SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On October 6, 2020, the Operating Partnership issued $450.0 million in aggregate principal amount of unsecured senior notes due February 15, 2031, which bear interest at a rate of 2.000% per annum (the “2031 Notes”). The 2031 Notes were priced at 99.074% of the principal amount to yield 2.100% to maturity. Net proceeds from the offering, after deducting underwriting discounts and other transaction expenses, were $442.1 million. On September 30, 2020, the Operating Partnership provided notice of redemption, in full, of its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”). The Operating Partnership completed the redemption of the 2022 Notes on October 30, 2020, with proceeds from its issuance of the 2031 Notes, at a cash redemption price of $1,084.34 per $1,000 principal amount of the 2022 Notes (inclusive of the make-whole prepayment charge and accrued interest to the redemption date). The remaining net proceeds from the issuance of the 2031 Notes were used to repay all of the outstanding indebtedness under the Revolver and for working capital and other general corporate purposes. On October 21, 2020, the Company entered into a purchase agreement to acquire a portfolio of eight open and operating self-storage properties for an aggregate purchase price of approximately $540.0 million. The properties are located in Brooklyn, NY, Long Island City, NY, Flushing (Queens), NY, College Point (Brooklyn), NY and Bronx, NY. Consideration for the properties will consist of approximately $201.7 million payable in cash, approximately $183.7 million payable in OP Units and the assumption of approximately $154.6 million of existing fixed-rate secured debt. The Company expects to consummate the acquisition in two tranches in December 2020. Subsequent to September 30, 2020, the Company also entered into purchase agreements to acquire seven additional self-storage properties for an aggregate purchase price of $89.2 million, that are expected to close at various times during the fourth quarter of 2020.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

16. SUBSEQUENT EVENTS

On October 6, 2020, the Operating Partnership issued $450.0 million in aggregate principal amount of unsecured senior notes due February 15, 2031, which bear interest at a rate of 2.000% per annum (the “2031 Notes”). The 2031 Notes were priced at 99.074% of the principal amount to yield 2.100% to maturity. Net proceeds from the offering, after deducting underwriting discounts and other transaction expenses, were $442.1 million.

On September 30, 2020, the Operating Partnership provided notice of redemption, in full, of its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”). The Operating Partnership completed the redemption of the 2022 Notes on October 30, 2020, with proceeds from its issuance of the 2031 Notes, at a cash redemption price of $1,084.34 per $1,000 principal amount of the 2022 Notes (inclusive of the make-whole prepayment charge and accrued

interest to the redemption date). The remaining net proceeds from the issuance of the 2031 Notes were used to repay all of the outstanding indebtedness under the Revolver and for working capital and other general corporate purposes.

On October 21, 2020, the Company entered into a purchase agreement to acquire a portfolio of eight open and operating self-storage properties for an aggregate purchase price of approximately $540.0 million. The properties are located in Brooklyn, NY, Long Island City, NY, Flushing (Queens), NY, College Point (Brooklyn), NY and Bronx, NY. Consideration for the properties will consist of approximately $201.7 million payable in cash, approximately $183.7 million payable in OP Units and the assumption of approximately $154.6 million of existing fixed-rate secured debt. The Company expects to consummate the acquisition in two tranches in December 2020.

Subsequent to September 30, 2020, the Company also entered into purchase agreements to acquire seven additional self-storage properties for an aggregate purchase price of $89.2 million, that are expected to close at various times during the fourth quarter of 2020.