Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.1
Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

17. SUBSEQUENT EVENTS

On April 1, 2022, the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on April 26, 2022 to shareholders of record on April 14, 2022. The total dividend paid amounted to $84.4 million.

During April 2022, the Company issued 55,736 shares of common stock under its continuous equity offering program at a weighted average issuance price of $142.83 per share, generating net proceeds of $7.9 million.

As discussed in note 16, subsequent to March 31, 2022, the Company acquired five self-storage facilities for an aggregate purchase price of $88.5 million.

In addition to the self-storage facilities under contract at March 31, 2022, subsequent to March 31, 2022, the Company entered into contracts to acquire three additional self-storage facilities for an aggregate purchase price of $54.8 million. The purchases of these self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

As discussed in Note 10, the Company acquired the remaining ownership interest in the McDonald joint venture on April 4, 2022 for cash consideration of $5.2 million. McDonald had historically been accounted for by the Company using the equity method of accounting. As a result of this transaction, the Company now owns 100% of McDonald and will consolidate McDonald in accordance with ASC 810, "Consolidation" from the date of acquisition. The allocated purchase price of McDonald also includes the carrying value of the Company's investment in McDonald at the date of acquisition which totaled $30.2 million.