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Investment in Storage Facilities and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2019
Real Estate [Abstract]  
Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the nine months ended September 30, 2019:

 

(dollars in thousands)

 

 

 

 

Cost:

 

 

 

 

Beginning balance

 

$

4,398,939

 

Acquisition of storage facilities

 

 

387,085

 

Improvements and equipment additions

 

 

58,863

 

Net increase in construction in progress

 

 

5,328

 

Dispositions

 

 

(161,636

)

Ending balance

 

$

4,688,579

 

Accumulated  Depreciation:

 

 

 

 

Beginning balance

 

$

704,681

 

Additions during the period

 

 

77,461

 

Dispositions

 

 

(51,587

)

Ending balance

 

$

730,555

 
Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2019 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

 

 

Mortgage

Assumed

 

 

Net Other

Liabilities

(Assets)

Assumed

 

 

Land

 

 

Building,

Equipment,

and

Improvements

 

 

In-Place

Customers

Leases

 

 

Closing

Costs

Expensed

 

NY

 

 

1

 

 

1/16/2019

 

$

57,169

 

 

$

46,402

 

 

$

10,715

 

 

$

—

 

 

$

52

 

 

$

30,029

 

 

$

26,863

 

 

$

277

 

 

$

—

 

FL

 

 

1

 

 

3/8/2019

 

 

9,302

 

 

 

9,222

 

 

 

—

 

 

 

—

 

 

 

80

 

 

 

1,817

 

 

 

7,377

 

 

 

108

 

 

 

—

 

OH

 

 

3

 

 

4/30/2019

 

 

33,256

 

 

 

32,976

 

 

 

—

 

 

 

—

 

 

 

280

 

 

 

2,105

 

 

 

30,656

 

 

 

495

 

 

 

—

 

FL

 

 

1

 

 

6/11/2019

 

 

9,955

 

 

 

9,926

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

662

 

 

 

9,208

 

 

 

85

 

 

 

—

 

FL, GA, NC, SC,

   TN, VA

 

 

12

 

 

7/12/2019

 

 

135,330

 

 

 

134,650

 

 

 

—

 

 

 

—

 

 

 

680

 

 

 

20,700

 

 

 

113,368

 

 

 

1,262

 

 

 

—

 

NV

 

 

1

 

 

8/29/2019

 

 

12,700

 

 

 

12,656

 

 

 

—

 

 

 

—

 

 

 

44

 

 

 

4,586

 

 

 

7,853

 

 

 

261

 

 

 

—

 

TX

 

 

1

 

 

9/20/2019

 

 

14,202

 

 

 

14,202

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,340

 

 

 

12,862

 

 

 

—

 

 

 

—

 

WA

 

 

3

 

 

9/24/2019

 

 

56,582

 

 

 

33,959

 

 

 

—

 

 

 

23,007

 

 

 

(384

)

 

 

20,886

 

 

 

34,878

 

 

 

818

 

 

 

—

 

MD

 

 

5

 

 

9/26/2019

 

 

62,837

 

 

 

62,960

 

 

 

—

 

 

 

—

 

 

 

(123

)

 

 

23,651

 

 

 

38,244

 

 

 

942

 

 

 

—

 

Total acquired

   in 2019

 

 

28

 

 

 

 

$

391,333

 

 

$

356,953

 

 

$

10,715

 

 

$

23,007

 

 

$

658

 

 

$

105,776

 

 

$

281,309

 

 

$

4,248

 

 

$

—

 
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,

2019

 

 

December 31,

2018

 

In-place customer leases

 

$

78,233

 

 

$

75,715

 

Accumulated amortization

 

 

(74,693

)

 

 

(74,744

)

Net carrying value at the end of period

 

$

3,540

 

 

$

971