$STSFF
Smartstop Self Storage Reit Inc

2017 Q3 Form 10-Q Financial Statement

#000156459017023528 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $19.94M $14.46M
YoY Change 37.92% 186.08%
Cost Of Revenue $6.456M $4.814M
YoY Change 34.12% 166.14%
Gross Profit $13.48M $9.644M
YoY Change 39.81% 197.19%
Gross Profit Margin 67.62% 66.7%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.146M $3.742M
YoY Change 37.52% 204.55%
% of Gross Profit 38.17% 38.8%
Operating Expenses
YoY Change
Operating Profit $741.7K -$1.296M
YoY Change -157.25% 38.49%
Interest Expense $4.310M $2.906M
YoY Change 48.32% 256.01%
% of Operating Profit 581.09%
Other Income/Expense, Net -$90.61K -$162.1K
YoY Change -44.09% -779.37%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.875M -$6.338M
YoY Change -38.86% 69.5%
Net Earnings / Revenue -19.43% -43.84%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $11.96M $11.96M
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 $831.3M $663.2M
YoY Change 25.35% 300.21%
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 $416.4M $295.8M
YoY Change 40.79% 231.4%
SHAREHOLDERS EQUITY
Retained Earnings -$56.31M -$39.26M
YoY Change 43.45% 159.05%
Common Stock $496.3M $419.0M
YoY Change 18.43% 765.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $389.2M $359.9M
YoY Change
Total Liabilities & Shareholders Equity $831.3M $663.2M
YoY Change 25.35% 300.21%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$3.875M -$6.338M
YoY Change -38.86% 69.5%
Depreciation, Depletion And Amortization $5.146M $3.742M
YoY Change 37.52% 204.55%
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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ck0001585389 Redemption Of Common Stock
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ck0001585389 Non Cash Transactions Deferred Financing Costs Included In Accounts Payable And Accrued Liabilities
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us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
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ck0001585389 Issuance Of Units In Operating Partnership In Exchange For Real Estate
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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Organization </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.86%;">Strategic Storage Trust II, Inc., a Maryland corporation (the &#8220;Company&#8221;), was formed on January&#160;8, 2013 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities. The Company&#8217;s year-end is December&#160;31. As used in this report, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and &#8220;Company&#8221; refer to Strategic Storage Trust II, Inc. and each of our subsidiaries. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013, was the sponsor (&#8220;Sponsor&#8221;) of our Offering of shares of common stock, as described below. Our Sponsor is a company focused on providing real estate advisory, asset management, and property management services. Our Sponsor owns 97.5% of the economic interests (and 100% of the voting membership interests) of Strategic Storage Advisor II, LLC (our &#8220;Advisor&#8221;) and owns 100% of Strategic Storage Property Management II, LLC (our &#8220;Property Manager&#8221;). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October&#160;1, 2015, SmartStop Self Storage, Inc. (&#8220;SmartStop&#8221;) and Extra Space Storage Inc. (&#8220;Extra Space&#8221;), along with subsidiaries of each of SmartStop and Extra Space, closed on a merger transaction (the &#8220;Extra Space Merger&#8221;) in which SmartStop was acquired by Extra Space for $13.75 per share in cash, representing an enterprise value of approximately $1.4&#160;billion. At the closing of the Extra Space Merger, our Sponsor was sold to an entity controlled by H. Michael Schwartz, our Chairman of the Board of Directors and Chief Executive Officer, and became our sponsor. The former executive management team of SmartStop continues to serve as the executive management team for our Sponsor. In addition, our management team at the time of the Extra Space Merger continues to serve on our management team, as well as the management team of our Advisor and Property Manager. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have no employees. Our Advisor, a Delaware limited liability company, was formed on January&#160;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 &#8220;Advisory Agreement&#8221;). The officers of our Advisor are also officers of us and our Sponsor. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August&#160;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, authorized 350,000,000 shares of Class&#160;A common stock, $0.001 par value per share (the &#8220;Class&#160;A Shares&#8221;) and 350,000,000 shares of Class&#160;T common stock, $0.001 par value per share (the &#8220;Class&#160;T Shares&#8221;) and 200,000,000 shares of preferred stock with a par value of $0.001. We offered a maximum of $1.0&#160;billion in common shares for sale to the public (the &#8220;Primary Offering&#8221;) and $95.0&#160;million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the &#8220;Offering&#8221;). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January&#160;10, 2014, the Securities and Exchange Commission (&#8220;SEC&#8221;) declared our registration statement effective. On May&#160;23, 2014, we satisfied the $1.5&#160;million minimum offering requirements of our Offering and commenced formal operations. On September&#160;28, 2015, we revised our Offering to offer two classes of shares of common stock: Class&#160;A Shares and Class&#160;T Shares. On January&#160;9, 2017, our Offering terminated. We sold approximately 48&#160;million Class&#160;A Shares and approximately 7&#160;million Class&#160;T Shares for approximately $493&#160;million and $73&#160;million respectively, in our Offering. On November&#160;30, 2016, prior to the termination of our Offering, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9&#160;million in shares under our distribution reinvestment plan (our &#8220;DRP Offering&#8221;). The DRP Offering may be terminated at any time upon 10 days&#8217; prior written notice to stockholders. As of September&#160;30, 2017, we had sold approximately 1.0&#160;million Class&#160;A Shares and approximately 0.2&#160;million Class&#160;T Shares for approximately $10.4&#160;million and $1.6&#160;million, respectively, in our DRP Offering. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April&#160;13, 2017, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an estimated value per share of our common stock of $10.22 for our Class&#160;A Shares and Class&#160;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&#160;31, 2016. See our Current Report on Form 8-K filed with the SEC on April&#160;18, 2017 for a description of the methodologies and assumptions used to determine, and the limitations of, the estimated value per share. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the calculation of our estimated value per share, beginning in May 2017, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.22 for both Class&#160;A Shares and Class&#160;T Shares. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our operating partnership, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (our &#8220;Operating Partnership&#8221;), was formed on January&#160;9, 2013. During 2013, our Advisor purchased limited partnership interests in our Operating Partnership for $200,000 and on August&#160;2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. In conjunction with the Toronto Merger (as defined in Note 7) we issued an aggregate of approximately 483,197 Class&#160;A Units of our Operating Partnership to the common stockholders of Strategic Storage Toronto Properties REIT, Inc. (&#8220;SS Toronto&#8221;), consisting of Strategic 1031, LLC (&#8220;Strategic 1031&#8221;), a subsidiary of our Sponsor, and SS Toronto REIT Advisors, Inc., an affiliate of our Sponsor. 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&#160;30, 2017, we owned approximately 99.1% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 0.9% of the common units are owned by our Advisor, Strategic 1031, and SS Toronto REIT Advisors, Inc. 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 &#8220;TRS&#8221;), which is a wholly-owned subsidiary of our Operating Partnership. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our Property Manager was formed on January&#160;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 Extra Space 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 &#8220;SmartStop<sup style="font-size:85%; vertical-align:top">&#174;</sup> Self Storage&#8221; brand in the United States through the Merger, and all properties in the United States were subsequently operated under the Extra Space name. However, any properties owned or acquired in Canada are managed by a subsidiary of our Sponsor and continue to be branded using the SmartStop<sup style="font-size:85%; vertical-align:top">&#174;</sup> Self Storage brand. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 14, 2017, our Property Manager provided written notice to Extra Space of its intention to terminate each sub-property management agreement effective October 1, 2017. As of October 1, 2017, our Property Manager now manages all of our properties directly. In addition, our Sponsor reacquired the rights to the &#8220;SmartStop&#174; Self Storage&#8221; brand in the United States. As a result, we began using the &#8220;SmartStop&#174; Self Storage&#8221; brand at our United States properties effective October 1, 2017. Please see Note 7 &#8211; Related Party Transactions &#8211; Property Management Agreement.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All properties owned or acquired in Canada have been and will continue to be, managed by a subsidiary of our Sponsor and branded using the SmartStop&#174; Self Storage brand.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our dealer manager is Select Capital Corporation, a California corporation (our &#8220;Dealer Manager&#8221;). Our Dealer Manager was responsible for marketing our shares offered pursuant to our Primary Offering. Our Sponsor owns a 15% non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own a 2.5% non-voting membership interest in our Advisor. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we accepted subscriptions for shares of our common stock, we transferred 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 were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was 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&#8217;s limited partnership agreement (the &#8220;Operating Partnership Agreement&#8221;). 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 Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.86%;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.86%;">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 estimated useful lives of real estate assets and intangibles. </p></div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-01-08
ck0001585389 Stock Issuable During Period Value Dividend Reinvestment Plan
StockIssuableDuringPeriodValueDividendReinvestmentPlan
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2017Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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CY2016Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017Q3 us-gaap Finite Lived Intangible Assets Gross
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CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16100000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2500000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2500000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
100000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
100000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
100000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1400000
CY2017Q3 ck0001585389 Accumulated Amortization Of Debt Issuance Costs
AccumulatedAmortizationOfDebtIssuanceCosts
1300000
CY2016Q4 ck0001585389 Accumulated Amortization Of Debt Issuance Costs
AccumulatedAmortizationOfDebtIssuanceCosts
700000
ck0001585389 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
ck0001585389 Maximum Offering Cost Rate Incurred On Behalf Of Entity
MaximumOfferingCostRateIncurredOnBehalfOfEntity
0.035
ck0001585389 Reimbursement Of Offering Cost
ReimbursementOfOfferingCost
0
ck0001585389 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90
CY2016Q4 ck0001585389 Real Estate Investment Property At Cost Excluding Construction In Progress
RealEstateInvestmentPropertyAtCostExcludingConstructionInProgress
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us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
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ck0001585389 Real Estate Facilities Foreign Exchange Gain Loss Impact
RealEstateFacilitiesForeignExchangeGainLossImpact
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ck0001585389 Real Estate Cost Of Real Estate Disposed
RealEstateCostOfRealEstateDisposed
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us-gaap Real Estate Improvements
RealEstateImprovements
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CY2017Q3 ck0001585389 Real Estate Investment Property At Cost Excluding Construction In Progress
RealEstateInvestmentPropertyAtCostExcludingConstructionInProgress
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ck0001585389 Real Estate Accumulated Depreciation Real Estate Disposed
RealEstateAccumulatedDepreciationRealEstateDisposed
141412
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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14756893
ck0001585389 Real Estate Accumulated Depreciation Foreign Exchange Gain Loss Impact
RealEstateAccumulatedDepreciationForeignExchangeGainLossImpact
212694
CY2017Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
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90112135
CY2017Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
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CY2017Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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CY2017Q3 ck0001585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Debt
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us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
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us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
2458466
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
57188309
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
52162082
ck0001585389 Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
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ck0001585389 Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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ck0001585389 Business Acquisition Pro Forma Acquisition Related Costs
BusinessAcquisitionProFormaAcquisitionRelatedCosts
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ck0001585389 Business Acquisition Pro Forma Acquisition Related Costs
BusinessAcquisitionProFormaAcquisitionRelatedCosts
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CY2017Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
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CY2017Q3 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
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CY2017Q1 ck0001585389 Number Of Real Estate Properties Removed From Encumbrance
NumberOfRealEstatePropertiesRemovedFromEncumbrance
5
CY2017Q2 ck0001585389 Number Of Special Purpose Vehicles
NumberOfSpecialPurposeVehicles
5
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
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CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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117798927
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
14087362
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
221357842
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
401414700
CY2017Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
58500000
CY2017Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
101000000
CY2017Q1 us-gaap Derivative Average Forward Exchange Rate1
DerivativeAverageForwardExchangeRate1
1.3058
CY2017Q1 us-gaap Derivative Average Forward Exchange Rate1
DerivativeAverageForwardExchangeRate1
1.3439
CY2017Q1 ck0001585389 Number Of Foreign Currency Forward Contracts Settled
NumberOfForeignCurrencyForwardContractsSettled
2
CY2017Q1 ck0001585389 Number Of Foreign Currency Forward Contracts Entered
NumberOfForeignCurrencyForwardContractsEntered
1
CY2017Q1 ck0001585389 Number Of Foreign Currency Forward Contracts Entered
NumberOfForeignCurrencyForwardContractsEntered
1
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1400000
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
5500000
CY2016 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
48646868
CY2016 ck0001585389 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
45677116
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10599794
ck0001585389 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
10862194
CY2016Q4 us-gaap Revenues
Revenues
14939818
CY2017Q1 us-gaap Revenues
Revenues
17707546
CY2017Q2 us-gaap Revenues
Revenues
19076777
CY2016Q4 us-gaap Costs And Expenses
CostsAndExpenses
15830901
CY2017Q1 us-gaap Costs And Expenses
CostsAndExpenses
18259683
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
18085017
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-891083
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-552137
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
991760
CY2016Q4 us-gaap Profit Loss
ProfitLoss
-4524376
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-5221480
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-3538491
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4522696
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5191114
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3502661

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