Investment in Storage Facilities and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

The following summarizes our activity in storage facilities during the three months ended March 31, 2021:

(dollars in thousands)
Cost:
Beginning balance	$	5,330,323
Acquisition of storage facilities		263,299
Improvements and equipment additions		4,289
Net increase in construction in progress		6,024
Dispositions		(99	)
Ending balance	$	5,603,836
Accumulated Depreciation:
Beginning balance	$	873,178
Additions during the period		31,293
Dispositions		(51	)
Ending balance	$	904,420

The purchase prices of the facilities acquired in 2021 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		Net Other Liabilities (Assets) Assumed		Land		Building, Equipment, and Improvements		In-Place Customer Leases
SC		1	1/4/2021	$	8,070	$	8,042	$	28	$	812	$	7,153	$	105
CA		1	1/21/2021		18,287	$	18,251		36		1,322		16,830		135
NY		1	3/4/2021		47,947	$	47,933		14		10,591		37,020		336
FL		8	3/11/2021		85,156	$	84,586		570		13,381		70,538		1,237
AZ		3	3/24/2021		67,089	$	66,890		199		7,129		59,320		632
WA		2	3/25/2021		39,666	$	39,495		171		6,166		33,037		443
Total acquired in 2021		16		$	266,215	$	265,197	$	1,018	$	39,401	$	223,898	$	2,888

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

(Dollars in thousands)	March 31, 2021			December 31, 2020
In-place customer leases	$	89,751		$	86,863
Accumulated amortization		(83,525	)		(81,455	)
Net carrying value at the end of period	$	6,226		$	5,408