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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2012
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS During October 2012, the Company acquired a 129,000 square foot single-tenant property occupied by Home Depot located in Bloomfield, New Jersey for $12.5 million. During October 2012, the Company completed a public share offering of approximately 3.5 million Common Shares for $86.9 million. Net proceeds after expenses were approximately $85.8 million. During October 2012, Fund III refinanced 11 of its self-storage facilities for $120.0 million. The new loan bears interest at LIBOR plus 215 basis points and matures October 24, 2013, and has a one-year extension option. The proceeds from this loan were used to pay off the existing $41.9 million loan on six self-storage facilities and, together with cash available in Fund III, liquidated the balance of the amount outstanding under the Fund III subscription line of credit in the amount of $82.9 million and terminated the subscription line of credit agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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