SUBSEQUENT EVENTS |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS
October 2026, October 2028, October 2030 And October 2033 Senior Unsecured Notes
On October 5, 2023, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "October 2023 Note Purchase Agreement") which provided for the private placement of
$65.0 million of 6.46% senior unsecured notes due October 5, 2026, $100.0 million of 6.55% senior unsecured notes due October 5, 2028, $35.0 million of 6.66% senior unsecured notes due October 5, 2030 and $50.0 million of 6.73% senior unsecured notes due October 5, 2033 (together the "Senior Unsecured Notes") to certain institutional investors. The Senior Unsecured Notes are governed by the October 2023 Note Purchase Agreement. The Company used the proceeds from the Senior Unsecured Notes to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
Interest is paid semiannually, on April 5th and October 5th of each year, commencing on April 5, 2024. The Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility, May 2026 Senior Unsecured Notes, July 2028 Senior Unsecured Notes, 2029 Senior Unsecured Notes, August 2030 Senior Unsecured Notes, November 2030 Senior Unsecured Notes, May 2031 Senior Unsecured Notes, August 2031 Senior Unsecured Notes, November 2031 Senior Unsecured Notes, August 2032 Senior Unsecured Notes, November 2032 Senior Unsecured Notes, May 2033 Senior Unsecured Notes, November 2033 Unsecured Notes and 2036 Senior Unsecured Notes. The October 2023 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the October 2023 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make certain distributions or certain investments, incur debt, incur liens and enter into certain transactions.
Self Storage Property Acquisitions
Subsequent to September 30, 2023, the Company acquired two self storage properties for approximately $25.4 million. Consideration for these acquisitions included approximately $17.1 million of net cash, the assumption of approximately $0.2 million of other working capital liabilities and OP equity of approximately $8.1 million (consisting of the issuance of 179,354 Series A-1 preferred units, 35,446 subordinated performance units and the vesting of 7,600 previously granted LTIP units).
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