Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

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Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

The Company’s current practice is to conduct environmental investigations in connection with property acquisitions. At this time, the Company is not aware of any environmental contamination of any of its facilities that individually or in the aggregate would be material to the Company’s overall business, financial condition, or results of operations.

At December 31, 2021 the Company has approximately $24.5 million of operating lease commitments, excluding variable consideration. Future minimum lease payments on land and building leases related to self-storage facilities and the lease of the Company’s headquarters are as follows (dollars in thousands):

 

Year ending December 31:

 

 

 

2022

 

$

2,657

 

2023

 

 

2,663

 

2024

 

 

2,584

 

2025

 

 

2,402

 

2026

 

 

2,483

 

Thereafter

 

 

11,697

 

Total

 

$

24,486

 

 

At December 31, 2021, the Company was under contract to acquire ten self-storage facilities for an aggregate purchase price of $246.3 million. During January 2022, the Company completed the acquisition of six of these self-storage facilities for an aggregate purchase price of $165.0 million. The purchases of the remaining four self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At December 31, 2021, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $61.4 million under these contracts in 2022.