
    
    
    11/15/2005
    
    
    
    5 to 40 yearsCypress
    
    TX
    
    
    
    
    
    
    721
    
    
    
    2,994
    
    
    
    1,079
    
    
    
    721
    
    
    
    4,073
    
    
    
    4,794
    
    
    
    197
    
    
    
    2003
    
    
    
    1/13/2006
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    867
    
    
    
    3,499
    
    
    
    48
    
    
    
    867
    
    
    
    3,547
    
    
    
    4,414
    
    
    
    185
    
    
    
    2003
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsSan Marcos-Hwy 35S
    
    TX
    
    
    
    
    
    
    628
    
    
    
    2,532
    
    
    
    427
    
    
    
    982
    
    
    
    2,605
    
    
    
    3,587
    
    
    
    135
    
    
    
    2001
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsBaytown
    
    TX
    
    
    
    
    
    
    596
    
    
    
    2,411
    
    
    
    61
    
    
    
    596
    
    
    
    2,472
    
    
    
    3,068
    
    
    
    131
    
    
    
    2002
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsWebster
    
    NY
    
    
    
    
    
    
    937
    
    
    
    3,779
    
    
    
    89
    
    
    
    937
    
    
    
    3,868
    
    
    
    4,805
    
    
    
    188
    
    
    
    2002/06
    
    
    
    2/1/2006
    
    
    
    5 to 40 yearsHouston-Jones Rd 2
    
    TX
    
    
    
    
    
    
    707
    
    
    
    2,933
    
    
    
    1,974
    
    
    
    707
    
    
    
    4,907
    
    
    
    5,614
    
    
    
    184
    
    
    
    2000/07
    
    
    
    3/9/2006
    
    
    
    5 to 40 yearsCameron-Scott
    
    LA
    
    
    1,022
    
    
    
    411
    
    
    
    1,621
    
    
    
    124
    
    
    
    411
    
    
    
    1,745
    
    
    
    2,156
    
    
    
    89
    
    
    
    1997
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsLafayette-Westgate
    
    LA
    
    
    
    
    
    
    463
    
    
    
    1,831
    
    
    
    50
    
    
    
    463
    
    
    
    1,881
    
    
    
    2,344
    
    
    
    88
    
    
    
    2001/04
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsBroussard
    
    LA
    
    
    
    
    
    
    601
    
    
    
    2,406
    
    
    
    1,209
    
    
    
    601
    
    
    
    3,615
    
    
    
    4,216
    
    
    
    119
    
    
    
    2002/07
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsCongress-Lafayette
    
    LA
    
    
    1,122
    
    
    
    542
    
    
    
    1,319
    
    
    
    62
    
    
    
    542
    
    
    
    1,381
    
    
    
    1,923
    
    
    
    69
    
    
    
    1997/99
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsManchester
    
    NH
    
    
    
    
    
    
    832
    
    
    
    3,268
    
    
    
    55
    
    
    
    832
    
    
    
    3,323
    
    
    
    4,155
    
    
    
    144
    
    
    
    2000
    
    
    
    4/26/2006
    
    
    
    5 to 40 yearsNashua
    
    NH
    
    
    
    
    
    
    617
    
    
    
    2,422
    
    
    
    207
    
    
    
    617
    
    
    
    2,629
    
    
    
    3,246
    
    
    
    101
    
    
    
    1989
    
    
    
    6/29/2006
    
    
    
    5 to 40 yearsLargo 2
    
    FL
    
    
    2,457
    
    
    
    1,270
    
    
    
    5,037
    
    
    
    143
    
    
    
    1,270
    
    
    
    5,180
    
    
    
    6,450
    
    
    
    200
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsPinellas Park
    
    FL
    
    
    
    
    
    
    929
    
    
    
    3,676
    
    
    
    86
    
    
    
    929
    
    
    
    3,762
    
    
    
    4,691
    
    
    
    145
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsTarpon Springs
    
    FL
    
    
    2,282
    
    
    
    696
    
    
    
    2,739
    
    
    
    60
    
    
    
    696
    
    
    
    2,799
    
    
    
    3,495
    
    
    
    109
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsNew Orleans
    
    LA
    
    
    4,162
    
    
    
    1,220
    
    
    
    4,805
    
    
    
    51
    
    
    
    1,220
    
    
    
    4,856
    
    
    
    6,076
    
    
    
    192
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Meramec
    
    MO
    
    
    4,802
    
    
    
    1,113
    
    
    
    4,359
    
    
    
    123
    
    
    
    1,113
    
    
    
    4,482
    
    
    
    5,595
    
    
    
    173
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Charles Rock
    
    MO
    
    
    
    
    
    
    766
    
    
    
    3,040
    
    
    
    61
    
    
    
    766
    
    
    
    3,101
    
    
    
    3,867
    
    
    
    119
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Shackelford
    
    MO
    
    
    2,413
    
    
    
    828
    
    
    
    3,290
    
    
    
    67
    
    
    
    828
    
    
    
    3,357
    
    
    
    4,185
    
    
    
    131
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-W.Washington
    
    MO
    
    
    3,842
    
    
    
    734
    
    
    
    2,867
    
    
    
    356
    
    
    
    734
    
    
    
    3,223
    
    
    
    3,957
    
    
    
    123
    
    
    
    1980/01
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Howdershell
    
    MO
    
    
    
    
    
    
    899
    
    
    
    3,596
    
    
    
    149
    
    
    
    899
    
    
    
    3,745
    
    
    
    4,644
    
    
    
    146
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Lemay Ferry
    
    MO
    
    
    
    
    
    
    890
    
    
    
    3,552
    
    
    
    94
    
    
    
    890
    
    
    
    3,646
    
    
    
    4,536
    
    
    
    141
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Manchester
    
    MO
    
    
    3,628
    
    
    
    697
    
    
    
    2,711
    
    
    
    69
    
    
    
    697
    
    
    
    2,780
    
    
    
    3,477
    
    
    
    109
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsArlington-Little Rd
    
    TX
    
    
    2,085
    
    
    
    1,256
    
    
    
    4,946
    
    
    
    114
    
    
    
    1,256
    
    
    
    5,060
    
    
    
    6,316
    
    
    
    195
    
    
    
    1998/03
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Goldmark
    
    TX
    
    
    
    
    
    
    605
    
    
    
    2,434
    
    
    
    40
    
    
    
    605
    
    
    
    2,474
    
    
    
    3,079
    
    
    
    97
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 years
 63




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedDallas-Manana
    
    TX
    
    
    
    
    
    
    607
    
    
    
    2,428
    
    
    
    91
    
    
    
    607
    
    
    
    2,519
    
    
    
    3,126
    
    
    
    97
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Manderville
    
    TX
    
    
    
    
    
    
    1,073
    
    
    
    4,276
    
    
    
    49
    
    
    
    1,073
    
    
    
    4,325
    
    
    
    5,398
    
    
    
    171
    
    
    
    2003
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Granbury
    
    TX
    
    
    1,871
    
    
    
    549
    
    
    
    2,180
    
    
    
    68
    
    
    
    549
    
    
    
    2,248
    
    
    
    2,797
    
    
    
    88
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Grapevine
    
    TX
    
    
    2,133
    
    
    
    644
    
    
    
    2,542
    
    
    
    36
    
    
    
    644
    
    
    
    2,578
    
    
    
    3,222
    
    
    
    101
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Blanco
    
    TX
    
    
    
    
    
    
    963
    
    
    
    3,836
    
    
    
    40
    
    
    
    963
    
    
    
    3,876
    
    
    
    4,839
    
    
    
    153
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Broadway
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,060
    
    
    
    68
    
    
    
    773
    
    
    
    3,128
    
    
    
    3,901
    
    
    
    124
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Huebner
    
    TX
    
    
    2,326
    
    
    
    1,175
    
    
    
    4,624
    
    
    
    36
    
    
    
    1,175
    
    
    
    4,660
    
    
    
    5,835
    
    
    
    178
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy II
    
    TN
    
    
    
    
    
    
    619
    
    
    
    2,471
    
    
    
    50
    
    
    
    619
    
    
    
    2,521
    
    
    
    3,140
    
    
    
    95
    
    
    
    2002
    
    
    
    8/7/2006
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    699
    
    
    
    2,784
    
    
    
    65
    
    
    
    699
    
    
    
    2,849
    
    
    
    3,548
    
    
    
    106
    
    
    
    1995/99
    
    
    
    8/1/2006
    
    
    
    5 to 40 yearsMontgomery-E.S.Blvd
    
    AL
    
    
    
    
    
    
    1,158
    
    
    
    4,639
    
    
    
    185
    
    
    
    1,158
    
    
    
    4,824
    
    
    
    5,982
    
    
    
    160
    
    
    
    1996/97
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Pepperell Pkwy
    
    AL
    
    
    
    
    
    
    590
    
    
    
    2,361
    
    
    
    100
    
    
    
    590
    
    
    
    2,461
    
    
    
    3,051
    
    
    
    80
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Gatewood Dr
    
    AL
    
    
    
    
    
    
    694
    
    
    
    2,758
    
    
    
    18
    
    
    
    694
    
    
    
    2,776
    
    
    
    3,470
    
    
    
    89
    
    
    
    2002/03
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Williams Rd
    
    GA
    
    
    
    
    
    
    736
    
    
    
    2,905
    
    
    
    67
    
    
    
    736
    
    
    
    2,972
    
    
    
    3,708
    
    
    
    100
    
    
    
    2002/04/06
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Miller Rd
    
    GA
    
    
    
    
    
    
    975
    
    
    
    3,854
    
    
    
    58
    
    
    
    975
    
    
    
    3,912
    
    
    
    4,887
    
    
    
    126
    
    
    
    1995
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Armour Rd
    
    GA
    
    
    
    
    
    
    0
    
    
    
    3,680
    
    
    
    63
    
    
    
    0
    
    
    
    3,743
    
    
    
    3,743
    
    
    
    124
    
    
    
    2004/05
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Amber Dr
    
    GA
    
    
    
    
    
    
    439
    
    
    
    1,745
    
    
    
    17
    
    
    
    439
    
    
    
    1,762
    
    
    
    2,201
    
    
    
    58
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsConcord
    
    NH
    
    
    
    
    
    
    813
    
    
    
    3,213
    
    
    
    27
    
    
    
    813
    
    
    
    3,240
    
    
    
    4,053
    
    
    
    96
    
    
    
    2000
    
    
    
    10/31/2006
    
    
    
    5 to 40 yearsBuffalo-Lagner
    
    NY
    
    
    
    
    
    
    532
    
    
    
    2,119
    
    
    
    50
    
    
    
    532
    
    
    
    2,169
    
    
    
    2,701
    
    
    
    41
    
    
    
    1993/07
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Transit
    
    NY
    
    
    
    
    
    
    437
    
    
    
    1,794
    
    
    
    51
    
    
    
    437
    
    
    
    1,845
    
    
    
    2,282
    
    
    
    38
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Lake
    
    NY
    
    
    
    
    
    
    638
    
    
    
    2,531
    
    
    
    155
    
    
    
    638
    
    
    
    2,686
    
    
    
    3,324
    
    
    
    55
    
    
    
    1997
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Union
    
    NY
    
    
    
    
    
    
    348
    
    
    
    1,344
    
    
    
    74
    
    
    
    348
    
    
    
    1,418
    
    
    
    1,766
    
    
    
    28
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Niagara Falls
    
    NY
    
    
    
    
    
    
    323
    
    
    
    1,331
    
    
    
    32
    
    
    
    323
    
    
    
    1,363
    
    
    
    1,686
    
    
    
    28
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Youngs
    
    NY
    
    
    
    
    
    
    315
    
    
    
    2,185
    
    
    
    26
    
    
    
    316
    
    
    
    2,210
    
    
    
    2,526
    
    
    
    24
    
    
    
    1999/00
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Sheridan
    
    NY
    
    
    
    
    
    
    961
    
    
    
    3,827
    
    
    
    40
    
    
    
    961
    
    
    
    3,867
    
    
    
    4,828
    
    
    
    75
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Transit
    
    NY
    
    
    
    
    
    
    375
    
    
    
    1,498
    
    
    
    141
    
    
    
    375
    
    
    
    1,639
    
    
    
    2,014
    
    
    
    33
    
    
    
    1990/95
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsRochester-Phillips
    
    NY
    
    
    
    
    
    
    1,003
    
    
    
    4,002
    
    
    
    23
    
    
    
    1,003
    
    
    
    4,025
    
    
    
    5,028
    
    
    
    78
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsGreenville
    
    MS
    
    
    
    
    
    
    1,100
    
    
    
    4,386
    
    
    
    80
    
    
    
    1,100
    
    
    
    4,466
    
    
    
    5,566
    
    
    
    118
    
    
    
    1994
    
    
    
    1/11/2007
    
    
    
    5 to 40 yearsPort Arthur
    
    TX
    
    
    
    
    
    
    929
    
    
    
    3,647
    
    
    
    53
    
    
    
    930
    
    
    
    3,699
    
    
    
    4,629
    
    
    
    79
    
    
    
    2002/04
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsBeaumont
    
    TX
    
    
    
    
    
    
    1,537
    
    
    
    6,018
    
    
    
    110
    
    
    
    1,537
    
    
    
    6,128
    
    
    
    7,665
    
    
    
    132
    
    
    
    2003/06
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,607
    
    
    
    6,338
    
    
    
    28
    
    
    
    1,607
    
    
    
    6,366
    
    
    
    7,973
    
    
    
    94
    
    
    
    1989/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,016
    
    
    
    4,013
    
    
    
    19
    
    
    
    1,017
    
    
    
    4,031
    
    
    
    5,048
    
    
    
    60
    
    
    
    1993/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport
    
    MS
    
    
    
    
    
    
    1,423
    
    
    
    5,624
    
    
    
    11
    
    
    
    1,423
    
    
    
    5,635
    
    
    
    7,058
    
    
    
    84
    
    
    
    1998/05
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,206
    
    
    
    4,775
    
    
    
    14
    
    
    
    1,206
    
    
    
    4,789
    
    
    
    5,995
    
    
    
    72
    
    
    
    1998/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMobile
    
    AL
    
    
    
    
    
    
    1,216
    
    
    
    4,819
    
    
    
    10
    
    
    
    1,216
    
    
    
    4,829
    
    
    
    6,045
    
    
    
    72
    
    
    
    2000/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport
    
    MS
    
    
    
    
    
    
    1,345
    
    
    
    5,325
    
    
    
    17
    
    
    
    1,345
    
    
    
    5,342
    
    
    
    6,687
    
    
    
    80
    
    
    
    2002/04
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,164
    
    
    
    4,624
    
    
    
    18
    
    
    
    1,164
    
    
    
    4,642
    
    
    
    5,806
    
    
    
    70
    
    
    
    2002/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsFoley
    
    AL
    
    
    
    
    
    
    1,346
    
    
    
    5,474
    
    
    
    13
    
    
    
    1,347
    
    
    
    5,486
    
    
    
    6,833
    
    
    
    84
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsPensacola
    
    FL
    
    
    
    
    
    
    1,029
    
    
    
    4,180
    
    
    
    18
    
    
    
    1,029
    
    
    
    4,198
    
    
    
    5,227
    
    
    
    66
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsAuburn
    
    AL
    
    
    
    
    
    
    686
    
    
    
    2,732
    
    
    
    11
    
    
    
    686
    
    
    
    2,743
    
    
    
    3,429
    
    
    
    42
    
    
    
    2003
    
    
    
    6/1/2007
    
    
    
    5 to 40 years
 64




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedGulfport
    
    MS
    
    
    
    
    
    
    1,811
    
    
    
    7,152
    
    
    
    11
    
    
    
    1,811
    
    
    
    7,163
    
    
    
    8,974
    
    
    
    106
    
    
    
    2004/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsPensacola
    
    FL
    
    
    
    
    
    
    732
    
    
    
    3,015
    
    
    
    13
    
    
    
    732
    
    
    
    3,028
    
    
    
    3,760
    
    
    
    49
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery
    
    AL
    
    
    
    
    
    
    1,075
    
    
    
    4,333
    
    
    
    20
    
    
    
    1,076
    
    
    
    4,352
    
    
    
    5,428
    
    
    
    66
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery
    
    AL
    
    
    
    
    
    
    885
    
    
    
    3,586
    
    
    
    13
    
    
    
    885
    
    
    
    3,599
    
    
    
    4,484
    
    
    
    55
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsSan Antonio
    
    TX
    
    
    
    
    
    
    676
    
    
    
    2,685
    
    
    
    50
    
    
    
    676
    
    
    
    2,735
    
    
    
    3,411
    
    
    
    42
    
    
    
    2003/06
    
    
    
    5/21/2007
    
    
    
    5 to 40 yearsBeaumont
    
    TX
    
    
    
    
    
    
    742
    
    
    
    3,024
    
    
    
    3
    
    
    
    742
    
    
    
    3,027
    
    
    
    3,769
    
    
    
    13
    
    
    
    2002/05
    
    
    
    11/14/2007
    
    
    
    5 to 40 yearsHattiesburg
    
    MS
    
    
    
    
    
    
    444
    
    
    
    1,799
    
    
    
    0
    
    
    
    444
    
    
    
    1,799
    
    
    
    2,243
    
    
    
    0
    
    
    
    1998
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsBiloxi
    
    MS
    
    
    
    
    
    
    384
    
    
    
    1,548
    
    
    
    0
    
    
    
    384
    
    
    
    1,548
    
    
    
    1,932
    
    
    
    0
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsFoley
    
    AL
    
    
    
    
    
    
    437
    
    
    
    1,757
    
    
    
    0
    
    
    
    437
    
    
    
    1,757
    
    
    
    2,194
    
    
    
    0
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsConstruction in progress
    
    
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    13,207
    
    
    
    0
    
    
    
    13,207
    
    
    
    13,207
    
    
    
    0
    
    
    
    2007Corporate Office
    
    NY
    
    
    
    
    
    
    0
    
    
    
    68
    
    
    
    10,898
    
    
    
    1,621
    
    
    
    9,345
    
    
    
    10,966
    
    
    
    5,758
    
    
    
    2000
    
    
    
    5/1/2000
    
    
    
    5 to 40 years$
    225,933
    
    
    $
    874,659
    
    
    $
    230,047
    
    
    $
    237,836
    
    
    $
    1,092,803
    
    
    $
    1,330,639
    
    
    $
    185,258
 
 (1)
    
    These properties are encumbered through one mortgage loan with an outstanding balance of $43.6
million at December 31, 2007.(2)
    
    These properties are encumbered through one mortgage loan with an outstanding balance of $29.1
million at December 31, 2007. 65




---



##### Table of Contents



December 31, 2007
    
    
    December 31, 2006
    
    
    December 31, 2005Cost:Balance at beginning of period
    
    
    
    
    
    $
    1,143,904
    
    
    
    
    
    
    $
    893,980
    
    
    
    
    
    
    $
    811,516Additions during period:Acquisitions through foreclosure
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    Other acquisitions
    
    
    136,653
    
    
    
    
    
    
    
    212,957
    
    
    
    
    
    
    
    65,001Improvements, etc.
    
    
    52,506
    
    
    
    
    
    
    
    37,066
    
    
    
    
    
    
    
    18,236189,159
    
    
    
    
    
    
    
    250,023
    
    
    
    
    
    
    
    83,237Deductions during period:Cost of real estate sold
    
    
    (2,424
    )
    
    
    (2,424
    )
    
    
    (99
    )
    
    
    (99
    )
    
    
    (773
    )
    
    
    (773
    )Balance at close of period
    
    
    
    
    
    $
    1,330,639
    
    
    
    
    
    
    $
    1,143,904
    
    
    
    
    
    
    $
    893,980Accumulated Depreciation:Balance at beginning of period
    
    
    
    
    
    $
    155,843
    
    
    
    
    
    
    $
    130,550
    
    
    
    
    
    
    $
    109,750Additions during period:Depreciation expense
    
    $
    30,196
    
    
    
    
    
    
    $
    25,347
    
    
    
    
    
    
    $
    21,22230,196
    
    
    
    
    
    
    
    25,347
    
    
    
    
    
    
    
    21,222Deductions during period:Accumulated
depreciation of real estate sold
    
    
    (781
    )
    
    
    (781
    )
    
    
    (54
    )
    
    
    (54
    )
    
    
    (422
    )
    
    
    (422
    )Balance at close of period
    
    
    
    
    
    $
    185,258
    
    
    
    
    
    
    $
    155,843
    
    
    
    
    
    
    $
    130,550
 66