Quarterly report pursuant to Section 13 or 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.10.0.1
Investment in Storage Facilities and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2018
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the nine months ended September 30, 2018:

 

(dollars in thousands)

 

 

 

 

Cost:

 

 

 

 

Beginning balance

 

$

4,321,410

 

Acquisitions of storage facilities

 

 

19,172

 

Improvements and equipment additions

 

 

29,911

 

Net increase in construction in progress

 

 

15,393

 

Dispositions

 

 

(12,299

)

Ending balance

 

$

4,373,587

 

Accumulated  Depreciation:

 

 

 

 

Beginning balance

 

$

624,314

 

Additions during the period

 

 

76,844

 

Dispositions

 

 

(3,188

)

Ending balance

 

$

697,970

 

 

Schedule of Acquired Facilities and Purchase Price of Facilities

The purchase prices of the facilities acquired in 2018 have been assigned as follows:

 

(dollars in thousands)

 

 

 

 

 

 

 

 

Consideration paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States

 

Number

of

Properties

 

 

Date of

Acquisition

 

Purchase

Price

 

 

Cash

Paid

 

 

Value of

Operating

Partnership

Units

Issued

 

 

Mortgage

Assumed

 

 

Net Other

Liabilities

(Assets)

Assumed

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

In-Place

Customers

Leases

 

 

Closing

Costs

Expensed

 

NH

 

 

1

 

 

9/4/2018

 

$

5,641

 

 

$

5,609

 

 

$

-

 

 

$

-

 

 

$

32

 

 

$

1,256

 

 

$

4,276

 

 

$

109

 

 

$

-

 

CA

 

 

1

 

 

9/18/2018

 

$

13,846

 

 

$

13,800

 

 

$

-

 

 

$

-

 

 

$

46

 

 

$

2,089

 

 

$

11,551

 

 

$

206

 

 

$

-

 

Total acquired

   in 2018

 

 

2

 

 

 

 

$

19,487

 

 

$

19,409

 

 

$

-

 

 

$

-

 

 

$

78

 

 

$

3,345

 

 

$

15,827

 

 

$

315

 

 

$

-

 

 

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 as follows:

 

(Dollars in thousands)

 

September 30,

2018

 

 

December 31,

2017

 

In-place customer leases

 

$

75,226

 

 

$

75,241

 

Accumulated amortization

 

 

(74,920

)

 

 

(75,241

)

Net carrying value at the end of period

 

$

306

 

 

$