Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS

v3.19.3
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
 9 Months Ended
Sep. 30, 2019
Asset Acquisitions And Dispositions [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 62 self storage properties with an estimated fair value of $415.7 million during the nine months ended September 30, 2019. Of these acquisitions, 17 self storage properties with an estimated fair value of $122.1 million were acquired by the Company from its PROs and one self storage property with an estimated fair value of $4.1 million was acquired by the Company from the 2016 Joint Venture. The 62 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $2.9 million of transaction 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 $10.1 million, resulting in a total fair value of $405.6 million allocated to real estate.
The following table summarizes the investment in self storage property acquisitions completed by the Company during the nine months ended September 30, 2019 (dollars in thousands):
Acquisitions Closed During the Three Months Ended:
 
Number of Properties
 
Summary of Investment
 
 
Cash and Acquisition Costs
 
Value of OP Equity(1)
 
Other Liabilities
 
Total
 
 
 
 
March 31, 2019
 
32
 
$
160,531

 
$
33,356

 
$
674

 
$
194,561

June 30, 2019
 
24
 
168,442

 
15,515

 
1,378

 
185,335

September 30, 2019
 
6
 
34,624

 
950

 
197

 
35,771

Total
 
62
 
$
363,597

 
$
49,821

 
$
2,249

 
$
415,667

(1) 
Value of OP equity represents the fair value of Series A-1 preferred units, OP units and subordinated performance units. 
Dispositions
During the nine months ended September 30, 2019, the Company sold one self storage property to an unrelated third party. The gross sales price was $6.5 million and the Company recognized $2.8 million of gain on the sale.