SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS |
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 25 self storage properties with an estimated fair value of $135.8 million during the three months ended March 31, 2018. Of these acquisitions, one self storage property with an estimated fair value of $2.8 million was acquired by the Company from a PRO. The 25 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $0.8 million of acquisition costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated the total purchase price to the estimated fair value of tangible and intangible assets acquired, and liabilities assumed. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair value of $3.4 million, resulting in a total fair value of $132.4 million allocated to real estate.
The following table summarizes the investment in self storage property acquisitions completed by the Company during the three months ended March 31, 2018 (dollars in thousands):
Dispositions
During the three months ended March 31, 2018, the Company sold to an unrelated third party one self storage property that was classified as held for sale as of December 31, 2017. The gross sales price was $2.2 million and the Company recognized $0.5 million of gain on the sale.
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