$STSFF
Smartstop Self Storage Reit Inc

2015 Q3 Form 10-Q Financial Statement

#000119312515376078 Filed on November 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $5.054M $0.00
YoY Change
Cost Of Revenue $1.809M $0.00
YoY Change
Gross Profit $3.245M $0.00
YoY Change
Gross Profit Margin 64.21%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.229M $0.00
YoY Change
% of Gross Profit 37.86%
Operating Expenses $498.3K
YoY Change
Operating Profit -$935.5K -$498.3K
YoY Change 87.72%
Interest Expense $816.3K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $23.85K $0.00
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.739M -$482.6K
YoY Change 674.85%
Net Earnings / Revenue -73.99%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 4.236M shares 430.5K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.548M $5.586M
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 $10.90M
YoY Change 1420.68%
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 $4.263M
YoY Change 1993.56%
SHAREHOLDERS EQUITY
Retained Earnings -$15.15M -$1.272M
YoY Change 1091.53%
Common Stock $48.39M $7.891M
YoY Change 513.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.47M $6.511M
YoY Change
Total Liabilities & Shareholders Equity $165.7M $10.90M
YoY Change 1420.68%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$3.739M -$482.6K
YoY Change 674.85%
Depreciation, Depletion And Amortization $1.229M $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

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dei Document Type
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10-Q
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ck0001585389
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dei Entity Central Index Key
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0001585389
dei Document Period End Date
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2015-09-30
dei Entity Filer Category
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Non-accelerated Filer
dei Current Fiscal Year End Date
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--12-31
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2013-01-08
us-gaap Earnings Per Share Basic And Diluted
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dei Entity Registrant Name
EntityRegistrantName
STRATEGIC STORAGE TRUST II, INC.
us-gaap Use Of Estimates
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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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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2015
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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;) 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, SmartStop became our sponsor and 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, a Delaware limited liability company (&#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;). SmartStop was formed on August&#xA0;14, 2007 for the purpose of engaging in the business of investing in self storage facilities. As of September&#xA0;30, 2015, SmartStop 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: 8%"> On October&#xA0;1, 2015, SmartStop and Extra Space Storage Inc. (&#x201C;Extra Space&#x201D;), along with subsidiaries of each of SmartStop and Extra Space, closed on a merger transaction (the &#x201C;Merger&#x201D;) in which SmartStop was acquired by Extra Space for $13.75 per share in cash, representing an enterprise value of approximately $1.4 billion.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> At the closing of the Merger, SmartStop Asset Management, the owner of our Property Manager and majority and sole voting member of our Advisor, was sold to an entity controlled by H. Michael Schwartz, our Chairman of the Board of Directors, Chief Executive Officer and President, and became our sponsor (our &#x201C;New Sponsor&#x201D;). The former executive management team of SmartStop continues to serve as the executive management team for our New Sponsor. In addition, our management team remains 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: 8%"> At the closing of the Merger, we entered into new property management agreements with our Property Manager and our Property Manager entered into sub-property management agreements with Extra Space for the management of our properties. Furthermore, Extra Space acquired 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 can no longer utilize this brand. The properties we own are being re-branded under the Extra Space name. However, any properties owned or acquired in Canada will be managed by a subsidiary of SmartStop Asset Management and will continue to be branded using the SmartStop<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> Self Storage 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 New 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 pursuant to our distribution reinvestment plan (collectively the &#x201C;Offering&#x201D;). 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. On September&#xA0;28, 2015, the Company revised its Offering of up to $1.095 billion in shares of common stock, including $95 million of shares offered under the Company&#x2019;s distribution reinvestment plan. The Company is now offering two classes of shares of common stock: Class&#xA0;A common stock, $0.001 par value per share (the &#x201C;Class A Shares&#x201D;) and Class T common stock, $0.001 par value per share (the &#x201C;Class T Shares&#x201D;). As of September&#xA0;30, 2015, we had issued approximately 5.7&#xA0;million Class&#xA0;A Shares and no Class T Shares for gross proceeds of approximately $57.0 million and none, respectively. 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&#xA0;30, 2015, we owned 32 self storage properties located in ten 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 September&#xA0;30, 2015, we owned approximately 99.6% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.4% of the common units are owned by our Advisor. 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, SmartStop indirectly owned the 15% non-voting equity interest in our Dealer Manager. Effective October&#xA0;1, 2015, in connection with the Merger, the 15% non-voting equity interest in our Dealer Manager is now owned by SmartStop Asset Management, our New Sponsor. 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>
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