Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ck0001585389 | ||
Entity Registrant Name | STRATEGIC STORAGE TRUST II, INC. | ||
Entity Central Index Key | 1,585,389 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 573,000,000 | ||
Class A Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 49,637,262 | ||
Class T Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,399,104 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate facilities: | ||
Land | $ 272,313,395 | $ 249,051,278 |
Buildings | 514,648,107 | 439,426,157 |
Site improvements | 42,717,975 | 38,978,298 |
Real estate investment property, gross | 829,679,477 | 727,455,733 |
Accumulated depreciation | (34,686,973) | (14,855,188) |
Real estate investment property | 794,992,504 | 712,600,545 |
Construction in process | 92,519 | 1,740,139 |
Real estate facilities, net | 795,085,023 | 714,340,684 |
Cash and cash equivalents | 7,355,422 | 14,993,869 |
Restricted cash | 4,512,990 | 3,040,936 |
Other assets, net | 5,563,600 | 5,533,182 |
Debt issuance costs, net of accumulated amortization | 836,202 | 1,550,410 |
Intangible assets, net of accumulated amortization | 4,144,601 | 13,094,530 |
Total assets | 817,497,838 | 752,553,611 |
LIABILITIES AND EQUITY | ||
Debt, net | 396,792,902 | 320,820,740 |
Accounts payable and accrued liabilities | 7,451,849 | 4,601,422 |
Due to affiliates | 2,965,904 | 3,178,235 |
Distributions payable | 2,852,100 | 2,608,609 |
Total liabilities | 410,062,755 | 331,209,006 |
Commitments and contingencies (Note 9) | 0 | |
Redeemable common stock | 24,497,059 | 10,711,682 |
Equity: | ||
Preferred stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at December 31, 2017 and 2016 | 0 | 0 |
Additional paid-in capital | 496,287,890 | 480,692,731 |
Distributions | (60,561,504) | (27,665,337) |
Accumulated deficit | (58,641,776) | (43,777,711) |
Accumulated other comprehensive income | 1,369,208 | 1,377,950 |
Total Strategic Storage Trust II, Inc. equity | 378,510,555 | 410,681,393 |
Noncontrolling interests in our Operating Partnership | 4,427,469 | (48,470) |
Total equity | 382,938,024 | 410,632,923 |
Total liabilities and equity | 817,497,838 | 752,553,611 |
Class A Common stock | ||
Equity: | ||
Common stock, value | 49,386 | 47,174 |
Class T Common stock | ||
Equity: | ||
Common stock, value | $ 7,351 | $ 6,586 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Class A Common stock | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 350,000,000 | 350,000,000 |
Common Stock, shares issued | 49,386,092 | 47,174,543 |
Common Stock, shares outstanding | 49,386,092 | 47,174,543 |
Class T Common stock | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 350,000,000 | 350,000,000 |
Common Stock, shares issued | 7,350,142 | 6,585,799 |
Common Stock, shares outstanding | 7,350,142 | 6,585,799 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Self storage rental revenue | $ 75,408,257 | $ 45,169,831 | $ 17,547,235 |
Ancillary operating revenue | 700,649 | 261,315 | 358,464 |
Total revenues | 76,108,906 | 45,431,146 | 17,905,699 |
Operating expenses: | |||
Property operating expenses | 24,487,854 | 15,976,950 | 6,754,391 |
Property operating expenses – affiliates | 10,631,362 | 5,723,708 | 2,124,892 |
General and administrative | 3,457,907 | 2,860,653 | 1,591,577 |
Depreciation | 19,939,856 | 11,213,663 | 3,967,981 |
Intangible amortization expense | 13,512,217 | 10,864,617 | 5,142,417 |
Acquisition expenses – affiliates | 212,577 | 10,729,535 | 2,776,679 |
Other property acquisition expenses | 292,022 | 2,972,523 | 624,642 |
Total operating expenses | 72,533,795 | 60,341,649 | 22,982,579 |
Operating income (loss) | 3,575,111 | (14,910,503) | (5,076,880) |
Other income (expense): | |||
Interest expense | (16,356,565) | (7,445,230) | (2,908,171) |
Interest expense—accretion of fair market value of secured debt | 340,382 | 386,848 | 91,061 |
Interest expense—debt issuance costs | (2,177,833) | (3,848,286) | (1,011,121) |
Other | (367,385) | (286,438) | (32,430) |
Net loss | (14,986,290) | (26,103,609) | (8,937,541) |
Less: Distributions to preferred unitholders in our Operating Partnership | 0 | 0 | (4,825,139) |
Less: Accretion of preferred equity costs | 0 | 0 | (1,621,385) |
Net loss attributable to the noncontrolling interests in our Operating Partnership | 122,225 | 13,224 | 93,124 |
Net loss attributable to Strategic Storage Trust II, Inc. common stockholders | $ (14,864,065) | $ (26,090,385) | $ (15,290,941) |
Class A Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.27) | $ (0.65) | $ (2.56) |
Weighted average shares outstanding-basic and diluted | 48,781,865 | 36,828,765 | 5,923,286 |
Class T Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.27) | $ (0.65) | $ (2.56) |
Weighted average shares outstanding-basic and diluted | 7,240,953 | 3,431,714 | 45,924 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (14,986,290) | $ (26,103,609) | $ (8,937,541) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 3,947,683 | 591,721 | 0 |
Foreign currency forward contract gain (loss) | (4,101,495) | 86,315 | 0 |
Interest rate swap and cap contract gains | 145,070 | 699,914 | 0 |
Other comprehensive income (loss) | (8,742) | 1,377,950 | 0 |
Comprehensive loss | (14,995,032) | (24,725,659) | (8,937,541) |
Less: Distributions to preferred unitholders in our Operating Partnership | 0 | 0 | (4,825,139) |
Less: Accretion of preferred equity costs | 0 | 0 | (1,621,385) |
Comprehensive loss attributable to noncontrolling interests: | |||
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership | 122,296 | 12,526 | 93,124 |
Comprehensive loss attributable to Strategic Storage Trust II, Inc. common stockholders | $ (14,872,736) | $ (24,713,133) | $ (15,290,941) |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) | Total | Redeemable Common Stock [Member] | Common StockClass A Common stock | Common StockClass T Common stock | Additional Paid-in Capital [Member] | Distributions [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total Strategic Storage Trust II, Inc. Equity [Member] | Noncontrolling Interests in our Operating Partnership [Member] | Preferred Equity in our Operating Partnership |
Beginning Balance at Dec. 31, 2014 | $ 11,380,097 | $ 73,514 | $ 1,766 | $ 0 | $ 14,004,810 | $ (311,975) | $ (2,396,385) | $ 0 | $ 11,298,216 | $ 81,881 | $ 5,028,115 |
Beginning Balance (in shares) at Dec. 31, 2014 | 1,765,515 | 0 | |||||||||
Gross proceeds from issuance of common stock | 193,105,306 | 0 | $ 18,796 | $ 608 | 193,085,902 | 0 | 0 | 0 | 193,105,306 | 0 | 0 |
Gross proceeds from issuance of common stock (in shares) | 18,797,161 | 608,918 | |||||||||
Offering costs | (19,667,131) | 0 | $ 0 | $ 0 | (19,667,131) | 0 | 0 | 0 | (19,667,131) | 0 | 0 |
Changes to redeemable common stock | (1,177,289) | 1,177,289 | 0 | 0 | (1,177,289) | 0 | 0 | 0 | (1,177,289) | 0 | 0 |
Redemptions of common stock | (1) | (27,320) | $ (1) | $ 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 |
Redemptions of common stock (in shares) | (1,750) | 0 | |||||||||
Distributions | (3,581,553) | 0 | $ 0 | $ 0 | 0 | (3,581,553) | 0 | 0 | (3,581,553) | 0 | 0 |
Distributions for noncontrolling interests | (12,001) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,001) | 0 |
Issuance of shares for distribution reinvestment plan | 1,177,289 | 0 | $ 124 | $ 1 | 1,177,164 | 0 | 0 | 0 | 1,177,289 | 0 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 123,865 | 64 | |||||||||
Stock compensation expense | 11,296 | 0 | $ 0 | $ 0 | 11,296 | 0 | 0 | 0 | 11,296 | 0 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (15,290,941) | 0 | 0 | 0 | 0 | 0 | (15,290,941) | 0 | (15,290,941) | 0 | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (93,124) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (93,124) | 0 |
Gross proceeds from issuance of preferred equity / limited partnership units in our Operating Partnership | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52,952,380 |
Redemption of preferred equity in our Operating Partnership | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (59,469,500) |
Preferred equity issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (132,380) |
Accretion of preferred equity issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,621,385 |
Interest rate swap contract gain and cap contract gain | 0 | ||||||||||
Ending Balance at Dec. 31, 2015 | 165,851,948 | 1,223,483 | $ 20,685 | $ 609 | 187,434,752 | (3,893,528) | (17,687,326) | 0 | 165,875,192 | (23,244) | 0 |
Ending Balance (in shares) at Dec. 31, 2015 | 20,684,791 | 608,982 | |||||||||
Gross proceeds from issuance of common stock | 326,028,023 | 0 | $ 25,601 | $ 5,892 | 325,996,530 | 0 | 0 | 0 | 326,028,023 | 0 | 0 |
Gross proceeds from issuance of common stock (in shares) | 25,601,685 | 5,892,439 | |||||||||
Offering costs | (32,776,126) | 0 | $ 0 | $ 0 | (32,776,126) | 0 | 0 | 0 | (32,776,126) | 0 | 0 |
Changes to redeemable common stock | (10,790,662) | 10,790,662 | 0 | 0 | (10,790,662) | 0 | 0 | 0 | (10,790,662) | 0 | 0 |
Redemptions of common stock | (112) | (1,302,463) | $ (112) | $ 0 | 0 | 0 | 0 | 0 | (112) | 0 | 0 |
Redemptions of common stock (in shares) | (112,340) | 0 | |||||||||
Distributions | (23,771,809) | 0 | $ 0 | $ 0 | 0 | (23,771,809) | 0 | 0 | (23,771,809) | 0 | 0 |
Distributions for noncontrolling interests | (12,002) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,002) | 0 |
Issuance of shares for distribution reinvestment plan | 10,791,747 | 0 | $ 1,000 | $ 85 | 10,790,662 | 0 | 0 | 0 | 10,791,747 | 0 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 1,000,407 | 84,378 | |||||||||
Stock compensation expense | 37,575 | 0 | $ 0 | $ 0 | 37,575 | 0 | 0 | 0 | 37,575 | 0 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (26,090,385) | 0 | 0 | 0 | 0 | 0 | (26,090,385) | 0 | (26,090,385) | 0 | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (13,224) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13,224) | 0 |
Foreign currency translation adjustment | 591,721 | 0 | 0 | 0 | 0 | 0 | 0 | 591,721 | 591,721 | 0 | 0 |
Foreign currency forward contract gain (loss) | 86,315 | 0 | 0 | 0 | 0 | 0 | 0 | 86,315 | 86,315 | 0 | 0 |
Interest rate swap contract gain and cap contract gain | 699,914 | 0 | 0 | 0 | 0 | 0 | 0 | 699,914 | 699,914 | 0 | 0 |
Ending Balance at Dec. 31, 2016 | 410,632,923 | 10,711,682 | $ 47,174 | $ 6,586 | 480,692,731 | (27,665,337) | (43,777,711) | 1,377,950 | 410,681,393 | (48,470) | 0 |
Ending Balance (in shares) at Dec. 31, 2016 | 47,174,543 | 6,585,799 | |||||||||
Gross proceeds from issuance of common stock | 17,311,370 | 0 | $ 1,028 | $ 565 | 17,309,777 | 0 | 0 | 0 | 17,311,370 | 0 | 0 |
Gross proceeds from issuance of common stock (in shares) | 1,027,612 | 564,591 | |||||||||
Offering costs | (1,748,589) | 0 | $ 0 | $ 0 | (1,748,589) | 0 | 0 | 0 | (1,748,589) | 0 | 0 |
Changes to redeemable common stock | (16,004,705) | 16,004,705 | 0 | 0 | (16,004,705) | 0 | 0 | 0 | (16,004,705) | 0 | 0 |
Redemptions of common stock | (188) | (2,219,328) | $ (181) | $ (7) | 0 | 0 | 0 | 0 | (188) | 0 | 0 |
Redemptions of common stock (in shares) | (181,413) | (7,360) | |||||||||
Distributions | (32,896,167) | 0 | $ 0 | $ 0 | 0 | (32,896,167) | 0 | 0 | (32,896,167) | 0 | 0 |
Distributions for noncontrolling interests | (277,290) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (277,290) | 0 |
Issuance of shares for distribution reinvestment plan | 16,006,277 | 0 | $ 1,365 | $ 207 | 16,004,705 | 0 | 0 | 0 | 16,006,277 | 0 | 0 |
Issuance of shares for distribution reinvestment plan (in shares) | 1,365,350 | 207,112 | |||||||||
Stock compensation expense | 33,971 | 0 | $ 0 | $ 0 | 33,971 | 0 | 0 | 0 | 33,971 | 0 | 0 |
Net loss attributable to Strategic Storage II Trust, Inc. | (14,864,065) | 0 | 0 | 0 | 0 | 0 | (14,864,065) | 0 | (14,864,065) | 0 | 0 |
Net loss attributable to the noncontrolling interests in our Operating Partnership | (122,225) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (122,225) | 0 |
Gross proceeds from issuance of preferred equity / limited partnership units in our Operating Partnership | 4,875,454 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 4,875,454 | 0 |
Issuance of limited partnership units in our Operating Partnership (in shares) | 0 | 0 | |||||||||
Foreign currency translation adjustment | 3,947,683 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 3,947,683 | 3,947,683 | 0 | 0 |
Foreign currency forward contract gain (loss) | (4,101,495) | 0 | 0 | 0 | 0 | 0 | 0 | (4,101,495) | (4,101,495) | 0 | 0 |
Interest rate swap contract gain and cap contract gain | 145,070 | 0 | 0 | 0 | 0 | 0 | 0 | 145,070 | 145,070 | 0 | 0 |
Ending Balance at Dec. 31, 2017 | $ 382,938,024 | $ 24,497,059 | $ 49,386 | $ 7,351 | $ 496,287,890 | $ (60,561,504) | $ (58,641,776) | $ 1,369,208 | $ 378,510,555 | $ 4,427,469 | $ 0 |
Ending Balance (in shares) at Dec. 31, 2017 | 49,386,092 | 7,350,142 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (14,986,290) | $ (26,103,609) | $ (8,937,541) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 33,452,073 | 22,078,280 | 9,110,398 |
Accretion of fair market value adjustment of secured debt | (340,382) | (386,848) | (91,061) |
Amortization of debt issuance costs | 1,424,790 | 3,041,890 | 546,932 |
Expense related to issuance of restricted stock | 33,971 | 37,575 | 11,296 |
Unrealized derivative gains | (288,603) | 0 | 0 |
Increase (decrease) in cash and cash equivalents from changes in assets and liabilities: | |||
Other assets, net | 1,421,813 | 2,171,412 | 1,516,214 |
Restricted cash | (493,843) | (712,751) | 59,215 |
Accounts payable and accrued liabilities | 1,721,910 | 2,670,699 | 1,125,839 |
Due to affiliates | 339,357 | (41,045) | (1,561,104) |
Net cash provided by (used in) operating activities | 19,441,170 | (1,587,221) | (1,252,240) |
Cash flows from investing activities: | |||
Purchase of real estate | (49,432,644) | (499,863,176) | (136,121,758) |
Additions to real estate facilities | (4,165,926) | (8,264,539) | (2,170,514) |
Deposits on acquisition of real estate facilities | 0 | (250,000) | (2,486,163) |
Settlement of foreign currency hedges | (3,947,758) | 0 | 0 |
Restricted cash | (894,695) | (1,917,693) | (86,915) |
Net cash used in investing activities | (58,441,023) | (510,295,408) | (140,865,350) |
Cash flows from financing activities: | |||
Gross proceeds from issuance of debt | 166,186,951 | 366,898,908 | 71,981,167 |
Pay down of debt | (130,671,050) | (147,246,450) | (61,981,167) |
Scheduled principal payments on debt | (1,564,587) | (430,078) | (166,573) |
Debt issuance costs | (548,206) | (4,876,499) | (2,582,779) |
Gross proceeds from issuance of common stock | 18,879,477 | 326,806,655 | 190,817,800 |
Offering costs | (2,339,113) | (29,771,573) | (21,291,432) |
Redemption of common stock | (1,741,113) | (1,066,953) | (17,500) |
Distributions paid to common stockholders | (16,671,024) | (11,358,337) | (1,497,802) |
Proceeds from issuance of preferred equity in our Operating Partnership | 0 | 0 | 52,820,000 |
Redemption of preferred equity in our Operating Partnership | 0 | 0 | (59,469,500) |
Distributions paid to preferred unitholders in our Operating Partnership | 0 | 0 | (4,909,305) |
Distributions paid to noncontrolling interests in our Operating Partnership | (252,671) | (12,003) | (12,001) |
Net cash provided by financing activities | 31,278,664 | 498,943,670 | 163,690,908 |
Impact of foreign exchange rate changes on cash | 82,742 | (171,642) | 0 |
Change in cash and cash equivalents | (7,638,447) | (13,110,601) | 21,573,318 |
Cash and cash equivalents, beginning of period | 14,993,869 | 28,104,470 | 6,531,152 |
Cash and cash equivalents, end of period | 7,355,422 | 14,993,869 | 28,104,470 |
Supplemental disclosures and non-cash transactions: | |||
Cash paid for interest | 15,994,203 | 6,597,500 | 2,807,997 |
Supplemental disclosure of noncash activities: | |||
Deposit applied to the purchase of real estate facilities | 250,000 | 2,066,260 | 4,444,491 |
Proceeds from issuance of common stock in other assets | 0 | 1,567,461 | 2,346,306 |
Debt and accrued liabilities assumed during purchase of real estate facilities | 39,967,787 | 81,356,425 | 369,903 |
Real estate and construction in process included in accounts payable and accrued liabilities | 165,806 | 0 | 0 |
Transfer from intangibles to real estate facilities to finalize purchase price allocations | 0 | 45,785 | 958,000 |
Redemption of common stock included in accounts payable and accrued liabilities | 723,733 | 245,330 | 9,820 |
Offering costs included in due to affiliates | 299,299 | 3,171,727 | 160,512 |
Offering costs included in accounts payable and accrued liabilities | 1,410 | 38,511 | 45,275 |
Debt issuance costs included in accounts payable and accrued liabilities | 0 | 94,000 | 104,171 |
Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets | 76,955 | 786,229 | 0 |
Issuance of shares pursuant to distribution reinvestment plan | 16,006,277 | 10,791,747 | 1,177,289 |
Distributions payable | 2,852,100 | 2,608,609 | 986,886 |
Issuance of units in our Operating Partnership for purchase of real estate facilities | $ 4,875,454 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | Note 1. Organization Strategic Storage Trust II, Inc., a Maryland corporation (the “Company”), was formed on January 8, 2013 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in self storage facilities. The Company’s year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to Strategic Storage Trust II, Inc. and each of our subsidiaries. SmartStop Asset Management, LLC, a Delaware limited liability company (our “Sponsor”) organized in 2013, was the sponsor 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 “Advisor”) and owns 100% of Strategic Storage Property Management II, LLC (our “Property Manager”). On October 1, 2015, SmartStop Self Storage, Inc. (“SmartStop”) and Extra Space Storage Inc. (“Extra Space”), along with subsidiaries of each of SmartStop and Extra Space, closed on a merger transaction (the “Extra Space Merger”) in which SmartStop was acquired by Extra Space for $13.75 per share in cash, representing an enterprise value of approximately $1.4 billion. At the closing of the Extra Space Merger, our Sponsor, which was previously owned by SmartStop, 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 continued to serve on 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. We have no employees. Our Advisor, a Delaware limited liability company, was formed on January 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 “Advisory Agreement”). The officers of our Advisor, as well as a majority of the officers of our Sponsor, are also officers of us. Our Articles of Amendment and Restatement, as amended, authorized 350,000,000 shares of Class A common stock, $0.001 par value per share (the “Class A Shares”) and 350,000,000 shares of Class T common stock, $0.001 par value per share (the “Class T Shares”) and 200,000,000 shares of preferred stock with a par value of $0.001. 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”). On January 10, 2014, the Securities and Exchange Commission (“SEC”) declared our registration statement effective. On May 23, 2014, we satisfied the $1.5 million minimum offering requirements of our Offering and commenced formal operations. On January 9, 2017, our Offering terminated. We sold approximately 48 million Class A Shares and approximately 7 million Class T Shares for approximately $493 million and $73 million respectively, in our Offering. On November 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 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, 2017, we had sold approximately 1.4 million Class A Shares and approximately 0.2 million Class T Shares for approximately $13.9 million and $2.1 million, respectively, in our DRP Offering. On April 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 (unaudited) 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, 2016. 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 (unaudited) for both Class A Shares and Class T Shares. Our operating partnership, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on January 9, 2013. During 2013, our 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. In conjunction with the Toronto Merger (as defined in Note 8) we issued an aggregate of approximately 483,197 Class A Units of our Operating Partnership to the common stockholders of Strategic Storage Toronto Properties REIT, Inc. (“SS Toronto”), consisting of Strategic 1031, LLC (“Strategic 1031”), 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 December 31, 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 “TRS”), which is a wholly-owned subsidiary of our Operating Partnership. Our Property Manager was formed on January 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. From October 1, 2015 through September 30, 2017, our Property Manager contracted with Extra Space for Extra Space to serve as the sub-property manager for each of our properties located in the United States pursuant to separate sub-property management agreements for each property. Effective October 1, 2017, our Property Manager terminated its sub-property management agreements with Extra Space and our Property Manager began managing all of our properties in the United States directly. In connection therewith, an affiliate of our Property Manager reacquired the rights to the “SmartStop® Self Storage” brand in the United States. As a result, we began using the “SmartStop® Self Storage” brand at our United States properties effective October 1, 2017. Please see Note 8 – Related Party Transactions – Property Management Agreement. 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® Self Storage brand. Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). 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. 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 (the “Operating Partnership Agreement”). 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of December 31, 2017 and 2016, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs. Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partner, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. Use of Estimates 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. Cash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of the property to the tangible and intangible assets acquired and the liabilities assumed based on estimated fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, as of the acquisition date. Acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to the individual assets and liabilities are based upon comparable market sales information for land and estimates of depreciated replacement cost of equipment, building and site improvements. In allocating the purchase price, we determine whether the acquisition includes intangible assets or liabilities. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $4.4 million and approximately $19.9 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the years ended December 31, 2017 and 2016, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the years ended December 31, 2017, 2016, and 2015 we expensed approximately $0.5 Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we will report provisional amounts in our financial statements. During the measurement period, we will adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we will record those adjustments to our consolidated financial statements. We will recognize any measurement period adjustments during the period in which we determine the amount of the adjustment to our consolidated financial statements, potentially including adjustments to interest, depreciation and amortization expense. Evaluation of Possible Impairment of Long-Lived Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the long-lived assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived assets to the fair value and recognize an impairment loss. For the years ended December 31, 2017, 2016, and 2015, no impairment losses were recognized. Revenue Recognition Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of tenant accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. Real Estate Facilities Real estate facilities are recorded based on fair value as of the date of acquisition. We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Depreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-35 years Site Improvements 7-10 years Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. Intangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of December 31, 2017, the gross amounts allocated to in-place lease intangibles was approximately $34.0 million and accumulated amortization of in-place lease intangibles totaled approximately $29.8 million. As of December 31, 2016, the gross amounts allocated to in-place lease intangibles was approximately $29.2 million and accumulated amortization of in-place lease intangibles totaled approximately $16.1 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2018, 2019, 2020, 2021, 2022, and thereafter is approximately $2.5 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.3 million respectively. Debt Issuance Costs The net carrying value of costs incurred in connection with our revolving credit facility are presented as debt issuance costs on our consolidated balance sheets. Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2017 and 2016, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.5 million and $0.7 million, respectively. The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from secured debt (see Note 5). Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2017 and 2016, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $0.6 million and $0.2 million, respectively. Organizational and Offering Costs Our Advisor funded organization and offering costs on our behalf. We were required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor was required to reimburse us within 60 days after the end of the month in which the Offering terminated to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees and stockholder servicing fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Such costs would have been recognized as a liability when we had a present responsibility to reimburse our Advisor, which is defined in our Advisory Agreement as the date we satisfied the minimum offering requirements of our Offering (which occurred on May 23, 2014). If at any point in time we determined that the total organization and offering costs were expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we would have recognized such excess as a capital contribution from our Advisor. However, subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering, and thus there was no reimbursement. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. Our Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent the due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Public Offering, could not exceed 3% of gross offering proceeds from sales in the Public Offering. We recorded a liability within Due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost. Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All related adjustments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Gains or losses on foreign currency transactions are recorded in other income (expense). Redeemable Common Stock We adopted a share redemption program that enables stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. Our redeemable common shares are contingently redeemable at the option of the holder. When we determine we have a mandatory obligation to repurchase shares under the share redemption program, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the year ended December 31, 2017 we received redemption requests totaling approximately $2.2 million (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during the year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. For the year ended December 31, 2016 we received redemption requests totaling approximately $1.3 million, (approximately 138,000 shares), approximately $1.1 million of which were fulfilled during the year ended December 31, 2016, with the remaining approximately $0.2 million included in accounts payable and accrued liabilities as of December 31, 2016 and fulfilled in January 2017. Accounting for Equity Awards The cost of restricted stock is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. Fair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we will use when measuring fair value: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; • Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and • Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at December 31, 2017 and 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 213,300,000 $ 218,332,483 $ 158,700,000 $ 166,410,537 As of December 31, 2017, we had interest rate swaps, an interest rate cap, and a net investment hedge (See Notes 5 and 6). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through December 31, 2017, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. Income Taxes We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we continue to qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. We filed elections to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes represent the tax effect of future differences between the book and tax bases of assets and liabilities. Per Share Data Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including the dilutive effect of unvested restricted stock, utilizing the treasury stock method. For all periods presented, the dilutive effect of unrestricted stock was not included in the diluted weighted average shares as such shares were antidilutive. Recently Issued Accounting Guidance In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” as ASC Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB voted to defer the effective date by one year to annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 with early adoption permitted. This ASU will be applied using the modified retrospective approach. We have determined that our self storage rental revenues will not be subject to the guidance in ASU 2014-09, as they qualify as lease contracts, which are excluded from its scope. We adopted this ASU on January 1, 2018 and its adoption did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 amends the guidance on accounting for leases. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation t |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Facilities | Note 3. Real Estate Facilities The following summarizes the activity in real estate facilities during the years ended December 31, 2017 and 2016: Real estate facilities Balance at December 31, 2015 $ 156,244,550 Facility acquisitions 563,278,685 Impact of foreign exchange rate changes 1,406,663 Finalized purchase price allocations related to 2015 acquisitions (45,785 ) Improvements and additions 6,571,620 Balance at December 31, 2016 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 7,731,429 Improvements and additions 4,521,592 Asset disposals (141,412 ) Balance at December 31, 2017 $ 829,679,477 Accumulated depreciation Balance at December 31, 2015 $ (3,755,709 ) Depreciation expense (11,132,336 ) Impact of foreign exchange rate changes 32,857 Balance at December 31, 2016 (14,855,188 ) Asset disposals 141,412 Depreciation expense (19,777,620 ) Impact of foreign exchange rate changes (195,577 ) Balance at December 31, 2017 $ (34,686,973 ) The following table summarizes the purchase price allocation for our acquisitions during the year ended Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2017 Revenue (1) 2017 Property Operating Income (loss) (2) Aurora II – CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 794,762 $ 444,113 Dufferin – ONT (3) 2/1/17 22,545,843 1,538,440 24,084,283 11,111,469 1,884,548 1,243,009 Mavis – ONT (3) 2/1/17 19,150,741 1,368,637 20,519,378 9,366,048 1,522,352 959,505 Brewster – ONT (3) 2/1/17 13,663,740 911,564 14,575,304 6,121,600 1,197,613 623,084 Granite – ONT (3) 2/1/17 11,827,875 275,863 12,103,738 6,821,686 719,275 229,117 Centennial – ONT (3)(4) 2/1/17 13,143,182 — 13,143,182 4,939,433 279,366 (114,344 ) 2017 Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 6,397,916 $ 3,384,484 (1) The operating results of the facilities acquired above have been included in our consolidated statements of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, and costs incurred in connection with the property management changes. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 8 for further discussion regarding the Toronto Merger. (4) The Centennial property was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% We incurred acquisition fees to our Advisor related to the Aurora II property of approximately $200,000 for the year ended December 31, 2017. The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2016: Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2016 Revenue (1) 2016 Property Operating Income (loss) (2) Boynton Beach – FL 1/7/16 $ 17,216,308 $ 683,692 $ 17,900,000 $ — $ 1,380,868 831,069 Lancaster II – CA 1/11/16 4,381,816 268,184 4,650,000 — 633,864 367,208 Milton – ON (CAN) (3) 2/11/16 9,382,679 435,162 9,817,841 4,820,717 801,638 462,423 Burlington I – ON (CAN) (3) 2/11/16 13,572,128 617,940 14,190,068 6,917,253 894,067 489,001 Oakville I – ON (CAN) (3) 2/11/16 15,727,673 — 15,727,673 7,243,413 192,250 (138,177 ) Oakville II – ON (CAN) (3) 2/29/16 12,329,590 584,295 12,913,885 7,392,762 873,172 547,559 Burlington II – ON (CAN) (3) 2/29/16 8,069,874 383,109 8,452,983 4,962,733 639,781 385,012 Xenia – OH 4/20/16 2,940,185 207,622 3,147,807 — 320,574 186,670 Sidney – OH 4/20/16 2,061,595 140,896 2,202,491 — 239,177 107,612 Troy – OH 4/20/16 2,746,676 176,984 2,923,660 — 323,562 183,352 Greenville – OH 4/20/16 1,992,064 132,462 2,124,526 — 232,716 113,902 Washington Court House – OH 4/20/16 2,137,658 172,033 2,309,691 — 267,877 146,595 Richmond – IN 4/20/16 3,167,538 194,671 3,362,209 — 334,750 170,187 Connersville – IN 4/20/16 1,807,824 121,792 1,929,616 — 224,183 101,140 Port St. Lucie I – FL 4/29/16 8,929,360 370,640 9,300,000 — 520,274 248,884 Sacramento – CA 5/09/16 7,821,975 328,025 8,150,000 — 485,624 209,183 Oakland – CA 5/18/16 12,613,636 501,197 13,114,833 5,315,948 759,385 412,947 Concord – CA 5/18/16 36,292,871 1,202,494 37,495,365 14,684,052 1,680,111 1,102,628 Pompano Beach – FL 6/1/16 20,603,718 682,764 21,286,482 13,714,676 813,850 497,015 Lake Worth – FL 6/1/16 22,912,381 672,074 23,584,455 11,089,560 850,056 551,889 Jupiter – FL 6/1/16 26,586,715 847,852 27,434,567 12,469,383 1,027,609 699,721 Royal Palm Beach – FL 6/1/16 24,700,716 839,031 25,539,747 12,097,235 932,729 599,065 Port St. Lucie II – FL 6/1/16 13,541,095 518,868 14,059,963 7,280,380 609,242 311,291 Wellington – FL 6/1/16 21,896,312 781,048 22,677,360 10,644,805 840,932 540,030 Doral – FL 6/1/16 22,820,702 773,831 23,594,533 12,081,860 845,835 522,374 Plantation – FL 6/1/16 32,213,998 1,036,052 33,250,050 15,624,241 1,190,931 806,283 Naples – FL 6/1/16 24,560,390 737,465 25,297,855 13,504,110 858,655 621,830 Delray – FL 6/1/16 30,080,319 992,704 31,073,023 11,160,313 1,139,020 775,964 Baltimore – MD 6/1/16 26,325,715 776,250 27,101,965 15,333,437 987,789 665,997 Sonoma – CA 6/14/16 7,148,092 276,908 7,425,000 — 329,208 174,641 Las Vegas I – NV 7/28/16 13,509,112 425,888 13,935,000 — 434,740 292,195 Las Vegas II – NV 9/23/16 13,757,025 442,975 14,200,000 — 261,704 163,354 Las Vegas III – NV 9/27/16 8,904,522 345,478 9,250,000 — 218,952 136,518 Asheville I – NC 12/30/16 14,793,279 450,775 15,244,054 7,143,593 5,600 (1,852 ) Asheville II – NC 12/30/16 4,872,280 206,656 5,078,936 3,250,087 2,649 (3,431 ) Hendersonville I – NC 12/30/16 4,522,751 163,926 4,686,677 2,243,715 1,900 (3,370 ) Asheville III – NC 12/30/16 9,716,847 351,277 10,068,124 4,677,156 3,677 (2,616 ) Arden – NC 12/30/16 12,055,859 443,676 12,499,535 6,557,917 4,599 (1,696 ) Asheville IV – NC 12/30/16 9,013,256 317,301 9,330,557 4,413,190 3,275 (6,621 ) Asheville V – NC 12/30/16 10,241,097 350,841 10,591,938 5,073,106 3,976 (2,710 ) Asheville VI – NC 12/30/16 6,427,572 275,104 6,702,676 3,489,307 2,995 (3,162 ) Asheville VII – NC 12/30/16 2,922,248 142,357 3,064,605 1,592,048 1,460 (4,284 ) Asheville VIII – NC 12/30/16 7,927,820 312,430 8,240,250 4,536,924 3,685 (2,375 ) Hendersonville II – NC 12/30/16 7,634,934 249,233 7,884,167 4,272,956 3,043 (2,611 ) Sweeten Creek Land – NC 12/30/16 348,480 — 348,480 — — — Highland Center Land – NC 12/30/16 50,000 — 50,000 — — — 2016 Total $ 563,278,685 $ 19,933,962 $ 583,212,647 $ 233,586,877 $ 22,181,984 $ 13,250,634 (1) The operating results of the facilities acquired above have been included in our consolidated statement of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, and acquisition expenses. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. We incurred acquisition fees to our Advisor related to the above properties of approximately $10.2 million for the year ended December 31, 2016. During 2016 we completed the purchase price allocations for our Foley, AL and Tampa, FL properties acquired in 2015 and recognized the adjustments during the third and fourth quarter of 2016 respectively. These adjustments had the aggregate impact of decreasing our allocation to land by approximately $300,000, with increases to site improvements, buildings, and intangible assets of approximately $100,000, $100,000 and $50,000 respectively. The impact of such reclassifications was that we recognized measurement period adjustments during the third and fourth quarters of 2016 to our consolidated statement of operations. This had the net impact of an increase to amortization expense of approximately $30,000 and an increase to depreciation expense of approximately $5,000 during the third quarter of 2016, and a decrease of approximately $10,000 to amortization expense and an increase to depreciation expense of $10,000 during the fourth quarter of 2016. During 2016, we also completed the purchase price allocation for the properties acquired during the first, second, and third quarters of 2016 and recognized adjustments during the fourth quarter measurement period, which had the aggregate impact of increasing our allocation to building by approximately $2.1 million, and decreasing land, site improvements, and intangible assets by approximately $0.6 million, $1.1 million, and $0.4 million respectively. The impact of such reclassifications was that we recognized measurement period adjustments during the fourth quarter of 2016 to our consolidated statement of operations, which had the net impact of a decrease to depreciation expense of approximately $40,000 and a decrease to intangible amortization expense of approximately $300,000. |
Pro Forma Financial Information
Pro Forma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition Pro Forma Information [Abstract] | |
Pro Forma Financial Information (Unaudited) | Note 4. Pro Forma Financial Information (Unaudited) The table set forth below summarizes on an unaudited pro forma basis the combined results of operations of the Company for the years ended December 31, 2017, and 2016 as if the Company’s acquisitions that occurred during 2017 and 2016 each had occurred as of January 1, 2016 and 2015, respectively. This pro forma information does not purport to represent what our actual results of operations would have been for the periods indicated, nor does it purport to predict the results of operations for future periods. Year Ended December 31, 2017 Year Ended December 31, 2016 Pro forma revenue $ 76,573,381 $ 70,254,419 Pro forma operating expenses $ (59,932,625 ) $ (65,167,658 ) Pro forma net loss attributable to common stockholders $ (2,194,550 ) $ (13,618,342 ) The pro forma financial information for the years ended December 31, 2017 and 2016 were adjusted to exclude approximately $0.5 million and $13.6 million, respectively, for acquisition related expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt The Company’s debt is summarized as follows: Encumbered Property December 2017 December 2016 Interest Rate Maturity Date Raleigh/Myrtle Beach promissory note (1) $ 12,076,470 $ 12,263,391 5.73 % 9/1/2023 Amended KeyBank Credit Facility (2) 86,382,500 12,300,000 3.81% (13) 12/22/2018 Milton fixed rate (3) 5,238,606 4,956,483 5.81 % 10/15/2018 Burlington I fixed rate (3) 5,120,423 4,870,817 5.98 % 10/15/2018 Burlington I variable rate (3) 2,402,418 2,242,880 5.43 % 10/15/2018 Oakville I variable rate (3) 8,019,489 7,486,937 4.95 % 12/31/2018 Burlington II and Oakville II variable rate (3) 12,834,819 12,232,378 3.83 % 2/28/2021 Oakland and Concord loan (4) 19,960,190 20,000,000 3.95 % 4/10/2023 Amended KeyBank Property Loan (5) — 92,753,550 N/A 5/1/2017 KeyBank CMBS Loan (6) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (7) 52,000,000 — 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (8) 11,000,000 — 5.31% (13) 6/1/2020 Midland North Carolina CMBS Loan (9) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (10) 11,172,315 — 3.21 % 5/31/2019 Mavis loan (10) 9,416,609 — 3.21 % 5/31/2019 Brewster loan (10) 6,154,532 — 3.21 % 5/31/2019 Granite variable rate loan (11) 7,101,614 — 5.95 % 6/1/2018 Centennial variable rate loan (11) 6,377,780 — 6.20 % 6/1/2018 Premium on secured debt, net 1,646,988 2,069,847 Debt issuance costs, net (2,361,850 ) (2,605,542 ) Total secured debt 396,792,902 310,820,740 Amended KeyBank Subordinate Loan (12) — 10,000,000 N/A 3/31/2017 Total debt $ 396,792,902 $ 320,820,740 (1) Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. (2) As of December 31, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). (3) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). (4) This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. (5) The Amended KeyBank Property Loan was repaid in full on April 11, 2017. (6) This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. (7) This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. (8) This loan encumbers the equity interest in the entities that own the 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. (9) This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. (10) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. (11) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime. (12) The Amended KeyBank Subordinate Loan (as defined below) was repaid in full on March 8, 2017. (13) We have a $90 million interest rate cap on our variable rate LIBOR based debt that caps LIBOR at 1.25%. See Note 6 below. The weighted average interest rate on our consolidated debt as of December 31, 2017 was approximately 4.3%. As of December 31, 2017 we provided recourse guarantees totaling approximately $43.7 million in connection with certain of our loans. We are subject to certain restrictive covenants relating to the outstanding debt. Amended KeyBank Credit Facility On December 22, 2015, we, through our Operating Partnership, and certain affiliated entities, entered into an amended and restated revolving credit facility (the “Amended KeyBank Credit Facility”) with KeyBank National Association (“KeyBank”), as administrative agent and KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and Texas Capital Bank, N.A., and Comerica Bank as co-lenders. The Amended KeyBank Credit Facility replaced our term credit facility with KeyBank in which we had a maximum borrowing capacity of approximately $71.3 million. Under the terms of the Amended KeyBank Credit Facility, we initially had a maximum borrowing capacity of $105 million. The Amended KeyBank Credit Facility may be increased to a maximum credit facility size of $500 million, in minimum increments of $10 million, which KeyBank will arrange on a best efforts basis. On February 18, 2016, we entered into a first amendment and joinder to the amended and restated credit agreement (the “First Amendment”) with KeyBank. Under the terms of the First Amendment, we added an additional $40 million to our maximum borrowing capacity for a total of $145 million with the admission of US Bank National Association (the “Subsequent Lender”). The Subsequent Lender also became a party to the Amended KeyBank Credit Facility through a joinder agreement in the First Amendment. On March 8, 2017, we removed five of the properties held as collateral (Plantation, Wellington, Naples, Port St. Lucie II, and Doral) under the Amended KeyBank Property Loan (as defined below) and added them to the Amended KeyBank Credit Facility. In conjunction with adding these five properties to the Amended KeyBank Credit Facility, we borrowed $56 million which was used to repay approximately $46 million of principal on the Amended KeyBank Property Loan and the remaining outstanding principal balance on the Amended KeyBank Subordinate Loan of $10 million. As of December 31, 2017 we had approximately $86.4 million in borrowings outstanding under the Amended KeyBank Credit Facility. The Amended KeyBank Credit Facility is a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the Amended KeyBank Credit Facility (the “Amended Credit Agreement”). Payments due pursuant to the Amended KeyBank Credit Facility are interest-only for the first 36 months and a 30-year amortization schedule thereafter. The Amended KeyBank Credit Facility bears interest based on the type of borrowing. The ABR Loans bear interest at the lesser of (x) the Alternate Base Rate (as defined in the Amended Credit Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the Amended Credit Agreement). The Eurodollar Loans bear interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Amended Credit Agreement). The Applicable Rate corresponds to our total leverage, as specified in the Amended Credit Agreement. For any ABR Loans, the Applicable Rate is 125 basis points if our total leverage is less than 50%, and 150 basis points if our leverage is greater than 50%. For any Eurodollar Loan, the Applicable Rate is 225 basis points if our total leverage is less than 50% and 250 basis points if our total leverage is greater than 50%. The Amended KeyBank Credit Facility is fully recourse and is secured by cross-collateralized first mortgage liens on the mortgaged properties. The Amended KeyBank Credit Facility may be prepaid or terminated at any time without penalty, provided, however, that the Lenders (as defined in the Amended Credit Agreement) shall be indemnified for any breakage costs. Pursuant to that certain guaranty (the “KeyBank Guaranty”), dated December 22, 2015, in favor of the Lenders, we serve as a guarantor of all obligations due under the Amended KeyBank Credit Facility. Under certain conditions, the Borrower may cause the release of one or more of the properties serving as collateral for the Amended KeyBank Credit Facility, provided that no default or event of default is then outstanding or would reasonably occur as a result of such release, and after taking into account any prepayment of outstanding Loans (as defined in the Amended Credit Agreement) necessary to maintain compliance with the financial covenants. The Amended KeyBank Credit Facility contains a number of other customary terms and covenants, including the following (capitalized terms are as defined in the Amended Credit Agreement): the aggregate borrowing base availability under the Amended KeyBank Facility is limited to the lesser of: (1) 60% of the Pool Value of the properties in the collateral pool, or (2) an amount that would provide a minimum Debt Service Coverage Ratio of no less than 1.35 to 1.0; and we must meet the following financial tests, calculated as of the close of each fiscal quarter: (1) a Total Leverage Ratio of no more than 60%; (2) a Tangible Net Worth not at any time to be less than the Base Amount plus 80% of Net Equity Proceeds received after the Effective Date; (3) an Interest Coverage Ratio of no less than 1.85 to 1.0; (4) a Fixed Charge Ratio of no less than 1.6 to 1.0; (5) a ratio of varying rate Indebtedness to total Indebtedness not in excess of 30%; (6) a Loan to Value Ratio of not greater than 60%; and (7) a Debt Service Coverage Ratio of not less than 1.35 to 1.0. As of December 31, 2017 we were in compliance with all such covenants. During 2017, our Operating Partnership purchased an interest rate cap with an effective date of July 1, 2017 and a notional amount of $90 million that caps LIBOR at 1.25% through December 22, 2018. The Amended KeyBank Property Loan On March 25, 2016, one of our subsidiaries executed purchase and sale agreements with unaffiliated third parties for the acquisition of 22 self storage facilities (10 in Florida, 11 in North Carolina, and one in Maryland), two parcels of land adjacent to the North Carolina properties and one redevelopment property in North Carolina, which was subsequently assigned to Strategic Storage Growth Trust, Inc., (the “27 Property Portfolio”). On June 1, 2016 we closed on 11 self storage facilities in Florida and Maryland for approximately $275 million representing the first phase (“First Phase”) of the 27 Property Portfolio. On June 1, 2016, we, through certain affiliated entities (collectively, the “Property Loan Borrower”) entered into a credit agreement (the “Property Loan Agreement”) for a secured loan in the amount of $105 million (the “KeyBank Property Loan”) with KeyBank, as administrative agent, KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and the lenders party thereto. The Property Loan Borrower borrowed $105 million in connection with the purchase of the properties in the First Phase of the 27 Property Portfolio. The KeyBank Property Loan was a term loan facility with an original maturity date of December 31, 2016. On December 29, 2016, we entered into a First Amendment to the Credit Agreement (the “First Amendment to the KeyBank Property Loan”) in connection with the KeyBank Property Loan. Prior to the First Amendment to the KeyBank Property Loan, one of the properties held as collateral was removed and added to the Amended KeyBank Credit Facility and the KeyBank Property Loan was reduced to approximately $92.8 million. The First Amendment to the KeyBank Property Loan extended the maturity date of the loan (the “Amended KeyBank Property Loan”) from December 31, 2016 to March 31, 2017. On March 8, 2017, we removed five of the properties held as collateral (Plantation, Wellington, Naples, Port St. Lucie II, and Doral) under the Amended KeyBank Property Loan and added them to the Amended KeyBank Credit Facility. On March 30, 2017 we entered into a Second Amendment to the Amended KeyBank Property Loan to extend the maturity date from March 31, 2017 to May 1, 2017. On April 11, 2017, we removed the remaining five properties that served as collateral under the Amended KeyBank Property Loan and entered into the KeyBank Florida CMBS Loan (as defined below) in which we borrowed $52 million, the proceeds of which were primarily used to pay off the outstanding balance on the A The Amended KeyBank Subordinate Loan On June 1, 2016, in conjunction with the acquisition of the First Phase of the 27 Property Portfolio, we entered into a credit agreement (the “Subordinate Loan Agreement”) in which we borrowed $30 million (the “KeyBank Subordinate Loan”) with KeyBank, as administrative agent, KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and the lenders party thereto. The KeyBank Subordinate Loan was a term loan facility with an original maturity date of December 31, 2016. During the third and fourth quarters of 2016, we made payments totaling $20 million on the KeyBank Subordinate Loan, reducing the loan amount to $10 million as of December 29, 2016. On December 29, 2016, we entered into a First Amendment to the Subordinate Loan Agreement (the “First Amendment to the Subordinate Loan”), which extended the maturity date of the Subordinate Loan Agreement (subsequently, the “Amended KeyBank Subordinate Loan”) from December 31, 2016 to March 31, 2017. On March 8, 2017, we paid off the outstanding balance of $10 million on the Amended KeyBank Subordinate Loan through a draw on the Amended KeyBank Credit Facility. KeyBank CMBS Loan On July 28, 2016, we, through 29 special purpose entities wholly owned by our Operating Partnership, entered into a loan agreement with KeyBank in which we borrowed $95 million from KeyBank (the “KeyBank CMBS Loan”). Pursuant to the loan agreement, the collateral under the loan consists of our respective fee interests in 29 self storage properties (the “29 Mortgaged Properties”). The proceeds of the KeyBank CMBS Loan were primarily used to pay down our Amended KeyBank Credit Facility, after which the 29 Mortgaged Properties were released as collateral under the Amended KeyBank Credit Facility. The KeyBank CMBS Loan has an initial term of ten years, maturing on August 1, 2026. In connection with the KeyBank CMBS Loan, we entered into two promissory notes, dated July 28, 2016, in the amounts of $70 million and $25 million (the “Promissory Notes”). Monthly payments due under the Promissory Notes are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter. The Promissory Notes bear interest at 3.89%. KeyBank Florida CMBS Loan On April 11, 2017, we removed the remaining five properties that served as collateral under the Amended KeyBank Property Loan and, through five special purpose entities wholly owned by our Operating Partnership, entered into a new loan agreement with KeyBank in which we borrowed $52 million (the “KeyBank Florida CMBS Loan”). Pursuant to the loan agreement, the five properties released from the Amended KeyBank Property Loan now serve as collateral under the KeyBank Florida CMBS Loan. The proceeds of the KeyBank Florida CMBS Loan were primarily used to pay off the outstanding balance on the A The KeyBank Florida CMBS Loan has an initial term of ten years, maturing on May 1, 2027. Monthly payments due are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter. The loan bears interest at 4.65%. $11M KeyBank Subordinate Loan On June 1, 2017, we entered into a credit agreement (the “$11M Subordinate Loan Agreement”) in which we borrowed $11 million (the “$11M KeyBank Subordinate Loan”) with KeyBank, as administrative agent, KeyBanc Capital Markets, LLC, as the sole book runner and sole lead arranger, and the lenders party thereto. This loan is subordinate to the existing KeyBank CMBS Loan and the KeyBank Florida CMBS Loan, and encumbers the same 34 properties already encumbered by these two loans. The $11M KeyBank Subordinate Loan has an initial term of three years, maturing on June 1, 2020, with a one-year extension option subject to certain conditions in the credit agreement. The $11M KeyBank Subordinate Loan bears interest based on the type of borrowing elected by us. An ABR Borrowing bears interest at the lesser of (x) the Alternate Base Rate (as defined in the $11M Subordinate Loan Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the $11M Subordinate Loan Agreement). A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the $11M Subordinate Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the $11M Subordinate Loan Agreement). The Applicable Rate means 375 basis points for any Eurodollar Borrowing and 275 basis points for any ABR Borrowing. The proceeds from the $11M KeyBank Subordinate Loan were primarily used to pay down the Amended KeyBank Credit Facility. The following table presents the future principal payment requirements on outstanding debt as of December 31, 2017: 2018 $ 122,652,273 2019 26,852,594 2020 12,630,192 2021 14,014,862 2022 3,635,428 2023 and thereafter 217,722,415 Total payments 397,507,764 Premium on secured debt, net 1,646,988 Debt issuance costs, net (2,361,850 ) Total $ 396,792,902 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 6. Derivative Instruments Interest Derivatives Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate swaps and caps as part of our interest rate risk management strategy. The effective portion of the change in the fair value of the derivative that qualifies as a cash flow hedge is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We do not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but we have elected not to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded in other income (expense) as income within our consolidated statements of operations and were approximately $290,000 for the year ended December 31, 2017. Foreign Currency Forward Our objectives in using foreign currency derivatives are to add stability to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar and to manage our exposure to exchange rate movements. To accomplish this objective, we use foreign currency forwards as part of our exchange rate risk management strategy. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into the forward contract and holding it to maturity, we are locked into a future currency exchange rate in an amount equal to and for the term of the forward contract. For derivatives designated as net investment hedges, the changes in the fair value of the derivatives are reported in accumulated other comprehensive income. Amounts are reclassified out of accumulated other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. The following table summarizes the terms of our derivative financial instruments as of December 31, 2017: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,960,190 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,025,000 (1) 3.21 % February 1, 2017 May 31, 2019 Mavis loan 11,821,000 (1) 3.21 % February 1, 2017 May 31, 2019 Brewster loan 7,726,000 (1) 3.21 % February 1, 2017 May 31, 2019 Interest Rate Cap: LIBOR $ 90,000,000 1.25 % July 1, 2017 December 22, 2018 Foreign Currency Forward: Denominated in CAD $ 101,000,000 (1) 1.2526 August 31, 2017 March 29, 2018 (1) Notional amounts shown are denominated in CAD. On February 1, 2017, to hedge our net investment related to the Toronto Merger, we entered into a foreign currency forward contract with a notional amount of $58.5 million CAD, and a forward rate of approximately 1.3058. During the quarter ended March 31, 2017, we settled our two foreign currency forward contracts which resulted in us receiving a net settlement of approximately $1.4 million, and simultaneously entered into a third foreign currency forward contract with a notional amount of $101 million CAD, and a forward rate of approximately 1.3439. During the quarter ended September 30, 2017, we settled our third foreign currency forward contract, which resulted in us paying a net settlement of approximately $5.5 million, and simultaneously entered into a fourth foreign currency forward contract as noted in the table above. A portion of our gain (loss) from our settled hedges is recorded net in foreign currency forward contract gain (loss) in our consolidated statements of comprehensive loss, and a loss of approximately $125,000 related to the ineffective portion is recorded in other income (expense) within our consolidated statements of operations for the year ended December 31, 2017. The following table summarizes the terms of our derivative financial instruments as of December 31, 2016: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Foreign Currency Forward: Denominated in CAD $ 42,500,000 (1) 1.339 March 8, 2016 March 9, 2017 (1) Notional amount shown is denominated in CAD. The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2017 and 2016: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2017 December 31, 2016 Interest Rate Swaps Other assets $ 455,526 $ 41,884 Accounts payable and accrued liabilities 6,320 — Interest Rate Cap Other assets $ 472,501 $ — Foreign Currency Forward Other assets $ — $ 86,315 Accounts payable and accrued liabilities 67,092 — |
Preferred Equity
Preferred Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Preferred Equity | Note 7. Preferred Equity Issuance of Preferred Units by our Operating Partnership On November 3, 2014, we and our Operating Partnership entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement (the “Unit Purchase Agreement”) with the Preferred Investor, a wholly-owned subsidiary of SmartStop Self Storage Operating Partnership, L.P. Pursuant to the Unit Purchase Agreement, the Preferred Investor agreed to provide up to $65 million through a preferred equity investment in our Operating Partnership (the “Preferred Equity Investment”), to be used solely for investments in self storage properties, as described in the underlying documents, in exchange for up to 2.6 million preferred units of limited partnership interest of our Operating Partnership (the “Preferred Units”), each having a liquidation preference of $25.00 per Preferred Unit (the “Liquidation Amount”), plus all accumulated and unpaid distributions. In addition to the Unit Purchase Agreement, we and our Operating Partnership entered into a Second Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Second Amended and Restated Limited Partnership Agreement”) and Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement (the “Amendment”). The Second Amended and Restated Limited Partnership Agreement authorizes the issuance of additional classes of units of limited partnership interest in the Operating Partnership, establishes a new series of preferred units of limited partnership interest in the Operating Partnership and sets forth other necessary corresponding changes. All other terms of the Second Amended and Restated Limited Partnership Agreement remained substantially the same. The Amendment sets forth key terms of the Preferred Units, some of which are discussed below. In a number of transactions, the Preferred Investor invested a total of $59.5 million in our Operating Partnership and was issued approximately 2.4 million preferred units. As of December 31, 2015, we had redeemed all of the Preferred Units. The holders of the Preferred Units received current distributions (the “Current Distributions”) at a rate of a one-month LIBOR plus 6.5% per annum on the Liquidation Amount, payable monthly and calculated on an actual/360 basis. In addition to the Current Distributions, our Operating Partnership had the obligation to elect either (A) to pay the holder of the Preferred Units additional distributions monthly in an amount equal to: (i) 4.35% per annum of the Liquidation Amount through March 31, 2017; and (ii) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount or (B) defer the additional distributions ( the “Deferred Distributions”) in an amount that accumulated monthly in an amount equal to (i) LIBOR plus 10.85% of the Deferred Distributions through March 31, 2017; and (ii) beginning April 1, 2017, LIBOR plus 12.85% of the Deferred Distributions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. Related Party Transactions Fees to Affiliates Our Advisory Agreement with our Advisor and dealer manager agreement, as amended (“Dealer Manager Agreement”) with our Dealer Manager entitle our Advisor and our Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us. Organization and Offering Costs Organization and offering costs of the Offering could be paid by our Advisor on our behalf and were reimbursed to our Advisor from the proceeds of our Offering. Organization and offering costs consist of all expenses (other than sales commissions, the dealer manager fees and stockholder servicing fees) paid by us in connection with the Offering, including our legal, accounting, printing, mailing and filing fees, charges of our escrow holder and other accountable organization and offering expenses, including, but not limited to, (i) amounts to reimburse our Advisor for all marketing related costs and expenses such as salaries and direct expenses of employees of our Advisor and its affiliates in connection with registering and marketing our shares; (ii) technology costs associated with the Offering; (iii) our costs of conducting our training and education meetings; (iv) our costs of attending retail seminars conducted by participating broker-dealers; and (v) payment or reimbursement of bona fide due diligence expenses. Our Advisor was obligated to reimburse us within 60 days after the end of the month which the Offering terminated to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees, and stockholder servicing fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. However, subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering, and thus there was no reimbursement. Advisory Agreement We do not have any employees. Our Advisor is primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Advisor receives various fees and expenses under the terms of our Advisory Agreement. As noted above, we were required under our Advisory Agreement to reimburse our Advisor for organization and offering costs. Our Advisory Agreement also required our Advisor to reimburse us to the extent that offering expenses, including sales commissions, dealer manager fees, stockholder servicing fees and organization and offering expenses, were in excess of 15% of gross proceeds from the Offering. However, subsequent to the termination of our Primary Offering on January 9, 2017, we determined offering expenses were not in excess of 15% of gross proceeds from the Offering, and thus there was no reimbursement. Our Advisor receives acquisition fees equal to 1.75% of the contract purchase price of each property we acquire plus reimbursement of any acquisition expenses incurred by our Advisor. Our Advisor also receives a monthly asset management fee equal to 0.05208%, which is one-twelfth of 0.625%, of our aggregate asset value, as defined in the Advisory Agreement. Under our Advisory Agreement, our Advisor receives disposition fees in an amount equal to the lesser of (i) one-half of the competitive real estate commission or (ii) 1% of the contract sale price for each property we sell, as long as our Advisor provides substantial assistance in connection with the sale. The total real estate commissions paid (including the disposition fee paid to our Advisor) may not exceed the lesser of a competitive real estate commission or an amount equal to 6% of the contract sale price of the property. Our Advisor is also entitled to various subordinated distributions pursuant to our Operating Partnership Agreement if we (1) list our shares of common stock on a national exchange, (2) terminate our Advisory Agreement (other than a voluntary termination), (3) liquidate our portfolio, or (4) enter into an Extraordinary Transaction, as defined in the Operating Partnership Agreement. Our Advisory Agreement provides for reimbursement of our Advisor’s direct and indirect costs of providing administrative and management services to us. Pursuant to the Advisory Agreement, our Advisor is obligated to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceed the greater of 2% of our average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. For any fiscal quarter for which total operating expenses for the 12 months then ended exceed the limitation, we will disclose this fact in our next quarterly report or within 60 days of the end of that quarter and send a written disclosure of this fact to our stockholders. In each case the disclosure will include an explanation of the factors that the independent directors considered in arriving at the conclusion that the excess expenses were justified. For the years ended December 31, 2015, 2016, and 2017, our aggregate annual operating expenses, as defined, did not exceed the thresholds described above. Dealer Manager Agreement Our Dealer Manager received a sales commission of up to 7.0% of gross proceeds from sales of Class A Shares and up to 2.0% of gross proceeds from the sales of Class T Shares in the Primary Offering and a dealer manager fee up to 3.0% of gross proceeds from sales of both Class A Shares and Class T Shares in the Primary Offering under the terms of the Dealer Manager Agreement. In addition, our Dealer Manager receives an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager could also re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. Our Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Offering, could not exceed 3% of gross offering proceeds from sales in the Offering. Affiliated Dealer Manager 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. Property Management Agreement Since inception, our Property Manager has served as the property manager for each of our properties pursuant to separate property management agreements. From October 1, 2015 through September 30, 2017, our Property Manager contracted with Extra Space for Extra Space to serve as the sub-property manager for each of our properties located in the United States pursuant to separate sub-property management agreements for each property. Effective October 1, 2017, our Property Manager terminated its sub-property management agreements with Extra Space. Our Property Manager now manages all our properties directly. In addition, an affiliate of our Property Manager reacquired the rights to the “SmartStop ® ® Prior Arrangement Under the property management agreements in effect from October 1, 2015 through September 30, 2017 for our properties located in the United States, our Property Manager received a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of our Property Manager’s costs of managing the properties. In addition, Extra Space agreed to pay up to $25,000 per property toward the signage and set-up costs associated with converting such property to the Extra Space brand (the “Set-Up Amount”). The property management agreements had a three year term and automatically renewed for successive one year periods thereafter, unless we or our Property Manager provided prior written notice at least 90 days prior to the expiration of the term. In general, if we terminated a property management agreement without cause during the initial three year term, we would have been required to pay our Property Manager a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term that had elapsed. After the end of the initial three year term, we could have terminated a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager could have terminated a property management agreement on 60 days prior written notice to us. The sub-property management agreements between our Property Manager and Extra Space were substantially the same as the foregoing property management agreements. Under the sub-property management agreements, our Property Manager paid Extra Space a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of Extra Space’s costs of managing the properties; provided, however that no management fee was due and payable to Extra Space for the months of January and July each year during the term. Extra Space had the exclusive right to offer tenant insurance to the tenants and was entitled to all of the benefits of such tenant insurance. The sub-property management agreements also had a three year term and automatically renewed for successive one year periods thereafter, unless our Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Property Manager terminated a sub-property management agreement without cause during the initial three year term, it would have been required to pay Extra Space a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term that had elapsed. After the end of the initial three year term, our Property Manager could have terminated a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space could have terminated a sub-property management agreement on 60 days prior written notice to our Property Manager. Termination of Sub-property Manager As of October 1, 2017, our Property Manager terminated each sub-property management agreement with Extra Space, and we amended each of our corresponding property management agreements as described below. To the extent a termination fee would have been owed by any of our property-owning subsidiaries had its corresponding property management agreement with our Property Manager been terminated, each such property-owning subsidiary agreed to pay the termination fee owed by our Property Manager in accordance with its termination of the sub-property management agreements. The aggregate costs incurred in connection with the property management changes were approximately $0.8 million. This amount was included in property operating expenses – affiliates in the accompanying consolidated statements of operations for the year ended December 31, 2017. Property Management Subsequent to September 30, 2017 In connection with the termination of each sub-property management agreement, each corresponding property management agreement was amended effective as of October 1, 2017. Pursuant to the amended property management agreements, our Property Manager receives: (i) a monthly management fee for each property equal to the greater of $3,000 or 6% of the gross revenues from the properties plus reimbursement of the Property Manager’s costs of managing the properties and (ii) a construction management fee equal to 5% of the cost of construction or capital improvement work in excess of $10,000. In addition, we have agreed with our Property Manager or an affiliate to share equally in the net revenue attributable to the sale of tenant insurance at our properties. The property management agreements have a three year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days prior written notice. With respect to each new property we acquire for which we enter into a property management agreement with our Property Manager we will also pay our Property Manager a one-time start-up fee in the amount of $3,750. In connection with the change in our property management operations, each of our stores in the United States were rebranded under the “SmartStop® Self Storage” brand. Our self storage properties located in Canada are subject to separate property management agreements with our Property Manager on terms substantially the same as the amended property management agreements described above. Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2016 and 2017, and any related amounts payable as of December 31, 2016 and 2017: Year Ended December 31, 2016 Year Ended December 31, 2017 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 735,891 $ 777,354 $ 6,508 $ 1,090,366 $ 751,010 $ 345,864 Asset management fees 2,970,846 2,970,846 — 5,346,280 5,346,280 — Property management fees (1) 2,752,862 2,752,862 — 5,285,082 5,285,082 — Acquisition expenses 10,729,535 10,729,535 — 212,577 212,577 — Additional Paid-in Capital — — — Selling commissions 21,141,748 21,141,748 — 966,516 966,516 — Dealer Manager fee 6,573,962 6,573,760 160,714 353,167 513,881 — Stockholder servicing fee (2) 3,297,305 286,292 3,011,013 299,299 690,272 2,620,040 Offering costs 444,719 444,719 — 33,466 33,466 — Total $ 48,646,868 $ 45,677,116 $ 3,178,235 $ 13,586,753 $ 13,799,084 $ 2,965,904 (1) During the years ended December 31, 2017 and 2016, property management fees included approximately $3.2 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. (2) We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365 th Extra Space Self Storage In connection with the Extra Space Merger of SmartStop Self Storage, Inc. into Extra Space, certain of our executive officers, including H. Michael Schwartz, Paula Mathews, Michael McClure and James Berg, received units of limited partnership interest in Extra Space Storage LP, the operating partnership for Extra Space, in exchange for units of limited partnership of SmartStop Self Storage Operating Partnership, L.P., the operating partnership for SmartStop, owned by such executives. Tenant Insurance We offer a tenant insurance plan to customers at our properties pursuant to which we receive 50% of the net revenues generated from such tenant insurance and our Property Manager or an affiliate receives the other 50% of such net revenues. Storage Auction Program In March 2017, our Sponsor acquired a minority interest in a company (the “Auction Company”) that serves as a web portal for self storage companies to post their auctions for the contents of abandoned storage units online instead of using live auctions conducted at the self storage facilities. The Auction Company is expected to receive a service fee for such services. Through December 31, 2017, neither our Property Manager nor our sub-property manager utilized the Auction Company at our properties. Our Property Manager may in the future utilize the Auction Company, and we would be responsible for paying any fees related to our properties. Our properties would receive the proceeds from such online auctions. Toronto Merger On February 1, 2017, we entered into a definitive Agreement and Plan of Merger (the “Toronto Merger Agreement”) pursuant to which SST II Toronto Acquisition, LLC, a wholly owned and newly formed subsidiary of our Operating Partnership, merged (the “Toronto Merger”) with and into SS Toronto, a subsidiary of our Sponsor, with SS Toronto surviving the Toronto Merger and becoming a wholly owned subsidiary of our Operating Partnership. In connection with the Toronto Merger, we acquired five self storage properties located in the Greater Toronto Areas of North York, Mississauga, Brampton, Pickering and Scarborough (the “SS Toronto Properties”). Each property is operated under the “SmartStop” brand. At the effective time of the Toronto Merger, each share of common stock, $0.001 par value per share, of SS Toronto issued and outstanding was automatically converted into the right to receive $11.0651 USD in cash and 0.7311 Class A Units of our Operating Partnership. We paid an aggregate of approximately $7.3 million USD in cash consideration and issued an aggregate of approximately 483,197 Class A Units of our Operating Partnership to the common stockholders of SS Toronto, consisting of Strategic 1031 and SS Toronto REIT Advisors, Inc., affiliates of our Sponsor. We acquired the SS Toronto Properties subject to approximately $50.1 million CAD (approximately $38.4 million USD) in outstanding debt (as described further below), approximately $0.8 million in other net liabilities, and paid approximately $33.1 million USD to an affiliate of Extra Space as repayment of outstanding debt and accrued interest owed by SS Toronto. No acquisition fee was paid to our Advisor for the Toronto Merger. The terms of the Toronto Merger and the execution of the Toronto Merger Agreement were recommended by a special committee (the “Special Committee”) of our board of directors consisting of the Nominating and Corporate Governance Committee, the members of which were all of our independent directors. The Special Committee, with the assistance of its independent financial advisor and independent legal counsel, approved the transaction and determined that the Toronto Merger and the other transactions contemplated by the Toronto Merger Agreement were advisable and in the best interests of us, were fair and reasonable to us and were on terms and conditions not less favorable to us than those available from unaffiliated third parties. In connection with the Toronto Merger, we entered into guarantees, dated as of February 1, 2017 (the “Guarantees”), under which we agreed to guarantee certain obligations of SS Toronto. The SS Toronto loans consist of (i) term loans totaling approximately $34.8 million CAD pursuant to promissory notes executed by SS Toronto in favor of Bank of Montreal on June 3, 2016, and (ii) mortgage financings in the aggregate amount of up to $17.7 million CAD pursuant to two promissory notes executed by subsidiaries of SS Toronto in favor of DUCA Financial Services Credit Union Ltd. on June 3, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Distribution Reinvestment Plan We have adopted an amended and restated distribution reinvestment plan that allows both our Class A and Class T stockholders to have distributions otherwise distributable to them invested in additional shares of our Class A and Class T Shares, respectively. The purchase price per share pursuant to our distribution reinvestment plan is equivalent to the estimated value per share approved by our board of directors and in effect on the date of purchase of shares under the plan. In conjunction with the board of directors’ declaration of a new estimated value per share of our common stock on April 13, 2017, beginning in May 2017, shares sold pursuant to our distribution reinvestment plan are sold at the new estimated value per share of $10.22 per Class A Share and Class T Share. We may amend or terminate the amended and restated distribution reinvestment plan for any reason at any time upon 10 days’ prior written notice to stockholders. No sales commissions, dealer manager fee, or stockholder servicing fee will be paid on shares sold through the amended and restated distribution reinvestment plan. Through the termination of our Offering on January 9, 2017, we had sold approximately 1.1 million Class A shares and 0.1 million Class T Shares through our original distribution reinvestment plan. As of December 31, 2017, we had sold approximately 1.4 million Class A Shares and approximately 0.2 million Class T Shares through our DRP Offering. Share Redemption Program We adopted a share redemption program that enables stockholders to sell their shares to us in limited circumstances. As long as our common stock is not listed on a national securities exchange or over-the-counter market, our stockholders who have held their stock for at least one year may be able to have all or any portion of their shares of stock redeemed by us. We may redeem the shares of stock presented for redemption for cash to the extent that we have sufficient funds available to fund such redemption. Our board of directors may amend, suspend or terminate the share redemption program with 30 days’ notice to our stockholders. We may provide this notice by including such information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders. The complete terms of our share redemption program are described in our prospectus. The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount At any time we are engaged in an offering of shares, the Redemption Amount for shares purchased under our share redemption program will always be equal to or lower than the applicable per share offering price. As long as we are engaged in an offering, the Redemption Amount shall be the lesser of the amount the stockholder paid for their shares or the price per share in the current offering. If we are no longer engaged in an offering, our board of directors will announce any redemption price adjustment and the time period of its effectiveness as a part of its regular communications with our stockholders. At any time the redemption price during an offering is determined by any method other than the offering price, if we have sold property and have made one or more special distributions to our stockholders of all or a portion of the net proceeds from such sales, the per share redemption price will be reduced by the net sale proceeds per share distributed to investors prior to the redemption date as a result of the sale of such property in the special distribution. Our board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While our board of directors does not have specific criteria for determining a special distribution, we expect that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds. There are several limitations on our ability to redeem shares under the share redemption program including, but not limited to: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” (as defined under the share redemption program) or bankruptcy, we may not redeem shares until the stockholder has held his or her shares for one year. • During any calendar year, we will not redeem in excess of 5% of the weighted-average number of shares outstanding during the prior calendar year. • The cash available for redemption is limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan, less any prior redemptions. • We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. For the year ended December 31, 2017, we received redemption requests totaling approximately $2.2 million (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. For the year ended December 31, 2016 we received redemption requests totaling approximately $1.3 million (approximately 138,000 shares), approximately $1.1 million of which were fulfilled during year ended December 31, 2016, with the remaining approximately $0.2 million included in accounts payable and accrued liabilities as of December 31, 2016 and fulfilled in January 2017. Operating Partnership Redemption Rights The limited partners of our Operating Partnership have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may purchase their limited partnership units by issuing one share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as our Advisor is acting as our advisor under the Advisory Agreement. Other Contingencies From time to time, we are party to legal proceedings that arise in the ordinary course of our business. We are not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities. |
Declaration of Distributions
Declaration of Distributions | 12 Months Ended |
Dec. 31, 2017 | |
Dividends [Abstract] | |
Declaration of Distributions | Note 10. Declaration of Distributions On December 19, 2017, our board of directors declared a distribution rate for the first quarter of 2018 of $0.001644 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on January 1, 2018 and continuing on each day thereafter through and including March 31, 2018. Such distributions payable to each stockholder of record during a month will be paid the following month. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | Note 11. Selected Quarterly Data (Unaudited) The following is a summary of quarterly financial information for the years ended December 31, 2017 and 2016: Three months ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 17,707,546 $ 19,076,777 $ 19,939,512 $ 19,385,071 Total operating expenses $ 18,259,683 $ 18,085,017 $ 19,197,777 $ 16,991,318 Operating income (loss) $ (552,137 ) $ 991,760 $ 741,735 $ 2,393,753 Net loss $ (5,221,480 ) $ (3,538,491 ) $ (3,875,164 ) $ (2,351,155 ) Net loss attributable to common stockholders $ (5,191,114 ) $ (3,502,661 ) $ (3,840,775 ) $ (2,329,515 ) Net loss per Class A Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Net loss per Class T Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Three months ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 (1) Total revenues $ 6,234,589 $ 9,799,189 $ 14,457,550 $ 14,939,818 Total operating expenses $ 10,048,926 $ 18,708,719 $ 15,753,103 $ 15,830,901 Operating loss $ (3,814,337 ) $ (8,909,530 ) $ (1,295,553 ) $ (891,083 ) Net loss $ (4,508,654 ) $ (10,729,510 ) $ (6,341,069 ) $ (4,524,376 ) Net loss attributable to common stockholders $ (4,505,204 ) $ (10,724,129 ) $ (6,338,356 ) $ (4,522,696 ) Net loss per Class A Share-basic and diluted $ (0.17 ) $ (0.27 ) $ (0.14 ) $ (0.09 ) Net loss per Class T Share-basic and diluted $ (0.17 ) $ (0.27 ) $ (0.14 ) $ (0.09 ) (1) Includes a net decrease of approximately $0.3 million of depreciation and amortization expense related to the finalization of purchase price allocations. During 2016 we completed the purchase price allocations for our Foley, AL and Tampa, FL properties acquired in 2015 and 33 properties acquired in 2016 and recognized the measurement period adjustments in our consolidated statement of operations during the fourth quarter of 2016. If such measurement period adjustments were retroactively recorded they would have had the net impact of increasing depreciation expense by approximately $400, and $3,000 for the third and fourth quarters of 2015, respectively, and decreasing depreciation expense by approximately $9,000, $9,000, and $10,000 for the first, second, and third quarters of 2016, respectively. Intangible amortization expense would have had the net impact of increasing by approximately $2,000 and $8,000 for the third and fourth quarters of 2015, respectively, and decreasing amortization expense by approximately $40,000, $120,000, and $130,000 for the first, second, and third quarters of 2016, respectively. However, with the adoption of amended accounting guidance, the cumulative measurement period adjustments were recorded in the fourth quarter of 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events Distribution Declaration On March 20, 2018, our board of directors declared a distribution rate for the second quarter of 2018 of $0.001644 per day per share on the outstanding shares of common stock payable to both Class A and Class T stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on April 1, 2018 and continuing on each day thereafter through and including June 30, 2018. Such distributions payable to each stockholder of record during a month will be paid the following month. Joint Venture with SmartCentres In January 2018, a subsidiary of our Sponsor entered into a contribution agreement (“Contribution Agreement”) with a subsidiary of SmartCentres Real Estate Investment Trust, an unaffiliated third party (“SmartCentres”), for a tract of land owned by SmartCentres and located in East York, Ontario (the “East York Lot”) in Canada. In March, 2018, the interest in the Contribution Agreement was assigned to one of our subsidiaries. Upon closing, the East York Lot will be owned by a limited partnership (the “Limited Partnership”), in which we (through our subsidiaries) and SmartCentres (through its subsidiaries) will each be a 50% limited partner and each have an equal ranking general partner in the Limited Partnership. It is intended that the Limited Partnership develops a self storage facility on the East York Lot. The value of the land to be contributed by SmartCentres to the Limited Partnership has an agreed upon fair market value of approximately $7.6 million CAD. At closing, we will subscribe for 50% of the units in the Limited Partnership at an agreed upon subscription price of approximately $3.8 million CAD, representing a contribution equivalent to 50% of the agreed upon fair market value of the land. We expect the acquisition of the East York Lot to close in the third quarter of 2018 after the land has been zoned so as to permit the self storage facility. In some circumstances, if we fail to complete the acquisition, we may forfeit up to approximately $0.3 million CAD in earnest money. Tenant Insurance Joint Venture In connection with the amended property management agreements effective as of October 1, 2017, we agreed with our Property Manager to share equally in the net revenue attributable to the sale of tenant insurance at our properties. On March 19, 2018, to facilitate such revenue sharing, we and our Property Manager agreed to transfer our respective rights in such tenant insurance revenue to a newly created joint venture (the “TI Joint Venture”), Strategic Storage TI Services II JV, LLC (the “TI Joint Venture Entity”), a Delaware limited liability company, which is owned 50% by our TRS subsidiary and 50% by our Property Manager’s affiliate, SmartStop TI II, LLC (“SS TI II”). Under the terms of the TI Joint Venture agreement, our TRS receives 50% of the net economics generated from such tenant insurance and SS TI II receives the other 50%. The TI Joint Venture agreement further provides, among other things, that if a member or its affiliate terminates all or substantially all of the property management agreements or defaults in its material obligations under the TI Joint Venture agreement or undergoes a change of control (the “Triggering Member”), the other member generally shall have the right (but not the obligation) to either (i) sell its 50% interest in the TI Joint Venture Entity to the Triggering Member at fair market value (as agreed upon or as determined under an appraisal process) or (ii) purchase the Triggering Member’s 50% interest in the TI Joint Venture Entity at 95% of fair market value. Foreign Currency Hedging Activity On March 28, 2018 we settled our foreign currency forward which resulted in us receiving a settlement of approximately $2.2 million. In conjunction with the settlement, we entered into a new forward contract to continue hedging our net Canadian investment. The new forward contract has a notional amount of $90 million CAD, a maturity date of January 28, 2019, and a forward rate of approximately 1.2846. Distribution Reinvestment Plan Offering Status As of March 23, 2018, in connection with our DRP Offering, we had issued approximately 1.7 million Class A shares of our common stock and approximately 0.3 million Class T Shares of our common stock for gross proceeds of approximately $17.3 million and approximately $2.6 million, respectively. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | STRATEGIC STORAGE TRUST II, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 Initial Cost to Company Gross Carrying Amount at December 31, 2017 Description ST Encumbrance Land Building and Improvements Total Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Construction Date Acquired Morrisville NC $ 1,181,939 $ 531,000 $ 1,891,000 $ 2,422,000 $ 111,669 $ 531,000 $ 2,002,669 2,533,669 $ 241,586 2004 11/3/2014 Cary NC 2,535,910 1,064,000 3,301,000 4,365,000 $ 98,853 1,064,000 3,399,853 4,463,853 392,194 1998/2005/2006 11/3/2014 Raleigh NC 2,175,218 1,186,000 2,540,000 3,726,000 $ 144,354 1,186,000 2,684,354 3,870,354 365,593 1999 11/3/2014 Myrtle Beach I SC 3,296,127 1,482,000 4,476,000 5,958,000 $ 201,678 1,482,000 4,677,678 6,159,678 564,591 1998/2005-2007 11/3/2014 Myrtle Beach II SC 3,074,197 1,690,000 3,654,000 5,344,000 $ 158,540 1,690,000 3,812,540 5,502,540 473,457 1999/2006 11/3/2014 Whittier CA 4,602,761 2,730,000 2,916,875 5,646,875 $ 206,840 2,730,000 3,123,715 5,853,715 384,790 1989 2/19/2015 La Verne CA 3,167,492 1,950,000 2,036,875 3,986,875 $ 198,340 1,950,000 2,235,215 4,185,215 288,182 1986 1/23/2015 Santa Ana CA 5,196,666 4,890,000 4,006,875 8,896,875 $ 189,229 4,890,000 4,196,104 9,086,104 531,037 1978 2/5/2015 Upland CA 3,612,920 2,950,000 3,016,875 5,966,875 $ 234,789 2,950,000 3,251,664 6,201,664 421,142 1979 1/29/2015 La Habra CA 3,662,412 2,060,000 2,356,875 4,416,875 $ 131,050 2,060,000 2,487,925 4,547,925 288,072 1981 2/5/2015 Monterey Park CA 2,573,587 2,020,000 2,216,875 4,236,875 $ 197,205 2,020,000 2,414,080 4,434,080 269,119 1987 2/5/2015 Huntington Beach CA 6,978,379 5,460,000 4,856,875 10,316,875 $ 131,308 5,460,000 4,988,183 10,448,183 595,665 1986 2/5/2015 Chico CA 1,163,063 400,000 1,336,875 1,736,875 $ 215,862 400,000 1,552,737 1,952,737 183,350 1984 1/23/2015 Lancaster CA 1,682,730 200,000 1,516,875 1,716,875 $ 230,481 200,000 1,747,356 1,947,356 233,961 1980 1/29/2015 Riverside CA 2,326,127 370,000 2,326,875 2,696,875 $ 297,674 370,000 2,624,549 2,994,549 303,050 1985 1/23/2015 Fairfield CA 2,746,809 730,000 2,946,875 3,676,875 $ 86,983 730,000 3,033,858 3,763,858 360,527 1984 1/23/2015 Lompoc CA 2,821,047 1,000,000 2,746,875 3,746,875 $ 107,884 1,000,000 2,854,759 3,854,759 333,754 1982 2/5/2015 Santa Rosa CA 7,324,823 3,150,000 6,716,875 9,866,875 $ 153,740 3,150,000 6,870,615 10,020,615 814,068 1979-1981 1/29/2015 Vallejo CA 627,392 990,000 3,946,875 4,936,875 $ 148,563 990,000 4,095,438 5,085,438 481,937 1981 1/29/2015 Federal Heights CO 2,375,619 1,100,000 3,346,875 4,446,875 $ 165,818 1,100,000 3,512,693 4,612,693 469,160 1983 1/29/2015 Aurora CO 4,800,729 810,000 5,906,875 6,716,875 $ 177,848 810,000 6,084,723 6,894,723 707,715 1984 2/5/2015 Littleton CO 2,177,650 1,680,000 2,456,875 4,136,875 $ 161,371 1,680,000 2,618,246 4,298,246 320,625 1985 1/23/2015 Bloomingdale IL 2,375,619 810,000 3,856,874 4,666,874 $ 266,171 810,000 4,123,045 4,933,045 461,514 1987 2/19/2015 Crestwood IL 1,633,238 250,000 2,096,875 2,346,875 $ 250,938 250,000 2,347,813 2,597,813 279,054 1987 1/23/2015 Forestville MD 3,464,444 1,940,000 4,346,875 6,286,875 $ 664,261 1,940,000 5,011,136 6,951,136 660,483 1988 1/23/2015 Warren I MI 1,954,936 230,000 2,966,875 3,196,875 $ 360,536 230,000 3,327,411 3,557,411 352,516 1996 5/8/2015 Sterling Heights MI 2,301,381 250,000 3,286,875 3,536,875 $ 664,188 250,000 3,951,063 4,201,063 380,709 1977 5/21/2015 Troy MI 3,414,952 240,000 4,176,875 4,416,875 $ 159,198 240,000 4,336,073 4,576,073 497,541 1988 5/8/2015 Warren II MI 2,251,889 240,000 3,066,875 3,306,875 $ 611,573 240,000 3,678,448 3,918,448 400,241 1987 5/8/2015 Beverly NJ 1,385,778 400,000 1,696,875 2,096,875 $ 174,938 400,000 1,871,813 2,271,813 182,543 1988 5/28/2015 Everett WA 2,722,063 2,010,000 2,956,875 4,966,875 $ 515,791 2,010,000 3,472,666 5,482,666 370,747 1986 2/5/2015 Foley AL 4,132,587 1,839,000 5,717,000 7,556,000 $ 567,120 1,839,000 6,284,120 8,123,120 577,737 1985/1996/2006 9/11/2015 Tampa FL 1,633,238 718,244 2,257,471 2,975,715 $ 427,594 718,244 2,685,065 3,403,309 221,966 1985 11/3/2015 Boynton Beach FL 8,166,188 1,983,491 15,232,817 17,216,308 $ 327,788 1,983,491 15,560,605 17,544,096 931,140 2004 1/7/2016 Lancaster II CA 2,350,873 670,392 3,711,424 4,381,816 $ 195,500 670,392 3,906,924 4,577,316 295,441 1991 1/11/2016 Milton (2) ONT 4,956,483 1,501,716 8,196,411 9,698,127 $ 725,250 (3) 1,608,534 8,814,843 10,423,377 498,620 2006 2/11/2016 Burlington I (2) ONT 7,113,697 3,403,987 10,624,437 14,028,424 $ 1,068,044 (3) 3,646,116 11,450,352 15,096,468 670,977 2011 2/11/2016 Oakville I (2) ONT 7,486,937 2,744,484 13,511,955 16,256,439 $ 3,058,986 (3) 2,939,701 16,375,724 19,315,425 942,365 2016 2/11/2016 Oakville II (2) ONT 7,310,803 2,998,831 9,394,919 12,393,750 $ 903,316 (3) 3,212,141 10,084,925 13,297,066 595,898 2004 2/29/2016 Burlington II (2) ONT 4,921,575 2,959,356 5,152,513 8,111,869 $ 580,664 (3) 3,169,857 5,522,676 8,692,533 325,218 2008 2/29/2016 Xenia OH 384,338 275,493 2,664,693 2,940,186 $ 5,249 275,493 2,669,942 2,945,435 182,759 2003 4/20/2016 Sidney OH 226,292 255,246 1,806,349 2,061,595 $ 21,053 255,246 1,827,402 2,082,648 178,314 2003 4/20/2016 Troy OH 384,338 150,666 2,596,010 2,746,676 $ 21,306 150,666 2,617,316 2,767,982 202,387 2003 4/20/2016 Greenville OH 231,081 82,598 1,909,466 1,992,064 $ 12,412 82,598 1,921,878 2,004,476 127,060 2003 4/20/2016 Washington Court House OH 274,185 255,456 1,882,203 2,137,659 $ 14,819 255,456 1,897,022 2,152,478 131,031 2003 4/20/2016 Richmond IN 419,060 223,159 2,944,379 3,167,538 $ 18,400 223,159 2,962,779 3,185,938 209,671 2003 4/20/2016 Connersville IN 227,490 155,533 1,652,290 1,807,823 $ 16,464 155,533 1,668,754 1,824,287 119,102 2003 4/20/2016 Port St. Lucie I FL 1,017,716 2,589,781 6,339,578 8,929,359 $ 65,162 2,589,781 6,404,740 8,994,521 373,838 1999 4/29/2016 Sacramento CA 975,810 1,205,209 6,616,767 7,821,976 $ 94,320 1,205,209 6,711,087 7,916,296 351,942 2006 5/9/2016 Oakland CA 5,315,948 5,711,189 6,902,446 12,613,635 $ 52,591 5,711,189 6,955,037 12,666,226 367,463 1979 5/18/2016 Concord CA 14,684,052 19,090,003 17,202,868 36,292,871 $ 109,915 19,090,003 17,312,783 36,402,786 948,269 1988/1998 5/18/2016 Pompano Beach FL 7,800,455 3,947,715 16,656,002 20,603,717 $ 57,772 3,947,715 16,713,774 20,661,489 784,580 1979 6/1/2016 Lake Worth FL 8,572,515 12,108,208 10,804,173 22,912,381 $ 66,615 12,108,208 10,870,788 22,978,996 708,974 1998/2003 6/1/2016 Jupiter FL 9,530,933 16,029,881 10,556,833 26,586,714 $ 55,109 16,029,881 10,611,942 26,641,823 577,164 1992/2012 6/1/2016 Royal Palm Beach FL 9,477,688 11,425,394 13,275,322 24,700,716 $ 27,340 11,425,394 13,302,662 24,728,056 822,599 2001/2003 6/1/2016 Port St. Lucie II FL 5,697,262 5,130,621 8,410,474 13,541,095 $ 103,826 5,130,621 8,514,300 13,644,921 486,359 2002 6/1/2016 Wellington FL 8,253,043 10,233,511 11,662,801 21,896,312 $ 35,196 10,233,511 11,697,997 21,931,508 596,330 2005 6/1/2016 Doral FL 9,371,197 11,335,658 11,485,045 22,820,703 $ 59,787 11,335,658 11,544,832 22,880,490 593,071 1998 6/1/2016 Plantation FL 11,660,751 12,989,079 19,224,919 32,213,998 $ 28,015 12,989,079 19,252,934 32,242,013 980,750 2002/2012 6/1/2016 Naples FL 10,702,333 11,789,085 12,771,305 24,560,390 $ 69,133 11,789,085 12,840,438 24,629,523 638,777 2002 6/1/2016 Delray FL 11,687,373 17,096,692 12,983,627 30,080,319 $ 60,059 17,096,692 13,043,686 30,140,378 672,267 2003 6/1/2016 Baltimore MD 2,753,821 3,897,872 22,427,843 26,325,715 $ 192,223 3,897,872 22,620,066 26,517,938 1,190,263 1990/2014 6/1/2016 Sonoma CA 826,146 3,468,153 3,679,939 7,148,092 $ 46,633 3,468,153 3,726,572 7,194,725 201,221 1984 6/14/2016 Las Vegas I NV 1,372,121 2,391,220 11,117,892 13,509,112 $ 67,361 2,391,220 11,185,253 13,576,473 482,797 2002 7/28/2016 Las Vegas II NV 1,472,695 3,840,088 9,916,937 13,757,025 $ 49,890 3,840,088 9,966,827 13,806,915 398,073 2000 9/23/2016 Las Vegas III NV 1,107,515 2,565,579 6,338,944 8,904,523 $ 96,729 2,565,579 6,435,673 9,001,252 294,063 1989 9/27/2016 Asheville I NC 7,143,593 3,619,676 11,173,603 14,793,279 $ 60,027 3,619,676 11,233,630 14,853,306 395,168 1988/2005/2015 12/30/2016 Asheville II NC 3,250,087 1,764,969 3,107,311 4,872,280 $ 35,791 1,764,969 3,143,102 4,908,071 117,392 1984 12/30/2016 Hendersonville I NC 2,243,715 1,081,547 3,441,204 4,522,751 $ 35,997 1,081,547 3,477,201 4,558,748 122,491 1982 12/30/2016 Asheville III NC 4,677,156 5,096,833 4,620,013 9,716,846 $ 23,027 5,096,833 4,643,040 9,739,873 178,207 1991/2002 12/30/2016 Arden NC 6,557,917 1,790,118 10,265,741 12,055,859 $ 50,324 1,790,118 10,316,065 12,106,183 327,021 1973 12/30/2016 Asheville IV NC 4,413,190 4,558,139 4,455,118 9,013,257 $ 29,925 4,558,139 4,485,043 9,043,182 175,805 1985/1986/2005 12/30/2016 Asheville V NC 5,073,106 2,414,680 7,826,417 10,241,097 $ 60,643 2,414,680 7,887,060 10,301,740 280,300 1978/2009/2014 12/30/2016 Initial Cost to Company Gross Carrying Amount at December 31, 2017 Description ST Encumbrance Land Building and Improvements Total Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Construction Date Acquired Asheville VI NC 3,489,307 1,306,240 5,121,332 6,427,572 35,322 1,306,240 5,156,654 6,462,894 167,988 2004 12/30/2016 Asheville VIII NC 4,536,924 1,764,965 6,162,855 7,927,820 40,964 1,764,965 6,203,819 7,968,784 222,956 1968/2002 12/30/2016 Hendersonville II NC 4,272,956 2,597,584 5,037,350 7,634,934 53,013 2,597,584 5,090,363 7,687,947 213,493 1989/2003 12/30/2016 Asheville VII NC 1,592,048 782,457 2,139,791 2,922,248 20,001 782,457 2,159,792 2,942,249 82,266 1999 12/30/2016 Sweeten Creek Land NC — 348,480 — 348,480 — 348,480 — 348,480 — N/A 12/30/2016 Highland Center Land NC — 50,000 — 50,000 — 50,000 — 50,000 — N/A 12/30/2016 Aurora II CO — 1,584,664 8,196,091 9,780,755 74,953 1,584,664 8,271,044 9,855,708 309,267 2012 1/11/2017 Dufferin (2) ONT 11,111,469 6,258,511 16,287,332 22,545,843 947,068 (3) 6,515,329 16,977,582 23,492,911 495,689 2015 2/1/2017 Mavis (2) ONT 9,366,048 4,657,233 14,493,508 19,150,741 790,463 (3) 4,848,342 15,092,862 19,941,204 438,649 2013 2/1/2017 Brewster (2) ONT 6,121,600 4,136,329 9,527,410 13,663,739 562,483 (3) 4,306,062 9,920,160 14,226,222 292,332 2013 2/1/2017 Granite (2) ONT 6,821,686 3,126,446 8,701,429 11,827,875 487,883 (3) 3,254,740 9,061,018 12,315,758 253,702 1998/2016 2/1/2017 Centennial (2) ONT 4,939,433 1,714,644 11,428,538 13,143,182 539,330 (3) 1,785,005 11,897,507 13,682,512 326,838 2016/2017 2/1/2017 $ 349,716,671 $ 270,529,105 $ 538,583,844 $ 809,112,949 $ 20,566,528 $ 272,313,395 $ 557,366,082 $ 829,679,477 $ 34,686,973 (1) The aggregate cost of real estate for United States federal income tax purposes is $869,065,902. (2) This property is located in Ontario, Canada. (3) The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. Activity in real estate facilities during 2017 was as follows: 2017 Real estate facilities Balance at beginning of year $ 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 7,731,429 Improvements and additions 4,521,592 Asset disposals (141,412 ) Balance at end of year $ 829,679,477 Accumulated depreciation Balance at beginning of year $ (14,855,188 ) Asset disposals 141,412 Depreciation expense (19,777,620 ) Impact of foreign exchange rate changes (195,577 ) Balance at end of year $ (34,686,973 ) Construction in process Balance at beginning of year $ 1,740,139 Net additions and assets placed into service (1,647,620 ) Balance at end of year $ 92,519 Real estate facilities, net $ 795,085,023 S-1 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. |
Principles of Consolidation | Principles of Consolidation Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Consolidation Considerations | Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary. As of December 31, 2017 and 2016, we had not entered into any other contracts/interests that would be deemed to be variable interests in VIEs. |
Noncontrolling Interest in Consolidated Entities | Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partner, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest balance. |
Use of Estimates | Use of Estimates 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of impound reserve accounts for property taxes, insurance and capital improvements in connection with the requirements of certain of our loan agreements. |
Real Estate Purchase Price Allocation | Real Estate Purchase Price Allocation We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of the property to the tangible and intangible assets acquired and the liabilities assumed based on estimated fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, as of the acquisition date. Acquisitions of portfolios of facilities are allocated to the individual facilities based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to the individual assets and liabilities are based upon comparable market sales information for land and estimates of depreciated replacement cost of equipment, building and site improvements. In allocating the purchase price, we determine whether the acquisition includes intangible assets or liabilities. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are month-to-month contracts. We also consider whether in-place, market leases represent an intangible asset. We recorded approximately $4.4 million and approximately $19.9 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the years ended December 31, 2017 and 2016, respectively. We do not expect, nor to date have we recorded, intangible assets for the value of customer relationships because we expect we will not have concentrations of significant customers and the average customer turnover will be fairly frequent. Our acquisition-related transaction costs are required to be expensed as incurred. During the years ended December 31, 2017, 2016, and 2015 we expensed approximately $0.5 Should the initial accounting for an acquisition be incomplete by the end of a reporting period that falls within the measurement period, we will report provisional amounts in our financial statements. During the measurement period, we will adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we will record those adjustments to our consolidated financial statements. We will recognize any measurement period adjustments during the period in which we determine the amount of the adjustment to our consolidated financial statements, potentially including adjustments to interest, depreciation and amortization expense. |
Evaluation of Possible Impairment of Long-Lived Assets | Evaluation of Possible Impairment of Long-Lived Assets Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the long-lived assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived assets to the fair value and recognize an impairment loss. For the years ended December 31, 2017, 2016, and 2015, no impairment losses were recognized. |
Revenue Recognition | Revenue Recognition Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. Revenues from any long-term operating leases are recognized on a straight-line basis over the term of the lease. The excess of rents received over amounts contractually due pursuant to the underlying leases is included in accounts payable and accrued liabilities in our consolidated balance sheets and contractually due but unpaid rent is included in other assets. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management’s estimate of the allowance is based upon a review of the current status of tenant accounts receivable. It is reasonably possible that management’s estimate of the allowance will change in the future. |
Real Estate Facilities | Real Estate Facilities Real estate facilities are recorded based on fair value as of the date of acquisition. We capitalize costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. |
Depreciation of Real Property Assets | Depreciation of Real Property Assets Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-35 years Site Improvements 7-10 years |
Depreciation of Personal Property Assets | Depreciation of Personal Property Assets Personal property assets consist primarily of furniture, fixtures and equipment and are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 5 years, and are included in other assets on our consolidated balance sheets. |
Intangible Assets | Intangible Assets We have allocated a portion of our real estate purchase price to in-place lease intangibles. We are amortizing in-place lease intangibles on a straight-line basis over the estimated future benefit period. As of December 31, 2017, the gross amounts allocated to in-place lease intangibles was approximately $34.0 million and accumulated amortization of in-place lease intangibles totaled approximately $29.8 million. As of December 31, 2016, the gross amounts allocated to in-place lease intangibles was approximately $29.2 million and accumulated amortization of in-place lease intangibles totaled approximately $16.1 million. The total estimated future amortization expense of intangible assets for the years ending December 31, 2018, 2019, 2020, 2021, 2022, and thereafter is approximately $2.5 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.3 million respectively. |
Debt Issuance Costs | Debt Issuance Costs The net carrying value of costs incurred in connection with our revolving credit facility are presented as debt issuance costs on our consolidated balance sheets. Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2017 and 2016, accumulated amortization of debt issuance costs related to our revolving credit facility totaled approximately $1.5 million and $0.7 million, respectively. The net carrying value of costs incurred in connection with obtaining non revolving debt are presented on the balance sheet as a deduction from secured debt (see Note 5). Debt issuance costs are amortized on a straight-line basis over the term of the related loan, which is not materially different than the effective interest method. As of December 31, 2017 and 2016, accumulated amortization of debt issuance costs related to non revolving debt totaled approximately $0.6 million and $0.2 million, respectively. |
Organizational and Offering Costs | Organizational and Offering Costs Our Advisor funded organization and offering costs on our behalf. We were required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor was required to reimburse us within 60 days after the end of the month in which the Offering terminated to the extent we paid or reimbursed organization and offering costs (excluding sales commissions, dealer manager fees and stockholder servicing fees) in excess of 3.5% of the gross offering proceeds from the Primary Offering. Such costs would have been recognized as a liability when we had a present responsibility to reimburse our Advisor, which is defined in our Advisory Agreement as the date we satisfied the minimum offering requirements of our Offering (which occurred on May 23, 2014). If at any point in time we determined that the total organization and offering costs were expected to exceed 3.5% of the gross proceeds anticipated to be received from the Primary Offering, we would have recognized such excess as a capital contribution from our Advisor. However, subsequent to the termination of our Primary Offering on January 9, 2017, we determined that organization and offering costs did not exceed 3.5% of the gross proceeds from the Primary Offering, and thus there was no reimbursement. Offering costs are recorded as an offset to additional paid-in capital, and organization costs are recorded as an expense. We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. We will cease paying the stockholder servicing fee with respect to the Class T Shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of both Class A Shares and Class T Shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of the Primary Offering; (iii) the fifth anniversary of the last day of the fiscal quarter in which our Primary Offering (i.e., excluding our distribution reinvestment plan offering) terminated; and (iv) the date that such Class T Share is redeemed or is no longer outstanding. Our Dealer Manager entered into participating dealer agreements with certain other broker-dealers which authorized them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager re-allowed all of the sales commissions and, subject to certain limitations, the stockholder servicing fees paid in connection with sales made by these broker-dealers. Our Dealer Manager was also permitted to re-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. Our Dealer Manager also received reimbursement of bona fide due diligence expenses; however, to the extent the due diligence expenses could not be justified, any excess over actual due diligence expenses would have been considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all other non-accountable expenses in connection with our Public Offering, could not exceed 3% of gross offering proceeds from sales in the Public Offering. We recorded a liability within Due to affiliates for the future estimated stockholder servicing fees at the time of sale of Class T Shares as an offering cost. |
Foreign Currency Translation | Foreign Currency Translation For non-U.S. functional currency operations, assets and liabilities are translated to U.S. dollars at current exchange rates. Revenues and expenses are translated at the average rates for the period. All related adjustments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Transactions denominated in a currency other than the functional currency of the related operation are recorded at rates of exchange in effect at the date of the transaction. Gains or losses on foreign currency transactions are recorded in other income (expense). |
Redeemable Common Stock | Redeemable Common Stock We adopted a share redemption program that enables stockholders to sell their shares to us in limited circumstances. We record amounts that are redeemable under the share redemption program as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under our share redemption program is limited to the number of shares we can repurchase with the amount of the net proceeds from the sale of shares under the distribution reinvestment plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the distribution reinvestment plan are considered to be temporary equity and are presented as redeemable common stock in the accompanying consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. Our redeemable common shares are contingently redeemable at the option of the holder. When we determine we have a mandatory obligation to repurchase shares under the share redemption program, we reclassify such obligations from temporary equity to a liability based upon their respective settlement values. For the year ended December 31, 2017 we received redemption requests totaling approximately $2.2 million (approximately 0.2 million shares), approximately $1.5 million of which were fulfilled during the year ended December 31, 2017, with the remaining approximately $0.7 million included in accounts payable and accrued liabilities as of December 31, 2017 and fulfilled in January 2018. For the year ended December 31, 2016 we received redemption requests totaling approximately $1.3 million, (approximately 138,000 shares), approximately $1.1 million of which were fulfilled during the year ended December 31, 2016, with the remaining approximately $0.2 million included in accounts payable and accrued liabilities as of December 31, 2016 and fulfilled in January 2017. |
Accounting for Equity Awards | Accounting for Equity Awards The cost of restricted stock is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. |
Fair Value Measurements | Fair Value Measurements Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other financial instruments and balances at fair value on a non-recurring basis. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we will use when measuring fair value: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access; • Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and • Level 3 inputs are unobservable inputs for the assets or liabilities that are typically based on an entity’s own assumptions as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety. The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Financial and non-financial assets and liabilities measured at fair value on a non-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates approximate fair value. The table below summarizes our fixed rate notes payable at December 31, 2017 and 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 213,300,000 $ 218,332,483 $ 158,700,000 $ 166,410,537 As of December 31, 2017, we had interest rate swaps, an interest rate cap, and a net investment hedge (See Notes 5 and 6). The valuations of these instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. The analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair value of the interest rate swaps were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based on the change in the spot rate at the end of the period as compared with the strike price at inception. To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of non-performance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we had determined that the majority of the inputs used to value our derivatives were within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, through December 31, 2017, we had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We record all derivatives on our balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. |
Income Taxes | Income Taxes We made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2014. To qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s ordinary taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes. Even if we continue to qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. We filed elections to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and generally engages in any real estate or non-real estate related business. The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes represent the tax effect of future differences between the book and tax bases of assets and liabilities. |
Per Share Data | Per Share Data Basic earnings per share attributable to our common stockholders for all periods presented are computed by dividing net income (loss) attributable to our common stockholders by the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including the dilutive effect of unvested restricted stock, utilizing the treasury stock method. For all periods presented, the dilutive effect of unrestricted stock was not included in the diluted weighted average shares as such shares were antidilutive. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” as ASC Topic 606. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In July 2015, the FASB voted to defer the effective date by one year to annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 with early adoption permitted. This ASU will be applied using the modified retrospective approach. We have determined that our self storage rental revenues will not be subject to the guidance in ASU 2014-09, as they qualify as lease contracts, which are excluded from its scope. We adopted this ASU on January 1, 2018 and its adoption did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 amends the guidance on accounting for leases. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU 2016-02, lessor accounting is largely unchanged. It also includes extensive amendments to the disclosure requirements. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not yet been made available for issuance. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. While we continue to evaluate the standard, based upon our assessment to date, we do not anticipate the adoption of this standard will have a material impact on our consolidated financial statements, because substantially all of our lease revenues are derived from month-to-month leases. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 addresses eight classification issues related to the statement of cash flows. The guidance will become effective for periods beginning after December 15, 2017, with early adoption permitted. We adopted this ASU on January 1, 2018 and its adoption did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalent balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. We adopted this guidance on January 1, 2018 and will begin presenting restricted cash along with cash and cash equivalents in our consolidated statements of cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework provides guidance for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2017 and shall be applied on a prospective basis. We adopted this ASU on January 1, 2018. We expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result, certain transaction costs will be capitalized rather than expensed. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives used to Depreciate Real Property Assets | Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives Description Standard Depreciable Life Land Not Depreciated Buildings 30-35 years Site Improvements 7-10 years |
Summary of Fixed Rate Notes Payable | The table below summarizes our fixed rate notes payable at December 31, 2017 and 2016. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange. December 31, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 213,300,000 $ 218,332,483 $ 158,700,000 $ 166,410,537 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2017 and 2016: Real estate facilities Balance at December 31, 2015 $ 156,244,550 Facility acquisitions 563,278,685 Impact of foreign exchange rate changes 1,406,663 Finalized purchase price allocations related to 2015 acquisitions (45,785 ) Improvements and additions 6,571,620 Balance at December 31, 2016 727,455,733 Facility acquisitions 90,112,135 Impact of foreign exchange rate changes 7,731,429 Improvements and additions 4,521,592 Asset disposals (141,412 ) Balance at December 31, 2017 $ 829,679,477 Accumulated depreciation Balance at December 31, 2015 $ (3,755,709 ) Depreciation expense (11,132,336 ) Impact of foreign exchange rate changes 32,857 Balance at December 31, 2016 (14,855,188 ) Asset disposals 141,412 Depreciation expense (19,777,620 ) Impact of foreign exchange rate changes (195,577 ) Balance at December 31, 2017 $ (34,686,973 ) |
Summary of Purchase Price Allocation for Acquisitions | The following table summarizes the purchase price allocation for our acquisitions during the year ended Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2017 Revenue (1) 2017 Property Operating Income (loss) (2) Aurora II – CO 1/11/17 $ 9,780,754 $ 319,246 $ 10,100,000 $ — $ 794,762 $ 444,113 Dufferin – ONT (3) 2/1/17 22,545,843 1,538,440 24,084,283 11,111,469 1,884,548 1,243,009 Mavis – ONT (3) 2/1/17 19,150,741 1,368,637 20,519,378 9,366,048 1,522,352 959,505 Brewster – ONT (3) 2/1/17 13,663,740 911,564 14,575,304 6,121,600 1,197,613 623,084 Granite – ONT (3) 2/1/17 11,827,875 275,863 12,103,738 6,821,686 719,275 229,117 Centennial – ONT (3)(4) 2/1/17 13,143,182 — 13,143,182 4,939,433 279,366 (114,344 ) 2017 Total $ 90,112,135 $ 4,413,750 $ 94,525,885 $ 38,360,236 $ 6,397,916 $ 3,384,484 (1) The operating results of the facilities acquired above have been included in our consolidated statements of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, and costs incurred in connection with the property management changes. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 8 for further discussion regarding the Toronto Merger. (4) The Centennial property was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% We incurred acquisition fees to our Advisor related to the Aurora II property of approximately $200,000 for the year ended December 31, 2017. The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2016: Property Acquisition Date Real Estate Assets Intangibles Total Debt Issued or Assumed 2016 Revenue (1) 2016 Property Operating Income (loss) (2) Boynton Beach – FL 1/7/16 $ 17,216,308 $ 683,692 $ 17,900,000 $ — $ 1,380,868 831,069 Lancaster II – CA 1/11/16 4,381,816 268,184 4,650,000 — 633,864 367,208 Milton – ON (CAN) (3) 2/11/16 9,382,679 435,162 9,817,841 4,820,717 801,638 462,423 Burlington I – ON (CAN) (3) 2/11/16 13,572,128 617,940 14,190,068 6,917,253 894,067 489,001 Oakville I – ON (CAN) (3) 2/11/16 15,727,673 — 15,727,673 7,243,413 192,250 (138,177 ) Oakville II – ON (CAN) (3) 2/29/16 12,329,590 584,295 12,913,885 7,392,762 873,172 547,559 Burlington II – ON (CAN) (3) 2/29/16 8,069,874 383,109 8,452,983 4,962,733 639,781 385,012 Xenia – OH 4/20/16 2,940,185 207,622 3,147,807 — 320,574 186,670 Sidney – OH 4/20/16 2,061,595 140,896 2,202,491 — 239,177 107,612 Troy – OH 4/20/16 2,746,676 176,984 2,923,660 — 323,562 183,352 Greenville – OH 4/20/16 1,992,064 132,462 2,124,526 — 232,716 113,902 Washington Court House – OH 4/20/16 2,137,658 172,033 2,309,691 — 267,877 146,595 Richmond – IN 4/20/16 3,167,538 194,671 3,362,209 — 334,750 170,187 Connersville – IN 4/20/16 1,807,824 121,792 1,929,616 — 224,183 101,140 Port St. Lucie I – FL 4/29/16 8,929,360 370,640 9,300,000 — 520,274 248,884 Sacramento – CA 5/09/16 7,821,975 328,025 8,150,000 — 485,624 209,183 Oakland – CA 5/18/16 12,613,636 501,197 13,114,833 5,315,948 759,385 412,947 Concord – CA 5/18/16 36,292,871 1,202,494 37,495,365 14,684,052 1,680,111 1,102,628 Pompano Beach – FL 6/1/16 20,603,718 682,764 21,286,482 13,714,676 813,850 497,015 Lake Worth – FL 6/1/16 22,912,381 672,074 23,584,455 11,089,560 850,056 551,889 Jupiter – FL 6/1/16 26,586,715 847,852 27,434,567 12,469,383 1,027,609 699,721 Royal Palm Beach – FL 6/1/16 24,700,716 839,031 25,539,747 12,097,235 932,729 599,065 Port St. Lucie II – FL 6/1/16 13,541,095 518,868 14,059,963 7,280,380 609,242 311,291 Wellington – FL 6/1/16 21,896,312 781,048 22,677,360 10,644,805 840,932 540,030 Doral – FL 6/1/16 22,820,702 773,831 23,594,533 12,081,860 845,835 522,374 Plantation – FL 6/1/16 32,213,998 1,036,052 33,250,050 15,624,241 1,190,931 806,283 Naples – FL 6/1/16 24,560,390 737,465 25,297,855 13,504,110 858,655 621,830 Delray – FL 6/1/16 30,080,319 992,704 31,073,023 11,160,313 1,139,020 775,964 Baltimore – MD 6/1/16 26,325,715 776,250 27,101,965 15,333,437 987,789 665,997 Sonoma – CA 6/14/16 7,148,092 276,908 7,425,000 — 329,208 174,641 Las Vegas I – NV 7/28/16 13,509,112 425,888 13,935,000 — 434,740 292,195 Las Vegas II – NV 9/23/16 13,757,025 442,975 14,200,000 — 261,704 163,354 Las Vegas III – NV 9/27/16 8,904,522 345,478 9,250,000 — 218,952 136,518 Asheville I – NC 12/30/16 14,793,279 450,775 15,244,054 7,143,593 5,600 (1,852 ) Asheville II – NC 12/30/16 4,872,280 206,656 5,078,936 3,250,087 2,649 (3,431 ) Hendersonville I – NC 12/30/16 4,522,751 163,926 4,686,677 2,243,715 1,900 (3,370 ) Asheville III – NC 12/30/16 9,716,847 351,277 10,068,124 4,677,156 3,677 (2,616 ) Arden – NC 12/30/16 12,055,859 443,676 12,499,535 6,557,917 4,599 (1,696 ) Asheville IV – NC 12/30/16 9,013,256 317,301 9,330,557 4,413,190 3,275 (6,621 ) Asheville V – NC 12/30/16 10,241,097 350,841 10,591,938 5,073,106 3,976 (2,710 ) Asheville VI – NC 12/30/16 6,427,572 275,104 6,702,676 3,489,307 2,995 (3,162 ) Asheville VII – NC 12/30/16 2,922,248 142,357 3,064,605 1,592,048 1,460 (4,284 ) Asheville VIII – NC 12/30/16 7,927,820 312,430 8,240,250 4,536,924 3,685 (2,375 ) Hendersonville II – NC 12/30/16 7,634,934 249,233 7,884,167 4,272,956 3,043 (2,611 ) Sweeten Creek Land – NC 12/30/16 348,480 — 348,480 — — — Highland Center Land – NC 12/30/16 50,000 — 50,000 — — — 2016 Total $ 563,278,685 $ 19,933,962 $ 583,212,647 $ 233,586,877 $ 22,181,984 $ 13,250,634 (1) The operating results of the facilities acquired above have been included in our consolidated statement of operations since their respective acquisition date. (2) Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, and acquisition expenses. (3) Allocation based on CAD/USD exchange rates as of date of acquisition. |
Pro Forma Financial Informati24
Pro Forma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition Pro Forma Information [Abstract] | |
Summary of Consolidated Results of Operations on Pro Forma Basis | The table set forth below summarizes on an unaudited pro forma basis the combined results of operations of the Company for the years ended December 31, 2017, and 2016 as if the Company’s acquisitions that occurred during 2017 and 2016 each had occurred as of January 1, 2016 and 2015, respectively. This pro forma information does not purport to represent what our actual results of operations would have been for the periods indicated, nor does it purport to predict the results of operations for future periods. Year Ended December 31, 2017 Year Ended December 31, 2016 Pro forma revenue $ 76,573,381 $ 70,254,419 Pro forma operating expenses $ (59,932,625 ) $ (65,167,658 ) Pro forma net loss attributable to common stockholders $ (2,194,550 ) $ (13,618,342 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Summarized Real Estate Secured Debt | The Company’s debt is summarized as follows: Encumbered Property December 2017 December 2016 Interest Rate Maturity Date Raleigh/Myrtle Beach promissory note (1) $ 12,076,470 $ 12,263,391 5.73 % 9/1/2023 Amended KeyBank Credit Facility (2) 86,382,500 12,300,000 3.81% (13) 12/22/2018 Milton fixed rate (3) 5,238,606 4,956,483 5.81 % 10/15/2018 Burlington I fixed rate (3) 5,120,423 4,870,817 5.98 % 10/15/2018 Burlington I variable rate (3) 2,402,418 2,242,880 5.43 % 10/15/2018 Oakville I variable rate (3) 8,019,489 7,486,937 4.95 % 12/31/2018 Burlington II and Oakville II variable rate (3) 12,834,819 12,232,378 3.83 % 2/28/2021 Oakland and Concord loan (4) 19,960,190 20,000,000 3.95 % 4/10/2023 Amended KeyBank Property Loan (5) — 92,753,550 N/A 5/1/2017 KeyBank CMBS Loan (6) 95,000,000 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (7) 52,000,000 — 4.65 % 5/1/2027 $11M KeyBank Subordinate Loan (8) 11,000,000 — 5.31% (13) 6/1/2020 Midland North Carolina CMBS Loan (9) 47,249,999 47,249,999 5.31 % 8/1/2024 Dufferin loan (10) 11,172,315 — 3.21 % 5/31/2019 Mavis loan (10) 9,416,609 — 3.21 % 5/31/2019 Brewster loan (10) 6,154,532 — 3.21 % 5/31/2019 Granite variable rate loan (11) 7,101,614 — 5.95 % 6/1/2018 Centennial variable rate loan (11) 6,377,780 — 6.20 % 6/1/2018 Premium on secured debt, net 1,646,988 2,069,847 Debt issuance costs, net (2,361,850 ) (2,605,542 ) Total secured debt 396,792,902 310,820,740 Amended KeyBank Subordinate Loan (12) — 10,000,000 N/A 3/31/2017 Total debt $ 396,792,902 $ 320,820,740 (1) Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. (2) As of December 31, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). (3) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). (4) This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. (5) The Amended KeyBank Property Loan was repaid in full on April 11, 2017. (6) This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. (7) This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. (8) This loan encumbers the equity interest in the entities that own the 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. (9) This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. (10) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. (11) Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime. (12) The Amended KeyBank Subordinate Loan (as defined below) was repaid in full on March 8, 2017. (13) We have a $90 million interest rate cap on our variable rate LIBOR based debt that caps LIBOR at 1.25%. See Note 6 below. |
Future Principal Payment Requirements on Outstanding Debt | The following table presents the future principal payment requirements on outstanding debt as of December 31, 2017: 2018 $ 122,652,273 2019 26,852,594 2020 12,630,192 2021 14,014,862 2022 3,635,428 2023 and thereafter 217,722,415 Total payments 397,507,764 Premium on secured debt, net 1,646,988 Debt issuance costs, net (2,361,850 ) Total $ 396,792,902 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments | The following table summarizes the terms of our derivative financial instruments as of December 31, 2017: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 19,960,190 3.95 % May 18, 2016 April 10, 2023 Dufferin loan 14,025,000 (1) 3.21 % February 1, 2017 May 31, 2019 Mavis loan 11,821,000 (1) 3.21 % February 1, 2017 May 31, 2019 Brewster loan 7,726,000 (1) 3.21 % February 1, 2017 May 31, 2019 Interest Rate Cap: LIBOR $ 90,000,000 1.25 % July 1, 2017 December 22, 2018 Foreign Currency Forward: Denominated in CAD $ 101,000,000 (1) 1.2526 August 31, 2017 March 29, 2018 (1) Notional amounts shown are denominated in CAD. The following table summarizes the terms of our derivative financial instruments as of December 31, 2016: Notional Amount Strike Effective Date or Date Assumed Maturity Date Interest Rate Swaps: Oakland and Concord loan $ 20,000,000 3.95 % May 18, 2016 April 10, 2023 Foreign Currency Forward: Denominated in CAD $ 42,500,000 (1) 1.339 March 8, 2016 March 9, 2017 (1) Notional amount shown is denominated in CAD. |
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets | The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2017 and 2016: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2017 December 31, 2016 Interest Rate Swaps Other assets $ 455,526 $ 41,884 Accounts payable and accrued liabilities 6,320 — Interest Rate Cap Other assets $ 472,501 $ — Foreign Currency Forward Other assets $ — $ 86,315 Accounts payable and accrued liabilities 67,092 — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Costs | Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2016 and 2017, and any related amounts payable as of December 31, 2016 and 2017: Year Ended December 31, 2016 Year Ended December 31, 2017 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses (including organizational costs) $ 735,891 $ 777,354 $ 6,508 $ 1,090,366 $ 751,010 $ 345,864 Asset management fees 2,970,846 2,970,846 — 5,346,280 5,346,280 — Property management fees (1) 2,752,862 2,752,862 — 5,285,082 5,285,082 — Acquisition expenses 10,729,535 10,729,535 — 212,577 212,577 — Additional Paid-in Capital — — — Selling commissions 21,141,748 21,141,748 — 966,516 966,516 — Dealer Manager fee 6,573,962 6,573,760 160,714 353,167 513,881 — Stockholder servicing fee (2) 3,297,305 286,292 3,011,013 299,299 690,272 2,620,040 Offering costs 444,719 444,719 — 33,466 33,466 — Total $ 48,646,868 $ 45,677,116 $ 3,178,235 $ 13,586,753 $ 13,799,084 $ 2,965,904 (1) During the years ended December 31, 2017 and 2016, property management fees included approximately $3.2 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. (2) We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365 th |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Stock for Redemptions Based on Number of Years Stock Held | The amount that we may pay to redeem stock for redemptions is the redemption price set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price Less than 1 No Redemption Allowed 1 or more but less than 3 90.0% of Redemption Amount 3 or more but less than 4 95.0% of Redemption Amount 4 or more 100.0% of Redemption Amount |
Selected Quarterly Data (Unau29
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following is a summary of quarterly financial information for the years ended December 31, 2017 and 2016: Three months ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 17,707,546 $ 19,076,777 $ 19,939,512 $ 19,385,071 Total operating expenses $ 18,259,683 $ 18,085,017 $ 19,197,777 $ 16,991,318 Operating income (loss) $ (552,137 ) $ 991,760 $ 741,735 $ 2,393,753 Net loss $ (5,221,480 ) $ (3,538,491 ) $ (3,875,164 ) $ (2,351,155 ) Net loss attributable to common stockholders $ (5,191,114 ) $ (3,502,661 ) $ (3,840,775 ) $ (2,329,515 ) Net loss per Class A Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Net loss per Class T Share-basic and diluted $ (0.09 ) $ (0.06 ) $ (0.07 ) $ (0.04 ) Three months ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 (1) Total revenues $ 6,234,589 $ 9,799,189 $ 14,457,550 $ 14,939,818 Total operating expenses $ 10,048,926 $ 18,708,719 $ 15,753,103 $ 15,830,901 Operating loss $ (3,814,337 ) $ (8,909,530 ) $ (1,295,553 ) $ (891,083 ) Net loss $ (4,508,654 ) $ (10,729,510 ) $ (6,341,069 ) $ (4,524,376 ) Net loss attributable to common stockholders $ (4,505,204 ) $ (10,724,129 ) $ (6,338,356 ) $ (4,522,696 ) Net loss per Class A Share-basic and diluted $ (0.17 ) $ (0.27 ) $ (0.14 ) $ (0.09 ) Net loss per Class T Share-basic and diluted $ (0.17 ) $ (0.27 ) $ (0.14 ) $ (0.09 ) (1) Includes a net decrease of approximately $0.3 million of depreciation and amortization expense related to the finalization of purchase price allocations. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Apr. 13, 2017$ / shares | Feb. 01, 2017shares | Jan. 09, 2017USD ($)shares | Oct. 01, 2015USD ($)$ / shares | May 23, 2014USD ($) | Aug. 02, 2013USD ($) | Dec. 31, 2017USD ($)Employee$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | May 31, 2017$ / shares | Nov. 30, 2016shares |
Organization And Nature Of Operations [Line Items] | |||||||||||
Date of formation of company | Jan. 8, 2013 | ||||||||||
Preferred Stock, shares authorized | shares | 200,000,000 | 200,000,000 | |||||||||
Preferred Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Shares issuable pursuant to distribution reinvestment plan | $ 95,000,000 | ||||||||||
Sale of common shares | $ 17,311,370 | $ 326,028,023 | $ 193,105,306 | ||||||||
Investments in Majority-owned Subsidiaries | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of non-voting equity owned | 15.00% | ||||||||||
Investments in Majority-owned Subsidiaries | Affiliates | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage owned by affiliates | 2.50% | ||||||||||
Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorized | shares | 100,900,000 | ||||||||||
Description for termination of offering | The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. | ||||||||||
Class A Common stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorized | shares | 350,000,000 | 350,000,000 | |||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Estimated value per common share | $ / shares | $ 10.22 | ||||||||||
Class A Common stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Selling price per share | $ / shares | $ 10.22 | ||||||||||
Class A Common stock | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 1,028 | $ 25,601 | $ 18,796 | ||||||||
Number of common stock issued | shares | 1,027,612 | 25,601,685 | 18,797,161 | ||||||||
Class A Common stock | Common Stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Gross proceeds from issuance of common stock | $ 13,900,000 | ||||||||||
Number of common stock issued | shares | 1,400,000 | ||||||||||
Class A Common stock | Primary Offering | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of shares issued in offering | shares | 48,000,000 | ||||||||||
Gross proceeds from issuance of common stock | $ 493,000,000 | ||||||||||
Class T Common stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorized | shares | 350,000,000 | 350,000,000 | |||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Estimated value per common share | $ / shares | $ 10.22 | ||||||||||
Class T Common stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Selling price per share | $ / shares | $ 10.22 | ||||||||||
Class T Common stock | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 565 | $ 5,892 | $ 608 | ||||||||
Number of common stock issued | shares | 564,591 | 5,892,439 | 608,918 | ||||||||
Class T Common stock | Common Stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Gross proceeds from issuance of common stock | $ 2,100,000 | ||||||||||
Number of common stock issued | shares | 200,000 | ||||||||||
Class T Common stock | Primary Offering | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of shares issued in offering | shares | 7,000,000 | ||||||||||
Gross proceeds from issuance of common stock | $ 73,000,000 | ||||||||||
SS Toronto | Toronto Five Property Portfolio Merger | Class A Units of Operating Partnership | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Business acquisition partnership units issued | shares | 483,197 | ||||||||||
SmartStop Asset Management | Strategic Storage Trust Advisor II, LLC | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Economic Interests | 97.50% | ||||||||||
Percentage of voting membership interest | 100.00% | ||||||||||
SmartStop Asset Management | Property Management Agreement | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of voting membership interest | 100.00% | ||||||||||
SmartStop Self Storage, Inc. | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale price per share | $ / shares | $ 13.75 | ||||||||||
Enterprise value on sale | $ 1,400,000,000 | ||||||||||
Strategic Storage Advisor II, LLC | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of employees | Employee | 0 | ||||||||||
Strategic Storage Operating Partnership II, L.P. | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Date of formation of company | Jan. 9, 2013 | ||||||||||
Advisor purchased a limited partnership interest in Operating Partnership | $ 200,000 | ||||||||||
Initial capital contribution | $ 1,000 | ||||||||||
Percentage of limited partnership interests | 99.10% | ||||||||||
Percentage of limited partnership interests owned by noncontrolling owners | 0.90% | ||||||||||
Maximum | Primary Offering | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common stock, value authorized | $ 1,000,000,000 | ||||||||||
Minimum | Primary Offering | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 1,500,000 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Payments to acquire intangible assets | $ 4,400,000 | $ 19,900,000 | ||||
Business acquisition, transaction costs | 500,000 | 13,700,000 | $ 3,400,000 | |||
Impairment losses recognized | 0 | 0 | 0 | |||
Gross amounts of lease intangibles | 34,000,000 | 29,200,000 | ||||
Accumulated amortization of lease intangibles | 29,800,000 | 16,100,000 | ||||
Total estimated future amortization expense of intangible assets, year 2018 | 2,500,000 | |||||
Total estimated future amortization expense of intangible assets, year 2019 | 100,000 | |||||
Total estimated future amortization expense of intangible assets, year 2020 | 100,000 | |||||
Total estimated future amortization expense of intangible assets, year 2021 | 100,000 | |||||
Total estimated future amortization expense of intangible assets, year 2022 | 100,000 | |||||
Total estimated future amortization expense of intangible assets, thereafter | 1,300,000 | |||||
Accumulated amortization of debt issuance costs | $ 1,500,000 | 700,000 | ||||
Maximum period for reimbursement of offering cost | 60 days | |||||
Maximum offering cost rate | 3.50% | |||||
Reimbursement of offering cost | $ 0 | |||||
Redemptions of common stock | $ 188 | 112 | 1 | |||
Minimum percentage of ordinary taxable income to be distributed to stockholders | 90.00% | |||||
Share Redemption Program | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Redemptions of common stock | $ 200,000 | $ 2,200,000 | $ 1,300,000 | |||
Redemptions of common stock (in shares) | 200,000 | 138,000 | ||||
Share Redemption Program | Subsequent Event | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Redemptions of common stock | $ 700,000 | $ 700,000 | ||||
Dealer Manager | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Underwriting commission | 10.00% | |||||
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | |||||
Class T Common stock | Dealer Manager | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Monthly stockholder servicing fee accrual description | accrues daily in an amount equal to 1/365th of 1% of the purchase price per share | |||||
Class T Common stock | Primary Offering Dealer Manager Agreement | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of gross proceeds from sale of shares | 10.00% | |||||
Class A Common stock | Primary Offering Dealer Manager Agreement | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of gross proceeds from sale of shares | 10.00% | |||||
Redeemable Common Stock [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Redemptions of common stock | $ 2,219,328 | $ 1,302,463 | $ 27,320 | |||
Redeemable Common Stock [Member] | Share Redemption Program | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Redemptions of common stock | 1,500,000 | 1,100,000 | ||||
Non Revolving Debt | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accumulated amortization of debt issuance costs | $ 600,000 | $ 200,000 | ||||
Minimum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Maximum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life | 5 years |
Estimated Useful Lives used to
Estimated Useful Lives used to Depreciate Real Property Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Land | |
Property Plant And Equipment [Line Items] | |
Standard Depreciable Life | Not Depreciated |
Buildings | Minimum | |
Property Plant And Equipment [Line Items] | |
Standard Depreciable Life | 30 years |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Standard Depreciable Life | 35 years |
Site Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Standard Depreciable Life | 7 years |
Site Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Standard Depreciable Life | 10 years |
Summary of Fixed Rate Notes Pay
Summary of Fixed Rate Notes Payable (Detail) - Fixed Rate Secured Debt - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 213,300,000 | $ 158,700,000 |
Carrying Value | $ 218,332,483 | $ 166,410,537 |
Schedule of Activity in Real Es
Schedule of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate facilities | ||
Real estate facilities, beginning balance | $ 727,455,733 | $ 156,244,550 |
Facility acquisitions | 90,112,135 | 563,278,685 |
Impact of foreign exchange rate changes | 7,731,429 | 1,406,663 |
Finalized purchase price allocations related to 2015 acquisitions | (45,785) | |
Improvements and additions | 4,521,592 | 6,571,620 |
Asset disposals | (141,412) | |
Real estate facilities, ending balance | 829,679,477 | 727,455,733 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (14,855,188) | (3,755,709) |
Asset disposals | 141,412 | |
Depreciation expense | (19,777,620) | (11,132,336) |
Impact of foreign exchange rate changes | (195,577) | 32,857 |
Accumulated depreciation, ending balance | $ (34,686,973) | $ (14,855,188) |
Summary of Purchase Price Alloc
Summary of Purchase Price Allocation for Acquisitions (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Business Acquisition [Line Items] | |||||
Real Estate Assets | $ 90,112,135 | $ 563,278,685 | |||
Intangibles | 4,413,750 | 19,933,962 | |||
Total | 94,525,885 | 583,212,647 | |||
Debt Issued or Assumed | 38,360,236 | 233,586,877 | |||
Revenue | 6,397,916 | [1] | 22,181,984 | [2] | |
Property Operating Income (loss) | $ 3,384,484 | [3] | $ 13,250,634 | [4] | |
Aurora II | Colorado | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jan. 11, 2017 | ||||
Real Estate Assets | $ 9,780,754 | ||||
Intangibles | 319,246 | ||||
Total | 10,100,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [1] | 794,762 | |||
Property Operating Income (loss) | [3] | $ 444,113 | |||
Dufferin | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [5] | Feb. 1, 2017 | |||
Real Estate Assets | [5] | $ 22,545,843 | |||
Intangibles | [5] | 1,538,440 | |||
Total | [5] | 24,084,283 | |||
Debt Issued or Assumed | [5] | 11,111,469 | |||
Revenue | [1],[5] | 1,884,548 | |||
Property Operating Income (loss) | [3],[5] | $ 1,243,009 | |||
Mavis | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [5] | Feb. 1, 2017 | |||
Real Estate Assets | [5] | $ 19,150,741 | |||
Intangibles | [5] | 1,368,637 | |||
Total | [5] | 20,519,378 | |||
Debt Issued or Assumed | [5] | 9,366,048 | |||
Revenue | [1],[5] | 1,522,352 | |||
Property Operating Income (loss) | [3],[5] | $ 959,505 | |||
Brewster | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [5] | Feb. 1, 2017 | |||
Real Estate Assets | [5] | $ 13,663,740 | |||
Intangibles | [5] | 911,564 | |||
Total | [5] | 14,575,304 | |||
Debt Issued or Assumed | [5] | 6,121,600 | |||
Revenue | [1],[5] | 1,197,613 | |||
Property Operating Income (loss) | [3],[5] | $ 623,084 | |||
Granite | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [5] | Feb. 1, 2017 | |||
Real Estate Assets | [5] | $ 11,827,875 | |||
Intangibles | [5] | 275,863 | |||
Total | [5] | 12,103,738 | |||
Debt Issued or Assumed | [5] | 6,821,686 | |||
Revenue | [1],[5] | 719,275 | |||
Property Operating Income (loss) | [3],[5] | $ 229,117 | |||
Centennial | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [5],[6] | Feb. 1, 2017 | |||
Real Estate Assets | [5],[6] | $ 13,143,182 | |||
Intangibles | [5],[6] | 0 | |||
Total | [5],[6] | 13,143,182 | |||
Debt Issued or Assumed | [5],[6] | 4,939,433 | |||
Revenue | [1],[5],[6] | 279,366 | |||
Property Operating Income (loss) | [3],[5],[6] | $ (114,344) | |||
Boynton Beach | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jan. 7, 2016 | ||||
Real Estate Assets | $ 17,216,308 | ||||
Intangibles | 683,692 | ||||
Total | 17,900,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 1,380,868 | |||
Property Operating Income (loss) | [4] | $ 831,069 | |||
Lancaster | California | Property Two | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jan. 11, 2016 | ||||
Real Estate Assets | $ 4,381,816 | ||||
Intangibles | 268,184 | ||||
Total | 4,650,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 633,864 | |||
Property Operating Income (loss) | [4] | $ 367,208 | |||
Milton | Canada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [7] | Feb. 11, 2016 | |||
Real Estate Assets | [7] | $ 9,382,679 | |||
Intangibles | [7] | 435,162 | |||
Total | [7] | 9,817,841 | |||
Debt Issued or Assumed | [7] | 4,820,717 | |||
Revenue | [2],[7] | 801,638 | |||
Property Operating Income (loss) | [4],[7] | $ 462,423 | |||
Burlington | Canada | Property Two | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [7] | Feb. 29, 2016 | |||
Real Estate Assets | [7] | $ 8,069,874 | |||
Intangibles | [7] | 383,109 | |||
Total | [7] | 8,452,983 | |||
Debt Issued or Assumed | [7] | 4,962,733 | |||
Revenue | [2],[7] | 639,781 | |||
Property Operating Income (loss) | [4],[7] | $ 385,012 | |||
Burlington | Canada | Property One | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [7] | Feb. 11, 2016 | |||
Real Estate Assets | [7] | $ 13,572,128 | |||
Intangibles | [7] | 617,940 | |||
Total | [7] | 14,190,068 | |||
Debt Issued or Assumed | [7] | 6,917,253 | |||
Revenue | [2],[7] | 894,067 | |||
Property Operating Income (loss) | [4],[7] | $ 489,001 | |||
Oakville | Canada | Property Two | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [7] | Feb. 29, 2016 | |||
Real Estate Assets | [7] | $ 12,329,590 | |||
Intangibles | [7] | 584,295 | |||
Total | [7] | 12,913,885 | |||
Debt Issued or Assumed | [7] | 7,392,762 | |||
Revenue | [2],[7] | 873,172 | |||
Property Operating Income (loss) | [4],[7] | $ 547,559 | |||
Oakville | Canada | Property One | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | [7] | Feb. 11, 2016 | |||
Real Estate Assets | [7] | $ 15,727,673 | |||
Intangibles | [7] | 0 | |||
Total | [7] | 15,727,673 | |||
Debt Issued or Assumed | [7] | 7,243,413 | |||
Revenue | [2],[7] | 192,250 | |||
Property Operating Income (loss) | [4],[7] | $ (138,177) | |||
Xenia | Ohio | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 2,940,185 | ||||
Intangibles | 207,622 | ||||
Total | 3,147,807 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 320,574 | |||
Property Operating Income (loss) | [4] | $ 186,670 | |||
Sidney | Ohio | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 2,061,595 | ||||
Intangibles | 140,896 | ||||
Total | 2,202,491 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 239,177 | |||
Property Operating Income (loss) | [4] | $ 107,612 | |||
Troy | Ohio | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 2,746,676 | ||||
Intangibles | 176,984 | ||||
Total | 2,923,660 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 323,562 | |||
Property Operating Income (loss) | [4] | $ 183,352 | |||
Greenville | Ohio | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 1,992,064 | ||||
Intangibles | 132,462 | ||||
Total | 2,124,526 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 232,716 | |||
Property Operating Income (loss) | [4] | $ 113,902 | |||
Washington Court House | Ohio | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 2,137,658 | ||||
Intangibles | 172,033 | ||||
Total | 2,309,691 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 267,877 | |||
Property Operating Income (loss) | [4] | $ 146,595 | |||
Richmond | Indiana | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 3,167,538 | ||||
Intangibles | 194,671 | ||||
Total | 3,362,209 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 334,750 | |||
Property Operating Income (loss) | [4] | $ 170,187 | |||
Connersville | Indiana | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 20, 2016 | ||||
Real Estate Assets | $ 1,807,824 | ||||
Intangibles | 121,792 | ||||
Total | 1,929,616 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 224,183 | |||
Property Operating Income (loss) | [4] | $ 101,140 | |||
Port St. Lucie | Florida | Property Two | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 13,541,095 | ||||
Intangibles | 518,868 | ||||
Total | 14,059,963 | ||||
Debt Issued or Assumed | 7,280,380 | ||||
Revenue | [2] | 609,242 | |||
Property Operating Income (loss) | [4] | $ 311,291 | |||
Port St. Lucie | Florida | Property One | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Apr. 29, 2016 | ||||
Real Estate Assets | $ 8,929,360 | ||||
Intangibles | 370,640 | ||||
Total | 9,300,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 520,274 | |||
Property Operating Income (loss) | [4] | $ 248,884 | |||
Sacramento | California | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | May 9, 2016 | ||||
Real Estate Assets | $ 7,821,975 | ||||
Intangibles | 328,025 | ||||
Total | 8,150,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 485,624 | |||
Property Operating Income (loss) | [4] | $ 209,183 | |||
Oakland | California | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | May 18, 2016 | ||||
Real Estate Assets | $ 12,613,636 | ||||
Intangibles | 501,197 | ||||
Total | 13,114,833 | ||||
Debt Issued or Assumed | 5,315,948 | ||||
Revenue | [2] | 759,385 | |||
Property Operating Income (loss) | [4] | $ 412,947 | |||
Concord | California | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | May 18, 2016 | ||||
Real Estate Assets | $ 36,292,871 | ||||
Intangibles | 1,202,494 | ||||
Total | 37,495,365 | ||||
Debt Issued or Assumed | 14,684,052 | ||||
Revenue | [2] | 1,680,111 | |||
Property Operating Income (loss) | [4] | $ 1,102,628 | |||
Pompano Beach | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 20,603,718 | ||||
Intangibles | 682,764 | ||||
Total | 21,286,482 | ||||
Debt Issued or Assumed | 13,714,676 | ||||
Revenue | [2] | 813,850 | |||
Property Operating Income (loss) | [4] | $ 497,015 | |||
Lake Worth | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 22,912,381 | ||||
Intangibles | 672,074 | ||||
Total | 23,584,455 | ||||
Debt Issued or Assumed | 11,089,560 | ||||
Revenue | [2] | 850,056 | |||
Property Operating Income (loss) | [4] | $ 551,889 | |||
Jupiter | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 26,586,715 | ||||
Intangibles | 847,852 | ||||
Total | 27,434,567 | ||||
Debt Issued or Assumed | 12,469,383 | ||||
Revenue | [2] | 1,027,609 | |||
Property Operating Income (loss) | [4] | $ 699,721 | |||
Royal Palm Beach | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 24,700,716 | ||||
Intangibles | 839,031 | ||||
Total | 25,539,747 | ||||
Debt Issued or Assumed | 12,097,235 | ||||
Revenue | [2] | 932,729 | |||
Property Operating Income (loss) | [4] | $ 599,065 | |||
Wellington | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 21,896,312 | ||||
Intangibles | 781,048 | ||||
Total | 22,677,360 | ||||
Debt Issued or Assumed | 10,644,805 | ||||
Revenue | [2] | 840,932 | |||
Property Operating Income (loss) | [4] | $ 540,030 | |||
Doral | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 22,820,702 | ||||
Intangibles | 773,831 | ||||
Total | 23,594,533 | ||||
Debt Issued or Assumed | 12,081,860 | ||||
Revenue | [2] | 845,835 | |||
Property Operating Income (loss) | [4] | $ 522,374 | |||
Plantation | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 32,213,998 | ||||
Intangibles | 1,036,052 | ||||
Total | 33,250,050 | ||||
Debt Issued or Assumed | 15,624,241 | ||||
Revenue | [2] | 1,190,931 | |||
Property Operating Income (loss) | [4] | $ 806,283 | |||
Naples | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 24,560,390 | ||||
Intangibles | 737,465 | ||||
Total | 25,297,855 | ||||
Debt Issued or Assumed | 13,504,110 | ||||
Revenue | [2] | 858,655 | |||
Property Operating Income (loss) | [4] | $ 621,830 | |||
Delray | Florida | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 30,080,319 | ||||
Intangibles | 992,704 | ||||
Total | 31,073,023 | ||||
Debt Issued or Assumed | 11,160,313 | ||||
Revenue | [2] | 1,139,020 | |||
Property Operating Income (loss) | [4] | $ 775,964 | |||
Baltimore | Maryland | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 1, 2016 | ||||
Real Estate Assets | $ 26,325,715 | ||||
Intangibles | 776,250 | ||||
Total | 27,101,965 | ||||
Debt Issued or Assumed | 15,333,437 | ||||
Revenue | [2] | 987,789 | |||
Property Operating Income (loss) | [4] | $ 665,997 | |||
Sonoma | California | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jun. 14, 2016 | ||||
Real Estate Assets | $ 7,148,092 | ||||
Intangibles | 276,908 | ||||
Total | 7,425,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 329,208 | |||
Property Operating Income (loss) | [4] | $ 174,641 | |||
Las Vegas I | Nevada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Jul. 28, 2016 | ||||
Real Estate Assets | $ 13,509,112 | ||||
Intangibles | 425,888 | ||||
Total | 13,935,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 434,740 | |||
Property Operating Income (loss) | [4] | $ 292,195 | |||
Las Vegas II | Nevada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Sep. 23, 2016 | ||||
Real Estate Assets | $ 13,757,025 | ||||
Intangibles | 442,975 | ||||
Total | 14,200,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 261,704 | |||
Property Operating Income (loss) | [4] | $ 163,354 | |||
Las Vegas III | Nevada | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Sep. 27, 2016 | ||||
Real Estate Assets | $ 8,904,522 | ||||
Intangibles | 345,478 | ||||
Total | 9,250,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 218,952 | |||
Property Operating Income (loss) | [4] | $ 136,518 | |||
Asheville I | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 14,793,279 | ||||
Intangibles | 450,775 | ||||
Total | 15,244,054 | ||||
Debt Issued or Assumed | 7,143,593 | ||||
Revenue | [2] | 5,600 | |||
Property Operating Income (loss) | [4] | $ (1,852) | |||
Asheville II | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 4,872,280 | ||||
Intangibles | 206,656 | ||||
Total | 5,078,936 | ||||
Debt Issued or Assumed | 3,250,087 | ||||
Revenue | [2] | 2,649 | |||
Property Operating Income (loss) | [4] | $ (3,431) | |||
Hendersonville I | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 4,522,751 | ||||
Intangibles | 163,926 | ||||
Total | 4,686,677 | ||||
Debt Issued or Assumed | 2,243,715 | ||||
Revenue | [2] | 1,900 | |||
Property Operating Income (loss) | [4] | $ (3,370) | |||
Asheville III | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 9,716,847 | ||||
Intangibles | 351,277 | ||||
Total | 10,068,124 | ||||
Debt Issued or Assumed | 4,677,156 | ||||
Revenue | [2] | 3,677 | |||
Property Operating Income (loss) | [4] | $ (2,616) | |||
Arden | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 12,055,859 | ||||
Intangibles | 443,676 | ||||
Total | 12,499,535 | ||||
Debt Issued or Assumed | 6,557,917 | ||||
Revenue | [2] | 4,599 | |||
Property Operating Income (loss) | [4] | $ (1,696) | |||
Asheville IV | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 9,013,256 | ||||
Intangibles | 317,301 | ||||
Total | 9,330,557 | ||||
Debt Issued or Assumed | 4,413,190 | ||||
Revenue | [2] | 3,275 | |||
Property Operating Income (loss) | [4] | $ (6,621) | |||
Asheville V | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 10,241,097 | ||||
Intangibles | 350,841 | ||||
Total | 10,591,938 | ||||
Debt Issued or Assumed | 5,073,106 | ||||
Revenue | [2] | 3,976 | |||
Property Operating Income (loss) | [4] | $ (2,710) | |||
Asheville VI | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 6,427,572 | ||||
Intangibles | 275,104 | ||||
Total | 6,702,676 | ||||
Debt Issued or Assumed | 3,489,307 | ||||
Revenue | [2] | 2,995 | |||
Property Operating Income (loss) | [4] | $ (3,162) | |||
Asheville VII | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 2,922,248 | ||||
Intangibles | 142,357 | ||||
Total | 3,064,605 | ||||
Debt Issued or Assumed | 1,592,048 | ||||
Revenue | [2] | 1,460 | |||
Property Operating Income (loss) | [4] | $ (4,284) | |||
Asheville VIII | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 7,927,820 | ||||
Intangibles | 312,430 | ||||
Total | 8,240,250 | ||||
Debt Issued or Assumed | 4,536,924 | ||||
Revenue | [2] | 3,685 | |||
Property Operating Income (loss) | [4] | $ (2,375) | |||
Hendersonville II | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 7,634,934 | ||||
Intangibles | 249,233 | ||||
Total | 7,884,167 | ||||
Debt Issued or Assumed | 4,272,956 | ||||
Revenue | [2] | 3,043 | |||
Property Operating Income (loss) | [4] | $ (2,611) | |||
Sweeten Creek Land | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 348,480 | ||||
Intangibles | 0 | ||||
Total | 348,480 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 0 | |||
Property Operating Income (loss) | [4] | $ 0 | |||
Highland Center Land | North Carolina | |||||
Business Acquisition [Line Items] | |||||
Acquisition Date | Dec. 30, 2016 | ||||
Real Estate Assets | $ 50,000 | ||||
Intangibles | 0 | ||||
Total | 50,000 | ||||
Debt Issued or Assumed | 0 | ||||
Revenue | [2] | 0 | |||
Property Operating Income (loss) | [4] | $ 0 | |||
[1] | The operating results of the facilities acquired above have been included in our consolidated statements of operations since their respective acquisition date. | ||||
[2] | The operating results of the facilities acquired above have been included in our consolidated statement of operations since their respective acquisition date. | ||||
[3] | Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, and costs incurred in connection with the property management changes. | ||||
[4] | Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, and acquisition expenses. | ||||
[5] | Allocation based on CAD/USD exchange rates as of date of acquisition. See Note 8 for further discussion regarding the Toronto Merger. | ||||
[6] | The Centennial property was acquired on February 1, 2017 with an occupancy of approximately 11% (unaudited) and the property’s occupancy has increased to approximately 63% (unaudited) as of December 31, 2017. | ||||
[7] | Allocation based on CAD/USD exchange rates as of date of acquisition. |
Summary of Purchase Price All36
Summary of Purchase Price Allocation for Acquisitions (Parenthetical) (Detail) | Dec. 31, 2017 | Feb. 01, 2017 |
Centennial | ||
Business Acquisition [Line Items] | ||
Occupancy percentage | 63.00% | 11.00% |
Real Estate Facilities - Additi
Real Estate Facilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||||||
Acquisition fees incurred to the advisor | $ 10,200,000 | |||||||
Increase/decrease in amortization expense related to purchase price allocation | $ 130,000 | $ 120,000 | $ 40,000 | $ (8,000) | $ (2,000) | |||
Increase/decrease in depreciation expense related to purchase price allocation | 10,000 | $ 9,000 | $ 9,000 | $ (3,000) | $ (400) | |||
2015 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, intangible assets | $ 50,000 | 50,000 | ||||||
Increase/decrease in amortization expense related to purchase price allocation | 10,000 | (30,000) | ||||||
Increase/decrease in depreciation expense related to purchase price allocation | (10,000) | (5,000) | ||||||
2016 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, intangible assets | (400,000) | |||||||
Increase/decrease in amortization expense related to purchase price allocation | 300,000 | |||||||
Increase/decrease in depreciation expense related to purchase price allocation | 40,000 | |||||||
Land | 2015 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | (300,000) | (300,000) | ||||||
Land | 2016 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | (600,000) | |||||||
Site Improvements | 2015 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | 100,000 | 100,000 | ||||||
Site Improvements | 2016 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | (1,100,000) | |||||||
Buildings | 2015 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | 100,000 | $ 100,000 | ||||||
Buildings | 2016 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in purchase price allocation, property, plant and equipment | $ 2,100,000 | |||||||
Aurora II | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition fees incurred to the advisor | $ 200,000 |
Summary of Consolidated Results
Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Pro forma revenue | $ 76,573,381 | $ 70,254,419 |
Pro forma operating expenses | (59,932,625) | (65,167,658) |
Pro forma net loss attributable to common stockholders | $ (2,194,550) | $ (13,618,342) |
Pro Forma Financial Informati39
Pro Forma Financial Information - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Pro forma acquisition related expenses | $ 0.5 | $ 13.6 |
Schedule of Summarized Real Est
Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($) | Dec. 31, 2017 | Apr. 11, 2017 | Dec. 31, 2016 | Jul. 28, 2016 | ||
Debt Instrument [Line Items] | ||||||
Debt Instrument Carrying Amount | $ 397,507,764 | |||||
Debt issuance costs, net | (836,202) | $ (1,550,410) | ||||
Total | $ 396,792,902 | 320,820,740 | ||||
Amended KeyBank Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [1],[2] | 3.81% | ||||
Debt Instrument Carrying Amount | [1] | $ 86,382,500 | 12,300,000 | |||
Burlington I Variable Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [3] | 5.43% | ||||
Debt Instrument Carrying Amount | [3] | $ 2,402,418 | 2,242,880 | |||
Oakville I Variable Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [3] | 4.95% | ||||
Debt Instrument Carrying Amount | [3] | $ 8,019,489 | 7,486,937 | |||
Burlington II and Oakville II Variable Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [3] | 3.83% | ||||
Debt Instrument Carrying Amount | [3] | $ 12,834,819 | 12,232,378 | |||
KeyBank Florida CMBS Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | 4.65% | |||||
$11M KeyBank Subordinate Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [2],[4] | 5.31% | ||||
Debt Instrument Carrying Amount | [4] | $ 11,000,000 | 0 | |||
Granite Variable Rate Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [5] | 5.95% | ||||
Debt Instrument Carrying Amount | [5] | $ 7,101,614 | 0 | |||
Centennial Variable Rate Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [5] | 6.20% | ||||
Debt Instrument Carrying Amount | [5] | $ 6,377,780 | 0 | |||
Fixed Rate Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Premium on secured debt, net | 1,646,988 | 2,069,847 | ||||
Debt issuance costs, net | (2,361,850) | (2,605,542) | ||||
Total | $ 396,792,902 | 310,820,740 | ||||
Fixed Rate Secured Debt | Amended KeyBank Property Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [6] | 0.00% | ||||
Debt Instrument Carrying Amount | [6] | $ 0 | 92,753,550 | |||
Fixed Rate Secured Debt | Amended KeyBank Subordinate Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [7] | 0.00% | ||||
Debt Instrument Carrying Amount, short term debt | [7] | $ 0 | 10,000,000 | |||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [8] | 5.73% | ||||
Debt Instrument Carrying Amount | [8] | $ 12,076,470 | 12,263,391 | |||
Fixed Rate Secured Debt | Milton Fixed Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [3] | 5.81% | ||||
Debt Instrument Carrying Amount | [3] | $ 5,238,606 | 4,956,483 | |||
Fixed Rate Secured Debt | Burlington I Fixed Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [3] | 5.98% | ||||
Debt Instrument Carrying Amount | [3] | $ 5,120,423 | 4,870,817 | |||
Fixed Rate Secured Debt | Oakland and Concord Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [9] | 3.95% | ||||
Debt Instrument Carrying Amount | [9] | $ 19,960,190 | 20,000,000 | |||
Fixed Rate Secured Debt | KeyBank CMBS Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | 3.89% | [10] | 3.89% | |||
Debt Instrument Carrying Amount | [10] | $ 95,000,000 | 95,000,000 | |||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [11] | 4.65% | ||||
Debt Instrument Carrying Amount | [11] | $ 52,000,000 | 0 | |||
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [12] | 5.31% | ||||
Debt Instrument Carrying Amount | [12] | $ 47,249,999 | 47,249,999 | |||
Fixed Rate Secured Debt | Dufferin Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [13] | 3.21% | ||||
Debt Instrument Carrying Amount | [13] | $ 11,172,315 | 0 | |||
Fixed Rate Secured Debt | Mavis Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [13] | 3.21% | ||||
Debt Instrument Carrying Amount | [13] | $ 9,416,609 | 0 | |||
Fixed Rate Secured Debt | Brewster Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate | [13] | 3.21% | ||||
Debt Instrument Carrying Amount | [13] | $ 6,154,532 | $ 0 | |||
[1] | As of December 31, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). | |||||
[2] | We have a $90 million interest rate cap on our variable rate LIBOR based debt that caps LIBOR at 1.25%. See Note 6 below. | |||||
[3] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). | |||||
[4] | This loan encumbers the equity interest in the entities that own the 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. | |||||
[5] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime. | |||||
[6] | The Amended KeyBank Property Loan was repaid in full on April 11, 2017. | |||||
[7] | The Amended KeyBank Subordinate Loan (as defined below) was repaid in full on March 8, 2017. | |||||
[8] | Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. | |||||
[9] | This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. | |||||
[10] | This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||
[11] | This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||
[12] | This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. | |||||
[13] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. |
Schedule of Summarized Real E41
Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail) | Apr. 11, 2017 | Dec. 29, 2016 | Jul. 28, 2016 | Dec. 31, 2017USD ($)Property | Dec. 31, 2017CAD ($)Property | Mar. 31, 2017CAD ($) | Feb. 01, 2017CAD ($) | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | $ 101,000,000 | $ 58,500,000 | ||||||||
Interest Rate Cap | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | $ 90,000,000 | |||||||||
Interest Rate Swaps, Strike | 1.25% | 1.25% | ||||||||
Amended KeyBank Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [1] | Dec. 22, 2018 | ||||||||
Number of properties encumbered | 21 | 21 | ||||||||
Burlington I Variable Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [2] | Oct. 15, 2018 | ||||||||
Oakville I Variable Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [2] | Dec. 31, 2018 | ||||||||
Burlington II and Oakville II Variable Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [2] | Feb. 28, 2021 | ||||||||
Oakland and Concord Loan | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | $ 19,960,190 | $ 20,000,000 | ||||||||
Interest Rate Swaps, Strike | 3.95% | 3.95% | 3.95% | |||||||
Amended KeyBank Property Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | Mar. 31, 2017 | |||||||||
KeyBank Florida CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | May 1, 2027 | |||||||||
$11M KeyBank Subordinate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [3] | Jun. 1, 2020 | ||||||||
Number of properties encumbered | 34 | 34 | ||||||||
Dufferin Loan [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | [4] | $ 14,025,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Mavis Loan [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | [4] | $ 11,821,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Brewster Loan [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ | [4] | $ 7,726,000 | ||||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||||
Granite Variable Rate Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [5] | Jun. 1, 2018 | ||||||||
Centennial Variable Rate Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [5] | Jun. 1, 2018 | ||||||||
KeyBank Property Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of properties encumbered | 5 | 5 | ||||||||
Fixed Rate Secured Debt | Interest Rate Swap [Member] | SS Toronto | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest rate | 3.21% | 3.21% | ||||||||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [6] | Sep. 1, 2023 | ||||||||
Number of properties encumbered | 5 | 5 | ||||||||
Fixed Rate Secured Debt | Milton Fixed Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [2] | Oct. 15, 2018 | ||||||||
Fixed Rate Secured Debt | Burlington I Fixed Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [2] | Oct. 15, 2018 | ||||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [7] | Apr. 10, 2023 | ||||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest rate | 3.95% | 3.95% | ||||||||
Fixed Rate Secured Debt | Amended KeyBank Property Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [8] | May 1, 2017 | ||||||||
Loan paid off date | Apr. 11, 2017 | |||||||||
Fixed Rate Secured Debt | KeyBank CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | Aug. 1, 2026 | Aug. 1, 2026 | [9] | |||||||
Number of properties encumbered | 29 | 29 | ||||||||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [10] | May 1, 2027 | ||||||||
Number of properties encumbered | 5 | 5 | ||||||||
Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of properties encumbered | 34 | 34 | ||||||||
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [11] | Aug. 1, 2024 | ||||||||
Number of properties encumbered | 11 | 11 | ||||||||
Fixed Rate Secured Debt | Dufferin Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [12] | May 31, 2019 | ||||||||
Fixed Rate Secured Debt | Mavis Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [12] | May 31, 2019 | ||||||||
Fixed Rate Secured Debt | Brewster Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [12] | May 31, 2019 | ||||||||
Fixed Rate Secured Debt | Amended KeyBank Subordinate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date | [13] | Mar. 31, 2017 | ||||||||
Loan paid off date | Mar. 8, 2017 | |||||||||
[1] | As of December 31, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). | |||||||||
[2] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime, or the Canadian Dealer Offered Rate (“CDOR”). | |||||||||
[3] | This loan encumbers the equity interest in the entities that own the 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. | |||||||||
[4] | Notional amounts shown are denominated in CAD. | |||||||||
[5] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. Variable rate loans are based on Canadian Prime. | |||||||||
[6] | Fixed rate debt with principal and interest payments due monthly. This promissory note is encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. | |||||||||
[7] | This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixes the interest rate at 3.95%. | |||||||||
[8] | The Amended KeyBank Property Loan was repaid in full on April 11, 2017. | |||||||||
[9] | This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||||||
[10] | This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||||||
[11] | This loan encumbers 11 self storage properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments will be due monthly. | |||||||||
[12] | Canadian Dollar denominated loans shown above in USD based on the foreign exchange rate in effect as of December 31, 2017. These loans were assumed during the Toronto Merger, along with an interest rate swap with the Bank of Montreal that fixes the interest rate at 3.21%. | |||||||||
[13] | The Amended KeyBank Subordinate Loan (as defined below) was repaid in full on March 8, 2017. |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 01, 2017USD ($) | Apr. 11, 2017USD ($)PropertyEntity | Mar. 30, 2017 | Mar. 08, 2017USD ($)Property | Dec. 29, 2016USD ($) | Jul. 28, 2016USD ($)EntityPromissoryNote | Mar. 25, 2016USD ($)Property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 28, 2016 | Dec. 31, 2017USD ($)PropertyExtension | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2017CAD ($) | Feb. 01, 2017CAD ($) | Jun. 01, 2016USD ($) | Feb. 18, 2016USD ($) | Dec. 22, 2015USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||||||
Guarantees provided in connection with loans | $ 43,700,000 | |||||||||||||||||||
Weighted average interest rate on debt | 4.30% | |||||||||||||||||||
Number of properties removed from encumbrance | Property | 5 | |||||||||||||||||||
Principal payments on debt | $ 130,671,050 | $ 147,246,450 | $ 61,981,167 | |||||||||||||||||
Loans outstanding | 397,507,764 | |||||||||||||||||||
Notional amount for interest rate cap | $ 101,000,000 | $ 58,500,000 | ||||||||||||||||||
Number of special purpose entities | Entity | 5 | |||||||||||||||||||
Twenty Seven Property Portfolio | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of self storage facilities | Property | 22 | |||||||||||||||||||
Twenty Seven Property Portfolio | Florida | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of self storage facilities | Property | 10 | |||||||||||||||||||
Twenty Seven Property Portfolio | North Carolina | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of self storage facilities | Property | 11 | |||||||||||||||||||
Twenty Seven Property Portfolio | Maryland | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of self storage facilities | Property | 1 | |||||||||||||||||||
Twenty Seven Property Portfolio | First Phase | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Purchase price of Property | $ 275,000,000 | |||||||||||||||||||
Operating Partnership | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Notional amount for interest rate cap | $ 90,000,000 | |||||||||||||||||||
LIBOR | Operating Partnership | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Effective interest rate cap on derivative instrument | 1.25% | |||||||||||||||||||
Amended KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of properties removed from encumbrance | Property | 5 | |||||||||||||||||||
Maturity date of loan | Mar. 31, 2017 | |||||||||||||||||||
KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of properties encumbered | Property | 5 | |||||||||||||||||||
Second Amendment to Amended KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maturity date of loan | May 1, 2017 | |||||||||||||||||||
KeyBank Florida CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 52,000,000 | |||||||||||||||||||
Maturity date of loan | May 1, 2027 | |||||||||||||||||||
Debt instrument initial term | 10 years | |||||||||||||||||||
Debt Instrument, Interest Rate | 4.65% | |||||||||||||||||||
Debt Instrument, Periodic Payment | Monthly payments due are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter | |||||||||||||||||||
KeyBank CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of promissory notes | PromissoryNote | 2 | |||||||||||||||||||
KeyBank CMBS Loan | Strategic Storage Growth Operating Partnership [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of special purpose entities | Entity | 29 | |||||||||||||||||||
$11M KeyBank Subordinate Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loans outstanding | [1] | $ 0 | $ 11,000,000 | 0 | ||||||||||||||||
Maturity date of loan | [1] | Jun. 1, 2020 | ||||||||||||||||||
Debt Instrument, Interest Rate | [1],[2] | 5.31% | ||||||||||||||||||
Number of properties encumbered | Property | 34 | |||||||||||||||||||
Loans Payable [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 92,800,000 | |||||||||||||||||||
Loans Payable [Member] | Amended KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal payments on debt | $ 46,000,000 | |||||||||||||||||||
Maturity date of loan | Mar. 31, 2017 | Dec. 31, 2016 | ||||||||||||||||||
Loans Payable [Member] | Amended KeyBank Subordinate Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal payments on debt | 20,000,000 | $ 20,000,000 | ||||||||||||||||||
Loans outstanding | 10,000,000 | |||||||||||||||||||
Outstanding principal amount | $ 10,000,000 | |||||||||||||||||||
Maturity date of loan | Mar. 31, 2017 | Dec. 31, 2016 | ||||||||||||||||||
Loans Payable [Member] | KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 105,000,000 | |||||||||||||||||||
Maturity date of loan | Dec. 31, 2016 | |||||||||||||||||||
Loans Payable [Member] | KeyBank Subordinate Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 30,000,000 | |||||||||||||||||||
Maturity date of loan | Dec. 31, 2016 | |||||||||||||||||||
Fixed Rate Secured Debt | Amended KeyBank Property Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maturity date of loan | [3] | May 1, 2017 | ||||||||||||||||||
Fixed Rate Secured Debt | Amended KeyBank Subordinate Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maturity date of loan | [4] | Mar. 31, 2017 | ||||||||||||||||||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loans outstanding | [5] | 0 | $ 52,000,000 | 0 | ||||||||||||||||
Maturity date of loan | [5] | May 1, 2027 | ||||||||||||||||||
Debt Instrument, Interest Rate | [5] | 4.65% | ||||||||||||||||||
Number of properties encumbered | Property | 5 | |||||||||||||||||||
Fixed Rate Secured Debt | KeyBank CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loans outstanding | [6] | 95,000,000 | $ 95,000,000 | 95,000,000 | ||||||||||||||||
Outstanding principal amount | $ 95,000,000 | |||||||||||||||||||
Maturity date of loan | Aug. 1, 2026 | Aug. 1, 2026 | [6] | |||||||||||||||||
Debt instrument initial term | 10 years | |||||||||||||||||||
Debt Instrument, Interest Rate | 3.89% | 3.89% | [6] | |||||||||||||||||
Number of properties encumbered | Property | 29 | |||||||||||||||||||
Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, interest rate description | An ABR Borrowing bears interest at the lesser of (x) the Alternate Base Rate (as defined in the $11M Subordinate Loan Agreement) plus the Applicable Rate, or (y) the Maximum Rate (as defined in the $11M Subordinate Loan Agreement). A Eurodollar Borrowing bears interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the $11M Subordinate Loan Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the $11M Subordinate Loan Agreement). The Applicable Rate means 375 basis points for any Eurodollar Borrowing and 275 basis points for any ABR Borrowing. | |||||||||||||||||||
Outstanding principal amount | $ 11,000,000 | |||||||||||||||||||
Number of properties encumbered | Property | 34 | |||||||||||||||||||
Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan | ABR Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 2.75% | |||||||||||||||||||
Fixed Rate Secured Debt | $11M KeyBank Subordinate Loan | Eurodollar Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 3.75% | |||||||||||||||||||
Promissory Notes Payable One | KeyBank CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 70,000,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment | Monthly payments due under the Promissory Notes are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter. | |||||||||||||||||||
Promissory Notes Payable Two | KeyBank CMBS Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding principal amount | $ 25,000,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment | Monthly payments due under the Promissory Notes are interest-only for the first five years and payments reflecting a 30-year amortization schedule begin thereafter. | |||||||||||||||||||
KeyBank Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowings under credit facility | $ 71,300,000 | |||||||||||||||||||
Amended KeyBank Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowings under credit facility | $ 145,000,000 | 105,000,000 | ||||||||||||||||||
Potential maximum borrowings under credit facility | 500,000,000 | |||||||||||||||||||
Increment in borrowing capacity | $ 10,000,000 | |||||||||||||||||||
Additional borrowing capacity | $ 40,000,000 | |||||||||||||||||||
Number of properties removed from encumbrance | Property | 5 | |||||||||||||||||||
Outstanding balance on credit facility | $ 56,000,000 | |||||||||||||||||||
Loans outstanding | [7] | $ 12,300,000 | $ 86,382,500 | $ 12,300,000 | ||||||||||||||||
Line of credit facility, initial term | 3 years | |||||||||||||||||||
Line of credit facility, maturity date | Dec. 22, 2018 | |||||||||||||||||||
Line of credit facility, term of extension options | 1 year | |||||||||||||||||||
Line of credit facility, number of extension options | Extension | 2 | |||||||||||||||||||
Line of credit facility, description | The Amended KeyBank Credit Facility is a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the Amended KeyBank Credit Facility (the “Amended Credit Agreement”). Payments due pursuant to the Amended KeyBank Credit Facility are interest-only for the first 36 months and a 30-year amortization schedule thereafter. | |||||||||||||||||||
Line of credit facility amortization schedule | 30 years | |||||||||||||||||||
Line of credit facility interest-only period | 36 months | |||||||||||||||||||
Line of credit facility, interest rate description | The Eurodollar Loans bear interest at the lesser of (a) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for the Interest Period in effect plus the Applicable Rate, or (b) the Maximum Rate (as defined in the Amended Credit Agreement). The Applicable Rate corresponds to our total leverage, as specified in the Amended Credit Agreement. For any ABR Loans, the Applicable Rate is 125 basis points if our total leverage is less than 50%, and 150 basis points if our leverage is greater than 50%. For any Eurodollar Loan, the Applicable Rate is 225 basis points if our total leverage is less than 50% and 250 basis points if our total leverage is greater than 50%. | |||||||||||||||||||
Percent of collateral properties used for aggregate borrowing capacity | 60.00% | |||||||||||||||||||
Minimum debt service coverage ratio | 1.35% | |||||||||||||||||||
Total leverage ratio | 60.00% | |||||||||||||||||||
Percentage of net proceeds of equity received | 80.00% | |||||||||||||||||||
Minimum interest service coverage ratio | 1.85% | |||||||||||||||||||
Minimum fixed charge ratio | 1.60% | |||||||||||||||||||
Threshold percentage for ratio of variable rate indebtedness to total indebtedness. | 30.00% | |||||||||||||||||||
Percentage of required loan to value ratio | 60.00% | |||||||||||||||||||
Maturity date of loan | [7] | Dec. 22, 2018 | ||||||||||||||||||
Number of properties encumbered | Property | 21 | |||||||||||||||||||
Amended KeyBank Credit Facility | Fixed Rate Secured Debt | Loans Payable [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding balance on credit facility | $ 86,400,000 | |||||||||||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Less Than 50% | ABR Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 1.25% | |||||||||||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Less Than 50% | Eurodollar Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 2.25% | |||||||||||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Greater Than 50% | ABR Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 1.50% | |||||||||||||||||||
Amended KeyBank Credit Facility | Loans with Total Leverage Greater Than 50% | Eurodollar Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, applicable interest rate | 2.50% | |||||||||||||||||||
[1] | This loan encumbers the equity interest in the entities that own the 34 properties (the 29 properties encumbered by the KeyBank CMBS Loan and the five properties encumbered by the KeyBank Florida CMBS Loan), and is subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. | |||||||||||||||||||
[2] | We have a $90 million interest rate cap on our variable rate LIBOR based debt that caps LIBOR at 1.25%. See Note 6 below. | |||||||||||||||||||
[3] | The Amended KeyBank Property Loan was repaid in full on April 11, 2017. | |||||||||||||||||||
[4] | The Amended KeyBank Subordinate Loan (as defined below) was repaid in full on March 8, 2017. | |||||||||||||||||||
[5] | This loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||||||||||||||||
[6] | This loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II). The separate assets of these encumbered properties are not available to pay our other debts. The equity interests in the entities that own these encumbered properties are pledged as collateral in the $11M KeyBank Subordinate Loan. See footnote 8, below. | |||||||||||||||||||
[7] | As of December 31, 2017, this facility encumbers 21 properties (Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Vallejo, Port St. Lucie I, Sacramento, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Baltimore, Aurora II, Plantation, Wellington, Naples, Port St. Lucie II, and Doral). |
Future Principal Payment Requir
Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt, Fiscal Year Maturity | ||
2,018 | $ 122,652,273 | |
2,019 | 26,852,594 | |
2,020 | 12,630,192 | |
2,021 | 14,014,862 | |
2,022 | 3,635,428 | |
2023 and thereafter | 217,722,415 | |
Total payments | 397,507,764 | |
Debt issuance costs, net | (836,202) | $ (1,550,410) |
Total | 396,792,902 | 320,820,740 |
Fixed Rate Secured Debt | ||
Debt, Fiscal Year Maturity | ||
Premium on secured debt, net | 1,646,988 | 2,069,847 |
Debt issuance costs, net | (2,361,850) | (2,605,542) |
Total | $ 396,792,902 | $ 310,820,740 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2017CAD ($)Contract$ / $ | Feb. 01, 2017CAD ($)Contract$ / $ | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative, notional amount | $ 101,000,000 | $ 58,500,000 | ||||
Forward rate of derivative (CAD/USD) | $ / $ | 1.3439 | 1.3058 | ||||
Number of foreign currency forward contracts settled | Contract | 2 | |||||
Number of foreign currency forward contracts entered | Contract | 1 | 1 | ||||
Foreign currency forward contract gain | $ 5,500,000 | $ 1,400,000 | $ (4,101,495) | $ 86,315 | ||
Other income (expense) | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Change in fair value of derivatives not designated in hedging relationships | 290,000 | |||||
Loss on foreign currency forward contract, ineffective portion | $ 125,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Derivative Financial Instruments (Detail) | 12 Months Ended | |||||||
Dec. 31, 2017USD ($)$ / Unit | Dec. 31, 2016USD ($)$ / Unit | Dec. 31, 2017CAD ($)$ / Unit | Mar. 31, 2017CAD ($) | Feb. 01, 2017CAD ($) | Dec. 31, 2016CAD ($)$ / Unit | |||
Derivative [Line Items] | ||||||||
Derivative, notional amount | $ 101,000,000 | $ 58,500,000 | ||||||
Interest Rate Swap [Member] | Oakland and Concord Loan | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | $ 19,960,190 | $ 20,000,000 | ||||||
Interest Rate Swaps, Strike | 3.95% | 3.95% | 3.95% | 3.95% | ||||
Interest Rate Swaps, Effective Date or Date Assumed | May 18, 2016 | May 18, 2016 | ||||||
Interest Rate Swaps, Maturity Date | Apr. 10, 2023 | Apr. 10, 2023 | ||||||
Interest Rate Swap [Member] | Dufferin Loan [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | [1] | $ 14,025,000 | ||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||
Interest Rate Swaps, Maturity Date | May 31, 2019 | |||||||
Interest Rate Swap [Member] | Mavis Loan [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | [1] | $ 11,821,000 | ||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||
Interest Rate Swaps, Maturity Date | May 31, 2019 | |||||||
Interest Rate Swap [Member] | Brewster Loan [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | [1] | $ 7,726,000 | ||||||
Interest Rate Swaps, Strike | 3.21% | 3.21% | ||||||
Interest Rate Swaps, Effective Date or Date Assumed | Feb. 1, 2017 | |||||||
Interest Rate Swaps, Maturity Date | May 31, 2019 | |||||||
Interest Rate Cap | LIBOR | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | $ 90,000,000 | |||||||
Interest Rate Swaps, Strike | 1.25% | 1.25% | ||||||
Interest Rate Swaps, Effective Date or Date Assumed | Jul. 1, 2017 | |||||||
Interest Rate Swaps, Maturity Date | Dec. 22, 2018 | |||||||
Foreign Currency Forward | ||||||||
Derivative [Line Items] | ||||||||
Foreign Currency Forward, Notional Amount | $ 101,000,000 | $ 42,500,000 | [2] | |||||
Foreign Currency Forward, Strike | $ / Unit | 1.2526 | 1.339 | 1.2526 | 1.339 | ||||
Foreign Currency Forward, Effective Date or Date Assumed | Aug. 31, 2017 | Mar. 8, 2016 | ||||||
Foreign Currency Forward, Maturity Date | Mar. 29, 2018 | Mar. 9, 2017 | ||||||
[1] | Notional amounts shown are denominated in CAD. | |||||||
[2] | Notional amount shown is denominated in CAD. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Rate Swaps [Member] | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | $ 455,526 | $ 41,884 |
Interest Rate Swaps [Member] | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | 6,320 | 0 |
Interest Rate Caps | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | 472,501 | 0 |
Foreign Currency Forward | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | 0 | 86,315 |
Foreign Currency Forward | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | $ 67,092 | $ 0 |
Preferred Equity - Additional I
Preferred Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Nov. 03, 2014 | |
Preferred Units [Line Items] | |||
Redeemable preferred equity | $ 24,497,059 | $ 10,711,682 | |
Distribution description | The holders of the Preferred Units received current distributions (the “Current Distributions”) at a rate of a one-month LIBOR plus 6.5% per annum on the Liquidation Amount, payable monthly and calculated on an actual/360 basis. In addition to the Current Distributions, our Operating Partnership had the obligation to elect either (A) to pay the holder of the Preferred Units additional distributions monthly in an amount equal to: (i) 4.35% per annum of the Liquidation Amount through March 31, 2017; and (ii) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount or (B) defer the additional distributions ( the “Deferred Distributions”) in an amount that accumulated monthly in an amount equal to (i) LIBOR plus 10.85% of the Deferred Distributions through March 31, 2017; and (ii) beginning April 1, 2017, LIBOR plus 12.85% of the Deferred Distributions. | ||
Current Distributions | |||
Preferred Units [Line Items] | |||
Distribution rate | 6.50% | ||
Current Distributions | LIBOR | |||
Preferred Units [Line Items] | |||
Distribution rate description | LIBOR plus 6.5% | ||
Additional Distributions | March 31, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate | 4.35% | ||
Distribution rate description | 4.35% per annum of the Liquidation Amount | ||
Additional Distributions | April 1, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate | 6.35% | ||
Distribution rate description | 6.35% per annum of the Liquidation Amount | ||
Deferred Distributions | March 31, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate | 10.85% | ||
Deferred Distributions | April 1, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate | 12.85% | ||
Deferred Distributions | LIBOR | March 31, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate description | LIBOR plus 10.85% | ||
Deferred Distributions | LIBOR | April 1, 2017 | |||
Preferred Units [Line Items] | |||
Distribution rate description | LIBOR plus 12.85% | ||
Raleigh/Myrtle Beach Portfolio | SSTI Preferred Investor LLC | |||
Preferred Units [Line Items] | |||
Preferred investor received | 2,400,000 | ||
Preferred investor investment in operating partnership | $ 59,500,000 | ||
Unit Purchase Agreement | |||
Preferred Units [Line Items] | |||
Liquidation preference | $ 25 | ||
Unit Purchase Agreement | Maximum | |||
Preferred Units [Line Items] | |||
Redeemable preferred equity | $ 65,000,000 | ||
Preferred investor received | 2,600,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 02, 2017USD ($) | Feb. 01, 2017USD ($)$ / sharesshares | Oct. 01, 2015USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Feb. 01, 2017CAD ($) |
Related Party Transaction [Line Items] | |||||||
Maximum period for reimbursement of offering cost | 60 days | ||||||
Maximum offering cost rate | 3.50% | ||||||
Reimbursement of offering cost | $ 0 | ||||||
Property operating expenses – affiliates | 10,631,362 | $ 5,723,708 | $ 2,124,892 | ||||
Loans outstanding | $ 397,507,764 | ||||||
Acquisition fees incurred to the advisor | $ 10,200,000 | ||||||
Toronto Merger | |||||||
Related Party Transaction [Line Items] | |||||||
Number of self storage facilities | 5 | ||||||
Tenant Reinsurance | |||||||
Related Party Transaction [Line Items] | |||||||
Business acquisition, percentage of net revenue earned | 50.00% | ||||||
Class A Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||
Class T Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||
Advisory Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum period for reimbursement of offering cost | 60 days | ||||||
Maximum offering cost rate | 3.50% | ||||||
Reimbursement of offering cost | $ 0 | ||||||
Gross proceeds from offering, threshold percentage of expenses for reimbursement | 15.00% | ||||||
Rate of acquisition fees of purchase price of contract | 1.75% | ||||||
Monthly asset management fee | 0.05208% | ||||||
Monthly asset management fee one twelfth of less than one percentage of average invested assets | one-twelfth of 0.625% | ||||||
Disposition fees percentage of sale price of property | 1.00% | ||||||
Operating expenses reimbursement percentage of average investment in assets | 2.00% | ||||||
Operating expenses reimbursement percentage of net income | 25.00% | ||||||
Operating expenses exceed limitation | 12 months | ||||||
Maximum days for disclosure fact | 60 days | ||||||
Percentage owned by affiliate | 2.50% | ||||||
Advisory Agreement | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Commission percentage of sale price of property | 6.00% | ||||||
Dealer Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | ||||||
Underwriting commission | 10.00% | ||||||
Dealer Manager | Class A Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Sale commission fees percentage of proceed from Primary Offering | 7.00% | ||||||
Dealer Manager | Class T Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Sale commission fees percentage of proceed from Primary Offering | 2.00% | ||||||
Monthly stockholder servicing fee accrual description | accrues daily in an amount equal to 1/365th of 1% of the purchase price per share | ||||||
Primary Offering Dealer Manager Agreement | Class A Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of gross proceeds from sale of shares | 10.00% | ||||||
Primary Offering Dealer Manager Agreement | Class T Common stock | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of gross proceeds from sale of shares | 10.00% | ||||||
SmartStop Asset Management | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of non-voting equity owned | 15.00% | ||||||
Property Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement termination date | Oct. 1, 2017 | ||||||
Agreement date | Oct. 1, 2015 | ||||||
Property management agreement termination description | The property management agreements had a three year term and automatically renewed for successive one year periods thereafter, unless we or our Property Manager provided prior written notice at least 90 days prior to the expiration of the term. In general, if we terminated a property management agreement without cause during the initial three year term, we would have been required to pay our Property Manager a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term that had elapsed. After the end of the initial three year term, we could have terminated a property management agreement on 30 days prior written notice without payment of a termination fee. Our Property Manager could have terminated a property management agreement on 60 days prior written notice to us. | ||||||
Property Management Agreement | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Signage and set-up costs associated with converting each property to extra space brand | $ 25,000 | ||||||
Property Management Agreement | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Property management monthly management fee | $ 2,500 | ||||||
Property management monthly management fee percentage on gross revenue | 6.00% | ||||||
Strategic Storage Trust Sub Property Management Limited Liability Company | |||||||
Related Party Transaction [Line Items] | |||||||
Property management agreement termination description | The sub-property management agreements also had a three year term and automatically renewed for successive one year periods thereafter, unless our Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Property Manager terminated a sub-property management agreement without cause during the initial three year term, it would have been required to pay Extra Space a termination fee equal to the Set-Up Amount, reduced by 1/36th of the Set-Up Amount for every full month of the term that had elapsed. After the end of the initial three year term, our Property Manager could have terminated a sub-property management agreement on 30 days prior written notice without payment of a termination fee. Extra Space could have terminated a sub-property management agreement on 60 days prior written notice to our Property Manager. | ||||||
Sub property management agreement description | Under the sub-property management agreements, our Property Manager paid Extra Space a monthly management fee for each property equal to the greater of $2,500 or 6% of the gross revenues, plus reimbursement of Extra Space’s costs of managing the properties; provided, however that no management fee was due and payable to Extra Space for the months of January and July each year during the term. | ||||||
Strategic Storage Trust Sub Property Management Limited Liability Company | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Property management monthly management fee | $ 2,500 | ||||||
Property management monthly management fee percentage on gross revenue | 6.00% | ||||||
Termination of Sub-property Manager | Property Operating Expenses – Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement termination date | Oct. 1, 2017 | ||||||
Property operating expenses – affiliates | $ 800,000 | ||||||
Property Management Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Property management agreement termination description | The property management agreements have a three year term and automatically renew for successive three year periods thereafter, unless we or our Property Manager provide prior written notice at least 90 days prior to the expiration of the term. After the end of the initial three year term, either party may terminate a property management agreement generally upon 60 days prior written notice. | ||||||
Agreement amendment effective date | Oct. 1, 2017 | ||||||
Percentage of fee of property manager | 6.00% | ||||||
Construction management fee | 5.00% | ||||||
Cost of construction or capital improvement work | $ 10,000 | ||||||
One time fee for property manager | 3,750 | ||||||
Property Management Agreement | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Our property management fee | $ 3,000 | ||||||
Property Manager or Affiliate | |||||||
Related Party Transaction [Line Items] | |||||||
Business acquisition, percentage of net revenue earned | 50.00% | ||||||
SS Toronto | |||||||
Related Party Transaction [Line Items] | |||||||
Loans outstanding | $ 50.1 | ||||||
SS Toronto | Toronto Merger | |||||||
Related Party Transaction [Line Items] | |||||||
Common Stock, par value | $ / shares | $ 0.001 | ||||||
Consideration per share of common stock | $ / shares | $ 11.0651 | ||||||
Business acquisition cash consideration transferred | $ 7,300,000 | ||||||
Loans outstanding | 38,400,000 | ||||||
Acquisition assumed other net liabilities | 800,000 | ||||||
Repayment of outstanding debt and accrued interest | 33,100,000 | ||||||
Acquisition fees incurred to the advisor | $ 0 | ||||||
SS Toronto | Toronto Merger | Term Loan | |||||||
Related Party Transaction [Line Items] | |||||||
Guarantee obligations | 34.8 | ||||||
SS Toronto | Toronto Merger | Promissory Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Guarantee obligations | $ 17.7 | ||||||
SS Toronto | Toronto Merger | Class A Units of Operating Partnership | |||||||
Related Party Transaction [Line Items] | |||||||
Operating partnership units issued per share of common stock | 73.11% | ||||||
Business acquisition partnership units issued | shares | 483,197 |
Summary of Related Party Costs
Summary of Related Party Costs (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | $ 13,586,753 | $ 48,646,868 | |
Related party costs, Paid | 13,799,084 | 45,677,116 | |
Related party costs, Payable | 2,965,904 | 3,178,235 | |
Operating expenses (including organizational costs) | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 1,090,366 | 735,891 | |
Related party costs, Paid | 751,010 | 777,354 | |
Related party costs, Payable | 345,864 | 6,508 | |
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 5,346,280 | 2,970,846 | |
Related party costs, Paid | 5,346,280 | 2,970,846 | |
Related party costs, Payable | 0 | 0 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | [1] | 5,285,082 | 2,752,862 |
Related party costs, Paid | [1] | 5,285,082 | 2,752,862 |
Related party costs, Payable | [1] | 0 | 0 |
Acquisition expenses | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 212,577 | 10,729,535 | |
Related party costs, Paid | 212,577 | 10,729,535 | |
Related party costs, Payable | 0 | 0 | |
Selling commissions | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 966,516 | 21,141,748 | |
Related party costs, Paid | 966,516 | 21,141,748 | |
Related party costs, Payable | 0 | 0 | |
Dealer manager fee | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 353,167 | 6,573,962 | |
Related party costs, Paid | 513,881 | 6,573,760 | |
Related party costs, Payable | 0 | 160,714 | |
Stockholder servicing fee | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | [2] | 299,299 | 3,297,305 |
Related party costs, Paid | [2] | 690,272 | 286,292 |
Related party costs, Payable | [2] | 2,620,040 | 3,011,013 |
Offering costs | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 33,466 | 444,719 | |
Related party costs, Paid | 33,466 | 444,719 | |
Related party costs, Payable | $ 0 | $ 0 | |
[1] | During the years ended December 31, 2017 and 2016, property management fees included approximately $3.2 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. | ||
[2] | We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. |
Summary of Related Party Cost50
Summary of Related Party Costs (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||
Related party costs, Incurred | $ 13,586,753 | $ 48,646,868 | ||
Property operating expenses – affiliates | $ 10,631,362 | 5,723,708 | $ 2,124,892 | |
Dealer Manager | Class T Common stock | ||||
Related Party Transaction [Line Items] | ||||
Monthly stockholder servicing fee accrual description | accrues daily in an amount equal to 1/365th of 1% of the purchase price per share | |||
Property management fees | ||||
Related Party Transaction [Line Items] | ||||
Related party costs, Incurred | [1] | $ 5,285,082 | 2,752,862 | |
Property operating expenses – affiliates | 800,000 | |||
Property management fees | Sub-property manager | ||||
Related Party Transaction [Line Items] | ||||
Related party costs, Incurred | $ 3,200,000 | $ 2,200,000 | ||
[1] | During the years ended December 31, 2017 and 2016, property management fees included approximately $3.2 million and $2.2 million, respectively, of fees paid to the sub-property manager of our properties. This includes the costs incurred related to the change in property management of approximately $0.8 million during 2017. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Jan. 09, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 13, 2017 |
Commitments And Contingencies [Line Items] | ||||||||
Redemptions of common stock, value | $ 188 | $ 112 | $ 1 | |||||
Distribution Reinvestment Plan | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amendment, suspension or termination period for distribution reinvestment Plan | 10 days | |||||||
Sales commissions, dealer manager fee, or stockholder servicing fee payable | $ 0 | |||||||
Share Redemption Program | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amendment, suspension or termination period of share | 30 days | |||||||
Maximum weighted-average number of shares outstanding percentage | 5.00% | |||||||
Redemptions of common stock (in shares) | 200,000 | 138,000 | ||||||
Redemptions of common stock, value | $ 200,000 | $ 2,200,000 | $ 1,300,000 | |||||
Share Redemption Program | Subsequent Event | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Redemptions of common stock, value | $ 700,000 | $ 700,000 | ||||||
Share Redemption Program | Minimum | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Shareholders share holding period | 1 year | |||||||
Operating Partnership Redemption Rights | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Number of shares issuable upon conversion of partnership units | 1 | |||||||
Requisite minimum outstanding period for conversion eligibility | 1 year | |||||||
Class A and Class T Common Stock | Distribution Reinvestment Plan | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Estimated value per share under distribution reinvestment plan | $ 10.22 | |||||||
Class A Common stock | Distribution Reinvestment Plan | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Shares issued pursuant to distribution reinvestment plan | 1,100,000 | 1,400,000 | ||||||
Class T Common stock | Distribution Reinvestment Plan | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Shares issued pursuant to distribution reinvestment plan | 100,000 | 200,000 | ||||||
Redeemable Common Stock [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Redemptions of common stock, value | $ 2,219,328 | 1,302,463 | $ 27,320 | |||||
Redeemable Common Stock [Member] | Share Redemption Program | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Redemptions of common stock, value | $ 1,500,000 | $ 1,100,000 |
Stock for Redemptions Based on
Stock for Redemptions Based on Number of Years Stock Held (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Less than 1 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Redemption price | 0.00% |
1 or more but less than 3 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Redemption price | 90.00% |
3 or more but less than 4 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Redemption price | 95.00% |
4 or more | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Redemption price | 100.00% |
Declaration of Distributions -
Declaration of Distributions - Additional Information (Detail) - $ / shares | Dec. 31, 2017 | Dec. 19, 2017 |
Class A Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | $ 0.001644 | |
Cash distribution record date start | Jan. 1, 2018 | |
Cash distribution record date end | Mar. 31, 2018 | |
Class T Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | $ 0.001644 | |
Cash distribution record date start | Jan. 1, 2018 | |
Cash distribution record date end | Mar. 31, 2018 |
Selected Quarterly Data - Summa
Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Quarterly Financial Information [Line Items] | ||||||||||||
Total revenues | $ 19,385,071 | $ 19,939,512 | $ 19,076,777 | $ 17,707,546 | $ 14,939,818 | $ 14,457,550 | $ 9,799,189 | $ 6,234,589 | $ 76,108,906 | $ 45,431,146 | $ 17,905,699 | |
Total operating expenses | 16,991,318 | 19,197,777 | 18,085,017 | 18,259,683 | 15,830,901 | 15,753,103 | 18,708,719 | 10,048,926 | 72,533,795 | 60,341,649 | 22,982,579 | |
Operating income (loss) | 2,393,753 | 741,735 | 991,760 | (552,137) | (891,083) | (1,295,553) | (8,909,530) | (3,814,337) | 3,575,111 | (14,910,503) | (5,076,880) | |
Net loss | (2,351,155) | (3,875,164) | (3,538,491) | (5,221,480) | (4,524,376) | (6,341,069) | (10,729,510) | (4,508,654) | (14,986,290) | (26,103,609) | (8,937,541) | |
Net loss attributable to common stockholders | $ (2,329,515) | $ (3,840,775) | $ (3,502,661) | $ (5,191,114) | $ (4,522,696) | $ (6,338,356) | $ (10,724,129) | $ (4,505,204) | $ (14,864,065) | $ (26,090,385) | $ (15,290,941) | |
Class A Common stock | ||||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ||||||||||||
Net loss per share-basic and diluted | $ (0.04) | $ (0.07) | $ (0.06) | $ (0.09) | $ (0.09) | $ (0.14) | $ (0.27) | $ (0.17) | $ (0.27) | $ (0.65) | $ (2.56) | |
Class T Common stock | ||||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ||||||||||||
Net loss per share-basic and diluted | $ (0.04) | $ (0.07) | $ (0.06) | $ (0.09) | $ (0.09) | $ (0.14) | $ (0.27) | $ (0.17) | $ (0.27) | $ (0.65) | $ (2.56) | |
[1] | Includes a net decrease of approximately $0.3 million of depreciation and amortization expense related to the finalization of purchase price allocations. |
Selected Quarterly Data - Sum55
Selected Quarterly Data - Summary of Quarterly Financial Information (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |
Net decrease in depreciation and amortization expense | $ 0.3 |
Selected Quarterly Data - Addit
Selected Quarterly Data - Additional Information (Detail) | 3 Months Ended | |||||
Dec. 31, 2016USD ($)Property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | |
Schedule Of Quarterly Financial Information [Line Items] | ||||||
Increase/decrease in amortization expense related to purchase price allocation | $ 10,000 | $ 9,000 | $ 9,000 | $ (3,000) | $ (400) | |
Increase (decrease) in amortization expense related to purchase price allocation | $ 130,000 | $ 120,000 | $ 40,000 | $ (8,000) | $ (2,000) | |
2016 Acquisitions | ||||||
Schedule Of Quarterly Financial Information [Line Items] | ||||||
Increase/decrease in amortization expense related to purchase price allocation | $ 40,000 | |||||
Increase (decrease) in amortization expense related to purchase price allocation | $ 300,000 | |||||
Number of properties | Property | 33 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, shares in Millions | Mar. 28, 2018USD ($) | Mar. 23, 2018USD ($)shares | Mar. 20, 2018$ / shares | Mar. 19, 2018 | Dec. 31, 2017CAD ($) | Jan. 31, 2018CAD ($)TractsofLand | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 28, 2018CAD ($) | Dec. 19, 2017$ / shares | Dec. 31, 2016CAD ($) | [1] |
Subsequent Event [Line Items] | |||||||||||||
Gross proceeds from issuance of common stock | $ 18,879,477 | $ 326,806,655 | $ 190,817,800 | ||||||||||
Foreign Currency Forward | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Foreign currency forward, notional amount | $ 101,000,000 | $ 42,500,000 | |||||||||||
Foreign currency forward, maturity date | Mar. 29, 2018 | Mar. 9, 2017 | |||||||||||
Class A Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||
Cash distribution record date start | Jan. 1, 2018 | ||||||||||||
Cash distribution record date end | Mar. 31, 2018 | ||||||||||||
Class T Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||
Cash distribution record date start | Jan. 1, 2018 | ||||||||||||
Cash distribution record date end | Mar. 31, 2018 | ||||||||||||
Subsequent Event | New Forward Contract | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Foreign currency forward, notional amount | $ 90,000,000 | ||||||||||||
Foreign currency forward, maturity date | Jan. 28, 2019 | ||||||||||||
Foreign currency forward rate | 0.012846 | ||||||||||||
Subsequent Event | Foreign Currency Forward | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Foreign currency forward settlement amount received | $ 2,200,000 | ||||||||||||
Subsequent Event | Strategic Storage TI Services II JV, LLC | Tenant Insurance Joint Venture | SmartStop TI II, LLC | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||||||||
Percentage of net economics generated from tenant insurance to be received under terms of joint venture agreement | 50.00% | ||||||||||||
Subsequent Event | Strategic Storage TI Services II JV, LLC | Tenant Insurance Joint Venture | Member or its affiliate terminates all or substantially all of the property management agreements or defaults in its material obligations | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Percentage of ownership interest in joint venture to sell to triggering member at fair market value | 50.00% | ||||||||||||
Percentage of ownership interest in joint venture to purchase from triggering member at 95 percent of fair market value | 50.00% | ||||||||||||
Subsequent Event | Strategic Storage TI Services II JV, LLC | Tenant Insurance Joint Venture | TRS subsidiary | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||||||||
Percentage of net economics generated from tenant insurance to be received under terms of joint venture agreement | 50.00% | ||||||||||||
Subsequent Event | SmartCentres | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Percentage owned by general partner in the Limited Partnership | 50.00% | ||||||||||||
Value of land to be contributed to limited partnership at fair market value | $ 7,600,000 | ||||||||||||
Percentage of units to be subscribed at closing in limited partnership | 50.00% | ||||||||||||
Subscription price of units in limited partnership | $ 3,800,000 | ||||||||||||
Subscription price as percentage of agreed upon fair market value of land to be contributed to the Limited Partnership | 50.00% | ||||||||||||
Earnest money that may forfeit if fail to complete acquisition | $ 300,000 | ||||||||||||
Subsequent Event | SmartCentres | Canada | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of tracts of land | TractsofLand | 1 | ||||||||||||
Subsequent Event | Class A Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||
Cash distribution record date start | Apr. 1, 2018 | ||||||||||||
Cash distribution record date end | Jun. 30, 2018 | ||||||||||||
Gross proceeds from issuance of common stock (in shares) | shares | 1.7 | ||||||||||||
Gross proceeds from issuance of common stock | $ 17,300,000 | ||||||||||||
Subsequent Event | Class T Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock per share outstanding per day declared | $ / shares | $ 0.001644 | ||||||||||||
Cash distribution record date start | Apr. 1, 2018 | ||||||||||||
Cash distribution record date end | Jun. 30, 2018 | ||||||||||||
Gross proceeds from issuance of common stock (in shares) | shares | 0.3 | ||||||||||||
Gross proceeds from issuance of common stock | $ 2,600,000 | ||||||||||||
[1] | Notional amount shown is denominated in CAD. |
Schedule III Real Estate Asset
Schedule III Real Estate Asset and Accumulated Depreciation (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 349,716,671 | |
Initial Cost to Company, Land | 270,529,105 | |
Initial Cost to Company, Buildings and Improvements | 538,583,844 | |
Initial Cost to Company, Total | 809,112,949 | |
Cost Capitalized Subsequent to Acquisition | 20,566,528 | |
Gross Carrying Amount, Land | 272,313,395 | |
Gross Carrying Amount, Buildings and Improvements | 557,366,082 | |
Gross Carrying Amount, Total | 829,679,477 | [1] |
Accumulated Depreciation | 34,686,973 | |
Morrisville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | 1,181,939 | |
Initial Cost to Company, Land | 531,000 | |
Initial Cost to Company, Buildings and Improvements | 1,891,000 | |
Initial Cost to Company, Total | 2,422,000 | |
Cost Capitalized Subsequent to Acquisition | 111,669 | |
Gross Carrying Amount, Land | 531,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,002,669 | |
Gross Carrying Amount, Total | 2,533,669 | [1] |
Accumulated Depreciation | $ 241,586 | |
Date of Construction | 2,004 | |
Date Acquired | Nov. 3, 2014 | |
Cary | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,535,910 | |
Initial Cost to Company, Land | 1,064,000 | |
Initial Cost to Company, Buildings and Improvements | 3,301,000 | |
Initial Cost to Company, Total | 4,365,000 | |
Cost Capitalized Subsequent to Acquisition | 98,853 | |
Gross Carrying Amount, Land | 1,064,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,399,853 | |
Gross Carrying Amount, Total | 4,463,853 | [1] |
Accumulated Depreciation | $ 392,194 | |
Date of Construction | 1998/2005/2006 | |
Date Acquired | Nov. 3, 2014 | |
Raleigh | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,175,218 | |
Initial Cost to Company, Land | 1,186,000 | |
Initial Cost to Company, Buildings and Improvements | 2,540,000 | |
Initial Cost to Company, Total | 3,726,000 | |
Cost Capitalized Subsequent to Acquisition | 144,354 | |
Gross Carrying Amount, Land | 1,186,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,684,354 | |
Gross Carrying Amount, Total | 3,870,354 | [1] |
Accumulated Depreciation | $ 365,593 | |
Date of Construction | 1,999 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach I | South Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,296,127 | |
Initial Cost to Company, Land | 1,482,000 | |
Initial Cost to Company, Buildings and Improvements | 4,476,000 | |
Initial Cost to Company, Total | 5,958,000 | |
Cost Capitalized Subsequent to Acquisition | 201,678 | |
Gross Carrying Amount, Land | 1,482,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,677,678 | |
Gross Carrying Amount, Total | 6,159,678 | [1] |
Accumulated Depreciation | $ 564,591 | |
Date of Construction | 1998/2005-2007 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach II | South Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,074,197 | |
Initial Cost to Company, Land | 1,690,000 | |
Initial Cost to Company, Buildings and Improvements | 3,654,000 | |
Initial Cost to Company, Total | 5,344,000 | |
Cost Capitalized Subsequent to Acquisition | 158,540 | |
Gross Carrying Amount, Land | 1,690,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,812,540 | |
Gross Carrying Amount, Total | 5,502,540 | [1] |
Accumulated Depreciation | $ 473,457 | |
Date of Construction | 1999/2006 | |
Date Acquired | Nov. 3, 2014 | |
Whittier | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,602,761 | |
Initial Cost to Company, Land | 2,730,000 | |
Initial Cost to Company, Buildings and Improvements | 2,916,875 | |
Initial Cost to Company, Total | 5,646,875 | |
Cost Capitalized Subsequent to Acquisition | 206,840 | |
Gross Carrying Amount, Land | 2,730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,123,715 | |
Gross Carrying Amount, Total | 5,853,715 | [1] |
Accumulated Depreciation | $ 384,790 | |
Date of Construction | 1,989 | |
Date Acquired | Feb. 19, 2015 | |
La Verne | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,167,492 | |
Initial Cost to Company, Land | 1,950,000 | |
Initial Cost to Company, Buildings and Improvements | 2,036,875 | |
Initial Cost to Company, Total | 3,986,875 | |
Cost Capitalized Subsequent to Acquisition | 198,340 | |
Gross Carrying Amount, Land | 1,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,235,215 | |
Gross Carrying Amount, Total | 4,185,215 | [1] |
Accumulated Depreciation | $ 288,182 | |
Date of Construction | 1,986 | |
Date Acquired | Jan. 23, 2015 | |
Santa Ana | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,196,666 | |
Initial Cost to Company, Land | 4,890,000 | |
Initial Cost to Company, Buildings and Improvements | 4,006,875 | |
Initial Cost to Company, Total | 8,896,875 | |
Cost Capitalized Subsequent to Acquisition | 189,229 | |
Gross Carrying Amount, Land | 4,890,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,196,104 | |
Gross Carrying Amount, Total | 9,086,104 | [1] |
Accumulated Depreciation | $ 531,037 | |
Date of Construction | 1,978 | |
Date Acquired | Feb. 5, 2015 | |
Upland | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,612,920 | |
Initial Cost to Company, Land | 2,950,000 | |
Initial Cost to Company, Buildings and Improvements | 3,016,875 | |
Initial Cost to Company, Total | 5,966,875 | |
Cost Capitalized Subsequent to Acquisition | 234,789 | |
Gross Carrying Amount, Land | 2,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,251,664 | |
Gross Carrying Amount, Total | 6,201,664 | [1] |
Accumulated Depreciation | $ 421,142 | |
Date of Construction | 1,979 | |
Date Acquired | Jan. 29, 2015 | |
La Habra | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,662,412 | |
Initial Cost to Company, Land | 2,060,000 | |
Initial Cost to Company, Buildings and Improvements | 2,356,875 | |
Initial Cost to Company, Total | 4,416,875 | |
Cost Capitalized Subsequent to Acquisition | 131,050 | |
Gross Carrying Amount, Land | 2,060,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,487,925 | |
Gross Carrying Amount, Total | 4,547,925 | [1] |
Accumulated Depreciation | $ 288,072 | |
Date of Construction | 1,981 | |
Date Acquired | Feb. 5, 2015 | |
Monterey Park | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,573,587 | |
Initial Cost to Company, Land | 2,020,000 | |
Initial Cost to Company, Buildings and Improvements | 2,216,875 | |
Initial Cost to Company, Total | 4,236,875 | |
Cost Capitalized Subsequent to Acquisition | 197,205 | |
Gross Carrying Amount, Land | 2,020,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,414,080 | |
Gross Carrying Amount, Total | 4,434,080 | [1] |
Accumulated Depreciation | $ 269,119 | |
Date of Construction | 1,987 | |
Date Acquired | Feb. 5, 2015 | |
Huntington Beach | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,978,379 | |
Initial Cost to Company, Land | 5,460,000 | |
Initial Cost to Company, Buildings and Improvements | 4,856,875 | |
Initial Cost to Company, Total | 10,316,875 | |
Cost Capitalized Subsequent to Acquisition | 131,308 | |
Gross Carrying Amount, Land | 5,460,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,988,183 | |
Gross Carrying Amount, Total | 10,448,183 | [1] |
Accumulated Depreciation | $ 595,665 | |
Date of Construction | 1,986 | |
Date Acquired | Feb. 5, 2015 | |
Chico | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,163,063 | |
Initial Cost to Company, Land | 400,000 | |
Initial Cost to Company, Buildings and Improvements | 1,336,875 | |
Initial Cost to Company, Total | 1,736,875 | |
Cost Capitalized Subsequent to Acquisition | 215,862 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,552,737 | |
Gross Carrying Amount, Total | 1,952,737 | [1] |
Accumulated Depreciation | $ 183,350 | |
Date of Construction | 1,984 | |
Date Acquired | Jan. 23, 2015 | |
Lancaster | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,682,730 | |
Initial Cost to Company, Land | 200,000 | |
Initial Cost to Company, Buildings and Improvements | 1,516,875 | |
Initial Cost to Company, Total | 1,716,875 | |
Cost Capitalized Subsequent to Acquisition | 230,481 | |
Gross Carrying Amount, Land | 200,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,747,356 | |
Gross Carrying Amount, Total | 1,947,356 | [1] |
Accumulated Depreciation | $ 233,961 | |
Date of Construction | 1,980 | |
Date Acquired | Jan. 29, 2015 | |
Lancaster | California | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,350,873 | |
Initial Cost to Company, Land | 670,392 | |
Initial Cost to Company, Buildings and Improvements | 3,711,424 | |
Initial Cost to Company, Total | 4,381,816 | |
Cost Capitalized Subsequent to Acquisition | 195,500 | |
Gross Carrying Amount, Land | 670,392 | |
Gross Carrying Amount, Buildings and Improvements | 3,906,924 | |
Gross Carrying Amount, Total | 4,577,316 | [1] |
Accumulated Depreciation | $ 295,441 | |
Date of Construction | 1,991 | |
Date Acquired | Jan. 11, 2016 | |
Riverside | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,326,127 | |
Initial Cost to Company, Land | 370,000 | |
Initial Cost to Company, Buildings and Improvements | 2,326,875 | |
Initial Cost to Company, Total | 2,696,875 | |
Cost Capitalized Subsequent to Acquisition | 297,674 | |
Gross Carrying Amount, Land | 370,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,624,549 | |
Gross Carrying Amount, Total | 2,994,549 | [1] |
Accumulated Depreciation | $ 303,050 | |
Date of Construction | 1,985 | |
Date Acquired | Jan. 23, 2015 | |
Fairfield | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,746,809 | |
Initial Cost to Company, Land | 730,000 | |
Initial Cost to Company, Buildings and Improvements | 2,946,875 | |
Initial Cost to Company, Total | 3,676,875 | |
Cost Capitalized Subsequent to Acquisition | 86,983 | |
Gross Carrying Amount, Land | 730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,033,858 | |
Gross Carrying Amount, Total | 3,763,858 | [1] |
Accumulated Depreciation | $ 360,527 | |
Date of Construction | 1,984 | |
Date Acquired | Jan. 23, 2015 | |
Lompoc | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,821,047 | |
Initial Cost to Company, Land | 1,000,000 | |
Initial Cost to Company, Buildings and Improvements | 2,746,875 | |
Initial Cost to Company, Total | 3,746,875 | |
Cost Capitalized Subsequent to Acquisition | 107,884 | |
Gross Carrying Amount, Land | 1,000,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,854,759 | |
Gross Carrying Amount, Total | 3,854,759 | [1] |
Accumulated Depreciation | $ 333,754 | |
Date of Construction | 1,982 | |
Date Acquired | Feb. 5, 2015 | |
Santa Rosa | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,324,823 | |
Initial Cost to Company, Land | 3,150,000 | |
Initial Cost to Company, Buildings and Improvements | 6,716,875 | |
Initial Cost to Company, Total | 9,866,875 | |
Cost Capitalized Subsequent to Acquisition | 153,740 | |
Gross Carrying Amount, Land | 3,150,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,870,615 | |
Gross Carrying Amount, Total | 10,020,615 | [1] |
Accumulated Depreciation | $ 814,068 | |
Date of Construction | 1979-1981 | |
Date Acquired | Jan. 29, 2015 | |
Vallejo | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 627,392 | |
Initial Cost to Company, Land | 990,000 | |
Initial Cost to Company, Buildings and Improvements | 3,946,875 | |
Initial Cost to Company, Total | 4,936,875 | |
Cost Capitalized Subsequent to Acquisition | 148,563 | |
Gross Carrying Amount, Land | 990,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,095,438 | |
Gross Carrying Amount, Total | 5,085,438 | [1] |
Accumulated Depreciation | $ 481,937 | |
Date of Construction | 1,981 | |
Date Acquired | Jan. 29, 2015 | |
Federal Heights | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,375,619 | |
Initial Cost to Company, Land | 1,100,000 | |
Initial Cost to Company, Buildings and Improvements | 3,346,875 | |
Initial Cost to Company, Total | 4,446,875 | |
Cost Capitalized Subsequent to Acquisition | 165,818 | |
Gross Carrying Amount, Land | 1,100,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,512,693 | |
Gross Carrying Amount, Total | 4,612,693 | [1] |
Accumulated Depreciation | $ 469,160 | |
Date of Construction | 1,983 | |
Date Acquired | Jan. 29, 2015 | |
Aurora | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,800,729 | |
Initial Cost to Company, Land | 810,000 | |
Initial Cost to Company, Buildings and Improvements | 5,906,875 | |
Initial Cost to Company, Total | 6,716,875 | |
Cost Capitalized Subsequent to Acquisition | 177,848 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,084,723 | |
Gross Carrying Amount, Total | 6,894,723 | [1] |
Accumulated Depreciation | $ 707,715 | |
Date of Construction | 1,984 | |
Date Acquired | Feb. 5, 2015 | |
Littleton | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,177,650 | |
Initial Cost to Company, Land | 1,680,000 | |
Initial Cost to Company, Buildings and Improvements | 2,456,875 | |
Initial Cost to Company, Total | 4,136,875 | |
Cost Capitalized Subsequent to Acquisition | 161,371 | |
Gross Carrying Amount, Land | 1,680,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,618,246 | |
Gross Carrying Amount, Total | 4,298,246 | [1] |
Accumulated Depreciation | $ 320,625 | |
Date of Construction | 1,985 | |
Date Acquired | Jan. 23, 2015 | |
Bloomingdale | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,375,619 | |
Initial Cost to Company, Land | 810,000 | |
Initial Cost to Company, Buildings and Improvements | 3,856,874 | |
Initial Cost to Company, Total | 4,666,874 | |
Cost Capitalized Subsequent to Acquisition | 266,171 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,123,045 | |
Gross Carrying Amount, Total | 4,933,045 | [1] |
Accumulated Depreciation | $ 461,514 | |
Date of Construction | 1,987 | |
Date Acquired | Feb. 19, 2015 | |
Crestwood | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,633,238 | |
Initial Cost to Company, Land | 250,000 | |
Initial Cost to Company, Buildings and Improvements | 2,096,875 | |
Initial Cost to Company, Total | 2,346,875 | |
Cost Capitalized Subsequent to Acquisition | 250,938 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,347,813 | |
Gross Carrying Amount, Total | 2,597,813 | [1] |
Accumulated Depreciation | $ 279,054 | |
Date of Construction | 1,987 | |
Date Acquired | Jan. 23, 2015 | |
Forestville | Maryland | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,464,444 | |
Initial Cost to Company, Land | 1,940,000 | |
Initial Cost to Company, Buildings and Improvements | 4,346,875 | |
Initial Cost to Company, Total | 6,286,875 | |
Cost Capitalized Subsequent to Acquisition | 664,261 | |
Gross Carrying Amount, Land | 1,940,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,011,136 | |
Gross Carrying Amount, Total | 6,951,136 | [1] |
Accumulated Depreciation | $ 660,483 | |
Date of Construction | 1,988 | |
Date Acquired | Jan. 23, 2015 | |
Warren | Michigan | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,954,936 | |
Initial Cost to Company, Land | 230,000 | |
Initial Cost to Company, Buildings and Improvements | 2,966,875 | |
Initial Cost to Company, Total | 3,196,875 | |
Cost Capitalized Subsequent to Acquisition | 360,536 | |
Gross Carrying Amount, Land | 230,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,327,411 | |
Gross Carrying Amount, Total | 3,557,411 | [1] |
Accumulated Depreciation | $ 352,516 | |
Date of Construction | 1,996 | |
Date Acquired | May 8, 2015 | |
Warren | Michigan | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,251,889 | |
Initial Cost to Company, Land | 240,000 | |
Initial Cost to Company, Buildings and Improvements | 3,066,875 | |
Initial Cost to Company, Total | 3,306,875 | |
Cost Capitalized Subsequent to Acquisition | 611,573 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,678,448 | |
Gross Carrying Amount, Total | 3,918,448 | [1] |
Accumulated Depreciation | $ 400,241 | |
Date of Construction | 1,987 | |
Date Acquired | May 8, 2015 | |
Sterling Heights | Michigan | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,301,381 | |
Initial Cost to Company, Land | 250,000 | |
Initial Cost to Company, Buildings and Improvements | 3,286,875 | |
Initial Cost to Company, Total | 3,536,875 | |
Cost Capitalized Subsequent to Acquisition | 664,188 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,951,063 | |
Gross Carrying Amount, Total | 4,201,063 | [1] |
Accumulated Depreciation | $ 380,709 | |
Date of Construction | 1,977 | |
Date Acquired | May 21, 2015 | |
Troy | Michigan | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,414,952 | |
Initial Cost to Company, Land | 240,000 | |
Initial Cost to Company, Buildings and Improvements | 4,176,875 | |
Initial Cost to Company, Total | 4,416,875 | |
Cost Capitalized Subsequent to Acquisition | 159,198 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,336,073 | |
Gross Carrying Amount, Total | 4,576,073 | [1] |
Accumulated Depreciation | $ 497,541 | |
Date of Construction | 1,988 | |
Date Acquired | May 8, 2015 | |
Troy | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 384,338 | |
Initial Cost to Company, Land | 150,666 | |
Initial Cost to Company, Buildings and Improvements | 2,596,010 | |
Initial Cost to Company, Total | 2,746,676 | |
Cost Capitalized Subsequent to Acquisition | 21,306 | |
Gross Carrying Amount, Land | 150,666 | |
Gross Carrying Amount, Buildings and Improvements | 2,617,316 | |
Gross Carrying Amount, Total | 2,767,982 | [1] |
Accumulated Depreciation | $ 202,387 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Beverly | New Jersey | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,385,778 | |
Initial Cost to Company, Land | 400,000 | |
Initial Cost to Company, Buildings and Improvements | 1,696,875 | |
Initial Cost to Company, Total | 2,096,875 | |
Cost Capitalized Subsequent to Acquisition | 174,938 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,871,813 | |
Gross Carrying Amount, Total | 2,271,813 | [1] |
Accumulated Depreciation | $ 182,543 | |
Date of Construction | 1,988 | |
Date Acquired | May 28, 2015 | |
Everett | Washington | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,722,063 | |
Initial Cost to Company, Land | 2,010,000 | |
Initial Cost to Company, Buildings and Improvements | 2,956,875 | |
Initial Cost to Company, Total | 4,966,875 | |
Cost Capitalized Subsequent to Acquisition | 515,791 | |
Gross Carrying Amount, Land | 2,010,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,472,666 | |
Gross Carrying Amount, Total | 5,482,666 | [1] |
Accumulated Depreciation | $ 370,747 | |
Date of Construction | 1,986 | |
Date Acquired | Feb. 5, 2015 | |
Foley | Alabama | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,132,587 | |
Initial Cost to Company, Land | 1,839,000 | |
Initial Cost to Company, Buildings and Improvements | 5,717,000 | |
Initial Cost to Company, Total | 7,556,000 | |
Cost Capitalized Subsequent to Acquisition | 567,120 | |
Gross Carrying Amount, Land | 1,839,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,284,120 | |
Gross Carrying Amount, Total | 8,123,120 | [1] |
Accumulated Depreciation | $ 577,737 | |
Date of Construction | 1985/1996/2006 | |
Date Acquired | Sep. 11, 2015 | |
Tampa | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,633,238 | |
Initial Cost to Company, Land | 718,244 | |
Initial Cost to Company, Buildings and Improvements | 2,257,471 | |
Initial Cost to Company, Total | 2,975,715 | |
Cost Capitalized Subsequent to Acquisition | 427,594 | |
Gross Carrying Amount, Land | 718,244 | |
Gross Carrying Amount, Buildings and Improvements | 2,685,065 | |
Gross Carrying Amount, Total | 3,403,309 | [1] |
Accumulated Depreciation | $ 221,966 | |
Date of Construction | 1,985 | |
Date Acquired | Nov. 3, 2015 | |
Boynton Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,166,188 | |
Initial Cost to Company, Land | 1,983,491 | |
Initial Cost to Company, Buildings and Improvements | 15,232,817 | |
Initial Cost to Company, Total | 17,216,308 | |
Cost Capitalized Subsequent to Acquisition | 327,788 | |
Gross Carrying Amount, Land | 1,983,491 | |
Gross Carrying Amount, Buildings and Improvements | 15,560,605 | |
Gross Carrying Amount, Total | 17,544,096 | [1] |
Accumulated Depreciation | $ 931,140 | |
Date of Construction | 2,004 | |
Date Acquired | Jan. 7, 2016 | |
Milton | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,956,483 | [2] |
Initial Cost to Company, Land | 1,501,716 | [2] |
Initial Cost to Company, Buildings and Improvements | 8,196,411 | [2] |
Initial Cost to Company, Total | 9,698,127 | [2] |
Cost Capitalized Subsequent to Acquisition | 725,250 | [2],[3] |
Gross Carrying Amount, Land | 1,608,534 | [2] |
Gross Carrying Amount, Buildings and Improvements | 8,814,843 | [2] |
Gross Carrying Amount, Total | 10,423,377 | [1],[2] |
Accumulated Depreciation | $ 498,620 | [2] |
Date of Construction | 2,006 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,113,697 | [2] |
Initial Cost to Company, Land | 3,403,987 | [2] |
Initial Cost to Company, Buildings and Improvements | 10,624,437 | [2] |
Initial Cost to Company, Total | 14,028,424 | [2] |
Cost Capitalized Subsequent to Acquisition | 1,068,044 | [2],[3] |
Gross Carrying Amount, Land | 3,646,116 | [2] |
Gross Carrying Amount, Buildings and Improvements | 11,450,352 | [2] |
Gross Carrying Amount, Total | 15,096,468 | [1],[2] |
Accumulated Depreciation | $ 670,977 | [2] |
Date of Construction | 2,011 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,921,575 | [2] |
Initial Cost to Company, Land | 2,959,356 | [2] |
Initial Cost to Company, Buildings and Improvements | 5,152,513 | [2] |
Initial Cost to Company, Total | 8,111,869 | [2] |
Cost Capitalized Subsequent to Acquisition | 580,664 | [2],[3] |
Gross Carrying Amount, Land | 3,169,857 | [2] |
Gross Carrying Amount, Buildings and Improvements | 5,522,676 | [2] |
Gross Carrying Amount, Total | 8,692,533 | [1],[2] |
Accumulated Depreciation | $ 325,218 | [2] |
Date of Construction | 2,008 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Oakville | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,486,937 | [2] |
Initial Cost to Company, Land | 2,744,484 | [2] |
Initial Cost to Company, Buildings and Improvements | 13,511,955 | [2] |
Initial Cost to Company, Total | 16,256,439 | [2] |
Cost Capitalized Subsequent to Acquisition | 3,058,986 | [2],[3] |
Gross Carrying Amount, Land | 2,939,701 | [2] |
Gross Carrying Amount, Buildings and Improvements | 16,375,724 | [2] |
Gross Carrying Amount, Total | 19,315,425 | [1],[2] |
Accumulated Depreciation | $ 942,365 | [2] |
Date of Construction | 2,016 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Oakville | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,310,803 | [2] |
Initial Cost to Company, Land | 2,998,831 | [2] |
Initial Cost to Company, Buildings and Improvements | 9,394,919 | [2] |
Initial Cost to Company, Total | 12,393,750 | [2] |
Cost Capitalized Subsequent to Acquisition | 903,316 | [2],[3] |
Gross Carrying Amount, Land | 3,212,141 | [2] |
Gross Carrying Amount, Buildings and Improvements | 10,084,925 | [2] |
Gross Carrying Amount, Total | 13,297,066 | [1],[2] |
Accumulated Depreciation | $ 595,898 | [2] |
Date of Construction | 2,004 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Xenia | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 384,338 | |
Initial Cost to Company, Land | 275,493 | |
Initial Cost to Company, Buildings and Improvements | 2,664,693 | |
Initial Cost to Company, Total | 2,940,186 | |
Cost Capitalized Subsequent to Acquisition | 5,249 | |
Gross Carrying Amount, Land | 275,493 | |
Gross Carrying Amount, Buildings and Improvements | 2,669,942 | |
Gross Carrying Amount, Total | 2,945,435 | [1] |
Accumulated Depreciation | $ 182,759 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Sidney | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 226,292 | |
Initial Cost to Company, Land | 255,246 | |
Initial Cost to Company, Buildings and Improvements | 1,806,349 | |
Initial Cost to Company, Total | 2,061,595 | |
Cost Capitalized Subsequent to Acquisition | 21,053 | |
Gross Carrying Amount, Land | 255,246 | |
Gross Carrying Amount, Buildings and Improvements | 1,827,402 | |
Gross Carrying Amount, Total | 2,082,648 | [1] |
Accumulated Depreciation | $ 178,314 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Greenville | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 231,081 | |
Initial Cost to Company, Land | 82,598 | |
Initial Cost to Company, Buildings and Improvements | 1,909,466 | |
Initial Cost to Company, Total | 1,992,064 | |
Cost Capitalized Subsequent to Acquisition | 12,412 | |
Gross Carrying Amount, Land | 82,598 | |
Gross Carrying Amount, Buildings and Improvements | 1,921,878 | |
Gross Carrying Amount, Total | 2,004,476 | [1] |
Accumulated Depreciation | $ 127,060 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Washington Court House | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 274,185 | |
Initial Cost to Company, Land | 255,456 | |
Initial Cost to Company, Buildings and Improvements | 1,882,203 | |
Initial Cost to Company, Total | 2,137,659 | |
Cost Capitalized Subsequent to Acquisition | 14,819 | |
Gross Carrying Amount, Land | 255,456 | |
Gross Carrying Amount, Buildings and Improvements | 1,897,022 | |
Gross Carrying Amount, Total | 2,152,478 | [1] |
Accumulated Depreciation | $ 131,031 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Richmond | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 419,060 | |
Initial Cost to Company, Land | 223,159 | |
Initial Cost to Company, Buildings and Improvements | 2,944,379 | |
Initial Cost to Company, Total | 3,167,538 | |
Cost Capitalized Subsequent to Acquisition | 18,400 | |
Gross Carrying Amount, Land | 223,159 | |
Gross Carrying Amount, Buildings and Improvements | 2,962,779 | |
Gross Carrying Amount, Total | 3,185,938 | [1] |
Accumulated Depreciation | $ 209,671 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Connersville | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 227,490 | |
Initial Cost to Company, Land | 155,533 | |
Initial Cost to Company, Buildings and Improvements | 1,652,290 | |
Initial Cost to Company, Total | 1,807,823 | |
Cost Capitalized Subsequent to Acquisition | 16,464 | |
Gross Carrying Amount, Land | 155,533 | |
Gross Carrying Amount, Buildings and Improvements | 1,668,754 | |
Gross Carrying Amount, Total | 1,824,287 | [1] |
Accumulated Depreciation | $ 119,102 | |
Date of Construction | 2,003 | |
Date Acquired | Apr. 20, 2016 | |
Port St. Lucie | Florida | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,017,716 | |
Initial Cost to Company, Land | 2,589,781 | |
Initial Cost to Company, Buildings and Improvements | 6,339,578 | |
Initial Cost to Company, Total | 8,929,359 | |
Cost Capitalized Subsequent to Acquisition | 65,162 | |
Gross Carrying Amount, Land | 2,589,781 | |
Gross Carrying Amount, Buildings and Improvements | 6,404,740 | |
Gross Carrying Amount, Total | 8,994,521 | [1] |
Accumulated Depreciation | $ 373,838 | |
Date of Construction | 1,999 | |
Date Acquired | Apr. 29, 2016 | |
Port St. Lucie | Florida | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,697,262 | |
Initial Cost to Company, Land | 5,130,621 | |
Initial Cost to Company, Buildings and Improvements | 8,410,474 | |
Initial Cost to Company, Total | 13,541,095 | |
Cost Capitalized Subsequent to Acquisition | 103,826 | |
Gross Carrying Amount, Land | 5,130,621 | |
Gross Carrying Amount, Buildings and Improvements | 8,514,300 | |
Gross Carrying Amount, Total | 13,644,921 | [1] |
Accumulated Depreciation | $ 486,359 | |
Date of Construction | 2,002 | |
Date Acquired | Jun. 1, 2016 | |
Sacramento | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 975,810 | |
Initial Cost to Company, Land | 1,205,209 | |
Initial Cost to Company, Buildings and Improvements | 6,616,767 | |
Initial Cost to Company, Total | 7,821,976 | |
Cost Capitalized Subsequent to Acquisition | 94,320 | |
Gross Carrying Amount, Land | 1,205,209 | |
Gross Carrying Amount, Buildings and Improvements | 6,711,087 | |
Gross Carrying Amount, Total | 7,916,296 | [1] |
Accumulated Depreciation | $ 351,942 | |
Date of Construction | 2,006 | |
Date Acquired | May 9, 2016 | |
Oakland | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,315,948 | |
Initial Cost to Company, Land | 5,711,189 | |
Initial Cost to Company, Buildings and Improvements | 6,902,446 | |
Initial Cost to Company, Total | 12,613,635 | |
Cost Capitalized Subsequent to Acquisition | 52,591 | |
Gross Carrying Amount, Land | 5,711,189 | |
Gross Carrying Amount, Buildings and Improvements | 6,955,037 | |
Gross Carrying Amount, Total | 12,666,226 | [1] |
Accumulated Depreciation | $ 367,463 | |
Date of Construction | 1,979 | |
Date Acquired | May 18, 2016 | |
Concord | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 14,684,052 | |
Initial Cost to Company, Land | 19,090,003 | |
Initial Cost to Company, Buildings and Improvements | 17,202,868 | |
Initial Cost to Company, Total | 36,292,871 | |
Cost Capitalized Subsequent to Acquisition | 109,915 | |
Gross Carrying Amount, Land | 19,090,003 | |
Gross Carrying Amount, Buildings and Improvements | 17,312,783 | |
Gross Carrying Amount, Total | 36,402,786 | [1] |
Accumulated Depreciation | $ 948,269 | |
Date of Construction | 1988/1998 | |
Date Acquired | May 18, 2016 | |
Pompano Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,800,455 | |
Initial Cost to Company, Land | 3,947,715 | |
Initial Cost to Company, Buildings and Improvements | 16,656,002 | |
Initial Cost to Company, Total | 20,603,717 | |
Cost Capitalized Subsequent to Acquisition | 57,772 | |
Gross Carrying Amount, Land | 3,947,715 | |
Gross Carrying Amount, Buildings and Improvements | 16,713,774 | |
Gross Carrying Amount, Total | 20,661,489 | [1] |
Accumulated Depreciation | $ 784,580 | |
Date of Construction | 1,979 | |
Date Acquired | Jun. 1, 2016 | |
Lake Worth | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,572,515 | |
Initial Cost to Company, Land | 12,108,208 | |
Initial Cost to Company, Buildings and Improvements | 10,804,173 | |
Initial Cost to Company, Total | 22,912,381 | |
Cost Capitalized Subsequent to Acquisition | 66,615 | |
Gross Carrying Amount, Land | 12,108,208 | |
Gross Carrying Amount, Buildings and Improvements | 10,870,788 | |
Gross Carrying Amount, Total | 22,978,996 | [1] |
Accumulated Depreciation | $ 708,974 | |
Date of Construction | 1998/2003 | |
Date Acquired | Jun. 1, 2016 | |
Jupiter | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,530,933 | |
Initial Cost to Company, Land | 16,029,881 | |
Initial Cost to Company, Buildings and Improvements | 10,556,833 | |
Initial Cost to Company, Total | 26,586,714 | |
Cost Capitalized Subsequent to Acquisition | 55,109 | |
Gross Carrying Amount, Land | 16,029,881 | |
Gross Carrying Amount, Buildings and Improvements | 10,611,942 | |
Gross Carrying Amount, Total | 26,641,823 | [1] |
Accumulated Depreciation | $ 577,164 | |
Date of Construction | 1992/2012 | |
Date Acquired | Jun. 1, 2016 | |
Royal Palm Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,477,688 | |
Initial Cost to Company, Land | 11,425,394 | |
Initial Cost to Company, Buildings and Improvements | 13,275,322 | |
Initial Cost to Company, Total | 24,700,716 | |
Cost Capitalized Subsequent to Acquisition | 27,340 | |
Gross Carrying Amount, Land | 11,425,394 | |
Gross Carrying Amount, Buildings and Improvements | 13,302,662 | |
Gross Carrying Amount, Total | 24,728,056 | [1] |
Accumulated Depreciation | $ 822,599 | |
Date of Construction | 2001/2003 | |
Date Acquired | Jun. 1, 2016 | |
Wellington | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,253,043 | |
Initial Cost to Company, Land | 10,233,511 | |
Initial Cost to Company, Buildings and Improvements | 11,662,801 | |
Initial Cost to Company, Total | 21,896,312 | |
Cost Capitalized Subsequent to Acquisition | 35,196 | |
Gross Carrying Amount, Land | 10,233,511 | |
Gross Carrying Amount, Buildings and Improvements | 11,697,997 | |
Gross Carrying Amount, Total | 21,931,508 | [1] |
Accumulated Depreciation | $ 596,330 | |
Date of Construction | 2,005 | |
Date Acquired | Jun. 1, 2016 | |
Doral | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,371,197 | |
Initial Cost to Company, Land | 11,335,658 | |
Initial Cost to Company, Buildings and Improvements | 11,485,045 | |
Initial Cost to Company, Total | 22,820,703 | |
Cost Capitalized Subsequent to Acquisition | 59,787 | |
Gross Carrying Amount, Land | 11,335,658 | |
Gross Carrying Amount, Buildings and Improvements | 11,544,832 | |
Gross Carrying Amount, Total | 22,880,490 | [1] |
Accumulated Depreciation | $ 593,071 | |
Date of Construction | 1,998 | |
Date Acquired | Jun. 1, 2016 | |
Plantation | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,660,751 | |
Initial Cost to Company, Land | 12,989,079 | |
Initial Cost to Company, Buildings and Improvements | 19,224,919 | |
Initial Cost to Company, Total | 32,213,998 | |
Cost Capitalized Subsequent to Acquisition | 28,015 | |
Gross Carrying Amount, Land | 12,989,079 | |
Gross Carrying Amount, Buildings and Improvements | 19,252,934 | |
Gross Carrying Amount, Total | 32,242,013 | [1] |
Accumulated Depreciation | $ 980,750 | |
Date of Construction | 2002/2012 | |
Date Acquired | Jun. 1, 2016 | |
Naples | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,702,333 | |
Initial Cost to Company, Land | 11,789,085 | |
Initial Cost to Company, Buildings and Improvements | 12,771,305 | |
Initial Cost to Company, Total | 24,560,390 | |
Cost Capitalized Subsequent to Acquisition | 69,133 | |
Gross Carrying Amount, Land | 11,789,085 | |
Gross Carrying Amount, Buildings and Improvements | 12,840,438 | |
Gross Carrying Amount, Total | 24,629,523 | [1] |
Accumulated Depreciation | $ 638,777 | |
Date of Construction | 2,002 | |
Date Acquired | Jun. 1, 2016 | |
Delray | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,687,373 | |
Initial Cost to Company, Land | 17,096,692 | |
Initial Cost to Company, Buildings and Improvements | 12,983,627 | |
Initial Cost to Company, Total | 30,080,319 | |
Cost Capitalized Subsequent to Acquisition | 60,059 | |
Gross Carrying Amount, Land | 17,096,692 | |
Gross Carrying Amount, Buildings and Improvements | 13,043,686 | |
Gross Carrying Amount, Total | 30,140,378 | [1] |
Accumulated Depreciation | $ 672,267 | |
Date of Construction | 2,003 | |
Date Acquired | Jun. 1, 2016 | |
Baltimore | Maryland | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,753,821 | |
Initial Cost to Company, Land | 3,897,872 | |
Initial Cost to Company, Buildings and Improvements | 22,427,843 | |
Initial Cost to Company, Total | 26,325,715 | |
Cost Capitalized Subsequent to Acquisition | 192,223 | |
Gross Carrying Amount, Land | 3,897,872 | |
Gross Carrying Amount, Buildings and Improvements | 22,620,066 | |
Gross Carrying Amount, Total | 26,517,938 | [1] |
Accumulated Depreciation | $ 1,190,263 | |
Date of Construction | 1990/2014 | |
Date Acquired | Jun. 1, 2016 | |
Sonoma | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 826,146 | |
Initial Cost to Company, Land | 3,468,153 | |
Initial Cost to Company, Buildings and Improvements | 3,679,939 | |
Initial Cost to Company, Total | 7,148,092 | |
Cost Capitalized Subsequent to Acquisition | 46,633 | |
Gross Carrying Amount, Land | 3,468,153 | |
Gross Carrying Amount, Buildings and Improvements | 3,726,572 | |
Gross Carrying Amount, Total | 7,194,725 | [1] |
Accumulated Depreciation | $ 201,221 | |
Date of Construction | 1,984 | |
Date Acquired | Jun. 14, 2016 | |
Las Vegas I | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,372,121 | |
Initial Cost to Company, Land | 2,391,220 | |
Initial Cost to Company, Buildings and Improvements | 11,117,892 | |
Initial Cost to Company, Total | 13,509,112 | |
Cost Capitalized Subsequent to Acquisition | 67,361 | |
Gross Carrying Amount, Land | 2,391,220 | |
Gross Carrying Amount, Buildings and Improvements | 11,185,253 | |
Gross Carrying Amount, Total | 13,576,473 | [1] |
Accumulated Depreciation | $ 482,797 | |
Date of Construction | 2,002 | |
Date Acquired | Jul. 28, 2016 | |
Las Vegas II | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,472,695 | |
Initial Cost to Company, Land | 3,840,088 | |
Initial Cost to Company, Buildings and Improvements | 9,916,937 | |
Initial Cost to Company, Total | 13,757,025 | |
Cost Capitalized Subsequent to Acquisition | 49,890 | |
Gross Carrying Amount, Land | 3,840,088 | |
Gross Carrying Amount, Buildings and Improvements | 9,966,827 | |
Gross Carrying Amount, Total | 13,806,915 | [1] |
Accumulated Depreciation | $ 398,073 | |
Date of Construction | 2,000 | |
Date Acquired | Sep. 23, 2016 | |
Las Vegas III | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,107,515 | |
Initial Cost to Company, Land | 2,565,579 | |
Initial Cost to Company, Buildings and Improvements | 6,338,944 | |
Initial Cost to Company, Total | 8,904,523 | |
Cost Capitalized Subsequent to Acquisition | 96,729 | |
Gross Carrying Amount, Land | 2,565,579 | |
Gross Carrying Amount, Buildings and Improvements | 6,435,673 | |
Gross Carrying Amount, Total | 9,001,252 | [1] |
Accumulated Depreciation | $ 294,063 | |
Date of Construction | 1,989 | |
Date Acquired | Sep. 27, 2016 | |
Asheville I | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,143,593 | |
Initial Cost to Company, Land | 3,619,676 | |
Initial Cost to Company, Buildings and Improvements | 11,173,603 | |
Initial Cost to Company, Total | 14,793,279 | |
Cost Capitalized Subsequent to Acquisition | 60,027 | |
Gross Carrying Amount, Land | 3,619,676 | |
Gross Carrying Amount, Buildings and Improvements | 11,233,630 | |
Gross Carrying Amount, Total | 14,853,306 | [1] |
Accumulated Depreciation | $ 395,168 | |
Date of Construction | 1988/2005/2015 | |
Date Acquired | Dec. 30, 2016 | |
Asheville II | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,250,087 | |
Initial Cost to Company, Land | 1,764,969 | |
Initial Cost to Company, Buildings and Improvements | 3,107,311 | |
Initial Cost to Company, Total | 4,872,280 | |
Cost Capitalized Subsequent to Acquisition | 35,791 | |
Gross Carrying Amount, Land | 1,764,969 | |
Gross Carrying Amount, Buildings and Improvements | 3,143,102 | |
Gross Carrying Amount, Total | 4,908,071 | [1] |
Accumulated Depreciation | $ 117,392 | |
Date of Construction | 1,984 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville I | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,243,715 | |
Initial Cost to Company, Land | 1,081,547 | |
Initial Cost to Company, Buildings and Improvements | 3,441,204 | |
Initial Cost to Company, Total | 4,522,751 | |
Cost Capitalized Subsequent to Acquisition | 35,997 | |
Gross Carrying Amount, Land | 1,081,547 | |
Gross Carrying Amount, Buildings and Improvements | 3,477,201 | |
Gross Carrying Amount, Total | 4,558,748 | [1] |
Accumulated Depreciation | $ 122,491 | |
Date of Construction | 1,982 | |
Date Acquired | Dec. 30, 2016 | |
Asheville III | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,677,156 | |
Initial Cost to Company, Land | 5,096,833 | |
Initial Cost to Company, Buildings and Improvements | 4,620,013 | |
Initial Cost to Company, Total | 9,716,846 | |
Cost Capitalized Subsequent to Acquisition | 23,027 | |
Gross Carrying Amount, Land | 5,096,833 | |
Gross Carrying Amount, Buildings and Improvements | 4,643,040 | |
Gross Carrying Amount, Total | 9,739,873 | [1] |
Accumulated Depreciation | $ 178,207 | |
Date of Construction | 1991/2002 | |
Date Acquired | Dec. 30, 2016 | |
Arden | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,557,917 | |
Initial Cost to Company, Land | 1,790,118 | |
Initial Cost to Company, Buildings and Improvements | 10,265,741 | |
Initial Cost to Company, Total | 12,055,859 | |
Cost Capitalized Subsequent to Acquisition | 50,324 | |
Gross Carrying Amount, Land | 1,790,118 | |
Gross Carrying Amount, Buildings and Improvements | 10,316,065 | |
Gross Carrying Amount, Total | 12,106,183 | [1] |
Accumulated Depreciation | $ 327,021 | |
Date of Construction | 1,973 | |
Date Acquired | Dec. 30, 2016 | |
Asheville IV | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,413,190 | |
Initial Cost to Company, Land | 4,558,139 | |
Initial Cost to Company, Buildings and Improvements | 4,455,118 | |
Initial Cost to Company, Total | 9,013,257 | |
Cost Capitalized Subsequent to Acquisition | 29,925 | |
Gross Carrying Amount, Land | 4,558,139 | |
Gross Carrying Amount, Buildings and Improvements | 4,485,043 | |
Gross Carrying Amount, Total | 9,043,182 | [1] |
Accumulated Depreciation | $ 175,805 | |
Date of Construction | 1985/1986/2005 | |
Date Acquired | Dec. 30, 2016 | |
Asheville V | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,073,106 | |
Initial Cost to Company, Land | 2,414,680 | |
Initial Cost to Company, Buildings and Improvements | 7,826,417 | |
Initial Cost to Company, Total | 10,241,097 | |
Cost Capitalized Subsequent to Acquisition | 60,643 | |
Gross Carrying Amount, Land | 2,414,680 | |
Gross Carrying Amount, Buildings and Improvements | 7,887,060 | |
Gross Carrying Amount, Total | 10,301,740 | [1] |
Accumulated Depreciation | $ 280,300 | |
Date of Construction | 1978/2009/2014 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VI | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,489,307 | |
Initial Cost to Company, Land | 1,306,240 | |
Initial Cost to Company, Buildings and Improvements | 5,121,332 | |
Initial Cost to Company, Total | 6,427,572 | |
Cost Capitalized Subsequent to Acquisition | 35,322 | |
Gross Carrying Amount, Land | 1,306,240 | |
Gross Carrying Amount, Buildings and Improvements | 5,156,654 | |
Gross Carrying Amount, Total | 6,462,894 | [1] |
Accumulated Depreciation | $ 167,988 | |
Date of Construction | 2,004 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VIII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,536,924 | |
Initial Cost to Company, Land | 1,764,965 | |
Initial Cost to Company, Buildings and Improvements | 6,162,855 | |
Initial Cost to Company, Total | 7,927,820 | |
Cost Capitalized Subsequent to Acquisition | 40,964 | |
Gross Carrying Amount, Land | 1,764,965 | |
Gross Carrying Amount, Buildings and Improvements | 6,203,819 | |
Gross Carrying Amount, Total | 7,968,784 | [1] |
Accumulated Depreciation | $ 222,956 | |
Date of Construction | 1968/2002 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville II | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,272,956 | |
Initial Cost to Company, Land | 2,597,584 | |
Initial Cost to Company, Buildings and Improvements | 5,037,350 | |
Initial Cost to Company, Total | 7,634,934 | |
Cost Capitalized Subsequent to Acquisition | 53,013 | |
Gross Carrying Amount, Land | 2,597,584 | |
Gross Carrying Amount, Buildings and Improvements | 5,090,363 | |
Gross Carrying Amount, Total | 7,687,947 | [1] |
Accumulated Depreciation | $ 213,493 | |
Date of Construction | 1989/2003 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,592,048 | |
Initial Cost to Company, Land | 782,457 | |
Initial Cost to Company, Buildings and Improvements | 2,139,791 | |
Initial Cost to Company, Total | 2,922,248 | |
Cost Capitalized Subsequent to Acquisition | 20,001 | |
Gross Carrying Amount, Land | 782,457 | |
Gross Carrying Amount, Buildings and Improvements | 2,159,792 | |
Gross Carrying Amount, Total | 2,942,249 | [1] |
Accumulated Depreciation | $ 82,266 | |
Date of Construction | 1,999 | |
Date Acquired | Dec. 30, 2016 | |
Sweeten Creek Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 0 | |
Initial Cost to Company, Land | 348,480 | |
Initial Cost to Company, Buildings and Improvements | 0 | |
Initial Cost to Company, Total | 348,480 | |
Cost Capitalized Subsequent to Acquisition | 0 | |
Gross Carrying Amount, Land | 348,480 | |
Gross Carrying Amount, Buildings and Improvements | 0 | |
Gross Carrying Amount, Total | 348,480 | [1] |
Accumulated Depreciation | $ 0 | |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Highland Center Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 0 | |
Initial Cost to Company, Land | 50,000 | |
Initial Cost to Company, Buildings and Improvements | 0 | |
Initial Cost to Company, Total | 50,000 | |
Cost Capitalized Subsequent to Acquisition | 0 | |
Gross Carrying Amount, Land | 50,000 | |
Gross Carrying Amount, Buildings and Improvements | 0 | |
Gross Carrying Amount, Total | 50,000 | [1] |
Accumulated Depreciation | $ 0 | |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Aurora II | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 0 | |
Initial Cost to Company, Land | 1,584,664 | |
Initial Cost to Company, Buildings and Improvements | 8,196,091 | |
Initial Cost to Company, Total | 9,780,755 | |
Cost Capitalized Subsequent to Acquisition | 74,953 | |
Gross Carrying Amount, Land | 1,584,664 | |
Gross Carrying Amount, Buildings and Improvements | 8,271,044 | |
Gross Carrying Amount, Total | 9,855,708 | [1] |
Accumulated Depreciation | $ 309,267 | |
Date of Construction | 2,012 | |
Date Acquired | Jan. 11, 2017 | |
Dufferin | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,111,469 | [2] |
Initial Cost to Company, Land | 6,258,511 | [2] |
Initial Cost to Company, Buildings and Improvements | 16,287,332 | [2] |
Initial Cost to Company, Total | 22,545,843 | [2] |
Cost Capitalized Subsequent to Acquisition | 947,068 | [2] |
Gross Carrying Amount, Land | 6,515,329 | [2] |
Gross Carrying Amount, Buildings and Improvements | 16,977,582 | [2] |
Gross Carrying Amount, Total | 23,492,911 | [1],[2] |
Accumulated Depreciation | $ 495,689 | [2] |
Date of Construction | 2,015 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Mavis | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,366,048 | [2] |
Initial Cost to Company, Land | 4,657,233 | [2] |
Initial Cost to Company, Buildings and Improvements | 14,493,508 | [2] |
Initial Cost to Company, Total | 19,150,741 | [2] |
Cost Capitalized Subsequent to Acquisition | 790,463 | [2] |
Gross Carrying Amount, Land | 4,848,342 | [2] |
Gross Carrying Amount, Buildings and Improvements | 15,092,862 | [2] |
Gross Carrying Amount, Total | 19,941,204 | [1],[2] |
Accumulated Depreciation | $ 438,649 | [2] |
Date of Construction | 2,013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Brewster | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,121,600 | [2] |
Initial Cost to Company, Land | 4,136,329 | [2] |
Initial Cost to Company, Buildings and Improvements | 9,527,410 | [2] |
Initial Cost to Company, Total | 13,663,739 | [2] |
Cost Capitalized Subsequent to Acquisition | 562,483 | [2] |
Gross Carrying Amount, Land | 4,306,062 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,920,160 | [2] |
Gross Carrying Amount, Total | 14,226,222 | [1],[2] |
Accumulated Depreciation | $ 292,332 | [2] |
Date of Construction | 2,013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Granite | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,821,686 | [2] |
Initial Cost to Company, Land | 3,126,446 | [2] |
Initial Cost to Company, Buildings and Improvements | 8,701,429 | [2] |
Initial Cost to Company, Total | 11,827,875 | [2] |
Cost Capitalized Subsequent to Acquisition | 487,883 | [2] |
Gross Carrying Amount, Land | 3,254,740 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,061,018 | [2] |
Gross Carrying Amount, Total | 12,315,758 | [1],[2] |
Accumulated Depreciation | $ 253,702 | [2] |
Date of Construction | 1998/2016 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Centennial | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,939,433 | [2] |
Initial Cost to Company, Land | 1,714,644 | [2] |
Initial Cost to Company, Buildings and Improvements | 11,428,538 | [2] |
Initial Cost to Company, Total | 13,143,182 | [2] |
Cost Capitalized Subsequent to Acquisition | 539,330 | [2] |
Gross Carrying Amount, Land | 1,785,005 | [2] |
Gross Carrying Amount, Buildings and Improvements | 11,897,507 | [2] |
Gross Carrying Amount, Total | 13,682,512 | [1],[2] |
Accumulated Depreciation | $ 326,838 | [2] |
Date of Construction | 2016/2017 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
[1] | The aggregate cost of real estate for United States federal income tax purposes is $869,065,902. | |
[2] | This property is located in Ontario, Canada. | |
[3] | The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. |
Schedule III Real Estate Asse59
Schedule III Real Estate Asset and Accumulated Depreciation (Parenthetical) (Detail) | Dec. 31, 2017USD ($) |
United States | |
Real Estate And Accumulated Depreciation [Line Items] | |
Aggregate cost of real estate for federal income tax purposes | $ 869,065,902 |
Schedule III Summary of Activit
Schedule III Summary of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate facilities | ||
Real estate facilities, Balance at beginning of year | $ 727,455,733 | |
Facility acquisitions | 90,112,135 | $ 563,278,685 |
Impact of foreign exchange rate changes | 7,731,429 | 1,406,663 |
Improvements and additions | 4,521,592 | 6,571,620 |
Asset disposals | (141,412) | |
Real estate facilities, Balance at end of year | 829,679,477 | 727,455,733 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (14,855,188) | (3,755,709) |
Asset disposals | 141,412 | |
Depreciation expense | (19,777,620) | (11,132,336) |
Impact of foreign exchange rate changes | (195,577) | 32,857 |
Accumulated depreciation, ending balance | (34,686,973) | (14,855,188) |
Construction in process | ||
Construction in process, Balance at beginning of year | 1,740,139 | |
Net additions and assets placed into service | (1,647,620) | |
Construction in process, Balance at end of year | 92,519 | 1,740,139 |
Real estate facilities, net | $ 795,085,023 | $ 714,340,684 |