$STSFF
Smartstop Self Storage Reit Inc

2014 Q3 Form 10-Q Financial Statement

#000119312514310123 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $0.00 $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 $498.3K $867.0K $0.00
YoY Change
Operating Profit -$498.3K -$867.0K
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 -$482.6K -$789.1K $0.00
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 430.5K shares 100.0 shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.586M $2.178M $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 $10.90M $3.159M
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 $4.263M $2.921M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.272M -$789.1K
YoY Change
Common Stock $7.891M $919.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.511M $116.0K
YoY Change
Total Liabilities & Shareholders Equity $10.90M $3.159M
YoY Change

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$482.6K -$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
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
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dei Trading Symbol
TradingSymbol
ck0001585389
dei Entity Registrant Name
EntityRegistrantName
STRATEGIC STORAGE TRUST II, INC.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-01-08
dei Entity Central Index Key
EntityCentralIndexKey
0001585389
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Nature Of Operations
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Note 1. Organization</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 are offering 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On January&#xA0;10, 2014, the Securities and Exchange Commission (&#x201C;SEC&#x201D;) declared our registration statement effective. On May&#xA0;23, 2014, we satisfied the minimum offering requirements of our public offering and commenced formal operations. As of June&#xA0;30, 2014, we had issued 265,287 shares of our common stock for gross proceeds of approximately $2.6 million. We intend to invest the net proceeds from the Offering primarily in self storage facilities and related self storage real estate investments. As of June&#xA0;30, 2014, we had neither purchased nor contracted to purchase any properties, however, our Sponsor had identified certain potential acquisitions (see Notes 6 and 7).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. As of June&#xA0;30, 2014, we owned 92.99% of the limited partnership interests of our Operating Partnership. The remaining limited partnership interests are owned by our Advisor (7.01%). 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 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As we accept subscriptions for shares of our common stock, we transfer substantially all of the net offering proceeds</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we are deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership is deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that will be 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 the limited partnership agreement. Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our Advisor pursuant to our Advisory Agreement.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> <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>
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<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>
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ck0001585389 Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
183279
ck0001585389 Tenant Reinsurance Fee
TenantReinsuranceFee
0
ck0001585389 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
ck0001585389 Auction Fees
AuctionFees
0
ck0001585389 Percentage Of Non Voting Membership Interest
PercentageOfNonVotingMembershipInterest
0.025 pure
ck0001585389 Stock Issuable During Period Value Dividend Reinvestment Plan
StockIssuableDuringPeriodValueDividendReinvestmentPlan
95000000
ck0001585389 Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
971631
ck0001585389 Disposition Fees Percentage Of Sale Price Of Property
DispositionFeesPercentageOfSalePriceOfProperty
0.01 pure
ck0001585389 Minority Interest In Net Income Loss Operating Partnership
MinorityInterestInNetIncomeLossOperatingPartnership
-77854
ck0001585389 Fee Paid To Related Party Property Manager For Administration Of Tenant Insurance Policies
FeePaidToRelatedPartyPropertyManagerForAdministrationOfTenantInsurancePolicies
0.50
ck0001585389 Construction Management Fee Percent On Cost Above Specific Limit
ConstructionManagementFeePercentOnCostAboveSpecificLimit
0.05 pure
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
0 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2013Q2 us-gaap Profit Loss
ProfitLoss
0
CY2013Q2 us-gaap Revenues
Revenues
0
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
0
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
0
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
0
CY2013Q2 us-gaap Related Party Costs
RelatedPartyCosts
0
CY2013Q2 ck0001585389 Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
0
CY2013Q2 ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
0
CY2013Q2 ck0001585389 Related Party Transaction Reimbursement Offering Cost
RelatedPartyTransactionReimbursementOfferingCost
0
CY2013Q2 ck0001585389 Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
0
CY2013Q2 ck0001585389 Minority Interest In Net Income Loss Operating Partnership
MinorityInterestInNetIncomeLossOperatingPartnership
0
CY2013Q2 ck0001585389 Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
0
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
99904 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.90
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-866991
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-789137
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
442739
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
866991
CY2014Q2 us-gaap Related Party Costs
RelatedPartyCosts
3567263
CY2014Q2 ck0001585389 Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
78548
CY2014Q2 ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
424252
CY2014Q2 ck0001585389 Related Party Transaction Reimbursement Offering Cost
RelatedPartyTransactionReimbursementOfferingCost
1466814
CY2014Q2 ck0001585389 Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
183279
CY2014Q2 ck0001585389 Minority Interest In Net Income Loss Operating Partnership
MinorityInterestInNetIncomeLossOperatingPartnership
-77854
CY2014Q2 ck0001585389 Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
971631

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ck0001585389-20140630.xml Edgar Link completed
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ck0001585389-20140630_cal.xml Edgar Link unprocessable
ck0001585389-20140630_def.xml Edgar Link unprocessable
ck0001585389-20140630_lab.xml Edgar Link unprocessable
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