$STSFF
Smartstop Self Storage Reit Inc

2015 Q3 Form 10-Q Financial Statement

#000119312515286606 Filed on August 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q4
Revenue $5.054M $4.488M $465.3K
YoY Change
Cost Of Revenue $1.809M $1.581M
YoY Change
Gross Profit $3.245M $2.907M
YoY Change
Gross Profit Margin 64.21% 64.78%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.229M $910.4K
YoY Change
% of Gross Profit 37.86% 31.31%
Operating Expenses $1.357M
YoY Change
Operating Profit -$935.5K -$1.125M -$891.5K
YoY Change 87.72% 29.75%
Interest Expense $816.3K $779.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $23.85K $35.50K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.739M -$4.038M -$1.125M
YoY Change 674.85% 411.65%
Net Earnings / Revenue -73.99% -89.96% -241.68%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 4.236M shares 2.961M shares 1.289M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.548M $13.25M $6.531M
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 $165.7M $165.7M $35.05M
YoY Change 1420.68% 5145.97% 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 $89.25M $90.53M $18.57M
YoY Change 1993.56% 2999.54%
SHAREHOLDERS EQUITY
Retained Earnings -$15.15M -$11.41M -$2.396M
YoY Change 1091.53% 1346.36%
Common Stock $48.39M $28.74M $14.01M
YoY Change 513.21% 3024.47% 1400557.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.47M $16.24M $11.30M
YoY Change
Total Liabilities & Shareholders Equity $165.7M $165.7M $35.05M
YoY Change 1420.68% 5145.97% 17338.13%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$3.739M -$4.038M -$1.125M
YoY Change 674.85% 411.65%
Depreciation, Depletion And Amortization $1.229M $910.4K
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

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dei Document Type
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ck0001585389
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2015-06-30
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--12-31
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dei Entity Registrant Name
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STRATEGIC STORAGE TRUST II, INC.
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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. 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>
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us-gaap Nature Of Operations
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<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 &#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-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 &#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. (&#x201C;SmartStop&#x201D; or 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 SmartStop Asset Management, LLC (&#x201C;SmartStop Asset Management&#x201D;), formerly known as 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 June&#xA0;30, 2015, our Sponsor owned 127 self storage facilities located in 17 states and the Greater Toronto Area.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On June&#xA0;15, 2015, our Sponsor and Extra Space Storage Inc. (&#x201C;Extra Space&#x201D;), along with subsidiaries of each of our Sponsor and Extra Space, entered into a definitive Agreement and Plan of Merger in which our Sponsor will be acquired by Extra Space for $13.75 per share in cash, representing an enterprise value of approximately $1.4 billion. Our stockholders will not participate in the merger. This transaction requires the approval of SmartStop&#x2019;s stockholders, which requires the filing of a proxy statement with the SEC. The SmartStop stockholder meeting is currently scheduled to take place on September&#xA0;29, 2015 and we expect the merger will close shortly thereafter.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> At the closing of the merger, SmartStop Asset Management, the owner of our Property Manager and majority and sole voting member of our Advisor, will be sold to an entity controlled by H. Michael Schwartz, our Chairman of the Board of Directors, Chief Executive Officer and President and the Chairman of the Board of Directors, Chief Executive Officer and President of SmartStop. The current executive management team of SmartStop will continue to serve as the executive management team for SmartStop Asset Management. In addition, our management team will remain the same, as well as the management team of our Advisor and Property Manager.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> At the closing of the merger, our Property Manager will enter into sub-property management agreements with Extra Space for the management of our properties. Furthermore, Extra Space will acquire the rights to the &#x201C;SmartStop<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> Self Storage&#x201D; brand in the United States through the merger and we will no longer utilize this brand. The properties we own will be re-branded under the Extra Space name. However, any properties owned or acquired in Canada will be managed by an affiliate of SmartStop Asset Management and will continue to be branded using the &#x201C;SmartStop<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> Self Storage&#x201D; brand.</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&#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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 June&#xA0;30, 2015, we had issued approximately 3.5&#xA0;million shares of our common stock for gross proceeds of approximately $34.5 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 June&#xA0;30, 2015, we owned 31 self storage properties located in nine states.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> 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 owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we have acquired and the self storage properties we will acquire in the future. As of June&#xA0;30, 2015, 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 June&#xA0;30, 2015, our Operating Partnership had issued approximately 2.4&#xA0;million 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 $59.5 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 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.</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&#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-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 &#x201C;Dealer Manager&#x201D;). Our Dealer Manager is responsible for marketing our shares being offered pursuant to our Primary Offering. Our President and CEO 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, pursuant to the Self Administration and Investment Management Transaction, our Sponsor now indirectly owns the 15% non-voting equity interest in our Dealer Manager. 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 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>
us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
-262014
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
913574
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
5984
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NetIncomeLossAvailableToCommonStockholdersBasic
-9017366
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
83078
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OtherNonoperatingIncomeExpense
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0
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OperatingIncomeLoss
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StockIssuedDuringPeriodValueDividendReinvestmentPlan
262014
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PaymentsOfDividendsPreferredStockAndPreferenceStock
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OtherOperatingIncome
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PaymentsToAcquireRealEstate
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Revenues
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ProfitLoss
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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InterestPaid
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PaymentsForCapitalImprovements
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EscrowDepositDisbursementsRelatedToPropertyAcquisition1
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PaymentsOfDividendsCommonStock
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RealEstateRevenueNet
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PaymentsToAcquireIntangibleAssets
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IncreaseInRestrictedCash
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BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
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InterestExpense
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us-gaap Depreciation
Depreciation
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AmortizationOfIntangibleAssets
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GeneralAndAdministrativeExpense
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
5951
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CostsAndExpenses
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us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
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262014
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6714618
us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
0
us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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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 Non Cash Transactions Offering Costs Included In Due To Affiliates
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ck0001585389 Beneficial Non Voting Equity Interest
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ck0001585389 Increase Decrease In Transfer Agent Escrow Receivable
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0
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25750
ck0001585389 Non Cash Transactions Proceeds From Issuance Of Common Stock In Other Assets
NonCashTransactionsProceedsFromIssuanceOfCommonStockInOtherAssets
281568
ck0001585389 Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
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-2.74
ck0001585389 Business Acquisition Fees Paid To Advisor
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2300000
ck0001585389 Accretion Of Fair Market Value Of Secured Debt
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41663
ck0001585389 Accretion Of Preferred Equity Issuance Costs
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0
ck0001585389 Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
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2900000
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ck0001585389 Preferred Equity Issuance Cost
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ck0001585389 Maximum Offering Cost Rate Incurred On Behalf Of Entity
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ck0001585389 Non Cash Transactions Distribution Payable
NonCashTransactionsDistributionPayable
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2900000
ck0001585389 Maximum Period For Reimbursement Of Offering Cost
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ck0001585389 Non Cash Transactions Other Assets Included In Due To Affiliates
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NonCashTransactionsDistributionsPayableToPreferredUnitHoldersInOperatingPartnership
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ck0001585389 Non Cash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
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ck0001585389 Related Party Transaction Cash Paid
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ck0001585389 Business Acquisitions Pro Forma Operating Expenses
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ck0001585389 Non Cash Or Partial Non Cash Transaction Preferred Stock Issuance Costs
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ck0001585389 Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
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ck0001585389 Redemption Of Common Stock
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ck0001585389 Percentage Of Non Voting Membership Interest In Our Advisor
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ck0001585389 Common Stock Annual Dividends Declared Per Share
CommonStockAnnualDividendsDeclaredPerShare
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CY2014 ck0001585389 Related Party Transaction Cash Paid
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MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90 pure
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CostsAndExpenses
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EarningsPerShareBasicAndDiluted
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99904 shares
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Revenues
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ProfitLoss
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InterestExpense
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PreferredStockDividendsIncomeStatementImpact
1644706
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CostsAndExpenses
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AccretionOfFairMarketValueOfSecuredDebt
22448
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BusinessAcquisitionCostOfAcquiredEntityTransactionCost
500000
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BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
374238
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OtherPropertyAcquisitionExpenses
143372
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.77
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OperatingIncomeLoss
-498335
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Revenues
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ProfitLoss
-498335
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NetIncomeLoss
-482603
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
498335
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-891539
CY2014Q4 us-gaap Revenues
Revenues
465345
CY2014Q4 us-gaap Profit Loss
ProfitLoss
-996259
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-1124645
CY2014Q4 us-gaap Costs And Expenses
CostsAndExpenses
1356884

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