|3 Months Ended|
Mar. 31, 2019
|Subsequent Events [Abstract]|
17. SUBSEQUENT EVENTS
Commencing April 1, 2019, the Company launched a tenant self-storage insurance program whereby a captive wholly-owned subsidiary of the Company reinsures certain risks relating to property stored by its tenants. In connection with this new program, the Company’s prior arrangement with a third-party insurer was terminated. The change in tenant insurance programs is not expected to have a significant impact on the Company’s consolidated net income. However, the Company does expect an increase to both tenant reinsurance revenues and related expenses as a result of the differences in the accounting for the two programs.
On April 2, 2019, the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on April 26, 2019 to shareholders of record on April 16, 2019. The total dividend paid amounted to $46.6 million.
As discussed in Note 16, on April 30, 2019, the Company acquired three self-storage facilities for a purchase price of $33.0 million.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef