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STORAGE PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2022

STORAGE PROPERTIES

Summary of real estate assets

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2022			2021		​
​	​	(in thousands)					​
Land	​	$	1,575,446	​	$	1,565,463	​
Buildings and improvements	​		5,396,489	​		5,368,383	​
Equipment	​		132,189	​		129,531	​
Construction in progress	​		86,034	​		78,221	​
Right-of-use assets - finance leases	​	​	41,945	​	​	41,896	​
Storage properties	​		7,232,103	​		7,183,494	​
Less: Accumulated depreciation	​		(1,130,001)	​		(1,085,824)	​
Storage properties, net	​	$	6,102,102	​	$	6,097,670	​

Schedule of acquisitions and dispositions of real estate assets

The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2021 through March 31, 2022.

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		Number of		Purchase / Sale Price
Asset/Portfolio	​	Metropolitan Statistical Area	​	Transaction Date	​	Stores	​	(in thousands)		​
​	​	​	​	​	​	​	​	​	​	​
2022 Acquisition:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Maryland Asset	​	Washington-Arlington-Alexandria, DC-VA-MD-WV	​	February 2022	​	1	​	$	32,000	​
​	​	​	​	​	​	1	​	$	32,000	​
​	​	​	​	​	​	​	​	​	​	​
2021 Acquisitions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Minnesota Asset (1)	​	Minneapolis-St. Paul-Bloomington, MN-WI	​	April 2021	​	1	​	$	12,000	​
Maryland Asset	​	Baltimore-Towson, MD	​	June 2021	​	1	​	​	22,075	​
New Jersey/Pennsylvania Assets	​	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	​	July 2021	​	2	​	​	33,000	​
Florida Asset	​	Miami-Fort Lauderdale-Pompano Beach, FL	​	November 2021	​	1	​	​	14,750	​
Georgia Asset	​	Atlanta-Sandy Springs-Marietta, GA	​	November 2021	​	1	​	​	15,200	​
Pennsylvania Asset	​	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	​	November 2021	​	1	​	​	24,500	​
Nevada Asset	​	Las Vegas-Paradise, NV	​	December 2021	​	1	​	​	21,000	​
Storage West Assets	​	Various (see note 4)	​	December 2021	​	57	​	​	1,648,426	(2)
Illinois Asset	​	Chicago-Naperville-Joliet, IL-IN-WI	​	December 2021	​	1	​	​	10,300	​
​	​	​	​	​	​	66	​	$	1,801,251	​
​	​	​	​	​	​	​	​	​	​	​
2021 Dispositions:	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Colorado/Nevada Assets	​	Denver-Aurora, CO / Las Vegas-Paradise, NV	​	September 2021	​	2	​	$	16,900	​
North Carolina Assets	​	Burlington, NC	​	September 2021	​	2	​	​	21,700	​
Texas Asset	​	Houston-Sugar Land-Baytown, TX	​	November 2021	​	1	​	​	5,200	​
​	​	​	​	​	​	5	​	$	43,800	​
​	​	​	​	​	​	​	​	​	​	​

​

(1) Acquired by a consolidated joint venture in which the Company holds a 50% interest.

​

(2) Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic Club was sold by the Company during the three months ended March 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of March 31, 2022 (see note 4).

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