SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
|6 Months Ended|
Jun. 30, 2019
|Business Combinations [Abstract]|
|SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS||SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
The Company acquired 56 self storage properties with an estimated fair value of $379.9 million during the six months ended June 30, 2019. Of these acquisitions, 21 self storage properties with an estimated fair value of $145.5 million were acquired by the Company from its PROs and one self storage property with an estimated fair value of $4.1 million was acquired by the Company from the 2016 Joint Venture. The 56 self storage property acquisitions were accounted for as asset acquisitions and accordingly, $2.6 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 $9.2 million, resulting in a total fair value of $370.7 million allocated to real estate.
The following table summarizes the investment in self storage property acquisitions completed by the Company during the six months ended June 30, 2019 (dollars in thousands):
During the six months ended June 30, 2019, the Company sold one self storage property to an unrelated third party. The gross sales price was $6.5 million and the Company recognized $2.8 million of gain on the sale.
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef