PROPERTY ACQUISITIONS

6 Months Ended

Jun. 30, 2011

PROPERTY ACQUISITIONS

PROPERTY ACQUISITIONS

5. PROPERTY ACQUISITIONS

The following table summarizes the Company’s acquisitions of operating properties for the six months ended June 30, 2011 and does not include improvements made to existing assets:

			Consideration Paid									Acquisition Date Fair Value
Property Location	Number of Properties	Date of Acquisition	Total Paid		Cash Paid		Loan Assumed		Net Liabilities/ (Assets) Assumed			Land		Building		Intangible		Closing costs - expensed			Source of Acquisition
Utah, Texas	2	4/1/2011	$	7,262	$	7,205	$	—	$	57		$	1,512	$	5,548	$	188	$	14		Affiliated joint venture
California	1	4/7/2011	8,207		8,150		—		57			2,211		5,829		163		4			Unrelated third party
Tennessee	1	4/15/2011	2,577		2,514		—		25			652		1,791		79		17			Unrelated third party
Colorado	1	5/25/2011	3,540		2,262		1,290		(12		)	407		3,077		61		(5		)	Unrelated third party
Virginia	1	5/26/2011	10,513		5,205		5,463		(154		)	932		9,349		202		31			Unrelated third party
New Jersey	1	6/2/2011	4,963		4,959		—		4			1,644		3,115		135		69			Affiliated joint venture
Colorado	1	6/10/2011	4,600		2,664		1,907		29			296		4,199		98		7			Unrelated third party
Nevada	1	6/22/2011	3,355		3,339		—		16			1,441		1,810		98		6			Unrelated third party
Ohio, Indiana, Kentucky	15	6/27/2011	39,773		39,387		—		386			13,587		24,991		903		292			Unrelated third party

On January 1, 2011, the Company paid $320 in cash to obtain its joint venture partners’ equity interests in a joint venture.  No gain or loss was recognized on this transaction.  The joint venture owned a single stabilized self-storage property located in Pennsylvania and was previously accounted for under the equity method.  This property is now wholly owned and consolidated by the Company.