Investment in Storage Facilities and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

The following summarizes our activity in storage facilities during the nine months ended September 30, 2020:

(dollars in thousands)
Cost:
Beginning balance	$	4,749,473
Acquisition of storage facilities		413,022
Improvements and equipment additions		43,888
Net decrease in construction in progress		(5,884	)
Dispositions		(247	)
Ending balance	$	5,200,252
Accumulated Depreciation:
Beginning balance	$	756,333
Additions during the period		86,424
Dispositions		(165	)
Ending balance	$	842,592

The purchase prices of the facilities acquired in 2020 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		Mortgage Assumed		Net Other Liabilities (Assets) Assumed		Land		Building, Equipment, and Improvements		Construction in Progress		In-Place Customers Leases
CA		6	3/9/2020	$	124,298	$	124,204	$	—	$	94	$	20,307	$	101,734	$	582	$	1,675
FL, GA, NJ, OH, PA, TX		25	9/29/2020		295,310		293,726		—		1,584		32,555		257,844		—		4,911
Total acquired in 2020		31		$	419,608	$	417,930	$	—	$	1,678	$	52,862	$	359,578	$	582	$	6,586

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

(Dollars in thousands)	September 30, 2020			December 31, 2019
In-place customer leases	$	85,327		$	78,741
Accumulated amortization		(79,642	)		(75,832	)
Net carrying value at the end of period	$	5,685		$	2,909