Quarterly report pursuant to Section 13 or 15(d)

Commitment and Contingencies

v3.19.1
Commitment and Contingencies
3 Months Ended
Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Commitment and Contingencies

16. COMMITMENT AND CONTINGENCIES

At March 31, 2019, the Company was under contract to acquire 16 self-storage facilities for an aggregate purchase price of $177.7 million. Three of these 16 self-storage facilities were acquired by the Company subsequent to March 31, 2019 for a purchase price of $33.0 million. The purchase of the remaining 13 facilities is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At March 31, 2019, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $31.2 million under these contracts in 2019 and 2020.