Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Declaration of Dividends/Distributions

The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on July 28, 2021:

Class of stock/units	Quarterly Amount per Share or Unit	Record Date	Payment Date
Common - Quarterly	$0.255	August 16, 2021	August 31, 2021

Property Dispositions

On July 22, 2021, we closed on the sale of 14 wholly-owned buildings and 15.0 acres of undeveloped land that were held for sale as of June 30, 2021, for net cash proceeds of approximately $290.0 million, which completed our previously announced exit from the St. Louis market.

In addition, on July 27, 2021, we contributed three properties to a newly-formed, 20%-owned unconsolidated joint venture. These properties consisted of two buildings and one trailer storage lot in Chicago and Atlanta that were held for sale as of June 30, 2021. The joint venture financed the acquisition of these properties with a combination of a third party first mortgage loan and equity contributions from our partner in this joint venture and we received approximately $141.0 million of net cash proceeds, including our share of the proceeds of the joint venture's first mortgage loan.

Debt Extinguishment

On July 9, 2021, we provided notice of redemption to the holders of our $250.0 million of 3.63% unsecured notes, which are scheduled to mature in April 2023. This redemption is expected to occur on August 8, 2021 and will result in a loss on debt extinguishment of approximately $14.0 million, which is comprised of the prepayment premium and the write-off of unamortized deferred financing costs.