##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2008
Commission File Number: 1-13820
 SOVRAN SELF STORAGE, INC.
  Maryland
    
    16-1194043(State of incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 (Address of principal executive offices) (Zip code)
   (Registrants telephone number including area code)
  Title of Securities
    
    Exchanges on which RegisteredCommon Stock, $.01 Par Value
    
    New York Stock Exchange
  þ o
 o þ
 þ o
 þ
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer   o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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##### 



TABLE OF CONTENTS
 Part I
    
    
 3Item 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    7Item 1B. Unresolved Staff Comments
    
    
    12Item 2. Properties
    
    
    13Item 3. Legal Proceedings
    
    
    14Item 4. Submission of Matters to a Vote of Security Holders
    
    
    14Part II
    
    
    14Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    14Item 6. Selected Financial Data
    
    
    17Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    30Item 8. Financial Statements and Supplementary Data
    
    
    31Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    50Item 9a. Controls and Procedures
    
    
    50Part III
    
    
    52Item 10. Directors, Executive Officers and Corporate Governance
    
    
    52Item 11. Executive Compensation
    
    
    52Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    52Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    52Item 14. Principal Accountant Fees and Services
    
    
    52Part IV
    
    
    52Item 15. Exhibits, Financial Statement Schedules
    
    
    52SIGNATURES
    
    
    55EX-10.3EX-10.4EX-10.5EX-10.13EX-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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##### Table of Contents



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




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Property Maintenance:
  Environmental and Other Regulations
   Insurance
  Federal Income Tax
  Competition
   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
  
 Item 1A. Risk Factors
 You should carefully consider the risks described below, together with all of the other
information included in or incorporated by reference into our Form 10-K, as part of your evaluation
of the Company. If any of the following risks actually occur, our business could be harmed. In such
case, the trading price of our securities could decline, and you may lose all or part of your
investment
 Our Acquisitions May Not Perform as Anticipated
  7




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




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##### Table of Contents



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;
    
    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.
 9




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##### Table of Contents



Possible Liability Relating to Environmental Matters.
 Americans with Disabilities Act.
 There Are Limitations on the Ability to Change Control of Sovran
 Limitation on Ownership and Transfer of Shares.
  
    
    Have the effect of precluding an acquisition of control of Sovran by a third party
without consent of our Board of Directors even if the change in control would be in the
interest of shareholders; and
    
    Limit the opportunity for shareholders to receive a premium for shares of our common
stock they hold that might otherwise exist if an investor were attempting to assemble a
block of common stock in excess of 9.8% or 15%, as the case may be, of the outstanding
shares of our stock or to otherwise effect a change in control of Sovran.
  Other Limitations.
 10




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Our Failure to Qualify as a REIT Would Have Adverse Consequences
    Market Interest Rates May Influence the Price of Our Common Stock
  Regional Concentration of Our Business May Subject Us to Economic Downturns in the States of Texas
and Florida.
  Changes in Taxation of Corporate Dividends May Adversely Affect the Value of Our Common Stock
  11




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Item 1B. Unresolved Staff Comments
  12




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Item 2. Properties
     Number ofStores at
    
    
    
    
    
    
    
    
    
    PercentageDecember 31,
    
    Square
    
    Number of
    
    of Store2008
    
    Feet
    
    Spaces
    
    RevenueAlabama
    
    
    22
    
    
    
    1,602,986
    
    
    
    11,885
    
    
    
    5.1
    %Arizona
    
    
    9
    
    
    
    506,034
    
    
    
    4,474
    
    
    
    2.4
    %Connecticut
    
    
    5
    
    
    
    304,859
    
    
    
    2,866
    
    
    
    2.1
    %Colorado
    
    
    4
    
    
    
    276,827
    
    
    
    2,376
    
    
    
    0.5
    %Florida
    
    
    57
    
    
    
    3,652,019
    
    
    
    33,327
    
    
    
    15.6
    %Georgia
    
    
    27
    
    
    
    1,717,646
    
    
    
    13,937
    
    
    
    6.3
    %Kentucky
    
    
    2
    
    
    
    145,708
    
    
    
    1,322
    
    
    
    0.3
    %Louisiana
    
    
    14
    
    
    
    867,593
    
    
    
    7,744
    
    
    
    3.7
    %Maine
    
    
    2
    
    
    
    114,145
    
    
    
    1,004
    
    
    
    0.5
    %Maryland
    
    
    4
    
    
    
    173,181
    
    
    
    2,040
    
    
    
    0.9
    %Massachusetts
    
    
    14
    
    
    
    790,282
    
    
    
    7,178
    
    
    
    3.8
    %Michigan
    
    
    6
    
    
    
    348,843
    
    
    
    3,010
    
    
    
    1.2
    %Mississippi
    
    
    12
    
    
    
    925,621
    
    
    
    7,079
    
    
    
    3.5
    %Missouri
    
    
    7
    
    
    
    436,069
    
    
    
    3,786
    
    
    
    2.1
    %New Hampshire
    
    
    4
    
    
    
    260,503
    
    
    
    2,330
    
    
    
    1.0
    %New York
    
    
    28
    
    
    
    1,598,164
    
    
    
    14,501
    
    
    
    8.6
    %North Carolina
    
    
    15
    
    
    
    796,123
    
    
    
    6,959
    
    
    
    3.2
    %Ohio
    
    
    23
    
    
    
    1,576,639
    
    
    
    12,900
    
    
    
    4.4
    %Pennsylvania
    
    
    6
    
    
    
    365,520
    
    
    
    2,919
    
    
    
    1.4
    %Rhode Island
    
    
    4
    
    
    
    167,901
    
    
    
    1,567
    
    
    
    0.9
    %South Carolina
    
    
    8
    
    
    
    445,528
    
    
    
    3,770
    
    
    
    1.8
    %Tennessee
    
    
    4
    
    
    
    295,122
    
    
    
    2,430
    
    
    
    1.0
    %Texas
    
    
    90
    
    
    
    6,571,320
    
    
    
    53,847
    
    
    
    25.3
    %Virginia
    
    
    18
    
    
    
    1,065,013
    
    
    
    9,896
    
    
    
    4.4
    %Total
    
    
    385
    
    
    
    25,003,646
    
    
    
    213,147
    
    
    
    100.0
    %
 13




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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 2007
    
    High
    
    Low1st
    
    $
    63.93
    
    
    $
    54.982nd
    
    
    56.56
    
    
    
    47.183rd
    
    
    50.25
    
    
    
    40.404th
    
    
    50.43
    
    
    
    39.75
 Quarter 2008
    
    High
    
    Low1st
    
    $
    44.62
    
    
    $
    33.562nd
    
    
    46.50
    
    
    
    41.373rd
    
    
    46.15
    
    
    
    35.774th
    
    
    44.16
    
    
    
    19.18
    History of Dividends Declared on Common Stock
 1st Quarter, 2007
    
    $0.620 per share2nd Quarter, 2007
    
    $0.620 per share3rd Quarter, 2007
    
    $0.630 per share4th Quarter, 2007
    
    $0.630 per share1st Quarter, 2008
    
    $0.630 per share2nd Quarter, 2008
    
    $0.630 per share3rd Quarter, 2008
    
    $0.640 per share4th Quarter, 2008
    
    $0.640 per share
 14




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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
    
    
    274,163
    
    
    $
    45.72
    
    
    
    1,096,4641995 Award and Option Plan
    
    
    50,525
    
    
    $
    26.74
    
    
    
    01995 Outside Directors Stock Option Plan
    
    
    36,000
    
    
    $
    45.74
    
    
    
    0Deferred Compensation Plan for Directors (1)
    
    
    33,512
    
    
    
    N/A
    
    
    
    35,347Equity compensation plans not approved by
shareholders:
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
 
 (1)
    
    Under the Deferred Compensation Plan for Directors, non-employee Directors may defer all
or part of their Directors fees that are otherwise payable in cash. Directors fees that are
deferred under the Plan will be credited to each Directors account under the Plan in the form of
Units. The number of Units credited is determined by dividing the amount of Directors fees
deferred by the closing price of the Companys Common Stock on the New York Stock Exchange on the
day immediately preceding the day upon which Directors fees otherwise would be paid by the
Company. A Director is credited with additional Units for dividends on the shares of Common Stock
represented by Units in such Directors Account. A Director may elect to receive the shares in a
lump sum on a date specified by the Director or in quarterly or annual installments over a
specified period and commencing on a specified date. 15




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CORPORATE PERFORMANCE GRAPH
  
 CUMULATIVE TOTAL SHAREHOLDER RETURN
SOVRAN SELF STORAGE, INC.
DECEMBER 31, 2003 - DECEMBER 31, 2008
 Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,2003
    
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008S&P
    
    
    100.00
    
    
    
    110.87
    
    
    
    116.32
    
    
    
    134.69
    
    
    
    142.09
    
    
    
    89.52NAREIT
    
    
    100.00
    
    
    
    131.58
    
    
    
    147.59
    
    
    
    199.33
    
    
    
    168.05
    
    
    
    104.65SSS
    
    
    100.00
    
    
    
    119.93
    
    
    
    141.39
    
    
    
    180.83
    
    
    
    132.79
    
    
    
    126.89
  16




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Item 6. Selected Financial Data
  (dollars in thousands, except per
    
    At or For Year Ended December 31,share data)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Operating DataOperating revenues
    
    $
    203,003
    
    
    $
    192,857
    
    
    $
    165,369
    
    
    $
    137,373
    
    
    $
    122,381Income from continuing operations
    
    
    36,605
    
    
    
    38,780
    
    
    
    36,163
    
    
    
    34,318
    
    
    
    30,232Income from discontinued operations (1)
    
    
    794
    
    
    
    434
    
    
    
    447
    
    
    
    472
    
    
    
    1,772Net income
    
    
    37,399
    
    
    
    39,214
    
    
    
    36,610
    
    
    
    34,790
    
    
    
    32,004Income from continuing operations per
common share  diluted
    
    
    1.68
    
    
    
    1.79
    
    
    
    1.87
    
    
    
    1.81
    
    
    
    1.41Net income per common share  basic
    
    
    1.72
    
    
    
    1.81
    
    
    
    1.90
    
    
    
    1.86
    
    
    
    1.54Net income per common share  diluted
    
    
    1.72
    
    
    
    1.81
    
    
    
    1.89
    
    
    
    1.84
    
    
    
    1.53Dividends declared per common share
    
    
    2.54
    
    
    
    2.50
    
    
    
    2.47
    
    
    
    2.44
    
    
    
    2.42Balance Sheet DataInvestment in storage facilities at cost
    
    $
    1,389,201
    
    
    $
    1,322,708
    
    
    $
    1,136,052
    
    
    $
    886,191
    
    
    $
    804,106Total assets
    
    
    1,212,626
    
    
    
    1,164,588
    
    
    
    1,053,159
    
    
    
    784,319
    
    
    
    719,514Total debt
    
    
    623,261
    
    
    
    566,517
    
    
    
    462,027
    
    
    
    339,144
    
    
    
    289,075Total liabilities
    
    
    692,479
    
    
    
    610,757
    
    
    
    495,301
    
    
    
    364,980
    
    
    
    315,049Series C preferred stock
    
    
    
    
    
    
    
    
    
    
    26,613
    
    
    
    26,613
    
    
    
    53,227Other DataNet cash
provided by operating activities
    
    $
    77,132
    
    
    $
    85,175
    
    
    $
    64,656
    
    
    $
    60,724
    
    
    $
    54,803Net cash used in investing activities
    
    
    (82,711
    )
    
    
    (190,267
    )
    
    
    (176,567
    )
    
    
    (79,156
    )
    
    
    (71,034
    )Net cash provided by (used in)
financing activities
    
    
    6,055
    
    
    
    61,372
    
    
    
    154,730
    
    
    
    20,238
    
    
    
    (765
    )
 
 (1)
    
    In 2008 we sold one store and in 2004 we sold five stores whose operations and gain are
classified as discontinued operations for all previous years presented. 17




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Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
  Disclosure Regarding Forward-Looking Statements
  Business and Overview
  Operating Strategy
  A.
    
    Increasing operating performance and cash flow through aggressive management of our
stores:
 -
    
    Revenues continue to improve as a result of drivers implemented by us,
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, 259
of our stores offer a free Uncle Bobs truck to assist our customers in moving
into their spaces, and-
    
    An increase in internet marketing and sales.
 -
    
    In addition to increasing revenue, we have worked to improve services and
amenities at our stores. While this has caused operating expenses to increase over the
past five years, it has resulted in a superior storage experience for our customers.
Our managers are better qualified and receive a significantly higher level of training
than they did five years ago, customer access and security are greatly enhanced as a
result of advances in technology, and property appearance and functionality have been
improved.-
    
    Our customized property management systems enable us to improve our ability to
track trends, set optimal pricing levels, enjoy considerable economies of scale in
vendor and supply pricing, and control collections and accounts receivable.
 18




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B.
    
    Acquiring additional stores:
 -
    
    In conjunction with the joint venture agreement entered in late May 2008,
potential acquisition opportunities over the first nine months of the agreement will be
offered to the joint venture. The Companys acquisitions over this period will
therefore be limited to facilities that do not fit the joint ventures investment
objectives, but do meet ours.-
    
    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 four years, we have undertaken an announced program of expanding
and enhancing our properties. Primarily, we have worked to add premium storage (i.e.,
air-conditioned and/or humidity controlled) space to our portfolio. In 2007, we
expended approximately $25 million to add some 444,000 square feet of such space 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. The program entailed construction
of new buildings, acquisition of parcels of land contiguous to stores deemed suitable
for expansion, and demolition of certain structures to make room for more optimally
configured spaces. In 2009, we expect to curtail our expansion program with new
expenditures of approximately $15 million on projects that began in 2008.
 Supply and Demand
  Operating Trends
  19




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Critical Accounting Policies and Estimates
     YEAR ENDED DECEMBER 31, 2008 COMPARED TO
YEAR ENDED DECEMBER 31, 2007
  20




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YEAR ENDED DECEMBER 31, 2007 COMPARED TO
YEAR ENDED DECEMBER 31, 2006
   21




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FUNDS FROM OPERATIONS
    22




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Reconciliation of Net Income to Funds From Operations
 For Year Ended December 31,(dollars in thousands)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Net income
    
    $
    37,399
    
    
    $
    39,214
    
    
    $
    36,610
    
    
    $
    34,790
    
    
    $
    32,004Minority interest in income
    
    
    2,284
    
    
    
    2,631
    
    
    
    2,434
    
    
    
    1,529
    
    
    
    1,542Depreciation of real estate and
amortization of intangible assets
exclusive of deferred financing fees
    
    
    34,421
    
    
    
    33,851
    
    
    
    25,121
    
    
    
    21,040
    
    
    
    19,002Depreciation of real estate
included in discontinued operations
    
    
    46
    
    
    
    185
    
    
    
    184
    
    
    
    182
    
    
    
    263Depreciation and amortization from
unconsolidated joint ventures
    
    
    333
    
    
    
    59
    
    
    
    168
    
    
    
    484
    
    
    
    473Casualty gain
    
    
    
    
    
    
    (114
    )
    
    
    
    
    
    
    
    
    
    
    Gain on sale of real estate
    
    
    (716
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,137
    )Preferred stock dividends
    
    
    
    
    
    
    (1,256
    )
    
    
    (2,512
    )
    
    
    (4,123
    )
    
    
    (7,168
    )Redemption amount in excess of
carrying value of Series B
Preferred Stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,415
    )Funds from operations allocable to
minority interest in Operating
Partnership
    
    
    (1,366
    )
    
    
    (1,425
    )
    
    
    (1,450
    )
    
    
    (1,519
    )
    
    
    (1,333
    )Funds from operations allocable to
minority interest in Locke Sovran I
and Locke Sovran II
    
    
    (1,564
    )
    
    
    (1,848
    )
    
    
    (1,785
    )
    
    
    (1,499
    )
    
    
    (1,475
    )Funds from operations available to
common shareholders
    
    $
    70,837
    
    
    $
    71,297
    
    
    $
    58,770
    
    
    $
    50,884
    
    
    $
    40,756
 LIQUIDITY AND CAPITAL RESOURCES
      23




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24




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CONTRACTUAL OBLIGATIONS
  Contractual
    
    Payments due by periodobligations
    
    Total
    
    2009
    
    2010-2011
    
    2012-2013
    
    2014 and thereafterLine of credit
    
    $14.0 million
    
    
    
    
    
    $14.0 million
    
    
    
    
    
    
    Term notes
    
    $500.0 million
    
    
    
    
    
    
    
    
    
    $350.0 million
    
    $150.0 millionMortgages payable
    
    $109.3 million
    
    $28.0 million
    
    $40.3 million
    
    $40.0 million
    
    $1.0 millionInterest payments
    
    $136.2 million
    
    $28.8 million
    
    $53.3 million
    
    $32.6 million
    
    $21.5 millionLand lease
    
    $1.1 million
    
    $0.1 million
    
    $0.1 million
    
    $0.1 million
    
    $0.8 millionBuilding leases
    
    $3.9 million
    
    $0.6 million
    
    $0.3 million
    
    $0.1 million
    
    $2.9 millionTotal
    
    $764.5 million
    
    $57.5 million
    
    $108.0 million
    
    $422.8 million
    
    $176.2 million
  ACQUISITION OF PROPERTIES
  25




---



##### Table of Contents



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




---



##### Table of Contents



Sovran HHFStorage
    
    
    Iskalo Office(dollars in thousands)
    
    Holdings LLC
    
    
    Holdings, LLCBalance Sheet Data:Investment in storage facilities, net
    
    $
    170,176
    
    
    $
    Investment in office building
    
    
    
    
    
    
    5,507Other assets
    
    
    3,912
    
    
    
    568Total Assets
    
    $
    174,088
    
    
    $
    6,075Due to the Company
    
    $
    336
    
    
    $
    Mortgages payable
    
    
    79,937
    
    
    
    7,169Other liabilities
    
    
    1,942
    
    
    
    168Total Liabilities
    
    
    82,215
    
    
    
    7,337Unaffiliated partners equity (deficiency)
    
    
    73,499
    
    
    
    (718
    )Company equity (deficiency)
    
    
    18,374
    
    
    
    (544
    )Total Liabilities and Partners Equity (deficiency)
    
    $
    174,088
    
    
    $
    6,075Income Statement Data:Total revenues
    
    $
    6,652
    
    
    $
    1,127Total expenses
    
    
    6,301
    
    
    
    1,139Net income (loss)
    
    $
    351
    
    
    $
    (12
    )
  Year ended December 31,(dollars in thousands)
    
    2008
    
    2007
    
    2006Statement of OperationsOther income (management fees and acquisition fee income)
    
    $
    1,135
    
    
    $
    
    
    
    $
    85General and administrative expenses (corporate office rent)
    
    
    600
    
    
    
    561
    
    
    
    583Equity in income of joint ventures
    
    
    104
    
    
    
    119
    
    
    
    172Distributions from unconsolidated joint ventures
    
    
    345
    
    
    
    98
    
    
    
    123Investing activitiesInvestment in joint ventures
    
    
    (20,287
    )
    
    
    
    
    
    
    (Advances to) reimbursement of advances to joint ventures
    
    
    (336
    )
    
    
    
    
    
    
    17
 27




---



##### Table of Contents



REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS
   INTEREST RATE RISK
  Fixed
    
    Floating RateNotional Amount
    
    Effective Date
    
    Expiration Date
    
    Rate Paid
    
    Received$50 Million
    
    
    11/14/05
    
    
    
    9/1/09
    
    
    
    4.3900
    %
    
    1 month LIBOR$20 Million
    
    
    9/4/05
    
    
    
    9/4/13
    
    
    
    4.4350
    %
    
    6 month LIBOR$50 Million
    
    
    10/10/06
    
    
    
    9/1/09
    
    
    
    4.4800
    %
    
    1 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$75 Million
    
    
    9/1/09
    
    
    
    6/22/12
    
    
    
    4.7100
    %
    
    1 month LIBOR$25 Million
    
    
    9/1/09
    
    
    
    6/22/12
    
    
    
    4.2875
    %
    
    1 month LIBOR
    28




---



##### Table of Contents



Expected Maturity Date Including Discount
    
    
    
    
    
    Fair(dollars in thousands)
    
    2009
    
    2010
    
    2011
    
    2012
    
    2013
    
    Thereafter
    
    Total
    
    ValueLine of credit  variable rate LIBOR + 1.375
    
    
    
    
    
    
    
    
    
    $
    14,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    14,000
    
    
    $
    14,000Notes Payable:Term note  variable rate LIBOR+1.625%
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    250,000
    
    
    
    
    
    
    
    
    
    
    $
    250,000
    
    
    $
    250,000Term note  variable rate LIBOR+1.50%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    
    
    
    
    $
    80,000
    
    
    $
    78,865Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    147,899Mortgage note  fixed rate 7.80%
    
    $
    587
    
    
    $
    630
    
    
    $
    27,816
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    29,033
    
    
    $
    30,031Mortgage note  fixed rate 7.19%
    
    $
    1,128
    
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    
    
    
    
    $
    42,603
    
    
    $
    44,205Mortgage note  fixed rate 7.25%
    
    $
    141
    
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,510
    
    
    $
    3,478Mortgage note  fixed rate 6.76%
    
    $
    23
    
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    
    
    
    
    $
    1,000
    
    
    $
    1,018Mortgage note  fixed rate 6.35%
    
    $
    26
    
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    34
    
    
    $
    949
    
    
    $
    1,098
    
    
    $
    1,100Mortgage notes  fixed rate 5.55%
    
    $
    25,930
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,930
    
    
    $
    26,422Mortgage notes  fixed rate 7.50%
    
    $
    208
    
    
    $
    222
    
    
    $
    5,657
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    6,087
    
    
    $
    6,188Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,490
 INFLATION
  SEASONALITY
  RECENT ACCOUNTING PRONOUNCEMENTS
   29




---



##### Table of Contents



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




---



##### Table of Contents



Item 8. Financial Statements and Supplementary Data
 Report of Independent Registered Public Accounting Firm
       
 31




---



##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED BALANCE SHEETS
 December 31,(dollars in thousands, except share data)
    
    2008
    
    
    2007AssetsInvestment in storage facilities:Land
    
    $
    240,525
    
    
    $
    236,349Building, equipment, and construction in progress
    
    
    1,148,676
    
    
    
    1,086,3591,389,201
    
    
    
    1,322,708Less: accumulated depreciation
    
    
    (216,644
    )
    
    
    (183,679
    )Investment in storage facilities, net
    
    
    1,172,557
    
    
    
    1,139,029Cash and cash equivalents
    
    
    4,486
    
    
    
    4,010Accounts receivable
    
    
    2,971
    
    
    
    2,794Receivable from related parties
    
    
    14
    
    
    
    27Receivable from unconsolidated joint venture
    
    
    336
    
    
    
    Investment in unconsolidated joint venture
    
    
    20,111
    
    
    
    Prepaid expenses
    
    
    4,691
    
    
    
    4,771Other assets
    
    
    7,460
    
    
    
    7,574Net assets of discontinued operations
    
    
    
    
    
    
    6,383Total Assets
    
    $
    1,212,626
    
    
    $
    1,164,588LiabilitiesLine of credit
    
    $
    14,000
    
    
    $
    100,000Term notes
    
    
    500,000
    
    
    
    356,000Accounts payable and accrued liabilities
    
    
    23,979
    
    
    
    23,752Deferred revenue
    
    
    5,659
    
    
    
    5,602Fair value of interest rate swap agreements
    
    
    25,490
    
    
    
    1,230Accrued dividends
    
    
    14,090
    
    
    
    13,656Mortgages payable
    
    
    109,261
    
    
    
    110,517Total Liabilities
    
    
    692,479
    
    
    
    610,757Minority interest  Operating Partnership
    
    
    9,265
    
    
    
    9,659Minority interest  consolidated joint venture
    
    
    13,082
    
    
    
    16,783Shareholders EquityCommon stock $.01 par value, 100,000,000 shares
authorized, 22,016,348 shares outstanding
(21,676,586 at December 31, 2007)
    
    
    232
    
    
    
    228Additional paid-in capital
    
    
    666,633
    
    
    
    654,141Dividends in excess of net income
    
    
    (116,728
    )
    
    
    (98,437
    )Accumulated other comprehensive income
    
    
    (25,162
    )
    
    
    (1,368
    )Treasury stock at cost, 1,171,886 shares
    
    
    (27,175
    )
    
    
    (27,175
    )Total Shareholders Equity
    
    
    497,800
    
    
    
    527,389Total Liabilities and Shareholders Equity
    
    $
    1,212,626
    
    
    $
    1,164,588
  32




---



##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 Year Ended December 31,(dollars in thousands, except per share data)
    
    2008
    
    
    2007
    
    
    2006RevenuesRental income
    
    $
    195,220
    
    
    $
    186,581
    
    
    $
    160,011Other operating income
    
    
    7,783
    
    
    
    6,276
    
    
    
    5,358Total operating revenues
    
    
    203,003
    
    
    
    192,857
    
    
    
    165,369ExpensesProperty operations and maintenance
    
    
    55,739
    
    
    
    52,317
    
    
    
    43,833Real estate taxes
    
    
    19,004
    
    
    
    17,370
    
    
    
    15,166General and administrative
    
    
    17,279
    
    
    
    15,234
    
    
    
    14,095Depreciation and amortization
    
    
    34,421
    
    
    
    33,851
    
    
    
    25,163Total operating expenses
    
    
    126,443
    
    
    
    118,772
    
    
    
    98,257Income from operations
    
    
    76,560
    
    
    
    74,085
    
    
    
    67,112Other income (expenses)Interest expense
    
    
    (38,097
    )
    
    
    (33,861
    )
    
    
    (29,494
    )Interest income
    
    
    322
    
    
    
    954
    
    
    
    807Casualty gain
    
    
    
    
    
    
    114
    
    
    
    Minority interest  Operating Partnership
    
    
    (721
    )
    
    
    (783
    )
    
    
    (905
    )Minority interest  consolidated joint ventures
    
    
    (1,563
    )
    
    
    (1,848
    )
    
    
    (1,529
    )Equity in income of joint ventures
    
    
    104
    
    
    
    119
    
    
    
    172Income from continuing operations
    
    
    36,605
    
    
    
    38,780
    
    
    
    36,163Income from discontinued operations (including gain on
disposal of $716 in 2008)
    
    
    794
    
    
    
    434
    
    
    
    447Net income
    
    
    37,399
    
    
    
    39,214
    
    
    
    36,610Preferred stock dividends
    
    
    
    
    
    
    (1,256
    )
    
    
    (2,512
    )Net income available to common shareholders
    
    $
    37,399
    
    
    $
    37,958
    
    
    $
    34,098Earnings per common share  basicContinuing operations
    
    $
    1.68
    
    
    $
    1.79
    
    
    $
    1.87Discontinued operations
    
    
    0.04
    
    
    
    0.02
    
    
    
    0.03Earning per share  basic
    
    $
    1.72
    
    
    $
    1.81
    
    
    $
    1.90Earnings per common share  dilutedContinuing operations
    
    $
    1.68
    
    
    $
    1.79
    
    
    $
    1.86Discontinued operations
    
    
    0.04
    
    
    
    0.02
    
    
    
    0.03Earning per share  diluted
    
    $
    1.72
    
    
    $
    1.81
    
    
    $
    1.89Dividends declared per common share
    
    $
    2.54
    
    
    $
    2.50
    
    
    $
    2.47
  33




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 8.375% SeriesC Preferred
    
    
    8.375% Series C
    
    
    CommonStock
    
    
    Preferred
    
    
    Stock
    
    
    Common(dollars in thousands, except share data)
    
    Shares
    
    
    Stock
    
    
    Shares
    
    
    StockBalance January 1, 2006
    
    
    1,200,000
    
    
    $
    26,613
    
    
    
    17,563,046
    
    
    $
    187Net proceeds from the issuance of common stock
    
    
    
    
    
    
    
    
    
    
    2,300,000
    
    
    
    23Net proceeds from issuance of stock through
Dividend Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    501,089
    
    
    
    5Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    37,675
    
    
    
    Reclass of unearned non-vested stock to
additional paid in capital
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    41,719
    
    
    
    1Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Carrying value less than redemption value on
redeemed partnership units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2006
    
    
    1,200,000
    
    
    
    26,613
    
    
    
    20,443,529
    
    
    
    216Net proceeds from issuance of stock through
Dividend
Reinvestment and Stock Purchase Plan
    
    
    
    
    
    
    
    
    
    
    252,816
    
    
    
    3Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    13,100
    
    
    
    Issuance of non-vested stock
    
    
    
    
    
    
    
    
    
    
    43,989
    
    
    
    Earned portion of non-vested stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Stock option expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Deferred compensation outside directors
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion of Series C Preferred Stock to
common stock and exercise of related stock
warrants
    
    
    (1,200,000
    )
    
    
    (26,613
    )
    
    
    920,244
    
    
    
    9Conversion of operating partnership units to
common
stock
    
    
    
    
    
    
    
    
    
    
    2,908
    
    
    
    Carrying value less than redemption value on
redeemed
partnership units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2007
    
    
    
    
    
    
    
    
    
    
    21,676,586
    
    
    
    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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Change in fair value of derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance December 31, 2008
    
    
    
    
    
    $
    
    
    
    
    22,016,348
    
    
    $
    232
  34




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 Additional
    
    
    
    
    
    
    Dividends in
    
    
    AccumulatedPaid-in
    
    
    Non-vested
    
    
    Excess of
    
    
    Other Comprehensive
    
    
    Treasury
    
    
    TotalCapital
    
    
    Stock
    
    
    Net Income
    
    
    Income (loss)
    
    
    Stock
    
    
    Equity$
    466,839
    
    
    $
    (1,838
    )
    
    $
    (71,995
    )
    
    $
    1,454
    
    
    $
    (27,175
    )
    
    $
    394,085122,388
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    122,41124,862
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,8671,142
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,142(1,838
    )
    
    
    1,838
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    876
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    876119
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    119181
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    181(1,830
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,830
    )
    
    
    
    
    
    
    
    36,610
    
    
    
    
    
    
    
    
    
    
    
    36,610
    
    
    
    
    
    
    
    
    
    
    
    674
    
    
    
    
    
    
    
    674
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,284
    
    
    
    
    
    
    
    (48,224
    )
    
    
    
    
    
    
    
    
    
    
    (48,224
    )612,738
    
    
    
    
    
    
    
    (83,609
    )
    
    
    2,128
    
    
    
    (27,175
    )
    
    
    530,91112,756
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,759425
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    425
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,224
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,224183
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    183161
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16126,604
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167(117
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (117
    )
    
    
    
    
    
    
    
    39,214
    
    
    
    
    
    
    
    
    
    
    
    39,214
    
    
    
    
    
    
    
    
    
    
    
    (3,496
    )
    
    
    
    
    
    
    (3,496
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,718
    
    
    
    
    
    
    
    (54,042
    )
    
    
    
    
    
    
    
    
    
    
    (54,042
    )654,141
    
    
    
    
    
    
    
    (98,437
    )
    
    
    (1,368
    )
    
    
    (27,175
    )
    
    
    527,38910,654
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,65772
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,444
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,444279
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    279112
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    112(69
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (69
    )
    
    
    
    
    
    
    
    37,399
    
    
    
    
    
    
    
    
    
    
    
    37,399
    
    
    
    
    
    
    
    
    
    
    
    (23,794
    )
    
    
    
    
    
    
    (23,794
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,605
    
    
    
    
    
    
    
    (55,690
    )
    
    
    
    
    
    
    
    
    
    
    (55,690
    )$
    666,633
    
    
    $
    
    
    
    $
    (116,728
    )
    
    $
    (25,162
    )
    
    $
    (27,175
    )
    
    $
    497,800
 35




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##### Table of Contents



SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended December 31,(dollars in thousands)
    
    2008
    
    
    2007
    
    
    2006Operating ActivitiesNet income
    
    $
    37,399
    
    
    $
    39,214
    
    
    $
    36,610Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    35,659
    
    
    
    34,999
    
    
    
    26,340Gain on sale
    
    
    (716
    )
    
    
    
    
    
    
    Casualty gain
    
    
    
    
    
    
    (114
    )
    
    
    Equity in income of joint ventures
    
    
    (104
    )
    
    
    (119
    )
    
    
    (172
    )Distributions from unconsolidated joint venture
    
    
    345
    
    
    
    98
    
    
    
    123Minority interest
    
    
    2,284
    
    
    
    2,631
    
    
    
    2,434Non-vested stock earned
    
    
    1,444
    
    
    
    1,224
    
    
    
    876Stock option expense
    
    
    279
    
    
    
    183
    
    
    
    119Changes in assets and liabilities:Accounts receivable
    
    
    (171
    )
    
    
    (599
    )
    
    
    (407
    )Prepaid expenses
    
    
    118
    
    
    
    822
    
    
    
    (2,029
    )Accounts payable and other liabilities
    
    
    619
    
    
    
    7,082
    
    
    
    1,011Deferred revenue
    
    
    (24
    )
    
    
    (246
    )
    
    
    (249
    )Net cash provided by operating activities
    
    
    77,132
    
    
    
    85,175
    
    
    
    64,656Investing ActivitiesAcquisition of storage facilities
    
    
    (18,547
    )
    
    
    (138,059
    )
    
    
    (130,251
    )Improvements, equipment additions, and construction in progress
    
    
    (45,709
    )
    
    
    (52,441
    )
    
    
    (37,021
    )Net proceeds from the sale of storage facility
    
    
    7,002
    
    
    
    
    
    
    
    Casualty insurance proceeds received
    
    
    
    
    
    
    1,692
    
    
    
    Investment in unconsolidated joint venture
    
    
    (20,287
    )
    
    
    
    
    
    
    Additional investment in consolidated joint ventures net of cash acquired
    
    
    (6,106
    )
    
    
    
    
    
    
    (8,181
    )(Advances to) reimbursement of advances to joint ventures
    
    
    (336
    )
    
    
    
    
    
    
    17Reimbursement of (payment of) property deposits
    
    
    1,259
    
    
    
    (1,469
    )
    
    
    (1,169
    )Receipts from related parties
    
    
    13
    
    
    
    10
    
    
    
    38Net cash used in investing activities
    
    
    (82,711
    )
    
    
    (190,267
    )
    
    
    (176,567
    )Financing ActivitiesNet proceeds from sale of common stock
    
    
    10,842
    
    
    
    13,345
    
    
    
    148,601Proceeds from line of credit
    
    
    14,000
    
    
    
    112,000
    
    
    
    94,000Repayment of line of credit and term note
    
    
    (206,000
    )
    
    
    (12,000
    )
    
    
    (184,000
    )Proceeds from term notes
    
    
    250,000
    
    
    
    6,000
    
    
    
    150,000Financing costs
    
    
    (3,085
    )
    
    
    (316
    )
    
    
    (632
    )Dividends paid  common stock
    
    
    (55,256
    )
    
    
    (51,805
    )
    
    
    (43,837
    )Dividends paid  preferred stock
    
    
    
    
    
    
    (1,256
    )
    
    
    (2,513
    )Minority interest distributions
    
    
    (2,633
    )
    
    
    (2,912
    )
    
    
    (2,815
    )Redemption of operating partnership units
    
    
    (114
    )
    
    
    (174
    )
    
    
    (2,788
    )Mortgage principal and capital lease payments
    
    
    (1,699
    )
    
    
    (1,510
    )
    
    
    (1,286
    )Net cash provided by financing activities
    
    
    6,055
    
    
    
    61,372
    
    
    
    154,730Net increase (decrease) in cash
    
    
    476
    
    
    
    (43,720
    )
    
    
    42,819Cash at beginning of period
    
    
    4,010
    
    
    
    47,730
    
    
    
    4,911Cash at end of period
    
    $
    4,486
    
    
    $
    4,010
    
    
    $
    47,730Supplemental cash flow informationCash paid for interest, net of interest capitalized
    
    $
    37,970
    
    
    $
    32,313
    
    
    $
    26,647Fair value of net liabilities assumed on the acquisition of storage facilities
    
    
    107
    
    
    
    1,580
    
    
    
    65,650
   36




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##### Table of Contents



SOVRAN SELF STORAGE, INC.  DECEMBER 31, 2008
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. ORGANIZATION
  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
   Cash and Cash Equivalents
 Revenue and Expense Recognition
  Other Income
 37




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##### Table of Contents



Investment in Storage Facilities
  Other Assets
   Accounts Payable and Accrued Liabilities
 Minority Interest
 Income Taxes
 38




---



##### Table of Contents



Comprehensive Income
 Derivative Financial Instruments
 Recent Accounting Pronouncements
    Stock-Based Compensation
  39




---



##### Table of Contents



Weighted Average
    
    RangeExpected life (years)
    
    
    6.53
    
    
    
    4.50 - 7.00Risk free interest rate
    
    
    3.78
    %
    
    
    2.65 - 3.94
    %Expected volatility
    
    
    22.61
    %
    
    
    22.40% - 24.30
    %Expected dividend yield
    
    
    6.1
    %
    
    
    6.00% - 7.00
    %Fair value
    
    $
    4.79
    
    
    $
    3.21 - $5.10
  Use of Estimates
 3. EARNINGS PER SHARE
  (Amounts in thousands,
    
    Year Ended December 31,except per share data)
    
    2008
    
    
    2007
    
    
    2006Numerator:Net income from continuing operations
available
to common shareholders
    
    $
    36,605
    
    
    $
    37,524
    
    
    $
    33,651Denominator:Denominator for basic earnings per share -
weighted average shares
    
    
    21,762
    
    
    
    20,955
    
    
    
    17,951Effect of Dilutive Securities:Stock options and warrants and non-vested stock
    
    
    21
    
    
    
    49
    
    
    
    70Denominator for diluted earnings per share -
adjusted weighted average shares and assumed
conversion
    
    
    21,783
    
    
    
    21,004
    
    
    
    18,021Basic Earnings per Common Share from
continuing operations
    
    $
    1.68
    
    
    $
    1.79
    
    
    $
    1.87Basic Earnings per Common Share
    
    $
    1.72
    
    
    $
    1.81
    
    
    $
    1.90Diluted Earnings per Common Share from
continuing operations
    
    $
    1.68
    
    
    $
    1.79
    
    
    $
    1.86Diluted Earnings per Common Share
    
    $
    1.72
    
    
    $
    1.81
    
    
    $
    1.89
 40




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##### Table of Contents



4. INVESTMENT IN STORAGE FACILITIES
  (Dollars in thousands)
    
    2008
    
    
    2007Cost:Beginning balance
    
    $
    1,322,708
    
    
    $
    1,136,052Acquisition of storage facilities
    
    
    18,454
    
    
    
    136,653Additional investment in consolidated joint ventures
    
    
    2,473
    
    
    
    Improvements and equipment additions
    
    
    44,998
    
    
    
    45,806Increase in construction in progress
    
    
    761
    
    
    
    6,621Dispositions
    
    
    (193
    )
    
    
    (2,424
    )Ending balance
    
    $
    1,389,201
    
    
    $
    1,322,708Accumulated Depreciation:Beginning balance
    
    $
    183,679
    
    
    $
    154,449Additions during the year
    
    
    33,100
    
    
    
    30,011Dispositions
    
    
    (135
    )
    
    
    (781
    )Ending balance
    
    $
    216,644
    
    
    $
    183,679
  5. DISCONTINUED OPERATIONS
  Year Ended December 31,(dollars in thousands)
    
    2008
    
    
    2007
    
    
    2006Total revenue
    
    $
    233
    
    
    $
    912
    
    
    $
    927Property operations and maintenance expense
    
    
    (76
    )
    
    
    (196
    )
    
    
    (202
    )Real estate tax expense
    
    
    (33
    )
    
    
    (97
    )
    
    
    (94
    )Depreciation and amortization expense
    
    
    (46
    )
    
    
    (185
    )
    
    
    (184
    )Net realized gain on sale of property
    
    
    716
    
    
    
    
    
    
    
    Total income from discontinued operations
    
    $
    794
    
    
    $
    434
    
    
    $
    447
 41




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##### Table of Contents



6. PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
  Year Ended December 31,(dollars in thousands, except share data)
    
    2007
    
    2006Pro forma total operating revenues
    
    $
    199,569
    
    
    $
    191,505Pro forma net income
    
    $
    41,749
    
    
    $
    33,985Pro forma earnings per common share  diluted
    
    $
    1.92
    
    
    $
    1.54
 7. UNSECURED LINE OF CREDIT AND TERM NOTES
   8. MORTGAGES PAYABLE AND OTHER DEBT DISCLOSURES
  December 31,
    
    
    December 31,(dollars in thousands)
    
    2008
    
    
    20077.80% mortgage note due December 2011,
secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book
value of $43.8 million, principal and
interest paid monthly
    
    $
    29,033
    
    
    $
    29,0847.19% mortgage note due March 2012, secured
by 27 self-storage facilities (Locke Sovran
II) with an aggregate net book value of
$81.2 million, principal and interest paid
monthly
    
    
    42,603
    
    
    
    43,6457.25% mortgage note due December 2011,
secured by 1 self-storage facility with an
aggregate net book value of $5.8 million,
principal and interest paid monthly.
Estimated market rate at time of
acquisition 5.40%
    
    
    3,510
    
    
    
    3,6436.76% 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
    
    
    1,000
    
    
    
    1,022
 42




---



##### Table of Contents



December 31,
    
    
    December 31,(dollars in thousands)
    
    2008
    
    
    20076.35% mortgage note due March 2014, secured
by 1 self-storage facility with an
aggregate net book value of $3.8 million,
principal and interest paid monthly
    
    
    1,098
    
    
    
    1,1225.55% mortgage notes due November 2009,
secured by 8 self-storage facilities with
an aggregate net book value of $34.9
million, interest only paid monthly.
Estimated market rate at time of
acquisition 6.44%
    
    
    25,930
    
    
    
    25,7197.50% mortgage notes due August 2011,
secured by 3 self-storage facilities with
an aggregate net book value of $14.3
million, principal and interest paid
monthly. Estimated market rate at time of
acquisition 6.42%
    
    
    6,087
    
    
    
    6,282Total mortgages payable
    
    $
    109,261
    
    
    $
    110,517
   Expected Maturity Date Including Discount

    
    
    
    
    
    Fair(dollars in thousands)
    
    2009
    
    2010
    
    2011
    
    2012
    
    2013
    
    Thereafter
    
    Total
    
    ValueLine of credit  variable rate LIBOR + 1.375
(1.84% at December 31, 2008)
    
    
    
    
    
    
    
    
    
    $
    14,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    14,000
    
    
    $
    14,000Notes Payable:Term note  variable rate LIBOR+1.625%
(2.09% at December 31, 2008)
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    250,000
    
    
    
    
    
    
    
    
    
    
    $
    250,000
    
    
    $
    250,000Term note  variable rate LIBOR+1.50%
(4.62% at December 31, 2008)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    20,000
    
    
    
    
    
    
    $
    20,000
    
    
    $
    20,000Term note  fixed rate 6.26%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,000
    
    
    
    
    
    
    $
    80,000
    
    
    $
    78,865Term note  fixed rate 6.38%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    150,000
    
    
    $
    150,000
    
    
    $
    147,899Mortgage note  fixed rate 7.80%
    
    $
    587
    
    
    $
    630
    
    
    $
    27,816
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    29,033
    
    
    $
    30,031Mortgage note  fixed rate 7.19%
    
    $
    1,128
    
    
    $
    1,211
    
    
    $
    1,301
    
    
    $
    38,963
    
    
    
    
    
    
    
    
    
    
    $
    42,603
    
    
    $
    44,205Mortgage note  fixed rate 7.25%
    
    $
    141
    
    
    $
    149
    
    
    $
    3,220
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    3,510
    
    
    $
    3,478Mortgage note  fixed rate 6.76%
    
    $
    23
    
    
    $
    25
    
    
    $
    27
    
    
    $
    29
    
    
    $
    896
    
    
    
    
    
    
    $
    1,000
    
    
    $
    1,018Mortgage note  fixed rate 6.35%
    
    $
    26
    
    
    $
    28
    
    
    $
    30
    
    
    $
    31
    
    
    $
    34
    
    
    $
    949
    
    
    $
    1,098
    
    
    $
    1,100Mortgage notes  fixed rate 5.55%
    
    $
    25,930
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,930
    
    
    $
    26,422Mortgage notes  fixed rate 7.50%
    
    $
    208
    
    
    $
    222
    
    
    $
    5,657
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    6,087
    
    
    $
    6,188Interest rate derivatives  liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    25,490
 43




---



##### Table of Contents



9. DERIVATIVE FINANCIAL INSTRUMENTS
    Fixed
    
    Floating RateNotional Amount
    
    Effective Date
    
    Expiration Date
    
    Rate Paid
    
    Received$50 Million
    
    
    11/14/05
    
    
    
    9/1/09
    
    
    
    4.3900
    %
    
    1 month LIBOR$20 Million
    
    
    9/4/05
    
    
    
    9/4/13
    
    
    
    4.4350
    %
    
    6 month LIBOR$50 Million
    
    
    10/10/06
    
    
    
    9/1/09
    
    
    
    4.4800
    %
    
    1 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$75 Million
    
    
    9/1/09
    
    
    
    6/22/12
    
    
    
    4.7100
    %
    
    1 month LIBOR$25 Million
    
    
    9/1/09
    
    
    
    6/22/12
    
    
    
    4.2875
    %
    
    1 month LIBOR
  10. FAIR VALUE MEASUREMENTS
   44




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##### Table of Contents



Asset(Liability)
    
    Level 1
    
    Level 2
    
    Level 3Interest rate swaps
    
    
    (25,490
    )
    
    
    
    
    
    
    (25,490
    )
    
    
    
  11. STOCK OPTIONS AND NON-VESTED STOCK
   45




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    average
    
    
    
    
    
    
    averageexercise
    
    
    
    
    
    
    exercise
    
    
    
    
    
    
    exerciseOptions
    
    
    price
    
    
    Options
    
    
    price
    
    
    Options
    
    
    priceOutstanding at beginning
of year:
    
    
    168,125
    
    
    $
    42.54
    
    
    
    113,225
    
    
    $
    35.77
    
    
    
    142,900
    
    
    $
    32.68Granted
    
    
    201,163
    
    
    
    43.12
    
    
    
    74,000
    
    
    
    52.49
    
    
    
    14,000
    
    
    
    51.78Exercised
    
    
    (2,600
    )
    
    
    27.78
    
    
    
    (13,100
    )
    
    
    32.44
    
    
    
    (37,675
    )
    
    
    30.33Forfeited
    
    
    (6,000
    )
    
    
    36.86
    
    
    
    (6,000
    )
    
    
    59.62
    
    
    
    (6,000
    )
    
    
    33.05Outstanding at end of year
    
    
    360,688
    
    
    $
    43.06
    
    
    
    168,125
    
    
    $
    42.54
    
    
    
    113,225
    
    
    $
    35.77Exercisable at end of year
    
    
    118,025
    
    
    $
    38.84
    
    
    
    82,625
    
    
    $
    34.45
    
    
    
    74,225
    
    
    $
    31.14
  Outstanding
    
    
    ExercisableWeighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    averageexercise
    
    
    
    
    
    
    exerciseExercise Price Range
    
    Options
    
    
    price
    
    
    Options
    
    
    price$20.375  29.99
    
    
    31,475
    
    
    $
    21.58
    
    
    
    31,475
    
    
    $
    21.58$30.00  39.99
    
    
    33,050
    
    
    $
    35.35
    
    
    
    19,550
    
    
    $
    34.11$40.00  57.79
    
    
    296,163
    
    
    $
    46.21
    
    
    
    67,000
    
    
    $
    48.33Total
    
    
    360,688
    
    
    $
    43.06
    
    
    
    118,025
    
    
    $
    38.84
 Intrinsic value of outstanding stock options at December 31, 2008
    
    $
    506,184Intrinsic value of exercisable stock options at December 31, 2008
    
    $
    506,184Intrinsic value of stock options exercised in 2008
    
    $
    37,691
  Non-vested Stock
  46




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNon-
    
    
    average
    
    
    Non-
    
    
    average
    
    
    Non-
    
    
    averagevested
    
    
    grant date
    
    
    vested
    
    
    grant date
    
    
    vested
    
    
    grant dateShares
    
    
    fair value
    
    
    Shares
    
    
    fair value
    
    
    Shares
    
    
    fair valueUnvested at beginning
of year:
    
    
    115,896
    
    
    $
    45.54
    
    
    
    96,453
    
    
    $
    40.21
    
    
    
    71,411
    
    
    $
    30.39Granted
    
    
    45,713
    
    
    
    41.50
    
    
    
    43,989
    
    
    
    53.79
    
    
    
    41,719
    
    
    
    53.86Vested
    
    
    (30,802
    )
    
    
    42.71
    
    
    
    (24,546
    )
    
    
    39.39
    
    
    
    (16,677
    )
    
    
    32.29Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unvested at end of year
    
    
    130,807
    
    
    $
    44.79
    
    
    
    115,896
    
    
    $
    45.54
    
    
    
    96,453
    
    
    $
    40.21
  12. RETIREMENT PLAN
  13. INVESTMENT IN JOINT VENTURES
    47




---



##### Table of Contents



Sovran HHFStorage
    
    
    Iskalo Office(dollars in thousands)
    
    Holdings LLC
    
    
    Holdings, LLCBalance Sheet Data:Investment in storage facilities, net
    
    $
    170,176
    
    
    $
    Investment in office building
    
    
    
    
    
    
    5,507Other assets
    
    
    3,912
    
    
    
    568Total Assets
    
    $
    174,088
    
    
    $
    6,075Due to the Company
    
    $
    336
    
    
    $
    Mortgages payable
    
    
    79,937
    
    
    
    7,169Other liabilities
    
    
    1,942
    
    
    
    168Total Liabilities
    
    
    82,215
    
    
    
    7,337Unaffiliated partners equity (deficiency)
    
    
    73,499
    
    
    
    (718
    )Company equity (deficiency)
    
    
    18,374
    
    
    
    (544
    )Total Liabilities and Partners Equity (deficiency)
    
    $
    174,088
    
    
    $
    6,075Income Statement Data:Total revenues
    
    $
    6,652
    
    
    $
    1,127Total expenses
    
    
    6,301
    
    
    
    1,139Net income (loss)
    
    $
    351
    
    
    $
    (12
    )
  14. PREFERRED STOCK
  48




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##### Table of Contents



15. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)
  2008 Quarter EndedMarch 31
    
    June 30
    
    Sept. 30
    
    Dec. 31Operating revenue
    
    $
    49,619
    
    
    $
    50,120
    
    
    $
    52,497
    
    
    $
    50,767Income from continuing operations (a)
    
    $
    8,871
    
    
    $
    9,829
    
    
    $
    9,528
    
    
    $
    8,377Income from discontinued operations (a)
    
    $
    82
    
    
    $
    712
    
    
    $
    
    
    
    $
    Net Income
    
    $
    8,953
    
    
    $
    10,541
    
    
    $
    9,528
    
    
    $
    8,377Net income available to common
shareholders
    
    $
    8,953
    
    
    $
    10,541
    
    
    $
    9,528
    
    
    $
    8,377Net Income Per Common ShareBasic
    
    $
    0.41
    
    
    $
    0.49
    
    
    $
    0.44
    
    
    $
    0.38Diluted
    
    $
    0.41
    
    
    $
    0.48
    
    
    $
    0.44
    
    
    $
    0.38
 2007 Quarter EndedMarch 31
    
    June 30
    
    Sept. 30
    
    Dec. 31Operating revenue (a)
    
    $
    44,371
    
    
    $
    47,872
    
    
    $
    50,765
    
    
    $
    49,849Income from continuing operations (a)
    
    $
    9,437
    
    
    $
    7,950
    
    
    $
    10,757
    
    
    $
    10,636Income from discontinued operations (a)
    
    $
    100
    
    
    $
    114
    
    
    $
    118
    
    
    $
    102Net Income
    
    $
    9,537
    
    
    $
    8,064
    
    
    $
    10,875
    
    
    $
    10,738Net income available to common
shareholders
    
    $
    8,909
    
    
    $
    7,436
    
    
    $
    10,875
    
    
    $
    10,738Net Income Per Common ShareBasic
    
    $
    0.44
    
    
    $
    0.36
    
    
    $
    0.51
    
    
    $
    0.50Diluted
    
    $
    0.44
    
    
    $
    0.36
    
    
    $
    0.51
    
    
    $
    0.50
 
 (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 one property
sold in 2008 as described in Note 5. 16. COMMITMENTS AND CONTINGENCIES
  49




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##### Table of Contents



Item 9.
    
    Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
  
 Item 9A.
    
    Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
    /S/ Robert J. Attea
    
    /S/ David L. RogersChief Executive Officer
    
    Chief Financial Officer
 50




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
         
 51




---



##### 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, 2008 and 2007.(ii)
    
    Consolidated Statements of Operations for Years Ended December 31, 2008, 2007, and 2006.(iii)
    
    Consolidated Statements of Shareholders Equity for Years Ended December 31, 2008,
2007, and 2006.(iv)
    
    Consolidated Statements of Cash Flows for Years Ended December 31, 2008, 2007, and 2006.(v)
    
    Notes to Consolidated Financial Statements.
 2.
    
    The following financial statement Schedule as of the period ended December 31, 2008 is included in this Annual Report on Form 10-K.Schedule III Real Estate and Accumulated Depreciation.
 52




---



##### Table of Contents



3.
    
    Exhibits
  3.1
    
    Amended and Restated Articles of Incorporation of the Registrant.
(incorporated by reference to Exhibit 3.1 (a) to the
Registrants Registration Statement on Form S-11 (File No.
33-91422) filed June 19, 1995).3.2
    
    Articles Supplementary to the Amended and Restated Articles of
Incorporation of the Registrant classifying and designating the
series A Junior Participating Cumulative Preferred Stock.
(incorporated by reference to Exhibit 3.1 to the Registrants
Form 8-A filed December 3, 1996.)3.3
    
    Articles Supplementary to the Amended and Restated Articles of
Incorporation of the Registrant classifying and designating the
8.375% Series C Convertible Cumulative Preferred Stock.
(incorporated by reference to Exhibit 4.1 to Registrants Current
Report on Form 8-K filed July 12, 2002).3.4
    
    Bylaws, as amended, of the Registrant (incorporated by reference
to Exhibit 3.2 to Registrants Current Report on Form 8-K filed
April 7, 2004).4.1
    
    Form of Common Stock Certificate (incorporated by reference to
Exhibit 4.1 to Registrants Registration Statement on Form S-11
(File No. 33-91422) filed June 19, 1995).10.1+
    
    Sovran Self Storage, Inc. 2005 Award and Option Plan, as amended
(incorporated by reference to the Registrants Proxy Statement
filed April 11, 2005).10.2+
    
    Sovran Self Storage, Inc. 1995 Outside Directors Stock Option
Plan, as amended (incorporated by reference to the Registrants
Proxy Statement filed April 8, 2004).10.3*+
    
    Employment Agreement between the Registrant and Robert J. Attea.10.4*+
    
    Employment Agreement between the Registrant and Kenneth F. Myszka.10.5*+
    
    Employment Agreement between the Registrant and David L. Rogers.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).10.10+
    
    Deferred Compensation Plan for Directors (incorporated by
reference to Schedule 14A Proxy Statement filed April 10, 2008).
 53




---



##### Table of Contents



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,
2002.10.14
    
    Promissory Note between Locke Sovran II, LLC and PNC Bank,
National Association (incorporated by reference to Exhibit 10.22
to Registrants Form 10-K filed March 27, 2003).10.15
    
    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).12.1*
    
    Statement Re: Computation of Earnings to Fixed Charges.21.1*
    
    Subsidiaries of the Company (incorporated by reference to Exhibit
21 as filed in the Companys Annual Report on Form 10-K, filed
March 1, 2007).23.1*
    
    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.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. 54




---



##### Table of Contents



February 27, 2009
    SOVRAN SELF STORAGE, INC.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 27, 2009/s/ Kenneth F. Myszka

Kenneth F. Myszka
    
    President, Chief Operating
Officer and Director
    
    February 27, 2009/s/ David L. Rogers

David L. Rogers
    
    Chief Financial Officer
 (Principal
Financial and Accounting Officer)
    
    February 27, 2009/s/ John Burns

John Burns
    
    Director
    
    February 27, 2009/s/ Michael A. Elia

Michael A. Elia
    
    Director
    
    February 27, 2009/s/ Anthony P. Gammie

Anthony P. Gammie
    
    Director
    
    February 27, 2009/s/ Charles E. Lannon

Charles E. Lannon
    
    Director
    
    February 27, 2009
 55




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##### Table of Contents



Sovran Self Storage, Inc.
Schedule III
Combined Real Estate and Accumulated Depreciation
(in thousands)
December 31, 2008
 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
    
    
    $
    528
    
    
    $
    363
    
    
    
    2,207
    
    
    $
    2,570
    
    
    $
    706
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBoston-Metro II
    
    MA
    
    
    
    
    
    
    680
    
    
    
    1,616
    
    
    
    361
    
    
    
    680
    
    
    
    1,977
    
    
    
    2,657
    
    
    
    699
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsE. Providence
    
    RI
    
    
    
    
    
    
    345
    
    
    
    1,268
    
    
    
    650
    
    
    
    345
    
    
    
    1,918
    
    
    
    2,263
    
    
    
    573
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharleston l
    
    SC
    
    
    
    
    
    
    416
    
    
    
    1,516
    
    
    
    2,029
    
    
    
    416
    
    
    
    3,545
    
    
    
    3,961
    
    
    
    768
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsLakeland I
    
    FL
    
    
    
    
    
    
    397
    
    
    
    1,424
    
    
    
    1,436
    
    
    
    397
    
    
    
    2,860
    
    
    
    3,257
    
    
    
    626
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCharlotte
    
    NC
    
    
    
    
    
    
    308
    
    
    
    1,102
    
    
    
    1,076
    
    
    
    747
    
    
    
    1,739
    
    
    
    2,486
    
    
    
    563
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee I
    
    FL
    
    
    
    
    
    
    770
    
    
    
    2,734
    
    
    
    1,869
    
    
    
    770
    
    
    
    4,603
    
    
    
    5,373
    
    
    
    1,476
    
    
    
    1973
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsYoungstown
    
    OH
    
    
    
    
    
    
    239
    
    
    
    1,110
    
    
    
    1,298
    
    
    
    239
    
    
    
    2,408
    
    
    
    2,647
    
    
    
    628
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsCleveland-Metro II
    
    OH
    
    
    
    
    
    
    701
    
    
    
    1,659
    
    
    
    768
    
    
    
    701
    
    
    
    2,427
    
    
    
    3,128
    
    
    
    764
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTallahassee II
    
    FL
    
    
    
    
    
    
    204
    
    
    
    734
    
    
    
    903
    
    
    
    198
    
    
    
    1,643
    
    
    
    1,841
    
    
    
    508
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPt. St. Lucie
    
    FL
    
    
    
    
    
    
    395
    
    
    
    1,501
    
    
    
    854
    
    
    
    779
    
    
    
    1,971
    
    
    
    2,750
    
    
    
    758
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsDeltona
    
    FL
    
    
    
    
    
    
    483
    
    
    
    1,752
    
    
    
    2,037
    
    
    
    483
    
    
    
    3,789
    
    
    
    4,272
    
    
    
    922
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMiddletown
    
    NY
    
    
    
    
    
    
    224
    
    
    
    808
    
    
    
    796
    
    
    
    224
    
    
    
    1,604
    
    
    
    1,828
    
    
    
    526
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo I
    
    NY
    
    
    
    
    
    
    423
    
    
    
    1,531
    
    
    
    1,651
    
    
    
    497
    
    
    
    3,108
    
    
    
    3,605
    
    
    
    1,015
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester I
    
    NY
    
    
    
    
    
    
    395
    
    
    
    1,404
    
    
    
    485
    
    
    
    395
    
    
    
    1,889
    
    
    
    2,284
    
    
    
    613
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSalisbury
    
    MD
    
    
    
    
    
    
    164
    
    
    
    760
    
    
    
    451
    
    
    
    164
    
    
    
    1,211
    
    
    
    1,375
    
    
    
    408
    
    
    
    1979
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNew Bedford
    
    MA
    
    
    
    
    
    
    367
    
    
    
    1,325
    
    
    
    447
    
    
    
    367
    
    
    
    1,772
    
    
    
    2,139
    
    
    
    635
    
    
    
    1982
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsFayetteville
    
    NC
    
    
    
    
    
    
    853
    
    
    
    3,057
    
    
    
    749
    
    
    
    853
    
    
    
    3,806
    
    
    
    4,659
    
    
    
    1,194
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville I
    
    FL
    
    
    
    
    
    
    152
    
    
    
    728
    
    
    
    961
    
    
    
    687
    
    
    
    1,154
    
    
    
    1,841
    
    
    
    416
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia I
    
    SC
    
    
    
    
    
    
    268
    
    
    
    1,248
    
    
    
    447
    
    
    
    268
    
    
    
    1,695
    
    
    
    1,963
    
    
    
    613
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRochester II
    
    NY
    
    
    
    
    
    
    230
    
    
    
    847
    
    
    
    442
    
    
    
    234
    
    
    
    1,285
    
    
    
    1,519
    
    
    
    421
    
    
    
    1980
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsSavannah l
    
    GA
    
    
    
    
    
    
    463
    
    
    
    1,684
    
    
    
    3,791
    
    
    
    816
    
    
    
    5,122
    
    
    
    5,938
    
    
    
    1,072
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsGreensboro
    
    NC
    
    
    
    
    
    
    444
    
    
    
    1,613
    
    
    
    514
    
    
    
    444
    
    
    
    2,127
    
    
    
    2,571
    
    
    
    770
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh I
    
    NC
    
    
    
    
    
    
    649
    
    
    
    2,329
    
    
    
    844
    
    
    
    649
    
    
    
    3,173
    
    
    
    3,822
    
    
    
    1,029
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNew Haven
    
    CT
    
    
    
    
    
    
    387
    
    
    
    1,402
    
    
    
    912
    
    
    
    387
    
    
    
    2,314
    
    
    
    2,701
    
    
    
    657
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro I
    
    GA
    
    
    
    
    
    
    844
    
    
    
    2,021
    
    
    
    659
    
    
    
    844
    
    
    
    2,680
    
    
    
    3,524
    
    
    
    904
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro II
    
    GA
    
    
    
    
    
    
    302
    
    
    
    1,103
    
    
    
    349
    
    
    
    303
    
    
    
    1,451
    
    
    
    1,754
    
    
    
    541
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBuffalo II
    
    NY
    
    
    
    
    
    
    315
    
    
    
    745
    
    
    
    1,638
    
    
    
    517
    
    
    
    2,181
    
    
    
    2,698
    
    
    
    530
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRaleigh II
    
    NC
    
    
    
    
    
    
    321
    
    
    
    1,150
    
    
    
    654
    
    
    
    321
    
    
    
    1,804
    
    
    
    2,125
    
    
    
    548
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia II
    
    SC
    
    
    
    
    
    
    361
    
    
    
    1,331
    
    
    
    594
    
    
    
    374
    
    
    
    1,912
    
    
    
    2,286
    
    
    
    655
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia III
    
    SC
    
    
    
    
    
    
    189
    
    
    
    719
    
    
    
    1,079
    
    
    
    189
    
    
    
    1,798
    
    
    
    1,987
    
    
    
    506
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsColumbia IV
    
    SC
    
    
    
    
    
    
    488
    
    
    
    1,188
    
    
    
    508
    
    
    
    488
    
    
    
    1,696
    
    
    
    2,184
    
    
    
    590
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro III
    
    GA
    
    
    
    
    
    
    430
    
    
    
    1,579
    
    
    
    1,884
    
    
    
    602
    
    
    
    3,291
    
    
    
    3,893
    
    
    
    753
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsOrlando I
    
    FL
    
    
    
    
    
    
    513
    
    
    
    1,930
    
    
    
    446
    
    
    
    513
    
    
    
    2,376
    
    
    
    2,889
    
    
    
    864
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 years
 56




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedSharon
    
    PA
    
    
    
    
    
    
    194
    
    
    
    912
    
    
    
    440
    
    
    
    194
    
    
    
    1,352
    
    
    
    1,546
    
    
    
    450
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsFt. Lauderdale
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    3,619
    
    
    
    770
    
    
    
    1,503
    
    
    
    4,389
    
    
    
    5,892
    
    
    
    1,229
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsWest Palm l
    
    FL
    
    
    
    
    
    
    398
    
    
    
    1,035
    
    
    
    265
    
    
    
    398
    
    
    
    1,300
    
    
    
    1,698
    
    
    
    515
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IV
    
    GA
    
    
    
    
    
    
    423
    
    
    
    1,015
    
    
    
    364
    
    
    
    424
    
    
    
    1,378
    
    
    
    1,802
    
    
    
    515
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro V
    
    GA
    
    
    
    
    
    
    483
    
    
    
    1,166
    
    
    
    926
    
    
    
    483
    
    
    
    2,092
    
    
    
    2,575
    
    
    
    556
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VI
    
    GA
    
    
    
    
    
    
    308
    
    
    
    1,116
    
    
    
    497
    
    
    
    308
    
    
    
    1,613
    
    
    
    1,921
    
    
    
    620
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VII
    
    GA
    
    
    
    
    
    
    170
    
    
    
    786
    
    
    
    529
    
    
    
    174
    
    
    
    1,311
    
    
    
    1,485
    
    
    
    463
    
    
    
    1981
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro VIII
    
    GA
    
    
    
    
    
    
    413
    
    
    
    999
    
    
    
    615
    
    
    
    413
    
    
    
    1,614
    
    
    
    2,027
    
    
    
    612
    
    
    
    1975
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore I
    
    MD
    
    
    
    
    
    
    154
    
    
    
    555
    
    
    
    1,362
    
    
    
    306
    
    
    
    1,765
    
    
    
    2,071
    
    
    
    413
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBaltimore II
    
    MD
    
    
    
    
    
    
    479
    
    
    
    1,742
    
    
    
    2,783
    
    
    
    479
    
    
    
    4,525
    
    
    
    5,004
    
    
    
    870
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta I
    
    GA
    
    
    
    
    
    
    357
    
    
    
    1,296
    
    
    
    824
    
    
    
    357
    
    
    
    2,120
    
    
    
    2,477
    
    
    
    667
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMacon I
    
    GA
    
    
    
    
    
    
    231
    
    
    
    1,081
    
    
    
    467
    
    
    
    231
    
    
    
    1,548
    
    
    
    1,779
    
    
    
    524
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne I
    
    FL
    
    
    
    
    
    
    883
    
    
    
    2,104
    
    
    
    1,570
    
    
    
    883
    
    
    
    3,674
    
    
    
    4,557
    
    
    
    1,151
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNewport News
    
    VA
    
    
    
    
    
    
    316
    
    
    
    1,471
    
    
    
    736
    
    
    
    316
    
    
    
    2,207
    
    
    
    2,523
    
    
    
    756
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola I
    
    FL
    
    
    
    
    
    
    632
    
    
    
    2,962
    
    
    
    1,091
    
    
    
    651
    
    
    
    4,034
    
    
    
    4,685
    
    
    
    1,422
    
    
    
    1983
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAugusta II
    
    GA
    
    
    
    
    
    
    315
    
    
    
    1,139
    
    
    
    768
    
    
    
    315
    
    
    
    1,907
    
    
    
    2,222
    
    
    
    590
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro I
    
    CT
    
    
    
    
    
    
    715
    
    
    
    1,695
    
    
    
    1,038
    
    
    
    715
    
    
    
    2,733
    
    
    
    3,448
    
    
    
    798
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro IX
    
    GA
    
    
    
    
    
    
    304
    
    
    
    1,118
    
    
    
    2,443
    
    
    
    619
    
    
    
    3,246
    
    
    
    3,865
    
    
    
    732
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAlexandria
    
    VA
    
    
    
    
    
    
    1,375
    
    
    
    3,220
    
    
    
    1,975
    
    
    
    1,376
    
    
    
    5,194
    
    
    
    6,570
    
    
    
    1,445
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola II
    
    FL
    
    
    
    
    
    
    244
    
    
    
    901
    
    
    
    464
    
    
    
    244
    
    
    
    1,365
    
    
    
    1,609
    
    
    
    535
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMelbourne II
    
    FL
    
    
    
    
    
    
    834
    
    
    
    2,066
    
    
    
    1,124
    
    
    
    1,591
    
    
    
    2,433
    
    
    
    4,024
    
    
    
    924
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsHartford-Metro II
    
    CT
    
    
    
    
    
    
    234
    
    
    
    861
    
    
    
    1,881
    
    
    
    612
    
    
    
    2,364
    
    
    
    2,976
    
    
    
    568
    
    
    
    1992
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsAtlanta-Metro X
    
    GA
    
    
    
    
    
    
    256
    
    
    
    1,244
    
    
    
    1,753
    
    
    
    256
    
    
    
    2,997
    
    
    
    3,253
    
    
    
    755
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk I
    
    VA
    
    
    
    
    
    
    313
    
    
    
    1,462
    
    
    
    795
    
    
    
    313
    
    
    
    2,257
    
    
    
    2,570
    
    
    
    755
    
    
    
    1984
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsNorfolk II
    
    VA
    
    
    
    
    
    
    278
    
    
    
    1,004
    
    
    
    347
    
    
    
    278
    
    
    
    1,351
    
    
    
    1,629
    
    
    
    497
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham I
    
    AL
    
    
    
    
    
    
    307
    
    
    
    1,415
    
    
    
    1,550
    
    
    
    384
    
    
    
    2,888
    
    
    
    3,272
    
    
    
    701
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsBirmingham II
    
    AL
    
    
    
    
    
    
    730
    
    
    
    1,725
    
    
    
    560
    
    
    
    730
    
    
    
    2,285
    
    
    
    3,015
    
    
    
    820
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsMontgomery l
    
    AL
    
    
    
    
    
    
    863
    
    
    
    2,041
    
    
    
    624
    
    
    
    863
    
    
    
    2,665
    
    
    
    3,528
    
    
    
    931
    
    
    
    1982
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJacksonville II
    
    FL
    
    
    
    
    
    
    326
    
    
    
    1,515
    
    
    
    415
    
    
    
    326
    
    
    
    1,930
    
    
    
    2,256
    
    
    
    679
    
    
    
    1987
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola III
    
    FL
    
    
    
    
    
    
    369
    
    
    
    1,358
    
    
    
    2,724
    
    
    
    369
    
    
    
    4,082
    
    
    
    4,451
    
    
    
    908
    
    
    
    1986
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola IV
    
    FL
    
    
    
    
    
    
    244
    
    
    
    1,128
    
    
    
    714
    
    
    
    719
    
    
    
    1,367
    
    
    
    2,086
    
    
    
    504
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsPensacola V
    
    FL
    
    
    
    
    
    
    226
    
    
    
    1,046
    
    
    
    531
    
    
    
    226
    
    
    
    1,577
    
    
    
    1,803
    
    
    
    564
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa I
    
    FL
    
    
    
    
    
    
    1,088
    
    
    
    2,597
    
    
    
    951
    
    
    
    1,088
    
    
    
    3,548
    
    
    
    4,636
    
    
    
    1,249
    
    
    
    1989
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa II
    
    FL
    
    
    
    
    
    
    526
    
    
    
    1,958
    
    
    
    742
    
    
    
    526
    
    
    
    2,700
    
    
    
    3,226
    
    
    
    952
    
    
    
    1985
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsTampa III
    
    FL
    
    
    
    
    
    
    672
    
    
    
    2,439
    
    
    
    577
    
    
    
    672
    
    
    
    3,016
    
    
    
    3,688
    
    
    
    1,034
    
    
    
    1988
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson I
    
    MS
    
    
    
    
    
    
    343
    
    
    
    1,580
    
    
    
    2,204
    
    
    
    796
    
    
    
    3,331
    
    
    
    4,127
    
    
    
    725
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsJackson II
    
    MS
    
    
    
    
    
    
    209
    
    
    
    964
    
    
    
    590
    
    
    
    209
    
    
    
    1,554
    
    
    
    1,763
    
    
    
    581
    
    
    
    1990
    
    
    
    6/26/1995
    
    
    
    5 to 40 yearsRichmond
    
    VA
    
    
    
    
    
    
    443
    
    
    
    1,602
    
    
    
    720
    
    
    
    443
    
    
    
    2,322
    
    
    
    2,765
    
    
    
    777
    
    
    
    1987
    
    
    
    8/25/1995
    
    
    
    5 to 40 yearsOrlando II
    
    FL
    
    
    
    
    
    
    1,161
    
    
    
    2,755
    
    
    
    964
    
    
    
    1,162
    
    
    
    3,718
    
    
    
    4,880
    
    
    
    1,272
    
    
    
    1986
    
    
    
    9/29/1995
    
    
    
    5 to 40 years
 57




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedBirmingham III
    
    AL
    
    
    
    
    
    
    424
    
    
    
    1,506
    
    
    
    671
    
    
    
    424
    
    
    
    2,177
    
    
    
    2,601
    
    
    
    833
    
    
    
    1970
    
    
    
    1/16/1996
    
    
    
    5 to 40 yearsMacon II
    
    GA
    
    
    
    
    
    
    431
    
    
    
    1,567
    
    
    
    723
    
    
    
    431
    
    
    
    2,290
    
    
    
    2,721
    
    
    
    720
    
    
    
    1989/94
    
    
    
    12/1/1995
    
    
    
    5 to 40 yearsHarrisburg I
    
    PA
    
    
    
    
    
    
    360
    
    
    
    1,641
    
    
    
    596
    
    
    
    360
    
    
    
    2,237
    
    
    
    2,597
    
    
    
    745
    
    
    
    1983
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsHarrisburg II
    
    PA
    
    
    (1
    )
    
    
    627
    
    
    
    2,224
    
    
    
    947
    
    
    
    692
    
    
    
    3,106
    
    
    
    3,798
    
    
    
    932
    
    
    
    1985
    
    
    
    12/29/1995
    
    
    
    5 to 40 yearsSyracuse I
    
    NY
    
    
    
    
    
    
    470
    
    
    
    1,712
    
    
    
    1,291
    
    
    
    472
    
    
    
    3,001
    
    
    
    3,473
    
    
    
    829
    
    
    
    1987
    
    
    
    12/27/1995
    
    
    
    5 to 40 yearsFt. Myers
    
    FL
    
    
    
    
    
    
    205
    
    
    
    912
    
    
    
    305
    
    
    
    206
    
    
    
    1,216
    
    
    
    1,422
    
    
    
    530
    
    
    
    1988
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsFt. Myers II
    
    FL
    
    
    
    
    
    
    412
    
    
    
    1,703
    
    
    
    440
    
    
    
    413
    
    
    
    2,142
    
    
    
    2,555
    
    
    
    889
    
    
    
    1991/94
    
    
    
    12/28/1995
    
    
    
    5 to 40 yearsNewport News II
    
    VA
    
    
    
    
    
    
    442
    
    
    
    1,592
    
    
    
    1,161
    
    
    
    442
    
    
    
    2,753
    
    
    
    3,195
    
    
    
    649
    
    
    
    1988/93
    
    
    
    1/5/1996
    
    
    
    5 to 40 yearsMontgomery II
    
    AL
    
    
    
    
    
    
    353
    
    
    
    1,299
    
    
    
    269
    
    
    
    353
    
    
    
    1,568
    
    
    
    1,921
    
    
    
    588
    
    
    
    1984
    
    
    
    1/23/1996
    
    
    
    5 to 40 yearsCharleston II
    
    SC
    
    
    
    
    
    
    237
    
    
    
    858
    
    
    
    624
    
    
    
    232
    
    
    
    1,487
    
    
    
    1,719
    
    
    
    482
    
    
    
    1985
    
    
    
    3/1/1996
    
    
    
    5 to 40 yearsTampa IV
    
    FL
    
    
    
    
    
    
    766
    
    
    
    1,800
    
    
    
    645
    
    
    
    766
    
    
    
    2,445
    
    
    
    3,211
    
    
    
    772
    
    
    
    1985
    
    
    
    3/28/1996
    
    
    
    5 to 40 yearsArlington I
    
    TX
    
    
    
    
    
    
    442
    
    
    
    1,767
    
    
    
    282
    
    
    
    442
    
    
    
    2,049
    
    
    
    2,491
    
    
    
    675
    
    
    
    1987
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsArlington II
    
    TX
    
    
    
    
    
    
    408
    
    
    
    1,662
    
    
    
    1,031
    
    
    
    408
    
    
    
    2,693
    
    
    
    3,101
    
    
    
    800
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsFt. Worth
    
    TX
    
    
    
    
    
    
    328
    
    
    
    1,324
    
    
    
    327
    
    
    
    328
    
    
    
    1,651
    
    
    
    1,979
    
    
    
    549
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio I
    
    TX
    
    
    
    
    
    
    436
    
    
    
    1,759
    
    
    
    1,115
    
    
    
    436
    
    
    
    2,874
    
    
    
    3,310
    
    
    
    852
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSan Antonio II
    
    TX
    
    
    
    
    
    
    289
    
    
    
    1,161
    
    
    
    536
    
    
    
    289
    
    
    
    1,697
    
    
    
    1,986
    
    
    
    535
    
    
    
    1986
    
    
    
    3/29/1996
    
    
    
    5 to 40 yearsSyracuse II
    
    NY
    
    
    
    
    
    
    481
    
    
    
    1,559
    
    
    
    2,364
    
    
    
    671
    
    
    
    3,733
    
    
    
    4,404
    
    
    
    904
    
    
    
    1983
    
    
    
    6/5/1996
    
    
    
    5 to 40 yearsMontgomery III
    
    AL
    
    
    
    
    
    
    279
    
    
    
    1,014
    
    
    
    989
    
    
    
    433
    
    
    
    1,849
    
    
    
    2,282
    
    
    
    526
    
    
    
    1988
    
    
    
    5/21/1996
    
    
    
    5 to 40 yearsWest Palm II
    
    FL
    
    
    
    
    
    
    345
    
    
    
    1,262
    
    
    
    325
    
    
    
    345
    
    
    
    1,587
    
    
    
    1,932
    
    
    
    535
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsFt. Myers III
    
    FL
    
    
    
    
    
    
    229
    
    
    
    884
    
    
    
    299
    
    
    
    229
    
    
    
    1,183
    
    
    
    1,412
    
    
    
    379
    
    
    
    1986
    
    
    
    5/29/1996
    
    
    
    5 to 40 yearsPittsburgh
    
    PA
    
    
    
    
    
    
    545
    
    
    
    1,940
    
    
    
    1,326
    
    
    
    545
    
    
    
    3,266
    
    
    
    3,811
    
    
    
    795
    
    
    
    1990
    
    
    
    6/19/1996
    
    
    
    5 to 40 yearsLakeland II
    
    FL
    
    
    
    
    
    
    359
    
    
    
    1,287
    
    
    
    1,048
    
    
    
    359
    
    
    
    2,335
    
    
    
    2,694
    
    
    
    747
    
    
    
    1988
    
    
    
    6/26/1996
    
    
    
    5 to 40 yearsSpringfield
    
    MA
    
    
    
    
    
    
    251
    
    
    
    917
    
    
    
    2,263
    
    
    
    297
    
    
    
    3,134
    
    
    
    3,431
    
    
    
    787
    
    
    
    1986
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsFt. Myers IV
    
    FL
    
    
    
    
    
    
    344
    
    
    
    1,254
    
    
    
    267
    
    
    
    310
    
    
    
    1,555
    
    
    
    1,865
    
    
    
    522
    
    
    
    1987
    
    
    
    6/28/1996
    
    
    
    5 to 40 yearsCincinnati
    
    OH
    
    
    (2
    )
    
    
    557
    
    
    
    1,988
    
    
    
    757
    
    
    
    688
    
    
    
    2,614
    
    
    
    3,302
    
    
    
    216
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsDayton
    
    OH
    
    
    (2
    )
    
    
    667
    
    
    
    2,379
    
    
    
    433
    
    
    
    683
    
    
    
    2,796
    
    
    
    3,479
    
    
    
    246
    
    
    
    1988
    
    
    
    7/23/1996
    
    
    
    5 to 40 yearsBaltimore III
    
    MD
    
    
    
    
    
    
    777
    
    
    
    2,770
    
    
    
    432
    
    
    
    777
    
    
    
    3,202
    
    
    
    3,979
    
    
    
    985
    
    
    
    1990
    
    
    
    7/26/1996
    
    
    
    5 to 40 yearsJacksonville III
    
    FL
    
    
    
    
    
    
    568
    
    
    
    2,028
    
    
    
    929
    
    
    
    568
    
    
    
    2,957
    
    
    
    3,525
    
    
    
    963
    
    
    
    1987
    
    
    
    8/23/1996
    
    
    
    5 to 40 yearsJacksonville IV
    
    FL
    
    
    
    
    
    
    436
    
    
    
    1,635
    
    
    
    509
    
    
    
    436
    
    
    
    2,144
    
    
    
    2,580
    
    
    
    725
    
    
    
    1985
    
    
    
    8/26/1996
    
    
    
    5 to 40 yearsPittsburgh II
    
    PA
    
    
    
    
    
    
    627
    
    
    
    2,257
    
    
    
    1,395
    
    
    
    631
    
    
    
    3,648
    
    
    
    4,279
    
    
    
    1,116
    
    
    
    1983
    
    
    
    8/28/1996
    
    
    
    5 to 40 yearsJacksonville V
    
    FL
    
    
    
    
    
    
    535
    
    
    
    2,033
    
    
    
    300
    
    
    
    538
    
    
    
    2,330
    
    
    
    2,868
    
    
    
    842
    
    
    
    1987/92
    
    
    
    8/30/1996
    
    
    
    5 to 40 yearsCharlotte II
    
    NC
    
    
    
    
    
    
    487
    
    
    
    1,754
    
    
    
    409
    
    
    
    487
    
    
    
    2,163
    
    
    
    2,650
    
    
    
    613
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsCharlotte III
    
    NC
    
    
    
    
    
    
    315
    
    
    
    1,131
    
    
    
    337
    
    
    
    315
    
    
    
    1,468
    
    
    
    1,783
    
    
    
    441
    
    
    
    1995
    
    
    
    9/16/1996
    
    
    
    5 to 40 yearsOrlando III
    
    FL
    
    
    
    
    
    
    314
    
    
    
    1,113
    
    
    
    919
    
    
    
    314
    
    
    
    2,032
    
    
    
    2,346
    
    
    
    633
    
    
    
    1975
    
    
    
    10/30/1996
    
    
    
    5 to 40 yearsRochester III
    
    NY
    
    
    
    
    
    
    704
    
    
    
    2,496
    
    
    
    1,208
    
    
    
    707
    
    
    
    3,701
    
    
    
    4,408
    
    
    
    927
    
    
    
    1990
    
    
    
    12/20/1996
    
    
    
    5 to 40 yearsYoungstown ll
    
    OH
    
    
    
    
    
    
    600
    
    
    
    2,142
    
    
    
    2,040
    
    
    
    693
    
    
    
    4,089
    
    
    
    4,782
    
    
    
    819
    
    
    
    1988
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lll
    
    OH
    
    
    
    
    
    
    751
    
    
    
    2,676
    
    
    
    1,772
    
    
    
    751
    
    
    
    4,448
    
    
    
    5,199
    
    
    
    1,166
    
    
    
    1986
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lV
    
    OH
    
    
    
    
    
    
    725
    
    
    
    2,586
    
    
    
    1,350
    
    
    
    725
    
    
    
    3,936
    
    
    
    4,661
    
    
    
    1,089
    
    
    
    1978
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland V
    
    OH
    
    
    (1
    )
    
    
    637
    
    
    
    2,918
    
    
    
    1,602
    
    
    
    701
    
    
    
    4,456
    
    
    
    5,157
    
    
    
    1,412
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 years
 58




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedCleveland Vl
    
    OH
    
    
    
    
    
    
    495
    
    
    
    1,781
    
    
    
    875
    
    
    
    495
    
    
    
    2,656
    
    
    
    3,151
    
    
    
    773
    
    
    
    1979
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vll
    
    OH
    
    
    
    
    
    
    761
    
    
    
    2,714
    
    
    
    1,272
    
    
    
    761
    
    
    
    3,986
    
    
    
    4,747
    
    
    
    1,152
    
    
    
    1977
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland Vlll
    
    OH
    
    
    
    
    
    
    418
    
    
    
    1,921
    
    
    
    1,573
    
    
    
    418
    
    
    
    3,494
    
    
    
    3,912
    
    
    
    1,002
    
    
    
    1970
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsCleveland lX
    
    OH
    
    
    
    
    
    
    606
    
    
    
    2,164
    
    
    
    1,347
    
    
    
    606
    
    
    
    3,511
    
    
    
    4,117
    
    
    
    819
    
    
    
    1982
    
    
    
    1/10/1997
    
    
    
    5 to 40 yearsGrand Rapids l
    
    MI
    
    
    (2
    )
    
    
    455
    
    
    
    1,631
    
    
    
    948
    
    
    
    624
    
    
    
    2,410
    
    
    
    3,034
    
    
    
    211
    
    
    
    1976
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsGrand Rapids ll
    
    MI
    
    
    
    
    
    
    219
    
    
    
    790
    
    
    
    833
    
    
    
    219
    
    
    
    1,623
    
    
    
    1,842
    
    
    
    480
    
    
    
    1983
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsKalamazoo
    
    MI
    
    
    (2
    )
    
    
    516
    
    
    
    1,845
    
    
    
    1,726
    
    
    
    694
    
    
    
    3,393
    
    
    
    4,087
    
    
    
    259
    
    
    
    1978
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsLansing
    
    MI
    
    
    (2
    )
    
    
    327
    
    
    
    1,332
    
    
    
    1,527
    
    
    
    542
    
    
    
    2,644
    
    
    
    3,186
    
    
    
    210
    
    
    
    1987
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsHolland
    
    MI
    
    
    
    
    
    
    451
    
    
    
    1,830
    
    
    
    1,888
    
    
    
    451
    
    
    
    3,718
    
    
    
    4,169
    
    
    
    1,022
    
    
    
    1978
    
    
    
    1/17/1997
    
    
    
    5 to 40 yearsSan Antonio lll
    
    TX
    
    
    (1
    )
    
    
    474
    
    
    
    1,686
    
    
    
    417
    
    
    
    504
    
    
    
    2,073
    
    
    
    2,577
    
    
    
    585
    
    
    
    1981
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsUniversal
    
    TX
    
    
    
    
    
    
    346
    
    
    
    1,236
    
    
    
    297
    
    
    
    346
    
    
    
    1,533
    
    
    
    1,879
    
    
    
    472
    
    
    
    1985
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsSan Antonio lV
    
    TX
    
    
    
    
    
    
    432
    
    
    
    1,560
    
    
    
    1,650
    
    
    
    432
    
    
    
    3,210
    
    
    
    3,642
    
    
    
    825
    
    
    
    1995
    
    
    
    1/30/1997
    
    
    
    5 to 40 yearsHouston-Eastex
    
    TX
    
    
    
    
    
    
    634
    
    
    
    2,565
    
    
    
    1,255
    
    
    
    634
    
    
    
    3,820
    
    
    
    4,454
    
    
    
    1,027
    
    
    
    1993/95
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-Nederland
    
    TX
    
    
    
    
    
    
    566
    
    
    
    2,279
    
    
    
    343
    
    
    
    566
    
    
    
    2,622
    
    
    
    3,188
    
    
    
    762
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsHouston-College
    
    TX
    
    
    
    
    
    
    293
    
    
    
    1,357
    
    
    
    563
    
    
    
    293
    
    
    
    1,920
    
    
    
    2,213
    
    
    
    518
    
    
    
    1995
    
    
    
    3/26/1997
    
    
    
    5 to 40 yearsLynchburg-Lakeside
    
    VA
    
    
    
    
    
    
    335
    
    
    
    1,342
    
    
    
    1,271
    
    
    
    335
    
    
    
    2,613
    
    
    
    2,948
    
    
    
    657
    
    
    
    1982
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    328
    
    
    
    1,315
    
    
    
    962
    
    
    
    328
    
    
    
    2,277
    
    
    
    2,605
    
    
    
    648
    
    
    
    1985
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsLynchburg-Amherst
    
    VA
    
    
    
    
    
    
    155
    
    
    
    710
    
    
    
    323
    
    
    
    152
    
    
    
    1,036
    
    
    
    1,188
    
    
    
    335
    
    
    
    1987
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChristiansburg
    
    VA
    
    
    
    
    
    
    245
    
    
    
    1,120
    
    
    
    581
    
    
    
    245
    
    
    
    1,701
    
    
    
    1,946
    
    
    
    427
    
    
    
    1985/90
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsChesapeake
    
    VA
    
    
    
    
    
    
    260
    
    
    
    1,043
    
    
    
    1,180
    
    
    
    260
    
    
    
    2,223
    
    
    
    2,483
    
    
    
    550
    
    
    
    1988/95
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDanville
    
    VA
    
    
    
    
    
    
    326
    
    
    
    1,488
    
    
    
    223
    
    
    
    326
    
    
    
    1,711
    
    
    
    2,037
    
    
    
    502
    
    
    
    1988
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsOrlando-W 25th St
    
    FL
    
    
    
    
    
    
    289
    
    
    
    1,160
    
    
    
    737
    
    
    
    616
    
    
    
    1,570
    
    
    
    2,186
    
    
    
    458
    
    
    
    1984
    
    
    
    3/31/1997
    
    
    
    5 to 40 yearsDelray l-Mini
    
    FL
    
    
    
    
    
    
    491
    
    
    
    1,756
    
    
    
    630
    
    
    
    491
    
    
    
    2,386
    
    
    
    2,877
    
    
    
    762
    
    
    
    1969
    
    
    
    4/11/1997
    
    
    
    5 to 40 yearsSavannah ll
    
    GA
    
    
    
    
    
    
    296
    
    
    
    1,196
    
    
    
    347
    
    
    
    296
    
    
    
    1,543
    
    
    
    1,839
    
    
    
    471
    
    
    
    1988
    
    
    
    5/8/1997
    
    
    
    5 to 40 yearsDelray ll-Safeway
    
    FL
    
    
    
    
    
    
    921
    
    
    
    3,282
    
    
    
    466
    
    
    
    921
    
    
    
    3,748
    
    
    
    4,669
    
    
    
    1,155
    
    
    
    1980
    
    
    
    5/21/1997
    
    
    
    5 to 40 yearsCleveland X-Avon
    
    OH
    
    
    
    
    
    
    301
    
    
    
    1,214
    
    
    
    2,079
    
    
    
    304
    
    
    
    3,290
    
    
    
    3,594
    
    
    
    640
    
    
    
    1989
    
    
    
    6/4/1997
    
    
    
    5 to 40 yearsDallas-Skillman
    
    TX
    
    
    
    
    
    
    960
    
    
    
    3,847
    
    
    
    1,127
    
    
    
    960
    
    
    
    4,974
    
    
    
    5,934
    
    
    
    1,512
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Centennial
    
    TX
    
    
    
    
    
    
    965
    
    
    
    3,864
    
    
    
    1,241
    
    
    
    943
    
    
    
    5,127
    
    
    
    6,070
    
    
    
    1,498
    
    
    
    1977
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Samuell
    
    TX
    
    
    (1
    )
    
    
    570
    
    
    
    2,285
    
    
    
    786
    
    
    
    611
    
    
    
    3,030
    
    
    
    3,641
    
    
    
    912
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsDallas-Hargrove
    
    TX
    
    
    
    
    
    
    370
    
    
    
    1,486
    
    
    
    515
    
    
    
    370
    
    
    
    2,001
    
    
    
    2,371
    
    
    
    649
    
    
    
    1975
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsHouston-Antoine
    
    TX
    
    
    
    
    
    
    515
    
    
    
    2,074
    
    
    
    562
    
    
    
    515
    
    
    
    2,636
    
    
    
    3,151
    
    
    
    797
    
    
    
    1984
    
    
    
    6/30/1997
    
    
    
    5 to 40 yearsAtlanta-Alpharetta
    
    GA
    
    
    
    
    
    
    1,033
    
    
    
    3,753
    
    
    
    429
    
    
    
    1,033
    
    
    
    4,182
    
    
    
    5,215
    
    
    
    1,307
    
    
    
    1994
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Marietta
    
    GA
    
    
    (1
    )
    
    
    769
    
    
    
    2,788
    
    
    
    458
    
    
    
    825
    
    
    
    3,190
    
    
    
    4,015
    
    
    
    938
    
    
    
    1996
    
    
    
    7/24/1997
    
    
    
    5 to 40 yearsAtlanta-Doraville
    
    GA
    
    
    
    
    
    
    735
    
    
    
    3,429
    
    
    
    306
    
    
    
    735
    
    
    
    3,735
    
    
    
    4,470
    
    
    
    1,116
    
    
    
    1995
    
    
    
    8/21/1997
    
    
    
    5 to 40 yearsGreensboroHilltop
    
    NC
    
    
    
    
    
    
    268
    
    
    
    1,097
    
    
    
    377
    
    
    
    268
    
    
    
    1,474
    
    
    
    1,742
    
    
    
    405
    
    
    
    1995
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsGreensboroStgCch
    
    NC
    
    
    
    
    
    
    89
    
    
    
    376
    
    
    
    1,528
    
    
    
    89
    
    
    
    1,904
    
    
    
    1,993
    
    
    
    399
    
    
    
    1997
    
    
    
    9/25/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline
    
    LA
    
    
    (1
    )
    
    
    396
    
    
    
    1,831
    
    
    
    908
    
    
    
    421
    
    
    
    2,714
    
    
    
    3,135
    
    
    
    710
    
    
    
    1982
    
    
    
    10/9/1997
    
    
    
    5 to 40 yearsBaton Rouge-Airline2
    
    LA
    
    
    
    
    
    
    282
    
    
    
    1,303
    
    
    
    311
    
    
    
    282
    
    
    
    1,614
    
    
    
    1,896
    
    
    
    496
    
    
    
    1985
    
    
    
    11/21/1997
    
    
    
    5 to 40 yearsHarrisburg-Peiffers
    
    PA
    
    
    
    
    
    
    635
    
    
    
    2,550
    
    
    
    533
    
    
    
    637
    
    
    
    3,081
    
    
    
    3,718
    
    
    
    833
    
    
    
    1984
    
    
    
    12/3/1997
    
    
    
    5 to 40 years
 59




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedChesapeake-Military
    
    VA
    
    
    
    
    
    
    542
    
    
    
    2,210
    
    
    
    322
    
    
    
    542
    
    
    
    2,532
    
    
    
    3,074
    
    
    
    717
    
    
    
    1996
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsChesapeake-Volvo
    
    VA
    
    
    
    
    
    
    620
    
    
    
    2,532
    
    
    
    880
    
    
    
    620
    
    
    
    3,412
    
    
    
    4,032
    
    
    
    916
    
    
    
    1995
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Shell
    
    VA
    
    
    
    
    
    
    540
    
    
    
    2,211
    
    
    
    229
    
    
    
    540
    
    
    
    2,440
    
    
    
    2,980
    
    
    
    723
    
    
    
    1991
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsVirginia Beach-Central
    
    VA
    
    
    
    
    
    
    864
    
    
    
    3,994
    
    
    
    730
    
    
    
    864
    
    
    
    4,724
    
    
    
    5,588
    
    
    
    1,331
    
    
    
    1993/95
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsNorfolk-Naval Base
    
    VA
    
    
    
    
    
    
    1,243
    
    
    
    5,019
    
    
    
    729
    
    
    
    1,243
    
    
    
    5,748
    
    
    
    6,991
    
    
    
    1,604
    
    
    
    1975
    
    
    
    2/5/1998
    
    
    
    5 to 40 yearsTampa-E.Hillsborough
    
    FL
    
    
    
    
    
    
    709
    
    
    
    3,235
    
    
    
    740
    
    
    
    709
    
    
    
    3,975
    
    
    
    4,684
    
    
    
    1,215
    
    
    
    1985
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsNorthbridge
    
    MA
    
    
    (2
    )
    
    
    441
    
    
    
    1,788
    
    
    
    960
    
    
    
    694
    
    
    
    2,495
    
    
    
    3,189
    
    
    
    191
    
    
    
    1988
    
    
    
    2/9/1998
    
    
    
    5 to 40 yearsHarriman
    
    NY
    
    
    
    
    
    
    843
    
    
    
    3,394
    
    
    
    469
    
    
    
    843
    
    
    
    3,863
    
    
    
    4,706
    
    
    
    1,111
    
    
    
    1989/95
    
    
    
    2/4/1998
    
    
    
    5 to 40 yearsGreensboro-High Point
    
    NC
    
    
    
    
    
    
    397
    
    
    
    1,834
    
    
    
    551
    
    
    
    397
    
    
    
    2,385
    
    
    
    2,782
    
    
    
    654
    
    
    
    1993
    
    
    
    2/10/1998
    
    
    
    5 to 40 yearsLynchburg-Timberlake
    
    VA
    
    
    
    
    
    
    488
    
    
    
    1,746
    
    
    
    487
    
    
    
    488
    
    
    
    2,233
    
    
    
    2,721
    
    
    
    606
    
    
    
    1990/96
    
    
    
    2/18/1998
    
    
    
    5 to 40 yearsTitusville
    
    FL
    
    
    (2
    )
    
    
    492
    
    
    
    1,990
    
    
    
    934
    
    
    
    688
    
    
    
    2,728
    
    
    
    3,416
    
    
    
    203
    
    
    
    1986/90
    
    
    
    2/25/1998
    
    
    
    5 to 40 yearsSalem
    
    MA
    
    
    
    
    
    
    733
    
    
    
    2,941
    
    
    
    1,014
    
    
    
    733
    
    
    
    3,955
    
    
    
    4,688
    
    
    
    1,120
    
    
    
    1979
    
    
    
    3/3/1998
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy
    
    TN
    
    
    
    
    
    
    384
    
    
    
    1,371
    
    
    
    534
    
    
    
    384
    
    
    
    1,905
    
    
    
    2,289
    
    
    
    549
    
    
    
    1987
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsChattanooga-Hwy 58
    
    TN
    
    
    
    
    
    
    296
    
    
    
    1,198
    
    
    
    2,077
    
    
    
    414
    
    
    
    3,157
    
    
    
    3,571
    
    
    
    569
    
    
    
    1985
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsFt. Oglethorpe
    
    GA
    
    
    
    
    
    
    349
    
    
    
    1,250
    
    
    
    583
    
    
    
    349
    
    
    
    1,833
    
    
    
    2,182
    
    
    
    517
    
    
    
    1989
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsBirmingham-Walt
    
    AL
    
    
    
    
    
    
    544
    
    
    
    1,942
    
    
    
    807
    
    
    
    544
    
    
    
    2,749
    
    
    
    3,293
    
    
    
    835
    
    
    
    1984
    
    
    
    3/27/1998
    
    
    
    5 to 40 yearsEast Greenwich
    
    RI
    
    
    
    
    
    
    702
    
    
    
    2,821
    
    
    
    1,069
    
    
    
    702
    
    
    
    3,890
    
    
    
    4,592
    
    
    
    1,023
    
    
    
    1984/88
    
    
    
    3/26/1998
    
    
    
    5 to 40 yearsDurham-Hillsborough
    
    NC
    
    
    
    
    
    
    775
    
    
    
    3,103
    
    
    
    672
    
    
    
    775
    
    
    
    3,775
    
    
    
    4,550
    
    
    
    1,028
    
    
    
    1988/91
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsDurham-Cornwallis
    
    NC
    
    
    
    
    
    
    940
    
    
    
    3,763
    
    
    
    712
    
    
    
    940
    
    
    
    4,475
    
    
    
    5,415
    
    
    
    1,203
    
    
    
    1990/96
    
    
    
    4/9/1998
    
    
    
    5 to 40 yearsSalem-Policy
    
    NH
    
    
    
    
    
    
    742
    
    
    
    2,977
    
    
    
    464
    
    
    
    742
    
    
    
    3,441
    
    
    
    4,183
    
    
    
    891
    
    
    
    1980
    
    
    
    4/7/1998
    
    
    
    5 to 40 yearsWarren-Elm
    
    OH
    
    
    (1
    )
    
    
    522
    
    
    
    1,864
    
    
    
    1,175
    
    
    
    569
    
    
    
    2,992
    
    
    
    3,561
    
    
    
    717
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsWarren-Youngstown
    
    OH
    
    
    
    
    
    
    512
    
    
    
    1,829
    
    
    
    1,817
    
    
    
    675
    
    
    
    3,483
    
    
    
    4,158
    
    
    
    667
    
    
    
    1986
    
    
    
    4/22/1998
    
    
    
    5 to 40 yearsIndian Harbor Beach
    
    FL
    
    
    
    
    
    
    662
    
    
    
    2,654
    
    
    
    -619
    
    
    
    662
    
    
    
    2,035
    
    
    
    2,697
    
    
    
    612
    
    
    
    1985
    
    
    
    6/2/1998
    
    
    
    5 to 40 yearsJackson 3 - I55
    
    MS
    
    
    
    
    
    
    744
    
    
    
    3,021
    
    
    
    128
    
    
    
    744
    
    
    
    3,149
    
    
    
    3,893
    
    
    
    879
    
    
    
    1995
    
    
    
    5/13/1998
    
    
    
    5 to 40 yearsKaty-N.Fry
    
    TX
    
    
    
    
    
    
    419
    
    
    
    1,524
    
    
    
    3,268
    
    
    
    419
    
    
    
    4,792
    
    
    
    5,211
    
    
    
    572
    
    
    
    1994
    
    
    
    5/20/1998
    
    
    
    5 to 40 yearsHollywood-Sheridan
    
    FL
    
    
    
    
    
    
    1,208
    
    
    
    4,854
    
    
    
    352
    
    
    
    1,208
    
    
    
    5,206
    
    
    
    6,414
    
    
    
    1,411
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Atlantic
    
    FL
    
    
    
    
    
    
    944
    
    
    
    3,803
    
    
    
    315
    
    
    
    944
    
    
    
    4,118
    
    
    
    5,062
    
    
    
    1,139
    
    
    
    1985
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsPompano Beach-Sample
    
    FL
    
    
    
    
    
    
    903
    
    
    
    3,643
    
    
    
    329
    
    
    
    903
    
    
    
    3,972
    
    
    
    4,875
    
    
    
    1,051
    
    
    
    1988
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsBoca Raton-18th St
    
    FL
    
    
    
    
    
    
    1,503
    
    
    
    6,059
    
    
    
    705
    
    
    
    1,503
    
    
    
    6,764
    
    
    
    8,267
    
    
    
    1,850
    
    
    
    1991
    
    
    
    7/1/1998
    
    
    
    5 to 40 yearsVero Beach
    
    FL
    
    
    
    
    
    
    489
    
    
    
    1,813
    
    
    
    110
    
    
    
    489
    
    
    
    1,923
    
    
    
    2,412
    
    
    
    573
    
    
    
    1997
    
    
    
    6/12/1998
    
    
    
    5 to 40 yearsHumble
    
    TX
    
    
    
    
    
    
    447
    
    
    
    1,790
    
    
    
    2,199
    
    
    
    740
    
    
    
    3,696
    
    
    
    4,436
    
    
    
    721
    
    
    
    1986
    
    
    
    6/16/1998
    
    
    
    5 to 40 yearsHouston-Old Katy
    
    TX
    
    
    (1
    )
    
    
    659
    
    
    
    2,680
    
    
    
    372
    
    
    
    698
    
    
    
    3,013
    
    
    
    3,711
    
    
    
    734
    
    
    
    1996
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsWebster
    
    TX
    
    
    
    
    
    
    635
    
    
    
    2,302
    
    
    
    129
    
    
    
    635
    
    
    
    2,431
    
    
    
    3,066
    
    
    
    660
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsCarrollton
    
    TX
    
    
    
    
    
    
    548
    
    
    
    1,988
    
    
    
    283
    
    
    
    548
    
    
    
    2,271
    
    
    
    2,819
    
    
    
    606
    
    
    
    1997
    
    
    
    6/19/1998
    
    
    
    5 to 40 yearsHollywood-N.21st
    
    FL
    
    
    
    
    
    
    840
    
    
    
    3,373
    
    
    
    350
    
    
    
    840
    
    
    
    3,723
    
    
    
    4,563
    
    
    
    1,034
    
    
    
    1987
    
    
    
    8/3/1998
    
    
    
    5 to 40 yearsSan Marcos
    
    TX
    
    
    
    
    
    
    324
    
    
    
    1,493
    
    
    
    629
    
    
    
    324
    
    
    
    2,122
    
    
    
    2,446
    
    
    
    585
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-McNeil
    
    TX
    
    
    
    
    
    
    492
    
    
    
    1,995
    
    
    
    317
    
    
    
    510
    
    
    
    2,294
    
    
    
    2,804
    
    
    
    665
    
    
    
    1994
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsAustin-FM
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,951
    
    
    
    442
    
    
    
    481
    
    
    
    2,396
    
    
    
    2,877
    
    
    
    646
    
    
    
    1996
    
    
    
    6/30/1998
    
    
    
    5 to 40 yearsJacksonville-Center
    
    NC
    
    
    
    
    
    
    327
    
    
    
    1,329
    
    
    
    672
    
    
    
    327
    
    
    
    2,001
    
    
    
    2,328
    
    
    
    442
    
    
    
    1995
    
    
    
    8/6/1998
    
    
    
    5 to 40 years
 60




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedJacksonville-Gum Branch
    
    NC
    
    
    
    
    
    
    508
    
    
    
    1,815
    
    
    
    1,272
    
    
    
    508
    
    
    
    3,087
    
    
    
    3,595
    
    
    
    663
    
    
    
    1989
    
    
    
    8/17/1998
    
    
    
    5 to 40 yearsJacksonville-N.Marine
    
    NC
    
    
    
    
    
    
    216
    
    
    
    782
    
    
    
    601
    
    
    
    216
    
    
    
    1,383
    
    
    
    1,599
    
    
    
    411
    
    
    
    1985
    
    
    
    9/24/1998
    
    
    
    5 to 40 yearsEuless
    
    TX
    
    
    
    
    
    
    550
    
    
    
    1,998
    
    
    
    654
    
    
    
    550
    
    
    
    2,652
    
    
    
    3,202
    
    
    
    635
    
    
    
    1996
    
    
    
    9/29/1998
    
    
    
    5 to 40 yearsN. Richland Hills
    
    TX
    
    
    
    
    
    
    670
    
    
    
    2,407
    
    
    
    1,362
    
    
    
    670
    
    
    
    3,769
    
    
    
    4,439
    
    
    
    801
    
    
    
    1996
    
    
    
    10/9/1998
    
    
    
    5 to 40 yearsBatavia
    
    OH
    
    
    
    
    
    
    390
    
    
    
    1,570
    
    
    
    867
    
    
    
    390
    
    
    
    2,437
    
    
    
    2,827
    
    
    
    553
    
    
    
    1988
    
    
    
    11/19/1998
    
    
    
    5 to 40 yearsJackson-N.West
    
    MS
    
    
    
    
    
    
    460
    
    
    
    1,642
    
    
    
    462
    
    
    
    460
    
    
    
    2,104
    
    
    
    2,564
    
    
    
    642
    
    
    
    1984
    
    
    
    12/1/1998
    
    
    
    5 to 40 yearsKaty-Franz
    
    TX
    
    
    
    
    
    
    507
    
    
    
    2,058
    
    
    
    1,595
    
    
    
    507
    
    
    
    3,653
    
    
    
    4,160
    
    
    
    634
    
    
    
    1993
    
    
    
    12/15/1998
    
    
    
    5 to 40 yearsW.Warwick
    
    RI
    
    
    
    
    
    
    447
    
    
    
    1,776
    
    
    
    793
    
    
    
    447
    
    
    
    2,569
    
    
    
    3,016
    
    
    
    632
    
    
    
    1986/94
    
    
    
    2/2/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook 1
    
    LA
    
    
    
    
    
    
    556
    
    
    
    1,951
    
    
    
    926
    
    
    
    556
    
    
    
    2,877
    
    
    
    3,433
    
    
    
    877
    
    
    
    1980
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Pinhook2
    
    LA
    
    
    
    
    
    
    708
    
    
    
    2,860
    
    
    
    267
    
    
    
    708
    
    
    
    3,127
    
    
    
    3,835
    
    
    
    807
    
    
    
    1992/94
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Ambassador
    
    LA
    
    
    
    
    
    
    314
    
    
    
    1,095
    
    
    
    627
    
    
    
    314
    
    
    
    1,722
    
    
    
    2,036
    
    
    
    572
    
    
    
    1975
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    188
    
    
    
    652
    
    
    
    1,414
    
    
    
    188
    
    
    
    2,066
    
    
    
    2,254
    
    
    
    558
    
    
    
    1977
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsLafayette-Guilbeau
    
    LA
    
    
    
    
    
    
    963
    
    
    
    3,896
    
    
    
    767
    
    
    
    963
    
    
    
    4,663
    
    
    
    5,626
    
    
    
    1,099
    
    
    
    1994
    
    
    
    2/17/1999
    
    
    
    5 to 40 yearsGilbert-Elliot Rd
    
    AZ
    
    
    
    
    
    
    651
    
    
    
    2,600
    
    
    
    1,097
    
    
    
    772
    
    
    
    3,576
    
    
    
    4,348
    
    
    
    767
    
    
    
    1995
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsGlendale-59th Ave
    
    AZ
    
    
    
    
    
    
    565
    
    
    
    2,596
    
    
    
    539
    
    
    
    565
    
    
    
    3,135
    
    
    
    3,700
    
    
    
    755
    
    
    
    1997
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Baseline
    
    AZ
    
    
    
    
    
    
    330
    
    
    
    1,309
    
    
    
    719
    
    
    
    733
    
    
    
    1,625
    
    
    
    2,358
    
    
    
    397
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-E.Broadway
    
    AZ
    
    
    
    
    
    
    339
    
    
    
    1,346
    
    
    
    583
    
    
    
    339
    
    
    
    1,929
    
    
    
    2,268
    
    
    
    433
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-W.Broadway
    
    AZ
    
    
    
    
    
    
    291
    
    
    
    1,026
    
    
    
    583
    
    
    
    291
    
    
    
    1,609
    
    
    
    1,900
    
    
    
    359
    
    
    
    1976
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsMesa-Greenfield
    
    AZ
    
    
    
    
    
    
    354
    
    
    
    1,405
    
    
    
    334
    
    
    
    354
    
    
    
    1,739
    
    
    
    2,093
    
    
    
    445
    
    
    
    1986
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Camelback
    
    AZ
    
    
    
    
    
    
    453
    
    
    
    1,610
    
    
    
    783
    
    
    
    453
    
    
    
    2,393
    
    
    
    2,846
    
    
    
    570
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-Bell
    
    AZ
    
    
    
    
    
    
    872
    
    
    
    3,476
    
    
    
    828
    
    
    
    872
    
    
    
    4,304
    
    
    
    5,176
    
    
    
    1,069
    
    
    
    1984
    
    
    
    5/18/1999
    
    
    
    5 to 40 yearsPhoenix-35th Ave
    
    AZ
    
    
    
    
    
    
    849
    
    
    
    3,401
    
    
    
    657
    
    
    
    849
    
    
    
    4,058
    
    
    
    4,907
    
    
    
    972
    
    
    
    1996
    
    
    
    5/21/1999
    
    
    
    5 to 40 yearsWestbrook
    
    ME
    
    
    
    
    
    
    410
    
    
    
    1,626
    
    
    
    1,753
    
    
    
    410
    
    
    
    3,379
    
    
    
    3,789
    
    
    
    623
    
    
    
    1988
    
    
    
    8/2/1999
    
    
    
    5 to 40 yearsCocoa
    
    FL
    
    
    
    
    
    
    667
    
    
    
    2,373
    
    
    
    746
    
    
    
    667
    
    
    
    3,119
    
    
    
    3,786
    
    
    
    750
    
    
    
    1982
    
    
    
    9/29/1999
    
    
    
    5 to 40 yearsCedar Hill
    
    TX
    
    
    
    
    
    
    335
    
    
    
    1,521
    
    
    
    346
    
    
    
    335
    
    
    
    1,867
    
    
    
    2,202
    
    
    
    478
    
    
    
    1985
    
    
    
    11/9/1999
    
    
    
    5 to 40 yearsMonroe
    
    NY
    
    
    
    
    
    
    276
    
    
    
    1,312
    
    
    
    1,153
    
    
    
    276
    
    
    
    2,465
    
    
    
    2,741
    
    
    
    439
    
    
    
    1998
    
    
    
    2/2/2000
    
    
    
    5 to 40 yearsN.Andover
    
    MA
    
    
    
    
    
    
    633
    
    
    
    2,573
    
    
    
    753
    
    
    
    633
    
    
    
    3,326
    
    
    
    3,959
    
    
    
    649
    
    
    
    1989
    
    
    
    2/15/2000
    
    
    
    5 to 40 yearsSeabrook
    
    TX
    
    
    
    
    
    
    633
    
    
    
    2,617
    
    
    
    315
    
    
    
    633
    
    
    
    2,932
    
    
    
    3,565
    
    
    
    683
    
    
    
    1996
    
    
    
    3/1/2000
    
    
    
    5 to 40 yearsPlantation
    
    FL
    
    
    
    
    
    
    384
    
    
    
    1,422
    
    
    
    367
    
    
    
    384
    
    
    
    1,789
    
    
    
    2,173
    
    
    
    411
    
    
    
    1994
    
    
    
    5/2/2000
    
    
    
    5 to 40 yearsBirmingham-Bessemer
    
    AL
    
    
    
    
    
    
    254
    
    
    
    1,059
    
    
    
    1,151
    
    
    
    254
    
    
    
    2,210
    
    
    
    2,464
    
    
    
    350
    
    
    
    1998
    
    
    
    11/15/2000
    
    
    
    5 to 40 yearsBrewster
    
    NY
    
    
    (2
    )
    
    
    1,716
    
    
    
    6,920
    
    
    
    903
    
    
    
    1,981
    
    
    
    7,558
    
    
    
    9,539
    
    
    
    577
    
    
    
    1991/97
    
    
    
    12/27/2000
    
    
    
    5 to 40 yearsAustin-Lamar
    
    TX
    
    
    (2
    )
    
    
    837
    
    
    
    2,977
    
    
    
    486
    
    
    
    966
    
    
    
    3,334
    
    
    
    4,300
    
    
    
    285
    
    
    
    1996/99
    
    
    
    2/22/2001
    
    
    
    5 to 40 yearsHouston-E.Main
    
    TX
    
    
    (2
    )
    
    
    733
    
    
    
    3,392
    
    
    
    568
    
    
    
    841
    
    
    
    3,852
    
    
    
    4,693
    
    
    
    308
    
    
    
    1993/97
    
    
    
    3/2/2001
    
    
    
    5 to 40 yearsFt.Myers-Abrams
    
    FL
    
    
    (2
    )
    
    
    787
    
    
    
    3,249
    
    
    
    365
    
    
    
    902
    
    
    
    3,499
    
    
    
    4,401
    
    
    
    306
    
    
    
    1997
    
    
    
    3/13/2001
    
    
    
    5 to 40 yearsDracut
    
    MA
    
    
    (1
    )
    
    
    1,035
    
    
    
    3,737
    
    
    
    590
    
    
    
    1,104
    
    
    
    4,258
    
    
    
    5,362
    
    
    
    762
    
    
    
    1986
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMethuen
    
    MA
    
    
    (1
    )
    
    
    1,024
    
    
    
    3,649
    
    
    
    560
    
    
    
    1,091
    
    
    
    4,142
    
    
    
    5,233
    
    
    
    736
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsColumbia 5
    
    SC
    
    
    (1
    )
    
    
    883
    
    
    
    3,139
    
    
    
    1,204
    
    
    
    942
    
    
    
    4,284
    
    
    
    5,226
    
    
    
    703
    
    
    
    1985
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsMyrtle Beach
    
    SC
    
    
    (1
    )
    
    
    552
    
    
    
    1,970
    
    
    
    841
    
    
    
    589
    
    
    
    2,774
    
    
    
    3,363
    
    
    
    503
    
    
    
    1984
    
    
    
    12/1/2001
    
    
    
    5 to 40 yearsKingsland
    
    GA
    
    
    (1
    )
    
    
    470
    
    
    
    1,902
    
    
    
    2,875
    
    
    
    666
    
    
    
    4,581
    
    
    
    5,247
    
    
    
    521
    
    
    
    1989
    
    
    
    12/1/2001
    
    
    
    5 to 40 years
 61




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedSaco
    
    ME
    
    
    (1
    )
    
    
    534
    
    
    
    1,914
    
    
    
    278
    
    
    
    570
    
    
    
    2,156
    
    
    
    2,726
    
    
    
    388
    
    
    
    1988
    
    
    
    12/3/2001
    
    
    
    5 to 40 yearsPlymouth
    
    MA
    
    
    
    
    
    
    1,004
    
    
    
    4,584
    
    
    
    2,261
    
    
    
    1,004
    
    
    
    6,845
    
    
    
    7,849
    
    
    
    868
    
    
    
    1996
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSandwich
    
    MA
    
    
    (1
    )
    
    
    670
    
    
    
    3,060
    
    
    
    400
    
    
    
    714
    
    
    
    3,416
    
    
    
    4,130
    
    
    
    625
    
    
    
    1984
    
    
    
    12/19/2001
    
    
    
    5 to 40 yearsSyracuse
    
    NY
    
    
    (1
    )
    
    
    294
    
    
    
    1,203
    
    
    
    372
    
    
    
    327
    
    
    
    1,542
    
    
    
    1,869
    
    
    
    312
    
    
    
    1987
    
    
    
    2/5/2002
    
    
    
    5 to 40 yearsHouston-Westward
    
    TX
    
    
    (1
    )
    
    
    853
    
    
    
    3,434
    
    
    
    851
    
    
    
    912
    
    
    
    4,226
    
    
    
    5,138
    
    
    
    772
    
    
    
    1976
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Boone
    
    TX
    
    
    (1
    )
    
    
    250
    
    
    
    1,020
    
    
    
    484
    
    
    
    268
    
    
    
    1,486
    
    
    
    1,754
    
    
    
    273
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Cook
    
    TX
    
    
    (1
    )
    
    
    285
    
    
    
    1,160
    
    
    
    315
    
    
    
    306
    
    
    
    1,454
    
    
    
    1,760
    
    
    
    275
    
    
    
    1986
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Harwin
    
    TX
    
    
    (1
    )
    
    
    449
    
    
    
    1,816
    
    
    
    593
    
    
    
    480
    
    
    
    2,378
    
    
    
    2,858
    
    
    
    433
    
    
    
    1981
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hempstead
    
    TX
    
    
    (1
    )
    
    
    545
    
    
    
    2,200
    
    
    
    935
    
    
    
    583
    
    
    
    3,097
    
    
    
    3,680
    
    
    
    523
    
    
    
    1974/78
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Kuykendahl
    
    TX
    
    
    (1
    )
    
    
    517
    
    
    
    2,090
    
    
    
    1,179
    
    
    
    553
    
    
    
    3,233
    
    
    
    3,786
    
    
    
    509
    
    
    
    1979/83
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHouston-Hwy 249
    
    TX
    
    
    (1
    )
    
    
    299
    
    
    
    1,216
    
    
    
    1,053
    
    
    
    320
    
    
    
    2,248
    
    
    
    2,568
    
    
    
    357
    
    
    
    1983
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Hwy 80
    
    TX
    
    
    (1
    )
    
    
    463
    
    
    
    1,873
    
    
    
    620
    
    
    
    496
    
    
    
    2,460
    
    
    
    2,956
    
    
    
    414
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsMesquite-Franklin
    
    TX
    
    
    (1
    )
    
    
    734
    
    
    
    2,956
    
    
    
    678
    
    
    
    784
    
    
    
    3,584
    
    
    
    4,368
    
    
    
    594
    
    
    
    1984
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsDallas-Plantation
    
    TX
    
    
    (1
    )
    
    
    394
    
    
    
    1,595
    
    
    
    283
    
    
    
    421
    
    
    
    1,851
    
    
    
    2,272
    
    
    
    335
    
    
    
    1985
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsSan Antonio-Hunt
    
    TX
    
    
    (1
    )
    
    
    381
    
    
    
    1,545
    
    
    
    666
    
    
    
    411
    
    
    
    2,181
    
    
    
    2,592
    
    
    
    355
    
    
    
    1980
    
    
    
    2/13/2002
    
    
    
    5 to 40 yearsHumble-5250 FM
    
    TX
    
    
    
    
    
    
    919
    
    
    
    3,696
    
    
    
    341
    
    
    
    919
    
    
    
    4,037
    
    
    
    4,956
    
    
    
    658
    
    
    
    1998/02
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsPasadena
    
    TX
    
    
    
    
    
    
    612
    
    
    
    2,468
    
    
    
    231
    
    
    
    612
    
    
    
    2,699
    
    
    
    3,311
    
    
    
    439
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLeague City-E.Main
    
    TX
    
    
    
    
    
    
    689
    
    
    
    3,159
    
    
    
    267
    
    
    
    689
    
    
    
    3,426
    
    
    
    4,115
    
    
    
    563
    
    
    
    1994/97
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsMontgomery
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    2,040
    
    
    
    1,119
    
    
    
    5,024
    
    
    
    6,143
    
    
    
    602
    
    
    
    1998
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,286
    
    
    
    123
    
    
    
    817
    
    
    
    3,409
    
    
    
    4,226
    
    
    
    576
    
    
    
    1999
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsHouston-Hwy 6
    
    TX
    
    
    
    
    
    
    407
    
    
    
    1,650
    
    
    
    178
    
    
    
    407
    
    
    
    1,828
    
    
    
    2,235
    
    
    
    305
    
    
    
    1997
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsLumberton
    
    TX
    
    
    
    
    
    
    817
    
    
    
    3,287
    
    
    
    178
    
    
    
    817
    
    
    
    3,465
    
    
    
    4,282
    
    
    
    578
    
    
    
    1996
    
    
    
    6/19/2002
    
    
    
    5 to 40 yearsThe Hamptons l
    
    NY
    
    
    
    
    
    
    2,207
    
    
    
    8,866
    
    
    
    615
    
    
    
    2,207
    
    
    
    9,481
    
    
    
    11,688
    
    
    
    1,450
    
    
    
    1989/95
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 2
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,564
    
    
    
    479
    
    
    
    1,131
    
    
    
    5,043
    
    
    
    6,174
    
    
    
    758
    
    
    
    1998
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 3
    
    NY
    
    
    
    
    
    
    635
    
    
    
    2,918
    
    
    
    322
    
    
    
    635
    
    
    
    3,240
    
    
    
    3,875
    
    
    
    480
    
    
    
    1997
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsThe Hamptons 4
    
    NY
    
    
    
    
    
    
    1,251
    
    
    
    5,744
    
    
    
    340
    
    
    
    1,252
    
    
    
    6,083
    
    
    
    7,335
    
    
    
    919
    
    
    
    1994/98
    
    
    
    12/16/2002
    
    
    
    5 to 40 yearsDuncanville
    
    TX
    
    
    
    
    
    
    1,039
    
    
    
    4,201
    
    
    
    41
    
    
    
    1,039
    
    
    
    4,242
    
    
    
    5,281
    
    
    
    584
    
    
    
    1995/99
    
    
    
    8/26/2003
    
    
    
    5 to 40 yearsDallas-Harry Hines
    
    TX
    
    
    
    
    
    
    827
    
    
    
    3,776
    
    
    
    297
    
    
    
    827
    
    
    
    4,073
    
    
    
    4,900
    
    
    
    531
    
    
    
    1998/01
    
    
    
    10/1/2003
    
    
    
    5 to 40 yearsStamford
    
    CT
    
    
    
    
    
    
    2,713
    
    
    
    11,013
    
    
    
    298
    
    
    
    2,713
    
    
    
    11,311
    
    
    
    14,024
    
    
    
    1,408
    
    
    
    1998
    
    
    
    3/17/2004
    
    
    
    5 to 40 yearsHouston-Tomball
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,170
    
    
    
    1,771
    
    
    
    773
    
    
    
    4,941
    
    
    
    5,714
    
    
    
    512
    
    
    
    2000
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Conroe
    
    TX
    
    
    
    
    
    
    1,195
    
    
    
    4,877
    
    
    
    106
    
    
    
    1,195
    
    
    
    4,983
    
    
    
    6,178
    
    
    
    598
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Spring
    
    TX
    
    
    
    
    
    
    1,103
    
    
    
    4,550
    
    
    
    249
    
    
    
    1,103
    
    
    
    4,799
    
    
    
    5,902
    
    
    
    585
    
    
    
    2001
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Bissonnet
    
    TX
    
    
    
    
    
    
    1,061
    
    
    
    4,427
    
    
    
    2,646
    
    
    
    1,061
    
    
    
    7,073
    
    
    
    8,134
    
    
    
    631
    
    
    
    2003
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsHouston-Alvin
    
    TX
    
    
    
    
    
    
    388
    
    
    
    1,640
    
    
    
    849
    
    
    
    388
    
    
    
    2,489
    
    
    
    2,877
    
    
    
    227
    
    
    
    2003
    
    
    
    5/19/2004
    
    
    
    5 to 40 yearsClearwater
    
    FL
    
    
    
    
    
    
    1,720
    
    
    
    6,986
    
    
    
    74
    
    
    
    1,720
    
    
    
    7,060
    
    
    
    8,780
    
    
    
    837
    
    
    
    2001
    
    
    
    6/3/2004
    
    
    
    5 to 40 yearsHouston-Missouri City
    
    TX
    
    
    
    
    
    
    1,167
    
    
    
    4,744
    
    
    
    456
    
    
    
    1,566
    
    
    
    4,801
    
    
    
    6,367
    
    
    
    563
    
    
    
    1998
    
    
    
    6/23/2004
    
    
    
    5 to 40 yearsChattanooga-Hixson
    
    TN
    
    
    
    
    
    
    1,365
    
    
    
    5,569
    
    
    
    761
    
    
    
    1,365
    
    
    
    6,330
    
    
    
    7,695
    
    
    
    757
    
    
    
    1998/02
    
    
    
    8/4/2004
    
    
    
    5 to 40 yearsAustin-Round Rock
    
    TX
    
    
    
    
    
    
    2,047
    
    
    
    5,857
    
    
    
    665
    
    
    
    2,051
    
    
    
    6,518
    
    
    
    8,569
    
    
    
    727
    
    
    
    2000
    
    
    
    8/5/2004
    
    
    
    5 to 40 yearsEast Falmouth
    
    MA
    
    
    
    
    
    
    1,479
    
    
    
    5,978
    
    
    
    153
    
    
    
    1,479
    
    
    
    6,131
    
    
    
    7,610
    
    
    
    602
    
    
    
    1998
    
    
    
    2/23/2005
    
    
    
    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 computedCicero
    
    NY
    
    
    
    
    
    
    527
    
    
    
    2,121
    
    
    
    499
    
    
    
    527
    
    
    
    2,620
    
    
    
    3,147
    
    
    
    270
    
    
    
    1988/02
    
    
    
    3/16/2005
    
    
    
    5 to 40 yearsBay Shore
    
    NY
    
    
    
    
    
    
    1,131
    
    
    
    4,609
    
    
    
    57
    
    
    
    1,131
    
    
    
    4,666
    
    
    
    5,797
    
    
    
    469
    
    
    
    2003
    
    
    
    3/15/2005
    
    
    
    5 to 40 yearsSpringfield-Congress
    
    MA
    
    
    
    
    
    
    612
    
    
    
    2,501
    
    
    
    93
    
    
    
    612
    
    
    
    2,594
    
    
    
    3,206
    
    
    
    260
    
    
    
    1965/75
    
    
    
    4/12/2005
    
    
    
    5 to 40 yearsStamford-Hope
    
    CT
    
    
    
    
    
    
    1,612
    
    
    
    6,585
    
    
    
    192
    
    
    
    1,612
    
    
    
    6,777
    
    
    
    8,389
    
    
    
    666
    
    
    
    2002
    
    
    
    4/14/2005
    
    
    
    5 to 40 yearsHouston-Jones
    
    TX
    
    
    3,510
    
    
    
    1,214
    
    
    
    4,949
    
    
    
    77
    
    
    
    1,215
    
    
    
    5,025
    
    
    
    6,240
    
    
    
    470
    
    
    
    1997/99
    
    
    
    6/6/2005
    
    
    
    5 to 40 yearsMontgomery-Richard
    
    AL
    
    
    
    
    
    
    1,906
    
    
    
    7,726
    
    
    
    106
    
    
    
    1,906
    
    
    
    7,832
    
    
    
    9,738
    
    
    
    737
    
    
    
    1997
    
    
    
    6/1/2005
    
    
    
    5 to 40 yearsOxford
    
    MA
    
    
    
    
    
    
    470
    
    
    
    1,902
    
    
    
    1,577
    
    
    
    470
    
    
    
    3,479
    
    
    
    3,949
    
    
    
    191
    
    
    
    2002
    
    
    
    6/23/2005
    
    
    
    5 to 40 yearsAustin-290E
    
    TX
    
    
    
    
    
    
    537
    
    
    
    2,183
    
    
    
    160
    
    
    
    537
    
    
    
    2,343
    
    
    
    2,880
    
    
    
    218
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsSanAntonio-Marbach
    
    TX
    
    
    
    
    
    
    556
    
    
    
    2,265
    
    
    
    202
    
    
    
    556
    
    
    
    2,467
    
    
    
    3,023
    
    
    
    220
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsAustin-South 1st
    
    TX
    
    
    
    
    
    
    754
    
    
    
    3,065
    
    
    
    149
    
    
    
    754
    
    
    
    3,214
    
    
    
    3,968
    
    
    
    293
    
    
    
    2003
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsPinehurst
    
    TX
    
    
    
    
    
    
    484
    
    
    
    1,977
    
    
    
    1,357
    
    
    
    484
    
    
    
    3,334
    
    
    
    3,818
    
    
    
    211
    
    
    
    2002/04
    
    
    
    7/12/2005
    
    
    
    5 to 40 yearsMarietta-Austell
    
    GA
    
    
    
    
    
    
    811
    
    
    
    3,397
    
    
    
    428
    
    
    
    811
    
    
    
    3,825
    
    
    
    4,636
    
    
    
    343
    
    
    
    2003
    
    
    
    9/15/2005
    
    
    
    5 to 40 yearsBaton Rouge-Florida
    
    LA
    
    
    
    
    
    
    719
    
    
    
    2,927
    
    
    
    1,935
    
    
    
    719
    
    
    
    4,862
    
    
    
    5,581
    
    
    
    280
    
    
    
    1984/94
    
    
    
    11/15/2005
    
    
    
    5 to 40 yearsCypress
    
    TX
    
    
    
    
    
    
    721
    
    
    
    2,994
    
    
    
    1,087
    
    
    
    721
    
    
    
    4,081
    
    
    
    4,802
    
    
    
    305
    
    
    
    2003
    
    
    
    1/13/2006
    
    
    
    5 to 40 yearsTexas City
    
    TX
    
    
    
    
    
    
    867
    
    
    
    3,499
    
    
    
    94
    
    
    
    867
    
    
    
    3,593
    
    
    
    4,460
    
    
    
    280
    
    
    
    2003
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsSan Marcos-Hwy 35S
    
    TX
    
    
    
    
    
    
    628
    
    
    
    2,532
    
    
    
    449
    
    
    
    982
    
    
    
    2,627
    
    
    
    3,609
    
    
    
    205
    
    
    
    2001
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsBaytown
    
    TX
    
    
    
    
    
    
    596
    
    
    
    2,411
    
    
    
    78
    
    
    
    596
    
    
    
    2,489
    
    
    
    3,085
    
    
    
    199
    
    
    
    2002
    
    
    
    1/10/2006
    
    
    
    5 to 40 yearsWebster
    
    NY
    
    
    
    
    
    
    937
    
    
    
    3,779
    
    
    
    111
    
    
    
    937
    
    
    
    3,890
    
    
    
    4,827
    
    
    
    290
    
    
    
    2002/06
    
    
    
    2/1/2006
    
    
    
    5 to 40 yearsHouston-Jones Rd 2
    
    TX
    
    
    
    
    
    
    707
    
    
    
    2,933
    
    
    
    2,018
    
    
    
    707
    
    
    
    4,951
    
    
    
    5,658
    
    
    
    315
    
    
    
    2000
    
    
    
    3/9/2006
    
    
    
    5 to 40 yearsCameron-Scott
    
    LA
    
    
    1,000
    
    
    
    411
    
    
    
    1,621
    
    
    
    131
    
    
    
    411
    
    
    
    1,752
    
    
    
    2,163
    
    
    
    147
    
    
    
    1997
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsLafayette-Westgate
    
    LA
    
    
    
    
    
    
    463
    
    
    
    1,831
    
    
    
    73
    
    
    
    463
    
    
    
    1,904
    
    
    
    2,367
    
    
    
    140
    
    
    
    2001/04
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsBroussard
    
    LA
    
    
    
    
    
    
    601
    
    
    
    2,406
    
    
    
    1,231
    
    
    
    601
    
    
    
    3,637
    
    
    
    4,238
    
    
    
    216
    
    
    
    2002
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsCongress-Lafayette
    
    LA
    
    
    1,098
    
    
    
    542
    
    
    
    1,319
    
    
    
    2,084
    
    
    
    542
    
    
    
    3,403
    
    
    
    3,945
    
    
    
    134
    
    
    
    1997/99
    
    
    
    4/13/2006
    
    
    
    5 to 40 yearsManchester
    
    NH
    
    
    
    
    
    
    832
    
    
    
    3,268
    
    
    
    57
    
    
    
    832
    
    
    
    3,325
    
    
    
    4,157
    
    
    
    231
    
    
    
    2000
    
    
    
    4/26/2006
    
    
    
    5 to 40 yearsNashua
    
    NH
    
    
    
    
    
    
    617
    
    
    
    2,422
    
    
    
    373
    
    
    
    617
    
    
    
    2,795
    
    
    
    3,412
    
    
    
    175
    
    
    
    1989
    
    
    
    6/29/2006
    
    
    
    5 to 40 yearsLargo 2
    
    FL
    
    
    2,478
    
    
    
    1,270
    
    
    
    5,037
    
    
    
    157
    
    
    
    1,270
    
    
    
    5,194
    
    
    
    6,464
    
    
    
    343
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsPinellas Park
    
    FL
    
    
    
    
    
    
    929
    
    
    
    3,676
    
    
    
    104
    
    
    
    929
    
    
    
    3,780
    
    
    
    4,709
    
    
    
    245
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsTarpon Springs
    
    FL
    
    
    2,301
    
    
    
    696
    
    
    
    2,739
    
    
    
    96
    
    
    
    696
    
    
    
    2,835
    
    
    
    3,531
    
    
    
    184
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsNew Orleans
    
    LA
    
    
    4,196
    
    
    
    1,220
    
    
    
    4,805
    
    
    
    75
    
    
    
    1,220
    
    
    
    4,880
    
    
    
    6,100
    
    
    
    320
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Meramec
    
    MO
    
    
    4,841
    
    
    
    1,113
    
    
    
    4,359
    
    
    
    176
    
    
    
    1,113
    
    
    
    4,535
    
    
    
    5,648
    
    
    
    293
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Charles Rock
    
    MO
    
    
    
    
    
    
    766
    
    
    
    3,040
    
    
    
    79
    
    
    
    766
    
    
    
    3,119
    
    
    
    3,885
    
    
    
    200
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Shackelford
    
    MO
    
    
    2,433
    
    
    
    828
    
    
    
    3,290
    
    
    
    124
    
    
    
    828
    
    
    
    3,414
    
    
    
    4,242
    
    
    
    222
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-W.Washington
    
    MO
    
    
    3,873
    
    
    
    734
    
    
    
    2,867
    
    
    
    533
    
    
    
    734
    
    
    
    3,400
    
    
    
    4,134
    
    
    
    223
    
    
    
    1980/01
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Howdershell
    
    MO
    
    
    
    
    
    
    899
    
    
    
    3,596
    
    
    
    174
    
    
    
    899
    
    
    
    3,770
    
    
    
    4,669
    
    
    
    248
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Lemay Ferry
    
    MO
    
    
    
    
    
    
    890
    
    
    
    3,552
    
    
    
    167
    
    
    
    890
    
    
    
    3,719
    
    
    
    4,609
    
    
    
    239
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSt Louis-Manchester
    
    MO
    
    
    3,658
    
    
    
    697
    
    
    
    2,711
    
    
    
    92
    
    
    
    697
    
    
    
    2,803
    
    
    
    3,500
    
    
    
    183
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsArlington-Little Rd
    
    TX
    
    
    2,020
    
    
    
    1,256
    
    
    
    4,946
    
    
    
    145
    
    
    
    1,256
    
    
    
    5,091
    
    
    
    6,347
    
    
    
    329
    
    
    
    1998/03
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Goldmark
    
    TX
    
    
    
    
    
    
    605
    
    
    
    2,434
    
    
    
    47
    
    
    
    605
    
    
    
    2,481
    
    
    
    3,086
    
    
    
    162
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsDallas-Manana
    
    TX
    
    
    
    
    
    
    607
    
    
    
    2,428
    
    
    
    107
    
    
    
    607
    
    
    
    2,535
    
    
    
    3,142
    
    
    
    165
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 years
 63




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedDallas-Manderville
    
    TX
    
    
    
    
    
    
    1,073
    
    
    
    4,276
    
    
    
    54
    
    
    
    1,073
    
    
    
    4,330
    
    
    
    5,403
    
    
    
    284
    
    
    
    2003
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Granbury
    
    TX
    
    
    1,813
    
    
    
    549
    
    
    
    2,180
    
    
    
    84
    
    
    
    549
    
    
    
    2,264
    
    
    
    2,813
    
    
    
    149
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsFt. Worth-Grapevine
    
    TX
    
    
    2,150
    
    
    
    644
    
    
    
    2,542
    
    
    
    49
    
    
    
    644
    
    
    
    2,591
    
    
    
    3,235
    
    
    
    169
    
    
    
    1999
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Blanco
    
    TX
    
    
    
    
    
    
    963
    
    
    
    3,836
    
    
    
    50
    
    
    
    963
    
    
    
    3,886
    
    
    
    4,849
    
    
    
    255
    
    
    
    2004
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Broadway
    
    TX
    
    
    
    
    
    
    773
    
    
    
    3,060
    
    
    
    99
    
    
    
    773
    
    
    
    3,159
    
    
    
    3,932
    
    
    
    208
    
    
    
    2000
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsSan Antonio-Huebner
    
    TX
    
    
    2,254
    
    
    
    1,175
    
    
    
    4,624
    
    
    
    98
    
    
    
    1,175
    
    
    
    4,722
    
    
    
    5,897
    
    
    
    300
    
    
    
    1998
    
    
    
    6/22/2006
    
    
    
    5 to 40 yearsChattanooga-Lee Hwy II
    
    TN
    
    
    
    
    
    
    619
    
    
    
    2,471
    
    
    
    52
    
    
    
    619
    
    
    
    2,523
    
    
    
    3,142
    
    
    
    161
    
    
    
    2002
    
    
    
    8/7/2006
    
    
    
    5 to 40 yearsLafayette-Evangeline
    
    LA
    
    
    
    
    
    
    699
    
    
    
    2,784
    
    
    
    1,862
    
    
    
    699
    
    
    
    4,646
    
    
    
    5,345
    
    
    
    186
    
    
    
    1995/99
    
    
    
    8/1/2006
    
    
    
    5 to 40 yearsMontgomery-E.S.Blvd
    
    AL
    
    
    
    
    
    
    1,158
    
    
    
    4,639
    
    
    
    234
    
    
    
    1,158
    
    
    
    4,873
    
    
    
    6,031
    
    
    
    296
    
    
    
    1996/97
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Pepperell Pkwy
    
    AL
    
    
    
    
    
    
    590
    
    
    
    2,361
    
    
    
    122
    
    
    
    590
    
    
    
    2,483
    
    
    
    3,073
    
    
    
    146
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsAuburn-Gatewood Dr
    
    AL
    
    
    
    
    
    
    694
    
    
    
    2,758
    
    
    
    67
    
    
    
    694
    
    
    
    2,825
    
    
    
    3,519
    
    
    
    163
    
    
    
    2002/03
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Williams Rd
    
    GA
    
    
    
    
    
    
    736
    
    
    
    2,905
    
    
    
    118
    
    
    
    736
    
    
    
    3,023
    
    
    
    3,759
    
    
    
    180
    
    
    
    2002/04/06
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Miller Rd
    
    GA
    
    
    
    
    
    
    975
    
    
    
    3,854
    
    
    
    85
    
    
    
    975
    
    
    
    3,939
    
    
    
    4,914
    
    
    
    229
    
    
    
    1995
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Armour Rd
    
    GA
    
    
    
    
    
    
    0
    
    
    
    3,680
    
    
    
    64
    
    
    
    0
    
    
    
    3,744
    
    
    
    3,744
    
    
    
    224
    
    
    
    2004/05
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsColumbus-Amber Dr
    
    GA
    
    
    
    
    
    
    439
    
    
    
    1,745
    
    
    
    58
    
    
    
    439
    
    
    
    1,803
    
    
    
    2,242
    
    
    
    106
    
    
    
    1998
    
    
    
    9/28/2006
    
    
    
    5 to 40 yearsConcord
    
    NH
    
    
    
    
    
    
    813
    
    
    
    3,213
    
    
    
    1,912
    
    
    
    813
    
    
    
    5,125
    
    
    
    5,938
    
    
    
    203
    
    
    
    2000
    
    
    
    10/31/2006
    
    
    
    5 to 40 yearsBuffalo-Lagner
    
    NY
    
    
    
    
    
    
    532
    
    
    
    2,119
    
    
    
    210
    
    
    
    532
    
    
    
    2,329
    
    
    
    2,861
    
    
    
    102
    
    
    
    1993/07
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Transit
    
    NY
    
    
    
    
    
    
    437
    
    
    
    1,794
    
    
    
    67
    
    
    
    437
    
    
    
    1,861
    
    
    
    2,298
    
    
    
    89
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Lake
    
    NY
    
    
    
    
    
    
    638
    
    
    
    2,531
    
    
    
    241
    
    
    
    638
    
    
    
    2,772
    
    
    
    3,410
    
    
    
    136
    
    
    
    1997
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Union
    
    NY
    
    
    
    
    
    
    348
    
    
    
    1,344
    
    
    
    89
    
    
    
    348
    
    
    
    1,433
    
    
    
    1,781
    
    
    
    67
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Niagara Falls
    
    NY
    
    
    
    
    
    
    323
    
    
    
    1,331
    
    
    
    48
    
    
    
    323
    
    
    
    1,379
    
    
    
    1,702
    
    
    
    66
    
    
    
    1998
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Youngs
    
    NY
    
    
    
    
    
    
    315
    
    
    
    2,185
    
    
    
    84
    
    
    
    316
    
    
    
    2,268
    
    
    
    2,584
    
    
    
    84
    
    
    
    1999/00
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Sheridan
    
    NY
    
    
    
    
    
    
    961
    
    
    
    3,827
    
    
    
    85
    
    
    
    961
    
    
    
    3,912
    
    
    
    4,873
    
    
    
    177
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsBuffalo-Transit
    
    NY
    
    
    
    
    
    
    375
    
    
    
    1,498
    
    
    
    217
    
    
    
    375
    
    
    
    1,715
    
    
    
    2,090
    
    
    
    86
    
    
    
    1990/95
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsRochester-Phillips
    
    NY
    
    
    
    
    
    
    1,003
    
    
    
    4,002
    
    
    
    58
    
    
    
    1,003
    
    
    
    4,060
    
    
    
    5,063
    
    
    
    183
    
    
    
    1999
    
    
    
    3/30/2007
    
    
    
    5 to 40 yearsGreenville
    
    MS
    
    
    
    
    
    
    1,100
    
    
    
    4,386
    
    
    
    96
    
    
    
    1,100
    
    
    
    4,482
    
    
    
    5,582
    
    
    
    239
    
    
    
    1994
    
    
    
    1/11/2007
    
    
    
    5 to 40 yearsPort Arthur
    
    TX
    
    
    
    
    
    
    929
    
    
    
    3,647
    
    
    
    119
    
    
    
    930
    
    
    
    3,765
    
    
    
    4,695
    
    
    
    178
    
    
    
    2002/04
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsBeaumont
    
    TX
    
    
    
    
    
    
    1,537
    
    
    
    6,018
    
    
    
    195
    
    
    
    1,537
    
    
    
    6,213
    
    
    
    7,750
    
    
    
    294
    
    
    
    2003/06
    
    
    
    3/8/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,607
    
    
    
    6,338
    
    
    
    110
    
    
    
    1,607
    
    
    
    6,448
    
    
    
    8,055
    
    
    
    262
    
    
    
    1989/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,016
    
    
    
    4,013
    
    
    
    101
    
    
    
    1,017
    
    
    
    4,113
    
    
    
    5,130
    
    
    
    168
    
    
    
    1993/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport
    
    MS
    
    
    
    
    
    
    1,423
    
    
    
    5,624
    
    
    
    18
    
    
    
    1,423
    
    
    
    5,642
    
    
    
    7,065
    
    
    
    228
    
    
    
    1998/05
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,206
    
    
    
    4,775
    
    
    
    49
    
    
    
    1,206
    
    
    
    4,824
    
    
    
    6,030
    
    
    
    196
    
    
    
    1998/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMobile
    
    AL
    
    
    
    
    
    
    1,216
    
    
    
    4,819
    
    
    
    106
    
    
    
    1,216
    
    
    
    4,925
    
    
    
    6,141
    
    
    
    200
    
    
    
    2000/07
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport
    
    MS
    
    
    
    
    
    
    1,345
    
    
    
    5,325
    
    
    
    22
    
    
    
    1,345
    
    
    
    5,347
    
    
    
    6,692
    
    
    
    217
    
    
    
    2002/04
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsHuntsville
    
    AL
    
    
    
    
    
    
    1,164
    
    
    
    4,624
    
    
    
    47
    
    
    
    1,164
    
    
    
    4,671
    
    
    
    5,835
    
    
    
    190
    
    
    
    2002/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsFoley
    
    AL
    
    
    
    
    
    
    1,346
    
    
    
    5,474
    
    
    
    71
    
    
    
    1,347
    
    
    
    5,544
    
    
    
    6,891
    
    
    
    230
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsPensacola
    
    FL
    
    
    
    
    
    
    1,029
    
    
    
    4,180
    
    
    
    86
    
    
    
    1,029
    
    
    
    4,266
    
    
    
    5,295
    
    
    
    182
    
    
    
    2003/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsAuburn
    
    AL
    
    
    
    
    
    
    686
    
    
    
    2,732
    
    
    
    74
    
    
    
    686
    
    
    
    2,806
    
    
    
    3,492
    
    
    
    117
    
    
    
    2003
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsGulfport
    
    MS
    
    
    
    
    
    
    1,811
    
    
    
    7,152
    
    
    
    23
    
    
    
    1,811
    
    
    
    7,175
    
    
    
    8,986
    
    
    
    289
    
    
    
    2004/06
    
    
    
    6/1/2007
    
    
    
    5 to 40 years
 64




---



##### Table of Contents



Cost Capitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life onSubsequent to
    
    
    
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    whichInitial Cost to Company
    
    Acquisition
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    depreciationBuilding,
    
    Building,
    
    
    
    
    
    Building,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    in latestEquipment
    
    Equipment
    
    
    
    
    
    Equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    incomeEncum
    
    
    
    
    
    and
    
    and
    
    
    
    
    
    and
    
    
    
    
    
    Accum.
    
    Date of
    
    Date
    
    statementDescription
    
    ST
    
    brance
    
    Land
    
    Improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    Deprec.
    
    Construction
    
    Acquired
    
    is computedPensacola
    
    FL
    
    
    
    
    
    
    732
    
    
    
    3,015
    
    
    
    28
    
    
    
    732
    
    
    
    3,043
    
    
    
    3,775
    
    
    
    132
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery
    
    AL
    
    
    
    
    
    
    1,075
    
    
    
    4,333
    
    
    
    23
    
    
    
    1,076
    
    
    
    4,355
    
    
    
    5,431
    
    
    
    180
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsMontgomery
    
    AL
    
    
    
    
    
    
    885
    
    
    
    3,586
    
    
    
    13
    
    
    
    885
    
    
    
    3,599
    
    
    
    4,484
    
    
    
    150
    
    
    
    2006
    
    
    
    6/1/2007
    
    
    
    5 to 40 yearsSan Antonio
    
    TX
    
    
    
    
    
    
    676
    
    
    
    2,685
    
    
    
    124
    
    
    
    676
    
    
    
    2,809
    
    
    
    3,485
    
    
    
    116
    
    
    
    2003/06
    
    
    
    5/21/2007
    
    
    
    5 to 40 yearsBeaumont
    
    TX
    
    
    
    
    
    
    742
    
    
    
    3,024
    
    
    
    51
    
    
    
    742
    
    
    
    3,075
    
    
    
    3,817
    
    
    
    96
    
    
    
    2002/05
    
    
    
    11/14/2007
    
    
    
    5 to 40 yearsHattiesburg
    
    MS
    
    
    
    
    
    
    444
    
    
    
    1,799
    
    
    
    55
    
    
    
    444
    
    
    
    1,854
    
    
    
    2,298
    
    
    
    49
    
    
    
    1998
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsBiloxi
    
    MS
    
    
    
    
    
    
    384
    
    
    
    1,548
    
    
    
    39
    
    
    
    384
    
    
    
    1,587
    
    
    
    1,971
    
    
    
    42
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsFoley
    
    AL
    
    
    
    
    
    
    437
    
    
    
    1,757
    
    
    
    33
    
    
    
    437
    
    
    
    1,790
    
    
    
    2,227
    
    
    
    46
    
    
    
    2000
    
    
    
    12/19/2007
    
    
    
    5 to 40 yearsRidgeland
    
    MS
    
    
    
    
    
    
    1,479
    
    
    
    5,965
    
    
    
    51
    
    
    
    1,479
    
    
    
    6,016
    
    
    
    7,495
    
    
    
    141
    
    
    
    1997/00
    
    
    
    1/17/2008
    
    
    
    5 to 40 yearsJackson-5111
    
    MS
    
    
    
    
    
    
    1,337
    
    
    
    5,377
    
    
    
    48
    
    
    
    1,337
    
    
    
    5,425
    
    
    
    6,762
    
    
    
    127
    
    
    
    2003
    
    
    
    1/17/2008
    
    
    
    5 to 40 yearsCincinnati-Robertson
    
    OH
    
    
    
    
    
    
    852
    
    
    
    3,409
    
    
    
    35
    
    
    
    852
    
    
    
    3,444
    
    
    
    4,296
    
    
    
    0
    
    
    
    2003/04
    
    
    
    12/31/2008
    
    
    
    5 to 40 yearsConstruction in progress
    
    
    
    
    
    
    
    
    
    
    0
    
    
    
    0
    
    
    
    13,967
    
    
    
    0
    
    
    
    13,967
    
    
    
    13,967
    
    
    
    0
    
    
    
    2006Corporate Office
    
    NY
    
    
    
    
    
    
    0
    
    
    
    68
    
    
    
    11,075
    
    
    
    1,616
    
    
    
    9,527
    
    
    
    11,143
    
    
    
    7,105
    
    
    
    2000
    
    
    
    5/1/2000
    
    
    
    5 to 40 years$
    228,114
    
    
    $
    884,104
    
    
    $
    276,983
    
    
    $
    240,525
    
    
    $
    1,148,676
    
    
    $
    1,389,201
    
    
    $
    216,644
 
 
 65




---



##### Table of Contents



December 31, 2008
    
    
    December 31, 2007
    
    
    December 31, 2006Cost:Balance at beginning of period
    
    
    
    
    
    $
    1,322,708
    
    
    
    
    
    
    $
    1,136,052
    
    
    
    
    
    
    $
    886,191Additions during period:Acquisitions through foreclosure
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    Other acquisitions
    
    
    18,454
    
    
    
    
    
    
    
    136,653
    
    
    
    
    
    
    
    212,957Improvements, etc.
    
    
    48,232
    
    
    
    
    
    
    
    52,427
    
    
    
    
    
    
    
    37,00366,686
    
    
    
    
    
    
    
    189,080
    
    
    
    
    
    
    
    249,960Deductions during period:Cost of real estate sold
    
    
    (193
    )
    
    
    (193
    )
    
    
    (2,424
    )
    
    
    (2,424
    )
    
    
    (99
    )
    
    
    (99
    )Balance at close of period
    
    
    
    
    
    $
    1,389,201
    
    
    
    
    
    
    $
    1,322,708
    
    
    
    
    
    
    $
    1,136,052Accumulated Depreciation:Balance at beginning of period
    
    
    
    
    
    $
    183,679
    
    
    
    
    
    
    $
    154,449
    
    
    
    
    
    
    $
    129,340Additions during period:Depreciation expense
    
    $
    33,100
    
    
    
    
    
    
    $
    30,011
    
    
    
    
    
    
    $
    25,16333,100
    
    
    
    
    
    
    
    30,011
    
    
    
    
    
    
    
    25,163Deductions during period:Accumulated depreciation of
real estate sold
    
    
    (135
    )
    
    
    (135
    )
    
    
    (781
    )
    
    
    (781
    )
    
    
    (54
    )
    
    
    (54
    )Balance at close of period
    
    
    
    
    
    $
    216,644
    
    
    
    
    
    
    $
    183,679
    
    
    
    
    
    
    $
    154,449
 66