Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
The Company acquired 16 self storage properties for $160.5 million during the three months ended March 31, 2023, all of which were acquired by the Company from its PROs. The 16 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $1.0 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 $3.4 million, resulting in a total value of $157.1 million allocated to real estate.
The following table summarizes the investment in self storage property acquisitions completed by the Company during the three months ended March 31, 2023 (dollars in thousands):
Acquisitions Closed During the Three Months Ended: Number of Properties Summary of Investment
Cash and Acquisition Costs
Value of Equity(1)
Other Liabilities Total
March 31, 2023 16 $ 9,920  $ 150,531  $ 85  $ 160,536 
(1)Value of equity represents the fair value of Series B Preferred Shares and subordinated performance units.
During the three months ended March 31, 2023, in connection with the retirement of Move It as a PRO as discussed in Note 1 and Note 3, the Company acquired Move It's rights to its asset management agreements, the Move It brand, and intellectual property for $4.7 million.