$STSFF
Smartstop Self Storage Reit Inc

2015 Q1 Form 10-K Financial Statement

#000119312515113783 Filed on March 31, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 2013 Q4
Revenue $3.007M $465.3K
YoY Change
Cost Of Revenue $1.190M $167.4K
YoY Change
Gross Profit $1.817M $297.9K
YoY Change
Gross Profit Margin 60.42% 64.02%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.663M $257.0K
YoY Change
% of Gross Profit 91.53% 86.28%
Operating Expenses $5.926M $2.722M
YoY Change
Operating Profit -$2.919M -$2.257M
YoY Change
Interest Expense $531.6K $116.9K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$52.24K $0.00
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$4.980M -$2.396M
YoY Change
Net Earnings / Revenue -165.62% -514.97%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 2.535M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $11.82M $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 $153.4M $201.0K
YoY Change 76194.75%
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 $84.68M $0.00
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$7.376M $0.00
YoY Change
Common Stock $21.30M $1.000K
YoY Change 2129606.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.28M $1.000K
YoY Change
Total Liabilities & Shareholders Equity $153.4M $201.0K
YoY Change 76194.75%

Cashflow Statement

Concept 2015 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$4.980M -$2.396M
YoY Change
Depreciation, Depletion And Amortization $1.663M $257.0K
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 $8.154M $17.48M
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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CY2014Q4 ck0001585389 Offering Expenses Percentage
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us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Revenues
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Depreciation
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ck0001585389 Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
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ck0001585389 Business Acquisitions Pro Forma Operating Expenses
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ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
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0
ck0001585389 Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
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1241489 shares
ck0001585389 Business Acquisition Pro Forma Acquisition Related Costs
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0
ck0001585389 Other Property Acquisition Expenses
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0
ck0001585389 Non Cash Transactions Other Assets Included In Due To Affiliates
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ck0001585389 Non Cash Transactions Deferred Financing Costs Included In Due To Affiliates
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ck0001585389 Non Cash Transactions Deferred Financing Costs Included In Accounts Payable And Accrued Liabilities
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0
ck0001585389 Non Cash Transactions Distributions Payable To Preferred Unit Holders In Operating Partnership
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0
ck0001585389 Accretion Of Fair Market Value Of Secured Debt
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0
ck0001585389 Non Cash Transactions Secured Debt Assumed Purchase Of Real Estate
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0
ck0001585389 Non Cash Transactions Proceeds From Issuance Of Common Stock In Other Assets
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0
ck0001585389 Non Cash Transactions Distribution Payable
NonCashTransactionsDistributionPayable
0
ck0001585389 Business Acquisition Pro Forma Net Income Loss Attributable To Common Stockholders
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-1647382
ck0001585389 Non Cash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
0
ck0001585389 Non Cash Or Partial Non Cash Transaction Preferred Stock Issuance Costs
NonCashOrPartialNonCashTransactionPreferredStockIssuanceCosts
0
CY2014 dei Trading Symbol
TradingSymbol
ck0001585389
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
STRATEGIC STORAGE TRUST II, INC.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-01-08
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Partners Capital Account Sale Of Units
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0
CY2014 us-gaap Nature Of Operations
NatureOfOperations
<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; &#x201C;our,&#x201D; and &#x201C;Company&#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;Prior Sponsor&#x201D;), was the sponsor of our Offering (as defined below) through August&#xA0;31, 2014. Effective August&#xA0;31, 2014, SmartStop Self Storage, Inc. (our &#x201C;Sponsor&#x201D;), 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 &#x201C;Self Administration and Investment Management Transaction&#x201D;) with our Prior Sponsor and its affiliates, pursuant to which, effective August&#xA0;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&#x2019;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 &#x201C;Advisor&#x201D;) and owns 100% of Strategic Storage Property Management II, LLC (our &#x201C;Property Manager&#x201D;). Our Sponsor was formed on August&#xA0;14, 2007 for the purpose of engaging in the business of investing in self storage facilities. As of December&#xA0;31, 2014, our Sponsor owned 126 self storage facilities located in 17 states and the Greater Toronto Area.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Our Advisor, a Delaware limited liability company, 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 the advisory agreement we have with our Advisor (our &#x201C;Advisory Agreement&#x201D;). The officers of our Advisor are also officers of us and our Sponsor.</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 authorizes 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 &#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 $1.5 million minimum offering requirements of our Offering and commenced formal operations. As of December&#xA0;31, 2014, we had issued approximately 1.8&#xA0;million shares of our common stock for gross proceeds of approximately $17.6 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 December&#xA0;31, 2014 we had purchased five properties and had identified additional potential acquisitions and subsequent to December&#xA0;31, 2014 closed on 21 properties out of a portfolio of 26 properties (see Note 11).</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. During 2013, our Advisor purchased limited partnership interests 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. As of December&#xA0;31, 2014, we owned approximately 99% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 1% of the common units are owned by our Advisor. As of December&#xA0;31, 2014, our Operating Partnership had issued approximately 260,000 Series A Cumulative Redeemable Preferred Units (the &#x201C;Preferred Units&#x201D;) to SSTI Preferred Investor, LLC (the &#x201C;Preferred Investor&#x201D;), a wholly-owned subsidiary of SmartStop Self Storage Operating Partnership, L.P., the operating partnership of our Sponsor, in exchange for an investment in our Operating Partnership of approximately $6.5 million. 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 through our taxable REIT subsidiary, Strategic Storage TRS II, Inc., a Delaware corporation (the &#x201C;TRS&#x201D;) which is a wholly-owned subsidiary of our Operating Partnership. Our Property Manager was formed on January&#xA0;8, 2013 to manage our properties. Our Property Manager derives substantially all of its income from the property management services it performs for us. Our Property Manager may enter into sub-property management agreements with third party management companies and pay part of its management fee to such sub-property manager.</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 owned, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager through August&#xA0;31, 2014. Effective August&#xA0;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-top:12pt; 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 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 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&#x2019;s limited partnership agreement (the &#x201C;Operating Partnership Agreement&#x201D;). 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>
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-334442
CY2014 us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
-73514
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1800000 shares
CY2014 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. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the useful lives of real estate assets and intangibles. Actual results could materially differ from those estimates.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
522223 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001585389
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.6
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.59
CY2014 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
4000000
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Stock Issued During Period Value New Issues
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CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
14280
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1710059
CY2014 us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
205091
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
177701
CY2014 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
3750
CY2014 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
7332
CY2014 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
12000
CY2014 us-gaap Profit Loss
ProfitLoss
-2361585
CY2014 us-gaap Other Operating Income
OtherOperatingIncome
14382
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
145776
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
158037
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-2256865
CY2014 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
2255
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
20353246
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17477102
CY2014 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3531326
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-13688652
CY2014 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
110530000
CY2014 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
73514
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
9481306
CY2014 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2200000
CY2014 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
291204
CY2014 us-gaap Revenues
Revenues
465345
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
200842
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-2396385
CY2014 us-gaap Interest Paid
InterestPaid
116920
CY2014 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
450963
CY2014 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
33306
CY2014 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
465345
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2535863
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
257023
CY2014 us-gaap Interest Expense
InterestExpense
116920
CY2014 us-gaap Operating Expenses
OperatingExpenses
2722210
CY2014 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
6447370
CY2014 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4343
CY2014 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
117472
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
158617
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6330152
CY2014 us-gaap Proceeds From Sale Of Interest In Partnership Unit
ProceedsFromSaleOfInterestInPartnershipUnit
0
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
93433
CY2014 us-gaap Depreciation
Depreciation
94063
CY2014 us-gaap Real Estate Improvements
RealEstateImprovements
880
CY2014 us-gaap Affiliate Costs
AffiliateCosts
69541
CY2014 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
20857000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
943865
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
501065
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
7332
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-110787
CY2014 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
28115
CY2014 us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
5000000
CY2014 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2123135
CY2014 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
167434
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
311975
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2014 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
1609075
CY2014 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
73514
CY2014 ck0001585389 Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-2.48
CY2014 ck0001585389 Business Acquisition Pro Forma Net Income Loss Attributable To Common Stockholders
BusinessAcquisitionProFormaNetIncomeLossAttributableToCommonStockholders
-3162460
CY2014 ck0001585389 Operating Expenses Reimbursement Percentage Of Average Investment In Assets
OperatingExpensesReimbursementPercentageOfAverageInvestmentInAssets
0.02 pure
CY2014 ck0001585389 Business Acquisition Fees Paid To Advisor
BusinessAcquisitionFeesPaidToAdvisor
400000
CY2014 ck0001585389 Percentage Of Non Voting Membership Interest
PercentageOfNonVotingMembershipInterest
0.025 pure
CY2014 ck0001585389 Percentage Of Gross Properties Revenues And Reimbursement Of Direct Costs
PercentageOfGrossPropertiesRevenuesAndReimbursementOfDirectCosts
0.06 pure
CY2014 ck0001585389 Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
1272810 shares
CY2014 ck0001585389 Maximum Percentage Other Non Accountable Expenses
MaximumPercentageOtherNonAccountableExpenses
0.03 pure
CY2014 ck0001585389 Auction Fees
AuctionFees
0
CY2014 ck0001585389 Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
0.0005208 pure
CY2014 ck0001585389 Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
4414266
CY2014 ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
1089783
CY2014 ck0001585389 Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
One-twelfth of 0.625%
CY2014 ck0001585389 Maximum Dealer Manager Commission Fees Percentage Of Proceed From Primary Offering
MaximumDealerManagerCommissionFeesPercentageOfProceedFromPrimaryOffering
0.030 pure
CY2014 ck0001585389 Maximum Offering Cost Rate Incurred On Behalf Of Entity
MaximumOfferingCostRateIncurredOnBehalfOfEntity
0.035 pure
CY2014 ck0001585389 Operating Expenses Reimbursement Percentage Of Net Income
OperatingExpensesReimbursementPercentageOfNetIncome
0.25 pure
CY2014 ck0001585389 Stock Issuable During Period Value Dividend Reinvestment Plan
StockIssuableDuringPeriodValueDividendReinvestmentPlan
95000000
CY2014 ck0001585389 Business Acquisition Pro Forma Acquisition Related Costs
BusinessAcquisitionProFormaAcquisitionRelatedCosts
400000
CY2014 ck0001585389 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90 pure
CY2014 ck0001585389 Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
198907
CY2014 ck0001585389 Sale Commission Fees Percentage Of Proceed From Primary Offering
SaleCommissionFeesPercentageOfProceedFromPrimaryOffering
0.070 pure
CY2014 ck0001585389 Percentage Program Insurer Provides Fees
PercentageProgramInsurerProvidesFees
0.50 pure
CY2014 ck0001585389 Beneficial Non Voting Equity Interest
BeneficialNonVotingEquityInterest
0.15 pure
CY2014 ck0001585389 Non Cash Transactions Proceeds From Issuance Of Common Stock In Other Assets
NonCashTransactionsProceedsFromIssuanceOfCommonStockInOtherAssets
59800
CY2014 ck0001585389 Accretion Of Preferred Equity Issuance Costs
AccretionOfPreferredEquityIssuanceCosts
0
CY2014 ck0001585389 Non Cash Transactions Secured Debt Assumed Purchase Of Real Estate
NonCashTransactionsSecuredDebtAssumedPurchaseOfRealEstate
12618694
CY2014 ck0001585389 Non Cash Transactions Distribution Payable
NonCashTransactionsDistributionPayable
80424
CY2014 ck0001585389 Preferred Equity Issuance Cost
PreferredEquityIssuanceCost
0
CY2014 ck0001585389 Operating Expenses Exceed Limitation
OperatingExpensesExceedLimitation
P12M
CY2014 ck0001585389 Underwriting Commission Rate
UnderwritingCommissionRate
0.10 pure
CY2014 ck0001585389 Maximum Period For Disclosure Fact
MaximumPeriodForDisclosureFact
P60D
CY2014 ck0001585389 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
CY2014 ck0001585389 Construction Management Fee Percent On Cost Above Specific Limit
ConstructionManagementFeePercentOnCostAboveSpecificLimit
0.05 pure
CY2014 ck0001585389 Disposition Fees Percentage Of Sale Price Of Property
DispositionFeesPercentageOfSalePriceOfProperty
0.01 pure
CY2014 ck0001585389 Fee Paid To Related Party Property Manager For Administration Of Tenant Insurance Policies
FeePaidToRelatedPartyPropertyManagerForAdministrationOfTenantInsurancePolicies
0.50
CY2014 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.
CY2014 ck0001585389 Non Cash Transactions Other Assets Included In Due To Affiliates
NonCashTransactionsOtherAssetsIncludedInDueToAffiliates
461492
CY2014 ck0001585389 Non Cash Transactions Offering Costs Included In Due To Affiliates
NonCashTransactionsOfferingCostsIncludedInDueToAffiliates
1811795
CY2014 ck0001585389 Non Cash Transactions Deferred Financing Costs Included In Due To Affiliates
NonCashTransactionsDeferredFinancingCostsIncludedInDueToAffiliates
441873
CY2014 ck0001585389 Non Cash Transactions Deferred Financing Costs Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsDeferredFinancingCostsIncludedInAccountsPayableAndAccruedLiabilities
74690
CY2014 ck0001585389 Non Cash Transactions Distributions Payable To Preferred Unit Holders In Operating Partnership
NonCashTransactionsDistributionsPayableToPreferredUnitHoldersInOperatingPartnership
84166
CY2014 ck0001585389 Accretion Of Fair Market Value Of Secured Debt
AccretionOfFairMarketValueOfSecuredDebt
16543
CY2014 ck0001585389 Non Cash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
9472
CY2014 ck0001585389 Non Cash Or Partial Non Cash Transaction Preferred Stock Issuance Costs
NonCashOrPartialNonCashTransactionPreferredStockIssuanceCosts
1517119
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-891539
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2014Q4 us-gaap Profit Loss
ProfitLoss
-996259
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2014Q1 us-gaap Profit Loss
ProfitLoss
0
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
0
CY2014Q1 us-gaap Revenues
Revenues
0
CY2014Q1 us-gaap Net Income Loss
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0
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
0
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.90
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-866991
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-866991
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Net Income Loss
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-789137
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
866991
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.77
CY2014Q3 us-gaap Profit Loss
ProfitLoss
-498335
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-498335
CY2014Q3 us-gaap Revenues
Revenues
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CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-482603
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
498335
CY2014Q4 us-gaap Revenues
Revenues
465345
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-1124645
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
1356884

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