Investment in Storage Facilities and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the six months ended June 30, 2017:

(dollars in thousands)
Cost:
Beginning balance	$	4,243,308
Acquisition of storage facilities		10,089
Improvements and equipment additions		35,284
Additions to consolidated subsidiary		82
Net increase in construction in progress		10,383
Dispositions		(9,414	)
Ending balance	$	4,289,732
Accumulated Depreciation:
Beginning balance	$	535,704
Additions during the period		51,059
Dispositions		(8,375	)
Ending balance	$	578,388

Schedule of Acquired Facilities and Purchase Price of Facilities

The purchase price of the facility acquired in 2017 has been preliminarily assigned as follows:

(dollars in thousands)							Consideration paid
States	Number of Properties		Date of Acquisition		Purchase Price		Cash Paid		Value of Operating Partnership Units Issued		Mortgage Assumed		Net Other Liabilities (Assets) Assumed		Land		Building, Equipment, and Improvements		In-Place Customers Leases		Closing Costs Expensed
IL		1		2/23/17	$	10,089	$	10,076	$	—	$	—	$	13	$	771	$	9,318	$	—	$	—

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

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

(Dollars in thousands)	Jun. 30, 2017			Dec. 31, 2016
In-place customer leases	$	75,611		$	75,611
Accumulated amortization		(75,478	)		(50,782	)
Net carrying value at the end of period	$	133		$	24,829