Quarterly report pursuant to Section 13 or 15(d)

Commitment And Contingencies

v2.3.0.15
Commitment And Contingencies
9 Months Ended
Sep. 30, 2011
Commitment And Contingencies [Abstract]  
Commitment And Contingencies
15.

COMMITMENT 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 September 30, 2011, the Company was under contract with a seller to acquire a self-storage facility for approximately $4.6 million. The purchase of this facility by the Company is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.

In addition, Sovran HHF Storage Holdings II LLC, a joint venture in which the Company is a 15% owner, was under contract with a seller to acquire a self-storage facility for approximately $5.7 million. Sovran HHF Storage Holdings II LLC purchased the one property in October 2011. The Company contributed cash of $0.9 million to the joint venture as its share of capital required to fund the acquisition. This contribution will be recorded as an addition to investments in unconsolidated joint ventures in the fourth quarter of 2011.