We had another solid year of performance in 2018, with core funds from operations per share (Core FFO) growth of 6.6% year-over-year, well above the sector average. While short-term performance has been good, our focus is to outperform consistently over the long-term. Our long-term Core FFO growth is not only the best among our storage peers, but among the highest of any U.S. REIT. We have produced consistent growth year in and year out through strong execution of our strategy in a need-based real estate sector. This has led to the highest 5-year and 10-year total returns to shareholders in the storage sector, with a total 10-year return to shareholders of 1,215% as of 12/31/18.

We are achieving this exceptional growth without accepting excessive risk or deviating from our core strategy. Same-store performance was solid, with average same-store occupancy of 93.0%, same-store revenues increasing 4.1%, while NOI grew 4.0%.

In 2018, we completed another $300 million unsecured private placement debt transaction, further laddering debt maturities and diversifying our balance sheet. We also increased and extended our credit facility, resulting in additional capacity and a lower cost of capital. We issued equity prudently through operating partnership units and our ATM to match fund accretive acquisition opportunities. Our goal is to have an appropriately levered balance sheet, with financial flexibility to ensure we have multiple sources of capital available to support our operations and finance our growth. Our balance sheet is built to last.