Quarterly report pursuant to Section 13 or 15(d)

Investment in Storage Facilities and Intangible Assets (Tables)

v3.22.1
Investment in Storage Facilities and Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the three months ended March 31, 2022:

 

(dollars in thousands)

 

 

 

Cost:

 

 

 

Beginning balance

 

$

7,090,457

 

Acquisition of storage facilities

 

 

348,017

 

Improvements and equipment additions

 

 

10,693

 

Net increase in construction in progress

 

 

5,430

 

Dispositions

 

 

(189

)

Ending balance

 

$

7,454,408

 

Accumulated Depreciation:

 

 

 

Beginning balance

 

$

1,007,650

 

Additions during the period

 

 

40,800

 

Dispositions

 

 

(151

)

Ending balance

 

$

1,048,299

 

Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2022 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

 

CA

 

 

6

 

 

1/4/2022

 

$

165,225

 

 

$

165,160

 

 

$

65

 

 

$

20,321

 

 

$

143,243

 

 

$

1,661

 

GA, NC, SC

 

 

3

 

 

3/11/2022

 

 

48,586

 

 

 

48,446

 

 

 

140

 

 

 

3,926

 

 

 

44,300

 

 

 

360

 

IL, NC, TX

 

 

8

 

 

3/15/2022

 

 

116,048

 

 

 

115,410

 

 

 

638

 

 

 

12,292

 

 

 

102,439

 

 

 

1,317

 

MD

 

 

1

 

 

3/28/2022

 

 

21,651

 

 

 

21,646

 

 

 

5

 

 

 

1,640

 

 

 

19,856

 

 

 

155

 

Total acquired in 2022

 

 

18

 

 

 

 

$

351,510

 

 

$

350,662

 

 

$

848

 

 

$

38,179

 

 

$

309,838

 

 

$

3,493

 

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)

 

March 31,
2022

 

 

December 31,
2021

 

In-place customer leases

 

$

111,279

 

 

$

107,786

 

Accumulated amortization

 

 

(99,425

)

 

 

(93,820

)

Net carrying value at the end of period

 

$

11,854

 

 

$

13,966