Quarterly report pursuant to Section 13 or 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.20.2
Investment in Storage Facilities and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the six months ended June 30, 2020:

 

(dollars in thousands)

 

 

 

 

Cost:

 

 

 

 

Beginning balance

 

$

4,749,473

 

Acquisition of storage facilities

 

 

122,623

 

Improvements and equipment additions

 

 

21,093

 

Net increase in construction in progress

 

 

5,388

 

Dispositions

 

 

(201

)

Ending balance

 

$

4,898,376

 

Accumulated Depreciation:

 

 

 

 

Beginning balance

 

$

756,333

 

Additions during the period

 

 

54,498

 

Dispositions

 

 

(122

)

Ending balance

 

$

810,709

 

Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2020 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

 

 

Mortgage

Assumed

 

 

Net Other

Liabilities

(Assets)

Assumed

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

Construction in Progress

 

 

In-Place

Customers

Leases

 

CA

 

 

6

 

 

3/9/2020

 

$

124,298

 

 

$

124,204

 

 

$

 

 

$

94

 

 

$

20,307

 

 

$

101,734

 

 

$

582

 

 

$

1,675

 

Total acquired in 2020

 

 

6

 

 

 

 

$

124,298

 

 

$

124,204

 

 

$

 

 

$

94

 

 

$

20,307

 

 

$

101,734

 

 

$

582

 

 

$

1,675

 

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)

 

June 30,

2020

 

 

December 31,

2019

 

In-place customer leases

 

$

80,416

 

 

$

78,741

 

Accumulated amortization

 

 

(78,585

)

 

 

(75,832

)

Net carrying value at the end of period

 

$

1,831

 

 

$

2,909