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Simply Acquisition
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Simply Acquisition Simply Acquisition
On September 13, 2023, we acquired all the membership interests of BREIT Simply Storage LLC, a self-storage company that owns and operates 127 self-storage facilities (9.4 million net rentable square feet) and manages 25 self-storage facilities for third parties, for a purchase price of $2.2 billion in cash, including cash acquired of $6.0 million and direct transaction costs of $9.6 million (the “Simply Acquisition”).
We accounted for the Simply Acquisition as an asset acquisition because substantially all the fair value of the gross assets acquired is concentrated in the real estate assets and intangible assets associated with the self-storage facilities, which are determined to be similar in nature. As a result, the direct transaction costs of $9.6 million were capitalized to the basis of the acquired properties.
The total purchase price was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. The total purchase price, including direct transaction costs, was allocated as follows (in thousands):
Cash
$6,032 
Real estate facilities:
Land229,396 
Buildings1,762,752 
Construction in process
2,922 
Intangible assets:
Acquired customers in place209,516 
Non real estate-related contracts
4,750 
Other assets
12,046 
Accrued and other liabilities
(43,231)
Total purchase price, including direct transaction costs
$2,184,183