Annual report pursuant to Section 13 and 15(d)

SELF STORAGE PROPERTY ACQUISITIONS

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SELF STORAGE PROPERTY ACQUISITIONS
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS SELF STORAGE PROPERTY ACQUISITIONS
The Company acquired 229 self storage properties with an estimated fair value of $2.2 billion during the year ended December 31, 2021 and 77 self storage properties with an estimated fair value of $543.3 million during the year ended December 31, 2020. Of these acquisitions, during the year ended December 31, 2021, 22 self storage properties with an estimated fair value of $207.1 million were acquired by the Company from its PROs. During the year ended December 31, 2020, 11 self storage properties with an estimated fair value of $92.9 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, 2021 and 2020, $12.1 million and $4.7 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 $43.7 million and $11.7 million during the years ended December 31, 2021 and 2020, respectively, resulting in a total fair value of $2.1 billion and $531.6 million allocated to real estate during the years ended December 31, 2021 and 2020, 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, 2021 and 2020 (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)
Other Liabilities Total
March 31, 2021 23 $ 141,928  $ 22,897  $ 1,138  $ 165,963 
June 30, 2021 20 243,580  24,102  1,711  269,393 
September 30, 2021 76 562,105  31,074  6,098  599,277 
December 31, 2021 110 1,018,082  117,026  5,285  1,140,393 
Total
 229 $ 1,965,695  $ 195,099  $ 14,232  $ 2,175,026 
March 31, 2020 36 $ 214,584  $ 7,217  $ 972  $ 222,773 
June 30, 2020 4 30,198  5,842  207  36,247 
September 30, 2020 4 20,173  3,427  204  23,804 
December 31, 2020 33 237,517  20,747  2,244  260,508 
Total
 77 $ 502,472  $ 37,233  $ 3,627  $ 543,332 
(1)Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units, and LTIP units.
The results of operations for these self storage acquisitions are included in the Company's consolidated statements of operations beginning on the respective closing date for each acquisition. The accompanying consolidated statements of operations includes aggregate revenue of $58.7 million and operating income of $3.1 million related to the 229 self storage properties acquired during the year ended December 31, 2021. For the year ended December 31, 2020, the accompanying consolidated statements of operations includes aggregate revenue of $21.3 million and operating income of $0.3 million related to the 77 self storage properties acquired during such period.