Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 21, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Strategic Storage Trust, Inc. | ' | ' |
Entity Central Index Key | '0001410567 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 56,576,673 | ' |
Entity Public Float | ' | ' | $542,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
ASSETS | ' | ' | |
Cash and cash equivalents | $39,603,949 | $13,998,391 | |
Real estate facilities: | ' | ' | |
Land | 194,033,413 | 178,459,163 | |
Buildings | 456,372,075 | 389,149,948 | |
Site improvements | 43,733,299 | 37,118,784 | |
Real estate facilities, gross | 694,138,787 | [1] | 604,727,895 |
Accumulated depreciation | -46,432,155 | -29,840,320 | |
Real estate facilities, net of depreciation | 647,706,632 | 574,887,575 | |
Construction in process | 776,804 | 5,233,426 | |
Real estate facilities, net | 648,483,436 | 580,121,001 | |
Deferred financing costs, net of accumulated amortization | 5,798,963 | 5,989,290 | |
Intangible assets, net of accumulated amortization | 10,447,513 | 11,635,112 | |
Restricted cash | 6,506,112 | 6,449,225 | |
Investments in unconsolidated joint ventures | 8,662,363 | 8,772,005 | |
Other assets | 3,777,167 | 4,270,638 | |
Total assets | 723,279,503 | 631,235,662 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | |
Secured debt ($10,072,106 and $10,149,024 related to VIEs) | 391,285,760 | 353,440,758 | |
Accounts payable and accrued liabilities | 9,917,437 | 12,726,888 | |
Due to affiliates | 1,741,518 | 2,282,344 | |
Distributions payable | 3,355,882 | 2,724,603 | |
Total liabilities | 406,300,597 | 371,174,593 | |
Commitments and contingencies (Note 8) | ' | ' | |
Redeemable common stock | ' | 3,960,664 | |
Strategic Storage Trust, Inc. stockholders' equity: | ' | ' | |
Preferred Stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at December 31, 2013 and 2012, respectively | ' | ' | |
Common stock, $0.001 par value; 700,000,000 shares authorized; 56,136,435 and 46,184,742 shares issued and outstanding at December 31, 2013 and 2012, respectively | 56,136 | 46,184 | |
Additional paid-in capital | 487,032,573 | 383,072,118 | |
Distributions | -107,090,016 | -71,401,126 | |
Accumulated deficit | -69,376,201 | -61,929,145 | |
Accumulated other comprehensive loss | -1,615,743 | -682,692 | |
Total Strategic Storage Trust, Inc. stockholders' equity | 309,006,749 | 249,105,339 | |
Noncontrolling interest in Operating Partnership | 2,289,379 | 1,149,679 | |
Other noncontrolling interests | 5,682,778 | 5,845,387 | |
Total noncontrolling interests | 7,972,157 | 6,995,066 | |
Total stockholders' equity | 316,978,906 | 256,100,405 | |
Total liabilities and stockholders' equity | $723,279,503 | $631,235,662 | |
[1] | The aggregate cost of real estate for United States federal income tax purposes is $761,130,955. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Real estate facilities, related to VIEs | $16,584,089 | $16,829,789 |
Secured debt, related to VIEs | $10,072,106 | $10,149,024 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 56,136,435 | 46,184,742 |
Common stock, shares outstanding | 56,136,435 | 46,184,742 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues: | ' | ' | ' |
Self storage rental revenue | $80,526,461 | $64,464,466 | $48,109,145 |
Ancillary operating revenue | 2,608,480 | 2,146,038 | 1,286,933 |
Total revenues | 83,134,941 | 66,610,504 | 49,396,078 |
Operating expenses: | ' | ' | ' |
Property operating expenses | 28,350,412 | 25,878,556 | 19,402,185 |
Property operating expenses - affiliates | 9,939,687 | 8,254,016 | 5,702,921 |
General and administrative | 3,103,808 | 2,361,229 | 2,405,218 |
Depreciation | 17,271,925 | 14,254,525 | 9,422,606 |
Intangible amortization expense | 8,237,601 | 11,547,843 | 13,935,903 |
Property acquisition expenses - affiliates | 1,869,974 | 2,415,200 | 5,706,838 |
Other property acquisition expenses | 996,724 | 1,232,435 | 2,036,196 |
Total operating expenses | 69,770,131 | 65,943,804 | 58,611,867 |
Operating income (loss) | 13,364,810 | 666,700 | -9,215,789 |
Other income (expense): | ' | ' | ' |
Interest expense | -18,826,701 | -17,813,762 | -11,859,146 |
Deferred financing amortization expense | -1,966,395 | -3,466,463 | -1,331,514 |
Equity in earnings of real estate ventures | 847,143 | 887,551 | 852,728 |
Gain on sale of investment in unconsolidated joint venture | ' | 815,000 | ' |
Other | -864,055 | -104,168 | -280,516 |
Net loss | -7,445,198 | -19,015,142 | -21,834,237 |
Less: Net loss attributable to the noncontrolling interest in our Operating Partnership | 35,799 | 83,435 | 118,601 |
Net (income) loss attributable to other noncontrolling interests | -37,657 | -42,005 | 358,207 |
Net loss attributable to Strategic Storage Trust, Inc. | ($7,447,056) | ($18,973,712) | ($21,357,429) |
Net loss per share - basic | ($0.15) | ($0.46) | ($0.68) |
Net loss per share - diluted | ($0.15) | ($0.46) | ($0.68) |
Weighted average shares outstanding - basic | 50,982,783 | 41,103,477 | 31,243,109 |
Weighted average shares outstanding - diluted | 50,982,783 | 41,103,477 | 31,243,109 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($7,445,198) | ($19,015,142) | ($21,834,237) |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | -1,176,333 | 381,663 | -642,434 |
Change in fair value of interest rate swap | 243,282 | -234,703 | -311,630 |
Other comprehensive income (loss) | -933,051 | 146,960 | -954,064 |
Comprehensive loss | -8,378,249 | -18,868,182 | -22,788,301 |
Comprehensive loss allocated to noncontrolling interests: | ' | ' | ' |
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership | 40,852 | 82,806 | 123,963 |
Comprehensive (income) loss attributable to other noncontrolling interests | -37,657 | -42,005 | 358,207 |
Comprehensive loss attributable to Strategic Storage Trust, Inc. | ($8,375,054) | ($18,827,381) | ($22,306,131) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Distributions | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2010 | $176,224,923 | $26,659 | $211,685,569 | ($20,734,778) | ($21,598,004) | $124,412 | $6,721,065 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 26,658,061 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock (in shares) | ' | 8,401,149 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock | 83,856,253 | 8,401 | 83,847,852 | ' | ' | ' | ' |
Offering costs | -10,426,603 | ' | -10,350,548 | ' | ' | ' | -76,055 |
Changes to redeemable common stock | 634,694 | ' | 634,694 | ' | ' | ' | ' |
Redemptions of common stock | -9,680,138 | -993 | -9,679,145 | ' | ' | ' | ' |
Redemptions of common stock (in shares) | ' | -993,301 | ' | ' | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 2,500 | ' | ' | ' | ' | ' |
Issuance of restricted stock | 2 | 2 | ' | ' | ' | ' | ' |
Distributions ($0.70 per share) | -21,867,752 | ' | ' | -21,867,752 | ' | ' | ' |
Distributions for noncontrolling interests | -367,225 | ' | ' | ' | ' | ' | -367,225 |
Issuance of shares for distribution reinvestment plan (in shares) | ' | 952,152 | ' | ' | ' | ' | ' |
Issuance of shares for distribution reinvestment plan | 9,045,444 | 952 | 9,044,492 | ' | ' | ' | ' |
Issuance of limited partnership units in our Operating Partnership | 930,759 | ' | ' | ' | ' | ' | 930,759 |
Stock based compensation expense | 28,643 | ' | 28,643 | ' | ' | ' | ' |
Net loss attributable to Strategic Storage Trust, Inc. | -21,357,429 | ' | ' | ' | -21,357,429 | ' | ' |
Net income (loss) attributable to the noncontrolling interests in our Operating Partnership | -476,808 | ' | ' | ' | ' | ' | -476,808 |
Foreign currency translation adjustment | -642,434 | ' | ' | ' | ' | -642,434 | ' |
Change in fair value of interest rate swap | -311,630 | ' | ' | ' | ' | -311,630 | ' |
Ending Balance at Dec. 31, 2011 | 205,590,699 | 35,021 | 285,211,557 | -42,602,530 | -42,955,433 | -829,652 | 6,731,736 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 35,020,561 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock (in shares) | ' | 11,235,955 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock | 113,943,394 | 11,236 | 113,932,158 | ' | ' | ' | ' |
Offering costs | -12,016,241 | ' | -12,016,241 | ' | ' | ' | ' |
Changes to redeemable common stock | -3,593,608 | ' | -3,593,608 | ' | ' | ' | ' |
Redemptions of common stock | -12,577,236 | -1,311 | -12,575,925 | ' | ' | ' | ' |
Redemptions of common stock (in shares) | ' | -1,310,527 | ' | ' | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 3,125 | ' | ' | ' | ' | ' |
Issuance of restricted stock | 3 | 3 | ' | ' | ' | ' | ' |
Distributions ($0.70 per share) | -28,798,596 | ' | ' | -28,798,596 | ' | ' | ' |
Distributions for noncontrolling interests | -249,055 | ' | ' | ' | ' | ' | -249,055 |
Issuance of shares for distribution reinvestment plan (in shares) | ' | 1,235,628 | ' | ' | ' | ' | ' |
Issuance of shares for distribution reinvestment plan | 12,311,983 | 1,235 | 12,310,748 | ' | ' | ' | ' |
Repurchase of limited partnership units in our Operating Partnership | -396,738 | ' | -221,335 | ' | ' | ' | -175,403 |
Issuance of limited partnership units in our Operating Partnership | 729,218 | ' | ' | ' | ' | ' | 729,218 |
Stock based compensation expense | 24,764 | ' | 24,764 | ' | ' | ' | ' |
Net loss attributable to Strategic Storage Trust, Inc. | -18,973,712 | ' | ' | ' | -18,973,712 | ' | ' |
Net income (loss) attributable to the noncontrolling interests in our Operating Partnership | -41,430 | ' | ' | ' | ' | ' | -41,430 |
Foreign currency translation adjustment | 381,663 | ' | ' | ' | ' | 381,663 | ' |
Change in fair value of interest rate swap | -234,703 | ' | ' | ' | ' | -234,703 | ' |
Ending Balance at Dec. 31, 2012 | 256,100,405 | 46,184 | 383,072,118 | -71,401,126 | -61,929,145 | -682,692 | 6,995,066 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 46,184,742 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock (in shares) | ' | 9,881,658 | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock | 106,280,662 | 9,882 | 106,270,780 | ' | ' | ' | ' |
Offering costs | -11,080,884 | ' | -11,055,522 | ' | ' | ' | -25,362 |
Changes to redeemable common stock | 7,289,885 | ' | 7,289,885 | ' | ' | ' | ' |
Redemptions of common stock | -14,366,834 | -1,474 | -14,365,360 | ' | ' | ' | ' |
Redemptions of common stock (in shares) | ' | -1,473,355 | ' | ' | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | 2,500 | ' | ' | ' | ' | ' |
Issuance of restricted stock | 3 | 3 | ' | ' | ' | ' | ' |
Distributions ($0.70 per share) | -35,688,890 | ' | ' | -35,688,890 | ' | ' | ' |
Distributions for noncontrolling interests | -311,177 | ' | ' | ' | ' | ' | -311,177 |
Issuance of shares for distribution reinvestment plan (in shares) | ' | 1,540,890 | ' | ' | ' | ' | ' |
Issuance of shares for distribution reinvestment plan | 15,796,431 | 1,541 | 15,794,890 | ' | ' | ' | ' |
Issuance of limited partnership units in our Operating Partnership | 1,311,772 | ' | ' | ' | ' | ' | 1,311,772 |
Stock based compensation expense | 25,782 | ' | 25,782 | ' | ' | ' | ' |
Net loss attributable to Strategic Storage Trust, Inc. | -7,447,056 | ' | ' | ' | -7,447,056 | ' | ' |
Net income (loss) attributable to the noncontrolling interests in our Operating Partnership | 1,858 | ' | ' | ' | ' | ' | 1,858 |
Foreign currency translation adjustment | -1,176,333 | ' | ' | ' | ' | -1,176,333 | ' |
Change in fair value of interest rate swap | 243,282 | ' | ' | ' | ' | 243,282 | ' |
Ending Balance at Dec. 31, 2013 | $316,978,906 | $56,136 | $487,032,573 | ($107,090,016) | ($69,376,201) | ($1,615,743) | $7,972,157 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 56,136,435 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Distributions,per share | $0.70 | $0.70 | $0.70 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($7,445,198) | ($19,015,142) | ($21,834,237) |
Adjustments to reconcile net loss to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 27,475,921 | 29,268,831 | 24,690,023 |
Noncash interest expense | 147,472 | 190,724 | 364,438 |
Expense related to issuance of restricted stock | 25,785 | 24,767 | 28,645 |
Equity in income of unconsolidated joint ventures | -805,360 | -783,452 | -710,616 |
Distributions from unconsolidated joint ventures | 887,673 | 816,720 | 802,086 |
Gain on sale of unconsolidated joint venture | ' | -815,000 | ' |
Foreign currency exchange (gain) loss | 458,662 | -60,281 | 16,833 |
Increase (decrease) in cash from changes in assets and liabilities: | ' | ' | ' |
Restricted cash | -1,606,887 | -1,214,746 | -1,763,420 |
Other assets | -49,443 | -1,184,733 | -1,649,563 |
Accounts payable and other accrued liabilities | 1,071,649 | 2,033,098 | 1,464,568 |
Due to affiliates | -854,133 | 289,554 | 1,430,050 |
Net cash provided by operating activities | 19,306,141 | 9,550,340 | 2,838,807 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of real estate | -62,405,547 | -85,546,702 | -198,143,849 |
Additions to real estate facilities | -5,339,858 | -5,330,259 | -4,467,642 |
Development and construction of real estate facilities | -8,569,106 | -7,924,666 | -4,307,108 |
Deposits on acquisition of real estate facilities | ' | ' | 1,069,201 |
Additional investment in unconsolidated joint ventures | ' | -234,735 | -512,358 |
Proceeds from land disposition | ' | 1,978,746 | ' |
Proceeds from sale of investment in unconsolidated joint venture | ' | 1,425,000 | ' |
Net cash flows used in investing activities | -76,314,511 | -95,632,616 | -206,361,756 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of secured debt | 80,934,943 | 82,217,152 | 179,290,017 |
Principal payments on secured debt | -3,398,567 | -3,157,375 | -1,752,724 |
Repayment of secured debt | -56,695,148 | -62,833,334 | -9,939,555 |
Deferred financing costs | -1,798,602 | -2,001,411 | -6,462,085 |
Gross proceeds from issuance of common stock | 106,280,662 | 113,943,394 | 83,856,253 |
Offering costs | -11,080,884 | -12,016,241 | -10,426,603 |
Redemptions of common stock | -14,366,834 | -12,577,236 | -9,680,138 |
Distributions paid to common stockholders | -19,275,189 | -15,831,397 | -12,311,945 |
Distributions paid to noncontrolling interests | -297,167 | -251,541 | -363,078 |
Escrow receivable | 544,391 | -182,290 | -181,750 |
Due to affiliates | 288,689 | -98,510 | -180,558 |
Restricted cash | 1,550,000 | ' | -1,550,000 |
Repurchase of limited partnership units in our Operating Partnership | ' | -396,738 | ' |
Net cash flows provided by financing activities | 82,686,294 | 86,814,473 | 210,297,834 |
Effect of exchange rate changes on cash | -72,366 | 48,784 | 4,434 |
Increase in cash and cash equivalents | 25,605,558 | 780,981 | 6,779,319 |
Cash and cash equivalents, beginning of period | 13,998,391 | 13,217,410 | 6,438,091 |
Cash and cash equivalents, end of period | 39,603,949 | 13,998,391 | 13,217,410 |
Supplemental disclosures and non-cash transactions: | ' | ' | ' |
Cash paid for interest | 18,990,649 | 17,903,925 | 10,965,627 |
Interest capitalized | 414,389 | 498,772 | 352,095 |
Distributions payable | 3,355,882 | 2,724,603 | 2,071,876 |
Issuance of shares pursuant to distribution reinvestment plan | 15,796,431 | 12,311,983 | 9,045,444 |
Assumption of notes payable issued in connection with purchase of real estate | 18,025,647 | 6,706,790 | 42,580,540 |
Issuance of limited partnership units in our Operating Partnership in connection with the purchase of real estate facilities | 1,311,772 | 729,218 | 930,759 |
Foreign currency translation adjustment - Real estate facilities, net | ($2,415,103) | $614,721 | ($695,064) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Note 1. Organization | |
Strategic Storage Trust, Inc., a Maryland corporation (the “Company”), was formed on August 14, 2007 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities. The Company’s year-end is December 31. As used in this report, “we” “us” and “our” refer to Strategic Storage Trust, Inc. | |
Strategic Capital Holdings, LLC, a Virginia limited liability company (our “Sponsor”), is our sponsor. Our Sponsor was formed on July 21, 2004 to engage in private structured offerings of limited partnerships and other entities with respect to the acquisition, management and disposition of commercial real estate assets. Our Sponsor owns a majority of Strategic Storage Holdings, LLC, which is the sole member of both our advisor and our property manager. | |
Our advisor is Strategic Storage Advisor, LLC, a Delaware limited liability company (our “Advisor”) which was formed on August 13, 2007. Our Advisor is responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of an advisory agreement we have with our Advisor (our “Advisory Agreement”). Some of the officers of our Advisor are also officers of our Sponsor and of us. | |
On August 24, 2007, our Advisor purchased 100 shares of our common stock for $1,000 and became our initial stockholder. Our Articles of Amendment and Restatement authorize 700,000,000 shares of common stock with a par value of $0.001 and 200,000,000 shares of preferred stock with a par value of $0.001. | |
Our operating partnership, Strategic Storage Operating Partnership, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on August 14, 2007. On August 24, 2007, our Advisor purchased a limited partnership interest in our Operating Partnership for $200,000 and on August 24, 2007, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we have acquired. As of December 31, 2013, we owned 99.28% of the limited partnership interests of our Operating Partnership. The remaining limited partnership interests are owned by our Advisor (0.04%) and unaffiliated third parties (0.68%). As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct business of our Operating Partnership. We will conduct certain activities (such as selling packing supplies and locks and renting trucks or other moving equipment) through our taxable REIT subsidiaries (the “TRSs”), which are our wholly-owned subsidiaries. | |
Our property manager is Strategic Storage Property Management, LLC, a Delaware limited liability company (our “Property Manager”), which was formed in August 2007 to manage our properties. Our Property Manager derives substantially all of its income from the property management services it performs for us. | |
On March 17, 2008, we began our initial public offering of common stock (our “Initial Offering”). On May 22, 2008, we satisfied the minimum offering requirements of the Initial Offering and commenced formal operations. On September 16, 2011, we terminated the Initial Offering, having sold approximately 29 million shares for gross proceeds of approximately $289 million. On September 22, 2011, we commenced our follow-on public offering of stock for a maximum of 110,000,000 shares of common stock, consisting of 100,000,000 shares for sale to the public (our “Primary Offering”) and 10,000,000 shares for sale pursuant to our distribution reinvestment plan (collectively, our “Offering”). Our Offering terminated on September 22, 2013. On September 18, 2013, our board of directors amended and restated our distribution reinvestment plan, effective September 28, 2013, to make certain minor revisions related to the closing of our Offering. Following the termination of our Offering, on September 23, 2013, we filed with the SEC a Registration Statement on Form S-3, which incorporated the amended and restated distribution reinvestment plan and registered up to an additional $51.25 million in shares under our amended and restated distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of December 31, 2013, we had issued approximately 0.4 million shares of common stock for approximately $4.4 million in our DRP Offering. As of December 31, 2013, we had issued approximately 54.1 million shares of common stock for approximately $549 million in our Initial Offering, Offering and our DRP Offering and also issued 6.2 million shares of common stock in a private offering in connection with the 2009 private REIT mergers discussed herein. | |
In connection with the close-down of our Offering and in light of current market conditions, our board of directors has been and is continuing to explore certain strategic alternatives to create stockholder liquidity. Over several months, we interviewed several investment banking firms to assist us in this process. After this extensive interview process, on May 30, 2013, we engaged Citigroup Global Markets Inc. to help us analyze these strategic alternatives. Our management and our board of directors are also exploring the possibility of becoming self-administered. However, there can be no assurance that the exploration of strategic alternatives will result in any particular outcome. In anticipation of a future possible liquidity event, on November 1, 2013, our board of directors approved the termination of our share redemption program, effective December 1, 2013. See Note 8. | |
On April 2, 2012, our board of directors determined our estimated per share value of our common stock to be $10.79. Such amount was calculated based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of December 31, 2011. In light of the above-described net asset value calculation, our board of directors determined that it was appropriate to increase the per share offering price for new purchases of our shares commencing on June 1, 2012. This determination by our board of directors was subjective and was primarily based on (i) the estimated net asset value per share, which was predominantly based on an independent third party appraiser’s valuation of our properties as of December 31, 2011, (ii) the commissions and dealer manager fees payable in connection with the offering of our shares, (iii) our historical and anticipated results of operations and financial condition, (iv) our current and anticipated distribution payments, (v) our current and anticipated capital and debt structure, and (vi) our Advisor’s recommendations and assessment of our prospects and continued execution of our investment and operating strategies. | |
Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). Our Dealer Manager was responsible for marketing our shares that were offered pursuant to the Offering. Our chief executive officer, through a wholly-owned limited liability company, owns a 15% non-voting equity interest in our Dealer Manager. | |
As we accept subscriptions for shares of our common stock, we transfer substantially all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we are deemed to have made capital contributions in the amount of the gross offering proceeds received from investors, and our Operating Partnership is deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units (except for Class D units) that will be equivalent to the distributions made to holders of our common stock. In March 2011, we adopted Amendment No. 1 to our Operating Partnership’s First Amended and Restated Limited Partnership Agreement, which established Class D Units, and our Operating Partnership issued approximately 120,000 Class D Units in connection with our acquisition of the Las Vegas VII and Las Vegas VIII properties. The Class D Units have all of the rights, powers, duties and preferences of our Operating Partnership’s other limited partnership units, except that they are subject to an annual distribution limit (initially zero percent) and the holders of the Class D Units have agreed to modified exchange rights that prevent them from exercising their exchange rights until the occurrence of a specified event (see Note 8). Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions as outlined in the limited partnership agreement. Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our Advisor pursuant to our Advisory Agreement. | |
As of December 31, 2013, we wholly-owned 122 self storage facilities located in 17 states (Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Mississippi, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia) and Canada comprising approximately 77,375 units and approximately 10.2 million rentable square feet. As of December 31, 2013, we also had noncontrolling interests in three additional self storage facilities. Of those interests, one has been deemed to be a controlling interest and is therefore consolidated in our consolidated financial statements as discussed in Note 2. Additionally, we have an interest in a net leased industrial property in California with 356,000 rentable square feet leased to a single tenant. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 2. Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. | |||||||||||||||||
Effective September 15, 2009, the ASC was established as the single source of authoritative nongovernmental GAAP. Prior to the issuance of the ASC, all GAAP pronouncements were issued in separate topical pronouncements in the form of statements, staff positions or Emerging Issues Task Force Abstracts, and were referred to as such. While the ASC does not change GAAP, it introduces a new structure and supersedes all previously issued non-SEC accounting and reporting standards. In addition to the ASC, the Company is still required to follow SEC rules and regulations relating to the preparation of financial statements. The Company’s accounting policies are consistent with the guidance set forth by both the ASC and the SEC. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain amounts previously reported in our 2012 financial statements have been reclassified to conform to the fiscal 2013 presentation. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
Our financial statements, the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, the financial statements of Self Storage REIT, LLC (REIT I) and Self Storage REIT II, LLC (REIT II), and the accounts of variable interest entities (VIEs) for which we are the primary beneficiary are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests both as of and during the periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Consolidation Considerations for Our Investments in Joint Ventures | |||||||||||||||||
Current accounting guidance provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of the VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. As of December 31, 2013 and 2012, we had entered into contracts/interests that are deemed to be variable interests in VIEs; those variable interests include both lease agreements and equity investments. We have evaluated those variable interests against the criteria for consolidation and determined that we are not the primary beneficiary of certain investments discussed further in the “Equity Investments” section of this note. | |||||||||||||||||
As of December 31, 2013 and 2012, we had an equity interest in a self storage property located in San Francisco, California (“SF property”) which was deemed to be a VIE of which we are the primary beneficiary. As such, the SF property has been consolidated in our consolidated financial statements since we acquired our interest in the property through the REIT I merger. In January 2010, we acquired an approximately 2% additional interest in the SF property, bringing our total interest to approximately 12%. See Note 12 for further discussion of additional interests acquired subsequent to December 31, 2013. The SF property is owned by a Delaware Statutory Trust (DST), and by virtue of the trust agreement the investors in the trust have no direct or indirect ability through voting rights to make decisions about the DST’s significant activities. The operating partnership of REIT I (the “REIT I Operating Partnership”) has also entered into a lease agreement for the SF property, in which the REIT I Operating Partnership is the tenant, which exposes it to losses of the VIE that could be significant to the VIE and also allows it to direct activities of the VIE that determine its economic performance by means of its operation of the leased facility. The lease has an initial term of ten years which commenced on December 19, 2006. The initial term of the lease may be extended at the option of the REIT I Operating Partnership for up to four successive five year terms. As of December 31, 2013, the consolidated joint venture had net real estate assets of approximately $16.6 million. Such assets are only available to satisfy the obligations of the SF property. We have also consolidated approximately $10.1 million of secured debt and approximately $5.7 million of noncontrolling interest related to this entity. The lenders of the secured debt have no recourse to other Company assets. Our Sponsor has entered into an agreement to indemnify us for any losses as a result of potential shortfalls in the lease payments required to be made by the REIT I Operating Partnership. Despite such indemnification, we continue to be deemed the primary beneficiary, as our Sponsor is not deemed to have a variable interest in the SF property. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets and of assets held by equity method investees, and the useful lives of real estate assets and intangibles. Actual results could materially differ from those estimates. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||||||
We may maintain cash equivalents in financial institutions in excess of insured limits, but believe this risk is mitigated by only investing in or through major financial institutions. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. | |||||||||||||||||
Real Estate Purchase Price Allocation | |||||||||||||||||
We account for acquisitions in accordance with accounting guidance which requires that we allocate the purchase price of the property to the tangible and intangible assets acquired and the liabilities assumed based on estimated fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, as of the acquisition date and to adjust those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for an acquisition). Acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to the individual assets and liabilities are based upon comparable market sales information for land and estimates of depreciated replacement cost of equipment, building and site improvements. In allocating the purchase price, we determine whether the acquisition includes intangible assets or liabilities. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date we have not allocated any portion of the purchase price to above or below market leases. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $7.1 million and approximately $7.3 million in intangible assets to recognize the value of in-place leases related to our acquisitions in 2013 and 2012, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we will not have concentrations of significant customers and the average customer turnover is fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the years ended December 31, 2013, 2012 and 2011 we expensed approximately $2.9 million, $3.6 million and $7.7 million, respectively, of acquisition related transaction costs. | |||||||||||||||||
Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments that we determine to be significant retrospectively to comparative information in our financial statements, potentially including adjustments to interest, depreciation and amortization expense. | |||||||||||||||||
Evaluation of Possible Impairment of Long-Lived Assets | |||||||||||||||||
Management will continually monitor events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including those held through joint ventures, may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the long-lived assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived assets to the fair value and recognize an impairment loss. As of December 31, 2013 and 2012, no impairment losses have been recognized. | |||||||||||||||||
Equity Investments | |||||||||||||||||
Our investments in unconsolidated real estate joint ventures and VIEs in which we are not the primary beneficiary, where we have significant influence, but not control, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, our investments in real estate ventures are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the allocation of cash distributions upon liquidation of the investment in accordance with the joint venture agreements. | |||||||||||||||||
Investments representing passive preferred equity and/or minority interests are accounted for under the cost method. Under the cost method, our investments in real estate ventures are carried at cost and adjusted for other-than-temporary declines in fair value, distributions representing a return of capital and additional investments. | |||||||||||||||||
Through mergers with REIT I and REIT II in 2009, we acquired five preferred equity and/or minority interests in unconsolidated joint ventures (one became wholly-owned in 2011, one was sold in May 2012 and another also became wholly-owned in November of 2013), all of which were deemed to be VIEs. We have evaluated each variable interest against the amended criteria for consolidation and determined that we are not the primary beneficiary, generally due to our inability to direct significant activities that determine the economic performance of the VIE. One of those investments is a passive or limited partner interest in two self storage facilities (such properties are owned by a DST, and by virtue of the related trust agreements, the investors have no direct or indirect ability through voting rights to make decisions about its significant activities) and is therefore accounted for under the cost method; our aggregate investment therein is approximately $0.1 million. Our ownership interest in such investment was approximately 1.49% and our risk of loss is limited to our investment therein. | |||||||||||||||||
In May 2012, our equity interest in an unconsolidated joint venture which owned a self storage facility in Baltimore, Maryland was redeemed for approximately $1.4 million. This resulted in a gain of approximately $0.8 million, which is included in gain on sale of investment in unconsolidated joint venture in our Consolidated Statement of Operations for the year ended December 31, 2012. | |||||||||||||||||
The remaining interest is in a net leased industrial property (“Hawthorne property”) in California with 356,000 rentable square feet leased to a single tenant. This investment is accounted for under the equity method of accounting and our risk of loss is limited to our investment, including our maximum exposure under the terms of a debt guarantee. We own a 12% interest in Westport LAX LLC, the joint venture that acquired the Hawthorne property and the carrying value in such investment is approximately $1.3 million. Hawthorne LLC, an affiliate of our Sponsor, owns 78% of Westport LAX LLC, and we have a preferred equity interest in Hawthorne LLC which entitles us to distributions equal to 10% per annum on our investment of approximately $6.9 million and a non-interest bearing receivable of approximately $0.4 million. The preferred equity interest has a redemption date in November 2014, subject to extension at our sole discretion. The preferred equity interest may be called at any time in whole or part by Hawthorne LLC or redeemed at any time by us. The remaining 10% interest in Westport LAX LLC is owned by a third party, who is also the co-manager, along with our Sponsor, of the Hawthorne property. Such third party is the acting property manager and directs the operating activities of the property that determine its economic performance. We, along with other non-affiliated parties, are guarantors on the approximately $19.0 million loan used to secure the Hawthorne property; the loan has a maturity date of August 1, 2020. As of December 31, 2013, our maximum exposure to loss as a result of our involvement with this VIE, consisting of our investment balances and our guarantee of the secured debt, totaled approximately $27.6 million. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Customer accounts receivable are reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of customer accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. | |||||||||||||||||
Real Estate Facilities | |||||||||||||||||
Real estate facilities are recorded at cost. We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. | |||||||||||||||||
Depreciation of Real Property Assets | |||||||||||||||||
Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. | |||||||||||||||||
Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows: | |||||||||||||||||
Description | Standard Depreciable Life | ||||||||||||||||
Land | Not Depreciated | ||||||||||||||||
Buildings | 30 to 35 years | ||||||||||||||||
Site Improvements | 7 to 15 years | ||||||||||||||||
Depreciation of Personal Property Assets | |||||||||||||||||
Personal property assets, consisting primarily of furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
We have allocated a portion of our real estate purchase price to in-place leases. We are amortizing in-place leases on a straight-line basis over the estimated future benefit period. As of December 31, 2013 and 2012, accumulated amortization of in-place lease intangibles totaled approximately $44.6 million and $36.4 million, respectively. | |||||||||||||||||
The total estimated amortization expense of intangible assets for the years ending December 31, 2014, 2015, 2016, 2017 and 2018 is approximately $5.4 million, $3.4 million, $1.6 million, $0, and $0, respectively. | |||||||||||||||||
Amortization of Deferred Financing Costs | |||||||||||||||||
Costs incurred in connection with obtaining financing are deferred and amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2013 and 2012, accumulated amortization of deferred financing costs totaled approximately $5.9 million and $4.4 million, respectively. | |||||||||||||||||
Organization and Offering Costs | |||||||||||||||||
Pursuant to our Advisory Agreement, our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor must reimburse us within 60 days after the end of the month in which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Such costs will be recognized as a liability when we have a present responsibility to reimburse our Advisor, which is defined in our Advisory Agreement as the date we satisfied the minimum offering requirements of the primary offering portion of our Initial Offering (which occurred on May 22, 2008). If at any point in time we determine that the total organization and offering costs are expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we will recognize such excess as a capital contribution from our Advisor. Subsequent to the termination of our Offering on September 22, 2013, we have determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. | |||||||||||||||||
Redeemable Common Stock | |||||||||||||||||
We previously had a share redemption program that enabled stockholders to sell their shares to us in limited circumstances. | |||||||||||||||||
We recorded amounts that were redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares were mandatorily redeemable at the option of the holder and therefore their redemption was outside our control. The maximum amount redeemable under our share redemption program was limited to the number of shares we could repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable but that are contingent on an event that is likely to occur (e.g., the passage of time) should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan were considered to be temporary equity and were presented as redeemable common stock in the accompanying consolidated balance sheets accordingly. | |||||||||||||||||
In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. Our redeemable common shares were contingently redeemable at the option of the holder. When we determined we had a mandatory obligation to repurchase shares under the share redemption program, we reclassified such obligations from temporary equity to a liability based upon their respective settlement values. | |||||||||||||||||
We funded all redemptions using proceeds from the sale of shares pursuant to our distribution reinvestment plan. | |||||||||||||||||
In anticipation of a future possible liquidity event, on November 1, 2013, our board of directors approved the termination of our share redemption program, effective December 1, 2013. See Note 8 for further discussion of our share redemption program. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All related adjustments are recorded in other comprehensive income (loss) as a separate component of stockholders’ equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Gains or losses on foreign currency transactions are recorded in other income (expense). For the years ended December 31, 2013, 2012 and 2011, we recorded a loss of approximately $460,000, a gain of approximately $60,000 and a loss of approximately $17,000, respectively. | |||||||||||||||||
Accounting for Equity Awards | |||||||||||||||||
The cost of restricted stock is required to be measured based on the grant-date fair value and the cost to be recognized over the relevant service period. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value: | |||||||||||||||||
• | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; | ||||||||||||||||
• | Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. | ||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. | |||||||||||||||||
The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we present herein are indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. | |||||||||||||||||
Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related assets and investments in unconsolidated joint ventures and related liabilities assumed and equity consideration related to our acquisitions. The fair values of these assets, liabilities and equity consideration were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets, liabilities and common stock as of the acquisition dates were derived using Level 3 inputs. | |||||||||||||||||
The carrying amounts of cash and cash equivalents, customer accounts receivable, other assets, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value because of the relatively short-term nature of these instruments. | |||||||||||||||||
The table below summarizes our fixed rate notes payable at December 31, 2013. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Fixed Rate Secured Debt | $ | 311,362,132 | $ | 300,894,201 | $ | 298,636,303 | $ | 287,912,016 | |||||||||
As of December 31, 2013, we had an interest rate swap on one of our loans (See Notes 5 and 6). The valuation of this instrument was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | |||||||||||||||||
To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | |||||||||||||||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. As of December 31, 2013, we had $303,051 of Level 2 derivatives (interest rate swap) classified in accounts payable and accrued liabilities on our consolidated balance sheet. | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. | |||||||||||||||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in the consolidated statements of operations. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income, outside of earnings and subsequently reclassified to earnings when the hedged transaction affects earnings. | |||||||||||||||||
Noncontrolling Interest in Consolidated Entities | |||||||||||||||||
We account for the noncontrolling interest in our Operating Partnership in accordance with amended accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partner, our Operating Partnership, including its wholly-owned subsidiaries, is consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. In addition, we account for the noncontrolling interest in the SF property in accordance with the amended accounting guidance. The noncontrolling interests shall continue to be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. | |||||||||||||||||
Income Taxes | |||||||||||||||||
We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2008. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to Federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to Federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for Federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we will be organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for Federal income tax purposes. We have concluded that there are no significant uncertain tax positions requiring recognition or disclosure in our consolidated financial statements. | |||||||||||||||||
Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and Federal income and excise taxes on our undistributed income. | |||||||||||||||||
We have filed an election to treat the TRSs as taxable REIT subsidiaries. In general, the TRSs may perform additional services for our customers and generally may engage in any real estate or non-real estate related business. The TRSs are subject to corporate Federal and state income tax. The TRSs follow accounting guidance which requires the use of the asset and liability method. Deferred income taxes will represent the tax effect of future differences between the book and tax bases of assets and liabilities. | |||||||||||||||||
Per Share Data | |||||||||||||||||
Basic earnings per share attributable for all periods presented are computed by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares outstanding, including all restricted stock grants as though fully vested. For the years ended December 31, 2013, 2012 and 2011, 6,250, 6,250 and 6,875 shares, of unvested restricted stock, respectively were not included in the diluted weighted average shares as such shares were antidilutive. | |||||||||||||||||
Recently Issued Accounting Guidance | |||||||||||||||||
ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), was issued in February 2013 and does not change the current requirements for reporting net income or other comprehensive income. However, ASU 2013-02 requires disclosure of significant amounts reclassified out of accumulated other comprehensive income in their entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. We adopted this ASU in the interim period ended March 31, 2013 and its adoption did not have a material impact on our consolidated financial statements or financial statement disclosures. |
USA_Self_Storage_I_DST_Madison
USA Self Storage I, DST; Madison County Self Storage, DST and Southwest Colonial, DST Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
USA Self Storage I, DST; Madison County Self Storage, DST and Southwest Colonial, DST Acquisitions | ' |
Note 3. USA Self Storage I, DST; Madison County Self Storage, DST and Southwest Colonial, DST Acquisitions | |
In February 2011, we, through an indirect wholly-owned subsidiary, closed on the purchase of the remaining 80.247% in beneficial interests (“Interests”) in USA Self Storage I, DST (“SS I, DST”), a Delaware statutory trust sponsored by our Sponsor, from approximately 40 third-party sellers pursuant to separate purchase agreements with each seller. None of the purchases were contingent upon any of the others. The agreed upon purchase price the Interests acquired, which was based on the aggregate appraised value of the properties, was approximately $30.1 million ($37.55 million total purchase price multiplied by 80.247%). The consideration consisted of approximately $10.2 million in cash along with approximately 70,000 limited partnership units in our Operating Partnership and the ratable portion of approximately $23.3 million of three separate bank loans (Bank of America Loan – 1, Bank of America Loan – 2 and Bank of America Loan – 3) held by the three property owning subtrusts (the “Subtrusts”) of SS I, DST (the “Bank of America Loans”). | |
We paid our Advisor approximately $377,000 in acquisition fees in connection with these acquisitions. | |
SS I, DST, through the Subtrusts, owns 10 self storage facilities located in Georgia, North Carolina and Texas with an aggregate of approximately 5,425 units and 800,400 rentable square feet. The three Subtrusts lease their respective properties to master tenants (the “Tenants”) on a triple-net basis pursuant to master leases (the “Leases”) that have terms of 10 years and expire on November 1, 2015. The Tenants are owned by affiliates of the Sponsor. Under the Leases, the Tenants pay a stated monthly rent equivalent to the monthly debt service payment under the Bank of America Loans, which is paid directly to the lender on behalf of the Subtrusts, a monthly stated rent equivalent to an investor return of 7.0% per annum, and may pay certain annual bonus rent per the terms of the Leases, both of which stated rent and bonus rent are remitted to the Subtrusts. As an Interest holder, we are entitled to our pro rata share of the total rent less the debt service under the Bank of America Loans. The Tenants are entitled to retain any cash flow in excess of these rent payments. We and our Sponsor along with its affiliates have agreed to assign 100% of the economic benefits and obligations from these properties to us in exchange for indemnification by us for any potential liability incurred subsequent to the assignment by the Sponsor in connection with the Leases. | |
The properties owned by the Subtrusts are subject to the Bank of America Loans, which had an aggregate principal balance of approximately $23.3 million as of February 1, 2011. The Bank of America Loans bear a fixed interest rate of 5.18%, had original terms of 10 years and mature on November 1, 2015. The Bank of America Loans required monthly interest-only payments during the first three years of their terms and now require monthly principal-and-interest payments based on a 30-year amortization period. Each of the Bank of America Loans is secured only by the properties owned by the respective Subtrust that obtained such loan. | |
During the third and fourth quarters of 2012, we purchased beneficial interests (the “Madison Interests”) in Madison County Self Storage, DST (“Madison DST”), a Delaware statutory trust sponsored by our Sponsor, from 13 third-party sellers pursuant to separate purchase agreements with each seller. None of the purchases were contingent upon any of the others. Such purchases were completed on December 28, 2012, when we acquired the remaining 52%, such that we then owned 100% of the Madison Interests. The agreed upon purchase price of the Madison Interests acquired, based on the aggregate appraised value of the two properties owned by Madison DST, was approximately $10.7 million, consideration provided consisted of approximately $3.1 million in cash along with the issuance of approximately 84,000 limited partnership units in our Operating Partnership and the assumption of an approximately $6.5 million bank loan held by Madison DST (the “Bank of America Loan –4”). Madison DST leased its properties to a master tenant (the “Tenant”) on a triple-net basis pursuant to a master lease (the “Lease”). The Tenant is owned by affiliates of the Sponsor. Such Lease was terminated effective December 28, 2012. | |
We paid our Advisor approximately $133,000 in acquisition fees in connection with these acquisitions. | |
The Madison DST owns two self storage facilities located in Mississippi with an aggregate of approximately 895 units and 149,300 rentable square feet. The properties owned by the Madison DST are subject to the Bank of America Loan – 4, which had an aggregate principal balance of approximately $6.5 million as of the acquisition dates of the Madison Interests. The loan bears a fixed interest rate of 6.33% and had an original term of ten years and matures on October 1, 2017. The loan is secured only by the two properties owned by the Madison DST that obtained such loan. | |
During the fourth quarter of 2013, we purchased beneficial interests (the “Colonial Interests”) in Southwest Colonial, DST (“Colonial DST”), a Delaware statutory trust sponsored by our Sponsor, from approximately 50 third-party sellers pursuant to separate purchase agreements with each seller. None of the purchases were contingent upon any of the others. Such purchases were fully completed on November 1, 2013. Following the purchase of these interests, we owned 100% of the interests in Colonial DST. The agreed upon purchase price of the Colonial Interests acquired, based on the aggregate appraised value of the five properties owned by Colonial DST was approximately $27.9 million. Consideration provided consisted of approximately $9.0 million in cash along with the issuance of approximately 151,300 limited partnership units in our Operating Partnership and the assumption of an approximately $16.7 million bank loan held by Colonial DST (the “John Hancock Loan”). Colonial DST leased its properties to a master tenant (the “Colonial Tenant”) on a triple-net basis pursuant to a master lease (the “Colonial Lease”). The Colonial Tenant is owned by affiliates of our Sponsor. We and our Sponsor, along with its affiliates, have agreed to assign 100% of the economic benefits and obligations from these properties to us in exchange for indemnification by us for any potential liability incurred subsequent to the assignment by the Sponsor in connection with the Colonial Lease. | |
We incurred acquisition fees due to our Advisor of approximately $340,000 in connection with these acquisitions. | |
Colonial DST owns five self storage facilities located in Texas with an aggregate of approximately 2,805 units and 392,000 rentable square feet. The properties owned by Colonial DST are subject to the John Hancock Loan, which had an aggregate principal balance of approximately $16.7 million as of the acquisition date. The loan bears a fixed interest rate of 6.36% and had an original term of ten years, maturing in June 2018. The loan is secured only by the five properties owned by Colonial DST that obtained such loan. |
Real_Estate_Facilities
Real Estate Facilities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||||
Real Estate Facilities | ' | ||||||||||||||||||||||||||||
Note 4. Real Estate Facilities | |||||||||||||||||||||||||||||
The following summarizes the activity in real estate facilities during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Real estate facilities | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 510,395,576 | |||||||||||||||||||||||||||
Facility acquisitions | 85,722,709 | ||||||||||||||||||||||||||||
Land disposition | (1,675,860 | ) | |||||||||||||||||||||||||||
Impact of foreign exchange rate changes | 614,721 | ||||||||||||||||||||||||||||
Improvements and additions | 9,670,749 | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 604,727,895 | ||||||||||||||||||||||||||||
Facility acquisitions | 74,743,745 | ||||||||||||||||||||||||||||
Impact of foreign exchange rate changes | (2,415,103 | ) | |||||||||||||||||||||||||||
Improvements and additions | 17,082,250 | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 694,138,787 | |||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (15,971,288 | ) | ||||||||||||||||||||||||||
Depreciation expense | (13,869,032 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2012 | (29,840,320 | ) | |||||||||||||||||||||||||||
Depreciation expense | (16,591,835 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (46,432,155 | ) | ||||||||||||||||||||||||||
2013 and 2012 Acquisitions | |||||||||||||||||||||||||||||
The following table summarizes the purchase price allocation for our acquisitions for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Property | Acquisition | Real Estate | Intangibles | Total | Debt Assumed | Revenue | Operating | ||||||||||||||||||||||
Date | Assets | or Issued | -4 | Income | |||||||||||||||||||||||||
(2)(3) | (4)(5) | ||||||||||||||||||||||||||||
Chantilly—VA | 5/24/12 | $ | 6,400,000 | $ | 900,000 | $ | 7,300,000 | $ | 3,500,000 | $ | 550,910 | $ | 359,387 | ||||||||||||||||
Savannah I—GA (1) | 8/16/12 | 2,560,000 | 140,000 | 2,700,000 | — | 123,372 | 57,061 | ||||||||||||||||||||||
Savannah II—GA (1) | 8/16/12 | 2,490,000 | 110,000 | 2,600,000 | — | 113,223 | 46,759 | ||||||||||||||||||||||
Columbia—SC (1) | 8/16/12 | 2,630,000 | 70,000 | 2,700,000 | — | 99,115 | 20,289 | ||||||||||||||||||||||
Lexington I—SC (1) | 8/16/12 | 1,810,000 | 190,000 | 2,000,000 | — | 81,112 | 23,272 | ||||||||||||||||||||||
Stuart I—FL (1) | 8/16/12 | 2,890,000 | 110,000 | 3,000,000 | — | 106,495 | 43,489 | ||||||||||||||||||||||
Lexington II—SC (1) | 8/16/12 | 4,130,000 | 170,000 | 4,300,000 | — | 151,327 | 71,512 | ||||||||||||||||||||||
Stuart II—FL (1) | 8/16/12 | 3,300,000 | 100,000 | 3,400,000 | — | 148,858 | 76,937 | ||||||||||||||||||||||
Bluffton—SC (1) | 8/16/12 | 5,230,000 | 270,000 | 5,500,000 | — | 210,482 | 114,010 | ||||||||||||||||||||||
Wilmington Island—GA (1) | 10/1/12 | 5,810,000 | 690,000 | 6,500,000 | 4,330,000 | 191,219 | 135,144 | ||||||||||||||||||||||
Myrtle Beach—SC (1) | 10/1/12 | 3,510,000 | 190,000 | 3,700,000 | 1,500,000 | 74,102 | 31,355 | ||||||||||||||||||||||
Mt. Pleasant I—SC (1) | 11/5/12 | 2,680,000 | 320,000 | 3,000,000 | 1,500,000 | 51,787 | 23,551 | ||||||||||||||||||||||
Charleston I—SC (1) | 11/5/12 | 2,810,000 | 190,000 | 3,000,000 | 1,500,000 | 53,393 | 20,811 | ||||||||||||||||||||||
Charleston II—SC (1) | 11/5/12 | 3,150,000 | 350,000 | 3,500,000 | 1,650,000 | 63,445 | 35,634 | ||||||||||||||||||||||
Mt. Pleasant II—SC (1) | 11/5/12 | 5,200,000 | 600,000 | 5,800,000 | 3,350,000 | 91,692 | 55,170 | ||||||||||||||||||||||
Charleston III—SC (1) | 11/5/12 | 6,305,000 | 620,000 | 6,925,000 | 3,362,500 | 99,124 | 64,738 | ||||||||||||||||||||||
Mt. Pleasant III—SC (1) | 11/5/12 | 15,410,000 | 1,090,000 | 16,500,000 | 8,000,000 | 221,524 | 146,105 | ||||||||||||||||||||||
Ridgeland—MS | 12/28/12 | 4,910,788 | 610,000 | 5,520,788 | 3,510,095 | — | — | ||||||||||||||||||||||
Canton—MS | 12/28/12 | 4,496,921 | 540,000 | 5,036,921 | 3,196,694 | — | — | ||||||||||||||||||||||
2012 Total | $ | 85,722,709 | $ | 7,260,000 | $ | 92,982,709 | $ | 35,399,289 | $ | 2,431,180 | $ | 1,325,224 | |||||||||||||||||
Property | Acquisition | Real Estate | Intangibles | Total | Debt Assumed | Revenue | Operating | ||||||||||||||||||||||
Date | Assets | or Issued | -4 | Income | |||||||||||||||||||||||||
(2)(3) | (4)(5) | ||||||||||||||||||||||||||||
North Charleston—SC | 7/10/13 | $ | 6,152,000 | $ | 420,000 | $ | 6,572,000 | $ | — | $ | 365,262 | $ | 200,625 | ||||||||||||||||
Toms River II—NJ | 8/28/13 | 4,900,000 | 300,000 | 5,200,000 | — | 157,717 | 67,146 | ||||||||||||||||||||||
Pickering—CAN (6) (7) | 8/29/13 | 5,100,155 | — | 5,100,155 | — | — | — | ||||||||||||||||||||||
Montgomery II—AL (8) (9) | 10/28/13 | 7,770,000 | 830,000 | 8,600,000 | 4,554,014 | 149,645 | 102,435 | ||||||||||||||||||||||
Knoxville—TN (8) (9) | 10/28/13 | 7,790,000 | 740,000 | 8,530,000 | 4,527,382 | 145,984 | 105,675 | ||||||||||||||||||||||
Knoxville II—TN (8) (9) | 10/28/13 | 9,940,000 | 960,000 | 10,900,000 | 5,805,701 | 174,377 | 124,008 | ||||||||||||||||||||||
Knoxville III—TN (8) (9) | 10/28/13 | 7,840,000 | 660,000 | 8,500,000 | 4,527,382 | 136,503 | 94,497 | ||||||||||||||||||||||
Midland I—TX (8) | 11/1/13 | 5,092,387 | 590,000 | 5,682,387 | 3,607,716 | 114,346 | 77,453 | ||||||||||||||||||||||
Coppell—TX (8) | 11/1/13 | 6,662,738 | 750,000 | 7,412,738 | 4,707,735 | 148,475 | 99,927 | ||||||||||||||||||||||
Midland II—TX (8) | 11/1/13 | 6,947,260 | 850,000 | 7,797,260 | 4,952,183 | 139,454 | 106,544 | ||||||||||||||||||||||
Arlington—TX (8) | 11/1/13 | 3,108,876 | 480,000 | 3,588,876 | 2,276,830 | 82,520 | 44,744 | ||||||||||||||||||||||
Weatherford—TX (8) | 11/1/13 | 3,440,329 | 470,000 | 3,910,329 | 2,481,183 | 82,632 | 49,614 | ||||||||||||||||||||||
2013 Total | $ | 74,743,745 | $ | 7,050,000 | $ | 81,793,745 | $ | 37,440,126 | $ | 1,696,915 | $ | 1,072,668 | |||||||||||||||||
(1) | The above noted properties are collectively referred to as the “Stockade Portfolio.” | ||||||||||||||||||||||||||||
(2) | See Note 5 for specific terms of the Company’s debt. | ||||||||||||||||||||||||||||
(3) | Amounts include the purchase accounting fair value adjustment of debt, as applicable | ||||||||||||||||||||||||||||
(4) | The operating results of the facilities acquired above have been included in the Company’s statement of operations since their respective acquisition date. The revenue and operating income in the table above represents such metrics from the respective acquisition date through the end of the respective fiscal year. | ||||||||||||||||||||||||||||
(5) | Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. | ||||||||||||||||||||||||||||
(6) | Allocation (excludes development costs) based on Canadian/U.S. exchange rate as of the date of acquisition. | ||||||||||||||||||||||||||||
(7) | Property was under construction; therefore no revenue or operating income is included above. | ||||||||||||||||||||||||||||
(8) | The allocations noted above are based on a preliminary determination of the fair value of the total consideration provided. Such valuations may change as we complete our purchase price accounting. | ||||||||||||||||||||||||||||
(9) | The above noted properties are collectively referred to as the “Knoxville Portfolio.” | ||||||||||||||||||||||||||||
All of the above properties were acquired from unaffiliated third parties. We incurred acquisition fees due to our Advisor for the above acquisitions. For the years ended December 31, 2013 and 2012, such fees were approximately $1.7 million and $2.2 million, respectively. | |||||||||||||||||||||||||||||
During the quarter ended December 31, 2013, we finalized the purchase price accounting for the last two acquisitions completed in 2012 and for all of the 2013 acquisitions, excluding those acquired on October 28, 2013 and November 1, 2013, and made revisions to preliminary estimates including real estate facilities and intangible assets as further evaluations were completed and additional information was received from third parties subsequent to the acquisition dates. We anticipate finalizing the purchase price allocations for the remaining 2013 acquisitions by December 31, 2014, as further evaluations are completed and additional information is received from third parties. | |||||||||||||||||||||||||||||
The impact related to the finalization of purchase price accounting was not material to our consolidated financial statements. For acquisitions where the purchase price accounting was finalized in 2013 and 2012 the weighted-average amortization period of the intangibles as of the date of acquisition was 34 months and 29 months, respectively. |
Secured_Debt
Secured Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Secured Debt | ' | ||||||||||||||||
Note 5. Secured Debt | |||||||||||||||||
The Company’s secured debt is summarized as follows: | |||||||||||||||||
Carrying value as of: | Interest | Maturity | |||||||||||||||
Encumbered Property | December 31, | December 31, | Rate | Date | |||||||||||||
2013 | 2012 | ||||||||||||||||
Montgomery | $ | 2,693,364 | $ | 2,768,704 | 6.42 | % | 7/1/16 | ||||||||||
Seabrook | 4,444,137 | 4,516,470 | 5.73 | % | 1/1/16 | ||||||||||||
Greenville | 2,226,986 | 2,263,211 | 5.65 | % | 3/1/16 | ||||||||||||
Kemah | 8,732,981 | 8,858,838 | 6.2 | % | 6/1/16 | ||||||||||||
Memphis | 2,465,045 | 2,502,922 | 5.67 | % | 12/1/16 | ||||||||||||
Tallahassee | 7,446,178 | 7,537,926 | 6.16 | % | 8/1/16 | ||||||||||||
Houston | 1,981,095 | 2,018,754 | 5.67 | % | 2/1/17 | ||||||||||||
San Francisco (consolidated VIE) | 10,256,163 | 10,387,192 | 5.84 | % | 1/1/17 | ||||||||||||
Lake Forest | 18,000,000 | 18,000,000 | 6.47 | % | 10/1/17 | ||||||||||||
Las Vegas II | 1,511,958 | 1,530,923 | 5.72 | % | 6/1/17 | ||||||||||||
Pearland | 3,438,473 | 3,480,298 | 5.93 | % | 7/1/17 | ||||||||||||
Daphne | 1,381,213 | 1,544,325 | 5.47 | % | 8/1/20 | ||||||||||||
Mesa | 2,968,060 | 3,036,098 | 5.38 | % | 4/1/15 | ||||||||||||
Riverdale | 4,800,000 | 4,800,000 | 4 | % | 5/14/14 | ||||||||||||
Prudential Portfolio Loan (1) (2) | 31,044,708 | 31,547,772 | 5.42 | % | 9/5/19 | ||||||||||||
Dufferin – Toronto – Ontario, Canada (3) | 6,144,911 | 6,812,855 | 5.22 | % | 5/15/14 | ||||||||||||
Citi Loan (4) | 28,077,873 | 28,466,942 | 5.77 | % | 2/6/21 | ||||||||||||
Bank of America Loan – 1 (5) | 4,321,842 | 4,400,398 | 5.18 | % | 11/1/15 | ||||||||||||
Bank of America Loan – 2 (6) | 6,548,748 | 6,667,782 | 5.18 | % | 11/1/15 | ||||||||||||
Bank of America Loan – 3 (7) | 11,770,704 | 11,984,654 | 5.18 | % | 11/1/15 | ||||||||||||
Prudential – Long Beach (8) | 6,533,640 | 6,637,926 | 5.27 | % | 9/5/19 | ||||||||||||
SF Bay Area – Morgan Hill (19) | — | 2,928,860 | 5.75 | % | 4/1/13 | ||||||||||||
SF Bay Area – Vallejo | 4,295,098 | 4,390,176 | 6.04 | % | 6/1/14 | ||||||||||||
Citi Las Vegas Loan (9) | 7,434,590 | 7,545,688 | 5.26 | % | 6/6/21 | ||||||||||||
ING Loan (10) | 21,265,500 | 21,587,669 | 5.47 | % | 7/1/21 | ||||||||||||
Ladera Ranch | 6,691,304 | 6,821,300 | 5.84 | % | 6/1/16 | ||||||||||||
SF Bay Area – San Lorenzo | — | 2,099,622 | 6.07 | % | 1/1/14 | ||||||||||||
Las Vegas V | 1,628,783 | 1,667,485 | 5.02 | % | 7/1/15 | ||||||||||||
Second Restated KeyBank Loan (11) | — | 51,666,666 | 4.67 | % | 12/24/14 | (11) | |||||||||||
Mississauga (12) – Ontario, Canada | 6,763,769 | 6,841,134 | 5 | % | 10/31/14 | ||||||||||||
Chantilly (13) | 3,421,797 | 3,474,712 | 4.75 | % | 6/6/22 | ||||||||||||
Brampton (14) – Ontario, Canada | 6,482,879 | 208,086 | 5.25 | % | 6/30/16 | ||||||||||||
Citi Stockade Loan – 1 (15) | 18,200,000 | 18,200,000 | 4.6 | % | 10/1/22 | ||||||||||||
KeyBank CMBS Loan (16) | 30,960,278 | 31,000,000 | 4.65 | % | 11/1/22 | ||||||||||||
Citi Stockade Loan – 2 (17) | 19,362,500 | 19,362,500 | 4.61 | % | 11/6/22 | ||||||||||||
Bank of America Loan – 4 (18) | 6,394,362 | 6,459,043 | 6.33 | % | 10/1/17 | ||||||||||||
Citi SF Bay Area – Morgan Hill Loan (19) | 3,000,000 | — | 4.08 | % | 3/6/23 | ||||||||||||
KeyBank Revolver (20) | 71,000,000 | — | 1.67 | % | 10/25/16 | ||||||||||||
John Hancock Loan (21) | 16,682,984 | — | 6.36 | % | 6/1/18 | ||||||||||||
Net fair value adjustment | 913,837 | (576,173 | ) | ||||||||||||||
Total secured debt | $ | 391,285,760 | $ | 353,440,758 | |||||||||||||
(1) | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten. | ||||||||||||||||
(2) | Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%. | ||||||||||||||||
(3) | On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank’s floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%. | ||||||||||||||||
(4) | This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago – 95th St., Chicago – Western Ave., Chicago – Ogden Ave., Chicago – Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(5) | This loan encumbers the Lawrenceville I and II properties. | ||||||||||||||||
(6) | This loan encumbers the Concord, Hickory and Morganton properties. | ||||||||||||||||
(7) | This loan encumbers the El Paso II, III, IV & V properties as well as the Dallas property. | ||||||||||||||||
(8) | This loan is cross-collateralized by the 11 properties discussed in footnote (1) to this table. | ||||||||||||||||
(9) | This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(10) | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021. | ||||||||||||||||
(11) | Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see “Second Restated KeyBank Loan” below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the “KeyBank Revolver”). The KeyBank Revolver is further described below. | ||||||||||||||||
(12) | In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2% (totaling 5.00% as of December 31, 2013). | ||||||||||||||||
(13) | The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(14) | In September 2012, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2.25% (totaling 5.25% as of December 31, 2013). | ||||||||||||||||
(15) | This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(16) | This portfolio loan encumbers nine properties (Los Angeles – La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area – Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(17) | This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(18) | This loan encumbers the Ridgeland and Canton properties. | ||||||||||||||||
(19) | The SF Bay Area – Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area – Morgan Hill Loan. For additional discussion, see “Citi SF Bay Area – Morgan Hill Loan” below. | ||||||||||||||||
(20) | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see “KeyBank Revolver” below. | ||||||||||||||||
(21) | This loan encumbers the Midland I, Coppell, Midland II, Arlington and Weatherford properties. | ||||||||||||||||
As of December 31, 2013 and 2012, the Company’s secured promissory notes shown above were secured by the properties shown above, which properties had net book values of approximately $647 million and $587 million, respectively. | |||||||||||||||||
KeyBank Revolver | |||||||||||||||||
On October 28, 2013, we, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership (collectively with the Operating Partnership, the “Borrower”), obtained a revolving loan from KeyBank, National Association (“KeyBank”) for borrowings up to $75 million (as amended, the “KeyBank Revolver”). In November 2013, $25 million of the KeyBank Revolver was syndicated to another participating lender. The initial amount funded at closing was $71 million (the “Initial Draw”), $45 million of which was used to pay off the outstanding principal amount under the Second Restated KeyBank Loan, and thereby release the 12 properties comprising the Homeland Portfolio that were serving as collateral for the Second Restated KeyBank Loan, and approximately $26 million of which was used to partially fund the acquisition of the Knoxville Portfolio described in Note 4. It is anticipated that future draws on the KeyBank Revolver will be used to help fund our future acquisitions of self storage facilities and for other general corporate purposes. | |||||||||||||||||
The KeyBank Revolver has an initial term of three years, maturing on October 25, 2016, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the KeyBank Revolver (the “Credit Agreement”). Payments due pursuant to the KeyBank Revolver are interest-only for the life of the loan. The KeyBank Revolver bears interest at the Borrower’s option of either the Alternate Base Rate plus the Applicable Rate or the Adjusted LIBO Rate plus the Applicable Rate (each as defined in the Credit Agreement). The Applicable Rate will vary based on our total leverage ratio. We elected to have the Adjusted LIBO Rate plus the Applicable Rate apply to the Initial Draw, which equated an initial interest rate of 1.67%. The $45 million interest rate swap originally purchased in connection with the Second Restated KeyBank Loan will remain in place through December 24, 2014, thus fixing the rate on $45 million at approximately 2.4%, assuming the Applicable Rate remains constant. | |||||||||||||||||
During the first 18 months of the KeyBank Revolver, we may request increases in the aggregate commitment up to a maximum of $200 million in minimum increments of $10 million. We may also reduce the aggregate commitment in minimum increments of $10 million during the life of the loan, provided, however, that at no time will the aggregate commitment be reduced to less than $25 million unless the KeyBank Revolver is paid in full. | |||||||||||||||||
The KeyBank Revolver is secured by cross-collateralized first mortgage liens or first lien deeds of trust on the properties in the Homeland Portfolio, the properties in the Knoxville Portfolio, and five of our other self storage properties, and is cross-defaulted to any recourse debt of $25 million or greater in the aggregate or non-recourse debt of $75 million or greater in the aggregate. The KeyBank Revolver may be prepaid or terminated at any time without penalty, provided, however, that KeyBank and any other lender shall be indemnified for any breakage costs associated with any LIBOR borrowings. Pursuant to that certain guaranty dated October 28, 2013 in favor of KeyBank, we serve as a guarantor of all obligations due under the KeyBank Revolver. | |||||||||||||||||
Under certain conditions, the Borrower may cause the release of one or more of the properties serving as collateral for the KeyBank Revolver in connection with a full or partial pay down of the KeyBank Revolver, provided that there shall at all times be at least four properties serving as collateral. | |||||||||||||||||
The KeyBank Revolver contains a number of other customary terms and covenants, including the following (capitalized terms are as defined in the Credit Agreement): | |||||||||||||||||
• | the aggregate borrowing base availability under the KeyBank Revolver is limited to the lesser of: (1) 60% of the Pool Value of the properties in the collateral pool, or (2) an amount that would provide a minimum Debt Service Coverage Ratio of no less than 1.35 to 1.0; and | ||||||||||||||||
• | we must meet the following financial tests, calculated as of the close of each fiscal quarter: (1) a Total Leverage Ratio of no more than 60%; (2) a Tangible Net Worth of at least $250 million; (3) an Interest Coverage Ratio of no less than 1.85 to 1.0; (4) a Fixed Charge Ratio of no less than 1.6 to 1.0; (5) a ratio of varying rate Indebtedness to total Indebtedness not in excess of 30%; (6) a Loan to Value Ratio of not greater than sixty percent (60%); and (7) a Debt Service Coverage Ratio of not less than 1.35 to 1.0. | ||||||||||||||||
Second Restated KeyBank Loan | |||||||||||||||||
On December 27, 2011, in connection with the acquisition of the Homeland Portfolio (an $80 million portfolio of 10 properties in Atlanta, Georgia and two properties in Jacksonville, Florida), our Operating Partnership and various property owning SPEs entered into a second amended and restated secured credit facility with KeyBank with total commitments of $82 million (such facility replaced our then existing $30 million Restated KeyBank Credit Facility, which had approximately $20 million outstanding before the purchase of the Homeland Portfolio) and we drew down an additional approximately $56.6 million thereunder. On January 12, 2012, we drew down an additional approximately $5.4 million in connection with the repayment of the previously outstanding debt on our Crescent Springs, Florence and Walton properties, bringing the total amount outstanding to $82 million. Such credit facility, as amended (the “Second Restated KeyBank Loan”) was converted from a revolving credit facility to a term loan on August 15, 2012 and the principal balance was reduced on October 10, 2012, from $82 million to $55 million, through the use of the majority of the proceeds from the KeyBank CMBS Loan. | |||||||||||||||||
Beginning on November 30, 2012, we were required to make monthly payments in the amount of $1,666,667 until the outstanding principal balance of the Second Restated KeyBank Loan was reduced to $45 million, which occurred on April 5, 2013. The remaining $45 million was due to mature on December 24, 2014, subject to two, one-year extension options (subject to the fulfillment of certain conditions), and required monthly interest-only payments. | |||||||||||||||||
We were required to purchase an interest rate swap with a notional amount of $45 million, which requires us to pay an effective fixed interest rate of approximately 5.41% on the hedged portion of the debt. For the remaining amount outstanding, under the terms of the Second Restated KeyBank Loan, our Operating Partnership had the option of selecting one of three variable interest rates which had applicable spreads. | |||||||||||||||||
The Second Restated KeyBank Loan was secured by cross-collateralized first mortgage liens or first lien deeds of trust on all properties in the Homeland Portfolio and was cross-defaulted to any recourse debt of $25 million or greater in the aggregate or non-recourse debt of $75 million or greater in the aggregate. Our Operating Partnership could have the Second Restated KeyBank Loan, in whole or in part, at any time without penalty. Pursuant to that certain guaranty dated December 27, 2011 in favor of KeyBank, we served as a guarantor of all obligations due under the Second Restated KeyBank Loan. | |||||||||||||||||
KeyBank Bridge Loan | |||||||||||||||||
On December 27, 2011, in connection with the acquisition of the Homeland Portfolio, our Operating Partnership and certain property owning SPEs also obtained a bridge loan with total commitments of $28 million (the “KeyBank Bridge Loan”) from KeyBank ($10 million of which was previously committed with nothing outstanding under our previously existing KeyBank Working Capital Line, which was terminated) and drew down the entire committed amount. | |||||||||||||||||
The KeyBank Bridge Loan required monthly principal and interest payments and was repaid in full on August 7, 2012. Under the terms of the KeyBank Bridge Loan, our Operating Partnership had the option of selecting one of three variable interest rates, which had applicable spreads. Our Operating Partnership elected to have a 30-day LIBOR rate apply, which, including the applicable spread, equaled an interest rate of approximately 6.7% for the period outstanding during 2012. | |||||||||||||||||
Citi SF Bay Area – Morgan Hill Loan | |||||||||||||||||
On March 5, 2013, we entered into a loan agreement with Citigroup Global Markets Realty Corp. in the principal amount of $3 million. The proceeds from the loan were used to repay the then outstanding loan collateralized by the SF Bay Area – Morgan Hill property. The new loan matures on March 6, 2023 and bears a fixed interest rate of 4.08% per annum on a 30-year amortization schedule with required monthly payments of interest only for the first five years. The loan contains a number of customary terms and covenants. | |||||||||||||||||
The following table presents the future principal payment requirements on outstanding secured debt as of December 31, 2013: | |||||||||||||||||
2014 | $ | 26,089,586 | |||||||||||||||
2015 | 30,827,135 | ||||||||||||||||
2016 | 114,583,851 | ||||||||||||||||
2017 | 44,044,243 | ||||||||||||||||
2018 | 19,074,211 | ||||||||||||||||
2019 and thereafter | 155,752,897 | ||||||||||||||||
Total payments | 390,371,923 | ||||||||||||||||
Unamortized fair value adjustment | 913,837 | ||||||||||||||||
Total | $ | 391,285,760 | |||||||||||||||
We record the amortization of debt premiums related to fair value adjustments to interest expense. The weighted average interest rate of the Company’s fixed rate debt as of December 31, 2013 was approximately 5.4%. |
Derivative_InstrumentsCash_Flo
Derivative Instruments-Cash Flow Hedge of Interest Rate Risk | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments-Cash Flow Hedge of Interest Rate Risk | ' | ||||||||||||
Note 6. Derivative Instruments—Cash Flow Hedge of Interest Rate Risk | |||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||
The effective portion of the change in the fair value of the derivative designated and that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings, of which there were none during the years ended December 31, 2013 and 2012. | |||||||||||||
Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. Over the next 12 months, we estimate that approximately $303,000 will be reclassified as an increase to interest expense. | |||||||||||||
As of December 31, 2013, we had one derivative outstanding, which was an interest rate derivative that was designated as a cash flow hedge of interest rate risk: | |||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||
Interest Rate Swaps | 1 | $ | 45,000,000 | ||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2013 and 2012: | |||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Interest rate derivatives | |||||||||||||
Assets | Other assets | $ | — | Other assets | $ | — | |||||||
Liabilities | Accounts payable and accrued liabilities | $ | 303,051 | Accounts payable and accrued liabilities | $ | 546,333 | |||||||
We have agreements with our derivative counterparty that contain a provision where if we either default or are capable of being declared in default, including default where repayment of the indebtedness has not been accelerated, on any of our indebtedness, then we could also be declared in default on our derivative obligations. | |||||||||||||
Certain of our agreements with our derivative counterparties contain provisions where if a specified event or condition (Credit Event Upon Merger) occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. As of December 31, 2013 we had not posted any collateral. | |||||||||||||
As of December 31, 2013, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was approximately $310,000. If we had breached any of these provisions at December 31, 2013, we could have been required to settle our obligations under the agreements at their termination value of approximately $310,000. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
Note 7. Related Party Transactions | |||||||||||||
Fees to Affiliates | |||||||||||||
Our Advisory Agreement with our Advisor and dealer manager agreement (“Dealer Manager Agreement”) with our Dealer Manager entitle our Advisor and our Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organizational and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us. | |||||||||||||
Organization and Offering Costs | |||||||||||||
Organization and offering costs of the Offering may be paid by our Advisor on our behalf and will be reimbursed to our Advisor from the proceeds of the Offering. Organization and offering costs consist of all expenses (other than sales commissions and the dealer manager fee) to be paid by us in connection with the Offering, including our legal, accounting, printing, mailing and filing fees, charges of our escrow holder and other accountable offering expenses, including, but not limited to, (i) amounts to reimburse our Advisor for all marketing related costs and expenses such as salaries and direct expenses of employees of our Advisor and its affiliates in connection with registering and marketing our shares; (ii) technology costs associated with the Offering; (iii) our costs of conducting our training and education meetings; (iv) our costs of attending retail seminars conducted by participating broker-dealers; and (v) payment or reimbursement of bona fide due diligence expenses. Our Advisor must reimburse us within 60 days after the end of the month which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Subsequent to the termination of our Offering on September 22, 2013, we have determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. | |||||||||||||
Advisory Agreement | |||||||||||||
We currently do not have any employees. Our Advisor is primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Advisor receives various fees and expenses under the terms of our Advisory Agreement. As discussed above, we are required under our Advisory Agreement to reimburse our Advisor for organization and offering costs; provided, however, our Advisor must reimburse us within 60 days after the end of the month in which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Subsequent to the termination of our Offering on September 22, 2013, we have determined that organizational and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. Our Advisory Agreement also requires our Advisor to reimburse us to the extent that offering expenses, including sales commissions, dealer manager fees and organization and offering expenses, are in excess of 15% of gross proceeds from the Offering. Subsequent to the termination of our Offering on September 22, 2013, we have determined that these expenses did not exceed 15% of gross proceeds from the Offering. Our Advisor receives acquisition fees equal to 2.5% of the contract purchase price of each property we acquire plus reimbursement of any acquisition expenses the Advisor incurs. Our Advisor also receives a monthly asset management fee equal to one-twelfth of 1.0% of the average of the aggregate asset value, as defined, of our assets, excluding those properties acquired through our mergers with REIT I and REIT II and the SS I, DST, Madison DST and Colonial DST acquisitions; provided, however, that if the average of the aggregate asset value, as defined, of our assets exceeds $500 million, the monthly asset management fee shall be reduced to one-twelfth of 0.75% of the average of the aggregate asset value, as defined, of those assets exceeding $500 million unless our modified funds from operations (as defined in the Advisory Agreement), including payment of the fee, is greater than 100% of our distributions in any month (see footnote (2) in the following table for a discussion of the Advisor’s permanent waiver of certain asset management fees). The monthly asset management fees for our properties acquired through our mergers with REIT I and REIT II and the SS I, DST, Madison DST and Colonial DST acquisitions are equal to 2.0% of the gross revenues from the properties and are paid to affiliates of our Sponsor. Under our Advisory Agreement, and our articles of incorporation, as amended, our Advisor may receive disposition fees in an amount equal to the lesser of (i) 3.0% of the contract sale price for each property we sell, or (ii) one-half of the competitive real estate commission, as long as our Advisor provides substantial assistance in connection with the sale. The disposition fees paid to our Advisor are subordinated to the receipt of our stockholders of a 6% cumulative, non-compounded, annual return on such stockholders’ invested capital. The total real estate commissions paid (including disposition fee paid to our Advisor) may not exceed the lesser of a competitive real estate commission or an amount equal to 6.0% of the contract sale price of the property. Our Advisor may also be entitled to various subordinated fees if we (1) list our shares of common stock on a national exchange, (2) terminate our Advisory Agreement, or (3) liquidate our portfolio, as described in the advisory agreement. | |||||||||||||
The advisors of REIT I and REIT II are entitled to various fees related to their properties if we (1) dispose of a property, (2) liquidate our portfolio, or (3) terminate their advisory agreement for cause. | |||||||||||||
Our Advisory Agreement provides for reimbursement of our Advisor’s direct and indirect costs of providing administrative and management services to us (see footnote (1) in the following table for a discussion of the Advisor’s permanent waiver of certain reimbursements for the nine months ended September 30, 2013, the year ended December 31, 2012 and the nine months ended December 31, 2011). Beginning October 1, 2009 (four fiscal quarters after the acquisition of our first real estate asset), our Advisor must pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceed the greater of 2% of our average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. For any fiscal quarter for which total operating expenses for the 12 months then ended exceed the limitation, we will disclose this fact in our next quarterly report or within 60 days of the end of that quarter and send a written disclosure of this fact to our stockholders. In each case, the disclosure will include an explanation of the factors that the independent directors considered in arriving at the conclusion that the excess expenses were justified. For the 12 months ended December 31, 2013, our aggregate annual operating expenses, as defined, did not exceed the thresholds described above. | |||||||||||||
On September 27, 2012, we entered into a Second Amended and Restated Advisory Agreement (the “Amended Advisory Agreement”) with our Advisor. The material terms of the Advisory Agreement were not changed. However, certain provisions were added, the most significant of which was a provision restricting us, during the term of the Amended Advisory Agreement and for a period of two years after the termination of the Amended Advisory Agreement, from soliciting or hiring any employee of, or person performing services on behalf of, our Advisor. | |||||||||||||
On March 28, 2014, in a series of related transactions, we entered into an amended and restated advisory agreement and an amended and restated limited partnership agreement, and REIT I and REIT II entered into amendments to their respective operating partnership agreements. See Note 12. | |||||||||||||
Dealer Manager Agreement | |||||||||||||
During the term of our Offering, our Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales in the Primary Offering and a dealer manager fee equal to up to 3.0% of gross proceeds from sales in the Primary Offering under the terms of our Dealer Manager Agreement. Our Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions paid in connection with sales made by these broker-dealers. Our Dealer Manager was also permitted to re-allow to these broker-dealers a portion of the 3.0% dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution related expenses. Our Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses cannot be justified, any excess over actual due diligence expenses will be considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses, may not exceed 3% of gross offering proceeds from sales in the Primary Offering. The Dealer Manager Agreement terminated upon the termination of our Offering. | |||||||||||||
Our dealer manager agreement with our prior dealer manager for our Initial Offering was substantially equivalent to the terms described above. | |||||||||||||
Affiliated Dealer Manager | |||||||||||||
Our chief executive officer owns, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager. | |||||||||||||
Property Management Agreement | |||||||||||||
Our Property Manager receives a fee for its services in managing our properties, generally equal to 6% of the gross revenues from the properties plus reimbursement of the direct costs of managing the properties under our property management agreement. In the event that our Property Manager assists with the development or redevelopment of a property, we may pay a separate market-based fee for such services. As a condition of the REIT II merger transaction, our Property Manager agreed to waive the monthly property management fees for the REIT II properties until the FFO, as defined in the merger agreement, of those properties reached $0.70 per share (which threshold was met in the three months ended March 31, 2013). During the year ended December 31, 2013, property management fees of approximately $217,000 were recorded relative to the REIT II properties. | |||||||||||||
On September 27, 2012, our board of directors approved revisions to our property management agreements that will be entered into with respect to properties acquired after that date and will be entered into as our current property management agreements are renewed. These revisions include increasing the term to three years, with automatic three-year extensions; revising the property owner’s obligation to reimburse the Property Manager for certain expenses; the addition of a construction management fee (as defined); the addition of a tenant insurance administrative fee; adding a nonsolicitation provision; and adding a provision regarding the Property Manager’s use of trademarks and other intellectual property owned by Strategic Storage Holdings, LLC. | |||||||||||||
Pursuant to the terms of the agreements described above, the following summarizes the related party costs incurred for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||
Expensed | |||||||||||||
Reimbursement of operating expenses (1) | $ | 385,403 | $ | 33,476 | $ | 330,993 | |||||||
Asset management fees (2) | 5,050,668 | 4,521,867 | 3,019,429 | ||||||||||
Property management fees (3) (4) | 4,889,019 | 3,732,149 | 2,683,492 | ||||||||||
Acquisition expenses | 1,869,974 | 2,415,200 | 5,706,838 | ||||||||||
Additional Paid-in Capital | |||||||||||||
Selling commissions | 7,215,235 | 7,402,084 | 5,798,197 | ||||||||||
Dealer Manager fee | 3,092,243 | 3,172,322 | 2,484,942 | ||||||||||
Reimbursement of offering costs | 344,055 | 487,235 | 555,839 | ||||||||||
Total | $ | 22,846,597 | $ | 21,764,333 | $ | 20,579,730 | |||||||
(1) | During the years ended December 31, 2013, 2012, and 2011, our Advisor permanently waived certain reimbursable indirect costs, primarily payroll and related overhead costs, related to administrative and management services, totaling approximately $975,000, $960,000 and $740,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. Such reimbursable indirect costs were not waived by the Advisor during the three month periods ended December 31, 2013 and March 31, 2011 and totaled approximately $340,000 and $260,000 respectively. | ||||||||||||
(2) | For the nine months ended September 30, 2013 our Advisor permanently waived asset management fees related to the Stockade Portfolio of approximately $525,000. During the three months ended December 31, 2013 such amounts were not waived and approximately $175,000 of such costs were recorded. During the year ended December 31, 2012, our Advisor permanently waived asset management fees related to the Stockade Portfolio and our Dufferin property totaling approximately $186,000 and $37,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. | ||||||||||||
(3) | During the years ended December 31, 2013, 2012 and 2011, property management fees include approximately $27,000 $100,000 and $60,000, respectively, of fees paid to the sub-property manager of our Canadian properties. Such sub-property management agreement was terminated effective March 31, 2013 at a cost of approximately $28,000. | ||||||||||||
(4) | During the year ended December 31, 2013, our Property Manager permanently waived certain costs, reimbursements and fees, including construction management fees, tenant insurance administration fees, accounting administrative fees and expense reimbursements related to certain off-site property management employees. Such amounts totaled approximately $759,000, and were waived permanently and accordingly, will not be paid to our Property Manager. | ||||||||||||
As of December 31, 2013 and 2012, we had amounts due to affiliates totaling $1,741,518 and $2,282,344, respectively. | |||||||||||||
Tenant Reinsurance Program | |||||||||||||
Beginning in 2011, our Chairman of the Board of Directors, Chief Executive Officer and President, through certain entities, began participating in a tenant reinsurance program whereby tenants of our self storage facilities can purchase insurance to cover damage or destruction to their property while stored at our facilities. Such entities have invested in a Cayman Islands company (the “Reinsurance Company”) that will reinsure a portion of the insurance required by the program insurer to cover the risks of loss at participating facilities in the program. The program insurer provides fees (approximately 50% of the tenant premium paid) to us as owner of the facilities. The Reinsurance Company may be required to fund additional capital or entitled to receive distributions of profits depending on actual losses incurred under the program. For the years ended December 31, 2013, 2012 and 2011, we recorded revenue of approximately $1.6 million, $1.3 million and $0.4 million respectively, in connection with this tenant reinsurance program. | |||||||||||||
Storage Auction Program | |||||||||||||
During the second quarter of 2013, our Chairman of the Board of Directors, Chief Executive Officer and President, and our Senior Vice President — Property Management and the President of our property manager, purchased minority interests in a company (the “Auction Company”) that serves as a web portal for self storage companies to post their auctions online instead of using live auctions conducted at the self storage facilities. Once the contents of a storage unit are sold at auction, we will pay the Auction Company a service fee based upon the sale price of the unit. Collectively, these officers own 18% of the voting interests in the Auction Company. For the year ended December 31, 2013, we incurred approximately $50,000, respectively, in auction fees with the Auction Company. On January 1, 2014, the Auction Company merged with another similar company. Such officers’ collective ownership in the new combined company was reduced to approximately nine percent. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 8. Commitments and Contingencies | |
Distribution Reinvestment Plan | |
We have adopted a distribution reinvestment plan that allows our stockholders to have distributions otherwise distributable to them invested in additional shares of our common stock. The plan became effective on the effective date of our Initial Offering. The purchase price per share was the higher of $9.50 per share or 95% of the fair market value of a share of our common stock. On March 28, 2012, the purchase price per share under the distribution reinvestment plan was changed to 95% of the offering price of our shares. On September 18, 2013, our board of directors amended and restated our distribution reinvestment plan to change the purchase price per share from 95% of the offering price to approximately $10.25 (which currently results in the same price as prior to this amendment and restatement) and make other certain minor revisions related to the closing of our Offering. Our board of directors may set or change the purchase price at any time in its sole and absolute discretion based upon such factors as it deems appropriate. | |
Following the termination of our Offering, on September 22, 2013, we filed with the SEC a Registration Statement on Form S-3, which incorporated the amended and restated distribution reinvestment plan and registered up to an additional $51.25 million in shares. The Form S-3 allows us to continue to offer shares pursuant to our amended and restated distribution reinvestment plan beyond September 22, 2013; however we may amend or terminate the plan at any time upon 10 days’ prior written notice to stockholders. The plan was effective as of September 28, 2013. | |
No sales commission or dealer manager fee will be paid on shares sold through the distribution reinvestment plan. As of December 31, 2013, we have sold approximately 0.4 million shares through our DRP offering. | |
Share Redemption Program | |
On November 1, 2013, we filed an 8-K with the SEC that announced the termination of our share redemption program. Our management and board of directors determined that termination of the share redemption program was prudent due to the closure of our Offering and in consideration of our continued pursuit of certain strategic alternatives to provide stockholder liquidity. Pursuant to the terms of the share redemption program, investors had 30 days from the date of the notice (November 1, 2013) to submit any final requests for redemption, thus, any requests for redemption were required to received by us and in good order by December 1, 2013. We satisfied all such redemption requests on December 31, 2013. | |
During the year ended December 31, 2013, we redeemed approximately 1.5 million shares of common stock for approximately $14.4 million ($9.75 per share). During the year ended December 31, 2012, we redeemed approximately 1.3 million shares of common stock for approximately $12.6 million ($9.60 per share). During the year ended December 31, 2011, we redeemed approximately 993,300 shares of common stock for approximately $9.7 million ($9.75 per share). | |
Redeemable Common Stock—State of Washington | |
In the third quarter of 2012, we discovered that, due to a clerical error, we exceeded our registration amount in the State of Washington during a three month period in 2012. Upon this discovery, we immediately took action to increase our registration amount; however, stockholders who purchased shares in excess of the amount then-registered in the State of Washington were entitled to a rescission of their respective investments (totaling approximately $3.9 million) in our shares, as the shares they originally purchased were unregistered. If any of those stockholders sought a rescission, we would have been required to redeem their shares. | |
During the third quarter of 2013, we sent such investors an offer to rescind their respective investments. One investor that held approximately 1,000 shares ($10,000) accepted our offer and such rescission was completed subsequent to September 30, 2013. The remaining investors did not accept our offer, and the rescission offer is now expired. | |
Operating Partnership Redemption Rights | |
The limited partners of our Operating Partnership have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. The holders of the Class D Units have agreed to modified exchange rights that prevent them from exercising their exchange rights: (1) until the earlier of (a) a listing of our shares or (b) our merger into another entity whereby our stockholders receive securities listed on a national securities exchange; or (2) until FFO of the properties contributed by the holders of the Class D Units reaches $0.70 per share, based on our fully-loaded cost of equity. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as our Sponsor is acting as our sponsor. | |
Ground Lease Commitment—SF Bay Area—San Lorenzo | |
In connection with the acquisition of our SF Bay Area – San Lorenzo property, we assumed a land lease, with a remaining term of approximately 21 years as of December 31, 2013 and recorded rent expense of approximately $147,000. The lease has minimum lease payments of approximately $133,000, $139,000, $139,000, $139,000 and $139,000 for the years ending 2014, 2015, 2016, 2017 and 2018, respectively. | |
Other Contingencies | |
We have been involved in routine litigation and threatened litigation arising in the ordinary course of business. While the outcome of any litigation is inherently unpredictable, we believe the likelihood of these pending legal matters having a material adverse effect on our financial condition or results of operations is remote. |
Declaration_of_Distributions
Declaration of Distributions | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Declaration of Distributions | ' |
Note 9. Declaration of Distributions | |
On December 12, 2013, our board of directors declared a distribution rate for the first quarter of 2014 of $0.001917808 per day per share on the outstanding shares of common stock payable to stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on January 1, 2014 and continuing on each day thereafter through and including March 31, 2014. |
Pro_Forma_Financial_Informatio
Pro Forma Financial Information (Unaudited) (Pro Forma [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Pro Forma [Member] | ' | ||||||||
Pro Forma Financial Information (Unaudited) | ' | ||||||||
Note 10. Pro Forma Financial Information (Unaudited) | |||||||||
The table set forth below summarizes on an unaudited pro forma basis the combined results of operations of the Company for the years ended December 31, 2013 and 2012 as if the Company’s acquisitions discussed in Note 4 were completed as of January 1, 2012. This pro forma information does not purport to represent what the actual results of operations of the Company would have been for the periods indicated, nor do they purport to predict the results of operations for future periods. | |||||||||
The following table summarizes, on a pro forma basis, our consolidated results of operations for the years ended December 31, 2013 and 2012 based on the assumptions described above: | |||||||||
Year Ended | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
Pro forma revenue | $ | 89,296,180 | $ | 81,245,811 | |||||
Pro forma operating expenses | $ | 75,793,091 | $ | 82,290,199 | |||||
Pro forma net loss attributable to the Company | $ | (8,382,100 | ) | $ | (23,987,490 | ) | |||
Pro forma net loss per common share, basic and diluted | $ | (0.16 | ) | $ | (0.52 | ) | |||
Weighted average number of common shares outstanding, basic and diluted | 52,055,652 | 46,374,544 |
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Data (Unaudited) | ' | ||||||||||||||||
Note 11. Selected Quarterly Data (Unaudited) | |||||||||||||||||
The following is a summary of quarterly financial information for the years ended December, 31, 2013 and 2012, respectively: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||||||
Total revenues | $ | 19,407,941 | $ | 19,931,208 | $ | 21,292,574 | $ | 22,503,218 | |||||||||
Total operating expenses | $ | 16,557,885 | $ | 16,667,044 | $ | 17,229,995 | $ | 19,315,207 | |||||||||
Operating income | $ | 2,850,056 | $ | 3,264,164 | $ | 4,062,579 | $ | 3,188,011 | |||||||||
Net loss | $ | (2,167,459 | ) | $ | (1,949,099 | ) | $ | (689,288 | ) | $ | (2,639,352 | ) | |||||
Net loss attributable to the Company | $ | (2,167,224 | ) | $ | (1,949,079 | ) | $ | (693,245 | ) | $ | (2,637,508 | ) | |||||
Net loss per share-basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.05 | ) | |||||
Three months ended | |||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||
Total revenues | $ | 15,351,917 | $ | 15,705,274 | $ | 17,098,173 | $ | 18,455,140 | |||||||||
Total operating expenses | $ | 15,455,345 | $ | 16,136,742 | $ | 17,000,260 | $ | 17,351,457 | |||||||||
Operating income (loss) | $ | (103,428 | ) | $ | (431,468 | ) | $ | 97,913 | $ | 1,103,683 | |||||||
Net loss | $ | (5,451,145 | ) | $ | (5,091,133 | ) | $ | (4,620,823 | ) | $ | (3,852,041 | ) | |||||
Net loss attributable to the Company | $ | (5,432,094 | ) | $ | (5,087,074 | ) | $ | (4,610,650 | ) | $ | (3,843,894 | ) | |||||
Net loss per share-basic and diluted | $ | (0.15 | ) | $ | (0.12 | ) | $ | (0.11 | ) | $ | (0.08 | ) |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
Acquisitions | |
USA SF Self Storage, DST | |
Between January 22, 2014 and February 25, 2014, we through an indirect wholly-owned subsidiary, closed on the purchase of an additional approximately 86% in beneficial interests (the “SF Interests”) in USA SF Self Storage, DST (the “SF DST”), a Delaware Statutory Trust sponsored by our Sponsor, from approximately 45 third-party sellers pursuant to separate purchase agreements with each seller. None of the purchases were contingent upon any of the others. The agreed upon purchase price of the property relating to the SF Interests acquired was approximately $20 million. | |
The acquisition brought our ownership of the SF DST to approximately 98%, including approximately 12% that we acquired previously in unrelated transactions. The consideration provided was primarily in the form of cash, an assumption of the pro rata debt of approximately $10.2 million and the issuance of approximately 245,000 limited partnership units in our Operating Partnership. We paid our Advisor approximately $0.2 million in acquisition fees in connection with these acquisitions. | |
SF DST, owns a self storage facility located in San Francisco with an aggregate of approximately 1,120 units and 76,000 rentable square feet. | |
SF DST leases its property to a master tenant (the “REIT I Tenant”) on a triple-net basis pursuant to a master lease (the “San Francisco Lease”) that had an original term of ten years and will expire on December 19, 2016. The REIT I Tenant is a wholly-owned subsidiary of us. Under the San Francisco Lease, the REIT I Tenant is required to pay a stated monthly rent equivalent to the monthly debt service payment under the loan, which is paid directly to the lender on behalf of the SF DST, a monthly stated rent, and certain annual bonus rent per the terms of the San Francisco Lease. As an Interest holder, we are entitled to our pro rata share of the total rent less the debt service under the loan. | |
The loan had an aggregate principal balance of approximately $10.2 million as of January 1, 2014. The loan bears a fixed interest rate of 5.84%, and matures on January 1, 2017. The loan required monthly interest-only payments during the first five years of its term and now requires monthly principal-and-interest payments based on a 30-year amortization period. | |
Hampton, VA | |
On March 5, 2014, we through an indirect wholly-owned subsidiary, closed on the purchase of a self storage facility located in Hampton, Virginia for approximately $6.7 million. We paid our Advisor an acquisition fee of approximately $0.2 million in connection with this acquisition. The facility has approximately 500 units and 70,000 rentable square feet. | |
Chandler, AZ | |
On March 27, 2014, we through an indirect wholly-owned subsidiary, closed on the purchase of a self storage facility located in Chandler, Arizona for approximately $4.9 million. We paid our Advisor an acquisition fee of approximately $0.1 million in connection with this acquisition. The facility has approximately 480 units and 51,000 rentable square feet. | |
Potential Acquisition | |
On March 13, 2014, we entered into a purchase and sale agreement for a parcel of land located in Toronto, Canada. The purchase price for the acquisition is $3.8 million Canadian dollars. We expect to close this acquisition by the end of the second quarter of 2014. There can be no assurance that we will complete such acquisition. In some circumstances, if we fail to complete such acquisition, we may forfeit some earnest money as a result. Our intent is to develop this parcel of land into a self storage facility with approximately 900 units and 80,000 rentable square feet. | |
Key Bank Revolver | |
Subsequent to December 31, 2013 the aggregate commitment under our KeyBank Revolver was increased from $75 million to $100 million and two additional financial institutions became participating lenders. | |
Declaration of Dividends | |
On March 20, 2014, our board of directors declared a distribution rate for the second quarter of 2014 of $0.001917808 per day per share on the outstanding shares of common stock payable to stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on April 1, 2014 and continuing on each day thereafter through and including June 30, 2014. | |
Distribution Reinvestment Plan | |
As of March 21, 2014, we have issued approximately 0.9 million shares of our common stock for gross proceeds of approximately $9 million under our DRP Offering. | |
Entry into Third Amended and Restated Advisory Agreement, Second Amended and Restated Limited Partnership Agreement and Amendments to REIT I Operating Partnership Agreement and REIT II Operating Partnership Agreement | |
In conjunction with our exploration of the various strategic alternatives available to us, and in order to more closely align the interests of our Advisor with our stockholders and provide more clarity to the marketplace relating to the subordinated distributions available to our Advisor, on March 28, 2014, we entered into a Third Amended and Restated Advisory Agreement with our Advisor and our Operating Partnership and a Second Amended and Restated Limited Partnership Agreement with our Operating Partnership and our Advisor, and two of our wholly-owned subsidiaries entered into amendments to their respective operating partnership agreements. | |
Third Amended and Restated Advisory Agreement | |
On March 28, 2014, we entered into a Third Amended and Restated Advisory Agreement with our Advisor and our Operating Partnership, which amends and supersedes the Second Amended and Restated Advisory Agreement. Pursuant to the Third Amended and Restated Advisory Agreement, provisions related to various subordinated fees that would be due to our Advisor upon the occurrence of certain events have been removed from such agreement and are now included in the Second Amended and Restated Limited Partnership Agreement of our Operating Partnership. Additionally, our Operating Partnership is now a party to the Third Amended and Restated Advisory Agreement and has provided customary representations and warranties, and the provisions of the Second Amended and Restated Limited Partnership Agreement are incorporated into the Third Amended and Restated Advisory Agreement. | |
Operating Partnership Agreements | |
On March 28, 2014, we entered into a Second Amended and Restated Limited Partnership Agreement with our Operating Partnership and our Advisor, which amends and supersedes the First Amended and Restated Limited Partnership Agreement. In addition, on March 28, 2014, REIT I and USA Self Storage Advisor LLC, the advisor to REIT I, entered into an amendment to the Agreement of Limited Partnership of USA Self Storage Operating Partnership, LP (the “REIT I OP Agreement Amendment”), and REIT II and USA SS REIT II Advisor, LLC, the advisor to REIT II, entered into an amendment to the Agreement of Limited Partnership of USA SS REIT II Operating Partnership, L.P. (the “REIT II OP Agreement Amendment”). REIT I and REIT II are each wholly-owned by our Operating Partnership. | |
Pursuant to the Second Amended and Restated Limited Partnership Agreement, our Advisor and the advisors to REIT I and REIT II have each been granted a special limited partnership interest in our Operating Partnership and are each a party to the Second Amended and Restated Limited Partnership Agreement. In addition, provisions related to various subordinated fees that would be due to our Advisor upon the occurrence of certain events have been included in such agreement and are payable as distributions pursuant to our Advisor’s special limited partnership interest. After giving effect to the Second Amended and Restated Limited Partnership Agreement, the REIT I OP Agreement Amendment, and the REIT II OP Agreement Amendment, our Advisor and the advisors to REIT I and REIT II may be entitled to receive various subordinated distributions, each of which are outlined further in the Second Amended and Restated Limited Partnership Agreement, the REIT I OP Agreement Amendment, and the REIT II OP Agreement Amendment, if we (1) list our shares of common stock on a national exchange, (2) terminate our advisory agreement, (3) liquidate our portfolio, or (4) enter into an Extraordinary Transaction, as defined in such agreements. In the case of each of the foregoing distributions, our Advisor’s receipt of the distribution is subordinate to return of capital to our stockholders plus at least a 6% cumulative, non-compounded return, and our Advisor’s share of the distribution is 5%, 10%, or 15%, depending on the return level to our stockholders. The receipt of the distribution by the advisors to REIT I and REIT II is subordinate to return of capital to the original REIT I and REIT II stockholders plus at least a 7% cumulative, non-compounded return, and such advisors’ share of the distribution is 15%. In addition, our Advisor may be entitled to a one-time cash distribution in the event that we (1) list our shares of common stock on a national exchange, (2) liquidate our portfolio, or (3) enter into an Extraordinary Transaction resulting in a return to our stockholders in excess of an amount per share that will be determined by our independent directors. Such one-time cash distribution will be paid as part of the complete redemption of our Advisor’s special limited partnership interest in our Operating Partnership and will be up to the aggregate amount of all unreturned and unreimbursed capital invested by our Advisor and its affiliates in us, our Operating Partnership, our Advisor and affiliates, relating in any way to our business or our Operating Partnership’s business or any offering. |
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
STRATEGIC STORAGE TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Carrying Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | ST | Encumbrance | Land | Building and | Total | Cost Capitalized | Land | Building and | -1 | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||||||||
Improvements | |||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Improvements | Total | Depreciation | Construction | Acquired | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||
Biloxi | MS | $ | 1,156,856 | $ | 518,701 | $ | 2,847,676 | $ | 3,366,377 | $ | 114,735 | $ | 518,701 | $ | 2,962,411 | $ | 3,481,112 | $ | (698,836 | ) | 1980/1984/1992 | 9/25/08 | |||||||||||||||||||||||||||
Gulf Breeze | FL | 3,744,359 | 1,943,144 | 5,043,905 | 6,987,049 | 227,480 | 1,943,144 | 5,271,385 | 7,214,529 | (1,052,077 | ) | 1978/1982/2004 | 9/25/08 | ||||||||||||||||||||||||||||||||||||
Manassas | VA | 1,476,859 | 1,050,519 | 3,741,305 | 4,791,824 | 113,055 | 1,050,519 | 3,854,360 | 4,904,879 | (694,928 | ) | 1996/2000 | 12/19/08 | ||||||||||||||||||||||||||||||||||||
Walton | KY | 2,297,053 | 650,000 | 2,634,959 | 3,284,959 | 160,583 | 650,000 | 2,795,542 | 3,445,542 | (552,247 | ) | 1991 | 2/12/09 | ||||||||||||||||||||||||||||||||||||
Crescent Springs | KY | 1,957,489 | 280,000 | 1,637,802 | 1,917,802 | 135,875 | 280,000 | 1,773,677 | 2,053,677 | (322,454 | ) | 1999/2003 | 2/12/09 | ||||||||||||||||||||||||||||||||||||
Florence | KY | 3,096,028 | 840,000 | 2,691,629 | 3,531,629 | 70,325 | 840,000 | 2,761,954 | 3,601,954 | (546,966 | ) | 1996 | 2/12/09 | ||||||||||||||||||||||||||||||||||||
Alpharetta | GA | 2,592,323 | 1,060,107 | 3,752,629 | 4,812,736 | 165,101 | 1,060,107 | 3,917,730 | 4,977,837 | (619,718 | ) | 2003 | 6/1/09 | ||||||||||||||||||||||||||||||||||||
Marietta | GA | 2,143,828 | 1,060,000 | 2,705,806 | 3,765,806 | 58,951 | 1,060,000 | 2,764,757 | 3,824,757 | (413,088 | ) | 2006 | 6/1/09 | ||||||||||||||||||||||||||||||||||||
Erlanger | KY | 1,524,499 | 565,790 | 2,463,269 | 3,029,059 | 192,569 | 565,790 | 2,655,838 | 3,221,628 | (499,817 | ) | 1987 | 7/17/09 | ||||||||||||||||||||||||||||||||||||
Florence II | KY | 3,181,356 | 871,200 | 4,877,025 | 5,748,225 | 415,541 | 871,200 | 5,292,566 | 6,163,766 | (880,873 | ) | 1982/1995 | 7/17/09 | ||||||||||||||||||||||||||||||||||||
Jersey City | NJ | 5,784,283 | 3,625,048 | 6,999,952 | 10,625,000 | 520,966 | 3,625,048 | 7,520,918 | 11,145,966 | (1,057,884 | ) | 1985 | 8/21/09 | ||||||||||||||||||||||||||||||||||||
Montgomery | AL | 2,693,364 | 1,197,900 | 2,389,873 | 3,587,773 | 117,781 | 1,197,900 | 2,507,654 | 3,705,554 | (419,440 | ) | 1995/2004 | 9/3/09 | ||||||||||||||||||||||||||||||||||||
Phoenix | AZ | 1,171,793 | 680,620 | 1,259,380 | 1,940,000 | 473,031 | 680,620 | 1,732,411 | 2,413,031 | (360,037 | ) | 1974 | 9/4/09 | ||||||||||||||||||||||||||||||||||||
Seabrook | TX | 4,444,137 | 1,520,000 | 3,860,000 | 5,380,000 | 85,812 | 1,520,000 | 3,945,812 | 5,465,812 | (660,603 | ) | 2001-2003 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Greenville | SC | 2,226,986 | 530,000 | 2,570,000 | 3,100,000 | 187,872 | 530,000 | 2,757,872 | 3,287,872 | (373,059 | ) | 1948/1995 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Kemah | TX | 8,732,981 | 2,510,000 | 8,970,000 | 11,480,000 | 434,974 | 2,510,000 | 9,404,974 | 11,914,974 | (1,558,464 | ) | 1985/2005/ | 9/24/09 | ||||||||||||||||||||||||||||||||||||
1999/2002 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tallahassee | FL | 7,446,178 | 1,230,000 | 6,310,000 | 7,540,000 | 369,386 | 1,230,000 | 6,679,386 | 7,909,386 | (975,671 | ) | 1979-1987 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Memphis | TN | 2,465,045 | 790,000 | 2,560,000 | 3,350,000 | 359,459 | 790,000 | 2,919,459 | 3,709,459 | (588,469 | ) | 1987/1994 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Houston | TX | 1,981,095 | 420,000 | 1,650,000 | 2,070,000 | 266,844 | 420,000 | 1,916,844 | 2,336,844 | (406,432 | ) | 1984/2005 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Las Vegas | NV | 1,453,039 | 1,460,000 | 4,220,000 | 5,680,000 | 50,996 | 1,460,000 | 4,270,996 | 5,730,996 | (603,307 | ) | 2006 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Las Vegas II | NV | 1,511,958 | 1,050,000 | 970,000 | 2,020,000 | 64,358 | 1,050,000 | 1,034,358 | 2,084,358 | (172,695 | ) | 1998 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Pearland | TX | 3,438,473 | 1,060,000 | 4,540,000 | 5,600,000 | 56,608 | 1,060,000 | 4,596,608 | 5,656,608 | (796,160 | ) | 2004/2005 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Daphne | AL | 1,381,213 | 1,530,000 | 2,510,000 | 4,040,000 | 105,986 | 1,530,000 | 2,615,986 | 4,145,986 | (366,407 | ) | 2000 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Lake Forest | CA | 18,000,000 | 15,840,000 | 8,860,000 | 24,700,000 | 160,234 | 15,840,000 | 9,020,234 | 24,860,234 | (1,972,491 | ) | 2003 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
San Francisco | CA | 10,256,163 | 9,280,000 | 8,200,000 | 17,480,000 | 167,168 | 9,284,074 | 8,363,094 | 17,647,168 | (1,063,079 | ) | 1909/2000 | 9/24/09 | ||||||||||||||||||||||||||||||||||||
Pittsburgh | PA | 1,286,296 | 680,189 | 1,379,025 | 2,059,214 | 55,312 | 680,189 | 1,434,337 | 2,114,526 | (243,389 | ) | 1990 | 12/11/09 | ||||||||||||||||||||||||||||||||||||
West Mifflin | PA | 1,833,618 | 868,872 | 2,114,578 | 2,983,450 | 361,105 | 868,872 | 2,475,683 | 3,344,555 | (327,003 | ) | 1983 | 12/11/09 | ||||||||||||||||||||||||||||||||||||
Fort Lee | NJ | 8,289,466 | 2,000,000 | 13,630,000 | 15,630,000 | 179,356 | 2,000,000 | 13,809,356 | 15,809,356 | (1,642,042 | ) | 2000 | 2/24/10 | ||||||||||||||||||||||||||||||||||||
Weston | FL | 3,144,280 | 1,500,000 | 4,330,000 | 5,830,000 | 162,558 | 1,500,000 | 4,492,558 | 5,992,558 | (572,863 | ) | 2005 | 2/24/10 | ||||||||||||||||||||||||||||||||||||
Gulf Breeze II | FL | 1,544,636 | 270,000 | 895,000 | 1,165,000 | 48,769 | 270,000 | 943,769 | 1,213,769 | (170,315 | ) | 2004/2005 | 3/10/10 | ||||||||||||||||||||||||||||||||||||
Mesa | AZ | 2,968,060 | 600,000 | 2,633,728 | 3,233,728 | 52,388 | 600,000 | 2,686,116 | 3,286,116 | (372,829 | ) | 2002 | 4/9/10 | ||||||||||||||||||||||||||||||||||||
Oakland Park | FL | 7,360,474 | 4,530,650 | 8,729,350 | 13,260,000 | 270,295 | 4,530,650 | 8,999,645 | 13,530,295 | (1,053,568 | ) | 1987 | 4/16/10 | ||||||||||||||||||||||||||||||||||||
Phoenix II | AZ | 809,890 | 1,020,000 | 515,000 | 1,535,000 | 427,695 | 1,020,000 | 942,695 | 1,962,695 | (215,741 | ) | 1974 | 5/16/10 | ||||||||||||||||||||||||||||||||||||
Tempe | AZ | 952,812 | 900,000 | 740,000 | 1,640,000 | 381,704 | 900,000 | 1,121,704 | 2,021,704 | (216,635 | ) | 1973 | 5/16/10 | ||||||||||||||||||||||||||||||||||||
Riverdale | NJ | 4,800,000 | 1,050,000 | 4,794,357 | 5,844,357 | 139,436 | 1,050,000 | 4,933,793 | 5,983,793 | (552,835 | ) | 2007 | 5/14/10 | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Carrying Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | ST | Encumbrance | Land | Building and | Total | Cost Capitalized | Land | Building and | -1 | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||||||||
Improvements | |||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Improvements | Total | Depreciation | Construction | Acquired | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||
Davie | FL | 2,603,265 | 2,840,000 | 2,040,000 | 4,880,000 | 780,584 | 2,840,000 | 2,820,584 | 5,660,584 | (425,629 | ) | 1988 | 7/14/10 | ||||||||||||||||||||||||||||||||||||
95th St. | IL | 3,036,748 | 1,600,000 | 4,230,000 | 5,830,000 | 82,532 | 1,600,000 | 4,312,532 | 5,912,532 | (519,205 | ) | 2002 | 10/22/10 | ||||||||||||||||||||||||||||||||||||
Western | IL | 578,428 | 900,000 | 400,000 | 1,300,000 | 174,868 | 900,000 | 574,868 | 1,474,868 | (98,850 | ) | 2004 | 10/22/10 | ||||||||||||||||||||||||||||||||||||
Ogden | IL | 2,120,904 | 1,703,370 | 1,766,630 | 3,470,000 | 867,007 | 1,703,370 | 2,633,637 | 4,337,007 | (353,360 | ) | 2002 | 10/26/10 | ||||||||||||||||||||||||||||||||||||
Las Vegas III | NV | 1,797,694 | 1,130,000 | 2,985,000 | 4,115,000 | 108,875 | 1,130,000 | 3,093,875 | 4,223,875 | (317,552 | ) | 2005 | 10/29/10 | ||||||||||||||||||||||||||||||||||||
Roosevelt | IL | 674,833 | 1,207,135 | 502,865 | 1,710,000 | 130,502 | 1,207,135 | 633,367 | 1,840,502 | (105,436 | ) | 2004 | 11/16/10 | ||||||||||||||||||||||||||||||||||||
Dufferin (2) | 6,144,911 | 4,576,772 | 9,120,472 | 13,697,244 | (623,036 | )(3) | 4,347,287 | 8,726,921 | 13,074,208 | (831,189 | ) | 1965/2008 | 11/23/10 | ||||||||||||||||||||||||||||||||||||
La Cienega | CA | 7,939,812 | 3,260,000 | 8,990,000 | 12,250,000 | 82,863 | 3,260,000 | 9,072,863 | 12,332,863 | (835,703 | ) | 2004 | 12/16/10 | ||||||||||||||||||||||||||||||||||||
Long Beach | CA | 6,533,640 | 4,810,000 | 7,040,000 | 11,850,000 | 104,844 | 4,810,000 | 7,144,844 | 11,954,844 | (716,739 | ) | 1999 | 12/16/10 | ||||||||||||||||||||||||||||||||||||
Las Vegas IV | NV | 3,374,165 | 1,470,000 | 4,835,000 | 6,305,000 | 301,374 | 1,470,000 | 5,136,374 | 6,606,374 | (494,609 | ) | 1996 | 12/21/10 | ||||||||||||||||||||||||||||||||||||
Rancho | NV | 2,361,970 | 990,000 | 2,830,000 | 3,820,000 | 102,611 | 990,000 | 2,932,611 | 3,922,611 | (315,400 | ) | 2006 | 12/29/10 | ||||||||||||||||||||||||||||||||||||
Concord | NC | 2,166,645 | 1,250,000 | 1,559,179 | 2,809,179 | 102,709 | 1,250,000 | 1,661,888 | 2,911,888 | (232,507 | ) | 1996/2001 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
Hickory | NC | 2,354,754 | 660,000 | 2,408,239 | 3,068,239 | 64,804 | 660,000 | 2,473,043 | 3,133,043 | (273,569 | ) | 1997 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
Morganton | NC | 2,027,349 | 620,000 | 1,859,875 | 2,479,875 | 84,591 | 620,000 | 1,944,466 | 2,564,466 | (258,883 | ) | 2001 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
El Paso II | TX | 2,359,326 | 1,110,000 | 2,918,337 | 4,028,337 | 104,214 | 1,110,000 | 3,022,551 | 4,132,551 | (362,094 | ) | 2001/2003 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
El Paso III | TX | 3,133,708 | 1,330,000 | 4,254,356 | 5,584,356 | 156,931 | 1,330,000 | 4,411,287 | 5,741,287 | (490,284 | ) | 1985/2000 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
El Paso IV | TX | 1,899,777 | 790,000 | 2,604,766 | 3,394,766 | 59,644 | 790,000 | 2,664,410 | 3,454,410 | (306,418 | ) | 1999/2004 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
El Paso V | TX | 2,034,064 | 930,000 | 2,605,809 | 3,535,809 | 61,402 | 930,000 | 2,667,211 | 3,597,211 | (305,127 | ) | 2004 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
Dallas | TX | 2,343,829 | 520,000 | 3,588,217 | 4,108,217 | 121,675 | 520,000 | 3,709,892 | 4,229,892 | (383,945 | ) | 1986/1999- | 2/15/11 | ||||||||||||||||||||||||||||||||||||
2000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lawrenceville I | GA | 1,521,138 | 820,000 | 709,603 | 1,529,603 | 138,986 | 820,000 | 848,589 | 1,668,589 | (95,179 | ) | 1996 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
Lawrenceville II | GA | 2,800,704 | 990,000 | 1,842,445 | 2,832,445 | 113,453 | 990,000 | 1,955,898 | 2,945,898 | (238,354 | ) | 1999 | 2/15/11 | ||||||||||||||||||||||||||||||||||||
Mississauga (2) | 6,763,769 | 2,573,750 | 3,088,500 | 5,662,250 | 7,515,316 | (3) | 2,337,250 | 10,840,316 | 13,177,566 | (544,357 | ) | 1963/2011 | 3/11/11 | ||||||||||||||||||||||||||||||||||||
El Paso | TX | 772,318 | 330,000 | 1,230,000 | 1,560,000 | 11,429 | 330,000 | 1,241,429 | 1,571,429 | (153,703 | ) | 2010 | 3/17/11 | ||||||||||||||||||||||||||||||||||||
Las Vegas VII | NV | 3,683,209 | 2,030,000 | 2,543,052 | 4,573,052 | 139,499 | 2,030,000 | 2,682,551 | 4,712,551 | (327,222 | ) | 1996 | 3/25/11 | ||||||||||||||||||||||||||||||||||||
Las Vegas VIII | NV | 3,751,381 | 1,520,000 | 3,381,631 | 4,901,631 | 147,389 | 1,520,000 | 3,529,020 | 5,049,020 | (393,224 | ) | 1997 | 3/25/11 | ||||||||||||||||||||||||||||||||||||
SF Bay Area –Morgan Hill | CA | 3,000,000 | 1,000,000 | 4,654,098 | 5,654,098 | 72,620 | 1,000,000 | 4,726,718 | 5,726,718 | (455,207 | ) | 1997 | 3/30/11 | ||||||||||||||||||||||||||||||||||||
SF Bay Area – Vallejo | CA | 4,295,098 | 2,000,000 | 5,266,974 | 7,266,974 | 72,437 | 2,000,000 | 5,339,411 | 7,339,411 | (519,554 | ) | 2001 | 3/30/11 | ||||||||||||||||||||||||||||||||||||
Peachtree City | GA | 2,554,951 | 800,000 | 4,090,000 | 4,890,000 | 375,388 | 800,000 | 4,465,388 | 5,265,388 | (393,438 | ) | 1988/1992 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Buford | GA | 1,304,039 | 1,000,000 | 1,357,000 | 2,357,000 | 115,665 | 1,000,000 | 1,472,665 | 2,472,665 | (139,013 | ) | 2002 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Jonesboro | GA | 1,062,551 | 800,000 | 1,495,000 | 2,295,000 | 101,087 | 800,000 | 1,596,087 | 2,396,087 | (153,673 | ) | 2002 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Ellenwood | GA | 1,217,103 | 550,000 | 1,564,225 | 2,114,225 | 226,190 | 550,000 | 1,790,415 | 2,340,415 | (192,913 | ) | 1998 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Marietta II | GA | 1,159,146 | 1,050,000 | 1,402,200 | 2,452,200 | 44,844 | 1,050,000 | 1,447,044 | 2,497,044 | (148,208 | ) | 1998/2008 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Collegeville | P A | 1,463,422 | 440,000 | 2,395,500 | 2,835,500 | 132,282 | 440,000 | 2,527,782 | 2,967,782 | (234,128 | ) | 1996 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Skippack | P A | 1,130,167 | 600,000 | 1,513,000 | 2,113,000 | 82,889 | 600,000 | 1,595,889 | 2,195,889 | (158,503 | ) | 2004 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Ballston Spa | NY | 2,429,377 | 900,000 | 3,806,760 | 4,706,760 | 30,057 | 900,000 | 3,836,817 | 4,736,817 | (436,910 | ) | 2002 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Trenton | NJ | 3,680,289 | 2,250,000 | 4,743,000 | 6,993,000 | 13,342 | 2,250,000 | 4,756,342 | 7,006,342 | (428,740 | ) | 2003 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Fredericksburg | VA | 2,018,846 | 1,600,000 | 2,311,625 | 3,911,625 | 80,291 | 1,600,000 | 2,391,916 | 3,991,916 | (299,213 | ) | 2000 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Sandston | VA | 3,245,609 | 1,550,000 | 4,593,000 | 6,143,000 | 50,133 | 1,550,000 | 4,643,133 | 6,193,133 | (478,990 | ) | 2005/2006 | 6/10/11 | ||||||||||||||||||||||||||||||||||||
Ladera Ranch | CA | 6,691,304 | 4,800,000 | 10,969,414 | 15,769,414 | 43,067 | 4,800,000 | 11,012,481 | 15,812,481 | (904,514 | ) | 2003 | 7/6/11 | ||||||||||||||||||||||||||||||||||||
Ladera Ranch— Land | CA | — | 3,953,282 | — | 3,953,282 | — | 3,953,282 | — | 3,953,282 | — | 2003 | 7/6/11 | |||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Carrying Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | ST | Encumbrance | Land | Building and | Total | Cost Capitalized | Land | Building and | -1 | Accumulated | Date of | Date | |||||||||||||||||||||||||||||||||||||
Improvements | |||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Improvements | Total | Depreciation | Construction | Acquired | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||
SF Bay Area –San Lorenzo | CA | — | — | 2,450,880 | 2,450,880 | 54,750 | — | 2,505,630 | 2,505,630 | (223,710 | ) | 2000 | 7/15/11 | ||||||||||||||||||||||||||||||||||||
Hampton | VA | 3,495,515 | 400,000 | 3,930,000 | 4,330,000 | 99,565 | 400,000 | 4,029,565 | 4,429,565 | (325,598 | ) | 2007 | 7/20/11 | ||||||||||||||||||||||||||||||||||||
Las Vegas V | NV | 1,628,783 | 890,000 | 3,160,000 | 4,050,000 | 129,830 | 890,000 | 3,289,830 | 4,179,830 | (268,146 | ) | 1997 | 7/21/11 | ||||||||||||||||||||||||||||||||||||
SF Bay Area –Gilroy | CA | 4,444,298 | 1,200,000 | 4,690,000 | 5,890,000 | 179,022 | 1,200,000 | 4,869,022 | 6,069,022 | (468,315 | ) | 1999 | 8/12/11 | ||||||||||||||||||||||||||||||||||||
Brewster – Brampton (2) | 6,482,879 | 5,174,205 | — | 5,174,205 | 9,081,162 | (3)(4) | 3,178,660 | 11,076,707 | 14,255,367 | (152,177 | ) | n/a | 9/13/11 | ||||||||||||||||||||||||||||||||||||
Toms River | NJ | 3,570,419 | 1,490,000 | 3,730,000 | 5,220,000 | 59,171 | 1,490,000 | 3,789,171 | 5,279,171 | (269,034 | ) | 2006 | 10/21/11 | ||||||||||||||||||||||||||||||||||||
Kennesaw | GA | 3,195,799 | 875,000 | 5,133,992 | 6,008,992 | 23,822 | 875,000 | 5,157,814 | 6,032,814 | (339,889 | ) | 2006 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Sharpsburg | GA | 3,488,747 | 1,250,000 | 4,792,241 | 6,042,241 | 36,210 | 1,250,000 | 4,828,451 | 6,078,451 | (338,113 | ) | 2006 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Duluth | GA | 3,169,167 | 900,000 | 5,711,120 | 6,611,120 | 66,855 | 900,000 | 5,777,975 | 6,677,975 | (393,723 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Duluth II | GA | 3,222,431 | 800,000 | 5,893,201 | 6,693,201 | 23,446 | 800,000 | 5,916,647 | 6,716,647 | (364,129 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Duluth III | GA | 3,249,062 | 750,000 | 6,090,561 | 6,840,561 | 41,634 | 750,000 | 6,132,195 | 6,882,195 | (388,434 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Marietta III | GA | 3,115,904 | 450,000 | 6,053,761 | 6,503,761 | 31,259 | 450,000 | 6,085,020 | 6,535,020 | (379,861 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Austell | GA | 2,396,849 | 800,000 | 3,728,801 | 4,528,801 | 31,874 | 800,000 | 3,760,675 | 4,560,675 | (250,049 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Sandy Springs | GA | 6,018,754 | 563,888 | 7,877,873 | 8,441,761 | 33,293 | 563,888 | 7,911,166 | 8,475,054 | (479,018 | ) | 2009 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Smyrna | GA | 3,515,379 | 1,475,000 | 5,173,480 | 6,648,480 | 68,653 | 1,475,000 | 5,242,133 | 6,717,133 | (336,448 | ) | 2007 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Lawrenceville III | GA | 3,542,011 | 1,325,000 | 5,692,721 | 7,017,721 | 29,704 | 1,325,000 | 5,722,425 | 7,047,425 | (382,950 | ) | 2009 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Jacksonville | FL | 4,580,645 | 900,000 | 7,169,841 | 8,069,841 | 34,115 | 900,000 | 7,203,956 | 8,103,956 | (447,625 | ) | 2008 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Jacksonville II | FL | 2,290,323 | 2,100,000 | 3,033,522 | 5,133,522 | 32,274 | 2,100,000 | 3,065,796 | 5,165,796 | (257,630 | ) | 2009 | 12/27/11 | ||||||||||||||||||||||||||||||||||||
Chantilly | VA | 3,421,797 | 2,431,905 | 3,968,095 | 6,400,000 | 329,637 | 2,431,905 | 4,297,732 | 6,729,637 | (270,718 | ) | 1985 | 5/24/12 | ||||||||||||||||||||||||||||||||||||
Savannah I | GA | 1,400,000 | 987,000 | 1,573,000 | 2,560,000 | 121,630 | 987,000 | 1,694,630 | 2,681,630 | (93,520 | ) | 2002 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Savannah II | GA | 1,250,000 | 1,026,000 | 1,464,000 | 2,490,000 | 86,910 | 1,026,000 | 1,550,910 | 2,576,910 | (81,723 | ) | 2001 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Columbia | SC | 935,000 | 1,002,000 | 1,628,000 | 2,630,000 | 39,824 | 1,002,000 | 1,667,824 | 2,669,824 | (80,772 | ) | 2003 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Lexington I | SC | 900,000 | 789,000 | 1,021,000 | 1,810,000 | 17,284 | 789,000 | 1,038,284 | 1,827,284 | (58,393 | ) | 2010 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Stuart I | FL | 1,425,000 | 875,000 | 2,015,000 | 2,890,000 | 103,534 | 875,000 | 2,118,534 | 2,993,534 | (100,604 | ) | 2004 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Lexington II | SC | 1,875,000 | 1,090,000 | 3,040,000 | 4,130,000 | 121,497 | 1,090,000 | 3,161,497 | 4,251,497 | (170,151 | ) | 1998/2003 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Stuart II | FL | 2,085,000 | 2,100,000 | 1,200,000 | 3,300,000 | 31,239 | 2,100,000 | 1,231,239 | 3,331,239 | (71,524 | ) | 2008 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Bluffton | SC | 2,500,000 | 1,240,000 | 3,990,000 | 5,230,000 | 47,193 | 1,240,000 | 4,037,193 | 5,277,193 | (192,765 | ) | 2008 | 8/16/12 | ||||||||||||||||||||||||||||||||||||
Wilmington Island | SC | 4,330,000 | 1,616,000 | 4,194,000 | 5,810,000 | 124,484 | 1,616,000 | 4,318,484 | 5,934,484 | (182,412 | ) | 1999 | 10/1/12 | ||||||||||||||||||||||||||||||||||||
Myrtle Beach | SC | 1,500,000 | 1,956,000 | 1,554,000 | 3,510,000 | 34,956 | 1,956,000 | 1,588,956 | 3,544,956 | (92,043 | ) | 2002 | 10/1/12 | ||||||||||||||||||||||||||||||||||||
Mt. Pleasant I | SC | 1,500,000 | 1,360,000 | 1,320,000 | 2,680,000 | 171,565 | 1,360,000 | 1,491,565 | 2,851,565 | (65,269 | ) | 1989 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Charleston I | SC | 1,500,000 | 725,000 | 2,085,000 | 2,810,000 | 61,680 | 725,000 | 2,146,680 | 2,871,680 | (85,762 | ) | 2011 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Charleston II | SC | 1,650,000 | 775,000 | 2,375,000 | 3,150,000 | 203,171 | 775,000 | 2,578,171 | 3,353,171 | (102,874 | ) | 1992 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Mt. Pleasant II | SC | 3,350,000 | 2,630,000 | 2,570,000 | 5,200,000 | 108,997 | 2,630,000 | 2,678,997 | 5,308,997 | (128,716 | ) | 1995 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Charleston III | SC | 3,362,500 | 1,563,000 | 4,742,000 | 6,305,000 | 212,063 | 1,563,000 | 4,954,063 | 6,517,063 | (202,052 | ) | 1986/1996 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Mt. Pleasant III | SC | 8,000,000 | 7,190,000 | 8,220,000 | 15,410,000 | 68,042 | 7,190,000 | 8,288,042 | 15,478,042 | (331,174 | ) | 1997/2007 | 11/5/12 | ||||||||||||||||||||||||||||||||||||
Ridgeland | MS | 3,346,580 | 574,992 | 4,335,796 | 4,910,788 | 124,949 | 574,992 | 4,460,745 | 5,035,737 | (145,589 | ) | 1989/2004 | 12/28/12 | ||||||||||||||||||||||||||||||||||||
Canton. | MS | 3,047,782 | 686,070 | 3,810,851 | 4,496,921 | 233,703 | 686,070 | 4,044,554 | 4,730,624 | (149,662 | ) | 1996/2004 | 12/28/12 | ||||||||||||||||||||||||||||||||||||
North Charleston | SC | 3,675,168 | 2,150,000 | 4,002,000 | 6,152,000 | 382,548 | 2,150,000 | 4,384,548 | 6,534,548 | (76,146 | ) | 2000 | 7/10/13 | ||||||||||||||||||||||||||||||||||||
Toms River II | NJ | 2,636,534 | 1,075,000 | 3,825,000 | 4,900,000 | 17,562 | 1,075,000 | 3,842,562 | 4,917,562 | (41,973 | ) | 2006 | 8/28/13 | ||||||||||||||||||||||||||||||||||||
Pickering (2) | — | 2,287,920 | 2,812,235 | 5,100,155 | (98,440 | )(3) | 2,243,760 | 2,757,955 | 5,001,715 | — | 1999 | 8/29/13 | |||||||||||||||||||||||||||||||||||||
Montgomery II | AL | 4,554,014 | 1,350,000 | 6,420,000 | 7,770,000 | 3,400 | 1,350,000 | 6,423,400 | 7,773,400 | (36,929 | ) | 2005 | 10/28/13 | ||||||||||||||||||||||||||||||||||||
Knoxville I | TN | 4,527,382 | 1,100,000 | 6,690,000 | 7,790,000 | 3,200 | 1,100,000 | 6,693,200 | 7,793,200 | (41,896 | ) | 1996/2005 | 10/28/13 | ||||||||||||||||||||||||||||||||||||
Knoxville II | TN | 5,805,702 | 1,500,000 | 8,440,000 | 9,940,000 | — | 1,500,000 | 8,440,000 | 9,940,000 | (47,350 | ) | 2006 | 10/28/13 | ||||||||||||||||||||||||||||||||||||
Knoxville III | TN | 4,527,382 | 1,600,000 | 6,240,000 | 7,840,000 | — | 1,600,000 | 6,240,000 | 7,840,000 | (40,633 | ) | 2005 | 10/28/13 | ||||||||||||||||||||||||||||||||||||
Midland I | TX | 3,338,991 | 975,000 | 4,117,387 | 5,092,387 | 29,783 | 975,000 | 4,147,170 | 5,122,170 | (26,998 | ) | 1981 | 11/1/13 | ||||||||||||||||||||||||||||||||||||
Coppell | TX | 4,357,188 | 2,100,000 | 4,562,738 | 6,662,738 | 53,709 | 2,100,000 | 4,616,447 | 6,716,447 | (33,127 | ) | 1985/2007 | 11/1/13 | ||||||||||||||||||||||||||||||||||||
Midland II | TX | 4,583,453 | 950,000 | 5,997,260 | 6,947,260 | — | 950,000 | 5,997,260 | 6,947,260 | (37,464 | ) | 1994/2004 | 11/1/13 | ||||||||||||||||||||||||||||||||||||
Arlington | TX | 2,107,099 | 725,000 | 2,383,876 | 3,108,876 | — | 725,000 | 2,383,876 | 3,108,876 | (16,480 | ) | 1985/1995 | 11/1/13 | ||||||||||||||||||||||||||||||||||||
Weathorford | TX | 2,296,253 | 525,000 | 2,915,329 | 3,440,329 | 37,752 | 525,000 | 2,953,081 | 3,478,081 | (18,623 | ) | 2000/2007 | 11/1/13 | ||||||||||||||||||||||||||||||||||||
$ | 390,371,923 | $ | 196,535,029 | $ | 465,345,581 | $ | 661,880,610 | $ | 32,258,177 | $ | 194,033,413 | $ | 500,105,374 | $ | 694,138,787 | ($ | 46,432,155 | ) | |||||||||||||||||||||||||||||||
(1) | The aggregate cost of real estate for United States federal income tax purposes is $761,130,955. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) | This property is located in Ontario, Canada. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) | The change in cost at this self storage facility is the net of the impact of foreign exchange rate changes and any actual additions. | ||||||||||||||||||||||||||||||||||||||||||||||||
(4) | This amount also includes a reduction in basis due to a sale of a parcel of land at this facility. | ||||||||||||||||||||||||||||||||||||||||||||||||
Activity in real estate facilities during 2013 was as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate facilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 604,727,895 | |||||||||||||||||||||||||||||||||||||||||||||||
Facility acquisitions | 74,743,745 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impact of foreign exchange rate changes | (2,415,103 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 17,082,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 694,138,787 | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 29,840,320 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 16,591,835 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 46,432,155 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate facilities, net | $ | 647,706,632 | |||||||||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. | ||||
Effective September 15, 2009, the ASC was established as the single source of authoritative nongovernmental GAAP. Prior to the issuance of the ASC, all GAAP pronouncements were issued in separate topical pronouncements in the form of statements, staff positions or Emerging Issues Task Force Abstracts, and were referred to as such. While the ASC does not change GAAP, it introduces a new structure and supersedes all previously issued non-SEC accounting and reporting standards. In addition to the ASC, the Company is still required to follow SEC rules and regulations relating to the preparation of financial statements. The Company’s accounting policies are consistent with the guidance set forth by both the ASC and the SEC. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
Certain amounts previously reported in our 2012 financial statements have been reclassified to conform to the fiscal 2013 presentation. | ||||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
Our financial statements, the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, the financial statements of Self Storage REIT, LLC (REIT I) and Self Storage REIT II, LLC (REIT II), and the accounts of variable interest entities (VIEs) for which we are the primary beneficiary are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests both as of and during the periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Consolidation Considerations for Our Investments in Joint Ventures | ' | |||
Consolidation Considerations for Our Investments in Joint Ventures | ||||
Current accounting guidance provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of the VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. As of December 31, 2013 and 2012, we had entered into contracts/interests that are deemed to be variable interests in VIEs; those variable interests include both lease agreements and equity investments. We have evaluated those variable interests against the criteria for consolidation and determined that we are not the primary beneficiary of certain investments discussed further in the “Equity Investments” section of this note. | ||||
As of December 31, 2013 and 2012, we had an equity interest in a self storage property located in San Francisco, California (“SF property”) which was deemed to be a VIE of which we are the primary beneficiary. As such, the SF property has been consolidated in our consolidated financial statements since we acquired our interest in the property through the REIT I merger. In January 2010, we acquired an approximately 2% additional interest in the SF property, bringing our total interest to approximately 12%. See Note 12 for further discussion of additional interests acquired subsequent to December 31, 2013. The SF property is owned by a Delaware Statutory Trust (DST), and by virtue of the trust agreement the investors in the trust have no direct or indirect ability through voting rights to make decisions about the DST’s significant activities. The operating partnership of REIT I (the “REIT I Operating Partnership”) has also entered into a lease agreement for the SF property, in which the REIT I Operating Partnership is the tenant, which exposes it to losses of the VIE that could be significant to the VIE and also allows it to direct activities of the VIE that determine its economic performance by means of its operation of the leased facility. The lease has an initial term of ten years which commenced on December 19, 2006. The initial term of the lease may be extended at the option of the REIT I Operating Partnership for up to four successive five year terms. As of December 31, 2013, the consolidated joint venture had net real estate assets of approximately $16.6 million. Such assets are only available to satisfy the obligations of the SF property. We have also consolidated approximately $10.1 million of secured debt and approximately $5.7 million of noncontrolling interest related to this entity. The lenders of the secured debt have no recourse to other Company assets. Our Sponsor has entered into an agreement to indemnify us for any losses as a result of potential shortfalls in the lease payments required to be made by the REIT I Operating Partnership. Despite such indemnification, we continue to be deemed the primary beneficiary, as our Sponsor is not deemed to have a variable interest in the SF property. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets and of assets held by equity method investees, and the useful lives of real estate assets and intangibles. Actual results could materially differ from those estimates. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. | ||||
We may maintain cash equivalents in financial institutions in excess of insured limits, but believe this risk is mitigated by only investing in or through major financial institutions. | ||||
Restricted Cash | ' | |||
Restricted Cash | ||||
Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. | ||||
Real Estate Purchase Price Allocation | ' | |||
Real Estate Purchase Price Allocation | ||||
We account for acquisitions in accordance with accounting guidance which requires that we allocate the purchase price of the property to the tangible and intangible assets acquired and the liabilities assumed based on estimated fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, as of the acquisition date and to adjust those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for an acquisition). Acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to the individual assets and liabilities are based upon comparable market sales information for land and estimates of depreciated replacement cost of equipment, building and site improvements. In allocating the purchase price, we determine whether the acquisition includes intangible assets or liabilities. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date we have not allocated any portion of the purchase price to above or below market leases. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $7.1 million and approximately $7.3 million in intangible assets to recognize the value of in-place leases related to our acquisitions in 2013 and 2012, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we will not have concentrations of significant customers and the average customer turnover is fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the years ended December 31, 2013, 2012 and 2011 we expensed approximately $2.9 million, $3.6 million and $7.7 million, respectively, of acquisition related transaction costs. | ||||
Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments that we determine to be significant retrospectively to comparative information in our financial statements, potentially including adjustments to interest, depreciation and amortization expense. | ||||
Evaluation of Possible Impairment of Long-Lived Assets | ' | |||
Evaluation of Possible Impairment of Long-Lived Assets | ||||
Management will continually monitor events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including those held through joint ventures, may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the long-lived assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived assets to the fair value and recognize an impairment loss. As of December 31, 2013 and 2012, no impairment losses have been recognized. | ||||
Equity Investments | ' | |||
Equity Investments | ||||
Our investments in unconsolidated real estate joint ventures and VIEs in which we are not the primary beneficiary, where we have significant influence, but not control, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, our investments in real estate ventures are stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the allocation of cash distributions upon liquidation of the investment in accordance with the joint venture agreements. | ||||
Investments representing passive preferred equity and/or minority interests are accounted for under the cost method. Under the cost method, our investments in real estate ventures are carried at cost and adjusted for other-than-temporary declines in fair value, distributions representing a return of capital and additional investments. | ||||
Through mergers with REIT I and REIT II in 2009, we acquired five preferred equity and/or minority interests in unconsolidated joint ventures (one became wholly-owned in 2011, one was sold in May 2012 and another also became wholly-owned in November of 2013), all of which were deemed to be VIEs. We have evaluated each variable interest against the amended criteria for consolidation and determined that we are not the primary beneficiary, generally due to our inability to direct significant activities that determine the economic performance of the VIE. One of those investments is a passive or limited partner interest in two self storage facilities (such properties are owned by a DST, and by virtue of the related trust agreements, the investors have no direct or indirect ability through voting rights to make decisions about its significant activities) and is therefore accounted for under the cost method; our aggregate investment therein is approximately $0.1 million. Our ownership interest in such investment was approximately 1.49% and our risk of loss is limited to our investment therein. | ||||
In May 2012, our equity interest in an unconsolidated joint venture which owned a self storage facility in Baltimore, Maryland was redeemed for approximately $1.4 million. This resulted in a gain of approximately $0.8 million, which is included in gain on sale of investment in unconsolidated joint venture in our Consolidated Statement of Operations for the year ended December 31, 2012. | ||||
The remaining interest is in a net leased industrial property (“Hawthorne property”) in California with 356,000 rentable square feet leased to a single tenant. This investment is accounted for under the equity method of accounting and our risk of loss is limited to our investment, including our maximum exposure under the terms of a debt guarantee. We own a 12% interest in Westport LAX LLC, the joint venture that acquired the Hawthorne property and the carrying value in such investment is approximately $1.3 million. Hawthorne LLC, an affiliate of our Sponsor, owns 78% of Westport LAX LLC, and we have a preferred equity interest in Hawthorne LLC which entitles us to distributions equal to 10% per annum on our investment of approximately $6.9 million and a non-interest bearing receivable of approximately $0.4 million. The preferred equity interest has a redemption date in November 2014, subject to extension at our sole discretion. The preferred equity interest may be called at any time in whole or part by Hawthorne LLC or redeemed at any time by us. The remaining 10% interest in Westport LAX LLC is owned by a third party, who is also the co-manager, along with our Sponsor, of the Hawthorne property. Such third party is the acting property manager and directs the operating activities of the property that determine its economic performance. We, along with other non-affiliated parties, are guarantors on the approximately $19.0 million loan used to secure the Hawthorne property; the loan has a maturity date of August 1, 2020. As of December 31, 2013, our maximum exposure to loss as a result of our involvement with this VIE, consisting of our investment balances and our guarantee of the secured debt, totaled approximately $27.6 million. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. | ||||
Allowance for Doubtful Accounts | ' | |||
Allowance for Doubtful Accounts | ||||
Customer accounts receivable are reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of customer accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. | ||||
Real Estate Facilities | ' | |||
Real Estate Facilities | ||||
Real estate facilities are recorded at cost. We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. | ||||
Depreciation of Real Property Assets | ' | |||
Depreciation of Real Property Assets | ||||
Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. | ||||
Depreciation of Personal Property Assets | ' | |||
Depreciation of Personal Property Assets | ||||
Personal property assets, consisting primarily of furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. | ||||
Intangible Assets | ' | |||
Intangible Assets | ||||
We have allocated a portion of our real estate purchase price to in-place leases. We are amortizing in-place leases on a straight-line basis over the estimated future benefit period. As of December 31, 2013 and 2012, accumulated amortization of in-place lease intangibles totaled approximately $44.6 million and $36.4 million, respectively. | ||||
The total estimated amortization expense of intangible assets for the years ending December 31, 2014, 2015, 2016, 2017 and 2018 is approximately $5.4 million, $3.4 million, $1.6 million, $0, and $0, respectively. | ||||
Amortization of Deferred Financing Costs | ' | |||
Amortization of Deferred Financing Costs | ||||
Costs incurred in connection with obtaining financing are deferred and amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2013 and 2012, accumulated amortization of deferred financing costs totaled approximately $5.9 million and $4.4 million, respectively. | ||||
Organization and Offering Costs | ' | |||
Organization and Offering Costs | ||||
Pursuant to our Advisory Agreement, our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor must reimburse us within 60 days after the end of the month in which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Such costs will be recognized as a liability when we have a present responsibility to reimburse our Advisor, which is defined in our Advisory Agreement as the date we satisfied the minimum offering requirements of the primary offering portion of our Initial Offering (which occurred on May 22, 2008). If at any point in time we determine that the total organization and offering costs are expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we will recognize such excess as a capital contribution from our Advisor. Subsequent to the termination of our Offering on September 22, 2013, we have determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. | ||||
Redeemable Common Stock | ' | |||
Redeemable Common Stock | ||||
We previously had a share redemption program that enabled stockholders to sell their shares to us in limited circumstances. | ||||
We recorded amounts that were redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares were mandatorily redeemable at the option of the holder and therefore their redemption was outside our control. The maximum amount redeemable under our share redemption program was limited to the number of shares we could repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable but that are contingent on an event that is likely to occur (e.g., the passage of time) should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan were considered to be temporary equity and were presented as redeemable common stock in the accompanying consolidated balance sheets accordingly. | ||||
In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. Our redeemable common shares were contingently redeemable at the option of the holder. When we determined we had a mandatory obligation to repurchase shares under the share redemption program, we reclassified such obligations from temporary equity to a liability based upon their respective settlement values. | ||||
We funded all redemptions using proceeds from the sale of shares pursuant to our distribution reinvestment plan. | ||||
In anticipation of a future possible liquidity event, on November 1, 2013, our board of directors approved the termination of our share redemption program, effective December 1, 2013. See Note 8 for further discussion of our share redemption program. | ||||
Foreign Currency Translation | ' | |||
Foreign Currency Translation | ||||
For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All related adjustments are recorded in other comprehensive income (loss) as a separate component of stockholders’ equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Gains or losses on foreign currency transactions are recorded in other income (expense). For the years ended December 31, 2013, 2012 and 2011, we recorded a loss of approximately $460,000, a gain of approximately $60,000 and a loss of approximately $17,000, respectively. | ||||
Accounting for Equity Awards | ' | |||
Accounting for Equity Awards | ||||
The cost of restricted stock is required to be measured based on the grant-date fair value and the cost to be recognized over the relevant service period. | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements | ||||
The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we use when measuring fair value: | ||||
• | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; | |||
• | Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and | |||
• | Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. | |||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. | ||||
The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we present herein are indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. | ||||
Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related assets and investments in unconsolidated joint ventures and related liabilities assumed and equity consideration related to our acquisitions. The fair values of these assets, liabilities and equity consideration were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets, liabilities and common stock as of the acquisition dates were derived using Level 3 inputs. | ||||
The carrying amounts of cash and cash equivalents, customer accounts receivable, other assets, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value because of the relatively short-term nature of these instruments. | ||||
The table below summarizes our fixed rate notes payable at December 31, 2013. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. | ||||
As of December 31, 2013, we had an interest rate swap on one of our loans (See Notes 5 and 6). The valuation of this instrument was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||
To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. As of December 31, 2013, we had $303,051 of Level 2 derivatives (interest rate swap) classified in accounts payable and accrued liabilities on our consolidated balance sheet. | ||||
Derivative Instruments and Hedging Activities | ' | |||
Derivative Instruments and Hedging Activities | ||||
The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. | ||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in the consolidated statements of operations. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income, outside of earnings and subsequently reclassified to earnings when the hedged transaction affects earnings. | ||||
Noncontrolling Interest in Consolidated Entities | ' | |||
Noncontrolling Interest in Consolidated Entities | ||||
We account for the noncontrolling interest in our Operating Partnership in accordance with amended accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partner, our Operating Partnership, including its wholly-owned subsidiaries, is consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. In addition, we account for the noncontrolling interest in the SF property in accordance with the amended accounting guidance. The noncontrolling interests shall continue to be attributed their share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2008. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to Federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to Federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for Federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we will be organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for Federal income tax purposes. We have concluded that there are no significant uncertain tax positions requiring recognition or disclosure in our consolidated financial statements. | ||||
Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and Federal income and excise taxes on our undistributed income. | ||||
We have filed an election to treat the TRSs as taxable REIT subsidiaries. In general, the TRSs may perform additional services for our customers and generally may engage in any real estate or non-real estate related business. The TRSs are subject to corporate Federal and state income tax. The TRSs follow accounting guidance which requires the use of the asset and liability method. Deferred income taxes will represent the tax effect of future differences between the book and tax bases of assets and liabilities. | ||||
Per Share Data | ' | |||
Per Share Data | ||||
Basic earnings per share attributable for all periods presented are computed by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares outstanding, including all restricted stock grants as though fully vested. For the years ended December 31, 2013, 2012 and 2011, 6,250, 6,250 and 6,875 shares, of unvested restricted stock, respectively were not included in the diluted weighted average shares as such shares were antidilutive. | ||||
Recently Issued Accounting Guidance | ' | |||
Recently Issued Accounting Guidance | ||||
ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), was issued in February 2013 and does not change the current requirements for reporting net income or other comprehensive income. However, ASU 2013-02 requires disclosure of significant amounts reclassified out of accumulated other comprehensive income in their entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. We adopted this ASU in the interim period ended March 31, 2013 and its adoption did not have a material impact on our consolidated financial statements or financial statement disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Estimated Useful Lives used to Depreciate Real Property Assets | ' | ||||||||||||||||
Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows: | |||||||||||||||||
Description | Standard Depreciable Life | ||||||||||||||||
Land | Not Depreciated | ||||||||||||||||
Buildings | 30 to 35 years | ||||||||||||||||
Site Improvements | 7 to 15 years | ||||||||||||||||
Fixed Rate Notes Payable | ' | ||||||||||||||||
Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Fixed Rate Secured Debt | $ | 311,362,132 | $ | 300,894,201 | $ | 298,636,303 | $ | 287,912,016 |
Real_Estate_Facilities_Tables
Real Estate Facilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Activity in Real Estate Facilities | ' | ||||||||||||||||||||||||||||
The following summarizes the activity in real estate facilities during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Real estate facilities | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 510,395,576 | |||||||||||||||||||||||||||
Facility acquisitions | 85,722,709 | ||||||||||||||||||||||||||||
Land disposition | (1,675,860 | ) | |||||||||||||||||||||||||||
Impact of foreign exchange rate changes | 614,721 | ||||||||||||||||||||||||||||
Improvements and additions | 9,670,749 | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 604,727,895 | ||||||||||||||||||||||||||||
Facility acquisitions | 74,743,745 | ||||||||||||||||||||||||||||
Impact of foreign exchange rate changes | (2,415,103 | ) | |||||||||||||||||||||||||||
Improvements and additions | 17,082,250 | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 694,138,787 | |||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (15,971,288 | ) | ||||||||||||||||||||||||||
Depreciation expense | (13,869,032 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2012 | (29,840,320 | ) | |||||||||||||||||||||||||||
Depreciation expense | (16,591,835 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (46,432,155 | ) | ||||||||||||||||||||||||||
Purchase Price Allocation for Acquisitions | ' | ||||||||||||||||||||||||||||
The following table summarizes the purchase price allocation for our acquisitions for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Property | Acquisition | Real Estate | Intangibles | Total | Debt Assumed | Revenue | Operating | ||||||||||||||||||||||
Date | Assets | or Issued | -4 | Income | |||||||||||||||||||||||||
(2)(3) | (4)(5) | ||||||||||||||||||||||||||||
Chantilly—VA | 5/24/12 | $ | 6,400,000 | $ | 900,000 | $ | 7,300,000 | $ | 3,500,000 | $ | 550,910 | $ | 359,387 | ||||||||||||||||
Savannah I—GA (1) | 8/16/12 | 2,560,000 | 140,000 | 2,700,000 | — | 123,372 | 57,061 | ||||||||||||||||||||||
Savannah II—GA (1) | 8/16/12 | 2,490,000 | 110,000 | 2,600,000 | — | 113,223 | 46,759 | ||||||||||||||||||||||
Columbia—SC (1) | 8/16/12 | 2,630,000 | 70,000 | 2,700,000 | — | 99,115 | 20,289 | ||||||||||||||||||||||
Lexington I—SC (1) | 8/16/12 | 1,810,000 | 190,000 | 2,000,000 | — | 81,112 | 23,272 | ||||||||||||||||||||||
Stuart I—FL (1) | 8/16/12 | 2,890,000 | 110,000 | 3,000,000 | — | 106,495 | 43,489 | ||||||||||||||||||||||
Lexington II—SC (1) | 8/16/12 | 4,130,000 | 170,000 | 4,300,000 | — | 151,327 | 71,512 | ||||||||||||||||||||||
Stuart II—FL (1) | 8/16/12 | 3,300,000 | 100,000 | 3,400,000 | — | 148,858 | 76,937 | ||||||||||||||||||||||
Bluffton—SC (1) | 8/16/12 | 5,230,000 | 270,000 | 5,500,000 | — | 210,482 | 114,010 | ||||||||||||||||||||||
Wilmington Island—GA (1) | 10/1/12 | 5,810,000 | 690,000 | 6,500,000 | 4,330,000 | 191,219 | 135,144 | ||||||||||||||||||||||
Myrtle Beach—SC (1) | 10/1/12 | 3,510,000 | 190,000 | 3,700,000 | 1,500,000 | 74,102 | 31,355 | ||||||||||||||||||||||
Mt. Pleasant I—SC (1) | 11/5/12 | 2,680,000 | 320,000 | 3,000,000 | 1,500,000 | 51,787 | 23,551 | ||||||||||||||||||||||
Charleston I—SC (1) | 11/5/12 | 2,810,000 | 190,000 | 3,000,000 | 1,500,000 | 53,393 | 20,811 | ||||||||||||||||||||||
Charleston II—SC (1) | 11/5/12 | 3,150,000 | 350,000 | 3,500,000 | 1,650,000 | 63,445 | 35,634 | ||||||||||||||||||||||
Mt. Pleasant II—SC (1) | 11/5/12 | 5,200,000 | 600,000 | 5,800,000 | 3,350,000 | 91,692 | 55,170 | ||||||||||||||||||||||
Charleston III—SC (1) | 11/5/12 | 6,305,000 | 620,000 | 6,925,000 | 3,362,500 | 99,124 | 64,738 | ||||||||||||||||||||||
Mt. Pleasant III—SC (1) | 11/5/12 | 15,410,000 | 1,090,000 | 16,500,000 | 8,000,000 | 221,524 | 146,105 | ||||||||||||||||||||||
Ridgeland—MS | 12/28/12 | 4,910,788 | 610,000 | 5,520,788 | 3,510,095 | — | — | ||||||||||||||||||||||
Canton—MS | 12/28/12 | 4,496,921 | 540,000 | 5,036,921 | 3,196,694 | — | — | ||||||||||||||||||||||
2012 Total | $ | 85,722,709 | $ | 7,260,000 | $ | 92,982,709 | $ | 35,399,289 | $ | 2,431,180 | $ | 1,325,224 | |||||||||||||||||
Property | Acquisition | Real Estate | Intangibles | Total | Debt Assumed | Revenue | Operating | ||||||||||||||||||||||
Date | Assets | or Issued | -4 | Income | |||||||||||||||||||||||||
(2)(3) | (4)(5) | ||||||||||||||||||||||||||||
North Charleston—SC | 7/10/13 | $ | 6,152,000 | $ | 420,000 | $ | 6,572,000 | $ | — | $ | 365,262 | $ | 200,625 | ||||||||||||||||
Toms River II—NJ | 8/28/13 | 4,900,000 | 300,000 | 5,200,000 | — | 157,717 | 67,146 | ||||||||||||||||||||||
Pickering—CAN (6) (7) | 8/29/13 | 5,100,155 | — | 5,100,155 | — | — | — | ||||||||||||||||||||||
Montgomery II—AL (8) (9) | 10/28/13 | 7,770,000 | 830,000 | 8,600,000 | 4,554,014 | 149,645 | 102,435 | ||||||||||||||||||||||
Knoxville—TN (8) (9) | 10/28/13 | 7,790,000 | 740,000 | 8,530,000 | 4,527,382 | 145,984 | 105,675 | ||||||||||||||||||||||
Knoxville II—TN (8) (9) | 10/28/13 | 9,940,000 | 960,000 | 10,900,000 | 5,805,701 | 174,377 | 124,008 | ||||||||||||||||||||||
Knoxville III—TN (8) (9) | 10/28/13 | 7,840,000 | 660,000 | 8,500,000 | 4,527,382 | 136,503 | 94,497 | ||||||||||||||||||||||
Midland I—TX (8) | 11/1/13 | 5,092,387 | 590,000 | 5,682,387 | 3,607,716 | 114,346 | 77,453 | ||||||||||||||||||||||
Coppell—TX (8) | 11/1/13 | 6,662,738 | 750,000 | 7,412,738 | 4,707,735 | 148,475 | 99,927 | ||||||||||||||||||||||
Midland II—TX (8) | 11/1/13 | 6,947,260 | 850,000 | 7,797,260 | 4,952,183 | 139,454 | 106,544 | ||||||||||||||||||||||
Arlington—TX (8) | 11/1/13 | 3,108,876 | 480,000 | 3,588,876 | 2,276,830 | 82,520 | 44,744 | ||||||||||||||||||||||
Weatherford—TX (8) | 11/1/13 | 3,440,329 | 470,000 | 3,910,329 | 2,481,183 | 82,632 | 49,614 | ||||||||||||||||||||||
2013 Total | $ | 74,743,745 | $ | 7,050,000 | $ | 81,793,745 | $ | 37,440,126 | $ | 1,696,915 | $ | 1,072,668 | |||||||||||||||||
(1) | The above noted properties are collectively referred to as the “Stockade Portfolio.” | ||||||||||||||||||||||||||||
(2) | See Note 5 for specific terms of the Company’s debt. | ||||||||||||||||||||||||||||
(3) | Amounts include the purchase accounting fair value adjustment of debt, as applicable | ||||||||||||||||||||||||||||
(4) | The operating results of the facilities acquired above have been included in the Company’s statement of operations since their respective acquisition date. The revenue and operating income in the table above represents such metrics from the respective acquisition date through the end of the respective fiscal year. | ||||||||||||||||||||||||||||
(5) | Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. | ||||||||||||||||||||||||||||
(6) | Allocation (excludes development costs) based on Canadian/U.S. exchange rate as of the date of acquisition. | ||||||||||||||||||||||||||||
(7) | Property was under construction; therefore no revenue or operating income is included above. | ||||||||||||||||||||||||||||
(8) | The allocations noted above are based on a preliminary determination of the fair value of the total consideration provided. Such valuations may change as we complete our purchase price accounting. | ||||||||||||||||||||||||||||
(9) | The above noted properties are collectively referred to as the “Knoxville Portfolio.” |
Secured_Debt_Tables
Secured Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Secured Debt | ' | ||||||||||||||||
The Company’s secured debt is summarized as follows: | |||||||||||||||||
Carrying value as of: | Interest | Maturity | |||||||||||||||
Encumbered Property | December 31, | December 31, | Rate | Date | |||||||||||||
2013 | 2012 | ||||||||||||||||
Montgomery | $ | 2,693,364 | $ | 2,768,704 | 6.42 | % | 7/1/16 | ||||||||||
Seabrook | 4,444,137 | 4,516,470 | 5.73 | % | 1/1/16 | ||||||||||||
Greenville | 2,226,986 | 2,263,211 | 5.65 | % | 3/1/16 | ||||||||||||
Kemah | 8,732,981 | 8,858,838 | 6.2 | % | 6/1/16 | ||||||||||||
Memphis | 2,465,045 | 2,502,922 | 5.67 | % | 12/1/16 | ||||||||||||
Tallahassee | 7,446,178 | 7,537,926 | 6.16 | % | 8/1/16 | ||||||||||||
Houston | 1,981,095 | 2,018,754 | 5.67 | % | 2/1/17 | ||||||||||||
San Francisco (consolidated VIE) | 10,256,163 | 10,387,192 | 5.84 | % | 1/1/17 | ||||||||||||
Lake Forest | 18,000,000 | 18,000,000 | 6.47 | % | 10/1/17 | ||||||||||||
Las Vegas II | 1,511,958 | 1,530,923 | 5.72 | % | 6/1/17 | ||||||||||||
Pearland | 3,438,473 | 3,480,298 | 5.93 | % | 7/1/17 | ||||||||||||
Daphne | 1,381,213 | 1,544,325 | 5.47 | % | 8/1/20 | ||||||||||||
Mesa | 2,968,060 | 3,036,098 | 5.38 | % | 4/1/15 | ||||||||||||
Riverdale | 4,800,000 | 4,800,000 | 4 | % | 5/14/14 | ||||||||||||
Prudential Portfolio Loan (1) (2) | 31,044,708 | 31,547,772 | 5.42 | % | 9/5/19 | ||||||||||||
Dufferin – Toronto – Ontario, Canada (3) | 6,144,911 | 6,812,855 | 5.22 | % | 5/15/14 | ||||||||||||
Citi Loan (4) | 28,077,873 | 28,466,942 | 5.77 | % | 2/6/21 | ||||||||||||
Bank of America Loan – 1 (5) | 4,321,842 | 4,400,398 | 5.18 | % | 11/1/15 | ||||||||||||
Bank of America Loan – 2 (6) | 6,548,748 | 6,667,782 | 5.18 | % | 11/1/15 | ||||||||||||
Bank of America Loan – 3 (7) | 11,770,704 | 11,984,654 | 5.18 | % | 11/1/15 | ||||||||||||
Prudential – Long Beach (8) | 6,533,640 | 6,637,926 | 5.27 | % | 9/5/19 | ||||||||||||
SF Bay Area – Morgan Hill (19) | — | 2,928,860 | 5.75 | % | 4/1/13 | ||||||||||||
SF Bay Area – Vallejo | 4,295,098 | 4,390,176 | 6.04 | % | 6/1/14 | ||||||||||||
Citi Las Vegas Loan (9) | 7,434,590 | 7,545,688 | 5.26 | % | 6/6/21 | ||||||||||||
ING Loan (10) | 21,265,500 | 21,587,669 | 5.47 | % | 7/1/21 | ||||||||||||
Ladera Ranch | 6,691,304 | 6,821,300 | 5.84 | % | 6/1/16 | ||||||||||||
SF Bay Area – San Lorenzo | — | 2,099,622 | 6.07 | % | 1/1/14 | ||||||||||||
Las Vegas V | 1,628,783 | 1,667,485 | 5.02 | % | 7/1/15 | ||||||||||||
Second Restated KeyBank Loan (11) | — | 51,666,666 | 4.67 | % | 12/24/14 | (11) | |||||||||||
Mississauga (12) – Ontario, Canada | 6,763,769 | 6,841,134 | 5 | % | 10/31/14 | ||||||||||||
Chantilly (13) | 3,421,797 | 3,474,712 | 4.75 | % | 6/6/22 | ||||||||||||
Brampton (14) – Ontario, Canada | 6,482,879 | 208,086 | 5.25 | % | 6/30/16 | ||||||||||||
Citi Stockade Loan – 1 (15) | 18,200,000 | 18,200,000 | 4.6 | % | 10/1/22 | ||||||||||||
KeyBank CMBS Loan (16) | 30,960,278 | 31,000,000 | 4.65 | % | 11/1/22 | ||||||||||||
Citi Stockade Loan – 2 (17) | 19,362,500 | 19,362,500 | 4.61 | % | 11/6/22 | ||||||||||||
Bank of America Loan – 4 (18) | 6,394,362 | 6,459,043 | 6.33 | % | 10/1/17 | ||||||||||||
Citi SF Bay Area – Morgan Hill Loan (19) | 3,000,000 | — | 4.08 | % | 3/6/23 | ||||||||||||
KeyBank Revolver (20) | 71,000,000 | — | 1.67 | % | 10/25/16 | ||||||||||||
John Hancock Loan (21) | 16,682,984 | — | 6.36 | % | 6/1/18 | ||||||||||||
Net fair value adjustment | 913,837 | (576,173 | ) | ||||||||||||||
Total secured debt | $ | 391,285,760 | $ | 353,440,758 | |||||||||||||
(1) | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten. | ||||||||||||||||
(2) | Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%. | ||||||||||||||||
(3) | On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank’s floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%. | ||||||||||||||||
(4) | This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago – 95th St., Chicago – Western Ave., Chicago – Ogden Ave., Chicago – Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(5) | This loan encumbers the Lawrenceville I and II properties. | ||||||||||||||||
(6) | This loan encumbers the Concord, Hickory and Morganton properties. | ||||||||||||||||
(7) | This loan encumbers the El Paso II, III, IV & V properties as well as the Dallas property. | ||||||||||||||||
(8) | This loan is cross-collateralized by the 11 properties discussed in footnote (1) to this table. | ||||||||||||||||
(9) | This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(10) | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021. | ||||||||||||||||
(11) | Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see “Second Restated KeyBank Loan” below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the “KeyBank Revolver”). The KeyBank Revolver is further described below. | ||||||||||||||||
(12) | In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2% (totaling 5.00% as of December 31, 2013). | ||||||||||||||||
(13) | The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(14) | In September 2012, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2.25% (totaling 5.25% as of December 31, 2013). | ||||||||||||||||
(15) | This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(16) | This portfolio loan encumbers nine properties (Los Angeles – La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area – Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(17) | This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||
(18) | This loan encumbers the Ridgeland and Canton properties. | ||||||||||||||||
(19) | The SF Bay Area – Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area – Morgan Hill Loan. For additional discussion, see “Citi SF Bay Area – Morgan Hill Loan” below. | ||||||||||||||||
(20) | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see “KeyBank Revolver” below. | ||||||||||||||||
(21) | This loan encumbers the Midland I, Coppell, Midland II, Arlington and Weatherford properties. | ||||||||||||||||
Future Principal Payment Requirements on Outstanding Secured Debt | ' | ||||||||||||||||
The following table presents the future principal payment requirements on outstanding secured debt as of December 31, 2013: | |||||||||||||||||
2014 | $ | 26,089,586 | |||||||||||||||
2015 | 30,827,135 | ||||||||||||||||
2016 | 114,583,851 | ||||||||||||||||
2017 | 44,044,243 | ||||||||||||||||
2018 | 19,074,211 | ||||||||||||||||
2019 and thereafter | 155,752,897 | ||||||||||||||||
Total payments | 390,371,923 | ||||||||||||||||
Unamortized fair value adjustment | 913,837 | ||||||||||||||||
Total | $ | 391,285,760 | |||||||||||||||
Derivative_InstrumentsCash_Flo1
Derivative Instruments-Cash Flow Hedge of Interest Rate Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Interest Rate Derivative Designated as Cash Flow Hedge of Interest Rate Risk | ' | ||||||||||||
As of December 31, 2013, we had one derivative outstanding, which was an interest rate derivative that was designated as a cash flow hedge of interest rate risk: | |||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||
Interest Rate Swaps | 1 | $ | 45,000,000 | ||||||||||
Fair Value of Derivative Financial Instruments as well as Classification on Balance Sheet | ' | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2013 and 2012: | |||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Interest rate derivatives | |||||||||||||
Assets | Other assets | $ | — | Other assets | $ | — | |||||||
Liabilities | Accounts payable and accrued liabilities | $ | 303,051 | Accounts payable and accrued liabilities | $ | 546,333 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Summary of Related Party Costs Incurred | ' | ||||||||||||
Pursuant to the terms of the agreements described above, the following summarizes the related party costs incurred for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||
Expensed | |||||||||||||
Reimbursement of operating expenses (1) | $ | 385,403 | $ | 33,476 | $ | 330,993 | |||||||
Asset management fees (2) | 5,050,668 | 4,521,867 | 3,019,429 | ||||||||||
Property management fees (3) (4) | 4,889,019 | 3,732,149 | 2,683,492 | ||||||||||
Acquisition expenses | 1,869,974 | 2,415,200 | 5,706,838 | ||||||||||
Additional Paid-in Capital | |||||||||||||
Selling commissions | 7,215,235 | 7,402,084 | 5,798,197 | ||||||||||
Dealer Manager fee | 3,092,243 | 3,172,322 | 2,484,942 | ||||||||||
Reimbursement of offering costs | 344,055 | 487,235 | 555,839 | ||||||||||
Total | $ | 22,846,597 | $ | 21,764,333 | $ | 20,579,730 | |||||||
(1) | During the years ended December 31, 2013, 2012, and 2011, our Advisor permanently waived certain reimbursable indirect costs, primarily payroll and related overhead costs, related to administrative and management services, totaling approximately $975,000, $960,000 and $740,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. Such reimbursable indirect costs were not waived by the Advisor during the three month periods ended December 31, 2013 and March 31, 2011 and totaled approximately $340,000 and $260,000 respectively. | ||||||||||||
(2) | For the nine months ended September 30, 2013 our Advisor permanently waived asset management fees related to the Stockade Portfolio of approximately $525,000. During the three months ended December 31, 2013 such amounts were not waived and approximately $175,000 of such costs were recorded. During the year ended December 31, 2012, our Advisor permanently waived asset management fees related to the Stockade Portfolio and our Dufferin property totaling approximately $186,000 and $37,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. | ||||||||||||
(3) | During the years ended December 31, 2013, 2012 and 2011, property management fees include approximately $27,000 $100,000 and $60,000, respectively, of fees paid to the sub-property manager of our Canadian properties. Such sub-property management agreement was terminated effective March 31, 2013 at a cost of approximately $28,000. | ||||||||||||
(4) | During the year ended December 31, 2013, our Property Manager permanently waived certain costs, reimbursements and fees, including construction management fees, tenant insurance administration fees, accounting administrative fees and expense reimbursements related to certain off-site property management employees. Such amounts totaled approximately $759,000, and were waived permanently and accordingly, will not be paid to our Property Manager. |
Pro_Forma_Financial_Informatio1
Pro Forma Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of Pro Forma Consolidated Results of Operations | ' | ||||||||
The following table summarizes, on a pro forma basis, our consolidated results of operations for the years ended December 31, 2013 and 2012 based on the assumptions described above: | |||||||||
Year Ended | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
Pro forma revenue | $ | 89,296,180 | $ | 81,245,811 | |||||
Pro forma operating expenses | $ | 75,793,091 | $ | 82,290,199 | |||||
Pro forma net loss attributable to the Company | $ | (8,382,100 | ) | $ | (23,987,490 | ) | |||
Pro forma net loss per common share, basic and diluted | $ | (0.16 | ) | $ | (0.52 | ) | |||
Weighted average number of common shares outstanding, basic and diluted | 52,055,652 | 46,374,544 |
Selected_Quarterly_Data_Unaudi1
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of quarterly financial information for the years ended December, 31, 2013 and 2012, respectively: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||||||
Total revenues | $ | 19,407,941 | $ | 19,931,208 | $ | 21,292,574 | $ | 22,503,218 | |||||||||
Total operating expenses | $ | 16,557,885 | $ | 16,667,044 | $ | 17,229,995 | $ | 19,315,207 | |||||||||
Operating income | $ | 2,850,056 | $ | 3,264,164 | $ | 4,062,579 | $ | 3,188,011 | |||||||||
Net loss | $ | (2,167,459 | ) | $ | (1,949,099 | ) | $ | (689,288 | ) | $ | (2,639,352 | ) | |||||
Net loss attributable to the Company | $ | (2,167,224 | ) | $ | (1,949,079 | ) | $ | (693,245 | ) | $ | (2,637,508 | ) | |||||
Net loss per share-basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.05 | ) | |||||
Three months ended | |||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||
Total revenues | $ | 15,351,917 | $ | 15,705,274 | $ | 17,098,173 | $ | 18,455,140 | |||||||||
Total operating expenses | $ | 15,455,345 | $ | 16,136,742 | $ | 17,000,260 | $ | 17,351,457 | |||||||||
Operating income (loss) | $ | (103,428 | ) | $ | (431,468 | ) | $ | 97,913 | $ | 1,103,683 | |||||||
Net loss | $ | (5,451,145 | ) | $ | (5,091,133 | ) | $ | (4,620,823 | ) | $ | (3,852,041 | ) | |||||
Net loss attributable to the Company | $ | (5,432,094 | ) | $ | (5,087,074 | ) | $ | (4,610,650 | ) | $ | (3,843,894 | ) | |||||
Net loss per share-basic and diluted | $ | (0.15 | ) | $ | (0.12 | ) | $ | (0.11 | ) | $ | (0.08 | ) |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Sep. 22, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 02, 2012 | Sep. 16, 2011 | Sep. 22, 2011 | Sep. 23, 2013 | Dec. 31, 2013 | Sep. 28, 2013 | Sep. 23, 2013 | Dec. 31, 2013 | Aug. 24, 2007 | Dec. 31, 2013 | Aug. 24, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | |
sqft | IPO | Public Offering [Member] | Distribution Reinvestment Plan | Distribution Reinvestment Plan | Distribution Reinvestment Plan | Distribution Reinvestment Plan | New Distribution Reinvestment Plan | Strategic Storage Operating Partnership, L.P. | Strategic Storage Operating Partnership, L.P. | Strategic Storage Advisor LLC | Strategic Storage Advisor LLC | Strategic Storage Advisor LLC | ||||||
State | Maximum | Maximum | Strategic Storage Operating Partnership, L.P. | |||||||||||||||
Store | ||||||||||||||||||
Organization and Nature of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of formation of company | ' | ' | 14-Aug-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common shares | ' | ' | $106,280,662 | $113,943,394 | $83,856,253 | ' | $289,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | 29,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' |
Common stock, shares authorized | ' | ' | 700,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock, shares | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisor purchased a limited partnership interest in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Initial capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Percentage of limited partnership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.28% | ' | ' | ' |
Percentage of limited partnership interests owned by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.68% | ' | ' | 0.04% |
Shares offered in follow-on public offering | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued pursuant to distribution reinvestment plan | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Date of launch of the Initial Offering | ' | ' | 17-Mar-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of satisfying minimum offering requirements and commencing formal operations | ' | ' | 22-May-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial offering termination date | ' | ' | 16-Sep-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of commencing follow-on public offering | ' | ' | 22-Sep-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Follow-on offering termination date | ' | ' | 22-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares registered | ' | ' | 15,796,431 | 12,311,983 | 9,045,444 | ' | ' | ' | ' | 4,400,000 | 51,250,000 | 51,250,000 | ' | ' | ' | ' | ' | ' |
Offering termination period | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of shares issued | ' | ' | 54,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of common shares issued | ' | ' | $549,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock issued in a private offering | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price of common stock | ' | ' | ' | ' | ' | $10.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage owned by chief executive officer in Dealer Manager | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Number of Class D Units issued by Operating Partnership in connection with acquisition of the Las Vegas VII and Las Vegas VIII properties | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of partnership units, description | ' | ' | 'Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions as outlined in the limited partnership agreement. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of wholly-owned self storage facilities | ' | ' | 122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which wholly-owned self storage facilities are located | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operation units | ' | ' | 77,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rentable square feet of the facilities | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests in additional self storage facilities | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of lease to single tenant | ' | ' | 356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
31-May-12 | Jan. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Term | |||||
sqft | |||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Additional interest acquired in VIE as primary beneficiary | ' | 2.00% | ' | ' | ' |
Net interest in property | ' | 12.00% | ' | ' | ' |
Initial term of lease | ' | ' | '10 years | ' | ' |
Number of successive five year terms | ' | ' | 4 | ' | ' |
Extension period of operating lease | ' | ' | '5 years | ' | ' |
Net real estate asset in consolidated joint venture | ' | ' | $16,600,000 | ' | ' |
Portion of consolidated secured debt | ' | ' | 10,100,000 | ' | ' |
Portion of non-controlling interest | ' | ' | 5,700,000 | ' | ' |
Purchase price allocation to intangible assets | ' | ' | 7,050,000 | 7,260,000 | ' |
Amount paid as acquisition fees | ' | ' | 2,900,000 | 3,600,000 | 7,700,000 |
Impairment losses of long-lived assets | ' | ' | 0 | 0 | ' |
Aggregate investment | ' | ' | 100,000 | ' | ' |
Percentage of ownership interest | ' | ' | 1.49% | ' | ' |
Redemption of equity interest | 1,400,000 | ' | ' | ' | ' |
Gain on sale of investment in unconsolidated joint venture | 800,000 | ' | ' | 815,000 | ' |
Area of lease to single tenant | ' | ' | 356,000 | ' | ' |
Maximum exposure to loss | ' | ' | 27,600,000 | ' | ' |
Maturity date of guaranteed loan | ' | ' | 1-Aug-20 | ' | ' |
Estimated amortization expenses of intangible assets in 2014 | ' | ' | 5,400,000 | ' | ' |
Estimated amortization expenses of intangible assets in 2015 | ' | ' | 3,400,000 | ' | ' |
Estimated amortization expenses of intangible assets in 2016 | ' | ' | 1,600,000 | ' | ' |
Estimated amortization expenses of intangible assets in 2017 | ' | ' | 0 | ' | ' |
Estimated amortization expenses of intangible assets in 2018 | ' | ' | 0 | ' | ' |
Accumulated amortization of deferred financing costs | ' | ' | 5,900,000 | 4,400,000 | ' |
Maximum period for reimbursement of offering cost | ' | ' | '60 days | ' | ' |
Maximum offering cost rate | ' | ' | 3.50% | ' | ' |
Net gain (loss) recorded on foreign currency transactions | ' | ' | -460,000 | 60,000 | -17,000 |
Minimum percentage of ordinary taxable income to be distributed to stockholders | ' | ' | 90.00% | ' | ' |
Antidilutive unvested restricted stock not included in diluted weighted average shares | ' | ' | 6,250 | 6,250 | 6,875 |
Fair Value, Inputs, Level 2 | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Derivative liabilities classified in accounts payable and accrued liabilities, at fair value | ' | ' | 303,051 | ' | ' |
Westport Lax LLC | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Area of lease to single tenant | ' | ' | 356,000 | ' | ' |
Ownership interest in equity method investment | ' | ' | 12.00% | ' | ' |
Carrying value of equity method investment | ' | ' | 1,300,000 | ' | ' |
Ownership percentage of affiliates | ' | ' | 78.00% | ' | ' |
Preferred equity distribution percentage | ' | ' | 10.00% | ' | ' |
Amount of investment | ' | ' | 6,900,000 | ' | ' |
Non-interest bearing receivable | ' | ' | 400,000 | ' | ' |
Remaining interest owned by third party | ' | ' | 10.00% | ' | ' |
Hawthorne Property | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Maximum exposure to loss | ' | ' | 19,000,000 | ' | ' |
Variable Interest Entities Acquired in 2009 Mergers [Member] | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Number of interests in unconsolidated joint ventures deemed to be VIEs | ' | ' | 5 | ' | ' |
Delaware statutory trust (DST) | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Passive or limited partner interests in storage facilities | ' | ' | 2 | ' | ' |
Scenario, Actual [Member] | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Maximum offering cost rate | ' | ' | 3.50% | ' | ' |
Personal Property | Minimum | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '3 years | ' | ' |
Personal Property | Maximum | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '5 years | ' | ' |
In-place lease intangibles | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Accumulated amortization of lease intangibles | ' | ' | $44,600,000 | $36,400,000 | ' |
Estimated_Useful_Lives_used_to
Estimated Useful Lives used to Depreciate Real Property Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Land [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Standard Depreciable Life | 'Not Depreciated |
Buildings | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Standard Depreciable Life | '30 years |
Buildings | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Standard Depreciable Life | '35 years |
Site Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Standard Depreciable Life | '7 years |
Site Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Standard Depreciable Life | '15 years |
Fixed_Rate_Notes_Payable_Detai
Fixed Rate Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Fixed Rate Secured Debt, Fair Value | $311,362,132 | $298,636,303 |
Fixed Rate Secured Debt, Carrying Value | $300,894,201 | $287,912,016 |
USA_Self_Storage_I_DST_Madison1
USA Self Storage I, DST; Madison County Self Storage, DST and Southwest Colonial, DST Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Store | Southwest Colonial, DST | USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | Madison County Self Storage, DST | Southwest Colonial, DST | Southwest Colonial, DST | ||
sqft | Property | Store | Remaining ownership percentage | Subtrusts | Lease Rental Income | Store | Vendor | Vendor | ||||
Loan | sqft | Vendor | Property | Property | ||||||||
Vendor | Property | Store | Store | |||||||||
sqft | sqft | sqft | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial interest acquired | ' | ' | ' | ' | ' | ' | 80.25% | ' | ' | 52.00% | 100.00% | 100.00% |
Business acquisition purchase price | ' | ' | ' | ' | $37,550,000 | ' | $30,100,000 | ' | ' | $10,700,000 | $27,900,000 | ' |
Business acquisition cash paid | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | 3,100,000 | 9,000,000 | ' |
Number of limited partnership units issued | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | 84,000 | 151,300 | 151,300 |
Loans assumed as purchase consideration | ' | ' | ' | ' | 23,300,000 | ' | ' | ' | ' | ' | ' | ' |
Number of bank loans | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of properties owning subtrusts | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of third-party sellers | ' | ' | ' | ' | 40 | ' | ' | ' | ' | 13 | 50 | 50 |
Acquisition fees paid to the Advisor | 1,700,000 | 2,200,000 | 340,000 | 377,000 | ' | ' | ' | ' | ' | 133,000 | ' | ' |
Number of wholly-owned self storage facilities | 122 | ' | ' | ' | ' | 10 | ' | ' | ' | 2 | 5 | 5 |
Number of operation units | 77,375 | ' | ' | ' | ' | 5,425 | ' | ' | ' | 895 | 2,805 | 2,805 |
Total rental area | 10,200,000 | ' | ' | ' | ' | 800,400 | ' | ' | ' | 149,300 | 392,000 | 392,000 |
Lease expiry period | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Lease expiry date | ' | ' | ' | ' | ' | 19-Dec-16 | ' | 1-Nov-15 | ' | ' | ' | ' |
Rent equivalent investor return rate | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' |
Economic benefit and obligations percentage | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Fixed interest rate on loan | ' | ' | ' | ' | 5.18% | ' | ' | ' | ' | 6.33% | ' | 6.36% |
Term of loan | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '10 years | ' | '10 years |
Debt payment description | ' | ' | ' | ' | 'The Bank of America Loans required monthly interest-only payments during the first three years of their terms and now require monthly principal-and-interest payments based on a 30-year amortization period. | 'The Bank of America Loans required monthly interest-only payments during the first three years of their terms and now require monthly principal-and-interest payments based on a 30-year amortization period. | ' | ' | ' | ' | ' | ' |
Debt amortization period | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' |
Loan assumed as purchase consideration | ' | ' | ' | ' | $23,300,000 | ' | ' | ' | ' | $6,500,000 | $16,700,000 | ' |
Total beneficial interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of properties secured on loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 5 | 5 |
Maturity date of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | 30-Jun-18 |
Summary_of_Activity_in_Real_Es
Summary of Activity in Real Estate Facilities (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Real estate facilities | ' | ' | ' | |
Balance at beginning of year | $604,727,895 | $510,395,576 | ' | |
Facility acquisitions | 74,743,745 | 85,722,709 | ' | |
Land disposition | ' | -1,675,860 | ' | |
Impact of foreign exchange rate changes | -2,415,103 | 614,721 | -695,064 | |
Improvements and additions | 17,082,250 | 9,670,749 | ' | |
Balance at end of year | 694,138,787 | [1] | 604,727,895 | 510,395,576 |
Accumulated depreciation | ' | ' | ' | |
Beginning balance | -29,840,320 | -15,971,288 | ' | |
Depreciation expense | -16,591,835 | -13,869,032 | ' | |
Ending balance | ($46,432,155) | ($29,840,320) | ($15,971,288) | |
[1] | The aggregate cost of real estate for United States federal income tax purposes is $761,130,955. |
Purchase_Price_Allocation_for_
Purchase Price Allocation for Acquisitions (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ' | ' | ||
Real Estate Assets | $74,743,745 | $85,722,709 | ||
Intangibles | 7,050,000 | 7,260,000 | ||
Total | 81,793,745 | 92,982,709 | ||
Debt Assumed or Issued | 37,440,126 | [1],[2] | 35,399,289 | [1],[2] |
Revenue | 1,696,915 | [3] | 2,431,180 | [3] |
Operating Income | 1,072,668 | [3],[4] | 1,325,224 | [3],[4] |
Chantilly - VA | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 24-May-12 | ||
Real Estate Assets | ' | 6,400,000 | ||
Intangibles | ' | 900,000 | ||
Total | ' | 7,300,000 | ||
Debt Assumed or Issued | ' | 3,500,000 | [1],[2] | |
Revenue | ' | 550,910 | [3] | |
Operating Income | ' | 359,387 | [3],[4] | |
Savannah I - GA | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 2,560,000 | [5] | |
Intangibles | ' | 140,000 | [5] | |
Total | ' | 2,700,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 123,372 | [3],[5] | |
Operating Income | ' | 57,061 | [3],[4],[5] | |
Savannah II - GA | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 2,490,000 | [5] | |
Intangibles | ' | 110,000 | [5] | |
Total | ' | 2,600,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 113,223 | [3],[5] | |
Operating Income | ' | 46,759 | [3],[4],[5] | |
Columbia - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 2,630,000 | [5] | |
Intangibles | ' | 70,000 | [5] | |
Total | ' | 2,700,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 99,115 | [3],[5] | |
Operating Income | ' | 20,289 | [3],[4],[5] | |
Lexington I - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 1,810,000 | [5] | |
Intangibles | ' | 190,000 | [5] | |
Total | ' | 2,000,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 81,112 | [3],[5] | |
Operating Income | ' | 23,272 | [3],[4],[5] | |
Stuart I - FL | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 2,890,000 | [5] | |
Intangibles | ' | 110,000 | [5] | |
Total | ' | 3,000,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 106,495 | [3],[5] | |
Operating Income | ' | 43,489 | [3],[4],[5] | |
Lexington II - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 4,130,000 | [5] | |
Intangibles | ' | 170,000 | [5] | |
Total | ' | 4,300,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 151,327 | [3],[5] | |
Operating Income | ' | 71,512 | [3],[4],[5] | |
Stuart II - FL | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 3,300,000 | [5] | |
Intangibles | ' | 100,000 | [5] | |
Total | ' | 3,400,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 148,858 | [3],[5] | |
Operating Income | ' | 76,937 | [3],[4],[5] | |
Bluffton - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 16-Aug-12 | [5] | |
Real Estate Assets | ' | 5,230,000 | [5] | |
Intangibles | ' | 270,000 | [5] | |
Total | ' | 5,500,000 | [5] | |
Debt Assumed or Issued | ' | ' | [1],[2],[5] | |
Revenue | ' | 210,482 | [3],[5] | |
Operating Income | ' | 114,010 | [3],[4],[5] | |
Wilmington Island - GA | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 1-Oct-12 | [5] | |
Real Estate Assets | ' | 5,810,000 | [5] | |
Intangibles | ' | 690,000 | [5] | |
Total | ' | 6,500,000 | [5] | |
Debt Assumed or Issued | ' | 4,330,000 | [1],[2],[5] | |
Revenue | ' | 191,219 | [3],[5] | |
Operating Income | ' | 135,144 | [3],[4],[5] | |
Myrtle Beach - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 1-Oct-12 | [5] | |
Real Estate Assets | ' | 3,510,000 | [5] | |
Intangibles | ' | 190,000 | [5] | |
Total | ' | 3,700,000 | [5] | |
Debt Assumed or Issued | ' | 1,500,000 | [1],[2],[5] | |
Revenue | ' | 74,102 | [3],[5] | |
Operating Income | ' | 31,355 | [3],[4],[5] | |
Mt. Pleasant I - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 2,680,000 | [5] | |
Intangibles | ' | 320,000 | [5] | |
Total | ' | 3,000,000 | [5] | |
Debt Assumed or Issued | ' | 1,500,000 | [1],[2],[5] | |
Revenue | ' | 51,787 | [3],[5] | |
Operating Income | ' | 23,551 | [3],[4],[5] | |
Charleston I - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 2,810,000 | [5] | |
Intangibles | ' | 190,000 | [5] | |
Total | ' | 3,000,000 | [5] | |
Debt Assumed or Issued | ' | 1,500,000 | [1],[2],[5] | |
Revenue | ' | 53,393 | [3],[5] | |
Operating Income | ' | 20,811 | [3],[4],[5] | |
Charleston II - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 3,150,000 | [5] | |
Intangibles | ' | 350,000 | [5] | |
Total | ' | 3,500,000 | [5] | |
Debt Assumed or Issued | ' | 1,650,000 | [1],[2],[5] | |
Revenue | ' | 63,445 | [3],[5] | |
Operating Income | ' | 35,634 | [3],[4],[5] | |
Mt. Pleasant II - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 5,200,000 | [5] | |
Intangibles | ' | 600,000 | [5] | |
Total | ' | 5,800,000 | [5] | |
Debt Assumed or Issued | ' | 3,350,000 | [1],[2],[5] | |
Revenue | ' | 91,692 | [3],[5] | |
Operating Income | ' | 55,170 | [3],[4],[5] | |
Charleston III - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 6,305,000 | [5] | |
Intangibles | ' | 620,000 | [5] | |
Total | ' | 6,925,000 | [5] | |
Debt Assumed or Issued | ' | 3,362,500 | [1],[2],[5] | |
Revenue | ' | 99,124 | [3],[5] | |
Operating Income | ' | 64,738 | [3],[4],[5] | |
Mt. Pleasant III - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 5-Nov-12 | [5] | |
Real Estate Assets | ' | 15,410,000 | [5] | |
Intangibles | ' | 1,090,000 | [5] | |
Total | ' | 16,500,000 | [5] | |
Debt Assumed or Issued | ' | 8,000,000 | [1],[2],[5] | |
Revenue | ' | 221,524 | [3],[5] | |
Operating Income | ' | 146,105 | [3],[4],[5] | |
Ridgeland - MS | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 28-Dec-12 | ||
Real Estate Assets | ' | 4,910,788 | ||
Intangibles | ' | 610,000 | ||
Total | ' | 5,520,788 | ||
Debt Assumed or Issued | ' | 3,510,095 | [1],[2] | |
Revenue | ' | ' | [3] | |
Operating Income | ' | ' | [3],[4] | |
Canton - MS | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | ' | 28-Dec-12 | ||
Real Estate Assets | ' | 4,496,921 | ||
Intangibles | ' | 540,000 | ||
Total | ' | 5,036,921 | ||
Debt Assumed or Issued | ' | 3,196,694 | [1],[2] | |
Revenue | ' | ' | [3] | |
Operating Income | ' | ' | [3],[4] | |
North Charleston - SC | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 10-Jul-13 | ' | ||
Real Estate Assets | 6,152,000 | ' | ||
Intangibles | 420,000 | ' | ||
Total | 6,572,000 | ' | ||
Debt Assumed or Issued | ' | [1],[2] | ' | |
Revenue | 365,262 | [3] | ' | |
Operating Income | 200,625 | [3],[4] | ' | |
Toms River II - NJ | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 28-Aug-13 | ' | ||
Real Estate Assets | 4,900,000 | ' | ||
Intangibles | 300,000 | ' | ||
Total | 5,200,000 | ' | ||
Debt Assumed or Issued | ' | [1],[2] | ' | |
Revenue | 157,717 | [3] | ' | |
Operating Income | 67,146 | [3],[4] | ' | |
Pickering - CAN | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 29-Aug-13 | [6],[7] | ' | |
Real Estate Assets | 5,100,155 | [6],[7] | ' | |
Intangibles | ' | [6],[7] | ' | |
Total | 5,100,155 | [6],[7] | ' | |
Debt Assumed or Issued | ' | [1],[2],[6],[7] | ' | |
Revenue | ' | [3],[6],[7] | ' | |
Operating Income | ' | [3],[4],[6],[7] | ' | |
Montgomery II - AL | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 28-Oct-13 | [8],[9] | ' | |
Real Estate Assets | 7,770,000 | [8],[9] | ' | |
Intangibles | 830,000 | [8],[9] | ' | |
Total | 8,600,000 | [8],[9] | ' | |
Debt Assumed or Issued | 4,554,014 | [1],[2],[8],[9] | ' | |
Revenue | 149,645 | [3],[8],[9] | ' | |
Operating Income | 102,435 | [3],[4],[8],[9] | ' | |
Knoxville - TN | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 28-Oct-13 | [8],[9] | ' | |
Real Estate Assets | 7,790,000 | [8],[9] | ' | |
Intangibles | 740,000 | [8],[9] | ' | |
Total | 8,530,000 | [8],[9] | ' | |
Debt Assumed or Issued | 4,527,382 | [1],[2],[8],[9] | ' | |
Revenue | 145,984 | [3],[8],[9] | ' | |
Operating Income | 105,675 | [3],[4],[8],[9] | ' | |
Knoxville II - TN | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 28-Oct-13 | [8],[9] | ' | |
Real Estate Assets | 9,940,000 | [8],[9] | ' | |
Intangibles | 960,000 | [8],[9] | ' | |
Total | 10,900,000 | [8],[9] | ' | |
Debt Assumed or Issued | 5,805,701 | [1],[2],[8],[9] | ' | |
Revenue | 174,377 | [3],[8],[9] | ' | |
Operating Income | 124,008 | [3],[4],[8],[9] | ' | |
Knoxville III - TN | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 28-Oct-13 | [8],[9] | ' | |
Real Estate Assets | 7,840,000 | [8],[9] | ' | |
Intangibles | 660,000 | [8],[9] | ' | |
Total | 8,500,000 | [8],[9] | ' | |
Debt Assumed or Issued | 4,527,382 | [1],[2],[8],[9] | ' | |
Revenue | 136,503 | [3],[8],[9] | ' | |
Operating Income | 94,497 | [3],[4],[8],[9] | ' | |
Midland I - TX | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 1-Nov-13 | [8] | ' | |
Real Estate Assets | 5,092,387 | [8] | ' | |
Intangibles | 590,000 | [8] | ' | |
Total | 5,682,387 | [8] | ' | |
Debt Assumed or Issued | 3,607,716 | [1],[2],[8] | ' | |
Revenue | 114,346 | [3],[8] | ' | |
Operating Income | 77,453 | [3],[4],[8] | ' | |
Coppell - TX | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 1-Nov-13 | [8] | ' | |
Real Estate Assets | 6,662,738 | [8] | ' | |
Intangibles | 750,000 | [8] | ' | |
Total | 7,412,738 | [8] | ' | |
Debt Assumed or Issued | 4,707,735 | [1],[2],[8] | ' | |
Revenue | 148,475 | [3],[8] | ' | |
Operating Income | 99,927 | [3],[4],[8] | ' | |
Midland II - TX | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 1-Nov-13 | [8] | ' | |
Real Estate Assets | 6,947,260 | [8] | ' | |
Intangibles | 850,000 | [8] | ' | |
Total | 7,797,260 | [8] | ' | |
Debt Assumed or Issued | 4,952,183 | [1],[2],[8] | ' | |
Revenue | 139,454 | [3],[8] | ' | |
Operating Income | 106,544 | [3],[4],[8] | ' | |
Arlington - TX | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 1-Nov-13 | [8] | ' | |
Real Estate Assets | 3,108,876 | [8] | ' | |
Intangibles | 480,000 | [8] | ' | |
Total | 3,588,876 | [8] | ' | |
Debt Assumed or Issued | 2,276,830 | [1],[2],[8] | ' | |
Revenue | 82,520 | [3],[8] | ' | |
Operating Income | 44,744 | [3],[4],[8] | ' | |
Weatherford - TX | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Acquisition Date | 1-Nov-13 | [8] | ' | |
Real Estate Assets | 3,440,329 | [8] | ' | |
Intangibles | 470,000 | [8] | ' | |
Total | 3,910,329 | [8] | ' | |
Debt Assumed or Issued | 2,481,183 | [1],[2],[8] | ' | |
Revenue | 82,632 | [3],[8] | ' | |
Operating Income | $49,614 | [3],[4],[8] | ' | |
[1] | See Note 5 for specific terms of the Company's debt. | |||
[2] | Amounts include the purchase accounting fair value adjustment of debt, as applicable | |||
[3] | The operating results of the facilities acquired above have been included in the Company's statement of operations since their respective acquisition date. The revenue and operating income in the table above represents such metrics from the respective acquisition date through the end of the respective fiscal year. | |||
[4] | Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. | |||
[5] | The above noted properties are collectively referred to as the "Stockade Portfolio." | |||
[6] | Allocation (excludes development costs) based on Canadian/U.S. exchange rate as of the date of acquisition. | |||
[7] | Property was under construction; therefore no revenue or operating income is included above. | |||
[8] | The allocations noted above are based on a preliminary determination of the fair value of the total consideration provided. Such valuations may change as we complete our purchase price accounting. | |||
[9] | The above noted properties are collectively referred to as the "Knoxville Portfolio." |
Real_Estate_Facilities_Additio
Real Estate Facilities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | |||
Business Combinations [Abstract] | ' | ' | ' |
Amount paid as acquisition fees | ' | $1.70 | $2.20 |
Number of previous acquisitions for which purchase price accounting was finalized | 2 | ' | ' |
Weighted-average amortization period of intangibles | ' | '34 months | '29 months |
Summary_of_Secured_Debt_Detail
Summary of Secured Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured Debt [Member] | Secured Debt [Member] | Knoxville Portfolio | Prudential Portfolio Loan | Prudential Portfolio Loan | Prudential Portfolio Loan | Dufferin - Toronto - Ontario, Canada | Dufferin - Toronto - Ontario, Canada | Dufferin - Toronto - Ontario, Canada | Citi Loan | Citi Loan | Citi Loan | Citi Las Vegas Loan | Citi Las Vegas Loan | Citi Las Vegas Loan | ING Loan | ING Loan | ING Loan | Mississauga - Ontario, Canada | Mississauga - Ontario, Canada | Mississauga - Ontario, Canada | Chantilly - VA | Chantilly - VA | Chantilly - VA | Citi Stockade Loan - 1 | Citi Stockade Loan - 1 | Citi Stockade Loan - 1 | KeyBank CMBS Loan | KeyBank CMBS Loan | KeyBank CMBS Loan | Citi Stockade Loan - 2 | Citi Stockade Loan - 2 | Citi Stockade Loan - 2 | Montgomery | Montgomery | Montgomery | Seabrook | Seabrook | Seabrook | Greenville | Greenville | Greenville | Kemah | Kemah | Kemah | Memphis | Memphis | Memphis | Tallahassee | Tallahassee | Tallahassee | Houston | Houston | Houston | San Francisco (consolidated VIE) | San Francisco (consolidated VIE) | San Francisco (consolidated VIE) | Lake Forest | Lake Forest | Lake Forest | Las Vegas II | Las Vegas II | Las Vegas II | Pearland | Pearland | Pearland | Daphne | Daphne | Daphne | Mesa | Mesa | Mesa | Riverdale | Riverdale | Riverdale | Bank of America Loan - 1 | Bank of America Loan - 1 | Bank of America Loan - 1 | Bank of America Loan - 2 | Bank of America Loan - 2 | Bank of America Loan - 2 | Bank of America Loan - 3 | Bank of America Loan - 3 | Bank of America Loan - 3 | Prudential - Long Beach | Prudential - Long Beach | Prudential - Long Beach | SF Bay Area - Morgan Hill | SF Bay Area - Morgan Hill | SF Bay Area - Morgan Hill | SF Bay Area - Vallejo | SF Bay Area - Vallejo | SF Bay Area - Vallejo | Ladera Ranch | Ladera Ranch | Ladera Ranch | SF Bay Area - San Lorenzo | SF Bay Area - San Lorenzo | Las Vegas V | Las Vegas V | Las Vegas V | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Brampton - Ontario, Canada | Brampton - Ontario, Canada | Brampton - Ontario, Canada | Bank of America Loan - 4 | Bank of America Loan - 4 | Bank of America Loan - 4 | Citi SF Bay Area Morgan Hill Loan | Citi SF Bay Area Morgan Hill Loan | KeyBank Revolver | KeyBank Revolver | John Hancock Loan | John Hancock Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value | $390,371,923 | ' | ' | ' | ' | ' | $31,044,708 | [1],[2] | $31,547,772 | [1],[2] | ' | $6,144,911 | [3] | $6,812,855 | [3] | ' | $28,077,873 | [4] | $28,466,942 | [4] | ' | $7,434,590 | [5] | $7,545,688 | [5] | ' | $21,265,500 | [6] | $21,587,669 | [6] | ' | $6,763,769 | [7] | $6,841,134 | [7] | ' | $3,421,797 | [8] | $3,474,712 | [8] | ' | $18,200,000 | [9] | $18,200,000 | [9] | ' | $30,960,278 | [10] | $31,000,000 | [10] | ' | $19,362,500 | [11] | $19,362,500 | [11] | ' | $2,693,364 | $2,768,704 | ' | $4,444,137 | $4,516,470 | ' | $2,226,986 | $2,263,211 | ' | $8,732,981 | $8,858,838 | ' | $2,465,045 | $2,502,922 | ' | $7,446,178 | $7,537,926 | ' | $1,981,095 | $2,018,754 | ' | $10,256,163 | $10,387,192 | ' | $18,000,000 | $18,000,000 | ' | $1,511,958 | $1,530,923 | ' | $3,438,473 | $3,480,298 | ' | $1,381,213 | $1,544,325 | ' | $2,968,060 | $3,036,098 | ' | $4,800,000 | $4,800,000 | ' | $4,321,842 | [12] | $4,400,398 | [12] | ' | $6,548,748 | [13] | $6,667,782 | [13] | ' | $11,770,704 | [14] | $11,984,654 | [14] | ' | $6,533,640 | [15] | $6,637,926 | [15] | ' | ' | $2,928,860 | [16] | ' | $4,295,098 | $4,390,176 | ' | $6,691,304 | $6,821,300 | ' | $2,099,622 | ' | $1,628,783 | $1,667,485 | ' | $51,666,666 | [17] | ' | $6,482,879 | [18] | $208,086 | [18] | ' | $6,394,362 | [19] | $6,459,043 | [19] | ' | $3,000,000 | [16] | ' | $71,000,000 | [20] | ' | $16,682,984 | [21] | |||||||||||||||||||||
Net fair value adjustment | ' | ' | 913,837 | -576,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt | $391,285,760 | $353,440,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ' | ' | ' | ' | ' | 5.42% | [1],[2] | ' | ' | 5.22% | [3] | ' | ' | 5.77% | [4] | ' | ' | 5.26% | [5] | ' | ' | 5.47% | [6] | ' | ' | 5.00% | [7] | ' | ' | 4.75% | [8] | ' | ' | 4.60% | [9] | ' | ' | 4.65% | [10] | ' | ' | 4.61% | [11] | ' | ' | 6.42% | ' | ' | 5.73% | ' | ' | 5.65% | ' | ' | 6.20% | ' | ' | 5.67% | ' | ' | 6.16% | ' | ' | 5.67% | ' | ' | 5.84% | ' | ' | 6.47% | ' | ' | 5.72% | ' | ' | 5.93% | ' | ' | 5.47% | ' | ' | 5.38% | ' | ' | 4.00% | ' | ' | 5.18% | [12] | ' | ' | 5.18% | [13] | ' | ' | 5.18% | [14] | ' | ' | 5.27% | [15] | ' | ' | ' | 5.75% | [16] | ' | 6.04% | ' | ' | 5.84% | ' | ' | 6.07% | ' | 5.02% | ' | ' | 4.67% | [17] | ' | 5.25% | [18] | ' | ' | 6.33% | [19] | ' | ' | 4.08% | [16] | ' | 1.67% | [20] | ' | 6.36% | [21] | ' | |||||||||||||||||||||||||||||||||||||
Maturity date | ' | ' | ' | ' | ' | 5-Sep-19 | [1],[2] | ' | ' | 15-May-14 | [3] | ' | ' | 6-Feb-21 | [4] | ' | ' | 6-Jun-21 | [5] | ' | ' | 1-Jul-21 | [6] | ' | ' | 31-Oct-14 | [7] | ' | ' | 6-Jun-22 | [8] | ' | ' | 1-Oct-22 | [9] | ' | ' | 1-Nov-22 | [10] | ' | ' | 6-Nov-22 | [11] | ' | ' | 1-Jul-16 | ' | ' | 1-Jan-16 | ' | ' | 1-Mar-16 | ' | ' | 1-Jun-16 | ' | ' | 1-Dec-16 | ' | ' | 1-Aug-16 | ' | ' | 1-Feb-17 | ' | ' | 1-Jan-17 | ' | ' | 1-Oct-17 | ' | ' | 1-Jun-17 | ' | ' | 1-Jul-17 | ' | ' | 1-Aug-20 | ' | ' | 1-Apr-15 | ' | ' | 14-May-14 | ' | ' | 1-Nov-15 | [12] | ' | ' | 1-Nov-15 | [13] | ' | ' | 1-Nov-15 | [14] | ' | ' | 5-Sep-19 | [15] | ' | ' | 6-Mar-23 | 1-Apr-13 | [16] | ' | 1-Jun-14 | ' | ' | 1-Jun-16 | ' | ' | 1-Jan-14 | ' | 1-Jul-15 | ' | ' | 24-Dec-14 | [17] | ' | 30-Jun-16 | [18] | ' | ' | 1-Oct-17 | [19] | ' | ' | 6-Mar-23 | [16] | ' | 25-Oct-16 | [20] | ' | 1-Jun-18 | [21] | ' | |||||||||||||||||||||||||||||||||||||
Maturity of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of unencumbered properties | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank's floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago - 95th St., Chicago - Western Ave., Chicago - Ogden Ave., Chicago - Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2% (totaling 5.00% as of December 31, 2013). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | This portfolio loan encumbers nine properties (Los Angeles - La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area - Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | This loan encumbers the Lawrenceville I and II properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | This loan encumbers the Concord, Hickory and Morganton properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | This loan encumbers the El Paso II, III, IV & V properties as well as the Dallas property. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | This loan is cross-collateralized by the 11 properties discussed in footnote (1) to this table. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | The SF Bay Area - Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area - Morgan Hill Loan. For additional discussion, see "Citi SF Bay Area - Morgan Hill Loan" below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | In September 2012, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2.25% (totaling 5.25% as of December 31, 2013). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[19] | This loan encumbers the Ridgeland and Canton properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[20] | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[21] | This loan encumbers the Midland I, Coppell, Midland II, Arlington and Weatherford properties. |
Summary_of_Secured_Debt_Parent
Summary of Secured Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Jan. 12, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | |||||||||||||
Property | Prudential Portfolio Loan | Dufferin - Toronto - Ontario, Canada | Dufferin - Toronto - Ontario, Canada | Citi Loan | Citi Las Vegas Loan | ING Loan | Mississauga - Ontario, Canada | Mississauga - Ontario, Canada | Chantilly - VA | Canadian dollars denominated loan | Canadian dollars denominated loan | Citi Stockade Loan - 1 | KeyBank CMBS Loan | Citi Stockade Loan - 2 | Second Restated Key Bank Loan | Second Restated Key Bank Loan | KeyBank Revolver | KeyBank Revolver | |||||||||||||
Loan | Loan | Property | Property | Property | Property | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Numbers of discrete mortgage loans related to prudential portfolio loan | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Numbers of properties related to prudential portfolio loan | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Number of loans cross-collateralized with each respective loan | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Number of loans with an interest rate of 5.43% | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate | ' | 5.43% | ' | ' | ' | ' | ' | 5.00% | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate of remaining loan in portfolio | ' | 5.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Weighted average interest rate of portfolio | 5.40% | 5.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate premium over bank's floating rate | ' | ' | 3.50% | ' | ' | ' | ' | 2.00% | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Effective interest rate | ' | ' | ' | 5.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Number of existing encumbered properties | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | 10 | 9 | 6 | ' | ' | ' | ' | ||||||||||||
Net book value of encumbered properties | ' | ' | ' | ' | $50,400,000 | $9,000,000 | ' | ' | ' | $6,900,000 | ' | ' | $34,500,000 | $42,600,000 | $37,200,000 | ' | ' | ' | ' | ||||||||||||
Prudential long beach cross collateralized by numbers of properties related to prudential portfolio loan | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Numbers of properties related to ING loan | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Numbers of discrete mortgage loans related to ING loan | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Term of each individual loans | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Maturity date of ING Loan | ' | ' | ' | ' | ' | ' | 1-Jul-41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Payment of loan, successive period after commencement date | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Maturity date | ' | 5-Sep-19 | [1],[2] | ' | 15-May-14 | [3] | 6-Feb-21 | [4] | 6-Jun-21 | [5] | 1-Jul-21 | [6] | 31-Oct-14 | [7] | ' | 6-Jun-22 | [8] | ' | ' | 1-Oct-22 | [9] | 1-Nov-22 | [10] | 6-Nov-22 | [11] | 24-Dec-14 | [12] | ' | 25-Oct-16 | [13] | ' |
Interest rate of spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.67% | 1.67% | 1.67% | ||||||||||||
Notional amount for interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | 45,000,000 | ' | ' | ||||||||||||
Effective interest rate on hedged portion of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.41% | 2.40% | ' | ||||||||||||
Commitment amount | ' | ' | ' | ' | ' | ' | ' | ' | $9,200,000 | ' | ' | $9,200,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Revolving loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Dec-14 | ' | 25-Oct-16 | ' | ||||||||||||
[1] | Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%. | ||||||||||||||||||||||||||||||
[2] | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten. | ||||||||||||||||||||||||||||||
[3] | On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank's floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%. | ||||||||||||||||||||||||||||||
[4] | This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago - 95th St., Chicago - Western Ave., Chicago - Ogden Ave., Chicago - Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[5] | This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[6] | This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021. | ||||||||||||||||||||||||||||||
[7] | In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2% (totaling 5.00% as of December 31, 2013). | ||||||||||||||||||||||||||||||
[8] | The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[9] | This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[10] | This portfolio loan encumbers nine properties (Los Angeles - La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area - Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[11] | This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan. | ||||||||||||||||||||||||||||||
[12] | Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below. | ||||||||||||||||||||||||||||||
[13] | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below. |
Secured_Debt_Additional_Inform
Secured Debt - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 28, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Jan. 12, 2012 | Dec. 27, 2011 | Dec. 31, 2013 | Apr. 05, 2013 | Oct. 10, 2012 | Dec. 27, 2011 | Dec. 27, 2011 | Dec. 27, 2011 | Mar. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 27, 2011 | |||
KeyBank Revolver | KeyBank Revolver | KeyBank Revolver | KeyBank Revolver | KeyBank Revolver | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Second Restated Key Bank Loan | Restated Key Bank Credit Facility | SF Bay Area - Morgan Hill | SF Bay Area - Morgan Hill | KeyBank Bridge Loan | KeyBank Bridge Loan | ||||||
Property | Knoxville Portfolio | Maximum | Minimum | Property | Option | Atlanta Georgia | Jacksonville, Florida | ||||||||||||||||
Property | Property | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net book values of secured properties | $647,000,000 | $587,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum borrowings under revolving loan | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | 82,000,000 | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | |||
Revolving credit facility syndicated to another participating lender | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Draw from revolving loan | ' | ' | 71,000,000 | ' | 26,000,000 | ' | ' | ' | 5,400,000 | 56,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Repayment of loan | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Properties acquired | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | 10 | 2 | ' | ' | ' | ' | ' | |||
Revolving loan initial term | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility maturity date | ' | ' | ' | 25-Oct-16 | ' | ' | ' | ' | ' | ' | 24-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate swap amount | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Initial interest rate of interest rate swap | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current interest rate of interest rate of swap | ' | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | 5.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Credit agreement description | ' | ' | ' | 'The KeyBank Revolver has an initial term of three years, maturing on October 25, 2016, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the KeyBank Revolver (the "Credit Agreement") | ' | ' | ' | ' | ' | ' | 'Subject to two, one-year extension options (subject to the fulfillment of certain conditions), and required monthly interest-only payments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase in aggregate commitment amount | ' | ' | ' | ' | ' | 200,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reduction in aggregate commitments | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount syndicated | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Self storage properties | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other recourse debt | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other non-recourse debt | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percent of collateral properties used for aggregate borrowing capacity | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Service Coverage Ratio | ' | ' | ' | 1.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Leverage Ratio | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Minimum Tangible Net Worth | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Minimum Interest Service Coverage Ratio | ' | ' | ' | 1.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Minimum Fixed Charge Ratio | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ratio of varying rate Indebtedness | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of required Loan to Value Ratio | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Worth of portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount outstanding under loan | ' | ' | ' | ' | ' | ' | ' | ' | 82,000,000 | ' | ' | 45,000,000 | 55,000,000 | ' | ' | 20,000,000 | ' | ' | ' | ' | |||
Amount of monthly payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,666,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, potential term of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, number of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 28,000,000 | |||
Commitments amount previously committed under KeyBank Working Capital Line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | |||
Debt instrument variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.70% | ' | |||
Debt instrument variable interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Under the terms of the KeyBank Bridge Loan, our Operating Partnership had the option of selecting one of three variable interest rates, which had applicable spreads. Our Operating Partnership elected to have a 30-day LIBOR rate apply, which, including the applicable spread, equaled an interest rate of approximately 6.7% for the period outstanding during 2012. | ' | |||
Term of loan maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | |||
Fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.08% | ' | ' | ' | |||
Maturity date | ' | ' | ' | 25-Oct-16 | [1] | ' | ' | ' | ' | ' | ' | 24-Dec-14 | [2] | ' | ' | ' | ' | ' | 6-Mar-23 | 1-Apr-13 | [3] | ' | ' |
Weighted average interest rate of fixed rate debt | 5.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below. | ||||||||||||||||||||||
[2] | Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below. | ||||||||||||||||||||||
[3] | The SF Bay Area - Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area - Morgan Hill Loan. For additional discussion, see "Citi SF Bay Area - Morgan Hill Loan" below. |
Future_Principal_Payment_Requi
Future Principal Payment Requirements on Outstanding Secured Debt (Detail) (USD $) | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
2014 | $26,089,586 |
2015 | 30,827,135 |
2016 | 114,583,851 |
2017 | 44,044,243 |
2018 | 19,074,211 |
2019 and thereafter | 155,752,897 |
Total payments | 390,371,923 |
Unamortized fair value adjustment | 913,837 |
Total | $391,285,760 |
Derivative_Instruments_Cash_Fl
Derivative Instruments - Cash Flow Hedge of Interest Rate Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Ineffective portion of change in fair value of derivatives instruments recognized in earnings | $0 | $0 | ' |
Interest expense | 18,826,701 | 17,813,762 | 11,859,146 |
Fair value of derivatives in a net liability position | 310,000 | ' | ' |
Termination value in case of breach of provisions | 310,000 | ' | ' |
Interest Rate Swap | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Number of instruments | 1 | ' | ' |
Reclassification from AOCI to Interest Expense | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Interest expense | $303,000 | ' | ' |
Interest_Rate_Derivative_Desig
Interest Rate Derivative Designated as Cash Flow Hedge of Interest Rate Risk (Detail) (Interest Rate Swap, USD $) | Dec. 31, 2013 |
Derivative | |
Interest Rate Swap | ' |
Derivative [Line Items] | ' |
Number of instruments | 1 |
Notional | $45,000,000 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments as well as Classification on Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | ' | ' |
Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | $303,051 | $546,333 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Maximum period for reimbursement of offering cost | '60 days | ' | ' |
Maximum offering cost rate | 3.50% | ' | ' |
Follow-on offering termination date | 22-Sep-13 | ' | ' |
Gross proceeds from offering, threshold percentage of expenses for reimbursement | 15.00% | ' | ' |
Rate of acquisition fees of purchase price of contract | 2.50% | ' | ' |
Monthly asset management fee one twelfth of one percentage of asset value | 'One-twelfth of 1.0% | ' | ' |
Monthly asset management fee one twelfth of less than one percentage of asset value payable if asset value exceeds $500 million | 'One-twelfth of 0.75% | ' | ' |
Aggregate asset value specific exceed | $500,000,000 | ' | ' |
Minimum percentage of distribution | 100.00% | ' | ' |
Property management fees percentage of property revenue for REIT I, REIT II and the SS I, DST, Madison DST and Colonial DST acquisitions | 2.00% | ' | ' |
Advisory fees percentage of sale price of property | 3.00% | ' | ' |
Commission percentage of sale price of property | 6.00% | ' | ' |
Cumulative, non compounded, annual return on such stockholders' invested capital | 6.00% | ' | ' |
Operating expenses reimbursement percentage of average investment in assets | 2.00% | ' | ' |
Operating expenses reimbursement percentage of net income | 25.00% | ' | ' |
Operating expenses exceed limitation | '12 months | ' | ' |
Maximum days for disclosure fact | '60 days | ' | ' |
Second Amended and Restated Advisory Agreement entered date | 27-Sep-12 | ' | ' |
Sale commission fees percentage of proceed from Primary Offering | 7.00% | ' | ' |
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | ' | ' |
Underwriting commission | 10.00% | ' | ' |
Maximum percentage other non-accountable expenses | 3.00% | ' | ' |
Percentage owned by chief executive officer in Dealer Manager | 15.00% | ' | ' |
Percentage of fee of property manager | 6.00% | ' | ' |
Return needed for before the Property Manager entitled to property management fees on properties acquired via the REIT II merger | $0.70 | ' | ' |
Property management fees | 217,000 | ' | ' |
Increase in agreement term due to revision | '3 years | ' | ' |
Automatic extension period | '3 years | ' | ' |
Amounts due to affiliates | 1,741,518 | 2,282,344 | ' |
Percentage of tenant premium paid approximately, fees provided by program insurer | 50.00% | ' | ' |
Revenue recorded in connection with reinsurance program | 1,600,000 | 1,300,000 | 400,000 |
Auction fees | $50,000 | ' | ' |
Executive Officer [Member] | Auction Company [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Voting interests | 18.00% | ' | ' |
Summary_of_Related_Party_Costs
Summary of Related Party Costs Incurred (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Additional Paid-in Capital | ' | ' | ' | |||
Selling commissions | $7,215,235 | $7,402,084 | $5,798,197 | |||
Dealer Manager fee | 3,092,243 | 3,172,322 | 2,484,942 | |||
Reimbursement of offering costs | 344,055 | 487,235 | 555,839 | |||
Total | 22,846,597 | 21,764,333 | 20,579,730 | |||
Reimbursement of operating expenses | ' | ' | ' | |||
Expensed | ' | ' | ' | |||
Related party costs expensed | 385,403 | [1] | 33,476 | [1] | 330,993 | [1] |
Asset management fees | ' | ' | ' | |||
Expensed | ' | ' | ' | |||
Related party costs expensed | 5,050,668 | [2] | 4,521,867 | [2] | 3,019,429 | [2] |
Property management fees | ' | ' | ' | |||
Expensed | ' | ' | ' | |||
Related party costs expensed | 4,889,019 | [3],[4] | 3,732,149 | [3],[4] | 2,683,492 | [3],[4] |
Acquisition expenses | ' | ' | ' | |||
Expensed | ' | ' | ' | |||
Related party costs expensed | $1,869,974 | $2,415,200 | $5,706,838 | |||
[1] | During the years ended December 31, 2013, 2012, and 2011, our Advisor permanently waived certain reimbursable indirect costs, primarily payroll and related overhead costs, related to administrative and management services, totaling approximately $975,000, $960,000 and $740,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. Such reimbursable indirect costs were not waived by the Advisor during the three month periods ended December 31, 2013 and March 31, 2011 and totaled approximately $340,000 and $260,000 respectively. | |||||
[2] | For the nine months ended September 30, 2013 our Advisor permanently waived asset management fees related to the Stockade Portfolio of approximately $525,000. During the three months ended December 31, 2013 such amounts were not waived and approximately $175,000 of such costs were recorded. During the year ended December 31, 2012, our Advisor permanently waived asset management fees related to the Stockade Portfolio and our Dufferin property totaling approximately $186,000 and $37,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to our Advisor. | |||||
[3] | During the years ended December 31, 2013, 2012 and 2011, property management fees include approximately $27,000 $100,000 and $60,000, respectively, of fees paid to the sub-property manager of our Canadian properties. Such sub-property management agreement was terminated effective March 31, 2013 at a cost of approximately $28,000 | |||||
[4] | During the year ended December 31, 2013, our Property Manager permanently waived certain costs, reimbursements and fees, including construction management fees, tenant insurance administration fees, accounting administrative fees and expense reimbursements related to certain off-site property management employees. Such amounts totaled approximately $759,000, and were waived permanently and accordingly, will not be paid to our Property Manager. |
Summary_of_Related_Party_Costs1
Summary of Related Party Costs Incurred (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Stockade Portfolio | Stockade Portfolio | Stockade Portfolio | Dufferin property | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursable indirect costs waived | ' | ' | ' | $975,000 | $960,000 | $740,000 | ' | ' | ' | ' |
Reimbursable indirect costs not waived | 340,000 | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' |
Waived asset management fees | ' | ' | ' | ' | ' | ' | ' | 525,000 | 186,000 | 37,000 |
Asset management fees not waived | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | ' |
Property management fees to the sub-property manager of Canadian properties | ' | ' | ' | 27,000 | 100,000 | 60,000 | ' | ' | ' | ' |
Sub-property management agreement terminated | ' | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Property Manager waived certain costs | ' | ' | ' | $759,000 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Sep. 22, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 28, 2013 | Sep. 23, 2013 | |
SF Bay Area - San Lorenzo | Common Stock | Common Stock | Common Stock | Distribution Reinvestment Plan | Distribution Reinvestment Plan | Distribution Reinvestment Plan | Distribution Reinvestment Plan | ||||||
Maximum | Maximum | ||||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.50 | ' | ' |
Previous purchase price percentage of fair market value of a share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' |
Percentage of offering price under distribution reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' |
Current purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.25 | ' | ' |
Amendment, suspension or termination period of share | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' |
Additional shares registered | ' | ' | $15,796,431 | $12,311,983 | $9,045,444 | ' | $1,541 | $1,235 | $952 | ' | $4,400,000 | $51,250,000 | $51,250,000 |
Plan effective date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Sep-13 | ' | ' |
Shares issued pursuant to distribution reinvestment plan | 10,000,000 | ' | ' | ' | ' | ' | 1,540,890 | 1,235,628 | 952,152 | ' | 400,000 | ' | ' |
Redemptions of common stock (in shares) | ' | ' | ' | ' | ' | ' | 1,473,355 | 1,310,527 | 993,301 | ' | ' | ' | ' |
Redemption of common stock | ' | ' | 14,366,834 | 12,577,236 | 9,680,138 | ' | 1,474 | 1,311 | 993 | ' | ' | ' | ' |
Common stock, redeemed shares, per share | ' | ' | $9.75 | $9.60 | $9.75 | ' | ' | ' | ' | ' | ' | ' | ' |
Unregistered shares sold | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investors holding amount rescinded | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investors holding shares rescission | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum return required on property contributed for class D unit holders to modify exchange rights | ' | ' | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership unit, conversion description | ' | ' | 'The limited partners of our Operating Partnership have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining term of lease | ' | ' | ' | ' | ' | '21 years | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | ' | ' | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment 2014 | ' | ' | ' | ' | ' | 133,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment 2015 | ' | ' | ' | ' | ' | 139,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment 2016 | ' | ' | ' | ' | ' | 139,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment 2017 | ' | ' | ' | ' | ' | 139,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment 2018 | ' | ' | ' | ' | ' | $139,000 | ' | ' | ' | ' | ' | ' | ' |
Declaration_of_Distributions_A
Declaration of Distributions - Additional Information (Detail) (USD $) | Dec. 12, 2013 |
Equity [Abstract] | ' |
Common stock per share outstanding per day declared | $0.00 |
Summary_of_Pro_Forma_Consolida
Summary of Pro Forma Consolidated Results of Operations (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' |
Pro forma revenue | $89,296,180 | $81,245,811 |
Pro forma operating expenses | 75,793,091 | 82,290,199 |
Pro forma net loss attributable to the Company | ($8,382,100) | ($23,987,490) |
Pro forma net loss per common share, basic and diluted | ($0.16) | ($0.52) |
Weighted average number of common shares outstanding, basic and diluted | 52,055,652 | 46,374,544 |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $22,503,218 | $21,292,574 | $19,931,208 | $19,407,941 | $18,455,140 | $17,098,173 | $15,705,274 | $15,351,917 | $83,134,941 | $66,610,504 | $49,396,078 |
Total operating expenses | 19,315,207 | 17,229,995 | 16,667,044 | 16,557,885 | 17,351,457 | 17,000,260 | 16,136,742 | 15,455,345 | 69,770,131 | 65,943,804 | 58,611,867 |
Operating income (loss) | 3,188,011 | 4,062,579 | 3,264,164 | 2,850,056 | 1,103,683 | 97,913 | -431,468 | -103,428 | 13,364,810 | 666,700 | -9,215,789 |
Net loss | -2,639,352 | -689,288 | -1,949,099 | -2,167,459 | -3,852,041 | -4,620,823 | -5,091,133 | -5,451,145 | -7,445,198 | -19,015,142 | -21,834,237 |
Net loss attributable to the Company | ($2,637,508) | ($693,245) | ($1,949,079) | ($2,167,224) | ($3,843,894) | ($4,610,650) | ($5,087,074) | ($5,432,094) | ($7,447,056) | ($18,973,712) | ($21,357,429) |
Net loss per share-basic and diluted | ($0.05) | ($0.01) | ($0.04) | ($0.05) | ($0.08) | ($0.11) | ($0.12) | ($0.15) | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 12, 2013 | Feb. 28, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Mar. 21, 2014 | Mar. 13, 2014 | Dec. 31, 2013 | Mar. 20, 2014 | Feb. 25, 2014 | Jan. 01, 2014 | Mar. 05, 2014 | Mar. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | USA Self Storage I, DST | KeyBank Revolver | KeyBank Revolver | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||||||
Vendor | sqft | San Francisco Loan | Facility | USA Self Storage I, DST | USA Self Storage I, DST | Hampton, VA | Chandler, AZ | RETI I and RETI II [Member] | KeyBank Revolver | KeyBank Revolver | |||||||||||||
Facility | sqft | Investors | San Francisco Loan | sqft | Facility | Minimum | Maximum | ||||||||||||||||
Facility | sqft | ||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86.00% | ' | ' | ' | ' | ' | ' | |
Number of third-party sellers | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | |
Business acquisition purchase price | ' | ' | ' | ' | ' | ' | $37,550,000 | ' | ' | ' | ' | ' | $3,800,000 | ' | ' | $20,000,000 | ' | $6,700,000 | $4,900,000 | ' | ' | ' | |
Beneficial interest owned after transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | |
Beneficial interest previously acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | |
Business acquisition cash paid | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | |
Number of limited partnership units issued | ' | ' | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | ' | ' | ' | ' | ' | ' | |
Acquisition fees paid to the Advisor | ' | 1,700,000 | 2,200,000 | ' | ' | 377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | 100,000 | ' | ' | ' | |
Self storage facilities volume | ' | ' | ' | ' | ' | ' | ' | 1,120 | ' | ' | ' | ' | 900 | ' | ' | ' | ' | 500 | 480 | ' | ' | ' | |
Self storage facilities capacity | ' | ' | ' | ' | ' | ' | ' | 76,000 | ' | ' | ' | ' | 80,000 | ' | ' | ' | ' | 70,000 | 51,000 | ' | ' | ' | |
Lease term | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease expiry date | ' | ' | ' | ' | ' | ' | ' | 19-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate principal balance | ' | 390,371,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.84% | 1.67% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-17 | 25-Oct-16 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt payment description | ' | ' | ' | ' | ' | ' | 'The Bank of America Loans required monthly interest-only payments during the first three years of their terms and now require monthly principal-and-interest payments based on a 30-year amortization period. | 'The Bank of America Loans required monthly interest-only payments during the first three years of their terms and now require monthly principal-and-interest payments based on a 30-year amortization period. | 'The San Francisco Loan required monthly interest-only payments during the first five years of its term and now requires monthly principal-and-interest payments based on a 30-year amortization period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt amortization period | ' | ' | ' | ' | ' | ' | '30 years | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum borrowings under revolving loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 100,000,000 | |
Common stock per share outstanding per day declared | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | |
Dividend declared date | ' | 20-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued pursuant to distribution reinvestment plan | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of shares pursuant to distribution reinvestment plan | ' | $15,796,431 | $12,311,983 | $9,045,444 | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Subordinated distributions description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In the case of each of the foregoing distributions, our Advisor's receipt of the distribution is subordinate to return of capital to our stockholders plus at least a 6% cumulative, non-compounded return, and our Advisor's share of the distribution is 5%, 10%, or 15%, depending on the return level to our stockholders. | ' | ' | ' | ' | ' | 'The receipt of the distribution by the advisors to REIT I and REIT II is subordinate to return of capital to the original REIT I and REIT II stockholders plus at least a 7% cumulative, non-compounded return, and such advisors' share of the distribution is 15%. | ' | ' | |
[1] | On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below. |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dufferin property | Mississauga | Biloxi | Gulf Breeze | Manassas | Walton | Crescent Springs | Florence | Alpharetta | Marietta | Erlanger | Florence II | Jersey City | Montgomery | Phoenix | Seabrook | Greenville | Kemah | Tallahassee | Memphis | Houston | Las Vegas | Las Vegas II | Pearland | Daphne | Lake Forest | San Francisco | Pittsburgh | West Mifflin | Fort Lee | Weston | Gulf Breeze II | Mesa | Oakland Park | Phoenix II | Tempe | Riverdale | Davie | 95th St. | Western | Ogden | Las Vegas III | Roosevelt | La Cienega | Long Beach | Las Vegas IV | Rancho | Concord | Hickory | Morganton | El Paso II | El Paso III | El Paso IV | El Paso V | Dallas | Lawrenceville I | Lawrenceville II | El Paso | Las Vegas VII | Las Vegas VIII | SF Bay Area - Morgan Hill | SF Bay Area - Vallejo | Peachtree City | Buford | Jonesboro | Ellenwood | Marietta II | Collegeville | Skippack | Ballston Spa | Trenton | Fredericksburg | Sandston | Ladera Ranch | Ladera Ranch - Land | SF Bay Area - San Lorenzo | Hampton | Las Vegas V | SF Bay Area - Gilroy | Brewster - Brampton | Toms River | Kennesaw | Sharpsburg | Duluth - N. Berkeley Lake | Duluth II - Peachtree Industrial | Duluth III - Breckenridge | Marietta III | Austell | Sandy Springs | Smyrna | Lawrenceville III | Jacksonville | Jacksonville II | Chantilly - VA | Savannah I - GA | Savannah II - GA | Columbia | Lexington I - SC | Stuart I - FL | Lexington II - SC | Stuart II - FL | Bluffton - SC | Wilmington Island | Myrtle Beach - SC | Mt. Pleasant I - SC | Charleston I - SC | Charleston II - SC | Mt. Pleasant II - SC | Charleston III - SC | Mt. Pleasant III - SC | Ridgeland - MS | Canton - MS | North Charleston - SC | Toms River II - NJ | Pickering - CAN | Montgomery II - AL | Knoxville - TN | Knoxville II - TN | Knoxville III - TN | Midland I - TX | Coppell - TX | Midland II - TX | Arlington - TX | Weatherford - TX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MS | FL | VA | KY | KY | KY | GA | GA | KY | KY | NJ | AL | AZ | TX | SC | TX | FL | TN | TX | NV | NV | TX | AL | CA | CA | PA | PA | NJ | FL | FL | AZ | FL | AZ | AZ | NJ | FL | IL | IL | IL | NV | IL | CA | CA | NV | NV | NC | NC | NC | TX | TX | TX | TX | TX | GA | GA | TX | NV | NV | CA | CA | GA | GA | GA | GA | GA | PA | PA | NY | NJ | VA | VA | CA | CA | CA | VA | NV | CA | NJ | GA | GA | GA | GA | GA | GA | GA | GA | GA | GA | FL | FL | VA | GA | GA | SC | SC | FL | SC | FL | SC | SC | SC | SC | SC | SC | SC | SC | SC | MS | MS | SC | NJ | AL | TN | TN | TN | TX | TX | TX | TX | TX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrance | $390,371,923 | ' | ' | $6,144,911 | [1] | $6,763,769 | [2] | $1,156,856 | $3,744,359 | $1,476,859 | $2,297,053 | $1,957,489 | $3,096,028 | $2,592,323 | $2,143,828 | $1,524,499 | $3,181,356 | $5,784,283 | $2,693,364 | $1,171,793 | $4,444,137 | $2,226,986 | $8,732,981 | $7,446,178 | $2,465,045 | $1,981,095 | $1,453,039 | $1,511,958 | $3,438,473 | $1,381,213 | $18,000,000 | $10,256,163 | $1,286,296 | $1,833,618 | $8,289,466 | $3,144,280 | $1,544,636 | $2,968,060 | $7,360,474 | $809,890 | $952,812 | $4,800,000 | $2,603,265 | $3,036,748 | $578,428 | $2,120,904 | $1,797,694 | $674,833 | $7,939,812 | $6,533,640 | $3,374,165 | $2,361,970 | $2,166,645 | $2,354,754 | $2,027,349 | $2,359,326 | $3,133,708 | $1,899,777 | $2,034,064 | $2,343,829 | $1,521,138 | $2,800,704 | $772,318 | $3,683,209 | $3,751,381 | $3,000,000 | $4,295,098 | $2,554,951 | $1,304,039 | $1,062,551 | $1,217,103 | $1,159,146 | $1,463,422 | $1,130,167 | $2,429,377 | $3,680,289 | $2,018,846 | $3,245,609 | $6,691,304 | ' | ' | $3,495,515 | $1,628,783 | $4,444,298 | $6,482,879 | [1] | $3,570,419 | $3,195,799 | $3,488,747 | $3,169,167 | $3,222,431 | $3,249,062 | $3,115,904 | $2,396,849 | $6,018,754 | $3,515,379 | $3,542,011 | $4,580,645 | $2,290,323 | $3,421,797 | $1,400,000 | $1,250,000 | $935,000 | $900,000 | $1,425,000 | $1,875,000 | $2,085,000 | $2,500,000 | $4,330,000 | $1,500,000 | $1,500,000 | $1,500,000 | $1,650,000 | $3,350,000 | $3,362,500 | $8,000,000 | $3,346,580 | $3,047,782 | $3,675,168 | $2,636,534 | ' | $4,554,014 | $4,527,382 | $5,805,702 | $4,527,382 | $3,338,991 | $4,357,188 | $4,583,453 | $2,107,099 | $2,296,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs to Company, Land | 196,535,029 | ' | ' | 4,576,772 | [1] | 2,573,750 | [2] | 518,701 | 1,943,144 | 1,050,519 | 650,000 | 280,000 | 840,000 | 1,060,107 | 1,060,000 | 565,790 | 871,200 | 3,625,048 | 1,197,900 | 680,620 | 1,520,000 | 530,000 | 2,510,000 | 1,230,000 | 790,000 | 420,000 | 1,460,000 | 1,050,000 | 1,060,000 | 1,530,000 | 15,840,000 | 9,280,000 | 680,189 | 868,872 | 2,000,000 | 1,500,000 | 270,000 | 600,000 | 4,530,650 | 1,020,000 | 900,000 | 1,050,000 | 2,840,000 | 1,600,000 | 900,000 | 1,703,370 | 1,130,000 | 1,207,135 | 3,260,000 | 4,810,000 | 1,470,000 | 990,000 | 1,250,000 | 660,000 | 620,000 | 1,110,000 | 1,330,000 | 790,000 | 930,000 | 520,000 | 820,000 | 990,000 | 330,000 | 2,030,000 | 1,520,000 | 1,000,000 | 2,000,000 | 800,000 | 1,000,000 | 800,000 | 550,000 | 1,050,000 | 440,000 | 600,000 | 900,000 | 2,250,000 | 1,600,000 | 1,550,000 | 4,800,000 | 3,953,282 | ' | 400,000 | 890,000 | 1,200,000 | 5,174,205 | [1] | 1,490,000 | 875,000 | 1,250,000 | 900,000 | 800,000 | 750,000 | 450,000 | 800,000 | 563,888 | 1,475,000 | 1,325,000 | 900,000 | 2,100,000 | 2,431,905 | 987,000 | 1,026,000 | 1,002,000 | 789,000 | 875,000 | 1,090,000 | 2,100,000 | 1,240,000 | 1,616,000 | 1,956,000 | 1,360,000 | 725,000 | 775,000 | 2,630,000 | 1,563,000 | 7,190,000 | 574,992 | 686,070 | 2,150,000 | 1,075,000 | 2,287,920 | 1,350,000 | 1,100,000 | 1,500,000 | 1,600,000 | 975,000 | 2,100,000 | 950,000 | 725,000 | 525,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs to Company, Building and Improvements | 465,345,581 | ' | ' | 9,120,472 | [1] | 3,088,500 | [2] | 2,847,676 | 5,043,905 | 3,741,305 | 2,634,959 | 1,637,802 | 2,691,629 | 3,752,629 | 2,705,806 | 2,463,269 | 4,877,025 | 6,999,952 | 2,389,873 | 1,259,380 | 3,860,000 | 2,570,000 | 8,970,000 | 6,310,000 | 2,560,000 | 1,650,000 | 4,220,000 | 970,000 | 4,540,000 | 2,510,000 | 8,860,000 | 8,200,000 | 1,379,025 | 2,114,578 | 13,630,000 | 4,330,000 | 895,000 | 2,633,728 | 8,729,350 | 515,000 | 740,000 | 4,794,357 | 2,040,000 | 4,230,000 | 400,000 | 1,766,630 | 2,985,000 | 502,865 | 8,990,000 | 7,040,000 | 4,835,000 | 2,830,000 | 1,559,179 | 2,408,239 | 1,859,875 | 2,918,337 | 4,254,356 | 2,604,766 | 2,605,809 | 3,588,217 | 709,603 | 1,842,445 | 1,230,000 | 2,543,052 | 3,381,631 | 4,654,098 | 5,266,974 | 4,090,000 | 1,357,000 | 1,495,000 | 1,564,225 | 1,402,200 | 2,395,500 | 1,513,000 | 3,806,760 | 4,743,000 | 2,311,625 | 4,593,000 | 10,969,414 | ' | 2,450,880 | 3,930,000 | 3,160,000 | 4,690,000 | ' | [1] | 3,730,000 | 5,133,992 | 4,792,241 | 5,711,120 | 5,893,201 | 6,090,561 | 6,053,761 | 3,728,801 | 7,877,873 | 5,173,480 | 5,692,721 | 7,169,841 | 3,033,522 | 3,968,095 | 1,573,000 | 1,464,000 | 1,628,000 | 1,021,000 | 2,015,000 | 3,040,000 | 1,200,000 | 3,990,000 | 4,194,000 | 1,554,000 | 1,320,000 | 2,085,000 | 2,375,000 | 2,570,000 | 4,742,000 | 8,220,000 | 4,335,796 | 3,810,851 | 4,002,000 | 3,825,000 | 2,812,235 | 6,420,000 | 6,690,000 | 8,440,000 | 6,240,000 | 4,117,387 | 4,562,738 | 5,997,260 | 2,383,876 | 2,915,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs to Company, Total | 46,432,155 | 29,840,320 | 15,971,288 | 13,697,244 | [1] | 5,662,250 | [2] | 3,366,377 | 6,987,049 | 4,791,824 | 3,284,959 | 1,917,802 | 3,531,629 | 4,812,736 | 3,765,806 | 3,029,059 | 5,748,225 | 10,625,000 | 3,587,773 | 1,940,000 | 5,380,000 | 3,100,000 | 11,480,000 | 7,540,000 | 3,350,000 | 2,070,000 | 5,680,000 | 2,020,000 | 5,600,000 | 4,040,000 | 24,700,000 | 17,480,000 | 2,059,214 | 2,983,450 | 15,630,000 | 5,830,000 | 1,165,000 | 3,233,728 | 13,260,000 | 1,535,000 | 1,640,000 | 5,844,357 | 4,880,000 | 5,830,000 | 1,300,000 | 3,470,000 | 4,115,000 | 1,710,000 | 12,250,000 | 11,850,000 | 6,305,000 | 3,820,000 | 2,809,179 | 3,068,239 | 2,479,875 | 4,028,337 | 5,584,356 | 3,394,766 | 3,535,809 | 4,108,217 | 1,529,603 | 2,832,445 | 1,560,000 | 4,573,052 | 4,901,631 | 5,654,098 | 7,266,974 | 4,890,000 | 2,357,000 | 2,295,000 | 2,114,225 | 2,452,200 | 2,835,500 | 2,113,000 | 4,706,760 | 6,993,000 | 3,911,625 | 6,143,000 | 15,769,414 | 3,953,282 | 2,450,880 | 4,330,000 | 4,050,000 | 5,890,000 | 5,174,205 | [1] | 5,220,000 | 6,008,992 | 6,042,241 | 6,611,120 | 6,693,201 | 6,840,561 | 6,503,761 | 4,528,801 | 8,441,761 | 6,648,480 | 7,017,721 | 8,069,841 | 5,133,522 | 6,400,000 | 2,560,000 | 2,490,000 | 2,630,000 | 1,810,000 | 2,890,000 | 4,130,000 | 3,300,000 | 5,230,000 | 5,810,000 | 3,510,000 | 2,680,000 | 2,810,000 | 3,150,000 | 5,200,000 | 6,305,000 | 15,410,000 | 4,910,788 | 4,496,921 | 6,152,000 | 4,900,000 | 5,100,155 | 7,770,000 | 7,790,000 | 9,940,000 | 7,840,000 | 5,092,387 | 6,662,738 | 6,947,260 | 3,108,876 | 3,440,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition | 32,258,177 | ' | ' | -623,036 | [1],[3] | 7,515,316 | [1],[2] | 114,735 | 227,480 | 113,055 | 160,583 | 135,875 | 70,325 | 165,101 | 58,951 | 192,569 | 415,541 | 520,966 | 117,781 | 473,031 | 85,812 | 187,872 | 434,974 | 369,386 | 359,459 | 266,844 | 50,996 | 64,358 | 56,608 | 105,986 | 160,234 | 167,168 | 55,312 | 361,105 | 179,356 | 162,558 | 48,769 | 52,388 | 270,295 | 427,695 | 381,704 | 139,436 | 780,584 | 82,532 | 174,868 | 867,007 | 108,875 | 130,502 | 82,863 | 104,844 | 301,374 | 102,611 | 102,709 | 64,804 | 84,591 | 104,214 | 156,931 | 59,644 | 61,402 | 121,675 | 138,986 | 113,453 | 11,429 | 139,499 | 147,389 | 72,620 | 72,437 | 375,388 | 115,665 | 101,087 | 226,190 | 44,844 | 132,282 | 82,889 | 30,057 | 13,342 | 80,291 | 50,133 | 43,067 | ' | 54,750 | 99,565 | 129,830 | 179,022 | 9,081,162 | [1],[3],[4] | 59,171 | 23,822 | 36,210 | 66,855 | 23,446 | 41,634 | 31,259 | 31,874 | 33,293 | 68,653 | 29,704 | 34,115 | 32,274 | 329,637 | 121,630 | 86,910 | 39,824 | 17,284 | 103,534 | 121,497 | 31,239 | 47,193 | 124,484 | 34,956 | 171,565 | 61,680 | 203,171 | 108,997 | 212,063 | 68,042 | 124,949 | 233,703 | 382,548 | 17,562 | -98,440 | 3,400 | 3,200 | ' | ' | 29,783 | 53,709 | ' | ' | 37,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount, Land | 194,033,413 | 178,459,163 | ' | 4,347,287 | [1] | 2,337,250 | [2] | 518,701 | 1,943,144 | 1,050,519 | 650,000 | 280,000 | 840,000 | 1,060,107 | 1,060,000 | 565,790 | 871,200 | 3,625,048 | 1,197,900 | 680,620 | 1,520,000 | 530,000 | 2,510,000 | 1,230,000 | 790,000 | 420,000 | 1,460,000 | 1,050,000 | 1,060,000 | 1,530,000 | 15,840,000 | 9,284,074 | 680,189 | 868,872 | 2,000,000 | 1,500,000 | 270,000 | 600,000 | 4,530,650 | 1,020,000 | 900,000 | 1,050,000 | 2,840,000 | 1,600,000 | 900,000 | 1,703,370 | 1,130,000 | 1,207,135 | 3,260,000 | 4,810,000 | 1,470,000 | 990,000 | 1,250,000 | 660,000 | 620,000 | 1,110,000 | 1,330,000 | 790,000 | 930,000 | 520,000 | 820,000 | 990,000 | 330,000 | 2,030,000 | 1,520,000 | 1,000,000 | 2,000,000 | 800,000 | 1,000,000 | 800,000 | 550,000 | 1,050,000 | 440,000 | 600,000 | 900,000 | 2,250,000 | 1,600,000 | 1,550,000 | 4,800,000 | 3,953,282 | ' | 400,000 | 890,000 | 1,200,000 | 3,178,660 | [1] | 1,490,000 | 875,000 | 1,250,000 | 900,000 | 800,000 | 750,000 | 450,000 | 800,000 | 563,888 | 1,475,000 | 1,325,000 | 900,000 | 2,100,000 | 2,431,905 | 987,000 | 1,026,000 | 1,002,000 | 789,000 | 875,000 | 1,090,000 | 2,100,000 | 1,240,000 | 1,616,000 | 1,956,000 | 1,360,000 | 725,000 | 775,000 | 2,630,000 | 1,563,000 | 7,190,000 | 574,992 | 686,070 | 2,150,000 | 1,075,000 | 2,243,760 | 1,350,000 | 1,100,000 | 1,500,000 | 1,600,000 | 975,000 | 2,100,000 | 950,000 | 725,000 | 525,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount, Building and Improvements | 500,105,374 | ' | ' | 8,726,921 | [1] | 10,840,316 | [2] | 2,962,411 | 5,271,385 | 3,854,360 | 2,795,542 | 1,773,677 | 2,761,954 | 3,917,730 | 2,764,757 | 2,655,838 | 5,292,566 | 7,520,918 | 2,507,654 | 1,732,411 | 3,945,812 | 2,757,872 | 9,404,974 | 6,679,386 | 2,919,459 | 1,916,844 | 4,270,996 | 1,034,358 | 4,596,608 | 2,615,986 | 9,020,234 | 8,363,094 | 1,434,337 | 2,475,683 | 13,809,356 | 4,492,558 | 943,769 | 2,686,116 | 8,999,645 | 942,695 | 1,121,704 | 4,933,793 | 2,820,584 | 4,312,532 | 574,868 | 2,633,637 | 3,093,875 | 633,367 | 9,072,863 | 7,144,844 | 5,136,374 | 2,932,611 | 1,661,888 | 2,473,043 | 1,944,466 | 3,022,551 | 4,411,287 | 2,664,410 | 2,667,211 | 3,709,892 | 848,589 | 1,955,898 | 1,241,429 | 2,682,551 | 3,529,020 | 4,726,718 | 5,339,411 | 4,465,388 | 1,472,665 | 1,596,087 | 1,790,415 | 1,447,044 | 2,527,782 | 1,595,889 | 3,836,817 | 4,756,342 | 2,391,916 | 4,643,133 | 11,012,481 | ' | 2,505,630 | 4,029,565 | 3,289,830 | 4,869,022 | 11,076,707 | [1] | 3,789,171 | 5,157,814 | 4,828,451 | 5,777,975 | 5,916,647 | 6,132,195 | 6,085,020 | 3,760,675 | 7,911,166 | 5,242,133 | 5,722,425 | 7,203,956 | 3,065,796 | 4,297,732 | 1,694,630 | 1,550,910 | 1,667,824 | 1,038,284 | 2,118,534 | 3,161,497 | 1,231,239 | 4,037,193 | 4,318,484 | 1,588,956 | 1,491,565 | 2,146,680 | 2,578,171 | 2,678,997 | 4,954,063 | 8,288,042 | 4,460,745 | 4,044,554 | 4,384,548 | 3,842,562 | 2,757,955 | 6,423,400 | 6,693,200 | 8,440,000 | 6,240,000 | 4,147,170 | 4,616,447 | 5,997,260 | 2,383,876 | 2,953,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount, Total | 694,138,787 | [2] | 604,727,895 | 510,395,576 | 13,074,208 | [1],[2] | 13,177,566 | [2] | 3,481,112 | [2] | 7,214,529 | [2] | 4,904,879 | [2] | 3,445,542 | [2] | 2,053,677 | [2] | 3,601,954 | [2] | 4,977,837 | [2] | 3,824,757 | [2] | 3,221,628 | [2] | 6,163,766 | [2] | 11,145,966 | [2] | 3,705,554 | [2] | 2,413,031 | [2] | 5,465,812 | [2] | 3,287,872 | [2] | 11,914,974 | [2] | 7,909,386 | [2] | 3,709,459 | [2] | 2,336,844 | [2] | 5,730,996 | [2] | 2,084,358 | [2] | 5,656,608 | [2] | 4,145,986 | [2] | 24,860,234 | [2] | 17,647,168 | [2] | 2,114,526 | [2] | 3,344,555 | [2] | 15,809,356 | [2] | 5,992,558 | [2] | 1,213,769 | [2] | 3,286,116 | [2] | 13,530,295 | [2] | 1,962,695 | [2] | 2,021,704 | [2] | 5,983,793 | [2] | 5,660,584 | [2] | 5,912,532 | [2] | 1,474,868 | [2] | 4,337,007 | [2] | 4,223,875 | [2] | 1,840,502 | [2] | 12,332,863 | [2] | 11,954,844 | [2] | 6,606,374 | [2] | 3,922,611 | [2] | 2,911,888 | [2] | 3,133,043 | [2] | 2,564,466 | [2] | 4,132,551 | [2] | 5,741,287 | [2] | 3,454,410 | [2] | 3,597,211 | [2] | 4,229,892 | [2] | 1,668,589 | [2] | 2,945,898 | [2] | 1,571,429 | [2] | 4,712,551 | [2] | 5,049,020 | [2] | 5,726,718 | [2] | 7,339,411 | [2] | 5,265,388 | [2] | 2,472,665 | [2] | 2,396,087 | [2] | 2,340,415 | [2] | 2,497,044 | [2] | 2,967,782 | [2] | 2,195,889 | [2] | 4,736,817 | [2] | 7,006,342 | [2] | 3,991,916 | [2] | 6,193,133 | [2] | 15,812,481 | [2] | 3,953,282 | [2] | 2,505,630 | [2] | 4,429,565 | [2] | 4,179,830 | [2] | 6,069,022 | [2] | 14,255,367 | [1],[2] | 5,279,171 | [2] | 6,032,814 | [2] | 6,078,451 | [2] | 6,677,975 | [2] | 6,716,647 | [2] | 6,882,195 | [2] | 6,535,020 | [2] | 4,560,675 | [2] | 8,475,054 | [2] | 6,717,133 | [2] | 7,047,425 | [2] | 8,103,956 | [2] | 5,165,796 | [2] | 6,729,637 | [2] | 2,681,630 | [2] | 2,576,910 | [2] | 2,669,824 | [2] | 1,827,284 | [2] | 2,993,534 | [2] | 4,251,497 | [2] | 3,331,239 | [2] | 5,277,193 | [2] | 5,934,484 | [2] | 3,544,956 | [2] | 2,851,565 | [2] | 2,871,680 | [2] | 3,353,171 | [2] | 5,308,997 | [2] | 6,517,063 | [2] | 15,478,042 | [2] | 5,035,737 | [2] | 4,730,624 | [2] | 6,534,548 | [2] | 4,917,562 | [2] | 5,001,715 | [2] | 7,773,400 | [2] | 7,793,200 | [2] | 9,940,000 | [2] | 7,840,000 | [2] | 5,122,170 | [2] | 6,716,447 | [2] | 6,947,260 | [2] | 3,108,876 | [2] | 3,478,081 | [2] |
Gross Carrying Amount, Accumulated Depreciation | ($46,432,155) | ($29,840,320) | ' | ($831,189) | [1] | ($544,357) | [2] | ($698,836) | ($1,052,077) | ($694,928) | ($552,247) | ($322,454) | ($546,966) | ($619,718) | ($413,088) | ($499,817) | ($880,873) | ($1,057,884) | ($419,440) | ($360,037) | ($660,603) | ($373,059) | ($1,558,464) | ($975,671) | ($588,469) | ($406,432) | ($603,307) | ($172,695) | ($796,160) | ($366,407) | ($1,972,491) | ($1,063,079) | ($243,389) | ($327,003) | ($1,642,042) | ($572,863) | ($170,315) | ($372,829) | ($1,053,568) | ($215,741) | ($216,635) | ($552,835) | ($425,629) | ($519,205) | ($98,850) | ($353,360) | ($317,552) | ($105,436) | ($835,703) | ($716,739) | ($494,609) | ($315,400) | ($232,507) | ($273,569) | ($258,883) | ($362,094) | ($490,284) | ($306,418) | ($305,127) | ($383,945) | ($95,179) | ($238,354) | ($153,703) | ($327,222) | ($393,224) | ($455,207) | ($519,554) | ($393,438) | ($139,013) | ($153,673) | ($192,913) | ($148,208) | ($234,128) | ($158,503) | ($436,910) | ($428,740) | ($299,213) | ($478,990) | ($904,514) | ' | ($223,710) | ($325,598) | ($268,146) | ($468,315) | ($152,177) | [1] | ($269,034) | ($339,889) | ($338,113) | ($393,723) | ($364,129) | ($388,434) | ($379,861) | ($250,049) | ($479,018) | ($336,448) | ($382,950) | ($447,625) | ($257,630) | ($270,718) | ($93,520) | ($81,723) | ($80,772) | ($58,393) | ($100,604) | ($170,151) | ($71,524) | ($192,765) | ($182,412) | ($92,043) | ($65,269) | ($85,762) | ($102,874) | ($128,716) | ($202,052) | ($331,174) | ($145,589) | ($149,662) | ($76,146) | ($41,973) | ' | ($36,929) | ($41,896) | ($47,350) | ($40,633) | ($26,998) | ($33,127) | ($37,464) | ($16,480) | ($18,623) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date of Construction | ' | ' | ' | '1965/2008 | [1] | '1963/2011 | [2] | '1980/1984/1992 | '1978/1982/2004 | '1996/2000 | '1991 | '1999/2003 | '1996 | '2003 | '2006 | '1987 | '1982/1995 | '1985 | '1995/2004 | '1974 | '2001-2003 | '1948/1995 | '1985/2005/ 1999/2002 | '1979-1987 | '1987/1994 | '1984/2005 | '2006 | '1998 | '2004/2005 | '2000 | '2003 | '1909/2000 | '1990 | '1983 | '2000 | '2005 | '2004/2005 | '2002 | '1987 | '1974 | '1973 | '2007 | '1988 | '2002 | '2004 | '2002 | '2005 | '2004 | '2004 | '1999 | '1996 | '2006 | '1996/2001 | '1997 | '2001 | '2001/2003 | '1985/2000 | '1999/2004 | '2004 | '1986/1999- 2000 | '1996 | '1999 | '2010 | '1996 | '1997 | '1997 | '2001 | '1988/1992 | '2002 | '2002 | '1998 | '1998/2008 | '1996 | '2004 | '2002 | '2003 | '2000 | '2005/2006 | '2003 | '2003 | '2000 | '2007 | '1997 | '1999 | 'n/a | [1] | '2006 | '2006 | '2006 | '2007 | '2007 | '2007 | '2007 | '2007 | '2009 | '2007 | '2009 | '2008 | '2009 | '1985 | '2002 | '2001 | '2003 | '2010 | '2004 | '1998/2003 | '2008 | '2008 | '1999 | '2002 | '1989 | '2011 | '1992 | '1995 | '1986/1996 | '1997/2007 | '1989/2004 | '1996/2004 | '2000 | '2006 | '1999 | '2005 | '1996/2005 | '2006 | '2005 | '1981 | '1985/2007 | '1994/2004 | '1985/1995 | '2000/2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Acquired | ' | ' | ' | 23-Nov-10 | [1] | 11-Mar-11 | [2] | 25-Sep-08 | 25-Sep-08 | 19-Dec-08 | 12-Feb-09 | 12-Feb-09 | 12-Feb-09 | 1-Jun-09 | 1-Jun-09 | 17-Jul-09 | 17-Jul-09 | 21-Aug-09 | 3-Sep-09 | 4-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 24-Sep-09 | 11-Dec-09 | 11-Dec-09 | 24-Feb-10 | 24-Feb-10 | 10-Mar-10 | 9-Apr-10 | 16-Apr-10 | 16-May-10 | 16-May-10 | 14-May-10 | 14-Jul-10 | 22-Oct-10 | 22-Oct-10 | 26-Oct-10 | 29-Oct-10 | 16-Nov-10 | 16-Dec-10 | 16-Dec-10 | 21-Dec-10 | 29-Dec-10 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 15-Feb-11 | 17-Mar-11 | 25-Mar-11 | 25-Mar-11 | 30-Mar-11 | 30-Mar-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 10-Jun-11 | 6-Jul-11 | 6-Jul-11 | 15-Jul-11 | 20-Jul-11 | 21-Jul-11 | 12-Aug-11 | 13-Sep-11 | [1] | 21-Oct-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 27-Dec-11 | 24-May-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 16-Aug-12 | 1-Oct-12 | 1-Oct-12 | 5-Nov-12 | 5-Nov-12 | 5-Nov-12 | 5-Nov-12 | 5-Nov-12 | 5-Nov-12 | 28-Dec-12 | 28-Dec-12 | 10-Jul-13 | 28-Aug-13 | 29-Aug-13 | 28-Oct-13 | 28-Oct-13 | 28-Oct-13 | 28-Oct-13 | 1-Nov-13 | 1-Nov-13 | 1-Nov-13 | 1-Nov-13 | 1-Nov-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | This property is located in Ontario, Canada. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The aggregate cost of real estate for United States federal income tax purposes is $761,130,955. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The change in cost at this self storage facility is the net of the impact of foreign exchange rate changes and any actual additions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | This amount also includes a reduction in basis due to a sale of a parcel of land at this facility. |
Schedule_III_Real_Estate_and_A2
Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
Dufferin property | ' |
Real Estate Properties [Line Items] | ' |
Aggregate cost of real estate for United States federal income tax | $761,130,955 |
Mississauga | ' |
Real Estate Properties [Line Items] | ' |
Aggregate cost of real estate for United States federal income tax | $761,130,955 |
Schedule_III_Real_Estate_and_A3
Schedule III Real Estate and Accumulated Depreciation - Activity in Real Estate Facilities (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Real estate facilities | ' | ' | |
Balance at beginning of year | $604,727,895 | $510,395,576 | |
Facility acquisitions | 74,743,745 | 85,722,709 | |
Impact of foreign exchange rate changes | -2,415,103 | ' | |
Improvements | 17,082,250 | 9,670,749 | |
Balance at end of year | 694,138,787 | [1] | 604,727,895 |
Accumulated depreciation | ' | ' | |
Balance at beginning of year | 29,840,320 | ' | |
Depreciation expense | 16,591,835 | 13,869,032 | |
Balance at end of year | 46,432,155 | 29,840,320 | |
Real estate facilities, net | $648,483,436 | $580,121,001 | |
[1] | The aggregate cost of real estate for United States federal income tax purposes is $761,130,955. |