Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.1
Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

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.