Investment in Storage Facilities and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

The following summarizes activity in storage facilities during the years ended December 31, 2020 and December 31, 2019.

(dollars in thousands)	2020			2019
Cost:
Beginning balance	$	4,749,473		$	4,398,939
Acquisition of storage facilities		523,922			424,578
Improvements and equipment additions		67,069			91,176
Net (decrease) increase in construction in progress		(9,632	)		1,086
Dispositions		(509	)		(166,306	)
Ending balance	$	5,330,323		$	4,749,473
Accumulated Depreciation:
Beginning balance	$	756,333		$	704,681
Additions during the year		117,168			104,218
Dispositions		(323	)		(52,566	)
Ending balance	$	873,178		$	756,333

The purchase price of the 40 facilities acquired in 2020 and the 30 facilities acquired in 2019 has 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 Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		Construction in Progress		In-Place Customer Leases
2020
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
NJ		1	11/5/2020		13,874		7,521		—		6,353		—			2,158		11,498		—		218
FL		1	11/25/2020		11,492		8,162		3,404		—		(74	)		2,032		9,325		—		135
MO		1	12/9/2020		7,499		7,453		—		—		46			1,312		6,070		—		117
FL		1	12/14/2020		10,776		10,744		—		—		32			1,747		8,863		—		166
FL		1	12/14/2020		15,523		15,483		—		—		40			1,240		14,063		—		220
SC		1	12/22/2020		9,583		9,548		—		—		35			671		8,771		—		141
CA		1	12/23/2020		15,857		15,807		—		—		50			3,528		12,127		—		202
NY		1	12/28/2020		16,868		16,873		—		—		(5	)		507		16,195		—		166
CA		1	12/30/2020		11,545		11,515		—		—		30			1,588		9,787		—		170
Total acquired 2020		40		$	532,625	$	521,036	$	3,404	$	6,353	$	1,832		$	67,645	$	456,277	$	582	$	8,121

(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 Assumed (Assets Acquired)			Land		Building, Equipment, and Improvements		In-Place Customer Leases
2019
NY		1	1/16/2019	$	57,298	$	46,531	$	10,715	$	—	$	52		$	30,094	$	26,927	$	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		14,399		14,399		—		—		—			1,358		13,041		—
WA		3	9/24/2019		56,582		33,959		—		23,007		(384	)		20,886		34,878		818
MD		5	9/26/2019		63,147		63,270		—		—		(123	)		23,768		38,437		942
NJ		1	10/23/2019		19,118		19,072		—		—		46			1,875		16,910		333
NJ		1	12/12/2019		18,361		18,281		—		—		80			4,058		14,014		289
Total acquired 2019		30		$	429,448	$	394,942	$	10,715	$	23,007	$	784		$	111,909	$	312,669	$	4,870

In-place customer leases are included in other assets on the Company’s consolidated balance sheets at December 31 as follows:

(dollars in thousands)	2020			2019
In-place customer leases	$	86,863		$	78,741
Accumulated amortization		(81,455	)		(75,832	)
Net carrying value at the end of period	$	5,408		$	2,909