Annual report pursuant to Section 13 and 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.10.0.1
Investment in Storage Facilities and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes activity in storage facilities during the years ended December 31, 2018 and December 31, 2017.

 

(Dollars in thousands)

 

2018

 

 

2017

 

Cost:

 

 

 

 

 

 

 

 

Beginning balance

 

$

4,321,410

 

 

$

4,243,308

 

Acquisition of storage facilities

 

 

76,582

 

 

 

22,638

 

Improvements and equipment additions

 

 

54,482

 

 

 

84,332

 

Net increase (decrease) in construction in progress

 

 

12,809

 

 

 

(141

)

Dispositions

 

 

(66,344

)

 

 

(28,727

)

Ending balance

 

$

4,398,939

 

 

$

4,321,410

 

Accumulated Depreciation:

 

 

 

 

 

 

 

 

Beginning balance

 

$

624,314

 

 

$

535,704

 

Additions during the year

 

 

102,361

 

 

 

102,674

 

Dispositions

 

 

(21,994

)

 

 

(14,064

)

Ending balance

 

$

704,681

 

 

$

624,314

 

Schedule of Purchase Price of Facilities Acquired

The purchase price of the eight facilities acquired in 2018 and the two facilities acquired in 2017 has been assigned as follows:

 

(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

 

 

 

Closing

Costs

Expensed

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NH

 

 

1

 

 

9/4/2018

 

$

5,641

 

 

$

5,609

 

 

$

 

 

$

 

 

$

32

 

 

$

1,257

 

 

$

4,276

 

 

$

108

 

 

 

$

 

CA

 

 

1

 

 

9/18/2018

 

 

13,846

 

 

 

13,800

 

 

 

 

 

 

 

 

 

46

 

 

 

2,089

 

 

 

11,551

 

 

 

206

 

 

 

 

 

NY

 

 

1

 

 

10/2/2018

 

 

8,124

 

 

 

8,118

 

 

 

 

 

 

 

 

 

6

 

 

 

3,357

 

 

 

4,536

 

 

 

231

 

 

 

 

 

GA

 

 

1

 

 

11/1/2018

 

 

14,234

 

 

 

14,241

 

 

 

 

 

 

 

 

 

(7

)

 

 

1,666

 

 

 

12,479

 

 

 

89

 

 

 

 

 

CA

 

 

1

 

 

12/7/2018

 

 

9,547

 

 

 

9,524

 

 

 

 

 

 

 

 

 

23

 

 

 

1,331

 

 

 

8,131

 

 

 

85

 

 

 

 

 

FL

 

 

1

 

 

12/11/2018

 

 

9,781

 

 

 

9,751

 

 

 

 

 

 

 

 

 

30

 

 

 

2,014

 

 

 

7,534

 

 

 

233

 

 

 

 

 

NY

 

 

1

 

 

12/20/2018

 

 

7,264

 

 

 

2,267

 

 

 

3,547

 

 

 

1,392

 

 

 

58

 

 

 

3,970

 

 

 

3,138

 

 

 

156

 

 

 

 

 

MO

 

 

1

 

 

12/27/2018

 

 

9,301

 

 

 

9,291

 

 

 

 

 

 

 

 

 

10

 

 

 

1,633

 

 

 

7,620

 

 

 

48

 

 

 

 

 

Total acquired 2018

 

 

8

 

 

 

 

$

77,738

 

 

$

72,601

 

 

$

3,547

 

 

$

1,392

 

 

$

198

 

 

$

17,317

 

 

$

59,265

 

 

$

1,156

 

 

 

$

 

 

(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

 

 

$

 

Schedule of In-place Customer Leases

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

 

(dollars in thousands)

 

2018

 

 

2017

 

In-place customer leases

 

$

75,715

 

 

$

75,241

 

Accumulated amortization

 

 

(74,744

)

 

 

(75,241

)

Net carrying value at the end of period

 

$

971

 

 

$