Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Self Storage Property Acquisitions
Subsequent to March 31, 2021, the Company closed approximately $204.1 million of additional wholly-owned self storage property acquisitions. Consideration for these acquisitions included approximately $192.7 million of net cash, the assumption of approximately $1.4 million of other working capital liabilities and OP equity of approximately $10.0 million (consisting of the issuance of 239,923 subordinated performance units). In connection with these acquisitions, the Company reimbursed the PROs for approximately $0.1 million of due diligence costs related to the self storage properties sourced by the PROs.
ATM Program
Subsequent to March 31, 2021, the Company sold 1,320,000 of its common shares through the ATM program at an average offering price of $40.40 per share, resulting in net proceeds to the Company of approximately $53.0 million, after deducting compensation payable by the Company to such agents and offering expenses. The Company used the net proceeds for self storage property acquisitions and to repay borrowings outstanding under its Revolver.
2026, May 2031 And 2033 Senior Unsecured Notes
On May 3, 2021, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "Note Purchase Agreement") which provides for the private placement of $35.0 million of 2.16% senior unsecured notes due May 4, 2026 (the "2026 Notes"), $90.0 million of 3.00% senior unsecured notes due May 4, 2031 (the "May 2031 Notes") and $55.0 million of 3.10% senior unsecured notes due May 4, 2033 (the "2033 Notes" and together with the 2026 Notes and May 2031 Notes the "Senior Unsecured Notes") to certain institutional investors. The Senior Unsecured Notes are governed by the Note Purchase Agreement and the sale and purchase of the 2033 Notes is expected to occur on or before May 26, 2021 and the sale and purchase of the 2026 Notes and the May 2031 Notes is expected to occur on or before July 26, 2021, subject to customary closing conditions. The Company plans to use the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
Upon closing, interest will be paid semiannually, on May 31st and November 30th of each year, commencing on November 30, 2021. The Senior Unsecured Notes will be senior unsecured obligations of the Company and will be jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors, upon issuance. The Senior Unsecured Notes will rank pari passu with the credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility, 2029 Term Loan Facility, 2029 Senior Unsecured Notes, 2030 Senior Unsecured Notes, 2031 Senior Unsecured Notes and 2032 Senior Unsecured Notes. The Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions.