diff --git a/pubsub/google/cloud/pubsub_v1/subscriber/_protocol/streaming_pull_manager.py b/pubsub/google/cloud/pubsub_v1/subscriber/_protocol/streaming_pull_manager.py
index 650e2f6619158..facba8fd0e592 100644
--- a/pubsub/google/cloud/pubsub_v1/subscriber/_protocol/streaming_pull_manager.py
+++ b/pubsub/google/cloud/pubsub_v1/subscriber/_protocol/streaming_pull_manager.py
@@ -371,16 +371,26 @@ def close(self, reason=None):
             _LOGGER.debug("Stopping scheduler.")
             self._scheduler.shutdown()
             self._scheduler = None
+
+            # Leaser and dispatcher reference each other through the shared
+            # StreamingPullManager instance, i.e. "self", thus do not set their
+            # references to None until both have been shut down.
+            #
+            # NOTE: Even if the dispatcher operates on an inactive leaser using
+            # the latter's add() and remove() methods, these have no impact on
+            # the stopped leaser (the leaser is never again re-started). Ditto
+            # for the manager's maybe_resume_consumer() / maybe_pause_consumer(),
+            # because the consumer gets shut down first.
             _LOGGER.debug("Stopping leaser.")
             self._leaser.stop()
-            self._leaser = None
             _LOGGER.debug("Stopping dispatcher.")
             self._dispatcher.stop()
             self._dispatcher = None
+            # dispatcher terminated, OK to dispose the leaser reference now
+            self._leaser = None
             _LOGGER.debug("Stopping heartbeater.")
             self._heartbeater.stop()
             self._heartbeater = None
-
             self._rpc = None
             self._closed = True
             _LOGGER.debug("Finished stopping manager.")