SUBSEQUENT EVENTS |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
Self Storage Property Acquisitions
In October 2015, the Company acquired 15 self storage properties with an estimated fair value of approximately $67.8 million. Consideration for these acquisitions included approximately $36.7 million of net cash, the assumption and subsequent repayment of approximately $23.6 million in outstanding mortgage debt, and the vesting of approximately $1.4 million of LTIP units (consisting of approximately 99,000 of the 522,900 unvested LTIP units which vest upon the acquisition of properties). Certain of these self storage properties were acquired in DownREIT partnerships. The estimated fair value of noncontrolling interests associated with these partnerships was $6.1 million. Of these acquisitions, 14 were acquired by us from our PROs and one was acquired by us from a third-party seller.
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