Investment in Storage Facilities (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the six months ended June 30, 2015.

(dollars in thousands)
Cost:
Beginning balance	$	2,177,983
Acquisition of storage facilities		207,837
Improvements and equipment additions		12,197
Net increase in construction in progress		165
Dispositions		(1,744	)
Ending balance	$	2,396,438

Accumulated Depreciation:
Beginning balance	$	411,701
Depreciation expense during the period		26,788
Dispositions		(1,023	)
Ending balance	$	437,466

Schedule of Acquired Facilities and Purchase Price of Facilities

The purchase price of the 15 facilities has been assigned as follows:

(dollars in thousands)							Consideration paid							Acquisition Date Fair Value
State	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customer Leases		Closing Costs Expensed
2015
Connecticut		2		2/2/2015	$	61,116	$	62,377	$	—	$	(1,261	)	$	19,389	$	41,727	$	—	$	—
New York		2		2/2/2015		57,900		59,103		—		(1,203	)		10,084		47,816		—		—
Illinois		1		2/5/2015		6,800		6,652		—		148			2,579		4,066		155		157
Illinois		1		3/9/2015		8,690		6,466		2,148		76			1,719		6,971		—		—
Florida		1		4/1/2015		6,290		6,236		—		54			1,793		4,382		115		370
Texas		1		4/16/2015		8,800		8,713		—		87			3,864		4,777		159		151
Florida		1		4/21/2015		8,750		8,687		—		63			2,118		6,501		131		133
Florida		4		5/1/2015		32,465		32,279		—		186			12,184		19,672		609		558
Arizona		1		6/16/2015		7,904		7,904		—		—			852		7,052		—		—
Massachusetts		1		6/19/2015		10,291		10,286		—		5			2,110		8,181		—		—
Total acquired 2015		15			$	209,006	$	208,703	$	2,148	$	(1,845	)	$	56,692	$	151,145	$	1,169	$	1,369

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)	Jun. 30, 2015			Dec. 31, 2014
In-place customer leases	$	20,940		$	19,867
Accumulated amortization		(19,618	)		(17,663	)
Net carrying value at the end of period	$	1,322		$	2,204

Pro Forma Information Based on Combined Historical Financial Statements on Properties Acquired

The following pro forma information is based on the combined historical financial statements of the Company and the 33 properties acquired, and presents the Company’s results as if the acquisitions had occurred as of January 1, 2013:

	Three months ended June 30, 2014		Six months ended June 30, 2014
Total revenues	$	84,288	$	163,990
Net income attributable to common shareholders	$	22,836	$	42,191
Earnings per common share
Basic	$	0.68	$	1.25
Diluted	$	0.67	$	1.25

Summary of Revenues and Expenses Related to Sale of Properties Included in Company's Consolidated Statements of Operations

The following table summarizes the revenues and expenses up to the date of sale of the property sold in 2015 that are included in the Company’s consolidated statements of operations for 2015 and 2014.

(Dollars in thousands)	Jan. 1, 2015 to Jun. 30, 2015			Jan. 1, 2014 to Jun. 30, 2014
Total revenues	$	40		$	—
Property operations and maintenance expense		(16	)		—
Real estate tax expense		(5	)		—
Depreciation and amortization expense		(9	)		—
Loss on sale of storage facilities		(7	)		—
	$	3		$	—