SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
Self Storage Property Acquisitions
In July and August 2016, the Company acquired 26 self storage properties for approximately $167.6 million. Consideration for these acquisitions included approximately $165.8 million of cash, OP equity of approximately $1.1 million (consisting of the issuance of 49,230 OP Units) and the assumption of $0.7 million of other working capital liabilities. Of these acquisitions, one was acquired by the Company from a PRO and 25 were acquired by the Company from third-party sellers. In connection with these acquisitions, the Company incurred $0.3 million of expenses, payable to certain PROs, for due diligence costs related to the self storage properties sourced by the PROs.
Common Share Offering
On July 6, 2016, the Company closed a follow-on public offering of 12,046,250 of its common shares, which included 1,571,250 common shares sold upon the exercise in full by the underwriters of their option to purchase additional shares, at a public offering price of $20.75 per share. The Company received aggregate net proceeds from the offering of approximately $237.7 million after deducting the underwriting discount and estimated offering expenses. The Company contributed the net proceeds from this follow-on offering to its operating partnership which used the proceeds to repay outstanding borrowings under the Revolver and to fund the acquisition of self storage properties.
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