Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DISPOSITIONS

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ACQUISITIONS AND DISPOSITIONS
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 18 self storage properties and two annexes to existing properties for $204.4 million during the nine months ended September 30, 2023. Of these acquisitions, 18 self storage properties and one annex totaling $201.4 million were acquired by the Company from its PROs. The self storage property acquisitions were accounted for as asset acquisitions and accordingly, $1.3 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 $4.2 million, resulting in a total value of $200.2 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, 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 
June 30, 2023(2)
— 8,167  5,577  34  13,778 
September 30, 2023 2 13,666  16,370  78  30,114 
Total
 18 $ 31,753  $ 172,478  $ 197  $ 204,428 
(1)Value of equity represents the fair value of Series A-1 preferred units, Series B Preferred Shares, subordinated performance units, OP units and LTIP units.
(2)During the three months ended June 30, 2023, the Company acquired two annexes to existing properties.
During the nine months ended September 30, 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.