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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, 2009
Commission File Number: 1-13820
 SOVRAN SELF STORAGE, INC.
  Maryland
    
    16-1194043(State of incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 Williamsville, NY 14221
 (716) 633-1850
  Title of Securities
    
    Exchanges on which RegisteredCommon Stock, $.01 Par Value
    
    New York Stock Exchange
  o þ
  o þ
  þ o
 o o
 o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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##### 



TABLE OF CONTENTS
 Part IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    8Item 1B. Unresolved Staff Comments
    
    
    13Item 2. Properties
    
    
    14Item 3. Legal Proceedings
    
    
    15Item 4. Submission of Matters to a Vote of Security Holders
    
    
    15Part IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    
    
    15Item 6. Selected Financial Data
    
    
    18Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    19Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    31Item 8. Financial Statements and Supplementary Data
    
    
    32Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    55Item 9A. Controls and Procedures
    
    
    55Part IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    57Item 11. Executive Compensation
    
    
    57Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
    
    
    57Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    57Item 14. Principal Accountant Fees and Services
    
    
    57Part IV
    
    
    57Item 15. Exhibits, Financial Statement SchedulesSIGNATURESEX-3.4EX-10.1EX-10.2EX-10.14EX-12.1EX-21.1EX-23.1EX-31.1EX-31.2EX-32.1
  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 their goods into storage, 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
   5




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Investment Policy
   Disposition Policy
   Distribution Policy
   Borrowing Policy
   6




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




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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
  We May Incur Problems with Our Real Estate Financing
 Unsecured Credit Facility and Term Notes.
 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.
 Covenants and Risk of Default
 8




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Our Debt Levels May Increase
  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 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 financing;
    
    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;
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
    
    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.
 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
 10




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
    
    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.
  Other Limitations.
 Our Failure to Qualify as a REIT Would Have Adverse Consequences
    We May Pay Some Taxes, Reducing Cash Available for Shareholders
  11




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We May Change the Dividend Policy for Our Common Stock in the Future
    We May Have Rescission Liability in Connection with Sales of Unregistered Shares to Certain
Investors
  12




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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
  Changes in Taxation of Corporate Dividends May Adversely Affect the Value of Our Common Stock
  
 Item 1B. Unresolved Staff Comments
  13




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Item 2.
    
    Properties
   ®
  Number ofStores at
    
    
    
    
    
    
    
    
    
    
    PercentageDecember 31,
    
    
    Square
    
    
    Number of
    
    
    of Store2009
    
    
    Feet
    
    
    Spaces
    
    
    RevenueAlabama
    
    
    22
    
    
    
    1,587,552
    
    
    
    11,895
    
    
    
    4.9
    %Arizona
    
    
    9
    
    
    
    532,834
    
    
    
    4,723
    
    
    
    2.3
    %Connecticut
    
    
    5
    
    
    
    300,860
    
    
    
    2,866
    
    
    
    1.9
    %Colorado
    
    
    4
    
    
    
    276,927
    
    
    
    2,374
    
    
    
    1.3
    %Florida
    
    
    57
    
    
    
    3,641,512
    
    
    
    33,394
    
    
    
    15.1
    %Georgia
    
    
    27
    
    
    
    1,710,528
    
    
    
    13,935
    
    
    
    6.1
    %Kentucky
    
    
    2
    
    
    
    144,872
    
    
    
    1,323
    
    
    
    0.6
    %Louisiana
    
    
    14
    
    
    
    836,350
    
    
    
    7,309
    
    
    
    3.7
    %Maine
    
    
    2
    
    
    
    114,265
    
    
    
    1,010
    
    
    
    0.5
    %Maryland
    
    
    4
    
    
    
    172,083
    
    
    
    2,037
    
    
    
    0.9
    %Massachusetts
    
    
    12
    
    
    
    664,614
    
    
    
    6,067
    
    
    
    3.2
    %Michigan
    
    
    6
    
    
    
    354,608
    
    
    
    3,035
    
    
    
    1.1
    %Mississippi
    
    
    12
    
    
    
    922,933
    
    
    
    7,116
    
    
    
    3.4
    %Missouri
    
    
    7
    
    
    
    432,039
    
    
    
    3,791
    
    
    
    2.0
    %New Hampshire
    
    
    4
    
    
    
    259,555
    
    
    
    2,331
    
    
    
    1.0
    %New York
    
    
    28
    
    
    
    1,590,577
    
    
    
    14,566
    
    
    
    8.4
    %North Carolina
    
    
    14
    
    
    
    723,262
    
    
    
    6,223
    
    
    
    2.7
    %Ohio
    
    
    23
    
    
    
    1,558,905
    
    
    
    12,900
    
    
    
    5.5
    %Pennsylvania
    
    
    4
    
    
    
    208,400
    
    
    
    1,630
    
    
    
    0.8
    %Rhode Island
    
    
    4
    
    
    
    168,346
    
    
    
    1,565
    
    
    
    0.8
    %South Carolina
    
    
    8
    
    
    
    443,158
    
    
    
    3,782
    
    
    
    1.7
    %Tennessee
    
    
    4
    
    
    
    291,204
    
    
    
    2,457
    
    
    
    0.9
    %Texas
    
    
    90
    
    
    
    6,624,499
    
    
    
    54,563
    
    
    
    26.9
    %Virginia
    
    
    19
    
    
    
    1,130,226
    
    
    
    10,528
    
    
    
    4.3
    %Total
    
    
    381
    
    
    
    24,690,109
    
    
    
    211,420
    
    
    
    100.0
    %
 14




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Item 3.
    
    Legal Proceedings
  
 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 2008
    
    High
    
    Low1st
    
    $
    44.62
    
    
    $
    33.562nd
    
    
    46.50
    
    
    
    41.373rd
    
    
    46.15
    
    
    
    35.774th
    
    
    44.16
    
    
    
    19.18
 Quarter 2009
    
    High
    
    Low1st
    
    $
    36.12
    
    
    $
    16.402nd
    
    
    26.95
    
    
    
    19.283rd
    
    
    33.33
    
    
    
    22.694th
    
    
    38.06
    
    
    
    28.88
    History of Dividends Declared on Common Stock
 March 2008
    
    $0.630 per shareJune 2008
    
    $0.630 per shareSeptember 2008
    
    $0.640 per shareDecember 2008
    
    $0.640 per shareMarch 2009
    
    $0.640 per shareJuly 2009
    
    $0.450 per shareOctober 2009
    
    $0.450 per shareJanuary 2010
    
    $0.450 per share
 15




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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
    
    
    316,163
    
    
    $
    42.86
    
    
    
    998,3301995 Award and Option Plan
    
    
    46,300
    
    
    $
    27.23
    
    
    
    02009 Outside Directors Stock Option and
Award Plan
    
    
    9,500
    
    
    $
    23.15
    
    
    
    137,0441995 Outside Directors Stock Option Plan
    
    
    25,505
    
    
    $
    46.23
    
    
    
    0Deferred Compensation Plan for Directors (1)
    
    
    29,390
    
    
    
    N/A
    
    
    
    27,671Equity 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. 16




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CORPORATE PERFORMANCE GRAPH
  
 CUMULATIVE TOTAL SHAREHOLDER RETURN
SOVRAN SELF STORAGE, INC.
DECEMBER 31, 2004  DECEMBER 31, 2009
 Dec. 31, 2004
    
    
    Dec. 31, 2005
    
    
    Dec. 31, 2006
    
    
    Dec. 31, 2007
    
    
    Dec. 31, 2008
    
    
    Dec. 31, 2009S&P
    
    
    100.00
    
    
    
    104.91
    
    
    
    121.48
    
    
    
    128.15
    
    
    
    80.74
    
    
    
    102.11NAREIT
    
    
    100.00
    
    
    
    112.17
    
    
    
    151.49
    
    
    
    127.72
    
    
    
    79.54
    
    
    
    101.80SSS
    
    
    100.00
    
    
    
    117.89
    
    
    
    150.77
    
    
    
    110.72
    
    
    
    105.80
    
    
    
    114.07
  17




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Item 6. Selected Financial Data
  At or For Year Ended December 31,(dollars in thousands, except per share data)
    
    2009
    
    2008
    
    2007
    
    2006
    
    2005Operating DataOperating revenues
    
    $
    195,011
    
    
    $
    200,193
    
    
    $
    190,013
    
    
    $
    162,541
    
    
    $
    134,524Income from continuing operations
    
    
    22,438
    
    
    
    37,803
    
    
    
    40,184
    
    
    
    37,306
    
    
    
    34,379(Loss) income from discontinued
operations (1)
    
    
    (784
    )
    
    
    1,880
    
    
    
    1,661
    
    
    
    1,738
    
    
    
    1,940Net income
    
    
    21,654
    
    
    
    39,683
    
    
    
    41,845
    
    
    
    39,044
    
    
    
    36,319Net income attributable to common
shareholders
    
    
    19,916
    
    
    
    37,399
    
    
    
    37,958
    
    
    
    34,098
    
    
    
    30,667Income from continuing operations per
common share attributable to common
shareholders  diluted
    
    
    0.87
    
    
    
    1.63
    
    
    
    1.73
    
    
    
    1.80
    
    
    
    1.72Net income per common share
attributable to common shareholders 
basic
    
    
    0.84
    
    
    
    1.72
    
    
    
    1.81
    
    
    
    1.90
    
    
    
    1.86Net income per common share
attributable to common shareholders 
diluted
    
    
    0.84
    
    
    
    1.72
    
    
    
    1.81
    
    
    
    1.89
    
    
    
    1.84Dividends declared per common share (2)
    
    
    1.54
    
    
    
    2.54
    
    
    
    2.50
    
    
    
    2.47
    
    
    
    2.44Balance Sheet DataInvestment in storage facilities at cost
    
    $
    1,387,583
    
    
    $
    1,366,615
    
    
    $
    1,300,847
    
    
    $
    1,115,255
    
    
    $
    865,692Total assets
    
    
    1,185,201
    
    
    
    1,212,528
    
    
    
    1,164,475
    
    
    
    1,053,033
    
    
    
    784,195Total debt
    
    
    481,219
    
    
    
    623,261
    
    
    
    566,517
    
    
    
    462,027
    
    
    
    339,144Total liabilities
    
    
    520,142
    
    
    
    692,381
    
    
    
    610,644
    
    
    
    495,175
    
    
    
    364,856Series C preferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,613
    
    
    
    26,613Other DataNet cash provided by operating
activities
    
    $
    59,123
    
    
    $
    77,132
    
    
    $
    85,175
    
    
    $
    64,656
    
    
    $
    60,724Net cash used in investing activities
    
    
    (4,448
    )
    
    
    (82,711
    )
    
    
    (190,267
    )
    
    
    (176,567
    )
    
    
    (79,156
    )Net cash (used in) provided by
financing activities
    
    
    (48,451
    )
    
    
    6,055
    
    
    
    61,372
    
    
    
    154,730
    
    
    
    20,238
 
 (1)
    
    In 2009 we sold five stores and in 2008 we sold one store whose results of operations
and (loss) gain on disposal are classified as discontinued operations for all previous
years presented.(2)
    
    In 2009 we declared dividends in March, July, and October (see Item 5). On January 4,
2010 we declared a dividend of $0.45 per common share, and therefore it is not included in
the 2009 column. 18




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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:
 -
    
    We seek to differentiate our self-storage facilities from our competition
through innovative marketing and value-added product offerings including:
 -
    
    Our Customer Care Center, which answers sales inquiries
and makes reservations for all of our Properties on a centralized basis,-
    
    The Uncle Bobs truck move-in program, under which, at present, 258
of our stores offer a free Uncle Bobs truck to assist our customers in moving
into their spaces,-
    
    Our dehumidification system, known as Dri-guard, which provides our
customers with a better environment to store their goods and improves yields on
our Properties, and-
    
    Internet marketing and sales.
 -
    
    Our Name your Price concession differentiates us from the free month offer
now prevalent in our industry, and allows us to engage the customer in a unique manner.
We are able to customize this offer based on occupancies and demand.-
    
    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.
 19




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-
    
    In addition, our managers are better qualified and receive a significantly
higher level of training than they did in the past, customer access and security are
greatly enhanced as a result of advances in technology, and property appearance and
functionality have been improved.
 B.
    
    Acquiring additional stores:
 -
    
    Our objective is to acquire new stores one or two at a time in markets we
currently operate in. 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 may also 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.
 C.
    
    Expanding our management business:
 -
    
    We see our management business as a source of future acquisitions. We may
develop additional joint ventures in which we are minority owners and managers of the
self-storage facilities acquired by these joint ventures. The joint venture agreements
will give us first right of refusal to purchase the managed properties in the event
they are offered for sale.
 D.
    
    Expanding and enhancing our existing stores:
 -
    
    Over the past five years, we have undertaken a program of expanding and
enhancing our Properties. In 2007, we expended approximately $25 million to add some
444,000 square feet of premium space (i.e., air-conditioned and/or humidity controlled)
to our Properties; in 2008, we spent approximately $26 million to add 403,000 square
feet and to convert 95,000 square feet to premium storage; and in 2009, we completed
construction of a new 78,000 square foot facility in Richmond Virginia, added 175,000
square feet to other existing Properties, and converted 64,000 square feet to premium
storage for a total cost of approximately $18 million.
 Supply and Demand
  Operating Trends
  20




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Critical Accounting Policies and Estimates
      21




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Recent Accounting Pronouncements
 Amendments to FASB Interpretation No. 46(R) Variable Interest Entities
 YEAR ENDED DECEMBER 31, 2009 COMPARED TO
YEAR ENDED DECEMBER 31, 2008
     22




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
    
    A credit ratings downgrade by Fitch Ratings in May 2009 on our unsecured floating
rate notes triggered a 1.75% increase in the interest rate on our $150 million term
notes and a 0.375% increase in the interest rate on our $250 million term notes. The
increase was effective from May to October of 2009, at which time our credit rating was
upgraded back to investment grade rating after our common stock offering in October
2009;
    
    At March 31, 2009, the Company had violated the leverage ratio covenant contained in
the line of credit and term note agreements. In May 2009, the Company obtained a
waiver of the violation as of March 31, 2009. The fees paid to obtain the waiver were
approximately $0.9 million and are included in 2009 interest expense and;
    
    On October 5, 2009, the Company used proceeds from the issuance of common stock to
terminate the interest rate swap agreements with notional amounts of $75 million and
$25 million (see Note 9 of our financial statements). The total cost to terminate the
swaps was $8.4 million and is included as additional interest expense in 2009 and;
    
    In October 2009, we wrote-off to interest expense $0.6 million of unamortized
financing fees related to the $100 million term note that was repaid with the proceeds
of the common stock offering.
    YEAR ENDED DECEMBER 31, 2008 COMPARED TO
YEAR ENDED DECEMBER 31, 2007
    23




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FUNDS FROM OPERATIONS
    24




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Reconciliation of Net Income to Funds From Operations
 For Year Ended December 31,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net income attributable to common
shareholders
    
    $
    19,916
    
    
    $
    37,399
    
    
    $
    37,958
    
    
    $
    34,098
    
    
    $
    30,667Net income attributable to
noncontrolling interests
    
    
    1,738
    
    
    
    2,284
    
    
    
    2,631
    
    
    
    2,434
    
    
    
    1,529Depreciation of real estate and
amortization of intangible assets
exclusive of deferred financing fees
    
    
    33,385
    
    
    
    33,876
    
    
    
    33,360
    
    
    
    24,653
    
    
    
    20,604Depreciation of real estate
included in discontinued operations
    
    
    434
    
    
    
    591
    
    
    
    676
    
    
    
    652
    
    
    
    618Depreciation and amortization from
unconsolidated joint ventures
    
    
    820
    
    
    
    333
    
    
    
    59
    
    
    
    168
    
    
    
    484Casualty gain
    
    
    
    
    
    
    
    
    
    
    (114
    )
    
    
    
    
    
    
    Loss (gain) on sale of real estate
    
    
    509
    
    
    
    (716
    )
    
    
    
    
    
    
    
    
    
    
    Funds from operations allocable to
noncontrolling interest in
Operating
Partnership
    
    
    (984
    )
    
    
    (1,366
    )
    
    
    (1,425
    )
    
    
    (1,450
    )
    
    
    (1,519
    )Funds from operations allocable to
noncontrolling interest in
consolidated joint ventures
    
    
    (1,360
    )
    
    
    (1,564
    )
    
    
    (1,848
    )
    
    
    (1,785
    )
    
    
    (1,499
    )Funds from operations available to
common shareholders
    
    $
    54,458
    
    
    $
    70,837
    
    
    $
    71,297
    
    
    $
    58,770
    
    
    $
    50,884
 LIQUIDITY AND CAPITAL RESOURCES
    25




---



##### Table of Contents



26




---



##### Table of Contents



*
    
    7.80% mortgage note due December 2011, secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book value of $42.7 million, principal
and interest paid monthly. The outstanding balance at December 31, 2009 on
this mortgage was $28.4 million.*
    
    7.19% mortgage note due March 2012, secured by 27 self-storage facilities
(Locke Sovran II) with an aggregate net book value of $80.3 million, principal
and interest paid monthly. The outstanding balance at December 31, 2009 on
this mortgage was $41.5 million.*
    
    7.25% mortgage note due December 2011, secured by 1 self-storage facility
with an aggregate net book value of $5.7 million, principal and interest paid
monthly. Estimated market rate at time of acquisition 5.40%. The outstanding
balance at December 31, 2008 on this mortgage was $3.4 million.*
    
    6.76% mortgage note due September 2013, secured by 1 self-storage facility
with an aggregate net book value of $2.0 million, principal and interest paid
monthly. The outstanding balance at December 31, 2009 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 $3.7 million, principal and interest paid
monthly. The outstanding balance at December 31, 2009 on this mortgage was
$1.1 million.*
    
    7.50% mortgage notes due August 2011, secured by 3 self-storage facilities
with an aggregate net book value of $14.0 million, principal and interest paid
monthly. Estimated market rate at time of acquisition 6.42%. The outstanding
balance at December 31, 2009 on this mortgage was $5.9 million.
     27




---



##### Table of Contents



CONTRACTUAL OBLIGATIONS
  Payments due by periodContractualobligations


    Total
    

    2010
    

    2011-2012
    

    2013-2014
    

    2015 and thereafterLine of credit
    

    
    

    
    

    
    

    
    

    Term notes
    
$
    400.0 million
    

    
    
$
    150.0 million
    
$
    100.0 million
    
$
    150.0 millionMortgages payable
    
$
    81.2 million
    
$
    2.2 million
    
$
    77.1 million
    
$
    1.9 million
    

    Interest payments
    
$
    99.2 million
    
$
    23.8 million
    
$
    40.6 million
    
$
    22.9 million
    
$
    11.9 millionInterest rate swap
payments
    
$
    11.5 million
    
$
    7.0 million
    
$
    4.2 million
    
$
    0.3 million
    

    Land lease
    
$
    1.1 million
    
$
    0.1 million
    
$
    0.1 million
    
$
    0.1 million
    
$
    0.8 millionBuilding leases
    
$
    0.1 million
    
$
    0.1 million
    

    
    

    
    

    Total
    
$
    593.1 million
    
$
    33.2 million
    
$
    272.0 million
    
$
    125.2 million
    
$
    162.7 million
  ACQUISITION OF PROPERTIES
  FUTURE ACQUISITION AND DEVELOPMENT PLANS
   DISPOSITION OF PROPERTIES
   28




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##### Table of Contents



OFF-BALANCE SHEET ARRANGEMENTS
     Sovran HHFStorage
    
    
    Iskalo Office(dollars in thousands)
    
    Holdings LLC
    
    
    Holdings, LLCBalance Sheet Data:Investment in storage facilities, net
    
    $
    168,237
    
    
    $
    Investment in office building
    
    
    
    
    
    
    5,322Other assets
    
    
    3,575
    
    
    
    688Total Assets
    
    $
    171,812
    
    
    $
    6,010Due to the Company
    
    $
    173
    
    
    $
    Mortgages payable
    
    
    78,512
    
    
    
    7,037Other liabilities
    
    
    2,087
    
    
    
    224Total Liabilities
    
    
    80,772
    
    
    
    7,261Unaffiliated partners equity (deficiency)
    
    
    72,832
    
    
    
    (714
    )Company equity (deficiency)
    
    
    18,208
    
    
    
    (537
    )Total Liabilities and Partners Equity (deficiency)
    
    $
    171,812
    
    
    $
    6,010Income Statement Data:Total revenues
    
    $
    17,702
    
    
    $
    1,129Total expenses
    
    
    16,761
    
    
    
    1,115Net income
    
    $
    941
    
    
    $
    14
  29




---



##### Table of Contents



Year ended December 31,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007Statement of OperationsOther operating income (management fees and acquisition
fee income)
    
    $
    1,243
    
    
    $
    1,135
    
    
    $
    General and administrative expenses (corporate office rent)
    
    
    608
    
    
    
    600
    
    
    
    561Equity in income of joint ventures
    
    
    235
    
    
    
    104
    
    
    
    119Distributions from unconsolidated joint ventures
    
    
    686
    
    
    
    345
    
    
    
    98Investing activitiesInvestment in joint ventures
    
    
    (331
    )
    
    
    (20,287
    )
    
    
    Reimbursement of advances to (advances to) joint ventures
    
    
    163
    
    
    
    (336
    )
    
    
    
 REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS
   INTEREST RATE RISK
  Fixed
    
    
    Floating RateNotional Amount
    
    Effective Date
    
    
    Expiration Date
    
    
    Rate Paid
    
    
    Received$20 Million
    
    
    9/4/05
    
    
    
    9/4/13
    
    
    
    4.4350
    %
    
    6 month LIBOR$50 Million
    
    
    7/1/08
    
    
    
    6/25/12
    
    
    
    4.2825
    %
    
    1 month LIBOR$100 Million
    
    
    7/1/08
    
    
    
    6/22/12
    
    
    
    4.2965
    %
    
    1 month LIBOR
    30




---



##### Table of Contents



Expected Maturity Date Including DiscountFair(dollars in thousands)
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    Total
    
    
    ValueLine of credit  variable rate LIBOR + 1.375
(1.61% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Notes Payable:Term note  variable rate LIBOR+1.625%
(1.86% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000Term note  variable rate LIBOR+1.50%
(2.23% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    $
    76,958Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    136,630Mortgage note  fixed rate 7.80%
    
    $
    630
    
    
    $
    27,817
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    28,447
    
    
    $
    29,454Mortgage note  fixed rate 7.19%
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    41,475
    
    
    $
    43,133Mortgage note  fixed rate 7.25%
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,369
    
    
    $
    3,385Mortgage note  fixed rate 6.76%
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    
    
    
    
    
    
    
    
    $
    977
    
    
    $
    1,011Mortgage note  fixed rate 6.35%
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    34
    
    
    $
    949
    
    
    
    
    
    
    $
    1,072
    
    
    $
    1,059Mortgage notes  fixed rate 7.50%
    
    $
    222
    
    
    $
    5,657
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,879
    
    
    $
    6,003Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    11,524
 INFLATION
  SEASONALITY
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
  31




---



##### Table of Contents



Item 8. Financial Statements and Supplementary Data
 Report of Independent Registered Public Accounting Firm
        
 32




---



##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
 December 31,(dollars in thousands, except share data)
    
    2009
    
    
    2008AssetsInvestment in storage facilities:Land
    
    $
    237,684
    
    
    $
    236,655Building, equipment, and construction in progress
    
    
    1,149,899
    
    
    
    1,129,9601,387,583
    
    
    
    1,366,615Less: accumulated depreciation
    
    
    (245,178
    )
    
    
    (212,301
    )Investment in storage facilities, net
    
    
    1,142,405
    
    
    
    1,154,314Cash and cash equivalents
    
    
    10,710
    
    
    
    4,486Accounts receivable
    
    
    2,405
    
    
    
    2,934Receivable from related parties
    
    
    
    
    
    
    14Receivable from unconsolidated joint venture
    
    
    173
    
    
    
    336Investment in unconsolidated joint venture
    
    
    19,944
    
    
    
    20,111Prepaid expenses
    
    
    4,250
    
    
    
    4,647Other assets
    
    
    5,314
    
    
    
    7,460Net assets of discontinued operations
    
    
    
    
    
    
    18,226Total Assets
    
    $
    1,185,201
    
    
    $
    1,212,528LiabilitiesLine of credit
    
    $
    
    
    
    $
    14,000Term notes
    
    
    400,000
    
    
    
    500,000Accounts payable and accrued liabilities
    
    
    22,339
    
    
    
    23,970Deferred revenue
    
    
    5,060
    
    
    
    5,570Fair value of interest rate swap agreements
    
    
    11,524
    
    
    
    25,490Accrued dividends
    
    
    
    
    
    
    14,090Mortgages payable
    
    
    81,219
    
    
    
    109,261Total Liabilities
    
    
    520,142
    
    
    
    692,381Noncontrolling redeemable Operating Partnership
Units at redemption value
    
    
    15,005
    
    
    
    15,118Shareholders EquityCommon stock $.01 par value, 100,000,000 shares
authorized, 27,547,027 shares outstanding
(22,016,348 at December 31, 2008)
    
    
    287
    
    
    
    232Additional paid-in capital
    
    
    814,988
    
    
    
    666,633Dividends in excess of net income
    
    
    (139,863
    )
    
    
    (122,581
    )Accumulated other comprehensive income
    
    
    (11,265
    )
    
    
    (25,162
    )Treasury stock at cost, 1,171,886 shares
    
    
    (27,175
    )
    
    
    (27,175
    )Total Shareholders Equity
    
    
    636,972
    
    
    
    491,947Noncontrolling interest- consolidated joint venture
    
    
    13,082
    
    
    
    13,082Total Equity
    
    
    650,054
    
    
    
    505,029Total Liabilities and Shareholders Equity
    
    $
    1,185,201
    
    
    $
    1,212,528
  33




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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)
    
    2009
    
    
    2008
    
    
    2007RevenuesRental income
    
    $
    186,892
    
    
    $
    192,474
    
    
    $
    183,802Other operating income
    
    
    8,119
    
    
    
    7,719
    
    
    
    6,211Total operating revenues
    
    
    195,011
    
    
    
    200,193
    
    
    
    190,013ExpensesProperty operations and maintenance
    
    
    51,955
    
    
    
    54,858
    
    
    
    51,466Real estate taxes
    
    
    19,591
    
    
    
    18,706
    
    
    
    17,095General and administrative
    
    
    18,650
    
    
    
    17,279
    
    
    
    15,234Depreciation and amortization
    
    
    33,384
    
    
    
    33,876
    
    
    
    33,360Total operating expenses
    
    
    123,580
    
    
    
    124,719
    
    
    
    117,155Income from operations
    
    
    71,431
    
    
    
    75,474
    
    
    
    72,858Other income (expenses)Interest expense
    
    
    (50,050
    )
    
    
    (38,097
    )
    
    
    (33,861
    )Interest income
    
    
    85
    
    
    
    322
    
    
    
    954Casualty (loss) gain
    
    
    (390
    )
    
    
    
    
    
    
    114Gain on sale of land
    
    
    1,127
    
    
    
    
    
    
    
    Equity in income of joint ventures
    
    
    235
    
    
    
    104
    
    
    
    119Income from continuing operations
    
    
    22,438
    
    
    
    37,803
    
    
    
    40,184(Loss) income from discontinued operations
(including loss
on disposal of $1,636 in 2009 and gain on
disposal of $716
in 2008)
    
    
    (784
    )
    
    
    1,880
    
    
    
    1,661Net income
    
    
    21,654
    
    
    
    39,683
    
    
    
    41,845Preferred stock dividends
    
    
    
    
    
    
    
    
    
    
    (1,256
    )Net income attributable to noncontrolling interest
    
    
    (1,738
    )
    
    
    (2,284
    )
    
    
    (2,631
    )Net income attributable to common shareholders
    
    $
    19,916
    
    
    $
    37,399
    
    
    $
    37,958Earnings per common share attributable to common
shareholders  basicContinuing operations
    
    $
    0.87
    
    
    $
    1.63
    
    
    $
    1.73Discontinued operations
    
    
    (0.03
    )
    
    
    0.09
    
    
    
    0.08Earning per share  basic
    
    $
    0.84
    
    
    $
    1.72
    
    
    $
    1.81Earnings per common share attributable to common
shareholders  dilutedContinuing operations
    
    $
    0.87
    
    
    $
    1.63
    
    
    $
    1.73Discontinued operations
    
    
    (0.03
    )
    
    
    0.09
    
    
    
    0.08Earning per share  diluted
    
    $
    0.84
    
    
    $
    1.72
    
    
    $
    1.81Dividends declared per common share
    
    $
    1.54
    
    
    $
    2.54
    
    
    $
    2.50
  34




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND COMPREHENSIVE INCOME
 8.375% SeriesC Preferred
    
    
    8.375% Series C
    
    
    CommonStock
    
    
    Preferred
    
    
    Stock
    
    
    Common(dollars in thousands, except share data)
    
    Shares
    
    
    Stock
    
    
    Shares
    
    
    StockBalance January 1, 2007
    
    
    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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2007
    
    
    
    
    
    
    
    
    
    
    21,676,586
    
    
    
    228Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    285,308
    
    
    
    3Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    2,600
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    45,713
    
    
    
    1Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    6,141
    
    
    
    Carrying value less than redemption value on redeemed
partnership units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2008
    
    
    
    
    
    
    
    
    
    
    22,016,348
    
    
    
    232Net proceeds from the issuance of common stock
    
    
    
    
    
    
    
    
    
    
    4,025,000
    
    
    
    40Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    1,430,521
    
    
    
    14Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    3,770
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    59,590
    
    
    
    1Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    11,798
    
    
    
    Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2009
    
    
    
    
    
    $
    
    
    
    
    27,547,027
    
    
    $
    287
  35




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND COMPREHENSIVE INCOME
 Additional
    
    
    Dividends in
    
    
    AccumulatedPaid-in
    
    
    Excess of
    
    
    Other Comprehensive
    
    
    Treasury
    
    
    Total(dollars in thousands, except share data)
    
    Capital
    
    
    Net Income
    
    
    Income (loss)
    
    
    Stock
    
    
    EquityBalance January 1, 2007
    
    
    612,738
    
    
    
    (98,020
    )
    
    
    2,128
    
    
    
    (27,175
    )
    
    
    516,500Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    12,756
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,759Exercise of stock options
    
    
    425
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    425Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Earned portion of non-vested stock
    
    
    1,224
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,224Stock option expense
    
    
    183
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    183Deferred compensation outside directors
    
    
    161
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    161Conversion of Series C Preferred Stock to common stock and exercise of related stock warrants.
    
    
    26,604
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion of operating partnership units to common
stock
    
    
    167
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167Carrying value less than redemption value on redeemed
partnership units
    
    
    (117
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (117
    )Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    7,119
    
    
    
    
    
    
    
    
    
    
    
    7,119Net income
    
    
    
    
    
    
    39,214
    
    
    
    
    
    
    
    
    
    
    
    39,214Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    (3,496
    )
    
    
    
    
    
    
    (3,496
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,718Dividends
    
    
    
    
    
    
    (54,042
    )
    
    
    
    
    
    
    
    
    
    
    (54,042
    )Balance December 31, 2007
    
    
    654,141
    
    
    
    (105,729
    )
    
    
    (1,368
    )
    
    
    (27,175
    )
    
    
    520,097Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    10,654
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,657Exercise of stock options
    
    
    72
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1Earned portion of non-vested stock
    
    
    1,444
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,444Stock option expense
    
    
    279
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    279Deferred compensation outside directors
    
    
    112
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    112Carrying value less than redemption value on redeemed
partnership units
    
    
    (69
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (69
    )Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    1,439
    
    
    
    
    
    
    
    
    
    
    
    1,439Net income
    
    
    
    
    
    
    37,399
    
    
    
    
    
    
    
    
    
    
    
    37,399Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    (23,794
    )
    
    
    
    
    
    
    (23,794
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,605Dividends
    
    
    
    
    
    
    (55,690
    )
    
    
    
    
    
    
    
    
    
    
    (55,690
    )Balance December 31, 2008
    
    
    666,633
    
    
    
    (122,581
    )
    
    $
    (25,162
    )
    
    
    (27,175
    )
    
    
    491,947Net proceeds from the issuance of common stock
    
    
    113,931
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    113,971Net proceeds from issuance of stock through Dividend
Reinvestment and Stock Purchase Plan
    
    
    32,548
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    32,562Exercise of stock options
    
    
    62
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    62Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1Earned portion of non-vested stock
    
    
    1,379
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,379Stock option expense
    
    
    321
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    321Deferred compensation outside directors
    
    
    114
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    114Adjustment to redemption value of noncontrolling
redeemable Operating Partnership Units
    
    
    
    
    
    
    (156
    )
    
    
    
    
    
    
    
    
    
    
    (156
    )Net income
    
    
    
    
    
    
    19,916
    
    
    
    
    
    
    
    
    
    
    
    19,916Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    13,897
    
    
    
    
    
    
    
    13,897Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,813Dividends
    
    
    
    
    
    
    (37,042
    )
    
    
    
    
    
    
    
    
    
    
    (37,042
    )Balance December 31, 2009
    
    $
    814,988
    
    
    $
    (139,863
    )
    
    $
    (11,265
    )
    
    $
    (27,175
    )
    
    $
    636,972
 36




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended December 31,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007Operating ActivitiesNet income
    
    $
    21,654
    
    
    $
    39,683
    
    
    $
    41,845Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    35,656
    
    
    
    35,659
    
    
    
    34,999Loss (gain) on sale of storage facilities
    
    
    1,636
    
    
    
    (716
    )
    
    
    Gain on sale of land
    
    
    (1,127
    )
    
    
    
    
    
    
    Casualty loss (gain)
    
    
    390
    
    
    
    
    
    
    
    (114
    )Equity in income of joint ventures
    
    
    (235
    )
    
    
    (104
    )
    
    
    (119
    )Distributions from unconsolidated joint venture
    
    
    686
    
    
    
    345
    
    
    
    98Non-vested stock earned
    
    
    1,379
    
    
    
    1,444
    
    
    
    1,224Stock option expense
    
    
    321
    
    
    
    279
    
    
    
    183Changes in assets and liabilities:Accounts receivable
    
    
    509
    
    
    
    (171
    )
    
    
    (599
    )Prepaid expenses
    
    
    413
    
    
    
    118
    
    
    
    822Accounts payable and other liabilities
    
    
    (1,677
    )
    
    
    619
    
    
    
    7,082Deferred revenue
    
    
    (462
    )
    
    
    (24
    )
    
    
    (246
    )Net cash provided by operating activities
    
    
    59,143
    
    
    
    77,132
    
    
    
    85,175Investing ActivitiesAcquisition of storage facilities
    
    
    
    
    
    
    (18,547
    )
    
    
    (138,059
    )Improvements, equipment additions, and construction in progress
    
    
    (22,261
    )
    
    
    (45,709
    )
    
    
    (52,441
    )Net proceeds from the sale of storage facility
    
    
    16,309
    
    
    
    7,002
    
    
    
    Net proceeds from the sale of land
    
    
    1,140
    
    
    
    
    
    
    
    Casualty insurance proceeds received
    
    
    518
    
    
    
    
    
    
    
    1,692Investment in unconsolidated joint venture
    
    
    (331
    )
    
    
    (20,287
    )
    
    
    Additional investment in consolidated joint ventures net of cash acquired
    
    
    
    
    
    
    (6,106
    )
    
    
    Reimbursement of advances (advances) to joint ventures
    
    
    163
    
    
    
    (336
    )
    
    
    Reimbursement of (payment of) property deposits
    
    
    
    
    
    
    1,259
    
    
    
    (1,469
    )Receipts from related parties
    
    
    14
    
    
    
    13
    
    
    
    10Net cash used in investing activities
    
    
    (4,448
    )
    
    
    (82,711
    )
    
    
    (190,267
    )Financing ActivitiesNet proceeds from sale of common stock
    
    
    146,710
    
    
    
    10,842
    
    
    
    13,345Proceeds from line of credit
    
    
    30,000
    
    
    
    14,000
    
    
    
    112,000Repayment of line of credit and term note
    
    
    (144,000
    )
    
    
    (206,000
    )
    
    
    (12,000
    )Proceeds from term notes
    
    
    
    
    
    
    250,000
    
    
    
    6,000Financing costs
    
    
    
    
    
    
    (3,085
    )
    
    
    (316
    )Dividends paid  common stock
    
    
    (51,133
    )
    
    
    (55,256
    )
    
    
    (51,805
    )Dividends paid  preferred stock
    
    
    
    
    
    
    
    
    
    
    (1,256
    )Distributions to noncontrolling interest holders
    
    
    (2,006
    )
    
    
    (2,633
    )
    
    
    (2,912
    )Redemption of operating partnership units
    
    
    
    
    
    
    (114
    )
    
    
    (174
    )Mortgage principal and capital lease payments
    
    
    (28,042
    )
    
    
    (1,699
    )
    
    
    (1,510
    )Net cash (used in) provided by financing activities
    
    
    (48,471
    )
    
    
    6,055
    
    
    
    61,372Net increase (decrease) in cash
    
    
    6,224
    
    
    
    476
    
    
    
    (43,720
    )Cash at beginning of period
    
    
    4,486
    
    
    
    4,010
    
    
    
    47,730Cash at end of period
    
    $
    10,710
    
    
    $
    4,486
    
    
    $
    4,010Supplemental cash flow informationCash paid for interest, net of interest capitalized
    
    $
    49,154
    
    
    $
    37,970
    
    
    $
    32,313Fair value of net liabilities assumed on the acquisition of storage facilities
    
    
    
    
    
    
    107
    
    
    
    1,580
   37




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##### Table of Contents



SOVRAN SELF STORAGE, INC.  DECEMBER 31, 2009
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. ORGANIZATION
 ®
 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
   Consolidation Noncontrolling Interests in
Consolidated Financial Statements
  38




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##### Table of Contents



(Dollars in thousands)
    
    2009
    
    
    2008Beginning balance noncontrolling interests  consolidated joint venture
    
    $
    13,082
    
    
    $
    16,783Carrying value of Locke Sovran I, LLC purchased in 2008 for $6.1 million
    
    
    
    
    
    
    (3,701
    )Net income attributable to noncontrolling interests  consolidated joint venture
    
    
    1,360
    
    
    
    1,563Distributions
    
    
    (1,360
    )
    
    
    (1,563
    )Ending balance noncontrolling interests  consolidated joint venture
    
    $
    13,082
    
    
    $
    13,082
  (Dollars in thousands)
    
    2009
    
    
    2008Beginning balance noncontrolling redeemable Operating Partnership Units
    
    $
    15,118
    
    
    $
    16,951Redemption of Operating Partnership Units
    
    
    
    
    
    
    (115
    )Redemption value in excess of carrying value
    
    
    
    
    
    
    70Net income attributable to noncontrolling interests  consolidated joint venture
    
    
    378
    
    
    
    721Distributions
    
    
    (647
    )
    
    
    (1,070
    )Adjustment to redemption value
    
    
    156
    
    
    
    (1,439
    )Ending balance noncontrolling redeemable Operating Partnership Units
    
    $
    15,005
    
    
    $
    15,118
 Retrospective Impact of New Accounting Pronouncement Adopted January 1, 2009 (in thousands):
 Statement of Operations:
 For the Year Ended December 31, 2008:As Previously Reportedadjusted for discontinuedoperations
    
    
    Adjustments
    
    
    As AdjustedIncome from continuing operations
    
    $
    35,519
    
    
    $
    2,284
    
    
    $
    37,803Net income
    
    
    37,399
    
    
    
    2,284
    
    
    
    39,683Net income attributable to noncontrolling interest
    
    
    
    
    
    
    2,284
    
    
    
    2,284Net income attributable to common shareholders
    
    
    
    
    
    
    37,399
    
    
    
    37,399
 39




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##### Table of Contents



For the Year Ended December 31, 2007:As Previously Reportedadjusted for discontinuedoperations
    
    
    Adjustments
    
    
    As AdjustedIncome from continuing operations
    
    $
    37,553
    
    
    $
    2,631
    
    
    $
    40,184Net income
    
    
    39,214
    
    
    
    2,631
    
    
    
    41,845Net income attributable to noncontrolling interest
    
    
    
    
    
    
    2,631
    
    
    
    2,631Net income attributable to common shareholders
    
    
    
    
    
    
    37,958
    
    
    
    37,958
 Balance Sheet:
 December 31, 2008:As Previously Reported
    
    
    Adjustments
    
    
    As AdjustedMinority interest  operating partnership
    
    $
    9,265
    
    
    $
    (9,265
    )
    
    $
    Noncontrolling redeemable operating partnership units
    
    
    
    
    
    
    15,118
    
    
    
    15,118Minority interest  consolidated joint venture
    
    
    13,082
    
    
    
    (13,082
    )
    
    
    Accumulated deficit
    
    
    (116,728
    )
    
    
    (5,853
    )
    
    
    (122,581
    )Total shareholders equity
    
    
    497,800
    
    
    
    (5,853
    )
    
    
    491,947Noncontrolling interest  consolidated joint venture
    
    
    
    
    
    
    13,082
    
    
    
    13,082Total equity
    
    
    497,800
    
    
    
    7,229
    
    
    
    505,029
 Statement of Cash Flows:
 For the Year Ended December 31, 2008:As Previously Reported
    
    
    Adjustments
    
    
    As AdjustedNet income
    
    
    37,399
    
    
    
    2,284
    
    
    
    39,683Minority interest
    
    
    2,284
    
    
    
    (2,284
    )
    
    
    
 For the Year Ended December 31, 2007:As Previously Reported
    
    
    Adjustments
    
    
    As AdjustedNet income
    
    
    39,214
    
    
    
    2,631
    
    
    
    41,845Minority interest
    
    
    2,631
    
    
    
    (2,631
    )
    
    
    
 Cash and Cash Equivalents
 Revenue and Expense Recognition
  Other Operating Income
 Investment in Storage Facilities
 40




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##### Table of Contents



Other Assets
   Accounts Payable and Accrued Liabilities
 Income Taxes
 Comprehensive Income
 Derivative Financial Instruments Derivatives and Hedging"
 Recent Accounting Pronouncements Amendments to FASB Interpretation
No. 46(R) Variable Interest Entities
 41




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##### Table of Contents



Subsequent Events
 Stock-Based Compensation Compensation  Stock Compensation
  Weighted Average
    
    RangeExpected life (years)
    
    
    4.50
    
    
    
    4.50Risk free interest rate
    
    
    2.04
    %
    
    
    1.65  2.63
    %Expected volatility
    
    
    38.65
    %
    
    
    36.40%  41.10
    %Expected dividend yield
    
    
    9.43
    %
    
    
    5.40%  12.60
    %Fair value
    
    $
    2.73
    
    
    $
    1.59  $7.35
   42




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##### Table of Contents



Use of Estimates
 3. EARNINGS PER SHARE
 Earnings Per Share Determining Whether Instruments Granted in Share-Based Payment Transactions
Are Participating Securities"
 Year Ended December 31,(Amounts in thousands, except per share data)
    
    2009
    
    
    2008
    
    
    2007Numerator:Net income from continuing operations
attributable to common shareholders
    
    $
    20,700
    
    
    $
    35,519
    
    
    $
    36,297Denominator:Denominator for basic earnings per share -
weighted average shares
    
    
    23,787
    
    
    
    21,762
    
    
    
    20,955Effect of Dilutive Securities:Stock options and warrants and non-vested stock
    
    
    10
    
    
    
    21
    
    
    
    49Denominator for diluted earnings per share -
adjusted weighted average shares and assumed
conversion
    
    
    23,797
    
    
    
    21,783
    
    
    
    21,004Basic Earnings per Common Share from
continuing operations attributable to common
shareholders
    
    $
    0.87
    
    
    $
    1.63
    
    
    $
    1.73Basic Earnings per Common Share attributable
to common shareholders
    
    $
    0.84
    
    
    $
    1.72
    
    
    $
    1.81Diluted Earnings per Common Share from
continuing operations attributable to common
shareholders
    
    $
    0.87
    
    
    $
    1.63
    
    
    $
    1.73Diluted Earnings per Common Share attributable
to common shareholders
    
    $
    0.84
    
    
    $
    1.72
    
    
    $
    1.81
  43




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##### Table of Contents



4. INVESTMENT IN STORAGE FACILITIES
  (Dollars in thousands)
    
    2009
    
    
    2008Cost:Beginning balance
    
    $
    1,366,615
    
    
    $
    1,300,847Acquisition of storage facilities
    
    
    
    
    
    
    18,454Additional investment in consolidated joint ventures
    
    
    
    
    
    
    2,473Improvements and equipment additions
    
    
    26,256
    
    
    
    44,273(Decrease) increase in construction in progress
    
    
    (4,121
    )
    
    
    761Dispositions
    
    
    (1,167
    )
    
    
    (193
    )Ending balance
    
    $
    1,387,583
    
    
    $
    1,366,615Accumulated Depreciation:Beginning balance
    
    $
    212,301
    
    
    $
    179,880Additions during the year
    
    
    33,096
    
    
    
    32,556Dispositions
    
    
    (219
    )
    
    
    (135
    )Ending balance
    
    $
    245,178
    
    
    $
    212,301
  5. DISCONTINUED OPERATIONS
  Year Ended December 31,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2007Total revenue
    
    $
    2,187
    
    
    $
    3,043
    
    
    $
    3,757Property operations and maintenance expense
    
    
    (643
    )
    
    
    (956
    )
    
    
    (1,048
    )Real estate tax expense
    
    
    (258
    )
    
    
    (332
    )
    
    
    (372
    )Depreciation and amortization expense
    
    
    (434
    )
    
    
    (591
    )
    
    
    (676
    )Net realized (loss) gain on sale of property
    
    
    (1,636
    )
    
    
    716
    
    
    
    Total (loss) income from discontinued operations
    
    $
    (784
    )
    
    $
    1,880
    
    
    $
    1,661
 44




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##### Table of Contents



6. PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
  Year Ended(dollars in thousands, except share data)
    
    December 31, 2007Pro forma total operating revenues
    
    $
    199,569Pro forma net income
    
    $
    41,749Pro forma earnings per common share  diluted
    
    $
    1.92
 7. UNSECURED LINE OF CREDIT AND TERM NOTES
      45




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##### Table of Contents



8. MORTGAGES PAYABLE AND OTHER DEBT DISCLOSURES
  December 31,
    
    
    December 31,(dollars in thousands)
    
    2009
    
    
    20087.80% mortgage note due December 2011,
secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book
value of $42.7 million, principal and
interest paid monthly
    
    $
    28,447
    
    
    $
    29,0337.19% mortgage note due March 2012, secured
by 27 self-storage facilities (Locke Sovran
II) with an aggregate net book value of
$80.3 million, principal and interest paid
monthly
    
    
    41,475
    
    
    
    42,6037.25% mortgage note due December 2011,
secured by 1 self-storage facility with an
aggregate net book value of $5.7 million,
principal and interest paid monthly.
Estimated market rate at time of
acquisition 5.40%
    
    
    3,369
    
    
    
    3,5106.76% mortgage note due September 2013,
secured by 1 self-storage facility with an
aggregate net book value of $2.0 million,
principal and interest paid monthly
    
    
    977
    
    
    
    1,0006.35% mortgage note due March 2014, secured
by 1 self-storage facility with an
aggregate net book value of $3.7 million,
principal and interest paid monthly
    
    
    1,072
    
    
    
    1,0985.55% mortgage notes secured by 8 self
storage facilities paid December 1, 2009
    
    
    
    
    
    
    25,9307.50% mortgage notes due August 2011,
secured by 3 self-storage facilities with
an aggregate net book value of $14.0
million, principal and interest paid
monthly. Estimated market rate at time of
acquisition 6.42%
    
    
    5,879
    
    
    
    6,087Total mortgages payable
    
    $
    81,219
    
    
    $
    109,261
   46




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##### Table of Contents



Expected Maturity Date Including DiscountFair(dollars in thousands)
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    Total
    
    
    ValueLine of credit  variable rate LIBOR + 1.375 (1.61% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Notes Payable:Term note  variable rate LIBOR+1.625%
(1.86% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000Term note  variable rate LIBOR+1.50%
(2.23% at December 31, 2009)
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    $
    76,958Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    136,630Mortgage note  fixed rate 7.80%
    
    $
    630
    
    
    $
    27,817
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    28,447
    
    
    $
    29,454Mortgage note  fixed rate 7.19%
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    41,475
    
    
    $
    43,133Mortgage note  fixed rate 7.25%
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,369
    
    
    $
    3,385Mortgage note  fixed rate 6.76%
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    
    
    
    
    
    
    
    
    $
    977
    
    
    $
    1,011Mortgage note  fixed rate 6.35%
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    34
    
    
    $
    949
    
    
    
    
    
    
    $
    1,072
    
    
    $
    1,059Mortgage notes  fixed rate 7.50%
    
    $
    222
    
    
    $
    5,657
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,879
    
    
    $
    6,003Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    11,524
 9. DERIVATIVE FINANCIAL INSTRUMENTS
    Fixed
    
    Floating RateNotional Amount
    
    Effective Date
    
    Expiration Date
    
    Rate Paid
    
    Received$20 Million
    
    9/4/05
    
    9/4/13
    
    
    4.4350
    %
    
    6 month LIBOR$50 Million
    
    7/1/08
    
    6/25/12
    
    
    4.2825
    %
    
    1 month LIBOR$100 Million
    
    7/1/08
    
    6/22/12
    
    
    4.2965
    %
    
    1 month LIBOR
  47




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##### Table of Contents



Jan. 1, 2009
    
    
    Jan. 1, 2008to
    
    
    to(dollars in thousands)
    
    Dec. 31, 2009
    
    
    Dec. 31, 2008Adjustments to interest expense:Realized loss reclassified from accumulated other comprehensive
loss to interest expense
    
    $
    (9,687
    )
    
    $
    (2,601
    )Adjustments to other comprehensive income (loss):Realized loss reclassified to interest expense for 2009 and 2008,
respectively
    
    
    9,687
    
    
    
    2,601Unrealized gain (loss) from changes in the fair value of the effective
portion of the interest rate swaps for 2009 and 2008, respectively
    
    
    4,210
    
    
    
    (26,395
    )Gain (loss) included in other comprehensive income (loss)
    
    $
    13,897
    
    
    $
    (23,794
    )
  10. FAIR VALUE MEASUREMENTS
 Fair
Value Measurements Fair Value Measurements
 Leases
 Property, Plant and Equipment  Subsequent Measurement
 48




---



##### Table of Contents



Asset(Liability)
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Interest rate swaps
    
    
    (11,524
    )
    
    
    
    
    
    
    (11,524
    )
    
    
    
  11. STOCK OPTIONS AND NON-VESTED STOCK
   49




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##### Table of Contents



2009
    
    
    2008
    
    
    2007Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    average
    
    
    
    
    
    
    averageexercise
    
    
    
    
    
    
    exercise
    
    
    
    
    
    
    exerciseOptions
    
    
    price
    
    
    Options
    
    
    price
    
    
    Options
    
    
    priceOutstanding at beginning
of year:
    
    
    360,688
    
    
    $
    43.06
    
    
    
    168,125
    
    
    $
    42.54
    
    
    
    113,225
    
    
    $
    35.77Granted
    
    
    51,500
    
    
    
    23.99
    
    
    
    201,163
    
    
    
    43.12
    
    
    
    74,000
    
    
    
    52.49Exercised
    
    
    (4,225
    )
    
    
    21.46
    
    
    
    (2,600
    )
    
    
    27.78
    
    
    
    (13,100
    )
    
    
    32.44Forfeited
    
    
    (10,495
    )
    
    
    44.53
    
    
    
    (6,000
    )
    
    
    36.86
    
    
    
    (6,000
    )
    
    
    59.62Outstanding at end of year
    
    
    397,468
    
    
    $
    40.78
    
    
    
    360,688
    
    
    $
    43.06
    
    
    
    168,125
    
    
    $
    42.54Exercisable at end of year
    
    
    159,701
    
    
    $
    40.71
    
    
    
    118,025
    
    
    $
    38.84
    
    
    
    82,625
    
    
    $
    34.45
  Outstanding
    
    
    ExercisableWeighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    averageexercise
    
    
    
    
    
    
    exerciseExercise Price Range
    
    Options
    
    
    price
    
    
    Options
    
    
    price$20.375  29.99
    
    
    72,750
    
    
    $
    22.35
    
    
    
    33,250
    
    
    $
    21.88$30.00  39.99
    
    
    37,050
    
    
    $
    35.05
    
    
    
    22,050
    
    
    $
    34.87$40.00  57.79
    
    
    287,668
    
    
    $
    46.18
    
    
    
    104,401
    
    
    $
    47.94Total
    
    
    397,468
    
    
    $
    40.78
    
    
    
    159,701
    
    
    $
    40.71
 Intrinsic value of outstanding stock options at December 31, 2009
    
    $
    1,034,302Intrinsic value of exercisable stock options at December 31, 2009
    
    $
    505,412
   Non-vested Stock
  50




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##### Table of Contents



2009
    
    
    2008
    
    
    2007Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNon-
    
    
    average
    
    
    Non-
    
    
    average
    
    
    Non-
    
    
    averagevested
    
    
    grant date fair
    
    
    vested
    
    
    grant date fair
    
    
    vested
    
    
    grant date fairShares
    
    
    value
    
    
    Shares
    
    
    value
    
    
    Shares
    
    
    valueUnvested at beginning
of year:
    
    
    130,807
    
    
    $
    44.79
    
    
    
    115,896
    
    
    $
    45.54
    
    
    
    96,453
    
    
    $
    40.21Granted
    
    
    59,590
    
    
    
    29.70
    
    
    
    45,713
    
    
    
    41.50
    
    
    
    43,989
    
    
    
    53.79Vested
    
    
    (35,349
    )
    
    
    41.25
    
    
    
    (30,802
    )
    
    
    42.71
    
    
    
    (24,546
    )
    
    
    39.39Forfeited
    
    
    (455
    )
    
    
    43.95
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unvested at end of year
    
    
    154,593
    
    
    $
    39.79
    
    
    
    130,807
    
    
    $
    44.79
    
    
    
    115,896
    
    
    $
    45.54
  12. RETIREMENT PLAN
  13. INVESTMENT IN JOINT VENTURES
    51




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##### Table of Contents



Sovran HHFStorage
    
    
    Iskalo Office(dollars in thousands)
    
    Holdings LLC
    
    
    Holdings, LLCBalance Sheet Data:Investment in storage facilities, net
    
    $
    168,237
    
    
    $
    Investment in office building
    
    
    
    
    
    
    5,322Other assets
    
    
    3,575
    
    
    
    688Total Assets
    
    $
    171,812
    
    
    $
    6,010Due to the Company
    
    $
    173
    
    
    $
    Mortgages payable
    
    
    78,512
    
    
    
    7,037Other liabilities
    
    
    2,087
    
    
    
    224Total Liabilities
    
    
    80,772
    
    
    
    7,261Unaffiliated partners equity (deficiency)
    
    
    72,832
    
    
    
    (714
    )Company equity (deficiency)
    
    
    18,208
    
    
    
    (537
    )Total Liabilities and Partners Equity (deficiency)
    
    $
    171,812
    
    
    $
    6,010Income Statement Data:Total revenues
    
    $
    17,702
    
    
    $
    1,129Total expenses
    
    
    16,761
    
    
    
    1,115Net income
    
    $
    941
    
    
    $
    14
  14.  SHAREHOLDERS EQUITY
    52




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##### Table of Contents



15. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)
  2009 Quarter EndedMarch 31
    
    
    June 30
    
    
    Sept. 30
    
    
    Dec. 31 (b)Operating revenue
    
    $
    48,846
    
    
    $
    48,097
    
    
    $
    49,551
    
    
    $
    48,517Income (loss) from continuing
operations (a)
    
    $
    7,873
    
    
    $
    6,436
    
    
    $
    8,722
    
    
    $
    (593
    )(Loss) income from discontinued
operations (a)
    
    $
    247
    
    
    $
    306
    
    
    $
    (752
    )
    
    $
    (585
    )Net Income(Loss)
    
    $
    8,120
    
    
    $
    6,742
    
    
    $
    7,970
    
    
    $
    (1,178
    )Net income (loss) attributable to
common
shareholders
    
    $
    7,635
    
    
    $
    6,286
    
    
    $
    7,496
    
    
    $
    (1,501
    )Net Income (Loss) Per Share
Attributable to Common ShareholdersBasic
    
    $
    0.35
    
    
    $
    0.28
    
    
    $
    0.32
    
    
    $
    (0.06
    )Diluted
    
    $
    0.35
    
    
    $
    0.28
    
    
    $
    0.32
    
    
    $
    (0.06
    )
 2008 Quarter EndedMarch 31
    
    
    June 30
    
    
    Sept. 30
    
    
    Dec. 31Operating revenue (a)
    
    $
    48,925
    
    
    $
    49,421
    
    
    $
    51,769
    
    
    $
    50,078Income from continuing operations (a)
    
    $
    9,271
    
    
    $
    10,166
    
    
    $
    9,743
    
    
    $
    8,623Income from discontinued operations (a)
    
    $
    318
    
    
    $
    1,000
    
    
    $
    308
    
    
    $
    254Net Income
    
    $
    9,589
    
    
    $
    11,166
    
    
    $
    10,051
    
    
    $
    8,877Net income attributable to common
shareholders
    
    $
    8,953
    
    
    $
    10,541
    
    
    $
    9,528
    
    
    $
    8,377Net Income Per Share Attributable to
Common ShareholdersBasic
    
    $
    0.41
    
    
    $
    0.49
    
    
    $
    0.44
    
    
    $
    0.38Diluted
    
    $
    0.41
    
    
    $
    0.48
    
    
    $
    0.44
    
    
    $
    0.38
 
 (a)
    
    Data as presented in this table differ from the amounts as presented in the Companys quarterly
reports due to the impact of discontinued operations accounting with respect to the five properties
sold in 2009 and the one property sold in 2008 as described in Note 5.(b)
    
    As discussed in Note 9, in the fourth quarter of 2009 the Company recorded $8.4 million in
interest expense related to the termination of two interest rate swap agreements. 16. COMMITMENTS AND CONTINGENCIES
   53




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##### Table of Contents



17. SUBSEQUENT EVENTS
   54




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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. RogersRobert J. Attea
    
    David L. RogersChief Executive Officer
    
    Chief Financial Officer
 55




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
         
 56




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##### 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, 2009 and 2008.(ii)
    
    Consolidated Statements of Operations for Years Ended December 31, 2009, 2008, and 2007.(iii)
    
    Consolidated Statements of Shareholders Equity and Comprehensive Income for Years
Ended December 31, 2009, 2008, and 2007.(iv)
    
    Consolidated Statements of Cash Flows for Years Ended December 31, 2009, 2008, and 2007.(v)
    
    Notes to Consolidated Financial Statements.
 2.
    
    The following financial statement Schedule as of the period ended December 31, 2009 is included in this Annual Report on Form 10-K.Schedule III Real Estate and Accumulated Depreciation.
 57




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##### 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.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.10.2+*
    
    Sovran Self Storage, Inc. 1995 Outside Directors Stock Option
Plan, as amended.10.3+
    
    Employment Agreement between the Registrant and Robert J. Attea
(incorporated by reference to Exhibit 10.3 to Registrants Form
10-K filed February 27, 2009).10.4+
    
    Employment Agreement between the Registrant and Kenneth F. Myszka
(incorporated by reference to Exhibit 10.4 to Registrants Form
10-K filed February 27, 2009).10.5+
    
    Employment Agreement between the Registrant and David L. Rogers
(incorporated by reference to Exhibit 10.5 to Registrants Form
10-K filed February 27, 2009).10.6+
    
    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).10.7+
    
    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).10.8+
    
    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).10.9+
    
    Form of stock option grant pursuant to Sovran Self Storage, Inc.
1995 Award and Option Plan (incorporated by reference to
Exhibit 10.4 to Registrants Quarterly Report on Form 10-Q/A filed
November 24, 2006).
 58




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##### Table of Contents



10.10+
    
    Deferred Compensation Plan for Directors (incorporated by reference
to Schedule 14A Proxy Statement filed April 10, 2008).10.11
    
    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).10.12
    
    Agreement of Limited Partnership of Sovran Acquisition Limited
Partnership (incorporated by reference to Exhibit 3.1 on Form 10
filed April 22, 1998).10.13
    
    Amendments to the Agreement of Limited Partnership of Sovran
Acquisition Limited Partnership dated July 30, 1999 and July 3,
2002 (incorporated by reference to Exhibit 10.13 to registrants
Form 10-K filed February 27, 2009).10.14*
    
    Promissory Note between Locke Sovran II, LLC and PNC Bank, National
Association.10.15
    
    Third Amended and Restated Revolving Credit and Term Loan Agreement
among Registrant, the Partnership, Manufacturers and Traders Trust
Company and other lenders named therein (incorporated by reference
to Exhibit 10.1 filed in the Companys Current Report on Form 8-K,
filed June 27, 2008).10.16
    
    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).10.17
    
    $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).10.18
    
    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).10.19
    
    Indemnification Agreement dated September 25, 2009 between
Registrant, Sovran Acquisition Limited Partnership and James R.
Boldt, a director of the Company (incorporated by reference to
Exhibit 10.1 to Registrants Current Report on Form 8-K filed
September 25, 2009).10.20+
    
    Sovran Self Storage, Inc. 2009 Outside Directors Stock Option and
Award Plan (incorporated by reference to Registrants Proxy
Statement filed April 9, 2009).12.1*
    
    Statement Re: Computation of Earnings to Fixed Charges.21.1*
    
    Subsidiaries of the Company.23.1*
    
    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.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.
 59




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##### Table of Contents



32.1*
    
    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.
 60




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##### Table of Contents



SOVRAN SELF STORAGE, INC.February 26, 2010
    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 26, 2010/s/ Kenneth F. Myszka

Kenneth F. Myszka
    
    President, Chief Operating
Officer and Director
    
    February 26, 2010/s/ David L. Rogers

David L. Rogers
    
    Chief Financial Officer (Principal
Financial and Accounting Officer)
    
    February 26, 2010/s/ John Burns
    
    Director
    
    February 26, 2010John Burns/s/ James R. Boldt
    
    Director
    
    February 26, 2010James R. Boldt/s/ Anthony P. Gammie
    
    Director
    
    February 26, 2010Anthony P. Gammie/s/ Charles E. Lannon
    
    Director
    
    February 26, 2010Charles E. Lannon
 61




---



##### Table of Contents



Sovran Self Storage, Inc.
Schedule III
Combined Real Estate and Accumulated Depreciation
(in thousands)
December 31, 2009
 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
    
    
    $
    545
    
    
    $
    363
    
    
    
    2,224
    
    
    $
    2,587
    
    
    $
    778
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBoston-Metro II
    
    MA
    
    
    
    
    
    
    680
    
    
    
    1,616
    
    
    
    383
    
    
    
    680
    
    
    
    1,999
    
    
    
    2,679
    
    
    
    764
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsE. Providence
    
    RI
    
    
    
    
    
    
    345
    
    
    
    1,268
    
    
    
    688
    
    
    
    345
    
    
    
    1,956
    
    
    
    2,301
    
    
    
    631
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharleston l
    
    SC
    
    
    
    
    
    
    416
    
    
    
    1,516
    
    
    
    2,080
    
    
    
    416
    
    
    
    3,596
    
    
    
    4,012
    
    
    
    878
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsLakeland I
    
    FL
    
    
    
    
    
    
    397
    
    
    
    1,424
    
    
    
    1,465
    
    
    
    397
    
    
    
    2,889
    
    
    
    3,286
    
    
    
    703
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharlotte
    
    NC
    
    
    
    
    
    
    308
    
    
    
    1,102
    
    
    
    1,124
    
    
    
    747
    
    
    
    1,787
    
    
    
    2,534
    
    
    
    617
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee I
    
    FL
    
    
    
    
    
    
    770
    
    
    
    2,734
    
    
    
    1,889
    
    
    
    770
    
    
    
    4,623
    
    
    
    5,393
    
    
    
    1,599
    
    
    
    1973
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsYoungstown
    
    OH
    
    
    
    
    
    
    239
    
    
    
    1,110
    
    
    
    1,317
    
    
    
    239
    
    
    
    2,427
    
    
    
    2,666
    
    
    
    705
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCleveland-Metro II
    
    OH
    
    
    
    
    
    
    701
    
    
    
    1,659
    
    
    
    822
    
    
    
    701
    
    
    
    2,481
    
    
    
    3,182
    
    
    
    840
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee II
    
    FL
    
    
    
    
    
    
    204
    
    
    
    734
    
    
    
    923
    
    
    
    198
    
    
    
    1,663
    
    
    
    1,861
    
    
    
    565
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPt. St. Lucie
    
    FL
    
    
    
    
    
    
    395
    
    
    
    1,501
    
    
    
    885
    
    
    
    779
    
    
    
    2,002
    
    
    
    2,781
    
    
    
    817
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsDeltona
    
    FL
    
    
    
    
    
    
    483
    
    
    
    1,752
    
    
    
    2,077
    
    
    
    483
    
    
    
    3,829
    
    
    
    4,312
    
    
    
    1,032
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMiddletown
    
    NY
    
    
    
    
    
    
    224
    
    
    
    808
    
    
    
    817
    
    
    
    224
    
    
    
    1,625
    
    
    
    1,849
    
    
    
    570
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo I
    
    NY
    
    
    
    
    
    
    423
    
    
    
    1,531
    
    
    
    1,660
    
    
    
    497
    
    
    
    3,117
    
    
    
    3,614
    
    
    
    1,115
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester I
    
    NY
    
    
    
    
    
    
    395
    
    
    
    1,404
    
    
    
    491
    
    
    
    395
    
    
    
    1,895
    
    
    
    2,290
    
    
    
    678
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSalisbury
    
    MD
    
    
    
    
    
    
    164
    
    
    
    760
    
    
    
    463
    
    
    
    164
    
    
    
    1,223
    
    
    
    1,387
    
    
    
    460
    
    
    
    1979
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville I
    
    FL
    
    
    
    
    
    
    152
    
    
    
    728
    
    
    
    1,028
    
    
    
    688
    
    
    
    1,220
    
    
    
    1,908
    
    
    
    454
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia I
    
    SC
    
    
    
    
    
    
    268
    
    
    
    1,248
    
    
    
    447
    
    
    
    268
    
    
    
    1,695
    
    
    
    1,963
    
    
    
    664
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester II
    
    NY
    
    
    
    
    
    
    230
    
    
    
    847
    
    
    
    452
    
    
    
    234
    
    
    
    1,295
    
    
    
    1,529
    
    
    
    466
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSavannah l
    
    GA
    
    
    
    
    
    
    463
    
    
    
    1,684
    
    
    
    3,832
    
    
    
    805
    
    
    
    5,174
    
    
    
    5,979
    
    
    
    1,213
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsGreensboro
    
    NC
    
    
    
    
    
    
    444
    
    
    
    1,613
    
    
    
    2,846
    
    
    
    444
    
    
    
    4,459
    
    
    
    4,903
    
    
    
    831
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh I
    
    NC
    
    
    
    
    
    
    649
    
    
    
    2,329
    
    
    
    855
    
    
    
    649
    
    
    
    3,184
    
    
    
    3,833
    
    
    
    1,126
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNew Haven
    
    CT
    
    
    
    
    
    
    387
    
    
    
    1,402
    
    
    
    962
    
    
    
    387
    
    
    
    2,364
    
    
    
    2,751
    
    
    
    732
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro I
    
    GA
    
    
    
    
    
    
    844
    
    
    
    2,021
    
    
    
    670
    
    
    
    844
    
    
    
    2,691
    
    
    
    3,535
    
    
    
    987
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro II
    
    GA
    
    
    
    
    
    
    302
    
    
    
    1,103
    
    
    
    369
    
    
    
    303
    
    
    
    1,471
    
    
    
    1,774
    
    
    
    588
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo II
    
    NY
    
    
    
    
    
    
    315
    
    
    
    745
    
    
    
    1,662
    
    
    
    517
    
    
    
    2,205
    
    
    
    2,722
    
    
    
    601
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh II
    
    NC
    
    
    
    
    
    
    321
    
    
    
    1,150
    
    
    
    655
    
    
    
    321
    
    
    
    1,805
    
    
    
    2,126
    
    
    
    611
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia II
    
    SC
    
    
    
    
    
    
    361
    
    
    
    1,331
    
    
    
    599
    
    
    
    374
    
    
    
    1,917
    
    
    
    2,291
    
    
    
    722
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia III
    
    SC
    
    
    
    
    
    
    189
    
    
    
    719
    
    
    
    1,079
    
    
    
    189
    
    
    
    1,798
    
    
    
    1,987
    
    
    
    563
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia IV
    
    SC
    
    
    
    
    
    
    488
    
    
    
    1,188
    
    
    
    508
    
    
    
    488
    
    
    
    1,696
    
    
    
    2,184
    
    
    
    648
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro III
    
    GA
    
    
    
    
    
    
    430
    
    
    
    1,579
    
    
    
    1,941
    
    
    
    602
    
    
    
    3,348
    
    
    
    3,950
    
    
    
    854
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsOrlando I
    
    FL
    
    
    
    
    
    
    513
    
    
    
    1,930
    
    
    
    474
    
    
    
    513
    
    
    
    2,404
    
    
    
    2,917
    
    
    
    934
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSharon
    
    PA
    
    
    
    
    
    
    194
    
    
    
    912
    
    
    
    441
    
    
    
    194
    
    
    
    1,353
    
    
    
    1,547
    
    
    
    492
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsFt. Lauderdale
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    3,619
    
    
    
    839
    
    
    
    1,503
    
    
    
    4,458
    
    
    
    5,961
    
    
    
    1,362
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    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 computedWest Palm l
    
    FL
    
    
    
    
    
    
    398
    
    
    
    1,035
    
    
    
    292
    
    
    
    398
    
    
    
    1,327
    
    
    
    1,725
    
    
    
    560
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IV
    
    GA
    
    
    
    
    
    
    423
    
    
    
    1,015
    
    
    
    375
    
    
    
    424
    
    
    
    1,389
    
    
    
    1,813
    
    
    
    562
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro V
    
    GA
    
    
    
    
    
    
    483
    
    
    
    1,166
    
    
    
    939
    
    
    
    483
    
    
    
    2,105
    
    
    
    2,588
    
    
    
    619
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VI
    
    GA
    
    
    
    
    
    
    308
    
    
    
    1,116
    
    
    
    521
    
    
    
    308
    
    
    
    1,637
    
    
    
    1,945
    
    
    
    676
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VII
    
    GA
    
    
    
    
    
    
    170
    
    
    
    786
    
    
    
    562
    
    
    
    174
    
    
    
    1,344
    
    
    
    1,518
    
    
    
    511
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VIII
    
    GA
    
    
    
    
    
    
    413
    
    
    
    999
    
    
    
    645
    
    
    
    413
    
    
    
    1,644
    
    
    
    2,057
    
    
    
    672
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore I
    
    MD
    
    
    
    
    
    
    154
    
    
    
    555
    
    
    
    1,369
    
    
    
    306
    
    
    
    1,772
    
    
    
    2,078
    
    
    
    464
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore II
    
    MD
    
    
    
    
    
    
    479
    
    
    
    1,742
    
    
    
    2,810
    
    
    
    479
    
    
    
    4,552
    
    
    
    5,031
    
    
    
    994
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta I
    
    GA
    
    
    
    
    
    
    357
    
    
    
    1,296
    
    
    
    832
    
    
    
    357
    
    
    
    2,128
    
    
    
    2,485
    
    
    
    732
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMacon I
    
    GA
    
    
    
    
    
    
    231
    
    
    
    1,081
    
    
    
    469
    
    
    
    231
    
    
    
    1,550
    
    
    
    1,781
    
    
    
    579
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne I
    
    FL
    
    
    
    
    
    
    883
    
    
    
    2,104
    
    
    
    1,577
    
    
    
    883
    
    
    
    3,681
    
    
    
    4,564
    
    
    
    1,254
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNewport News
    
    VA
    
    
    
    
    
    
    316
    
    
    
    1,471
    
    
    
    780
    
    
    
    316
    
    
    
    2,251
    
    
    
    2,567
    
    
    
    824
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola I
    
    FL
    
    
    
    
    
    
    632
    
    
    
    2,962
    
    
    
    1,105
    
    
    
    651
    
    
    
    4,048
    
    
    
    4,699
    
    
    
    1,559
    
    
    
    1983
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta II
    
    GA
    
    
    
    
    
    
    315
    
    
    
    1,139
    
    
    
    769
    
    
    
    315
    
    
    
    1,908
    
    
    
    2,223
    
    
    
    657
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro I
    
    CT
    
    
    
    
    
    
    715
    
    
    
    1,695
    
    
    
    1,061
    
    
    
    715
    
    
    
    2,756
    
    
    
    3,471
    
    
    
    883
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IX
    
    GA
    
    
    
    
    
    
    304
    
    
    
    1,118
    
    
    
    2,521
    
    
    
    619
    
    
    
    3,324
    
    
    
    3,943
    
    
    
    829
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAlexandria
    
    VA
    
    
    
    
    
    
    1,375
    
    
    
    3,220
    
    
    
    2,166
    
    
    
    1,376
    
    
    
    5,385
    
    
    
    6,761
    
    
    
    1,612
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola II
    
    FL
    
    
    
    
    
    
    244
    
    
    
    901
    
    
    
    420
    
    
    
    244
    
    
    
    1,321
    
    
    
    1,565
    
    
    
    586
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne II
    
    FL
    
    
    
    
    
    
    834
    
    
    
    2,066
    
    
    
    1,136
    
    
    
    1,591
    
    
    
    2,445
    
    
    
    4,036
    
    
    
    998
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro II
    
    CT
    
    
    
    
    
    
    234
    
    
    
    861
    
    
    
    1,881
    
    
    
    612
    
    
    
    2,364
    
    
    
    2,976
    
    
    
    638
    
    
    
    1992
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro X
    
    GA
    
    
    
    
    
    
    256
    
    
    
    1,244
    
    
    
    1,803
    
    
    
    256
    
    
    
    3,047
    
    
    
    3,303
    
    
    
    847
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk I
    
    VA
    
    
    
    
    
    
    313
    
    
    
    1,462
    
    
    
    938
    
    
    
    313
    
    
    
    2,400
    
    
    
    2,713
    
    
    
    827
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk II
    
    VA
    
    
    
    
    
    
    278
    
    
    
    1,004
    
    
    
    375
    
    
    
    278
    
    
    
    1,379
    
    
    
    1,657
    
    
    
    540
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham I
    
    AL
    
    
    
    
    
    
    307
    
    
    
    1,415
    
    
    
    1,559
    
    
    
    384
    
    
    
    2,897
    
    
    
    3,281
    
    
    
    786
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham II
    
    AL
    
    
    
    
    
    
    730
    
    
    
    1,725
    
    
    
    619
    
    
    
    730
    
    
    
    2,344
    
    
    
    3,074
    
    
    
    898
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMontgomery l
    
    AL
    
    
    
    
    
    
    863
    
    
    
    2,041
    
    
    
    626
    
    
    
    863
    
    
    
    2,667
    
    
    
    3,530
    
    
    
    1,018
    
    
    
    1982
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville II
    
    FL
    
    
    
    
    
    
    326
    
    
    
    1,515
    
    
    
    423
    
    
    
    326
    
    
    
    1,938
    
    
    
    2,264
    
    
    
    746
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola III
    
    FL
    
    
    
    
    
    
    369
    
    
    
    1,358
    
    
    
    2,741
    
    
    
    369
    
    
    
    4,099
    
    
    
    4,468
    
    
    
    1,027
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola IV
    
    FL
    
    
    
    
    
    
    244
    
    
    
    1,128
    
    
    
    714
    
    
    
    719
    
    
    
    1,367
    
    
    
    2,086
    
    
    
    550
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola V
    
    FL
    
    
    
    
    
    
    226
    
    
    
    1,046
    
    
    
    543
    
    
    
    226
    
    
    
    1,589
    
    
    
    1,815
    
    
    
    614
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa I
    
    FL
    
    
    
    
    
    
    1,088
    
    
    
    2,597
    
    
    
    988
    
    
    
    1,088
    
    
    
    3,585
    
    
    
    4,673
    
    
    
    1,360
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa II
    
    FL
    
    
    
    
    
    
    526
    
    
    
    1,958
    
    
    
    798
    
    
    
    526
    
    
    
    2,756
    
    
    
    3,282
    
    
    
    1,032
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa III
    
    FL
    
    
    
    
    
    
    672
    
    
    
    2,439
    
    
    
    583
    
    
    
    672
    
    
    
    3,022
    
    
    
    3,694
    
    
    
    1,115
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson I
    
    MS
    
    
    
    
    
    
    343
    
    
    
    1,580
    
    
    
    2,213
    
    
    
    796
    
    
    
    3,340
    
    
    
    4,136
    
    
    
    817
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson II
    
    MS
    
    
    
    
    
    
    209
    
    
    
    964
    
    
    
    597
    
    
    
    209
    
    
    
    1,561
    
    
    
    1,770
    
    
    
    635
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRichmond
    
    VA
    
    
    
    
    
    
    443
    
    
    
    1,602
    
    
    
    826
    
    
    
    443
    
    
    
    2,428
    
    
    
    2,871
    
    
    
    851
    
    
    
    1987
    
    
    
    8/25/1995
    
    
    
    5 to 40 yearsOrlando II
    
    FL
    
    
    
    
    
    
    1,161
    
    
    
    2,755
    
    
    
    976
    
    
    
    1,162
    
    
    
    3,730
    
    
    
    4,892
    
    
    
    1,378
    
    
    
    1986
    
    
    
    9/29/1995
    
    
    
    5 to 40 yearsBirmingham III
    
    AL
    
    
    
    
    
    
    424
    
    
    
    1,506
    
    
    
    691
    
    
    
    424
    
    
    
    2,197
    
    
    
    2,621
    
    
    
    903
    
    
    
    1970
    
    
    
    1/16/1996
    
    
    
    5 to 40 yearsMacon II
    
    GA
    
    
    
    
    
    
    431
    
    
    
    1,567
    
    
    
    734
    
    
    
    431
    
    
    
    2,301
    
    
    
    2,732
    
    
    
    785
    
    
    
    1989/94
    
    
    
    12/1/1995
    
    
    
    5 to 40 years
 63




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##### 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 computedHarrisburg I
    
    PA
    
    
    
    
    
    
    360
    
    
    
    1,641
    
    
    
    599
    
    
    
    360
    
    
    
    2,240
    
    
    
    2,600
    
    
    
    819
    
    
    
    1983
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsHarrisburg II
    
    PA
    
    
    (1
    )
    
    
    627
    
    
    
    2,224
    
    
    
    958
    
    
    
    692
    
    
    
    3,117
    
    
    
    3,809
    
    
    
    1,018
    
    
    
    1985
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsSyracuse I
    
    NY
    
    
    
    
    
    
    470
    
    
    
    1,712
    
    
    
    1,313
    
    
    
    472
    
    
    
    3,023
    
    
    
    3,495
    
    
    
    923
    
    
    
    1987
    
    
    
    12/27/1995
    
    
    
    5 to 40 yearsFt. Myers
    
    FL
    
    
    
    
    
    
    205
    
    
    
    912
    
    
    
    310
    
    
    
    206
    
    
    
    1,221
    
    
    
    1,427
    
    
    
    573
    
    
    
    1988
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsFt. Myers II
    
    FL
    
    
    
    
    
    
    412
    
    
    
    1,703
    
    
    
    458
    
    
    
    413
    
    
    
    2,160
    
    
    
    2,573
    
    
    
    947
    
    
    
    1991/94
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsNewport News II
    
    VA
    
    
    
    
    
    
    442
    
    
    
    1,592
    
    
    
    1,180
    
    
    
    442
    
    
    
    2,772
    
    
    
    3,214
    
    
    
    731
    
    
    
    1988/93
    
    
    
    1/5/1996
    
    
    
    5 to 40 yearsMontgomery II
    
    AL
    
    
    
    
    
    
    353
    
    
    
    1,299
    
    
    
    653
    
    
    
    353
    
    
    
    1,952
    
    
    
    2,305
    
    
    
    633
    
    
    
    1984
    
    
    
    1/23/1996
    
    
    
    5 to 40 yearsCharleston II
    
    SC
    
    
    
    
    
    
    237
    
    
    
    858
    
    
    
    623
    
    
    
    232
    
    
    
    1,486
    
    
    
    1,718
    
    
    
    529
    
    
    
    1985
    
    
    
    3/1/1996
    
    
    
    5 to 40 yearsTampa IV
    
    FL
    
    
    
    
    
    
    766
    
    
    
    1,800
    
    
    
    649
    
    
    
    766
    
    
    
    2,449
    
    
    
    3,215
    
    
    
    844
    
    
    
    1985
    
    
    
    3/28/1996
    
    
    
    5 to 40 yearsArlington I
    
    TX
    
    
    
    
    
    
    442
    
    
    
    1,767
    
    
    
    319
    
    
    
    442
    
    
    
    2,086
    
    
    
    2,528
    
    
    
    730
    
    
    
    1987
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsArlington II
    
    TX
    
    
    
    
    
    
    408
    
    
    
    1,662
    
    
    
    1,070
    
    
    
    408
    
    
    
    2,732
    
    
    
    3,140
    
    
    
    881
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsFt. Worth
    
    TX
    
    
    
    
    
    
    328
    
    
    
    1,324
    
    
    
    331
    
    
    
    328
    
    
    
    1,655
    
    
    
    1,983
    
    
    
    598
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio I
    
    TX
    
    
    
    
    
    
    436
    
    
    
    1,759
    
    
    
    1,121
    
    
    
    436
    
    
    
    2,880
    
    
    
    3,316
    
    
    
    937
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio II
    
    TX
    
    
    
    
    
    
    289
    
    
    
    1,161
    
    
    
    543
    
    
    
    289
    
    
    
    1,704
    
    
    
    1,993
    
    
    
    582
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSyracuse II
    
    NY
    
    
    
    
    
    
    481
    
    
    
    1,559
    
    
    
    2,391
    
    
    
    671
    
    
    
    3,760
    
    
    
    4,431
    
    
    
    1,015
    
    
    
    1983
    
    
    
    6/5/1996
    
    
    
    5 to 40 yearsMontgomery III
    
    AL
    
    
    
    
    
    
    279
    
    
    
    1,014
    
    
    
    998
    
    
    
    433
    
    
    
    1,858
    
    
    
    2,291
    
    
    
    575
    
    
    
    1988
    
    
    
    5/21/1996
    
    
    
    5 to 40 yearsWest Palm II
    
    FL
    
    
    
    
    
    
    345
    
    
    
    1,262
    
    
    
    354
    
    
    
    345
    
    
    
    1,616
    
    
    
    1,961
    
    
    
    577
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsFt. Myers III
    
    FL
    
    
    
    
    
    
    229
    
    
    
    884
    
    
    
    298
    
    
    
    229
    
    
    
    1,182
    
    
    
    1,411
    
    
    
    413
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsLakeland II
    
    FL
    
    
    
    
    
    
    359
    
    
    
    1,287
    
    
    
    1,065
    
    
    
    359
    
    
    
    2,352
    
    
    
    2,711
    
    
    
    814
    
    
    
    1988
    
    
    
    6/26/1996
    
    
    
    5 to 40 yearsSpringfield
    
    MA
    
    
    
    
    
    
    251
    
    
    
    917
    
    
    
    2,267
    
    
    
    297
    
    
    
    3,138
    
    
    
    3,435
    
    
    
    885
    
    
    
    1986
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsFt. Myers IV
    
    FL
    
    
    
    
    
    
    344
    
    
    
    1,254
    
    
    
    292
    
    
    
    310
    
    
    
    1,580
    
    
    
    1,890
    
    
    
    567
    
    
    
    1987
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsCincinnati
    
    OH
    
    
   (2
    )
    
    
    557
    
    
    
    1,988
    
    
    
    775
    
    
    
    688
    
    
    
    2,632
    
    
    
    3,320
    
    
    
    299
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsDayton
    
    OH
    
    
   (2
    )
    
    
    667
    
    
    
    2,379
    
    
    
    433
    
    
    
    683
    
    
    
    2,796
    
    
    
    3,479
    
    
    
    340
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsBaltimore III
    
    MD
    
    
    
    
    
    
    777
    
    
    
    2,770
    
    
    
    434
    
    
    
    777
    
    
    
    3,204
    
    
    
    3,981
    
    
    
    1,087
    
    
    
    1990
    
    
    
    7/26/1996
    
    
    
    5 to 40 yearsJacksonville III
    
    FL
    
    
    
    
    
    
    568
    
    
    
    2,028
    
    
    
    931
    
    
    
    568
    
    
    
    2,959
    
    
    
    3,527
    
    
    
    1,052
    
    
    
    1987
    
    
    
    8/23/1996
    
    
    
    5 to 40 yearsJacksonville IV
    
    FL
    
    
    
    
    
    
    436
    
    
    
    1,635
    
    
    
    520
    
    
    
    436
    
    
    
    2,155
    
    
    
    2,591
    
    
    
    789
    
    
    
    1985
    
    
    
    8/26/1996
    
    
    
    5 to 40 yearsJacksonville V
    
    FL
    
    
    
    
    
    
    535
    
    
    
    2,033
    
    
    
    321
    
    
    
    538
    
    
    
    2,351
    
    
    
    2,889
    
    
    
    908
    
    
    
    1987/92
    
    
    
    8/30/1996
    
    
    
    5 to 40 yearsCharlotte II
    
    NC
    
    
    
    
    
    
    487
    
    
    
    1,754
    
    
    
    425
    
    
    
    487
    
    
    
    2,179
    
    
    
    2,666
    
    
    
    674
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsCharlotte III
    
    NC
    
    
    
    
    
    
    315
    
    
    
    1,131
    
    
    
    338
    
    
    
    315
    
    
    
    1,469
    
    
    
    1,784
    
    
    
    485
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsOrlando III
    
    FL
    
    
    
    
    
    
    314
    
    
    
    1,113
    
    
    
    953
    
    
    
    314
    
    
    
    2,066
    
    
    
    2,380
    
    
    
    702
    
    
    
    1975
    
    
    
    10/30/1996
    
    
    
    5 to 40 yearsRochester III
    
    NY
    
    
    
    
    
    
    704
    
    
    
    2,496
    
    
    
    2,335
    
    
    
    707
    
    
    
    4,828
    
    
    
    5,535
    
    
    
    1,029
    
    
    
    1990
    
    
    
    12/20/1996
    
    
    
    5 to 40 yearsYoungstown ll
    
    OH
    
    
    
    
    
    
    600
    
    
    
    2,142
    
    
    
    2,073
    
    
    
    693
    
    
    
    4,122
    
    
    
    4,815
    
    
    
    939
    
    
    
    1988
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lll
    
    OH
    
    
    
    
    
    
    751
    
    
    
    2,676
    
    
    
    1,798
    
    
    
    751
    
    
    
    4,474
    
    
    
    5,225
    
    
    
    1,300
    
    
    
    1986
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lV
    
    OH
    
    
    
    
    
    
    725
    
    
    
    2,586
    
    
    
    1,354
    
    
    
    725
    
    
    
    3,940
    
    
    
    4,665
    
    
    
    1,206
    
    
    
    1978
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland V
    
    OH
    
    
    (1
    )
    
    
    637
    
    
    
    2,918
    
    
    
    1,629
    
    
    
    701
    
    
    
    4,483
    
    
    
    5,184
    
    
    
    1,563
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vl
    
    OH
    
    
    
    
    
    
    495
    
    
    
    1,781
    
    
    
    899
    
    
    
    495
    
    
    
    2,680
    
    
    
    3,175
    
    
    
    865
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vll
    
    OH
    
    
    
    
    
    
    761
    
    
    
    2,714
    
    
    
    1,337
    
    
    
    761
    
    
    
    4,051
    
    
    
    4,812
    
    
    
    1,273
    
    
    
    1977
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vlll
    
    OH
    
    
    
    
    
    
    418
    
    
    
    1,921
    
    
    
    1,655
    
    
    
    418
    
    
    
    3,576
    
    
    
    3,994
    
    
    
    1,110
    
    
    
    1970
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lX
    
    OH
    
    
    
    
    
    
    606
    
    
    
    2,164
    
    
    
    1,363
    
    
    
    606
    
    
    
    3,527
    
    
    
    4,133
    
    
    
    917
    
    
    
    1982
    
    
    
    1/10/1997
    
    
    
    5 to 40 years
 64




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##### 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 computedGrand Rapids l
    
    MI
    
    
   (2
    )
    
    
    455
    
    
    
    1,631
    
    
    
    981
    
    
    
    624
    
    
    
    2,443
    
    
    
    3,067
    
    
    
    292
    
    
    
    1976
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsGrand Rapids ll
    
    MI
    
    
    
    
    
    
    219
    
    
    
    790
    
    
    
    879
    
    
    
    219
    
    
    
    1,669
    
    
    
    1,888
    
    
    
    535
    
    
    
    1983
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsKalamazoo
    
    MI
    
    
   (2
    )
    
    
    516
    
    
    
    1,845
    
    
    
    1,729
    
    
    
    694
    
    
    
    3,396
    
    
    
    4,090
    
    
    
    367
    
    
    
    1978
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsLansing
    
    MI
    
    
   (2
    )
    
    
    327
    
    
    
    1,332
    
    
    
    1,627
    
    
    
    542
    
    
    
    2,744
    
    
    
    3,286
    
    
    
    293
    
    
    
    1987
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsHolland
    
    MI
    
    
    
    
    
    
    451
    
    
    
    1,830
    
    
    
    1,899
    
    
    
    451
    
    
    
    3,729
    
    
    
    4,180
    
    
    
    1,143
    
    
    
    1978
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsSan Antonio lll
    
    TX
    
    
    (1
    )
    
    
    474
    
    
    
    1,686
    
    
    
    442
    
    
    
    504
    
    
    
    2,098
    
    
    
    2,602
    
    
    
    644
    
    
    
    1981
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsUniversal
    
    TX
    
    
    
    
    
    
    346
    
    
    
    1,236
    
    
    
    467
    
    
    
    346
    
    
    
    1,703
    
    
    
    2,049
    
    
    
    522
    
    
    
    1985
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsSan Antonio lV
    
    TX
    
    
    
    
    
    
    432
    
    
    
    1,560
    
    
    
    1,695
    
    
    
    432
    
    
    
    3,255
    
    
    
    3,687
    
    
    
    927
    
    
    
    1995
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsHouston-Eastex
    
    TX
    
    
    
    
    
    
    634
    
    
    
    2,565
    
    
    
    1,172
    
    
    
    634
    
    
    
    3,737
    
    
    
    4,371
    
    
    
    1,139
    
    
    
    1993/95
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-Nederland
    
    TX
    
    
    
    
    
    
    566
    
    
    
    2,279
    
    
    
    356
    
    
    
    566
    
    
    
    2,635
    
    
    
    3,201
    
    
    
    837
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-College
    
    TX
    
    
    
    
    
    
    293
    
    
    
    1,357
    
    
    
    568
    
    
    
    293
    
    
    
    1,925
    
    
    
    2,218
    
    
    
    572
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsLynchburg-Lakeside
    
    VA
    
    
    
    
    
    
    335
    
    
    
    1,342
    
    
    
    1,274
    
    
    
    335
    
    
    
    2,616
    
    
    
    2,951
    
    
    
    743
    
    
    
    1982
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    328
    
    
    
    1,315
    
    
    
    976
    
    
    
    328
    
    
    
    2,291
    
    
    
    2,619
    
    
    
    725
    
    
    
    1985
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Amherst
    
    VA
    
    
    
    
    
    
    155
    
    
    
    710
    
    
    
    337
    
    
    
    152
    
    
    
    1,050
    
    
    
    1,202
    
    
    
    372
    
    
    
    1987
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChristiansburg
    
    VA
    
    
    
    
    
    
    245
    
    
    
    1,120
    
    
    
    583
    
    
    
    245
    
    
    
    1,703
    
    
    
    1,948
    
    
    
    478
    
    
    
    1985/90
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChesapeake
    
    VA
    
    
    
    
    
    
    260
    
    
    
    1,043
    
    
    
    1,188
    
    
    
    260
    
    
    
    2,231
    
    
    
    2,491
    
    
    
    627
    
    
    
    1988/95
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDanville
    
    VA
    
    
    
    
    
    
    326
    
    
    
    1,488
    
    
    
    246
    
    
    
    326
    
    
    
    1,734
    
    
    
    2,060
    
    
    
    561
    
    
    
    1988
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsOrlando-W 25th St
    
    FL
    
    
    
    
    
    
    289
    
    
    
    1,160
    
    
    
    744
    
    
    
    616
    
    
    
    1,577
    
    
    
    2,193
    
    
    
    507
    
    
    
    1984
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDelray l-Mini
    
    FL
    
    
    
    
    
    
    491
    
    
    
    1,756
    
    
    
    672
    
    
    
    491
    
    
    
    2,428
    
    
    
    2,919
    
    
    
    833
    
    
    
    1969
    
    
    
    4/11/1997
    
    
    
    5 to 40 yearsSavannah ll
    
    GA
    
    
    
    
    
    
    296
    
    
    
    1,196
    
    
    
    347
    
    
    
    296
    
    
    
    1,543
    
    
    
    1,839
    
    
    
    526
    
    
    
    1988
    
    
    
    5/8/1997
    
    
    
    5 to 40 yearsDelray ll-Safeway
    
    FL
    
    
    
    
    
    
    921
    
    
    
    3,282
    
    
    
    488
    
    
    
    921
    
    
    
    3,770
    
    
    
    4,691
    
    
    
    1,266
    
    
    
    1980
    
    
    
    5/21/1997
    
    
    
    5 to 40 yearsCleveland X-Avon
    
    OH
    
    
    
    
    
    
    301
    
    
    
    1,214
    
    
    
    2,106
    
    
    
    304
    
    
    
    3,317
    
    
    
    3,621
    
    
    
    742
    
    
    
    1989
    
    
    
    6/4/1997
    
    
    
    5 to 40 yearsDallas-Skillman
    
    TX
    
    
    
    
    
    
    960
    
    
    
    3,847
    
    
    
    1,500
    
    
    
    960
    
    
    
    5,347
    
    
    
    6,307
    
    
    
    1,651
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Centennial
    
    TX
    
    
    
    
    
    
    965
    
    
    
    3,864
    
    
    
    1,276
    
    
    
    943
    
    
    
    5,162
    
    
    
    6,105
    
    
    
    1,635
    
    
    
    1977
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Samuell
    
    TX
    
    
    (1
    )
    
    
    570
    
    
    
    2,285
    
    
    
    795
    
    
    
    611
    
    
    
    3,039
    
    
    
    3,650
    
    
    
    990
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Hargrove
    
    TX
    
    
    
    
    
    
    370
    
    
    
    1,486
    
    
    
    530
    
    
    
    370
    
    
    
    2,016
    
    
    
    2,386
    
    
    
    712
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsHouston-Antoine
    
    TX
    
    
    
    
    
    
    515
    
    
    
    2,074
    
    
    
    561
    
    
    
    515
    
    
    
    2,635
    
    
    
    3,150
    
    
    
    872
    
    
    
    1984
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsAtlanta-Alpharetta
    
    GA
    
    
    
    
    
    
    1,033
    
    
    
    3,753
    
    
    
    458
    
    
    
    1,033
    
    
    
    4,211
    
    
    
    5,244
    
    
    
    1,428
    
    
    
    1994
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Marietta
    
    GA
    
    
    (1
    )
    
    
    769
    
    
    
    2,788
    
    
    
    465
    
    
    
    825
    
    
    
    3,197
    
    
    
    4,022
    
    
    
    1,031
    
    
    
    1996
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Doraville
    
    GA
    
    
    
    
    
    
    735
    
    
    
    3,429
    
    
    
    318
    
    
    
    735
    
    
    
    3,747
    
    
    
    4,482
    
    
    
    1,230
    
    
    
    1995
    
    
    
    8/21/1997
    
    
    
    5 to 40 yearsGreensboroHilltop
    
    NC
    
    
    
    
    
    
    268
    
    
    
    1,097
    
    
    
    391
    
    
    
    268
    
    
    
    1,488
    
    
    
    1,756
    
    
    
    458
    
    
    
    1995
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsGreensboroStgCch
    
    NC
    
    
    
    
    
    
    89
    
    
    
    376
    
    
    
    1,539
    
    
    
    89
    
    
    
    1,915
    
    
    
    2,004
    
    
    
    463
    
    
    
    1997
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline
    
    LA
    
    
    (1
    )
    
    
    396
    
    
    
    1,831
    
    
    
    966
    
    
    
    421
    
    
    
    2,772
    
    
    
    3,193
    
    
    
    796
    
    
    
    1982
    
    
    
    10/9/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline2
    
    LA
    
    
    
    
    
    
    282
    
    
    
    1,303
    
    
    
    312
    
    
    
    282
    
    
    
    1,615
    
    
    
    1,897
    
    
    
    551
    
    
    
    1985
    
    
    
    11/21/1997
    
    
    
    5 to 40 yearsHarrisburg-Peiffers
    
    PA
    
    
    
    
    
    
    635
    
    
    
    2,550
    
    
    
    532
    
    
    
    637
    
    
    
    3,080
    
    
    
    3,717
    
    
    
    940
    
    
    
    1984
    
    
    
    12/3/1997
    
    
    
    5 to 40 yearsChesapeake-Military
    
    VA
    
    
    
    
    
    
    542
    
    
    
    2,210
    
    
    
    343
    
    
    
    542
    
    
    
    2,553
    
    
    
    3,095
    
    
    
    789
    
    
    
    1996
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsChesapeake-Volvo
    
    VA
    
    
    
    
    
    
    620
    
    
    
    2,532
    
    
    
    908
    
    
    
    620
    
    
    
    3,440
    
    
    
    4,060
    
    
    
    1,015
    
    
    
    1995
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Shell
    
    VA
    
    
    
    
    
    
    540
    
    
    
    2,211
    
    
    
    276
    
    
    
    540
    
    
    
    2,487
    
    
    
    3,027
    
    
    
    797
    
    
    
    1991
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Central
    
    VA
    
    
    
    
    
    
    864
    
    
    
    3,994
    
    
    
    752
    
    
    
    864
    
    
    
    4,746
    
    
    
    5,610
    
    
    
    1,464
    
    
    
    1993/95
    
    
    
    2/5/1998
    
    
    
    5 to 40 years
 65




---



##### 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 computedNorfolk-Naval Base
    
    VA
    
    
    
    
    
    
    1,243
    
    
    
    5,019
    
    
    
    744
    
    
    
    1,243
    
    
    
    5,763
    
    
    
    7,006
    
    
    
    1,760
    
    
    
    1975
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsTampa-E.Hillsborough
    
    FL
    
    
    
    
    
    
    709
    
    
    
    3,235
    
    
    
    750
    
    
    
    709
    
    
    
    3,985
    
    
    
    4,694
    
    
    
    1,331
    
    
    
    1985
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsNorthbridge
    
    MA
    
    
   (2
    )
    
    
    441
    
    
    
    1,788
    
    
    
    990
    
    
    
    694
    
    
    
    2,525
    
    
    
    3,219
    
    
    
    263
    
    
    
    1988
    
    
    
    2/9/1998
    
    
    
    5 to 40 yearsHarriman
    
    NY
    
    
    
    
    
    
    843
    
    
    
    3,394
    
    
    
    490
    
    
    
    843
    
    
    
    3,884
    
    
    
    4,727
    
    
    
    1,225
    
    
    
    1989/95
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsGreensboro-High Point
    
    NC
    
    
    
    
    
    
    397
    
    
    
    1,834
    
    
    
    554
    
    
    
    397
    
    
    
    2,388
    
    
    
    2,785
    
    
    
    732
    
    
    
    1993
    
    
    
    2/10/1998
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    488
    
    
    
    1,746
    
    
    
    498
    
    
    
    488
    
    
    
    2,244
    
    
    
    2,732
    
    
    
    680
    
    
    
    1990/96
    
    
    
    2/18/1998
    
    
    
    5 to 40 yearsTitusville
    
    FL
    
    
    (2
    )
    
    
    492
    
    
    
    1,990
    
    
    
    934
    
    
    
    688
    
    
    
    2,728
    
    
    
    3,416
    
    
    
    292
    
    
    
    1986/90
    
    
    
    2/25/1998
    
    
    
    5 to 40 yearsSalem
    
    MA
    
    
    
    
    
    
    733
    
    
    
    2,941
    
    
    
    1,236
    
    
    
    733
    
    
    
    4,177
    
    
    
    4,910
    
    
    
    1,255
    
    
    
    1979
    
    
    
    3/3/1998
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy
    
    TN
    
    
    
    
    
    
    384
    
    
    
    1,371
    
    
    
    536
    
    
    
    384
    
    
    
    1,907
    
    
    
    2,291
    
    
    
    613
    
    
    
    1987
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsChattanooga-Hwy 58
    
    TN
    
    
    
    
    
    
    296
    
    
    
    1,198
    
    
    
    2,090
    
    
    
    414
    
    
    
    3,170
    
    
    
    3,584
    
    
    
    657
    
    
    
    1985
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsFt. Oglethorpe
    
    GA
    
    
    
    
    
    
    349
    
    
    
    1,250
    
    
    
    584
    
    
    
    349
    
    
    
    1,834
    
    
    
    2,183
    
    
    
    574
    
    
    
    1989
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsBirmingham-Walt
    
    AL
    
    
    
    
    
    
    544
    
    
    
    1,942
    
    
    
    831
    
    
    
    544
    
    
    
    2,773
    
    
    
    3,317
    
    
    
    922
    
    
    
    1984
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsEast Greenwich
    
    RI
    
    
    
    
    
    
    702
    
    
    
    2,821
    
    
    
    1,080
    
    
    
    702
    
    
    
    3,901
    
    
    
    4,603
    
    
    
    1,151
    
    
    
    1984/88
    
    
    
    3/26/1998
    
    
    
    5 to 40 yearsDurham-Hillsborough
    
    NC
    
    
    
    
    
    
    775
    
    
    
    3,103
    
    
    
    710
    
    
    
    775
    
    
    
    3,813
    
    
    
    4,588
    
    
    
    1,143
    
    
    
    1988/91
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsDurham-Cornwallis
    
    NC
    
    
    
    
    
    
    940
    
    
    
    3,763
    
    
    
    749
    
    
    
    940
    
    
    
    4,512
    
    
    
    5,452
    
    
    
    1,342
    
    
    
    1990/96
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsSalem-Policy
    
    NH
    
    
    
    
    
    
    742
    
    
    
    2,977
    
    
    
    468
    
    
    
    742
    
    
    
    3,445
    
    
    
    4,187
    
    
    
    994
    
    
    
    1980
    
    
    
    4/7/1998
    
    
    
    5 to 40 yearsWarren-Elm
    
    OH
    
    
    (1
    )
    
    
    522
    
    
    
    1,864
    
    
    
    1,218
    
    
    
    569
    
    
    
    3,035
    
    
    
    3,604
    
    
    
    814
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsWarren-Youngstown
    
    OH
    
    
    
    
    
    
    512
    
    
    
    1,829
    
    
    
    1,860
    
    
    
    675
    
    
    
    3,526
    
    
    
    4,201
    
    
    
    779
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsIndian Harbor Beach
    
    FL
    
    
    
    
    
    
    662
    
    
    
    2,654
    
    
    
    -602
    
    
    
    662
    
    
    
    2,052
    
    
    
    2,714
    
    
    
    674
    
    
    
    1985
    
    
    
    6/2/1998
    
    
    
    5 to 40 yearsJackson 3 - I55
    
    MS
    
    
    
    
    
    
    744
    
    
    
    3,021
    
    
    
    132
    
    
    
    744
    
    
    
    3,153
    
    
    
    3,897
    
    
    
    964
    
    
    
    1995
    
    
    
    5/13/1998
    
    
    
    5 to 40 yearsKaty-N.Fry
    
    TX
    
    
    
    
    
    
    419
    
    
    
    1,524
    
    
    
    3,284
    
    
    
    419
    
    
    
    4,808
    
    
    
    5,227
    
    
    
    704
    
    
    
    1994
    
    
    
    5/20/1998
    
    
    
    5 to 40 yearsHollywood-Sheridan
    
    FL
    
    
    
    
    
    
    1,208
    
    
    
    4,854
    
    
    
    358
    
    
    
    1,208
    
    
    
    5,212
    
    
    
    6,420
    
    
    
    1,548
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Atlantic
    
    FL
    
    
    
    
    
    
    944
    
    
    
    3,803
    
    
    
    352
    
    
    
    944
    
    
    
    4,155
    
    
    
    5,099
    
    
    
    1,254
    
    
    
    1985
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Sample
    
    FL
    
    
    
    
    
    
    903
    
    
    
    3,643
    
    
    
    341
    
    
    
    903
    
    
    
    3,984
    
    
    
    4,887
    
    
    
    1,175
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsBoca Raton-18th St
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    6,059
    
    
    
    832
    
    
    
    1,503
    
    
    
    6,891
    
    
    
    8,394
    
    
    
    2,043
    
    
    
    1991
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsVero Beach
    
    FL
    
    
    
    
    
    
    489
    
    
    
    1,813
    
    
    
    116
    
    
    
    489
    
    
    
    1,929
    
    
    
    2,418
    
    
    
    635
    
    
    
    1997
    
    
    
    6/12/1998
    
    
    
    5 to 40 yearsHumble
    
    TX
    
    
    
    
    
    
    447
    
    
    
    1,790
    
    
    
    2,246
    
    
    
    740
    
    
    
    3,743
    
    
    
    4,483
    
    
    
    824
    
    
    
    1986
    
    
    
    6/16/1998
    
    
    
    5 to 40 yearsHouston-Old Katy
    
    TX
    
    
    (1
    )
    
    
    659
    
    
    
    2,680
    
    
    
    377
    
    
    
    698
    
    
    
    3,018
    
    
    
    3,716
    
    
    
    810
    
    
    
    1996
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsWebster
    
    TX
    
    
    
    
    
    
    635
    
    
    
    2,302
    
    
    
    131
    
    
    
    635
    
    
    
    2,433
    
    
    
    3,068
    
    
    
    727
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsCarrollton
    
    TX
    
    
    
    
    
    
    548
    
    
    
    1,988
    
    
    
    295
    
    
    
    548
    
    
    
    2,283
    
    
    
    2,831
    
    
    
    668
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsHollywood-N.21st
    
    FL
    
    
    
    
    
    
    840
    
    
    
    3,373
    
    
    
    363
    
    
    
    840
    
    
    
    3,736
    
    
    
    4,576
    
    
    
    1,139
    
    
    
    1987
    
    
    
    8/3/1998
    
    
    
    5 to 40 yearsSan Marcos
    
    TX
    
    
    
    
    
    
    324
    
    
    
    1,493
    
    
    
    2,012
    
    
    
    324
    
    
    
    3,505
    
    
    
    3,829
    
    
    
    667
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-McNeil
    
    TX
    
    
    
    
    
    
    492
    
    
    
    1,995
    
    
    
    494
    
    
    
    510
    
    
    
    2,471
    
    
    
    2,981
    
    
    
    729
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-FM
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,951
    
    
    
    462
    
    
    
    481
    
    
    
    2,416
    
    
    
    2,897
    
    
    
    714
    
    
    
    1996
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsJacksonville-Center
    
    NC
    
    
    
    
    
    
    327
    
    
    
    1,329
    
    
    
    678
    
    
    
    327
    
    
    
    2,007
    
    
    
    2,334
    
    
    
    500
    
    
    
    1995
    
    
    
    8/6/1998
    
    
    
    5 to 40 yearsJacksonville-Gum Branch
    
    NC
    
    
    
    
    
    
    508
    
    
    
    1,815
    
    
    
    1,271
    
    
    
    508
    
    
    
    3,086
    
    
    
    3,594
    
    
    
    761
    
    
    
    1989
    
    
    
    8/17/1998
    
    
    
    5 to 40 yearsJacksonville-N.Marine
    
    NC
    
    
    
    
    
    
    216
    
    
    
    782
    
    
    
    721
    
    
    
    216
    
    
    
    1,503
    
    
    
    1,719
    
    
    
    468
    
    
    
    1985
    
    
    
    9/24/1998
    
    
    
    5 to 40 yearsEuless
    
    TX
    
    
    
    
    
    
    550
    
    
    
    1,998
    
    
    
    660
    
    
    
    550
    
    
    
    2,658
    
    
    
    3,208
    
    
    
    709
    
    
    
    1996
    
    
    
    9/29/1998
    
    
    
    5 to 40 yearsN. Richland Hills
    
    TX
    
    
    
    
    
    
    670
    
    
    
    2,407
    
    
    
    1,540
    
    
    
    670
    
    
    
    3,947
    
    
    
    4,617
    
    
    
    905
    
    
    
    1996
    
    
    
    10/9/1998
    
    
    
    5 to 40 years
 66




---



##### 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 computedBatavia
    
    OH
    
    
    
    
    
    
    390
    
    
    
    1,570
    
    
    
    909
    
    
    
    390
    
    
    
    2,479
    
    
    
    2,869
    
    
    
    625
    
    
    
    1988
    
    
    
    11/19/1998
    
    
    
    5 to 40 yearsJackson-N.West
    
    MS
    
    
    
    
    
    
    460
    
    
    
    1,642
    
    
    
    480
    
    
    
    460
    
    
    
    2,122
    
    
    
    2,582
    
    
    
    707
    
    
    
    1984
    
    
    
    12/1/1998
    
    
    
    5 to 40 yearsKaty-Franz
    
    TX
    
    
    
    
    
    
    507
    
    
    
    2,058
    
    
    
    1,599
    
    
    
    507
    
    
    
    3,657
    
    
    
    4,164
    
    
    
    741
    
    
    
    1993
    
    
    
    12/15/1998
    
    
    
    5 to 40 yearsW.Warwick
    
    RI
    
    
    
    
    
    
    447
    
    
    
    1,776
    
    
    
    813
    
    
    
    447
    
    
    
    2,589
    
    
    
    3,036
    
    
    
    717
    
    
    
    1986/94
    
    
    
    2/2/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook 1
    
    LA
    
    
    
    
    
    
    556
    
    
    
    1,951
    
    
    
    977
    
    
    
    556
    
    
    
    2,928
    
    
    
    3,484
    
    
    
    973
    
    
    
    1980
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook2
    
    LA
    
    
    
    
    
    
    708
    
    
    
    2,860
    
    
    
    285
    
    
    
    708
    
    
    
    3,145
    
    
    
    3,853
    
    
    
    895
    
    
    
    1992/94
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Ambassador
    
    LA
    
    
    
    
    
    
    314
    
    
    
    1,095
    
    
    
    665
    
    
    
    314
    
    
    
    1,760
    
    
    
    2,074
    
    
    
    631
    
    
    
    1975
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    188
    
    
    
    652
    
    
    
    1,507
    
    
    
    188
    
    
    
    2,159
    
    
    
    2,347
    
    
    
    628
    
    
    
    1977
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Guilbeau
    
    LA
    
    
    
    
    
    
    963
    
    
    
    3,896
    
    
    
    776
    
    
    
    963
    
    
    
    4,672
    
    
    
    5,635
    
    
    
    1,224
    
    
    
    1994
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsGilbert-Elliot Rd
    
    AZ
    
    
    
    
    
    
    651
    
    
    
    2,600
    
    
    
    1,101
    
    
    
    772
    
    
    
    3,580
    
    
    
    4,352
    
    
    
    864
    
    
    
    1995
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsGlendale-59th Ave
    
    AZ
    
    
    
    
    
    
    565
    
    
    
    2,596
    
    
    
    556
    
    
    
    565
    
    
    
    3,152
    
    
    
    3,717
    
    
    
    852
    
    
    
    1997
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Baseline
    
    AZ
    
    
    
    
    
    
    330
    
    
    
    1,309
    
    
    
    2,399
    
    
    
    733
    
    
    
    3,305
    
    
    
    4,038
    
    
    
    482
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-E.Broadway
    
    AZ
    
    
    
    
    
    
    339
    
    
    
    1,346
    
    
    
    593
    
    
    
    339
    
    
    
    1,939
    
    
    
    2,278
    
    
    
    493
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-W.Broadway
    
    AZ
    
    
    
    
    
    
    291
    
    
    
    1,026
    
    
    
    874
    
    
    
    291
    
    
    
    1,900
    
    
    
    2,191
    
    
    
    414
    
    
    
    1976
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Greenfield
    
    AZ
    
    
    
    
    
    
    354
    
    
    
    1,405
    
    
    
    336
    
    
    
    354
    
    
    
    1,741
    
    
    
    2,095
    
    
    
    516
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Camelback
    
    AZ
    
    
    
    
    
    
    453
    
    
    
    1,610
    
    
    
    834
    
    
    
    453
    
    
    
    2,444
    
    
    
    2,897
    
    
    
    665
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Bell
    
    AZ
    
    
    
    
    
    
    872
    
    
    
    3,476
    
    
    
    871
    
    
    
    872
    
    
    
    4,347
    
    
    
    5,219
    
    
    
    1,196
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-35th Ave
    
    AZ
    
    
    
    
    
    
    849
    
    
    
    3,401
    
    
    
    666
    
    
    
    849
    
    
    
    4,067
    
    
    
    4,916
    
    
    
    1,094
    
    
    
    1996
    
    
    
    5/21/1999
    
    
    
    5 to 40 yearsWestbrook
    
    ME
    
    
    
    
    
    
    410
    
    
    
    1,626
    
    
    
    1,759
    
    
    
    410
    
    
    
    3,385
    
    
    
    3,795
    
    
    
    728
    
    
    
    1988
    
    
    
    8/2/1999
    
    
    
    5 to 40 yearsCocoa
    
    FL
    
    
    
    
    
    
    667
    
    
    
    2,373
    
    
    
    775
    
    
    
    667
    
    
    
    3,148
    
    
    
    3,815
    
    
    
    850
    
    
    
    1982
    
    
    
    9/29/1999
    
    
    
    5 to 40 yearsCedar Hill
    
    TX
    
    
    
    
    
    
    335
    
    
    
    1,521
    
    
    
    377
    
    
    
    335
    
    
    
    1,898
    
    
    
    2,233
    
    
    
    535
    
    
    
    1985
    
    
    
    11/9/1999
    
    
    
    5 to 40 yearsMonroe
    
    NY
    
    
    
    
    
    
    276
    
    
    
    1,312
    
    
    
    1,159
    
    
    
    276
    
    
    
    2,471
    
    
    
    2,747
    
    
    
    515
    
    
    
    1998
    
    
    
    2/2/2000
    
    
    
    5 to 40 yearsN.Andover
    
    MA
    
    
    
    
    
    
    633
    
    
    
    2,573
    
    
    
    808
    
    
    
    633
    
    
    
    3,381
    
    
    
    4,014
    
    
    
    755
    
    
    
    1989
    
    
    
    2/15/2000
    
    
    
    5 to 40 yearsSeabrook
    
    TX
    
    
    
    
    
    
    633
    
    
    
    2,617
    
    
    
    343
    
    
    
    633
    
    
    
    2,960
    
    
    
    3,593
    
    
    
    768
    
    
    
    1996
    
    
    
    3/1/2000
    
    
    
    5 to 40 yearsPlantation
    
    FL
    
    
    
    
    
    
    384
    
    
    
    1,422
    
    
    
    415
    
    
    
    384
    
    
    
    1,837
    
    
    
    2,221
    
    
    
    463
    
    
    
    1994
    
    
    
    5/2/2000
    
    
    
    5 to 40 yearsBirmingham-Bessemer
    
    AL
    
    
    
    
    
    
    254
    
    
    
    1,059
    
    
    
    1,194
    
    
    
    254
    
    
    
    2,253
    
    
    
    2,507
    
    
    
    411
    
    
    
    1998
    
    
    
    11/15/2000
    
    
    
    5 to 40 yearsBrewster
    
    NY
    
    
   (2
    )
    
    
    1,716
    
    
    
    6,920
    
    
    
    905
    
    
    
    1,981
    
    
    
    7,560
    
    
    
    9,541
    
    
    
    797
    
    
    
    1991/97
    
    
    
    12/27/2000
    
    
    
    5 to 40 yearsAustin-Lamar
    
    TX
    
    
   (2
    )
    
    
    837
    
    
    
    2,977
    
    
    
    496
    
    
    
    966
    
    
    
    3,344
    
    
    
    4,310
    
    
    
    400
    
    
    
    1996/99
    
    
    
    2/22/2001
    
    
    
    5 to 40 yearsHouston-E.Main
    
    TX
    
    
    (2
    )
    
    
    733
    
    
    
    3,392
    
    
    
    572
    
    
    
    841
    
    
    
    3,856
    
    
    
    4,697
    
    
    
    428
    
    
    
    1993/97
    
    
    
    3/2/2001
    
    
    
    5 to 40 yearsFt.Myers-Abrams
    
    FL
    
    
   (2
    )
    
    
    787
    
    
    
    3,249
    
    
    
    374
    
    
    
    902
    
    
    
    3,508
    
    
    
    4,410
    
    
    
    424
    
    
    
    1997
    
    
    
    3/13/2001
    
    
    
    5 to 40 yearsDracut
    
    MA
    
    
    (1
    )
    
    
    1,035
    
    
    
    3,737
    
    
    
    590
    
    
    
    1,104
    
    
    
    4,258
    
    
    
    5,362
    
    
    
    887
    
    
    
    1986
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMethuen
    
    MA
    
    
    (1
    )
    
    
    1,024
    
    
    
    3,649
    
    
    
    567
    
    
    
    1,091
    
    
    
    4,149
    
    
    
    5,240
    
    
    
    856
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsColumbia 5
    
    SC
    
    
    (1
    )
    
    
    883
    
    
    
    3,139
    
    
    
    1,212
    
    
    
    942
    
    
    
    4,292
    
    
    
    5,234
    
    
    
    816
    
    
    
    1985
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMyrtle Beach
    
    SC
    
    
    (1
    )
    
    
    552
    
    
    
    1,970
    
    
    
    881
    
    
    
    589
    
    
    
    2,814
    
    
    
    3,403
    
    
    
    582
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsKingsland
    
    GA
    
    
    (1
    )
    
    
    470
    
    
    
    1,902
    
    
    
    2,914
    
    
    
    666
    
    
    
    4,620
    
    
    
    5,286
    
    
    
    642
    
    
    
    1989
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsSaco
    
    ME
    
    
    (1
    )
    
    
    534
    
    
    
    1,914
    
    
    
    279
    
    
    
    570
    
    
    
    2,157
    
    
    
    2,727
    
    
    
    452
    
    
    
    1988
    
    
    
    12/3/2001
    
    
    
    5 to 40 yearsPlymouth
    
    MA
    
    
    
    
    
    
    1,004
    
    
    
    4,584
    
    
    
    2,282
    
    
    
    1,004
    
    
    
    6,866
    
    
    
    7,870
    
    
    
    1,043
    
    
    
    1996
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSandwich
    
    MA
    
    
    (1
    )
    
    
    670
    
    
    
    3,060
    
    
    
    408
    
    
    
    714
    
    
    
    3,424
    
    
    
    4,138
    
    
    
    714
    
    
    
    1984
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSyracuse
    
    NY
    
    
    (1
    )
    
    
    294
    
    
    
    1,203
    
    
    
    402
    
    
    
    327
    
    
    
    1,572
    
    
    
    1,899
    
    
    
    358
    
    
    
    1987
    
    
    
    2/5/2002
    
    
    
    5 to 40 years
 67




---



##### 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 computedHouston-Westward
    
    TX
    
    
    (1
    )
    
    
    853
    
    
    
    3,434
    
    
    
    855
    
    
    
    912
    
    
    
    4,230
    
    
    
    5,142
    
    
    
    883
    
    
    
    1976
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Boone
    
    TX
    
    
    (1
    )
    
    
    250
    
    
    
    1,020
    
    
    
    495
    
    
    
    268
    
    
    
    1,497
    
    
    
    1,765
    
    
    
    319
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Cook
    
    TX
    
    
    (1
    )
    
    
    285
    
    
    
    1,160
    
    
    
    326
    
    
    
    306
    
    
    
    1,465
    
    
    
    1,771
    
    
    
    323
    
    
    
    1986
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Harwin
    
    TX
    
    
    (1
    )
    
    
    449
    
    
    
    1,816
    
    
    
    597
    
    
    
    480
    
    
    
    2,382
    
    
    
    2,862
    
    
    
    506
    
    
    
    1981
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hempstead
    
    TX
    
    
    (1
    )
    
    
    545
    
    
    
    2,200
    
    
    
    935
    
    
    
    583
    
    
    
    3,097
    
    
    
    3,680
    
    
    
    627
    
    
    
    1974/78
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Kuykendahl
    
    TX
    
    
    (1
    )
    
    
    517
    
    
    
    2,090
    
    
    
    1,258
    
    
    
    553
    
    
    
    3,312
    
    
    
    3,865
    
    
    
    601
    
    
    
    1979/83
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hwy 249
    
    TX
    
    
    (1
    )
    
    
    299
    
    
    
    1,216
    
    
    
    1,053
    
    
    
    320
    
    
    
    2,248
    
    
    
    2,568
    
    
    
    428
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Hwy 80
    
    TX
    
    
    (1
    )
    
    
    463
    
    
    
    1,873
    
    
    
    655
    
    
    
    496
    
    
    
    2,495
    
    
    
    2,991
    
    
    
    482
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Franklin
    
    TX
    
    
    (1
    )
    
    
    734
    
    
    
    2,956
    
    
    
    678
    
    
    
    784
    
    
    
    3,584
    
    
    
    4,368
    
    
    
    694
    
    
    
    1984
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsDallas-Plantation
    
    TX
    
    
    (1
    )
    
    
    394
    
    
    
    1,595
    
    
    
    283
    
    
    
    421
    
    
    
    1,851
    
    
    
    2,272
    
    
    
    394
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsSan Antonio-Hunt
    
    TX
    
    
    (1
    )
    
    
    381
    
    
    
    1,545
    
    
    
    781
    
    
    
    408
    
    
    
    2,299
    
    
    
    2,707
    
    
    
    431
    
    
    
    1980
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHumble-5250 FM
    
    TX
    
    
    
    
    
    
    919
    
    
    
    3,696
    
    
    
    363
    
    
    
    919
    
    
    
    4,059
    
    
    
    4,978
    
    
    
    763
    
    
    
    1998/02
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsPasadena
    
    TX
    
    
    
    
    
    
    612
    
    
    
    2,468
    
    
    
    232
    
    
    
    612
    
    
    
    2,700
    
    
    
    3,312
    
    
    
    514
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLeague City-E.Main
    
    TX
    
    
    
    
    
    
    689
    
    
    
    3,159
    
    
    
    269
    
    
    
    689
    
    
    
    3,428
    
    
    
    4,117
    
    
    
    658
    
    
    
    1994/97
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsMontgomery
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    2,066
    
    
    
    1,119
    
    
    
    5,050
    
    
    
    6,169
    
    
    
    736
    
    
    
    1998
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    129
    
    
    
    817
    
    
    
    3,415
    
    
    
    4,232
    
    
    
    671
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsHouston-Hwy 6
    
    TX
    
    
    
    
    
    
    407
    
    
    
    1,650
    
    
    
    182
    
    
    
    407
    
    
    
    1,832
    
    
    
    2,239
    
    
    
    359
    
    
    
    1997
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLumberton
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,287
    
    
    
    191
    
    
    
    817
    
    
    
    3,478
    
    
    
    4,295
    
    
    
    670
    
    
    
    1996
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsThe Hamptons l
    
    NY
    
    
    
    
    
    
    2,207
    
    
    
    8,866
    
    
    
    627
    
    
    
    2,207
    
    
    
    9,493
    
    
    
    11,700
    
    
    
    1,714
    
    
    
    1989/95
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 2
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,564
    
    
    
    489
    
    
    
    1,131
    
    
    
    5,053
    
    
    
    6,184
    
    
    
    890
    
    
    
    1998
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 3
    
    NY
    
    
    
    
    
    
    635
    
    
    
    2,918
    
    
    
    357
    
    
    
    635
    
    
    
    3,275
    
    
    
    3,910
    
    
    
    566
    
    
    
    1997
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 4
    
    NY
    
    
    
    
    
    
    1,251
    
    
    
    5,744
    
    
    
    357
    
    
    
    1,252
    
    
    
    6,100
    
    
    
    7,352
    
    
    
    1,078
    
    
    
    1994/98
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsDuncanville
    
    TX
    
    
    
    
    
    
    1,039
    
    
    
    4,201
    
    
    
    46
    
    
    
    1,039
    
    
    
    4,247
    
    
    
    5,286
    
    
    
    693
    
    
    
    1995/99
    
    
    
    8/26/2003
    
    
    
    5 to 40 yearsDallas-Harry Hines
    
    TX
    
    
    
    
    
    
    827
    
    
    
    3,776
    
    
    
    297
    
    
    
    827
    
    
    
    4,073
    
    
    
    4,900
    
    
    
    641
    
    
    
    1998/01
    
    
    
    10/1/2003
    
    
    
    5 to 40 yearsStamford
    
    CT
    
    
    
    
    
    
    2,713
    
    
    
    11,013
    
    
    
    304
    
    
    
    2,713
    
    
    
    11,317
    
    
    
    14,030
    
    
    
    1,732
    
    
    
    1998
    
    
    
    3/17/2004
    
    
    
    5 to 40 yearsHouston-Tomball
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,170
    
    
    
    1,775
    
    
    
    773
    
    
    
    4,945
    
    
    
    5,718
    
    
    
    648
    
    
    
    2000
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Conroe
    
    TX
    
    
    
    
    
    
    1,195
    
    
    
    4,877
    
    
    
    109
    
    
    
    1,195
    
    
    
    4,986
    
    
    
    6,181
    
    
    
    734
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Spring
    
    TX
    
    
    
    
    
    
    1,103
    
    
    
    4,550
    
    
    
    253
    
    
    
    1,103
    
    
    
    4,803
    
    
    
    5,906
    
    
    
    716
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Bissonnet
    
    TX
    
    
    
    
    
    
    1,061
    
    
    
    4,427
    
    
    
    2,663
    
    
    
    1,061
    
    
    
    7,090
    
    
    
    8,151
    
    
    
    822
    
    
    
    2003
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Alvin
    
    TX
    
    
    
    
    
    
    388
    
    
    
    1,640
    
    
    
    852
    
    
    
    388
    
    
    
    2,492
    
    
    
    2,880
    
    
    
    296
    
    
    
    2003
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsClearwater
    
    FL
    
    
    
    
    
    
    1,720
    
    
    
    6,986
    
    
    
    82
    
    
    
    1,720
    
    
    
    7,068
    
    
    
    8,788
    
    
    
    1,020
    
    
    
    2001
    
    
    
    6/3/2004
    
    
    
    5 to 40 yearsHouston-Missouri City
    
    TX
    
    
    
    
    
    
    1,167
    
    
    
    4,744
    
    
    
    3,459
    
    
    
    1,566
    
    
    
    7,804
    
    
    
    9,370
    
    
    
    746
    
    
    
    1998
    
    
    
    6/23/2004
    
    
    
    5 to 40 yearsChattanooga-Hixson
    
    TN
    
    
    
    
    
    
    1,365
    
    
    
    5,569
    
    
    
    1,182
    
    
    
    1,365
    
    
    
    6,751
    
    
    
    8,116
    
    
    
    947
    
    
    
    1998/02
    
    
    
    8/4/2004
    
    
    
    5 to 40 yearsAustin-Round Rock
    
    TX
    
    
    
    
    
    
    2,047
    
    
    
    5,857
    
    
    
    675
    
    
    
    2,051
    
    
    
    6,528
    
    
    
    8,579
    
    
    
    902
    
    
    
    2000
    
    
    
    8/5/2004
    
    
    
    5 to 40 yearsCicero
    
    NY
    
    
    
    
    
    
    527
    
    
    
    2,121
    
    
    
    564
    
    
    
    527
    
    
    
    2,685
    
    
    
    3,212
    
    
    
    355
    
    
    
    1988/02
    
    
    
    3/16/2005
    
    
    
    5 to 40 yearsBay Shore
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,609
    
    
    
    59
    
    
    
    1,131
    
    
    
    4,668
    
    
    
    5,799
    
    
    
    593
    
    
    
    2003
    
    
    
    3/15/2005
    
    
    
    5 to 40 yearsSpringfield-Congress
    
    MA
    
    
    
    
    
    
    612
    
    
    
    2,501
    
    
    
    106
    
    
    
    612
    
    
    
    2,607
    
    
    
    3,219
    
    
    
    337
    
    
    
    1965/75
    
    
    
    4/12/2005
    
    
    
    5 to 40 yearsStamford-Hope
    
    CT
    
    
    
    
    
    
    1,612
    
    
    
    6,585
    
    
    
    201
    
    
    
    1,612
    
    
    
    6,786
    
    
    
    8,398
    
    
    
    855
    
    
    
    2002
    
    
    
    4/14/2005
    
    
    
    5 to 40 yearsHouston-Jones
    
    TX
    
    
    3,369
    
    
    
    1,214
    
    
    
    4,949
    
    
    
    82
    
    
    
    1,215
    
    
    
    5,030
    
    
    
    6,245
    
    
    
    603
    
    
    
    1997/99
    
    
    
    6/6/2005
    
    
    
    5 to 40 years
 68




---



##### 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 computedMontgomery-Richard
    
    AL
    
    
    
    
    
    
    1,906
    
    
    
    7,726
    
    
    
    135
    
    
    
    1,906
    
    
    
    7,861
    
    
    
    9,767
    
    
    
    950
    
    
    
    1997
    
    
    
    6/1/2005
    
    
    
    5 to 40 yearsOxford
    
    MA
    
    
    
    
    
    
    470
    
    
    
    1,902
    
    
    
    1,577
    
    
    
    470
    
    
    
    3,479
    
    
    
    3,949
    
    
    
    288
    
    
    
    2002
    
    
    
    6/23/2005
    
    
    
    5 to 40 yearsAustin-290E
    
    TX
    
    
    
    
    
    
    537
    
    
    
    2,183
    
    
    
    167
    
    
    
    537
    
    
    
    2,350
    
    
    
    2,887
    
    
    
    291
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsSanAntonio-Marbach
    
    TX
    
    
    
    
    
    
    556
    
    
    
    2,265
    
    
    
    206
    
    
    
    556
    
    
    
    2,471
    
    
    
    3,027
    
    
    
    290
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsAustin-South 1st
    
    TX
    
    
    
    
    
    
    754
    
    
    
    3,065
    
    
    
    148
    
    
    
    754
    
    
    
    3,213
    
    
    
    3,967
    
    
    
    388
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsPinehurst
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,977
    
    
    
    1,361
    
    
    
    484
    
    
    
    3,338
    
    
    
    3,822
    
    
    
    303
    
    
    
    2002/04
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsMarietta-Austell
    
    GA
    
    
    
    
    
    
    811
    
    
    
    3,397
    
    
    
    433
    
    
    
    811
    
    
    
    3,830
    
    
    
    4,641
    
    
    
    449
    
    
    
    2003
    
    
    
    9/15/2005
    
    
    
    5 to 40 yearsBaton Rouge-Florida
    
    LA
    
    
    
    
    
    
    719
    
    
    
    2,927
    
    
    
    927
    
    
    
    719
    
    
    
    3,854
    
    
    
    4,573
    
    
    
    295
    
    
    
    1984/94
    
    
    
    11/15/2005
    
    
    
    5 to 40 yearsCypress
    
    TX
    
    
    
    
    
    
    721
    
    
    
    2,994
    
    
    
    1,094
    
    
    
    721
    
    
    
    4,088
    
    
    
    4,809
    
    
    
    414
    
    
    
    2003
    
    
    
    1/13/2006
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    867
    
    
    
    3,499
    
    
    
    106
    
    
    
    867
    
    
    
    3,605
    
    
    
    4,472
    
    
    
    377
    
    
    
    2003
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsSan Marcos-Hwy 35S
    
    TX
    
    
    
    
    
    
    628
    
    
    
    2,532
    
    
    
    450
    
    
    
    982
    
    
    
    2,628
    
    
    
    3,610
    
    
    
    274
    
    
    
    2001
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsBaytown
    
    TX
    
    
    
    
    
    
    596
    
    
    
    2,411
    
    
    
    86
    
    
    
    596
    
    
    
    2,497
    
    
    
    3,093
    
    
    
    266
    
    
    
    2002
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsWebster
    
    NY
    
    
    
    
    
    
    937
    
    
    
    3,779
    
    
    
    116
    
    
    
    937
    
    
    
    3,895
    
    
    
    4,832
    
    
    
    392
    
    
    
    2002/06
    
    
    
    2/1/2006
    
    
    
    5 to 40 yearsHouston-Jones Rd 2
    
    TX
    
    
    
    
    
    
    707
    
    
    
    2,933
    
    
    
    2,013
    
    
    
    707
    
    
    
    4,946
    
    
    
    5,653
    
    
    
    447
    
    
    
    2000
    
    
    
    3/9/2006
    
    
    
    5 to 40 yearsCameron-Scott
    
    LA
    
    
    977
    
    
    
    411
    
    
    
    1,621
    
    
    
    136
    
    
    
    411
    
    
    
    1,757
    
    
    
    2,168
    
    
    
    205
    
    
    
    1997
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsLafayette-Westgate
    
    LA
    
    
    
    
    
    
    463
    
    
    
    1,831
    
    
    
    83
    
    
    
    463
    
    
    
    1,914
    
    
    
    2,377
    
    
    
    193
    
    
    
    2001/04
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsBroussard
    
    LA
    
    
    
    
    
    
    601
    
    
    
    2,406
    
    
    
    1,250
    
    
    
    601
    
    
    
    3,656
    
    
    
    4,257
    
    
    
    315
    
    
    
    2002
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsCongress-Lafayette
    
    LA
    
    
    1,072
    
    
    
    542
    
    
    
    1,319
    
    
    
    2,101
    
    
    
    542
    
    
    
    3,420
    
    
    
    3,962
    
    
    
    224
    
    
    
    1997/99
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsManchester
    
    NH
    
    
    
    
    
    
    832
    
    
    
    3,268
    
    
    
    90
    
    
    
    832
    
    
    
    3,358
    
    
    
    4,190
    
    
    
    320
    
    
    
    2000
    
    
    
    4/26/2006
    
    
    
    5 to 40 yearsNashua
    
    NH
    
    
    
    
    
    
    617
    
    
    
    2,422
    
    
    
    489
    
    
    
    617
    
    
    
    2,911
    
    
    
    3,528
    
    
    
    256
    
    
    
    1989
    
    
    
    6/29/2006
    
    
    
    5 to 40 yearsLargo 2
    
    FL
    
    
    
    
    
    
    1,270
    
    
    
    5,037
    
    
    
    171
    
    
    
    1,270
    
    
    
    5,208
    
    
    
    6,478
    
    
    
    487
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsPinellas Park
    
    FL
    
    
    
    
    
    
    929
    
    
    
    3,676
    
    
    
    109
    
    
    
    929
    
    
    
    3,785
    
    
    
    4,714
    
    
    
    344
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsTarpon Springs
    
    FL
    
    
    
    
    
    
    696
    
    
    
    2,739
    
    
    
    110
    
    
    
    696
    
    
    
    2,849
    
    
    
    3,545
    
    
    
    263
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsNew Orleans
    
    LA
    
    
    
    
    
    
    1,220
    
    
    
    4,805
    
    
    
    83
    
    
    
    1,220
    
    
    
    4,888
    
    
    
    6,108
    
    
    
    450
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Meramec
    
    MO
    
    
    
    
    
    
    1,113
    
    
    
    4,359
    
    
    
    190
    
    
    
    1,113
    
    
    
    4,549
    
    
    
    5,662
    
    
    
    414
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Charles Rock
    
    MO
    
    
    
    
    
    
    766
    
    
    
    3,040
    
    
    
    111
    
    
    
    766
    
    
    
    3,151
    
    
    
    3,917
    
    
    
    282
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Shackelford
    
    MO
    
    
    
    
    
    
    828
    
    
    
    3,290
    
    
    
    141
    
    
    
    828
    
    
    
    3,431
    
    
    
    4,259
    
    
    
    315
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-W.Washington
    
    MO
    
    
    
    
    
    
    734
    
    
    
    2,867
    
    
    
    555
    
    
    
    734
    
    
    
    3,422
    
    
    
    4,156
    
    
    
    328
    
    
    
    1980/01
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Howdershell
    
    MO
    
    
    
    
    
    
    899
    
    
    
    3,596
    
    
    
    180
    
    
    
    899
    
    
    
    3,776
    
    
    
    4,675
    
    
    
    350
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Lemay Ferry
    
    MO
    
    
    
    
    
    
    890
    
    
    
    3,552
    
    
    
    208
    
    
    
    890
    
    
    
    3,760
    
    
    
    4,650
    
    
    
    338
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Manchester
    
    MO
    
    
    
    
    
    
    697
    
    
    
    2,711
    
    
    
    96
    
    
    
    697
    
    
    
    2,807
    
    
    
    3,504
    
    
    
    258
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsArlington-Little Rd
    
    TX
    
    
    1,951
    
    
    
    1,256
    
    
    
    4,946
    
    
    
    159
    
    
    
    1,256
    
    
    
    5,105
    
    
    
    6,361
    
    
    
    463
    
    
    
    1998/03
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Goldmark
    
    TX
    
    
    
    
    
    
    605
    
    
    
    2,434
    
    
    
    58
    
    
    
    605
    
    
    
    2,492
    
    
    
    3,097
    
    
    
    228
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Manana
    
    TX
    
    
    
    
    
    
    607
    
    
    
    2,428
    
    
    
    115
    
    
    
    607
    
    
    
    2,543
    
    
    
    3,150
    
    
    
    233
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Manderville
    
    TX
    
    
    
    
    
    
    1,073
    
    
    
    4,276
    
    
    
    62
    
    
    
    1,073
    
    
    
    4,338
    
    
    
    5,411
    
    
    
    398
    
    
    
    2003
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Granbury
    
    TX
    
    
    1,751
    
    
    
    549
    
    
    
    2,180
    
    
    
    90
    
    
    
    549
    
    
    
    2,270
    
    
    
    2,819
    
    
    
    210
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Grapevine
    
    TX
    
    
    
    
    
    
    644
    
    
    
    2,542
    
    
    
    52
    
    
    
    644
    
    
    
    2,594
    
    
    
    3,238
    
    
    
    238
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Blanco
    
    TX
    
    
    
    
    
    
    963
    
    
    
    3,836
    
    
    
    55
    
    
    
    963
    
    
    
    3,891
    
    
    
    4,854
    
    
    
    357
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Broadway
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,060
    
    
    
    106
    
    
    
    773
    
    
    
    3,166
    
    
    
    3,939
    
    
    
    293
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 years
 69




---



##### 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 computedSan Antonio-Huebner
    
    TX
    
    
    2,177
    
    
    
    1,175
    
    
    
    4,624
    
    
    
    118
    
    
    
    1,175
    
    
    
    4,742
    
    
    
    5,917
    
    
    
    424
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy II
    
    TN
    
    
    
    
    
    
    619
    
    
    
    2,471
    
    
    
    62
    
    
    
    619
    
    
    
    2,533
    
    
    
    3,152
    
    
    
    228
    
    
    
    2002
    
    
    
    8/7/2006
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    699
    
    
    
    2,784
    
    
    
    1,885
    
    
    
    699
    
    
    
    4,669
    
    
    
    5,368
    
    
    
    310
    
    
    
    1995/99
    
    
    
    8/1/2006
    
    
    
    5 to 40 yearsMontgomery-E.S.Blvd
    
    AL
    
    
    
    
    
    
    1,158
    
    
    
    4,639
    
    
    
    304
    
    
    
    1,158
    
    
    
    4,943
    
    
    
    6,101
    
    
    
    433
    
    
    
    1996/97
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Pepperell Pkwy
    
    AL
    
    
    
    
    
    
    590
    
    
    
    2,361
    
    
    
    152
    
    
    
    590
    
    
    
    2,513
    
    
    
    3,103
    
    
    
    214
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Gatewood Dr
    
    AL
    
    
    
    
    
    
    694
    
    
    
    2,758
    
    
    
    111
    
    
    
    694
    
    
    
    2,869
    
    
    
    3,563
    
    
    
    237
    
    
    
    2002/03
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Williams Rd
    
    GA
    
    
    
    
    
    
    736
    
    
    
    2,905
    
    
    
    118
    
    
    
    736
    
    
    
    3,023
    
    
    
    3,759
    
    
    
    263
    
    
    
    2002/04/06
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Miller Rd
    
    GA
    
    
    
    
    
    
    975
    
    
    
    3,854
    
    
    
    129
    
    
    
    975
    
    
    
    3,983
    
    
    
    4,958
    
    
    
    333
    
    
    
    1995
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Armour Rd
    
    GA
    
    
    
    
    
    
    0
    
    
    
    3,680
    
    
    
    98
    
    
    
    0
    
    
    
    3,778
    
    
    
    3,778
    
    
    
    324
    
    
    
    2004/05
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Amber Dr
    
    GA
    
    
    
    
    
    
    439
    
    
    
    1,745
    
    
    
    63
    
    
    
    439
    
    
    
    1,808
    
    
    
    2,247
    
    
    
    155
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsConcord
    
    NH
    
    
    
    
    
    
    813
    
    
    
    3,213
    
    
    
    1,919
    
    
    
    813
    
    
    
    5,132
    
    
    
    5,945
    
    
    
    337
    
    
    
    2000
    
    
    
    10/31/2006
    
    
    
    5 to 40 yearsBuffalo-Langner Rd
    
    NY
    
    
    
    
    
    
    532
    
    
    
    2,119
    
    
    
    442
    
    
    
    532
    
    
    
    2,561
    
    
    
    3,093
    
    
    
    171
    
    
    
    1993/07
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Transit Rd
    
    NY
    
    
    
    
    
    
    437
    
    
    
    1,794
    
    
    
    76
    
    
    
    437
    
    
    
    1,870
    
    
    
    2,307
    
    
    
    142
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Lake Ave
    
    NY
    
    
    
    
    
    
    638
    
    
    
    2,531
    
    
    
    242
    
    
    
    638
    
    
    
    2,773
    
    
    
    3,411
    
    
    
    219
    
    
    
    1997
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Union Rd
    
    NY
    
    
    
    
    
    
    348
    
    
    
    1,344
    
    
    
    108
    
    
    
    348
    
    
    
    1,452
    
    
    
    1,800
    
    
    
    108
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Niagara Falls
Blvd
    
    NY
    
    
    
    
    
    
    323
    
    
    
    1,331
    
    
    
    64
    
    
    
    323
    
    
    
    1,395
    
    
    
    1,718
    
    
    
    104
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Young St
    
    NY
    
    
    
    
    
    
    315
    
    
    
    2,185
    
    
    
    118
    
    
    
    316
    
    
    
    2,302
    
    
    
    2,618
    
    
    
    147
    
    
    
    1999/00
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Sheridan Dr
    
    NY
    
    
    
    
    
    
    961
    
    
    
    3,827
    
    
    
    101
    
    
    
    961
    
    
    
    3,928
    
    
    
    4,889
    
    
    
    280
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsLockport-Transit Rd
    
    NY
    
    
    
    
    
    
    375
    
    
    
    1,498
    
    
    
    253
    
    
    
    375
    
    
    
    1,751
    
    
    
    2,126
    
    
    
    142
    
    
    
    1990/95
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsRochester-Phillips Rd
    
    NY
    
    
    
    
    
    
    1,003
    
    
    
    4,002
    
    
    
    63
    
    
    
    1,003
    
    
    
    4,065
    
    
    
    5,068
    
    
    
    289
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsGreenville
    
    MS
    
    
    
    
    
    
    1,100
    
    
    
    4,386
    
    
    
    116
    
    
    
    1,100
    
    
    
    4,502
    
    
    
    5,602
    
    
    
    360
    
    
    
    1994
    
    
    
    1/11/2007
    
    
    
    5 to 40 yearsPort Arthur-9595 Hwy69
    
    TX
    
    
    
    
    
    
    929
    
    
    
    3,647
    
    
    
    123
    
    
    
    930
    
    
    
    3,769
    
    
    
    4,699
    
    
    
    279
    
    
    
    2002/04
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsBeaumont-Dowlen Rd
    
    TX
    
    
    
    
    
    
    1,537
    
    
    
    6,018
    
    
    
    224
    
    
    
    1,537
    
    
    
    6,242
    
    
    
    7,779
    
    
    
    460
    
    
    
    2003/06
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsHuntsville-Memorial Pkwy
    
    AL
    
    
    
    
    
    
    1,607
    
    
    
    6,338
    
    
    
    171
    
    
    
    1,607
    
    
    
    6,509
    
    
    
    8,116
    
    
    
    436
    
    
    
    1989/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville-Madison 1
    
    AL
    
    
    
    
    
    
    1,016
    
    
    
    4,013
    
    
    
    151
    
    
    
    1,017
    
    
    
    4,163
    
    
    
    5,180
    
    
    
    285
    
    
    
    1993/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport-Ocean Springs
    
    MS
    
    
    
    
    
    
    1,423
    
    
    
    5,624
    
    
    
    45
    
    
    
    1,423
    
    
    
    5,669
    
    
    
    7,092
    
    
    
    373
    
    
    
    1998/05
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville-Hwy 72
    
    AL
    
    
    
    
    
    
    1,206
    
    
    
    4,775
    
    
    
    69
    
    
    
    1,206
    
    
    
    4,844
    
    
    
    6,050
    
    
    
    324
    
    
    
    1998/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMobile-Airport Blvd
    
    AL
    
    
    
    
    
    
    1,216
    
    
    
    4,819
    
    
    
    132
    
    
    
    1,216
    
    
    
    4,951
    
    
    
    6,167
    
    
    
    339
    
    
    
    2000/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport-Hwy 49
    
    MS
    
    
    
    
    
    
    1,345
    
    
    
    5,325
    
    
    
    42
    
    
    
    1,345
    
    
    
    5,367
    
    
    
    6,712
    
    
    
    354
    
    
    
    2002/04
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville-Madison 2
    
    AL
    
    
    
    
    
    
    1,164
    
    
    
    4,624
    
    
    
    52
    
    
    
    1,164
    
    
    
    4,676
    
    
    
    5,840
    
    
    
    314
    
    
    
    2002/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsFoley-Hwy 59
    
    AL
    
    
    
    
    
    
    1,346
    
    
    
    5,474
    
    
    
    95
    
    
    
    1,347
    
    
    
    5,568
    
    
    
    6,915
    
    
    
    380
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsPensacola 6-Nine Mile
    
    FL
    
    
    
    
    
    
    1,029
    
    
    
    4,180
    
    
    
    92
    
    
    
    1,029
    
    
    
    4,272
    
    
    
    5,301
    
    
    
    307
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsAuburn-College St
    
    AL
    
    
    
    
    
    
    686
    
    
    
    2,732
    
    
    
    85
    
    
    
    686
    
    
    
    2,817
    
    
    
    3,503
    
    
    
    197
    
    
    
    2003
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport-Biloxi
    
    MS
    
    
    
    
    
    
    1,811
    
    
    
    7,152
    
    
    
    47
    
    
    
    1,811
    
    
    
    7,199
    
    
    
    9,010
    
    
    
    472
    
    
    
    2004/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsPensacola 7-Hwy 98
    
    FL
    
    
    
    
    
    
    732
    
    
    
    3,015
    
    
    
    34
    
    
    
    732
    
    
    
    3,049
    
    
    
    3,781
    
    
    
    217
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery-Arrowhead
    
    AL
    
    
    
    
    
    
    1,075
    
    
    
    4,333
    
    
    
    35
    
    
    
    1,076
    
    
    
    4,367
    
    
    
    5,443
    
    
    
    294
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery-McLemore
    
    AL
    
    
    
    
    
    
    885
    
    
    
    3,586
    
    
    
    19
    
    
    
    885
    
    
    
    3,605
    
    
    
    4,490
    
    
    
    244
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsSan Antonio-Foster
    
    TX
    
    
    
    
    
    
    676
    
    
    
    2,685
    
    
    
    135
    
    
    
    676
    
    
    
    2,820
    
    
    
    3,496
    
    
    
    194
    
    
    
    2003/06
    
    
    
    5/21/2007
    
    
    
    5 to 40 yearsBeaumont-S.Major
    
    TX
    
    
    
    
    
    
    742
    
    
    
    3,024
    
    
    
    113
    
    
    
    742
    
    
    
    3,137
    
    
    
    3,879
    
    
    
    181
    
    
    
    2002/05
    
    
    
    11/14/2007
    
    
    
    5 to 40 years
 70




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##### 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 computedHattiesburg-Clasic
    
    MS
    
    
    
    
    
    
    444
    
    
    
    1,799
    
    
    
    73
    
    
    
    444
    
    
    
    1,872
    
    
    
    2,316
    
    
    
    99
    
    
    
    1998
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsBiloxi-Ginger
    
    MS
    
    
    
    
    
    
    384
    
    
    
    1,548
    
    
    
    46
    
    
    
    384
    
    
    
    1,594
    
    
    
    1,978
    
    
    
    84
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsFoley-7905 St Hwy 59
    
    AL
    
    
    
    
    
    
    437
    
    
    
    1,757
    
    
    
    34
    
    
    
    437
    
    
    
    1,791
    
    
    
    2,228
    
    
    
    93
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsRidgeland
    
    MS
    
    
    
    
    
    
    1,479
    
    
    
    5,965
    
    
    
    85
    
    
    
    1,479
    
    
    
    6,050
    
    
    
    7,529
    
    
    
    297
    
    
    
    1997/00
    
    
    
    1/17/2008
    
    
    
    5 to 40 yearsJackson-5111
    
    MS
    
    
    
    
    
    
    1,337
    
    
    
    5,377
    
    
    
    61
    
    
    
    1,337
    
    
    
    5,438
    
    
    
    6,775
    
    
    
    267
    
    
    
    2003
    
    
    
    1/17/2008
    
    
    
    5 to 40 yearsCincinnati-Robertson
    
    OH
    
    
    
    
    
    
    852
    
    
    
    3,409
    
    
    
    75
    
    
    
    852
    
    
    
    3,484
    
    
    
    4,336
    
    
    
    90
    
    
    
    2003/04
    
    
    
    12/31/2008
    
    
    
    5 to 40 yearsRichmond-Bridge Rd
    
    VA
    
    
    
    
    
    
    1,047
    
    
    
    5,981
    
    
    
    0
    
    
    
    1,047
    
    
    
    5,981
    
    
    
    7,028
    
    
    
    0
    
    
    
    2009
    
    
    
    10/1/2009
    
    
    
    5 to 40 yearsConstruction in progress
    
    
    
    
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    9,846
    
    
    
    0
    
    
    
    9,846
    
    
    
    9,846
    
    
    
    0
    
    
    
    2009Corporate Office
    
    NY
    
    
    
    
    
    
    0
    
    
    
    68
    
    
    
    11,167
    
    
    
    1,616
    
    
    
    9,619
    
    
    
    11,235
    
    
    
    7,819
    
    
    
    2000
    
    
    
    5/1/2000
    
    
    
    5 to 40 years$
    225,290
    
    
    $
    875,528
    
    
    $
    286,765
    
    
    $
    237,684
    
    
    $
    1,149,899
    
    
    $
    1,387,583
    
    
    $
    245,178
 
 (1)
    
    These properties are encumbered through one mortgage loan with an outstanding balance of
$41.5 million at December 31, 2009.(2)
    
    These properties are encumbered through one mortgage loan with an outstanding balance of $28.4
million at December 31, 2009. 71




---



##### Table of Contents



December 31, 2009
    
    
    December 31, 2008
    
    
    December 31, 2007Cost:Balance at beginning of period
    
    
    
    
    
    $
    1,366,615
    
    
    
    
    
    
    $
    1,300,847
    
    
    
    
    
    
    $
    1,115,255Additions during period:Acquisitions through foreclosure
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    Other acquisitions
    
    
    
    
    
    
    
    
    
    
    18,454
    
    
    
    
    
    
    
    136,653Improvements, etc.
    
    
    22,135
    
    
    
    
    
    
    
    47,507
    
    
    
    
    
    
    
    51,36322,135
    
    
    
    
    
    
    
    65,961
    
    
    
    
    
    
    
    188,016Deductions during period:Cost of real estate sold
    
    
    (1,167
    )
    
    
    (1,167
    )
    
    
    (193
    )
    
    
    (193
    )
    
    
    (2,424
    )
    
    
    (2,424
    )Balance at close of period
    
    
    
    
    
    $
    1,387,583
    
    
    
    
    
    
    $
    1,366,615
    
    
    
    
    
    
    $
    1,300,847Accumulated Depreciation:Balance at beginning of period
    
    
    
    
    
    $
    212,301
    
    
    
    
    
    
    $
    179,880
    
    
    
    
    
    
    $
    151,138Additions during period:Depreciation expense
    
    $
    33,096
    
    
    
    
    
    
    $
    32,556
    
    
    
    
    
    
    $
    29,52333,096
    
    
    
    
    
    
    
    32,556
    
    
    
    
    
    
    
    29,523Deductions during period:Accumulated depreciation of
real estate sold
    
    
    (219
    )
    
    
    (219
    )
    
    
    (135
    )
    
    
    (135
    )
    
    
    (781
    )
    
    
    (781
    )Balance at close of period
    
    
    
    
    
    $
    245,178
    
    
    
    
    
    
    $
    212,301
    
    
    
    
    
    
    $
    179,880
 72