2014 Q2 Form 10-Q Financial Statement

#000119312514196686 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $867.0K $0.00
YoY Change
Operating Profit -$867.0K $0.00
YoY Change
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$789.1K $0.00
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 100.0 shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.178M $201.0K $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.159M $201.0K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $2.921M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$789.1K
YoY Change
Common Stock $919.9K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $116.0K $1.000K
YoY Change
Total Liabilities & Shareholders Equity $3.159M $201.0K
YoY Change

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$789.1K $0.00
YoY Change
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
100 shares
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
CY2014Q1 ck0001585389 Common Stock Dividends Per Share Per Day Declared Subject To Raising Minimum Offering Amount
CommonStockDividendsPerSharePerDayDeclaredSubjectToRaisingMinimumOfferingAmount
0.0016438356
CY2014Q1 ck0001585389 Common Stock Dividend Rate Percentage Subject To Raising Minimum Offering Amount
CommonStockDividendRatePercentageSubjectToRaisingMinimumOfferingAmount
0.060 pure
CY2014Q1 ck0001585389 Common Stock Purchase Price Per Share Subject To Raising Minimum Offering Amount
CommonStockPurchasePricePerShareSubjectToRaisingMinimumOfferingAmount
10.00
CY2014Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
100 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
CY2014Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2014Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
100 shares
CY2014Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
201000
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1000
CY2014Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
999
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q1 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
200000
CY2014Q1 us-gaap Liabilities
Liabilities
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
1
CY2014Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
201000
CY2014Q1 us-gaap Assets
Assets
201000
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
201000
CY2014Q1 ck0001585389 Acquisition Fee As Percentage Of Contract Purchase Price
AcquisitionFeeAsPercentageOfContractPurchasePrice
0.0175 pure
CY2014Q1 ck0001585389 Offering Expenses Percentage
OfferingExpensesPercentage
0.15 pure
CY2014Q1 ck0001585389 Common Stock Shares Subscriptions Held In Escrow
CommonStockSharesSubscriptionsHeldInEscrow
190000
CY2013Q4 us-gaap Assets
Assets
201000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
201000
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
100 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
100 shares
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
201000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1000
CY2013Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
999
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2013Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
200000
CY2013Q4 us-gaap Liabilities
Liabilities
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
1
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
201000
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
shares
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
CY2013Q1 us-gaap Profit Loss
ProfitLoss
CY2013Q1 us-gaap Revenues
Revenues
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
CY2013Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
CY2014Q1 dei Trading Symbol
TradingSymbol
ck0001585389
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
STRATEGIC STORAGE TRUST II, INC.
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-01-08
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001585389
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>Note 1. Organization</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> Strategic Storage Trust II, Inc., a Maryland corporation (the &#x201C;Company&#x201D;), was formed on January&#xA0;8, 2013 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities. The Company&#x2019;s year-end is December&#xA0;31. As used in this report, &#x201C;we&#x201D; &#x201C;us&#x201D; and &#x201C;our&#x201D; refer to Strategic Storage Trust II, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Strategic Storage Holdings, LLC, a Delaware limited liability company (our &#x201C;Sponsor&#x201D;), is the sponsor of our Offering. Our Sponsor was organized in 2008 to serve as the holding company for Strategic Storage Advisor, LLC and Strategic Storage Property Management, LLC, such affiliates provide management services to Strategic Storage Trust, Inc. Strategic Storage Realty Group, LLC, which is wholly-owned by our Sponsor, is the sole voting member of our Advisor and our Property Manager.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Our advisor is Strategic Storage Advisor II, LLC, a Delaware limited liability company (our &#x201C;Advisor&#x201D;) which was formed on January&#xA0;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 an advisory agreement we have with our Advisor (our &#x201C;Advisory Agreement&#x201D;). The officers of our Advisor are also officers of us, our Sponsor and of Strategic Storage Trust, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> On August&#xA0;2, 2013, our Advisor purchased 100 shares of our common stock for $1,000 and became our initial stockholder. Our Articles of Amendment and Restatement authorize 700,000,000 shares of common stock with a par value of $0.001 and 200,000,000 shares of preferred stock with a par value of $0.001. We will offer a minimum of $1,500,000 (the &#x201C;Minimum Offering Amount&#x201D;) and a maximum of $1,000,000,000 of common shares for sale to the public (the &#x201C;Primary Offering&#x201D;) and $95,000,000 of common shares for sale pursuant to our distribution reinvestment plan (collectively, the &#x201C;Offering&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> On January&#xA0;10, 2014, the Securities and Exchange Commission (&#x201C;SEC&#x201D;) declared our registration statement effective. As of March&#xA0;31, 2014, we had received subscriptions to purchase approximately $190,000 in shares pursuant to our Offering, which will be held in an escrow account until we reach our Minimum Offering Amount. In addition, we had engaged only in organizational and offering related activities, and had not yet commenced operations. We intend to invest the net proceeds from the Offering primarily in self storage facilities and related self storage real estate investments. As of March&#xA0;31, 2014, we had neither purchased nor contracted to purchase any properties, however, our Sponsor has identified one potential acquisition consisting of a portfolio of five self storage facilities (see Note 6).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Our operating partnership, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (our &#x201C;Operating Partnership&#x201D;), was formed on January&#xA0;9, 2013. On August&#xA0;2, 2013, our Advisor purchased a limited partnership interest in our Operating Partnership for $200,000 and on August&#xA0;2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. Our Operating Partnership will own, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire in the future. We will conduct certain activities (such as tenant insurance, selling packing supplies and locks and renting trucks or other moving equipment) through our taxable REIT subsidiary, Strategic Storage TRS II, Inc., a Delaware corporation (the &#x201C;TRS&#x201D;) which was formed on January&#xA0;10, 2013, and is a wholly owned subsidiary of our Operating Partnership.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Our property manager will be Strategic Storage Property Management II, LLC, a Delaware limited liability company (our &#x201C;Property Manager&#x201D;), which was formed on January&#xA0;8, 2013 to manage our properties. Our Property Manager will derive substantially all of its income from the property management services it performs for us.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Our dealer manager is Select Capital Corporation, a California corporation (our &#x201C;Dealer Manager&#x201D;). Our Dealer Manager is responsible for marketing our shares being offered pursuant to our Primary Offering. Our president owns, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager and an affiliate of our Dealer Manager owns a 2.5% non-voting membership interest in our Advisor.</p> </div>
CY2014Q1 us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.05 pure
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
100 shares
CY2014Q1 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Revenue Recognition</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Management expects that all of our leases will be operating leases. Rental income will be recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases will be 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 will be included in accounts payable and accrued liabilities in our consolidated balance sheet and contractually due but unpaid rent will be included in other assets.</p> </div>
CY2014Q1 us-gaap Revenues
Revenues
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
10000
CY2014Q1 us-gaap Profit Loss
ProfitLoss
CY2014Q1 us-gaap Contract Administration Expense
ContractAdministrationExpense
0.50
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
CY2014Q1 ck0001585389 Cumulative Non Compounded Annual Return On Such Stockholders Invested Capital
CumulativeNonCompoundedAnnualReturnOnSuchStockholdersInvestedCapital
0.06 pure
CY2014Q1 ck0001585389 Advisory Fees Percentage Of Sale Price Of Property
AdvisoryFeesPercentageOfSalePriceOfProperty
0.01 pure
CY2014Q1 ck0001585389 Percentage Of Gross Properties Revenues And Reimbursement Of Direct Costs
PercentageOfGrossPropertiesRevenuesAndReimbursementOfDirectCosts
0.06 pure
CY2014Q1 ck0001585389 Operating Expenses Reimbursement Percentage Of Net Income
OperatingExpensesReimbursementPercentageOfNetIncome
0.25 pure
CY2014Q1 ck0001585389 Maximum Period For Disclosure Fact
MaximumPeriodForDisclosureFact
P60D
CY2014Q1 ck0001585389 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90 pure
CY2014Q1 ck0001585389 Maximum Offering Cost Rate Incurred On Behalf Of Entity
MaximumOfferingCostRateIncurredOnBehalfOfEntity
0.035 pure
CY2014Q1 ck0001585389 Maximum Percentage Other Non Accountable Expenses
MaximumPercentageOtherNonAccountableExpenses
0.03 pure
CY2014Q1 ck0001585389 Commission Percentage Of Sale Price Of Property
CommissionPercentageOfSalePriceOfProperty
0.06 pure
CY2014Q1 ck0001585389 Operating Expenses Reimbursement Percentage Of Average Investment In Assets
OperatingExpensesReimbursementPercentageOfAverageInvestmentInAssets
0.02 pure
CY2014Q1 ck0001585389 Sale Commission Fees Percentage Of Proceed From Primary Offering
SaleCommissionFeesPercentageOfProceedFromPrimaryOffering
0.070 pure
CY2014Q1 ck0001585389 Operating Expenses Exceed Limitation
OperatingExpensesExceedLimitation
P12M
CY2014Q1 ck0001585389 Maximum Dealer Manager Commission Fees Percentage Of Proceed From Primary Offering
MaximumDealerManagerCommissionFeesPercentageOfProceedFromPrimaryOffering
0.030 pure
CY2014Q1 ck0001585389 Underwriting Commission Rate
UnderwritingCommissionRate
0.10 pure
CY2014Q1 ck0001585389 Percentage Program Insurer Provides Fees
PercentageProgramInsurerProvidesFees
0.50 pure
CY2014Q1 ck0001585389 Beneficial Non Voting Equity Interest
BeneficialNonVotingEquityInterest
0.15 pure
CY2014Q1 ck0001585389 Offering Costs
OfferingCosts
1650000
CY2014Q1 ck0001585389 Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
One-twelfth of 0.625%
CY2014Q1 ck0001585389 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
CY2014Q1 ck0001585389 Auction Fees
AuctionFees
0
CY2014Q1 ck0001585389 Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
0.0005208 pure
CY2014Q1 ck0001585389 Stock Issuable During Period Value Dividend Reinvestment Plan
StockIssuableDuringPeriodValueDividendReinvestmentPlan
95000000
CY2014Q1 ck0001585389 Percentage Of Non Voting Membership Interest
PercentageOfNonVotingMembershipInterest
0.025 pure

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