Investment in Storage Facilities (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the three months ended March 31, 2014.


(dollars in thousands)
Cost:
Beginning balance	$	1,864,637
Acquisition of storage facilities		93,854
Improvements and equipment additions		2,987
Net increase in construction in progress		1,671
Dispositions and impairments		(90	)

Ending balance	$	1,963,059


Accumulated Depreciation:
Beginning balance	$	366,472
Depreciation expense during the period		11,276
Dispositions		(63	)

Ending balance	$	377,685

Schedule of Acquired Facilities and Purchase Price of Facilities

During the three months ended March 31, 2014 the Company acquired 7 self-storage facilities, respectively, and the purchase price of the facilities was assigned as follows:


(dollars in thousands)							Consideration paid						Acquisition Date Fair Value
State	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Loan Assumed		Net Other Liabilities (Assets) Assumed		Land		Building, Equipment, and Improvements		In-Place Customers Leases		Closing Costs Expensed
2014
Florida		2		1/9/2014	$	54,000	$	53,599	$	—	$	401	$	23,309	$	29,867	$	824	$	1,691
Texas		1		1/17/2014		9,000		8,962		—		38		3,999		4,856		145		225
Texas		1		2/10/2014		8,900		8,857		—		43		2,235		6,564		101		212
Maine		2		2/11/2014		14,750		14,601		—		149		2,639		11,824		287		426
Illinois		1		3/31/2014		8,700		8,582		—		118		1,837		6,724		139		224

Total 2014		7			$	95,350	$	94,601	$	—	$	749	$	34,019	$	59,835	$	1,496	$	2,778

Schedule of Fair Value of In-Place Customer Lease Intangible Assets

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


(Dollars in thousands)	Mar. 31, 2014			Dec. 31, 2013
In-place customer leases	$	16,139		$	14,643
Accumulated amortization		(14,217	)		(13,551	)

Net carrying value at the end of period	$	1,922		$	1,092