Annual report pursuant to Section 13 and 15(d)

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS

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SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2019
Asset Acquisitions And Dispositions [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 69 self storage properties with an estimated fair value of $447.8 million during the year ended December 31, 2019 and 57 self storage properties and an expansion project adjacent to an existing property with an estimated fair value of $356.6 million during the year ended December 31, 2018. Of these acquisitions, during the year ended December 31, 2019, 19 self storage properties with an estimated fair value of $131.3 million were acquired by the Company from its PROs and one self storage property with an estimated fair value of $4.1 million was acquired by the Company from the 2016 Joint Venture. During the year ended December 31, 2018, four self storage properties and the expansion project adjacent to an existing property with an estimated fair value of $23.1 million were acquired by the Company from its PROs.
The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2019 and 2018, $3.6 million and $1.9 million, respectively, of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $10.9 million and $9.1 million during the years ended December 31, 2019
and 2018, respectively, resulting in a total fair value of $436.9 million and $347.5 million allocated to real estate during the years ended December 31, 2019 and 2018, respectively.
The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2019 and 2018 (dollars in thousands):
Acquisitions closed during the Three Months Ended: Summary of Investment
Number of Properties Cash and Acquisition Costs
Value of OP Equity(1)
Liabilities Assumed Total
Mortgages(2)
Other
March 31, 2019 32    $ 160,531    $ 33,356    $ —    $ 674    $ 194,561   
June 30, 2019 24    168,442    15,515    —    1,378    185,335   
September 30, 2019 6    34,624    950    —    197    35,771   
December 31, 2019 7    30,004    2,005    —    154    32,163   
Total
 69    $ 393,601    $ 51,826    $ —    $ 2,403    $ 447,830   
March 31, 2018 25    $ 105,135    $ 22,403    $ 7,581    $ 670    $ 135,789   
June 30, 2018 12    62,470    —    —    467    62,937   
September 30, 2018 13    102,012    3,660    —    856    106,528   
December 31, 2018 7    49,221    2,000    —    174    51,395   
Total
 57    $ 318,838    $ 28,063    $ 7,581    $ 2,167    $ 356,649   
(1)Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units, and LTIP units.
(2)Includes fair value of debt adjustment for assumed mortgages of approximately $0.2 million during the year ended December 31, 2018.
The results of operations for these self storage acquisitions are included in the Company's statements of operations beginning on the respective closing date for each acquisition. The accompanying statements of operations includes aggregate revenue of $30.4 million and operating income of $2.5 million related to the 69 self storage properties acquired during the year ended December 31, 2019. For the year ended December 31, 2018, the accompanying statements of operations includes aggregate revenue of $21.9 million and operating income of $2.5 million related to the 57 self storage properties acquired during such period.
Dispositions
During the year ended December 31, 2019, the Company sold one self storage property to an unrelated third party. The gross sales price was $6.5 million and the Company recognized $2.8 million of gain on the sale.
During the year ended December 31, 2018, the Company sold to unrelated third parties two self storage properties. The gross sales price was $5.5 million and the Company recognized $0.4 million of gains on the sales.