SUBSEQUENT EVENTS |
9 Months Ended |
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Sep. 30, 2018 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
New PRO
In October 2018, the Company entered into definitive agreements with affiliates of Southern Self Storage, LLC d/b/a Southern Self Storage of Palm Beach Gardens, Florida, to add Southern Self Storage (“Southern”) as the Company's ninth PRO. The Company expects the initial contribution transaction and related closing documentation, including the entry into a facilities portfolio management agreement, to close in January 2019, subject to customary closing conditions.
Southern currently owns and operates a portfolio of nine self storage properties, primarily located in the southeast region of the United States. In accordance with the executed agreements, Southern will contribute six of these properties to the Company in January 2019 as part of the initial contribution transaction, and the remaining properties will be included in the Company's acquisition pipeline. As part of their initial contribution, Southern will co-invest sufficient subordinated equity to manage the six Company properties located in Puerto Rico that were acquired in connection with the formation of the 2018 Joint Venture as well as an additional 11 properties in Louisiana that the Company is under contract to acquire, which acquisition is scheduled to close in January 2019. As a result, Southern’s initial managed PRO portfolio will consist of 23 properties. Thereafter, Southern will focus on growing its NSA PRO portfolio in New Orleans, Puerto Rico, the Florida panhandle and southern Georgia.
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