STORAGE PROPERTIES

9 Months Ended

Sep. 30, 2020

STORAGE PROPERTIES

STORAGE FACILITIES

3. STORAGE PROPERTIES

The book value of the Company’s real estate assets is summarized as follows:

	September 30,		December 31,
	2020		2019
	(in thousands)
Land	$	908,051	$	858,541
Buildings and improvements		3,692,519		3,619,594
Equipment		125,204		128,111
Construction in progress		88,487		93,598
Storage properties		4,814,261		4,699,844
Less: Accumulated depreciation		(980,312)		(925,359)
Storage properties, net	$	3,833,949	$	3,774,485

The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2019 through September 30, 2020.

			Number of	Purchase / Sale Price
Asset/Portfolio	Metropolitan Statistical Area	Transaction Date	Stores	(in thousands)
2020 Acquisitions:
Texas Asset	San Antonio, TX	February 2020	1	$	9,025
Maryland Asset	Baltimore-Towson, MD	April 2020	1		17,200
New Jersey Asset	New York-Northern New Jersey-Long Island, NY-NJ-PA	April 2020	1		48,450
			3	$	74,675
2019 Acquisitions:
Maryland Asset	Baltimore-Towson, MD	March 2019	1	$	22,000
Florida Assets	Cape Coral-Fort Myers, FL	April 2019	2		19,000
Arizona Asset	Phoenix-Mesa-Scottsdale, AZ	May 2019	1		1,550
HVP III Assets	Various (see note 4)	June 2019	18		128,250	(1)
Georgia Asset	Atlanta-Sandy Springs-Marietta, GA	August 2019	1		14,600
South Carolina Asset	Charleston-North Charleston, SC	August 2019	1		3,300
Texas Asset	Dallas-Fort Worth-Arlington, TX	October 2019	1		7,300
Florida Assets	Orlando-Kissimmee, FL	November 2019	3		32,100
California Asset	Los Angeles-Long Beach-Santa Ana, CA	December 2019	1		18,500
			29	$	246,600
2019 Disposition:
Texas Asset	College Station-Bryan, TX	October 2019	1	$	4,146
			1	$	4,146

(1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which, at the time of the acquisition, owned 18 storage properties (see note 4).