Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS

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SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 50 self storage properties and an expansion project adjacent to an existing property with an estimated fair value of $305.3 million during the nine months ended September 30, 2018. Of these acquisitions, three self storage properties and the expansion project adjacent to an existing property with an estimated fair value of $19.7 million were acquired by the Company from its PROs. The 50 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $1.6 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 estimated fair value of $7.1 million, resulting in a total fair value of $298.2 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, 2018 (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)
 
Mortgages Assumed
 
Other Liabilities
 
Total
 
 
 
 
 
March 31, 2018
 
25
 
$
105,135

 
$
22,403

 
$
7,581

 
$
670

 
$
135,789

June 30, 2018
 
12
 
62,470

 

 

 
467

 
62,937

September 30, 2018
 
13
 
102,012

 
3,660

 

 
856

 
106,528

Total
 
50
 
$
269,617

 
$
26,063

 
$
7,581

 
$
1,993

 
$
305,254

(1) 
Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units and LTIP units. 
Dispositions
During the nine months ended September 30, 2018, the Company sold to unrelated third parties two self storage properties, one of which was classified as held for sale as of December 31, 2017. The gross sales price was $5.5 million and the Company recognized $0.4 million of gains on the sales.