| Summary of Activity in Storage Facilities |
The following summarizes our activity in storage facilities during the six months ended June 30, 2021:
|
|
|
|
|
(dollars in thousands) |
|
|
|
Cost: |
|
|
|
Beginning balance |
|
$ |
5,330,323 |
|
Acquisition of storage facilities |
|
|
527,214 |
|
Improvements and equipment additions |
|
|
17,231 |
|
Net increase in construction in progress |
|
|
13,232 |
|
Dispositions |
|
|
(341 |
) |
Ending balance |
|
$ |
5,887,659 |
|
Accumulated Depreciation: |
|
|
|
Beginning balance |
|
$ |
873,178 |
|
Additions during the period |
|
|
64,416 |
|
Dispositions |
|
|
(143 |
) |
Ending balance |
|
$ |
937,451 |
|
|
| Schedule of Purchase Price of Facilities Acquired |
The purchase prices of the facilities acquired in 2021 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 |
|
|
Net Other
Liabilities
(Assets)
Assumed |
|
|
Land |
|
|
Building,
Equipment,
and
Improvements |
|
|
In-Place
Customer
Leases |
|
SC |
|
|
1 |
|
|
1/4/2021 |
|
$ |
8,070 |
|
|
$ |
8,042 |
|
|
$ |
28 |
|
|
$ |
812 |
|
|
$ |
7,153 |
|
|
$ |
105 |
|
CA |
|
|
1 |
|
|
1/21/2021 |
|
|
18,287 |
|
|
|
18,251 |
|
|
|
36 |
|
|
|
1,322 |
|
|
|
16,830 |
|
|
|
135 |
|
NY |
|
|
1 |
|
|
3/4/2021 |
|
|
47,947 |
|
|
|
47,933 |
|
|
|
14 |
|
|
|
10,591 |
|
|
|
37,020 |
|
|
|
336 |
|
FL |
|
|
8 |
|
|
3/11/2021 |
|
|
85,156 |
|
|
|
84,586 |
|
|
|
570 |
|
|
|
13,381 |
|
|
|
70,538 |
|
|
|
1,237 |
|
AZ |
|
|
3 |
|
|
3/24/2021 |
|
|
67,089 |
|
|
|
66,890 |
|
|
|
199 |
|
|
|
7,129 |
|
|
|
59,320 |
|
|
|
632 |
|
WA |
|
|
2 |
|
|
3/25/2021 |
|
|
39,666 |
|
|
|
39,495 |
|
|
|
171 |
|
|
|
6,166 |
|
|
|
33,037 |
|
|
|
443 |
|
FL |
|
|
1 |
|
|
5/3/2021 |
|
|
16,545 |
|
|
|
16,497 |
|
|
|
48 |
|
|
|
1,658 |
|
|
|
14,739 |
|
|
|
148 |
|
NJ |
|
|
5 |
|
|
5/12/2021 |
|
|
90,944 |
|
|
|
90,710 |
|
|
|
234 |
|
|
|
11,557 |
|
|
|
78,116 |
|
|
|
1,271 |
|
NC |
|
|
2 |
|
|
6/1/2021 |
|
|
26,942 |
|
|
|
26,793 |
|
|
|
149 |
|
|
|
2,209 |
|
|
|
24,395 |
|
|
|
338 |
|
TX |
|
|
4 |
|
|
6/10/2021 |
|
|
44,563 |
|
|
|
43,952 |
|
|
|
611 |
|
|
|
9,163 |
|
|
|
34,746 |
|
|
|
654 |
|
FL |
|
|
1 |
|
|
6/16/2021 |
|
|
14,344 |
|
|
|
14,235 |
|
|
|
109 |
|
|
|
2,601 |
|
|
|
11,526 |
|
|
|
217 |
|
FL, NH |
|
|
3 |
|
|
6/22/2021 |
|
|
59,618 |
|
|
|
59,257 |
|
|
|
361 |
|
|
|
19,101 |
|
|
|
39,752 |
|
|
|
765 |
|
NC |
|
|
1 |
|
|
6/23/2021 |
|
|
14,539 |
|
|
|
14,468 |
|
|
|
71 |
|
|
|
657 |
|
|
|
13,695 |
|
|
|
187 |
|
Total acquired in 2021 |
|
|
33 |
|
|
|
|
$ |
533,710 |
|
|
$ |
531,109 |
|
|
$ |
2,601 |
|
|
$ |
86,347 |
|
|
$ |
440,867 |
|
|
$ |
6,468 |
|
|
| 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,
2021 |
|
|
December 31,
2020 |
|
In-place customer leases |
|
$ |
93,333 |
|
|
$ |
86,863 |
|
Accumulated amortization |
|
|
(86,178 |
) |
|
|
(81,455 |
) |
Net carrying value at the end of period |
|
$ |
7,155 |
|
|
$ |
5,408 |
|
|