2014 Q4 Form 10-Q Financial Statement
#000119312514410968 Filed on November 13, 2014
Income Statement
Concept | 2014 Q4 | 2014 Q3 | 2013 Q3 |
---|---|---|---|
Revenue | $465.3K | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | $0.00 | ||
YoY Change | |||
Gross Profit | $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 | ||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $1.357M | $498.3K | $0.00 |
YoY Change | |||
Operating Profit | -$891.5K | -$498.3K | |
YoY Change | |||
Interest Expense | $0.00 | ||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | ||
YoY Change | |||
Pretax Income | |||
YoY Change | |||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$1.125M | -$482.6K | $0.00 |
YoY Change | |||
Net Earnings / Revenue | -241.68% | ||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | |||
COMMON SHARES | |||
Basic Shares Outstanding | 1.289M shares | 430.5K shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2014 Q4 | 2014 Q3 | 2013 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $6.531M | $5.586M | $201.0K |
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 | $35.05M | $10.90M | |
YoY Change | 17338.13% | ||
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 | $18.57M | $4.263M | |
YoY Change | |||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$2.396M | -$1.272M | |
YoY Change | |||
Common Stock | $14.01M | $7.891M | |
YoY Change | 1400557.6% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $11.30M | $6.511M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $35.05M | $10.90M | |
YoY Change | 17338.13% |
Cashflow Statement
Concept | 2014 Q4 | 2014 Q3 | 2013 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.125M | -$482.6K | $0.00 |
YoY Change | |||
Depreciation, Depletion And Amortization | $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 |
---|---|---|---|---|
CY2014Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
1288582 | shares |
CY2013Q3 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
0 | |
CY2013Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
201000 | |
CY2013Q3 | ck0001585389 |
Due To Related Parties For Dealer Manager Fees Expenses
DueToRelatedPartiesForDealerManagerFeesExpenses
|
0 | |
CY2014Q3 | ck0001585389 |
Common Stock Dividends Per Share Per Day Declared
CommonStockDividendsPerSharePerDayDeclared
|
0.0016438356 | |
CY2014Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1054128 | shares |
CY2014Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1054128 | shares |
CY2014Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
700000000 | shares |
CY2014Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2014Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
200000000 | shares |
CY2014Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2014Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21420 | |
CY2014Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6612728 | |
CY2014Q3 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
102107 | |
CY2014Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
CY2014Q3 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
4213141 | |
CY2014Q3 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
49979 | |
CY2014Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
1054 | |
CY2014Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2014Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-1271740 | |
CY2014Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
7890186 | |
CY2014Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6510621 | |
CY2014Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
10897268 | |
CY2014Q3 | us-gaap |
Liabilities
Liabilities
|
4263120 | |
CY2014Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5586411 | |
CY2014Q3 | us-gaap |
Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
|
108879 | |
CY2014Q3 | us-gaap |
Other Assets
OtherAssets
|
5287857 | |
CY2014Q3 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
600000 | |
CY2014Q3 | us-gaap |
Assets
Assets
|
10897268 | |
CY2014Q3 | ck0001585389 |
Offering Expenses Percentage
OfferingExpensesPercentage
|
0.15 | pure |
CY2014Q3 | ck0001585389 |
Acquisition Fee As Percentage Of Contract Purchase Price
AcquisitionFeeAsPercentageOfContractPurchasePrice
|
0.0175 | pure |
CY2014Q3 | ck0001585389 |
Escrow Receivable
EscrowReceivable
|
23000 | |
CY2014Q3 | ck0001585389 |
Due To Related Parties For Dealer Manager Fees Expenses
DueToRelatedPartiesForDealerManagerFeesExpenses
|
2275 | |
CY2013Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
0 | |
CY2013Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
100 | shares |
CY2013Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
100 | shares |
CY2013Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
700000000 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | 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 |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2013Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2013Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
0 | |
CY2013Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
201000 | |
CY2013Q4 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
200000 | |
CY2013Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
CY2013Q4 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
0 | |
CY2013Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
0 | |
CY2013Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
1 | |
CY2013Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2013Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
0 | |
us-gaap |
Operating Expenses
OperatingExpenses
|
0 | ||
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
201000 | ||
us-gaap |
Proceeds From Sale Of Interest In Partnership Unit
ProceedsFromSaleOfInterestInPartnershipUnit
|
200000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
201000 | ||
CY2013Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
999 | |
CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1000 | |
CY2013Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
201000 | |
CY2013Q4 | us-gaap |
Liabilities
Liabilities
|
0 | |
CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
201000 | |
CY2013Q4 | us-gaap |
Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
|
0 | |
CY2013Q4 | us-gaap |
Other Assets
OtherAssets
|
0 | |
CY2013Q4 | us-gaap |
Assets
Assets
|
201000 | |
CY2013Q4 | ck0001585389 |
Escrow Receivable
EscrowReceivable
|
0 | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
0 | ||
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
0 | shares | |
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.00 | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
0 | ||
us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
0 | ||
us-gaap |
Profit Loss
ProfitLoss
|
0 | ||
us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | ||
us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
0 | ||
us-gaap |
Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
|
0 | ||
us-gaap |
Revenues
Revenues
|
0 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
0 | ||
us-gaap |
Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
|
0 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1000 | ||
us-gaap |
Related Party Costs
RelatedPartyCosts
|
0 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
0 | ||
us-gaap |
Escrow Deposits Related To Property Sales
EscrowDepositsRelatedToPropertySales
|
0 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
0 | ||
us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
0 | ||
us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
0 | ||
ck0001585389 |
Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
|
0 | ||
ck0001585389 |
Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
|
0 | ||
ck0001585389 |
Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
|
0 | ||
ck0001585389 |
Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
|
0 | ||
ck0001585389 |
Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
|
0 | ||
ck0001585389 |
Related Party Transaction Offering Costs
RelatedPartyTransactionOfferingCosts
|
0 | ||
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
STRATEGIC STORAGE TRUST II, INC. | ||
dei |
Trading Symbol
TradingSymbol
|
ck0001585389 | ||
us-gaap |
Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
|
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Revenue Recognition</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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> | ||
dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | ||
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2013-01-08 | ||
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: 4%"> 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” and “our” 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: 4%"> Strategic Storage Holdings, LLC, a Delaware limited liability company (our “Prior Sponsor”), was the sponsor of our Offering through August 31, 2014. Effective August 31, 2014, SmartStop Self Storage, Inc. (our “Sponsor”), formerly known as Strategic Storage Trust, Inc., entered into a series of transactions, agreements and amendments to its existing agreements and arrangements (such agreements and amendments hereinafter referred to collectively as the “Self Administration and Investment Management Transaction”) with our Prior Sponsor and its affiliates, pursuant to which, effective August 31, 2014, our Sponsor acquired the self storage advisory, asset management, property management and investment management businesses of our Prior Sponsor including our Prior Sponsor’s sole membership interest in Strategic Storage Realty Group, LLC, which owns 97.5% of the economic interests (and 100% of the voting membership interests) of Strategic Storage Trust Advisor II, LLC (our “Advisor”) and owns 100% of Strategic Storage Property Management II, LLC (our “Property Manager”). Our Sponsor was formed on August 14, 2007 for the purpose of engaging in the business of investing in self storage facilities. As of September 30, 2014, our Sponsor owned 126 self storage facilities located in 17 states and Canada.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 an advisory agreement we have with our Advisor (our “Advisory Agreement”). The officers of our Advisor are also officers of us and our Sponsor.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On August 2, 2013, our Advisor purchased 100 shares of our common stock for $1,000 and became our initial stockholder. Our Articles of Amendment and Restatement 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 maximum of $1,000,000,000 of common shares for sale to the public (the “Primary Offering”) and $95,000,000 of common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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. As of September 30, 2014, we had issued approximately 1.1 million shares of our common stock for gross proceeds of approximately $10.5 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 September 30, 2014, we had not purchased any properties; however, we had identified certain potential acquisitions and subsequent to September 30, 2014 closed on a portfolio of five properties (see Notes 6 and 7).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our operating partnership, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on January 9, 2013. On August 2, 2013, our Advisor purchased a limited partnership interest in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. Our Operating Partnership 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 September 30, 2014, we owned 98% of the limited partnership interests of our Operating Partnership. The remaining limited partnership interests are owned by our Advisor (2%). 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 and selling packing supplies and locks) through our taxable REIT subsidiary, Strategic Storage TRS II, Inc., a Delaware corporation (the “TRS”) which was formed on January 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: 4%"> Our Property Manager was formed on January 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). Our Dealer Manager is responsible for marketing our shares being offered pursuant to our Primary Offering. Our president owned, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager through August 31, 2014. Effective August 31, 2014, our Sponsor now indirectly owns the 15% non-voting equity interest in our Dealer Manager, pursuant to the Self Administration and Investment Management Transaction. An affiliate of our Dealer Manager continues to own a 2.5% non-voting membership interest in our Advisor.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> As we accept subscriptions for shares of our common stock, we transfer substantially all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we are deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership is deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that 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> | ||
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-19731 | ||
us-gaap |
Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
|
-21420 | ||
us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
1100000 | shares | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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> | ||
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
246184 | shares | |
invest |
Investment Contract Settlement Date
InvestmentContractSettlementDate
|
2014-08-31 | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-09-30 | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2014 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001585389 | ||
us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.6 | ||
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-5.17 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
10490313 | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1020384 | ||
us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
3321 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-1365326 | ||
us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
38466 | ||
us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
10000 | ||
us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
4000000 | ||
us-gaap |
Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
|
21420 | ||
us-gaap |
Revenues
Revenues
|
0 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1271740 | ||
us-gaap |
Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
|
4210866 | ||
us-gaap |
Operating Expenses
OperatingExpenses
|
1365326 | ||
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
5385411 | ||
us-gaap |
Proceeds From Sale Of Interest In Partnership Unit
ProceedsFromSaleOfInterestInPartnershipUnit
|
0 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
9405142 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
10467313 | ||
us-gaap |
Related Party Costs
RelatedPartyCosts
|
5233525 | ||
us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
2600073 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-4000000 | ||
us-gaap |
Escrow Deposits Related To Property Sales
EscrowDepositsRelatedToPropertySales
|
23000 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
646806 | ||
us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
4307 | ||
us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-93586 | ||
us-gaap |
Dividends Common Stock
DividendsCommonStock
|
108879 | ||
us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
1345595 | ||
ck0001585389 |
Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
|
0.0005208 | pure | |
ck0001585389 |
Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
|
708303 | ||
ck0001585389 |
Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
|
One-twelfth of 0.625% | ||
ck0001585389 |
Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
|
306798 | ||
ck0001585389 |
Maximum Dealer Manager Commission Fees Percentage Of Proceed From Primary Offering
MaximumDealerManagerCommissionFeesPercentageOfProceedFromPrimaryOffering
|
0.030 | pure | |
ck0001585389 |
Operating Expenses Reimbursement Percentage Of Average Investment In Assets
OperatingExpensesReimbursementPercentageOfAverageInvestmentInAssets
|
0.02 | pure | |
ck0001585389 |
Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
|
715861 | ||
ck0001585389 |
Percentage Of Non Voting Membership Interest
PercentageOfNonVotingMembershipInterest
|
0.025 | pure | |
ck0001585389 |
Percentage Of Gross Properties Revenues And Reimbursement Of Direct Costs
PercentageOfGrossPropertiesRevenuesAndReimbursementOfDirectCosts
|
0.06 | pure | |
ck0001585389 |
Maximum Percentage Other Non Accountable Expenses
MaximumPercentageOtherNonAccountableExpenses
|
0.03 | pure | |
ck0001585389 |
Auction Fees
AuctionFees
|
0 | ||
ck0001585389 |
Maximum Offering Cost Rate Incurred On Behalf Of Entity
MaximumOfferingCostRateIncurredOnBehalfOfEntity
|
0.035 | pure | |
ck0001585389 |
Operating Expenses Reimbursement Percentage Of Net Income
OperatingExpensesReimbursementPercentageOfNetIncome
|
0.25 | pure | |
ck0001585389 |
Stock Issuable During Period Value Dividend Reinvestment Plan
StockIssuableDuringPeriodValueDividendReinvestmentPlan
|
95000000 | ||
ck0001585389 |
Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
|
0.90 | pure | |
ck0001585389 |
Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
|
10217 | ||
ck0001585389 |
Sale Commission Fees Percentage Of Proceed From Primary Offering
SaleCommissionFeesPercentageOfProceedFromPrimaryOffering
|
0.070 | pure | |
ck0001585389 |
Percentage Program Insurer Provides Fees
PercentageProgramInsurerProvidesFees
|
0.50 | pure | |
ck0001585389 |
Beneficial Non Voting Equity Interest
BeneficialNonVotingEquityInterest
|
0.15 | pure | |
ck0001585389 |
Tenant Reinsurance Fee
TenantReinsuranceFee
|
0 | ||
ck0001585389 |
Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
|
P60D | ||
ck0001585389 |
Construction Management Fee Percent On Cost Above Specific Limit
ConstructionManagementFeePercentOnCostAboveSpecificLimit
|
0.05 | pure | |
ck0001585389 |
Disposition Fees Percentage Of Sale Price Of Property
DispositionFeesPercentageOfSalePriceOfProperty
|
0.01 | pure | |
ck0001585389 |
Fee Paid To Related Party Property Manager For Administration Of Tenant Insurance Policies
FeePaidToRelatedPartyPropertyManagerForAdministrationOfTenantInsurancePolicies
|
0.50 | ||
ck0001585389 |
Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
|
1287857 | ||
ck0001585389 |
Operating Expenses Exceed Limitation
OperatingExpensesExceedLimitation
|
P12M | ||
ck0001585389 |
Underwriting Commission Rate
UnderwritingCommissionRate
|
0.10 | pure | |
ck0001585389 |
Maximum Period For Disclosure Fact
MaximumPeriodForDisclosureFact
|
P60D | ||
ck0001585389 |
Preferred Units Distribution Description
PreferredUnitsDistributionDescription
|
The holders of the Preferred Units will receive current distributions (the “Current Distributions”) at a rate of a one-month LIBOR plus 6.5% per annum on the Liquidation Amount, payable monthly and calculated on an actual/360 basis. In addition to the Current Distributions, our Operating Partnership has the obligation to elect either (A) to pay the holder of the Preferred Units additional distributions monthly in an amount equal to: (i) 4.35% per annum of the Liquidation Amount through March 31, 2017; and (ii) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount or (B) defer the additional distributions ( the “Deferred Distributions”) in an amount that will accumulate monthly in an amount equal to (i) LIBOR plus 10.85% of the Deferred Distributions through March 31, 2017; and (ii) beginning April 1, 2017, LIBOR plus 12.85% of the Deferred Distributions. | ||
ck0001585389 |
Related Party Transaction Offering Costs
RelatedPartyTransactionOfferingCosts
|
1577414 | ||
CY2013Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
0 | shares |
CY2013Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.00 | |
CY2013Q3 | us-gaap |
Profit Loss
ProfitLoss
|
0 | |
CY2013Q3 | us-gaap |
Revenues
Revenues
|
0 | |
CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
0 | |
CY2013Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
0 | |
CY2013Q3 | us-gaap |
Related Party Costs
RelatedPartyCosts
|
0 | |
CY2013Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
0 | |
CY2013Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
0 | |
CY2013Q3 | ck0001585389 |
Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
|
0 | |
CY2013Q3 | ck0001585389 |
Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
|
0 | |
CY2013Q3 | ck0001585389 |
Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
|
0 | |
CY2013Q3 | ck0001585389 |
Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
|
0 | |
CY2013Q3 | ck0001585389 |
Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
|
0 | |
CY2013Q3 | ck0001585389 |
Related Party Transaction Offering Costs
RelatedPartyTransactionOfferingCosts
|
0 | |
CY2014Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
626566 | shares |
CY2014Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.77 | |
CY2014Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-498335 | |
CY2014Q3 | us-gaap |
Revenues
Revenues
|
0 | |
CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-482603 | |
CY2014Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
498335 | |
CY2014Q3 | us-gaap |
Related Party Costs
RelatedPartyCosts
|
1666262 | |
CY2014Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
204067 | |
CY2014Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-15732 | |
CY2014Q3 | ck0001585389 |
Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
|
284051 | |
CY2014Q3 | ck0001585389 |
Related Party Transaction Dealer Manager Fee Expenses
RelatedPartyTransactionDealerManagerFeeExpenses
|
228250 | |
CY2014Q3 | ck0001585389 |
Related Party Transaction Selling Commission Expenses
RelatedPartyTransactionSellingCommissionExpenses
|
532582 | |
CY2014Q3 | ck0001585389 |
Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
|
10217 | |
CY2014Q3 | ck0001585389 |
Related Party Transaction Other Assets
RelatedPartyTransactionOtherAssets
|
316226 | |
CY2014Q3 | ck0001585389 |
Related Party Transaction Offering Costs
RelatedPartyTransactionOfferingCosts
|
110600 |