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Property

9 Months Ended

Sep. 30, 2014

Properties owned by the Partnership are all mini-storage facilities. Depreciation is calculated using the straight-line method over the estimated useful life of 20 years. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at September 30, 2014 and December 31, 2013 were as follows:

	September 30, 2014	December 31, 2013
Land	$ 1,806,317	$ 1,806,317
Buildings and improvements	5,475,326	5,453,955
Rental trucks under capital leases	70,047	70,047
Total	7,351,690	7,330,319
Less accumulated depreciation	(5,499,204)	(5,490,661)
Properties - net	$ 1,852,496	$1,839,658

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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