$STSFF
Smartstop Self Storage Reit Inc

2016 Q2 Form 10-Q Financial Statement

#000119312516681771 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $9.799M $4.488M
YoY Change 118.33%
Cost Of Revenue $3.608M $1.581M
YoY Change 128.21%
Gross Profit $6.192M $2.907M
YoY Change 112.96%
Gross Profit Margin 63.18% 64.78%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.436M $910.4K
YoY Change 167.61%
% of Gross Profit 39.35% 31.31%
Operating Expenses
YoY Change
Operating Profit -$8.910M -$1.125M
YoY Change 692.0% 29.75%
Interest Expense $1.290M $779.0K
YoY Change 65.59%
% of Operating Profit
Other Income/Expense, Net -$35.81K $35.50K
YoY Change -200.89%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$10.72M -$4.038M
YoY Change 165.6% 411.65%
Net Earnings / Revenue -109.44% -89.96%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 2.961M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $12.57M $13.25M
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 $632.3M $165.7M
YoY Change 281.61% 5145.97%
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 $299.4M $90.53M
YoY Change 230.74% 2999.54%
SHAREHOLDERS EQUITY
Retained Earnings -$32.92M -$11.41M
YoY Change 188.39% 1346.36%
Common Stock $374.4M $28.74M
YoY Change 1202.7% 3024.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.1M $16.24M
YoY Change
Total Liabilities & Shareholders Equity $632.3M $165.7M
YoY Change 281.61% 5145.97%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$10.72M -$4.038M
YoY Change 165.6% 411.65%
Depreciation, Depletion And Amortization $2.436M $910.4K
YoY Change 167.61%
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 Fiscal Period Focus
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Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001585389
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-01-08
us-gaap Nature Of Operations
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Note 1. Organization</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Strategic Storage Trust II, Inc., a Maryland corporation (the &#x201C;Company&#x201D;), was formed on January&#xA0;8, 2013 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities. The Company&#x2019;s year-end is December&#xA0;31. As used in this report, &#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; and &#x201C;Company&#x201D; refer to Strategic Storage Trust II, Inc. and each of our subsidiaries.</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 (&#x201C;SSH&#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 SSH and its affiliates, pursuant to which, effective August&#xA0;31, 2014, SmartStop acquired the self storage advisory, asset management, property management and investment management businesses of SSH including SSH&#x2019;s sole membership interest in SmartStop Asset Management, LLC (formerly Strategic Storage Realty Group, LLC), which owns 97.5% of the economic interests (and 100% of the voting membership interests) of Strategic Storage Advisor II, LLC (our &#x201C;Advisor&#x201D;) and owns 100% of Strategic Storage Property Management II, LLC (our &#x201C;Property Manager&#x201D;).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. At the closing of the Merger, SmartStop Asset Management, LLC, 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;Sponsor&#x201D;). The former executive management team of SmartStop continues to serve as the executive management team for our 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We have no employees. 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, as amended, authorize 350,000,000 shares of Class&#xA0;A common stock, $0.001 par value per share (the &#x201C;Class A Shares&#x201D;) and 350,000,000 shares of Class T common stock, $0.001 par value per share (the &#x201C;Class T Shares&#x201D;) and 200,000,000 shares of preferred stock with a par value of $0.001. We are offering a maximum of $1.0 billion in common shares for sale to the public (the &#x201C;Primary Offering&#x201D;) and $95.0 million in 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. On September&#xA0;28, 2015, we revised our Primary Offering and are now offering two classes of shares of common stock: Class&#xA0;A Shares and Class T Shares. As of June 30, 2016, we had issued approximately 38.8&#xA0;million Class&#xA0;A Shares and approximately 3.4&#xA0;million Class T Shares in our Offering for gross proceeds of approximately $388.6 million and approximately $33.4 million, 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 June 30, 2016 we owned 63 properties and subsequent to June 30, 2016 we acquired an additional property (see Note 12).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On April&#xA0;8, 2016, our board of directors, upon recommendation of its nominating and corporate governance committee, approved an estimated value per share of our common stock of $10.09 for our Class&#xA0;A Shares and Class T Shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on a fully diluted basis, calculated as of December&#xA0;31, 2015. See our Current Report on Form 8-K filed with the SEC on April&#xA0;11, 2016 for a description of the methodologies and assumptions used to determine, and the limitations of, the estimated value per share.</p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As a result of the calculation of our estimated value per share, effective on April&#xA0;14, 2016, the offering price of Class&#xA0;A Shares increased from $10.00 per share to $11.21 per share and the offering price of Class T Shares increased from $9.47 per share to $10.62 per share. Our board of directors determined the new per share offering price of each class of stock by taking the $10.09 estimated value per share and adding the per share up-front sales commissions and dealer manager fees to be paid with respect to the Class&#xA0;A Shares and Class T Shares, respectively, such that after the payment of such commissions and dealer manager fees, the net proceeds to us will be the same for both Class&#xA0;A Shares and Class T Shares. In addition, effective April&#xA0;21, 2016, shares sold pursuant to our distribution reinvestment plan are sold at $10.09 per share for Class&#xA0;A and Class T Shares.</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 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 30, 2016, we owned approximately 99.95% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.05% of the common units are owned by our Advisor. 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 former operating partnership of SmartStop, in exchange for an investment in our Operating Partnership of approximately $59.5 million. Such Preferred Units were owned by Extra Space subsequent to the Merger. As of December&#xA0;31, 2015, we had redeemed all of the Preferred Units. 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. 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 an affiliate of Extra Space for the management of our properties in the United States. 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 in the United States. The properties we own were re-branded under the Extra Space name subsequent to the Merger. However, any properties owned or acquired in Canada will be managed by a subsidiary of our Sponsor 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-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, SmartStop indirectly owned the 15% non-voting equity interest in our Dealer Manager, pursuant to the Self Administration and Investment Management Transaction. Effective October&#xA0;1, 2015, in connection with the Merger, the 15% non-voting equity interest in our Dealer Manager is now owned by our Sponsor. 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>
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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>Foreign Currency Forward</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the first quarter of 2016, we entered into a foreign currency forward contract in order to hedge foreign currency exposure related to our investment in subsidiaries that hold properties we acquired in Canada. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. We have designated the foreign currency forward as a net investment hedge and changes in the fair value of the derivative are reported in other comprehensive income.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The forward contract has a notional amount of $42.5 million CAD, a duration of 12 months, and a forward rate of approximately 1.339. As of June 30, 2016, the forward contract has a fair market value representing a liability of approximately $1.1 million USD which is recorded in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The characteristics of this financial instrument, market data, and other comparative metrics utilized in determining this fair value are &#x201C;Level 2&#x201D; inputs as the term is defined in the accounting standard for fair value measurement.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements in conformity with GAAP 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. 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.</p> </div>
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143372
CY2015Q2 ck0001585389 Business Acquisition Cost Of Acquired Entity Transaction Cost
BusinessAcquisitionCostOfAcquiredEntityTransactionCost
500000
CY2015Q2 ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
374238
CY2015Q2 ck0001585389 Ancillary Operating Income
AncillaryOperatingIncome
122959
CY2016Q1 us-gaap Revenues
Revenues
6234589
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q1 us-gaap Profit Loss
ProfitLoss
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CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
18708719
CY2016Q1 us-gaap Costs And Expenses
CostsAndExpenses
10048926
CY2016Q2 us-gaap Revenues
Revenues
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CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-148892
CY2016Q2 us-gaap Real Estate Revenue Net
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CY2016Q2 us-gaap Operating Income Loss
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CY2016Q2 us-gaap Net Income Loss
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CY2016Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-11266750
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11261100
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-10729510
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
11311
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35810
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2016Q2 us-gaap Depreciation
Depreciation
2436412
CY2016Q2 us-gaap Interest Expense
InterestExpense
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CY2016Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0
CY2016Q2 us-gaap Affiliate Costs
AffiliateCosts
1214278
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
754098
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5381
CY2016Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
0
CY2016Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
601455
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2853212
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-5650
CY2016Q2 us-gaap Cost Of Revenue
CostOfRevenue
3607594
CY2016Q2 ck0001585389 Accretion Of Fair Market Value Of Secured Debt
AccretionOfFairMarketValueOfSecuredDebt
107286
CY2016Q2 ck0001585389 Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
1210299
CY2016Q2 ck0001585389 Business Acquisition Cost Of Acquired Entity Transaction Cost
BusinessAcquisitionCostOfAcquiredEntityTransactionCost
7800000
CY2016Q2 ck0001585389 Business Combination Acquisition Related Costs Paid To Affiliates
BusinessCombinationAcquisitionRelatedCostsPaidToAffiliates
6632826
CY2016Q2 ck0001585389 Ancillary Operating Income
AncillaryOperatingIncome
77593
CY2015Q3 us-gaap Revenues
Revenues
5053724
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-935471
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-3739454
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-1854575
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
5989195
CY2015Q4 us-gaap Revenues
Revenues
5356983
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-97622
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-2534121
CY2015Q4 us-gaap Profit Loss
ProfitLoss
-1511945
CY2015Q4 us-gaap Costs And Expenses
CostsAndExpenses
5454605

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