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SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 45 self storage properties with an estimated fair value of $569.2 million during the year ended December 31, 2022 and 229 self storage properties with an estimated fair value of $2.2 billion during the year ended December 31, 2021. Of these acquisitions, during the year ended December 31, 2022, five self storage properties with an estimated fair value of $55.7 million were acquired by the Company from its PROs. During the year ended December 31, 2021, 22 self storage properties with an estimated fair value of $207.1 million were acquired by the Company from its PROs.
The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2022 and 2021, $3.7 million and $12.1 million, respectively, 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 a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $9.5 million and $43.7 million during the years ended December 31, 2022 and 2021, respectively, resulting in a total fair value of $559.7 million and $2.1 billion allocated to real estate during the years ended December 31, 2022 and 2021, respectively.
The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2022 and 2021 (dollars in thousands):
Acquisitions closed during the Three Months Ended:Summary of Investment
Number of PropertiesCash and Acquisition Costs
Value of OP Equity(1)
Other LiabilitiesTotal
March 31, 202212 $76,027 $16,576 $332 $92,935 
June 30, 20228 99,954 13,938 641 114,533 
September 30, 202223 313,784 6,244 1,761 321,789 
December 31, 20222 7,622 32,141 156 39,919 
Total
45 $497,387 $68,899 $2,890 $569,176 
March 31, 202123 $141,928 $22,897 $1,138 $165,963 
June 30, 202120 243,580 24,102 1,711 269,393 
September 30, 202176 562,105 31,074 6,098 599,277 
December 31, 2021110 1,018,082 117,026 5,285 1,140,393 
Total
229 $1,965,695 $195,099 $14,232 $2,175,026 
(1)Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units, and LTIP units.
The results of operations for these self storage acquisitions are included in the Company's consolidated statements of operations beginning on the respective closing date for each acquisition. The accompanying consolidated statements of operations includes aggregate revenue of $18.0 million and operating loss of $1.8 million related to the 45 self storage properties acquired during the year ended December 31, 2022. For the year ended December 31, 2021, the accompanying consolidated statements of operations includes aggregate revenue of $58.7 million and operating income of $3.1 million related to the 229 self storage properties acquired during such period.
During the year ended December 31, 2022, in connection with the retirement of Northwest as a PRO as discussed in Note 1 and Note 3, the Company acquired Northwest's management rights in connection with the properties of the Northwest managed portfolio, the Northwest brand, intellectual property, and certain tangible assets for $3.2 million, which was paid for by the issuance of 46,540 OP units.
Dispositions
During the year ended December 31, 2022, the Company disposed of two self storage properties and an undeveloped land parcel for gross proceeds of $11.0 million. The Company recorded a net gain on the dispositions of $5.5 million.