Quarterly report pursuant to Section 13 or 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.19.1
Investment in Storage Facilities and Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2019
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the three months ended March 31, 2019:

 

(dollars in thousands)

 

 

 

 

Cost:

 

 

 

 

Beginning balance

 

$

4,398,939

 

Acquisition of storage facilities

 

 

66,086

 

Improvements and equipment additions

 

 

10,937

 

Net increase in construction in progress

 

 

996

 

Dispositions

 

 

(1,802

)

Ending balance

 

$

4,475,156

 

Accumulated  Depreciation:

 

 

 

 

Beginning balance

 

$

704,681

 

Additions during the period

 

 

25,851

 

Dispositions

 

 

(1,236

)

Ending balance

 

$

729,296

 

Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2019 have been assigned as follows:

 

(dollars in thousands)

 

 

 

 

 

 

 

 

Consideration paid

 

 

Acquisition Date Fair Value

 

 

 

 

 

States

 

Number

of

Properties

 

 

Date of

Acquisition

 

Purchase

Price

 

 

Cash

Paid

 

 

Carrying Value of

Noncontrolling Interest in Joint Venture

 

 

Mortgage

Assumed

 

 

Net Other

Liabilities

(Assets)

Assumed

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

In-Place

Customers

Leases

 

 

Closing

Costs

Expensed

 

NY

 

 

1

 

 

1/16/2019

 

$

57,169

 

 

$

46,402

 

 

$

10,715

 

 

$

 

 

$

52

 

 

$

30,029

 

 

$

26,863

 

 

$

277

 

 

$

 

FL

 

 

1

 

 

3/8/2019

 

 

9,302

 

 

 

9,222

 

 

 

 

 

 

 

 

 

80

 

 

 

1,817

 

 

 

7,377

 

 

 

108

 

 

 

 

Total acquired in 2019

 

 

2

 

 

 

 

$

66,471

 

 

$

55,624

 

 

$

10,715

 

 

$

 

 

$

132

 

 

$

31,846

 

 

$

34,240

 

 

$

385

 

 

 

 

Schedule of In-place Customer Leases

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

 

(Dollars in thousands)

 

Mar. 31,

2019

 

 

Dec. 31,

2018

 

In-place customer leases

 

$

76,099

 

 

$

75,715

 

Accumulated amortization

 

 

(75,089

)

 

 

(74,744

)

Net carrying value at the end of period

 

 

1,010

 

 

 

971