Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'CubeSmart | ' |
Entity Central Index Key | '0001298675 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 139,124,221 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Storage facilities | $2,473,889 | $2,443,022 |
Less: Accumulated depreciation | -380,621 | -353,315 |
Storage facilities, net | 2,093,268 | 2,089,707 |
Cash and cash equivalents | 2,940 | 4,495 |
Restricted cash | 4,226 | 6,070 |
Loan procurement costs, net of amortization | 8,885 | 8,253 |
Assets held for sale | 67,924 | ' |
Other assets, net | 25,920 | 41,794 |
Total assets | 2,203,163 | 2,150,319 |
LIABILITIES AND EQUITY | ' | ' |
Unsecured senior notes | 250,000 | 250,000 |
Revolving credit facility | 88,300 | 45,000 |
Unsecured term loans | 500,000 | 500,000 |
Mortgage loans and notes payable | 206,100 | 228,759 |
Accounts payable, accrued expenses and other liabilities | 55,113 | 60,708 |
Distributions payable | 16,813 | 16,419 |
Deferred revenue | 12,338 | 11,090 |
Security deposits | 388 | 444 |
Other liabilities held for sale | 975 | ' |
Total liabilities | 1,130,027 | 1,112,420 |
Noncontrolling interests in the Operating Partnership | 40,688 | 47,990 |
Commitments and contingencies | ' | ' |
Equity | ' | ' |
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 3,100,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 31 | 31 |
Common shares $.01 par value, 200,000,000 shares authorized, 136,486,384 and 131,794,547 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 1,365 | 1,318 |
Additional paid-in capital | 1,492,055 | 1,418,463 |
Accumulated other comprehensive loss | -12,626 | -19,796 |
Accumulated deficit | -448,519 | -410,225 |
Total CubeSmart shareholders' equity | 1,032,306 | 989,791 |
Noncontrolling interests in subsidiaries | 142 | 118 |
Total equity | 1,032,448 | 989,909 |
Total liabilities and equity | $2,203,163 | $2,150,319 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Series A Preferred shares, percentage | 7.75% | 7.75% |
Series A Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Series A Preferred shares, shares authorized | 3,220,000 | 3,220,000 |
Series A Preferred shares, shares issued | 3,100,000 | 3,100,000 |
Series A Preferred shares, shares outstanding | 3,100,000 | 3,100,000 |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 136,486,384 | 131,794,547 |
Common shares, shares outstanding | 136,486,384 | 131,794,547 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Rental income | $73,067 | $61,204 | $208,675 | $172,078 |
Other property related income | 8,580 | 7,065 | 24,215 | 18,833 |
Property management fee income | 1,185 | 1,094 | 3,547 | 3,217 |
Total revenues | 82,832 | 69,363 | 236,437 | 194,128 |
OPERATING EXPENSES | ' | ' | ' | ' |
Property operating expenses | 30,104 | 27,066 | 87,946 | 76,761 |
Depreciation and amortization | 28,495 | 28,734 | 85,966 | 79,007 |
General and administrative | 7,326 | 6,860 | 22,454 | 19,582 |
Total operating expenses | 65,925 | 62,660 | 196,366 | 175,350 |
OPERATING INCOME | 16,907 | 6,703 | 40,071 | 18,778 |
Interest: | ' | ' | ' | ' |
Interest expense on loans | -9,995 | -11,092 | -31,045 | -29,692 |
Loan procurement amortization expense | -536 | -699 | -1,509 | -2,585 |
Acquisition related costs | -470 | -1,527 | -2,233 | -2,390 |
Equity in loss of real estate venture | ' | -284 | ' | -745 |
Gain from remeasurement of investment in real estate venture | ' | 7,023 | ' | 7,023 |
Other | -22 | 166 | -282 | -12 |
Total other expense | -11,023 | -6,413 | -35,069 | -28,401 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,884 | 290 | 5,002 | -9,623 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' |
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 |
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 |
Total discontinued operations | 10,717 | 1,761 | 13,739 | 11,771 |
NET INCOME | 16,601 | 2,051 | 18,741 | 2,148 |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ' | ' | ' | ' |
Noncontrolling interests in the Operating Partnership | -257 | -5 | -240 | 106 |
Noncontrolling interests in subsidiaries | -2 | -410 | -1 | -1,918 |
NET INCOME ATTRIBUTABLE TO THE COMPANY | 16,342 | 1,636 | 18,500 | 336 |
Distribution to preferred shareholders | -1,502 | -1,502 | -4,506 | -4,506 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 14,840 | 134 | 13,994 | -4,170 |
Basic earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share) | $0.03 | ($0.01) | ' | ($0.13) |
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | $0.08 | $0.01 | $0.10 | $0.10 |
Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Diluted earnings (loss) per share from continuing operations attributable to common shareholders (in dollars per share) | $0.03 | ($0.01) | ' | ($0.13) |
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share) | $0.08 | $0.01 | $0.10 | $0.10 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Weighted-average basic shares outstanding (in shares) | 135,365 | 124,169 | 134,007 | 123,016 |
Weighted-average diluted shares outstanding (in shares) | 138,106 | 124,169 | 136,643 | 123,016 |
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS: | ' | ' | ' | ' |
Income (loss) from continuing operations | 4,305 | -1,585 | 489 | -15,658 |
Total discontinued operations | 10,535 | 1,719 | 13,505 | 11,488 |
Net income (loss) | $14,840 | $134 | $13,994 | ($4,170) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
NET INCOME | $16,601 | $2,051 | $18,741 | $2,148 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized (losses) gains on interest rate swaps | -2,700 | -4,237 | 2,586 | -13,336 |
Reclassification of realized losses on interest rate swaps | 1,582 | 1,529 | 4,667 | 4,525 |
Unrealized gain (loss) on foreign currency translation | 297 | 132 | 66 | 151 |
OTHER COMPREHENSIVE (LOSS) INCOME | -821 | -2,576 | 7,319 | -8,660 |
COMPREHENSIVE INCOME (LOSS) | 15,780 | -525 | 26,060 | -6,512 |
Comprehensive (income) loss attributable to noncontrolling interests in the Operating Partnership | -243 | 83 | -366 | 400 |
Comprehensive income attributable to noncontrolling interests in subsidiaries | -27 | -415 | -24 | -1,924 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $15,510 | ($857) | $25,670 | ($8,036) |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Noncontrolling Interests in the Operating Partnership | Total Shareholders' Equity | Common Shares | Preferred Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Noncontrolling Interests in Subsidiaries |
In Thousands, unless otherwise specified | |||||||||
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2011 | $49,732 | $49,732 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 995,322 | ' | 955,913 | 1,221 | 31 | 1,309,505 | -12,831 | -342,013 | 39,409 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | 122,059 | 3,100 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | 59,143 | ' | 59,143 | 47 | ' | 59,096 | ' | ' | ' |
Issuance of common shares (in shares) | ' | ' | ' | 4,691 | ' | ' | ' | ' | ' |
Issuance of restricted shares | 2 | ' | 2 | 2 | ' | ' | ' | ' | ' |
Issuance of restricted shares (in shares) | ' | ' | ' | 245 | ' | ' | ' | ' | ' |
Conversion from units to shares | 3,313 | -3,313 | 3,313 | 3 | ' | 3,310 | ' | ' | ' |
Conversion from units to shares (in shares) | ' | ' | ' | 265 | ' | ' | ' | ' | ' |
Exercise of stock options | 1,361 | ' | 1,361 | 1 | ' | 1,360 | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | 170 | ' | ' | ' | ' | ' |
Amortization of restricted shares | 2,169 | ' | 2,169 | ' | ' | 2,169 | ' | ' | ' |
Share compensation expense | 900 | ' | 900 | ' | ' | 900 | ' | ' | ' |
Acquisition of noncontrolling interest | -56,984 | -132 | -18,452 | ' | ' | -18,452 | ' | ' | -38,532 |
Adjustment for noncontrolling interests in the Operating Partnership | -11,930 | 11,930 | -11,930 | ' | ' | ' | ' | -11,930 | ' |
Net income (loss) | -4,170 | -106 | 336 | ' | ' | ' | ' | 336 | 1,918 |
Net (loss) income, including temporary equity | 2,254 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive gain (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps | -8,513 | -298 | -8,513 | ' | ' | ' | -8,513 | ' | ' |
Unrealized gain on foreign currency translation | 147 | 4 | 141 | ' | ' | ' | 141 | ' | 6 |
Preferred distributions | -4,506 | ' | -4,506 | ' | ' | ' | ' | -4,506 | ' |
Common distributions | -32,634 | -1,077 | -29,948 | ' | ' | ' | ' | -29,948 | -2,686 |
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2012 | 56,740 | 56,740 | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | 950,044 | ' | 949,929 | 1,274 | 31 | 1,357,888 | -21,203 | -388,061 | 115 |
Balance (in shares) at Sep. 30, 2012 | ' | ' | ' | 127,430 | 3,100 | ' | ' | ' | ' |
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012 | 47,990 | 47,990 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 989,909 | ' | 989,791 | 1,318 | 31 | 1,418,463 | -19,796 | -410,225 | 118 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | 131,795 | 3,100 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | 52,498 | ' | 52,498 | 31 | ' | 52,467 | ' | ' | ' |
Issuance of common shares (in shares) | ' | ' | ' | 3,099 | ' | ' | ' | ' | ' |
Issuance of restricted shares | 2 | ' | 2 | 2 | ' | ' | ' | ' | ' |
Issuance of restricted shares (in shares) | ' | ' | ' | 222 | ' | ' | ' | ' | ' |
Conversion from units to shares | 14,601 | -14,601 | 14,601 | 10 | ' | 14,591 | ' | ' | ' |
Conversion from units to shares (in shares) | ' | ' | ' | 1,013 | ' | ' | ' | ' | ' |
Exercise of stock options | 2,487 | ' | 2,487 | 4 | ' | 2,483 | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | 357 | ' | ' | ' | ' | ' |
Amortization of restricted shares | 3,397 | ' | 3,397 | ' | ' | 3,397 | ' | ' | ' |
Share compensation expense | 654 | ' | 654 | ' | ' | 654 | ' | ' | ' |
Adjustment for noncontrolling interests in the Operating Partnership | -7,686 | 7,686 | -7,686 | ' | ' | ' | ' | -7,686 | ' |
Net income (loss) | 13,994 | 240 | 18,500 | ' | ' | ' | ' | 18,500 | 1 |
Net (loss) income, including temporary equity | 18,501 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive gain (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps | 7,128 | 125 | 7,128 | ' | ' | ' | 7,128 | ' | ' |
Unrealized gain on foreign currency translation | 65 | 1 | 42 | ' | ' | ' | 42 | ' | 23 |
Preferred distributions | -4,506 | ' | -4,506 | ' | ' | ' | ' | -4,506 | ' |
Common distributions | -44,602 | -753 | -44,602 | ' | ' | ' | ' | -44,602 | ' |
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2013 | 40,688 | 40,688 | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $1,032,448 | ' | $1,032,306 | $1,365 | $31 | $1,492,055 | ($12,626) | ($448,519) | $142 |
Balance (in shares) at Sep. 30, 2013 | ' | ' | ' | 136,486 | 3,100 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $18,741 | $2,148 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 89,813 | 85,912 |
Gain from disposition of discontinued operations | -9,538 | -6,403 |
Gain from remeasurement of investment in real estate venture | ' | -7,023 |
Equity compensation expense | 4,051 | 3,069 |
Accretion of fair market value adjustment of debt | -752 | -461 |
Equity in loss of real estate venture | ' | 745 |
Changes in other operating accounts: | ' | ' |
Other assets | -1,760 | -2,674 |
Restricted cash | 518 | 3,307 |
Accounts payable and accrued expenses | 1,551 | 7,394 |
Other liabilities | 1,267 | 55 |
Net cash provided by operating activities | 103,891 | 86,069 |
Investing Activities | ' | ' |
Acquisitions of storage facilities | -133,043 | -195,509 |
Additions and improvements to storage facilities | -13,697 | -16,255 |
Development costs | -25,649 | ' |
Cash paid for remaining interest in real estate venture | ' | -81,158 |
Cash distributed from real estate venture | ' | 909 |
Proceeds from sales of facilities, net | 35,600 | 29,529 |
Proceeds from notes receivable | 5,192 | ' |
Change in restricted cash | 1,324 | 1,825 |
Net cash used in investing activities | -130,273 | -260,659 |
Proceeds from: | ' | ' |
Unsecured senior notes | ' | 249,638 |
Revolving credit facility | 350,600 | 343,300 |
Unsecured term loans | ' | 100,000 |
Principal payments on: | ' | ' |
Revolving credit facility | -307,300 | -277,800 |
Mortgage loans and notes payable | -21,852 | -206,452 |
Loan procurement costs | -2,141 | -2,145 |
Settlement of hedge transaction | ' | -195 |
Proceeds from issuance of common shares, net | 52,500 | 59,143 |
Exercise of stock options | 2,487 | 1,361 |
Cash paid for acquisition of noncontrolling interest | ' | -61,113 |
Distributions paid to common shareholders | -44,093 | -29,500 |
Distributions paid to preferred shareholders | -4,506 | -4,222 |
Distributions paid to noncontrolling interests in Operating Partnership | -868 | -1,102 |
Distributions paid to noncontrolling interests in subsidiaries | ' | -2,685 |
Net cash provided by financing activities | 24,827 | 168,228 |
Change in cash and cash equivalents | -1,555 | -6,362 |
Cash and cash equivalents at beginning of period | 4,495 | 9,069 |
Cash and cash equivalents at end of period | 2,940 | 2,707 |
Supplemental Cash Flow and Noncash Information | ' | ' |
Cash paid for interest, net of interest capitalized | 36,150 | 25,725 |
Supplemental disclosure of noncash activities: | ' | ' |
Consolidation of real estate venture | ' | 13,527 |
Derivative valuation adjustment | 7,253 | -8,616 |
Foreign currency translation adjustment | 66 | 151 |
Mortgage loan assumption - acquisitions of storage facilities | ' | $107,011 |
ORGANIZATION_AND_NATURE_OF_OPE
ORGANIZATION AND NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2013 | |
ORGANIZATION AND NATURE OF OPERATIONS | ' |
ORGANIZATION AND NATURE OF OPERATIONS | ' |
1. ORGANIZATION AND NATURE OF OPERATIONS | |
CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms “the Company”, ‘we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. The Company’s self-storage facilities are located in 21 states throughout the United States and the District of Columbia and are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage facilities. | |
As of September 30, 2013, the Parent Company owned approximately 98.4% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in facilities to us in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles (“GAAP”) in the United States. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2012, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results of operations to be expected for any future period or the full year. | |
Immaterial Correction to Prior Period Financial Statements | |
In the third quarter of 2013, we revised our 2012 disclosure in the consolidated statement of cash flows to reflect a decrease in both net cash provided by operating activities and net cash used in investing activities of $11.1 million. This adjustment was made after completing an analysis that determined cash paid for acquisitions of self-storage facilities did not properly reflect the use of earnest money deposits, paid to Storage Deluxe in 2011, when certain facilities within the portfolio were acquired in 2012. After evaluating the quantitative and qualitative effects of this error, we have concluded that the impact on the Company’s prior interim period consolidated statements of cash flows was not material. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting standard for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment requires entities to disclose for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected income statement line item and for AOCI items that are not reclassified in their entirety into net income, a cross reference to other required GAAP disclosures. This amendment became effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in 2013 did not have a material impact on the Company’s consolidated financial position or results of operations as its impact was limited to disclosure requirements (see note 9). |
STORAGE_FACILITIES
STORAGE FACILITIES | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
STORAGE FACILITIES | ' | |||||||||
STORAGE FACILITIES | ' | |||||||||
3. STORAGE FACILITIES | ||||||||||
The book value of the Company’s real estate assets is summarized as follows: | ||||||||||
September 30, | December 31, | |||||||||
2013 | 2012 | |||||||||
(in thousands) | ||||||||||
Land | $ | 455,493 | $ | 462,626 | ||||||
Buildings and improvements | 1,833,558 | 1,828,388 | ||||||||
Equipment | 152,128 | 143,836 | ||||||||
Construction in progress | 32,710 | 8,172 | ||||||||
Storage facilities | 2,473,889 | 2,443,022 | ||||||||
Less: Accumulated depreciation | -380,621 | -353,315 | ||||||||
Storage facilities, net | $ | 2,093,268 | $ | 2,089,707 | ||||||
The following table summarizes the Company’s acquisition and disposition activity from January 1, 2012 through September 30, 2013: | ||||||||||
Facility/Portfolio | Location | Transaction Date | Number of Facilities | Purchase / Sales | ||||||
Price (in thousands) | ||||||||||
2013 Acquisitions: | ||||||||||
Gilbert Asset | Gilbert, AZ | March 2013 | 1 | $ | 6,900 | |||||
Evanston Asset | Evanston, IL | May 2013 | 1 | 8,300 | ||||||
Delray Beach Asset | Delray Beach, FL | May 2013 | 1 | 7,150 | ||||||
Miramar Asset | Miramar, FL | June 2013 | 1 | 9,000 | ||||||
Stoneham Asset | Stoneham, MA | June 2013 | 1 | 10,600 | ||||||
Maryland/New Jersey Assets | Multiple locations in MD and NJ | June 2013 | 5 | 52,400 | ||||||
Staten Island Asset | Staten Island, NY | July 2013 | 1 | 13,000 | ||||||
Lewisville Asset | Lewisville, TX | August 2013 | 1 | 10,975 | ||||||
Chandler Asset | Chandler, AZ | September 2013 | 1 | 10,500 | ||||||
Tempe Asset | Tempe, AZ | September 2013 | 1 | 4,300 | ||||||
14 | $ | 133,125 | ||||||||
2013 Dispositions: | ||||||||||
Texas/Indiana Assets | Multiple locations in TX and IN | March 2013 | 5 | $ | 11,400 | |||||
Tennessee Assets | Multiple locations in TN | August 2013 | 8 | 25,000 | ||||||
13 | $ | 36,400 | ||||||||
2012 Acquisitions: | ||||||||||
Houston Asset | Houston, TX | February 2012 | 1 | $ | 5,100 | |||||
Dunwoody Asset | Dunwoody, GA | February 2012 | 1 | 6,900 | ||||||
Mansfield Asset | Mansfield, TX | June 2012 | 1 | 4,970 | ||||||
Texas Assets | Multiple locations in TX | July 2012 | 4 | 18,150 | ||||||
Allen Asset | Allen, TX | July 2012 | 1 | 5,130 | ||||||
Norwalk Asset | Norwalk, CT | July 2012 | 1 | 5,000 | ||||||
Storage Deluxe Assets | Multiple locations in NY and CT | February/ April/ August 2012 | 6 | 201,910 | ||||||
Eisenhower Asset | Alexandria, VA | August 2012 | 1 | 19,750 | ||||||
New Jersey Assets | Multiple locations in NJ | August 2012 | 2 | 10,750 | ||||||
Georgia/Florida Assets | Multiple locations in GA and FL | August 2012 | 3 | 13,370 | ||||||
Peachtree Asset | Peachtree City, GA | August 2012 | 1 | 3,100 | ||||||
HSREV Assets | Multiple locations in PA, NY, NJ, VA and FL | September 2012 | 9 | 102,000 | ||||||
Leetsdale Asset | Denver, CO | September 2012 | 1 | 10,600 | ||||||
Orlando/West Palm Beach Assets | Multiple locations in FL | November 2012 | 2 | 13,010 | ||||||
Exton/Cherry Hill Assets | Multiple locations in NJ and PA | December 2012 | 2 | 7,800 | ||||||
Carrollton Asset | Carrollton, TX | December 2012 | 1 | 4,800 | ||||||
37 | $ | 432,340 | ||||||||
2012 Dispositions: | ||||||||||
Michigan Assets | Multiple locations in MI | June 2012 | 3 | $ | 6,362 | |||||
Gulf Coast Assets | Multiple locations in LA, AL and MS | June 2012 | 5 | 16,800 | ||||||
New Mexico Assets | Multiple locations in NM | August 2012 | 6 | 7,500 | ||||||
San Bernardino Asset | San Bernardino, CA | August 2012 | 1 | 5,000 | ||||||
Florida/Tennessee Assets | Multiple locations in FL and TN | November 2012 | 3 | 6,550 | ||||||
Ohio Assets | Multiple locations in OH | November 2012 | 8 | 17,750 | ||||||
26 | $ | 59,962 |
INVESTMENT_ACTIVITY
INVESTMENT ACTIVITY | 9 Months Ended |
Sep. 30, 2013 | |
INVESTMENT ACTIVITY | ' |
INVESTMENT ACTIVITY | ' |
4. INVESTMENT ACTIVITY | |
2013 Acquisitions | |
During the nine months ended September 30, 2013, the Company acquired 14 facilities located throughout the United States for an aggregate purchase price of approximately $133.1 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $9.1 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $2.7 million. | |
Development | |
During 2012, the Company commenced construction of 5 Old Lancaster Road located in Malvern, PA, a suburb of Philadelphia. Upon completion, the mixed-use facility will be comprised of rentable storage space and office space for the Company’s corporate headquarters. Construction is expected to be completed during the fourth quarter of 2013. At September 30, 2013 and December 31, 2012, development costs for this project totaled $17.4 million and $4.7 million, respectively. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage facilities on the Company’s consolidated balance sheets. | |
During the second quarter of 2013, the Company entered into contracts for the construction of a storage facility located in Bronx, NY. Construction is expected to be completed during the first quarter of 2014. At September 30, 2013, development costs for this project totaled $13.2 million. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage facilities on the Company’s consolidated balance sheets. | |
2012 Acquisitions | |
During 2012, as part of the $560 million Storage Deluxe transaction involving 22 Class A self-storage facilities located primarily in the greater New York City area, the Company acquired the final six facilities with a purchase price of approximately $201.9 million. The six facilities purchased are located in New York and Connecticut. In connection with the acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $12.3 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $4.5 million. In connection with the six acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $93.1 million, which includes an outstanding principal balance totaling $88.9 million and a net premium of $4.2 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption. | |
On September 28, 2012, the Company purchased, from its joint venture partner, the remaining 50% ownership in a partnership that owned nine storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”), for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. Following the purchase, the Company wholly owned the nine storage facilities which were unencumbered and had a fair value of $102 million at acquisition. In connection with this acquisition, the Company allocated a portion of the fair value to the intangible value of in-place leases which aggregated $8.3 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $6.2 million. | |
During 2012, the Company acquired an additional 22 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $128.4 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases which aggregated $13.2 million. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the nine months ended September 30, 2013 was approximately $7.9 million. In connection with two of the acquired facilities, the Company assumed mortgage debt, and recorded the debt at a fair value of $13.9 million, which includes an outstanding principal balance totaling $13.4 million and a net premium of $0.5 million in addition to the face value of the assumed debt to reflect the fair values of the debt at the time of assumption. |
INVESTMENT_IN_UNCONSOLIDATED_R
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | ' | |||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | ' | |||||||
5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | ||||||||
On September 26, 2011, the Company contributed $15.4 million in cash for a 50% interest in a partnership that owns nine storage facilities in Pennsylvania, Virginia, New York, New Jersey and Florida, collectively the HSRE Venture (“HSREV”). The other partner held the remaining 50% interest in the partnership. HSREV was not consolidated because the Company was not the primary beneficiary, the limited partners had the ability to dissolve or remove the Company without cause and the Company did not possess substantive participating rights. The Company accounted for its unconsolidated interest in its real estate venture using the equity method. The Company’s investment in HSREV was included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheet and earnings attributable to HSREV were presented in Equity in loss of real estate venture on the Company’s consolidated statements of operations. | ||||||||
As explained in note 4, on September 28, 2012, the Company purchased the remaining 50% ownership in HSREV, for cash of $21.7 million. In addition, upon taking control of these assets, the Company repaid $59.3 million of mortgage loans related to the facilities. As noted above, the Company previously accounted for its investment in HSREV using the equity method. As a result of this transaction, the Company obtained control of HSREV. The Company’s original 50% interest was remeasured and as a result, during the three and nine months ended September 30, 2012, the Company recorded a gain of approximately $7.0 million, which is reflected in Gain from remeasurement of investment in real estate venture on the accompanying statements of operations. | ||||||||
The Company’s equity in the loss of the real estate venture for the three and nine months ended September 30, 2012 was approximately $0.3 million and $0.7 million, respectively. | ||||||||
The following is a summary of results of operations of the real estate venture for the three and nine months ended September 30, 2012 (in thousands). | ||||||||
Three months ended | Nine months ended | |||||||
September 30, 2012 | ||||||||
Revenue | $ | 2,426 | $ | 7,229 | ||||
Operating expenses | 1,057 | 3,010 | ||||||
Interest expense, net | 880 | 2,690 | ||||||
Depreciation and amortization | 897 | 2,691 | ||||||
Net loss | -408 | -1,162 | ||||||
Company’s share of loss | -284 | -745 | ||||||
The results of operations above include the periods from July 1, 2012 through September 28, 2012 and January 1, 2012 through September 28, 2012, the date of the Company’s acquisition of the remaining 50% ownership interest. |
UNSECURED_SENIOR_NOTES
UNSECURED SENIOR NOTES | 9 Months Ended |
Sep. 30, 2013 | |
UNSECURED SENIOR NOTES | ' |
UNSECURED SENIOR NOTES | ' |
6. UNSECURED SENIOR NOTES | |
On June 26, 2012, the Operating Partnership issued $250 million in aggregate principal amount of unsecured senior notes due July 15, 2022 (the “senior notes”) which bear interest at a rate of 4.80%. The indenture under which the unsecured senior notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. The Operating Partnership is currently in compliance with all of the financial covenants under the senior notes. |
REVOLVING_CREDIT_FACILITY_AND_
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | ' | |||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | ' | |||||||||||
7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | ||||||||||||
On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”) which consisted of a $100 million term loan with a five-year maturity (“Term Loan A”) and a $100 million term loan with a seven-year maturity (“Term Loan B”). The Company incurred costs of $2.1 million in connection with executing the agreement and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. | ||||||||||||
On December 9, 2011, the Company entered into a credit facility (the “Credit Facility”) comprised of a $100 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300 million unsecured revolving facility maturing in December 2015 (“Revolver”). The Company incurred costs of $3.4 million in connection with executing the agreement and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. | ||||||||||||
On June 18, 2013, the Company amended both the Term Loan Facility and Credit Facility. With respect to the Term Loan Facility, among other things, the amendment extended the maturity and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa3/BBB- level, amounts drawn under Term Loan A are priced at 1.50% over LIBOR, with no LIBOR floor, while amounts drawn under Term Loan B are priced at 2.00% over LIBOR, with no LIBOR floor. | ||||||||||||
Term Loan Facility | Term Loan Facility | |||||||||||
Prior to Amendment | As Amended | |||||||||||
Amount | Maturity Date | LIBOR Spread | Maturity Date | LIBOR Spread | ||||||||
Term Loan A | $100 million | June 2016 | 1.85% | June 2018 | 1.50% | |||||||
Term Loan B | $100 million | June 2018 | 2.00% | June 2018 | 2.00% | |||||||
With respect to the Credit Facility, among other things, the amendment extended the maturities of the Revolver and Term Loan D and decreased the pricing of the Revolver, Term Loan C and Term Loan D. Pricing on the Credit Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa3/BBB- level, amounts drawn under the Revolver are priced at 1.60% over LIBOR, inclusive of a facility fee of 0.30%, with no LIBOR floor, while amounts drawn under Term Loan C and Term Loan D are priced at 1.50% over LIBOR, with no LIBOR floor. | ||||||||||||
Credit Facility | Credit Facility | |||||||||||
Prior to Amendment | As Amended | |||||||||||
Amount | Maturity Date | LIBOR Spread | Maturity Date | LIBOR Spread | ||||||||
Revolver | $300 million | December 2015 | 1.80% | June 2017 | 1.60% | |||||||
Term Loan C | $100 million | December 2014 | 1.75% | December 2014 | 1.50% | |||||||
Term Loan D | $200 million | March 2017 | 1.75% | January 2019 | 1.50% | |||||||
The Company incurred costs of $2.1 million in connection with amending the agreements and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. Unamortized costs, along with costs incurred in connection with the amendments, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. | ||||||||||||
As of September 30, 2013, $200 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $300 million of unsecured term loan borrowings were outstanding under the Credit Facility, $88.3 million of unsecured revolving credit facility borrowings were outstanding and $211.5 million was available for borrowing on the unsecured revolving portion of the Credit Facility. The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $0.2 million. In connection with the unsecured borrowings, the Company had interest rate swaps as of September 30, 2013 that fix 30-day LIBOR (see note 10). As of September 30, 2013, borrowings under the Credit Facility and Term Loan Facility, as amended, had an effective weighted average interest rate of 2.84%. | ||||||||||||
The Term Loan Facility and the term loans under the Credit Facility were fully drawn at September 30, 2013 and no further borrowings may be made under that facility and those term loans. The Company’s ability to borrow under the revolving facility is subject to ongoing compliance with certain financial covenants which include: | ||||||||||||
· Maximum total indebtedness to total asset value of 60.0% at any time; | ||||||||||||
· Minimum fixed charge coverage ratio of 1.50:1.00; and | ||||||||||||
· Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010. | ||||||||||||
Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on common shares that would exceed an amount equal to the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status. | ||||||||||||
The Company is currently in compliance with all of its financial covenants and anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility. |
MORTGAGE_LOANS_AND_NOTES_PAYAB
MORTGAGE LOANS AND NOTES PAYABLE | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
MORTGAGE LOANS AND NOTES PAYABLE | ' | |||||||||||
MORTGAGE LOANS AND NOTES PAYABLE | ' | |||||||||||
8. MORTGAGE LOANS AND NOTES PAYABLE | ||||||||||||
The Company’s mortgage loans and notes payable are summarized as follows: | ||||||||||||
Carrying Value as of: | ||||||||||||
September 30, | December 31, | Effective | Maturity | |||||||||
Mortgage Loans and Notes Payable | 2013 | 2012 | Interest Rate | Date | ||||||||
(dollars in thousands) | ||||||||||||
YSI 7 | $ | - | $ | 2,962 | 6.50% | 13-Jun | ||||||
YSI 8 | - | 1,692 | 6.50% | 13-Jun | ||||||||
YSI 9 | - | 1,862 | 6.50% | 13-Jun | ||||||||
YSI 17 | - | 3,846 | 6.32% | 13-Jul | ||||||||
YSI 27 | - | 461 | 5.59% | 13-Nov | ||||||||
YSI 30 | - | 6,765 | 5.59% | 13-Nov | ||||||||
USIFB | 6,678 | 7,221 | 3.57% | 13-Dec | ||||||||
YSI 11 | 2,217 | 2,276 | 5.87% | 14-Jan | ||||||||
YSI 5 | 2,923 | 3,001 | 5.25% | 14-Jan | ||||||||
YSI 28 | 1,422 | 1,460 | 5.59% | 14-Mar | ||||||||
YSI 10 | 3,862 | 3,928 | 5.87% | 15-Jan | ||||||||
YSI 15 | 1,746 | 1,784 | 6.41% | 15-Jan | ||||||||
YSI 52 | 4,592 | 4,721 | 5.63% | 15-Jan | ||||||||
YSI 58 | 8,752 | 8,974 | 2.97% | 15-Jan | ||||||||
YSI 29 | 12,906 | 13,060 | 3.69% | 15-Aug | ||||||||
YSI 20 | 56,923 | 58,524 | 5.97% | 15-Nov | ||||||||
YSI 59 | 9,466 | 9,603 | 4.82% | 16-Mar | ||||||||
YSI 60 | 3,684 | 3,725 | 5.04% | 16-Aug | ||||||||
YSI 51 | 7,246 | 7,325 | 5.15% | 16-Sep | ||||||||
YSI 35 | 4,300 | 4,373 | 6.90% | 19-Jul | (a) | |||||||
YSI 33 | 10,750 | 10,930 | 6.42% | 19-Jul | ||||||||
YSI 26 | 8,986 | 9,102 | 4.56% | 20-Nov | ||||||||
YSI 57 | 3,154 | 3,195 | 4.61% | 20-Nov | ||||||||
YSI 55 | 24,237 | 24,502 | 4.85% | 21-Jun | ||||||||
YSI 24 | 28,682 | 29,141 | 4.64% | 21-Jun | ||||||||
Unamortized fair value adjustment | 3,574 | 4,326 | ||||||||||
Total mortgage loans and notes payable | $ | 206,100 | $ | 228,759 | ||||||||
(a) This borrowing has a fixed interest rate for the first five years of the term, and the rate then resets and remains constant over the final five years of the loan term. | ||||||||||||
The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2013 (in thousands): | ||||||||||||
2013 | $ | 7,982 | ||||||||||
2014 | 11,633 | |||||||||||
2015 | 86,978 | |||||||||||
2016 | 21,342 | |||||||||||
2017 | 1,915 | |||||||||||
2018 and thereafter | 72,676 | |||||||||||
Total mortgage payments | 202,526 | |||||||||||
Plus: Unamortized fair value adjustment | 3,574 | |||||||||||
Total mortgage indebtedness | $ | 206,100 | ||||||||||
The Company currently intends to fund its remaining 2013 principal payment requirements from cash provided by operating activities, new debt originations, and/or additional borrowings under its unsecured Credit Facility ($211.5 million available as of September 30, 2013). |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||
9. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 (dollars in thousands): | |||||||||||
Unrealized losses | Unrealized loss on | Total | |||||||||
on interest rate | foreign currency | ||||||||||
swaps | translation | ||||||||||
Balance at December 31, 2012 | $ | -18,973 | $ | -823 | $ | -19,796 | |||||
Other comprehensive gain before reclassifications | 2,542 | 42 | 2,584 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,586 | (a) | - | 4,586 | |||||||
Net current-period other comprehensive income | 7,128 | 42 | 7,170 | ||||||||
Balance at September 30, 2013 | $ | -11,845 | $ | -781 | $ | -12,626 | |||||
(a) See note 10 for additional information about the effects of the amounts reclassified. |
RISK_MANAGEMENT_AND_USE_OF_FIN
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||
The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. | ||||||||||||||||||
The Company has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity as Accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative. | ||||||||||||||||||
The following table summarizes the terms and fair values of the Company’s derivative financial instruments at September 30, 2013 and December 31, 2012, respectively (dollars in thousands): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Hedge | Notional | September 30, | December 31, | |||||||||||||||
Product | Hedge Type (a) | Amount | Strike | Effective Date | Maturity | 2013 | 2012 | |||||||||||
Swap | Cash flow | $ | 40,000 | 1.80% | 6/20/11 | 6/20/16 | $ | -1,379 | $ | -1,873 | ||||||||
Swap | Cash flow | $ | 40,000 | 1.80% | 6/20/11 | 6/20/16 | -1,379 | -1,875 | ||||||||||
Swap | Cash flow | $ | 20,000 | 1.80% | 6/20/11 | 6/20/16 | -689 | -937 | ||||||||||
Swap | Cash flow | $ | 75,000 | 1.34% | 12/30/11 | 3/31/17 | -1,325 | -2,378 | ||||||||||
Swap | Cash flow | $ | 50,000 | 1.34% | 12/30/11 | 3/31/17 | -878 | -1,583 | ||||||||||
Swap | Cash flow | $ | 50,000 | 1.34% | 12/30/11 | 3/31/17 | -880 | -1,583 | ||||||||||
Swap | Cash flow | $ | 25,000 | 1.34% | 12/30/11 | 3/31/17 | -444 | -799 | ||||||||||
Swap | Cash flow | $ | 40,000 | 2.46% | 6/20/11 | 6/20/18 | -2,160 | -3,433 | ||||||||||
Swap | Cash flow | $ | 40,000 | 2.47% | 6/20/11 | 6/20/18 | -2,186 | -3,470 | ||||||||||
Swap | Cash flow | $ | 20,000 | 2.48% | 6/20/11 | 6/20/18 | -1,092 | -1,734 | ||||||||||
$ | 400,000 | $ | -12,412 | $ | -19,665 | |||||||||||||
(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR. | ||||||||||||||||||
The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability. As of September 30, 2013 and December 31, 2012, all derivative instruments were included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The change in unrealized losses on interest rate swaps reflects a reclassification of approximately $4.6 million of unrealized losses from accumulated other comprehensive loss and $0.1 million of unrealized losses from noncontrolling interests in the Operating Partnership as an increase to interest expense during the nine months ended September 30, 2013. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||
11. FAIR VALUE MEASUREMENTS | |||||||||||
The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | |||||||||||
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||||||||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | |||||||||||
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its assessment of fair value. | |||||||||||
Financial assets and liabilities carried at fair value as of September 30, 2013 are classified in the table below in one of the three categories described above (dollars in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | - | $ | 12,412 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | 12,412 | $ | - | |||||
Financial assets and liabilities carried at fair value as of December 31, 2012 are classified in the table below in one of the three categories described above (dollars in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | - | $ | 19,665 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | 19,665 | $ | - | |||||
Financial assets and liabilities carried at fair value were classified as Level 2 inputs. For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities: | |||||||||||
· Interest rate swap derivative assets and liabilities – valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades in 2013 that would reduce the amount owed by the Company. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of September 30, 2013, the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | |||||||||||
During the three and nine months ended September 30, 2012, the Company recorded a nonrecurring Level 3 fair value measurement gain of approximately $7.0 million resulting from the remeasurement of its investment in an unconsolidated real estate venture (see note 5). Fair value for those assets measured using Level 3 inputs was determined through the use of a direct capitalization approach. The direct capitalization approach applies a projected yield for the investment to the estimated stabilized income for the facility. Yield rates utilized in this approach are derived from market transactions as well as other financial and industry data. The yield rates used in determining the fair value of HSREV ranged from 6%-7%. | |||||||||||
The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values at September 30, 2013 and December 31, 2012. The aggregate carrying value of the Company’s debt was $1,044.4 million and $1,023.8 million at September 30, 2013 and December 31, 2012, respectively. The estimated fair value of the Company’s debt was $1,058.7 million and $1,017.3 million at September 30, 2013 and December 31, 2012, respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 2013 and December 31, 2012. The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity. |
NONCONTROLLING_INTERESTS
NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 2013 | |
NONCONTROLLING INTERESTS | ' |
NONCONTROLLING INTERESTS | ' |
12. NONCONTROLLING INTERESTS | |
Variable Interests in Consolidated Real Estate Joint Ventures | |
USIFB, LLP (“the Venture”) was formed to own, operate, acquire and develop self-storage facilities in England. The Company owns a 97% interest in the Venture through a wholly-owned subsidiary and the Venture commenced operations at two facilities in London, England during 2008. The Company determined that the Venture is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of the Venture. At September 30, 2013, the Venture had total assets of $12.0 million and total liabilities of $7.4 million, including two mortgage loans totaling $6.7 million secured by storage facilities with a net book value of $11.4 million. At September 30, 2013, the Venture’s creditors had no recourse to the general credit of the Company. | |
Operating Partnership Ownership | |
The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. | |
Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. | |
Approximately 1.6% and 2.4% of the outstanding OP Units as of September 30, 2013 and December 31, 2012, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage facilities. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. | |
At September 30, 2013 and December 31, 2012, 2,280,730 and 3,293,730 OP units, respectively, were outstanding. The per Unit cash redemption amount of the outstanding OP units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the 10 trading days ending prior to CubeSmart’s receipt of the redemption notice for the applicable Unit. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value at September 30, 2013 and December 31, 2012, as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $7.7 million and $19.5 million at September 30, 2013 and December 31, 2012, respectively. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
13. RELATED PARTY TRANSACTIONS | |||||||||||||
Corporate Office Leases | |||||||||||||
Subsequent to its entry into lease agreements with related parties for office space, the Operating Partnership entered into sublease agreements with various unrelated tenants for the related office space. Each of these office properties is part of Airport Executive Park, a 50-acre office and flex development located in Cleveland, Ohio, which is owned by former executives. Our independent Trustees approved the terms of, and entry into, each of the office lease agreements by the Operating Partnership. The table below shows the office space subject to these lease agreements and certain key provisions, including the term of each lease agreement, the period for which the Operating Partnership may extend the term of each lease agreement, and the minimum and maximum rents payable per month during the term. | |||||||||||||
Office Space | Approximate | Maturity Date | Period of | Fixed Minimum | Fixed | ||||||||
Square Footage | Extension Option (1) | Rent Per Month | Maximum Rent | ||||||||||
Per Month | |||||||||||||
The Parkview Building — 6745 Engle Road; and 6751 Engle Road | 21,900 | 12/31/14 | Five-year | $ | 25,673 | $ | 31,205 | ||||||
6745 Engle Road — Suite 100 | 2,212 | 12/31/14 | Five-year | $ | 3,051 | $ | 3,709 | ||||||
6745 Engle Road — Suite 110 | 1,731 | 12/31/14 | Five-year | $ | 2,387 | $ | 2,901 | ||||||
6751 Engle Road — Suites C and D | 3,000 | 12/31/14 | Five-year | $ | 3,137 | $ | 3,771 | ||||||
(1) Our Operating Partnership may extend the lease agreement beyond the termination date by the period set forth in this column at prevailing market rates upon the same terms and conditions contained in each of the lease agreements. | |||||||||||||
In addition to monthly rent, the office lease agreements provide that our Operating Partnership reimburse for certain maintenance and improvements to the leased office space. The aggregate amount of payments incurred under these lease agreements for each of the nine month periods ended September 30, 2013 and 2012, was approximately $0.4 million. | |||||||||||||
Total future minimum rental payments due in accordance with the related party lease agreements and total future cash receipts due from our subtenants as of September 30, 2013 are as follows: | |||||||||||||
Due to Related | Due from | ||||||||||||
Party Amount | Subtenant Amount | ||||||||||||
(in thousands) | |||||||||||||
2013 | $ | 125 | $ | 79 | |||||||||
2014 | 499 | 315 | |||||||||||
$ | 624 | $ | 394 |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
14. DISCONTINUED OPERATIONS | |||||||||||||
For the three and nine months ended September 30, 2013, discontinued operations relates to 13 self-storage facilities that the Company sold during 2013 and 21 facilities that were held for sale as of September 30, 2013. Each of the sales during 2013 resulted in the recognition of a gain, which in the aggregate totaled $9.5 million. For the three and nine months ended September 30, 2012, discontinued operations relates to 13 self-storage facilities that the Company sold during 2013, 21 facilities that were held for sale as of September 30, 2013 and 26 facilities that the Company sold during 2012. | |||||||||||||
The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
For the three months ended | For the nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
REVENUES | |||||||||||||
Rental income | $ | 2,701 | $ | 4,724 | $ | 9,331 | $ | 16,086 | |||||
Other property related income | 405 | 675 | 1,391 | 2,067 | |||||||||
Total revenues | 3,106 | 5,399 | 10,722 | 18,153 | |||||||||
OPERATING EXPENSES | |||||||||||||
Property operating expenses | 1,019 | 2,633 | 4,183 | 8,399 | |||||||||
Depreciation and amortization | 680 | 1,202 | 2,338 | 4,386 | |||||||||
Total operating expenses | 1,699 | 3,835 | 6,521 | 12,785 | |||||||||
OPERATING INCOME | 1,407 | 1,564 | 4,201 | 5,368 | |||||||||
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 | |||||||||
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 | |||||||||
Income from discontinued operations | $ | 10,717 | $ | 1,761 | $ | 13,739 | $ | 11,771 |
PRO_FORMA_FINANCIAL_INFORMATIO
PRO FORMA FINANCIAL INFORMATION | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
PRO FORMA FINANCIAL INFORMATION | ' | ||||||||||||
PRO FORMA FINANCIAL INFORMATION | ' | ||||||||||||
15. PRO FORMA FINANCIAL INFORMATION | |||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company acquired 14 self-storage facilities for an aggregate purchase price of approximately $133.1 million (see note 4) and 37 self-storage facilities for an aggregate purchase price of approximately $432.3 million, respectively. | |||||||||||||
The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2013 and 2012 as if each had occurred as of January 1, 2012 and 2011, respectively. The pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations. | |||||||||||||
The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the nine months ended September 30, 2013 and 2012 based on the assumptions described above: | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands, except per share data) | |||||||||||||
Pro forma revenue | $ | 242,344 | $ | 230,026 | |||||||||
Pro forma net income (loss) from continuing operations | $ | 11,160 | $ | 3,178 | |||||||||
Net (loss) income per common share from continuing operations | |||||||||||||
Basic and diluted - as reported | $ | 0 | $ | -0.13 | |||||||||
Basic and diluted - as pro forma | $ | 0.08 | $ | 0.03 | |||||||||
The following table summarizes the Company’s revenue and earnings related to the 2013 and 2012 acquisitions from the respective acquisition dates in the period they were acquired, included in the consolidated income statement for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Total revenue | $ | 2,683 | $ | 5,683 | $ | 3,472 | $ | 9,356 | |||||
Net loss | $ | -1,564 | $ | -3,023 | $ | -2,198 | $ | -5,133 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
16. SUBSEQUENT EVENTS | |
Subsequent to September 30, 2013, the Company sold 22 facilities located in California, Ohio, Tennessee, Texas and Wisconsin, 21 of which were considered held-for-sale as of September 30, 2013, for approximately $90.0 million. | |
Subsequent to September 30, 2013, the Company acquired one facility located in Maryland for $15.4 million (including the assumption of $8.5 million of debt). | |
On October 28, 2013, the Company entered into a Purchase and Sale Agreement (the “HAC Purchase Agreement”) to acquire 29 self-storage facilities located in Houston and Austin, Texas and one self-storage facility located in Charlotte, North Carolina. At the time of the execution of the HAC Purchase Agreement, $20 million was deposited in escrow. In addition, on October 28, 2013, the Company entered into a Purchase and Sale Agreement (the “GJR Purchase Agreement”) to acquire six self-storage facilities located in Houston, Texas. At the time of the execution of the GJR Purchase Agreement, $5 million was deposited in escrow. The closings of the acquisitions are expected to occur during the fourth quarter of 2013. | |
At a regularly scheduled meeting of our Board of Trustees (the “Board”) on November 6, 2013, Dean Jernigan, our Chief Executive Officer and Trustee, submitted written notice of his resignation from our Board effective December 31, 2013 concurrent with his resignation as the Company’s Chief Executive Officer which was previously announced in June 2012. Mr. Jernigan’s resignation is not the result of any disagreement with the Company relating to the Company’s operations, policies or practices. Mr. Jernigan also confirmed his previously announced resignation from his office of Chief Executive Officer. In connection with the receipt of Mr. Jernigan’s resignation from the Board, our Board appointed Christopher P. Marr as a member of our Board upon the effective date of Mr. Jernigan’s resignation. As previously disclosed, on February 20, 2013, Mr. Marr was appointed President and Chief Executive Officer of the Company effective upon Mr. Jernigan’s retirement date. Mr. Marr will stand for election to our Board at the next regularly scheduled meeting of the Company’s shareholders. | |
At a regularly scheduled meeting of our Board on November 6, 2013, our Board authorized the Company to enter into an Advisory Agreement dated November 6, 2013 with Mr. Jernigan. Under the Advisory Agreement, Mr. Jernigan may be asked to perform advisory and consulting services to the Company at the direction of the Company’s Chief Executive Officer. The Company anticipates Mr. Jernigan will devote no more than 20 hours each calendar quarter to provide services under the Agreement. Mr. Jernigan will be paid an hourly rate of $1,000 for each hour of advisory or consulting services performed for the Company pursuant to the Advisory Agreement. The Company paid Mr. Jernigan a $10,000 retainer against future billings by Mr. Jernigan under the Advisory Agreement. The Advisory Agreement extends for a period not to exceed December 31, 2016, but is terminable earlier due to Mr. Jernigan’s death, by mutual agreement, or on 90 days prior written notice by either party at any time after December 31, 2014. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles (“GAAP”) in the United States. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2012, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results of operations to be expected for any future period or the full year. | |
Immaterial Correction to Prior Period Financial Statements | ' |
Immaterial Correction to Prior Period Financial Statements | |
In the third quarter of 2013, we revised our 2012 disclosure in the consolidated statement of cash flows to reflect a decrease in both net cash provided by operating activities and net cash used in investing activities of $11.1 million. This adjustment was made after completing an analysis that determined cash paid for acquisitions of self-storage facilities did not properly reflect the use of earnest money deposits, paid to Storage Deluxe in 2011, when certain facilities within the portfolio were acquired in 2012. After evaluating the quantitative and qualitative effects of this error, we have concluded that the impact on the Company’s prior interim period consolidated statements of cash flows was not material. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting standard for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment requires entities to disclose for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected income statement line item and for AOCI items that are not reclassified in their entirety into net income, a cross reference to other required GAAP disclosures. This amendment became effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in 2013 did not have a material impact on the Company’s consolidated financial position or results of operations as its impact was limited to disclosure requirements (see note 9). |
STORAGE_FACILITIES_Tables
STORAGE FACILITIES (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
STORAGE FACILITIES | ' | |||||||||
Summary of real estate assets | ' | |||||||||
September 30, | December 31, | |||||||||
2013 | 2012 | |||||||||
(in thousands) | ||||||||||
Land | $ | 455,493 | $ | 462,626 | ||||||
Buildings and improvements | 1,833,558 | 1,828,388 | ||||||||
Equipment | 152,128 | 143,836 | ||||||||
Construction in progress | 32,710 | 8,172 | ||||||||
Storage facilities | 2,473,889 | 2,443,022 | ||||||||
Less: Accumulated depreciation | -380,621 | -353,315 | ||||||||
Storage facilities, net | $ | 2,093,268 | $ | 2,089,707 | ||||||
Schedule of acquisitions and dispositions of real estate assets | ' | |||||||||
Facility/Portfolio | Location | Transaction Date | Number of Facilities | Purchase / Sales | ||||||
Price (in thousands) | ||||||||||
2013 Acquisitions: | ||||||||||
Gilbert Asset | Gilbert, AZ | March 2013 | 1 | $ | 6,900 | |||||
Evanston Asset | Evanston, IL | May 2013 | 1 | 8,300 | ||||||
Delray Beach Asset | Delray Beach, FL | May 2013 | 1 | 7,150 | ||||||
Miramar Asset | Miramar, FL | June 2013 | 1 | 9,000 | ||||||
Stoneham Asset | Stoneham, MA | June 2013 | 1 | 10,600 | ||||||
Maryland/New Jersey Assets | Multiple locations in MD and NJ | June 2013 | 5 | 52,400 | ||||||
Staten Island Asset | Staten Island, NY | July 2013 | 1 | 13,000 | ||||||
Lewisville Asset | Lewisville, TX | August 2013 | 1 | 10,975 | ||||||
Chandler Asset | Chandler, AZ | September 2013 | 1 | 10,500 | ||||||
Tempe Asset | Tempe, AZ | September 2013 | 1 | 4,300 | ||||||
14 | $ | 133,125 | ||||||||
2013 Dispositions: | ||||||||||
Texas/Indiana Assets | Multiple locations in TX and IN | March 2013 | 5 | $ | 11,400 | |||||
Tennessee Assets | Multiple locations in TN | August 2013 | 8 | 25,000 | ||||||
13 | $ | 36,400 | ||||||||
2012 Acquisitions: | ||||||||||
Houston Asset | Houston, TX | February 2012 | 1 | $ | 5,100 | |||||
Dunwoody Asset | Dunwoody, GA | February 2012 | 1 | 6,900 | ||||||
Mansfield Asset | Mansfield, TX | June 2012 | 1 | 4,970 | ||||||
Texas Assets | Multiple locations in TX | July 2012 | 4 | 18,150 | ||||||
Allen Asset | Allen, TX | July 2012 | 1 | 5,130 | ||||||
Norwalk Asset | Norwalk, CT | July 2012 | 1 | 5,000 | ||||||
Storage Deluxe Assets | Multiple locations in NY and CT | February/ April/ August 2012 | 6 | 201,910 | ||||||
Eisenhower Asset | Alexandria, VA | August 2012 | 1 | 19,750 | ||||||
New Jersey Assets | Multiple locations in NJ | August 2012 | 2 | 10,750 | ||||||
Georgia/Florida Assets | Multiple locations in GA and FL | August 2012 | 3 | 13,370 | ||||||
Peachtree Asset | Peachtree City, GA | August 2012 | 1 | 3,100 | ||||||
HSREV Assets | Multiple locations in PA, NY, NJ, VA and FL | September 2012 | 9 | 102,000 | ||||||
Leetsdale Asset | Denver, CO | September 2012 | 1 | 10,600 | ||||||
Orlando/West Palm Beach Assets | Multiple locations in FL | November 2012 | 2 | 13,010 | ||||||
Exton/Cherry Hill Assets | Multiple locations in NJ and PA | December 2012 | 2 | 7,800 | ||||||
Carrollton Asset | Carrollton, TX | December 2012 | 1 | 4,800 | ||||||
37 | $ | 432,340 | ||||||||
2012 Dispositions: | ||||||||||
Michigan Assets | Multiple locations in MI | June 2012 | 3 | $ | 6,362 | |||||
Gulf Coast Assets | Multiple locations in LA, AL and MS | June 2012 | 5 | 16,800 | ||||||
New Mexico Assets | Multiple locations in NM | August 2012 | 6 | 7,500 | ||||||
San Bernardino Asset | San Bernardino, CA | August 2012 | 1 | 5,000 | ||||||
Florida/Tennessee Assets | Multiple locations in FL and TN | November 2012 | 3 | 6,550 | ||||||
Ohio Assets | Multiple locations in OH | November 2012 | 8 | 17,750 | ||||||
26 | $ | 59,962 |
INVESTMENT_IN_UNCONSOLIDATED_R1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE | ' | |||||||
Summary of results of operations of the Real Estate Venture | ' | |||||||
The following is a summary of results of operations of the real estate venture for the three and nine months ended September 30, 2012 (in thousands). | ||||||||
Three months ended | Nine months ended | |||||||
September 30, 2012 | ||||||||
Revenue | $ | 2,426 | $ | 7,229 | ||||
Operating expenses | 1,057 | 3,010 | ||||||
Interest expense, net | 880 | 2,690 | ||||||
Depreciation and amortization | 897 | 2,691 | ||||||
Net loss | -408 | -1,162 | ||||||
Company’s share of loss | -284 | -745 | ||||||
REVOLVING_CREDIT_FACILITY_AND_1
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | ' | |||||||||||
Schedule of amendment of the term loan facility | ' | |||||||||||
Term Loan Facility | Term Loan Facility | |||||||||||
Prior to Amendment | As Amended | |||||||||||
Amount | Maturity Date | LIBOR Spread | Maturity Date | LIBOR Spread | ||||||||
Term Loan A | $100 million | June 2016 | 1.85% | June 2018 | 1.50% | |||||||
Term Loan B | $100 million | June 2018 | 2.00% | June 2018 | 2.00% | |||||||
Schedule of amendment of the credit facility | ' | |||||||||||
Credit Facility | Credit Facility | |||||||||||
Prior to Amendment | As Amended | |||||||||||
Amount | Maturity Date | LIBOR Spread | Maturity Date | LIBOR Spread | ||||||||
Revolver | $300 million | December 2015 | 1.80% | June 2017 | 1.60% | |||||||
Term Loan C | $100 million | December 2014 | 1.75% | December 2014 | 1.50% | |||||||
Term Loan D | $200 million | March 2017 | 1.75% | January 2019 | 1.50% |
MORTGAGE_LOANS_AND_NOTES_PAYAB1
MORTGAGE LOANS AND NOTES PAYABLE (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
MORTGAGE LOANS AND NOTES PAYABLE | ' | |||||||||||
Summary of mortgage loans and notes payable | ' | |||||||||||
Carrying Value as of: | ||||||||||||
September 30, | December 31, | Effective | Maturity | |||||||||
Mortgage Loans and Notes Payable | 2013 | 2012 | Interest Rate | Date | ||||||||
(dollars in thousands) | ||||||||||||
YSI 7 | $ | - | $ | 2,962 | 6.50% | 13-Jun | ||||||
YSI 8 | - | 1,692 | 6.50% | 13-Jun | ||||||||
YSI 9 | - | 1,862 | 6.50% | 13-Jun | ||||||||
YSI 17 | - | 3,846 | 6.32% | 13-Jul | ||||||||
YSI 27 | - | 461 | 5.59% | 13-Nov | ||||||||
YSI 30 | - | 6,765 | 5.59% | 13-Nov | ||||||||
USIFB | 6,678 | 7,221 | 3.57% | 13-Dec | ||||||||
YSI 11 | 2,217 | 2,276 | 5.87% | 14-Jan | ||||||||
YSI 5 | 2,923 | 3,001 | 5.25% | 14-Jan | ||||||||
YSI 28 | 1,422 | 1,460 | 5.59% | 14-Mar | ||||||||
YSI 10 | 3,862 | 3,928 | 5.87% | 15-Jan | ||||||||
YSI 15 | 1,746 | 1,784 | 6.41% | 15-Jan | ||||||||
YSI 52 | 4,592 | 4,721 | 5.63% | 15-Jan | ||||||||
YSI 58 | 8,752 | 8,974 | 2.97% | 15-Jan | ||||||||
YSI 29 | 12,906 | 13,060 | 3.69% | 15-Aug | ||||||||
YSI 20 | 56,923 | 58,524 | 5.97% | 15-Nov | ||||||||
YSI 59 | 9,466 | 9,603 | 4.82% | 16-Mar | ||||||||
YSI 60 | 3,684 | 3,725 | 5.04% | 16-Aug | ||||||||
YSI 51 | 7,246 | 7,325 | 5.15% | 16-Sep | ||||||||
YSI 35 | 4,300 | 4,373 | 6.90% | 19-Jul | (a) | |||||||
YSI 33 | 10,750 | 10,930 | 6.42% | 19-Jul | ||||||||
YSI 26 | 8,986 | 9,102 | 4.56% | 20-Nov | ||||||||
YSI 57 | 3,154 | 3,195 | 4.61% | 20-Nov | ||||||||
YSI 55 | 24,237 | 24,502 | 4.85% | 21-Jun | ||||||||
YSI 24 | 28,682 | 29,141 | 4.64% | 21-Jun | ||||||||
Unamortized fair value adjustment | 3,574 | 4,326 | ||||||||||
Total mortgage loans and notes payable | $ | 206,100 | $ | 228,759 | ||||||||
(a) This borrowing has a fixed interest rate for the first five years of the term, and the rate then resets and remains constant over the final five years of the loan term. | ||||||||||||
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable | ' | |||||||||||
The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable at September 30, 2013 (in thousands): | ||||||||||||
2013 | $ | 7,982 | ||||||||||
2014 | 11,633 | |||||||||||
2015 | 86,978 | |||||||||||
2016 | 21,342 | |||||||||||
2017 | 1,915 | |||||||||||
2018 and thereafter | 72,676 | |||||||||||
Total mortgage payments | 202,526 | |||||||||||
Plus: Unamortized fair value adjustment | 3,574 | |||||||||||
Total mortgage indebtedness | $ | 206,100 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||
Summary of changes in accumulated other comprehensive loss by component | ' | ||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 (dollars in thousands): | |||||||||||
Unrealized losses | Unrealized loss on | Total | |||||||||
on interest rate | foreign currency | ||||||||||
swaps | translation | ||||||||||
Balance at December 31, 2012 | $ | -18,973 | $ | -823 | $ | -19,796 | |||||
Other comprehensive gain before reclassifications | 2,542 | 42 | 2,584 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,586 | (a) | - | 4,586 | |||||||
Net current-period other comprehensive income | 7,128 | 42 | 7,170 | ||||||||
Balance at September 30, 2013 | $ | -11,845 | $ | -781 | $ | -12,626 | |||||
(a) See note 10 for additional information about the effects of the amounts reclassified. |
RISK_MANAGEMENT_AND_USE_OF_FIN1
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
Summary of terms and fair values of the derivative financial instruments | ' | |||||||||||||||||
The following table summarizes the terms and fair values of the Company’s derivative financial instruments at September 30, 2013 and December 31, 2012, respectively (dollars in thousands): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Hedge | Notional | September 30, | December 31, | |||||||||||||||
Product | Hedge Type (a) | Amount | Strike | Effective Date | Maturity | 2013 | 2012 | |||||||||||
Swap | Cash flow | $ | 40,000 | 1.80% | 6/20/11 | 6/20/16 | $ | -1,379 | $ | -1,873 | ||||||||
Swap | Cash flow | $ | 40,000 | 1.80% | 6/20/11 | 6/20/16 | -1,379 | -1,875 | ||||||||||
Swap | Cash flow | $ | 20,000 | 1.80% | 6/20/11 | 6/20/16 | -689 | -937 | ||||||||||
Swap | Cash flow | $ | 75,000 | 1.34% | 12/30/11 | 3/31/17 | -1,325 | -2,378 | ||||||||||
Swap | Cash flow | $ | 50,000 | 1.34% | 12/30/11 | 3/31/17 | -878 | -1,583 | ||||||||||
Swap | Cash flow | $ | 50,000 | 1.34% | 12/30/11 | 3/31/17 | -880 | -1,583 | ||||||||||
Swap | Cash flow | $ | 25,000 | 1.34% | 12/30/11 | 3/31/17 | -444 | -799 | ||||||||||
Swap | Cash flow | $ | 40,000 | 2.46% | 6/20/11 | 6/20/18 | -2,160 | -3,433 | ||||||||||
Swap | Cash flow | $ | 40,000 | 2.47% | 6/20/11 | 6/20/18 | -2,186 | -3,470 | ||||||||||
Swap | Cash flow | $ | 20,000 | 2.48% | 6/20/11 | 6/20/18 | -1,092 | -1,734 | ||||||||||
$ | 400,000 | $ | -12,412 | $ | -19,665 | |||||||||||||
(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||
Schedule of financial assets and liabilities carried at fair value | ' | ||||||||||
Financial assets and liabilities carried at fair value as of September 30, 2013 are classified in the table below in one of the three categories described above (dollars in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | - | $ | 12,412 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | 12,412 | $ | - | |||||
Financial assets and liabilities carried at fair value as of December 31, 2012 are classified in the table below in one of the three categories described above (dollars in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Interest Rate Swap Derivative Liabilities | $ | - | $ | 19,665 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | 19,665 | $ | - |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
Schedule of office space subject to lease agreement with related parties | ' | ||||||||||||
Office Space | Approximate | Maturity Date | Period of | Fixed Minimum | Fixed | ||||||||
Square Footage | Extension Option (1) | Rent Per Month | Maximum Rent | ||||||||||
Per Month | |||||||||||||
The Parkview Building — 6745 Engle Road; and 6751 Engle Road | 21,900 | 12/31/14 | Five-year | $ | 25,673 | $ | 31,205 | ||||||
6745 Engle Road — Suite 100 | 2,212 | 12/31/14 | Five-year | $ | 3,051 | $ | 3,709 | ||||||
6745 Engle Road — Suite 110 | 1,731 | 12/31/14 | Five-year | $ | 2,387 | $ | 2,901 | ||||||
6751 Engle Road — Suites C and D | 3,000 | 12/31/14 | Five-year | $ | 3,137 | $ | 3,771 | ||||||
(1) Our Operating Partnership may extend the lease agreement beyond the termination date by the period set forth in this column at prevailing market rates upon the same terms and conditions contained in each of the lease agreements. | |||||||||||||
Schedule of total future minimum rental payments under the related party lease agreements | ' | ||||||||||||
Due to Related | Due from | ||||||||||||
Party Amount | Subtenant Amount | ||||||||||||
(in thousands) | |||||||||||||
2013 | $ | 125 | $ | 79 | |||||||||
2014 | 499 | 315 | |||||||||||
$ | 624 | $ | 394 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
Summary of information about revenue and expense related to facilities classified as discontinued operations | ' | ||||||||||||
The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
For the three months ended | For the nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
REVENUES | |||||||||||||
Rental income | $ | 2,701 | $ | 4,724 | $ | 9,331 | $ | 16,086 | |||||
Other property related income | 405 | 675 | 1,391 | 2,067 | |||||||||
Total revenues | 3,106 | 5,399 | 10,722 | 18,153 | |||||||||
OPERATING EXPENSES | |||||||||||||
Property operating expenses | 1,019 | 2,633 | 4,183 | 8,399 | |||||||||
Depreciation and amortization | 680 | 1,202 | 2,338 | 4,386 | |||||||||
Total operating expenses | 1,699 | 3,835 | 6,521 | 12,785 | |||||||||
OPERATING INCOME | 1,407 | 1,564 | 4,201 | 5,368 | |||||||||
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 | |||||||||
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 | |||||||||
Income from discontinued operations | $ | 10,717 | $ | 1,761 | $ | 13,739 | $ | 11,771 |
PRO_FORMA_FINANCIAL_INFORMATIO1
PRO FORMA FINANCIAL INFORMATION (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
PRO FORMA FINANCIAL INFORMATION | ' | ||||||||||||
Schedule of consolidated results of operations on a pro forma basis | ' | ||||||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands, except per share data) | |||||||||||||
Pro forma revenue | $ | 242,344 | $ | 230,026 | |||||||||
Pro forma net income (loss) from continuing operations | $ | 11,160 | $ | 3,178 | |||||||||
Net (loss) income per common share from continuing operations | |||||||||||||
Basic and diluted - as reported | $ | 0 | $ | -0.13 | |||||||||
Basic and diluted - as pro forma | $ | 0.08 | $ | 0.03 | |||||||||
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement | ' | ||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Total revenue | $ | 2,683 | $ | 5,683 | $ | 3,472 | $ | 9,356 | |||||
Net loss | $ | -1,564 | $ | -3,023 | $ | -2,198 | $ | -5,133 |
ORGANIZATION_AND_NATURE_OF_OPE1
ORGANIZATION AND NATURE OF OPERATIONS (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
state | |
ORGANIZATION AND NATURE OF OPERATIONS | ' |
Number of states in which self-storage facilities are located | 21 |
Number of reportable segments | 1 |
Percentage of the entity's partnership interest in Operating Partnership | 98.40% |
Common stock, conversion ratio | 1 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash provided by (used in) operating activities | $103,891 | $86,069 |
Net cash provided by (used in) investing activities | -130,273 | -260,659 |
Prior period correction | ' | ' |
Net cash provided by (used in) operating activities | ' | -11,100 |
Net cash provided by (used in) investing activities | ' | $11,100 |
STORAGE_FACILITIES_Details
STORAGE FACILITIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
STORAGE FACILITIES | ' | ' |
Storage facilities | $2,473,889 | $2,443,022 |
Less: Accumulated depreciation | -380,621 | -353,315 |
Storage facilities, net | 2,093,268 | 2,089,707 |
Land | ' | ' |
STORAGE FACILITIES | ' | ' |
Storage facilities | 455,493 | 462,626 |
Buildings and improvements | ' | ' |
STORAGE FACILITIES | ' | ' |
Storage facilities | 1,833,558 | 1,828,388 |
Equipment | ' | ' |
STORAGE FACILITIES | ' | ' |
Storage facilities | 152,128 | 143,836 |
Construction in progress | ' | ' |
STORAGE FACILITIES | ' | ' |
Storage facilities | $32,710 | $8,172 |
STORAGE_FACILITIES_Details_2
STORAGE FACILITIES (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
property | property | |
Acquisitions | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 14 | 37 |
Purchase / Sales Price | $133,125 | $432,340 |
Acquisitions | Houston, Texas | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 5,100 |
Acquisitions | Dunwoody, Georgia | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 6,900 |
Acquisitions | Mansfield Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 4,970 |
Acquisitions | Texas Asset at multiple locations in TX | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 4 |
Purchase / Sales Price | ' | 18,150 |
Acquisitions | Allen Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 5,130 |
Acquisitions | Norwalk Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 5,000 |
Acquisitions | Storage Deluxe assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 6 |
Purchase / Sales Price | ' | 201,910 |
Acquisitions | Eisenhower Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 19,750 |
Acquisitions | New Jersey Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 2 |
Purchase / Sales Price | ' | 10,750 |
Acquisitions | Georgia/ Florida Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 3 |
Purchase / Sales Price | ' | 13,370 |
Acquisitions | Peachtree Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 3,100 |
Acquisitions | HSREV Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 9 |
Purchase / Sales Price | ' | 102,000 |
Acquisitions | Leetsdale Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 10,600 |
Acquisitions | Orlando/ West Palm Beach Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 2 |
Purchase / Sales Price | ' | 13,010 |
Acquisitions | Exton/ Cherry Hill Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 2 |
Purchase / Sales Price | ' | 7,800 |
Acquisitions | Carrollton Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 4,800 |
Acquisitions | Gilbert Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 6,900 | ' |
Acquisitions | Evanston Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 8,300 | ' |
Acquisitions | Delray Beach Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 7,150 | ' |
Acquisitions | Miramar Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 9,000 | ' |
Acquisitions | Stoneham Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 10,600 | ' |
Acquisitions | Maryland/New Jersey Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 5 | ' |
Purchase / Sales Price | 52,400 | ' |
Acquisitions | Staten Island Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 13,000 | ' |
Acquisitions | Lewisville Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 10,975 | ' |
Acquisitions | Chandler Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 10,500 | ' |
Acquisitions | Tempe Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, acquisitions (in properties) | 1 | ' |
Purchase / Sales Price | 4,300 | ' |
Dispositions | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | 13 | 26 |
Purchase / Sales Price | 36,400 | 59,962 |
Dispositions | Michigan Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 3 |
Purchase / Sales Price | ' | 6,362 |
Dispositions | Gulf Coast Assets at multiple locations in LA, AL and MS | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 5 |
Purchase / Sales Price | ' | 16,800 |
Dispositions | New Mexico Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 6 |
Purchase / Sales Price | ' | 7,500 |
Dispositions | San Bernardino Asset | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 1 |
Purchase / Sales Price | ' | 5,000 |
Dispositions | Florida/ Tennessee Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 3 |
Purchase / Sales Price | ' | 6,550 |
Dispositions | Ohio Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | ' | 8 |
Purchase / Sales Price | ' | 17,750 |
Dispositions | Texas/Indiana Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | 5 | ' |
Purchase / Sales Price | 11,400 | ' |
Dispositions | Tennessee Assets | ' | ' |
STORAGE FACILITIES | ' | ' |
Number of Facilities, dispositions (in properties) | 8 | ' |
Purchase / Sales Price | $25,000 | ' |
INVESTMENT_ACTIVITY_Details
INVESTMENT ACTIVITY (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 28, 2012 | Sep. 26, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
HSRE Venture | HSRE Venture | 5 Old Lancaster Road located in Malvern, PA | 5 Old Lancaster Road located in Malvern, PA | Bronx, NY | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | Self-storage facilities | |
property | property | property | 2013 Acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | 2012 Self-storage facilities acquisitions | |||||
property | property | HSRE Venture | HSRE Venture | Storage Deluxe assets | Storage Deluxe assets | |||||||||
property | facility | |||||||||||||
property | ||||||||||||||
Self-storage facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development costs | ' | ' | $17,400,000 | $4,700,000 | $13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Storage Deluxe transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000,000 |
Number of Self Storage Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 |
Number of self-storage facilities acquired (in properties) | ' | 9 | ' | ' | ' | 14 | 37 | 14 | ' | 22 | 9 | ' | ' | 6 |
Aggregate purchase price of acquisition | ' | ' | ' | ' | ' | 133,100,000 | 432,300,000 | 133,100,000 | ' | 128,400,000 | ' | ' | ' | 201,900,000 |
Intangible value of the in-place leases | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | 13,200,000 | 8,300,000 | ' | ' | 12,300,000 |
Estimated life | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | '12 months | '12 months | ' | ' | '12 months |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 7,900,000 | ' | ' | 6,200,000 | 4,500,000 | ' |
Assumed mortgage debt, at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,900,000 | ' | ' | ' | 93,100,000 |
Outstanding principal balance of mortgage debt assumed on acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 | ' | ' | ' | 88,900,000 |
Premium on debt assumed on acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | 4,200,000 |
Acquisition of remaining interest in real estate ventures (as a percent) | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Cash paid for acquisition of remaining interest in real estate ventures | 21,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,700,000 | ' | ' | ' |
Amount of debt repaid | 59,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,300,000 | ' | ' | ' |
Fair value of storage facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $102,000,000 | ' | ' | ' |
Number of properties, assumed mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
INVESTMENT_IN_UNCONSOLIDATED_R2
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 28, 2012 | Sep. 26, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | |
property | ||||
Investment in Unconsolidated Real Estate Venture | ' | ' | ' | ' |
Gain on remeasurement of investment in real estate venture | ' | ' | $7,023,000 | $7,023,000 |
Summary of results of operations of the real estate venture | ' | ' | ' | ' |
Company's share of loss | ' | ' | -284,000 | -745,000 |
HSRE Venture | ' | ' | ' | ' |
Investment in Unconsolidated Real Estate Venture | ' | ' | ' | ' |
Payment made for acquisition of interest in real estate ventures | ' | 15,400,000 | ' | ' |
Ownership interest in partnership (as a percent) | ' | 50.00% | ' | ' |
Number of storage facilities owned by investee | ' | 9 | ' | ' |
Acquisition of remaining interest in real estate ventures (as a percent) | 50.00% | ' | ' | ' |
Cash paid for acquisition of remaining interest in real estate ventures | 21,700,000 | ' | ' | ' |
Amount of debt repaid | 59,300,000 | ' | ' | ' |
Gain on remeasurement of investment in real estate venture | ' | ' | 7,000,000 | 7,000,000 |
Summary of results of operations of the real estate venture | ' | ' | ' | ' |
Revenue | ' | ' | 2,426,000 | 7,229,000 |
Operating expenses | ' | ' | 1,057,000 | 3,010,000 |
Interest expense, net | ' | ' | 880,000 | 2,690,000 |
Depreciation and amortization | ' | ' | 897,000 | 2,691,000 |
Net loss | ' | ' | -408,000 | -1,162,000 |
Company's share of loss | ' | ' | ($284,000) | ($745,000) |
HSRE Venture | Other partner | ' | ' | ' | ' |
Investment in Unconsolidated Real Estate Venture | ' | ' | ' | ' |
Ownership interest in partnership (as a percent) | ' | 50.00% | ' | ' |
UNSECURED_SENIOR_NOTES_Details
UNSECURED SENIOR NOTES (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Jun. 26, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Maximum | Senior notes 4.80% due July 15, 2022 | Senior notes 4.80% due July 15, 2022 | Senior notes 4.80% due July 15, 2022 | |
Maximum | Minimum | |||
Senior Notes | ' | ' | ' | ' |
Senior notes, principal amount | ' | $250 | ' | ' |
Senior notes, interest rate (as a percent) | ' | 4.80% | ' | ' |
Consolidated leverage ratio | ' | ' | 0.6 | ' |
Consolidated interest coverage ratio | ' | ' | ' | 1.5 |
Secured debt leverage ratio | 0.4 | ' | ' | ' |
Financial and customary covenant, minimum unencumbered asset (as a percent) | ' | ' | ' | 150.00% |
REVOLVING_CREDIT_FACILITY_AND_2
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | Jun. 18, 2013 | Jun. 20, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 20, 2011 | Sep. 30, 2013 | Jun. 18, 2013 | Jun. 20, 2011 | Sep. 30, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | Dec. 09, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 18, 2013 | Dec. 09, 2011 | Sep. 30, 2013 | Jun. 18, 2013 | Dec. 09, 2011 | Sep. 30, 2013 | Jun. 18, 2013 | Dec. 09, 2011 | Sep. 30, 2013 |
Term Loan Facility, Prior to Amendment | Term Loan Facility, Prior to Amendment | Term Loan Facility, As Amended | Term Loan Facility, As Amended | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Credit Facility, Prior to Amendment | Credit Facility, Prior to Amendment | Credit Facility, Prior to Amendment | Credit Facility, As Amended | Credit Facility, As Amended | Credit Facility, As Amended | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | |||
Term Loan A | Term Loan B | Term Loan A | Term Loan B | Interest rate swap agreement | Minimum | Maximum | Term Loan A | Term Loan A | Term Loan A | Term Loan B | Term Loan B | Term Loan B | Unsecured term loan | Revolver | Term Loan C | Term Loan D | Revolver | Term Loan C | Term Loan D | Interest rate cap agreement | Minimum | Maximum | Revolver | Revolver | Revolver | Term Loan C | Term Loan C | Term Loan C | Term Loan D | Term Loan D | Term Loan D | Unsecured term loan | ||||||||
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | $100,000,000 | $100,000,000 | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $300,000,000 | ' | $100,000,000 | $100,000,000 | ' | $200,000,000 | $200,000,000 | ' |
Loan procurement costs capitalized | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, basis spread (as a percent) | ' | ' | 1.85% | 2.00% | 1.50% | 2.00% | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | 2.00% | ' | ' | 1.80% | 1.75% | 1.75% | 1.60% | 1.50% | 1.50% | ' | ' | ' | ' | ' | 1.60% | ' | ' | 1.50% | ' | ' | 1.50% | ' | ' | ' |
Variable interest rate basis | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' |
Variable interest rate floor (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 0.00% | ' | ' | 0.00% | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured term loan borrowings outstanding | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,500,000 | ' | ' | ' | ' | 211,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, variable interest rate base | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Thirty day LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 2.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total indebtedness to total asset value ratio (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible net worth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $821,211,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $821,211,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from equity issuances added to minimum tangible net worth (as a percent) | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of funds from operations that can be distributed on common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MORTGAGE_LOANS_AND_NOTES_PAYAB2
MORTGAGE LOANS AND NOTES PAYABLE (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Mortgage loans and notes payable | ' | ' |
Carrying value | $202,526 | ' |
Unamortized fair value adjustment | 3,574 | 4,326 |
Total mortgage loans and notes payable | 206,100 | 228,759 |
Fixed interest rate period | '5 years | ' |
Constant interest rate period | '5 years | ' |
YSI 7 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 2,962 |
Effective interest rate (as a percent) | ' | 6.50% |
YSI 8 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 1,692 |
Effective interest rate (as a percent) | ' | 6.50% |
YSI 9 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 1,862 |
Effective interest rate (as a percent) | ' | 6.50% |
YSI 17 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 3,846 |
Effective interest rate (as a percent) | ' | 6.32% |
YSI 27 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 461 |
Effective interest rate (as a percent) | ' | 5.59% |
YSI 30 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | ' | 6,765 |
Effective interest rate (as a percent) | ' | 5.59% |
USIFB | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 6,678 | 7,221 |
Effective interest rate (as a percent) | 3.57% | ' |
YSI 11 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 2,217 | 2,276 |
Effective interest rate (as a percent) | 5.87% | ' |
YSI 5 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 2,923 | 3,001 |
Effective interest rate (as a percent) | 5.25% | ' |
YSI 28 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 1,422 | 1,460 |
Effective interest rate (as a percent) | 5.59% | ' |
YSI 10 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 3,862 | 3,928 |
Effective interest rate (as a percent) | 5.87% | ' |
YSI 15 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 1,746 | 1,784 |
Effective interest rate (as a percent) | 6.41% | ' |
YSI 52 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 4,592 | 4,721 |
Effective interest rate (as a percent) | 5.63% | ' |
YSI 58 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 8,752 | 8,974 |
Effective interest rate (as a percent) | 2.97% | ' |
YSI 29 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 12,906 | 13,060 |
Effective interest rate (as a percent) | 3.69% | ' |
YSI 20 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 56,923 | 58,524 |
Effective interest rate (as a percent) | 5.97% | ' |
YSI 59 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 9,466 | 9,603 |
Effective interest rate (as a percent) | 4.82% | ' |
YSI 60 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 3,684 | 3,725 |
Effective interest rate (as a percent) | 5.04% | ' |
YSI 51 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 7,246 | 7,325 |
Effective interest rate (as a percent) | 5.15% | ' |
YSI 35 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 4,300 | 4,373 |
Effective interest rate (as a percent) | 6.90% | ' |
YSI 33 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 10,750 | 10,930 |
Effective interest rate (as a percent) | 6.42% | ' |
YSI 26 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 8,986 | 9,102 |
Effective interest rate (as a percent) | 4.56% | ' |
YSI 57 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 3,154 | 3,195 |
Effective interest rate (as a percent) | 4.61% | ' |
YSI 55 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | 24,237 | 24,502 |
Effective interest rate (as a percent) | 4.85% | ' |
YSI 24 | ' | ' |
Mortgage loans and notes payable | ' | ' |
Carrying value | $28,682 | $29,141 |
Effective interest rate (as a percent) | 4.64% | ' |
MORTGAGE_LOANS_AND_NOTES_PAYAB3
MORTGAGE LOANS AND NOTES PAYABLE (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end | ' | ' |
2013 | $7,982,000 | ' |
2014 | 11,633,000 | ' |
2015 | 86,978,000 | ' |
2016 | 21,342,000 | ' |
2017 | 1,915,000 | ' |
2018 and thereafter | 72,676,000 | ' |
Total mortgage payments | 202,526,000 | ' |
Plus: Unamortized fair value adjustment | 3,574,000 | ' |
Total mortgage indebtedness | 206,100,000 | 228,759,000 |
Credit Facility | ' | ' |
Mortgage loans and notes payable | ' | ' |
Remaining borrowing capacity | $211,500,000 | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Changes in accumulated other comprehensive income by component | ' |
Beginning balance | ($19,796) |
Other comprehensive gain before reclassifications | 2,584 |
Amounts reclassified from accumulated other comprehensive loss | 4,586 |
Net current-period other comprehensive income | 7,170 |
Ending balance | -12,626 |
Unrealized losses on interest rate swaps | ' |
Changes in accumulated other comprehensive income by component | ' |
Beginning balance | -18,973 |
Other comprehensive gain before reclassifications | 2,542 |
Amounts reclassified from accumulated other comprehensive loss | 4,586 |
Net current-period other comprehensive income | 7,128 |
Ending balance | -11,845 |
Unrealized loss on foreign currency translation | ' |
Changes in accumulated other comprehensive income by component | ' |
Beginning balance | -823 |
Other comprehensive gain before reclassifications | 42 |
Net current-period other comprehensive income | 42 |
Ending balance | ($781) |
RISK_MANAGEMENT_AND_USE_OF_FIN2
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative financial instruments | ' | ' |
Unrealized losses reclassified from accumulated other comprehensive loss | $4,600,000 | ' |
Unrealized losses from noncontrolling interests in the Operating partnership as an increase to interest expense | 100,000 | ' |
Designated | Cash flow | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 400,000,000 | ' |
Fair Value | -12,412,000 | -19,665,000 |
Maximum number of days outstanding to have the option to borrow at the LIBOR | '30 days | ' |
Designated | Cash flow | Hedge Product, Swap one | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 40,000,000 | ' |
Swap, Strike rate (as a percent) | 1.80% | ' |
Fair Value | -1,379,000 | -1,873,000 |
Designated | Cash flow | Hedge Product, Swap two | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 40,000,000 | ' |
Swap, Strike rate (as a percent) | 1.80% | ' |
Fair Value | -1,379,000 | -1,875,000 |
Designated | Cash flow | Hedge Product, Swap three | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 20,000,000 | ' |
Swap, Strike rate (as a percent) | 1.80% | ' |
Fair Value | -689,000 | -937,000 |
Designated | Cash flow | Hedge Product, Swap four | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 75,000,000 | ' |
Swap, Strike rate (as a percent) | 1.34% | ' |
Fair Value | -1,325,000 | -2,378,000 |
Designated | Cash flow | Hedge Product, Swap five | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 50,000,000 | ' |
Swap, Strike rate (as a percent) | 1.34% | ' |
Fair Value | -878,000 | -1,583,000 |
Designated | Cash flow | Hedge Product, Swap six | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 50,000,000 | ' |
Swap, Strike rate (as a percent) | 1.34% | ' |
Fair Value | -880,000 | -1,583,000 |
Designated | Cash flow | Hedge Product, Swap seven | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 25,000,000 | ' |
Swap, Strike rate (as a percent) | 1.34% | ' |
Fair Value | -444,000 | -799,000 |
Designated | Cash flow | Hedge Product, Swap eight | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 40,000,000 | ' |
Swap, Strike rate (as a percent) | 2.46% | ' |
Fair Value | -2,160,000 | -3,433,000 |
Designated | Cash flow | Hedge Product, Swap nine | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 40,000,000 | ' |
Swap, Strike rate (as a percent) | 2.47% | ' |
Fair Value | -2,186,000 | -3,470,000 |
Designated | Cash flow | Hedge Product, Swap ten | ' | ' |
Derivative financial instruments | ' | ' |
Notional Amount | 20,000,000 | ' |
Swap, Strike rate (as a percent) | 2.48% | ' |
Fair Value | ($1,092,000) | ($1,734,000) |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Interest rate swap | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | |||||
item | Interest rate swap | Interest rate swap | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | |||||||
Minimum | Maximum | ||||||||||||
Fair value of financial assets and liabilities carried at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities | ' | ' | ' | ' | ' | ' | ' | $12,412,000 | $19,665,000 | ' | ' | ' | ' |
Total liabilities at fair value | ' | ' | ' | ' | ' | 12,412,000 | 19,665,000 | 12,412,000 | 19,665,000 | ' | ' | ' | ' |
Number of counterparties to derivative contracts who experienced significant downgrades in 2013 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from remeasurement of investment in real estate venture | 7,023,000 | 7,023,000 | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 7,000,000 | ' | ' |
Yield rates for determining the fair value of HSREV (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 7.00% |
Aggregate carrying value of total debt | ' | ' | 1,044,400,000 | 1,023,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of total debt | ' | ' | $1,058,700,000 | $1,017,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NONCONTROLLING_INTERESTS_Detai
NONCONTROLLING INTERESTS (Details) (USIFB, LLP, USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2008 |
property | property | |
mortgageloan | ||
USIFB, LLP | ' | ' |
Variable Interests in Consolidated Real Estate Joint Ventures | ' | ' |
Ownership interest held by the entity (as a percent) | 97.00% | 97.00% |
Number of self-storage facilities owned and operated | 2 | 2 |
Total assets | $12 | ' |
Total liabilities | 7.4 | ' |
Number of mortgage loans | 2 | ' |
Carrying amount of mortgage loans | 6.7 | ' |
Storage facilities, net | $11.40 | ' |
NONCONTROLLING_INTERESTS_Detai1
NONCONTROLLING INTERESTS (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Operating Partnership Ownership | ' | ' | ' |
Increase to OP units owned by third parties and a corresponding decrease to capital | $7,686 | $11,930 | ' |
Operating Partnership | ' | ' | ' |
Operating Partnership Ownership | ' | ' | ' |
OP Units outstanding which are not owned by the general partner (as a percent) | 1.60% | ' | 2.40% |
OP units outstanding (in shares) | 2,280,730 | ' | 3,293,730 |
Number of trading days used to determine average of the closing prices of the common shares | '10 days | ' | ' |
Increase to OP units owned by third parties and a corresponding decrease to capital | $7,686 | $11,930 | $19,500 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (Lease agreements with related parties, Operating Partnership, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
acre | ||
Office space subject to lease | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Aggregate amount of payments incurred under lease agreements | $400,000 | $400,000 |
Area of corporate office (in acres) | 50 | ' |
The Parkview Building 6745 Engle Road; and 6751 Engle Road | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Approximate Square Footage | 21,900 | ' |
Period of Extension Option | '5 years | ' |
The Parkview Building 6745 Engle Road; and 6751 Engle Road | Minimum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 25,673 | ' |
The Parkview Building 6745 Engle Road; and 6751 Engle Road | Maximum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 31,205 | ' |
6745 Engle Road Suite 100 | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Approximate Square Footage | 2,212 | ' |
Period of Extension Option | '5 years | ' |
6745 Engle Road Suite 100 | Minimum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 3,051 | ' |
6745 Engle Road Suite 100 | Maximum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 3,709 | ' |
6745 Engle Road Suite 110 | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Approximate Square Footage | 1,731 | ' |
Period of Extension Option | '5 years | ' |
6745 Engle Road Suite 110 | Minimum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 2,387 | ' |
6745 Engle Road Suite 110 | Maximum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 2,901 | ' |
6751 Engle Road Suites C and D | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Approximate Square Footage | 3,000 | ' |
Period of Extension Option | '5 years | ' |
6751 Engle Road Suites C and D | Minimum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | 3,137 | ' |
6751 Engle Road Suites C and D | Maximum | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
Fixed rent per month | $3,771 | ' |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Details 2) (Operating Partnership, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Due from Subtenant Amount | ' |
2013 | $79 |
2014 | 315 |
Total | 394 |
Lease agreements with related parties | ' |
Due to Related Party Amount | ' |
2013 | 125 |
2014 | 499 |
Total | $624 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
property | property | property | property | property | |
DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' |
Number of self-storage facilities related to discontinued operations | 13 | 13 | 13 | 13 | 26 |
Number of properties held for sale related to discontinued operations | 21 | 21 | 21 | 21 | ' |
REVENUES | ' | ' | ' | ' | ' |
Rental income | $73,067 | $61,204 | $208,675 | $172,078 | ' |
Other property related income | 8,580 | 7,065 | 24,215 | 18,833 | ' |
Total revenues | 82,832 | 69,363 | 236,437 | 194,128 | ' |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Property operating expenses | 30,104 | 27,066 | 87,946 | 76,761 | ' |
Depreciation and amortization | 28,495 | 28,734 | 85,966 | 79,007 | ' |
Total operating expenses | 65,925 | 62,660 | 196,366 | 175,350 | ' |
OPERATING INCOME | 16,907 | 6,703 | 40,071 | 18,778 | ' |
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 | ' |
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 | ' |
Total discontinued operations | 10,717 | 1,761 | 13,739 | 11,771 | ' |
Discontinued operations | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' |
Rental income | 2,701 | 4,724 | 9,331 | 16,086 | ' |
Other property related income | 405 | 675 | 1,391 | 2,067 | ' |
Total revenues | 3,106 | 5,399 | 10,722 | 18,153 | ' |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Property operating expenses | 1,019 | 2,633 | 4,183 | 8,399 | ' |
Depreciation and amortization | 680 | 1,202 | 2,338 | 4,386 | ' |
Total operating expenses | 1,699 | 3,835 | 6,521 | 12,785 | ' |
OPERATING INCOME | 1,407 | 1,564 | 4,201 | 5,368 | ' |
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 | ' |
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 | ' |
Total discontinued operations | $10,717 | $1,761 | $13,739 | $11,771 | ' |
PRO_FORMA_FINANCIAL_INFORMATIO2
PRO FORMA FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Self-storage facilities | Self-storage facilities | |||||
property | property | |||||
Self-storage facilities | ' | ' | ' | ' | ' | ' |
Number of self-storage facilities acquired (in properties) | ' | ' | ' | ' | 14 | 37 |
Aggregate purchase price of acquisition | ' | ' | ' | ' | $133,100 | $432,300 |
Consolidated results of operations on a pro forma basis | ' | ' | ' | ' | ' | ' |
Pro forma revenue | ' | ' | 242,344 | 230,026 | ' | ' |
Pro forma income (loss) from continuing operations | ' | ' | 11,160 | 3,178 | ' | ' |
Net (loss) income per common share from continuing operations | ' | ' | ' | ' | ' | ' |
Basic and diluted - as reported (in dollars per share) | ' | ' | $0 | ($0.13) | ' | ' |
Basic and diluted - as pro forma (in dollars per share) | ' | ' | $0.08 | $0.03 | ' | ' |
Summary of the amounts of revenue and earnings of the 2013 and 2012 acquisitions since the acquisition dates | ' | ' | ' | ' | ' | ' |
Total revenue | 2,683 | 5,683 | 3,472 | 9,356 | ' | ' |
Net loss | ($1,564) | ($3,023) | ($2,198) | ($5,133) | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Sep. 30, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | |
Acquisitions | Acquisitions | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |
property | property | facility | Advisory Agreement | Advisory Agreement | Acquisitions | Acquisitions | Maryland | Texas | Texas | North Carolina | |
Dean Jernigan | HAC Purchase Agreement | GJR Purchase Agreement | Acquisitions | Acquisitions | Acquisitions | Acquisitions | |||||
property | HAC Purchase Agreement | GJR Purchase Agreement | HAC Purchase Agreement | ||||||||
facility | facility | facility | |||||||||
SUBSEQUENT EVENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities sold | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities considered as held-for-sale | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price of facility | ' | ' | $90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities acquired | 14 | 37 | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Purchase price of acquisition | 133,125,000 | 432,340,000 | ' | ' | ' | ' | ' | 15,400,000 | ' | ' | ' |
Debt assumption in acquisition | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' |
Number of facilities to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 6 | 1 |
Escrow deposit | ' | ' | ' | ' | ' | 20,000,000 | 5,000,000 | ' | ' | ' | ' |
Period of written notice for termination of agreement any time after December 31, 2014 | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' |
Advisory and consulting services term | ' | ' | ' | ' | '20 hours | ' | ' | ' | ' | ' | ' |
Advisory and consulting services rate per hour | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Amount of retainer for future billings | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_LP
CONSOLIDATED BALANCE SHEETS (LP cube) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Storage facilities | $2,473,889 | $2,443,022 |
Less: Accumulated depreciation | -380,621 | -353,315 |
Storage facilities, net | 2,093,268 | 2,089,707 |
Cash and cash equivalents | 2,940 | 4,495 |
Restricted cash | 4,226 | 6,070 |
Loan procurement costs, net of amortization | 8,885 | 8,253 |
Assets held for sale | 67,924 | ' |
Other assets, net | 25,920 | 41,794 |
Total assets | 2,203,163 | 2,150,319 |
LIABILITIES AND CAPITAL | ' | ' |
Unsecured senior notes | 250,000 | 250,000 |
Revolving credit facility | 88,300 | 45,000 |
Unsecured term loan | 500,000 | 500,000 |
Mortgage loans and notes payable | 206,100 | 228,759 |
Accounts payable, accrued expenses and other liabilities | 55,113 | 60,708 |
Distributions payable | 16,813 | 16,419 |
Deferred revenue | 12,338 | 11,090 |
Security deposits | 388 | 444 |
Other liabilities held for sale | 975 | ' |
Total liabilities | 1,130,027 | 1,112,420 |
Limited Partnership interests of third parties | 40,688 | 47,990 |
Commitments and contingencies | ' | ' |
Capital | ' | ' |
Accumulated other comprehensive loss | -12,626 | -19,796 |
Total liabilities and equity | 2,203,163 | 2,150,319 |
CubeSmart, L.P. and Subsidiaries | ' | ' |
ASSETS | ' | ' |
Storage facilities | 2,473,889 | 2,443,022 |
Less: Accumulated depreciation | -380,621 | -353,315 |
Storage facilities, net | 2,093,268 | 2,089,707 |
Cash and cash equivalents | 2,940 | 4,495 |
Restricted cash | 4,226 | 6,070 |
Loan procurement costs, net of amortization | 8,885 | 8,253 |
Assets held for sale | 67,924 | ' |
Other assets, net | 25,920 | 41,794 |
Total assets | 2,203,163 | 2,150,319 |
LIABILITIES AND CAPITAL | ' | ' |
Unsecured senior notes | 250,000 | 250,000 |
Revolving credit facility | 88,300 | 45,000 |
Unsecured term loan | 500,000 | 500,000 |
Mortgage loans and notes payable | 206,100 | 228,759 |
Accounts payable, accrued expenses and other liabilities | 55,113 | 60,708 |
Distributions payable | 16,813 | 16,419 |
Deferred revenue | 12,338 | 11,090 |
Security deposits | 388 | 444 |
Other liabilities held for sale | 975 | ' |
Total liabilities | 1,130,027 | 1,112,420 |
Limited Partnership interests of third parties | 40,688 | 47,990 |
Commitments and contingencies | ' | ' |
Capital | ' | ' |
Operating Partner | 1,044,932 | 1,009,587 |
Accumulated other comprehensive loss | -12,626 | -19,796 |
Total CubeSmart, L.P. capital | 1,032,306 | 989,791 |
Noncontrolling interests in subsidiaries | 142 | 118 |
Total capital | 1,032,448 | 989,909 |
Total liabilities and equity | $2,203,163 | $2,150,319 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Rental income | $73,067 | $61,204 | $208,675 | $172,078 |
Other property related income | 8,580 | 7,065 | 24,215 | 18,833 |
Property management fee income | 1,185 | 1,094 | 3,547 | 3,217 |
Total revenues | 82,832 | 69,363 | 236,437 | 194,128 |
OPERATING EXPENSES | ' | ' | ' | ' |
Property operating expenses | 30,104 | 27,066 | 87,946 | 76,761 |
Depreciation and amortization | 28,495 | 28,734 | 85,966 | 79,007 |
General and administrative | 7,326 | 6,860 | 22,454 | 19,582 |
Total operating expenses | 65,925 | 62,660 | 196,366 | 175,350 |
OPERATING INCOME | 16,907 | 6,703 | 40,071 | 18,778 |
Interest: | ' | ' | ' | ' |
Interest expense on loans | -9,995 | -11,092 | -31,045 | -29,692 |
Loan procurement amortization expense | -536 | -699 | -1,509 | -2,585 |
Acquisition related costs | -470 | -1,527 | -2,233 | -2,390 |
Equity in loss of real estate venture | ' | -284 | ' | -745 |
Gain from remeasurement of investment in real estate venture | ' | 7,023 | ' | 7,023 |
Other | -22 | 166 | -282 | -12 |
Total other expense | -11,023 | -6,413 | -35,069 | -28,401 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,884 | 290 | 5,002 | -9,623 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' |
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 |
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 |
Total discontinued operations | 10,717 | 1,761 | 13,739 | 11,771 |
NET INCOME | 16,601 | 2,051 | 18,741 | 2,148 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ' | ' | ' | ' |
Noncontrolling interests in subsidiaries | -2 | -410 | -1 | -1,918 |
Distribution to preferred unitholders | -1,502 | -1,502 | -4,506 | -4,506 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 14,840 | 134 | 13,994 | -4,170 |
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit) | $0.03 | ($0.01) | ' | ($0.13) |
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit) | $0.08 | $0.01 | $0.10 | $0.10 |
Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit) | $0.03 | ($0.01) | ' | ($0.13) |
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit) | $0.08 | $0.01 | $0.10 | $0.10 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Weighted-average basic units outstanding (in units) | 135,365 | 124,169 | 134,007 | 123,016 |
Weighted-average diluted units outstanding (in units) | 138,106 | 124,169 | 136,643 | 123,016 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS | ' | ' | ' | ' |
Income (loss) from continuing operations | 4,305 | -1,585 | 489 | -15,658 |
Total discontinued operations | 10,535 | 1,719 | 13,505 | 11,488 |
Net income (loss) | 14,840 | 134 | 13,994 | -4,170 |
CubeSmart, L.P. and Subsidiaries | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Rental income | 73,067 | 61,204 | 208,675 | 172,078 |
Other property related income | 8,580 | 7,065 | 24,215 | 18,833 |
Property management fee income | 1,185 | 1,094 | 3,547 | 3,217 |
Total revenues | 82,832 | 69,363 | 236,437 | 194,128 |
OPERATING EXPENSES | ' | ' | ' | ' |
Property operating expenses | 30,104 | 27,066 | 87,946 | 76,761 |
Depreciation and amortization | 28,495 | 28,734 | 85,966 | 79,007 |
General and administrative | 7,326 | 6,860 | 22,454 | 19,582 |
Total operating expenses | 65,925 | 62,660 | 196,366 | 175,350 |
OPERATING INCOME | 16,907 | 6,703 | 40,071 | 18,778 |
Interest: | ' | ' | ' | ' |
Interest expense on loans | -9,995 | -11,092 | -31,045 | -29,692 |
Loan procurement amortization expense | -536 | -699 | -1,509 | -2,585 |
Acquisition related costs | -470 | -1,527 | -2,233 | -2,390 |
Equity in loss of real estate venture | ' | -284 | ' | -745 |
Gain from remeasurement of investment in real estate venture | ' | 7,023 | ' | 7,023 |
Other | -22 | 166 | -282 | -12 |
Total other expense | -11,023 | -6,413 | -35,069 | -28,401 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,884 | 290 | 5,002 | -9,623 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' |
Income from discontinued operations | 1,407 | 1,564 | 4,201 | 5,368 |
Gain from disposition of discontinued operations | 9,310 | 197 | 9,538 | 6,403 |
Total discontinued operations | 10,717 | 1,761 | 13,739 | 11,771 |
NET INCOME | 16,601 | 2,051 | 18,741 | 2,148 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ' | ' | ' | ' |
Noncontrolling interests in subsidiaries | -2 | -410 | -1 | -1,918 |
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. | 16,599 | 1,641 | 18,740 | 230 |
Limited Partnership interests of third parties | -257 | -5 | -240 | 106 |
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER | 16,342 | 1,636 | 18,500 | 336 |
Distribution to preferred unitholders | -1,502 | -1,502 | -4,506 | -4,506 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS | 14,840 | 134 | 13,994 | -4,170 |
Basic earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit) | $0.03 | ($0.01) | ' | ($0.13) |
Basic earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit) | $0.08 | $0.01 | $0.10 | $0.10 |
Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Diluted earnings (loss) per unit from continuing operations attributable to common unitholders (in dollars per unit) | $0.03 | ($0.01) | ' | ($0.13) |
Diluted earnings per unit from discontinued operations attributable to common unitholders (in dollars per unit) | $0.08 | $0.01 | $0.10 | $0.10 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $0.11 | ' | $0.10 | ($0.03) |
Weighted-average basic units outstanding (in units) | 135,365 | 124,169 | 134,007 | 123,016 |
Weighted-average diluted units outstanding (in units) | 138,106 | 124,169 | 136,643 | 123,016 |
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS | ' | ' | ' | ' |
Income (loss) from continuing operations | 4,305 | -1,585 | 489 | -15,658 |
Total discontinued operations | 10,535 | 1,719 | 13,505 | 11,488 |
Net income (loss) | $14,840 | $134 | $13,994 | ($4,170) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NET INCOME | $16,601 | $2,051 | $18,741 | $2,148 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized (losses) gains on interest rate swaps | -2,700 | -4,237 | 2,586 | -13,336 |
Reclassification of realized losses on interest rate swaps | 1,582 | 1,529 | 4,667 | 4,525 |
Unrealized gain (loss) on foreign currency translation | 297 | 132 | 66 | 151 |
OTHER COMPREHENSIVE (LOSS) INCOME | -821 | -2,576 | 7,319 | -8,660 |
COMPREHENSIVE INCOME (LOSS) | 15,780 | -525 | 26,060 | -6,512 |
Comprehensive (income) loss attributable to Limited Partnership interests of third parties | -243 | 83 | -366 | 400 |
Comprehensive income attributable to noncontrolling interests in subsidiaries | -27 | -415 | -24 | -1,924 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 15,510 | -857 | 25,670 | -8,036 |
CubeSmart, L.P. and Subsidiaries | ' | ' | ' | ' |
NET INCOME | 16,601 | 2,051 | 18,741 | 2,148 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized (losses) gains on interest rate swaps | -2,700 | -4,237 | 2,586 | -13,336 |
Reclassification of realized losses on interest rate swaps | 1,582 | 1,529 | 4,667 | 4,525 |
Unrealized gain (loss) on foreign currency translation | 297 | 132 | 66 | 151 |
OTHER COMPREHENSIVE (LOSS) INCOME | -821 | -2,576 | 7,319 | -8,660 |
COMPREHENSIVE INCOME (LOSS) | 15,780 | -525 | 26,060 | -6,512 |
Comprehensive (income) loss attributable to Limited Partnership interests of third parties | -243 | 83 | -366 | 400 |
Comprehensive income attributable to noncontrolling interests in subsidiaries | -27 | -415 | -24 | -1,924 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $15,510 | ($857) | $25,670 | ($8,036) |
CONSOLIDATED_STATEMENTS_OF_CAP
CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) (CubeSmart, L.P. and Subsidiaries, USD $) | 9 Months Ended | 9 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Limited Partnership Interest of Third Parties | Limited Partnership Interest of Third Parties | Total Shareholders' Equity | Total Shareholders' Equity | Operating Partner | Operating Partner | Preferred Operating Partner | Preferred Operating Partner | Preferred Operating Partner | Preferred Operating Partner | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests in Subsidiaries | Noncontrolling Interests in Subsidiaries | |||
Increase (Decrease) in Partners' Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $989,909 | $995,322 | ' | ' | $989,791 | $955,913 | $1,009,587 | $968,744 | ' | ' | ' | ' | ($19,796) | ($12,831) | $118 | $39,409 |
Balance (in units) | ' | ' | ' | ' | ' | ' | 131,795 | 122,059 | 3,100 | 3,100 | 3,100 | 3,100 | ' | ' | ' | ' |
Balance of Noncontrolling Interests in the Operating Partnership | 47,990 | 49,732 | 47,990 | 49,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common OP units | 52,498 | 59,143 | ' | ' | 52,498 | 59,143 | 52,498 | 59,143 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common OP units (in units) | ' | ' | ' | ' | ' | ' | 3,099 | 4,691 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted OP units | 2 | 2 | ' | ' | 2 | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted OP units (in units) | ' | ' | ' | ' | ' | ' | 222 | 245 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion from OP units to shares | 14,601 | 3,313 | -14,601 | -3,313 | 14,601 | 3,313 | 14,601 | 3,313 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion from OP units to shares (in units) | ' | ' | ' | ' | ' | ' | 1,013 | 265 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of OP unit options | 2,487 | 1,361 | ' | ' | 2,487 | 1,361 | 2,487 | 1,361 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of OP unit options (in units) | ' | ' | ' | ' | ' | ' | 357 | 170 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of restricted OP units | 3,397 | 2,169 | ' | ' | 3,397 | 2,169 | 3,397 | 2,169 | ' | ' | ' | ' | ' | ' | ' | ' |
OP unit compensation expense | 654 | 900 | ' | ' | 654 | 900 | 654 | 900 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interest | ' | -56,984 | ' | -132 | ' | -18,452 | ' | -18,452 | ' | ' | ' | ' | ' | ' | ' | -38,532 |
Adjustment for Limited Partnership interests of third parties | -7,686 | -11,930 | -7,686 | 11,930 | -7,686 | -11,930 | -7,686 | -11,930 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 13,994 | -4,170 | 240 | -106 | 18,500 | 336 | 18,500 | 336 | ' | ' | ' | ' | ' | ' | 1 | 1,918 |
Net income (loss), including temporary equity | 18,501 | 2,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive gain (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps | 7,128 | -8,513 | 125 | -298 | 7,128 | -8,513 | ' | ' | ' | ' | ' | ' | 7,128 | -8,513 | ' | ' |
Unrealized gain on foreign currency translation | 65 | 147 | 1 | 4 | 42 | 141 | ' | ' | ' | ' | ' | ' | 42 | 141 | 23 | 6 |
Preferred OP unit distributions | -4,506 | -4,506 | ' | ' | -4,506 | -4,506 | -4,506 | -4,506 | ' | ' | ' | ' | ' | ' | ' | ' |
Common OP unit distributions | -44,602 | -32,634 | -753 | -1,077 | -44,602 | -29,948 | -44,602 | -29,948 | ' | ' | ' | ' | ' | ' | ' | -2,686 |
Balance | 1,032,448 | 950,044 | ' | ' | 1,032,306 | 949,929 | 1,044,932 | 971,132 | ' | ' | ' | ' | -12,626 | -21,203 | 142 | 115 |
Balance (in units) | ' | ' | ' | ' | ' | ' | 136,486 | 127,430 | 3,100 | 3,100 | 3,100 | 3,100 | ' | ' | ' | ' |
Balance of Noncontrolling Interests in the Operating Partnership | $40,688 | $56,740 | $40,688 | $56,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $18,741 | $2,148 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 89,813 | 85,912 |
Gain from disposition of discontinued operations | -9,538 | -6,403 |
Gain from remeasurement of investment in real estate venture | ' | -7,023 |
Equity compensation expense | 4,051 | 3,069 |
Accretion of fair market value adjustment of debt | -752 | -461 |
Changes in other operating accounts: | ' | ' |
Other assets | -1,760 | -2,674 |
Restricted cash | 518 | 3,307 |
Accounts payable and accrued expenses | 1,551 | 7,394 |
Other liabilities | 1,267 | 55 |
Net cash provided by operating activities | 103,891 | 86,069 |
Investing Activities | ' | ' |
Acquisitions of storage facilities | -133,043 | -195,509 |
Additions and improvements to storage facilities | -13,697 | -16,255 |
Development costs | -25,649 | ' |
Cash paid for remaining interest in real estate venture | ' | -81,158 |
Cash distributed from real estate venture | ' | 909 |
Proceeds from sales of facilities, net | 35,600 | 29,529 |
Proceeds from notes receivable | 5,192 | ' |
Change in restricted cash | 1,324 | 1,825 |
Net cash used in investing activities | -130,273 | -260,659 |
Proceeds from: | ' | ' |
Unsecured senior notes | ' | 249,638 |
Revolving credit facility | 350,600 | 343,300 |
Unsecured term loans | ' | 100,000 |
Principal payments on: | ' | ' |
Revolving credit facility | -307,300 | -277,800 |
Mortgage loans and notes payable | -21,852 | -206,452 |
Loan procurement costs | -2,141 | -2,145 |
Settlement of hedge transaction | ' | -195 |
Cash paid for acquisition of noncontrolling interest | ' | -61,113 |
Distributions paid to common unitholders | -44,093 | -29,500 |
Distributions paid to preferred unitholders | -4,506 | -4,222 |
Distributions paid to noncontrolling interests in subsidiaries | ' | -2,685 |
Net cash provided by financing activities | 24,827 | 168,228 |
Change in cash and cash equivalents | -1,555 | -6,362 |
Cash and cash equivalents at beginning of period | 4,495 | 9,069 |
Cash and cash equivalents at end of period | 2,940 | 2,707 |
Supplemental Cash Flow and Noncash Information | ' | ' |
Cash paid for interest, net of interest capitalized | 36,150 | 25,725 |
Supplemental disclosure of noncash activities: | ' | ' |
Consolidation of real estate venture | ' | 13,527 |
Derivative valuation adjustment | 7,253 | -8,616 |
Foreign currency translation adjustment | 66 | 151 |
Mortgage loan assumption - acquisitions of storage facilities | ' | 107,011 |
CubeSmart, L.P. and Subsidiaries | ' | ' |
Operating Activities | ' | ' |
Net income | 18,741 | 2,148 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 89,813 | 85,912 |
Gain from disposition of discontinued operations | -9,538 | -6,403 |
Gain from remeasurement of investment in real estate venture | ' | -7,023 |
Equity compensation expense | 4,051 | 3,069 |
Accretion of fair market value adjustment of debt | -752 | -461 |
Equity in loss of real estate venture | ' | 745 |
Changes in other operating accounts: | ' | ' |
Other assets | -1,760 | -2,674 |
Restricted cash | 518 | 3,307 |
Accounts payable and accrued expenses | 1,551 | 7,394 |
Other liabilities | 1,267 | 55 |
Net cash provided by operating activities | 103,891 | 86,069 |
Investing Activities | ' | ' |
Acquisitions of storage facilities | -133,043 | -195,509 |
Additions and improvements to storage facilities | -13,697 | -16,255 |
Development costs | -25,649 | ' |
Cash paid for remaining interest in real estate venture | ' | -81,158 |
Cash distributed from real estate venture | ' | 909 |
Proceeds from sales of facilities, net | 35,600 | 29,529 |
Proceeds from notes receivable | 5,192 | ' |
Change in restricted cash | 1,324 | 1,825 |
Net cash used in investing activities | -130,273 | -260,659 |
Proceeds from: | ' | ' |
Unsecured senior notes | ' | 249,638 |
Revolving credit facility | 350,600 | 343,300 |
Unsecured term loans | ' | 100,000 |
Principal payments on: | ' | ' |
Revolving credit facility | -307,300 | -277,800 |
Mortgage loans and notes payable | -21,852 | -206,452 |
Loan procurement costs | -2,141 | -2,145 |
Settlement of hedge transaction | ' | -195 |
Proceeds from issuance of common OP units | 52,500 | 59,143 |
Exercise of OP unit options | 2,487 | 1,361 |
Cash paid for acquisition of noncontrolling interest | ' | -61,113 |
Distributions paid to common unitholders | -44,961 | -30,602 |
Distributions paid to preferred unitholders | -4,506 | -4,222 |
Distributions paid to noncontrolling interests in subsidiaries | ' | -2,685 |
Net cash provided by financing activities | 24,827 | 168,228 |
Change in cash and cash equivalents | -1,555 | -6,362 |
Cash and cash equivalents at beginning of period | 4,495 | 9,069 |
Cash and cash equivalents at end of period | 2,940 | 2,707 |
Supplemental Cash Flow and Noncash Information | ' | ' |
Cash paid for interest, net of interest capitalized | 36,150 | 25,725 |
Supplemental disclosure of noncash activities: | ' | ' |
Consolidation of real estate venture | ' | 13,527 |
Derivative valuation adjustment | 7,253 | -8,616 |
Foreign currency translation adjustment | 66 | 151 |
Mortgage loan assumption - acquisitions of storage facilities | ' | $107,111 |