Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 22, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ck0001585389 | ||
Entity Registrant Name | STRATEGIC STORAGE TRUST II, INC. | ||
Entity Central Index Key | 0001585389 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 610,512,879 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Class A Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 50,638,531 | ||
Class T Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,562,127 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate facilities: | ||
Land | $ 269,522,776 | $ 272,313,395 |
Buildings | 507,580,145 | 514,648,107 |
Site improvements | 43,193,105 | 42,717,975 |
Real estate investment property, gross | 820,296,026 | 829,679,477 |
Accumulated depreciation | (54,264,685) | (34,686,973) |
Real estate investment property | 766,031,341 | 794,992,504 |
Construction in process | 130,383 | 92,519 |
Real estate facilities, net | 766,161,724 | 795,085,023 |
Cash and cash equivalents | 10,272,020 | 7,355,422 |
Restricted cash | 3,740,188 | 4,512,990 |
Other assets, net | 14,580,417 | 5,563,600 |
Debt issuance costs, net of accumulated amortization | 36,907 | 836,202 |
Intangible assets, net of accumulated amortization | 1,562,781 | 4,144,601 |
Total assets | 796,354,037 | 817,497,838 |
LIABILITIES AND EQUITY | ||
Debt, net | 406,084,103 | 396,792,902 |
Accounts payable and accrued liabilities | 7,691,990 | 7,451,849 |
Due to affiliates | 2,203,837 | 2,965,904 |
Distributions payable | 2,890,395 | 2,852,100 |
Total liabilities | 418,870,325 | 410,062,755 |
Commitments and contingencies (Note 8) | 0 | |
Redeemable common stock | 32,226,815 | 24,497,059 |
Equity: | ||
Preferred stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at December 31, 2018 and 2017 | 0 | 0 |
Additional paid-in capital | 500,474,807 | 496,287,890 |
Distributions | (94,248,326) | (60,561,504) |
Accumulated deficit | (62,340,153) | (58,641,776) |
Accumulated other comprehensive income | 1,390,354 | 1,369,208 |
Total Strategic Storage Trust II, Inc. equity | 345,334,653 | 378,510,555 |
Noncontrolling interests in our Operating Partnership | (77,756) | 4,427,469 |
Total equity | 345,256,897 | 382,938,024 |
Total liabilities and equity | 796,354,037 | 817,497,838 |
Class A Common stock | ||
Equity: | ||
Common stock, value | 50,437 | 49,386 |
Class T Common stock | ||
Equity: | ||
Common stock, value | $ 7,534 | $ 7,351 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 50,437,059 | 49,386,092 |
Common Stock, shares outstanding | 50,437,059 | 49,386,092 |
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 | 7,533,790 | 7,350,142 |
Common Stock, shares outstanding | 7,533,790 | 7,350,142 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Self storage rental revenue | $ 78,473,091 | $ 75,408,257 | $ 45,169,831 |
Ancillary operating revenue | 1,939,166 | 700,649 | 261,315 |
Total revenues | 80,412,257 | 76,108,906 | 45,431,146 |
Operating expenses: | |||
Property operating expenses | 25,228,704 | 24,487,854 | 15,976,950 |
Property operating expenses – affiliates | 10,254,634 | 10,631,362 | 5,723,708 |
General and administrative | 4,848,447 | 3,457,907 | 2,860,653 |
Depreciation | 20,379,694 | 19,939,856 | 11,213,663 |
Intangible amortization expense | 2,422,997 | 13,512,217 | 10,864,617 |
Acquisition expenses – affiliates | 72,179 | 212,577 | 10,729,535 |
Other property acquisition expenses | 1,054,159 | 292,022 | 2,972,523 |
Total operating expenses | 64,260,814 | 72,533,795 | 60,341,649 |
Operating income (loss) | 16,151,443 | 3,575,111 | (14,910,503) |
Other income (expense): | |||
Interest expense | (18,002,274) | (16,356,565) | (7,445,230) |
Interest expense—accretion of fair market value of secured debt | 413,353 | 340,382 | 386,848 |
Interest expense—debt issuance costs | (1,582,049) | (2,177,833) | (3,848,286) |
Other | (701,203) | (367,385) | (286,438) |
Net loss | (3,720,730) | (14,986,290) | (26,103,609) |
Net loss attributable to the noncontrolling interests in our Operating Partnership | 22,353 | 122,225 | 13,224 |
Net loss attributable to Strategic Storage Trust II, Inc. common stockholders | $ (3,698,377) | $ (14,864,065) | $ (26,090,385) |
Class A Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.06) | $ (0.27) | $ (0.65) |
Weighted average shares outstanding-basic and diluted | 49,902,967 | 48,781,865 | 36,828,765 |
Class T Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.06) | $ (0.27) | $ (0.65) |
Weighted average shares outstanding-basic and diluted | 7,441,250 | 7,240,953 | 3,431,714 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (3,720,730) | $ (14,986,290) | $ (26,103,609) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (4,850,547) | 3,947,683 | 591,721 |
Foreign currency forward contract gain (loss) | 5,251,438 | (4,101,495) | 86,315 |
Interest rate swap and cap contract gains (losses) | (379,745) | 145,070 | 699,914 |
Other comprehensive income (loss) | 21,146 | (8,742) | 1,377,950 |
Comprehensive loss | (3,699,584) | (14,995,032) | (24,725,659) |
Comprehensive loss attributable to noncontrolling interests: | |||
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership | 22,226 | 122,296 | 12,526 |
Comprehensive loss attributable to Strategic Storage Trust II, Inc. common stockholders | $ (3,677,358) | $ (14,872,736) | $ (24,713,133) |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Redeemable Common Stock | 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, 2015 | $ 165,851,948 | $ 1,223,483 | $ 20,685 | $ 609 | $ 187,434,752 | $ (3,893,528) | $ (17,687,326) | $ 0 | $ 165,875,192 | $ (23,244) |
Beginning Balance (in shares) at Dec. 31, 2015 | 20,684,791 | 608,982 | ||||||||
Gross proceeds from issuance of common stock | 326,028,023 | 0 | $ 25,601 | $ 5,892 | 325,996,530 | 0 | 0 | 0 | 326,028,023 | 0 |
Gross proceeds from issuance of common stock (in shares) | 25,601,685 | 5,892,439 | ||||||||
Offering costs | (32,776,126) | 0 | $ 0 | $ 0 | (32,776,126) | 0 | 0 | 0 | (32,776,126) | 0 |
Changes to redeemable common stock | (10,790,662) | 10,790,662 | 0 | 0 | (10,790,662) | 0 | 0 | 0 | (10,790,662) | 0 |
Redemptions of common stock | (112) | (1,302,463) | $ (112) | $ 0 | 0 | 0 | 0 | 0 | (112) | 0 |
Redemptions of common stock (in shares) | (112,340) | 0 | ||||||||
Distributions | (23,771,809) | 0 | $ 0 | $ 0 | 0 | (23,771,809) | 0 | 0 | (23,771,809) | 0 |
Distributions for noncontrolling interests | (12,002) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,002) |
Issuance of shares for distribution reinvestment plan | 10,791,747 | 0 | $ 1,000 | $ 85 | 10,790,662 | 0 | 0 | 0 | 10,791,747 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 1,000,407 | 84,378 | ||||||||
Stock compensation expense | 37,575 | 0 | $ 0 | $ 0 | 37,575 | 0 | 0 | 0 | 37,575 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (26,090,385) | 0 | 0 | 0 | 0 | 0 | (26,090,385) | 0 | (26,090,385) | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (13,224) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13,224) |
Foreign currency translation adjustment | 591,721 | 0 | 0 | 0 | 0 | 0 | 0 | 591,721 | 591,721 | 0 |
Foreign currency forward contract gain (loss) | 86,315 | 0 | 0 | 0 | 0 | 0 | 0 | 86,315 | 86,315 | 0 |
Interest rate swap contract gain and cap contract gain (losses) | 699,914 | 0 | 0 | 0 | 0 | 0 | 0 | 699,914 | 699,914 | 0 |
Ending 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) |
Ending 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) | 1,027,612 | 564,591 | ||||||||
Offering costs | (1,748,589) | 0 | $ 0 | $ 0 | (1,748,589) | 0 | 0 | 0 | (1,748,589) | 0 |
Issuance of limited partnership units in our Operating Partnership | 4,875,454 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,875,454 |
Changes to redeemable common stock | (16,004,705) | 16,004,705 | 0 | 0 | (16,004,705) | 0 | 0 | 0 | (16,004,705) | 0 |
Redemptions of common stock | (188) | (2,219,328) | $ (181) | $ (7) | 0 | 0 | 0 | 0 | (188) | 0 |
Redemptions of common stock (in shares) | (181,413) | (7,360) | ||||||||
Distributions | (32,896,167) | 0 | $ 0 | $ 0 | 0 | (32,896,167) | 0 | 0 | (32,896,167) | 0 |
Distributions for noncontrolling interests | (277,290) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (277,290) |
Issuance of shares for distribution reinvestment plan | 16,006,277 | 0 | $ 1,365 | $ 207 | 16,004,705 | 0 | 0 | 0 | 16,006,277 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 1,365,350 | 207,112 | ||||||||
Stock compensation expense | 33,971 | 0 | $ 0 | $ 0 | 33,971 | 0 | 0 | 0 | 33,971 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (14,864,065) | 0 | 0 | 0 | 0 | 0 | (14,864,065) | 0 | (14,864,065) | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (122,225) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (122,225) |
Foreign currency translation adjustment | 3,947,683 | 0 | 0 | 0 | 0 | 0 | 0 | 3,947,683 | 3,947,683 | 0 |
Foreign currency forward contract gain (loss) | (4,101,495) | 0 | 0 | 0 | 0 | 0 | 0 | (4,101,495) | (4,101,495) | 0 |
Interest rate swap contract gain and cap contract gain (losses) | 145,070 | 0 | 0 | 0 | 0 | 0 | 0 | 145,070 | 145,070 | 0 |
Ending Balance at Dec. 31, 2017 | 382,938,024 | 24,497,059 | $ 49,386 | $ 7,351 | 496,287,890 | (60,561,504) | (58,641,776) | 1,369,208 | 378,510,555 | 4,427,469 |
Ending Balance (in shares) at Dec. 31, 2017 | 49,386,092 | 7,350,142 | ||||||||
Conversion of OP Units to common stock | 0 | 0 | $ 483 | $ 0 | 4,253,526 | 0 | 0 | 0 | 4,254,009 | (4,254,009) |
Conversion of OP Units to common stock (in shares) | 483,124 | |||||||||
Redemption of interest in subsidiary | (125,000) | 0 | $ 0 | 0 | (125,000) | 0 | 0 | 0 | (125,000) | 0 |
Offering costs | (16,902) | 0 | 0 | 0 | (16,902) | 0 | 0 | 0 | (16,902) | 0 |
Issuance of restricted stock | 11 | 0 | $ 11 | 0 | 0 | 0 | 0 | 0 | 11 | 0 |
Issuance of restricted stock (in shares) | 10,500 | |||||||||
Changes to redeemable common stock | (16,055,585) | 16,055,585 | $ 0 | 0 | (16,055,585) | 0 | 0 | 0 | (16,055,585) | 0 |
Redemptions of common stock | (788) | (8,325,829) | $ (768) | $ (20) | 0 | 0 | 0 | 0 | (788) | 0 |
Redemptions of common stock (in shares) | (768,313) | (19,664) | ||||||||
Distributions | (33,686,822) | 0 | $ 0 | $ 0 | 0 | (33,686,822) | 0 | 0 | (33,686,822) | 0 |
Distributions for noncontrolling interests | (228,863) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (228,863) |
Issuance of shares for distribution reinvestment plan | 16,057,113 | 0 | $ 1,325 | $ 203 | 16,055,585 | 0 | 0 | 0 | 16,057,113 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 1,325,656 | 203,312 | ||||||||
Stock compensation expense | 75,293 | 0 | $ 0 | $ 0 | 75,293 | 0 | 0 | 0 | 75,293 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (3,698,377) | 0 | 0 | 0 | 0 | 0 | (3,698,377) | 0 | (3,698,377) | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (22,353) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (22,353) |
Foreign currency translation adjustment | (4,850,547) | 0 | 0 | 0 | 0 | 0 | 0 | (4,850,547) | (4,850,547) | 0 |
Foreign currency forward contract gain (loss) | 5,251,438 | 0 | 0 | 0 | 0 | 0 | 0 | 5,251,438 | 5,251,438 | 0 |
Interest rate swap contract gain and cap contract gain (losses) | (379,745) | 0 | 0 | 0 | 0 | 0 | 0 | (379,745) | (379,745) | 0 |
Ending Balance at Dec. 31, 2018 | $ 345,256,897 | $ 32,226,815 | $ 50,437 | $ 7,534 | $ 500,474,807 | $ (94,248,326) | $ (62,340,153) | $ 1,390,354 | $ 345,334,653 | $ (77,756) |
Ending Balance (in shares) at Dec. 31, 2018 | 50,437,059 | 7,533,790 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (3,720,730) | $ (14,986,290) | $ (26,103,609) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 22,802,691 | 33,452,073 | 22,078,280 |
Accretion of fair market value adjustment of secured debt | (413,353) | (340,382) | (386,848) |
Amortization of debt issuance costs | 1,582,049 | 1,424,790 | 3,041,890 |
Expense related to issuance of restricted stock | 75,293 | 33,971 | 37,575 |
Unrealized foreign currency and derivative gains | 151,777 | (288,603) | 0 |
Increase (decrease) in cash from changes in assets and liabilities: | |||
Other assets, net | (1,237,429) | (1,421,813) | (2,171,412) |
Accounts payable and accrued liabilities | (794,156) | 1,721,910 | 2,670,699 |
Due to affiliates | (87,017) | 339,357 | (41,045) |
Net cash provided by (used in) operating activities | 18,359,125 | 19,935,013 | (874,470) |
Cash flows from investing activities: | |||
Purchase of real estate | 0 | (49,432,644) | (499,863,176) |
Additions to real estate | (1,952,738) | (4,165,926) | (8,264,539) |
Deposits on acquisition of real estate | 0 | 0 | (250,000) |
Investment in joint venture | (3,358,814) | 0 | 0 |
Settlement of foreign currency hedges | 2,132,261 | (3,947,758) | 0 |
Net cash used in investing activities | (3,179,291) | (57,546,328) | (508,377,715) |
Cash flows from financing activities: | |||
Gross proceeds from issuance of debt | 91,229,806 | 166,186,951 | 366,898,908 |
Pay down of debt | (72,513,082) | (130,671,050) | (147,246,450) |
Scheduled principal payments on debt | (1,892,622) | (1,564,587) | (430,078) |
Debt issuance costs | (1,892,495) | (548,206) | (4,876,499) |
Prepaid debt issuance costs | (1,075,000) | 0 | 0 |
Gross proceeds from issuance of common stock | 0 | 18,879,477 | 326,806,655 |
Offering costs | (693,971) | (2,339,113) | (29,771,573) |
Redemption of common stock | (7,758,830) | (1,741,113) | (1,066,953) |
Distributions paid to common stockholders | (17,566,799) | (16,671,024) | (11,358,337) |
Redemption of noncontrolling interest in subsidiary | (125,000) | 0 | 0 |
Distributions paid to noncontrolling interests in our Operating Partnership | (253,480) | (252,671) | (12,003) |
Net cash provided by (used in) financing activities | (12,541,473) | 31,278,664 | 498,943,670 |
Impact of foreign exchange rate changes on cash and restricted cash | (494,565) | 166,258 | (171,642) |
Change in cash, cash equivalents, and restricted cash | 2,143,796 | (6,166,393) | (10,480,157) |
Cash, cash equivalents, and restricted cash beginning of period | 11,868,412 | 18,034,805 | 28,514,962 |
Cash, cash equivalents, and restricted cash end of period | 14,012,208 | 11,868,412 | 18,034,805 |
Supplemental disclosures and non-cash transactions: | |||
Cash paid for interest | 17,976,018 | 15,994,203 | 6,597,500 |
Supplemental disclosure of noncash activities: | |||
Issuance of shares pursuant to distribution reinvestment plan | 16,057,113 | 16,006,277 | 10,791,747 |
Issuance of common stock in exchange for units in our Operating Partnership | 4,254,009 | 0 | 0 |
Distributions payable | 2,890,395 | 2,852,100 | 2,608,609 |
Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets | 2,774,111 | 76,955 | 786,229 |
Redemption of common stock included in accounts payable and accrued liabilities | 1,291,520 | 723,733 | 245,330 |
Real estate and construction in process included in accounts payable and accrued liabilities | 617,667 | 165,806 | 0 |
Debt and accrued liabilities assumed during purchase of real estate | 0 | 39,967,787 | 81,356,425 |
Issuance of units in our Operating Partnership for purchase of real estate facilities | 0 | 4,875,454 | 0 |
Offering costs included in due to affiliates | 0 | 299,299 | 3,171,727 |
Deposit applied to the purchase of real estate | 0 | 250,000 | 2,066,260 |
Offering costs included in accounts payable and accrued liabilities | 0 | 1,410 | 38,511 |
Transfer from intangibles to real estate to finalize purchase price allocations | 0 | 0 | 45,785 |
Proceeds from issuance of common stock in other assets | 0 | 0 | 1,567,461 |
Debt issuance costs included in accounts payable and accrued liabilities | $ 0 | $ 0 | $ 94,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
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 (our “Sponsor”) organized in 2013, was the 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, which was previously owned by SmartStop, 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 continued to serve on the executive management team for our Sponsor. In addition, the majority of our management team at the time of the Extra Space Merger continues to serve on our management team, 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, as well as a majority of the officers of our Sponsor, are also officers of us. Our Articles of Amendment and Restatement, as amended, authorize 350,000,000 shares of Class A common stock, $0.001 par value per share (the “Class A Shares”) and 350,000,000 shares of Class T common stock, $0.001 par value per share (the “Class T Shares”) and 200,000,000 shares of preferred stock with a par value of $0.001. We 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 January 9, 2017, our 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, prior to the termination of our Offering, 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 December 31, 2018, we had sold approximately 2.7 million Class A Shares and approximately 0.4 million Class T Shares for approximately $27.8 million and $4.2 million, respectively, in our DRP Offering. We invested the net proceeds from our Offering primarily in self storage facilities. As of December 31, 2018, we owned 83 self storage facilities located in 14 states (Alabama, California, Colorado, Florida, Illinois, Indiana, Maryland, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina and Washington) and Canada (the Greater Toronto Area). On April 19, 2018, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated value per share of our common stock of $10.65 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, 2017. As a result of the calculation of our estimated value per share, beginning in May 2018, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.65 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 Strategic Storage Toronto Properties REIT, Inc. (“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. On October 1, 2018, in conjunction with the amalgamation of our Canadian entities, Strategic 1031 exchanged 483,124 Class A Units of our Operating Partnership and received 483,124 shares of our Class A common stock. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire. As of December 31, 2018 we owned approximately 99.96% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.04% of the common units are owned by our Advisor, 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. In addition, the properties we acquired in the SSGT Merger will continue to be operated by the property manager in place at the time of the SSGT Merger. For additional information, see “Subsequent Events—Merger with Strategic Storage Growth Trust, Inc.—Property Manager.” 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. From October 1, 2015 through September 30, 2017, our Property Manager contracted with Extra Space for Extra Space to serve as the sub-property manager for each of our properties located in the United States pursuant to separate sub-property management agreements for each property. On October 1, 2017, our Property Manager terminated its sub-property management agreements with Extra Space and our Property Manager began managing all of our properties in the United States directly. In connection therewith, an affiliate of our Property Manager reacquired the rights to the “SmartStop® Self Storage” brand in the United States. As a result, we began using the “SmartStop® Self Storage” brand at our United States properties effective October 1, 2017. Please see Note 7 – Related Party Transactions – Property Management Agreement. All properties owned or acquired in Canada have been and will continue to be managed by a subsidiary of our Sponsor and are branded using the SmartStop® Self Storage brand. Our dealer manager is 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. Affiliates of our Dealer Manager own a 2.5% non-voting membership interest in our Advisor. Our Sponsor owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (our “Transfer Agent”). On May 31, 2018, the Company executed an agreement (the “Transfer Agent Agreement”), with our Transfer Agent to provide transfer agent and registrar services to us that are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. Please see Note 7 – Related Party Transactions – Transfer Agent Agreement. 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. On October 1, 2018, we entered into a merger agreement with Strategic Storage Growth Trust, Inc., or SSGT, which we refer to as the SSGT Merger. The SSGT Merger was approved by SSGT's stockholders on January 18, 2019, and it was completed on January 24, 2019. See Note 11, Subsequent Events—Merger with Strategic Storage Growth Trust, Inc., for additional information related to the SSGT Merger. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2017, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs other than our Operating Partnership. As of December 31, 2018, we had not entered into any other contracts/interest that would be deemed to be variable interest in VIEs other than our tenant insurance joint venture and a real estate joint venture, both of which are accounted for under the equity method of accounting. Please see Note 3 – Real Estate Facilities for further discussion regarding our joint venture with SmartCentres and Note 7 – Related Party Transactions for further discussions regarding our tenant insurance joint venture. Other than these joint ventures, we do not currently have any variable interest relationships with unconsolidated entities or financial partnerships. Under the equity method, our investments in real estate joint ventures will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate joint ventures will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated real estate joint ventures. 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 relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the estimated 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 a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . 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 $0 and approximately $4.4 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the years ended December 31, 2018 and 2017, 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. Allocation of purchase price to 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. In January 2017, the FASB issued Accounting Standards Update 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). 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. We adopted this ASU on January 1, 2018. 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. As a result, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. During 2018, we did not acquire any properties that require capitalization of acquisition related transaction costs that would have previously been expensed under the guidance in effect prior to January 1, 2018. During the years ended December 31, 2018, 2017, and 2016 we expensed approximately $1.1 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 years ended December 31, 2018, 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 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 December 31, 2018, the gross amounts allocated to in-place lease intangibles was approximately $33.4 million and accumulated amortization of in-place lease intangibles totaled approximately $31.9 million. As of December 31, 2017, the gross amounts allocated to in-place lease intangibles was approximately $34.0 million and accumulated amortization of in-place lease intangibles totaled approximately $29.8 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2019, 2020, 2021, 2022, 2023, and thereafter is approximately $0.1 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.1 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 December 31, 2018 and 2017, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $45,000 and $1.5 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 December 31, 2018 and 2017, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $1.0 million and $0.6 million, respectively. Organizational and Offering Costs Our Advisor funded organization and offering costs on our behalf. We were required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor was required to reimburse us within 60 days after the end of the month in 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. Such costs would have been recognized as a liability when we had 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 determined that the total organization and offering costs were expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we would have recognized such excess as a capital contribution from our Advisor. However, 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, and thus there was no reimbursement. 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) terminated; 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 adjustments related to amounts classified as long term equity investments 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. Changes in equity investments not classified as long term are recorded in other income (expense) and totaled approximately ($1.2 million) and none for the years ended December 31, 2018 and 2017, respectively. Redeemable Common Stock We adopted a share redemption program that enables 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 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 are 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 reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during the year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. For the year ended December 31, 2017 we received redemption requests totaling approximately $2.2 million, (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during the year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. 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 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, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at December 31, 2018 and 2017. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 200,600,000 $ 207,357,391 $ 213,300,000 $ 218,332,483 As of December 31, 2018, we had an interest rate swap, an interest rate cap, and a net investment hedge (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, foreign exchange rates, 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. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. 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 December 31, 2018, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we 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. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. 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 is 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. 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 an election 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 To |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2018 and 2017: Real estate facilities Balance at December 31, 2016 $ 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 7,731,429 Improvements and additions 4,521,592 Asset disposals (141,412 ) Balance at December 31, 2017 829,679,477 Impact of foreign exchange rate changes (11,915,703 ) Improvements and additions 2,532,252 Balance at December 31, 2018 $ 820,296,026 Accumulated depreciation Balance at December 31, 2016 $ (14,855,188 ) Asset disposals 141,412 Depreciation expense (19,777,620 ) Impact of foreign exchange rate changes (195,577 ) Balance at December 31, 2017 (34,686,973 ) Depreciation expense (20,134,068 ) Impact of foreign exchange rate changes 556,356 Balance at December 31, 2018 $ (54,264,685 ) Joint Venture with SmartCentres In January 2018, a subsidiary of our Sponsor entered into a contribution agreement (the “Contribution Agreement”) with a subsidiary of SmartCentres Real Estate Investment Trust, an unaffiliated third party (“SmartCentres”), for a tract of land owned by SmartCentres and located in East York, Ontario (the “East York Lot”) in Canada. In March 2018, the interest in the Contribution Agreement was assigned to one of our subsidiaries. On June 28, 2018, we closed on the East York Lot, which is owned by a limited partnership (the “Limited Partnership”), in which we (through our subsidiary) and SmartCentres (through its subsidiary) are each a 50% limited partner and each have an equal ranking general partner in the Limited Partnership. At closing, we subscribed for 50% of the units in the Limited Partnership at an agreed upon subscription price of approximately $3.8 million CAD, representing a contribution equivalent to 50% of the agreed upon fair market value of the land. The Limited Partnership intends to develop a self storage facility on the East York Lot. The value of the land contributed to the Limited Partnership had an agreed upon fair market value of approximately $7.6 million CAD. Subsequent to December 31, 2018, we sold our interest in the Limited Partnership to Strategic Storage Trust IV, Inc. (“SST IV”), a REIT sponsored by our Sponsor, for approximately $4.7 million CAD, which represented our total cost incurred related to the Limited Partnership. 2017 Acquisitions The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2017: Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2017 Revenue (1) 2017 Property Operating Income (loss) (2) Aurora II – CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 794,762 $ 444,113 Dufferin – ONT (3) 2/1/17 22,545,843 1,538,440 24,084,283 11,111,469 1,884,548 1,243,009 Mavis – ONT (3) 2/1/17 19,150,741 1,368,637 20,519,378 9,366,048 1,522,352 959,505 Brewster – ONT (3) 2/1/17 13,663,740 911,564 14,575,304 6,121,600 1,197,613 623,084 Granite – ONT (3) 2/1/17 11,827,875 275,863 12,103,738 6,821,686 719,275 229,117 Centennial – ONT (3)(4) 2/1/17 13,143,182 — 13,143,182 4,939,433 279,366 (114,344 ) 2017 Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 6,397,916 $ 3,384,484 (1) The operating results of the facilities acquired above have been included in our consolidated statements 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, acquisition expenses, and costs incurred in connection with the property management changes. (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 was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% We incurred acquisition fees to our Advisor related to the Aurora II property of approximately $200,000 for the year ended December 31, 2017. |
Pro Forma Financial Information
Pro Forma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition Pro Forma Information [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 years ended December 31, 2018, and 2017 as if the Company’s acquisitions that occurred during 2017 had occurred as of January 1, 2016. However, for acquisitions of lease-up properties that were not operational as of these dates, the pro forma information includes these acquisitions as of the date that formal operations began. There were no acquisitions completed during the year ended December 31, 2018. Year Ended December 31, 2018 Year Ended December 31, 2017 Pro forma revenue $ 80,412,257 $ 76,573,381 Pro forma operating expenses $ (61,938,281 ) $ (59,932,625 ) Pro forma net loss attributable to common stockholders $ (1,389,798 ) $ (2,194,550 ) The pro forma financial information for the years ended December 31, 2018 and 2017 were adjusted to exclude none and approximately $0.5 million, respectively, for acquisition related expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt The Company’s debt is summarized as follows: Encumbered Property December 2018 December 2017 Interest Rate Maturity Date Raleigh/Myrtle Beach promissory note (1) $ 11,878,396 $ 12,076,470 5.73 % 9/1/2023 (10) Amended KeyBank Credit Facility (2) 98,782,500 86,382,500 5.00 % 2/20/2019 (10) Milton fixed rate (3) — 5,238,606 N/A N/A Burlington I fixed rate (3) — 5,120,423 N/A N/A Burlington I variable rate (3) — 2,402,418 N/A N/A Oakville I variable rate (3) — 8,019,489 N/A N/A Burlington II and Oakville II variable rate (3) — 12,834,819 N/A N/A Oakland and Concord loan (4) 19,483,127 19,960,190 3.95 % 4/10/2023 (10) KeyBank CMBS Loan (5) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (6) 52,000,000 52,000,000 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (7) 11,000,000 11,000,000 6.25 % 6/1/2020 (10) Midland North Carolina CMBS Loan (8) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (3) — 11,172,315 N/A N/A Mavis loan (3) — 9,416,609 N/A N/A Brewster loan (3) — 6,154,532 N/A N/A Granite variable rate loan (3) — 7,101,614 N/A N/A Centennial variable rate loan (3) — 6,377,780 N/A N/A Canadian CitiBank Loan (9) 72,846,480 — 4.46 % 10/9/2020 Premium on secured debt, net 1,228,996 1,646,988 Debt issuance costs, net (3,385,395 ) (2,361,850 ) Total debt $ 406,084,103 $ 396,792,902 (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 December 31, 2018, 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 December 31, 2017. Variable rate loans are based on Canadian Prime or Canadian Dealer Offered Rate (“CDOR”). These loans were paid off in full with the proceeds from the Canadian CitiBank loan in October 2018. (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) This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. (6) This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. (7) This variable rate loan encumbers 49% of the equity interest in the entities that own the 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. (8) This fixed rate 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) This variable rate loan encumbers our 10 Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2018. W e have a CAD $99.3 million interest rate cap that caps CDOR at 3.0% until October 15, 2021. (10) On January 24, 2019, these loans were paid off in full in conjunction with the SSGT Mergers. See Note 11 for additional information . The weighted average interest rate on our consolidated debt as of December 31, 2018 was approximately 4.64%. 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, 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. Under the terms of the Amended KeyBank Credit Facility, we initially had a maximum borrowing capacity of $105 million. 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”). The Subsequent Lender also became a party to the Amended KeyBank Credit Facility through a joinder agreement in the First Amendment. The Amended KeyBank Credit Facility is a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the Amended KeyBank Credit Facility (the “Amended Credit Agreement”). On October 29, 2018, w e amended our Amended KeyBank Credit Facility to extend the maturity date until February 20, 2019 and reduce the maximum borrowing capacity from $145 million to $110 million. Payments due pursuant to the Amended KeyBank Credit Facility are interest-only. 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. During 2017, our Operating Partnership purchased an interest rate cap with an effective date of July 1, 2017 and a notional amount of $90 million that capped LIBOR at 1.25% through December 22, 2018. Canadian CitiBank Loan On October 11, 2018, we, through 10 special purpose entities wholly owned by our Operating Partnership, entered into a loan agreement with The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25%. If we exercise our third extension option, the interest rate shall be increased by 0.25%. In addition, pursuant to the requirements of the CitiBank Loan Agreement, we purchased an interest rate cap with a notional amount of $99.3 million CAD, with an effective date of October 11, 2018, whereby the CDOR is capped at 3.00% through October 15, 2021. The following table presents the future principal payment requirements on outstanding debt as of December 31, 2018: 2019 $ 99,690,629 2020 85,209,014 2021 1,983,016 2022 3,635,428 2023 31,629,204 2024 and thereafter 186,093,211 Total payments 408,240,502 Premium on secured debt, net 1,228,996 Debt issuance costs, net (3,385,395 ) Total $ 406,084,103 On January 24, 2019, in conjunction with the SSGT Mergers, we entered into various financings and repaid the Raleigh/Myrtle Beach promissory note, the Amended KeyBank Credit Facility, the Oakland and Concord loan, and the $11M KeyBank Subordinate Loan. See Note 11 – Subsequent Events. The following table presents the future principal payment requirements on outstanding debt subsequent to these debt transactions: 2019 $ 201,712 2020 73,473,891 2021 6,144,512 2022 399,004,091 2023 3,291,903 2024 and thereafter 290,093,211 Total payments $ 772,209,320 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 6. Derivative Instruments Interest Rate Derivatives Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative 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. We do not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of interest rate derivatives not designated in hedging relationships are recorded in other income (expense) as income within our consolidated statements of operations and were none and approximately $290,000 for the years ended December 31, 2018 and 2017 respectively. 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 use foreign currency forwards 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. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. The following table summarizes the terms of our derivative financial instruments as of December 31, 2018: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,483,127 (2) 3.95 % May 18, 2016 April 10, 2023 Interest Rate Cap: CDOR Cap 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 90,000,000 (1) 1.2846 March 28, 2018 January 28, 2019 (3) (1) Notional amounts shown are denominated in CAD. (2) The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Merger. See Note 11 – Subsequent Events. (3) We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million. In conjunction with the settlement, we entered into a new foreign currency forward contract with a notional amount of $95 million CAD, a maturity date of December 20, 2019, and a forward rate of approximately 1.3173. See Note 11 – Subsequent Events. During the quarter ended September 30, 2017, we settled our existing foreign currency forward contract, which resulted in us paying a net settlement of approximately $5.5 million, and simultaneously entered into another foreign currency forward contract with a notional amount of $101 million CAD, and a forward rate of approximately 1.2526. We settled the $101 million CAD foreign currency forward on March 28, 2018, receiving a net settlement of approximately $2.2 million and simultaneously entered the $90 million CAD foreign currency forward. A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency forward contract gain (loss) in our consolidated statements of comprehensive loss, and a gain of approximately $965,000 and a loss of approximately $125,000 related to the ineffective portion is recorded in other income (expense) within our consolidated statements of operations for the years ended December 31, 2018 and 2017, respectively. The following table summarizes the terms of our derivative financial instruments as of December 31, 2017: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,960,190 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,025,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) Mavis loan 11,821,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) Brewster loan 7,726,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) 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) 1.2526 August 31, 2017 March 29, 2018 (1) Notional amount shown is denominated in CAD. (2) These interest rate swaps were settled on October 11, 2018 in conjunction with the Canadian CitiBank Loan refinance for a net settlement of approximately $0.2 million. See Note 11 – Subsequent Events. The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2018 and 2017: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2018 December 31, 2017 Interest Rate Swaps Other assets $ 361,802 $ 455,526 Accounts payable and accrued liabilities — 6,320 Interest Rate Caps Other assets 87,808 472,501 Foreign Currency Forwards Other assets 4,016,806 — Accounts payable and accrued liabilities — 67,092 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7. Related Party Transactions Fees to Affiliates Our Advisory Agreement with our Advisor, our dealer manager agreement, as amended ("Dealer Manager Agreement") with our Dealer Manager, our Property Management Agreement with our Property Manager and our Transfer Agent Agreement with our Transfer Agent entitle such affiliates 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 certain reimbursements, as described below. 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. 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, were in excess of 15% of gross proceeds from the Offering. However, 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, and thus there was no reimbursement. 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. Pursuant to the Advisory Agreement, our Advisor is 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. For the years ended December 31, 2016, 2017, and 2018, our aggregate annual operating expenses, as defined, did not exceed the thresholds described above. Dealer Manager Agreement In connection with our Primary Offering, 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) terminated; 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. Affiliates of our Dealer Manager own a 2.5% non-voting membership interest in our Advisor. Transfer Agent Agreement Our Sponsor is the owner and manager of our Transfer Agent, which is a registered transfer agent with the SEC. Effective in June 2018, our Transfer Agent provides transfer agent and registrar services to our stockholders. These services include, among other things, processing payment of any sales commission and dealer manager fees associated with a particular purchase, as well as processing the distributions and any servicing fees with respect to our shares. Additionally, our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for other non-traded REITs sponsored by our Sponsor. It is the duty of our board of directors to evaluate the performance of our Transfer Agent. In connection with the engagement of our Transfer Agent, we paid a one-time initial setup fee of $50,000. In addition, the other fees to be paid to our Transfer Agent are based on a fixed quarterly fee, one-time account setup fees and monthly open account fees. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it. The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. Property Management Agreement Since inception, our Property Manager has served as the property manager for each of our properties pursuant to separate property management agreements. In addition, the properties we acquired in the SSGT Merger will continue to be operated by the property manager in place at the time of the SSGT Merger. For additional information, see “Subsequent Events—Merger with Strategic Storage Growth Trust, Inc.—Property Manager.” From October 1, 2015 through September 30, 2017, our Property Manager contracted with Extra Space for Extra Space to serve as the sub-property manager for each of our properties located in the United States pursuant to separate sub-property management agreements for each property. Effective October 1, 2017, our Property Manager terminated its sub-property management agreements with Extra Space. Our Property Manager now manages all our properties directly. In addition, an affiliate of our Property Manager reacquired the rights to the “SmartStop ® ® Prior Arrangement Under the property management agreements in effect from October 1, 2015 through September 30, 2017 for our properties located in the United States, our Property Manager received a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of our Property Manager’s costs of managing the properties. In addition, Extra Space agreed to pay up to $25,000 per property toward the signage and set-up costs associated with converting such property to the Extra Space brand (the “Set-Up Amount”). The property management agreements had a three year term and automatically renewed for successive one year periods thereafter, unless we or our Property Manager provided prior written notice at least 90 days prior to the expiration of the term. In general, if we terminated a property management agreement without cause during the initial three year term, we would have been required to pay our 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 that had elapsed. After the end of the initial three year term, we could have terminated a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager could have terminated a property management agreement on 60 days prior written notice to us. The sub-property management agreements between our Property Manager and Extra Space were substantially the same as the foregoing property management agreements. Under the sub-property management agreements, our Property Manager paid Extra Space a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of Extra Space’s costs of managing the properties; provided, however that no management fee was due and payable to Extra Space for the months of January and July each year during the term. Extra Space had the exclusive right to offer tenant insurance to the tenants and was entitled to all of the benefits of such tenant insurance. The sub-property management agreements also had a three year term and automatically renewed for successive one year periods thereafter, unless our Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Property Manager terminated a sub-property management agreement without cause during the initial three year term, it would have been required to pay 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 that had elapsed. After the end of the initial three year term, our Property Manager could have terminated a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space could have terminated a sub-property management agreement on 60 days prior written notice to our Property Manager. Termination of Sub-property Manager As of October 1, 2017, our Property Manager terminated each sub-property management agreement with Extra Space, and we amended each of our corresponding property management agreements as described below. To the extent a termination fee would have been owed by any of our property-owning subsidiaries had its corresponding property management agreement with our Property Manager been terminated, each such property-owning subsidiary agreed to pay the termination fee owed by our Property Manager in accordance with its termination of the sub-property management agreements. The aggregate costs incurred in connection with the property management changes were approximately $0.8 million. This amount was included in property operating expenses – affiliates in the accompanying consolidated statements of operations for the year ended December 31, 2017. Property Management Subsequent to September 30, 2017 In connection with the termination of each sub-property management agreement, each corresponding property management agreement was amended effective as of October 1, 2017. Pursuant to the amended property management agreements, our Property Manager receives: (i) a monthly management fee for each property 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 and (ii) a construction management fee equal to 5% of the cost of construction or capital improvement work in excess of $10,000. In addition, we have agreed with our Property Manager or an affiliate to share equally in the net revenue attributable to the sale of tenant insurance at our properties. The property management agreements have a three year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days prior written notice. With respect to each new property we acquire for which we enter into a property management agreement with our Property Manager we will also pay our Property Manager a one-time start-up fee in the amount of $3,750. In connection with the change in our property management operations, each of our stores in the United States were rebranded under the “SmartStop® Self Storage” brand. Our self storage properties located in Canada are subject to separate property management agreements with our Property Manager on terms substantially the same as the amended property management agreements described above. Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2017 and 2018, and any related amounts payable as of December 31, 2017 and 2018: Year Ended December 31, 2017 Year Ended December 31, 2018 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 1,090,366 $ 751,010 $ 345,864 $ 2,199,596 $ 2,336,075 $ 209,385 Transfer Agent fees — — — 352,300 302,839 49,461 Asset management fees 5,346,280 5,346,280 — 5,445,528 5,445,528 — Property management fees (1) 5,285,082 5,285,082 — 4,809,106 4,809,106 — Acquisition expenses 212,577 212,577 — 72,179 72,179 — Capitalized Acquisition costs — — — 48,664 48,664 — Additional Paid-in Capital Selling commissions 966,516 966,516 — — — — Dealer Manager fee 353,167 513,881 — — — — Stockholder servicing fee (2) 299,299 690,272 2,620,040 — 675,049 1,944,991 Offering costs 33,466 33,466 — — — — Total $ 13,586,753 $ 13,799,084 $ 2,965,904 $ 12,927,373 $ 13,689,440 $ 2,203,837 (1) During the years ended December 31, 2018 and 2017, property management fees included approximately none and $3.2 million of fees paid to the sub-property manager of our properties, respectively. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. (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 Tenant Insurance We offer a tenant insurance plan to customers at our properties. In connection with the property management agreement amendments effective as of October 1, 2017, we agreed with our Property Manager or an affiliate to share equally in the net revenue attributable to the sale of tenant insurance at our properties. To facilitate such revenue sharing, we and an affiliate of our Property Manager agreed to transfer our respective rights in such tenant insurance revenue to a newly created joint venture in March 2018, Strategic Storage TI Services II JV, LLC (the “TI Joint Venture”), a Delaware limited liability company owned 50% by our TRS subsidiary and 50% by our Property Manager’s affiliate SmartStop TI II, LLC (“SS TI II”). Under the terms of the TI Joint Venture agreement, the TRS receives 50% of the net economics generated from such tenant insurance and SS TI II receives the other 50% of such net economics. The TI Joint Venture further provides, among other things, that if a member or its affiliate terminates all or substantially all of the property management agreements or defaults in its material obligations under the agreement or undergoes a change of control, as defined, (the “Triggering Member”), the other member generally shall have the right (but not the obligation) to either (i) sell its 50% interest in the TI Joint Venture to the Triggering Member at fair market value (as agreed upon or as determined under an appraisal process) or (ii) purchase the Triggering Member’s 50% interest in the TI Joint Venture at 95% of fair market value. For the years ended December 31, 2018 and 2017, we recorded net revenues of approximately $1.5 million and $0.3 million, respectively, related to tenant insurance which was included in ancillary operating revenue in the consolidated statements of operations. For the years ended December 31, 2018 and 2017, an affiliate of our Property Manager received net tenant insurance revenues of approximately $1.5 million and $0.3 million, respectively. In addition, in future periods, we expect to For additional information, see “Subsequent Events—Merger with Strategic Storage Growth Trust, Inc.—Property Manager.” Storage Auction Program Our Sponsor owns a minority interest in a company that owns 50% of an online auction 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 receives a service fee for such services. Through December 31, 2017, neither our Property Manager nor our sub-property manager utilized the Auction Company at our properties. During the year ended December 31, 2018, we paid approximately $43,000 in fees to the Auction Company related to our properties. Our properties 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 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), approximately $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. These loans were paid off in full on October 11, 2018 in conjunction with the Canadian CitiBank loan. Please see Note 5 for more information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 19, 2018, beginning in May 2018, shares sold pursuant to our distribution reinvestment plan are sold at the new estimated value per share of $10.65 per Class A Share and 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 December 31, 2018, we had sold approximately 2.7 million Class A Shares and approximately 0.4 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 year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. For the year ended December 31, 2017 we received redemption requests totaling approximately $2.2 million (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Dividends [Abstract] | |
Declaration of Distributions | Note 9. Declaration of Distributions On December 20, 2018, our board of directors declared a distribution rate for the first quarter of 2019 of $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 January 1, 2019 and continuing on each day thereafter through and including March 31, 2019. In connection with this distribution, after the stockholder servicing fee is paid, approximately $0.0014 per day will be paid per Class T share. 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) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 and 2017: Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total revenues $ 19,866,457 $ 20,045,516 $ 20,313,069 $ 20,187,215 Total operating expenses $ 16,010,116 $ 16,605,713 $ 15,836,436 $ 15,808,549 Operating income $ 3,856,341 $ 3,439,803 $ 4,476,633 $ 4,378,666 Net loss $ (667,047 ) $ (1,437,330 ) $ (457,278 ) $ (1,159,075 ) Net loss attributable to common stockholders $ (661,203 ) $ (1,427,056 ) $ (451,424 ) $ (1,158,694 ) Net loss per Class A Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Net loss per Class T Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Three months ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 17,707,546 $ 19,076,777 $ 19,939,512 $ 19,385,071 Total operating expenses $ 18,259,683 $ 18,085,017 $ 19,197,777 $ 16,991,318 Operating income (loss) $ (552,137 ) $ 991,760 $ 741,735 $ 2,393,753 Net loss $ (5,221,480 ) $ (3,538,491 ) $ (3,875,164 ) $ (2,351,155 ) Net loss attributable to common stockholders $ (5,191,114 ) $ (3,502,661 ) $ (3,840,775 ) $ (2,329,515 ) Net loss per Class A Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Net loss per Class T Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events Distribution Declaration On March 18, 2019, our board of directors declared a distribution rate for the second quarter of 2019 of $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 April 1, 2019 and continuing on each day thereafter through and including June 30, 2019. In connection with this distribution, after the stockholder servicing fee is paid, approximately $0.0014 per day will be paid per Class T share. Such distributions payable to each stockholder of record during a month will be paid the following month. Merger with Strategic Storage Growth Trust, Inc. On October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT sponsored by our Sponsor, and SS Growth Operating Partnership, L.P. (“SSGT OP”). Pursuant to the terms and conditions set forth in the SSGT Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into Merger Sub, with Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”). At the effective time of the SSGT REIT Merger (the “SSGT REIT Merger Effective Time”), each share of SSGT common stock, par value $0.001 per share (the “SSGT Common Stock”), outstanding immediately prior to the SSGT REIT Merger Effective Time (other than shares owned by SSGT and its subsidiaries or us and our subsidiaries) was automatically converted into the right to receive an amount in cash equal to $12.00, without interest and less any applicable withholding taxes (the “SSGT Merger Consideration”), which represents a total purchase price of approximately $350 million (which includes outstanding debt of SSGT of approximately $19.2 million that was repaid at closing, and approximately $5.0 million of debt assumed, excluding transaction costs). Immediately prior to the SSGT REIT Merger Effective Time, all shares of SSGT Common Stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive the SSGT Merger Consideration upon the SSGT REIT Merger. At the effective time of the SSGT Partnership Merger, each outstanding unit of partnership interest in SSGT OP was converted automatically into 1.127 units of partnership interest in our Operating Partnership. As a result of the SSGT Mergers, we acquired all of the real estate owned by SSGT, consisting of 28 operating self storage facilities located in 10 states and in the Greater Toronto, Canada area, and one development property in the Greater Toronto Area. Additionally, we obtained the rights to acquire a self storage facility currently under development located in Gilbert, Arizona that was previously under contract with SSGT. We expect the acquisition to close in the second quarter of 2019 after the construction is complete and a certificate of occupancy has been issued On January 24, 2019, we, through certain wholly-owned special purpose entities, entered into various financings (defined below), as follows: Merger Financings Principal Borrowing as of Merger Date Interest Rate Maturity Date CMBS SASB Loan $ 235,000,000 5.5 % (1) 2/9/2022 CMBS Loan 104,000,000 5.0 % (2) 2/1/2029 Secured Loan 89,178,000 5.1 % (1) 1/24/2022 Senior Term Loan 72,000,000 6.85 % (1) 1/24/2022 Total $ 500,178,000 (1) Interest rate shown for this variable rate loan is the rate in effect as of January 24, 2019. (2) Fixed rate debt with interest only payments. As described above, we entered into these financings (the “SSGT Merger Financings”) for an aggregate initial draw of approximately $500.2 million. The proceeds from such SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as described, including the payment of the SSGT Merger Consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Original Maturity Date Raleigh/Myrtle Beach promissory note $ 11,862,471 9/1/2023 Amended KeyBank Credit Facility 98,782,500 2/1/2029 Oakland and Concord loan 19,443,753 4/10/2023 $11M KeyBank Subordinate Loan 11,000,000 6/1/2020 Total $ 141,088,724 CMBS SASB Loan This loan is a $235 million commercial mortgage-backed securities (“CMBS”), single-asset/single-borrower (“SASB”) financing (the “CMBS SASB Loan”) with KeyBank, National Association (“KeyBank”) and Citi Real Estate Funding Inc. or its affiliates (“Citibank”), as lender (together, the “CMBS SASB Lenders”), comprised of (A) a mortgage loan in the amount of $180 million (the “CMBS SASB Mortgage Loan”) and (B) a mezzanine loan in the amount of $55 million (the “CMBS SASB Mezzanine Loan”). The CMBS SASB Mortgage Loan is secured by a first mortgage or deed of trust on each of 29 wholly owned properties (the “CMBS SASB Properties”), and the CMBS SASB Mezzanine Loan is secured by a pledge of the equity interests in the 29 special purpose entities that own the CMBS SASB Properties. Each loan has a maturity date of February 9, 2022, which may, in certain circumstances, be extended at the option of the respective borrower for two consecutive terms of one year each, as set forth in the respective loan agreement (collectively, the “CMBS SASB Loan Agreements”). Monthly payments due under the CMBS SASB Loan Agreements are interest-only, with the full principal amount becoming due and payable on the respective maturity date. The amounts outstanding under the CMBS SASB Loan Agreements bear interest at an annual rate equal to LIBOR (approximately 2.5% as of January 24, 2019) plus 3%. In addition, pursuant to the requirements of the CMBS SASB Loan Agreements: (a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty. The loan documents for the CMBS SASB Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranties, with respect to the CMBS SASB Mortgage Loan (the “CMBS SASB Mortgage Loan Guaranty”), and with respect to the CMBS SASB Mezzanine Loan (the “CMBS SASB Mezzanine Loan Guaranty” and collectively the “CMBS SASB Guarantees”), each dated January 24, 2019, in favor of the CMBS SASB Lenders, the Company serves as a non-recourse guarantor with respect to each of the CMBS SASB Mortgage Loan and the CMBS SASB Mezzanine Loan and is subject to certain net worth and liquidity requirements, each as described in the CMBS SASB Guarantees. CMBS Loan The CMBS loan is a $104 million CMBS financing with KeyBank as lender (the “CMBS Lender”) pursuant to a mortgage loan (the “CMBS Loan”), and The amounts outstanding under the CMBS Loan bear interest at an annual fixed rate equal to 5%. Commencing two years after securitization, the CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the CMBS Loan Agreement. The loan documents for the CMBS Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty dated January 24, 2019, in favor of the CMBS Lender, the Company serves as a non-recourse guarantor with respect to the CMBS Loan. Secured Loan This represents secured financing with KeyBank, Fifth Third Bank (“Fifth Third”), and SunTrust Bank (“SunTrust”) as equal co-lenders (the “Secured Lenders”) for an amount up to approximately $96.4 million pursuant to a mortgage loan (the “Secured Loan”). In general, the amounts outstanding under the Secured Loan Agreement bear interest at an annual rate equal to LIBOR plus 2.5%. On January 24, 2019, the borrowers entered into an interest rate swap arrangement with a notional amount of approximately $89.2 million, such that LIBOR is fixed at approximately 2.6% until August 1, 2020, resulting in an annual interest rate equal to approximately 5.1%. The Secured Loan may be prepaid at any time, subject to certain conditions as set forth in the Secured Loan Agreement. The loan documents for the Secured Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In particular, the Secured Loan Agreement imposes certain requirements on the Company such as a total leverage ratio, tangible net worth and liquidity requirements, fixed charge coverage ratios and limits on the amount of unhedged variable rate debt exposure. In addition, and pursuant to the terms of the full recourse guaranty (the “Secured Loan Guaranty”), dated January 24, 2019, in favor of the Secured Lenders, we, along with our Operating Partnership serve as full recourse guarantors with respect to the Secured Loan. Senior Term Loan W e along with our Operating Partnership entered into a financing for an amount up to $87.7 million with KeyBank and SunTrust, as co-lenders (the “Senior Term Lenders”), pursuant to a senior term loan (the “Senior Term Loan”). The Senior Term Loan is secured by a pledge of 49% of the equity interests in our property-owning special purpose entities, other than those that own the CMBS SASB Properties. The net proceeds from certain capital events (after payment of transaction costs) must be applied to repayment of the Senior Term Loan, except in certain transactions whereby up to $50 million in equity issuances by us and our Operating Partnership may be excluded (the “Capital Event Net Proceeds”). In addition, the Senior Term Loan is secured by a pledge of the Capital Event Net Proceeds. The Senior Term Loan was made pursuant to a loan agreement with a maturity date of January 24, 2022 (the “Senior Term Loan Agreement”). Monthly payments due under the Senior Term Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. On January 24, 2019, an initial borrowing of $72.0 million was made under the Senior Term Loan and we have the right to draw an additional $15.7 million as set forth in the Senior Term Loan Agreement. In general, the amounts outstanding under the Senior Term Loan Agreement bear interest at an annual rate equal to LIBOR plus 4.25%. On January 24, 2019, we entered into an interest rate swap arrangement with a notional amount of $72 million, such that LIBOR is fixed at approximately 2.6% until August 1, 2020, resulting in an annual interest rate equal to approximately 6.85%. The Senior Term Loan may be prepaid at any time, subject to certain conditions as set forth in the Senior Term Loan Agreement. The loan documents for the Senior Term Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In particular, the Senior Loan Agreement imposes certain requirements such as a total leverage ratio, tangible net worth and liquidity requirements, fixed charge coverage ratios and limits on the amount of unhedged variable rate debt exposure. The Senior Term Loan is fully recourse to us and our Operating Partnership. Property Manager The properties that we acquired in the SSGT Mergers will continue to be operated by SS Growth Property Management, LLC, which is 100% owned by our Sponsor (the “GT Property Manager”) and is an affiliate of our Property Manager. The property management agreements in place for such properties are on substantially similar terms as the property management agreements in place with our Property Manager. In addition, SSGT and the GT Property Manager had a joint venture in place with respect to the tenant insurance on substantially similar terms as our TI Joint Venture (the “GT TI Joint Venture”). As a result of the SSGT Mergers, we will derive a benefit from the GT TI Joint Venture in the same way as our TI Joint Venture. Foreign Currency Hedging Activity On January 25, 2019, we settled our foreign currency forward contract which resulted in us receiving a settlement of approximately $2.1 million. In conjunction with the settlement, we entered into a new foreign currency forward contract. The new foreign currency forward contract has a notional amount of $95 million CAD, a maturity date of December 20, 2019, and a forward rate of approximately 1.3173. Potential Sale of San Antonio II Property On February 5, 2019, we executed a purchase and sale agreement (the “San Antonio II Sale Agreement”) with an unaffiliated third party (the “Buyer”) for the sale of a self storage facility and industrial warehouse/office space we own in San Antonio, Texas (the “San Antonio II Property”). The San Antonio II Property was acquired by us in the SSGT Merger. The sale price for the San Antonio II Property is approximately $16.1 million, less closing costs. The Buyer made a deposit of $100,000 in connection with the execution of the San Antonio II Sale Agreement. The San Antonio II Sale Agreement provides for a due diligence period of approximately three months during which the Buyer may terminate the San Antonio II Sale Agreement (with a full return of the earnest money), for any reason. The current outside closing date is during the second half of 2019, although such closing may occur earlier upon satisfaction of certain conditions. The San Antonio II Sale Agreement is subject to various contingencies and we cannot provide assurance whether or when this transaction will occur. Distribution Reinvestment Plan Offering Status As of March 22, 2019, in connection with our DRP Offering, we had issued approximately 3.0 million Class A Shares of our common stock and approximately 0.5 million Class T Shares of our common stock for gross proceeds of approximately $31.3 million and approximately $4.8 million, respectively. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | STRATEGIC STORAGE TRUST II, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 Initial Cost to Company Gross Carrying Amount at December 31, 2018 Description ST Encumbrance Land Building and Improvements Total Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Construction Date Acquired Morrisville NC $ 1,144,827 $ 531,000 $ 1,891,000 $ 2,422,000 $ 111,669 $ 531,000 $ 2,002,669 $ 2,533,669 $ 322,028 2004 11/3/2014 Cary NC 2,456,293 1,064,000 3,301,000 4,365,000 98,853 1,064,000 3,399,853 4,463,853 520,480 1998/2005/2006 11/3/2014 Raleigh NC 2,106,920 1,186,000 2,540,000 3,726,000 156,961 1,186,000 2,696,961 3,882,961 489,525 1999 11/3/2014 Myrtle Beach I SC 3,192,639 1,482,000 4,476,000 5,958,000 211,345 1,482,000 4,687,345 6,169,345 754,592 1998/2005-2007 11/3/2014 Myrtle Beach II SC 2,977,717 1,690,000 3,654,000 5,344,000 159,139 1,690,000 3,813,139 5,503,139 632,911 1999/2006 11/3/2014 Whittier CA 4,979,473 2,730,000 2,916,875 5,646,875 217,322 2,730,000 3,134,197 5,864,197 529,889 1989 2/19/2015 La Verne CA 3,415,843 1,950,000 2,036,875 3,986,875 242,697 1,950,000 2,279,572 4,229,572 395,844 1986 1/23/2015 Santa Ana CA 5,648,721 4,890,000 4,006,875 8,896,875 204,137 4,890,000 4,211,012 9,101,012 724,284 1978 2/5/2015 Upland CA 3,919,871 2,950,000 3,016,875 5,966,875 319,527 2,950,000 3,336,402 6,286,402 580,123 1979 1/29/2015 La Habra CA 3,955,410 2,060,000 2,356,875 4,416,875 146,324 2,060,000 2,503,199 4,563,199 396,558 1981 2/5/2015 Monterey Park CA 2,810,776 2,020,000 2,216,875 4,236,875 197,205 2,020,000 2,414,080 4,434,080 376,344 1987 2/5/2015 Huntington Beach CA 7,542,052 5,460,000 4,856,875 10,316,875 266,705 5,460,000 5,123,580 10,583,580 809,144 1986 2/5/2015 Chico CA 1,266,310 400,000 1,336,875 1,736,875 220,555 400,000 1,557,430 1,957,430 260,182 1984 1/23/2015 Lancaster CA 1,841,786 200,000 1,516,875 1,716,875 306,462 200,000 1,823,337 2,023,337 326,770 1980 1/29/2015 Riverside CA 2,524,250 370,000 2,326,875 2,696,875 309,957 370,000 2,636,832 3,006,832 422,937 1985 1/23/2015 Fairfield CA 2,983,998 730,000 2,946,875 3,676,875 89,177 730,000 3,036,052 3,766,052 488,508 1984 1/23/2015 Lompoc CA 3,016,379 1,000,000 2,746,875 3,746,875 106,087 1,000,000 2,852,962 3,852,962 453,629 1982 2/5/2015 Santa Rosa CA 7,941,515 3,150,000 6,716,875 9,866,875 187,216 3,150,000 6,904,091 10,054,091 1,098,855 1979-1981 1/29/2015 Vallejo CA 2,775,764 990,000 3,946,875 4,936,875 148,563 990,000 4,095,438 5,085,438 653,024 1981 1/29/2015 Federal Heights CO 2,565,370 1,100,000 3,346,875 4,446,875 242,498 1,100,000 3,589,373 4,689,373 645,219 1983 1/29/2015 Aurora CO 5,152,327 810,000 5,906,875 6,716,875 359,669 810,000 6,266,544 7,076,544 970,790 1984 2/5/2015 Littleton CO 2,286,478 1,680,000 2,456,875 4,136,875 212,906 1,680,000 2,669,781 4,349,781 439,666 1985 1/23/2015 Bloomingdale IL 2,551,418 810,000 3,856,874 4,666,874 288,940 810,000 4,145,814 4,955,814 633,459 1987 2/19/2015 Crestwood IL 1,719,742 250,000 2,096,875 2,346,875 264,444 250,000 2,361,319 2,611,319 388,300 1987 1/23/2015 Forestville MD 3,757,442 1,940,000 4,346,875 6,286,875 666,261 1,940,000 5,013,136 6,953,136 913,779 1988 1/23/2015 Warren I MI 2,119,573 230,000 2,966,875 3,196,875 394,874 230,000 3,361,749 3,591,749 504,476 1996 5/8/2015 Sterling Heights MI 2,491,132 250,000 3,286,875 3,536,875 686,396 250,000 3,973,271 4,223,271 557,880 1977 5/21/2015 Troy MI 3,654,932 240,000 4,176,875 4,416,875 170,044 240,000 4,346,919 4,586,919 650,804 1988 5/8/2015 Warren II MI 2,438,850 240,000 3,066,875 3,306,875 646,847 240,000 3,713,722 3,953,722 572,537 1987 5/8/2015 Beverly NJ 1,530,882 400,000 1,696,875 2,096,875 174,938 400,000 1,871,813 2,271,813 261,779 1988 5/28/2015 Everett WA 2,978,785 2,010,000 2,956,875 4,966,875 517,609 2,010,000 3,474,484 5,484,484 522,118 1986 2/5/2015 Foley AL 4,450,700 1,839,000 5,717,000 7,556,000 575,504 1,839,000 6,292,504 8,131,504 853,151 1985/1996/2006 9/11/2015 Tampa FL 1,756,018 718,244 2,257,471 2,975,715 476,023 718,244 2,733,494 3,451,738 335,706 1985 11/3/2015 Boynton Beach FL 8,688,004 1,983,491 15,232,817 17,216,308 373,348 1,983,491 15,606,165 17,589,656 1,413,264 2004 1/7/2016 Lancaster II CA 2,546,205 670,392 3,711,424 4,381,816 195,671 670,392 3,907,095 4,577,487 457,215 1991 1/11/2016 Milton (2) ONT 5,061,840 1,452,870 7,929,810 9,382,679 340,370 (3) 1,481,321 8,241,728 9,723,049 711,152 2006 2/11/2016 Burlington I (2) ONT 8,069,600 3,293,267 10,278,861 13,572,128 332,301 (3) 3,357,759 10,546,670 13,904,429 947,486 2011 2/11/2016 Oakville I (2) ONT 5,575,360 2,655,215 13,072,458 15,727,673 2,065,841 (3) 2,707,211 15,086,303 17,793,514 1,355,970 2016 2/11/2016 Oakville II (2) ONT 6,529,040 2,983,307 9,346,283 12,329,590 (45,039 ) (3) 2,958,105 9,326,446 12,284,551 852,113 2004 2/29/2016 Burlington II (2) ONT 4,034,800 2,944,035 5,125,839 8,069,874 (64,800 ) (3) 2,919,165 5,085,909 8,005,074 462,855 2008 2/29/2016 Xenia OH 1,620,848 275,493 2,664,693 2,940,185 5,250 275,493 2,669,942 2,945,435 291,045 2003 4/20/2016 Sidney OH 1,011,171 255,246 1,806,349 2,061,595 73,319 255,246 1,879,668 2,134,914 291,946 2003 4/20/2016 Troy OH 1,591,108 150,666 2,596,010 2,746,676 28,949 150,666 2,624,959 2,775,625 323,687 2003 4/20/2016 Greenville OH 976,474 82,598 1,909,466 1,992,064 32,410 82,598 1,941,876 2,024,474 205,059 2003 4/20/2016 Washington Court House OH 1,159,873 255,456 1,882,203 2,137,658 14,515 255,456 1,896,717 2,152,173 210,622 2003 4/20/2016 Richmond IN 1,734,852 223,159 2,944,379 3,167,538 23,738 223,159 2,968,117 3,191,276 336,197 2003 4/20/2016 Connersville IN 941,777 155,533 1,652,290 1,807,824 16,544 155,533 1,668,835 1,824,368 190,996 2003 4/20/2016 Port St. Lucie I FL 4,213,213 2,589,781 6,339,578 8,929,360 99,207 2,589,781 6,438,786 9,028,567 604,801 1999 4/29/2016 Sacramento CA 4,039,728 1,205,209 6,616,767 7,821,975 94,884 1,205,209 6,711,650 7,916,859 575,820 2006 5/9/2016 Oakland CA 5,177,736 5,711,189 6,902,446 12,613,636 72,497 5,711,189 6,974,944 12,686,133 600,516 1979 5/18/2016 Concord CA 14,305,391 19,090,003 17,202,868 36,292,871 140,515 19,090,003 17,343,383 36,433,386 1,541,538 1988/1998 5/18/2016 Pompano Beach FL 9,209,792 3,947,715 16,656,002 20,603,718 75,286 3,947,715 16,731,289 20,679,004 1,286,701 1979 6/1/2016 Lake Worth FL 10,927,852 12,108,208 10,804,173 22,912,381 96,035 12,108,208 10,900,208 23,008,416 1,165,339 1998/2003 6/1/2016 Jupiter FL 12,316,124 16,029,881 10,556,833 26,586,714 79,700 16,029,881 10,636,533 26,666,414 948,016 1992/2012 6/1/2016 Royal Palm Beach FL 10,320,221 11,425,394 13,275,322 24,700,716 50,830 11,425,394 13,326,152 24,751,546 1,346,590 2001/2003 6/1/2016 Port St. Lucie II FL 5,303,692 5,130,621 8,410,474 13,541,095 111,367 5,130,621 8,521,841 13,652,462 805,360 2002 6/1/2016 Wellington FL 7,682,918 10,233,511 11,662,801 21,896,312 52,526 10,233,511 11,715,327 21,948,838 977,093 2005 6/1/2016 Doral FL 8,723,830 11,335,658 11,485,045 22,820,702 120,107 11,335,658 11,605,151 22,940,809 977,562 1998 6/1/2016 Plantation FL 10,855,220 12,989,079 19,224,919 32,213,998 102,212 12,989,079 19,327,131 32,316,210 1,610,515 2002/2012 6/1/2016 Naples FL 9,963,010 11,789,085 12,771,305 24,560,390 157,245 11,789,085 12,928,550 24,717,635 1,052,770 2002 6/1/2016 Delray FL 12,691,764 17,096,692 12,983,627 30,080,319 79,490 17,096,692 13,063,117 30,159,809 1,102,197 2003 6/1/2016 Baltimore MD 11,400,459 3,897,872 22,427,843 26,325,715 237,062 3,897,872 22,664,905 26,562,777 1,961,789 1990/2014 6/1/2016 Sonoma CA 3,420,138 3,468,153 3,679,939 7,148,092 46,773 3,468,153 3,726,712 7,194,865 336,784 1984 6/14/2016 Las Vegas I NV 5,680,403 2,391,220 11,117,892 13,509,112 86,303 2,391,220 11,204,195 13,595,415 829,818 2002 7/28/2016 Las Vegas II NV 6,096,767 3,840,088 9,916,937 13,757,025 73,536 3,840,088 9,990,473 13,830,561 766,365 2000 9/23/2016 Las Vegas III NV 4,584,967 2,565,579 6,338,944 8,904,522 156,867 2,565,579 6,495,810 9,061,389 501,229 1989 9/27/2016 Asheville I NC 7,143,593 3,619,676 11,173,603 14,793,279 113,790 3,619,676 11,287,393 14,907,069 797,073 1988/2005/2015 12/30/2016 Asheville II NC 3,250,087 1,764,969 3,107,311 4,872,280 49,077 1,764,969 3,156,388 4,921,357 238,050 1984 12/30/2016 Hendersonville I NC 2,243,715 1,081,547 3,441,204 4,522,750 72,555 1,081,547 3,513,758 4,595,305 248,636 1982 12/30/2016 Asheville III NC 4,677,156 5,096,833 4,620,013 9,716,846 136,386 5,096,833 4,756,399 9,853,232 361,102 1991/2002 12/30/2016 Arden NC 6,557,917 1,790,118 10,265,741 12,055,859 82,720 1,790,118 10,348,461 12,138,579 657,630 1973 12/30/2016 Asheville IV NC 4,413,190 4,558,139 4,455,118 9,013,256 84,934 4,558,139 4,540,051 9,098,190 355,793 1985/1986/2005 12/30/2016 Asheville V NC 5,073,106 2,414,680 7,826,417 10,241,097 101,928 2,414,680 7,928,345 10,343,025 565,165 1978/2009/2014 12/30/2016 Initial Cost to Company Gross Carrying Amount at December 31, 2018 Description ST Encumbrance Land Building and Improvements Total Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Construction Date Acquired Asheville VI NC 3,489,307 1,306,240 5,121,332 6,427,572 49,649 1,306,240 5,170,981 6,477,221 338,613 2004 12/30/2016 Asheville VIII NC 4,536,924 1,764,965 6,162,855 7,927,820 136,899 1,764,965 6,299,754 8,064,719 452,627 1968/2002 12/30/2016 Hendersonville II NC 4,272,956 2,597,584 5,037,350 7,634,934 88,974 2,597,584 5,126,324 7,723,908 432,012 1989/2003 12/30/2016 Asheville VII NC 1,592,048 782,457 2,139,791 2,922,248 30,285 782,457 2,170,076 2,952,533 166,781 1999 12/30/2016 Sweeten Creek Land NC — 348,480 — 348,480 — 348,480 — 348,480 — N/A 12/30/2016 Highland Center Land NC — 50,000 — 50,000 — 50,000 — 50,000 — N/A 12/30/2016 Aurora II CO 5,006,289 1,584,664 8,196,091 9,780,754 91,020 1,584,664 8,287,110 9,871,774 635,157 2012 1/11/2017 Dufferin (2) ONT 15,699,040 6,258,511 16,287,332 22,545,843 (845,357 ) (3) 6,000,057 15,700,429 21,700,486 959,954 2015 2/1/2017 Mavis (2) ONT 10,857,280 4,657,233 14,493,508 19,150,741 (784,409 ) (3) 4,464,906 13,901,426 18,366,332 845,201 2013 2/1/2017 Brewster (2) ONT 7,996,240 4,136,329 9,527,410 13,663,740 (562,613 ) (3) 3,965,514 9,135,613 13,101,127 562,899 2013 2/1/2017 Granite (2) ONT 5,281,920 3,126,446 8,701,429 11,827,875 (475,559 ) (3) 2,997,335 8,354,981 11,352,316 489,927 1998/2016 2/1/2017 Centennial (2) ONT 3,741,360 1,714,644 11,428,538 13,143,182 (482,247 ) (3) 1,643,835 11,017,100 12,660,935 632,364 2016/2017 2/1/2017 $ 408,240,498 $ 270,249,425 $ 537,456,860 $ 807,706,284 $ 12,589,742 $ 269,522,776 $ 550,773,250 $ 820,296,026 $ 54,264,685 (1) The aggregate cost of real estate for United States federal income tax purposes is approximately $864,063,014. (2) This property is located in Ontario, Canada. (3) The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. Activity in real estate facilities during 2018 was as follows: 2018 Real estate facilities Balance at beginning of year $ 829,679,477 Impact of foreign exchange rate changes (11,915,703 ) Improvements and additions 2,532,252 Balance at end of year $ 820,296,026 Accumulated depreciation Balance at beginning of year $ (34,686,973 ) Depreciation expense (20,134,068 ) Impact of foreign exchange rate changes 556,356 Balance at end of year $ (54,264,685 ) Construction in process Balance at beginning of year $ 92,519 Net additions and assets placed into service 37,864 Balance at end of year $ 130,383 Real estate facilities, net $ 766,161,724 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2017, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs other than our Operating Partnership. As of December 31, 2018, we had not entered into any other contracts/interest that would be deemed to be variable interest in VIEs other than our tenant insurance joint venture and a real estate joint venture, both of which are accounted for under the equity method of accounting. Please see Note 3 – Real Estate Facilities for further discussion regarding our joint venture with SmartCentres and Note 7 – Related Party Transactions for further discussions regarding our tenant insurance joint venture. Other than these joint ventures, we do not currently have any variable interest relationships with unconsolidated entities or financial partnerships. Under the equity method, our investments in real estate joint ventures will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate joint ventures will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated real estate joint ventures. |
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 relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the estimated 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 a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . 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 $0 and approximately $4.4 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the years ended December 31, 2018 and 2017, 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. Allocation of purchase price to 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. In January 2017, the FASB issued Accounting Standards Update 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). 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. We adopted this ASU on January 1, 2018. 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. As a result, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. During 2018, we did not acquire any properties that require capitalization of acquisition related transaction costs that would have previously been expensed under the guidance in effect prior to January 1, 2018. During the years ended December 31, 2018, 2017, and 2016 we expensed approximately $1.1 |
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 years ended December 31, 2018, 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 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 December 31, 2018, the gross amounts allocated to in-place lease intangibles was approximately $33.4 million and accumulated amortization of in-place lease intangibles totaled approximately $31.9 million. As of December 31, 2017, the gross amounts allocated to in-place lease intangibles was approximately $34.0 million and accumulated amortization of in-place lease intangibles totaled approximately $29.8 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2019, 2020, 2021, 2022, 2023, and thereafter is approximately $0.1 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.1 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 December 31, 2018 and 2017, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $45,000 and $1.5 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 December 31, 2018 and 2017, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $1.0 million and $0.6 million, respectively. |
Organizational and Offering Costs | Organizational and Offering Costs Our Advisor funded organization and offering costs on our behalf. We were required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor was required to reimburse us within 60 days after the end of the month in 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. Such costs would have been recognized as a liability when we had 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 determined that the total organization and offering costs were expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we would have recognized such excess as a capital contribution from our Advisor. However, 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, and thus there was no reimbursement. 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) terminated; 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 adjustments related to amounts classified as long term equity investments 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. Changes in equity investments not classified as long term are recorded in other income (expense) and totaled approximately ($1.2 million) and none for the years ended December 31, 2018 and 2017, respectively. |
Redeemable Common Stock | Redeemable Common Stock We adopted a share redemption program that enables 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 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 are 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 reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during the year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. For the year ended December 31, 2017 we received redemption requests totaling approximately $2.2 million, (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during the year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. |
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 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, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at December 31, 2018 and 2017. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 200,600,000 $ 207,357,391 $ 213,300,000 $ 218,332,483 As of December 31, 2018, we had an interest rate swap, an interest rate cap, and a net investment hedge (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, foreign exchange rates, 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. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. 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 December 31, 2018, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we 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. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. 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 is 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. |
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 an election 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. We have determined that our self storage rental revenues are not subject to the guidance in ASU 2014-09, as they qualify as lease contracts, which are excluded from its scope. We adopted this ASU on January 1, 2018 using the modified retrospective approach and its adoption did not 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. We adopted this standard on January 1, 2019 using the modified retrospective approach, without applying the provisions to comparative periods presented. Its adoption did not have a material impact on our consolidated financial statements as substantially all of our lease revenues are derived from month-to-month leases and, as lessee, we have no significant leases. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires 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 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and is applied retrospectively to all periods presented. We adopted this guidance on January 1, 2018 present restricted cash along with cash and cash equivalents in our consolidated statements of cash flows. As a result of adopting the new guidance, approximately $0.5 million and $0.7 million of restricted cash which was previously included as operating cash outflows during the years ended December 31, 2017 and 2016 respectively, and approximately $0.9 million and $1.9 million of restricted cash which was previously included as investing cash outflows during the years ended December 31, 2017 and 2016, respectively, within the consolidated statements of cash flows have been removed and are now included in the cash, cash equivalents, and restricted cash line items at the beginning and end of the period. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. ASU 2017-12 is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and to simplify the application of the hedge accounting guidance under previous GAAP. ASU 2017-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. For cash flow and net investment hedges existing at the date of adoption, a reporting entity must apply the amendments in ASU 2017-12 using the modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company adopted ASU 2017-12 effective beginning January 1, 2019. Its adoption did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 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 December 31, 2018 and 2017. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 200,600,000 $ 207,357,391 $ 213,300,000 $ 218,332,483 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2018 and 2017: Real estate facilities Balance at December 31, 2016 $ 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 7,731,429 Improvements and additions 4,521,592 Asset disposals (141,412 ) Balance at December 31, 2017 829,679,477 Impact of foreign exchange rate changes (11,915,703 ) Improvements and additions 2,532,252 Balance at December 31, 2018 $ 820,296,026 Accumulated depreciation Balance at December 31, 2016 $ (14,855,188 ) Asset disposals 141,412 Depreciation expense (19,777,620 ) Impact of foreign exchange rate changes (195,577 ) Balance at December 31, 2017 (34,686,973 ) Depreciation expense (20,134,068 ) Impact of foreign exchange rate changes 556,356 Balance at December 31, 2018 $ (54,264,685 ) |
Summary of Purchase Price Allocation for Acquisitions | 2017 Acquisitions The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2017: Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2017 Revenue (1) 2017 Property Operating Income (loss) (2) Aurora II – CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 794,762 $ 444,113 Dufferin – ONT (3) 2/1/17 22,545,843 1,538,440 24,084,283 11,111,469 1,884,548 1,243,009 Mavis – ONT (3) 2/1/17 19,150,741 1,368,637 20,519,378 9,366,048 1,522,352 959,505 Brewster – ONT (3) 2/1/17 13,663,740 911,564 14,575,304 6,121,600 1,197,613 623,084 Granite – ONT (3) 2/1/17 11,827,875 275,863 12,103,738 6,821,686 719,275 229,117 Centennial – ONT (3)(4) 2/1/17 13,143,182 — 13,143,182 4,939,433 279,366 (114,344 ) 2017 Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 6,397,916 $ 3,384,484 (1) The operating results of the facilities acquired above have been included in our consolidated statements 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, acquisition expenses, and costs incurred in connection with the property management changes. (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 was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% |
Pro Forma Financial Informati_2
Pro Forma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition Pro Forma Information [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 years ended December 31, 2018, and 2017 as if the Company’s acquisitions that occurred during 2017 had occurred as of January 1, 2016. However, for acquisitions of lease-up properties that were not operational as of these dates, the pro forma information includes these acquisitions as of the date that formal operations began. There were no acquisitions completed during the year ended December 31, 2018. Year Ended December 31, 2018 Year Ended December 31, 2017 Pro forma revenue $ 80,412,257 $ 76,573,381 Pro forma operating expenses $ (61,938,281 ) $ (59,932,625 ) Pro forma net loss attributable to common stockholders $ (1,389,798 ) $ (2,194,550 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Summarized Real Estate Secured Debt | The Company’s debt is summarized as follows: Encumbered Property December 2018 December 2017 Interest Rate Maturity Date Raleigh/Myrtle Beach promissory note (1) $ 11,878,396 $ 12,076,470 5.73 % 9/1/2023 (10) Amended KeyBank Credit Facility (2) 98,782,500 86,382,500 5.00 % 2/20/2019 (10) Milton fixed rate (3) — 5,238,606 N/A N/A Burlington I fixed rate (3) — 5,120,423 N/A N/A Burlington I variable rate (3) — 2,402,418 N/A N/A Oakville I variable rate (3) — 8,019,489 N/A N/A Burlington II and Oakville II variable rate (3) — 12,834,819 N/A N/A Oakland and Concord loan (4) 19,483,127 19,960,190 3.95 % 4/10/2023 (10) KeyBank CMBS Loan (5) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (6) 52,000,000 52,000,000 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (7) 11,000,000 11,000,000 6.25 % 6/1/2020 (10) Midland North Carolina CMBS Loan (8) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (3) — 11,172,315 N/A N/A Mavis loan (3) — 9,416,609 N/A N/A Brewster loan (3) — 6,154,532 N/A N/A Granite variable rate loan (3) — 7,101,614 N/A N/A Centennial variable rate loan (3) — 6,377,780 N/A N/A Canadian CitiBank Loan (9) 72,846,480 — 4.46 % 10/9/2020 Premium on secured debt, net 1,228,996 1,646,988 Debt issuance costs, net (3,385,395 ) (2,361,850 ) Total debt $ 406,084,103 $ 396,792,902 (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 December 31, 2018, 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 December 31, 2017. Variable rate loans are based on Canadian Prime or Canadian Dealer Offered Rate (“CDOR”). These loans were paid off in full with the proceeds from the Canadian CitiBank loan in October 2018. (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) This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. (6) This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. (7) This variable rate loan encumbers 49% of the equity interest in the entities that own the 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. (8) This fixed rate 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) This variable rate loan encumbers our 10 Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2018. W e have a CAD $99.3 million interest rate cap that caps CDOR at 3.0% until October 15, 2021. (10) On January 24, 2019, these loans were paid off in full in conjunction with the SSGT Mergers. See Note 11 for additional information . |
Future Principal Payment Requirements on Outstanding Debt | The following table presents the future principal payment requirements on outstanding debt as of December 31, 2018: 2019 $ 99,690,629 2020 85,209,014 2021 1,983,016 2022 3,635,428 2023 31,629,204 2024 and thereafter 186,093,211 Total payments 408,240,502 Premium on secured debt, net 1,228,996 Debt issuance costs, net (3,385,395 ) Total $ 406,084,103 2019 $ 201,712 2020 73,473,891 2021 6,144,512 2022 399,004,091 2023 3,291,903 2024 and thereafter 290,093,211 Total payments $ 772,209,320 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,483,127 (2) 3.95 % May 18, 2016 April 10, 2023 Interest Rate Cap: CDOR Cap 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 90,000,000 (1) 1.2846 March 28, 2018 January 28, 2019 (3) (1) Notional amounts shown are denominated in CAD. (2) The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Merger. See Note 11 – Subsequent Events. (3) We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million. In conjunction with the settlement, we entered into a new foreign currency forward contract with a notional amount of $95 million CAD, a maturity date of December 20, 2019, and a forward rate of approximately 1.3173. See Note 11 – Subsequent Events. The following table summarizes the terms of our derivative financial instruments as of December 31, 2017: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,960,190 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,025,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) Mavis loan 11,821,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) Brewster loan 7,726,000 (1) 3.21 % February 1, 2017 May 31, 2019 (2) 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) 1.2526 August 31, 2017 March 29, 2018 (1) Notional amount shown is denominated in CAD. (2) These interest rate swaps were settled on October 11, 2018 in conjunction with the Canadian CitiBank Loan refinance for a net settlement of approximately $0.2 million. See Note 11 – Subsequent Events. |
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets | The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2018 and 2017: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2018 December 31, 2017 Interest Rate Swaps Other assets $ 361,802 $ 455,526 Accounts payable and accrued liabilities — 6,320 Interest Rate Caps Other assets 87,808 472,501 Foreign Currency Forwards Other assets 4,016,806 — Accounts payable and accrued liabilities — 67,092 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2017 and 2018, and any related amounts payable as of December 31, 2017 and 2018: Year Ended December 31, 2017 Year Ended December 31, 2018 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 1,090,366 $ 751,010 $ 345,864 $ 2,199,596 $ 2,336,075 $ 209,385 Transfer Agent fees — — — 352,300 302,839 49,461 Asset management fees 5,346,280 5,346,280 — 5,445,528 5,445,528 — Property management fees (1) 5,285,082 5,285,082 — 4,809,106 4,809,106 — Acquisition expenses 212,577 212,577 — 72,179 72,179 — Capitalized Acquisition costs — — — 48,664 48,664 — Additional Paid-in Capital Selling commissions 966,516 966,516 — — — — Dealer Manager fee 353,167 513,881 — — — — Stockholder servicing fee (2) 299,299 690,272 2,620,040 — 675,049 1,944,991 Offering costs 33,466 33,466 — — — — Total $ 13,586,753 $ 13,799,084 $ 2,965,904 $ 12,927,373 $ 13,689,440 $ 2,203,837 (1) During the years ended December 31, 2018 and 2017, property management fees included approximately none and $3.2 million of fees paid to the sub-property manager of our properties, respectively. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. (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) | 12 Months Ended |
Dec. 31, 2018 | |
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 (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following is a summary of quarterly financial information for the years ended December 31, 2018 and 2017: Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total revenues $ 19,866,457 $ 20,045,516 $ 20,313,069 $ 20,187,215 Total operating expenses $ 16,010,116 $ 16,605,713 $ 15,836,436 $ 15,808,549 Operating income $ 3,856,341 $ 3,439,803 $ 4,476,633 $ 4,378,666 Net loss $ (667,047 ) $ (1,437,330 ) $ (457,278 ) $ (1,159,075 ) Net loss attributable to common stockholders $ (661,203 ) $ (1,427,056 ) $ (451,424 ) $ (1,158,694 ) Net loss per Class A Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Net loss per Class T Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Three months ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 17,707,546 $ 19,076,777 $ 19,939,512 $ 19,385,071 Total operating expenses $ 18,259,683 $ 18,085,017 $ 19,197,777 $ 16,991,318 Operating income (loss) $ (552,137 ) $ 991,760 $ 741,735 $ 2,393,753 Net loss $ (5,221,480 ) $ (3,538,491 ) $ (3,875,164 ) $ (2,351,155 ) Net loss attributable to common stockholders $ (5,191,114 ) $ (3,502,661 ) $ (3,840,775 ) $ (2,329,515 ) Net loss per Class A Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Net loss per Class T Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Summary of Merger Financings | On January 24, 2019, we, through certain wholly-owned special purpose entities, entered into various financings (defined below), as follows: Merger Financings Principal Borrowing as of Merger Date Interest Rate Maturity Date CMBS SASB Loan $ 235,000,000 5.5 % (1) 2/9/2022 CMBS Loan 104,000,000 5.0 % (2) 2/1/2029 Secured Loan 89,178,000 5.1 % (1) 1/24/2022 Senior Term Loan 72,000,000 6.85 % (1) 1/24/2022 Total $ 500,178,000 (1) Interest rate shown for this variable rate loan is the rate in effect as of January 24, 2019. (2) Fixed rate debt with interest only payments. |
Summary of Payment Related to Merger Consideration and Repayment of Debt | As described above, we entered into these financings (the “SSGT Merger Financings”) for an aggregate initial draw of approximately $500.2 million. The proceeds from such SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as described, including the payment of the SSGT Merger Consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Original Maturity Date Raleigh/Myrtle Beach promissory note $ 11,862,471 9/1/2023 Amended KeyBank Credit Facility 98,782,500 2/1/2029 Oakland and Concord loan 19,443,753 4/10/2023 $11M KeyBank Subordinate Loan 11,000,000 6/1/2020 Total $ 141,088,724 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Oct. 01, 2018Stateshares | Apr. 19, 2018$ / shares | Feb. 01, 2017shares | Jan. 09, 2017USD ($)shares | Oct. 01, 2015USD ($)$ / shares | May 23, 2014USD ($) | Aug. 02, 2013USD ($) | Dec. 31, 2018USD ($)EmployeeStorageFacilityState$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | May 31, 2018$ / shares | Nov. 30, 2016shares |
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 | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Shares issuable pursuant to distribution reinvestment plan | $ | $ 95,000,000 | |||||||||||
Sale of common shares | $ | $ 17,311,370 | $ 326,028,023 | ||||||||||
Number of self storage facilities | StorageFacility | 83 | |||||||||||
Number of states located for self storage facilities | State | 10 | 14 | ||||||||||
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 | Affiliates | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Percentage owned by affiliates | 2.50% | |||||||||||
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 | 99.96% | |||||||||||
Percentage of limited partnership interests owned by noncontrolling owners | 0.04% | |||||||||||
Distribution Reinvestment Plan | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Common Stock, shares authorized | 100,900,000 | |||||||||||
Description for termination of offering | The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. | |||||||||||
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 | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Estimated value per common share | $ / shares | $ 10.65 | |||||||||||
Class A Common stock | Strategic Storage Operating Partnership II, L.P. | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Conversion of OP Units to common stock shares | 483,124 | |||||||||||
Partnership units exchanged | 483,124 | |||||||||||
Class A Common stock | Distribution Reinvestment Plan | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Selling price per share | $ / shares | $ 10.65 | |||||||||||
Class A Common stock | Common Stock | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Sale of common shares | $ | $ 1,028 | $ 25,601 | ||||||||||
Number of common stock issued | 1,027,612 | 25,601,685 | ||||||||||
Conversion of OP Units to common stock shares | 483,124 | |||||||||||
Class A Common stock | Common Stock | Distribution Reinvestment Plan | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Gross proceeds from issuance of common stock | $ | $ 27,800,000 | |||||||||||
Number of common stock issued | 2,700,000 | |||||||||||
Class A Common stock | Primary Offering | Common Stock | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Number of shares issued in offering | 48,000,000 | |||||||||||
Gross proceeds from issuance of common stock | $ | $ 493,000,000 | |||||||||||
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 | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Estimated value per common share | $ / shares | $ 10.65 | |||||||||||
Class T Common stock | Distribution Reinvestment Plan | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Selling price per share | $ / shares | $ 10.65 | |||||||||||
Class T Common stock | Common Stock | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Sale of common shares | $ | $ 565 | $ 5,892 | ||||||||||
Number of common stock issued | 564,591 | 5,892,439 | ||||||||||
Class T Common stock | Common Stock | Distribution Reinvestment Plan | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Gross proceeds from issuance of common stock | $ | $ 4,200,000 | |||||||||||
Number of common stock issued | 400,000 | |||||||||||
Class T Common stock | Primary Offering | Common Stock | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Number of shares issued in offering | 7,000,000 | |||||||||||
Gross proceeds from issuance of common stock | $ | $ 73,000,000 | |||||||||||
SS Toronto | Toronto Five Property Portfolio Merger | Class A Units of Operating Partnership | Strategic Storage Operating Partnership II, L.P. | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Business acquisition partnership units issued | 483,197 | |||||||||||
SmartStop Asset Management | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Percentage of non-voting equity owned | 15.00% | |||||||||||
SmartStop Asset Management | Strategic Transfer Agent Services, LLC | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Percentage of membership interest | 100.00% | |||||||||||
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% | |||||||||||
SmartStop Self Storage, Inc. | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Sale price per share | $ / shares | $ 13.75 | |||||||||||
Enterprise value on sale | $ | $ 1,400,000,000 | |||||||||||
Strategic Storage Advisor II, LLC | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Number of employees | Employee | 0 | |||||||||||
Maximum | Primary Offering | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Common stock, value authorized | $ | $ 1,000,000,000 | |||||||||||
Minimum | Primary Offering | ||||||||||||
Organization And Nature Of Operations [Line Items] | ||||||||||||
Sale of common shares | $ | $ 1,500,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2019 | Jan. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Payments to acquire intangible assets | $ 0 | $ 4,400,000 | |||
Business acquisition, transaction costs | 1,100,000 | 500,000 | $ 13,700,000 | ||
Impairment losses recognized | 0 | 0 | 0 | ||
Gross amounts of lease intangibles | 33,400,000 | 34,000,000 | |||
Accumulated amortization of lease intangibles | 31,900,000 | 29,800,000 | |||
Total estimated future amortization expense of intangible assets, year 2019 | 100,000 | ||||
Total estimated future amortization expense of intangible assets, year 2020 | 100,000 | ||||
Total estimated future amortization expense of intangible assets, year 2021 | 100,000 | ||||
Total estimated future amortization expense of intangible assets, year 2022 | 100,000 | ||||
Total estimated future amortization expense of intangible assets, year 2023 | 100,000 | ||||
Total estimated future amortization expense of intangible assets, thereafter | 1,100,000 | ||||
Accumulated amortization of debt issuance costs | $ 45,000 | 1,500,000 | |||
Maximum period for reimbursement of offering cost | 60 days | ||||
Maximum offering cost rate | 3.50% | ||||
Reimbursement of offering cost | $ 0 | ||||
Redemptions of common stock | $ 8,300,000 | $ 2,200,000 | |||
Redemptions of common stock (in shares) | 0.9 | 0.2 | |||
Minimum percentage of ordinary taxable income to be distributed to stockholders | 90.00% | ||||
ASU 2016-18 | Operating Cash Outflows | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash previously included as cash outflows | $ 500,000 | 700,000 | |||
ASU 2016-18 | Investing Cash Outflows | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash previously included as cash outflows | 900,000 | $ 1,900,000 | |||
Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Redemptions of common stock | $ 1,300,000 | ||||
Real Estate Investment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gains (losses) on exchange rate changes in equity investments recorded in other income (expense) | $ 1,200,000 | $ 0 | |||
Dealer Manager | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Underwriting commission | 10.00% | 10.00% | |||
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | 3.00% | |||
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 | 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% | 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% | 10.00% | |||
Redeemable Common Stock | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Redemptions of common stock | $ 7,000,000 | $ 1,500,000 | $ 700,000 | ||
Non Revolving Debt | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accumulated amortization of debt issuance costs | $ 1,000,000 | $ 600,000 | |||
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) | 12 Months Ended |
Dec. 31, 2018 | |
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 ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 200,600,000 | $ 213,300,000 |
Carrying Value | $ 207,357,391 | $ 218,332,483 |
Schedule of Activity in Real Es
Schedule of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate facilities | ||
Real estate facilities, beginning balance | $ 829,679,477 | $ 727,455,733 |
Facility acquisitions | 90,112,135 | |
Impact of foreign exchange rate changes | (11,915,703) | 7,731,429 |
Improvements and additions | 2,532,252 | 4,521,592 |
Asset disposals | (141,412) | |
Real estate facilities, ending balance | 820,296,026 | 829,679,477 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (34,686,973) | (14,855,188) |
Asset disposals | 141,412 | |
Depreciation expense | (20,134,068) | (19,777,620) |
Impact of foreign exchange rate changes | 556,356 | (195,577) |
Accumulated depreciation, ending balance | $ (54,264,685) | $ (34,686,973) |
Real Estate Facilities - Additi
Real Estate Facilities - Additional Information (Detail) $ in Millions | Jan. 01, 2019CAD ($) | Jun. 28, 2018CAD ($) | Dec. 31, 2017USD ($) |
Aurora II | |||
Restructuring Cost And Reserve [Line Items] | |||
Acquisition fees incurred to the advisor | $ 200,000 | ||
Strategic Storage Trust IV, Inc. | Subsequent Event | |||
Restructuring Cost And Reserve [Line Items] | |||
Proceeds from sale of interest in partnership unit | $ 4.7 | ||
SmartCentres | |||
Restructuring Cost And Reserve [Line Items] | |||
Percentage of units to be subscribed at closing in limited partnership | 50.00% | ||
Subscription price of units in limited partnership | $ 3.8 | ||
Subscription price as percentage of agreed upon fair market value of land to be contributed to the Limited Partnership | 50.00% | ||
East York Lot | |||
Restructuring Cost And Reserve [Line Items] | |||
Percentage of membership interest | 50.00% | ||
Fair market value | $ 7.6 |
Summary of Purchase Price Alloc
Summary of Purchase Price Allocation for Acquisitions (Detail) | 12 Months Ended | |
Dec. 31, 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 | 6,397,916 | [1] |
Property Operating Income (loss) | $ 3,384,484 | [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 | 794,762 | [1] |
Property Operating Income (loss) | $ 444,113 | [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 | 1,884,548 | [1],[3] |
Property Operating Income (loss) | $ 1,243,009 | [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 | 1,522,352 | [1],[3] |
Property Operating Income (loss) | $ 959,505 | [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 | 1,197,613 | [1],[3] |
Property Operating Income (loss) | $ 623,084 | [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 | 719,275 | [1],[3] |
Property Operating Income (loss) | $ 229,117 | [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 | 279,366 | [1],[3],[4] |
Property Operating Income (loss) | $ (114,344) | [2],[3],[4] |
[1] | The operating results of the facilities acquired above have been included in our consolidated statements 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, acquisition expenses, and costs incurred in connection with the property management changes. | |
[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 was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% (unaudited) as of December 31, 2017 |
Summary of Purchase Price All_2
Summary of Purchase Price Allocation for Acquisitions (Parenthetical) (Detail) | Dec. 31, 2017 | Feb. 01, 2017 |
Centennial | ||
Business Acquisition [Line Items] | ||
Occupancy percentage | 63.00% | 11.00% |
Pro Forma Financial Informati_3
Pro Forma Financial Information - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Acquisition | Dec. 31, 2017USD ($) | |
Business Acquisition Pro Forma Information [Abstract] | ||
Number of acquisitions completed | Acquisition | 0 | |
Pro forma acquisition related expenses | $ | $ 0 | $ 0.5 |
Summary of Consolidated Results
Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Pro forma revenue | $ 80,412,257 | $ 76,573,381 |
Pro forma operating expenses | (61,938,281) | (59,932,625) |
Pro forma net loss attributable to common stockholders | $ (1,389,798) | $ (2,194,550) |
Schedule of Summarized Real Est
Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument Carrying Amount | $ 408,240,502 | ||
Debt issuance costs, net | (36,907) | $ (836,202) | |
Total | $ 406,084,103 | 396,792,902 | |
Amended KeyBank Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [1] | 5.00% | |
Debt Instrument Carrying Amount | [1] | $ 98,782,500 | 86,382,500 |
Burlington I Variable Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 2,402,418 |
Oakville I Variable Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 8,019,489 |
Burlington II and Oakville II Variable Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 12,834,819 |
$11M KeyBank Subordinate Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [3] | 6.25% | |
Debt Instrument Carrying Amount | [3] | $ 11,000,000 | 11,000,000 |
Granite Variable Rate Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 7,101,614 |
Centennial Variable Rate Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 6,377,780 |
Canadian CitiBank Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [4] | 4.46% | |
Canadian CitiBank Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument Carrying Amount | [4] | $ 72,846,480 | 0 |
Fixed Rate Secured Debt | |||
Debt Instrument [Line Items] | |||
Premium on secured debt, net | 1,228,996 | 1,646,988 | |
Debt issuance costs, net | (3,385,395) | (2,361,850) | |
Total | $ 406,084,103 | ||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [5] | 5.73% | |
Debt Instrument Carrying Amount | [5] | $ 11,878,396 | 12,076,470 |
Fixed Rate Secured Debt | Milton Fixed Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 5,238,606 |
Fixed Rate Secured Debt | Burlington I Fixed Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 5,120,423 |
Fixed Rate Secured Debt | Oakland and Concord Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [6] | 3.95% | |
Debt Instrument Carrying Amount | [6] | $ 19,483,127 | 19,960,190 |
Fixed Rate Secured Debt | KeyBank CMBS Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [7] | 3.89% | |
Debt Instrument Carrying Amount | [7] | $ 95,000,000 | 95,000,000 |
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [8] | 4.65% | |
Debt Instrument Carrying Amount | [8] | $ 52,000,000 | 52,000,000 |
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [9] | 5.31% | |
Debt Instrument Carrying Amount | [9] | $ 47,249,999 | 47,249,999 |
Fixed Rate Secured Debt | Dufferin Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 11,172,315 |
Fixed Rate Secured Debt | Mavis Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | 9,416,609 |
Fixed Rate Secured Debt | Brewster Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | [2] | 0.00% | |
Debt Instrument Carrying Amount | [2] | $ 0 | $ 6,154,532 |
[1] | As of December 31, 2018, 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 December 31, 2017. Variable rate loans are based on Canadian Prime or Canadian Dealer Offered Rate (“CDOR”). These loans were paid off in full with the proceeds from the Canadian CitiBank loan in October 2018. | ||
[3] | This variable rate loan encumbers 49% of the equity interest in the entities that own the 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] | This variable rate loan encumbers our 10 Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2018. We have a CAD $99.3 million interest rate cap that caps CDOR at 3.0% until October 15, 2021. The separate assets of these encumbered properties are not available to pay our other debts. | ||
[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 fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. | ||
[8] | This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. | ||
[9] | This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. |
Schedule of Summarized Real E_2
Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail) | 12 Months Ended | |||||||
Dec. 31, 2018USD ($)Property | Dec. 31, 2018CAD ($)Property | Mar. 28, 2018CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Sep. 30, 2017CAD ($) | |||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | $ 90,000,000 | $ 101,000,000 | $ 101,000,000 | |||||
Interest Rate Cap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | [1] | 99,300,000 | ||||||
Interest Rate Cap | CDOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | $ 99,300,000 | |||||||
Effective interest rate cap on derivative instrument | 3.00% | 3.00% | ||||||
Amended KeyBank Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [2],[3] | Feb. 20, 2019 | ||||||
Number of properties encumbered | 21 | 21 | ||||||
Oakland and Concord Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | $ 19,483,127 | [4] | $ 19,960,190 | |||||
KeyBank CMBS Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | Feb. 1, 2029 | |||||||
$11M KeyBank Subordinate Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [3],[5] | Jun. 1, 2020 | ||||||
Number of properties encumbered | 34 | 34 | ||||||
Percentage Of Real Estate Property Encumbered Variable Rate Loan | 49.00% | |||||||
Dufferin Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | [6] | $ 14,025,000 | ||||||
Mavis Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | [6] | 11,821,000 | ||||||
Brewster Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ | [6] | $ 7,726,000 | ||||||
Canadian CitiBank Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [7] | Oct. 9, 2020 | ||||||
Canadian CitiBank Loan | Interest Rate Cap | CDOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties encumbered | 10 | 10 | ||||||
KeyBank Property Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties encumbered | 5 | 5 | ||||||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [3],[8] | Sep. 1, 2023 | ||||||
Number of properties encumbered | 5 | 5 | ||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [3],[9] | Apr. 10, 2023 | ||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate | 3.95% | 3.95% | ||||||
Fixed Rate Secured Debt | KeyBank CMBS Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [10] | Aug. 1, 2026 | ||||||
Number of properties encumbered | 29 | 29 | ||||||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [11] | May 1, 2027 | ||||||
Number of properties encumbered | 5 | 5 | ||||||
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Maturity Date | [12] | Aug. 1, 2024 | ||||||
Number of properties encumbered | 11 | 11 | ||||||
[1] | Notional amounts shown are denominated in CAD. | |||||||
[2] | As of December 31, 2018, 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] | On January 24, 2019, these loans were paid off in full in conjunction with the SSGT Mergers. See Note 11 for additional information. | |||||||
[4] | The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Merger. See Note 11 – Subsequent Events. | |||||||
[5] | This variable rate loan encumbers 49% of the equity interest in the entities that own the 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. | |||||||
[6] | Notional amount shown is denominated in CAD. | |||||||
[7] | This variable rate loan encumbers our 10 Canadian properties and the amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2018. We have a CAD $99.3 million interest rate cap that caps CDOR at 3.0% until October 15, 2021. The separate assets of these encumbered properties are not available to pay our other debts. | |||||||
[8] | 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. | |||||||
[9] | 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%. | |||||||
[10] | This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. | |||||||
[11] | This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 7, below. | |||||||
[12] | This fixed rate loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 24, 2019USD ($)Extension | Oct. 11, 2018CAD ($)PropertyExtension | Oct. 29, 2018USD ($) | Dec. 31, 2018USD ($)PropertyExtension | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CAD ($)Property | Mar. 28, 2018CAD ($) | Sep. 30, 2017CAD ($) | Feb. 18, 2016USD ($) | Dec. 22, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate on debt | 4.64% | 4.64% | ||||||||||
Derivative, notional amount | $ 90,000,000 | $ 101,000,000 | $ 101,000,000 | |||||||||
Repayments Of Debt | $ 72,513,082 | $ 130,671,050 | $ 147,246,450 | |||||||||
Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, term of extension options | 1 year | |||||||||||
Line of credit facility, number of extension options | Extension | 2 | |||||||||||
Debt Instrument Face Amount | $ 500,178,000 | |||||||||||
Canadian CitiBank | Canadian Debt Refinancing | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowings under credit facility | $ 112,000,000 | |||||||||||
Line of credit facility, maturity date | Oct. 9, 2020 | |||||||||||
Line of credit facility, term of extension options | 1 year | |||||||||||
Line of credit facility, number of extension options | Extension | 3 | |||||||||||
Line of credit facility, description | The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. | |||||||||||
Derivative, notional amount | $ 99,300,000 | |||||||||||
Effective interest rate cap on derivative instrument | 3.00% | |||||||||||
Number of properties encumbered | Property | 10 | |||||||||||
Proceeds from line of credit | $ 99,300,000 | |||||||||||
Maximum remaining aggregate amount of borrowing | $ 12,700,000 | |||||||||||
Line of credit, interest rate description | The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25% | |||||||||||
Debt Instrument, Interest Rate | 0.25% | |||||||||||
$11M KeyBank Subordinate Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of properties encumbered | Property | 34 | 34 | ||||||||||
Debt Instrument, Interest Rate | [1] | 6.25% | 6.25% | |||||||||
$11M KeyBank Subordinate Loan | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments Of Debt | $ 11,000,000 | |||||||||||
Operating Partnership | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, notional amount | $ 90,000,000 | |||||||||||
LIBOR | Operating Partnership | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate cap on derivative instrument | 1.25% | |||||||||||
Amended KeyBank Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowings under credit facility | $ 145,000,000 | $ 105,000,000 | ||||||||||
Additional borrowing capacity | $ 40,000,000 | |||||||||||
Line of credit facility, initial term | 3 years | |||||||||||
Line of credit facility, maturity date | Feb. 20, 2019 | 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 Potential Additional Borrowing Capacity | $ 145,000,000 | |||||||||||
Debt Instrument Face Amount | $ 110,000,000 | |||||||||||
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”). On October 29, 2018, we amended our Amended KeyBank Credit Facility to extend the maturity date until February 20, 2019 and reduce the maximum borrowing capacity from $145 million to $110 million. As of December 31, 2018, we had approximately $98.8 million in borrowings outstanding under the Amended KeyBank Credit Facility. On January 24, 2019, we paid off and terminated the Amended KeyBank Credit Facility in conjunction with the SSGT Mergers. See Note 11 for additional information. | |||||||||||
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%. | |||||||||||
Number of properties encumbered | Property | 21 | 21 | ||||||||||
Amended KeyBank Credit Facility | Fixed Rate Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance on credit facility | $ 98,800,000 | |||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Less Than 50% | ABR Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, applicable interest rate | 1.25% | |||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Less Than 50% | Eurodollar Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, applicable interest rate | 2.25% | |||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Greater Than 50% | ABR Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, applicable interest rate | 1.50% | |||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Greater Than 50% | Eurodollar Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, applicable interest rate | 2.50% | |||||||||||
[1] | This variable rate loan encumbers 49% of the equity interest in the entities that own the 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. |
Future Principal Payment Requir
Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($) | Jan. 24, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt, Fiscal Year Maturity | |||
2019 | $ 99,690,629 | ||
2020 | 85,209,014 | ||
2021 | 1,983,016 | ||
2022 | 3,635,428 | ||
2023 | 31,629,204 | ||
2024 and thereafter | 186,093,211 | ||
Total payments | 408,240,502 | ||
Debt issuance costs, net | (36,907) | $ (836,202) | |
Total | 406,084,103 | 396,792,902 | |
Subsequent Event | |||
Debt, Fiscal Year Maturity | |||
2019 | $ 201,712 | ||
2020 | 73,473,891 | ||
2021 | 6,144,512 | ||
2022 | 399,004,091 | ||
2023 | 3,291,903 | ||
2024 and thereafter | 290,093,211 | ||
Total payments | $ 772,209,320 | ||
Fixed Rate Secured Debt | |||
Debt, Fiscal Year Maturity | |||
Premium on secured debt, net | 1,228,996 | 1,646,988 | |
Debt issuance costs, net | (3,385,395) | $ (2,361,850) | |
Total | $ 406,084,103 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | Mar. 28, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CAD ($) | Mar. 28, 2018CAD ($) | Sep. 30, 2017CAD ($)$ / $ |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||
Foreign currency forward contract gain | $ 2,200,000 | $ 5,500,000 | $ 5,251,438 | $ (4,101,495) | $ 86,315 | |||
Derivative, notional amount | $ 90,000,000 | $ 101,000,000 | $ 101,000,000 | |||||
Forward rate of derivative (CAD/USD) | $ / $ | 1.2526 | |||||||
Other income (expense) | ||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||
Change in fair value of derivatives not designated in hedging relationships | 0 | 290,000 | ||||||
Gain (loss) on foreign currency forward contract, ineffective portion | $ 965,000 | $ (125,000) |
Derivative Instruments - Summar
Derivative Instruments - Summary of Derivative Financial Instruments (Detail) | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)$ / Unit | Dec. 31, 2017USD ($)$ / Unit | Dec. 31, 2018CAD ($)$ / Unit | Mar. 28, 2018CAD ($) | Dec. 31, 2017CAD ($)$ / Unit | Sep. 30, 2017CAD ($) | |||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | $ 90,000,000 | $ 101,000,000 | $ 101,000,000 | |||||||
Interest Rate Swap | Oakland and Concord Loan | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | $ 19,483,127 | [1] | $ 19,960,190 | |||||||
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 | Dufferin Loan | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | [2] | $ 14,025,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||||
Interest Rate Swaps, Maturity Date | [3] | May 31, 2019 | ||||||||
Interest Rate Swap | Mavis Loan | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | [2] | $ 11,821,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||||
Interest Rate Swaps, Maturity Date | [3] | May 31, 2019 | ||||||||
Interest Rate Swap | Brewster Loan | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | [2] | $ 7,726,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||||
Interest Rate Swaps, Maturity Date | [3] | May 31, 2019 | ||||||||
Interest Rate Cap | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, notional amount | [4] | $ 99,300,000 | ||||||||
Interest Rate Swaps, Strike | 3.00% | 3.00% | ||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Oct. 11, 2018 | |||||||||
Interest Rate Swaps, Maturity Date | Oct. 15, 2021 | |||||||||
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 | $ 90,000,000 | [4] | $ 101,000,000 | [2] | ||||||
Foreign Currency Forward, Strike | $ / Unit | 1.2846 | 1.2526 | 1.2846 | 1.2526 | ||||||
Foreign Currency Forward, Effective Date or Date Assumed | Mar. 28, 2018 | Aug. 31, 2017 | ||||||||
Foreign Currency Forward, Maturity Date | Jan. 28, 2019 | [5] | Mar. 29, 2018 | |||||||
[1] | The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Merger. See Note 11 – Subsequent Events. | |||||||||
[2] | Notional amount shown is denominated in CAD. | |||||||||
[3] | These interest rate swaps were settled on October 11, 2018 in conjunction with the Canadian CitiBank Loan refinance for a net settlement of approximately $0.2 million. See Note 11 – Subsequent Events. | |||||||||
[4] | Notional amounts shown are denominated in CAD. | |||||||||
[5] | We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million. In conjunction with the settlement, we entered into a new foreign currency forward contract with a notional amount of $95 million CAD, a maturity date of December 20, 2019, and a forward rate of approximately 1.3173. See Note 11 – Subsequent Events. |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Derivative Financial Instruments (Parenthetical) (Detail) | Jan. 25, 2019USD ($) | Oct. 11, 2018USD ($) | Mar. 28, 2018USD ($) | Sep. 30, 2017USD ($)$ / $ | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 25, 2019CAD ($)$ / $ | Dec. 31, 2018CAD ($) | [1] | Dec. 31, 2017CAD ($) | [2] |
Derivative [Line Items] | ||||||||||||
Forward rate of derivative (CAD/USD) | $ / $ | 1.2526 | |||||||||||
Foreign currency forward contract gain | $ 2,200,000 | $ 5,500,000 | $ 5,251,438 | $ (4,101,495) | $ 86,315 | |||||||
Canadian CitiBank Loan | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency forward contract gain | $ 200,000 | |||||||||||
Foreign Currency Forward | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency forward, notional amount | $ 90,000,000 | $ 101,000,000 | ||||||||||
Subsequent Event | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency forward contract gain | $ 2,100,000 | |||||||||||
Subsequent Event | Foreign Currency Forward | ||||||||||||
Derivative [Line Items] | ||||||||||||
Foreign currency forward, notional amount | $ 95,000,000 | |||||||||||
Forward rate of derivative (CAD/USD) | $ / $ | 1.3173 | |||||||||||
Foreign currency forward contract gain | $ 2,100,000 | |||||||||||
Derivative maturity date | Dec. 20, 2019 | |||||||||||
[1] | Notional amounts shown are denominated in CAD. | |||||||||||
[2] | Notional amount shown is denominated in CAD. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Interest Rate Swaps | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | $ 361,802 | $ 455,526 |
Interest Rate Swaps | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | 6,320 | |
Interest Rate Caps | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | 87,808 | 472,501 |
Foreign Currency Forwards | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | $ 4,016,806 | 0 |
Foreign Currency Forwards | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | $ 67,092 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 02, 2017USD ($) | Feb. 01, 2017USD ($)$ / sharesshares | Oct. 01, 2015USD ($) | Dec. 31, 2018USD ($)StorageFacility$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Feb. 01, 2017CAD ($) |
Related Party Transaction [Line Items] | |||||||
Reimbursement of offering cost | $ 0 | ||||||
Property operating expenses – affiliates | 10,254,634 | $ 10,631,362 | $ 5,723,708 | ||||
Self storage rental revenue | $ 78,473,091 | 75,408,257 | $ 45,169,831 | ||||
Number of self storage facilities | StorageFacility | 83 | ||||||
Loans outstanding | $ 408,240,502 | ||||||
Toronto Merger | |||||||
Related Party Transaction [Line Items] | |||||||
Number of self storage facilities | 5 | ||||||
Auction Company | |||||||
Related Party Transaction [Line Items] | |||||||
Self storage rental revenue | $ 43,000 | ||||||
Type of Revenue [Extensible List] | us-gaap:ShareholderServiceMember | ||||||
Tenant Insurance | |||||||
Related Party Transaction [Line Items] | |||||||
Threshold percentage to purchase triggering member ownership interest in joint venture at fair market value | 95.00% | ||||||
Operating revenue | $ 1,500,000 | $ 300,000 | |||||
Tenant Insurance | Scenario | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of ownership interest in joint venture to sell to triggering member at fair market value | 50.00% | ||||||
Percentage of ownership interest in joint venture to purchase from triggering member at 95 percent of fair market value | 50.00% | ||||||
Tenant Insurance | TRS subsidiary | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||
Percentage of net economics generated from tenant insurance to be received under terms of joint venture agreement | 50.00% | ||||||
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 | |||||
Advisory Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Gross proceeds from offering, threshold percentage of expenses for reimbursement | 15.00% | ||||||
Reimbursement of offering cost | $ 0 | ||||||
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% | 3.00% | |||||
Underwriting commission | 10.00% | 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 | 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% | 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% | 10.00% | |||||
SmartStop Asset Management | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of non-voting equity owned | 15.00% | ||||||
SmartStop Asset Management | Auction Company | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of limited partnership interests | 50.00% | ||||||
Transfer Agent Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Initial setup fees paid to agent | $ 50,000 | ||||||
Transfer agent agreement term | 3 years | ||||||
Transfer agent renewal agreement term | 1 year | ||||||
Transfer agent agreement termination description | The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. | ||||||
Property Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement termination date | Oct. 1, 2017 | ||||||
Agreement date | Oct. 1, 2015 | ||||||
Property management agreement termination description | The property management agreements had a three year term and automatically renewed for successive one year periods thereafter, unless we or our Property Manager provided prior written notice at least 90 days prior to the expiration of the term. In general, if we terminated a property management agreement without cause during the initial three year term, we would have been required to pay our 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 that had elapsed. After the end of the initial three year term, we could have terminated a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager could have terminated a property management agreement on 60 days prior written notice to us. | ||||||
Property Management Agreement | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Signage and set-up costs associated with converting each property to extra space brand | $ 25,000 | ||||||
Property Management Agreement | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Property management monthly management fee | $ 2,500 | ||||||
Property management monthly management fee percentage on gross revenue | 6.00% | ||||||
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 had a three year term and automatically renewed for successive one year periods thereafter, unless our Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Property Manager terminated a sub-property management agreement without cause during the initial three year term, it would have been required to pay 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 that had elapsed. After the end of the initial three year term, our Property Manager could have terminated a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space could have terminated a sub-property management agreement on 60 days prior written notice to our Property Manager. | ||||||
Sub property management agreement description | Under the sub-property management agreements, our Property Manager paid Extra Space a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of Extra Space’s costs of managing the properties; provided, however that no management fee was due and payable to Extra Space for the months of January and July each year during the term. | ||||||
Strategic Storage Trust Sub Property Management Limited Liability Company | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Property management monthly management fee | $ 2,500 | ||||||
Property management monthly management fee percentage on gross revenue | 6.00% | ||||||
Termination of Sub-property Manager | Property Operating Expenses ? Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement termination date | Oct. 1, 2017 | ||||||
Property operating expenses – affiliates | $ 800,000 | ||||||
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 three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days prior written notice. | ||||||
Agreement amendment effective date | Oct. 1, 2017 | ||||||
Percentage of fee of property manager | 6.00% | ||||||
Construction management fee | 5.00% | ||||||
Cost of construction or capital improvement work | $ 10,000 | ||||||
One time fee for property manager | 3,750 | ||||||
Property Management Agreement | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Property management monthly management fee | $ 3,000 | ||||||
SmartStop TI II, LLC | Tenant Insurance | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||
Percentage of net economics generated from tenant insurance to be received under terms of joint venture agreement | 50.00% | ||||||
Affiliate of Property Manager | Tenant Insurance | |||||||
Related Party Transaction [Line Items] | |||||||
Operating revenue | $ 1,500,000 | $ 300,000 | |||||
SS Toronto | |||||||
Related Party Transaction [Line Items] | |||||||
Loans outstanding | $ 50.1 | ||||||
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 | ||||||
Acquisition assumed other net liabilities | 800,000 | ||||||
Repayment of outstanding debt and accrued interest | 33,100,000 | ||||||
Acquisition fees incurred to the advisor | $ 0 | ||||||
SS Toronto | Toronto Merger | Term Loan | |||||||
Related Party Transaction [Line Items] | |||||||
Guarantee obligations | 34.8 | ||||||
SS Toronto | Toronto Merger | Promissory Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Guarantee obligations | $ 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 ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | $ 12,927,373 | $ 13,586,753 | |
Related party costs, Paid | 13,689,440 | 13,799,084 | |
Related party costs, Payable | 2,203,837 | 2,965,904 | |
Operating expenses (including organizational costs) | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 2,199,596 | 1,090,366 | |
Related party costs, Paid | 2,336,075 | 751,010 | |
Related party costs, Payable | 209,385 | 345,864 | |
Transfer Agent fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 352,300 | ||
Related party costs, Paid | 302,839 | ||
Related party costs, Payable | 49,461 | ||
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 5,445,528 | 5,346,280 | |
Related party costs, Paid | 5,445,528 | 5,346,280 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | [1] | 4,809,106 | 5,285,082 |
Related party costs, Paid | [1] | 4,809,106 | 5,285,082 |
Acquisition expenses | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 72,179 | 212,577 | |
Related party costs, Paid | 72,179 | 212,577 | |
Acquisition costs | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 48,664 | ||
Related party costs, Paid | 48,664 | ||
Selling commissions | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 966,516 | ||
Related party costs, Paid | 966,516 | ||
Dealer manager fee | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 353,167 | ||
Related party costs, Paid | 513,881 | ||
Stockholder servicing fee | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | [2] | 299,299 | |
Related party costs, Paid | [2] | 675,049 | 690,272 |
Related party costs, Payable | [2] | $ 1,944,991 | 2,620,040 |
Offering costs | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 33,466 | ||
Related party costs, Paid | $ 33,466 | ||
[1] | During the years ended December 31, 2018 and 2017, property management fees included approximately none and $3.2 million of fees paid to the sub-property manager of our properties, respectively. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. | ||
[2] | We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. |
Summary of Related Party Cost_2
Summary of Related Party Costs (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Related party costs, Incurred | $ 12,927,373 | $ 13,586,753 | ||
Property operating expenses – affiliates | $ 10,254,634 | $ 10,631,362 | $ 5,723,708 | |
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 | 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] | $ 4,809,106 | $ 5,285,082 | |
Property operating expenses – affiliates | 800,000 | |||
Property management fees | Sub-property manager | ||||
Related Party Transaction [Line Items] | ||||
Related party costs, Incurred | $ 0 | $ 3,200,000 | ||
[1] | During the years ended December 31, 2018 and 2017, property management fees included approximately none and $3.2 million of fees paid to the sub-property manager of our properties, respectively. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 09, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 19, 2018 |
Commitments And Contingencies [Line Items] | |||||||
Redemptions of common stock, value | $ 788 | $ 188 | $ 112 | ||||
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 | ||||||
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) | 900,000 | 200,000 | |||||
Redemptions of common stock, value | $ 700,000 | $ 8,300,000 | $ 2,200,000 | ||||
Share Redemption Program | Subsequent Event | |||||||
Commitments And Contingencies [Line Items] | |||||||
Redemptions of common stock, value | $ 1,300,000 | ||||||
Share Redemption Program | Minimum | |||||||
Commitments And Contingencies [Line Items] | |||||||
Shareholders share holding period | 1 year | ||||||
Operating Partnership Redemption Rights | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of shares issuable upon conversion of partnership units | 1 | ||||||
Requisite minimum outstanding period for conversion eligibility | 1 year | ||||||
Class A and Class T Common Stock | Distribution Reinvestment Plan | |||||||
Commitments And Contingencies [Line Items] | |||||||
Estimated value per share under distribution reinvestment plan | $ 10.65 | ||||||
Class A Common stock | Distribution Reinvestment Plan | |||||||
Commitments And Contingencies [Line Items] | |||||||
Shares issued pursuant to distribution reinvestment plan | 1,100,000 | 2,700,000 | |||||
Class T Common stock | Distribution Reinvestment Plan | |||||||
Commitments And Contingencies [Line Items] | |||||||
Shares issued pursuant to distribution reinvestment plan | 100,000 | 400,000 | |||||
Redeemable Common Stock | |||||||
Commitments And Contingencies [Line Items] | |||||||
Redemptions of common stock, value | $ 8,325,829 | 2,219,328 | $ 1,302,463 | ||||
Redeemable Common Stock | Share Redemption Program | |||||||
Commitments And Contingencies [Line Items] | |||||||
Redemptions of common stock, value | $ 7,000,000 | $ 1,500,000 |
Stock for Redemptions Based on
Stock for Redemptions Based on Number of Years Stock Held (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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) - $ / shares | Dec. 31, 2018 | Dec. 20, 2018 |
Class A Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | $ 0.001644 | |
Cash distribution record date start | Jan. 1, 2019 | |
Cash distribution record date end | Mar. 31, 2019 | |
Class T Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | $ 0.001644 | |
Cash distribution record date start | Jan. 1, 2019 | |
Cash distribution record date end | Mar. 31, 2019 | |
Common stock dividends payable per share per day | $ 0.0014 |
Selected Quarterly Data - Summa
Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 20,187,215 | $ 20,313,069 | $ 20,045,516 | $ 19,866,457 | $ 19,385,071 | $ 19,939,512 | $ 19,076,777 | $ 17,707,546 | $ 80,412,257 | $ 76,108,906 | $ 45,431,146 |
Total operating expenses | 15,808,549 | 15,836,436 | 16,605,713 | 16,010,116 | 16,991,318 | 19,197,777 | 18,085,017 | 18,259,683 | 64,260,814 | 72,533,795 | 60,341,649 |
Operating income (loss) | 4,378,666 | 4,476,633 | 3,439,803 | 3,856,341 | 2,393,753 | 741,735 | 991,760 | (552,137) | 16,151,443 | 3,575,111 | (14,910,503) |
Net loss | (1,159,075) | (457,278) | (1,437,330) | (667,047) | (2,351,155) | (3,875,164) | (3,538,491) | (5,221,480) | (3,720,730) | (14,986,290) | (26,103,609) |
Net loss attributable to common stockholders | $ (1,158,694) | $ (451,424) | $ (1,427,056) | $ (661,203) | $ (2,329,515) | $ (3,840,775) | $ (3,502,661) | $ (5,191,114) | $ (3,698,377) | $ (14,864,065) | $ (26,090,385) |
Class A Common stock | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Net loss per share-basic and diluted | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.04) | $ (0.07) | $ (0.06) | $ (0.09) | $ (0.06) | $ (0.27) | $ (0.65) |
Class T Common stock | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Net loss per share-basic and diluted | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.04) | $ (0.07) | $ (0.06) | $ (0.09) | $ (0.06) | $ (0.27) | $ (0.65) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 22, 2019USD ($)shares | Mar. 18, 2019$ / shares | Feb. 05, 2019USD ($) | Jan. 25, 2019USD ($) | Jan. 24, 2019USD ($)PropertyExtensionEntity | Dec. 31, 2018USD ($)State$ / shares | Oct. 01, 2018USD ($)StorageFacilityState$ / sharesshares | Mar. 28, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)State$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Jan. 25, 2019CAD ($) | Dec. 31, 2018CAD ($)State | Dec. 20, 2018$ / shares | Mar. 28, 2018CAD ($) | Sep. 30, 2017CAD ($)$ / $ |
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 408,240,502 | $ 408,240,502 | |||||||||||||||
Number of operating self storage facilities | StorageFacility | 28 | ||||||||||||||||
Number of states for self storage facilities | State | 14 | 10 | 14 | 14 | |||||||||||||
Derivative, notional amount | $ 90,000,000 | $ 101,000,000 | $ 101,000,000 | ||||||||||||||
Foreign currency forward contract gain (loss) | $ 2,200,000 | $ 5,500,000 | $ 5,251,438 | $ (4,101,495) | $ 86,315 | ||||||||||||
Forward rate of derivative (CAD/USD) | $ / $ | 1.2526 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 0 | $ 18,879,477 | $ 326,806,655 | ||||||||||||||
New Forward Contract | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Foreign currency forward, maturity date | Dec. 20, 2019 | ||||||||||||||||
SS Growth Property Management, LLC | GT Property Manager | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Percentage of ownership interest | 100.00% | 100.00% | 100.00% | ||||||||||||||
Fixed Rate Secured Debt | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Jan. 24, 2022 | ||||||||||||||||
CMBS SASB Mortgage Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Feb. 9, 2022 | ||||||||||||||||
Derivative, inception date | Jan. 24, 2019 | ||||||||||||||||
CMBS SASB Mezzanine Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Feb. 9, 2022 | ||||||||||||||||
Derivative, inception date | Jan. 24, 2019 | ||||||||||||||||
CMBS SASB Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt instrument, description | (a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty | ||||||||||||||||
KeyBank CMBS Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Feb. 1, 2029 | ||||||||||||||||
Canada | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of operating self storage facilities | StorageFacility | 1 | ||||||||||||||||
Strategic Storage Growth Trust, Inc | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common Stock, par value | $ / shares | $ 0.001 | ||||||||||||||||
Sale price per share | $ / shares | $ 12 | ||||||||||||||||
Total purchase price | $ 350,000,000 | ||||||||||||||||
Debt Instrument Carrying Amount | 19,200,000 | ||||||||||||||||
Debt assumed excluding transaction costs | $ 5,000,000 | ||||||||||||||||
SS Growth Operating Partnership, L.P | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Units Issued | shares | 1.127 | ||||||||||||||||
Class A Common stock | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||||||
Cash distribution record date start | Jan. 1, 2019 | ||||||||||||||||
Cash distribution record date end | Mar. 31, 2019 | ||||||||||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Class T Common stock | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||||||
Cash distribution record date start | Jan. 1, 2019 | ||||||||||||||||
Cash distribution record date end | Mar. 31, 2019 | ||||||||||||||||
Common stock dividends payable per share per day | $ / shares | $ 0.0014 | 0.0014 | |||||||||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 772,209,320 | ||||||||||||||||
Line of credit facility, number of extension options | Extension | 2 | ||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||
Debt instrument, basis spread on variable rate | 4.25% | ||||||||||||||||
Debt Instrument Face Amount | $ 500,178,000 | ||||||||||||||||
Foreign currency forward contract gain (loss) | $ 2,100,000 | ||||||||||||||||
Subsequent Event | New Forward Contract | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Derivative, notional amount | $ 95,000,000 | ||||||||||||||||
Forward rate of derivative (CAD/USD) | 0.013173 | ||||||||||||||||
Subsequent Event | Senior Term Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Face Amount | $ 72,000,000 | ||||||||||||||||
Percentage Of Equity Interest Securing Loan | 49.00% | ||||||||||||||||
Proceeds from issuance equity | $ 50,000,000 | ||||||||||||||||
Line of credit facility, Additional borrowing capacity | $ 15,700,000 | ||||||||||||||||
Subsequent Event | Fixed Rate Secured Debt | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Number of wholly owned properties | Property | 16 | ||||||||||||||||
Debt Instrument Maturity Date | Jan. 24, 2022 | ||||||||||||||||
Line of credit facility, number of extension options | Extension | 1 | ||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||
Debt instrument, interest rate | 2.60% | ||||||||||||||||
Line of credit facility, interest rate description | LIBOR plus 2.5% | ||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||
Derivative, notional amount | $ 89,200,000 | ||||||||||||||||
Debt Instrument, Interest Rate | 5.10% | ||||||||||||||||
Additional amount to draw | $ 5,700,000 | ||||||||||||||||
Debt Instrument Face Amount | $ 89,178,000 | ||||||||||||||||
Subsequent Event | Senior Term Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Jan. 24, 2022 | ||||||||||||||||
Debt instrument, interest rate | 2.60% | ||||||||||||||||
Line of credit facility, interest rate description | LIBOR plus 4.25% | ||||||||||||||||
Derivative, notional amount | $ 72,000,000 | ||||||||||||||||
Debt Instrument, Interest Rate | 6.85% | ||||||||||||||||
Debt Instrument Face Amount | $ 72,000,000 | ||||||||||||||||
Subsequent Event | KeyBank and Citi Real Estate Funding | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 235,000,000 | ||||||||||||||||
Number of real estate properties | Property | 29 | ||||||||||||||||
Subsequent Event | CMBS SASB Mortgage Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 180,000,000 | ||||||||||||||||
Number of wholly owned properties | Property | 29 | ||||||||||||||||
Derivative, notional amount | $ 180,000,000 | ||||||||||||||||
Subsequent Event | CMBS SASB Mezzanine Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 55,000,000 | ||||||||||||||||
Number of special purpose entities | Entity | 29 | ||||||||||||||||
Derivative, notional amount | $ 55,000,000 | ||||||||||||||||
Subsequent Event | CMBS SASB Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Feb. 9, 2022 | ||||||||||||||||
Debt Instrument, Interest Rate | 5.50% | ||||||||||||||||
Debt Instrument Face Amount | $ 235,000,000 | ||||||||||||||||
Subsequent Event | CMBS SASB Loan | LIBOR | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt instrument, interest rate | 2.50% | ||||||||||||||||
Line of credit facility, interest rate description | LIBOR plus 3% | ||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||
Subsequent Event | KeyBank CMBS Loan | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 104,000,000 | ||||||||||||||||
Number of wholly owned properties | Property | 10 | ||||||||||||||||
Debt Instrument, Interest Rate | 5.00% | ||||||||||||||||
Minimum Number of Years to Defease the Loan | 2 years | ||||||||||||||||
Subsequent Event | KeyBank and SunTrust Bank | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 96,400,000 | ||||||||||||||||
Subsequent Event | KeyBank and SunTrust Bank Operating Partnership | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | 87,700,000 | ||||||||||||||||
Subsequent Event | Strategic Storage Growth Trust, Inc | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Debt Instrument Carrying Amount | $ 500,200,000 | ||||||||||||||||
Subsequent Event | San Antonio II Property | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Sales price | $ 16,100,000 | ||||||||||||||||
Deposit | $ 100,000 | ||||||||||||||||
Sale agreement due diligence period | 3 months | ||||||||||||||||
Subsequent Event | Class A Common stock | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||||||
Cash distribution record date start | Apr. 1, 2019 | ||||||||||||||||
Cash distribution record date end | Jun. 30, 2019 | ||||||||||||||||
Number of common stock issued | shares | 3,000,000 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 31,300,000 | ||||||||||||||||
Subsequent Event | Class T Common stock | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||||||
Cash distribution record date start | Apr. 1, 2019 | ||||||||||||||||
Cash distribution record date end | Jun. 30, 2019 | ||||||||||||||||
Common stock dividends payable per share per day | $ / shares | $ 0.0014 | ||||||||||||||||
Number of common stock issued | shares | 500,000 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 4,800,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Merger Financings (Detail) - USD ($) | Jan. 24, 2019 | Dec. 31, 2018 |
Fixed Rate Secured Debt | ||
Subsequent Event [Line Items] | ||
Maturity Date | Jan. 24, 2022 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Principal Borrowing as of Merger Date | $ 500,178,000 | |
Subsequent Event | CMBS SASB Loan | ||
Subsequent Event [Line Items] | ||
Principal Borrowing as of Merger Date | $ 235,000,000 | |
Debt Instrument, Interest Rate | 5.50% | |
Maturity Date | Feb. 9, 2022 | |
Subsequent Event | CMBS Loan | ||
Subsequent Event [Line Items] | ||
Principal Borrowing as of Merger Date | $ 104,000,000 | |
Debt Instrument, Interest Rate | 5.00% | |
Maturity Date | Feb. 1, 2029 | |
Subsequent Event | Fixed Rate Secured Debt | ||
Subsequent Event [Line Items] | ||
Principal Borrowing as of Merger Date | $ 89,178,000 | |
Debt Instrument, Interest Rate | 5.10% | |
Maturity Date | Jan. 24, 2022 | |
Subsequent Event | Senior Term Loan | ||
Subsequent Event [Line Items] | ||
Principal Borrowing as of Merger Date | $ 72,000,000 | |
Debt Instrument, Interest Rate | 6.85% | |
Maturity Date | Jan. 24, 2022 |
Subsequent Events - Summary o_2
Subsequent Events - Summary of Payment Related to Merger Consideration and Repayment of Debt (Detail) - USD ($) | Jan. 24, 2019 | Dec. 31, 2018 | |
Amended KeyBank Credit Facility | |||
Subsequent Event [Line Items] | |||
Debt Instrument Maturity Date | [1],[2] | Feb. 20, 2019 | |
$11M KeyBank Subordinate Loan | |||
Subsequent Event [Line Items] | |||
Debt Instrument Maturity Date | [2],[3] | Jun. 1, 2020 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Principal Repaid | $ 141,088,724 | ||
Subsequent Event | Amended KeyBank Credit Facility | |||
Subsequent Event [Line Items] | |||
Principal Repaid | $ 98,782,500 | ||
Debt Instrument Maturity Date | Feb. 1, 2029 | ||
Subsequent Event | Raleigh Myrtle Beach Promissory Note | |||
Subsequent Event [Line Items] | |||
Principal Repaid | $ 11,862,471 | ||
Debt Instrument Maturity Date | Sep. 1, 2023 | ||
Subsequent Event | Oakland and Concord Loan | |||
Subsequent Event [Line Items] | |||
Principal Repaid | $ 19,443,753 | ||
Debt Instrument Maturity Date | Apr. 10, 2023 | ||
Subsequent Event | $11M KeyBank Subordinate Loan | |||
Subsequent Event [Line Items] | |||
Principal Repaid | $ 11,000,000 | ||
Debt Instrument Maturity Date | Jun. 1, 2020 | ||
[1] | As of December 31, 2018, 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] | On January 24, 2019, these loans were paid off in full in conjunction with the SSGT Mergers. See Note 11 for additional information. | ||
[3] | This variable rate loan encumbers 49% of the equity interest in the entities that own the 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. |
Subsequent Events - Summary o_3
Subsequent Events - Summary of Payment Related to Merger Consideration and Repayment of Debt (Paranthetical) (Detail) $ in Millions | Jan. 24, 2019USD ($) |
Subsequent Event | KeyBank Subordinate Loan | |
Subsequent Event [Line Items] | |
Subordinate Loan | $ 11 |
Schedule III Real Estate Asset
Schedule III Real Estate Asset and Accumulated Depreciation (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 408,240,498 | |
Initial Cost to Company, Land | 270,249,425 | |
Initial Cost to Company, Buildings and Improvements | 537,456,860 | |
Initial Cost to Company, Total | 807,706,284 | |
Cost Capitalized Subsequent to Acquisition | 12,589,742 | |
Gross Carrying Amount, Land | 269,522,776 | |
Gross Carrying Amount, Buildings and Improvements | 550,773,250 | |
Gross Carrying Amount, Total | 820,296,026 | [1] |
Accumulated Depreciation | 54,264,685 | |
Morrisville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | 1,144,827 | |
Initial Cost to Company, Land | 531,000 | |
Initial Cost to Company, Buildings and Improvements | 1,891,000 | |
Initial Cost to Company, Total | 2,422,000 | |
Cost Capitalized Subsequent to Acquisition | 111,669 | |
Gross Carrying Amount, Land | 531,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,002,669 | |
Gross Carrying Amount, Total | 2,533,669 | [1] |
Accumulated Depreciation | $ 322,028 | |
Date of Construction | 2004 | |
Date Acquired | Nov. 3, 2014 | |
Cary | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,456,293 | |
Initial Cost to Company, Land | 1,064,000 | |
Initial Cost to Company, Buildings and Improvements | 3,301,000 | |
Initial Cost to Company, Total | 4,365,000 | |
Cost Capitalized Subsequent to Acquisition | 98,853 | |
Gross Carrying Amount, Land | 1,064,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,399,853 | |
Gross Carrying Amount, Total | 4,463,853 | [1] |
Accumulated Depreciation | $ 520,480 | |
Date of Construction | 1998/2005/2006 | |
Date Acquired | Nov. 3, 2014 | |
Raleigh | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,106,920 | |
Initial Cost to Company, Land | 1,186,000 | |
Initial Cost to Company, Buildings and Improvements | 2,540,000 | |
Initial Cost to Company, Total | 3,726,000 | |
Cost Capitalized Subsequent to Acquisition | 156,961 | |
Gross Carrying Amount, Land | 1,186,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,696,961 | |
Gross Carrying Amount, Total | 3,882,961 | [1] |
Accumulated Depreciation | $ 489,525 | |
Date of Construction | 1999 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach I | South Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,192,639 | |
Initial Cost to Company, Land | 1,482,000 | |
Initial Cost to Company, Buildings and Improvements | 4,476,000 | |
Initial Cost to Company, Total | 5,958,000 | |
Cost Capitalized Subsequent to Acquisition | 211,345 | |
Gross Carrying Amount, Land | 1,482,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,687,345 | |
Gross Carrying Amount, Total | 6,169,345 | [1] |
Accumulated Depreciation | $ 754,592 | |
Date of Construction | 1998/2005-2007 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach II | South Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,977,717 | |
Initial Cost to Company, Land | 1,690,000 | |
Initial Cost to Company, Buildings and Improvements | 3,654,000 | |
Initial Cost to Company, Total | 5,344,000 | |
Cost Capitalized Subsequent to Acquisition | 159,139 | |
Gross Carrying Amount, Land | 1,690,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,813,139 | |
Gross Carrying Amount, Total | 5,503,139 | [1] |
Accumulated Depreciation | $ 632,911 | |
Date of Construction | 1999/2006 | |
Date Acquired | Nov. 3, 2014 | |
Whittier | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,979,473 | |
Initial Cost to Company, Land | 2,730,000 | |
Initial Cost to Company, Buildings and Improvements | 2,916,875 | |
Initial Cost to Company, Total | 5,646,875 | |
Cost Capitalized Subsequent to Acquisition | 217,322 | |
Gross Carrying Amount, Land | 2,730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,134,197 | |
Gross Carrying Amount, Total | 5,864,197 | [1] |
Accumulated Depreciation | $ 529,889 | |
Date of Construction | 1989 | |
Date Acquired | Feb. 19, 2015 | |
La Verne | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,415,843 | |
Initial Cost to Company, Land | 1,950,000 | |
Initial Cost to Company, Buildings and Improvements | 2,036,875 | |
Initial Cost to Company, Total | 3,986,875 | |
Cost Capitalized Subsequent to Acquisition | 242,697 | |
Gross Carrying Amount, Land | 1,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,279,572 | |
Gross Carrying Amount, Total | 4,229,572 | [1] |
Accumulated Depreciation | $ 395,844 | |
Date of Construction | 1986 | |
Date Acquired | Jan. 23, 2015 | |
Santa Ana | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,648,721 | |
Initial Cost to Company, Land | 4,890,000 | |
Initial Cost to Company, Buildings and Improvements | 4,006,875 | |
Initial Cost to Company, Total | 8,896,875 | |
Cost Capitalized Subsequent to Acquisition | 204,137 | |
Gross Carrying Amount, Land | 4,890,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,211,012 | |
Gross Carrying Amount, Total | 9,101,012 | [1] |
Accumulated Depreciation | $ 724,284 | |
Date of Construction | 1978 | |
Date Acquired | Feb. 5, 2015 | |
Upland | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,919,871 | |
Initial Cost to Company, Land | 2,950,000 | |
Initial Cost to Company, Buildings and Improvements | 3,016,875 | |
Initial Cost to Company, Total | 5,966,875 | |
Cost Capitalized Subsequent to Acquisition | 319,527 | |
Gross Carrying Amount, Land | 2,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,336,402 | |
Gross Carrying Amount, Total | 6,286,402 | [1] |
Accumulated Depreciation | $ 580,123 | |
Date of Construction | 1979 | |
Date Acquired | Jan. 29, 2015 | |
La Habra | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,955,410 | |
Initial Cost to Company, Land | 2,060,000 | |
Initial Cost to Company, Buildings and Improvements | 2,356,875 | |
Initial Cost to Company, Total | 4,416,875 | |
Cost Capitalized Subsequent to Acquisition | 146,324 | |
Gross Carrying Amount, Land | 2,060,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,503,199 | |
Gross Carrying Amount, Total | 4,563,199 | [1] |
Accumulated Depreciation | $ 396,558 | |
Date of Construction | 1981 | |
Date Acquired | Feb. 5, 2015 | |
Monterey Park | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,810,776 | |
Initial Cost to Company, Land | 2,020,000 | |
Initial Cost to Company, Buildings and Improvements | 2,216,875 | |
Initial Cost to Company, Total | 4,236,875 | |
Cost Capitalized Subsequent to Acquisition | 197,205 | |
Gross Carrying Amount, Land | 2,020,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,414,080 | |
Gross Carrying Amount, Total | 4,434,080 | [1] |
Accumulated Depreciation | $ 376,344 | |
Date of Construction | 1987 | |
Date Acquired | Feb. 5, 2015 | |
Huntington Beach | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,542,052 | |
Initial Cost to Company, Land | 5,460,000 | |
Initial Cost to Company, Buildings and Improvements | 4,856,875 | |
Initial Cost to Company, Total | 10,316,875 | |
Cost Capitalized Subsequent to Acquisition | 266,705 | |
Gross Carrying Amount, Land | 5,460,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,123,580 | |
Gross Carrying Amount, Total | 10,583,580 | [1] |
Accumulated Depreciation | $ 809,144 | |
Date of Construction | 1986 | |
Date Acquired | Feb. 5, 2015 | |
Chico | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,266,310 | |
Initial Cost to Company, Land | 400,000 | |
Initial Cost to Company, Buildings and Improvements | 1,336,875 | |
Initial Cost to Company, Total | 1,736,875 | |
Cost Capitalized Subsequent to Acquisition | 220,555 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,557,430 | |
Gross Carrying Amount, Total | 1,957,430 | [1] |
Accumulated Depreciation | $ 260,182 | |
Date of Construction | 1984 | |
Date Acquired | Jan. 23, 2015 | |
Lancaster | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,841,786 | |
Initial Cost to Company, Land | 200,000 | |
Initial Cost to Company, Buildings and Improvements | 1,516,875 | |
Initial Cost to Company, Total | 1,716,875 | |
Cost Capitalized Subsequent to Acquisition | 306,462 | |
Gross Carrying Amount, Land | 200,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,823,337 | |
Gross Carrying Amount, Total | 2,023,337 | [1] |
Accumulated Depreciation | $ 326,770 | |
Date of Construction | 1980 | |
Date Acquired | Jan. 29, 2015 | |
Lancaster | California | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,546,205 | |
Initial Cost to Company, Land | 670,392 | |
Initial Cost to Company, Buildings and Improvements | 3,711,424 | |
Initial Cost to Company, Total | 4,381,816 | |
Cost Capitalized Subsequent to Acquisition | 195,671 | |
Gross Carrying Amount, Land | 670,392 | |
Gross Carrying Amount, Buildings and Improvements | 3,907,095 | |
Gross Carrying Amount, Total | 4,577,487 | [1] |
Accumulated Depreciation | $ 457,215 | |
Date of Construction | 1991 | |
Date Acquired | Jan. 11, 2016 | |
Riverside | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,524,250 | |
Initial Cost to Company, Land | 370,000 | |
Initial Cost to Company, Buildings and Improvements | 2,326,875 | |
Initial Cost to Company, Total | 2,696,875 | |
Cost Capitalized Subsequent to Acquisition | 309,957 | |
Gross Carrying Amount, Land | 370,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,636,832 | |
Gross Carrying Amount, Total | 3,006,832 | [1] |
Accumulated Depreciation | $ 422,937 | |
Date of Construction | 1985 | |
Date Acquired | Jan. 23, 2015 | |
Fairfield | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,983,998 | |
Initial Cost to Company, Land | 730,000 | |
Initial Cost to Company, Buildings and Improvements | 2,946,875 | |
Initial Cost to Company, Total | 3,676,875 | |
Cost Capitalized Subsequent to Acquisition | 89,177 | |
Gross Carrying Amount, Land | 730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,036,052 | |
Gross Carrying Amount, Total | 3,766,052 | [1] |
Accumulated Depreciation | $ 488,508 | |
Date of Construction | 1984 | |
Date Acquired | Jan. 23, 2015 | |
Lompoc | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,016,379 | |
Initial Cost to Company, Land | 1,000,000 | |
Initial Cost to Company, Buildings and Improvements | 2,746,875 | |
Initial Cost to Company, Total | 3,746,875 | |
Cost Capitalized Subsequent to Acquisition | 106,087 | |
Gross Carrying Amount, Land | 1,000,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,852,962 | |
Gross Carrying Amount, Total | 3,852,962 | [1] |
Accumulated Depreciation | $ 453,629 | |
Date of Construction | 1982 | |
Date Acquired | Feb. 5, 2015 | |
Santa Rosa | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,941,515 | |
Initial Cost to Company, Land | 3,150,000 | |
Initial Cost to Company, Buildings and Improvements | 6,716,875 | |
Initial Cost to Company, Total | 9,866,875 | |
Cost Capitalized Subsequent to Acquisition | 187,216 | |
Gross Carrying Amount, Land | 3,150,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,904,091 | |
Gross Carrying Amount, Total | 10,054,091 | [1] |
Accumulated Depreciation | $ 1,098,855 | |
Date of Construction | 1979-1981 | |
Date Acquired | Jan. 29, 2015 | |
Vallejo | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,775,764 | |
Initial Cost to Company, Land | 990,000 | |
Initial Cost to Company, Buildings and Improvements | 3,946,875 | |
Initial Cost to Company, Total | 4,936,875 | |
Cost Capitalized Subsequent to Acquisition | 148,563 | |
Gross Carrying Amount, Land | 990,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,095,438 | |
Gross Carrying Amount, Total | 5,085,438 | [1] |
Accumulated Depreciation | $ 653,024 | |
Date of Construction | 1981 | |
Date Acquired | Jan. 29, 2015 | |
Federal Heights | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,565,370 | |
Initial Cost to Company, Land | 1,100,000 | |
Initial Cost to Company, Buildings and Improvements | 3,346,875 | |
Initial Cost to Company, Total | 4,446,875 | |
Cost Capitalized Subsequent to Acquisition | 242,498 | |
Gross Carrying Amount, Land | 1,100,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,589,373 | |
Gross Carrying Amount, Total | 4,689,373 | [1] |
Accumulated Depreciation | $ 645,219 | |
Date of Construction | 1983 | |
Date Acquired | Jan. 29, 2015 | |
Aurora | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,152,327 | |
Initial Cost to Company, Land | 810,000 | |
Initial Cost to Company, Buildings and Improvements | 5,906,875 | |
Initial Cost to Company, Total | 6,716,875 | |
Cost Capitalized Subsequent to Acquisition | 359,669 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,266,544 | |
Gross Carrying Amount, Total | 7,076,544 | [1] |
Accumulated Depreciation | $ 970,790 | |
Date of Construction | 1984 | |
Date Acquired | Feb. 5, 2015 | |
Littleton | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,286,478 | |
Initial Cost to Company, Land | 1,680,000 | |
Initial Cost to Company, Buildings and Improvements | 2,456,875 | |
Initial Cost to Company, Total | 4,136,875 | |
Cost Capitalized Subsequent to Acquisition | 212,906 | |
Gross Carrying Amount, Land | 1,680,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,669,781 | |
Gross Carrying Amount, Total | 4,349,781 | [1] |
Accumulated Depreciation | $ 439,666 | |
Date of Construction | 1985 | |
Date Acquired | Jan. 23, 2015 | |
Bloomingdale | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,551,418 | |
Initial Cost to Company, Land | 810,000 | |
Initial Cost to Company, Buildings and Improvements | 3,856,874 | |
Initial Cost to Company, Total | 4,666,874 | |
Cost Capitalized Subsequent to Acquisition | 288,940 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,145,814 | |
Gross Carrying Amount, Total | 4,955,814 | [1] |
Accumulated Depreciation | $ 633,459 | |
Date of Construction | 1987 | |
Date Acquired | Feb. 19, 2015 | |
Crestwood | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,719,742 | |
Initial Cost to Company, Land | 250,000 | |
Initial Cost to Company, Buildings and Improvements | 2,096,875 | |
Initial Cost to Company, Total | 2,346,875 | |
Cost Capitalized Subsequent to Acquisition | 264,444 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,361,319 | |
Gross Carrying Amount, Total | 2,611,319 | [1] |
Accumulated Depreciation | $ 388,300 | |
Date of Construction | 1987 | |
Date Acquired | Jan. 23, 2015 | |
Forestville | Maryland | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,757,442 | |
Initial Cost to Company, Land | 1,940,000 | |
Initial Cost to Company, Buildings and Improvements | 4,346,875 | |
Initial Cost to Company, Total | 6,286,875 | |
Cost Capitalized Subsequent to Acquisition | 666,261 | |
Gross Carrying Amount, Land | 1,940,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,013,136 | |
Gross Carrying Amount, Total | 6,953,136 | [1] |
Accumulated Depreciation | $ 913,779 | |
Date of Construction | 1988 | |
Date Acquired | Jan. 23, 2015 | |
Warren | Michigan | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,119,573 | |
Initial Cost to Company, Land | 230,000 | |
Initial Cost to Company, Buildings and Improvements | 2,966,875 | |
Initial Cost to Company, Total | 3,196,875 | |
Cost Capitalized Subsequent to Acquisition | 394,874 | |
Gross Carrying Amount, Land | 230,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,361,749 | |
Gross Carrying Amount, Total | 3,591,749 | [1] |
Accumulated Depreciation | $ 504,476 | |
Date of Construction | 1996 | |
Date Acquired | May 8, 2015 | |
Warren | Michigan | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,438,850 | |
Initial Cost to Company, Land | 240,000 | |
Initial Cost to Company, Buildings and Improvements | 3,066,875 | |
Initial Cost to Company, Total | 3,306,875 | |
Cost Capitalized Subsequent to Acquisition | 646,847 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,713,722 | |
Gross Carrying Amount, Total | 3,953,722 | [1] |
Accumulated Depreciation | $ 572,537 | |
Date of Construction | 1987 | |
Date Acquired | May 8, 2015 | |
Sterling Heights | Michigan | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,491,132 | |
Initial Cost to Company, Land | 250,000 | |
Initial Cost to Company, Buildings and Improvements | 3,286,875 | |
Initial Cost to Company, Total | 3,536,875 | |
Cost Capitalized Subsequent to Acquisition | 686,396 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,973,271 | |
Gross Carrying Amount, Total | 4,223,271 | [1] |
Accumulated Depreciation | $ 557,880 | |
Date of Construction | 1977 | |
Date Acquired | May 21, 2015 | |
Troy | Michigan | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,654,932 | |
Initial Cost to Company, Land | 240,000 | |
Initial Cost to Company, Buildings and Improvements | 4,176,875 | |
Initial Cost to Company, Total | 4,416,875 | |
Cost Capitalized Subsequent to Acquisition | 170,044 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,346,919 | |
Gross Carrying Amount, Total | 4,586,919 | [1] |
Accumulated Depreciation | $ 650,804 | |
Date of Construction | 1988 | |
Date Acquired | May 8, 2015 | |
Troy | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,591,108 | |
Initial Cost to Company, Land | 150,666 | |
Initial Cost to Company, Buildings and Improvements | 2,596,010 | |
Initial Cost to Company, Total | 2,746,676 | |
Cost Capitalized Subsequent to Acquisition | 28,949 | |
Gross Carrying Amount, Land | 150,666 | |
Gross Carrying Amount, Buildings and Improvements | 2,624,959 | |
Gross Carrying Amount, Total | 2,775,625 | [1] |
Accumulated Depreciation | $ 323,687 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Beverly | New Jersey | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,530,882 | |
Initial Cost to Company, Land | 400,000 | |
Initial Cost to Company, Buildings and Improvements | 1,696,875 | |
Initial Cost to Company, Total | 2,096,875 | |
Cost Capitalized Subsequent to Acquisition | 174,938 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,871,813 | |
Gross Carrying Amount, Total | 2,271,813 | [1] |
Accumulated Depreciation | $ 261,779 | |
Date of Construction | 1988 | |
Date Acquired | May 28, 2015 | |
Everett | Washington | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,978,785 | |
Initial Cost to Company, Land | 2,010,000 | |
Initial Cost to Company, Buildings and Improvements | 2,956,875 | |
Initial Cost to Company, Total | 4,966,875 | |
Cost Capitalized Subsequent to Acquisition | 517,609 | |
Gross Carrying Amount, Land | 2,010,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,474,484 | |
Gross Carrying Amount, Total | 5,484,484 | [1] |
Accumulated Depreciation | $ 522,118 | |
Date of Construction | 1986 | |
Date Acquired | Feb. 5, 2015 | |
Foley | Alabama | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,450,700 | |
Initial Cost to Company, Land | 1,839,000 | |
Initial Cost to Company, Buildings and Improvements | 5,717,000 | |
Initial Cost to Company, Total | 7,556,000 | |
Cost Capitalized Subsequent to Acquisition | 575,504 | |
Gross Carrying Amount, Land | 1,839,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,292,504 | |
Gross Carrying Amount, Total | 8,131,504 | [1] |
Accumulated Depreciation | $ 853,151 | |
Date of Construction | 1985/1996/2006 | |
Date Acquired | Sep. 11, 2015 | |
Tampa | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,756,018 | |
Initial Cost to Company, Land | 718,244 | |
Initial Cost to Company, Buildings and Improvements | 2,257,471 | |
Initial Cost to Company, Total | 2,975,715 | |
Cost Capitalized Subsequent to Acquisition | 476,023 | |
Gross Carrying Amount, Land | 718,244 | |
Gross Carrying Amount, Buildings and Improvements | 2,733,494 | |
Gross Carrying Amount, Total | 3,451,738 | [1] |
Accumulated Depreciation | $ 335,706 | |
Date of Construction | 1985 | |
Date Acquired | Nov. 3, 2015 | |
Boynton Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,688,004 | |
Initial Cost to Company, Land | 1,983,491 | |
Initial Cost to Company, Buildings and Improvements | 15,232,817 | |
Initial Cost to Company, Total | 17,216,308 | |
Cost Capitalized Subsequent to Acquisition | 373,348 | |
Gross Carrying Amount, Land | 1,983,491 | |
Gross Carrying Amount, Buildings and Improvements | 15,606,165 | |
Gross Carrying Amount, Total | 17,589,656 | [1] |
Accumulated Depreciation | $ 1,413,264 | |
Date of Construction | 2004 | |
Date Acquired | Jan. 7, 2016 | |
Milton | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,061,840 | [2] |
Initial Cost to Company, Land | 1,452,870 | [2] |
Initial Cost to Company, Buildings and Improvements | 7,929,810 | [2] |
Initial Cost to Company, Total | 9,382,679 | [2] |
Cost Capitalized Subsequent to Acquisition | 340,370 | [2],[3] |
Gross Carrying Amount, Land | 1,481,321 | [2] |
Gross Carrying Amount, Buildings and Improvements | 8,241,728 | [2] |
Gross Carrying Amount, Total | 9,723,049 | [1],[2] |
Accumulated Depreciation | $ 711,152 | [2] |
Date of Construction | 2006 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,069,600 | [2] |
Initial Cost to Company, Land | 3,293,267 | [2] |
Initial Cost to Company, Buildings and Improvements | 10,278,861 | [2] |
Initial Cost to Company, Total | 13,572,128 | [2] |
Cost Capitalized Subsequent to Acquisition | 332,301 | [2],[3] |
Gross Carrying Amount, Land | 3,357,759 | [2] |
Gross Carrying Amount, Buildings and Improvements | 10,546,670 | [2] |
Gross Carrying Amount, Total | 13,904,429 | [1],[2] |
Accumulated Depreciation | $ 947,486 | [2] |
Date of Construction | 2011 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,034,800 | [2] |
Initial Cost to Company, Land | 2,944,035 | [2] |
Initial Cost to Company, Buildings and Improvements | 5,125,839 | [2] |
Initial Cost to Company, Total | 8,069,874 | [2] |
Cost Capitalized Subsequent to Acquisition | (64,800) | [2],[3] |
Gross Carrying Amount, Land | 2,919,165 | [2] |
Gross Carrying Amount, Buildings and Improvements | 5,085,909 | [2] |
Gross Carrying Amount, Total | 8,005,074 | [1],[2] |
Accumulated Depreciation | $ 462,855 | [2] |
Date of Construction | 2008 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Oakville | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,575,360 | [2] |
Initial Cost to Company, Land | 2,655,215 | [2] |
Initial Cost to Company, Buildings and Improvements | 13,072,458 | [2] |
Initial Cost to Company, Total | 15,727,673 | [2] |
Cost Capitalized Subsequent to Acquisition | 2,065,841 | [2],[3] |
Gross Carrying Amount, Land | 2,707,211 | [2] |
Gross Carrying Amount, Buildings and Improvements | 15,086,303 | [2] |
Gross Carrying Amount, Total | 17,793,514 | [1],[2] |
Accumulated Depreciation | $ 1,355,970 | [2] |
Date of Construction | 2016 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Oakville | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,529,040 | [2] |
Initial Cost to Company, Land | 2,983,307 | [2] |
Initial Cost to Company, Buildings and Improvements | 9,346,283 | [2] |
Initial Cost to Company, Total | 12,329,590 | [2] |
Cost Capitalized Subsequent to Acquisition | (45,039) | [2],[3] |
Gross Carrying Amount, Land | 2,958,105 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,326,446 | [2] |
Gross Carrying Amount, Total | 12,284,551 | [1],[2] |
Accumulated Depreciation | $ 852,113 | [2] |
Date of Construction | 2004 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Xenia | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,620,848 | |
Initial Cost to Company, Land | 275,493 | |
Initial Cost to Company, Buildings and Improvements | 2,664,693 | |
Initial Cost to Company, Total | 2,940,185 | |
Cost Capitalized Subsequent to Acquisition | 5,250 | |
Gross Carrying Amount, Land | 275,493 | |
Gross Carrying Amount, Buildings and Improvements | 2,669,942 | |
Gross Carrying Amount, Total | 2,945,435 | [1] |
Accumulated Depreciation | $ 291,045 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Sidney | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,011,171 | |
Initial Cost to Company, Land | 255,246 | |
Initial Cost to Company, Buildings and Improvements | 1,806,349 | |
Initial Cost to Company, Total | 2,061,595 | |
Cost Capitalized Subsequent to Acquisition | 73,319 | |
Gross Carrying Amount, Land | 255,246 | |
Gross Carrying Amount, Buildings and Improvements | 1,879,668 | |
Gross Carrying Amount, Total | 2,134,914 | [1] |
Accumulated Depreciation | $ 291,946 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Greenville | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 976,474 | |
Initial Cost to Company, Land | 82,598 | |
Initial Cost to Company, Buildings and Improvements | 1,909,466 | |
Initial Cost to Company, Total | 1,992,064 | |
Cost Capitalized Subsequent to Acquisition | 32,410 | |
Gross Carrying Amount, Land | 82,598 | |
Gross Carrying Amount, Buildings and Improvements | 1,941,876 | |
Gross Carrying Amount, Total | 2,024,474 | [1] |
Accumulated Depreciation | $ 205,059 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Washington Court House | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,159,873 | |
Initial Cost to Company, Land | 255,456 | |
Initial Cost to Company, Buildings and Improvements | 1,882,203 | |
Initial Cost to Company, Total | 2,137,658 | |
Cost Capitalized Subsequent to Acquisition | 14,515 | |
Gross Carrying Amount, Land | 255,456 | |
Gross Carrying Amount, Buildings and Improvements | 1,896,717 | |
Gross Carrying Amount, Total | 2,152,173 | [1] |
Accumulated Depreciation | $ 210,622 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Richmond | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,734,852 | |
Initial Cost to Company, Land | 223,159 | |
Initial Cost to Company, Buildings and Improvements | 2,944,379 | |
Initial Cost to Company, Total | 3,167,538 | |
Cost Capitalized Subsequent to Acquisition | 23,738 | |
Gross Carrying Amount, Land | 223,159 | |
Gross Carrying Amount, Buildings and Improvements | 2,968,117 | |
Gross Carrying Amount, Total | 3,191,276 | [1] |
Accumulated Depreciation | $ 336,197 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Connersville | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 941,777 | |
Initial Cost to Company, Land | 155,533 | |
Initial Cost to Company, Buildings and Improvements | 1,652,290 | |
Initial Cost to Company, Total | 1,807,824 | |
Cost Capitalized Subsequent to Acquisition | 16,544 | |
Gross Carrying Amount, Land | 155,533 | |
Gross Carrying Amount, Buildings and Improvements | 1,668,835 | |
Gross Carrying Amount, Total | 1,824,368 | [1] |
Accumulated Depreciation | $ 190,996 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Port St. Lucie | Florida | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,213,213 | |
Initial Cost to Company, Land | 2,589,781 | |
Initial Cost to Company, Buildings and Improvements | 6,339,578 | |
Initial Cost to Company, Total | 8,929,360 | |
Cost Capitalized Subsequent to Acquisition | 99,207 | |
Gross Carrying Amount, Land | 2,589,781 | |
Gross Carrying Amount, Buildings and Improvements | 6,438,786 | |
Gross Carrying Amount, Total | 9,028,567 | [1] |
Accumulated Depreciation | $ 604,801 | |
Date of Construction | 1999 | |
Date Acquired | Apr. 29, 2016 | |
Port St. Lucie | Florida | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,303,692 | |
Initial Cost to Company, Land | 5,130,621 | |
Initial Cost to Company, Buildings and Improvements | 8,410,474 | |
Initial Cost to Company, Total | 13,541,095 | |
Cost Capitalized Subsequent to Acquisition | 111,367 | |
Gross Carrying Amount, Land | 5,130,621 | |
Gross Carrying Amount, Buildings and Improvements | 8,521,841 | |
Gross Carrying Amount, Total | 13,652,462 | [1] |
Accumulated Depreciation | $ 805,360 | |
Date of Construction | 2002 | |
Date Acquired | Jun. 1, 2016 | |
Sacramento | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,039,728 | |
Initial Cost to Company, Land | 1,205,209 | |
Initial Cost to Company, Buildings and Improvements | 6,616,767 | |
Initial Cost to Company, Total | 7,821,975 | |
Cost Capitalized Subsequent to Acquisition | 94,884 | |
Gross Carrying Amount, Land | 1,205,209 | |
Gross Carrying Amount, Buildings and Improvements | 6,711,650 | |
Gross Carrying Amount, Total | 7,916,859 | [1] |
Accumulated Depreciation | $ 575,820 | |
Date of Construction | 2006 | |
Date Acquired | May 9, 2016 | |
Oakland | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,177,736 | |
Initial Cost to Company, Land | 5,711,189 | |
Initial Cost to Company, Buildings and Improvements | 6,902,446 | |
Initial Cost to Company, Total | 12,613,636 | |
Cost Capitalized Subsequent to Acquisition | 72,497 | |
Gross Carrying Amount, Land | 5,711,189 | |
Gross Carrying Amount, Buildings and Improvements | 6,974,944 | |
Gross Carrying Amount, Total | 12,686,133 | [1] |
Accumulated Depreciation | $ 600,516 | |
Date of Construction | 1979 | |
Date Acquired | May 18, 2016 | |
Concord | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 14,305,391 | |
Initial Cost to Company, Land | 19,090,003 | |
Initial Cost to Company, Buildings and Improvements | 17,202,868 | |
Initial Cost to Company, Total | 36,292,871 | |
Cost Capitalized Subsequent to Acquisition | 140,515 | |
Gross Carrying Amount, Land | 19,090,003 | |
Gross Carrying Amount, Buildings and Improvements | 17,343,383 | |
Gross Carrying Amount, Total | 36,433,386 | [1] |
Accumulated Depreciation | $ 1,541,538 | |
Date of Construction | 1988/1998 | |
Date Acquired | May 18, 2016 | |
Pompano Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,209,792 | |
Initial Cost to Company, Land | 3,947,715 | |
Initial Cost to Company, Buildings and Improvements | 16,656,002 | |
Initial Cost to Company, Total | 20,603,718 | |
Cost Capitalized Subsequent to Acquisition | 75,286 | |
Gross Carrying Amount, Land | 3,947,715 | |
Gross Carrying Amount, Buildings and Improvements | 16,731,289 | |
Gross Carrying Amount, Total | 20,679,004 | [1] |
Accumulated Depreciation | $ 1,286,701 | |
Date of Construction | 1979 | |
Date Acquired | Jun. 1, 2016 | |
Lake Worth | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,927,852 | |
Initial Cost to Company, Land | 12,108,208 | |
Initial Cost to Company, Buildings and Improvements | 10,804,173 | |
Initial Cost to Company, Total | 22,912,381 | |
Cost Capitalized Subsequent to Acquisition | 96,035 | |
Gross Carrying Amount, Land | 12,108,208 | |
Gross Carrying Amount, Buildings and Improvements | 10,900,208 | |
Gross Carrying Amount, Total | 23,008,416 | [1] |
Accumulated Depreciation | $ 1,165,339 | |
Date of Construction | 1998/2003 | |
Date Acquired | Jun. 1, 2016 | |
Jupiter | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 12,316,124 | |
Initial Cost to Company, Land | 16,029,881 | |
Initial Cost to Company, Buildings and Improvements | 10,556,833 | |
Initial Cost to Company, Total | 26,586,714 | |
Cost Capitalized Subsequent to Acquisition | 79,700 | |
Gross Carrying Amount, Land | 16,029,881 | |
Gross Carrying Amount, Buildings and Improvements | 10,636,533 | |
Gross Carrying Amount, Total | 26,666,414 | [1] |
Accumulated Depreciation | $ 948,016 | |
Date of Construction | 1992/2012 | |
Date Acquired | Jun. 1, 2016 | |
Royal Palm Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,320,221 | |
Initial Cost to Company, Land | 11,425,394 | |
Initial Cost to Company, Buildings and Improvements | 13,275,322 | |
Initial Cost to Company, Total | 24,700,716 | |
Cost Capitalized Subsequent to Acquisition | 50,830 | |
Gross Carrying Amount, Land | 11,425,394 | |
Gross Carrying Amount, Buildings and Improvements | 13,326,152 | |
Gross Carrying Amount, Total | 24,751,546 | [1] |
Accumulated Depreciation | $ 1,346,590 | |
Date of Construction | 2001/2003 | |
Date Acquired | Jun. 1, 2016 | |
Wellington | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,682,918 | |
Initial Cost to Company, Land | 10,233,511 | |
Initial Cost to Company, Buildings and Improvements | 11,662,801 | |
Initial Cost to Company, Total | 21,896,312 | |
Cost Capitalized Subsequent to Acquisition | 52,526 | |
Gross Carrying Amount, Land | 10,233,511 | |
Gross Carrying Amount, Buildings and Improvements | 11,715,327 | |
Gross Carrying Amount, Total | 21,948,838 | [1] |
Accumulated Depreciation | $ 977,093 | |
Date of Construction | 2005 | |
Date Acquired | Jun. 1, 2016 | |
Doral | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,723,830 | |
Initial Cost to Company, Land | 11,335,658 | |
Initial Cost to Company, Buildings and Improvements | 11,485,045 | |
Initial Cost to Company, Total | 22,820,702 | |
Cost Capitalized Subsequent to Acquisition | 120,107 | |
Gross Carrying Amount, Land | 11,335,658 | |
Gross Carrying Amount, Buildings and Improvements | 11,605,151 | |
Gross Carrying Amount, Total | 22,940,809 | [1] |
Accumulated Depreciation | $ 977,562 | |
Date of Construction | 1998 | |
Date Acquired | Jun. 1, 2016 | |
Plantation | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,855,220 | |
Initial Cost to Company, Land | 12,989,079 | |
Initial Cost to Company, Buildings and Improvements | 19,224,919 | |
Initial Cost to Company, Total | 32,213,998 | |
Cost Capitalized Subsequent to Acquisition | 102,212 | |
Gross Carrying Amount, Land | 12,989,079 | |
Gross Carrying Amount, Buildings and Improvements | 19,327,131 | |
Gross Carrying Amount, Total | 32,316,210 | [1] |
Accumulated Depreciation | $ 1,610,515 | |
Date of Construction | 2002/2012 | |
Date Acquired | Jun. 1, 2016 | |
Naples | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,963,010 | |
Initial Cost to Company, Land | 11,789,085 | |
Initial Cost to Company, Buildings and Improvements | 12,771,305 | |
Initial Cost to Company, Total | 24,560,390 | |
Cost Capitalized Subsequent to Acquisition | 157,245 | |
Gross Carrying Amount, Land | 11,789,085 | |
Gross Carrying Amount, Buildings and Improvements | 12,928,550 | |
Gross Carrying Amount, Total | 24,717,635 | [1] |
Accumulated Depreciation | $ 1,052,770 | |
Date of Construction | 2002 | |
Date Acquired | Jun. 1, 2016 | |
Delray | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 12,691,764 | |
Initial Cost to Company, Land | 17,096,692 | |
Initial Cost to Company, Buildings and Improvements | 12,983,627 | |
Initial Cost to Company, Total | 30,080,319 | |
Cost Capitalized Subsequent to Acquisition | 79,490 | |
Gross Carrying Amount, Land | 17,096,692 | |
Gross Carrying Amount, Buildings and Improvements | 13,063,117 | |
Gross Carrying Amount, Total | 30,159,809 | [1] |
Accumulated Depreciation | $ 1,102,197 | |
Date of Construction | 2003 | |
Date Acquired | Jun. 1, 2016 | |
Baltimore | Maryland | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,400,459 | |
Initial Cost to Company, Land | 3,897,872 | |
Initial Cost to Company, Buildings and Improvements | 22,427,843 | |
Initial Cost to Company, Total | 26,325,715 | |
Cost Capitalized Subsequent to Acquisition | 237,062 | |
Gross Carrying Amount, Land | 3,897,872 | |
Gross Carrying Amount, Buildings and Improvements | 22,664,905 | |
Gross Carrying Amount, Total | 26,562,777 | [1] |
Accumulated Depreciation | $ 1,961,789 | |
Date of Construction | 1990/2014 | |
Date Acquired | Jun. 1, 2016 | |
Sonoma | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,420,138 | |
Initial Cost to Company, Land | 3,468,153 | |
Initial Cost to Company, Buildings and Improvements | 3,679,939 | |
Initial Cost to Company, Total | 7,148,092 | |
Cost Capitalized Subsequent to Acquisition | 46,773 | |
Gross Carrying Amount, Land | 3,468,153 | |
Gross Carrying Amount, Buildings and Improvements | 3,726,712 | |
Gross Carrying Amount, Total | 7,194,865 | [1] |
Accumulated Depreciation | $ 336,784 | |
Date of Construction | 1984 | |
Date Acquired | Jun. 14, 2016 | |
Las Vegas I | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,680,403 | |
Initial Cost to Company, Land | 2,391,220 | |
Initial Cost to Company, Buildings and Improvements | 11,117,892 | |
Initial Cost to Company, Total | 13,509,112 | |
Cost Capitalized Subsequent to Acquisition | 86,303 | |
Gross Carrying Amount, Land | 2,391,220 | |
Gross Carrying Amount, Buildings and Improvements | 11,204,195 | |
Gross Carrying Amount, Total | 13,595,415 | [1] |
Accumulated Depreciation | $ 829,818 | |
Date of Construction | 2002 | |
Date Acquired | Jul. 28, 2016 | |
Las Vegas II | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,096,767 | |
Initial Cost to Company, Land | 3,840,088 | |
Initial Cost to Company, Buildings and Improvements | 9,916,937 | |
Initial Cost to Company, Total | 13,757,025 | |
Cost Capitalized Subsequent to Acquisition | 73,536 | |
Gross Carrying Amount, Land | 3,840,088 | |
Gross Carrying Amount, Buildings and Improvements | 9,990,473 | |
Gross Carrying Amount, Total | 13,830,561 | [1] |
Accumulated Depreciation | $ 766,365 | |
Date of Construction | 2000 | |
Date Acquired | Sep. 23, 2016 | |
Las Vegas III | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,584,967 | |
Initial Cost to Company, Land | 2,565,579 | |
Initial Cost to Company, Buildings and Improvements | 6,338,944 | |
Initial Cost to Company, Total | 8,904,522 | |
Cost Capitalized Subsequent to Acquisition | 156,867 | |
Gross Carrying Amount, Land | 2,565,579 | |
Gross Carrying Amount, Buildings and Improvements | 6,495,810 | |
Gross Carrying Amount, Total | 9,061,389 | [1] |
Accumulated Depreciation | $ 501,229 | |
Date of Construction | 1989 | |
Date Acquired | Sep. 27, 2016 | |
Asheville I | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,143,593 | |
Initial Cost to Company, Land | 3,619,676 | |
Initial Cost to Company, Buildings and Improvements | 11,173,603 | |
Initial Cost to Company, Total | 14,793,279 | |
Cost Capitalized Subsequent to Acquisition | 113,790 | |
Gross Carrying Amount, Land | 3,619,676 | |
Gross Carrying Amount, Buildings and Improvements | 11,287,393 | |
Gross Carrying Amount, Total | 14,907,069 | [1] |
Accumulated Depreciation | $ 797,073 | |
Date of Construction | 1988/2005/2015 | |
Date Acquired | Dec. 30, 2016 | |
Asheville II | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,250,087 | |
Initial Cost to Company, Land | 1,764,969 | |
Initial Cost to Company, Buildings and Improvements | 3,107,311 | |
Initial Cost to Company, Total | 4,872,280 | |
Cost Capitalized Subsequent to Acquisition | 49,077 | |
Gross Carrying Amount, Land | 1,764,969 | |
Gross Carrying Amount, Buildings and Improvements | 3,156,388 | |
Gross Carrying Amount, Total | 4,921,357 | [1] |
Accumulated Depreciation | $ 238,050 | |
Date of Construction | 1984 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville I | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,243,715 | |
Initial Cost to Company, Land | 1,081,547 | |
Initial Cost to Company, Buildings and Improvements | 3,441,204 | |
Initial Cost to Company, Total | 4,522,750 | |
Cost Capitalized Subsequent to Acquisition | 72,555 | |
Gross Carrying Amount, Land | 1,081,547 | |
Gross Carrying Amount, Buildings and Improvements | 3,513,758 | |
Gross Carrying Amount, Total | 4,595,305 | [1] |
Accumulated Depreciation | $ 248,636 | |
Date of Construction | 1982 | |
Date Acquired | Dec. 30, 2016 | |
Asheville III | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,677,156 | |
Initial Cost to Company, Land | 5,096,833 | |
Initial Cost to Company, Buildings and Improvements | 4,620,013 | |
Initial Cost to Company, Total | 9,716,846 | |
Cost Capitalized Subsequent to Acquisition | 136,386 | |
Gross Carrying Amount, Land | 5,096,833 | |
Gross Carrying Amount, Buildings and Improvements | 4,756,399 | |
Gross Carrying Amount, Total | 9,853,232 | [1] |
Accumulated Depreciation | $ 361,102 | |
Date of Construction | 1991/2002 | |
Date Acquired | Dec. 30, 2016 | |
Arden | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,557,917 | |
Initial Cost to Company, Land | 1,790,118 | |
Initial Cost to Company, Buildings and Improvements | 10,265,741 | |
Initial Cost to Company, Total | 12,055,859 | |
Cost Capitalized Subsequent to Acquisition | 82,720 | |
Gross Carrying Amount, Land | 1,790,118 | |
Gross Carrying Amount, Buildings and Improvements | 10,348,461 | |
Gross Carrying Amount, Total | 12,138,579 | [1] |
Accumulated Depreciation | $ 657,630 | |
Date of Construction | 1973 | |
Date Acquired | Dec. 30, 2016 | |
Asheville IV | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,413,190 | |
Initial Cost to Company, Land | 4,558,139 | |
Initial Cost to Company, Buildings and Improvements | 4,455,118 | |
Initial Cost to Company, Total | 9,013,256 | |
Cost Capitalized Subsequent to Acquisition | 84,934 | |
Gross Carrying Amount, Land | 4,558,139 | |
Gross Carrying Amount, Buildings and Improvements | 4,540,051 | |
Gross Carrying Amount, Total | 9,098,190 | [1] |
Accumulated Depreciation | $ 355,793 | |
Date of Construction | 1985/1986/2005 | |
Date Acquired | Dec. 30, 2016 | |
Asheville V | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,073,106 | |
Initial Cost to Company, Land | 2,414,680 | |
Initial Cost to Company, Buildings and Improvements | 7,826,417 | |
Initial Cost to Company, Total | 10,241,097 | |
Cost Capitalized Subsequent to Acquisition | 101,928 | |
Gross Carrying Amount, Land | 2,414,680 | |
Gross Carrying Amount, Buildings and Improvements | 7,928,345 | |
Gross Carrying Amount, Total | 10,343,025 | [1] |
Accumulated Depreciation | $ 565,165 | |
Date of Construction | 1978/2009/2014 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VI | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,489,307 | |
Initial Cost to Company, Land | 1,306,240 | |
Initial Cost to Company, Buildings and Improvements | 5,121,332 | |
Initial Cost to Company, Total | 6,427,572 | |
Cost Capitalized Subsequent to Acquisition | 49,649 | |
Gross Carrying Amount, Land | 1,306,240 | |
Gross Carrying Amount, Buildings and Improvements | 5,170,981 | |
Gross Carrying Amount, Total | 6,477,221 | [1] |
Accumulated Depreciation | $ 338,613 | |
Date of Construction | 2004 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VIII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,536,924 | |
Initial Cost to Company, Land | 1,764,965 | |
Initial Cost to Company, Buildings and Improvements | 6,162,855 | |
Initial Cost to Company, Total | 7,927,820 | |
Cost Capitalized Subsequent to Acquisition | 136,899 | |
Gross Carrying Amount, Land | 1,764,965 | |
Gross Carrying Amount, Buildings and Improvements | 6,299,754 | |
Gross Carrying Amount, Total | 8,064,719 | [1] |
Accumulated Depreciation | $ 452,627 | |
Date of Construction | 1968/2002 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville II | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,272,956 | |
Initial Cost to Company, Land | 2,597,584 | |
Initial Cost to Company, Buildings and Improvements | 5,037,350 | |
Initial Cost to Company, Total | 7,634,934 | |
Cost Capitalized Subsequent to Acquisition | 88,974 | |
Gross Carrying Amount, Land | 2,597,584 | |
Gross Carrying Amount, Buildings and Improvements | 5,126,324 | |
Gross Carrying Amount, Total | 7,723,908 | [1] |
Accumulated Depreciation | $ 432,012 | |
Date of Construction | 1989/2003 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,592,048 | |
Initial Cost to Company, Land | 782,457 | |
Initial Cost to Company, Buildings and Improvements | 2,139,791 | |
Initial Cost to Company, Total | 2,922,248 | |
Cost Capitalized Subsequent to Acquisition | 30,285 | |
Gross Carrying Amount, Land | 782,457 | |
Gross Carrying Amount, Buildings and Improvements | 2,170,076 | |
Gross Carrying Amount, Total | 2,952,533 | [1] |
Accumulated Depreciation | $ 166,781 | |
Date of Construction | 1999 | |
Date Acquired | Dec. 30, 2016 | |
Sweeten Creek Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 0 | |
Initial Cost to Company, Land | 348,480 | |
Initial Cost to Company, Buildings and Improvements | 0 | |
Initial Cost to Company, Total | 348,480 | |
Cost Capitalized Subsequent to Acquisition | 0 | |
Gross Carrying Amount, Land | 348,480 | |
Gross Carrying Amount, Buildings and Improvements | 0 | |
Gross Carrying Amount, Total | 348,480 | [1] |
Accumulated Depreciation | $ 0 | |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Highland Center Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 0 | |
Initial Cost to Company, Land | 50,000 | |
Initial Cost to Company, Buildings and Improvements | 0 | |
Initial Cost to Company, Total | 50,000 | |
Cost Capitalized Subsequent to Acquisition | 0 | |
Gross Carrying Amount, Land | 50,000 | |
Gross Carrying Amount, Buildings and Improvements | 0 | |
Gross Carrying Amount, Total | 50,000 | [1] |
Accumulated Depreciation | $ 0 | |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Aurora II | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,006,289 | |
Initial Cost to Company, Land | 1,584,664 | |
Initial Cost to Company, Buildings and Improvements | 8,196,091 | |
Initial Cost to Company, Total | 9,780,754 | |
Cost Capitalized Subsequent to Acquisition | 91,020 | |
Gross Carrying Amount, Land | 1,584,664 | |
Gross Carrying Amount, Buildings and Improvements | 8,287,110 | |
Gross Carrying Amount, Total | 9,871,774 | [1] |
Accumulated Depreciation | $ 635,157 | |
Date of Construction | 2012 | |
Date Acquired | Jan. 11, 2017 | |
Dufferin | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 15,699,040 | [2] |
Initial Cost to Company, Land | 6,258,511 | [2] |
Initial Cost to Company, Buildings and Improvements | 16,287,332 | [2] |
Initial Cost to Company, Total | 22,545,843 | [2] |
Cost Capitalized Subsequent to Acquisition | (845,357) | [2] |
Gross Carrying Amount, Land | 6,000,057 | [2] |
Gross Carrying Amount, Buildings and Improvements | 15,700,429 | [2] |
Gross Carrying Amount, Total | 21,700,486 | [1],[2] |
Accumulated Depreciation | $ 959,954 | [2] |
Date of Construction | 2015 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Mavis | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,857,280 | [2] |
Initial Cost to Company, Land | 4,657,233 | [2] |
Initial Cost to Company, Buildings and Improvements | 14,493,508 | [2] |
Initial Cost to Company, Total | 19,150,741 | [2] |
Cost Capitalized Subsequent to Acquisition | (784,409) | [2] |
Gross Carrying Amount, Land | 4,464,906 | [2] |
Gross Carrying Amount, Buildings and Improvements | 13,901,426 | [2] |
Gross Carrying Amount, Total | 18,366,332 | [1],[2] |
Accumulated Depreciation | $ 845,201 | [2] |
Date of Construction | 2013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Brewster | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,996,240 | [2] |
Initial Cost to Company, Land | 4,136,329 | [2] |
Initial Cost to Company, Buildings and Improvements | 9,527,410 | [2] |
Initial Cost to Company, Total | 13,663,740 | [2] |
Cost Capitalized Subsequent to Acquisition | (562,613) | [2] |
Gross Carrying Amount, Land | 3,965,514 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,135,613 | [2] |
Gross Carrying Amount, Total | 13,101,127 | [1],[2] |
Accumulated Depreciation | $ 562,899 | [2] |
Date of Construction | 2013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Granite | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,281,920 | [2] |
Initial Cost to Company, Land | 3,126,446 | [2] |
Initial Cost to Company, Buildings and Improvements | 8,701,429 | [2] |
Initial Cost to Company, Total | 11,827,875 | [2] |
Cost Capitalized Subsequent to Acquisition | (475,559) | [2] |
Gross Carrying Amount, Land | 2,997,335 | [2] |
Gross Carrying Amount, Buildings and Improvements | 8,354,981 | [2] |
Gross Carrying Amount, Total | 11,352,316 | [1],[2] |
Accumulated Depreciation | $ 489,927 | [2] |
Date of Construction | 1998/2016 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Centennial | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,741,360 | [2] |
Initial Cost to Company, Land | 1,714,644 | [2] |
Initial Cost to Company, Buildings and Improvements | 11,428,538 | [2] |
Initial Cost to Company, Total | 13,143,182 | [2] |
Cost Capitalized Subsequent to Acquisition | (482,247) | [2] |
Gross Carrying Amount, Land | 1,643,835 | [2] |
Gross Carrying Amount, Buildings and Improvements | 11,017,100 | [2] |
Gross Carrying Amount, Total | 12,660,935 | [1],[2] |
Accumulated Depreciation | $ 632,364 | [2] |
Date of Construction | 2016/2017 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
[1] | The aggregate cost of real estate for United States federal income tax purposes is approximately $864,063,014. | |
[2] | This property is located in Ontario, Canada. | |
[3] | The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. |
Schedule III Real Estate Asse_2
Schedule III Real Estate Asset and Accumulated Depreciation (Parenthetical) (Detail) | Dec. 31, 2018USD ($) |
United States | |
Real Estate And Accumulated Depreciation [Line Items] | |
Aggregate cost of real estate for federal income tax purposes | $ 864,063,014 |
Schedule III Summary of Activit
Schedule III Summary of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate facilities | ||
Real estate facilities, Balance at beginning of year | $ 829,679,477 | |
Impact of foreign exchange rate changes | (11,915,703) | $ 7,731,429 |
Improvements and additions | 2,532,252 | 4,521,592 |
Real estate facilities, Balance at end of year | 820,296,026 | 829,679,477 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (34,686,973) | (14,855,188) |
Depreciation expense | (20,134,068) | (19,777,620) |
Impact of foreign exchange rate changes | 556,356 | (195,577) |
Accumulated depreciation, ending balance | (54,264,685) | (34,686,973) |
Construction in process | ||
Construction in process, Balance at beginning of year | 92,519 | |
Net additions and assets placed into service | 37,864 | |
Construction in process, Balance at end of year | 130,383 | 92,519 |
Real estate facilities, net | $ 766,161,724 | $ 795,085,023 |