|12 Months Ended|
Dec. 31, 2015
|Subsequent Events [Abstract]|
In January and February 2016, the Company acquired 16 self storage properties for approximately $85.0 million. Consideration for these acquisitions included approximately $66.0 million of net cash and OP equity of approximately $19.0 million (consisting of the issuance of approximately 972,000 OP Units and 139,000 subordinated performance units, and the vesting of approximately 26,000 LTIP Units previously issued). Of these acquisitions, four were acquired by us from our PROs and 12 were acquired by us from third-party sellers. In connection with these acquisitions, the Company reimbursed the PROs for $0.1 million of due diligence costs related to the self storage properties sourced by the PROs.
In February 2016, the Company entered into definitive agreements with parties related to Hide-Away Storage Services, Inc. ("Hide-Away") of Sarasota, Florida, to add Hide-Away as the Company's seventh PRO. As part of the agreement, Hide-Away has agreed to contribute 14 properties to the Company for approximately $115 million. The 14 property Hide-Away portfolio includes approximately 1 million rentable square feet and approximately 9,400 self storage units. The transaction is expected to close early in the second quarter of 2016, following the satisfaction of customary closing conditions. Consideration for the transaction is expected to include the issuance of approximately $60.0 million of OP units and subordinated performance units and the assumption of approximately $42.0 million of mortgage principal indebtedness.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.