5. PROPERTY ACQUISITIONS AND DISPOSITIONS

The following table summarizes the Company’s acquisitions of operating properties for the nine months ended September 30, 2013, and does not include purchases of land, purchases of additional equity interests in existing consolidated joint ventures or improvements made to existing assets:


			Consideration Paid																		Acquisition Date Fair Value
Property Location	Number of Properties	Date of Acquisition	Total		Cash Paid (1)		Loans Assumed (1)		Non-cash gain		Notes Issued to/from Seller		Previous equity interest		Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Land		Building		Intangible		Closing costs - expensed		Notes

Maryland	1	2/13/2013	$	12,321	$	8,029	$	—	$	2,215	$	—	$	2,273	$	(196	)	$	—	—	$	1,266	$	10,789	$	260	$	6	(2)
Illinois	1	2/13/2013	11,083		7,592		—		341		2,251		1,173		(274		)	—		—	1,318		9,485		190		90		(2)
Hawaii	2	5/3/2013	27,560		27,648		—		—		—		—		(88		)	—		—	5,991		20,976		438		155
Texas	1	5/8/2013	7,104		7,057		—		—		—		—		47			—		—	1,374		5,636		86		8
Maryland	1	6/10/2013	13,688		500		7,122		—		—		—		(64		)	6,130		143,860	2,160		11,340		—		188
Arizona	2	7/25/2013	9,313		9,183		—		—		—		—		130			—		—	2,001		7,110		192		10
California	19	8/29/2013	186,427		96,085		—		—						519			89,823		2,613,728	100,446		81,830		2,997		1,154
California	1	9/26/2013	10,928		4,791		—		—		—		—		51			6,086		177,107	3,138		7,429		181		180
2013 Totals	28		$	278,424	$	160,885	$	7,122	$	2,556	$	2,251	$	3,446	$	125		$	102,039	2,934,695	$	117,694	$	154,595	$	4,344	$	1,791

(1) Loans assumed and immediately defeased at closing are excluded from loans assumed and included in cash paid.

(2) Acquired from an affiliated joint venture

On August 29, 2013, the Operating Partnership completed the purchase of 19 out of 20 self-storage facilities affiliated with All Aboard Mini Storage, all of which are located in California. On September 26, 2013, the Operating Partnership completed the purchase of the remaining facility. These properties were acquired in exchange for $100,876 in cash (including $98,960 of debt assumed and immediately defeased at closing), 1,342,727 Series B Units valued at $33,568 and 1,448,108 common OP Units valued at $62,341. In accordance with ASC 805, “Business Combinations,” the assumed debt was recorded at its fair value as of the closing date. The difference between the price paid to extinguish the debt, which included $9,153 of defeasance costs, and the carrying value of the debt was recorded as loss on extinguishment of debt related to portfolio acquisition on the Company’s Condensed Consolidated Statement of Operations.

In June 2013, the Company recorded a gain of $800 due to the condemnation of a portion of land at one self-storage property in California that resulted from eminent domain.

On May 16, 2013, the Company sold a property located in New York for $950. No gain or loss was recorded as a result of the sale.