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STORAGE PROPERTIES (Tables) | 9 Months Ended
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Sep. 30, 2022
STORAGE PROPERTIES |
Summary of real estate assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2022 |  | 2021 | ​
​ | ​ | (in thousands) | ​
Land | ​ | $ | 1,588,138 | ​ | $ | 1,565,463 | ​
Buildings and improvements | ​ |  | 5,479,275 | ​ |  | 5,368,383 | ​
Equipment | ​ |  | 144,100 | ​ |  | 129,531 | ​
Construction in progress | ​ |  | 31,203 | ​ |  | 78,221 | ​
Right-of-use assets - finance leases | ​ | ​ | 41,945 | ​ | ​ | 41,896 | ​
Storage properties | ​ |  | 7,284,661 | ​ |  | 7,183,494 | ​
Less: Accumulated depreciation | ​ |  | (1,207,230) | ​ |  | (1,085,824) | ​
Storage properties, net | ​ | $ | 6,077,431 | ​ | $ | 6,097,670 | ​
Schedule of acquisitions and dispositions of real estate assets | The following table summarizes the Company’s acquisition and disposition activity of self-storage properties during the period January 1, 2021 through September 30, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Number of |  | Purchase / Sale Price |
Asset/Portfolio | ​ | Metropolitan Statistical Area | ​ | Transaction Date | ​ | Stores | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 Acquisitions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maryland Asset | ​ | Washington-Arlington-Alexandria, DC-VA-MD-WV | ​ | February 2022 | ​ | 1 | ​ | $ | 32,000 | ​
Texas Asset | ​ | San Antonio, TX | ​ | June 2022 | ​ | 1 | ​ | ​ | 23,000 | ​
Georgia Asset | ​ | Atlanta, GA | ​ | July 2022 | ​ | 1 | ​ | ​ | 20,700 | ​
​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | $ | 75,700 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 nine months ended September 30, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of September 30, 2022 (see note 4).

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