Item 7.01. Regulation FD Disclosure.
On
Pursuant to the rules and regulations of the
Item 8.01. Other Events.
Reference is made to the Agreement and Plan of Merger (the "Merger Agreement"),
dated
Pursuant to the terms and conditions set forth in the Merger Agreement, on
At the effective time of the Merger (the "Merger Effective Time"), each share of
SSGT II common stock, par value
As a result of the Merger, the Company acquired all of the real estate owned by
SSGT II, consisting of 10 wholly-owned self storage facilities located across
seven states and three self storage real estate joint ventures located in the
As ofMarch 31, 2022 , SSGT II's wholly-owned self storage portfolio was comprised of the following: Property Approx. Approx. % of Total Physical Units Sq. Ft. Rentable Occupancy (1) (net)2) Sq. Ft. %(3) Sacramento - CA 1,080 108,000 12.7 % 91.9 % Phoenix - AZ 590 64,100 7.5 % 95.6 % Houston - TX 640 74,700 8.7 % 97.3 % Milwaukee - WI 780 83,400 9.8 % 93.7 % Mill Creek - WA(4) 660 65,400 7.7 % 97.5 % Homestead - FL 800 96,200 11.3 % 96.4 % Lutz - FL 790 87,300 10.2 % 95.5 % St. Petersburg - FL 790 74,400 8.7 % 94.9 % Las Vegas - NV 950 107,900 12.6 % 93.2 % Olympia - WA 660 92,500 10.8 % 92.1 % Total 7,740 853,900 100 % 94.6 %
(1) Includes all rentable units, consisting of storage units and parking units
(approximately 160 units). (2) Includes all rentable square feet consisting of storage units and parking units (approximately 49,000 square feet). (3) Represents the occupied square feet divided by total rentable square feet as ofMarch 31, 2022 . (4) Subsequent toMarch 31, 2022 theMill Creek property opened an expansion which added an additional approximately 420 units and 35,000 net rentable square feet.
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As of
Property Units Rentable Sq. Ft. (net) Physical Occupancy %(1) Toronto - ONT 720 46,800 93.6 % Aurora - ONT(2) 890 94,400 N/A Markham - ONT(3) 830 91,100 N/A Total 2,440 232,300 93.6 %
(1) Represents the occupied square feet divided by total rentable square feet as
ofMarch 31, 2022 . (2) The Aurora JV property is under development and estimated to be completed in
the first half of 2023. Figures shown are estimates upon completion. (3) The Markham JV property is under development and estimated to be completed in
the second half of 2023. Figures shown are estimates upon completion.
Additionally, the Company obtained the rights to acquire (a) one parcel of land
being developed into a self storage facility in an unconsolidated joint venture
with an unaffiliated third party, and (b) a property located in
The Company also indirectly assumed an outstanding loan in connection with the
Merger. SSGT II previously entered into an arrangement on
The description of the Merger and the Merger Agreement contained in this Item
8.01 is a summary and is subject to and qualified in its entirety by reference
to the Merger Agreement, which was filed as Exhibit 2.1 to the Current
Report on Form 8-K filed by the Company with the
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release for Closing of Merger, dated
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