SmartStop Self Storage REIT (STSFF) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
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		48,864,444
Class T Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,265,220

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real estate facilities:
Land	$ 271,143,993	$ 249,051,278
Buildings	509,303,783	439,426,157
Site improvements	42,492,508	38,978,298
Real estate investment property, gross	822,940,284	727,455,733
Accumulated depreciation	(24,594,716)	(14,855,188)
Real estate investment property	798,345,568	712,600,545
Construction in process	132,521	1,740,139
Real estate facilities, net	798,478,089	714,340,684
Cash and cash equivalents	12,613,332	14,993,869
Restricted cash	4,528,980	3,040,936
Other assets	5,333,346	5,533,182
Debt issuance costs, net of accumulated amortization	1,268,412	1,550,410
Intangible assets, net of accumulated amortization	10,031,983	13,094,530
Total assets	832,254,142	752,553,611
LIABILITIES AND EQUITY
Debt, net	393,206,958	320,820,740
Accounts payable and accrued liabilities	9,661,806	4,601,422
Due to affiliates	3,027,024	3,178,235
Distributions payable	2,728,066	2,608,609
Total liabilities	408,623,854	331,209,006
Commitments and contingencies (Note 8)
Redeemable common stock	17,795,887	10,711,682
Equity:
Preferred stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Additional paid-in capital	496,282,604	480,692,731
Distributions	(43,868,381)	(27,665,337)
Accumulated deficit	(52,471,486)	(43,777,711)
Accumulated other comprehensive income	1,199,908	1,377,950
Total Strategic Storage Trust II, Inc. equity	401,198,710	410,681,393
Noncontrolling interests in our Operating Partnership	4,635,691	(48,470)
Total equity	405,834,401	410,632,923
Total liabilities and equity	832,254,142	752,553,611
Class A Common stock
Equity:
Common stock, value	48,814	47,174
Class T Common stock
Equity:
Common stock, value	$ 7,251	$ 6,586

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	48,814,472	47,174,543
Common Stock, shares outstanding	48,814,472	47,174,543
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	7,249,731	6,585,799
Common Stock, shares outstanding	7,249,731	6,585,799

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Self storage rental revenue	$ 18,940,387	$ 9,721,596	$ 36,552,574	$ 15,918,438
Ancillary operating revenue	136,390	77,593	231,749	115,340
Total revenues	19,076,777	9,799,189	36,784,323	16,033,778
Operating expenses:
Property operating expenses	5,965,033	3,607,594	11,902,378	6,104,458
Property operating expenses - affiliates	2,478,853	1,214,278	4,837,850	1,915,587
General and administrative	883,878	754,098	1,879,792	1,448,866
Depreciation	4,944,888	2,436,412	9,719,319	3,893,696
Intangible amortization expense	3,786,107	2,853,212	7,500,763	4,707,977
Acquisition expenses-affiliates		6,632,826	212,577	8,256,031
Other property acquisition expenses	26,258	1,210,299	292,021	2,431,030
Total operating expenses	18,085,017	18,708,719	36,344,700	28,757,645
Operating income (loss)	991,760	(8,909,530)	439,623	(12,723,867)
Other income (expense):
Interest expense	(4,104,996)	(1,290,001)	(7,669,300)	(1,772,208)
Interest expense-accretion of fair market value of secured debt	109,037	107,286	117,670	143,012
Interest expense-debt issuance costs	(489,911)	(601,455)	(1,519,238)	(819,563)
Other	(44,381)	(35,810)	(128,726)	(65,538)
Net loss	(3,538,491)	(10,729,510)	(8,759,971)	(15,238,164)
Net loss attributable to the noncontrolling interests in our Operating Partnership	35,830	5,381	66,196	8,831
Net loss attributable to Strategic Storage Trust II, Inc. common stockholders	$ (3,502,661)	$ (10,724,129)	$ (8,693,775)	$ (15,229,333)
Class A Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.06)	$ (0.27)	$ (0.16)	$ (0.46)
Weighted average shares outstanding-basic and diluted	48,654,803	36,939,428	48,439,603	31,012,035
Class T Common stock
Other income (expense):
Net loss per share-basic and diluted	$ (0.06)	$ (0.27)	$ (0.16)	$ (0.46)
Weighted average shares outstanding-basic and diluted	7,224,394	2,855,018	7,181,488	1,946,388

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,538,491)	$ (10,729,510)	$ (8,759,971)	$ (15,238,164)
Other comprehensive income (loss):
Foreign currency translation adjustment	1,982,695	11,311	1,362,404	1,707,596
Foreign currency forward contract loss	(1,870,145)	(148,892)	(1,458,382)	(1,135,242)
Interest rate swap and cap contract losses	(52,794)	(399,659)	(82,064)	(399,659)
Other comprehensive income (loss)	59,756	(537,240)	(178,042)	172,695
Comprehensive loss	(3,478,735)	(11,266,750)	(8,938,013)	(15,065,469)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership	35,225	5,650	67,541	8,557
Comprehensive loss attributable to Strategic Storage Trust II, Inc. common stockholders	$ (3,443,510)	$ (11,261,100)	$ (8,870,472)	$ (15,056,912)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2017 - 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 [Member]	Total Strategic Storage Trust II, Inc. Equity [Member]	Noncontrolling Interests in our Operating Partnership [Member]
Beginning Balance at Dec. 31, 2016	$ 410,632,923	$ 10,711,682	$ 47,174	$ 6,586	$ 480,692,731	$ (27,665,337)	$ (43,777,711)	$ 1,377,950	$ 410,681,393	$ (48,470)
Beginning Balance (in shares) at Dec. 31, 2016			47,174,543	6,585,799
Gross proceeds from issuance of common stock	17,311,370	0	$ 1,028	$ 565	17,309,777	0	0	0	17,311,370	0
Gross proceeds from issuance of common stock (in shares)			1,027,996	564,589
Offering costs	(1,728,158)	0	$ 0	$ 0	(1,728,158)	0	0	0	(1,728,158)	0
Issuance of limited partnership units in our Operating Partnership	4,875,454	0	$ 0	$ 0	0	0	0	0	0	4,875,454
Issuance of limited partnership units in our Operating Partnership (in shares)			0	0
Changes to redeemable common stock	(7,923,154)	7,923,154	$ 0	$ 0	(7,923,154)	0	0	0	(7,923,154)	0
Redemptions of common stock	(68)	(838,949)	$ (66)	$ (2)	0	0	0	0	(68)	0
Redemptions of common stock (in shares)			(66,312)	(2,394)
Distributions ($0.30 per share)	(16,203,044)	0	$ 0	$ 0	0	(16,203,044)	0	0	(16,203,044)	0
Distributions for noncontrolling interests	(125,097)	0	0	0	0	0	0	0	0	(125,097)
Issuance of shares for distribution reinvestment plan	7,923,934	0	$ 678	$ 102	7,923,154	0	0	0	7,923,934	0
Issuance of shares for distribution reinvestment plan (in shares)			678,245	101,737
Stock compensation expense	8,254	0	$ 0	$ 0	8,254	0	0	0	8,254	0
Net loss attributable to Strategic Storage Trust II, Inc.	(8,693,775)	0	0	0	0	0	(8,693,775)	0	(8,693,775)	0
Net loss attributable to the noncontrolling interests in our Operating Partnership	(66,196)	0	0	0	0	0	0	0	0	(66,196)
Foreign currency translation adjustment	1,362,404	0	0	0	0	0	0	1,362,404	1,362,404	0
Foreign currency forward contract loss	(1,458,382)	0	0	0	0	0	0	(1,458,382)	(1,458,382)	0
Interest rate swap contract loss	(82,064)	0	0	0	0	0	0	(82,064)	(82,064)	0
Ending Balance at Jun. 30, 2017	$ 405,834,401	$ 17,795,887	$ 48,814	$ 7,251	$ 496,282,604	$ (43,868,381)	$ (52,471,486)	$ 1,199,908	$ 401,198,710	$ 4,635,691
Ending Balance (in shares) at Jun. 30, 2017			48,814,472	7,249,731

Consolidated Statement of Equi7

Consolidated Statement of Equity (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2017$ / 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, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (8,759,971)	$ (15,238,164)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	17,220,082	8,601,673
Accretion of fair market value adjustment of secured debt	(117,670)	(143,012)
Amortization of debt issuance costs	766,194	819,563
Expense related to issuance of restricted stock	8,254	14,890
Increase (decrease) in cash from changes in assets and liabilities:
Other assets	(1,618,168)	(1,477,917)
Restricted cash	(1,752,619)	(97,104)
Accounts payable and accrued liabilities	1,412,400	3,515,950
Due to affiliates	53,295	186,083
Net cash provided by (used in) operating activities	7,211,797	(3,818,038)
Cash flows from investing activities:
Purchase of real estate	(49,432,644)	(416,904,543)
Additions to real estate facilities	(2,192,811)	(3,512,980)
Deposits on acquisition of real estate facilities	0	(5,550,100)
Settlement of foreign currency hedges	1,443,735	0
Restricted cash	273,131	(39,340)
Net cash used in investing activities	(49,908,589)	(426,006,963)
Cash flows from financing activities:
Gross proceeds from issuance of debt	161,186,951	259,598,908
Pay down of debt	(127,671,050)	(25,064,254)
Scheduled principal payments on debt	(698,131)	(85,957)
Debt issuance costs	(528,585)	(3,924,121)
Gross proceeds from issuance of common stock	18,880,257	208,241,136
Offering costs	(1,957,911)	(19,409,638)
Redemption of common stock	(624,855)	(537,188)
Distributions paid to common stockholders	(8,184,231)	(4,396,703)
Distributions paid to noncontrolling interests in our Operating Partnership	(101,297)	(6,003)
Net cash provided by financing activities	40,301,148	414,416,180
Impact of foreign exchange rate changes on cash	15,107	(128,777)
Change in cash and cash equivalents	(2,380,537)	(15,537,598)
Cash and cash equivalents, beginning of period	14,993,869	28,104,470
Cash and cash equivalents, end of period	12,613,332	12,566,872
Supplemental disclosures and non-cash transactions:
Cash paid for interest	7,454,076	957,738
Supplemental disclosure of noncash activities:
Additions to real estate facilities and construction in process included in accounts payable and accrued liabilities	0	72,612
Deposits applied to purchase of real estate facilities	250,000	2,020,808
Proceeds from issuance of common stock in other assets	0	409,941
Debt and accrued liabilities assumed during purchase of real estate facilities	39,967,786	33,108,652
Redemption of common stock included in accounts payable and accrued liabilities	459,491	159,985
Transfer of construction in process to real estate facilities	1,693,458	0
Offering costs included in due to affiliates	299,299	57,983
Offering costs included in accounts payable and accrued liabilities	15,000	13,587
Debt issuance costs included in accounts payable and accrued liabilities	0	47,844
Foreign currency contract, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets	2,865,787	1,534,901
Issuance of shares pursuant to distribution reinvestment plan	7,923,154	4,265,316
Distributions payable	2,728,066	2,043,619
Issuance of units in our Operating Partnership for purchase of real estate facilities	$ 4,875,454	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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. SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013, is the sponsor (“Sponsor”) of our Offering of shares of common stock, as described below. Our Sponsor is a company focused on providing real estate advisory, asset management, and property management services. Our Sponsor 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 Self Storage, Inc. (“SmartStop”) and Extra Space Storage Inc. (“Extra Space”), along with subsidiaries of each of SmartStop and Extra Space, closed on a merger transaction (the “Extra Space 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 Extra Space Merger, our Sponsor was sold to an entity controlled by H. Michael Schwartz, our Chairman of the Board of Directors and Chief Executive Officer, and became 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, authorized 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 offered 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 to offer two classes of shares of common stock: Class A Shares and Class T Shares. On January 9, 2017, our Primary Offering terminated. We sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $493 million and $73 million respectively, in our Offering. On November 30, 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of June 30, 2017, we had sold approximately 0.7 million Class A Shares and approximately 0.1 million Class T Shares for approximately $7 million and $1 million, respectively, in our DRP Offering. On April 13, 2017, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an estimated value per share of our common stock of $10.22 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, 2016. See our Current Report on Form 8-K filed with the SEC on April 18, 2017 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, beginning in May 2017, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.22 for both Class A Shares 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. In conjunction with the Toronto Merger (as defined in Note 7) we issued an aggregate of approximately 483,197 Class A Units of our Operating Partnership to the common stockholders of SS Toronto, consisting of Strategic 1031, LLC (“Strategic 1031”), a subsidiary of our Sponsor, and SS Toronto REIT Advisors, Inc., an affiliate of our Sponsor. 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, 2017, we owned approximately 99.1% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.9% of the common units are owned by our Advisor, Strategic 1031, and SS Toronto REIT Advisors, Inc. 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 Extra Space 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. The properties we owned were re-branded under the Extra Space name subsequent to the Extra Space Merger. However, any properties owned or acquired in Canada are managed by a subsidiary of our Sponsor and continue to be branded using the SmartStop ® On July 14, 2017, our Property Manager provided written notice to Extra Space of its intention to terminate the sub-property management agreements effective October 1, 2017. Please see Note 11 – Subsequent Events. Our dealer manager was Select Capital Corporation, a California corporation (our “Dealer Manager”). Our Dealer Manager was responsible for marketing our shares offered pursuant to our Primary Offering. Our Sponsor owns a 15% non-voting equity interest in our Dealer Manager. An affiliate of our Dealer Manager owns a 2.5% non-voting membership interest in our Advisor. As we accepted subscriptions for shares of our common stock, we transferred 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 were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was 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, 2017
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. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of June 30, 2017 and December 31, 2016, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs. 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 sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. 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 and 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 certain of our loan agreements. Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP 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. 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 $4.4 million and approximately $15.8 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended June 30, 2017 and 2016, 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, 2017 and 2016, we expensed approximately $26,000 and $7.8 million, respectively, of acquisition-related transaction costs. During the six months ended June 30, 2017 and 2016, we expensed approximately $0.5 million and $10.7 million, respectively, of acquisition-related transaction costs. Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we 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 consolidated financial statements. We will recognize any measurement period adjustments during the period in which we determine the amount of the adjustment to our consolidated financial statements, potentially including adjustments to interest, depreciation and amortization expense. Evaluation of Possible Impairment of Long-Lived Assets Management monitors 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, 2017 and 2016, 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 based on relative fair value as of the date of acquisition. 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 lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of June 30, 2017, the gross amounts allocated to in-place lease intangibles was approximately $33.7 million and accumulated amortization of in-place lease intangibles totaled approximately $23.7 million. As of December 31, 2016, the gross amounts allocated to in-place lease intangibles was approximately $29.2 million and accumulated amortization of in-place lease intangibles totaled approximately $16.1 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2017, 2018, 2019, 2020, 2021, and thereafter is approximately $6.0 million, $2.4 million, $0.1 million, $0.1 million, $0.1 million, and $1.3 million respectively. Debt Issuance Costs The net carrying value of 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, 2017 and December 31, 2016, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.1 million and $0.7 million, respectively. The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt (see Note 5). 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, 2017 and December 31, 2016, accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $0.4 million and $0.2 million, respectively. Organization and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor must reimburse us within 60 days after the end of the month in which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, 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. Subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. We pay our Dealer Manager 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 entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager was also permitted to re-allow to these broker-dealers a portion of 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 received reimbursement of bona fide due diligence expenses; however, to the extent the due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Public Offering, could not exceed 3% of gross offering proceeds from sales in the Public Offering. We recorded a liability within Due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost. 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 sheets 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 sheets. 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, 2017, we received redemption requests totaling approximately $840,000 (approximately 92,000 shares), $380,000 of which were fulfilled in April 2017 and $460,000 of which were included in accounts payable and accrued liabilities as of June 30, 2017, and fulfilled in July 2017. 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 Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. 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, 2017 and December 31, 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. June 30, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 214,800,000 $ 218,378,674 $ 158,700,000 $ 166,410,537 As of June 30, 2017, we had interest rate swaps on four of our loans (See Notes 5 and 6). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. The variable cash payments were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of 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. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through June 30, 2017, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and had determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we had determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. 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. As of June 30, 2017, all of our derivative instruments met the criteria for hedge accounting. 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 (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). 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 our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including 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 diluted weighted average shares as such shares were antidilutive. Recently Issued Accounting Guidance In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” as 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 with early adoption permitted. This ASU shall still be applied using either a full retrospective or modified retrospective approach. We have determined that our self storage rental revenues will not be subject to the guidance in ASU 2014-09, as they qualify as lease contracts, which are excluded from its scope. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments–Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a l

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2017
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, 2017: Real estate facilities Balance at December 31, 2016 $ 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 2,745,378 Improvements and additions 2,627,038 Balance at June 30, 2017 $ 822,940,284 Accumulated depreciation Balance at December 31, 2016 $ (14,855,188 ) Depreciation expense and impact of foreign exchange rate changes (9,739,528 ) Balance at June 30, 2017 $ (24,594,716 ) The following table summarizes the purchase price allocation for our acquisitions during the six months ended June 30, 2017: Property Acquisition Real Estate Intangibles Total Debt Issued or 2017 (1) 2017 (2) Aurora II - CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 380,060 $ 210,750 Dufferin - ONT (3) 2/01/17 22,545,843 1,538,440 24,084,283 11,111,469 807,910 525,640 Mavis - ONT (3) 2/01/17 19,150,741 1,368,637 20,519,378 9,366,048 679,577 433,639 Brewster - ONT (3) 2/01/17 13,663,740 911,564 14,575,304 6,121,600 517,397 270,127 Granite - ONT (3) 2/01/17 11,827,875 275,863 12,103,738 6,821,686 286,512 51,868 Centennial - ONT (3)(4) 2/01/17 13,143,182 — 13,143,182 4,939,433 63,236 (100,440 ) Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 2,734,692 $ 1,391,584 (1) The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 7 for further discussion regarding the Toronto Merger. (4) The Centennial property opened in November 2016 with occupancy at 0%. The property’s occupancy at acquisition was approximately 11% and increased to approximately 41% as of June 30, 2017. 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 Aurora II acquisition of approximately $0.2 million for the six months ended June 30, 2017.

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	6 Months Ended
	Jun. 30, 2017
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, 2017, and 2016 as if our 2016 and 2017 acquisitions were completed as of January 1, 2016. This pro forma information does not purport to represent what our actual results of operations 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, 2017 June 30, 2016 Pro forma revenue $ 37,248,876 $ 34,085,328 Pro forma operating expenses (36,407,868 ) (38,948,434 ) Pro forma net loss attributable to common stockholders (8,161,460 ) (13,578,111 ) The pro forma financial information for the six months ended June 30, 2017 and 2016 were adjusted to exclude approximately $0.5 million and $10.7 million, respectively, for acquisition related expenses.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Note 5. Debt The Company’s debt is summarized as follows: Encumbered Property June 30, December 31, Interest Maturity Raleigh/Myrtle Beach promissory note (1) $ 12,170,317 $ 12,263,391 5.73 % 9/1/2023 Amended KeyBank Credit Facility (2) 84,382,500 12,300,000 3.30 % 12/22/2018 Milton fixed rate (3) 5,099,532 4,956,483 5.81 % 10/15/2018 Burlington I fixed rate (3) 4,998,250 4,870,817 5.98 % 10/15/2018 Burlington I variable rate (3) 2,322,799 2,242,880 4.86 % 10/15/2018 Oakville I variable rate (3) 7,753,717 7,486,937 4.45 % 12/31/2017 Burlington II and Oakville II variable rate (3) 12,538,856 12,232,378 3.35 % 2/28/2021 Oakland and Concord loan (4) 20,000,000 20,000,000 3.95 % 4/10/2023 Amended KeyBank Property Loan (5) — 92,753,550 N/A 5/1/2017 KeyBank CMBS Loan (6) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (7) 52,000,000 — 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (8) 11,000,000 — 4.80 % 6/1/2020 Midland North Carolina CMBS Loan (9) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (10) 11,011,549 — 3.21 % 5/31/2019 Mavis loan (10) 9,281,680 — 3.21 % 5/31/2019 Brewster loan (10) 6,066,865 — 3.21 % 5/31/2019 Granite loan (11) 6,866,261 — 5.45 % 6/15/2018 Centennial loan (11) 6,166,415 — 5.70 % 6/15/2018 Premium on secured debt, net 1,860,581 2,069,847 Debt issuance costs, net (2,562,363 ) (2,605,542 ) Total secured debt 393,206,958 310,820,740 Amended KeyBank Subordinate Loan (12) — 10,000,000 N/A 3/31/2017 Total debt $ 393,206,958 $ 320,820,740 (1) Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. (2) As of June 30, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). (3) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). (4) This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. (5) The Amended KeyBank Property Loan was repaid in full on April 11, 2017. (6) This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets and credit of these encumbered properties are not available to pay our other debts. (7) This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets and credit of these encumbered properties are not available to pay our other debts. (8) This loan is encumbered by 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. (9) This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. (10) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. (11) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. The Granite and Centennial loans were assumed during the Toronto Merger with variable interest rates of 5.45% and 5.70%, respectively, as of June 30, 2017. (12) The Amended KeyBank Subordinate Loan was repaid in full on March 8, 2017. The weighted average interest rate on our consolidated debt as of June 30, 2017 was approximately 4.18%. As of June 30, 2017, we provided recourse guarantees totaling approximately $42.1 million in connection with certain of our loans. We are subject to certain restrictive covenants relating to the outstanding debt. Amended KeyBank Credit Facility On December 22, 2015, we, through our Operating Partnership, and certain affiliated entities (the “Borrower”), 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 the 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. On March 8, 2017, we removed five of the properties held as collateral (Plantation, Wellington, Naples, Port St. Lucie II, and Doral) under the Amended KeyBank Property Loan (as defined below) and added them to the Amended KeyBank Credit Facility. In conjunction with adding these five properties to the Amended KeyBank Credit Facility, we borrowed $56 million which was used to repay approximately $46 million of principal on the Amended KeyBank Property Loan and the remaining outstanding principal balance on the Amended KeyBank Subordinate Loan of $10 million. As of June 30, 2017, we had approximately $84 million in borrowings outstanding under the Amended KeyBank Credit Facility. 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%. The Amended KeyBank Credit Facility is fully recourse and is secured by cross-collateralized first mortgage liens on the mortgaged properties. 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) at any time, a Tangible Net Worth not 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. On December 30, 2016, our Operating Partnership purchased an interest rate cap with a notional amount of $100 million that caps LIBOR at 1.5% through July 3, 2017. On May 1, 2017, our Operating Partnership purchased an interest rate cap with a notional amount of $90 million, such that as of the effective date of July 1, 2017, LIBOR is capped at 1.25% through December 22, 2018. The Amended 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), two parcels of land adjacent to the North Carolina properties and one redevelopment property in North Carolina, which was subsequently assigned to Strategic Storage Growth Trust, Inc., (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 “Property Loan 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 Property Loan 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 with an original maturity date of December 31, 2016. On December 29, 2016, we entered into a First Amendment to the Credit Agreement (the “First Amendment to the KeyBank Property Loan”) in connection with the KeyBank Property Loan. Prior to the First Amendment to the KeyBank Property Loan, one of the properties held as collateral was removed and added to the Amended KeyBank Credit Facility and the KeyBank Property Loan was reduced to approximately $92.8 million. The First Amendment to the KeyBank Property Loan extended the maturity date of the loan (the “Amended KeyBank Property Loan”) from December 31, 2016 to March 31, 2017. On March 8, 2017, we removed five of the properties held as collateral (Plantation, Wellington, Naples, Port St. Lucie II, and Doral) under the Amended KeyBank Property Loan and added them to the Amended KeyBank Credit Facility. On March 30, 2017 we entered into a Second Amendment to the Amended KeyBank Property Loan to extend the maturity date from March 31, 2017 to May 1, 2017. On April 11, 2017, we removed the remaining five properties that served as collateral under the Amended KeyBank Property Loan and entered into the KeyBank Florida CMBS Loan (as defined below) in which we borrowed $52 million, the proceeds of which were primarily used to pay off the outstanding balance on the Amended KeyBank Property Loan. The Amended 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 with an original maturity date of December 31, 2016. During the third and fourth quarters of 2016, we made payments totaling $20 million on the KeyBank Subordinate Loan, reducing the loan amount to $10 million as of December 29, 2016. On December 29, 2016, we entered into a First Amendment to the Subordinate Loan Agreement (the “First Amendment to the Subordinate Loan”), which extended the maturity date of the Subordinate Loan Agreement (subsequently, the “Amended KeyBank Subordinate Loan”) from December 31, 2016 to March 31, 2017. On March 8, 2017, we paid off the outstanding balance of $10 million on the Amended KeyBank Subordinate Loan through a draw on the Amended KeyBank Credit Facility. 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 “KeyBank CMBS Loan”). Pursuant to the loan agreement, the collateral under the loan consists of our respective fee interests in 29 self storage properties (the “29 Mortgaged Properties”). The proceeds of the KeyBank CMBS Loan were primarily used to pay down our Amended KeyBank Credit Facility, after which the 29 Mortgaged Properties were released as collateral under the Amended KeyBank Credit Facility. The KeyBank CMBS Loan has an initial term of ten years, maturing on August 1, 2026. In connection with the KeyBank 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 amortization schedule begin thereafter. The Promissory Notes bear interest at 3.89%. KeyBank Florida CMBS Loan On April 11, 2017, we removed the remaining five properties that served as collateral under the Amended KeyBank Property Loan and, through five special purpose entities wholly owned by our Operating Partnership, entered into a new loan agreement with KeyBank in which we borrowed $52 million (the “KeyBank Florida CMBS Loan”). Pursuant to the loan agreement, the five properties released from the Amended KeyBank Property Loan now serve as collateral under the KeyBank Florida CMBS Loan. The proceeds of the KeyBank Florida CMBS Loan were primarily used to pay off the outstanding balance on the Amended KeyBank Property Loan. The KeyBank Florida CMBS Loan has an initial term of ten years, maturing on May 1, 2027. Monthly payments due are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter. The loan bears interest at 4.65%. $11M KeyBank Subordinate Loan On June 1, 2017, we entered into a credit agreement in which we borrowed $11 million (the “$11M 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. This loan is subordinate to the existing KeyBank CMBS Loan and the KeyBank Florida CMBS Loan, and encumbers the same 34 properties already encumbered by these two loans. The $11M KeyBank Subordinate Loan has an initial term of three years, maturing on June 1, 2020, with a one-year extension option subject to certain conditions in the credit agreement. The $11M 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 375 basis points for any Eurodollar Borrowing and 275 basis points for any ABR Borrowing. The proceeds from the $11M KeyBank Subordinate Loan were primarily used to pay down the Amended KeyBank Credit Facility. The following table presents the future principal payment requirements on outstanding debt as of June 30, 2017: 2017 $ 8,601,789 2018 111,718,897 2019 25,992,773 2020 12,621,322 2021 13,616,117 2022 and thereafter 221,357,842 Total payments 393,908,740 Premium on secured debt, net 1,860,581 Debt issuance costs, net (2,562,363 ) Total $ 393,206,958

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 6. Derivative Instruments Interest Rate Swaps Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we used interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of the change in the fair value of the derivative designated and that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. Foreign Currency Forward Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we used a foreign currency forward as part of our exchange rate risk management strategy. 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 accumulated other comprehensive income. The following table summarizes the terms of our derivative financial instruments as of June 30, 2017: Notional Strike Effective Date or Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,297,000 (1) 3.21 % February 1, 2017 May 31, 2019 Mavis loan 12,051,000 (1) 3.21 % February 1, 2017 May 31, 2019 Brewster loan 7,877,000 (1) 3.21 % February 1, 2017 May 31, 2019 Interest Rate Cap LIBOR $ 90,000,000 1.25 % July 1, 2017 December 22, 2018 Foreign Currency Forward Denominated in CAD $ 101,000,000 (1) 1.3439 March 8, 2017 September 5, 2017 (1) Notional amounts shown are denominated in CAD. On February 1, 2017, to hedge our net investment related to the Toronto Merger, we entered into a foreign currency forward contract with a notional amount of $58.5 million CAD, a settlement date of March 9, 2017, and a forward rate of approximately 1.3058. On March 8, 2017, we settled our two foreign currency forward contracts which resulted in us receiving a net settlement of approximately $1.4 million which was recorded in foreign currency forward contract gain in our consolidated statements of comprehensive loss. The following table summarizes the terms of our derivative financial instruments as of December 31, 2016: Notional Strike Effective Date Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Foreign Currency Forward Denominated in CAD $ 42,500,000 (1) 1.339 March 8, 2016 March 9, 2017 (1) Notional amounts shown are denominated in CAD. The following table presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2017 and December 31, 2016: Asset/Liability Derivatives Fair Value Balance Sheet Location June 30, 2017 December 31, 2016 Other assets $ 450,427 $ 128,199 Accounts payable and accrued liabilities $ 2,874,330 $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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, as amended (“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 organization 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 could be paid by our Advisor on our behalf and were 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 was obligated to reimburse us within 60 days after the end of the month which the Offering terminated 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. Subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross 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. As noted above, we were required under our Advisory Agreement to reimburse our Advisor for organization and offering costs. Our Advisory Agreement also required 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. Subsequent to the termination of our Primary Offering on January 9, 2017, we determined offering expenses were not 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 in the Advisory Agreement. 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 became obligated 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 received 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 entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager could 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 received reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Offering, could not exceed 3% of gross offering proceeds from sales in the Offering. Affiliated Dealer Manager Our Sponsor owns a 15% non-voting equity interest in our Dealer Manager. An affiliate of our Dealer Manager owns a 2.5% non-voting membership interest in our Advisor. Property Management Agreement Each of our self storage properties are subject to separate property management agreements with our Property Manager. For properties located in the United States, our Property Manager has entered into sub-property management agreements with Extra Space, which provides on-site management of such properties. Such agreements were entered into effective the later of October 1, 2015 or their respective acquisition date. Under the property management agreements for properties located in the United States, 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 sub-property management agreement on 60 days prior written notice to our Property Manager. On July 14, 2017, our Property Manager provided written notice to Extra Space of its intention to terminate each sub-property management agreement with Extra Space, effective October 1, 2017. Please see Note 11 – Subsequent Events. Our self storage properties located in Canada are subject to separate property management agreements with our Property Manager. Under each agreement, our Property Manager receives 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 include wages and salaries and other expenses of employees engaged in operating, managing and maintaining our properties. Our Property Manager also receives a one-time fee for each property acquired by us that is managed by our Property Manager in the amount of $3,750. In the event that our Property Manager assists with the development or redevelopment of a property, we pay a separate market-based fee for such services. In addition, our Property Manager is entitled to a construction management fee equal to 5% of the cost of construction or capital improvement work in excess of $10,000 and there is an agreement to share net tenant protection plan 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, 2016 and the six months ended June 30, 2017, as well as any related amounts payable as of December 31, 2016 and June 30, 2017: Year Ended December 31, 2016 Six Months Ended June 30, 2017 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 735,891 $ 777,354 $ 6,508 $ 397,719 $ 344,424 $ 59,803 Asset management fees 2,970,846 2,970,846 — 2,622,080 2,622,080 — Property management fees (1) 2,752,862 2,752,862 — 2,215,770 2,215,770 — Acquisition expenses 10,729,535 10,729,535 — 212,577 212,577 — Additional Paid-in Capital Selling commissions 21,141,748 21,141,748 — 966,551 966,551 — Dealer Manager fee 6,573,962 6,573,760 160,714 353,167 513,881 — Stockholder servicing fee (2) 3,297,305 286,292 3,011,013 299,299 343,091 2,967,221 Offering costs 444,719 444,719 — 33,466 33,466 — Total $ 48,646,868 $ 45,677,116 $ 3,178,235 $ 7,100,629 $ 7,251,840 $ 3,027,024 (1) During the six months ended June 30, 2017 and year ended December 31, 2016, property management fees included approximately $1.6 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. (2) We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365 th Extra Space Self Storage In connection with the Extra Space 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 We participate in a tenant protection plan pursuant to which we receive 50% of the net revenues generated for each tenant protection plan purchased by a customer at our Canadian properties and our Property Manager receives the other 50% of such net revenues. Storage Auction Program In March 2017, our Sponsor acquired a minority interest in a company (the “Auction Company”) that serves as a web portal for self storage companies to post their auctions for the contents of abandoned storage units online instead of using live auctions conducted at the self storage facilities. The Auction Company is expected to receive a service fee for such services. Our sub-property manager in the future may utilize the Auction Company at our properties, and we would be responsible for paying any fees related to our properties. Our properties would receive the proceeds from such online auctions. Toronto Merger On February 1, 2017, we entered into a definitive Agreement and Plan of Merger (the “Toronto Merger Agreement”) pursuant to which SST II Toronto Acquisition, LLC, a wholly owned and newly formed subsidiary of our Operating Partnership, merged (the “Toronto Merger”) with and into Strategic Storage Toronto Properties REIT, Inc. (“SS Toronto”), a subsidiary of our Sponsor, with SS Toronto surviving the Toronto Merger and becoming a wholly owned subsidiary of our Operating Partnership. In connection with the Toronto Merger, we acquired five self storage properties located in the Greater Toronto Areas of North York, Mississauga, Brampton, Pickering and Scarborough (the “SS Toronto Properties”). Each property is operated under the “SmartStop” brand. At the effective time of the Toronto Merger, each share of common stock, $0.001 par value per share, of SS Toronto issued and outstanding was automatically converted into the right to receive $11.0651 USD in cash and 0.7311 Class A Units of our Operating Partnership. We paid an aggregate of approximately $7.3 million USD in cash consideration and issued an aggregate of approximately 483,197 Class A Units of our Operating Partnership to the common stockholders of SS Toronto, consisting of Strategic 1031 and SS Toronto REIT Advisors, Inc., affiliates of our Sponsor. We acquired the SS Toronto Properties subject to approximately $50.1 million CAD (approximately $38.4 million USD) in outstanding debt (as described further below), $0.8 million in other net liabilities, and paid approximately $33.1 million USD to an affiliate of Extra Space as repayment of outstanding debt and accrued interest owed by SS Toronto. No acquisition fee was paid to our Advisor for the Toronto Merger. The terms of the Toronto Merger and the execution of the Toronto Merger Agreement were recommended by a special committee (the “Special Committee”) of our board of directors consisting of the Nominating and Corporate Governance Committee, the members of which were all of our independent directors. The Special Committee, with the assistance of its independent financial advisor and independent legal counsel, approved the transaction and determined that the Toronto Merger and the other transactions contemplated by the Toronto Merger Agreement were advisable and in the best interests of us, were fair and reasonable to us and were on terms and conditions not less favorable to us than those available from unaffiliated third parties. In connection with the Toronto Merger, we entered into guarantees, dated as of February 1, 2017 (the “Guarantees”), under which we agreed to guarantee certain obligations of SS Toronto. The SS Toronto loans consist of (i) term loans totaling approximately $34.8 million CAD pursuant to promissory notes executed by SS Toronto in favor of Bank of Montreal on June 3, 2016, and (ii) mortgage financings in the aggregate amount of up to $17.7 million CAD pursuant to two promissory notes executed by subsidiaries of SS Toronto in favor of DUCA Financial Services Credit Union Ltd. on June 3, 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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. The purchase price per share pursuant to our distribution reinvestment plan is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on April 13, 2017, beginning in May 2017, shares sold pursuant to our distribution reinvestment plan are sold at the new estimated value per share of $10.22 per Class A Share or Class T Share. 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, dealer manager fee, or stockholder servicing fee will be paid on shares sold through the amended and restated distribution reinvestment plan. Through the termination of our Offering on January 9, 2017, we had sold approximately 1.1 million Class A shares and 0.1 million Class T Shares through our original distribution reinvestment plan. As of June 30, 2017, we had sold approximately 0.7 million Class A shares and approximately 0.1 million Class T Shares through our DRP Offering. 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, 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, less any prior redemptions. • 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, 2017, we received redemption requests totaling approximately $840,000 (approximately 92,000 shares), $380,000 of which were fulfilled in April 2017 and $460,000 of which were included in accounts payable and accrued liabilities as of June 30, 2017, and fulfilled in July 2017. 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 were fulfilled in April 2016 and $160,000 of which were included in accounts payable and accrued liabilities as of June 30, 2016 and fulfilled in July 2016. 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, 2017
Text Block [Abstract]
Declaration of Distributions	Note 9. Declaration of Distributions On June 5, 2017, our board of directors declared a distribution rate for the third quarter of 2017 of approximately $0.001644 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, 2017 and continuing on each day thereafter through and including September 30, 2017. Such distributions payable to each stockholder of record during a month will be paid the following month.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	6 Months Ended
	Jun. 30, 2017
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, 2016 September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 Total revenues $ 9,799,189 $ 14,457,550 $ 14,939,818 $ 17,707,546 $ 19,076,777 Total operating expenses $ 18,708,719 $ 15,753,103 $ 15,830,901 $ 18,259,683 $ 18,085,017 Operating income (loss) $ (8,909,530 ) $ (1,295,553 ) $ (891,083 ) $ (552,137 ) $ 991,760 Net loss $ (10,729,510 ) $ (6,341,069 ) $ (4,524,376 ) $ (5,221,480 ) $ (3,538,491 ) Net loss attributable to common stockholders $ (10,724,129 ) $ (6,338,356 ) $ (4,522,696 ) $ (5,191,114 ) $ (3,502,661 ) Net loss per Class A Share-basic and diluted $ (0.27 ) $ (0.14 ) $ (0.09 ) $ (0.09 ) $ (0.06 ) Net loss per Class T Share-basic and diluted $ (0.27 ) $ (0.14 ) $ (0.09 ) $ (0.09 ) $ (0.06 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events Property Management Agreement On July 14, 2017, our Property Manager provided written notice to Extra Space of its intention to terminate each sub-property management agreement effective October 1, 2017, after which our Property Manager will manage our properties directly. In connection with the termination of the sub-property management agreements with Extra Space, and the anticipated amendments to the underlying property management agreements with our Property Manager, we will incur a termination fee of approximately $0.8 million. Our Sponsor is currently in negotiations to reacquire the rights to the “SmartStop ® Distribution Reinvestment Plan Offering As of August 11, 2017, we have issued approximately 0.8 million Class A shares of our common stock and approximately 0.1 million Class T Shares of our common stock for gross proceeds of approximately $8.0 million and approximately $1.2 million, pursuant to our DRP Offering.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of June 30, 2017 and December 31, 2016, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs.
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 sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest balance.
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 and 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 certain of our loan agreements.
Real Estate Purchase Price Allocation	Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP 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. 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 $4.4 million and approximately $15.8 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the six months ended June 30, 2017 and 2016, 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, 2017 and 2016, we expensed approximately $26,000 and $7.8 million, respectively, of acquisition-related transaction costs. During the six months ended June 30, 2017 and 2016, we expensed approximately $0.5 million and $10.7 million, respectively, of acquisition-related transaction costs. Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we 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 consolidated financial statements. We will recognize any measurement period adjustments during the period in which we determine the amount of the adjustment to our consolidated 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 monitors 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, 2017 and 2016, 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 based on relative fair value as of the date of acquisition. 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 lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of June 30, 2017, the gross amounts allocated to in-place lease intangibles was approximately $33.7 million and accumulated amortization of in-place lease intangibles totaled approximately $23.7 million. As of December 31, 2016, the gross amounts allocated to in-place lease intangibles was approximately $29.2 million and accumulated amortization of in-place lease intangibles totaled approximately $16.1 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2017, 2018, 2019, 2020, 2021, and thereafter is approximately $6.0 million, $2.4 million, $0.1 million, $0.1 million, $0.1 million, and $1.3 million respectively.
Debt Issuance Costs	Debt Issuance Costs The net carrying value of 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, 2017 and December 31, 2016, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.1 million and $0.7 million, respectively. The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from debt (see Note 5). 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, 2017 and December 31, 2016, accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $0.4 million and $0.2 million, respectively.
Organization and Offering Costs	Organization and Offering Costs Our Advisor may fund organization and offering costs on our behalf. We are required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor must reimburse us within 60 days after the end of the month in which the Offering terminates to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, 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. Subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. We pay our Dealer Manager 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 entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager was also permitted to re-allow to these broker-dealers a portion of 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 received reimbursement of bona fide due diligence expenses; however, to the extent the due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Public Offering, could not exceed 3% of gross offering proceeds from sales in the Public Offering. We recorded a liability within Due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost.
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 sheets 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 sheets. 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, 2017, we received redemption requests totaling approximately $840,000 (approximately 92,000 shares), $380,000 of which were fulfilled in April 2017 and $460,000 of which were included in accounts payable and accrued liabilities as of June 30, 2017, and fulfilled in July 2017.
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 Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. 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, 2017 and December 31, 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. June 30, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 214,800,000 $ 218,378,674 $ 158,700,000 $ 166,410,537 As of June 30, 2017, we had interest rate swaps on four of our loans (See Notes 5 and 6). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. The variable cash payments were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of 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. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through June 30, 2017, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and had determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we had determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.
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. As of June 30, 2017, all of our derivative instruments met the criteria for hedge accounting.
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 (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). 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 our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including 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 diluted weighted average shares as such shares were antidilutive.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” as 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 with early adoption permitted. This ASU shall still be applied using either a full retrospective or modified retrospective approach. We have determined that our self storage rental revenues will not be subject to the guidance in ASU 2014-09, as they qualify as lease contracts, which are excluded from its scope. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments–Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. We do not anticipate the adoption of this standard to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 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 do not anticipate the adoption of this standard to have a material impact on our consolidated financial statements, because substantially all of our lease revenues are derived from month-to-month self storage leases. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 addresses eight classification issues related to the statement of cash flows. The guidance will become effective for periods beginning after December 15, 2017, with early adoption permitted. We do not anticipate the adoption of this standard to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalent balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. We are in the process of evaluating the impact the adoption will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 8 05): Clarifying the Definition of a Business.” ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework provides guidance for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements and shall be applied on a prospective basis. We expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. The adoption of this guidance will likely result in a decrease in acquisition related costs being expensed, as our acquisition of real estate properties will likely be considered asset acquisitions rather than business combinations under ASU 2017-01.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 and December 31, 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. June 30, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 214,800,000 $ 218,378,674 $ 158,700,000 $ 166,410,537

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017: Real estate facilities Balance at December 31, 2016 $ 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 2,745,378 Improvements and additions 2,627,038 Balance at June 30, 2017 $ 822,940,284 Accumulated depreciation Balance at December 31, 2016 $ (14,855,188 ) Depreciation expense and impact of foreign exchange rate changes (9,739,528 ) Balance at June 30, 2017 $ (24,594,716 )
Summary of Purchase Price Allocation for Acquisitions	The following table summarizes the purchase price allocation for our acquisitions during the six months ended June 30, 2017: Property Acquisition Real Estate Intangibles Total Debt Issued or 2017 (1) 2017 (2) Aurora II - CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 380,060 $ 210,750 Dufferin - ONT (3) 2/01/17 22,545,843 1,538,440 24,084,283 11,111,469 807,910 525,640 Mavis - ONT (3) 2/01/17 19,150,741 1,368,637 20,519,378 9,366,048 679,577 433,639 Brewster - ONT (3) 2/01/17 13,663,740 911,564 14,575,304 6,121,600 517,397 270,127 Granite - ONT (3) 2/01/17 11,827,875 275,863 12,103,738 6,821,686 286,512 51,868 Centennial - ONT (3)(4) 2/01/17 13,143,182 — 13,143,182 4,939,433 63,236 (100,440 ) Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 2,734,692 $ 1,391,584 (1) The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 7 for further discussion regarding the Toronto Merger. (4) The Centennial property opened in November 2016 with occupancy at 0%. The property’s occupancy at acquisition was approximately 11% and increased to approximately 41% as of June 30, 2017.

Pro Forma Financial Informati23

Pro Forma Financial Information (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017, and 2016 as if our 2016 and 2017 acquisitions were completed as of January 1, 2016. This pro forma information does not purport to represent what our actual results of operations 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, 2017 June 30, 2016 Pro forma revenue $ 37,248,876 $ 34,085,328 Pro forma operating expenses (36,407,868 ) (38,948,434 ) Pro forma net loss attributable to common stockholders (8,161,460 ) (13,578,111 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Summarized Real Estate Secured Debt	The Company’s debt is summarized as follows: Encumbered Property June 30, December 31, Interest Maturity Raleigh/Myrtle Beach promissory note (1) $ 12,170,317 $ 12,263,391 5.73 % 9/1/2023 Amended KeyBank Credit Facility (2) 84,382,500 12,300,000 3.30 % 12/22/2018 Milton fixed rate (3) 5,099,532 4,956,483 5.81 % 10/15/2018 Burlington I fixed rate (3) 4,998,250 4,870,817 5.98 % 10/15/2018 Burlington I variable rate (3) 2,322,799 2,242,880 4.86 % 10/15/2018 Oakville I variable rate (3) 7,753,717 7,486,937 4.45 % 12/31/2017 Burlington II and Oakville II variable rate (3) 12,538,856 12,232,378 3.35 % 2/28/2021 Oakland and Concord loan (4) 20,000,000 20,000,000 3.95 % 4/10/2023 Amended KeyBank Property Loan (5) — 92,753,550 N/A 5/1/2017 KeyBank CMBS Loan (6) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (7) 52,000,000 — 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (8) 11,000,000 — 4.80 % 6/1/2020 Midland North Carolina CMBS Loan (9) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (10) 11,011,549 — 3.21 % 5/31/2019 Mavis loan (10) 9,281,680 — 3.21 % 5/31/2019 Brewster loan (10) 6,066,865 — 3.21 % 5/31/2019 Granite loan (11) 6,866,261 — 5.45 % 6/15/2018 Centennial loan (11) 6,166,415 — 5.70 % 6/15/2018 Premium on secured debt, net 1,860,581 2,069,847 Debt issuance costs, net (2,562,363 ) (2,605,542 ) Total secured debt 393,206,958 310,820,740 Amended KeyBank Subordinate Loan (12) — 10,000,000 N/A 3/31/2017 Total debt $ 393,206,958 $ 320,820,740 (1) Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. (2) As of June 30, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). (3) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). (4) This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. (5) The Amended KeyBank Property Loan was repaid in full on April 11, 2017. (6) This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets and credit of these encumbered properties are not available to pay our other debts. (7) This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets and credit of these encumbered properties are not available to pay our other debts. (8) This loan is encumbered by 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. (9) This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. (10) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. (11) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. The Granite and Centennial loans were assumed during the Toronto Merger with variable interest rates of 5.45% and 5.70%, respectively, as of June 30, 2017. (12) The Amended KeyBank Subordinate Loan was repaid in full on March 8, 2017.
Future Principal Payment Requirements on Outstanding Debt	The following table presents the future principal payment requirements on outstanding debt as of June 30, 2017: 2017 $ 8,601,789 2018 111,718,897 2019 25,992,773 2020 12,621,322 2021 13,616,117 2022 and thereafter 221,357,842 Total payments 393,908,740 Premium on secured debt, net 1,860,581 Debt issuance costs, net (2,562,363 ) Total $ 393,206,958

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instruments	The following table summarizes the terms of our derivative financial instruments as of June 30, 2017: Notional Strike Effective Date or Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,297,000 (1) 3.21 % February 1, 2017 May 31, 2019 Mavis loan 12,051,000 (1) 3.21 % February 1, 2017 May 31, 2019 Brewster loan 7,877,000 (1) 3.21 % February 1, 2017 May 31, 2019 Interest Rate Cap LIBOR $ 90,000,000 1.25 % July 1, 2017 December 22, 2018 Foreign Currency Forward Denominated in CAD $ 101,000,000 (1) 1.3439 March 8, 2017 September 5, 2017 (1) Notional amounts shown are denominated in CAD. The following table summarizes the terms of our derivative financial instruments as of December 31, 2016: Notional Strike Effective Date Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Foreign Currency Forward Denominated in CAD $ 42,500,000 (1) 1.339 March 8, 2016 March 9, 2017 (1) Notional amounts shown are denominated in CAD.
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets	The following table presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2017 and December 31, 2016: Asset/Liability Derivatives Fair Value Balance Sheet Location June 30, 2017 December 31, 2016 Other assets $ 450,427 $ 128,199 Accounts payable and accrued liabilities $ 2,874,330 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 and the six months ended June 30, 2017, as well as any related amounts payable as of December 31, 2016 and June 30, 2017: Year Ended December 31, 2016 Six Months Ended June 30, 2017 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 735,891 $ 777,354 $ 6,508 $ 397,719 $ 344,424 $ 59,803 Asset management fees 2,970,846 2,970,846 — 2,622,080 2,622,080 — Property management fees (1) 2,752,862 2,752,862 — 2,215,770 2,215,770 — Acquisition expenses 10,729,535 10,729,535 — 212,577 212,577 — Additional Paid-in Capital Selling commissions 21,141,748 21,141,748 — 966,551 966,551 — Dealer Manager fee 6,573,962 6,573,760 160,714 353,167 513,881 — Stockholder servicing fee (2) 3,297,305 286,292 3,011,013 299,299 343,091 2,967,221 Offering costs 444,719 444,719 — 33,466 33,466 — Total $ 48,646,868 $ 45,677,116 $ 3,178,235 $ 7,100,629 $ 7,251,840 $ 3,027,024 (1) During the six months ended June 30, 2017 and year ended December 31, 2016, property management fees included approximately $1.6 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. (2) We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365 th

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017
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, 2016 September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 Total revenues $ 9,799,189 $ 14,457,550 $ 14,939,818 $ 17,707,546 $ 19,076,777 Total operating expenses $ 18,708,719 $ 15,753,103 $ 15,830,901 $ 18,259,683 $ 18,085,017 Operating income (loss) $ (8,909,530 ) $ (1,295,553 ) $ (891,083 ) $ (552,137 ) $ 991,760 Net loss $ (10,729,510 ) $ (6,341,069 ) $ (4,524,376 ) $ (5,221,480 ) $ (3,538,491 ) Net loss attributable to common stockholders $ (10,724,129 ) $ (6,338,356 ) $ (4,522,696 ) $ (5,191,114 ) $ (3,502,661 ) Net loss per Class A Share-basic and diluted $ (0.27 ) $ (0.14 ) $ (0.09 ) $ (0.09 ) $ (0.06 ) Net loss per Class T Share-basic and diluted $ (0.27 ) $ (0.14 ) $ (0.09 ) $ (0.09 ) $ (0.06 )

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Apr. 13, 2017	Feb. 01, 2017	Jan. 09, 2017	Oct. 01, 2015	May 23, 2014	Aug. 02, 2013	Jun. 30, 2017	May 31, 2017	Dec. 31, 2016	Nov. 30, 2016
Organization and Nature of Operations [Line Items]
Date of formation of company							Jan. 8, 2013
Preferred Stock, shares authorized							200,000,000		200,000,000
Preferred Stock, par value							$ 0.001		$ 0.001
Shares issuable pursuant to distribution reinvestment plan							$ 95,000,000
Sale of common shares							17,311,370
Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Common Stock, shares authorized										100,900,000
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
Organization and Nature of Operations [Line Items]
Percentage of non-voting equity owned							15.00%
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							350,000,000		350,000,000
Common Stock, par value							$ 0.001		$ 0.001
Estimated value per common share	$ 10.22
Class A Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Selling price per share								$ 10.22
Class T Common stock
Organization and Nature of Operations [Line Items]
Common Stock, shares authorized							350,000,000		350,000,000
Common Stock, par value							$ 0.001		$ 0.001
Estimated value per common share	$ 10.22
Class T Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Selling price per share								$ 10.22
SmartStop Self Storage, Inc.
Organization and Nature of Operations [Line Items]
Sale price per share				$ 13.75
Enterprise value on sale				$ 1,400,000,000
Strategic Storage Advisor II, LLC
Organization and Nature of Operations [Line Items]
Number of shares sold to advisor						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							99.10%
Percentage of limited partnership interests owned by noncontrolling owners							0.90%
SmartStop Asset Management | 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 Asset Management | Property Management Agreement
Organization and Nature of Operations [Line Items]
Percentage of voting membership interest							100.00%
Toronto Five Property Portfolio Merger | Class A Units of Operating Partnership | SS Toronto
Organization and Nature of Operations [Line Items]
Business acquisition partnership units issued		483,197
Common Stock | Class A Common stock
Organization and Nature of Operations [Line Items]
Sale of common shares							$ 1,028
Number of common stock issued							1,027,996
Common Stock | Class A Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Number of common stock issued							700,000
Gross proceeds from issuance of common stock							$ 7,000,000
Common Stock | Class A Common stock | Primary Offering
Organization and Nature of Operations [Line Items]
Enterprise value on sale			$ 493,000,000
Number of shares issued in offering			48,000,000
Common Stock | Class T Common stock
Organization and Nature of Operations [Line Items]
Sale of common shares							$ 565
Number of common stock issued							564,589
Common Stock | Class T Common stock | Distribution Reinvestment Plan
Organization and Nature of Operations [Line Items]
Number of common stock issued							100,000
Gross proceeds from issuance of common stock							$ 1,000,000
Common Stock | Class T Common stock | Primary Offering
Organization and Nature of Operations [Line Items]
Enterprise value on sale			$ 73,000,000
Number of shares issued in offering			7,000,000

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire intangible assets							$ 4,400,000	$ 15,800,000
Business acquisition, transaction costs					$ 26,000	$ 7,800,000	500,000	10,700,000
Impairment losses recognized							0	0
Gross amounts of lease intangibles					33,700,000		33,700,000		$ 29,200,000
Accumulated amortization of lease intangibles					23,700,000		23,700,000		16,100,000
Total estimated future amortization expense of intangible assets, year 2017					6,000,000		6,000,000
Total estimated future amortization expense of intangible assets, year 2018					2,400,000		2,400,000
Total estimated future amortization expense of intangible assets, year 2019					100,000		100,000
Total estimated future amortization expense of intangible assets, year 2020					100,000		100,000
Total estimated future amortization expense of intangible assets, year 2021					100,000		100,000
Total estimated future amortization expense of intangible assets, thereafter					1,300,000		1,300,000
Accumulated amortization of debt issuance costs					1,100,000		$ 1,100,000		700,000
Maximum period for reimbursement of offering cost							60 days
Maximum offering cost rate							3.50%
Redemptions of common stock							$ 68
Minimum percentage of ordinary taxable income to be distributed to stockholders							90.00%
Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Maximum dealer manager commission fee percentage of proceeds from Primary Offering							3.00%
Underwriting commission							10.00%
Non Revolving Debt
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs					$ 400,000		$ 400,000		$ 200,000
Class T Common stock | Dealer Manager
Summary Of Significant Accounting Policies [Line Items]
Monthly stockholder servicing fee accrual description							accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Class T Common stock | Primary Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares							10.00%
Class A Common stock | Primary Offering Dealer Manager Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage of gross proceeds from sale of shares							10.00%
Share Redemption Program
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock (in shares)							92,000
Redemptions of common stock		$ 380,000	$ 160,000	$ 530,000			$ 840,000	$ 690,000
Subsequent Event | Share Redemption Program
Summary Of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 460,000
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, 2017
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) - Fixed Rate Secured Debt - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 214,800,000	$ 158,700,000
Carrying Value	$ 218,378,674	$ 166,410,537

Schedule of Activity in Real Es

Schedule of Activity in Real Estate Facilities (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)
Real estate facilities
Real estate facilities, beginning balance	$ 727,455,733
Facility acquisitions	90,112,135
Impact of foreign exchange rate changes	2,745,378
Improvements and additions	2,627,038
Real estate facilities, ending balance	822,940,284
Accumulated depreciation
Accumulated depreciation, beginning balance	(14,855,188)
Depreciation expense and impact of foreign exchange rate changes	(9,739,528)
Accumulated depreciation, ending balance	$ (24,594,716)

Summary of Purchase Price Alloc

Summary of Purchase Price Allocation for Acquisitions (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)
Business Acquisition [Line Items]
Real Estate Assets	$ 90,112,135
Intangibles	4,413,750
Total	94,525,885
Debt Issued or Assumed	38,360,236
Revenue	2,734,692	[1]
Property Operating Income (Loss)	$ 1,391,584	[2]
Aurora II | Colorado
Business Acquisition [Line Items]
Acquisition Date	Jan. 11, 2017
Real Estate Assets	$ 9,780,754
Intangibles	319,246
Total	10,100,000
Debt Issued or Assumed	0
Revenue	380,060	[1]
Property Operating Income (Loss)	$ 210,750	[2]
Dufferin | Canada
Business Acquisition [Line Items]
Acquisition Date	Feb. 1, 2017	[3]
Real Estate Assets	$ 22,545,843	[3]
Intangibles	1,538,440	[3]
Total	24,084,283	[3]
Debt Issued or Assumed	11,111,469	[3]
Revenue	807,910	[1],[3]
Property Operating Income (Loss)	$ 525,640	[2],[3]
Mavis | Canada
Business Acquisition [Line Items]
Acquisition Date	Feb. 1, 2017	[3]
Real Estate Assets	$ 19,150,741	[3]
Intangibles	1,368,637	[3]
Total	20,519,378	[3]
Debt Issued or Assumed	9,366,048	[3]
Revenue	679,577	[1],[3]
Property Operating Income (Loss)	$ 433,639	[2],[3]
Brewster | Canada
Business Acquisition [Line Items]
Acquisition Date	Feb. 1, 2017	[3]
Real Estate Assets	$ 13,663,740	[3]
Intangibles	911,564	[3]
Total	14,575,304	[3]
Debt Issued or Assumed	6,121,600	[3]
Revenue	517,397	[1],[3]
Property Operating Income (Loss)	$ 270,127	[2],[3]
Granite | Canada
Business Acquisition [Line Items]
Acquisition Date	Feb. 1, 2017	[3]
Real Estate Assets	$ 11,827,875	[3]
Intangibles	275,863	[3]
Total	12,103,738	[3]
Debt Issued or Assumed	6,821,686	[3]
Revenue	286,512	[1],[3]
Property Operating Income (Loss)	$ 51,868	[2],[3]
Centennial | Canada
Business Acquisition [Line Items]
Acquisition Date	Feb. 1, 2017	[3],[4]
Real Estate Assets	$ 13,143,182	[3],[4]
Intangibles	0	[3],[4]
Total	13,143,182	[3],[4]
Debt Issued or Assumed	4,939,433	[3],[4]
Revenue	63,236	[1],[3],[4]
Property Operating Income (Loss)	$ (100,440)	[2],[3],[4]
[1]	The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date.
[2]	Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses.
[3]	Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 7 for further discussion regarding the Toronto Merger.
[4]	The Centennial property opened in November 2016 with occupancy at 0%. The property's occupancy at acquisition was approximately 11% and increased to approximately 41% as of June 30, 2017.

Summary of Purchase Price All35

Summary of Purchase Price Allocation for Acquisitions (Parenthetical) (Detail)	Jun. 30, 2017	Feb. 01, 2017	Nov. 30, 2016
Centennial
Business Acquisition [Line Items]
Occupancy percentage	41.00%	11.00%	0.00%

Real Estate Facilities - Additi

Real Estate Facilities - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Aurora II
Business Acquisition [Line Items]
Acquisition fees incurred to the advisor	$ 0.2

Summary of Consolidated Results

Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenue	$ 37,248,876	$ 34,085,328
Pro forma operating expenses	(36,407,868)	(38,948,434)
Pro forma net loss attributable to common stockholders	$ (8,161,460)	$ (13,578,111)

Pro Forma Financial Informati38

Pro Forma Financial Information - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition, Pro Forma Information [Abstract]
Pro forma acquisition related expenses	$ 0.5	$ 10.7

Schedule of Summarized Real Est

Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)		Jun. 30, 2017		Apr. 11, 2017	Dec. 31, 2016	Jul. 28, 2016
Debt Instrument [Line Items]
Debt Instrument Carrying Amount		$ 393,908,740
Debt issuance costs, net		(1,268,412)			$ (1,550,410)
Total		393,206,958			320,820,740
Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[1]	$ 84,382,500			12,300,000
Debt Instrument, Interest Rate	[1]	3.30%
Burlington I Variable Rate
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[2]	$ 2,322,799			2,242,880
Debt Instrument, Interest Rate	[2]	4.86%
KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Fixed Rate				4.65%
Fixed Rate Secured Debt
Debt Instrument [Line Items]
Premium on secured debt, net		$ 1,860,581			2,069,847
Debt issuance costs, net		(2,562,363)			(2,605,542)
Total		$ 393,206,958			310,820,740
Fixed Rate Secured Debt | Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[3]	0.00%
Fixed Rate Secured Debt | Amended KeyBank Property Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount, short term debt	[4]	$ 0			92,753,550
Debt Instrument, Interest Rate	[4]	0.00%
Fixed Rate Secured Debt | Amended KeyBank Subordinate Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount, short term debt	[3]	$ 0			10,000,000
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[5]	$ 12,170,317			12,263,391
Debt Instrument, Interest Rate	[5]	5.73%
Fixed Rate Secured Debt | Milton Fixed Rate
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[2]	$ 5,099,532			4,956,483
Debt Instrument, Interest Rate	[2]	5.81%
Fixed Rate Secured Debt | Burlington I Fixed Rate
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[2]	$ 4,998,250			4,870,817
Debt Instrument Fixed Rate	[2]	5.98%
Fixed Rate Secured Debt | Oakville I Variable Rate
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[2]	$ 7,753,717			7,486,937
Debt Instrument, Interest Rate	[2]	4.45%
Fixed Rate Secured Debt | Burlington II and Oakville II Variable Rate
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[2]	$ 12,538,856			12,232,378
Debt Instrument, Interest Rate	[2]	3.35%
Fixed Rate Secured Debt | Oakland and Concord Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[6]	$ 20,000,000			20,000,000
Debt Instrument, Interest Rate	[6]	3.95%
Fixed Rate Secured Debt | KeyBank CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[7]	$ 95,000,000			95,000,000
Debt Instrument Fixed Rate		3.89%	[7]			3.89%
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[8]	$ 47,249,999			47,249,999
Debt Instrument, Interest Rate	[8]	5.31%
Fixed Rate Secured Debt | Dufferin Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[9]	$ 11,011,549			0
Debt Instrument, Interest Rate	[9]	3.21%
Fixed Rate Secured Debt | Mavis Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[9]	$ 9,281,680			0
Debt Instrument, Interest Rate	[9]	3.21%
Fixed Rate Secured Debt | Brewster Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[9]	$ 6,066,865			0
Debt Instrument Fixed Rate	[9]	3.21%
Fixed Rate Secured Debt | Granite Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[10]	$ 6,866,261			0
Debt Instrument, Interest Rate	[10]	5.45%
Fixed Rate Secured Debt | Centennial Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[10]	$ 6,166,415			0
Debt Instrument, Interest Rate	[10]	5.70%
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[11]	$ 52,000,000			0
Debt Instrument Fixed Rate	[11]	4.65%
Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	[12]	$ 11,000,000			$ 0
Debt Instrument Fixed Rate	[12]	4.80%
[1]	As of June 30, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral).
[2]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate ("CDOR").
[3]	The Amended KeyBank Subordinate Loan was repaid in full on March 8, 2017.
[4]	The Amended KeyBank Property Loan was repaid in full on April 11, 2017.
[5]	Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II.
[6]	This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%.
[7]	This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets and credit of these encumbered properties are not available to pay our other debts.
[8]	This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly.
[9]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%.
[10]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. The Granite and Centennial loans were assumed during the Toronto Merger with variable interest rates of 5.45% and 5.70%, respectively, as of June 30, 2017.
[11]	This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets and credit of these encumbered properties are not available to pay our other debts.
[12]	This loan is encumbered by 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan.

Schedule of Summarized Real E40

Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail) - Property		Apr. 11, 2017	Jul. 28, 2016	Jun. 30, 2017
Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[1]			Dec. 22, 2018
Debt Instrument, Interest Rate	[1]			3.30%
Fixed Rate Secured Debt | Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	[2]			0.00%
Fixed Rate Secured Debt | Amended KeyBank Property Loan
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[3]			May 1, 2017
Loan paid off date				Apr. 11, 2017
Debt Instrument, Interest Rate	[3]			0.00%
Fixed Rate Secured Debt | Amended KeyBank Subordinate Loan
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[2]			Mar. 31, 2017
Debt [Member] | Amended KeyBank Credit Facility
Debt Instrument [Line Items]
Number of properties encumbered				21
SS Toronto | Fixed Rate Secured Debt | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Fixed interest rate				3.21%
Raleigh Myrtle Beach Promissory Note | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[4]			Sep. 1, 2023
Debt Instrument, Interest Rate	[4]			5.73%
Number of properties encumbered				5
Milton Fixed Rate | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[5]			Oct. 15, 2018
Debt Instrument, Interest Rate	[5]			5.81%
Burlington I Fixed Rate | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[5]			Oct. 15, 2018
Burlington I Variable Rate
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[5]			Oct. 15, 2018
Debt Instrument, Interest Rate	[5]			4.86%
Oakville I Variable Rate | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[5]			Dec. 31, 2017
Debt Instrument, Interest Rate	[5]			4.45%
Burlington II and Oakville II Variable Rate | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[5]			Feb. 28, 2021
Debt Instrument, Interest Rate	[5]			3.35%
Oakland and Concord Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[6]			Apr. 10, 2023
Debt Instrument, Interest Rate	[6]			3.95%
Oakland and Concord Loan | Fixed Rate Secured Debt | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Fixed interest rate				3.95%
KeyBank CMBS Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date			Aug. 1, 2026	Aug. 1, 2026	[7]
Number of properties encumbered				29
Midland North Carolina CMBS Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[8]			Aug. 1, 2024
Debt Instrument, Interest Rate	[8]			5.31%
Number of properties encumbered				11
Dufferin Loan [Member] | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[9]			May 31, 2019
Debt Instrument, Interest Rate	[9]			3.21%
Mavis Loan [Member] | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[9]			May 31, 2019
Debt Instrument, Interest Rate	[9]			3.21%
Brewster Loan [Member] | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[9]			May 31, 2019
Granite Loan [Member] | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[10]			Jun. 15, 2018
Debt Instrument, Interest Rate	[10]			5.45%
Centennial Loan [Member] | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[10]			Jun. 15, 2018
Debt Instrument, Interest Rate	[10]			5.70%
KeyBank Property Loan
Debt Instrument [Line Items]
Number of properties encumbered				5
Amended KeyBank Subordinate Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Loan paid off date				Mar. 8, 2017
KeyBank Florida CMBS Loan
Debt Instrument [Line Items]
Debt Instrument Maturity Date		May 1, 2027
KeyBank Florida CMBS Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[11]			May 1, 2027
Number of properties encumbered				5
$11M KeyBank Subordinate Loan | Fixed Rate Secured Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Date	[12]			Jun. 1, 2020
Number of properties encumbered				34
[1]	As of June 30, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral).
[2]	The Amended KeyBank Subordinate Loan was repaid in full on March 8, 2017.
[3]	The Amended KeyBank Property Loan was repaid in full on April 11, 2017.
[4]	Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II.
[5]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate ("CDOR").
[6]	This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%.
[7]	This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets and credit of these encumbered properties are not available to pay our other debts.
[8]	This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly.
[9]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%.
[10]	Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of June 30, 2017. The Granite and Centennial loans were assumed during the Toronto Merger with variable interest rates of 5.45% and 5.70%, respectively, as of June 30, 2017.
[11]	This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets and credit of these encumbered properties are not available to pay our other debts.
[12]	This loan is encumbered by 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan.

Debt - Additional Information (

Debt - Additional Information (Detail)

Jun. 01, 2017USD ($)

Apr. 11, 2017USD ($)Property

Mar. 08, 2017USD ($)Property

Mar. 07, 2017

Dec. 29, 2016USD ($)

Jul. 28, 2016USD ($)Entity

Mar. 25, 2016USD ($)Property

Jun. 30, 2017USD ($)PropertyExtension

Dec. 31, 2016USD ($)

Jun. 30, 2016USD ($)

Dec. 28, 2016

May 01, 2017USD ($)

Feb. 01, 2017CAD

Dec. 30, 2016USD ($)

Jun. 01, 2016USD ($)

Feb. 18, 2016USD ($)

Dec. 22, 2015USD ($)

Debt Instrument [Line Items]

Weighted average interest rate on debt

4.18%

Guarantees provided in connection with loans

$ 42,100,000

Number of properties removed from encumbrance | Property

5

Principal payments on debt

127,671,050

$ 25,064,254

Loans outstanding

$ 393,908,740

Notional amount for interest rate cap | CAD

CAD 58,500,000

Number of special purpose entities

5

KeyBank Property Loan

Debt Instrument [Line Items]

Number of properties encumbered | Property

5

Amended KeyBank Property Loan

Debt Instrument [Line Items]

Number of properties removed from encumbrance | Property

5

Maturity date of loan

Mar. 31, 2017

Dec. 31, 2016

KeyBank CMBS Loan

Debt Instrument [Line Items]

Number of special purpose entities | Entity

29

KeyBank Florida CMBS Loan

Debt Instrument [Line Items]

Outstanding principal amount

$ 52,000,000

Maturity date of loan

May 1, 2027

Fixed rate of interest

4.65%

Debt Instrument, Periodic Payment

Monthly payments due are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter.

Potential Acquisition of 27 Property Portfolio

Debt Instrument [Line Items]

Number of self storage facilities | Property

22

Loans Payable [Member]

Debt Instrument [Line Items]

Outstanding principal amount

$ 92,800,000

Loans Payable [Member] | KeyBank Property Loan

Debt Instrument [Line Items]

Outstanding principal amount

$ 105,000,000

Maturity date of loan

Dec. 31, 2016

Loans Payable [Member] | Amended KeyBank Property Loan

Debt Instrument [Line Items]

Principal payments on debt

$ 46,000,000

Maturity date of loan

Mar. 31, 2017

Dec. 31, 2016

Loans Payable [Member] | KeyBank Subordinate Loan [Member]

Debt Instrument [Line Items]

Outstanding principal amount

$ 30,000,000

Maturity date of loan

Dec. 31, 2016

Loans Payable [Member] | Amended KeyBank Subordinate Loan

Debt Instrument [Line Items]

Principal payments on debt

$ 20,000,000

Loans outstanding

$ 10,000,000

Outstanding principal amount

$ 10,000,000

Maturity date of loan

Mar. 31, 2017

Dec. 31, 2016

First Phase | Potential Acquisition of 27 Property Portfolio

Debt Instrument [Line Items]

Purchase price of Property

$ 275,000,000

Operating Partnership

Debt Instrument [Line Items]

Notional amount for interest rate cap

$ 90,000,000

$ 100,000,000

Effective interest rate cap on derivative instrument

1.25%

Fixed Rate Secured Debt | KeyBank CMBS Loan

Debt Instrument [Line Items]

Loans outstanding

[1]

$ 95,000,000

95,000,000

Outstanding principal amount

$ 95,000,000

Maturity date of loan

Aug. 1, 2026

Aug. 1, 2026

[1]

Fixed rate of interest

3.89%

3.89%

[1]

Number of properties encumbered | Property

29

Fixed Rate Secured Debt | KeyBank Florida CMBS Loan

Debt Instrument [Line Items]

Loans outstanding

[2]

$ 52,000,000

0

Maturity date of loan

[2]

May 1, 2027

Fixed rate of interest

[2]

4.65%

Number of properties encumbered | Property

5

Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan

Debt Instrument [Line Items]

Loans outstanding

[3]

$ 11,000,000

0

Line of credit facility, interest rate description

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 375 basis points for any Eurodollar Borrowing and 275 basis points for any ABR Borrowing.

Outstanding principal amount

$ 11,000,000

Maturity date of loan

[3]

Jun. 1, 2020

Fixed rate of interest

[3]

4.80%

Number of properties encumbered | Property

34

Promissory Notes Payable One | KeyBank CMBS Loan

Debt Instrument [Line Items]

Outstanding principal amount

$ 70,000,000

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.

Promissory Notes Payable Two | KeyBank CMBS Loan

Debt Instrument [Line Items]

Outstanding principal amount

$ 25,000,000

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.

Eurodollar Loan | Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

3.75%

ABR Loan | Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

2.75%

LIBOR | Operating Partnership

Debt Instrument [Line Items]

Effective interest rate cap on derivative instrument

1.50%

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

Number of properties removed from encumbrance | Property

5

Outstanding balance on credit facility

$ 56,000,000

Loans outstanding

[4]

$ 84,382,500

$ 12,300,000

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-yearamortization schedule thereafter.

Line of credit facility amortization schedule

30 years

Line of credit facility interest-only period

36 months

Line of credit facility, interest rate description

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%.

Percent of collateral properties used for aggregate borrowing capacity

60.00%

Minimum debt service coverage ratio

1.35%

Total leverage ratio

60.00%

Percentage of net proceeds of equity received

80.00%

Minimum interest service coverage ratio

1.85%

Minimum fixed charge ratio

1.60%

Threshold percentage for ratio of variable rate indebtedness to total indebtedness.

30.00%

Percentage of required loan to value ratio

60.00%

Maturity date of loan

[4]

Dec. 22, 2018

Amended KeyBank Credit Facility | Fixed Rate Secured Debt | Loans Payable [Member]

Debt Instrument [Line Items]

Outstanding balance on credit facility

$ 84,000,000

Amended KeyBank Credit Facility | Eurodollar Loan | Loans with Total Leverage Less Than 50%

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

2.25%

Amended KeyBank Credit Facility | Eurodollar Loan | Loans with Total Leverage Greater Than 50%

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

2.50%

Amended KeyBank Credit Facility | ABR Loan | Loans with Total Leverage Less Than 50%

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

1.25%

Amended KeyBank Credit Facility | ABR Loan | Loans with Total Leverage Greater Than 50%

Debt Instrument [Line Items]

Line of credit facility, applicable interest rate

1.50%

[1]

This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets and credit of these encumbered properties are not available to pay our other debts.

[2]

This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets and credit of these encumbered properties are not available to pay our other debts.

[3]

This loan is encumbered by 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan.

[4]

As of June 30, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral).

Future Principal Payment Requir

Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt, Fiscal Year Maturity
2,017	$ 8,601,789
2,018	111,718,897
2,019	25,992,773
2,020	12,621,322
2,021	13,616,117
2022 and thereafter	221,357,842
Total payments	393,908,740
Debt issuance costs, net	(1,268,412)	$ (1,550,410)
Total	393,206,958	320,820,740
Fixed Rate Secured Debt
Debt, Fiscal Year Maturity
Premium on secured debt, net	1,860,581	2,069,847
Debt issuance costs, net	(2,562,363)	(2,605,542)
Total	$ 393,206,958	$ 310,820,740

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Financial Instruments (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)CAD / Unit	Dec. 31, 2016USD ($)CAD / Unit	Jun. 30, 2017CADCAD / Unit		Feb. 01, 2017CAD	Dec. 31, 2016CADCAD / Unit
Derivative [Line Items]
Derivative, notional amount					CAD 58,500,000
Interest Rate Swap [Member] | Oakland and Concord Loan
Derivative [Line Items]
Derivative, notional amount | $	$ 20,000,000	$ 20,000,000
Interest Rate Swaps, Strike	3.95%	3.95%	3.95%			3.95%
Interest Rate Swaps, Effective Date or Date Assumed	May 18, 2016	May 18, 2016
Interest Rate Swaps, Maturity Date	Apr. 10, 2023	Apr. 10, 2023
Interest Rate Swap [Member] | Dufferin Loan [Member]
Derivative [Line Items]
Derivative, notional amount			CAD 14,297,000	[1]
Interest Rate Swaps, Strike	3.21%		3.21%
Interest Rate Swaps, Effective Date or Date Assumed	Feb. 1, 2017
Interest Rate Swaps, Maturity Date	May 31, 2019
Interest Rate Swap [Member] | Mavis Loan [Member]
Derivative [Line Items]
Derivative, notional amount			CAD 12,051,000	[1]
Interest Rate Swaps, Strike	3.21%		3.21%
Interest Rate Swaps, Effective Date or Date Assumed	Feb. 1, 2017
Interest Rate Swaps, Maturity Date	May 31, 2019
Interest Rate Swap [Member] | Brewster Loan [Member]
Derivative [Line Items]
Derivative, notional amount			CAD 7,877,000	[1]
Interest Rate Swaps, Strike	3.21%		3.21%
Interest Rate Swaps, Effective Date or Date Assumed	Feb. 1, 2017
Interest Rate Swaps, Maturity Date	May 31, 2019
Interest Rate Cap | LIBOR
Derivative [Line Items]
Derivative, notional amount | $	$ 90,000,000
Interest Rate Swaps, Strike	1.25%		1.25%
Interest Rate Swaps, Effective Date or Date Assumed	Jul. 1, 2017
Interest Rate Swaps, Maturity Date	Dec. 22, 2018
Foreign Currency Forward
Derivative [Line Items]
Foreign Currency Forward, Notional Amount			CAD 101,000,000	[1]		CAD 42,500,000	[1]
Foreign Currency Forward, Strike | CAD / Unit	1.3439	1.339	1.3439			1.339
Foreign Currency Forward, Effective Date or Date Assumed	Mar. 8, 2017	Mar. 8, 2016
Foreign Currency Forward, Maturity Date	Sep. 5, 2017	Mar. 9, 2017
[1]	Notional amounts shown are denominated in CAD.

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)Contract	Feb. 01, 2017CADCAD / $
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, notional amount | CAD		CAD 58,500,000
Foreign currency forward contracts settlement date	Mar. 9, 2017
Forward rate of derivative (CAD/USD) | CAD / $		1.3058
Number of foreign currency forward contracts settled | Contract	2
Foreign currency forward contract gain | $	$ 1,458,382

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Other assets
Derivatives, Fair Value [Line Items]
Derivative fair value, assets	$ 450,427	$ 128,199
Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative fair value, liability	$ 2,874,330	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ / shares in Units, CAD in Millions	Feb. 01, 2017USD ($)$ / sharesshares	Oct. 01, 2015USD ($)	Jun. 30, 2017USD ($)$ / shares	Feb. 01, 2017CAD	Dec. 31, 2016$ / shares
Related Party Transaction [Line Items]
Maximum period for reimbursement of offering cost			60 days
Maximum offering cost rate			3.50%
Loans outstanding			$ 393,908,740
Class A Common stock
Related Party Transaction [Line Items]
Common Stock, par value | $ / shares			$ 0.001		$ 0.001
Class T Common stock
Related Party Transaction [Line Items]
Common Stock, par value | $ / shares			$ 0.001		$ 0.001
Canada | Tenant Reinsurance [Member]
Related Party Transaction [Line Items]
Business acquisition, percentage of net revenue earned			50.00%
Toronto Merger
Related Party Transaction [Line Items]
Number of self storage facilities	5
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			accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
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%
SmartStop Asset Management
Related Party Transaction [Line Items]
Percentage of non-voting equity owned			15.00%
Property Management Agreement
Related Party Transaction [Line Items]
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 | Canada
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 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 | Canada
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 sub-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%
Property Manager | Canada
Related Party Transaction [Line Items]
Business acquisition, percentage of net revenue earned			50.00%
SS Toronto | Toronto Merger
Related Party Transaction [Line Items]
Common Stock, par value | $ / shares	$ 0.001
Consideration per share of common stock | $ / shares	$ 11.0651
Business acquisition cash consideration transferred	$ 7,300,000
Loans outstanding	38,400,000			CAD 50.1
Acquisition fees incurred to the advisor	0
Acquisition assumed other net liabilities	$ 800,000
SS Toronto | Toronto Merger | Term Loan
Related Party Transaction [Line Items]
Guarantee obligations | CAD				34.8
SS Toronto | Toronto Merger | Promissory Notes
Related Party Transaction [Line Items]
Guarantee obligations | CAD				CAD 17.7
SS Toronto | Toronto Merger | Class A Units of Operating Partnership
Related Party Transaction [Line Items]
Operating partnership units issued per share of common stock	73.11%
Business acquisition partnership units issued | shares	483,197

Summary of Related Party Costs

Summary of Related Party Costs (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 7,100,629	$ 48,646,868
Related party costs, Paid		7,251,840	45,677,116
Related party costs, Payable		3,027,024	3,178,235
Operating expenses (including organizational costs)
Related Party Transaction [Line Items]
Related party costs, Incurred		397,719	735,891
Related party costs, Paid		344,424	777,354
Related party costs, Payable		59,803	6,508
Asset management fees
Related Party Transaction [Line Items]
Related party costs, Incurred		2,622,080	2,970,846
Related party costs, Paid		2,622,080	2,970,846
Related party costs, Payable		0	0
Property management fees
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]	2,215,770	2,752,862
Related party costs, Paid	[1]	2,215,770	2,752,862
Related party costs, Payable	[1]	0	0
Acquisition expenses
Related Party Transaction [Line Items]
Related party costs, Incurred		212,577	10,729,535
Related party costs, Paid		212,577	10,729,535
Related party costs, Payable		0	0
Selling commissions
Related Party Transaction [Line Items]
Related party costs, Incurred		966,551	21,141,748
Related party costs, Paid		966,551	21,141,748
Related party costs, Payable		0	0
Dealer manager fee
Related Party Transaction [Line Items]
Related party costs, Incurred		353,167	6,573,962
Related party costs, Paid		513,881	6,573,760
Related party costs, Payable		0	160,714
Offering costs
Related Party Transaction [Line Items]
Related party costs, Incurred		33,466	444,719
Related party costs, Paid		33,466	444,719
Related party costs, Payable		0	0
Stockholder servicing fee
Related Party Transaction [Line Items]
Related party costs, Incurred	[2]	299,299	3,297,305
Related party costs, Paid	[2]	343,091	286,292
Related party costs, Payable	[2]	$ 2,967,221	$ 3,011,013
[1]	During the six months ended June 30, 2017 and year ended December 31, 2016, property management fees included approximately $1.6 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties.
[2]	We pay our Dealer Manager 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.

Summary of Related Party Cost48

Summary of Related Party Costs (Parenthetical) (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 7,100,629	$ 48,646,868
Dealer Manager | Class T Common stock
Related Party Transaction [Line Items]
Monthly stockholder servicing fee accrual description		accrues daily in an amount equal to 1/365th of 1% of the purchase price per share
Property management fees
Related Party Transaction [Line Items]
Related party costs, Incurred	[1]	$ 2,215,770	2,752,862
Property management fees | Sub-property manager
Related Party Transaction [Line Items]
Related party costs, Incurred		$ 1,600,000	$ 2,200,000
[1]	During the six months ended June 30, 2017 and year ended December 31, 2016, property management fees included approximately $1.6 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jan. 09, 2017	Jul. 31, 2017	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Apr. 13, 2017
Commitments and Contingencies [Line Items]
Redemptions of common stock, value						$ 68
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)						92,000	71,300
Redemptions of common stock, value			$ 380,000	$ 160,000	$ 530,000	$ 840,000	$ 690,000
Share Redemption Program | Subsequent Event
Commitments and Contingencies [Line Items]
Redemptions of common stock, value		$ 460,000
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
Sales commissions, dealer manager fee, or stockholder servicing fee payable						$ 0
Class A Common stock | Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan	1,100,000					700,000
Class T Common stock | Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Shares issued pursuant to distribution reinvestment plan	100,000					100,000
Class A or Class T Common Stock | Distribution Reinvestment Plan
Commitments and Contingencies [Line Items]
Estimated value per share under distribution reinvestment plan								$ 10.22

Stock for Redemptions Based on

Stock for Redemptions Based on Number of Years Stock Held (Detail)	6 Months Ended
	Jun. 30, 2017
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. 05, 2017$ / shares
Class A Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.001644
Cash distribution record date start	Jul. 1, 2017
Cash distribution record date end	Sep. 30, 2017
Class T Common stock
Dividend Declared [Line Items]
Common stock per share outstanding per day declared	$ 0.001644
Cash distribution record date start	Jul. 1, 2017
Cash distribution record date end	Sep. 30, 2017

Selected Quarterly Data - Summa

Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended					6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Quarterly Financial Information [Line Items]
Total revenues	$ 19,076,777	$ 17,707,546	$ 14,939,818	$ 14,457,550	$ 9,799,189	$ 36,784,323	$ 16,033,778
Total operating expenses	18,085,017	18,259,683	15,830,901	15,753,103	18,708,719	36,344,700	28,757,645
Operating income (loss)	991,760	(552,137)	(891,083)	(1,295,553)	(8,909,530)	439,623	(12,723,867)
Net loss	(3,538,491)	(5,221,480)	(4,524,376)	(6,341,069)	(10,729,510)	(8,759,971)	(15,238,164)
Net loss attributable to common stockholders	$ (3,502,661)	$ (5,191,114)	$ (4,522,696)	$ (6,338,356)	$ (10,724,129)	$ (8,693,775)	$ (15,229,333)
Class A Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.06)	$ (0.09)	$ (0.09)	$ (0.14)	$ (0.27)	$ (0.16)	$ (0.46)
Class T Common stock
Schedule Of Quarterly Financial Information [Line Items]
Net loss per share-basic and diluted	$ (0.06)	$ (0.09)	$ (0.09)	$ (0.14)	$ (0.27)	$ (0.16)	$ (0.46)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions	Aug. 11, 2017	Jul. 14, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Gross proceeds from issuance of common stock with DRP Offering			$ 18,880,257	$ 208,241,136
Subsequent Event | Class A Common stock
Subsequent Event [Line Items]
Common stock issued in connection with DRP Offering	0.8
Gross proceeds from issuance of common stock with DRP Offering	$ 8,000,000
Subsequent Event | Class T Common stock
Subsequent Event [Line Items]
Common stock issued in connection with DRP Offering	0.1
Gross proceeds from issuance of common stock with DRP Offering	$ 1,200,000
Sub Property Management Agreement [Member] | Subsequent Event
Subsequent Event [Line Items]
Property management termination fee		$ 800,000