$STSFF
Smartstop Self Storage Reit Inc

2020 Form 10-K Financial Statement

#000156459021015769 Filed on March 26, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q3
Revenue $124.0M $30.08M $29.59M
YoY Change 13.23% 48.99% 45.66%
Cost Of Revenue $46.90M
YoY Change -2.9%
Gross Profit $77.10M
YoY Change 25.98%
Gross Profit Margin 62.17%
Selling, General & Admin $16.50M
YoY Change 37.5%
% of Gross Profit 21.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.29M $7.639M
YoY Change 9.08% 49.85%
% of Gross Profit 41.89%
Operating Expenses $56.10M
YoY Change 5.06%
Operating Profit -$21.14M $7.055M $1.815M
YoY Change -282.43% 61.13% -59.47%
Interest Expense $32.60M $10.26M
YoY Change -13.22% 123.67%
% of Operating Profit 565.49%
Other Income/Expense, Net $5.987M -$45.82K
YoY Change -1057.94%
Pretax Income -$51.20M
YoY Change 103.98%
Income Tax -$5.826M
% Of Pretax Income
Net Earnings -$51.21M -$4.322M -$9.542M
YoY Change 104.05% 272.86% 1986.6%
Net Earnings / Revenue -41.29% -14.37% -32.25%
Basic Earnings Per Share -$0.91
Diluted Earnings Per Share -$0.91
COMMON SHARES
Basic Shares Outstanding 59.62M
Diluted Shares Outstanding 59.62M

Balance Sheet

Concept 2020 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.70M
YoY Change 16.69%
Cash & Equivalents $72.70M $62.28M $14.09M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $72.70M
YoY Change 16.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.096B
YoY Change -0.58%
Goodwill $78.37M $78.37M
YoY Change
Intangibles $19.69M
YoY Change
Long-Term Investments $15.60M
YoY Change 155.74%
Other Assets $8.000M
YoY Change 26.98%
Total Long-Term Assets $1.210B
YoY Change -3.17%
TOTAL ASSETS
Total Short-Term Assets $72.70M
Total Long-Term Assets $1.210B
Total Assets $1.282B $1.311B $1.280B
YoY Change -2.23% 64.68% 59.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.00M
YoY Change 23.66%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.30M
YoY Change 19.29%
LONG-TERM LIABILITIES
Long-Term Debt $718.0M
YoY Change 0.74%
Other Long-Term Liabilities $28.60M
YoY Change -8.04%
Total Long-Term Liabilities $746.6M
YoY Change 0.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.30M
Total Long-Term Liabilities $746.6M
Total Liabilities $845.3M $775.8M $879.2M
YoY Change -0.29% 85.21% 112.1%
SHAREHOLDERS EQUITY
Retained Earnings -$87.09M -$81.66M
YoY Change 39.7% 33.47%
Common Stock $491.4M $491.3M
YoY Change -1.81% -1.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $436.9M $273.8M $286.6M
YoY Change
Total Liabilities & Shareholders Equity $1.282B $1.311B $1.280B
YoY Change -2.23% 64.68% 59.95%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$51.21M -$4.322M -$9.542M
YoY Change 104.05% 272.86% 1986.6%
Depreciation, Depletion And Amortization $32.29M $7.639M
YoY Change 9.08% 49.85%
Cash From Operating Activities $26.77M
YoY Change 174.08%
INVESTING ACTIVITIES
Capital Expenditures $15.56M
YoY Change -28.39%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$13.40M
YoY Change -95.89%
Cash From Investing Activities -$28.96M
YoY Change -91.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.74M
YoY Change -96.5%
NET CHANGE
Cash From Operating Activities 26.77M
Cash From Investing Activities -28.96M
Cash From Financing Activities 13.74M
Net Change In Cash 12.09M
YoY Change -77.85%
FREE CASH FLOW
Cash From Operating Activities $26.77M
Capital Expenditures $15.56M
Free Cash Flow $11.21M
YoY Change -193.7%

Facts In Submission

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CY2020 us-gaap Nature Of Operations
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<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;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 Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries.</p> <p style="margin-bottom:0pt;margin-top:6pt;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 acquire, own and operate self storage facilities—including facilities owned by us as well as those owned by the entities sponsored by us. As of December 31, 2020, we owned 112 self storage facilities located in 17 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas and Washington) and the Greater Toronto Area of Ontario, Canada. As discussed herein, we, through our subsidiaries, also serve as the sponsor of Strategic Storage Trust IV, Inc. (“SST IV”), a public non-traded REIT, and Strategic Storage Growth Trust II, Inc. (“SSGT II”) (collectively with SST IV, the “Managed REITs”), a private non-traded REIT, and operate the properties owned by the Managed REITs, consisting of 37 properties and approximately 30,000 units and 3.1 million rentable square feet. Through our Managed REIT Platform (as defined below), we have the internal capability to originate, structure, and manage additional investment products. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Significant Acquisitions and Transactions </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">SST IV Merger</p> <p style="margin-top:6pt;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 March 17, 2021, we closed on our merger with SST IV (the “SST IV Merger”). As a result, we acquired all of the real estate owned by SST IV, consisting of (i) 24 self storage facilities located in 9 states comprising approximately 18,000 self storage units and approximately 2.0 million net rentable square feet, and (ii) SST IV’s 50% equity interest in six unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada (the “JV Properties”). The JV Properties consist of three operating self storage properties and three parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party (“SmartCentres”). Additionally, we obtained the rights to acquire, upon its completion, a self storage property that is being developed in San Gabriel, California.</p> <p style="margin-bottom:12pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 16 - Subsequent Events, for additional information related to the SST IV Merger.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">New Credit Facility</p> <p style="margin-bottom:12pt;margin-top:6pt;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 March 17, 2021, we, through SmartStop OP, L.P. (our “Operating Partnership”), entered into a credit facility with KeyBank, National Association as administrative agent, with an initial aggregate amount of $500 million (the “Credit Facility”), which consists of a $250 million revolving credit facility and a $250 million term loan. The revolving credit facility has an initial term of three years, with a one year extension option, and the term loan has a term of five years, with no extension option. Borrowings under the new Credit Facility may be in either U.S. dollars or Canadian dollars. Upon the closing of the Credit Facility, we immediately made the following drawdowns: (i) under the Credit Facility revolver (A) $199 million in USD borrowings and (B) CAD$2.5 million in Canadian dollar borrowings (approximately $2 million equivalent in U.S. dollars), and (ii) under the Credit Facility term loan (A) $150 million in US borrowings and (B) CAD$124.7 million in Canadian dollar borrowings (approximately $100 million equivalent in U.S. dollars), for an aggregate amount of approximately $451 million. We used the proceeds primarily to pay off certain existing indebtedness as well as indebtedness of SST IV in connection with the SST IV Merger.</p> <p style="margin-bottom:12pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 16 - Subsequent Events, for additional information related to the new Credit Facility.</p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Self Administration Transaction</p> <p style="margin-bottom:0pt;margin-top: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;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests (the “Self Storage Platform”) of SmartStop Asset Management, LLC, our former sponsor (“SAM”), along with certain other assets of SAM (collectively, the “Self Administration Transaction”).  As a result of the Self Administration Transaction,</span><span style="font-size:12pt;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">w</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">became</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> self-managed and </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the sponsor of </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SST IV</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SSGT II</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. W</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e originate, structure and manage investment products (the “Managed REIT Platform”) </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">through</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> SmartStop REIT Advisors, LLC (“SRA”), our indirect subsidiary. See Note 4, </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Self Administration Transaction</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and Note 11 – Related Party Transactions</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, for additional information</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">SSGT Mergers</p> <p style="margin-top:6pt;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 October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“SSGT Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT then sponsored by SAM, and SS Growth Operating Partnership, L.P. (“SSGT OP”).  Pursuant to the terms and conditions set forth in the SSGT Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into SSGT Merger Sub, with SSGT Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”).  SSGT was a REIT with stated investment objectives to acquire opportunistic self storage properties, including development and lease-up properties. See Note 3, Real Estate Facilities—Merger with Strategic Storage Growth Trust, Inc., for additional information related to the SSGT Mergers.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Equity </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was formed on January 8, 2013, under the Maryland General Corporation Law.  We commenced our initial public offering in January 2014, in which we offered a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (collectively, the “Offering”).   At the termination of our offering in January 2017, we had sold approximately 48 million shares of Class A common stock (“Class A Shares”) and approximately 7 million shares of Class T common stock (“Class T Shares”) for approximately $493 million and $73 million respectively. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of December 31, 2020, we had sold approximately 5.3 million Class A Shares and approximately 0.8 million Class T Shares for approximately $55.5 million and $8.5 million, respectively, in our DRP Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A </span><span style="color:#000000;">Convertible </span><span style="Background-color:#FFFFFF;">Preferred Stock”), in one or more closings</span> (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date, and the second and final closing in the amount of $50 million occurred on October 26, 2020.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The shares of Series A </span><span style="color:#000000;">Convertible </span><span style="Background-color:#FFFFFF;">Preferred Stock rank senior to all other shares of our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A </span><span style="color:#000000;">Convertible </span><span style="Background-color:#FFFFFF;">Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A </span><span style="color:#000000;">Convertible </span><span style="Background-color:#FFFFFF;">Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A </span><span style="color:#000000;">Convertible </span><span style="Background-color:#FFFFFF;">Preferred Stock is redeemed or repurchased in full.  See Note 8, Preferred Equity, for additional information</span>.</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 April 20, 2020, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated value per share of our common stock of $10.40 for our Class 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 31, 2019.</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 2020, shares sold pursuant to our DRP Offering are being sold at the estimated value per share of $10.40 for both Class A Shares and Class 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;">Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Former Dealer Manager”), was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Former Dealer Manager. Now that our Primary Offering has terminated, our Former Dealer Manager no longer provides such services for us. However, we pay our Former Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold. Please see Note 11 – Related Party Transactions – Former Dealer Manager Agreement. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Other Corporate History</p> <p style="margin-bottom:0pt;margin-top:6pt;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 was formed on January 9, 2013. During 2013, Strategic Storage Advisor II, LLC, our former external advisor (“Former External Advisor”) purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. See Note 4, Self Administration Transaction, for additional information. </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’s limited partnership 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;">Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we own. As of December 31, 2020, we owned approximately 86.5% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 13.5% of the common units are owned by certain members of our executive management team or indirectly by SAM and affiliates of our Former Dealer Manager. 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 SmartStop TRS, Inc. (our “TRS”), or other taxable REIT subsidiaries which are directly or indirectly wholly-owned subsidiaries of our Operating Partnership. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.86%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">COVID-19</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our rental revenue and operating results depend significantly on the demand for self storage space. Since the beginning of the COVID-19 pandemic in late March 2020, our operations have been affected by COVID-19 in various ways, including but not limited to, national and local jurisdictions issuing orders causing temporary restrictions on our business in certain markets, temporary shutdowns of certain of our facilities, customer behavior and their comfort levels visiting our facilities, as well as the broader economic impacts of COVID-19. The financial impact associated with these items were most significant in the second quarter of 2020, with customer demand for self storage resuming at or above normalized levels during the second half of 2020. Future governmental orders or broad economic weakness could adversely impact our business, financial condition, liquidity and results of operations, however, the extent and duration to which our operations will be impacted is highly uncertain and cannot be predicted</p>
CY2020 dei Entity Incorporation Date Of Incorporation
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2013-01-08
CY2020 ck1585389 Number Of Self Storage Facilities
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112
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17
CY2020 dei Entity Incorporation Date Of Incorporation
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2013-01-08
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50000000
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0.0625
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CY2018 us-gaap Business Combination Acquisition Related Costs
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32910005
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and long-lived assets and goodwill, and the estimated useful lives of real estate assets and intangibles. </p>
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CY2019Q2 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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47300000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
45700000
CY2020Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2000000.0
CY2020 ck1585389 Redemption Of Shares Pending Redemption Requests
RedemptionOfSharesPendingRedemptionRequests
200000
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
4900000
CY2019 ck1585389 Redemption Of Shares Pending Redemption Requests
RedemptionOfSharesPendingRedemptionRequests
500000
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
8300000
CY2018 ck1585389 Redemption Of Shares Pending Redemption Requests
RedemptionOfSharesPendingRedemptionRequests
900000
CY2019Q2 ck1585389 Administrative Services Agreement Term Period
AdministrativeServicesAgreementTermPeriod
P3Y
CY2020 ck1585389 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
8400000
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
6600000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
8400000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5900000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-800000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100000
CY2020 ck1585389 Current Foreign Federal And State Tax Expense Benefit
CurrentForeignFederalAndStateTaxExpenseBenefit
-5800000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:4.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:CIDFont+F2;text-transform:none;font-variant: normal;">Concentration</p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:4.86%;font-size:10pt;font-family:CIDFont+F1;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No single self storage customer represents a significant concentration of our revenues. <span style="font-family:Times New Roman;">For the month of December 2020, approximately 24%, 21%, and 13% of our rental income was concentrated in California, Florida, and the Greater Toronto Area of Canada, respectively</span>. Our properties within the aforementioned geographic areas are dispersed therein, operating in multiple different regions and sub-markets. </p>
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1200000
CY2018Q4 ck1585389 Real Estate Investment Property At Cost Excluding Construction In Progress
RealEstateInvestmentPropertyAtCostExcludingConstructionInProgress
820296026
CY2019 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
334139296
CY2019 ck1585389 Real Estate Cost Of Real Estate Disposed
RealEstateCostOfRealEstateDisposed
11688993
CY2019 ck1585389 Real Estate Other Facility Acquisitions
RealEstateOtherFacilityAcquisitions
10430942
CY2019 ck1585389 Real Estate Facilities Foreign Exchange Gain Loss Impact
RealEstateFacilitiesForeignExchangeGainLossImpact
6582603
CY2019 us-gaap Real Estate Improvements
RealEstateImprovements
7565494
CY2019Q4 ck1585389 Real Estate Investment Property At Cost Excluding Construction In Progress
RealEstateInvestmentPropertyAtCostExcludingConstructionInProgress
1173825368
CY2020 ck1585389 Real Estate Facilities Foreign Exchange Gain Loss Impact
RealEstateFacilitiesForeignExchangeGainLossImpact
4147798
CY2020 ck1585389 Real Estate Acquisitions Additions And Other
RealEstateAcquisitionsAdditionsAndOther
32129416
CY2020Q4 ck1585389 Real Estate Investment Property At Cost Excluding Construction In Progress
RealEstateInvestmentPropertyAtCostExcludingConstructionInProgress
1210102582
CY2019 ck1585389 Real Estate Accumulated Depreciation Real Estate Disposed
RealEstateAccumulatedDepreciationRealEstateDisposed
202416
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
29188668
CY2019 ck1585389 Real Estate Accumulated Depreciation Foreign Exchange Gain Loss Impact
RealEstateAccumulatedDepreciationForeignExchangeGainLossImpact
-441554
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
83692491
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
31711102
CY2020 ck1585389 Real Estate Accumulated Depreciation Foreign Exchange Gain Loss Impact
RealEstateAccumulatedDepreciationForeignExchangeGainLossImpact
-499452
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
115903045
CY2020 ck1585389 Real Estate Construction In Process Placed In Service
RealEstateConstructionInProcessPlacedInService
13000000
CY2018Q4 ck1585389 Number Of Operating Real Estate Properties
NumberOfOperatingRealEstateProperties
28
CY2018Q4 ck1585389 Number Of States Located For Self Storage Facilities
NumberOfStatesLocatedForSelfStorageFacilities
10
CY2018Q4 ck1585389 Number Of Development Real Estate Properties
NumberOfDevelopmentRealEstateProperties
1
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
344570238
CY2019Q4 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Construction In Process
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedConstructionInProcess
5370773
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
13571765
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
363512776
CY2019Q4 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDebt
199078846
CY2019 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
21971385
CY2019 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
11988096
CY2019 us-gaap Legal Fees
LegalFees
1600000
CY2020Q4 ck1585389 Incremental Assets Under Management
IncrementalAssetsUnderManagement
250000000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
36443
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restricted Cash
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestrictedCash
94999
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
975000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
60267071
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt
19219126
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedLiabilities
722286
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
7415654
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
27357066
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
5389000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment
136000
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equipment Furniture And Fixtures
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipmentFurnitureAndFixtures
651000
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Investments In And Advances To Managed Rei Ts
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAndAdvancesToManagedREITs
5600000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
1084629
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
1600000
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Trademarks
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTrademarks
19800000
CY2019Q2 ck1585389 Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Management Contracts
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleManagementContracts
24900000
CY2020 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
124024363
CY2019 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
113847174
CY2020 ck1585389 Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
-144097906
CY2019 ck1585389 Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
-103065650
CY2020 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-53586219
CY2019 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-27522507
CY2019 ck1585389 Business Acquisition Pro Forma Acquisition Related Costs
BusinessAcquisitionProFormaAcquisitionRelatedCosts
0
CY2020 ck1585389 Business Acquisition Pro Forma Acquisition Related Costs
BusinessAcquisitionProFormaAcquisitionRelatedCosts
1600000
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
717952233
CY2019Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
712733002
CY2019Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
161200000
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0372
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500178000
CY2020 ck1585389 Schedule Of Payment Related To Merger Consideration And Repayment Of Debt
ScheduleOfPaymentRelatedToMergerConsiderationAndRepaymentOfDebt
<p style="Background-color:#FFFFFF;margin-top:2pt;margin-bottom:0pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The proceeds from the SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as previously described, including the payment of the SSGT merger consideration and the repayment, in full, of certain of our debt, as follows:</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.86%;font-size:10pt;"> </p> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin:auto;border-collapse:collapse; width:50%;"> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:68.34%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Merger Financings</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.64%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:27.98%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Principal</p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Repaid</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:68.34%; border-top:solid 0.75pt #000000;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Raleigh/Myrtle Beach promissory note</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.64%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:26.98%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,862,471</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:68.34%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amended KeyBank Credit Facility</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.64%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:26.98%;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">98,782,500</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:68.34%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Oakland and Concord loan</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.64%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:26.98%;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,443,753</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:68.34%; border-bottom:solid 0.75pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$11M KeyBank Subordinate Loan</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.64%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:26.98%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,000,000</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:68.34%; border-bottom:double 2.5pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.64%; border-bottom:double 2.5pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:26.98%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">141,088,724</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> </table></div>
CY2019Q1 us-gaap Debt Instrument Repurchased Face Amount
DebtInstrumentRepurchasedFaceAmount
141088724
CY2019Q1 ck1585389 Line Of Credit Facility Number Of Extension Options
LineOfCreditFacilityNumberOfExtensionOptions
2
CY2019Q1 ck1585389 Line Of Credit Facility Extension Period
LineOfCreditFacilityExtensionPeriod
P1Y
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
100767277
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
323426414
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3384140
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
47043508
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2869187
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
244021651
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
721512177
CY2020Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
461823
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4021767
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
717952233
CY2019Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
90000000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2100000
CY2019Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
95000000
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
600000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
500000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
500000
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124024363
CY2020 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16471199
CY2020 us-gaap Depreciation
Depreciation
32294627
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9777116
CY2020 ck1585389 Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
1366092
CY2020 ck1585389 Contingent Earn Out Adjustment
ContingentEarnOutAdjustment
2500000
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
36465732
CY2020 us-gaap Impairment Of Investments
ImpairmentOfInvestments
4376879
CY2020 us-gaap Costs And Expenses
CostsAndExpenses
145164573
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-21140210
CY2020 us-gaap Interest Expense
InterestExpense
32597613
CY2020 ck1585389 Accretion Of Fair Market Value Of Secured Debt
AccretionOfFairMarketValueOfSecuredDebt
130682
CY2020 ck1585389 Interest Expense Debt Issuance Costs
InterestExpenseDebtIssuanceCosts
3586381
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5986719
CY2020 us-gaap Profit Loss
ProfitLoss
-51206803
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109528549
CY2019 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10461453
CY2019 us-gaap Depreciation
Depreciation
29605278
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11493394
CY2019 ck1585389 Contingent Earn Out Adjustment
ContingentEarnOutAdjustment
-200000
CY2019 ck1585389 Self Administration Transaction Expenses
SelfAdministrationTransactionExpenses
1572238
CY2019 ck1585389 Acquisition Expenses Affiliates
AcquisitionExpensesAffiliates
84061
CY2019 ck1585389 Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
141489
CY2019 us-gaap Costs And Expenses
CostsAndExpenses
101885233
CY2019 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
3944696
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
11588012
CY2019 us-gaap Interest Expense
InterestExpense
37563247
CY2019 ck1585389 Accretion Of Fair Market Value Of Secured Debt
AccretionOfFairMarketValueOfSecuredDebt
131611
CY2019 ck1585389 Interest Expense Debt Issuance Costs
InterestExpenseDebtIssuanceCosts
3996676
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-2647633
CY2019 ck1585389 Gain From Acquisition Of Unconsolidated Affiliates
GainFromAcquisitionOfUnconsolidatedAffiliates
8017353
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-624958
CY2019 us-gaap Profit Loss
ProfitLoss
-25095538
CY2020 ck1585389 Number Of Self Storage Professionals Acquired
NumberOfSelfStorageProfessionalsAcquired
350
CY2020 ck1585389 Maximum Dealer Manager Commission Fees Percentage Of Proceed From Primary Offering
MaximumDealerManagerCommissionFeesPercentageOfProceedFromPrimaryOffering
0.030
CY2020Q4 us-gaap Assets
Assets
1282221057
CY2019Q4 us-gaap Assets
Assets
1311433731
CY2019 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8720375
CY2019 ck1585389 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
9646872
CY2020 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
525108
CY2020 ck1585389 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
1135019
CY2020 ck1585389 Operating Expenses Reimbursement Percentage Of Average Investment In Assets
OperatingExpensesReimbursementPercentageOfAverageInvestmentInAssets
0.02
CY2020 ck1585389 Operating Expenses Reimbursement Percentage Of Net Income
OperatingExpensesReimbursementPercentageOfNetIncome
0.25
CY2020 ck1585389 Related Party Investment Management Revenues
RelatedPartyInvestmentManagementRevenues
8048630
CY2019 ck1585389 Related Party Investment Management Revenues
RelatedPartyInvestmentManagementRevenues
3068306
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
4000000.0
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2020 ck1585389 Amendment Suspension Or Termination Period Of Share
AmendmentSuspensionOrTerminationPeriodOfShare
P30D
CY2020Q1 us-gaap Revenues
Revenues
30298123
CY2020Q2 us-gaap Revenues
Revenues
29469545
CY2020Q3 us-gaap Revenues
Revenues
31363122
CY2020Q4 us-gaap Revenues
Revenues
32893573
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
61368274
CY2020Q2 us-gaap Costs And Expenses
CostsAndExpenses
27497027
CY2020Q3 us-gaap Costs And Expenses
CostsAndExpenses
26992137
CY2020Q4 us-gaap Costs And Expenses
CostsAndExpenses
29307135
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-37743581
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-8948317
CY2019Q2 us-gaap Profit Loss
ProfitLoss
-2283972
CY2019Q3 us-gaap Profit Loss
ProfitLoss
-9541579
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-31070151
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1972518
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4370985
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
3586438
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-7062841
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-4456497
CY2020Q4 us-gaap Profit Loss
ProfitLoss
-1943884
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-35073951
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8491421
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6259114
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4529908
CY2019Q1 us-gaap Revenues
Revenues
23883325
CY2019Q2 us-gaap Revenues
Revenues
25980517
CY2019Q3 us-gaap Revenues
Revenues
29588014
CY2019Q4 us-gaap Revenues
Revenues
30076693
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
21934203
CY2019Q2 us-gaap Costs And Expenses
CostsAndExpenses
25211611
CY2019Q3 us-gaap Costs And Expenses
CostsAndExpenses
27773486
CY2019Q4 us-gaap Costs And Expenses
CostsAndExpenses
26965933
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1949122
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
768906
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1814528
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
7055456
CY2019Q4 us-gaap Profit Loss
ProfitLoss
-4321670
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8891558
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2212445
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8214826
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5431504
CY2020Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
24
CY2020Q4 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
17820
CY2020Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
2041000
CY2020 ck1585389 Percentage Of Rentable Square Feet
PercentageOfRentableSquareFeet
1
CY2020 ck1585389 Percentage Of Physical Occupancy
PercentageOfPhysicalOccupancy
0.891
CY2020 ck1585389 Percentage Of Rental Income
PercentageOfRentalIncome
1
CY2020Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
721512177
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
334865685
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
823989800
CY2020Q4 ck1585389 Real Estate And Accumulated Depreciation Initial Cost Of Land And Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfLandAndBuildingsAndImprovements
1158855485
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
48490556
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
335800354
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
874302228
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1210102582
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
115903045
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1173825368
CY2020 ck1585389 Real Estate Facilities Foreign Exchange Gain Loss Impact
RealEstateFacilitiesForeignExchangeGainLossImpact
4147798
CY2020 ck1585389 Real Estate Improvements Additions And Other
RealEstateImprovementsAdditionsAndOther
32129416
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1210102582
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
83692491
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
31711102
CY2020 ck1585389 Real Estate Accumulated Depreciation Foreign Exchange Gain Loss Impact
RealEstateAccumulatedDepreciationForeignExchangeGainLossImpact
-499452
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
115903045
CY2019Q4 us-gaap Development In Process
DevelopmentInProcess
12237722
CY2020 ck1585389 Development In Process Net Additions And Assets Placed Into Service
DevelopmentInProcessNetAdditionsAndAssetsPlacedIntoService
-10476419
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
1761303
CY2020Q4 us-gaap Real Estate Investments
RealEstateInvestments
1095960840

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