Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DISPOSITIONS

v3.22.2.2
ACQUISITIONS AND DISPOSITIONS
9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 43 self storage properties for $529.3 million during the nine months ended September 30, 2022. Of these acquisitions, two self storage properties totaling $14.6 million were acquired by the Company from its PROs. The 43 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $4.0 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 $9.5 million, resulting in a total value of $519.8 million 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, 2022 (dollars in thousands):
Acquisitions Closed During the Three Months Ended: Number of Properties Summary of Investment
Cash and Acquisition Costs
Value of OP Equity(1)
Other Liabilities Total
March 31, 2022
12 $ 76,027  $ 16,576  $ 332  $ 92,935 
June 30, 2022 8 99,954  13,938  641  114,533 
September 30, 2022 23 313,784  6,244  1,761  321,789 
Total
43 $ 489,765  $ 36,758  $ 2,734  $ 529,257 
(1)Value of OP equity represents the fair value of OP units, subordinated performance units, and Series A-1 preferred units.
During the nine months ended September 30, 2022, in connection with the retirement of Northwest as a PRO as discussed in Note 1 and Note 3, the Company acquired Northwest's rights to its asset management agreements, the Northwest brand, intellectual property, and certain tangible assets for $3.2 million, which was paid for by the issuance of 46,540 OP units.
Dispositions
During the nine months ended September 30, 2022, the Company disposed of one self storage property and an undeveloped land parcel for net proceeds of $6.2 million. The Company recorded a net gain on the dispositions of $2.1 million.