Investment in Storage Facilities and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the nine months ended September 30, 2022:

(dollars in thousands)
Cost:
Beginning balance	$	7,090,457
Acquisition of wholly owned storage facilities		822,980
Consolidated joint venture self-storage facility acquisition		28,813
Improvements and equipment additions		48,281
Net increase in construction in progress		19,457
Dispositions		(8,145	)
Ending balance	$	8,001,843
Accumulated Depreciation:
Beginning balance	$	1,007,650
Additions during the period		127,134
Dispositions		(6,701	)
Ending balance	$	1,128,083

Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2022 have been assigned as follows:

(dollars in thousands)						Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition	Purchase Price		Cash Paid		Carrying Value of Noncontrolling Interest in Joint Venture		Value of Operating Partnership Units Issued		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customer Leases
CA		6	1/4/2022	$	165,225	$	165,160	$	-	$	-	$	65		$	20,321	$	143,243	$	1,661
GA, NC, SC		3	3/11/2022		48,586		48,446		-		-		140			3,926		44,300		360
IL, NC, TX		8	3/15/2022		116,048		115,410		-		-		638			12,292		102,439		1,317
MD		1	3/28/2022		21,651		21,646		-		-		5			1,640		19,856		155
NY		1	4/4/2022		35,802		5,557		30,186		-		59			10,287		25,280		235
FL		3	4/19/2022		52,343		52,060		-		-		283			7,894		43,814		635
GA		1	4/22/2022		16,403		16,390		-		-		13			1,333		14,903		167
MA		1	4/25/2022		20,083		20,087		-		-		(4	)		810		19,041		232
FL		1	5/10/2022		17,218		17,112		-		-		106			3,712		13,306		200
FL		1	5/12/2022		36,452		36,254		-		-		198			5,101		31,079		272
NY		2	5/17/2022		32,487		32,374		-		-		113			1,524		30,594		369
TX		1	5/17/2022		17,097		6,608		-		10,300		189			1,273		15,615		209
FL		1	5/31/2022		22,021		21,880		-		-		141			3,563		18,171		287
CA		1	6/21/2022		12,675		12,641		-		-		34			5,967		6,572		136
NC		1	7/6/2022		20,059		19,970		-		-		89			428		19,428		203
NV		1	8/12/2022		29,113		29,154		-		-		(41	)		2,354		26,512		247
NY		1	8/12/2022		29,000		24,130		4,915		-		(45	)		8,079		20,734		187
CA		1	8/23/2022		10,709		10,690		-		-		19			1,324		9,292		93
AZ		1	8/24/2022		30,550		30,388		-		-		162			3,959		26,255		336
MO		5	9/14/2022		93,103		91,820		-		-		1,283			8,212		83,702		1,189
MA		1	9/21/2022		16,650		16,618		-		-		32			640		15,819		191
FL		1	9/22/2022		17,363		17,233		-		-		130			1,830		15,369		164
Total acquired in 2022		43		$	860,638	$	811,628	$	35,101	$	10,300	$	3,609		$	106,469	$	745,324	$	8,845

Schedule of In-place Customer Leases

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
In-place customer leases	$	116,631		$	107,786
Accumulated amortization		(109,887	)		(93,820	)
Net carrying value at the end of period	$	6,744		$	13,966