SmartStop Self Storage REIT (STSFF) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	ck0001585389
Entity Registrant Name	STRATEGIC STORAGE TRUST II, INC.
Entity Central Index Key	1,585,389
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,163,180
Class T Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,935,190

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real estate facilities:
Land	$ 214,398,537	$ 47,653,000
Buildings	353,189,773	97,941,472
Site improvements	30,953,600	10,650,078
Real estate investment property, gross	598,541,910	156,244,550
Accumulated depreciation	(7,621,582)	(3,755,709)
Real estate investment property	590,920,328	152,488,841
Construction in process	1,126,544	385,408
Real estate facilities, net	592,046,872	152,874,249
Cash and cash equivalents	12,566,872	28,104,470
Restricted cash	546,935	410,492
Other assets	9,040,925	6,017,845
Debt issuance costs, net of accumulated amortization	2,983,282	2,128,806
Intangible assets, net of accumulated amortization	15,150,590	3,910,966
Total assets	632,335,476	193,446,828
LIABILITIES AND EQUITY
Secured debt	290,126,612	23,029,775
Accounts payable and accrued liabilities	6,965,516	2,146,253
Due to affiliates	292,322	208,483
Distributions payable	2,043,619	986,886
Total liabilities	299,428,069	26,371,397
Commitments and contingencies (Note 8)
Redeemable common stock	4,801,445	1,223,483
Equity
Preferred stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at June 30, 2016 and December 31, 2015	0	0
Additional paid-in capital	374,432,741	187,434,752
Distributions	(13,587,017)	(3,893,528)
Accumulated deficit	(32,916,659)	(17,687,326)
Accumulated other comprehensive income	172,695	0
Total Strategic Storage Trust II, Inc. equity	328,144,005	165,875,192
Noncontrolling interests in our Operating Partnership	(38,043)	(23,244)
Total equity	328,105,962	165,851,948
Total liabilities and equity	632,335,476	193,446,828
Class A Common stock
Equity
Common stock, value	38,807	20,685
Class T Common stock
Equity
Common stock, value	$ 3,438	$ 609

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	200,000,000	200,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Class A Common stock
Common stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	38,807,307	20,684,791
Common Stock, shares outstanding	38,807,307	20,684,791
Class T Common stock
Common stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	350,000,000	350,000,000
Common Stock, shares issued	3,437,723	608,982
Common Stock, shares outstanding	3,437,723	608,982

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Self storage rental revenue	$ 9,721,596	$ 4,365,253	$ 15,918,438	$ 7,300,982
Ancillary operating revenue	77,593	122,959	115,340	194,010
Total revenues	9,799,189	4,488,212	16,033,778	7,494,992
Operating expenses:
Property operating expenses	3,607,594	1,580,826	6,104,458	2,770,932
Property operating expenses - affiliates	1,214,278	546,490	1,915,587	971,423
General and administrative	754,098	460,218	1,448,866	855,898
Depreciation	2,436,412	910,421	3,893,696	1,485,357
Intangible amortization expense	2,853,212	1,597,581	4,707,977	2,588,640
Acquisition expenses-affiliates	6,632,826	374,238	8,256,031	2,418,441
Other property acquisition expenses	1,210,299	143,372	2,431,030	448,088
Total operating expenses	18,708,719	5,613,146	28,757,645	11,538,779
Operating loss	(8,909,530)	(1,124,934)	(12,723,867)	(4,043,787)
Other income (expense):
Interest expense	(1,290,001)	(779,038)	(1,772,208)	(1,310,612)
Interest expense-Accretion of fair market value of secured debt	107,286	22,448	143,012	41,663
Interest expense-Debt issuance costs	(601,455)	(144,786)	(819,563)	(241,535)
Other	(35,810)	35,495	(65,538)	(16,749)
Net loss	(10,729,510)	(1,990,815)	(15,238,164)	(5,571,020)
Less: Distributions to preferred unitholders in our Operating Partnership	0	(1,644,706)	0	(2,759,675)
Less: Accretion of preferred equity costs	0	(428,916)	0	(758,601)
Net loss attributable to the noncontrolling interests in our Operating Partnership	5,381	26,800	8,831	71,930
Net loss attributable to Strategic Storage Trust II, Inc. common stockholders	$ (10,724,129)	$ (4,037,637)	$ (15,229,333)	$ (9,017,366)
Class A Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.27)	$ (1.36)	$ (0.46)	$ (3.46)
Weighted average shares outstanding-basic and diluted	36,939,428	2,968,500	31,012,035	2,606,780
Class T Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.27)	$ 0	$ (0.46)	$ 0
Weighted average shares outstanding-basic and diluted	2,855,018	0	1,946,388	0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,729,510)	$ (1,990,815)	$ (15,238,164)	$ (5,571,020)
Other comprehensive income (loss):
Foreign currency translation adjustment	11,311	0	1,707,596	0
Foreign currency forward contract loss	(148,892)	0	(1,135,242)	0
Interest rate swap contract loss	(399,659)	0	(399,659)	0
Other comprehensive income (loss)	(537,240)	0	172,695	0
Comprehensive loss	(11,266,750)	(1,990,815)	(15,065,469)	(5,571,020)
Less: Distributions to preferred unitholders in our Operating Partnership	0	(1,644,706)	0	(2,759,675)
Less: Accretion of preferred equity costs	0	(428,916)	0	(758,601)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership	5,650	26,800	8,557	71,930
Comprehensive loss attributable to Strategic Storage Trust II, Inc. common stockholders.	$ (11,261,100)	$ (4,037,637)	$ (15,056,912)	$ (9,017,366)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($)	Total	Redeemable Common Stock [Member]	Common StockClass A Common stock	Common StockClass T Common stock	Additional Paid-in Capital [Member]	Distributions [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Strategic Storage Trust II, Inc. Equity [Member]	Noncontrolling Interests in our Operating Partnership [Member]
Beginning Balance at Dec. 31, 2015	$ 165,851,948	$ 1,223,483	$ 20,685	$ 609	$ 187,434,752	$ (3,893,528)	$ (17,687,326)	$ 0	$ 165,875,192	$ (23,244)
Beginning Balance (in shares) at Dec. 31, 2015			20,684,791	608,982
Gross proceeds from issuance of common stock	206,304,925	0	$ 17,759	$ 2,808	206,284,358	0	0	0	206,304,925	0
Gross proceeds from issuance of common stock (in shares)			17,759,497	2,807,950
Offering costs	(19,300,821)	0	$ 0	$ 0	(19,300,821)	0	0	0	(19,300,821)	0
Changes to redeemable common stock	(4,265,316)	4,265,316	0	0	(4,265,316)	0	0	0	(4,265,316)	0
Redemptions of common stock	(54)	(687,354)	$ (54)	$ 0	0	0	0	0	(54)	0
Redemptions of common stock (in shares)			(54,154)	0
Distributions ($0.30 per share)	(9,693,489)	0	$ 0	$ 0	0	(9,693,489)	0	0	(9,693,489)	0
Distributions for noncontrolling interests	(5,968)	0	0	0	0	0	0	0	0	(5,968)
Issuance of shares for distribution reinvestment plan	4,265,316	0	$ 417	$ 21	4,264,878	0	0	0	4,265,316	0
Issuance of shares for distribution reinvestment plan (in shares)			417,173	20,791
Stock compensation expense	14,890	0	$ 0	$ 0	14,890	0	0	0	14,890	0
Net loss attributable to Strategic Storage Trust II, Inc.	(15,229,333)	0	0	0	0	0	(15,229,333)	0	(15,229,333)	0
Net loss attributable to the noncontrolling interests in our Operating Partnership	(8,831)	0	0	0	0	0	0	0	0	(8,831)
Foreign currency translation adjustment	1,707,596	0	0	0	0	0	0	1,707,596	1,707,596	0
Foreign currency forward contract loss	(1,135,242)	0	0	0	0	0	0	(1,135,242)	(1,135,242)	0
Interest rate swap contract loss	(399,659)	0	0	0	0	0	0	(399,659)	(399,659)	0
Ending Balance at Jun. 30, 2016	$ 328,105,962	$ 4,801,445	$ 38,807	$ 3,438	$ 374,432,741	$ (13,587,017)	$ (32,916,659)	$ 172,695	$ 328,144,005	$ (38,043)
Ending Balance (in shares) at Jun. 30, 2016			38,807,307	3,437,723

Consolidated Statement of Equi7

Consolidated Statement of Equity (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Distributions, per share	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (15,238,164)	$ (5,571,020)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	8,601,673	4,073,997
Accretion of fair market value adjustment of secured debt	(143,012)	(41,663)
Amortization of debt issuance costs	819,563	241,535
Expense related to issuance of restricted stock	14,890	0
Increase (decrease) in cash from changes in assets and liabilities:
Other assets	(1,477,917)	(913,574)
Restricted cash	(97,104)	(41,211)
Accounts payable and accrued liabilities	3,515,950	1,140,714
Due to affiliates	186,083	(855,499)
Net cash used in operating activities	(3,818,038)	(1,966,721)
Cash flows from investing activities:
Purchase of real estate	(416,904,543)	(124,994,259)
Additions to real estate facilities	(3,512,980)	(525,966)
Restricted cash	(39,340)	(47,558)
Deposits on acquisition of real estate facilities	(5,550,100)	0
Net cash flows used in investing activities	(426,006,963)	(125,567,783)
Cash flows from financing activities:
Proceeds from issuance of secured debt	259,598,908	71,295,000
Principal payments on secured debt	(25,150,211)	(83,078)
Proceeds from issuance of preferred equity in our Operating Partnership	0	52,820,000
Debt issuance costs	(3,924,121)	(1,254,134)
Gross proceeds from issuance of common stock	208,241,136	16,449,606
Offering costs	(19,409,638)	(3,178,290)
Redemption of common stock	(537,188)	0
Distributions paid to common stockholders	(4,396,703)	(430,970)
Distributions paid to preferred unitholders in our Operating Partnership	0	(1,363,028)
Distributions paid to noncontrolling interests in our Operating Partnership	(6,003)	(5,984)
Net cash flows provided by financing activities	414,416,180	134,249,122
Impact of foreign exchange rate changes on cash	(128,777)	0
Change in cash and cash equivalents	(15,537,598)	6,714,618
Cash and cash equivalents, beginning of period	28,104,470	6,531,152
Cash and cash equivalents, end of period	12,566,872	13,245,770
Supplemental disclosures and non-cash transactions:
Cash paid for interest	957,738	1,039,607
Supplemental disclosure of noncash activities:
Additions to construction in process in accounts payable and accrued liabilities	72,612	213,596
Deposits applied to purchase of real estate facilities	2,020,808	4,444,491
Proceeds from issuance of common stock in other assets	409,941	281,568
Secured debt assumed during purchase of real estate facilities	33,108,652	0
Redemption of common stock included in accounts payable and accrued liabilities	159,985	17,500
Other assets included in due to affiliates	0	77,556
Offering costs included in due to affiliates	57,983	239,952
Offering costs included in accounts payable and accrued liabilities	13,587	26,260
Debt issuance costs included in due to affiliates	0	64,006
Debt issuance costs included in accounts payable and accrued liabilities	47,844	25,750
Foreign currency contract and interest rate swap contract loss included in accounts payable and accrued liabilities	1,534,901	0
Issuance of shares pursuant to distribution reinvestment plan	4,265,316	262,014
Distributions payable	2,043,619	163,173
Distributions payable to preferred unitholders in our Operating Partnership	0	1,434,142
Preferred equity issuance costs	$ 0	$ 132,381

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Organization	Note 1. Organization Strategic Storage Trust II, Inc., a Maryland corporation (the “Company”), was formed on January 8, 2013 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,” “our,” and “Company” refer to Strategic Storage Trust II, Inc. and each of our subsidiaries. Strategic Storage Holdings, LLC, a Delaware limited liability company (“SSH”), was the sponsor of our Offering (as defined below) through August 31, 2014. Effective August 31, 2014, SmartStop Self Storage, Inc. (“SmartStop”), entered into a series of transactions, agreements and amendments to its existing agreements and arrangements (such agreements and amendments hereinafter referred to collectively as the “Self Administration and Investment Management Transaction”) with SSH and its affiliates, pursuant to which, effective August 31, 2014, SmartStop acquired the self storage advisory, asset management, property management and investment management businesses of SSH including SSH’s sole membership interest in SmartStop Asset Management, LLC (formerly Strategic Storage Realty Group, LLC), which owns 97.5% of the economic interests (and 100% of the voting membership interests) of Strategic Storage Advisor II, LLC (our “Advisor”) and owns 100% of Strategic Storage Property Management II, LLC (our “Property Manager”). On October 1, 2015, SmartStop and Extra Space Storage Inc. (“Extra Space”), along with subsidiaries of each of SmartStop and Extra Space, closed on a merger transaction (the “Merger”) in which SmartStop was acquired by Extra Space for $13.75 per share in cash, representing an enterprise value of approximately $1.4 billion. At the closing of the Merger, SmartStop Asset Management, LLC, the owner of our Property Manager and majority and sole voting member of our Advisor, was sold to an entity controlled by H. Michael Schwartz, our Chairman of the Board of Directors, Chief Executive Officer and President, and became our sponsor (our “Sponsor”). The former executive management team of SmartStop continues to serve as the executive management team for our Sponsor. In addition, our management team remains the same, as well as the management team of our Advisor and Property Manager. We have no employees. Our Advisor, a Delaware limited liability company, was formed on January 8, 2013. 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 the advisory agreement we have with our Advisor (our “Advisory Agreement”). The officers of our Advisor are also officers of us and our Sponsor. On August 2, 2013, our Advisor purchased 100 shares of our common stock for $1,000 and became our initial stockholder. Our Articles of Amendment and Restatement, as amended, authorize 350,000,000 shares of Class A common stock, $0.001 par value per share (the “Class A Shares”) and 350,000,000 shares of Class T common stock, $0.001 par value per share (the “Class T Shares”) and 200,000,000 shares of preferred stock with a par value of $0.001. We are offering a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”). On January 10, 2014, the Securities and Exchange Commission (“SEC”) declared our registration statement effective. On May 23, 2014, we satisfied the $1.5 million minimum offering requirements of our Offering and commenced formal operations. On September 28, 2015, we revised our Primary Offering and are now offering two classes of shares of common stock: Class A Shares and Class T Shares. As of June 30, 2016, we had issued approximately 38.8 million Class A Shares and approximately 3.4 million Class T Shares in our Offering for gross proceeds of approximately $388.6 million and approximately $33.4 million, respectively. We intend to invest the net proceeds from the Offering primarily in self storage facilities and related self storage real estate investments. As of June 30, 2016 we owned 63 properties and subsequent to June 30, 2016 we acquired an additional property (see Note 12). On April 8, 2016, our board of directors, upon recommendation of its nominating and corporate governance committee, approved an estimated value per share of our common stock of $10.09 for our Class A Shares and Class T Shares 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 a fully diluted basis, calculated as of December 31, 2015. See our Current Report on Form 8-K filed with the SEC on April 11, 2016 for a description of the methodologies and assumptions used to determine, and the limitations of, the estimated value per share. As a result of the calculation of our estimated value per share, effective on April 14, 2016, the offering price of Class A Shares increased from $10.00 per share to $11.21 per share and the offering price of Class T Shares increased from $9.47 per share to $10.62 per share. Our board of directors determined the new per share offering price of each class of stock by taking the $10.09 estimated value per share and adding the per share up-front sales commissions and dealer manager fees to be paid with respect to the Class A Shares and Class T Shares, respectively, such that after the payment of such commissions and dealer manager fees, the net proceeds to us will be the same for both Class A Shares and Class T Shares. In addition, effective April 21, 2016, shares sold pursuant to our distribution reinvestment plan are sold at $10.09 per share for Class A and Class T Shares. Our operating partnership, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on January 9, 2013. During 2013, our Advisor purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, 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 and the self storage properties we will acquire in the future. As of June 30, 2016, we owned approximately 99.95% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.05% of the common units are owned by our Advisor. Our Operating Partnership had issued approximately 2.4 million Series A Cumulative Redeemable Preferred Units (the “Preferred Units”) to SSTI Preferred Investor, LLC (the “Preferred Investor”), a wholly-owned subsidiary of SmartStop Self Storage Operating Partnership, L.P., the former operating partnership of SmartStop, in exchange for an investment in our Operating Partnership of approximately $59.5 million. Such Preferred Units were owned by Extra Space subsequent to the Merger. As of December 31, 2015, we had redeemed all of the Preferred Units. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through our taxable REIT subsidiary, Strategic Storage TRS II, Inc., a Delaware corporation (the “TRS”), which is a wholly-owned subsidiary of our Operating Partnership. Our Property Manager was formed on January 8, 2013 to manage our properties. Our Property Manager derives substantially all of its income from the property management services it performs for us. Our Property Manager may enter into sub-property management agreements with third party management companies and pay part of its management fee to such sub-property manager. At the closing of the Merger, we entered into new property management agreements with our Property Manager and our Property Manager entered into sub-property management agreements with an affiliate of Extra Space for the management of our properties in the United States. Furthermore, Extra Space acquired the rights to the “SmartStop ® ® Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). Our Dealer Manager is responsible for marketing our shares being offered pursuant to our Primary Offering. Our president owned, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager through August 31, 2014. Effective August 31, 2014, SmartStop indirectly owned the 15% non-voting equity interest in our Dealer Manager, pursuant to the Self Administration and Investment Management Transaction. Effective October 1, 2015, in connection with the Merger, the 15% non-voting equity interest in our Dealer Manager is now owned by our Sponsor. An affiliate of our Dealer Manager continues to own a 2.5% non-voting membership interest in our Advisor. 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 gross 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 that are equivalent to the distributions made to holders of common stock. 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 outlined in our Operating Partnership’s limited partnership agreement (the “Operating 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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. Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a 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 June 30, 2016 and December 31, 2015, we had not entered into contracts/interests that would be deemed to be variable interests in VIEs. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP 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 will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. 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 the useful lives of real estate assets and intangibles. 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 will be 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 one of our loan agreements. Real Estate Purchase Price Allocation We account for acquisitions in accordance with amended 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. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $15.8 million and approximately $7.5 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended June 30, 2016 and 2015, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the three months ended June 30, 2016 and 2015 we expensed approximately $7.8 million and $0.5 million, respectively, of acquisition-related transaction costs. During the six months ended June 30, 2016 and 2015, we expensed approximately $10.7 million and $2.9 million of acquisition-related transaction costs, respectively. Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we will report provisional amounts in our financial statements. During the measurement period, we will 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 will record those adjustments to our financial statements. We will recognize any measurement adjustments during the period in which we determine the amount of the adjustment to 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 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. For the six months ended June 30, 2016 and 2015, no impairment losses were recognized. 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 Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of tenant 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 30-35 years Site Improvements 7-10 years Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and 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 June 30, 2016 and December 31, 2015, the gross amounts allocated to in-place lease intangibles were approximately $25.2 million and $9.2 million, respectively, and accumulated amortization of in-place lease intangibles totaled approximately $10.0 million and $5.3 million, respectively. Debt Issuance Costs Costs incurred in connection with our revolving credit facility are presented as debt issuance costs on our consolidated balance sheets. Debt issuance costs are 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 June 30, 2016 and December 31, 2015, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $0.4 million and $16,000, respectively. Costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from secured debt (see Note 5). Organizational and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We will be 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, dealer manager fees and stockholder servicing 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 our Offering (which occurred on May 23, 2014). 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. As of June 30, 2016, we do not believe total organization and offering costs will exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. 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 accumulated other comprehensive income (loss) as a separate component of 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). Redeemable Common Stock We adopted a share redemption program that will enable stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheet since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can 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 are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheet. 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 will be contingently redeemable at the option of the holder. When we determine we have a mandatory obligation to repurchase shares under the share redemption program, we will reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the six months ended June 30, 2016, we received redemption requests for a total of approximately 71,300 shares (approximately $690,000), $530,000 of which was fulfilled in April 2016, with the remaining $160,000 included in accounts payable and accrued liabilities as of June 30, 2016 and fulfilled in July 2016. For the six months ended June 30, 2015, we received one redemption request for 1,750 shares (approximately $17,500) which was fulfilled in July 2015. Accounting for Equity Awards The cost of restricted stock is required to be measured based on the grant date fair value and the cost 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 will 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 will 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 will be 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 will present will be 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 liabilities assumed related to our acquisitions. The fair values of these assets and liabilities 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 and liabilities as of the acquisition dates were derived using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, other assets, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates will approximate fair value because of the relatively short-term nature of these instruments. The table below summarizes our fixed rate notes payable at June 30, 2016 and December 31, 2015. 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 values of the fixed rate notes payable were 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. June 30, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 45,800,000 $ 44,611,598 $ 13,300,000 $ 13,237,237 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 derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income. The ineffective portion of the change in fair value of the derivatives are recognized directly in earnings. Amounts are reclassified out of other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. Foreign Currency Forward During the first quarter of 2016, we entered into a foreign currency forward contract in order to hedge foreign currency exposure related to our investment in subsidiaries that hold properties we acquired in Canada. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. We have designated the foreign currency forward as a net investment hedge and changes in the fair value of the derivative are reported in other comprehensive income. The forward contract has a notional amount of $42.5 million CAD, a duration of 12 months, and a forward rate of approximately 1.339. As of June 30, 2016, the forward contract has a fair market value representing a liability of approximately $1.1 million USD which is recorded in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The characteristics of this financial instrument, market data, and other comparative metrics utilized in determining this fair value are “Level 2” inputs as the term is defined in the accounting standard for fair value measurement. Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership in accordance with the related 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, are consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheet. The noncontrolling interest shall be attributed its 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, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to 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 are 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. Even if we continue to 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 filed elections to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes 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 to us for all periods presented are computed by dividing net income (loss) attributable to us by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share are computed by dividing net income (loss) attributable to us by the weighted average number of shares outstanding, adjusted for the dilutive effect of unvested restricted stock, utilizing the treasury stock method. For all periods presented the dilutive effect of unrestricted stock was not included in the dilutive weighted average shares as such shares were antidilutive. Recently Issued Accounting Guidance In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) as Accounting Standards Codification (“ASC”) Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB voted to defer the effective date by one year to annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 and early adoption is permitted. This ASU shall still be applied using either a full retrospective or modified retrospective approach. We are in the process of evaluating the impact of this standard on our consolidated financial statements and the impact is unknown at this time. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We adopted this ASU in the interim period ended March 31, 2016 and its adoption did not have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU 2015-15, “Interest—Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, which clarifies ASU No. 2015-03 by stating that the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-03 and ASU 2015-15 are effective for periods beginning after December 15, 2015 and early adoption is permitted. We adopted this ASU on January 1, 2016 and retrospectively applied the guidance to our secured debt, excluding the Amended KeyBank Credit Facility. Unamortized debt issuance costs, which were previously included in debt issuance costs on our consolidated balance sheets, of approximately $0.2 million, are included in secured debt as of December 31, 2015. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which amends the guidance on accounting for leases. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU 2016-02, lessor accounting is largely unchanged. It also includes extensive amendments to the disclosure requirements. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not yet been made available for issuance. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are in the process of evaluating the impact of this standard on our consolidated financial statements and the impact is unknown at this time.

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Facilities	Note 3. Real Estate Facilities The following summarizes the activity in real estate facilities during the six months ended June 30, 2016: Real estate facilities Balance at December 31, 2015 $ 156,244,550 Facility acquisitions 436,146,451 Impact of foreign exchange rate changes 3,666,459 Improvements and additions 2,484,450 Balance at June 30, 2016 $ 598,541,910 Accumulated depreciation Balance at December 31, 2015 $ (3,755,709 ) Depreciation expense and impact of foreign exchange rate changes (3,865,873 ) Balance at June 30, 2016 $ (7,621,582 ) The following table summarizes the preliminary purchase price allocation for our acquisitions during the six months ended June 30, 2016: Property Acquisition Real Estate Intangibles Total (1) Debt Issued or Allocation 2016 (2) 2016 (3) Boynton Beach - FL 1/7/16 $ 17,164,000 $ 736,000 $ 17,900,000 $ — $ — $ 662,087 $ 390,027 Lancaster - CA 1/11/16 4,445,000 205,000 4,650,000 — — 310,423 172,309 Milton - ONT (4) 2/11/16 9,026,972 463,364 9,490,336 4,820,717 262,621 351,556 206,038 Burlington I – ONT (4) 2/11/16 13,969,287 486,389 14,455,676 6,917,254 279,170 376,082 221,909 Oakville I - ONT (4) 2/11/16 15,717,232 — 15,717,232 7,243,413 — 27,343 (97,153 ) Oakville II - ONT (4) 2/29/16 11,889,390 895,219 12,784,609 7,392,762 — 349,087 221,263 Burlington II - ONT (4) 2/29/16 8,049,568 532,692 8,582,260 4,962,733 — 254,981 152,586 Xenia - OH 4/20/16 3,000,000 210,000 3,210,000 — — 91,128 56,435 Sidney - OH 4/20/16 1,750,000 140,000 1,890,000 — — 66,323 34,154 Troy - OH 4/20/16 3,030,000 180,000 3,210,000 — — 89,132 53,304 Greenville - OH 4/20/16 1,790,000 140,000 1,930,000 — — 67,064 36,485 Washington Court House - OH 4/20/16 2,120,000 170,000 2,290,000 — — 74,837 41,527 Richmond - IN 4/20/16 3,310,000 200,000 3,510,000 — — 93,110 50,993 Connersville - IN 4/20/16 1,830,000 130,000 1,960,000 — — 62,046 31,986 Port St. Lucie - FL 4/29/16 8,930,000 370,000 9,300,000 — — 135,625 69,498 Sacramento - CA 5/9/16 7,820,000 330,000 8,150,000 — — 117,330 50,329 Oakland - CA 5/18/16 12,940,000 510,000 13,450,000 10,000,000 200,000 156,817 85,018 Concord - CA 5/18/16 35,980,000 1,180,000 37,160,000 10,000,000 560,000 314,694 208,032 Pompano Beach - FL 6/1/16 17,896,855 680,000 18,576,855 13,714,676 — 84,113 43,360 Lake Worth - FL 6/1/16 22,374,525 690,000 23,064,525 11,089,560 — 112,148 75,733 Jupiter - FL 6/1/16 26,075,993 850,000 26,925,993 12,469,383 — 143,402 96,960 Royal Palm Beach - FL 6/1/16 23,163,788 840,000 24,003,788 12,097,235 — 128,222 81,837 Port St. Lucie - FL 6/1/16 13,986,635 520,000 14,506,635 7,280,380 — 82,012 44,981 Wellington - FL 6/1/16 21,136,510 780,000 21,916,510 10,644,805 — 120,371 73,918 Doral - FL 6/1/16 24,068,715 770,000 24,838,715 12,081,860 — 116,814 61,131 Plantation - FL 6/1/16 35,288,783 1,030,000 36,318,783 15,624,241 — 170,438 109,962 Naples - FL 6/1/16 24,923,615 750,000 25,673,615 13,504,110 — 118,275 81,392 Delray - FL 6/1/16 29,807,488 980,000 30,787,488 11,160,313 — 159,097 116,347 Baltimore - MD 6/1/16 27,517,095 770,000 28,287,095 15,333,437 — 139,364 95,416 Sonoma - CA 6/14/16 7,145,000 280,000 7,425,000 — — 30,950 10,066 Total $ 436,146,451 $ 15,818,664 $ 451,965,115 $ 186,336,879 $ 1,301,791 $ 5,004,871 $ 2,875,843 (1) 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. (2) The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date. (3) Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. (4) Allocation based on CAD/USD exchange rates as of date of acquisition. The purchase price allocations included above are preliminary and therefore, subject to change upon the completion of our analysis of appraisals and other information related to the acquisitions. We anticipate finalizing the purchase price allocations within one year of their acquisition date, as further evaluations are completed and additional information is received from third parties. We incurred acquisition fees to our Advisor related to the above property acquisitions of approximately $7.9 million for the six months ended June 30, 2016.

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Pro Forma Financial Information (Unaudited)	Note 4. 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 six months ended June 30, 2016, and 2015 as if the Company’s acquisitions were completed as of January 1, 2015. 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. For the six months ended June 30, 2016 June 30, 2015 Pro forma revenue $ 26,533,330 $ 25,490,597 Pro forma operating expenses 30,212,159 29,742,503 Pro forma net loss attributable to common stockholders (9,307,525 ) (16,176,963 ) The pro forma financial information for the six months ended June 30, 2016 and 2015 were adjusted to exclude approximately $10.6 million and $2.9 million, respectively, for acquisition related expenses.

Secured Debt

Secured Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Secured Debt	Note 5. Secured Debt Amended KeyBank Credit Facility On December 22, 2015, we, through our Operating Partnership, and certain affiliated entities, entered into an amended and restated revolving credit facility (the “Amended KeyBank Credit Facility”) with KeyBank National Association (“KeyBank”), as administrative agent and KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and Texas Capital Bank, N.A., and Comerica Bank as co-lenders. The Amended KeyBank Credit Facility replaced our term credit facility with KeyBank in which we had a maximum borrowing capacity of approximately $71.3 million. Under the terms of the Amended KeyBank Credit Facility, we initially had a maximum borrowing capacity of $105 million. It is anticipated that the Amended KeyBank Credit Facility will be used to fund our future self storage property acquisitions. The Amended KeyBank Credit Facility may be increased to a maximum credit facility size of $500 million, in minimum increments of $10 million, which KeyBank will arrange on a best efforts basis. On February 18, 2016, we entered into a first amendment and joinder to amended and restated credit agreement (the “First Amendment”) with KeyBank. Under the terms of the First Amendment, we added an additional $40 million to our maximum borrowing capacity for a total of $145 million with the admission of US Bank National Association (the “Subsequent Lender”). It is anticipated that the additional borrowing capacity will be used to fund our future self storage property acquisitions. The Subsequent Lender also became a party to the Amended KeyBank Credit Facility through a joinder agreement in the First Amendment. The Amended KeyBank Credit Facility is a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the Amended KeyBank Credit Facility (the “Amended Credit Agreement”). Payments due pursuant to the Amended KeyBank Credit Facility are interest-only for the first 36 months and a 30-year amortization schedule thereafter. The Amended KeyBank Credit Facility bears interest based on the type of borrowing. The ABR Loans bear interest at the lesser of (x) the Alternate Base Rate (as defined in the Amended Credit Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the Amended Credit Agreement). The Eurodollar Loans bear interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Amended Credit Agreement). The Applicable Rate corresponds to our total leverage, as specified in the Amended Credit Agreement. For any ABR Loans, the Applicable Rate is 125 basis points if our total leverage is less than 50%, and 150 basis points if our leverage is greater than 50%. For any Eurodollar Loan, the Applicable Rate is 225 basis points if our total leverage is less than 50% and 250 basis points if our total leverage is greater than 50%. As of June 30, 2016 the effective interest rate on our Amended KeyBank Credit Facility was 2.72%. The Amended KeyBank Credit Facility is fully recourse and is secured by cross-collateralized first mortgage liens on 38 Mortgaged Properties (as defined in the Amended Credit Agreement). The Amended KeyBank Credit Facility may be prepaid or terminated at any time without penalty, provided, however, that the Lenders (as defined in the Amended Credit Agreement) shall be indemnified for any breakage costs. Pursuant to that certain guaranty (the “KeyBank Guaranty”), dated December 22, 2015, in favor of the Lenders, we serve as a guarantor of all obligations due under the Amended KeyBank Credit Facility. Under certain conditions, the Borrower may cause the release of one or more of the properties serving as collateral for the Amended KeyBank Credit Facility, provided that no default or event of default is then outstanding or would reasonably occur as a result of such release, and after taking into account any prepayment of outstanding Loans (as defined in the Amended Credit Agreement) necessary to maintain compliance with the financial covenants. The Amended KeyBank Credit Facility contains a number of other customary terms and covenants, including the following (capitalized terms are as defined in the Amended Credit Agreement): the aggregate borrowing base availability under the Amended KeyBank Facility 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 not at any time to be less than the Base Amount plus 80% of Net Equity Proceeds received after the Effective Date; (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 60%; and (7) a Debt Service Coverage Ratio of not less than 1.35 to 1.0. Additionally, on May 25, 2016, our Operating Partnership purchased an interest rate swap with a notional amount of $180 million, such that in no event will our interest rate exceed 3.75% thereon through December 31, 2016. As of June 30, 2016, the outstanding principal balance under the Amended KeyBank Facility was $90 million. As of December 31, 2015, the outstanding principal balance under the Amended KeyBank Facility was $10.0 million. The KeyBank Property Loan On March 25, 2016, one of our subsidiaries executed purchase and sale agreements with unaffiliated third parties for the acquisition of 22 self storage facilities (10 in Florida, 11 in North Carolina, and one in Maryland), four parcels of land adjacent to the North Carolina properties and one redevelopment property in North Carolina (the “27 Property Portfolio”). On June 1, 2016 we closed on 11 self storage facilities in Florida and Maryland for approximately $275 million representing the first phase (“First Phase”) of the 27 Property Portfolio. On June 1, 2016, we, through certain affiliated entities (collectively, the “Borrower”) entered into a credit agreement (the “Property Loan Agreement”) for a secured loan in the amount of $105 million (the “KeyBank Property Loan”) with KeyBank, as administrative agent, KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and the lenders party thereto. The Borrower borrowed $105 million in connection with the purchase of the properties in the First Phase of the 27 Property Portfolio. The KeyBank Property Loan is a term loan facility that has a maturity date of December 31, 2016. We intend to repay the KeyBank Property Loan with net proceeds from our Offering, a draw down on the Amended KeyBank Credit Facility or other potential debt financing. Payments due under the KeyBank Property Loan are interest-only due on the first day of each month. The KeyBank Property Loan bears interest based on the type of borrowing elected by the Borrower. An ABR Borrowing bears interest at the lesser of (x) the Alternate Base Rate (as defined in the Property Loan Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the Property Loan Agreement). A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Property Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Property Loan Agreement). The Applicable Rate means 225 basis points for any Eurodollar Borrowing and 125 basis points for any ABR Borrowing. The Borrower elected a Eurodollar Borrowing. The Borrower paid certain fees to the lenders in connection with the KeyBank Property Loan. The KeyBank Property Loan is fully recourse, jointly and severally, to us and the Borrower and is secured by cross-collateralized first mortgage liens on 11 Mortgaged Properties (as defined in the Property Loan Agreement), which are the same properties acquired in the First Phase of the 27 Property Portfolio. The Borrower may prepay the KeyBank Property Loan at any time, without penalty, in whole or in part, with an exit fee payable under certain circumstances. Pursuant to that certain guaranty (the “Property Loan Guaranty”), dated June 1, 2016, in favor of the lenders, we serve as the guarantor of all obligations due under the Property Loan Agreement. The Property Loan Agreement contains a number of other customary terms and covenants, including the following (capitalized terms are as defined in the Property Loan Agreement) financial tests the Borrower must maintain, on a consolidated basis in accordance with GAAP: (i) a Loan to Value Ratio of not greater than fifty five percent (55%); (ii) a Pool Debt Yield of at least ten and one half percent (10.5%), tested as of September 30, 2016 and as of the close of each fiscal quarter thereafter. Throughout the terms of the Property Loan Agreement, we shall have and maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: (i) a total Leverage Ratio no greater than sixty percent (60%); (ii) a Tangible Net Worth not at any time to be less than approximately $260 million, plus eighty-five percent (85%) of the Net Equity Proceeds received after the Effective Date; (iii) an Interest Coverage Ratio of not less than 1.85:1.00; (iv) a Fixed Charge Ratio of not less than 1.60:1.00; and (v) a ratio of the Indebtedness that bears interest at a varying rate of interest or that does not have the interest rate fixed, capped or swapped pursuant to a hedging agreement to the sum of the Indebtedness, not in excess of thirty percent (30%). As of June 30, 2016, the outstanding principal balance under the KeyBank Property Loan was $105 million and the effective interest rate was 2.72%. The KeyBank Subordinate Loan On June 1, 2016, in conjunction with the acquisition of the First Phase of the 27 Property Portfolio, we entered into a credit agreement (the “Subordinate Loan Agreement”) in which we borrowed $30 million (the “KeyBank Subordinate Loan”) with KeyBank, as administrative agent, KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and the lenders party thereto. The KeyBank Subordinate Loan is a term loan facility that has a maturity date of December 31, 2016. We intend to repay the KeyBank Subordinate Loan with net proceeds from our Offering, a draw down on the Amended KeyBank Credit Facility or other potential debt financing. Payments due pursuant to the KeyBank Subordinate Loan are interest-only due on the first day of each month. The KeyBank Subordinate Loan bears interest based on the type of borrowing elected by us. An ABR Borrowing bears interest at the lesser of (x) the Alternate Base Rate (as defined in the Subordinate Loan Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the Subordinate Loan Agreement). A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Subordinate Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Subordinate Loan Agreement). The Applicable Rate means 563 basis points for any Eurodollar Borrowing and 463 basis points for any ABR Borrowing. We elected a Eurodollar Borrowing. We paid certain fees to the lenders in connection with the KeyBank Subordinate Loan. The KeyBank Subordinate Loan is non-recourse and unsecured. We may prepay the KeyBank Subordinate Loan at any time, without penalty, in whole or in part, with an exit fee payable under certain circumstances. The KeyBank Subordinate Loan contains a number of other customary terms and covenants, including the following (capitalized terms are as defined in the Subordinate Loan Agreement) financial tests we must maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: (i) a Total Leverage Ratio no greater than sixty percent (60%); (ii) a Tangible Net Worth not at any time to be less than approximately $260 million, plus eighty-five percent (85%) of the Net Equity Proceeds received after the Effective Date; (iii) an Interest Coverage Ratio of not less than 1.85:1.00; (iv) a Fixed Charge Ratio of not less than 1.60:1.00; and (v) a ratio of the Indebtedness that bears interest at a varying rate of interest or that does not have the interest rate fixed, capped or swapped pursuant to a hedging agreement to the sum of the Indebtedness, not in excess of thirty percent (30%). It will be an event of default under the Subordinate Loan Agreement if an event of default is in existence under our Amended KeyBank Credit Facility or under the Property Loan Agreement. As of June 30, 2016, the outstanding principal balance under the KeyBank Subordinate Loan was $30 million and the effective interest rate was 6.1%. Assumption of Debt Related to the Oakland Properties In connection with the acquisition of properties in Oakland and Concord, California (the “Oakland Properties”) on May 18, 2016, we, through two special purpose entities formed to acquire and hold the Oakland Properties, assumed a loan with USAmeriBank (“USAmeribank”). We assumed the renewal promissory note dated October 28, 2015 in favor of USAmeriBank in the principal amount of $20 million (the “Oakland Loan”) that is secured by the Oakland Properties. The Oakland Loan accrues interest at a rate equal to the 30-day LIBOR Rate (as defined in the promissory note) plus 2.0% per annum. The Oakland Loan matures on April 10, 2023. In connection with the Oakland Loan, we also assumed an interest rate swap with USAmeriBank that fixes the interest rate at 3.95% and that will expire on April 10, 2023. In conjunction with the preliminary purchase accounting, the interest rate swap was valued at approximately $760,000 and recorded as a debt premium. From the date of acquisition through June 30, 2016, the interest rate swap’s liability position has increased approximately $0.4 million which is recorded in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The characteristics of this financial instrument, market data, and other comparative metrics utilized in determining this fair value are “Level 2” inputs as the term is defined in the accounting standard for fair value measurement. As of June 30, 2016, the outstanding principal balance under the Oakland Loan was $20 million. Additional Secured Debt The components of our remaining secured debt, are summarized as follows: June 30, 2016 December 31, 2015 Fixed Rate Debt Loans with banks bearing interest at fixed rates between 5.73% and 5.98%. The loans are secured by self storage facilities. Principal and interest payments are made monthly with all outstanding principal and interest due between October 2018 and September 2023. Approximately $10.3 million of these loans are denominated in Canadian dollars $ 22,613,950 $ 12,437,841 Variable Rate Debt Canadian dollar denominated loans with banks bearing floating interest rates based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). Interest rates based on Canadian Prime are Canadian Prime plus 1.75%. Interest rates based on CDOR have a spread between 2.5% and 4.05%. The loans are secured by storage facilities. Payments are made monthly with all outstanding principal and interest due between December 2017 and February 2021 22,918,708 — Total additional secured debt 45,532,658 12,437,841 Amended KeyBank Credit Facility 90,000,000 10,000,000 KeyBank Property Loan 105,000,000 — KeyBank Subordinate Loan 30,000,000 — Oakland Loan 20,000,000 — Premium on secured debt, net 1,997,648 799,396 Debt issuance costs, net (2,403,694 ) (207,462 ) Total $ 290,126,612 $ 23,029,775 As of June 30, 2016, we provided guarantees totaling approximately $42 million in connection with our loans. We are subject to certain restrictive covenants relating to the outstanding secured debt. The following table presents the future principal payment requirements on outstanding secured debt as of June 30, 2016: 2016 $ 135,268,809 2017 8,387,138 2018 103,340,850 2019 965,708 2020 994,414 2021 and thereafter 41,575,739 Total payments 290,532,658 Premium on secured debt, net 1,997,648 Debt issuance costs, net (2,403,694 ) Total $ 290,126,612

Preferred Equity

Preferred Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Preferred Equity	Note 6. Preferred Equity Issuance of Preferred Units by our Operating Partnership On November 3, 2014, we and our Operating Partnership entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement (the “Unit Purchase Agreement”) with the Preferred Investor, a wholly-owned subsidiary of SmartStop Self Storage Operating Partnership, L.P. Pursuant to the Unit Purchase Agreement, the Preferred Investor agreed to provide up to $65 million through a preferred equity investment in our Operating Partnership (the “Preferred Equity Investment”), to be used solely for investments in self storage properties, as described in the underlying documents, in exchange for up to 2.6 million preferred units of limited partnership interest of our Operating Partnership (the “Preferred Units”), each having a liquidation preference of $25.00 per Preferred Unit (the “Liquidation Amount”), plus all accumulated and unpaid distributions. In addition to the Unit Purchase Agreement, we and our Operating Partnership entered into a Second Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Second Amended and Restated Limited Partnership Agreement”) and Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement (the “Amendment”). The Second Amended and Restated Limited Partnership Agreement authorizes the issuance of additional classes of units of limited partnership interest in the Operating Partnership, establishes a new series of preferred units of limited partnership interest in the Operating Partnership and sets forth other necessary corresponding changes. All other terms of the Second Amended and Restated Limited Partnership Agreement remained substantially the same. The Amendment sets forth key terms of the Preferred Units, some of which are discussed below. In a number of transactions, the Preferred Investor invested a total of $59.5 million in our Operating Partnership and was issued approximately 2.4 million preferred units. As of December 31, 2015, we had redeemed all of the Preferred Units. The holders of the Preferred Units received current distributions (the “Current Distributions”) at a rate of a one-month LIBOR plus 6.5% per annum on the Liquidation Amount, payable monthly and calculated on an actual/360 basis. In addition to the Current Distributions, our Operating Partnership had the obligation to elect either (A) to pay the holder of the Preferred Units additional distributions monthly in an amount equal to: (i) 4.35% per annum of the Liquidation Amount through March 31, 2017; and (ii) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount or (B) defer the additional distributions ( the “Deferred Distributions”) in an amount that accumulated monthly in an amount equal to (i) LIBOR plus 10.85% of the Deferred Distributions through March 31, 2017; and (ii) beginning April 1, 2017, LIBOR plus 12.85% of the Deferred Distributions.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
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 our Offering. Organization and offering costs consist of all expenses (other than sales commissions, the dealer manager fees and stockholder servicing fees) 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 organization and 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. Advisory Agreement We 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. We are required under our Advisory Agreement to reimburse our Advisor for organization and offering costs; provided, however, our Advisor is required to 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, dealer manager fees and stockholder servicing fees) in excess of 3.5% of the gross offering 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, stockholder servicing fees and organization and offering expenses, are in excess of 15% of gross proceeds from the Offering. Our Advisor receives acquisition fees equal to 1.75% of the contract purchase price of each property we acquire plus reimbursement of any acquisition expenses incurred by our Advisor. Our Advisor also receives a monthly asset management fee equal to 0.05208%, which is one-twelfth of 0.625%, of our aggregate asset value, as defined. Under our Advisory Agreement, our Advisor receives disposition fees in an amount equal to the lesser of (i) one-half of the competitive real estate commission or (ii) 1% of the contract sale price for each property we sell, as long as our Advisor provides substantial assistance in connection with the sale. The total real estate commissions paid (including the disposition fee paid to our Advisor) may not exceed the lesser of a competitive real estate commission or an amount equal to 6% of the contract sale price of the property. Our Advisor is also entitled to various subordinated distributions pursuant to our Operating Partnership Agreement if we (1) list our shares of common stock on a national exchange, (2) terminate our Advisory Agreement (other than a voluntary termination), (3) liquidate our portfolio, or (4) enter into an Extraordinary Transaction, as defined in the Operating Partnership Agreement. Our Advisory Agreement provides for reimbursement of our Advisor’s direct and indirect costs of providing administrative and management services to us. Beginning four fiscal quarters after we acquired our first real estate asset, our Advisor is required to 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. Our aggregate annual operating expenses, as defined, did not exceed the thresholds described above. Dealer Manager Agreement Our Dealer Manager receives a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Dealer Manager Agreement. In addition, our Dealer Manager receives an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminates; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Dealer Manager has entered into participating dealer agreements with certain other broker-dealers which authorizes them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allows all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager may also re-allow to these broker-dealers a portion of their 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 receives 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 in connection with our Offering, may not exceed 3% of gross offering proceeds from sales in the Offering. Affiliated Dealer Manager Our Chief Executive Officer and President owned, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager through August 31, 2014. Effective, August 31, 2014, SmartStop indirectly owned the 15% non-voting equity interest in our Dealer Manager, pursuant to the Self Administration and Investment Management Transaction. Effective October 1, 2015, in connection with the Merger, the 15% non-voting equity interest in our Dealer Manager is now owned by our Sponsor. An affiliate of our Dealer Manager continues to own a 2.5% non-voting membership interest in our Advisor. Property Management Agreement Through September 30, 2015, each of our self storage properties was managed by our Property Manager under separate property management agreements. Under each agreement, our Property Manager received a fee for its services in managing our properties, generally equal to the greater of $3,000 or 6% of the gross revenues from the properties plus reimbursement of the Property Manager’s costs of managing the properties. Reimbursable costs and expenses included wages and salaries and other expenses of employees engaged in operating, managing and maintaining our properties. Our Property Manager also received a one-time fee for each property acquired by us that was managed by our Property Manager in the amount of $3,750. In the event that our Property Manager assisted with the development or redevelopment of a property, we paid a separate market-based fee for such services. In addition, our Property Manager was entitled to a construction management fee equal to 5% of the cost of construction or capital improvement work in excess of $10,000 and an administration fee equal to $0.50 a month for each insurance policy purchased by a tenant at one of our properties in connection with the tenant insurance program. Additionally, each agreement included a non-solicitation provision and a provision regarding the Property Manager’s use of trademarks and other intellectual property owned by SmartStop. As of October 1, 2015, each of our self storage properties located in the United States are subject to separate property management agreements with our Property Manager, which in turn has entered into sub-property management agreements with an affiliate of Extra Space, which provides on-site management of our properties. Such agreements were entered into effective on October 1, 2015. Under the property management agreements, our Property Manager receives a monthly management fee of $2,500 or 6% of the gross revenues, whichever is greater, plus reimbursement of the Property Manager’s costs of managing the properties. Extra Space agreed to pay up to $25,000 for each property managed toward the signage and set-up costs associated with converting each property to the Extra Space brand (the “Set-Up Amount”). The property management agreements have a three year term and automatically renew for successive one year periods thereafter, unless we or our Property Manager provides prior written notice at least 90 days prior to the expiration of the term. We may terminate a property management agreement without cause at any time during the initial three year term if we pay the Property Manager a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term. After the end of the initial three year term, we may terminate a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager may terminate a property management agreement on 60 days prior written notice to us. The sub-property management agreements between our Property Manager and Extra Space are substantially the same as the property management agreements between us and our Property Manager. Under the sub-property management agreements, our Property Manager pays Extra Space a monthly management fee of $2,500 or 6% of the gross revenues, whichever is greater, plus reimbursement of Extra Space’s costs of managing the properties; provided, however that no management fee is due and payable to Extra Space for the months of January and July each year during the term. Extra Space has the exclusive right to offer tenant insurance to the tenants and is entitled to all of the benefits of such tenant insurance. The sub-property management agreements also have a three year term and automatically renew for successive one year periods thereafter, unless our Property Manager or Extra Space provides prior written notice at least 90 days prior to the expiration of the term. Our Property Manager may terminate the sub-property management agreement without cause at any time during the initial three year term if it pays Extra Space a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term. After the end of the initial three year term, our Property Manager may terminate a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space may terminate a property management agreement on 60 days prior written notice to our Property Manager. In addition, we entered into an agreement with Extra Space and our Property Manager in which we agreed that, subject to certain limitations, our Property Manager will retain Extra Space as sub-property manager for all self storage properties we acquire in the United States that will be managed by our Property Manager. Our self storage properties located in Canada are subject to separate property management agreements with our Property Manager, which are substantially similar to our property management agreements for our properties in the United States prior to September 30, 2015, except there is an agreement to share net tenant insurance revenues equally between us and our Property Manager. Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2015 and the six months ended June 30, 2016, as well as any related amounts payable as of December 31, 2015 and June 30, 2016: Year Ended December 31, 2015 Six Months Ended June 30, 2016 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 1,200,003 $ 1,988,533 $ 47,971 $ 345,753 $ 168,974 $ 224,750 Asset management fees 865,757 888,011 — 939,023 939,023 — Property management fees (1) 1,259,135 1,306,422 — 976,564 966,975 9,589 Acquisition expenses 2,776,679 3,479,712 — 8,256,031 8,256,031 — Capitalized Deferred financing costs 214,006 655,879 — — — — Other assets 77,556 539,048 — — — — Additional Paid-in Capital Selling commissions 14,761,271 14,761,271 — 13,978,092 13,978,092 — Dealer Manager fee 3,690,318 3,535,685 160,512 4,225,158 4,327,687 57,983 Offering costs 319,882 2,125,798 — 233,582 233,582 — Total $ 25,164,607 $ 29,280,359 $ 208,483 $ 28,954,203 $ 28,870,364 $ 292,322 (1) During the year ended December 31, 2015, property management fees included approximately $0.3 million of fees paid to the sub-property manager of our properties. During the six months ended June 30, 2016, property management fees included approximately $0.9 million of fees paid to the sub-property manager of our properties. Extra Space Self Storage In connection with the Merger of SmartStop into Extra Space, certain of our executive officers, including H. Michael Schwartz, Paula Mathews, Michael McClure and James Berg, received units of limited partnership interest in Extra Space Storage LP, the operating partnership for Extra Space, in exchange for units of limited partnership of SmartStop Self Storage Operating Partnership, L.P., the operating partnership for SmartStop, owned by such executives. Tenant Protection Plan During the first quarter of 2016, in connection with our acquisitions of properties located in Canada, our board of directors approved our participation in a tenant protection plan pursuant to which we will receive 50% of the net revenues generated for each tenant protection plan purchased by a customer at our Canadian properties and our Property Manager will receive the other 50% of such net revenues.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Distribution Reinvestment Plan We have adopted an amended and restated distribution reinvestment plan that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. On April 21, 2016, the purchase price per share became equivalent to our estimated value per share of $10.09. We may amend or terminate the amended and restated distribution reinvestment plan for any reason at any time upon 10 days’ prior written notice to stockholders. No sales commissions or dealer manager fee will be paid on shares sold through the amended and restated distribution reinvestment plan. As of June 30, 2016 we had sold approximately 0.5 million shares through our distribution reinvestment plan offering for Class A Shares and approximately 21,000 shares for our Class T Shares. Share Redemption Program We adopted a share redemption program that enables stockholders to sell their shares to us in limited circumstances. As long as our common stock is not listed on a national securities exchange or over-the-counter market, our stockholders who have held their stock for at least one year may be able to have all or any portion of their shares of stock redeemed by us. We may redeem the shares of stock presented for redemption for cash to the extent that we have sufficient funds available to fund such redemption. Our board of directors may amend, suspend or terminate the share redemption program with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders. The complete terms of our share redemption program are described in our prospectus. The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount At any time we are engaged in an offering of shares, the Redemption Amount for shares purchased under our share redemption program will always be equal to or lower than the applicable per share offering price. As long as we are engaged in an offering, the Redemption Amount shall be the lesser of the amount the stockholder paid for their shares or the price per share in the current Offering. If we are no longer engaged in an offering, the per share Redemption Amount will be determined by our board of directors. Our board of directors will announce any redemption price adjustment and the time period of its effectiveness as a part of its regular communications with our stockholders. At any time the redemption price during an offering is determined by any method other than the offering price, if we have sold property and have made one or more special distributions to our stockholders of all or a portion of the net proceeds from such sales, the per share redemption price will be reduced by the net sale proceeds per share distributed to investors prior to the redemption date as a result of the sale of such property in the special distribution. Our board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While our board of directors does not have specific criteria for determining a special distribution, we expect that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds. There are several limitations on our ability to redeem shares under the share redemption program including, but not limited to: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” (as defined under the share redemption program) or bankruptcy, we may not redeem shares until the stockholder has held his or her shares for one year. • During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year. • The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan. • We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. For the six months ended June 30, 2016, we received redemption requests for an aggregate of approximately 71,300 shares (approximately $690,000), $530,000 of which was fulfilled in April 2016 and $160,000 of which was included in accounts payable and accrued liabilities as of June 30, 2016 and fulfilled in July 2016. For the six months ended June 30, 2015, we received one redemption request for 1,750 (approximately $17,500) shares which was fulfilled in July 2015. 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. 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 Advisor is acting as our advisor under the Advisory Agreement. Other Contingencies From time to time, we are party to legal proceedings that arise in the ordinary course of our business. We are not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

Declaration of Distributions

Declaration of Distributions	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Declaration of Distributions	Note 9. Declaration of Distributions On June 9, 2016, our board of directors declared a distribution rate for the third quarter of 2016 of $0.00163934426 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on July 1, 2016 and continuing on each day thereafter through and including September 30, 2016. Such distributions payable to each stockholder of record during a month will be paid on such date of the following month as our Chief Executive Officer may determine.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	6 Months Ended
	Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Note 10. Selected Quarterly Data (Unaudited) The following is a summary of quarterly financial information for the periods shown below: Three months ended June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Total revenues $ 4,488,212 $ 5,053,724 $ 5,356,983 $ 6,234,589 $ 9,799,189 Total operating expenses $ 5,613,146 $ 5,989,195 $ 5,454,605 $ 10,048,926 $ 18,708,719 Operating loss $ (1,124,934 ) $ (935,471 ) $ (97,622 ) $ (3,814,337 ) $ (8,909,530 ) Net loss $ (1,990,815 ) $ (1,854,575 ) $ (1,511,945 ) $ (4,508,654 ) $ (10,729,510 ) Net loss attributable to common stockholders $ (4,037,637 ) $ (3,739,454 ) $ (2,534,121 ) $ (4,505,204 ) $ (10,724,129 ) Net loss per Class A Share-basic and diluted $ (1.36 ) $ (0.82 ) $ (0.18 ) $ (0.17 ) $ (0.27 ) Net loss per Class T Share-basic and diluted $ — $ — $ (0.18 ) $ (0.17 ) $ (0.27 )

Potential Acquisitions

Potential Acquisitions	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Potential Acquisitions	Note 11. Potential Acquisitions Potential Acquisition of Second Phase of 27 Property Portfolio On March 25, 2016, one of our subsidiaries executed purchase and sale agreements with unaffiliated third parties for the acquisition of the 27 Property Portfolio. The purchase price for the 27 Property Portfolio is approximately $371 million, plus closing costs and acquisition fees. On June 1, 2016 we closed on the First Phase of the 27 Property Portfolio consisting of 11 self storage facilities in Florida and Maryland for approximately $275 million. We expect the acquisition of the remaining properties in the 27 Property Portfolio to close in the third quarter of 2016. We expect to fund the purchase of the additional properties in the 27 Property Portfolio with a combination of proceeds from our Offering, drawdown on our existing credit facility, and an assumption of existing debt on certain of the remaining properties. There can be no assurance that we will complete the acquisition. If we fail to acquire the remaining properties in the 27 Property Portfolio, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result. Potential Acquisition—Pollock Drive—Las Vegas, Nevada On May 10, 2016, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of a storage facility located in Las Vegas, Nevada (the “Pollock Drive Property”). The purchase price for the Pollock Drive Property is approximately $14.2 million, plus closing costs and acquisition fees. We expect to close on the acquisition of the Pollock Drive Property in the third quarter of 2016 and to fund such acquisition with net proceeds from our Offering and a draw down on the Amended KeyBank Credit Facility. There can be no assurance that we will complete the acquisition. If we fail to acquire the Pollock Drive Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events Acquisition—Silverado Ranch Road—Las Vegas, Nevada On July 28, 2016, we purchased a self storage facility (the “Silverado Ranch Road Property”), located in Las Vegas Nevada. We acquired the Silverado Ranch Road Property from an unaffiliated third party for a purchase price of approximately $13.9 million, plus closing costs and acquisition fees. Our Advisor earned approximately $245,000 in acquisition fees in connection with this acquisition. We financed the acquisition of the Silverado Ranch Road Property with net proceeds from our Offering. KeyBank CMBS Loan On July 28, 2016, we, through 29 special purpose entities wholly owned by our Operating Partnership, entered into a loan agreement with KeyBank in which we borrowed $95 million from KeyBank (the “CMBS Loan”). Pursuant to the loan agreement, the collateral under the loan consists of our respective fee interests in 29 self storage properties (the “Mortgaged Properties”). The proceeds of the CMBS Loan were primarily used to pay down our Amended KeyBank Credit Facility, after which the Mortgaged Properties were released as collateral under the Amended KeyBank Credit Facility. The CMBS Loan has an initial term of ten years, maturing on August 1, 2026. In connection with the CMBS Loan, we entered into two promissory notes, dated July 28, 2016, in the amounts of $70 million and $25 million (the “Promissory Notes”). Monthly payments due under the Promissory Notes are interest-only for the first five years and payments reflecting a 30-year The CMBS Loan is secured by first mortgage liens or deeds of trusts on the Mortgaged Properties, an assignment of all leases/rents, perfected first priority security interests in all personal property, escrows, reserves and a cash management account. In addition, we have provided a guaranty (the “KeyBank Guaranty”), dated July 28, 2016, in favor of KeyBank, in which we serves as a guarantor of all obligations due under the Loan Agreement. The CMBS Loan may be prepaid with payment of a yield maintenance premium only during the period commencing on the third anniversary of the first monthly payment and ending two years after the completion of securitization of the Promissory Notes by KeyBank. If KeyBank securitizes the Promissory Notes within three years of the first monthly payment, the CMBS Loan may not be prepaid but may be repaid in whole or in part through a partial or full defeasance (releasing one or more of the Mortgaged Properties from the liens) beginning two years after the Promissory Notes are securitized. Potential Acquisition—West Sahara Ave –Las Vegas, Nevada On August 1, 2016, one of our subsidiaries executed a purchase and sale agreement with an unaffiliated third party for the acquisition of a storage facility located in Las Vegas, Nevada (the “West Sahara Ave Property”). The purchase price for the West Sahara Ave Property is approximately $9.3 million, plus closing costs and acquisition fees. We expect to close on the acquisition of the West Sahara Ave Property in the third quarter of 2016 and to fund such acquisition with net proceeds from our Offering and a drawdown on the Amended KeyBank Credit Facility. There can be no assurance that we will complete the acquisition. If we fail to acquire the West Sahara Ave Property, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result. Offering Status As of August 8, 2016, in connection with our Offering we have issued approximately 40.2 million Class A Shares of our common stock and approximately 3.9 million Class T Shares of our common stock for gross proceeds of approximately $403.6 million and approximately $38.7 million, respectively.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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.
Principles of Consolidation	Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation Considerations	Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a 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 June 30, 2016 and December 31, 2015, we had not entered into contracts/interests that would be deemed to be variable interests in VIEs.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP 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 will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. 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 the useful lives of real estate assets and intangibles.
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 will be 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 one of our loan agreements.
Real Estate Purchase Price Allocation	Real Estate Purchase Price Allocation We account for acquisitions in accordance with amended 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. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $15.8 million and approximately $7.5 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended June 30, 2016 and 2015, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the three months ended June 30, 2016 and 2015 we expensed approximately $7.8 million and $0.5 million, respectively, of acquisition-related transaction costs. During the six months ended June 30, 2016 and 2015, we expensed approximately $10.7 million and $2.9 million of acquisition-related transaction costs, respectively. Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we will report provisional amounts in our financial statements. During the measurement period, we will 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 will record those adjustments to our financial statements. We will recognize any measurement adjustments during the period in which we determine the amount of the adjustment to 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 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. For the six months ended June 30, 2016 and 2015, no impairment losses were recognized.
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 Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of tenant 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 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 30-35 years Site Improvements 7-10 years
Depreciation of Personal Property Assets	Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and 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 June 30, 2016 and December 31, 2015, the gross amounts allocated to in-place lease intangibles were approximately $25.2 million and $9.2 million, respectively, and accumulated amortization of in-place lease intangibles totaled approximately $10.0 million and $5.3 million, respectively.
Debt Issuance Costs	Debt Issuance Costs Costs incurred in connection with our revolving credit facility are presented as debt issuance costs on our consolidated balance sheets. Debt issuance costs are 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 June 30, 2016 and December 31, 2015, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $0.4 million and $16,000, respectively. Costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from secured debt (see Note 5).
Organizational and Offering Costs	Organizational and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We will be 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, dealer manager fees and stockholder servicing 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 our Offering (which occurred on May 23, 2014). 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. As of June 30, 2016, we do not believe total organization and offering costs will exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense.
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 accumulated other comprehensive income (loss) as a separate component of 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).
Redeemable Common Stock	Redeemable Common Stock We adopted a share redemption program that will enable stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheet since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can 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 are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheet. 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 will be contingently redeemable at the option of the holder. When we determine we have a mandatory obligation to repurchase shares under the share redemption program, we will reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the six months ended June 30, 2016, we received redemption requests for a total of approximately 71,300 shares (approximately $690,000), $530,000 of which was fulfilled in April 2016, with the remaining $160,000 included in accounts payable and accrued liabilities as of June 30, 2016 and fulfilled in July 2016. For the six months ended June 30, 2015, we received one redemption request for 1,750 shares (approximately $17,500) which was fulfilled in July 2015.
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 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 will 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 will 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 will be 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 will present will be 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 liabilities assumed related to our acquisitions. The fair values of these assets and liabilities 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 and liabilities as of the acquisition dates were derived using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, other assets, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates will approximate fair value because of the relatively short-term nature of these instruments. The table below summarizes our fixed rate notes payable at June 30, 2016 and December 31, 2015. 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 values of the fixed rate notes payable were 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. June 30, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 45,800,000 $ 44,611,598 $ 13,300,000 $ 13,237,237 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 derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income. The ineffective portion of the change in fair value of the derivatives are recognized directly in earnings. Amounts are reclassified out of other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated.
Foreign Currency Forward	Foreign Currency Forward During the first quarter of 2016, we entered into a foreign currency forward contract in order to hedge foreign currency exposure related to our investment in subsidiaries that hold properties we acquired in Canada. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. We have designated the foreign currency forward as a net investment hedge and changes in the fair value of the derivative are reported in other comprehensive income. The forward contract has a notional amount of $42.5 million CAD, a duration of 12 months, and a forward rate of approximately 1.339. As of June 30, 2016, the forward contract has a fair market value representing a liability of approximately $1.1 million USD which is recorded in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The characteristics of this financial instrument, market data, and other comparative metrics utilized in determining this fair value are “Level 2” inputs as the term is defined in the accounting standard for fair value measurement.
Noncontrolling Interest in Consolidated Entities	Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership in accordance with the related 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, are consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheet. The noncontrolling interest shall be attributed its 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, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to 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 are 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. Even if we continue to 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 filed elections to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes 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 to us for all periods presented are computed by dividing net income (loss) attributable to us by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share are computed by dividing net income (loss) attributable to us by the weighted average number of shares outstanding, adjusted for the dilutive effect of unvested restricted stock, utilizing the treasury stock method. For all periods presented the dilutive effect of unrestricted stock was not included in the dilutive weighted average shares as such shares were antidilutive.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) as Accounting Standards Codification (“ASC”) Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB voted to defer the effective date by one year to annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 and early adoption is permitted. This ASU shall still be applied using either a full retrospective or modified retrospective approach. We are in the process of evaluating the impact of this standard on our consolidated financial statements and the impact is unknown at this time. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We adopted this ASU in the interim period ended March 31, 2016 and its adoption did not have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU 2015-15, “Interest—Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, which clarifies ASU No. 2015-03 by stating that the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-03 and ASU 2015-15 are effective for periods beginning after December 15, 2015 and early adoption is permitted. We adopted this ASU on January 1, 2016 and retrospectively applied the guidance to our secured debt, excluding the Amended KeyBank Credit Facility. Unamortized debt issuance costs, which were previously included in debt issuance costs on our consolidated balance sheets, of approximately $0.2 million, are included in secured debt as of December 31, 2015. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which amends the guidance on accounting for leases. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU 2016-02, lessor accounting is largely unchanged. It also includes extensive amendments to the disclosure requirements. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not yet been made available for issuance. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are in the process of evaluating the impact of this standard on our consolidated financial statements and the impact is unknown at this time.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
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 30-35 years Site Improvements 7-10 years
Summary of Fixed Rate Notes Payable	The table below summarizes our fixed rate notes payable at June 30, 2016 and December 31, 2015. 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 values of the fixed rate notes payable were 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. June 30, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 45,800,000 $ 44,611,598 $ 13,300,000 $ 13,237,237

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Summary of Activity in Real Estate Facilities	The following summarizes the activity in real estate facilities during the six months ended June 30, 2016: Real estate facilities Balance at December 31, 2015 $ 156,244,550 Facility acquisitions 436,146,451 Impact of foreign exchange rate changes 3,666,459 Improvements and additions 2,484,450 Balance at June 30, 2016 $ 598,541,910 Accumulated depreciation Balance at December 31, 2015 $ (3,755,709 ) Depreciation expense and impact of foreign exchange rate changes (3,865,873 ) Balance at June 30, 2016 $ (7,621,582 )
Summary of Preliminary Purchase Price Allocation for Acquisitions	The following table summarizes the preliminary purchase price allocation for our acquisitions during the six months ended June 30, 2016: Property Acquisition Real Estate Intangibles Total (1) Debt Issued or Allocation 2016 (2) 2016 (3) Boynton Beach - FL 1/7/16 $ 17,164,000 $ 736,000 $ 17,900,000 $ — $ — $ 662,087 $ 390,027 Lancaster - CA 1/11/16 4,445,000 205,000 4,650,000 — — 310,423 172,309 Milton - ONT (4) 2/11/16 9,026,972 463,364 9,490,336 4,820,717 262,621 351,556 206,038 Burlington I – ONT (4) 2/11/16 13,969,287 486,389 14,455,676 6,917,254 279,170 376,082 221,909 Oakville I - ONT (4) 2/11/16 15,717,232 — 15,717,232 7,243,413 — 27,343 (97,153 ) Oakville II - ONT (4) 2/29/16 11,889,390 895,219 12,784,609 7,392,762 — 349,087 221,263 Burlington II - ONT (4) 2/29/16 8,049,568 532,692 8,582,260 4,962,733 — 254,981 152,586 Xenia - OH 4/20/16 3,000,000 210,000 3,210,000 — — 91,128 56,435 Sidney - OH 4/20/16 1,750,000 140,000 1,890,000 — — 66,323 34,154 Troy - OH 4/20/16 3,030,000 180,000 3,210,000 — — 89,132 53,304 Greenville - OH 4/20/16 1,790,000 140,000 1,930,000 — — 67,064 36,485 Washington Court House - OH 4/20/16 2,120,000 170,000 2,290,000 — — 74,837 41,527 Richmond - IN 4/20/16 3,310,000 200,000 3,510,000 — — 93,110 50,993 Connersville - IN 4/20/16 1,830,000 130,000 1,960,000 — — 62,046 31,986 Port St. Lucie - FL 4/29/16 8,930,000 370,000 9,300,000 — — 135,625 69,498 Sacramento - CA 5/9/16 7,820,000 330,000 8,150,000 — — 117,330 50,329 Oakland - CA 5/18/16 12,940,000 510,000 13,450,000 10,000,000 200,000 156,817 85,018 Concord - CA 5/18/16 35,980,000 1,180,000 37,160,000 10,000,000 560,000 314,694 208,032 Pompano Beach - FL 6/1/16 17,896,855 680,000 18,576,855 13,714,676 — 84,113 43,360 Lake Worth - FL 6/1/16 22,374,525 690,000 23,064,525 11,089,560 — 112,148 75,733 Jupiter - FL 6/1/16 26,075,993 850,000 26,925,993 12,469,383 — 143,402 96,960 Royal Palm Beach - FL 6/1/16 23,163,788 840,000 24,003,788 12,097,235 — 128,222 81,837 Port St. Lucie - FL 6/1/16 13,986,635 520,000 14,506,635 7,280,380 — 82,012 44,981 Wellington - FL 6/1/16 21,136,510 780,000 21,916,510 10,644,805 — 120,371 73,918 Doral - FL 6/1/16 24,068,715 770,000 24,838,715 12,081,860 — 116,814 61,131 Plantation - FL 6/1/16 35,288,783 1,030,000 36,318,783 15,624,241 — 170,438 109,962 Naples - FL 6/1/16 24,923,615 750,000 25,673,615 13,504,110 — 118,275 81,392 Delray - FL 6/1/16 29,807,488 980,000 30,787,488 11,160,313 — 159,097 116,347 Baltimore - MD 6/1/16 27,517,095 770,000 28,287,095 15,333,437 — 139,364 95,416 Sonoma - CA 6/14/16 7,145,000 280,000 7,425,000 — — 30,950 10,066 Total $ 436,146,451 $ 15,818,664 $ 451,965,115 $ 186,336,879 $ 1,301,791 $ 5,004,871 $ 2,875,843 (1) 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. (2) The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date. (3) Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. (4) Allocation based on CAD/USD exchange rates as of date of acquisition.

Pro Forma Financial Informati24

Pro Forma Financial Information (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Summary of Consolidated Results of Operations on Pro Forma Basis	The table set forth below summarizes on an unaudited pro forma basis the combined results of operations of the Company for the six months ended June 30, 2016, and 2015 as if the Company’s acquisitions were completed as of January 1, 2015. 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. For the six months ended June 30, 2016 June 30, 2015 Pro forma revenue $ 26,533,330 $ 25,490,597 Pro forma operating expenses 30,212,159 29,742,503 Pro forma net loss attributable to common stockholders (9,307,525 ) (16,176,963 )

Secured Debt (Tables)

Secured Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Components of Remaining Secured Debt	The components of our remaining secured debt, are summarized as follows: June 30, 2016 December 31, 2015 Fixed Rate Debt Loans with banks bearing interest at fixed rates between 5.73% and 5.98%. The loans are secured by self storage facilities. Principal and interest payments are made monthly with all outstanding principal and interest due between October 2018 and September 2023. Approximately $10.3 million of these loans are denominated in Canadian dollars $ 22,613,950 $ 12,437,841 Variable Rate Debt Canadian dollar denominated loans with banks bearing floating interest rates based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). Interest rates based on Canadian Prime are Canadian Prime plus 1.75%. Interest rates based on CDOR have a spread between 2.5% and 4.05%. The loans are secured by storage facilities. Payments are made monthly with all outstanding principal and interest due between December 2017 and February 2021 22,918,708 — Total additional secured debt 45,532,658 12,437,841 Amended KeyBank Credit Facility 90,000,000 10,000,000 KeyBank Property Loan 105,000,000 — KeyBank Subordinate Loan 30,000,000 — Oakland Loan 20,000,000 — Premium on secured debt, net 1,997,648 799,396 Debt issuance costs, net (2,403,694 ) (207,462 ) Total $ 290,126,612 $ 23,029,775
Future Principal Payment Requirements on Outstanding Secured Debt	The following table presents the future principal payment requirements on outstanding secured debt as of June 30, 2016: 2016 $ 135,268,809 2017 8,387,138 2018 103,340,850 2019 965,708 2020 994,414 2021 and thereafter 41,575,739 Total payments 290,532,658 Premium on secured debt, net 1,997,648 Debt issuance costs, net (2,403,694 ) Total $ 290,126,612

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Summary of Related Party Costs	Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2015 and the six months ended June 30, 2016, as well as any related amounts payable as of December 31, 2015 and June 30, 2016: Year Ended December 31, 2015 Six Months Ended June 30, 2016 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 1,200,003 $ 1,988,533 $ 47,971 $ 345,753 $ 168,974 $ 224,750 Asset management fees 865,757 888,011 — 939,023 939,023 — Property management fees (1) 1,259,135 1,306,422 — 976,564 966,975 9,589 Acquisition expenses 2,776,679 3,479,712 — 8,256,031 8,256,031 — Capitalized Deferred financing costs 214,006 655,879 — — — — Other assets 77,556 539,048 — — — — Additional Paid-in Capital Selling commissions 14,761,271 14,761,271 — 13,978,092 13,978,092 — Dealer Manager fee 3,690,318 3,535,685 160,512 4,225,158 4,327,687 57,983 Offering costs 319,882 2,125,798 — 233,582 233,582 — Total $ 25,164,607 $ 29,280,359 $ 208,483 $ 28,954,203 $ 28,870,364 $ 292,322 (1) During the year ended December 31, 2015, property management fees included approximately $0.3 million of fees paid to the sub-property manager of our properties. During the six months ended June 30, 2016, property management fees included approximately $0.9 million of fees paid to the sub-property manager of our properties.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Stock for Redemptions Based on Number of Years Stock Held	The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount

Selected Quarterly Data (Unau28

Selected Quarterly Data (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Information	The following is a summary of quarterly financial information for the periods shown below: Three months ended June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Total revenues $ 4,488,212 $ 5,053,724 $ 5,356,983 $ 6,234,589 $ 9,799,189 Total operating expenses $ 5,613,146 $ 5,989,195 $ 5,454,605 $ 10,048,926 $ 18,708,719 Operating loss $ (1,124,934 ) $ (935,471 ) $ (97,622 ) $ (3,814,337 ) $ (8,909,530 ) Net loss $ (1,990,815 ) $ (1,854,575 ) $ (1,511,945 ) $ (4,508,654 ) $ (10,729,510 ) Net loss attributable to common stockholders $ (4,037,637 ) $ (3,739,454 ) $ (2,534,121 ) $ (4,505,204 ) $ (10,724,129 ) Net loss per Class A Share-basic and diluted $ (1.36 ) $ (0.82 ) $ (0.18 ) $ (0.17 ) $ (0.27 ) Net loss per Class T Share-basic and diluted $ — $ — $ (0.18 ) $ (0.17 ) $ (0.27 )

Organization - Additional Infor

Organization - Additional Information (Detail)	Apr. 08, 2016$ / shares	Oct. 01, 2015USD ($)$ / shares	May 23, 2014USD ($)	Aug. 02, 2013USD ($)shares	Aug. 15, 2016Property	Jun. 30, 2016USD ($)Property$ / sharesshares	Apr. 21, 2016$ / shares	Apr. 14, 2016$ / shares	Dec. 31, 2015$ / sharesshares	Aug. 31, 2014
Organization and Nature of Operations [Line Items]
Date of formation of company						Jan. 8, 2013
Preferred Stock, shares authorized | shares						200,000,000			200,000,000
Preferred Stock, par value | $ / shares						$ 0.001			$ 0.001
Shares issuable pursuant to distribution reinvestment plan						$ 95,000,000
Sale of common shares						$ 206,304,925
Number of self storage facilities | Property						63
Percentage of non-voting equity owned						15.00%
Subsequent Event
Organization and Nature of Operations [Line Items]
Number of self storage facilities | Property					1
Primary Offering | Maximum
Organization and Nature of Operations [Line Items]
Common stock, value authorized						$ 1,000,000,000
Primary Offering | Minimum
Organization and Nature of Operations [Line Items]
Sale of common shares			$ 1,500,000
Investments in Majority-owned Subsidiaries | Affiliate
Organization and Nature of Operations [Line Items]
Percentage owned by affiliate						2.50%
Class A Common stock
Organization and Nature of Operations [Line Items]
Common Stock, shares authorized | shares						350,000,000			350,000,000
Common stock, par value | $ / shares						$ 0.001			$ 0.001
Estimated value per common share | $ / shares	$ 10.09
Offering price per share | $ / shares						$ 10		$ 11.21
Class A Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Selling price per share | $ / shares							$ 10.09
Class T Common stock
Organization and Nature of Operations [Line Items]
Common Stock, shares authorized | shares						350,000,000			350,000,000
Common stock, par value | $ / shares						$ 0.001			$ 0.001
Estimated value per common share | $ / shares	$ 10.09
Offering price per share | $ / shares						$ 9.47		$ 10.62
Class T Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Selling price per share | $ / shares							$ 10.09
Common Stock | Class A Common stock
Organization and Nature of Operations [Line Items]
Sale of common shares						$ 17,759
Number of common stock issued | shares						17,759,497
Gross proceeds from issuance of common stock						$ 388,600,000
Common Stock | Class T Common stock
Organization and Nature of Operations [Line Items]
Sale of common shares						$ 2,808
Number of common stock issued | shares						2,807,950
Gross proceeds from issuance of common stock						$ 33,400,000
SSTI Preferred Investor
Organization and Nature of Operations [Line Items]
Number of Preferred Units received in the Operating Partnership | shares						2,400,000
Preferred equity investment						$ 59,500,000
Dealer Manager | President
Organization and Nature of Operations [Line Items]
Percentage of non-voting equity owned						15.00%
SmartStop Asset Management
Organization and Nature of Operations [Line Items]
Percentage of non-voting equity owned		15.00%
SmartStop Asset Management | President
Organization and Nature of Operations [Line Items]
Percentage of non-voting equity owned		15.00%
SmartStop Self Storage, Inc.
Organization and Nature of Operations [Line Items]
Sale price per share | $ / shares		$ 13.75
Enterprise value on sale		$ 1,400,000,000
SmartStop Self Storage, Inc. | Strategic Storage Trust Advisor II, LLC
Organization and Nature of Operations [Line Items]
Economic Interests										97.50%
Percentage of voting membership interest										100.00%
SmartStop Self Storage, Inc. | Property Management Agreement
Organization and Nature of Operations [Line Items]
Percentage of voting membership interest										100.00%
Strategic Storage Advisor II, LLC
Organization and Nature of Operations [Line Items]
Number of shares sold to advisor | shares				100
Sale of common shares to advisor				$ 1,000
Strategic Storage Operating Partnership II, L.P.
Organization and Nature of Operations [Line Items]
Date of formation of company						Jan. 9, 2013
Advisor purchased a limited partnership interest in Operating Partnership				200,000
Initial capital contribution				$ 1,000
Percentage of limited partnership interests						99.95%
Percentage of limited partnership interests owned by noncontrolling owners						0.05%

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016CAD	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire intangible assets				$ 15,800,000	$ 7,500,000
Business acquisition, transaction costs		$ 7,800,000	$ 500,000	10,700,000	2,900,000
Impairment losses recognized				0	$ 0
Gross amounts of lease intangibles		25,200,000		25,200,000			$ 9,200,000
Accumulated amortization of lease intangibles		10,000,000		10,000,000			5,300,000
Accumulated amortization of debt issuance costs		$ 400,000		$ 400,000			16,000
Maximum period for reimbursement of offering cost				60 days
Maximum offering cost rate				3.50%
Redemptions of common stock				$ 54
Derivative, notional amount | CAD						CAD 42,500,000
Duration of derivative				12 months
Forward rate of derivative (CAD/USD)		1.339		1.339		1.339
Minimum percentage of ordinary taxable income to be distributed to stockholders				90.00%
Unamortized debt issuance costs							$ 200,000
Level 2 Inputs | Accounts Payable and Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Forward contract fair market value		$ 1,100,000		$ 1,100,000
Share Redemption Program
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock (in shares) | shares				71,300	1,750
Redemptions of common stock	$ 530,000	$ 160,000		$ 690,000	$ 17,500
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				5 years

Estimated Useful Lives used to

Estimated Useful Lives used to Depreciate Real Property Assets (Detail)	6 Months Ended
	Jun. 30, 2016
Land
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	10 years

Summary of Fixed Rate Notes Pay

Summary of Fixed Rate Notes Payable (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 290,126,612	$ 23,029,775
Fixed Rate Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	45,800,000	13,300,000
Carrying Value	$ 44,611,598	$ 13,237,237

Schedule of Activity in Real Es

Schedule of Activity in Real Estate Facilities (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Real estate facilities
Real estate facilities, beginning balance	$ 156,244,550
Facility acquisitions	436,146,451
Impact of foreign exchange rate changes	3,666,459
Improvements and additions	2,484,450
Real estate facilities, ending balance	598,541,910
Accumulated depreciation
Accumulated depreciation, beginning balance	(3,755,709)
Depreciation expense and impact of foreign exchange rate changes	(3,865,873)
Accumulated depreciation, ending balance	$ (7,621,582)

Summary of Preliminary Purchase

Summary of Preliminary Purchase Price Allocation for Acquisitions (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Real Estate Assets	$ 436,146,451
Intangibles	15,818,664
Total	451,965,115	[1]
Debt Issued or Assumed	186,336,879
Allocation of Debt Premium	1,301,791
Revenue	5,004,871	[2]
Property Operating Income (Loss)	$ 2,875,843	[3]
Boynton Beach | Florida
Business Acquisition [Line Items]
Acquisition Date	Jan. 7, 2016
Real Estate Assets	$ 17,164,000
Intangibles	736,000
Total	17,900,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	662,087	[2]
Property Operating Income (Loss)	$ 390,027	[3]
Lancaster | California
Business Acquisition [Line Items]
Acquisition Date	Jan. 11, 2016
Real Estate Assets	$ 4,445,000
Intangibles	205,000
Total	4,650,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	310,423	[2]
Property Operating Income (Loss)	$ 172,309	[3]
Milton | CANADA
Business Acquisition [Line Items]
Acquisition Date	Feb. 11, 2016	[4]
Real Estate Assets	$ 9,026,972	[4]
Intangibles	463,364	[4]
Total	9,490,336	[1],[4]
Debt Issued or Assumed	4,820,717	[4]
Allocation of Debt Premium	262,621	[4]
Revenue	351,556	[2],[4]
Property Operating Income (Loss)	$ 206,038	[3],[4]
Burlington | CANADA | Property One
Business Acquisition [Line Items]
Acquisition Date	Feb. 11, 2016	[4]
Real Estate Assets	$ 13,969,287	[4]
Intangibles	486,389	[4]
Total	14,455,676	[1],[4]
Debt Issued or Assumed	6,917,254	[4]
Allocation of Debt Premium	279,170	[4]
Revenue	376,082	[2],[4]
Property Operating Income (Loss)	$ 221,909	[3],[4]
Burlington | CANADA | Property Two
Business Acquisition [Line Items]
Acquisition Date	Feb. 29, 2016	[4]
Real Estate Assets	$ 8,049,568	[4]
Intangibles	532,692	[4]
Total	8,582,260	[1],[4]
Debt Issued or Assumed	4,962,733	[4]
Allocation of Debt Premium	0	[4]
Revenue	254,981	[2],[4]
Property Operating Income (Loss)	$ 152,586	[3],[4]
Oakville | CANADA | Property One
Business Acquisition [Line Items]
Acquisition Date	Feb. 11, 2016	[4]
Real Estate Assets	$ 15,717,232	[4]
Intangibles	0	[4]
Total	15,717,232	[1],[4]
Debt Issued or Assumed	7,243,413	[4]
Allocation of Debt Premium	0	[4]
Revenue	27,343	[2],[4]
Property Operating Income (Loss)	$ (97,153)	[3],[4]
Oakville | CANADA | Property Two
Business Acquisition [Line Items]
Acquisition Date	Feb. 29, 2016	[4]
Real Estate Assets	$ 11,889,390	[4]
Intangibles	895,219	[4]
Total	12,784,609	[1],[4]
Debt Issued or Assumed	7,392,762	[4]
Allocation of Debt Premium	0	[4]
Revenue	349,087	[2],[4]
Property Operating Income (Loss)	$ 221,263	[3],[4]
Xenia | Ohio
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 3,000,000
Intangibles	210,000
Total	3,210,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	91,128	[2]
Property Operating Income (Loss)	$ 56,435	[3]
Sidney | Ohio
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 1,750,000
Intangibles	140,000
Total	1,890,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	66,323	[2]
Property Operating Income (Loss)	$ 34,154	[3]
Troy | Ohio
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 3,030,000
Intangibles	180,000
Total	3,210,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	89,132	[2]
Property Operating Income (Loss)	$ 53,304	[3]
Greenville | Ohio
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 1,790,000
Intangibles	140,000
Total	1,930,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	67,064	[2]
Property Operating Income (Loss)	$ 36,485	[3]
Washington Court House | Ohio
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 2,120,000
Intangibles	170,000
Total	2,290,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	74,837	[2]
Property Operating Income (Loss)	$ 41,527	[3]
Richmond | Indiana
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 3,310,000
Intangibles	200,000
Total	3,510,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	93,110	[2]
Property Operating Income (Loss)	$ 50,993	[3]
Connersville | Indiana
Business Acquisition [Line Items]
Acquisition Date	Apr. 20, 2016
Real Estate Assets	$ 1,830,000
Intangibles	130,000
Total	1,960,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	62,046	[2]
Property Operating Income (Loss)	$ 31,986	[3]
Port St. Lucie | Florida | Property One
Business Acquisition [Line Items]
Acquisition Date	Apr. 29, 2016
Real Estate Assets	$ 8,930,000
Intangibles	370,000
Total	9,300,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	135,625	[2]
Property Operating Income (Loss)	$ 69,498	[3]
Port St. Lucie | Florida | Property Two
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 13,986,635
Intangibles	520,000
Total	14,506,635	[1]
Debt Issued or Assumed	7,280,380
Allocation of Debt Premium	0
Revenue	82,012	[2]
Property Operating Income (Loss)	$ 44,981	[3]
Sacramento | California
Business Acquisition [Line Items]
Acquisition Date	May 9, 2016
Real Estate Assets	$ 7,820,000
Intangibles	330,000
Total	8,150,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	117,330	[2]
Property Operating Income (Loss)	$ 50,329	[3]
Oakland | California
Business Acquisition [Line Items]
Acquisition Date	May 18, 2016
Real Estate Assets	$ 12,940,000
Intangibles	510,000
Total	13,450,000	[1]
Debt Issued or Assumed	10,000,000
Allocation of Debt Premium	200,000
Revenue	156,817	[2]
Property Operating Income (Loss)	$ 85,018	[3]
Concord | California
Business Acquisition [Line Items]
Acquisition Date	May 18, 2016
Real Estate Assets	$ 35,980,000
Intangibles	1,180,000
Total	37,160,000	[1]
Debt Issued or Assumed	10,000,000
Allocation of Debt Premium	560,000
Revenue	314,694	[2]
Property Operating Income (Loss)	$ 208,032	[3]
Pompano Beach | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 17,896,855
Intangibles	680,000
Total	18,576,855	[1]
Debt Issued or Assumed	13,714,676
Allocation of Debt Premium	0
Revenue	84,113	[2]
Property Operating Income (Loss)	$ 43,360	[3]
Lake Worth | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 22,374,525
Intangibles	690,000
Total	23,064,525	[1]
Debt Issued or Assumed	11,089,560
Allocation of Debt Premium	0
Revenue	112,148	[2]
Property Operating Income (Loss)	$ 75,733	[3]
Jupiter | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 26,075,993
Intangibles	850,000
Total	26,925,993	[1]
Debt Issued or Assumed	12,469,383
Allocation of Debt Premium	0
Revenue	143,402	[2]
Property Operating Income (Loss)	$ 96,960	[3]
Royal Palm Beach | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 23,163,788
Intangibles	840,000
Total	24,003,788	[1]
Debt Issued or Assumed	12,097,235
Allocation of Debt Premium	0
Revenue	128,222	[2]
Property Operating Income (Loss)	$ 81,837	[3]
Wellington | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 21,136,510
Intangibles	780,000
Total	21,916,510	[1]
Debt Issued or Assumed	10,644,805
Allocation of Debt Premium	0
Revenue	120,371	[2]
Property Operating Income (Loss)	$ 73,918	[3]
Doral | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 24,068,715
Intangibles	770,000
Total	24,838,715	[1]
Debt Issued or Assumed	12,081,860
Allocation of Debt Premium	0
Revenue	116,814	[2]
Property Operating Income (Loss)	$ 61,131	[3]
Plantation | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 35,288,783
Intangibles	1,030,000
Total	36,318,783	[1]
Debt Issued or Assumed	15,624,241
Allocation of Debt Premium	0
Revenue	170,438	[2]
Property Operating Income (Loss)	$ 109,962	[3]
Naples | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 24,923,615
Intangibles	750,000
Total	25,673,615	[1]
Debt Issued or Assumed	13,504,110
Allocation of Debt Premium	0
Revenue	118,275	[2]
Property Operating Income (Loss)	$ 81,392	[3]
Delray | Florida
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 29,807,488
Intangibles	980,000
Total	30,787,488	[1]
Debt Issued or Assumed	11,160,313
Allocation of Debt Premium	0
Revenue	159,097	[2]
Property Operating Income (Loss)	$ 116,347	[3]
Baltimore | Maryland
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2016
Real Estate Assets	$ 27,517,095
Intangibles	770,000
Total	28,287,095	[1]
Debt Issued or Assumed	15,333,437
Allocation of Debt Premium	0
Revenue	139,364	[2]
Property Operating Income (Loss)	$ 95,416	[3]
Sonoma | California
Business Acquisition [Line Items]
Acquisition Date	Jun. 14, 2016
Real Estate Assets	$ 7,145,000
Intangibles	280,000
Total	7,425,000	[1]
Debt Issued or Assumed	0
Allocation of Debt Premium	0
Revenue	30,950	[2]
Property Operating Income (Loss)	$ 10,066	[3]
[1]	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.
[2]	The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date.
[3]	Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses.
[4]	Allocation based on CAD/USD exchange rates as of date of acquisition.

Real Estate Facilities - Additi

Real Estate Facilities - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Business Combinations [Abstract]
Acquisition fees incurred to the advisor	$ 7.9

Summary of Consolidated Results

Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenue	$ 26,533,330	$ 25,490,597
Pro forma operating expenses	30,212,159	29,742,503
Pro forma net loss attributable to common stockholders	$ (9,307,525)	$ (16,176,963)

Pro Forma Financial Informati37

Pro Forma Financial Information - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition, Pro Forma Information [Abstract]
Pro forma acquisition related expenses	$ 10.6	$ 2.9

Secured Debt - Additional Infor

Secured Debt - Additional Information (Detail)	Jun. 01, 2016USD ($)	Mar. 25, 2016USD ($)Property	Oct. 28, 2015USD ($)	Jun. 30, 2016USD ($)PropertyExtension	Jun. 30, 2016CAD	Feb. 18, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 22, 2015USD ($)	May 25, 2015USD ($)
Debt Instrument [Line Items]
Notional amount for interest rate swap | CAD					CAD 42,500,000
Number of self storage facilities | Property				63
Oakland Loan
Debt Instrument [Line Items]
Description of basis rate use for variable rate				30-day LIBOR Rate
Maturity date of loan				Apr. 10, 2023
Liabilities assumed on acquisition			$ 20,000,000
Fixed interest rate				3.95%	3.95%
Debt outstanding principal amount				$ 20,000,000
KeyBank Property Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				2.72%	2.72%
KeyBank Subordinate Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				6.10%	6.10%
Potential Acquisition of Oakland Properties [Member]
Debt Instrument [Line Items]
Number of property acquisitions | Property				2
Potential Acquisition of 27 Property Portfolio
Debt Instrument [Line Items]
Purchase price of Property		$ 371,000,000
Number of self storage facilities | Property		22
Loans Payable [Member] | KeyBank Property Loan
Debt Instrument [Line Items]
Description of basis rate use for variable rate				A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Property Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Property Loan Agreement). The Applicable Rate means 225 basis points for any Eurodollar Borrowing and 125 basis points for any ABR Borrowing.
Minimum interest service coverage ratio	1.851
Minimum fixed charge ratio	1.601
Threshold percentage for ratio of variable rate indebtedness to total indebtedness.	30.00%
Outstanding principal amount	$ 105,000,000			$ 105,000,000
Maturity date of loan				Dec. 31, 2016
Pool Debt Yield	10.50%
Minimum net worth maintained	$ 260,000,000
Percentage of net proceeds of equity received	85.00%
Loans Payable [Member] | KeyBank Property Loan | Maximum
Debt Instrument [Line Items]
Total leverage ratio	60.00%
Percentage of required loan to value ratio	55.00%
Loans Payable [Member] | KeyBank Subordinate Loan [Member]
Debt Instrument [Line Items]
Description of basis rate use for variable rate				A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Subordinate Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Subordinate Loan Agreement). The Applicable Rate means 563 basis points for any Eurodollar Borrowing and 463 basis points for any ABR Borrowing.
Minimum interest service coverage ratio				1.851
Minimum fixed charge ratio				1.601
Threshold percentage for ratio of variable rate indebtedness to total indebtedness.				30.00%	30.00%
Outstanding principal amount	$ 30,000,000			$ 30,000,000
Maturity date of loan				Dec. 31, 2016
Minimum net worth maintained				$ 260,000,000
Percentage of net proceeds of equity received				85.00%
Loans Payable [Member] | KeyBank Subordinate Loan [Member] | Maximum
Debt Instrument [Line Items]
Total leverage ratio				60.00%	60.00%
Interest Rate Swap [Member] | Oakland Loan
Debt Instrument [Line Items]
Derivative liability				$ 760,000
Interest rate swap liability				400,000
First Phase | Potential Acquisition of 27 Property Portfolio
Debt Instrument [Line Items]
Purchase price of Property		$ 275,000,000
Number of self storage facilities | Property		11
Financial Guarantee [Member] | Canada, Dollars
Debt Instrument [Line Items]
Notes payable				$ 42,000,000
Operating Partnership
Debt Instrument [Line Items]
Notional amount for interest rate swap									$ 180,000,000
Effective interest rate swap on derivative instrument									3.75%
Eurodollar Loan | Loans Payable [Member] | KeyBank Property Loan
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Eurodollar Loan | Loans Payable [Member] | KeyBank Subordinate Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	5.63%
ABR Loan | Loans Payable [Member] | KeyBank Property Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
ABR Loan | Loans Payable [Member] | KeyBank Subordinate Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.63%
30-day LIBOR Rate LIBOR Plus [Member] | Oakland Loan
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
KeyBank Credit Facility
Debt Instrument [Line Items]
Maximum borrowings under credit facility								$ 71,300,000
Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Maximum borrowings under credit facility						$ 145,000,000		105,000,000
Potential maximum borrowings under credit facility								500,000,000
Increment in borrowing capacity								$ 10,000,000
Additional borrowing capacity						$ 40,000,000
Line of credit facility, initial term				3 years
Line of credit facility, maturity date				Dec. 22, 2018
Line of credit facility, term of extension options				1 year
Line of credit facility, number of extension options | Extension				2
Line of credit facility, description				The Amended KeyBank Credit Facility is a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the Amended KeyBank Credit Facility (the "Amended Credit Agreement"). Payments due pursuant to the Amended KeyBank Credit Facility are interest-only for the first 36 months and a 30-year amortization schedule thereafter.
Line of credit facility amortization schedule				30 years
Line of credit facility interest-only period				36 months
Description of basis rate use for variable rate				The Eurodollar Loans bear interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Amended Credit Agreement). The Applicable Rate corresponds to our total leverage, as specified in the Amended Credit Agreement. For any ABR Loans, the Applicable Rate is 125 basis points if our total leverage is less than 50%, and 150 basis points if our leverage is greater than 50%. For any Eurodollar Loan, the Applicable Rate is 225 basis points if our total leverage is less than 50% and 250 basis points if our total leverage is greater than 50%.
Debt Instrument, Interest Rate, Effective Percentage				2.72%	2.72%
Number of Mortgaged Properties | Property				38
Percent of collateral properties used for aggregate borrowing capacity				60.00%
Minimum debt service coverage ratio				1.35%
Total leverage ratio				60.00%	60.00%
Percentage of net proceeds of equity received				80.00%
Minimum interest service coverage ratio				1.85
Minimum fixed charge ratio				1.6
Threshold percentage for ratio of variable rate indebtedness to total indebtedness.				30.00%	30.00%
Percentage of required loan to value ratio				60.00%
Outstanding principal amount				$ 90,000,000			$ 10,000,000
Amended KeyBank Credit Facility | Eurodollar Loan | Loans with Total Leverage Less Than 50%
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Amended KeyBank Credit Facility | Eurodollar Loan | Loans with Total Leverage Greater Than 50%
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
Amended KeyBank Credit Facility | ABR Loan | Loans with Total Leverage Less Than 50%
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Amended KeyBank Credit Facility | ABR Loan | Loans with Total Leverage Greater Than 50%
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%

Secured Debt - Summary of Compo

Secured Debt - Summary of Components of Remaining Secured Debt (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt issuance costs, net	$ (2,983,282)	$ (2,128,806)
Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt instrument face amount	90,000,000	10,000,000
Oakland Loan
Debt Instrument [Line Items]
Loans with banks	20,000,000
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Loans with banks	45,532,658	12,437,841
Premium on secured debt, net	1,997,648	799,396
Debt issuance costs, net	(2,403,694)	(207,462)
Total	290,126,612	23,029,775
Fixed Rate Secured Debt | Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt instrument face amount	90,000,000	10,000,000
Fixed Rate Secured Debt | Fixed Rate Debt
Debt Instrument [Line Items]
Loans with banks	22,613,950	12,437,841
Fixed Rate Secured Debt | Variable Rate Debt | Canada, Dollars
Debt Instrument [Line Items]
Loans with banks	22,918,708	0
Fixed Rate Secured Debt | KeyBank Property Loan
Debt Instrument [Line Items]
Debt instrument face amount	105,000,000	0
Fixed Rate Secured Debt | KeyBank Subordinate Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount	30,000,000	0
Fixed Rate Secured Debt | Oakland Loan
Debt Instrument [Line Items]
Debt instrument face amount	$ 20,000,000	$ 0

Secured Debt - Summary of Com40

Secured Debt - Summary of Components of Remaining Secured Debt (Parenthetical) (Detail) - Fixed Rate Secured Debt - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,020	$ 994,414
Fixed Rate Debt
Debt Instrument [Line Items]
Fixed interest rate	5.73%	5.98%
Frequency of principal and interest payment	monthly
Outstanding principal and interest payment, start date	Oct. 31, 2018	Oct. 31, 2018
Outstanding principal and interest payment, end date	Sep. 30, 2023	Sep. 30, 2023
Fixed Rate Debt | Canada, Dollars
Debt Instrument [Line Items]
2,020	$ 10,300,000
Variable Rate Debt | Canada, Dollars
Debt Instrument [Line Items]
Frequency of principal and interest payment	monthly
Outstanding principal and interest payment, start date	Dec. 31, 2017	Dec. 31, 2017
Outstanding principal and interest payment, end date	Feb. 28, 2021	Feb. 28, 2021
Variable Rate Debt | Canada, Dollars | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%	1.75%
Variable Rate Debt | Canada, Dollars | Canadian Dollar Offered Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%
Variable Rate Debt | Canada, Dollars | Canadian Dollar Offered Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.05%	4.05%

Future Principal Payment Requir

Future Principal Payment Requirements on Outstanding Secured Debt (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Long-term Debt, Fiscal Year Maturity
Debt issuance costs, net	$ (2,983,282)	$ (2,128,806)
Fixed Rate Secured Debt
Long-term Debt, Fiscal Year Maturity
2,016	135,268,809
2,017	8,387,138
2,018	103,340,850
2,019	965,708
2,020	994,414
2021 and thereafter	41,575,739
Total payments	45,532,658	12,437,841
Premium on secured debt, net	1,997,648	799,396
Debt issuance costs, net	(2,403,694)	(207,462)
Total	$ 290,126,612	$ 23,029,775

Preferred Equity - Additional I

Preferred Equity - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Nov. 03, 2014
Preferred Units [Line Items]
Redeemable preferred equity	$ 4,801,445	$ 1,223,483
Distribution description	The holders of the Preferred Units received current distributions (the “Current Distributions”) at a rate of a one-month LIBOR plus 6.5% per annum on the Liquidation Amount, payable monthly and calculated on an actual/360 basis. In addition to the Current Distributions, our Operating Partnership had the obligation to elect either (A) to pay the holder of the Preferred Units additional distributions monthly in an amount equal to: (i) 4.35% per annum of the Liquidation Amount through March 31, 2017; and (ii) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount or (B) defer the additional distributions ( the “Deferred Distributions”) in an amount that accumulated monthly in an amount equal to (i) LIBOR plus 10.85% of the Deferred Distributions through March 31, 2017; and (ii) beginning April 1, 2017, LIBOR plus 12.85% of the Deferred Distributions.
Current Distributions
Preferred Units [Line Items]
Distribution rate	6.50%
Additional Distributions | March 31, 2017
Preferred Units [Line Items]
Distribution rate description	4.35% per annum of the Liquidation Amount
Distribution rate	4.35%
Additional Distributions | April 1, 2017
Preferred Units [Line Items]
Distribution rate description	6.35% per annum of the Liquidation Amount
Distribution rate	6.35%
Deferred Distributions | March 31, 2017
Preferred Units [Line Items]
Distribution rate	10.85%
Deferred Distributions | April 1, 2017
Preferred Units [Line Items]
Distribution rate	12.85%
LIBOR | Current Distributions
Preferred Units [Line Items]
Distribution rate description	LIBOR plus 6.5%
LIBOR | Deferred Distributions | March 31, 2017
Preferred Units [Line Items]
Distribution rate description	LIBOR plus 10.85%
LIBOR | Deferred Distributions | April 1, 2017
Preferred Units [Line Items]
Distribution rate description	LIBOR plus 12.85%
Raleigh/Myrtle Beach Portfolio | SSTI Preferred Investor LLC
Preferred Units [Line Items]
Preferred investor received			2,400,000
Preferred investor investment in operating partnership			$ 59,500,000
Unit Purchase Agreement
Preferred Units [Line Items]
Liquidation preference			$ 25
Unit Purchase Agreement | Maximum
Preferred Units [Line Items]
Redeemable preferred equity			$ 65,000,000
Preferred investor received			2,600,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Oct. 01, 2015	Jun. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost		60 days
Maximum offering cost rate		3.50%
Percentage of non-voting equity owned		15.00%
CANADA
Related Party Transaction [Line Items]
Business acquisition, percentage of net revenue earned			50.00%
Advisory Agreement
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost		60 days
Maximum offering cost rate		3.50%
Gross proceeds from offering, threshold percentage of expenses for reimbursement		15.00%
Rate of acquisition fees of purchase price of contract		1.75%
Monthly asset management fee		0.05208%
Monthly asset management fee one twelfth of less than one percentage of average invested assets		One-twelfth of 0.625%
Disposition fees percentage of sale price of property		1.00%
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
Percentage owned by affiliate		2.50%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Commission percentage of sale price of property		6.00%
Dealer Manager
Related Party Transaction [Line Items]
Maximum dealer manager commission fee percentage of proceeds from Primary Offering		3.00%
Underwriting commission		10.00%
Dealer Manager | Class A Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering		7.00%
Dealer Manager | Class T Common stock
Related Party Transaction [Line Items]
Sale commission fees percentage of proceed from Primary Offering		2.00%
Monthly stockholder servicing fee accrual description		1/365th of 1% of the purchase price per share
SmartStop Asset Management
Related Party Transaction [Line Items]
Percentage of non-voting equity owned	15.00%
Property Management Agreement
Related Party Transaction [Line Items]
Percentage of fee of property manager		6.00%
One time fee for property manager		$ 3,750
Construction management fee		5.00%
Cost of construction or capital improvement work		$ 10,000
Property administration fee		$ 0.50
Property management agreement termination description		The property management agreements have a three year term and automatically renew for successive one year periods thereafter, unless we or our Property Manager provides prior written notice at least 90 days prior to the expiration of the term. We may terminate a property management agreement without cause at any time during the initial three year term if we pay the Property Manager a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term. After the end of the initial three year term, we may terminate a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager may terminate a property management agreement on 60 days prior written notice to us.
Agreement date	Oct. 1, 2015
Property Management Agreement | Maximum
Related Party Transaction [Line Items]
Property management monthly management fee	$ 2,500
Property management monthly management fee percentage on gross revenue	6.00%
Signage and set-up costs associated with converting each property to extra space brand	$ 25,000
Property Management Agreement | Minimum
Related Party Transaction [Line Items]
Our property management fee		$ 3,000
Strategic Storage Trust Sub Property Management Limited Liability Company
Related Party Transaction [Line Items]
Property management agreement termination description		The sub-property management agreements also have a three year term and automatically renew for successive one year periods thereafter, unless our Property Manager or Extra Space provides prior written notice at least 90 days prior to the expiration of the term. Our Property Manager may terminate the sub-property management agreement without cause at any time during the initial three year term if it pays Extra Space a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term. After the end of the initial three year term, our Property Manager may terminate a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space may terminate a property management agreement on 60 days prior written notice to our Property Manager.
Strategic Storage Trust Sub Property Management Limited Liability Company | Maximum
Related Party Transaction [Line Items]
Property management monthly management fee	$ 2,500
Property management monthly management fee percentage on gross revenue	6.00%
Primary Offering Dealer Manager Agreement | Class A Common stock
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares		10.00%
Primary Offering Dealer Manager Agreement | Class T Common stock
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares		10.00%
Property Manager | CANADA
Related Party Transaction [Line Items]
Business acquisition, percentage of net revenue earned			50.00%

Summary of Related Party Costs

Summary of Related Party Costs (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 28,954,203	$ 25,164,607
Related party costs, Paid		28,870,364	29,280,359
Related party costs, Payable		292,322	208,483
Operating expenses (including organizational costs)
Related Party Transaction [Line Items]
Related party costs, Incurred		345,753	1,200,003
Related party costs, Paid		168,974	1,988,533
Related party costs, Payable		224,750	47,971
Asset management fees
Related Party Transaction [Line Items]
Related party costs, Incurred		939,023	865,757
Related party costs, Paid		939,023	888,011
Related party costs, Payable		0	0
Property management fees
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]	976,564	1,259,135
Related party costs, Paid	[1]	966,975	1,306,422
Related party costs, Payable	[1]	9,589	0
Acquisition expenses
Related Party Transaction [Line Items]
Related party costs, Incurred		8,256,031	2,776,679
Related party costs, Paid		8,256,031	3,479,712
Related party costs, Payable		0	0
Deferred financing costs
Related Party Transaction [Line Items]
Related party costs, Incurred		0	214,006
Related party costs, Paid		0	655,879
Related party costs, Payable		0	0
Other assets
Related Party Transaction [Line Items]
Related party costs, Incurred		0	77,556
Related party costs, Paid		0	539,048
Related party costs, Payable		0	0
Selling commissions
Related Party Transaction [Line Items]
Related party costs, Incurred		13,978,092	14,761,271
Related party costs, Paid		13,978,092	14,761,271
Related party costs, Payable		0	0
Dealer Manager fee
Related Party Transaction [Line Items]
Related party costs, Incurred		4,225,158	3,690,318
Related party costs, Paid		4,327,687	3,535,685
Related party costs, Payable		57,983	160,512
Offering costs
Related Party Transaction [Line Items]
Related party costs, Incurred		233,582	319,882
Related party costs, Paid		233,582	2,125,798
Related party costs, Payable		$ 0	$ 0
[1]	During the year ended December 31, 2015, property management fees included approximately $0.3 million of fees paid to the sub-property manager of our properties. During the six months ended June 30, 2016, property management fees included approximately $0.9 million of fees paid to the sub-property manager of our properties.

Summary of Related Party Cost45

Summary of Related Party Costs (Parenthetical) (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 28,954,203	$ 25,164,607
Property management fees
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]	976,564	1,259,135
Property management fees | Sub-property manager
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 900,000	$ 300,000
[1]	During the year ended December 31, 2015, property management fees included approximately $0.3 million of fees paid to the sub-property manager of our properties. During the six months ended June 30, 2016, property management fees included approximately $0.9 million of fees paid to the sub-property manager of our properties.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Apr. 21, 2016
Commitments and Contingencies [Line Items]
Redemptions of common stock, value				$ 54
Share Redemption Program
Commitments and Contingencies [Line Items]
Amendment, suspension or termination period of share				30 days
Maximum weighted-average number of shares outstanding percentage				5.00%
Redemptions of common stock (in shares)				71,300	1,750
Redemptions of common stock, value		$ 530,000	$ 160,000	$ 690,000	$ 17,500
Share Redemption Program | Subsequent Event
Commitments and Contingencies [Line Items]
Redemptions of common stock, value	$ 160,000
Share Redemption Program | Minimum
Commitments and Contingencies [Line Items]
Shareholders share holding period				1 year
Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Amendment, suspension or termination period for distribution reinvestment Plan				10 days
Estimated value per share under distribution reinvestment plan						$ 10.09
Sales commission or dealer manager fee payable			$ 0	$ 0
Class A Common stock | Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan				500,000
Class T Common stock | Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan				21,000

Stock for Redemptions Based on

Stock for Redemptions Based on Number of Years Stock Held (Detail)	6 Months Ended
	Jun. 30, 2016
Less than 1
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	0.00%
1 or more but less than 3
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	90.00%
3 or more but less than 4
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	95.00%
4 or more
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Redemption price	100.00%

Declaration of Distributions -

Declaration of Distributions - Additional Information (Detail)	Jun. 09, 2016$ / shares
Class A Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.00163934426
Cash distribution record date start	Jul. 1, 2016
Cash distribution record date end	Sep. 30, 2016
Class T Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.00163934426
Cash distribution record date start	Jul. 1, 2016
Cash distribution record date end	Sep. 30, 2016

Selected Quarterly Data - Summa

Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended					6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule Of Quarterly Financial Information [Line Items]
Total revenues	$ 9,799,189	$ 6,234,589	$ 5,356,983	$ 5,053,724	$ 4,488,212	$ 16,033,778	$ 7,494,992
Total operating expenses	18,708,719	10,048,926	5,454,605	5,989,195	5,613,146	28,757,645	11,538,779
Operating loss	(8,909,530)	(3,814,337)	(97,622)	(935,471)	(1,124,934)	(12,723,867)	(4,043,787)
Net loss	(10,729,510)	(4,508,654)	(1,511,945)	(1,854,575)	(1,990,815)	$ (15,238,164)	$ (5,571,020)
Net loss attributable to common stockholders	$ (10,724,129)	$ (4,505,204)	$ (2,534,121)	$ (3,739,454)	$ (4,037,637)
Class A Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.27)	$ (0.17)	$ (0.18)	$ (0.82)	$ (1.36)	$ (0.46)	$ (3.46)
Class T Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.27)	$ (0.17)	$ (0.18)	$ 0	$ 0	$ (0.46)	$ 0

Potential Acquisitions - Additi

Potential Acquisitions - Additional Information (Detail) $ in Millions	May 10, 2016USD ($)Property	Mar. 25, 2016USD ($)Property	Jun. 30, 2016Property
Business Acquisition [Line Items]
Number of self storage facilities			63
Pollock Drive Property
Business Acquisition [Line Items]
Business acquisition purchase price | $	$ 14.2
Number of self storage facilities	1
Potential Acquisition of 27 Property Portfolio
Business Acquisition [Line Items]
Business acquisition purchase price | $		$ 371
Number of self storage facilities		22
Potential Acquisition of 27 Property Portfolio | First Phase
Business Acquisition [Line Items]
Business acquisition purchase price | $		$ 275
Number of self storage facilities		11

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Aug. 08, 2016USD ($)shares	Aug. 01, 2016USD ($)	Jul. 28, 2016USD ($)Property	Aug. 15, 2016Property	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Propertyshares	Jun. 30, 2015USD ($)
Subsequent Event [Line Items]
Number of self storage facilities | Property							63
Business acquisition, purchase price					$ 7,800,000	$ 500,000	$ 10,700,000	$ 2,900,000
Subsequent Event
Subsequent Event [Line Items]
Number of self storage facilities | Property				1
Subsequent Event | Silverado Ranch Road Property
Subsequent Event [Line Items]
Business acquisition purchase price			$ 13,900,000
Number of self storage facilities | Property			1
Business combination acquisition fee paid			$ 245,000
Subsequent Event | West Sahara Ave Property
Subsequent Event [Line Items]
Business acquisition, purchase price		$ 9,300,000
Subsequent Event | Keybank CMBS Loan
Subsequent Event [Line Items]
Debt Instrument, Periodic Payment			Monthly payments due under the Promissory Notes are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter
Common Stock | Class A Common stock
Subsequent Event [Line Items]
Common stock issued in connection with Offering | shares							17,759,497
Gross proceeds from issuance of common stock							$ 388,600,000
Common Stock | Class T Common stock
Subsequent Event [Line Items]
Common stock issued in connection with Offering | shares							2,807,950
Gross proceeds from issuance of common stock							$ 33,400,000
Scenario Forecast | Common Stock | Class A Common stock
Subsequent Event [Line Items]
Common stock issued in connection with Offering | shares	40,200,000
Gross proceeds from issuance of common stock	$ 403,600,000
Scenario Forecast | Common Stock | Class T Common stock
Subsequent Event [Line Items]
Common stock issued in connection with Offering | shares	3,900,000
Gross proceeds from issuance of common stock	$ 38,700,000
Loans Payable [Member] | Subsequent Event | Keybank CMBS Loan
Subsequent Event [Line Items]
Outstanding principal amount			$ 95,000,000
Number of Mortgaged Properties | Property			29
Fixed rate of interest			3.89%
Maturity date of loan			Aug. 1, 2026
Promissory Notes Payable One | Subsequent Event | Keybank CMBS Loan
Subsequent Event [Line Items]
Outstanding principal amount			$ 70,000,000
Promissory Notes Payable Two | Subsequent Event | Keybank CMBS Loan
Subsequent Event [Line Items]
Outstanding principal amount			$ 25,000,000