PROPERTY ACQUISITIONS AND DISPOSITIONS

The following table shows the Company’s acquisitions of stores for the years ended December 31, 2018 and 2017. The table excludes purchases of raw land or improvements made to existing assets.



			Consideration Paid																		Total
Quarter	Number of Stores		Total		Cash Paid		Loan Assumed		Non- controlling interests			Investments in Real Estate Ventures			Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Real estate assets
Q4 2018	6		$	74,852	$	74,868	$	—	$	—		$	—		$	(16	)	$	—	—	$	74,852
Q3 2018	6		74,694		71,989		—		—			—			2,705			—		—	74,694
Q2 2018	17		237,284		148,650		87,500		—			(1,024		)	281			1,877		21,768	237,284
Q1 2018	5		70,787		70,171		—		—			489			127			—		—	70,787
	34	⁽¹⁾	$	457,617	$	365,678	$	87,500	$	—		$	(535	)	$	3,097		$	1,877	21,768	$	457,617

Q4 2017	37		$	535,299	$	502,845	$	14,592	$	(1,812	)	$	12,957		$	1,099		$	5,618	64,708	$	535,299
Q3 2017	4		31,966		29,919		—		—			—			47			2,000		25,520	31,966
Q2 2017	3		34,641		16,608		9,463		1,827			—			(67		)	6,810		272,400	34,641
Q1 2017	2		25,556		25,541		—		—			—			15			—		—	25,556
	46	⁽²⁾	$	627,462	$	574,913	$	24,055	$	15		$	12,957		$	1,094		$	14,428	362,628	$	627,462


(1)	Store acquisitions during the year ended December 31, 2018 include the acquisition of 15 stores previously held in joint ventures where the Company held a noncontrolling interest. The Company purchased its partners' remaining equity interests in the joint ventures, and the properties owned by the joint ventures became wholly owned by the Company.


(2)	Store acquisitions during the year ended December 31, 2017 include the acquisition of seven stores that had been owned by joint ventures in which the Company held an equity interest.

Store Disposals

On August 16, 2018, the Company sold a store located in California that had been classified as held for sale for $40,235 in cash. The Company recorded a gain on the sale of $30,671.

On November 30, 2017, the Company sold 36 stores located in various states that had been classified as held for sale for an aggregate sales price of $295,000. The buyer of these properties was Storage Portfolio II JV, LLC ("SP II"), a newly formed joint venture in which the Company has a 10.0% equity interest. The Company recognized a gain of $118,776 related to this disposition, which represented 90.0% of the total gain. This amount is included in Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate on the Company's consolidated statements of operations. The Company deferred 10.0% of the gain due to the fact that it held an equity interest in the buyer, which resulted in a reduction in the carrying value of the Company's investment in SP II.

On September 13, 2017, the Company closed on the sale of a parcel of land located in New York that had been classified as held for sale for $19,000 in cash. This parcel of land had been written down to its fair value less selling costs during the six months ended June 30, 2017, and a loss of $3,500 was recorded. Therefore, no additional gain or loss was recorded related to this sale at the time of closing.

On July 26, 2016, the Company completed the sale of an operating store located in Indiana that had been classified as held for sale for $4,447 in cash. The Company recognized no gain or loss related to this disposition.

On April 20, 2016, the Company completed the sale of seven operating stores located in Ohio and Indiana that had been classified as held for sale for $17,555 in cash. The Company recognized a gain of $11,265 related to this disposition, which is included in Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate on the Company's consolidated statements of operations.

On April 1, 2016, the Company disposed of a single store in Texas in exchange for 85,452 of the Company's OP Units valued at $7,689. The Operating Partnership canceled the OP Units received in this disposition. The Company recognized a gain of $93 related to this disposition, which is included in Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate on the Company's consolidated statements of operations.

Loss on Earnouts from Prior Acquisitions

On December 2014, the Company acquired a portfolio of five stores located in New Jersey and Virginia. As part of this acquisition, the Company agreed to make an additional cash payment to the sellers if the acquired stores exceeded a specified amount of net operating income for the years ending December 31, 2015 and 2016. At the acquisition date, the Company recorded an estimated liability related to this earnout provision. The operating income of these stores during the earnout period was higher than expected, resulting in an increase in the estimate of the amount due to the sellers of $4,284, which was recorded as a loss and included in Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate on the Company's consolidated statements of operations for the year ended December 31, 2016.