Annual report pursuant to Section 13 and 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.8.0.1
Investment in Storage Facilities and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes activity in storage facilities during the years ended December 31, 2017 and December 31, 2016.

 

(Dollars in thousands)

 

2017

 

 

2016

 

Cost:

 

 

 

 

 

 

 

 

Beginning balance

 

$

4,243,308

 

 

$

2,491,702

 

Acquisition of storage facilities

 

 

22,638

 

 

 

1,714,029

 

Improvements and equipment additions

 

 

84,332

 

 

 

65,860

 

Net (decrease) increase in construction in progress

 

 

(141

)

 

 

7,525

 

Dispositions

 

 

(28,727

)

 

 

(35,808

)

Ending balance

 

$

4,321,410

 

 

$

4,243,308

 

Accumulated Depreciation:

 

 

 

 

 

 

 

 

Beginning balance

 

$

535,704

 

 

$

465,195

 

Additions during the year

 

 

102,674

 

 

 

87,219

 

Dispositions

 

 

(14,064

)

 

 

(16,710

)

Ending balance

 

$

624,314

 

 

$

535,704

 

 

Schedule of Acquired Facilities and Purchase Price of Facilities

The purchase price of the two facilities acquired in 2017 and the 122 facilities acquired in 2016 has been assigned as follows

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Consideration paid

 

 

Acquisition Date Fair Value

 

State

 

Number of

Properties

 

 

Date of

Acquisition

 

Purchase

Price

 

 

Cash Paid

 

 

Net Other

Liabilities

Assumed

(Assets

Acquired)

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

Closing

Costs

Expensed

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IL

 

 

1

 

 

2/23/2017

 

$

10,089

 

 

$

10,076

 

 

$

13

 

 

$

771

 

 

$

9,318

 

 

$

 

NC

 

 

1

 

 

12/14/2017

 

 

12,549

 

 

 

12,550

 

 

 

(1

)

 

 

1,110

 

 

 

11,439

 

 

 

 

Total acquired 2017

 

 

2

 

 

 

 

$

22,638

 

 

$

22,626

 

 

$

12

 

 

$

1,881

 

 

$

20,757

 

 

$

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Consideration paid

 

 

Acquisition Date Fair Value

 

 

 

 

 

States

 

Number of

Properties

 

 

Date of

Acquisition

 

Purchase

Price

 

 

Cash Paid

 

 

Value of

Operating

Partnership

Units

Issued

 

 

Mortgage

Assumed

 

 

Net Other

Liabilities

Assumed

(Assets

Acquired)

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

In-Place

Customer

Leases

 

 

Trade

Name

 

 

Closing

Costs

Expensed

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FL

 

 

4

 

 

1/6/2016

 

$

20,350

 

 

$

20,246

 

 

$

 

 

$

 

 

$

104

 

 

$

6,646

 

 

$

13,339

 

 

$

365

 

 

$

 

 

$

437

 

CA

 

 

4

 

 

1/21/2016

 

 

80,603

 

 

 

80,415

 

 

 

 

 

 

 

 

 

188

 

 

 

28,420

 

 

 

51,145

 

 

 

1,038

 

 

 

 

 

 

397

 

NH

 

 

5

 

 

1/21/2016

 

 

55,435

 

 

 

55,151

 

 

 

 

 

 

 

 

 

284

 

 

 

13,281

 

 

 

41,237

 

 

 

917

 

 

 

 

 

 

657

 

MA

 

 

1

 

 

1/21/2016

 

 

11,387

 

 

 

11,362

 

 

 

 

 

 

 

 

 

25

 

 

 

4,880

 

 

 

6,341

 

 

 

166

 

 

 

 

 

 

81

 

TX

 

 

3

 

 

1/21/2016

 

 

38,975

 

 

 

38,819

 

 

 

 

 

 

 

 

 

156

 

 

 

19,796

 

 

 

18,598

 

 

 

581

 

 

 

 

 

 

299

 

AZ

 

 

1

 

 

2/1/2016

 

 

9,275

 

 

 

9,261

 

 

 

 

 

 

 

 

 

14

 

 

 

988

 

 

 

8,224

 

 

 

63

 

 

 

 

 

 

136

 

FL

 

 

1

 

 

2/12/2016

 

 

11,274

 

 

 

11,270

 

 

 

 

 

 

 

 

 

4

 

 

 

2,294

 

 

 

8,980

 

 

 

 

 

 

 

 

 

 

PA

 

 

1

 

 

2/17/2016

 

 

5,750

 

 

 

5,732

 

 

 

 

 

 

 

 

 

18

 

 

 

1,768

 

 

 

3,879

 

 

 

103

 

 

 

 

 

 

164

 

CO

 

 

1

 

 

2/29/2016

 

 

12,600

 

 

 

12,549

 

 

 

 

 

 

 

 

 

51

 

 

 

4,528

 

 

 

7,915

 

 

 

157

 

 

 

 

 

 

188

 

CA

 

 

3

 

 

3/16/2016

 

 

68,832

 

 

 

63,965

 

 

 

4,472

 

 

 

 

 

 

395

 

 

 

22,647

 

 

 

45,371

 

 

 

814

 

 

 

 

 

 

313

 

CA

 

 

1

 

 

3/17/2016

 

 

17,320

 

 

 

17,278

 

 

 

 

 

 

 

 

 

42

 

 

 

6,728

 

 

 

10,339

 

 

 

253

 

 

 

 

 

 

132

 

CA

 

 

1

 

 

4/11/2016

 

 

36,750

 

 

 

33,346

 

 

 

3,294

 

 

 

 

 

 

110

 

 

 

17,445

 

 

 

18,840

 

 

 

465

 

 

 

 

 

 

141

 

CT

 

 

2

 

 

4/14/2016

 

 

17,313

 

 

 

17,152

 

 

 

 

 

 

 

 

 

161

 

 

 

6,142

 

 

 

10,904

 

 

 

267

 

 

 

 

 

 

204

 

NY

 

 

2

 

 

4/26/2016

 

 

24,312

 

 

 

20,143

 

 

 

 

 

 

4,249

 

 

 

(80

)

 

 

5,710

 

 

 

18,201

 

 

 

401

 

 

 

 

 

 

372

 

FL

 

 

1

 

 

5/2/2016

 

 

8,100

 

 

 

4,006

 

 

 

 

 

 

4,036

 

 

 

58

 

 

 

3,018

 

 

 

4,922

 

 

 

160

 

 

 

 

 

 

161

 

TX

 

 

1

 

 

5/5/2016

 

 

10,800

 

 

 

10,708

 

 

 

 

 

 

 

 

 

92

 

 

 

2,333

 

 

 

8,302

 

 

 

165

 

 

 

 

 

 

133

 

NY

 

 

2

 

 

5/19/2016

 

 

8,400

 

 

 

8,366

 

 

 

 

 

 

 

 

 

34

 

 

 

714

 

 

 

7,521

 

 

 

165

 

 

 

 

 

 

213

 

CA, CO, FL, IL, MS, NV, TX, UT, WI

 

 

83

 

 

7/15/2016

 

 

1,299,740

 

 

 

1,335,274

 

 

 

 

 

 

 

 

 

(35,534

)

 

 

150,660

 

 

 

1,085,750

 

 

 

46,830

 

 

 

16,500

 

 

 

25,398

 

SC

 

 

1

 

 

7/29/2016

 

 

8,620

 

 

 

8,617

 

 

 

 

 

 

 

 

 

3

 

 

 

920

 

 

 

7,700

 

 

 

 

 

 

 

 

 

 

CO

 

 

1

 

 

8/4/2016

 

 

8,900

 

 

 

8,831

 

 

 

 

 

 

 

 

 

69

 

 

 

5,062

 

 

 

3,679

 

 

 

159

 

 

 

 

 

 

119

 

FL

 

 

1

 

 

9/27/2016

 

 

10,500

 

 

 

10,407

 

 

 

 

 

 

 

 

 

93

 

 

 

2,809

 

 

 

7,523

 

 

 

168

 

 

 

 

 

 

244

 

IL

 

 

1

 

 

11/17/2016

 

 

8,884

 

 

 

7,125

 

 

 

1,750

 

 

 

 

 

 

9

 

 

 

371

 

 

 

8,513

 

 

 

 

 

 

 

 

 

 

FL

 

 

1

 

 

12/20/2016

 

 

9,800

 

 

 

6,900

 

 

 

 

 

 

2,966

 

 

 

(66

)

 

 

3,268

 

 

 

6,378

 

 

 

154

 

 

 

 

 

 

98

 

Total acquired 2016

 

 

122

 

 

 

 

$

1,783,920

 

 

$

1,796,923

 

 

$

9,516

 

 

$

11,251

 

 

$

(33,770

)

 

$

310,428

 

 

$

1,403,601

 

 

$

53,391

 

 

$

16,500

 

 

$

29,887

 

 

Schedule of Fair Value of In-Place Customer Lease Intangible Assets

In-place customer leases are included in other assets on the Company’s consolidated balance sheets at December 31 as follows:

 

(dollars in thousands)

 

2017

 

 

2016

 

In-place customer leases

 

$

75,241

 

 

$

75,611

 

Accumulated amortization

 

 

(75,241

)

 

 

(50,782

)

Net carrying value at the end of period

 

$

-

 

 

$

24,829