Commitment and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitment and Contingencies

15. COMMITMENT AND CONTINGENCIES

At March 31, 2014, the Company was under contract to acquire 18 self-storage facilities for cash consideration of approximately $128.4 million. The Company may assign the purchase of four of the facilities, with a combined purchase price of $47.1 million, to Sovran HHF in which it has a 20% ownership interest. If the Company does assign the four facilities to Sovran HHF, the Company’s cash contribution to Sovran HHF for the purchase of those four facilities would be approximately $9.4 million. The purchase of these facilities by the Company or Sovran HHF is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.