ACQUISITIONS

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

ACQUISITIONS

The Company acquired 119 self storage properties for $1.0 billion during the nine months ended September 30, 2021. Of these acquisitions, nine self storage properties totaling $69.9 million were acquired by the Company from its PROs. The 119 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $5.7 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 an estimated value of $22.8 million, resulting in a total value of $1.0 billion 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, 2021 (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, 2021	23	$	141,928	$	22,897	$	1,138	$	165,963
June 30, 2021	20	243,580		24,102		1,711		269,393
September 30, 2021	76	562,105		31,074		6,098		599,277
Total	119	$	947,613	$	78,073	$	8,947	$	1,034,633

(1)Value of OP equity represents the fair value of OP units and subordinated performance units.