STORAGE PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2022

STORAGE PROPERTIES

Summary of real estate assets

	March 31,		December 31,
	2022		2021
	(in thousands)
Land	$	1,575,446	$	1,565,463
Buildings and improvements		5,396,489		5,368,383
Equipment		132,189		129,531
Construction in progress		86,034		78,221
Right-of-use assets - finance leases		41,945		41,896
Storage properties		7,232,103		7,183,494
Less: Accumulated depreciation		(1,130,001)		(1,085,824)
Storage properties, net	$	6,102,102	$	6,097,670

Schedule of acquisitions and dispositions of real estate assets

The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2021 through March 31, 2022.

			Number of	Purchase / Sale Price
Asset/Portfolio	Metropolitan Statistical Area	Transaction Date	Stores	(in thousands)
2022 Acquisition:
Maryland Asset	Washington-Arlington-Alexandria, DC-VA-MD-WV	February 2022	1	$	32,000
			1	$	32,000
2021 Acquisitions:
Minnesota Asset (1)	Minneapolis-St. Paul-Bloomington, MN-WI	April 2021	1	$	12,000
Maryland Asset	Baltimore-Towson, MD	June 2021	1		22,075
New Jersey/Pennsylvania Assets	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	July 2021	2		33,000
Florida Asset	Miami-Fort Lauderdale-Pompano Beach, FL	November 2021	1		14,750
Georgia Asset	Atlanta-Sandy Springs-Marietta, GA	November 2021	1		15,200
Pennsylvania Asset	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	November 2021	1		24,500
Nevada Asset	Las Vegas-Paradise, NV	December 2021	1		21,000
Storage West Assets	Various (see note 4)	December 2021	57		1,648,426	(2)
Illinois Asset	Chicago-Naperville-Joliet, IL-IN-WI	December 2021	1		10,300
			66	$	1,801,251
2021 Dispositions:
Colorado/Nevada Assets	Denver-Aurora, CO / Las Vegas-Paradise, NV	September 2021	2	$	16,900
North Carolina Assets	Burlington, NC	September 2021	2		21,700
Texas Asset	Houston-Sugar Land-Baytown, TX	November 2021	1		5,200
			5	$	43,800

(1) Acquired by a consolidated joint venture in which the Company holds a 50% interest.

(2) Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic Club was sold by the Company during the three months ended March 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of March 31, 2022 (see note 4).