Life Storage, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

Investment in Storage Facilities and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Activity in Storage Facilities

The following summarizes activity in storage facilities during the years ended December 31, 2021 and December 31, 2020.


(dollars in thousands)	2021			2020
Cost:
Beginning balance	$	5,330,323		$	4,749,473
Acquisition of storage facilities		1,675,366			523,922
Improvements and equipment additions		59,569			67,069
Net increase (decrease) in construction in progress		25,946			(9,632	)
Dispositions		(747	)		(509	)
Ending balance	$	7,090,457		$	5,330,323
Accumulated Depreciation:
Beginning balance	$	873,178		$	756,333
Additions during the year		134,773			117,168
Dispositions		(301	)		(323	)
Ending balance	$	1,007,650		$	873,178

Schedule of Purchase Price of Facilities Acquired

The purchase price of the 112 facilities acquired in 2021 and the 40 facilities acquired in 2020 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		Net Other Liabilities Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases
2021
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
NH		2	7/29/2021		22,315		22,311		—		4			6,271		15,743		301
FL		1	8/17/2021		14,846		14,740		—		106			2,884		11,789		173
AL, CO, FL, GA, KY, OH, OK, SC, TX		22	8/19/2021		229,982		137,188		91,265		1,529			23,173		203,682		3,127
AZ		1	8/25/2021		17,190		17,187		—		3			1,034		15,974		182
GA		3	9/1/2021		51,707		51,375		—		332			5,570		45,447		690
TX		4	10/1/2021		58,904		25,180		32,841		883			9,407		48,641		856
FL		2	10/20/2021		58,043		57,613		—		430			13,147		44,281		615
GA, NC, SC, TN		7	10/21/2021		129,345		125,778		3,300		267			13,769		114,338		1,238
VA		1	11/16/2021		14,488		14,449		—		39			341		13,963		184
ME		1	12/2/2021		20,100		20,082		—		18			1,669		18,204		227
IL		1	12/8/2021		19,044		18,922		—		122			1,705		17,136		203
FL		1	12/10/2021		12,577		12,540		—		37			2,746		9,661		170
FL, GA, IL		23	12/13/2021		369,487		367,635		—		1,852			47,189		317,719		4,579
FL		1	12/15/2021		14,095		14,056		—		39			2,989		10,924		182
CO		2	12/16/2021		33,087		14,334		18,173		580			3,726		28,940		421
FL		1	12/17/2021		20,596		20,548		—		48			737		19,623		236
CT		6	12/28/2021		76,801		49,666		27,137		(2	)		10,461		65,269		1,071
Total acquired 2021		112		$	1,696,317	$	1,514,713	$	172,716	$	8,888		$	233,165	$	1,442,201	$	20,923


(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 Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		Construction in Progress		In-Place Customer Leases
2020
CA		6	3/9/2020	$	124,298	$	124,204	$	—	$	—	$	94		$	20,307	$	101,734	$	582	$	1,675
FL, GA, NJ, OH, PA, TX		25	9/29/2020		295,310		293,726		—		—		1,584			32,555		257,844		—		4,911
NJ		1	11/5/2020		13,874		7,521		—		6,353		—			2,158		11,498		—		218
FL		1	11/25/2020		11,492		8,162		3,404		—		(74	)		2,032		9,325		—		135
MO		1	12/9/2020		7,499		7,453		—		—		46			1,312		6,070		—		117
FL		1	12/14/2020		10,776		10,744		—		—		32			1,747		8,863		—		166
FL		1	12/14/2020		15,523		15,483		—		—		40			1,240		14,063		—		220
SC		1	12/22/2020		9,583		9,548		—		—		35			671		8,771		—		141
CA		1	12/23/2020		15,857		15,807		—		—		50			3,528		12,127		—		202
NY		1	12/28/2020		16,868		16,873		—		—		(5	)		507		16,195		—		166
CA		1	12/30/2020		11,545		11,515		—		—		30			1,588		9,787		—		170
Total acquired 2020		40		$	532,625	$	521,036	$	3,404	$	6,353	$	1,832		$	67,645	$	456,277	$	582	$	8,121

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)	2021			2020
In-place customer leases	$	107,786		$	86,863
Accumulated amortization		(93,820	)		(81,455	)
Net carrying value at the end of period	$	13,966		$	5,408