|9 Months Ended|
Sep. 30, 2021
|Business Combination and Asset Acquisition [Abstract]|
The Company acquired 119 self storage properties for $1.0 billion during the nine months ended September 30, 2021. Of these acquisitions, nine self storage properties totaling $69.9 million were acquired by the Company from its PROs. The 119 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $5.7 million 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 the total purchase price to the estimated fair value of tangible and intangible assets acquired and liabilities assumed. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at an estimated value of $22.8 million, resulting in a total value of $1.0 billion allocated to real estate.
The following table summarizes the investment in self storage property acquisitions completed by the Company during the nine months ended September 30, 2021 (dollars in thousands):
(1)Value of OP equity represents the fair value of OP units and subordinated performance units.
The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef