Property Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2019

PROPERTY ACQUISITIONS AND DISPOSITIONS

The following table shows the Company’s acquisitions of stores for the years ended December 31, 2019 and 2018. The table excludes purchases of raw land or improvements made to existing assets.



			Consideration Paid															Total
Quarter	Number of Stores		Total		Cash Paid		Loan Assumed		Investments in Real Estate Ventures			Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Real estate assets
Q4 2019	5		$	51,278	$	51,058	$	—	$	—		$	220		$	—	—	$	51,278
Q3 2019	1		16,937		16,941		—		—			(4		)	—		—	16,937
Q2 2019	1		8,424		8,424		—		—			—			—		—	8,424
Q1 2019	14		223,740		202,890		17,157		2,780			913			—		—	223,740
	21	⁽¹⁾	$	300,379	$	279,313	$	17,157	$	2,780		$	1,129		$	—	—	$	300,379

Q4 2018	6		$	74,852	$	74,868	$	—	$	—		$	(16	)	$	—	—	$	74,852
Q3 2018	6		74,694		71,989		—		—			2,705			—		—	74,694
Q2 2018	17		237,284		148,650		87,500		(1,024		)	281			1,877		21,768	237,284
Q1 2018	5		70,787		70,171		—		489			127			—		—	70,787
	34	⁽²⁾	$	457,617	$	365,678	$	87,500	$	(535	)	$	3,097		$	1,877	21,768	$	457,617

(1)

Store acquisitions during the year ended December 31, 2019 include the acquisition of 12 stores previously held in joint ventures where the Company held a noncontrolling interest. The Company purchased its partners' remaining equity interests in the joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. No gain or loss was recognized as a result of these acquisitions.

(2)

Store acquisitions during the year ended December 31, 2018 include the acquisition of 15 stores previously held in joint ventures where the Company held a noncontrolling interest. The Company purchased its partners' remaining equity interests in the joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. No gain or loss was recognized as a result of these acquisitions.

Store Disposals

On April 11, 2019, the Company closed on the sale of a store located in New York that had been classified as held for sale for $11,272 in cash. The Company recorded a gain on the sale of $1,205.

On August 16, 2018, the Company sold a store located in California that had been classified as held for sale for $40,235 in cash. The Company recorded a gain on the sale of $30,671.

On November 30, 2017, the Company sold 36 stores located in various states that had been classified as held for sale for an aggregate sales price of $295,000. The buyer of these properties was Storage Portfolio II JV, LLC ("SP II"), a newly formed joint venture in which the Company has a 10.0% equity interest. The Company recognized a gain of $118,776 related to this disposition, which represented 90.0% of the total gain. This amount is included in Gain on real estate transactions and impairment of real estate on the Company's consolidated statements of operations. The Company deferred 10.0% of the gain due to the fact that it held an equity interest in the buyer, which resulted in a reduction in the carrying value of the Company's investment in SP II.

On September 13, 2017, the Company closed on the sale of a parcel of land located in New York that had been classified as held for sale for $19,000 in cash. This parcel of land had been written down to its fair value less selling costs during the six months ended June 30, 2017, and a loss of $3,500 was recorded. Therefore, no additional gain or loss was recorded related to this sale at the time of closing.