Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 25, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SmartStop Self Storage REIT, Inc. | ||
Entity Central Index Key | 0001585389 | ||
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 | $ 624,707,362 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 000-55617 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-1722812 | ||
Entity Interactive Data Current | Yes | ||
Entity Address, Address Line One | 10 Terrace Rd | ||
Entity Address, City or Town | Ladera Ranch | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92694 | ||
City Area Code | 877 | ||
Local Phone Number | 327-3485 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: The registrant incorporates by reference in Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K portions of its Definitive Proxy Statement for the 2020 Annual Meeting of Stockholders. | ||
Class A Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 51,715,495 | ||
Class T Common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,749,939 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate facilities: | ||
Land | $ 332,350,688 | $ 269,522,776 |
Buildings | 780,969,455 | 507,580,145 |
Site improvements | 60,505,225 | 43,193,105 |
Real estate investment property, gross | 1,173,825,368 | 820,296,026 |
Accumulated depreciation | (83,692,491) | (54,264,685) |
Real estate investment property | 1,090,132,877 | 766,031,341 |
Construction in process | 12,237,722 | 130,383 |
Real estate facilities, net | 1,102,370,599 | 766,161,724 |
Cash and cash equivalents | 62,279,757 | 10,272,020 |
Restricted cash | 6,291,366 | 3,740,188 |
Investments in and advances to Managed REITs | 6,072,399 | |
Other assets, net | 6,318,037 | 14,580,417 |
Debt issuance costs, net of accumulated amortization | 7,629,390 | 36,907 |
Intangible assets, net of accumulated amortization | 30,040,426 | 1,562,781 |
Trademarks, net of accumulated amortization | 19,688,167 | |
Goodwill | 78,372,980 | |
Total assets | 1,311,433,731 | 796,354,037 |
LIABILITIES AND EQUITY | ||
Debt, net | 712,733,002 | 406,084,103 |
Accounts payable and accrued liabilities | 18,576,230 | 7,691,990 |
Due to affiliates | 1,624,474 | 2,203,837 |
Distributions payable | 5,159,105 | 2,890,395 |
Contingent earnout | 31,100,000 | |
Deferred tax liability | 6,609,571 | |
Total liabilities | 775,802,382 | 418,870,325 |
Commitments and contingencies (Note 12) | ||
Redeemable common stock / Preferred stock | 43,391,362 | 32,226,815 |
Equity: | ||
Additional paid-in capital | 491,433,240 | 500,474,807 |
Distributions | (128,642,787) | (94,248,326) |
Accumulated deficit | (87,090,486) | (62,340,153) |
Accumulated other comprehensive income (loss) | (1,955,335) | 1,390,354 |
Total SmartStop Self Storage REIT, Inc. equity | 273,803,767 | 345,334,653 |
Noncontrolling interests in our Operating Partnership | 71,988,256 | (77,756) |
Other noncontrolling interests | 21,800 | |
Total noncontrolling interests | 72,010,056 | (77,756) |
Total equity | 345,813,823 | 345,256,897 |
Total liabilities and equity | 1,311,433,731 | 796,354,037 |
Preferred Stock | ||
LIABILITIES AND EQUITY | ||
Redeemable common stock / Preferred stock | 0 | 0 |
Equity: | ||
Total equity | 146,426,164 | |
Class A Common stock | ||
Equity: | ||
Common stock, value | 51,435 | 50,437 |
Class T Common stock | ||
Equity: | ||
Common stock, value | 7,700 | $ 7,534 |
Series A Convertible Preferred Stock | ||
LIABILITIES AND EQUITY | ||
Redeemable common stock / Preferred stock | $ 146,426,164 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred Stock | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 |
Series A Convertible Preferred Stock | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 200,000 | 200,000 |
Preferred Stock, shares issued | 150,000 | 0 |
Preferred Stock, shares outstanding | 150,000 | 0 |
Preferred Stock, liquidation preference, value | $ 151,665,753 | |
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 | 51,435,124 | 50,437,059 |
Common Stock, shares outstanding | 51,435,124 | 50,437,059 |
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 | 7,699,893 | 7,533,790 |
Common Stock, shares outstanding | 7,699,893 | 7,533,790 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Total revenues | $ 109,528,549 | $ 80,412,257 | $ 76,108,906 |
Operating expenses: | |||
General and administrative | 10,461,453 | 4,848,447 | 3,457,907 |
Depreciation | 29,605,278 | 20,379,694 | 19,939,856 |
Intangible amortization expense | 11,493,394 | 2,422,997 | 13,512,217 |
Contingent earnout expense | 200,000 | 0 | 0 |
Self administration transaction expenses | 1,572,238 | 0 | 0 |
Acquisition expenses – affiliates | 84,061 | 72,179 | 212,577 |
Other property acquisition expenses | 141,489 | 1,054,159 | 292,022 |
Total operating expenses | 101,885,233 | 64,260,814 | 72,533,795 |
Gain on sale of real estate | 3,944,696 | 0 | 0 |
Operating income | 11,588,012 | 16,151,443 | 3,575,111 |
Other income (expense): | |||
Interest expense | (37,563,247) | (18,002,274) | (16,356,565) |
Interest expense – accretion of fair market value of secured debt | 131,611 | 413,353 | 340,382 |
Interest expense – debt issuance costs | (3,996,676) | (1,582,049) | (2,177,833) |
Net loss on extinguishment of debt | (2,647,633) | 0 | 0 |
Gain resulting from acquisition of unconsolidated affiliates | 8,017,353 | 0 | 0 |
Other | (624,958) | (701,203) | (367,385) |
Net loss | (25,095,538) | (3,720,730) | (14,986,290) |
Net loss attributable to the noncontrolling interests in our Operating Partnership | 2,010,959 | 22,353 | 122,225 |
Less: Distributions to preferred stockholders | (1,665,754) | 0 | 0 |
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders | (24,750,333) | (3,698,377) | (14,864,065) |
Self Storage Rental Revenue | |||
Revenues: | |||
Total revenues | 99,494,560 | 78,473,091 | 75,408,257 |
Ancillary Operating Revenue | |||
Revenues: | |||
Total revenues | 3,706,700 | 1,939,166 | 700,649 |
Managed REIT Platform Revenue | |||
Revenues: | |||
Total revenues | 3,068,306 | 0 | 0 |
Reimbursable Costs from Managed REITs | |||
Revenues: | |||
Total revenues | 3,258,983 | 0 | 0 |
Operating expenses: | |||
Operating expenses | 3,258,983 | 0 | 0 |
Property Operating Expenses | |||
Operating expenses: | |||
Operating expenses | 35,723,111 | 25,228,704 | 24,487,854 |
Property Operating Expenses – Affiliates | |||
Operating expenses: | |||
Operating expenses | 6,605,670 | 10,254,634 | 10,631,362 |
Managed REIT Platform Expenses | |||
Operating expenses: | |||
Operating expenses | $ 2,739,556 | $ 0 | $ 0 |
Class A Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.42) | $ (0.06) | $ (0.27) |
Weighted average shares outstanding-basic and diluted | 50,734,472 | 49,902,967 | 48,781,865 |
Class T Common stock | |||
Other income (expense): | |||
Net loss per share-basic and diluted | $ (0.42) | $ (0.06) | $ (0.27) |
Weighted average shares outstanding-basic and diluted | 7,607,654 | 7,441,250 | 7,240,953 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (25,095,538) | $ (3,720,730) | $ (14,986,290) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 2,371,517 | (4,850,547) | 3,947,683 |
Foreign currency hedge contract gains (losses) | (3,226,682) | 5,251,438 | (4,101,495) |
Interest rate swap and cap contract gains (losses) | (2,575,366) | (379,745) | 145,070 |
Other comprehensive income (loss) | (3,430,531) | 21,146 | (8,742) |
Comprehensive loss | (28,526,069) | (3,699,584) | (14,995,032) |
Comprehensive loss attributable to noncontrolling interests: | |||
Comprehensive loss attributable to the noncontrolling interests in our Operating Partnership | 2,095,801 | 22,226 | 122,296 |
Comprehensive loss attributable to SmartStop Self Storage REIT, Inc. common stockholders | $ (26,430,268) | $ (3,677,358) | $ (14,872,736) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Operating Partnership | SSGT Mergers | Self Administration Transaction | Redeemable Common Stock | Common StockClass A Common stock | Common StockClass T Common stock | Additional Paid-in Capital | Distributions | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total SmartStop Self Storage REIT, Inc. Equity | Noncontrolling Interests | Noncontrolling InterestsOperating Partnership | Noncontrolling InterestsSSGT Mergers | Noncontrolling InterestsSelf Administration Transaction | Preferred Equity |
Beginning 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) | |||||||
Beginning Balance (in shares) at Dec. 31, 2016 | 47,174,543 | 6,585,799 | |||||||||||||||
Gross proceeds from issuance of common stock/preferred stock | 17,311,370 | $ 1,028 | $ 565 | 17,309,777 | 17,311,370 | ||||||||||||
Gross proceeds from issuance of common stock/preferred stock (in shares) | 1,027,612 | 564,591 | |||||||||||||||
Offering costs | (1,748,589) | (1,748,589) | (1,748,589) | ||||||||||||||
Issuance of limited partnership units in our Operating Partnership in connection with the SSGT Mergers/Self Administration Transaction/Operating Partnership | $ 4,875,454 | $ 4,875,454 | |||||||||||||||
Changes to redeemable common stock | (16,004,705) | 16,004,705 | (16,004,705) | (16,004,705) | |||||||||||||
Redemptions of common stock | (188) | (2,219,328) | $ (181) | $ (7) | (188) | ||||||||||||
Redemptions of common stock (in shares) | (181,413) | (7,360) | |||||||||||||||
Distributions | (32,896,167) | (32,896,167) | (32,896,167) | ||||||||||||||
Distributions for noncontrolling interests | (277,290) | (277,290) | |||||||||||||||
Issuance of shares for distribution reinvestment plan | 16,006,277 | $ 1,365 | $ 207 | 16,004,705 | 16,006,277 | ||||||||||||
Issuance of shares for distribution reinvestment plan (in shares) | 1,365,350 | 207,112 | |||||||||||||||
Stock compensation expense | 33,971 | 33,971 | 33,971 | ||||||||||||||
Net loss attributable to SmartStop Self Storage REIT, Inc. | (14,864,065) | (14,864,065) | (14,864,065) | ||||||||||||||
Net loss attributable to the noncontrolling interests in our Operating Partnership | (122,225) | (122,225) | |||||||||||||||
Foreign currency translation adjustment | 3,947,683 | 3,947,683 | 3,947,683 | ||||||||||||||
Foreign currency forward contract gain (loss) | (4,101,495) | (4,101,495) | (4,101,495) | ||||||||||||||
Interest rate swap and cap contract gains (losses) | 145,070 | 145,070 | 145,070 | ||||||||||||||
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 | |||||||
Ending Balance (in shares) at Dec. 31, 2017 | 49,386,092 | 7,350,142 | |||||||||||||||
Conversion of OP Units to common stock | $ 483 | 4,253,526 | 4,254,009 | (4,254,009) | |||||||||||||
Conversion of OP Units to common stock (in shares) | 483,124 | ||||||||||||||||
Redemption of interest in subsidiary | (125,000) | (125,000) | (125,000) | ||||||||||||||
Offering costs | (16,902) | (16,902) | (16,902) | ||||||||||||||
Issuance of restricted stock | 11 | $ 11 | 11 | ||||||||||||||
Issuance of restricted stock (in shares) | 10,500 | ||||||||||||||||
Changes to redeemable common stock | (16,055,585) | 16,055,585 | (16,055,585) | (16,055,585) | |||||||||||||
Redemptions of common stock | (788) | (8,325,829) | $ (768) | $ (20) | (788) | ||||||||||||
Redemptions of common stock (in shares) | (768,313) | (19,664) | |||||||||||||||
Distributions | (33,686,822) | (33,686,822) | (33,686,822) | ||||||||||||||
Distributions for noncontrolling interests | (228,863) | (228,863) | |||||||||||||||
Issuance of shares for distribution reinvestment plan | 16,057,113 | $ 1,325 | $ 203 | 16,055,585 | 16,057,113 | ||||||||||||
Issuance of shares for distribution reinvestment plan (in shares) | 1,325,656 | 203,312 | |||||||||||||||
Stock compensation expense | 75,293 | 75,293 | 75,293 | ||||||||||||||
Net loss attributable to SmartStop Self Storage REIT, Inc. | (3,698,377) | (3,698,377) | (3,698,377) | ||||||||||||||
Net loss attributable to the noncontrolling interests in our Operating Partnership | (22,353) | (22,353) | |||||||||||||||
Foreign currency translation adjustment | (4,850,547) | (4,850,547) | (4,850,547) | ||||||||||||||
Foreign currency forward contract gain (loss) | 5,251,438 | 5,251,438 | 5,251,438 | ||||||||||||||
Interest rate swap and cap contract gains (losses) | (379,745) | (379,745) | (379,745) | ||||||||||||||
Ending Balance at Dec. 31, 2018 | 345,256,897 | 32,226,815 | $ 50,437 | $ 7,534 | 500,474,807 | (94,248,326) | (62,340,153) | 1,390,354 | 345,334,653 | (77,756) | |||||||
Ending Balance (in shares) at Dec. 31, 2018 | 50,437,059 | 7,533,790 | |||||||||||||||
Gross proceeds from issuance of common stock/preferred stock | $ 150,000,000 | ||||||||||||||||
Offering costs | (42,039) | (42,039) | (42,039) | ||||||||||||||
Preferred equity issuance costs | (3,573,836) | ||||||||||||||||
Issuance of limited partnership units in our Operating Partnership in connection with the SSGT Mergers/Self Administration Transaction/Operating Partnership | $ 4,217,399 | $ 63,643,000 | $ 4,217,399 | $ 63,643,000 | |||||||||||||
Issuance of limited partnership units in our Operating Partnership in exchange for special limited partnership interest | 18,800,000 | 9,687,035 | 9,687,035 | 9,112,965 | |||||||||||||
Contribution of special limited partnership interest in exchange for limited partnership interests in our Operating Partnership | (18,800,000) | (18,800,000) | (18,800,000) | ||||||||||||||
Noncontrolling interests related to the consolidated Tenant Programs joint ventures | 21,800 | 21,800 | |||||||||||||||
Redemption of limited partnership interests held by our Former Advisor | (200,000) | (291,103) | (291,103) | 91,103 | |||||||||||||
Issuance of restricted stock | 252 | $ 252 | 252 | ||||||||||||||
Issuance of restricted stock (in shares) | 251,993 | ||||||||||||||||
Changes to redeemable common stock | (16,045,030) | 16,046,535 | (16,045,030) | (16,045,030) | |||||||||||||
Redemptions of common stock | (592) | (4,881,988) | $ (557) | $ (35) | (592) | ||||||||||||
Redemptions of common stock (in shares) | (556,575) | (35,079) | |||||||||||||||
Distributions | (34,394,461) | (34,394,461) | (34,394,461) | ||||||||||||||
Distributions for noncontrolling interests | (2,902,654) | (2,902,654) | |||||||||||||||
Issuance of shares for distribution reinvestment plan | 16,046,534 | $ 1,303 | $ 201 | 16,045,030 | 16,046,534 | ||||||||||||
Issuance of shares for distribution reinvestment plan (in shares) | 1,302,647 | 201,182 | |||||||||||||||
Stock compensation expense | 404,540 | 404,540 | 404,540 | ||||||||||||||
Net loss attributable to SmartStop Self Storage REIT, Inc. | (24,750,333) | (24,750,333) | (24,750,333) | ||||||||||||||
Net loss attributable to the noncontrolling interests in our Operating Partnership | (2,010,959) | (2,010,959) | |||||||||||||||
Foreign currency translation adjustment | 2,371,517 | 2,311,488 | 2,311,488 | 60,029 | |||||||||||||
Foreign currency forward contract gain (loss) | (3,226,682) | (3,030,727) | (3,030,727) | (195,955) | |||||||||||||
Interest rate swap and cap contract gains (losses) | (2,575,366) | (2,626,450) | (2,626,450) | 51,084 | |||||||||||||
Ending Balance at Dec. 31, 2019 | $ 345,813,823 | $ 43,391,362 | $ 51,435 | $ 7,700 | $ 491,433,240 | $ (128,642,787) | $ (87,090,486) | $ (1,955,335) | $ 273,803,767 | $ 72,010,056 | $ 146,426,164 | ||||||
Ending Balance (in shares) at Dec. 31, 2019 | 51,435,124 | 7,699,893 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (25,095,538) | $ (3,720,730) | $ (14,986,290) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 41,098,672 | 22,802,691 | 33,452,073 |
Change in deferred tax liability | (806,083) | 0 | 0 |
Accretion of fair market value adjustment of secured debt | (131,611) | (413,353) | (340,382) |
Amortization of debt issuance costs | 3,996,676 | 1,582,049 | 1,424,790 |
Net loss on extinguishment of debt | 2,647,633 | 0 | 0 |
Stock compensation expense | 404,540 | 75,293 | 33,971 |
Contingent earnout expense | 200,000 | 0 | 0 |
Unrealized foreign currency and derivative (gains) losses | (797,999) | 151,777 | (288,603) |
Gain resulting from acquisition of unconsolidated affiliates | (8,017,353) | 0 | 0 |
Gain on sale of real estate | 3,944,696 | 0 | 0 |
Increase (decrease) in cash from changes in assets and liabilities: | |||
Other assets, net | (835,114) | (1,237,429) | (1,421,813) |
Accounts payable and accrued liabilities | 1,576,029 | (794,156) | 1,721,910 |
Managed REITs receivables | (122,629) | 0 | 0 |
Due to affiliates | (405,505) | (87,017) | 339,357 |
Net cash provided by operating activities | 9,767,022 | 18,359,125 | 19,935,013 |
Cash flows from investing activities: | |||
SSGT Mergers, net of cash acquired | (345,538,595) | 0 | 0 |
Self Administration Transaction, net of cash acquired | (3,292,958) | 0 | 0 |
Purchase of real estate | (9,435,343) | 0 | (49,432,644) |
Additions to real estate | (12,291,574) | (1,952,738) | (4,165,926) |
Deposits on acquisition of real estate facilities | (200,000) | 0 | 0 |
Investment in real estate joint ventures | 0 | (3,358,814) | 0 |
Net proceeds from the sale of real estate | 15,721,610 | 0 | 0 |
Settlement of foreign currency hedges | 918,558 | 2,132,261 | (3,947,758) |
Purchase of foreign currency hedge | (147,347) | 0 | 0 |
Settlement of company owned life insurance | 3,122,962 | 0 | 0 |
Proceeds from sale of real estate joint venture | 3,358,814 | 0 | 0 |
Net cash used in investing activities | (347,783,873) | (3,179,291) | (57,546,328) |
Cash flows from financing activities: | |||
Gross proceeds from issuance of debt | 535,852,363 | 91,229,806 | 166,186,951 |
Repayment of debt | (251,732,077) | (72,513,082) | (130,671,050) |
Scheduled principal payments on debt | (802,789) | (1,892,622) | (1,564,587) |
Debt issuance costs | (8,531,362) | (1,892,495) | (548,206) |
Prepaid debt issuance costs | 0 | (1,075,000) | 0 |
Debt defeasance costs | (1,690,703) | 0 | 0 |
Gross proceeds from issuance of common stock | 0 | 0 | 18,879,477 |
Common stock offering costs | (709,842) | (693,971) | (2,339,113) |
Gross proceeds from issuance of preferred stock | 150,000,000 | 0 | 0 |
Preferred stock offering costs | (3,573,836) | 0 | 0 |
Redemption of common stock | (5,740,677) | (7,758,830) | (1,741,113) |
Distributions paid to common stockholders | (18,207,418) | (17,566,799) | (16,671,024) |
Redemption of noncontrolling interest | (200,000) | (125,000) | 0 |
Distributions paid to noncontrolling interests in our Operating Partnership | (2,440,247) | (253,480) | (252,671) |
Net cash provided by (used in) financing activities | 392,223,412 | (12,541,473) | 31,278,664 |
Impact of foreign exchange rate changes on cash and cash equivalents and restricted cash | 352,354 | (494,565) | 166,258 |
Change in cash, cash equivalents, and restricted cash | 54,558,915 | 2,143,796 | (6,166,393) |
Cash, cash equivalents, and restricted cash beginning of period | 14,012,208 | 11,868,412 | 18,034,805 |
Cash, cash equivalents, and restricted cash end of period | 68,571,123 | 14,012,208 | 11,868,412 |
Supplemental disclosures and non-cash transactions: | |||
Cash paid for interest | 35,942,900 | 17,976,018 | 15,994,203 |
Supplemental disclosure of noncash activities: | |||
Issuance of shares pursuant to distribution reinvestment plan | 16,046,534 | 16,057,113 | 16,006,277 |
Distributions payable | 5,159,105 | 2,890,395 | 2,852,100 |
Redemption of common stock included in accounts payable and accrued liabilities | 431,326 | 1,291,520 | 723,733 |
Deposit applied to the purchase of real estate | 1,000,000 | 250,000 | |
Real estate and construction in process included in accounts payable and accrued liabilities | 1,420,217 | 617,667 | 165,806 |
Debt assumed in SSGT Mergers | 5,038,435 | ||
Net liabilities assumed in SSGT Mergers | 1,712,596 | ||
Debt assumed in the Self Administration Transaction | 19,219,126 | ||
Contingent earnout consideration issued in the Self Administration Transaction | 30,900,000 | ||
Deferred tax liabilities related to the Self Administration Transaction | 7,415,654 | ||
Accounts payable and other accrued liabilities assumed in the Self Administration Transaction | 722,286 | ||
Transfer of other assets to debt issuance costs | 1,075,000 | ||
Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets | 3,575,580 | 2,774,111 | 76,955 |
Issuance of common stock in exchange for units in our Operating Partnership | $ 4,254,009 | ||
Debt and accrued liabilities assumed during purchase of real estate | 39,967,787 | ||
Offering costs included in accounts payable and accrued liabilities | 1,410 | ||
Offering costs included in due to affiliates | 299,299 | ||
SSGT Mergers | |||
Supplemental disclosure of noncash activities: | |||
Issuance of units in our Operating Partnership | 4,217,399 | ||
Self Administration Transaction | |||
Supplemental disclosure of noncash activities: | |||
Issuance of units in our Operating Partnership | 63,643,000 | ||
Real Estate Facilities | |||
Supplemental disclosure of noncash activities: | |||
Issuance of units in our Operating Partnership | $ 4,875,454 | ||
Limited Partner | |||
Supplemental disclosure of noncash activities: | |||
Issuance of units in our Operating Partnership | $ 18,800,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | Note 1. Organization SmartStop Self Storage REIT, Inc. (f/k/a Strategic Storage Trust II, Inc.), a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. The Company’s year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Recent Developments On June 28, 2019, we and our operating partnership, SmartStop OP, L.P. (f/k/a Strategic Storage Operating Partnership II, L.P.) (our “Operating Partnership”), and SmartStop TRS, Inc. (f/k/a Strategic Storage TRS II, Inc.) (the “TRS”) entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements (such agreements and amendments hereinafter referred to collectively as the “Self Administration Transaction”), with SmartStop Asset Management LLC, our former sponsor (“SAM”) and SmartStop OP Holdings, LLC (“SS OP Holdings”), a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM (the “Self Storage Platform”), along with certain other assets of SAM. As a result of the Self Administration Transaction, Strategic Storage Property Management II, LLC and SS Growth Property Management, LLC (together, our “Former External Property Managers”). Prior to the Self Administration Transaction, our Former External Advisor was 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 an advisory agreement and our properties were previously managed by our Former External Property Managers pursuant to property management agreements Offering Related Our Articles of Amendment and Restatement, as amended and supplemented, authorize 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 48.4 million Class A Shares and approximately 7.3 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, 2019, we had sold approximately 4.0 million Class A Shares and approximately 0.6 million Class T Shares for approximately $41.7 million and $6.4 million, respectively, in our DRP Offering. On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings The shares of Series A Convertible Preferred Stock rank senior to all other shares our capital stock, including our common stock, with respect to rights to receive dividends and to participate in distributions or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Dividends payable on each share of Series A Convertible Preferred Stock will initially be equal to a rate of 6.25% per annum. If the Series A Convertible Preferred Stock has not been redeemed on or prior to the fifth anniversary date of the Initial Closing, the dividend rate will increase an additional 0.75% per annum each year thereafter to a maximum of 9.0% per annum until the tenth anniversary of the Initial Closing, at which time the dividend rate shall increase 0.75% per annum each year thereafter until the Series A Convertible Preferred Stock is redeemed or repurchased in full. See Note 7, Preferred Equity, for additional information We invested the net proceeds from our Offering primarily in self storage facilities. As of December 31, 2019, we owned 112 self storage facilities located in 17 states (Alabama, Arizona, California, Colorado, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, Nevada, North Carolina, Ohio, South Carolina, Texas and Washington) and Canada (the Greater Toronto Area). On June 26, 2019, our board of directors, upon recommendation of our Nominating and Corporate Governance Committee, approved an estimated value per share of our common stock of $10.66 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 March 31, 2019. As a result of the calculation of our estimated value per share, beginning in June 2019, shares sold pursuant to our distribution reinvestment plan are being sold at the estimated value per share of $10.66 for both Class A Shares and Class T Shares. Prior to the termination of our Primary Offering, Select Capital Corporation, a California corporation (our “Dealer Manager”) was responsible for marketing our shares offered pursuant to our Primary Offering. SAM indirectly owns a 15% non-voting equity interest in our Dealer Manager. Now that our Primary Offering has terminated, our Dealer Manager no longer provides such services for us. However, we pay our Dealer Manager an ongoing stockholder servicing fee with respect to the Class T Shares sold. Please see Note 10 – Related Party Transactions – Dealer Manager Agreement. Other Corporate History Our Operating Partnership was formed on January 9, 2013. During 2013, our Former External Advisor purchased limited partnership interests in our Operating Partnership for $200,000 and on August 2, 2013, we contributed the initial $1,000 capital contribution we received to our Operating Partnership in exchange for the general partner interest. 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. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the self storage properties that we acquire. As of December 31, 2019, we owned approximately 86.7% of the common units of limited partnership interests of our Operating Partnership. The remaining approximately 13.3% of the common units are owned indirectly by SAM and affiliates of our Dealer Manager. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. We conduct certain activities through our TRS, which is a wholly-owned subsidiary of our Operating Partnership. On October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT then sponsored by SAM, and SS Growth Operating Partnership, L.P. (“SSGT OP”). Pursuant to the terms and conditions set forth in the Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into Merger Sub, with Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”). SSGT was a REIT with stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. See Note 3, Real Estate Facilities—Merger with Strategic Storage Growth Trust, Inc., for additional information related to the SSGT Mergers. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint ventures with SST IV and SSGT II which were acquired in the Self Administration Transaction, which are consolidated. As of December 31, 2018, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint venture and a real estate joint venture, both of which were accounted for under the equity method of accounting. In January 2019, we sold our interest in the real estate joint venture to SST IV, a REIT previously sponsored by SAM and now sponsored by SRA. We acquired 50% of the Tenant Programs joint venture in the Self Administration Transaction such that we now own 100% of such joint venture. Please see Note 3 – Real Estate Facilities for further discussion regarding the real estate joint venture and Note 10 – Related Party Transactions for further discussions regarding our Tenant Programs joint venture. Other than these joint ventures, we did not have any variable interest relationships with unconsolidated entities or financial partnerships as of December 31, 2018 Under the equity method, our investments in real estate joint ventures will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investment. Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership and the noncontrolling interests in our Tenant Programs joint ventures with SST IV and SSGT II 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 partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interest in the accompanying consolidated balance sheets. We also consolidate our interests in the SST IV and SSGT II Tenant Programs and present them as noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their 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 relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and 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 a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . 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 $ 13.6 million , none and approximately $ 4.4 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the year s ended December 31, 2019 , 2018 and 2017 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 . Allocation of purchase price to 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. Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the years ended December 31, 2019 and 2018, our property acquisitions have not met the 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, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. For the year ended December 31, 2017, prior to our adoption of Accounting Standards Update 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), we accounted for all real estate acquisitions as business combinations. As a result, transaction costs were expensed as acquisition costs, rather than capitalized to the purchase price allocation once the acquisition was deemed probable. During the years ended December 31, 2019, 2018, and 2017 we expensed approximately $0.2 Purchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we 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 record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. As discussed in Note 4, the Self Administration Transaction is an acquisition of a business. 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, 2019, 2018, and 2017, no impairment losses were recognized. Goodwill Valuation We have recorded goodwill of approximately $78.4 million as a result of the Self Administration Transaction. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable and is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. Trademarks Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name. We used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® ® We will evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. In connection with the Self Administration Transaction, we recorded $19.8 million associated with the two primary trademarks acquired. Prior thereto we had no amounts recorded related to trademarks. Approximately $18.7 million of the original $19.8 million of trademarks relates to the “SmartStop ® ® ® The total estimated future amortization expense of the “Strategic Storage®” trademark asset for the years ending December 31, 2020, 2021, 2022, 2023 and thereafter is approximately $220,000, $220,000, $220,000, $220,000 and $108,000, respectively Revenue Recognition Self Storage Operations 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. Managed REIT Platform We earn property management revenue and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 10 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform. Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records a general reserve estimate 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 the relative 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 30-40 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, 2019, the gross amount allocated to in-place lease intangibles was approximately $46.8 million and accumulated amortization of in-place lease intangibles totaled approximately $40.4 million. As of December 31, 2018, the gross amount allocated to in-place lease intangibles was approximately $33.4 million and accumulated amortization of in-place lease intangibles totaled approximately $31.9 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2020, 2021, 2022, 2023, 2024, and thereafter is approximately $5.0 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.0 million respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the Tenant Programs joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of December 31, 2019, the gross amount allocated to the contracts and customer relationships was approximately $26.5 million and the accumulated amortization was approximately $2.9 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2020, 2021, 2022, 2023, 2024 and thereafter is approximately $5.7 million, $4.6 million, $4.6 million, $4.6 million, and $4.1 million, respectively. Debt Issuance Costs The net carrying value of costs incurred in connection with our former revolving credit facility was presented as debt issuance costs on our consolidated balance sheet as of December 31, 2018. As of December 31, 2019 and 2018, accumulated amortization of debt issuance costs related to our revolving credit facility totaled none and approximately $45,000, 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 debt (see Note 6). 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, 2019 and 2018, accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $4.3 million and $1.0 million, respectively. Organizational and Offering Costs 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% 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 adjustments related to amounts classified as long term net equity investments 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. Changes in net equity investments not classified as long term are recorded in other income (expense) and represented a gain and a loss of approximately $0.9 million and approximately ($1.2 million) for the years ended December 31, 2019 and 2018, respectively. 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. On August 26, 2019, our board of directors approved the suspension of our share redemption program, effective as of September 27, 2019, so that common shares are redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances For the year ended December 31, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020. For the year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during the year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. 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. Accounting for Equity Awards Through December 31, 2019, we have only issued service based awards. The cost of such restricted stock awards is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. We have assumed no forfeitures in recognizing these costs; any such forfeitures will be recognized upon occurrence and will reduce the previously recognized expenses. 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 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 along with the assets and liabilities described in Note 4, Self Administration Transaction 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, 2019 and 2018. 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, 2019 December 31, 2018 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 311,700,000 $ 302,820,786 $ 200,600,000 $ 207,357,391 As of December 31, 2019, and 2018, we had interest rate swaps, interest rate caps, and a net investment hedge (See Notes 6 and 8). 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, 2019, 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 var |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: Real estate facilities Balance at December 31, 2017 $ 829,679,477 Impact of foreign exchange rate changes (11,915,703 ) Improvements and additions 2,532,252 Balance at December 31, 2018 820,296,026 Facilities acquired through merger with SSGT 334,139,296 Asset disposals (11,688,993 ) Corporate office acquired through Self Administration Transaction 6,500,000 Other facility acquisitions 10,430,942 Impact of foreign exchange rate changes 6,582,603 Improvements and additions 7,565,494 Balance at December 31, 2019 $ 1,173,825,368 Accumulated depreciation Balance at December 31, 2017 $ (34,686,973 ) Depreciation expense (20,134,068 ) Impact of foreign exchange rate changes 556,356 Balance at December 31, 2018 (54,264,685 ) Asset disposals 202,416 Depreciation expense (29,188,668 ) Impact of foreign exchange rate changes (441,554 ) Balance at December 31, 2019 $ (83,692,491 ) Merger with Strategic Storage Growth Trust, Inc. On October 1, 2018, we, our Operating Partnership, and SST II Growth Acquisition, LLC, our wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “SSGT Merger Agreement”) with Strategic Storage Growth Trust, Inc. (“SSGT”), a non-traded REIT then sponsored by SAM, and SS Growth Operating Partnership, L.P. (“SSGT OP”). Pursuant to the terms and conditions set forth in the SSGT Merger Agreement, on January 24, 2019: (i) we acquired SSGT by way of a merger of SSGT with and into Merger Sub, with Merger Sub being the surviving entity (the “SSGT REIT Merger”); and (ii) immediately after the SSGT REIT Merger, SSGT OP merged with and into our Operating Partnership, with the Operating Partnership continuing as the surviving entity and remaining a subsidiary of the Company (the “SSGT Partnership Merger” and, together with the SSGT REIT Merger, the “SSGT Mergers”). At the effective time of the SSGT REIT Merger (the “SSGT REIT Merger Effective Time”), each share of SSGT common stock, par value $0.001 per share (the “SSGT Common Stock”), outstanding immediately prior to the SSGT REIT Merger Effective Time (other than shares owned by SSGT and its subsidiaries or us and our subsidiaries) was automatically converted into the right to receive an amount in cash equal to $12.00, without interest and less any applicable withholding taxes. The proceeds used to fund the SSGT Mergers and the repayment of approximately $141 million of our outstanding debt were funded by the SSGT Merger Financings, totaling approximately $500 million, as described in Note 6. Immediately prior to the SSGT REIT Merger Effective Time, all shares of SSGT Common Stock that were subject to vesting and other restrictions also became fully vested and converted into the right to receive cash equal to $12.00 per share upon the SSGT REIT Merger. At the effective time of the SSGT Partnership Merger, each outstanding unit of partnership interest in SSGT OP was converted automatically into 1.127 units of partnership interest in our Operating Partnership, which resulted in approximately 396,000 SSGT was a REIT with stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. Additionally, we obtained the rights to acquire a self storage facility which was under development located in Gilbert, Arizona that was previously under contract with SSGT and was acquired by us in July 2019 The following table reconciles the total consideration transferred during the SSGT Mergers: Fair value of consideration transferred: Cash $ 346,231,561 (1) Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC 4,217,399 Total consideration transferred $ 350,448,960 (1) approximately $19 million of SSGT debt that was repaid at closing, approximately $5 million of other SSGT liabilities paid at closing, and approximately $1 million in transaction costs The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT Mergers: Assets Acquired: Land $ 62,261,573 Buildings 255,743,767 Site improvements 16,133,956 Construction in process 5,370,773 Intangible assets 13,571,765 Cash and cash equivalents 692,965 Other assets 6,536,838 Total assets acquired $ 360,311,637 Liabilities assumed: Debt $ 5,038,435 Accounts payable and accrued liabilities 4,824,242 Total liabilities assumed $ 9,862,677 Total net assets acquired $ 350,448,960 Acquisition of Property Located in Gilbert, Arizona On January 24, 2019, we, by way of the SSGT Mergers, obtained the rights to acquire a property that was being developed into a self storage facility located in Gilbert, Arizona (the “Gilbert Property”). On July 11, 2019, upon issuance of the certificate of occupancy, we acquired the Gilbert Property for a purchase price of $10 million, plus closing costs and acquisition fees. Pursuant to the Contribution Agreement (as defined in Note 4), an acquisition fee of $175,000 was paid to SAM. We funded such acquisition through a $4.3 million draw on the Senior Term Loan and an approximate $5.7 million draw on the Secured Loan. The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2019 : Acquisition Acquisition Date Real Estate Assets Construction in Process (4) Intangibles Total (1) Debt Issued or Assumed 2019 Revenue (2) 2019 Property Operating Income (2)(3) SSGT Mergers (5) 1/24/2019 $ 334,139,296 $ 5,370,773 $ 13,571,765 $ 353,081,834 $ 193,376,846 $ 21,909,300 $ 12,032,555 Riggs Rd - Gilbert (6) 7/11/2019 10,430,942 - - 10,430,942 5,702,000 62,085 (44,459 ) 2019 Total $ 344,570,238 $ 5,370,773 $ 13,571,765 $ 363,512,776 $ 199,078,846 $ 21,971,385 $ 11,988,096 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. (2) The operating results of the self storage properties acquired during the year ended December 31, 2019 have been included in our consolidated statements of operations since their respective acquisition date (3) Property operating income excludes corporate general and administrative expenses, asset management fees, interest expenses, depreciation, amortization and acquisition expenses (4) Construction in process relates to the Torbarrie property in Toronto, Canada, which is a self storage property under construction. Such facility partially opened in March 2020. (5) SSGT had stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. As a result, many of its properties were not physically and/or economically stabilized as of the date of the SSGT Mergers (6) The Gilbert Property was recently developed and acquired, with 0% occupancy as of its acquisition date Sale of San Antonio II Property The San Antonio II Property was acquired by us in the SSGT Mergers. Given pending capital improvement requirements and a higher and better use for the property, we executed a purchase and sale agreement with an unaffiliated third party to sell the San Antonio II Property for approximately $16.1 million, less closing costs. The San Antonio II Property sale was completed on October 18, 2019 and we recorded a gain on sale of real estate of approximately $3.9 million in our consolidated statement of operations for the year ended December 31, 2019. With the proceeds, we paid off approximately $9.9 million of the Secured Loan, and $5.4 million of the Senior Term Loan. See Note 6, Debt, for more information on such loans. Joint Venture with SmartCentres In January 2018, SAM, through two of its subsidiaries, entered into a joint venture framework agreement with a subsidiary of SmartCentres Real Estate Investment Trust, an unaffiliated third party (“SmartCentres”), pursuant to which the parties agreed that SmartCentres would develop and construct certain properties located in Canada and identified as joint venture sites, and SAM would operate the self storage business located at such properties utilizing the “SmartStop” brand (the “SmartCentres Joint Venture”). The SmartCentres Joint Venture properties would be co-owned by a limited partnership in which each of SmartCentres and SAM (or their respective affiliates) were each 50% limited partners and equal ranking general partners. In connection with the Self Administration Transaction, we acquired the SAM subsidiaries that are a party to the SmartCentres Joint Venture. As of December 31, 2019, all properties subject to the SmartCentres Joint Venture have been placed into SST IV or SSGT II as the 50% partner with SmartCentres. In January 2018, a subsidiary of SAM entered into a contribution agreement (the “SmartCentres Contribution Agreement”) with a subsidiary of 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 SmartCentres Contribution Agreement was assigned to one of our subsidiaries. On June 28, 2018, we closed on the East York Lot, which is owned by a limited partnership (the “Limited Partnership”), in which we (through our subsidiary) and SmartCentres (through its subsidiary) were each a 50% limited partner and each had an equal ranking general partner in the Limited Partnership. At closing, we subscribed 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. The Limited Partnership intends to develop a self storage facility on the East York Lot. The value of the land contributed to the Limited Partnership had an agreed upon fair market value of approximately $7.6 million CAD. In January 2019, we sold our interest in the Limited Partnership to SST IV for approximately $4.7 million CAD, which represented our total cost incurred related to the Limited Partnership. Of this amount, approximately $4.6 million CAD related to the acquisition of land and development costs incurred, and approximately $100,000 CAD related to acquisition costs that were expensed during 2018, which were recorded in other income (expense) in the consolidated statement of operations for year ended December 31, 2019. |
Self Administration Transaction
Self Administration Transaction | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Self Administration Transaction | Note 4. Self Administration Transaction Overview On June 28, 2019, we, our Operating Partnership and our TRS entered into a series of transactions, agreements, and amendments to our existing agreements and arrangements with our then-sponsor SAM and SS OP Holdings, a subsidiary of SAM, pursuant to which, effective June 28, 2019, we acquired the self storage advisory, asset management and property management businesses and certain joint venture interests of SAM, along with certain other assets of SAM. As a result of the Self Administration Transaction, Agreements Contribution Agreement On June 28, 2019, we along with our Operating Partnership, as contributee, and SAM and SS OP Holdings, as contributor, entered into a Contribution Agreement (the “Contribution Agreement”) whereby the Operating Partnership acquired the Self Storage Platform and certain other assets, including (a) SAM’s, or its subsidiaries’, 100% membership interests in our Former External Advisor and Former External Property Managers, the advisor and property manager for SST IV, the advisor and property manager for SSGT II, entities related to the Tenant Programs joint ventures, and certain entities related to SAM’s self storage business in Canada ; (b) all equipment, furnishings, fixtures and computer equipment as set forth in the Contribution Agreement; (c) certain personal property as set forth in the Contribution Agreement; (d) all intellectual property, goodwill, licenses and sublicenses granted and obtained with respect thereto (including all rights to the “SmartStop®” brand and “Strategic Storage®” related trademarks), (e) SAM’s processes, practices, procedures and workforce related to the self storage business (then consisting of a total of approximately 350 on-site self storage employees, regional and district managers, other personnel and the then current executive management team of the Company), and (f) certain other assets as set forth in the Contribution Agreement, in exchange for $769,126 in cash, and 8,698,956 Class A-1 limited partnership units of the Operating Partnership (“Class A-1 Units”) and 3,283,302 Class A-2 limited partnership units of the Operating Partnership (“Class A-2 Units”). The Contribution Agreement contains customary representations, warranties, covenants, agreements and indemnification obligations and rights of us, the Operating Partnership, SAM and SS OP Holdings. Third Amended and Restated Limited Partnership Agreement and Redemption of Limited Partner Interest Agreement On June 28, 2019, we entered into the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership, (the “Operating Partnership Agreement”), which amended and superseded the Second Amended and Restated Limited Partnership Agreement (the “Former OP Agreement”), and a Redemption of Limited Partner Interest Agreement (the “Redemption of Limited Partner Interest Agreement”) with the Former External Advisor and the Operating Partnership, pursuant to which the Operating Partnership redeemed all of the limited partnership interests held by the Former External Advisor in the Operating Partnership. As a result of the Redemption of Limited Partner Interest Agreement and the Self Administration Transaction, the Former External Advisor’s parent entity, SAM and its affiliates no longer hold either their previously existing 20,000 limited partnership units or their special limited partnership interest in the Operating Partnership; however, SAM received cash of $200,000 and also now holds Class A-1 Units and Class A-2 Units in the Operating Partnership, as further described below. As a result of the entry into the above-described Redemption of Limited Partner Interest Agreement and the Operating Partnership Agreement (1) references to the limited partner interests previously held by the Former External Advisor in the Operating Partnership have been removed from the Operating Partnership Agreement in connection with the redemption of such interests pursuant to the Redemption of Limited Partner Interest Agreement and (2) provisions related to the subordinated incentive distributions payable to the Former External Advisor pursuant to the special limited partnership interests have been removed from the Operating Partnership Agreement. Accordingly, we and our Operating Partnership will no longer have any obligation to make the Subordinated Share of Net Sale Proceeds, Subordinated Distribution Due Upon Termination of Advisory Agreement, Subordinated Incentive Listing Distribution, or Subordinated Distribution Due Upon Extraordinary Transaction (each as defined in the Former OP Agreement). In addition, the revised Operating Partnership Agreement created two new classes of units issued to SS OP Holdings in connection with the Self Administration Transaction: Class A-1 Units and Class A-2 Units. The Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership. The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The conversion features of the Class A-2 Units are as follows: (A) the first time the aggregate incremental assets under management (“AUM”) (as defined in the Operating Partnership Agreement) of the Operating Partnership equals or exceeds The Operating Partnership Agreement also provides the Class A-1 unitholders a vote on “Extraordinary Matters” which includes any merger, sale of all or substantially all of our assets, share exchange, conversion, dissolution or amendment of our charter, in each case where the vote of our stockholders is required under Maryland law (the “OP Consent”). The OP Consent will be determined by a vote of the partners of the Operating Partnership, with our vote, as General Partner of the Operating Partnership, being voted in proportion to the votes cast by our stockholders on the Extraordinary Matter. The Redemption of Limited Partner Interest Agreement contained various customary representations and warranties. Membership Interest Purchase Agreement – Ladera Office On June 28, 2019, immediately following the Self Administration Transaction, SAM and its then wholly-owned subsidiary, 10 Terrace Rd, LLC (“10 Terrace Rd”), and SmartStop Storage Advisors, LLC (“SSA”), our indirect subsidiary, entered into a Membership Interest Purchase Agreement (the “Membership Interest Purchase Agreement”), pursuant to which SSA purchased 100% of the membership interests in 10 Terrace Rd for $6.5 million, payable through the assumption of existing debt in the amount of approximately $4.2 million, and cash in the amount of approximately $2.3 million. 10 Terrace Rd is the owner of an office condominium located at 10 Terrace Rd., Ladera Ranch, California (the “Ladera Office”) which, as a result of the Membership Interest Purchase Agreement, we now indirectly own. The Ladera Office houses our corporate headquarters. Fair Value of Consideration Transferred We accounted for the Contribution Agreement and Membership Interest Purchase Agreement discussed above as a business combination under the acquisition method of accounting. During the year ended December 31, 2019, we incurred approximately $1.6 million for legal fees and fees and expenses of our other professional and financial advisors related to the Self Administration Transaction, which are included in the self administration transaction expenses line-item in the accompanying consolidated statements of operations. The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 (1) We assumed a net asset of approximately $0.5 million, which per the Contribution Agreement we were required to pay to SAM the value thereof and such amount was included above as cash consideration. As a result of this acquisition, we remeasured the book value of our preexisting 50% equity method investments in our Tenant Programs joint ventures to fair value, which resulted in a gain of approximately $8.0 million which was presented in the gain resulting from acquisition of unconsolidated affiliates line-item in our consolidated statements of operations. The fair values of the Tenant Programs joint ventures were determined based on a discounted cash flow valuation of the projected cash flows. The estimated fair value of the Class A-1 Units issued was determined using the Company’s net asset value, which was based on an income approach to value the properties and the valuation of the assets acquired in the Self Administration Transaction, as described herein, adjusted for market related adjustments and illiquidity discounts. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2. The key assumptions used in estimating the fair value of the Class A-1 Units and Class A-2 Units consideration included (i) a marketability discount of 5%, (ii) a capitalization rate of 5.16% and (iii) annual net operating income. The estimated fair value of the contingent earnout, Class A-2 Units, was determined using the net asset value calculation described above and further adjusted based on a discounted probability weighted forecast of achieving the requisite AUM thresholds. Subsequent to the completion of the Self Administration Transaction, such liability is required to be recorded at fair value. During the year ended December 31, 2019, subsequent to the Self Administration Transaction, such liability increased by $200,000 to $31.1 million based on an updated discounted probability weighted forecast. As of December 31, 2019, we had added incremental assets under management of approximately $135 million since the close of the Self Administration Transaction. Allocation of Consideration The consideration transferred pursuant to the Self Administration Transaction was allocated to the assets acquired and liabilities assumed, based upon their estimated fair values as of the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185 The fair value estimate of property and equipment utilized a combination of the income, cost and market approaches, depending on the characteristics of the asset classification. The fair value of land was determined using the market approach, which considers sales of comparable assets and applies compensating factors for any differences specific to the particular assets. Equipment was valued based on estimated replacement cost. Building and site improvements were valued using the cost approach using a direct cost model built on estimates of replacement cost. The intangible assets acquired primarily consist of trademarks and the property management and advisory contracts related to the Managed REITs. The value of the property management and advisory contracts were determined based on a discounted cash flow valuation of the projected cash flows of the acquired contracts. The deferred tax liability is the result of differences between the GAAP carrying value of certain amortizing assets and the carrying value for tax purposes related to activities which are conducted through our TRS. The goodwill recognized is supported by several factors, including that the Company is now self-managed; additionally, the Managed REIT Platform business brings an established management platform with numerous strategic benefits including growth from new income streams and the ability to offer new products. The results of the acquisition have been included in our consolidated statements of operations since the closing date of the transaction. Debt Assumed Secured debt – Ladera Office Loan In connection with the Membership Interest Purchase Agreement, we, through 10 Terrace Rd, assumed a loan (the "Ladera Office Loan") with KeyBank National Association ("KeyBank") with a principal amount of approximately $4.2 million. The Ladera Office Loan is secured by a first priority deed of trust on the Ladera Office, a promissory note, an assignment of all related leases and rents and a perfected first priority security interests in all personal property, escrows and reserves; additionally, our Operating Partnership provided a non-recourse carve-out guaranty in favor of KeyBank. The Ladera Office Loan accrues interest at a fixed rate of 4.29% per annum through the maturity date of November 1, 2026. The loan contains a number of other customary terms and covenants. KeyBank Tenant Program Loan In connection with the Contribution Agreement, we assumed a term loan with KeyBank in an amount of approximately $15 million (the “KeyBank Tenant Program Loan”). Pursuant to the assumption of the KeyBank Tenant Program Loan, our Executive Chairman and an entity controlled by him continued to be borrowers under the loan. We provided an indemnity to our Executive Chairman and the entity controlled by him against all obligations under the loan. The KeyBank Tenant Program Loan incurred interest at a rate of 1-month Libor plus 350 basis points, resulting in an initial interest rate of approximately 5.90%. Additionally, our Operating Partnership provided a full guaranty in favor of KeyBank. The KeyBank Tenant Program Loan was paid off in full on October 29, 2019 in connection with the issuance of Series A Convertible Fair Value of Equity Exchanged Related to the Redemption of Limited Partnership Interests In connection with the Redemption of Limited Partner Interest Agreement and the Contribution Agreement, the Former External Advisor redeemed its special limited partnership interest and 20,000 limited partnership units in the Operating Partnership in exchange for $200,000 in cash and Class A-1 Units. The exchange was accounted for as a transaction among equity holders with no gain or loss recognized. The fair value of the special limited partnership interest contributed was determined to be approximately $18.8 million, while the book value of the Class A-1 Units issued that was recorded in noncontrolling interest was approximately $9.1 million. The difference between the fair value of the special limited partnership interest received and the book value of the Operating Partnership Units issued was recorded to additional paid in capital. The estimated fair value of the Class A-1 Units issued was determined consistent with the methodology described above. The fair value of the special limited partnership interest was determined based on discounted projections of the future value of the special limited partnership interest which included various assumptions, including estimated future distributions and the related timing thereto. Administrative Services Agreement On June 28, 2019, we along with our Operating Partnership, the TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), pursuant to which the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. SAM will receive a monthly administrative service fee for providing its services and the Company Parties will receive monthly reimbursement based on the amount of services provided under the Administrative Services Agreement. SAM will also pay the Company Parties an allocation of rent and overhead for the portion it occupies in the Ladera Office. Such agreement has a term of three years, and is subject to certain adjustments as defined in the agreement. Registration Rights Agreement On June 28, 2019, we and our Operating Partnership entered into a registration rights agreement (the “Registration Rights Agreement”) with SS OP Holdings and certain other parties (collectively, the “Holders”). Pursuant to the Registration Rights Agreement, the Holders have the right after the Lock-Up Expiration to request us to register for resale under the Securities Act of 1933, as amended, shares of our common stock issued or issuable to such Holder. We are required to use commercially reasonable efforts to file a registration statement on Form S-3 within 30 days of such request and within 60 days of such request in the case of a registration statement on Form S-11 or such other appropriate form. We will cause such registration statement to become effective as soon as reasonably practicable thereafter. The Registration Rights Agreement also grants the Holders certain “piggyback” registration rights after the Lock-Up Expiration. Severance Plan In connection with the Self Administration Transaction, we entered into severance agreements with each of our executive officers (collectively, the “Severance Agreements”). Each of the Severance Agreements for our executive officers (collectively, the “Executive Officer Severance Agreements”) provide for separation payments upon the termination of the executive officer’s employment under various conditions. The level of severance pay varies among executive officers and depends upon the circumstances of the termination of their employment. If the executive officer violates any of the restrictive covenants set forth in the Executive Officer Severance Agreements, that executive officer’s right to receive severance payments pursuant to the Executive Officer Severance Agreements will end immediately. |
Pro Forma Financial Information
Pro Forma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition Pro Forma Information [Abstract] | |
Pro Forma Financial Information (Unaudited) | Note 5. Pro Forma Financial Information (Unaudited) The table set forth below summarizes, on a pro forma basis, the combined results of operations of the Company for the years ended December 31, 2019 and 2018. Such presentation reflects the Company’s acquisitions that occurred during 2019, which met the GAAP definition of a business in effect at that time, as if the acquisitions had occurred as of January 1, 2018. This pro forma information does not purport to represent what the actual consolidated results of operations of the Company would have been for the periods indicated, nor does it purport to predict the results of operations for future periods. Year Ended December 31, 2019 Year Ended December 31, 2018 Pro forma revenue $ 113,886,094 $ 84,190,199 Pro forma operating expenses $ (103,374,709 ) $ (68,661,890 ) Pro forma net income (loss) attributable to common stockholders $ (27,684,937 ) $ (3,296,311 ) The pro forma financial information for the years ended December 31, 2019 and 2018 were adjusted to exclude approximately $1.6 million and none, respectively, for acquisition related expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt The Company’s debt is summarized as follows: Encumbered Property December 31, 2019 December 2018 Interest Rate Maturity Date KeyBank CMBS Loan (5) $ 95,000,000 $ 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (6) 52,000,000 52,000,000 4.65 % 5/1/2027 Midland North Carolina CMBS Loan (7) 47,048,287 47,249,999 5.31 % 8/1/2024 Canadian CitiBank Loan (8) 85,500,660 72,846,480 4.24 % 10/9/2020 CMBS SASB Loan (9) 235,000,000 — 4.76 % 2/9/2022 CMBS Loan (10) 104,000,000 — 5.00 % 2/1/2029 Secured Loan (11) (12) 85,512,000 — 4.26 % 1/24/2022 Stoney Creek Loan (13) 5,591,950 — 5.90 % 10/1/2021 Torbarrie Loan (14) 5,936,996 — 5.90 % 9/1/2021 Ladera Office Loan 4,179,994 — 4.29 % 11/1/2026 Raleigh/Myrtle Beach promissory note (1) — 11,878,396 5.73 % N/A Amended KeyBank Credit Facility (2) — 98,782,500 5.00 % N/A Oakland and Concord Loan (3) — 19,483,127 3.95 % N/A $11M KeyBank Subordinate Loan (4) — 11,000,000 6.25 % N/A Premium on secured debt, net 592,505 1,228,996 Debt issuance costs, net (7,629,390 ) (3,385,395 ) Total debt $ 712,733,002 $ 406,084,103 (1) (2) (3) (4) (5) (6) (7) (8) e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021. (9) This variable rate loan encumbers our 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79 % though February 15, 2022 . The separate assets of these encumbered properties are not available to pay our other debts . (10) (11) (12) (13) (14) allows for borrowings up to approximately $10.3 million CAD and is The weighted average interest rate on our consolidated debt as of December 31, 2019 was approximately 4.6%. We are subject to certain restrictive covenants relating to the outstanding debt. As of December 31, 2019, we were in compliance with all such covenants. On January 24, 2019, in conjunction with the SSGT Mergers, we, through certain wholly-owned special purpose entities, entered into various financings (“SSGT Merger Financings”), as follows: Merger Financings Principal Borrowing as of Merger Date CMBS SASB Loan $ 235,000,000 CMBS Loan 104,000,000 Secured Loan 89,178,000 Senior Term Loan 72,000,000 Total $ 500,178,000 The proceeds from the SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as previously described, including the payment of the SSGT merger consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Raleigh/Myrtle Beach promissory note $ 11,862,471 Amended KeyBank Credit Facility 98,782,500 Oakland and Concord loan 19,443,753 $11M KeyBank Subordinate Loan 11,000,000 Total $ 141,088,724 In conjunction with the SSGT Merger Financings, we recognized a loss on extinguishment of debt of approximately $1.5 million, primarily attributable to prepayment penalties related to the CMBS SASB Loan This loan is a $235 million commercial mortgage-backed securities (“CMBS”), single-asset/single-borrower (“SASB”) financing (the “CMBS SASB Loan”) with KeyBank, National Association (“KeyBank”) and Citi Real Estate Funding Inc. or its affiliates (“Citibank”), as initial lenders (together, the “CMBS SASB Lenders”), comprised of (A) a mortgage loan in the amount of $180 million (the “CMBS SASB Mortgage Loan”) and (B) a mezzanine loan in the amount of $55 million (the “CMBS SASB Mezzanine Loan”). The CMBS SASB Mortgage Loan is secured by a first mortgage or deed of trust on each of 29 wholly owned properties (the “CMBS SASB Properties”), and the CMBS SASB Mezzanine Loan is secured by a pledge of the equity interests in the 29 special purpose entities that own the CMBS SASB Properties. Each loan has a maturity date of February 9, 2022, which may, in certain circumstances, be extended at the option of the respective borrower for two consecutive terms of one year each, as set forth in the respective loan agreement (collectively, the “CMBS SASB Loan Agreements”). Monthly payments due under the CMBS SASB Loan Agreements are interest-only, with the full principal amount becoming due and payable on the respective maturity date. The amounts outstanding under the CMBS SASB Loan Agreements bear interest at an annual rate equal to LIBOR plus 3%. In addition, pursuant to the requirements of the CMBS SASB Loan Agreements: (a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. On June 7, 2019, to effectively terminate our $180 million and $55 million existing interest rate caps, we sold an offsetting interest rate cap with a notional amount of $235 million, whereby LIBOR is capped at 3% through February 15, 2022. We simultaneously entered into an interest rate swap with a notional amount of $235 million, whereby LIBOR is fixed at 1.79% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty. The loan documents for the CMBS SASB Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranties, with respect to the CMBS SASB Mortgage Loan (the “CMBS SASB Mortgage Loan Guaranty”), and with respect to the CMBS SASB Mezzanine Loan (the “CMBS SASB Mezzanine Loan Guaranty” and collectively the “CMBS SASB Guarantees”), each dated January 24, 2019, in favor of the CMBS SASB Lenders, the Company serves as a non-recourse guarantor with respect to each of the CMBS SASB Mortgage Loan and the CMBS SASB Mezzanine Loan and is subject to certain net worth and liquidity requirements, each as described in the CMBS SASB Guarantees. CMBS Loan The CMBS loan is a $104 million CMBS financing with KeyBank as lender (the “CMBS Lender”) pursuant to a mortgage loan (the “CMBS Loan”), and The amounts outstanding under the CMBS Loan bear interest at an annual fixed rate equal to 5%. Commencing two years after securitization, the CMBS Loan may be defeased in whole, but not in part, subject to certain conditions as set forth in the CMBS Loan Agreement. The loan documents for the CMBS Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In addition, and pursuant to the terms of the limited recourse guaranty dated January 24, 2019, in favor of the CMBS Lender, the Company serves as a non-recourse guarantor with respect to the CMBS Loan. Secured Loan This represents secured financing with KeyBank, Fifth Third Bank (“Fifth Third”), and SunTrust Bank (“SunTrust”) as equal co-lenders (the “Secured Lenders”) for an amount up to approximately $96.4 million pursuant to a mortgage loan (the “Secured Loan”). On October 18, 2019, in connection with the sale of our San Antonio II property, we paid off approximately $9.9 million of the Secured Loan . The amounts outstanding under the Secured Loan Agreement bear interest at an annual rate equal to LIBOR plus 2.5%. On January 24, 2019, the borrowers entered into an interest rate swap arrangement with a notional amount of approximately $89.2 million, such that LIBOR is fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the settlement of the Senior Term Loan, we restructured this swap to reduce the notional amount to approximately $85.5 million, an amount equivalent to the then outstanding principal on the Secured Loan. The loan documents for the Secured Loan contain: customary affirmative, negative and financial covenants; agreements; representations; warranties and borrowing conditions; reserve requirements and events of default all as set forth in such loan documents. In particular, the Secured Loan Agreement imposes certain requirements on the Company such as a total leverage ratio, tangible net worth and liquidity requirements, fixed charge coverage ratios and limits on the amount of unhedged variable rate debt exposure. In addition, and pursuant to the terms of the full recourse guaranty (the “Secured Loan Guaranty”), dated January 24, 2019, in favor of the Secured Lenders, we, along with our Operating Partnership serve as full recourse guarantors with respect to the Secured Loan. Senior Term Loan W e along with our Operating Partnership entered into a financing for an amount up to $87.7 million with KeyBank and SunTrust, as co-lenders (the “Senior Term Lenders”), pursuant to a senior term loan (the “Senior Term Loan”). The Senior Term Loan was secured by a pledge of 49% of the equity interests in our property-owning special purpose entities, other than those that own the CMBS SASB Properties. The Senior Term Loan was made pursuant to a loan agreement with a maturity date of January 24, 2022 (the “Senior Term Loan Agreement”). Monthly payments due under the Senior Term Loan Agreement were interest-only, with the full principal amount becoming due and payable on the maturity date. On January 24, 2019, an initial borrowing of $72.0 million was made under the Senior Term Loan with the right to draw an additional $15.7 million as set forth in the Senior Term Loan Agreement. During the year ended December 31, 2019, we drew a total of an additional $14.3 million. The amounts outstanding under the Senior Term Loan Agreement incurred interest at an annual rate equal to LIBOR plus 4.25%. On January 24, 2019, we entered into an interest rate swap arrangement with a notional amount of $72 million, such that LIBOR was fixed at approximately 2.6% until August 1, 2020. The Senior Term Loan was paid off in full on October 29, 2019 in connection with the issuance of Series A Convertible . Canadian CitiBank Loan On October 11, 2018, we, through 10 special purpose entities wholly owned by our Operating Partnership, entered into a loan agreement with The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25%. If we exercise our third extension option, the interest rate shall be increased by 0.25%. In addition, pursuant to the requirements of the CitiBank Loan Agreement, we have purchased interest rate caps with a combined notional amount of $112 million CAD, whereby the CDOR is capped at 3.00% through October 15, 2021. 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. Under the terms of the Amended KeyBank Credit Facility, we initially had a maximum borrowing capacity of $105 million. 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. The Amended KeyBank Credit Facility was a revolving loan with an initial term of three years, maturing on December 22, 2018, with two one-year e amended our Amended KeyBank Credit Facility to extend the maturity date until February 20, 2019 and reduce the maximum borrowing capacity from $145 million to $110 million. The following table presents the future principal payment requirements on outstanding debt as of December 31, 2019: 2020 $ 86,208,937 2021 12,823,585 2022 323,426,829 2023 3,384,578 2024 47,035,146 2025 and thereafter 246,890,812 Total payments 719,769,887 Premium on secured debt, net 592,505 Debt issuance costs, net (7,629,390 ) Total $ 712,733,002 |
Preferred Equity
Preferred Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Equity | Note 7. Preferred Equity Series A Convertible Preferred Stock On October 29, 2019 (the “Commitment Date”), we entered into a preferred stock purchase agreement (the “Purchase Agreement”) with Extra Space Storage LP (the “Investor”), a subsidiary of Extra Space Storage Inc. (NYSE: EXR), pursuant to which the Investor committed to purchase up to $200 million in preferred shares (the aggregate shares to be purchased, the “Preferred Shares”) of our new Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”), in one or more closings (each, a “Closing,” and collectively, the “Closings”). The initial closing (the “Initial Closing”) in the amount of $150 million occurred on the Commitment Date. The Investor has committed to purchase up to an additional $50 million, at our option, within 12 months following the Initial Closing, subject to certain limitations. We pay the Investor a fee of 0.25% per annum on the remaining commitment amount until drawn, or the 12-month anniversary of the Initial Closing. We incurred approximately $3.6 million in issuance costs related to the Series A Convertible Preferred Stock, which are recorded as a reduction to Series A Convertible Preferred stock on our consolidated balance sheet. In connection with the Initial Closing, we filed articles supplementary to our Second Articles of Amendment and Restatement, which th Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation. Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount . At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions. The holders of Series A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of our stockholders, except that in the event that the dividend for the Series A Convertible Preferred Stock has not been paid for at least four quarters (whether or not consecutive), the holders of Series A Convertible Preferred Stock have the right to vote together with our stockholders on any matter submitted to a vote of our stockholders, upon which the holders of the Series A Convertible Preferred Stock and holders of common stock shall vote together as a single class. The number of votes applicable to a share of Series A Convertible Preferred Stock will be equal to the number of shares of common stock a share of Series A Convertible Preferred Stock could have been converted into as of the record date set for purposes of such stockholder vote. This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year. In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares. As of December 31, 2019 there were 150,000 Preferred Shares outstanding with an aggregate liquidation preference of approximately $151.7 million, which consisted of $150 million from the Initial Closing and approximately $1.6 million of accumulated and unpaid distributions. There were no Preferred Shares issued or outstanding as of December 31, 2018. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 8. Derivative Instruments Interest Rate 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 interest rate 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 interest rate derivatives not designated in hedging relationships are recorded in other income (expense) within our consolidated statements of operations and was approximately $0.6 million and none for the years ended December 31, 2019 and 2018, respectively. A majority of this expense was attributable to the early termination of approximately $75.7 million of an interest rate swap in connection with the payoff of the Senior Term Loan. This settlement resulted in the recognition of an expense of approximately $0.6 million reclassified out of accumulated other comprehensive income. Foreign Currency Hedges 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 and foreign currency options 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. A foreign currency option contract is a commitment by the seller of the option to deliver, solely at the option of the buyer, a certain amount of currency at a certain price on a specific date. 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, 2019: Notional Amount Strike Effective or Date Assumed Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 (3) 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Caps: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 95,000,000 (1) 1.323 December 9, 2020 February 10, 2020 (2) (1) Notional amounts shown are denominated in CAD. (2) We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 . (3) We entered into this Swap on January 24, 2019 for an initial notional amount of approximately $161 million, however, on October 29, 2019, in connection with the settlement of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million On March 28, 2018 we settled our then existing $101 million CAD foreign currency forward contract, receiving a net settlement of approximately $2.2 million and simultaneously entered into a $90 million CAD foreign currency forward. We settled the $90 million CAD foreign currency forward on January 25, 2019, receiving a net settlement of approximately $2.1 million and simultaneously entered into a $95 million CAD foreign currency forward. On July 8, 2019 we settled the $95 million CAD foreign currency forward, paying a net settlement of approximately $0.6 million and simultaneously entered into a $95 million CAD currency option. On December 9, 2019 the CAD currency option expired and we simultaneously entered into a two month $95 million CAD foreign currency forward . A portion of our gain (loss) from our settled and unsettled foreign currency hedges is recorded net in foreign currency hedge contract gain (loss) in our consolidated statements of comprehensive loss, the other portion, a loss of approximately $0.4 million and a gain of approximately $1.0 million related to the ineffective portion is recorded in other income (expense) within our consolidated statements of operations for the years ended December 31, 2019 and 2018, respectively. The following table summarizes the terms of our derivative financial instruments as of December 31, 2018: Notional Amount Strike Effective Date Maturity Interest Rate Swaps: Oakland and Concord loan $ 19,483,127 (2) 3.95 % May 18, 2016 April 10, 2023 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 90,000,000 (1) 1.2846 March 28, 2018 January 28, 2019 (3) (1) Notional amount shown is denominated in CAD. (2) The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Mergers (3) We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million 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, 2019 and 2018: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2019 December 31, 2018 Interest Rate Swaps Other assets $ — $ 361,802 Accounts payable and accrued liabilities 1,695,140 — Interest Rate Caps Other assets $ 28,847 $ 87,808 Foreign Currency Hedges Other assets $ 4,016,806 Accounts payable and accrued liabilities $ 1,425,632 — |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Note 9. Segment Disclosures Prior to the Self Administration Transaction on June 28, 2019, we internally evaluated all of our properties and interests therein as one industry segment and, accordingly, did not report segment information. Subsequent to the Self Administration Transaction, we now operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business. Management evaluates performance based upon net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses. The following table summarizes information for the reportable segments for the year ended December 31, 2019 below: Year Ended December 31, 2019 Managed REIT Corporate Self Storage Platform and Other Total Revenues: Self storage rental revenue $ 99,494,560 $ — $ — $ 99,494,560 Ancillary operating revenue 3,706,700 — — 3,706,700 Managed REIT Platform revenue — 3,068,306 — 3,068,306 Reimbursable costs from Managed REITs — 3,258,983 — 3,258,983 Total revenues 103,201,260 6,327,289 — 109,528,549 Operating expenses: Property operating expenses 35,723,111 — — 35,723,111 Property operating expenses – affiliates 6,605,670 — — 6,605,670 Managed REIT Platform expense — 2,739,556 — 2,739,556 Reimbursable costs from Managed REITs — 3,258,983 — 3,258,983 General and administrative — — 10,461,453 10,461,453 Depreciation 29,305,979 — 299,299 29,605,278 Intangible amortization expense 9,051,083 2,442,311 — 11,493,394 Contingent earnout expense — — 200,000 200,000 Self administration transaction expenses — — 1,572,238 1,572,238 Acquisition expenses – affiliates 84,061 — — 84,061 Other property acquisition expenses 141,489 — — 141,489 Total operating expenses 80,911,393 8,440,850 12,532,990 101,885,233 Gain on sale of real estate 3,944,696 — — 3,944,696 Operating income (loss) 26,234,563 (2,113,561 ) (12,532,990 ) 11,588,012 Other income (expense): Interest expense (37,469,725 ) — (93,522 ) (37,563,247 ) Interest expense – accretion of fair market value of secured debt 131,611 — — 131,611 Interest expense – debt issuance costs (3,990,421 ) — (6,255 ) (3,996,676 ) Net loss on extinguishment of debt (2,635,278 ) — (12,355 ) (2,647,633 ) Gain resulting from acquisition of unconsolidated affiliates 8,017,353 — — 8,017,353 Other (1,159,570 ) 534,612 — (624,958 ) Net loss $ (10,871,467 ) $ (1,578,949 ) $ (12,645,122 ) $ (25,095,538 ) The following table summarizes our total assets by segment: Segments December 31, 2019 Self Storage $ 1,175,887,634 (1) Managed REIT Platform 73,939,002 (1) Corporate and Other 61,607,095 Total assets $ 1,311,433,731 (1) Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million, and $33.1 million of goodwill, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10. Related Party Transactions Through the closing of the Self Administration Transaction on June 28, 2019, we incurred expenses under the following advisory and property management agreements; commencing on such closing and continuing thereafter we will no longer incur such expenses. The Dealer Manager Agreement and the Transfer Agent Agreement described below were not impacted by the Self Administration Transaction. Fees to Affiliates Our Advisory Agreement with our Former External Advisor, our dealer manager agreement, as amended ("Dealer Manager Agreement") with our Dealer Manager, our Property Management Agreements with our Former External Property Managers and our Transfer Agent Agreement with our Transfer Agent entitle such affiliates 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 certain reimbursements, as described below . Advisory Agreement Prior to the Self Administration Transaction we did not have any employees. Our Former External Advisor was primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Former External Advisor received various fees and expenses under the terms of our Advisory Agreement. As a result of the Self Administration Transaction, on June 28, 2019 we acquired approximately 350 self storage professionals and other personnel and now perform such services on our own behalf. Our Advisory Agreement also required our Former External 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 Former External Advisor received acquisition fees equal to 1.75% of the contract purchase price of each property we acquired plus reimbursement of any acquisition expenses incurred by our Former External Advisor. Our Former External Advisor also received 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 Former External Advisor was entitled to receive 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 sold, as long as our Former External Advisor provided substantial assistance in connection with the sale. The total real estate commissions paid (including the disposition fee paid to our Advisor) was limited to the lesser of a competitive real estate commission or an amount equal to 6% of the contract sale price of the property. Our Former External Advisor was also entitled to various subordinated distributions pursuant to our Operating Partnership Agreement if we (1) listed our shares of common stock on a national exchange, (2) terminated our Advisory Agreement (other than a voluntary termination), (3) liquidated our portfolio, or (4) entered into an Extraordinary Transaction, as it was defined in the Operating Partnership Agreement. Pursuant to the Advisory Agreement, our Former External Advisor was entitled to reimbursement of our Former External Advisor’s direct and indirect costs of providing administrative and management services to us. Pursuant to the Advisory Agreement, our Former External Advisor was obligated to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceeded the greater of 2% of our average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determined that such excess expenses were justified based on unusual and non-recurring factors. Dealer Manager Agreement In connection with our Primary Offering, 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 SAM owns a 15% non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own limited partnership interests in our Operating Partnership. Transfer Agent Agreement SAM owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (“Transfer Agent”), which is a registered transfer agent with the SEC. Pursuant to our transfer agent agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: providing customer service to our stockholders, processing the distributions and any servicing fees with respect to our shares and issuing regular reports to our stockholder. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We believe that our Transfer Agent, through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with transfer agent and registrar services. Our Transfer Agent also conducts transfer agent and registrar services for other non-traded REITs sponsored by SRA. It is the duty of our board of directors to evaluate the performance of our Transfer Agent. Fees paid to our Transfer Agent are based on a fixed quarterly fee, one-time account setup fees and monthly open account fees. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it. The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. Property Management Agreements From inception through June 28, 2019, our Former External Property Managers 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 Former External Property Managers 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 Former External Property Managers terminated their sub-property management agreements with Extra Space. Our Former External Property Managers thereafter managed all our properties directly. An affiliate of our Former External Property Managers reacquired the rights to the “SmartStop ® ® As a result of the Self Administration Transaction, we acquired approximately 350 self storage professionals and other personnel and now perform such services on our own behalf. Pursuant to the amended property management agreements, our Former External Property Managers received: (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 had agreed with our Former External Property Managers or an affiliate to share equally in the net revenue attributable to the sale of tenant insurance, protection plans, or other indemnity plans at our properties. With respect to each new property we acquired for which we entered into a property management agreement with our Former External Property Managers we paid our Former External Property Managers a one-time start-up fee in the amount of $3,750. Our self storage properties located in Canada were subject to separate property management agreements with our Former External Property Managers on terms substantially the same as the amended property management agreements described above. All of our properties in the United States and Canada are operated under the “SmartStop® Self Storage” brand, which as a result of the Self Administration Transaction we now own. Prior Arrangements (effective between October 1, 2015 and September 30, 2017) Under the property management agreements in effect for properties we owned between October 1, 2015 through September 30, 2017 for our properties located in the United States, our Former External 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 Former External 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 Former External 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 Former External 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 Formal External Property Manager could have terminated a property management agreement on 60 days prior written notice to us. The sub-property management agreements between our Former External Property Manager and Extra Space were substantially the same as the foregoing property management agreements. Under the sub-property management agreements, our Formal External 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 Former External Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Former External 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 Former External 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 Former External Property Manager. Termination of Sub-property Manager As of October 1, 2017, our Former External 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 Former External Property Manager been terminated, each such property-owning subsidiary agreed to pay the termination fee owed by our Former External 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. 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, 2018 and 2019, as well as any related amounts payable as of December 31, 2018 and 2019: Year Ended December 31, 2018 Year Ended December 31, 2019 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 2,199,596 $ 2,336,075 $ 209,385 $ 975,985 $ 1,185,370 $ — Transfer Agent fees 352,300 302,839 49,461 324,943 374,404 — Asset management fees 5,445,528 5,445,528 — 3,622,558 3,622,558 — Property management fees 4,809,106 4,809,106 — 2,983,111 2,983,111 — Acquisition expenses 72,179 72,179 — 84,061 84,061 — Capitalized Acquisition costs 48,664 48,664 — 235,932 235,932 — Self Administration Transaction working capital true-up — — — 493,785 493,785 — Additional paid-in capital Stockholder servicing fee (1) — 675,049 1,944,991 — 667,651 1,277,340 Total $ 12,927,373 $ 13,689,440 $ 2,203,837 $ 8,720,375 $ 9,646,872 $ 1,277,340 (1) th Please see Note 3 – Real Estate Facilities and Note 4 – Self Administration Transaction for detail regarding additional related party transactions. Tenant Programs W e may offer a tenant insurance plan, tenant protection plan or similar program (collectively “Tenant Programs”) to customers at our properties. We and an affiliate of our Former External Property Manager previously agreed to transfer our respective rights in such Tenant Programs revenue to a joint venture owned 50% by our TRS subsidiary and, through the date of the Self Administration Transaction, 50% by our Former External Property Manager’s affiliate (the “Former PM Affiliate”). Under the terms of the joint venture agreement, the TRS received of the net economics generated from such Tenant Programs and the Former PM Affiliate received the other of such net economics share equally in the net revenue attributable to the sale of Tenant Programs at the properties we acquired in the SSGT Mergers on substantially similar terms as set forth above. For the years ended December 31, 2019, 2018 and 2017, we recorded net revenues of approximately $2.9 million, $1.5 million, and $0.3 million, respectively, related to Tenant Programs which was included in ancillary operating revenue in the consolidated statements of operations. Storage Auction Program In connection with the Self Administration Transaction we now own a minority interest in a company that owns 50% of an online auction 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 receives a service fee for such services. During the years ended December 31, 2019, 2018 and 2017 we paid approximately $45,000, $43,000, and none, respectively, in fees to the Auction Company related to our properties. Our properties 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. These loans were paid off in full on October 11, 2018 in conjunction with the Canadian CitiBank loan. Please see Note 6 for more information. Acquisition of Self Storage Platform from SmartStop Asset Management, LLC and Other Transactions As a result of the Self Administration Transaction, the advisor and property manager entities of SST IV and SSGT II, became our indirect subsidiaries. As a result, we are entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory and property management agreements as described below. Advisory Agreement Fees Our indirect subsidiaries, Strategic Storage Advisor IV, LLC, the advisor to SST IV (the “SST IV Advisor”), and SS Growth Advisor II, LLC, the advisor to SSGT II (the “SSGT II Advisor”), are entitled to receive various fees and expense reimbursements under the terms of the SST IV and SSGT II advisory agreements. SST IV Advisory Agreement The SST IV Advisor provides acquisition and advisory services to SST IV pursuant to an advisory agreement (the “SST IV Advisory Agreement”). SST IV is required to reimburse SST IV Advisor for organization and offering costs under the SST IV Advisory Agreement; however, the SST IV Advisor funds, and will not be reimbursed for 1.15% of the gross offering proceeds from the sale of class W shares sold in the SST IV offering. Such amounts for the year ended December 31, 2019 totaled approximately $41,000. The SST IV Advisor will be required to reimburse SST IV within 60 days after the end of the month in which the SST IV public offering terminates to the extent SST IV paid or reimbursed organization and offering costs (excluding sales commissions and dealer manager fees) in excess of 3.5% of the gross offering proceeds from the SST IV offering. The SST IV Advisory Agreement also requires the SST IV Advisor to reimburse SST IV to the extent that offering expenses, including sales commissions, dealer manager fees and organization and offering expenses, are in excess of 15% of gross proceeds from the SST IV offering. The SST IV Advisor also receives a monthly asset management fee equal to 0.0833%, which is one-twelfth of 1%, of SST IV’s aggregate asset value, as defined. The SST IV Advisor may potentially also be entitled to various subordinated distributions under the SST IV’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights if SST IV (1) lists its shares of common stock on a national exchange, (2) terminates the SST IV Advisory Agreement, (3) liquidates its portfolio, or (4) enters into an Extraordinary Transaction, as defined in the SST IV operating partnership agreement. The SST IV Advisory Agreement provides for reimbursement of the SST IV Advisor’s direct and indirect costs of providing administrative and management services to SST IV. The SST IV Advisor will be required to pay or reimburse SST IV the amount by which SST IV’s aggregate annual operating expenses, as defined, exceed the greater of 2% of SST IV’s average invested assets or 25% of SST IV’s net income, as defined, unless a majority of SST IV’s independent directors determine that such excess expenses were justified based on unusual and non-recurring factors. SSGT II Advisory Agreement The SSGT II Advisor provides acquisition and advisory services to SSGT II pursuant to an advisory agreement (the “SSGT II Advisory Agreement”). In connection with the SSGT II private placement offering, SSGT II is required to reimburse the SSGT II Advisor for organization and offering costs from the SSGT II private offering pursuant to the SSGT II Advisory Agreement. The SSGT II Advisor will receive a monthly asset management fee equal to 0.1042%, which is one-twelfth of 1.25%, of SSGT II’s aggregate asset value, as defined. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement pursuant to the special limited partnership interest and its cash flow participation distribution rights. So long as the SSGT II Advisory Agreement has not been terminated (including by means of non-renewal), SSGT II is required to pay the SSGT II Advisor a distribution from its operating partnership (other than net sale proceeds), pursuant to a special limited partnership interest, equal to 10.0% of any amount distributed to stockholders in excess of the amount required to provide stockholders with an annual aggregate distribution equal to 5.0% (reflective of the weighted average purchase price per share), cumulative within the subject calendar year (as adjusted for partial periods outstanding). Such distribution will be reconciled and paid annually. The cash flow participation distribution may be payable in cash or operating partnership units (or any combination thereof), at the election of the SSGT II Advisor. The SSGT II Advisor may also be potentially entitled to various subordinated distributions under SSGT II’s operating partnership agreement if SSGT II (1) lists its shares of common stock on a national exchange, (2) terminates the SSGT II Advisory Agreement, (3) liquidates its portfolio, or (4) merges with another entity or enters into an Extraordinary Transaction, as defined in the SSGT II operating partnership agreement. The SSGT II Advisory Agreement provides for reimbursement of the SSGT II Advisor’s direct and indirect costs of providing administrative and management services to SSGT II. Property Management Agreements Our indirect subsidiaries, Strategic Storage Property Management IV, LLC and SS Growth Property Management II, LLC (collectively the “Managed REITs Property Managers”), are entitled to receive fees for their services in managing the properties owned by the Managed REITs pursuant to property management agreements entered into between the owner of the property and the applicable Managed REIT’s Property Manager. The Managed REIT’s Property Managers will receive a property management fee equal to 6% of the gross revenues from the properties, generally subject to a monthly minimum of $3,000 per property, plus reimbursement of the costs of managing the properties, and a one-time fee of $3,750 for each property acquired that would be managed by the Managed REITs Property Managers. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. Pursuant to the property management agreements, we through our Operating Partnership employ the on-site staff for the Managed REITs’ properties. The SST IV property manager will be entitled to a construction management fee equal to 5% of the cost of a related construction or capital improvement work project in excess of $10,000. Summary of Fees and Revenue Related to the Managed REITs Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for year ended December 31, 2019: Managed REIT Platform Revenues Year Ended December 31, 2019 Advisory agreement – SST IV $ 1,153,137 Property management agreement – SST IV 602,162 Tenant Program revenue – SST IV 254,148 Advisory agreement – SSGT II 310,786 Property management agreement – SSGT II 91,594 Tenant Program revenue – SSGT II 37,269 Other Managed REIT revenue (1) 619,210 Total $ 3,068,306 (1) Such revenues primarily includes construction management, development, and acquisitions related fees. Reimbursable costs from affiliates includes reimbursement of both the SST IV and SSGT II Advisors’ direct and indirect costs of providing administrative and management services to the Managed REITs. Additionally, reimbursable costs includes reimbursement pursuant to the property management agreements for reimbursement of the costs of managing the Managed REITs’ properties, including wages and salaries and other expenses of employees engaged in operating, managing and maintaining such properties. As of December 31, 2019 we had receivables due from SST IV and SSGT II totaling approximately $100,000 and $170,000 respectively, which are included in investments in and advances to the Managed REITs line-item in our consolidated balance sheet. Such amounts included unpaid amounts relative to the above table, in addition to other direct routine expenditures of the Managed REITs that we directly funded. Administrative Services Agreement In connection with the Self Administration Transaction, on June 28, 2019, we along with our Operating Partnership, the TRS and SSA (collectively, the “Company Parties”) entered into an Administrative Services Agreement with SAM (the “Administrative Services Agreement”), pursuant to which the Company Parties will be reimbursed for providing certain operational and administrative services to SAM which may include, without limitation, accounting and financial support, IT support, HR support, advisory services and operations support, and administrative support as set forth in the Administrative Services Agreement and SAM will be reimbursed for providing certain operational and administrative services to the Company Parties which may include, without limitation, due diligence support, marketing, fulfillment and offering support, events support, insurance support, and administrative and facilities support. For the year ended December 31, 2019, we incurred fees to SAM under the Administrative Services Agreement of approximately $2.1 million, which were recorded in our Managed REIT Platform expenses in our consolidated statement of operations for the year ended December 31, 2019, and recorded reimbursements of approximately $0.2 million, which were included in Managed REIT Platform revenue in our consolidated statement of operations for the year ended December 31, 2019. For the year ended December 31, 2019, we recorded reimbursements from SAM of approximately $0.1 million to the Company Parties as an allocation of rent and overhead for the portion of our Ladera Office occupied by SAM. As of December 31, 2019, approximately $0.3 million was included in due to affiliates on our consolidated balance sheet for amounts we owed SAM. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 11. Stock Based Compensation We issue stock based compensation pursuant to the employee and director long-term incentive plan of SmartStop Self Storage REIT, Inc. (the “Plan”). Pursuant to the Plan, we are able to issue various forms of stock based compensation. Through December 31, 2019 we had only issued restricted stock grants, which are subject to a vesting period over which the restrictions are released and the stock is issued in book entry form to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of non-vested restricted stock granted under the Plan and the grantee does not have the ability to vote the shares. Any dividends accrued on non-vested shares will be paid, if and when the underlying restricted shares vest. Generally the shares vest over an approximate four-year As of December 31, 2019, 5,630,071 shares were available for issuance under the Plan. We recorded approximately $405,000 of expense in general and administrative expense in our consolidated statements of operations related to restricted stock granted to employees and directors for the year ended December 31, 2019. As of December 31, 2019, there was approximately $2.2 million of total unrecognized compensation expense related to non-vested restricted stock awards. Such cost is expected to be recognized over a weighted-average period of 3.9 years. Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Non-Vested at December 31, 2018 21,438 $ 10.38 Granted 251,993 9.48 Vested (7,625 ) 10.29 Non-Vested at December 31, 2019 265,806 $ 9.53 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. 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 June 26, 2019, beginning in July 2019, shares sold pursuant to our distribution reinvestment plan are sold at the estimated value per share of $10.66 per Class A Share and Class T Share. On November 30, 2016, we filed with the SEC a Registration Statement on Form S-3, which registered up to an additional $100.9 million in shares under our distribution reinvestment plan (our “DRP Offering”). 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, 2019, we had sold approximately 4.0 million Class A Shares and approximately 0.6 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. On August 26, 2019, our board of directors approved the suspension of our share redemption program effective as of September 27, 2019, except with respect to redemption requests made in connection with the death or disability of a stockholder, redemption due to confinement to a long-term care facility, or other exigent circumstances. We may redeem the shares of stock presented for redemption for cash to the extent that such requests comply with the foregoing terms of our share redemption program and we have sufficient funds available to fund such redemption. We are not obligated to redeem shares under the share redemption program. 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 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 in addition to those noted above on our ability to redeem shares under the share redemption program including, but not limited to: • 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, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020. For the year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. 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. Operating Partnership Redemption Rights Generally, the limited partners of our Operating Partnership, excluding any limited partners with respect to their A-2 Units, 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. Additionally, the Class A-1 Units issued in connection with the Self Administration Transaction are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. Lock-Up Expiration, the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership 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, 2019 | |
Dividends [Abstract] | |
Declaration of Distributions | Note 13. Declaration of Distributions On December 18, 2019, our board of directors declared a distribution rate for the first quarter of 2020 of $0.001639 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, 2020 and continuing on each day thereafter through and including March 31, 2020. In connection with this distribution, after the stockholder servicing fee is paid, approximately $0.0014 per day will be paid per Class T share. 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, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | Note 14. Selected Quarterly Data (Unaudited) The following is a summary of quarterly financial information for the years ended December 31, 2019 and 2018: Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total revenues $ 23,883,325 $ 25,980,517 $ 29,588,014 $ 30,076,693 Total operating expenses $ 21,934,203 $ 25,211,611 $ 27,773,486 $ 26,965,933 Operating income $ 1,949,122 $ 768,906 $ 1,814,528 $ 7,055,456 Net loss $ (8,948,317 ) $ (2,283,972 ) $ (9,541,579 ) $ (4,321,670 ) Net loss attributable to common stockholders $ (8,891,558 ) $ (2,212,445 ) $ (8,214,826 ) $ (5,431,504 ) Net loss per Class A Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) Net loss per Class T Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total revenues $ 19,866,457 $ 20,045,516 $ 20,313,069 $ 20,187,215 Total operating expenses $ 16,010,116 $ 16,605,713 $ 15,836,436 $ 15,808,549 Operating income $ 3,856,341 $ 3,439,803 $ 4,476,633 $ 4,378,666 Net loss $ (667,047 ) $ (1,437,330 ) $ (457,278 ) $ (1,159,075 ) Net loss attributable to common stockholders $ (661,203 ) $ (1,427,056 ) $ (451,424 ) $ (1,158,694 ) Net loss per Class A Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Net loss per Class T Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Distribution Reinvestment Plan Offering Status As of March 25, 2020, in connection with our DRP Offering, we had issued approximately 4.3 million Class A Shares of our common stock and approximately 0.7 million Class T Shares of our common stock for gross proceeds of approximately $45.2 million and approximately $6.9 million, respectively. Novel Coronavirus (COVID-19) Update In December 2019, COVID-19 emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to many other countries and infections have been reported globally, including in the United States and in the markets in which we operate. Our rental revenue and operating results depend significantly on the demand for self storage space. We have not seen a significant impact on the demand for self storage space resulting from the COVID-19 outbreak as of the date of this report. Concerns relating to COVID-19 could also impact the availability of our personnel to report for work at our facilities, which could adversely affect our ability to adequately manage our facilities. Furthermore, in order to prevent the spread of COVID-19 there have been, and may continue to be, temporary shut downs or restrictions placed on businesses by cities, counties, states, or the federal government. These orders have impacted, and may continue to impact, our facilities and operations. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 Initial Cost to Company Gross Carrying Amount at December 31, 2019 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 $ 3,109,374 $ 531,000 $ 1,891,000 $ 2,422,000 $ 111,669 $ 531,000 $ 2,002,669 $ 2,533,669 $ 402,431 2004 11/3/2014 Cary NC 5,289,973 1,064,000 3,301,000 4,365,000 104,393 1,064,000 3,405,393 4,469,393 650,300 1998/2005/2006 11/3/2014 Raleigh NC 4,482,344 1,186,000 2,540,000 3,726,000 206,819 1,186,000 2,746,819 3,932,819 615,086 1999 11/3/2014 Myrtle Beach I SC 8,606,670 1,482,000 4,476,000 5,958,000 339,706 1,482,000 4,815,706 6,297,706 947,514 1998/2005-2007 11/3/2014 Myrtle Beach II SC 6,970,422 1,690,000 3,654,000 5,344,000 216,056 1,690,000 3,870,056 5,560,056 793,377 1999/2006 11/3/2014 Whittier CA 4,602,761 2,730,000 2,916,875 5,646,875 419,262 2,730,000 3,336,137 6,066,137 692,786 1989 2/19/2015 La Verne CA 3,167,492 1,950,000 2,036,875 3,986,875 291,367 1,950,000 2,328,242 4,278,242 516,456 1986 1/23/2015 Santa Ana CA 5,196,666 4,890,000 4,006,875 8,896,875 308,327 4,890,000 4,315,202 9,205,202 931,310 1978 2/5/2015 Upland CA 3,612,920 2,950,000 3,016,875 5,966,875 400,245 2,950,000 3,417,120 6,367,120 753,589 1979 1/29/2015 La Habra CA 3,662,412 2,060,000 2,356,875 4,416,875 303,463 2,060,000 2,660,338 4,720,338 518,792 1981 2/5/2015 Monterey Park CA 2,573,587 2,020,000 2,216,875 4,236,875 210,031 2,020,000 2,426,906 4,446,906 483,171 1987 2/5/2015 Huntington Beach CA 6,978,379 5,460,000 4,856,875 10,316,875 420,732 5,460,000 5,277,607 10,737,607 1,048,530 1986 2/5/2015 Chico CA 1,163,063 400,000 1,336,875 1,736,875 227,225 400,000 1,564,100 1,964,100 338,409 1984 1/23/2015 Lancaster CA 1,682,730 200,000 1,516,875 1,716,875 326,487 200,000 1,843,362 2,043,362 429,551 1980 1/29/2015 Riverside CA 2,326,127 370,000 2,326,875 2,696,875 443,806 370,000 2,770,681 3,140,681 559,516 1985 1/23/2015 Fairfield CA 2,746,809 730,000 2,946,875 3,676,875 99,100 730,000 3,045,975 3,775,975 616,798 1984 1/23/2015 Lompoc CA 2,821,047 1,000,000 2,746,875 3,746,875 150,688 1,000,000 2,897,563 3,897,563 576,227 1982 2/5/2015 Santa Rosa CA 7,324,823 3,150,000 6,716,875 9,866,875 369,705 3,150,000 7,086,580 10,236,580 1,393,470 1979-1981 1/29/2015 Vallejo CA 8,237,821 990,000 3,946,875 4,936,875 173,697 990,000 4,120,572 5,110,572 824,942 1981 1/29/2015 Federal Heights CO 2,375,619 1,100,000 3,346,875 4,446,875 344,130 1,100,000 3,691,005 4,791,005 833,053 1983 1/29/2015 Aurora CO 4,800,729 810,000 5,906,875 6,716,875 500,621 810,000 6,407,496 7,217,496 1,256,353 1984 2/5/2015 Littleton CO 2,177,650 1,680,000 2,456,875 4,136,875 281,681 1,680,000 2,738,556 4,418,556 569,293 1985 1/23/2015 Bloomingdale IL 2,375,619 810,000 3,856,874 4,666,874 292,022 810,000 4,148,896 4,958,896 808,741 1987 2/19/2015 Crestwood IL 1,633,238 250,000 2,096,875 2,346,875 289,225 250,000 2,386,100 2,636,100 500,125 1987 1/23/2015 Forestville MD 3,464,444 1,940,000 4,346,875 6,286,875 916,799 1,940,000 5,263,674 7,203,674 1,170,978 1988 1/23/2015 Warren I MI 1,954,936 230,000 2,966,875 3,196,875 414,426 230,000 3,381,301 3,611,301 661,863 1996 5/8/2015 Sterling Heights MI 2,301,381 250,000 3,286,875 3,536,875 687,046 250,000 3,973,921 4,223,921 738,112 1977 5/21/2015 Troy MI 3,414,952 240,000 4,176,875 4,416,875 223,434 240,000 4,400,309 4,640,309 838,838 1988 5/8/2015 Warren II MI 2,251,889 240,000 3,066,875 3,306,875 647,801 240,000 3,714,676 3,954,676 751,865 1987 5/8/2015 Beverly NJ 1,385,778 400,000 1,696,875 2,096,875 280,370 400,000 1,977,245 2,377,245 345,453 1988 5/28/2015 Everett WA 2,722,063 2,010,000 2,956,875 4,966,875 592,662 2,010,000 3,549,537 5,559,537 682,138 1986 2/5/2015 Foley AL 4,132,587 1,839,000 5,717,000 7,556,000 597,640 1,839,000 6,314,640 8,153,640 1,133,176 1985/1996/2006 9/11/2015 Tampa FL 1,633,238 718,244 2,257,471 2,975,715 544,520 718,244 2,801,991 3,520,235 465,819 1985 11/3/2015 Boynton Beach FL 8,166,188 1,983,491 15,232,817 17,216,308 401,381 1,983,491 15,634,198 17,617,689 1,903,280 2004 1/7/2016 Lancaster II CA 2,350,873 670,392 3,711,424 4,381,816 234,616 670,392 3,946,040 4,616,432 619,503 1991 1/11/2016 Milton (2) ONT 5,941,133 1,452,870 7,929,810 9,382,680 935,627 (3) 1,551,187 8,767,120 10,318,307 1,024,658 2006 2/11/2016 Burlington I (2) ONT 9,471,372 3,293,267 10,278,861 13,572,128 1,161,001 (3) 3,516,127 11,217,002 14,733,129 1,343,310 2011 2/11/2016 Oakville I (2) ONT 6,543,857 2,655,215 13,072,458 15,727,673 2,989,499 (3) 2,834,896 15,882,276 18,717,172 1,933,514 2016 2/11/2016 Oakville II (2) ONT 7,663,201 2,983,307 9,346,283 12,329,590 707,360 (3) 3,097,623 9,939,327 13,036,950 1,218,853 2004 2/29/2016 Burlington II (2) ONT 4,735,686 2,944,035 5,125,839 8,069,874 507,540 (3) 3,056,847 5,520,567 8,577,414 663,864 2008 2/29/2016 Xenia OH 2,705,559 275,493 2,664,693 2,940,186 26,364 275,493 2,691,057 2,966,550 400,301 2003 4/20/2016 Sidney OH 1,817,166 255,246 1,806,349 2,061,595 106,739 255,246 1,913,088 2,168,334 415,302 2003 4/20/2016 Troy OH 2,988,229 150,666 2,596,010 2,746,676 56,417 150,666 2,652,427 2,803,093 447,468 2003 4/20/2016 Greenville OH 1,897,929 82,598 1,909,466 1,992,064 48,898 82,598 1,958,364 2,040,962 286,401 2003 4/20/2016 Washington Court House OH 2,947,848 255,456 1,882,203 2,137,659 28,346 255,456 1,910,549 2,166,005 290,615 2003 4/20/2016 Richmond IN 2,988,229 223,159 2,944,379 3,167,538 23,738 223,159 2,968,117 3,191,276 462,658 2003 4/20/2016 Connersville IN 1,857,548 155,533 1,652,290 1,807,823 24,961 155,533 1,677,251 1,832,784 263,158 2003 4/20/2016 Port St. Lucie I FL 7,430,191 2,589,781 6,339,578 8,929,359 135,087 2,589,781 6,474,665 9,064,446 845,185 1999 4/29/2016 Sacramento CA 8,157,058 1,205,209 6,616,767 7,821,976 158,568 1,205,209 6,775,335 7,980,544 800,959 2006 5/9/2016 Oakland CA 13,325,887 5,711,189 6,902,446 12,613,635 82,123 5,711,189 6,984,569 12,695,758 834,038 1979 5/18/2016 Concord CA 32,628,233 19,090,003 17,202,868 36,292,871 144,116 19,090,003 17,346,984 36,436,987 2,138,426 1988/1998 5/18/2016 Pompano Beach FL 8,590,310 3,947,715 16,656,002 20,603,717 154,178 3,947,715 16,810,180 20,757,895 1,797,481 1979 6/1/2016 Lake Worth FL 10,308,370 12,108,208 10,804,173 22,912,381 149,355 12,108,208 10,953,528 23,061,736 1,626,503 1998/2003 6/1/2016 Jupiter FL 11,568,280 16,029,881 10,556,833 26,586,714 215,037 16,029,881 10,771,870 26,801,751 1,330,037 1992/2012 6/1/2016 Royal Palm Beach FL 9,678,415 11,425,394 13,275,322 24,700,716 73,709 11,425,394 13,349,031 24,774,425 1,871,748 2001/2003 6/1/2016 Port St. Lucie II FL 7,264,947 5,130,621 8,410,474 13,541,095 151,777 5,130,621 8,562,251 13,692,872 1,136,769 2002 6/1/2016 Wellington FL 14,456,568 10,233,511 11,662,801 21,896,312 65,191 10,233,511 11,727,992 21,961,503 1,359,869 2005 6/1/2016 Doral FL 14,133,517 11,335,658 11,485,045 22,820,703 207,247 11,335,658 11,692,292 23,027,950 1,371,867 1998 6/1/2016 Plantation FL 15,969,792 12,989,079 19,224,919 32,213,998 111,811 12,989,079 19,336,730 32,325,809 2,245,241 2002/2012 6/1/2016 Naples FL 14,214,280 11,789,085 12,771,305 24,560,390 167,417 11,789,085 12,938,722 24,727,807 1,476,192 2002 6/1/2016 Delray FL 11,854,625 17,096,692 12,983,627 30,080,319 173,022 17,096,692 13,156,649 30,253,341 1,541,643 2003 6/1/2016 Baltimore MD 16,293,926 3,897,872 22,427,843 26,325,715 276,571 3,897,872 22,704,414 26,602,286 2,739,385 1990/2014 6/1/2016 Sonoma CA 6,283,197 3,468,153 3,679,939 7,148,092 51,077 3,468,153 3,731,016 7,199,169 472,501 1984 6/14/2016 Las Vegas I NV 10,210,195 2,391,220 11,117,892 13,509,112 144,928 2,391,220 11,262,820 13,654,040 1,179,359 2002 7/28/2016 Las Vegas II NV 10,471,995 3,840,088 9,916,937 13,757,025 111,618 3,840,088 10,028,555 13,868,643 1,108,709 2000 9/23/2016 Las Vegas III NV 6,544,997 2,565,579 6,338,944 8,904,523 169,906 2,565,579 6,508,850 9,074,429 737,188 1989 9/27/2016 Asheville I NC 7,113,097 3,619,676 11,173,603 14,793,279 288,193 3,619,676 11,461,796 15,081,472 1,212,018 1988/2005/2015 12/30/2016 Asheville II NC 3,236,212 1,764,969 3,107,311 4,872,280 78,177 1,764,969 3,185,488 4,950,457 366,004 1984 12/30/2016 Hendersonville I NC 2,234,137 1,081,547 3,441,204 4,522,751 105,475 1,081,547 3,546,679 4,628,226 378,487 1982 12/30/2016 Asheville III NC 4,657,189 5,096,833 4,620,013 9,716,846 159,066 5,096,833 4,779,079 9,875,912 558,244 1991/2002 12/30/2016 Arden NC 6,529,921 1,790,118 10,265,741 12,055,859 199,741 1,790,118 10,465,482 12,255,600 994,253 1973 12/30/2016 Asheville IV NC 4,394,350 4,558,139 4,455,118 9,013,257 86,312 4,558,139 4,541,430 9,099,569 544,682 1985/1986/2005 12/30/2016 Asheville V NC 5,051,449 2,414,680 7,826,417 10,241,097 124,678 2,414,680 7,951,095 10,365,775 854,206 1978/2009/2014 12/30/2016 Asheville VI NC 3,474,411 1,306,240 5,121,332 6,427,572 105,933 1,306,240 5,227,265 6,533,505 513,159 2004 12/30/2016 Asheville VIII NC 4,517,556 1,764,965 6,162,855 7,927,820 143,977 1,764,965 6,306,832 8,071,797 693,448 1968/2002 12/30/2016 Hendersonville II NC 4,254,715 2,597,584 5,037,350 7,634,934 160,072 2,597,584 5,197,422 7,795,006 657,926 1989/2003 12/30/2016 Asheville VII NC 1,585,252 782,457 2,139,791 2,922,248 58,418 782,457 2,198,209 2,980,666 253,424 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 8,560,873 1,584,664 8,196,091 9,780,755 96,060 1,584,664 8,292,151 9,876,815 962,350 2012 1/11/2017 Dufferin (2) ONT 18,426,124 6,258,511 16,287,332 22,545,843 219,635 (3) 6,283,048 16,482,430 22,765,478 1,539,550 2015 2/1/2017 Mavis (2) ONT 12,743,301 4,657,233 14,493,508 19,150,741 155,843 (3) 4,675,492 14,631,092 19,306,584 1,348,393 2013 2/1/2017 Brewster (2) ONT 9,385,269 4,136,329 9,527,410 13,663,739 107,094 (3) 4,152,546 9,618,287 13,770,833 897,554 2013 2/1/2017 Granite (2) ONT 6,199,444 3,126,446 8,701,429 11,827,875 109,913 (3) 3,138,703 8,799,085 11,937,788 782,623 1998/2016 2/1/2017 Centennial (2) ONT 4,391,273 1,714,644 11,428,538 13,143,182 170,347 (3) 1,721,366 11,592,163 13,313,529 1,013,267 2016/2017 2/1/2017 Initial Cost to Company Gross Carrying Amount at December 31, 2019 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 Ft. Pierce FL 6,479,547 1,152,931 12,398,306 13,551,237 22,461 1,152,931 12,420,767 13,573,698 358,952 2008 1/24/2019 Russell Blvd, Las Vegas II NV 13,002,835 3,433,634 15,449,497 18,883,131 6,640 3,433,634 15,456,137 18,889,771 562,583 1996 1/24/2019 Jones Blvd, Las Vegas I NV 10,902,999 1,975,283 12,565,410 14,540,693 35,094 1,975,283 12,600,504 14,575,787 362,807 1999 1/24/2019 Airport Rd, Colorado Springs CO 3,664,395 870,373 7,877,813 8,748,186 97,297 870,373 7,975,110 8,845,483 242,859 1983 1/24/2019 Riverside CA 6,461,036 1,259,685 6,995,794 8,255,479 102,225 1,259,685 7,098,019 8,357,704 223,795 1980 1/24/2019 Stockton CA 5,653,407 783,938 7,706,492 8,490,430 1,232 783,938 7,707,724 8,491,662 243,952 1984 1/24/2019 Azusa CA 9,530,028 4,384,861 9,153,677 13,538,538 135,589 4,384,861 9,289,266 13,674,127 276,663 1986 1/24/2019 Romeoville IL 3,836,240 964,701 5,755,146 6,719,847 48,208 964,701 5,803,354 6,768,055 189,896 1986 1/24/2019 Elgin IL 2,665,177 1,162,197 2,895,052 4,057,249 41,578 1,162,197 2,936,630 4,098,827 121,271 1986 1/24/2019 San Antonio I TX 9,126,214 1,602,740 9,196,093 10,798,833 88,535 1,602,740 9,284,628 10,887,368 279,444 1998 1/24/2019 Kingwood TX 6,299,510 1,016,291 9,358,519 10,374,810 64,973 1,016,291 9,423,492 10,439,783 302,752 2001 1/24/2019 Aurora CO 3,942,344 1,678,141 5,958,219 7,636,360 12,582 1,678,141 5,970,801 7,648,942 243,322 2015 1/24/2019 San Antonio II TX — 3,109,187 8,579,806 11,688,993 — — — — — 2004 1/24/2019 Stoney Creek I TOR 5,591,950 2,363,127 8,154,202 10,517,329 321,104 (3) 2,423,704 8,414,729 10,838,433 261,845 N/A 1/24/2019 Torbarrie TOR 5,936,996 2,714,051 — 2,714,051 — (3) 2,783,623 — 2,783,623 — 1980 1/24/2019 Baseline AZ 5,882,318 1,307,289 11,385,380 12,692,669 — 1,307,289 11,385,380 12,692,669 362,892 2016 1/24/2019 3173 Sweeten Creek Rd, Asheville NC 3,636,033 1,036,164 8,764,558 9,800,722 1,048,068 1,036,164 9,812,626 10,848,790 276,861 1982 1/24/2019 Elk Grove IL 3,670,067 2,384,166 6,000,071 8,384,237 26,971 2,384,166 6,027,042 8,411,208 189,136 2016 1/24/2019 Garden Grove CA 10,885,408 8,076,202 13,152,494 21,228,696 68,311 8,076,202 13,220,805 21,297,007 405,382 2017 1/24/2019 Deaverview Rd, Asheville NC 2,830,546 1,449,001 4,412,039 5,861,040 121,594 1,449,001 4,533,633 5,982,634 149,150 1992 1/24/2019 Highland Center Blvd, Asheville NC 3,267,324 1,763,875 4,823,116 6,586,991 16,000 1,763,875 4,839,116 6,602,991 156,742 1994 1/24/2019 Sarasota FL 3,687,085 1,084,165 7,359,913 8,444,078 4,123 1,084,165 7,364,036 8,448,201 214,523 2017 1/24/2019 Mount Pleasant SC 3,528,256 1,054,553 5,678,794 6,733,347 9,916 1,054,553 5,688,710 6,743,263 167,246 2016 1/24/2019 Nantucket MA 25,198,238 5,854,837 33,210,517 39,065,354 49,887 5,854,837 33,260,404 39,115,241 945,522 2002 1/24/2019 Pembroke Pines FL 8,559,709 3,146,970 14,296,167 17,443,137 6,192 3,146,970 14,302,359 17,449,329 431,009 2018 1/24/2019 Riverview FL 4,674,089 1,593,082 7,102,271 8,695,353 9,552 1,593,082 7,111,823 8,704,905 228,810 2018 1/24/2019 Eastlake CA 10,193,371 2,120,104 15,417,746 17,537,850 5,411 2,120,104 15,423,157 17,543,261 430,220 2018 1/24/2019 McKinney TX 5,990,094 2,177,186 9,320,876 11,498,062 4,202 2,177,186 9,325,078 11,502,264 274,864 2016 1/24/2019 Hualapai Way, Las Vegas NV 5,428,523 742,839 9,018,717 9,761,556 3,775 742,839 9,022,492 9,765,331 264,977 2018 1/24/2019 Gilbert AZ 5,672,438 1,379,687 9,021,255 10,400,942 138,470 1,037,750 9,501,662 10,539,412 145,982 2019 7/11/2019 Corporate Office CA 4,179,994 975,000 5,525,000 6,500,000 — 975,000 5,525,000 6,500,000 75,399 2018 1/24/2019 $ 719,769,888 $ 334,865,685 $ 823,989,800 $ 1,158,855,485 $ 26,589,304 $ 332,350,688 $ 841,474,680 $ 1,173,825,368 $ 83,692,491 (1) The aggregate cost of real estate for United States federal income tax purposes is approximately $1,220,069,468. (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 d uring 2019 was as follows: 2019 Real estate facilities Balance at beginning of year $ 820,296,026 Facility acquisitions 351,070,238 Impact of foreign exchange rate changes 6,582,603 Improvements and additions 7,565,494 Asset disposals (11,688,993 ) Balance at end of year $ 1,173,825,368 Accumulated depreciation Balance at beginning of year $ (54,264,685 ) Asset disposals 202,416 Depreciation expense (29,188,668 ) Impact of foreign exchange rate changes (441,554 ) Balance at end of year $ (83,692,491 ) Construction in process Balance at beginning of year $ 130,383 Net additions and assets placed into service 12,107,339 Balance at end of year $ 12,237,722 Real estate facilities, net $ 1,102,370,599 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint ventures with SST IV and SSGT II which were acquired in the Self Administration Transaction, which are consolidated. As of December 31, 2018, we were not a party to any other contracts/interests that would be deemed to be variable interest in VIEs other than our Tenant Programs joint venture and a real estate joint venture, both of which were accounted for under the equity method of accounting. In January 2019, we sold our interest in the real estate joint venture to SST IV, a REIT previously sponsored by SAM and now sponsored by SRA. We acquired 50% of the Tenant Programs joint venture in the Self Administration Transaction such that we now own 100% of such joint venture. Please see Note 3 – Real Estate Facilities for further discussion regarding the real estate joint venture and Note 10 – Related Party Transactions for further discussions regarding our Tenant Programs joint venture. Other than these joint ventures, we did not have any variable interest relationships with unconsolidated entities or financial partnerships as of December 31, 2018 Under the equity method, our investments in real estate joint ventures will be stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings will generally be recognized based on our ownership interest in the earnings of each of the unconsolidated investment. |
Noncontrolling Interest in Consolidated Entities | Noncontrolling Interest in Consolidated Entities We account for the noncontrolling interest in our Operating Partnership and the noncontrolling interests in our Tenant Programs joint ventures with SST IV and SSGT II 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 partners, our Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company and the limited partner interests are reflected as a noncontrolling interest in the accompanying consolidated balance sheets. We also consolidate our interests in the SST IV and SSGT II Tenant Programs and present them as noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interests shall be attributed their 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 relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of indefinite and 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 a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date. The value of the tangible assets, consisting of land and buildings is determined as if vacant . 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 $ 13.6 million , none and approximately $ 4.4 million in intangible assets to recognize the value of in-place leases related to our acquisitions during the year s ended December 31, 2019 , 2018 and 2017 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 . Acquisitions that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. During the years ended December 31, 2019 and 2018, our property acquisitions have not met the 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, once an acquisition is deemed probable, transaction costs are capitalized rather than expensed. For the year ended December 31, 2017, prior to our adoption of Accounting Standards Update 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), we accounted for all real estate acquisitions as business combinations. As a result, transaction costs were expensed as acquisition costs, rather than capitalized to the purchase price allocation once the acquisition was deemed probable. During the years ended December 31, 2019, 2018, and 2017 we expensed approximately $0.2 |
Purchase Price Allocation for the Acquisition of a Business | Purchase Price Allocation for the Acquisition of a Business Should the initial accounting for an acquisition that meets the definition of a business be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we 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 record those adjustments to our financial statements. We apply those measurement period adjustments in the period in which the provisional amounts are finalized. |
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, 2019, 2018, and 2017, no impairment losses were recognized. |
Goodwill Valuation | Goodwill Valuation We have recorded goodwill of approximately $78.4 million as a result of the Self Administration Transaction. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. Goodwill is allocated to various reporting units, as applicable and is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In our impairment test of goodwill, we perform a quantitative analysis to compare the fair value of each reporting unit to its respective carrying amount. If the carrying amount of goodwill exceeds its fair value, an impairment charge will be recognized. |
Trademarks | Trademarks Trademarks are based on the value of our brands. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible fair value of our ownership of the brand name. We used the following significant projections and assumptions to determine fair value under the relief from royalty method: revenues; royalty rate; tax expense; terminal growth rate; and discount rate. For the SmartStop ® ® We will evaluate whether any triggering events or changes in circumstances have occurred subsequent to our annual impairment test that would indicate an impairment condition may exist. If any change in circumstance or triggering event occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuations methods is adversely impacted, the impact could result in a material impairment charge in the future. In connection with the Self Administration Transaction, we recorded $19.8 million associated with the two primary trademarks acquired. Prior thereto we had no amounts recorded related to trademarks. Approximately $18.7 million of the original $19.8 million of trademarks relates to the “SmartStop ® ® ® The total estimated future amortization expense of the “Strategic Storage®” trademark asset for the years ending December 31, 2020, 2021, 2022, 2023 and thereafter is approximately $220,000, $220,000, $220,000, $220,000 and $108,000, respectively |
Revenue Recognition | Revenue Recognition Self Storage Operations 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. Managed REIT Platform We earn property management revenue and asset management revenue, pursuant to the respective property management and advisory agreement contracts, in connection with providing services to the Managed REITs. We have determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for the property management services and asset management services are satisfied as the services are rendered. While we are compensated for our services on a monthly basis, these services represent a series of distinct daily services in accordance with ASC 606. Such revenue is recorded in the Managed REIT Platform revenue line within our consolidated statements of operations. The Managed REITs’ advisory agreements also provide for reimbursement to us of our direct and indirect costs of providing administrative and management services to the Managed REITs. These reimbursements include costs incurred in relation to organization and offering services provided to the Managed REITs and the reimbursement of salaries, bonuses, and other expenses related to benefits paid to our employees while performing services for the Managed REITs. T he Managed REITs’ property management agreements also provide r eimbursement to us for the property manager’s costs of managing the properties. Reimbursable costs include wages and salaries and other expenses that arise in operating, managing and maintaining the Managed REITs’ properties. Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform property management and asset management services. The reimbursement income is considered variable consideration, and is recognized as the costs are incurred, subject to limitations on the Managed REIT Platform’s ability to incur offering costs or limitations imposed by the advisory agreements. We have elected to separately record such revenue in the Reimbursable costs from Managed REITs line within our consolidated statements of operations. Additionally, we earn revenue in connection with our Tenant Programs joint ventures with our Managed REITs. We also earn development and construction management revenue from services we provide in connection with the project design, coordination and oversite of development and certain capital improvement projects undertaken by the Managed REITs. We recognize such revenue in the Managed REIT Platform revenue line within our consolidated statements of operations. See Note 10 – Related Party Transactions, for additional information regarding revenue generated from our Managed REIT Platform. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Tenant accounts receivable is reported net of an allowance for doubtful accounts. Management records a general reserve estimate 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 the relative 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 30-40 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, 2019, the gross amount allocated to in-place lease intangibles was approximately $46.8 million and accumulated amortization of in-place lease intangibles totaled approximately $40.4 million. As of December 31, 2018, the gross amount allocated to in-place lease intangibles was approximately $33.4 million and accumulated amortization of in-place lease intangibles totaled approximately $31.9 million. The total estimated future amortization expense of intangible assets related to our self storage properties for the years ending December 31, 2020, 2021, 2022, 2023, 2024, and thereafter is approximately $5.0 million, $0.1 million, $0.1 million, $0.1 million, $0.1 million, and $1.0 million respectively. In connection with the Self Administration Transaction, we allocated a portion of the consideration to the contracts that we acquired related to the Managed REITs and the customer relationships related to the Tenant Programs joint ventures. For these intangibles, we are amortizing such amounts on a straight-line basis over the estimated benefit period of the contracts and customer relationships. As of December 31, 2019, the gross amount allocated to the contracts and customer relationships was approximately $26.5 million and the accumulated amortization was approximately $2.9 million. The total estimated future amortization expense for such intangible assets for the years ending December 31, 2020, 2021, 2022, 2023, 2024 and thereafter is approximately $5.7 million, $4.6 million, $4.6 million, $4.6 million, and $4.1 million, respectively. |
Debt Issuance Costs | Debt Issuance Costs The net carrying value of costs incurred in connection with our former revolving credit facility was presented as debt issuance costs on our consolidated balance sheet as of December 31, 2018. As of December 31, 2019 and 2018, accumulated amortization of debt issuance costs related to our revolving credit facility totaled none and approximately $45,000, 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 debt (see Note 6). 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, 2019 and 2018, accumulated amortization of debt issuance costs related to non-revolving debt totaled approximately $4.3 million and $1.0 million, respectively. |
Organizational and Offering Costs | Organizational and Offering Costs 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% |
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 adjustments related to amounts classified as long term net equity investments 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. Changes in net equity investments not classified as long term are recorded in other income (expense) and represented a gain and a loss of approximately $0.9 million and approximately ($1.2 million) for the years ended December 31, 2019 and 2018, respectively. |
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. On August 26, 2019, our board of directors approved the suspension of our share redemption program, effective as of September 27, 2019, so that common shares are redeemable at the option of the holder only in connection with (i) death or disability of a stockholder, (ii) confinement to a long-term care facility, or (iii) other exigent circumstances For the year ended December 31, 2019, we received redemption requests totaling approximately $4.9 million (approximately 0.5 million shares), approximately $4.5 million of which were fulfilled during the year ended December 31, 2019, with the remaining approximately $0.4 million included in accounts payable and accrued liabilities as of December 31, 2019 and fulfilled in January 2020. For the year ended December 31, 2018, we received redemption requests totaling approximately $8.3 million (approximately 0.9 million shares), approximately $7.0 million of which were fulfilled during the year ended December 31, 2018, with the remaining approximately $1.3 million included in accounts payable and accrued liabilities as of December 31, 2018 and fulfilled in January 2019. 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. |
Accounting for Equity Awards | Accounting for Equity Awards Through December 31, 2019, we have only issued service based awards. The cost of such restricted stock awards is required to be measured based on the grant date fair value and the cost recognized over the relevant service period. We have assumed no forfeitures in recognizing these costs; any such forfeitures will be recognized upon occurrence and will reduce the previously recognized expenses. |
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 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 along with the assets and liabilities described in Note 4, Self Administration Transaction 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, 2019 and 2018. 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, 2019 December 31, 2018 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 311,700,000 $ 302,820,786 $ 200,600,000 $ 207,357,391 As of December 31, 2019, and 2018, we had interest rate swaps, interest rate caps, and a net investment hedge (See Notes 6 and 8). 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, 2019, 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 (loss) income into earnings (loss) 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 an election to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, the TRS performs additional services for our customers and provides the advisory and property management services to the Managed REITs and otherwise 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. |
Segment Reporting | Segment Reporting Our business is comprised of two reportable segments: (i) self storage operations and (ii) the Managed REIT Platform business. Please see Note 9 – Segment Disclosures for additional detail. |
Convertible Preferred Stock | Convertible Preferred Stock We classify our Series A Convertible Preferred Stock on our balance sheets using the guidance in ASC 480‑10‑S99. Our Series A Convertible Preferred Stock can be redeemed by us on or after the fifth anniversary of its issuance, or if certain events occur, such as the listing of our common stock on a national securities exchange, a change in control, or if a redemption would be required to maintain our REIT status. Additionally, if we do not maintain our REIT status the holder can require redemption. As the shares are contingently redeemable, and under certain circumstances not solely within our control, we have classified our Series A Convertible Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series A Convertible Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary. |
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 common shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed by including the dilutive effect of the conversion of all potential common stock equivalents (which includes unvested restricted stock and convertible preferred stock) and the adding back of the Series A Convertible |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance 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. We adopted this standard and all related amendments on January 1, 2019 using the modified retrospective approach, without applying the provisions to comparative periods presented. Its adoption did not have a material impact on our consolidated financial statements as substantially all of our lease revenues are derived from month-to-month leases and, as lessee, we have no significant leases In addition, the new standard requires our expected loss related to collectability of rental payments, previously reflected in property operating expenses as bad debt expense, to be reflected as a reduction to self storage rental revenue. The impact of this was a reduction in both self storage rental revenue and property operating expenses of approximately $1.7 million for the year ended December 31, 2019. During the years ended December 31, 2018 and 2017, bad debt expense totaled approximately $1.2 million and $1.3 million, respectively, and are included in property operating expenses. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. ASU 2017-12 is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and to simplify the application of the hedge accounting guidance under previous GAAP. ASU 2017-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. For cash flow and net investment hedges existing at the date of adoption, a reporting entity must apply the amendments in ASU 2017-12 using the modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company adopted ASU 2017-12 effective beginning January 1, 2019, and its adoption did not have a material impact on our financial statements . In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment” . The standard simplifies the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, goodwill impairment is measured as the difference between the fair value and the carrying value, as applicable. This standard is effective for annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019, with early adoption permitted for impairment tests performed after January 1, 2017. The Company has early adopted ASU 2017-04 . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 30-40 years Site Improvements 7-10 years |
Summary of Fixed Rate Notes Payable | The table below summarizes our fixed rate notes payable at December 31, 2019 and 2018. 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, 2019 December 31, 2018 Fair Value Carrying Value Fair Value Carrying Value Fixed Rate Secured Debt $ 311,700,000 $ 302,820,786 $ 200,600,000 $ 207,357,391 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2019 and 2018: Real estate facilities Balance at December 31, 2017 $ 829,679,477 Impact of foreign exchange rate changes (11,915,703 ) Improvements and additions 2,532,252 Balance at December 31, 2018 820,296,026 Facilities acquired through merger with SSGT 334,139,296 Asset disposals (11,688,993 ) Corporate office acquired through Self Administration Transaction 6,500,000 Other facility acquisitions 10,430,942 Impact of foreign exchange rate changes 6,582,603 Improvements and additions 7,565,494 Balance at December 31, 2019 $ 1,173,825,368 Accumulated depreciation Balance at December 31, 2017 $ (34,686,973 ) Depreciation expense (20,134,068 ) Impact of foreign exchange rate changes 556,356 Balance at December 31, 2018 (54,264,685 ) Asset disposals 202,416 Depreciation expense (29,188,668 ) Impact of foreign exchange rate changes (441,554 ) Balance at December 31, 2019 $ (83,692,491 ) |
Summary of Reconciles Total Consideration Transferred | The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 |
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185 |
Summary of Purchase Price Allocation for Acquisitions | The following table summarizes our purchase price allocation for our acquisitions during the year ended December 31, 2019 : Acquisition Acquisition Date Real Estate Assets Construction in Process (4) Intangibles Total (1) Debt Issued or Assumed 2019 Revenue (2) 2019 Property Operating Income (2)(3) SSGT Mergers (5) 1/24/2019 $ 334,139,296 $ 5,370,773 $ 13,571,765 $ 353,081,834 $ 193,376,846 $ 21,909,300 $ 12,032,555 Riggs Rd - Gilbert (6) 7/11/2019 10,430,942 - - 10,430,942 5,702,000 62,085 (44,459 ) 2019 Total $ 344,570,238 $ 5,370,773 $ 13,571,765 $ 363,512,776 $ 199,078,846 $ 21,971,385 $ 11,988,096 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. (2) The operating results of the self storage properties acquired during the year ended December 31, 2019 have been included in our consolidated statements of operations since their respective acquisition date (3) Property operating income excludes corporate general and administrative expenses, asset management fees, interest expenses, depreciation, amortization and acquisition expenses (4) Construction in process relates to the Torbarrie property in Toronto, Canada, which is a self storage property under construction. Such facility partially opened in March 2020. (5) SSGT had stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. As a result, many of its properties were not physically and/or economically stabilized as of the date of the SSGT Mergers (6) The Gilbert Property was recently developed and acquired, with 0% occupancy as of its acquisition date |
Strategic Storage Growth Trust, Inc | |
Summary of Reconciles Total Consideration Transferred | The following table reconciles the total consideration transferred during the SSGT Mergers: Fair value of consideration transferred: Cash $ 346,231,561 (1) Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC 4,217,399 Total consideration transferred $ 350,448,960 (1) approximately $19 million of SSGT debt that was repaid at closing, approximately $5 million of other SSGT liabilities paid at closing, and approximately $1 million in transaction costs |
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT Mergers: Assets Acquired: Land $ 62,261,573 Buildings 255,743,767 Site improvements 16,133,956 Construction in process 5,370,773 Intangible assets 13,571,765 Cash and cash equivalents 692,965 Other assets 6,536,838 Total assets acquired $ 360,311,637 Liabilities assumed: Debt $ 5,038,435 Accounts payable and accrued liabilities 4,824,242 Total liabilities assumed $ 9,862,677 Total net assets acquired $ 350,448,960 |
Self Administration Transacti_2
Self Administration Transaction (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Reconciles Total Consideration Transferred | The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following: Estimated Fair Value of Consideration Transferred Cash (1) $ 3,918,185 Class A-1 Units 63,643,000 Class A-2 Units (contingent earnout) 30,900,000 Total Consideration Transferred 98,461,185 Fair value of our preexisting 50% equity interests 12,800,000 Total $ 111,261,185 |
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed: Identifiable Assets Acquired at Fair Value Cash and cash equivalents $ 36,443 Restricted cash 94,999 Land 975,000 Building 5,389,000 Site Improvements 136,000 Equipment, furniture and fixtures 651,000 Investments in Managed REITs 5,600,000 Other assets 1,084,629 Intangibles - customer relationships 1,600,000 Trademarks 19,800,000 Intangibles - management contracts 24,900,000 Total identifiable assets acquired $ 60,267,071 Identifiable Liabilities Assumed at Fair Value Debt $ 19,219,126 Accounts payable and accrued expenses 722,286 Deferred tax liabilities, net 7,415,654 Total liabilities assumed $ 27,357,066 Net identifiable assets acquired $ 32,910,005 Goodwill 78,372,980 Non-controlling interest related to consolidated Tenant Programs joint ventures (21,800 ) Net assets acquired $ 111,261,185 |
Pro Forma Financial Informati_2
Pro Forma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition Pro Forma Information [Abstract] | |
Summary of Consolidated Results of Operations on Pro Forma Basis | Year Ended December 31, 2019 Year Ended December 31, 2018 Pro forma revenue $ 113,886,094 $ 84,190,199 Pro forma operating expenses $ (103,374,709 ) $ (68,661,890 ) Pro forma net income (loss) attributable to common stockholders $ (27,684,937 ) $ (3,296,311 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Summarized Real Estate Secured Debt | The Company’s debt is summarized as follows: Encumbered Property December 31, 2019 December 2018 Interest Rate Maturity Date KeyBank CMBS Loan (5) $ 95,000,000 $ 95,000,000 3.89 % 8/1/2026 KeyBank Florida CMBS Loan (6) 52,000,000 52,000,000 4.65 % 5/1/2027 Midland North Carolina CMBS Loan (7) 47,048,287 47,249,999 5.31 % 8/1/2024 Canadian CitiBank Loan (8) 85,500,660 72,846,480 4.24 % 10/9/2020 CMBS SASB Loan (9) 235,000,000 — 4.76 % 2/9/2022 CMBS Loan (10) 104,000,000 — 5.00 % 2/1/2029 Secured Loan (11) (12) 85,512,000 — 4.26 % 1/24/2022 Stoney Creek Loan (13) 5,591,950 — 5.90 % 10/1/2021 Torbarrie Loan (14) 5,936,996 — 5.90 % 9/1/2021 Ladera Office Loan 4,179,994 — 4.29 % 11/1/2026 Raleigh/Myrtle Beach promissory note (1) — 11,878,396 5.73 % N/A Amended KeyBank Credit Facility (2) — 98,782,500 5.00 % N/A Oakland and Concord Loan (3) — 19,483,127 3.95 % N/A $11M KeyBank Subordinate Loan (4) — 11,000,000 6.25 % N/A Premium on secured debt, net 592,505 1,228,996 Debt issuance costs, net (7,629,390 ) (3,385,395 ) Total debt $ 712,733,002 $ 406,084,103 (1) (2) (3) (4) (5) (6) (7) (8) e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021. (9) This variable rate loan encumbers our 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79 % though February 15, 2022 . The separate assets of these encumbered properties are not available to pay our other debts . (10) (11) (12) (13) (14) allows for borrowings up to approximately $10.3 million CAD and is |
Summary of Merger Financings | On January 24, 2019, in conjunction with the SSGT Mergers, we, through certain wholly-owned special purpose entities, entered into various financings (“SSGT Merger Financings”), as follows: Merger Financings Principal Borrowing as of Merger Date CMBS SASB Loan $ 235,000,000 CMBS Loan 104,000,000 Secured Loan 89,178,000 Senior Term Loan 72,000,000 Total $ 500,178,000 |
Schedule of Payment Related to Merger Consideration and Repayment of Debt | The proceeds from the SSGT Merger Financings were primarily used to facilitate the SSGT Mergers as previously described, including the payment of the SSGT merger consideration and the repayment, in full, of certain of our debt, as follows: Merger Financings Principal Repaid Raleigh/Myrtle Beach promissory note $ 11,862,471 Amended KeyBank Credit Facility 98,782,500 Oakland and Concord loan 19,443,753 $11M KeyBank Subordinate Loan 11,000,000 Total $ 141,088,724 |
Future Principal Payment Requirements on Outstanding Debt | The following table presents the future principal payment requirements on outstanding debt as of December 31, 2019: 2020 $ 86,208,937 2021 12,823,585 2022 323,426,829 2023 3,384,578 2024 47,035,146 2025 and thereafter 246,890,812 Total payments 719,769,887 Premium on secured debt, net 592,505 Debt issuance costs, net (7,629,390 ) Total $ 712,733,002 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Notional Amount Strike Effective or Date Assumed Maturity Interest Rate Swaps: LIBOR Swap $ 85,512,000 (3) 2.61 % January 24, 2019 August 1, 2020 LIBOR Swap 235,000,000 1.79 % June 15, 2019 February 15, 2022 Interest Rate Caps: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 CDOR Cap 1,000,000 (1) 3.00 % March 28, 2019 October 15, 2021 CDOR Cap 11,700,000 (1) 3.00 % May 28, 2019 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 95,000,000 (1) 1.323 December 9, 2020 February 10, 2020 (2) (1) Notional amounts shown are denominated in CAD. (2) We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 . (3) We entered into this Swap on January 24, 2019 for an initial notional amount of approximately $161 million, however, on October 29, 2019, in connection with the settlement of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million The following table summarizes the terms of our derivative financial instruments as of December 31, 2018: Notional Amount Strike Effective Date Maturity Interest Rate Swaps: Oakland and Concord loan $ 19,483,127 (2) 3.95 % May 18, 2016 April 10, 2023 Interest Rate Cap: CDOR Cap $ 99,300,000 (1) 3.00 % October 11, 2018 October 15, 2021 Foreign Currency Forward: Denominated in CAD $ 90,000,000 (1) 1.2846 March 28, 2018 January 28, 2019 (3) (1) Notional amount shown is denominated in CAD. (2) The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Mergers (3) We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million |
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, 2019 and 2018: Asset/Liability Derivatives Fair Value Balance Sheet Location December 31, 2019 December 31, 2018 Interest Rate Swaps Other assets $ — $ 361,802 Accounts payable and accrued liabilities 1,695,140 — Interest Rate Caps Other assets $ 28,847 $ 87,808 Foreign Currency Hedges Other assets $ 4,016,806 Accounts payable and accrued liabilities $ 1,425,632 — |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments | The following table summarizes information for the reportable segments for the year ended December 31, 2019 below: Year Ended December 31, 2019 Managed REIT Corporate Self Storage Platform and Other Total Revenues: Self storage rental revenue $ 99,494,560 $ — $ — $ 99,494,560 Ancillary operating revenue 3,706,700 — — 3,706,700 Managed REIT Platform revenue — 3,068,306 — 3,068,306 Reimbursable costs from Managed REITs — 3,258,983 — 3,258,983 Total revenues 103,201,260 6,327,289 — 109,528,549 Operating expenses: Property operating expenses 35,723,111 — — 35,723,111 Property operating expenses – affiliates 6,605,670 — — 6,605,670 Managed REIT Platform expense — 2,739,556 — 2,739,556 Reimbursable costs from Managed REITs — 3,258,983 — 3,258,983 General and administrative — — 10,461,453 10,461,453 Depreciation 29,305,979 — 299,299 29,605,278 Intangible amortization expense 9,051,083 2,442,311 — 11,493,394 Contingent earnout expense — — 200,000 200,000 Self administration transaction expenses — — 1,572,238 1,572,238 Acquisition expenses – affiliates 84,061 — — 84,061 Other property acquisition expenses 141,489 — — 141,489 Total operating expenses 80,911,393 8,440,850 12,532,990 101,885,233 Gain on sale of real estate 3,944,696 — — 3,944,696 Operating income (loss) 26,234,563 (2,113,561 ) (12,532,990 ) 11,588,012 Other income (expense): Interest expense (37,469,725 ) — (93,522 ) (37,563,247 ) Interest expense – accretion of fair market value of secured debt 131,611 — — 131,611 Interest expense – debt issuance costs (3,990,421 ) — (6,255 ) (3,996,676 ) Net loss on extinguishment of debt (2,635,278 ) — (12,355 ) (2,647,633 ) Gain resulting from acquisition of unconsolidated affiliates 8,017,353 — — 8,017,353 Other (1,159,570 ) 534,612 — (624,958 ) Net loss $ (10,871,467 ) $ (1,578,949 ) $ (12,645,122 ) $ (25,095,538 ) |
Summary of Total Assets by Segment | The following table summarizes our total assets by segment: Segments December 31, 2019 Self Storage $ 1,175,887,634 (1) Managed REIT Platform 73,939,002 (1) Corporate and Other 61,607,095 Total assets $ 1,311,433,731 (1) Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million, and $33.1 million of goodwill, respectively. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019, as well as any related amounts payable as of December 31, 2018 and 2019: Year Ended December 31, 2018 Year Ended December 31, 2019 Incurred Paid Payable Incurred Paid Payable Expensed Operating expenses $ 2,199,596 $ 2,336,075 $ 209,385 $ 975,985 $ 1,185,370 $ — Transfer Agent fees 352,300 302,839 49,461 324,943 374,404 — Asset management fees 5,445,528 5,445,528 — 3,622,558 3,622,558 — Property management fees 4,809,106 4,809,106 — 2,983,111 2,983,111 — Acquisition expenses 72,179 72,179 — 84,061 84,061 — Capitalized Acquisition costs 48,664 48,664 — 235,932 235,932 — Self Administration Transaction working capital true-up — — — 493,785 493,785 — Additional paid-in capital Stockholder servicing fee (1) — 675,049 1,944,991 — 667,651 1,277,340 Total $ 12,927,373 $ 13,689,440 $ 2,203,837 $ 8,720,375 $ 9,646,872 $ 1,277,340 (1) th |
Summary of Related Party Fees and Reimbursable Costs | Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for year ended December 31, 2019: Managed REIT Platform Revenues Year Ended December 31, 2019 Advisory agreement – SST IV $ 1,153,137 Property management agreement – SST IV 602,162 Tenant Program revenue – SST IV 254,148 Advisory agreement – SSGT II 310,786 Property management agreement – SSGT II 91,594 Tenant Program revenue – SSGT II 37,269 Other Managed REIT revenue (1) 619,210 Total $ 3,068,306 (1) Such revenues primarily includes construction management, development, and acquisitions related fees. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Non-vested Restricted Stock Grants | Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Non-Vested at December 31, 2018 21,438 $ 10.38 Granted 251,993 9.48 Vested (7,625 ) 10.29 Non-Vested at December 31, 2019 265,806 $ 9.53 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Stock For Redemption Based On Number Of Years Stock Held Table Text Block | 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 (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total revenues $ 23,883,325 $ 25,980,517 $ 29,588,014 $ 30,076,693 Total operating expenses $ 21,934,203 $ 25,211,611 $ 27,773,486 $ 26,965,933 Operating income $ 1,949,122 $ 768,906 $ 1,814,528 $ 7,055,456 Net loss $ (8,948,317 ) $ (2,283,972 ) $ (9,541,579 ) $ (4,321,670 ) Net loss attributable to common stockholders $ (8,891,558 ) $ (2,212,445 ) $ (8,214,826 ) $ (5,431,504 ) Net loss per Class A Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) Net loss per Class T Share-basic and diluted $ (0.15 ) $ (0.04 ) $ (0.14 ) $ (0.09 ) Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total revenues $ 19,866,457 $ 20,045,516 $ 20,313,069 $ 20,187,215 Total operating expenses $ 16,010,116 $ 16,605,713 $ 15,836,436 $ 15,808,549 Operating income $ 3,856,341 $ 3,439,803 $ 4,476,633 $ 4,378,666 Net loss $ (667,047 ) $ (1,437,330 ) $ (457,278 ) $ (1,159,075 ) Net loss attributable to common stockholders $ (661,203 ) $ (1,427,056 ) $ (451,424 ) $ (1,158,694 ) Net loss per Class A Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) Net loss per Class T Share-basic and diluted $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.02 ) |
Organization - Additional Infor
Organization - Additional Information (Detail) | Oct. 29, 2019USD ($) | Jun. 26, 2019$ / shares | Jan. 09, 2017USD ($)shares | May 23, 2014USD ($) | Aug. 02, 2013USD ($) | Dec. 31, 2019USD ($)StorageFacilityState$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018$ / sharesshares | Oct. 01, 2018State | Jul. 01, 2018$ / shares | Nov. 30, 2016shares |
Organization And Nature Of Operations [Line Items] | |||||||||||
Date of formation of company | Jan. 8, 2013 | ||||||||||
Preferred Stock, shares authorize | shares | 200,000,000 | ||||||||||
Preferred Stock, par value | $ / shares | $ 0.001 | ||||||||||
Shares issuable pursuant to distribution reinvestment plan | $ 95,000,000 | ||||||||||
Sale of common shares | $ 17,311,370 | ||||||||||
Maximum purchase commitment amount | $ 200,000,000 | ||||||||||
Initial closing amount | 150,000,000 | ||||||||||
Additional purchase commitment amount | $ 50,000,000 | ||||||||||
Preferred stock, dividend rate, percentage | 6.25% | ||||||||||
Number of self storage facilities | StorageFacility | 112 | ||||||||||
Number of states located for self storage facilities | State | 17 | 10 | |||||||||
Advisor, SS Toronto REIT Advisors, Inc., and SS Growth Advisor, LLC. | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of limited partnership interests | 86.70% | ||||||||||
SAM and Affiliates | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of limited partnership interests owned by noncontrolling owners | 13.30% | ||||||||||
Fifth To Tenth Anniversary | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Dividend rate percentage of increase on preferred stock | 0.75% | ||||||||||
After Tenth Anniversary | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Dividend rate percentage of increase on preferred stock | 0.75% | ||||||||||
Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorize | 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. | ||||||||||
Maximum | Tenth Anniversary | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Preferred stock, dividend rate, percentage | 9.00% | ||||||||||
Primary Offering | Maximum | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common stock, value authorize | $ 1,000,000,000 | ||||||||||
Primary Offering | Minimum | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 1,500,000 | ||||||||||
Class A Common stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorize | shares | 350,000,000 | 350,000,000 | |||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Estimated value per common share | $ / shares | $ 10.66 | ||||||||||
Class A Common stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Selling price per share | $ / shares | $ 10.66 | ||||||||||
Class A Common stock | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 1,028 | ||||||||||
Number of common stock issued | shares | 1,027,612 | ||||||||||
Class A Common stock | Common Stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Gross proceeds from issuance of common stock | $ 41,700,000 | ||||||||||
Number of common stock issued | shares | 4,000,000 | ||||||||||
Class A Common stock | Primary Offering | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of shares issued in offering | shares | 48,400,000 | ||||||||||
Gross proceeds from issuance of common stock | $ 493,000,000 | ||||||||||
Class T Common stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Common Stock, shares authorize | shares | 350,000,000 | 350,000,000 | |||||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Estimated value per common share | $ / shares | $ 10.66 | ||||||||||
Class T Common stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Selling price per share | $ / shares | $ 10.66 | ||||||||||
Class T Common stock | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Sale of common shares | $ 565 | ||||||||||
Number of common stock issued | shares | 564,591 | ||||||||||
Class T Common stock | Common Stock | Distribution Reinvestment Plan | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Gross proceeds from issuance of common stock | $ 6,400,000 | ||||||||||
Number of common stock issued | shares | 600,000 | ||||||||||
Class T Common stock | Primary Offering | Common Stock | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of shares issued in offering | shares | 7,300,000 | ||||||||||
Gross proceeds from issuance of common stock | $ 73,000,000 | ||||||||||
SmartStop Self Storage, Inc. | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Number of self storage professionals and other personnel | StorageFacility | 350 | ||||||||||
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 | ||||||||||
SmartStop Asset Management | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of non-voting equity owned | 15.00% | ||||||||||
SmartStop Asset Management | Investments in Majority-owned Subsidiaries | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of non-voting equity owned | 15.00% | ||||||||||
Self Administration Transaction | Strategic Storage Advisor II, LLC | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of voting membership interest | 100.00% | ||||||||||
Self Administration Transaction | Strategic Storage Property Management II, LLC | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of voting membership interest | 100.00% | ||||||||||
Self Administration Transaction | SS Growth Property Management, LLC | |||||||||||
Organization And Nature Of Operations [Line Items] | |||||||||||
Percentage of voting membership interest | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 12 Months Ended | |||||||
Dec. 31, 2019USD ($)Trademarkshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 31, 2020USD ($) | Jun. 28, 2019USD ($) | Jan. 31, 2019USD ($) | Jan. 01, 2019 | Jan. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Payments to acquire intangible assets | $ 13,600,000 | $ 0 | $ 4,400,000 | |||||
Business acquisition, transaction costs | 200,000 | 1,100,000 | 500,000 | |||||
Impairment losses recognized | 0 | 0 | 0 | |||||
Goodwill | 78,372,980 | $ 78,372,980 | ||||||
Trademarks acquired amount | 0 | |||||||
Trademarks acquired | 19,688,167 | |||||||
Accumulated amortization | 40,400,000 | 31,900,000 | ||||||
Gross amounts of lease intangibles | 46,800,000 | 33,400,000 | ||||||
Accumulated amortization of debt issuance costs | $ 0 | 45,000,000,000 | ||||||
Underwriting commission | 10.00% | |||||||
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | |||||||
Redemptions of common stock | $ 4,900,000 | $ 8,300,000 | $ 2,200,000 | $ 1,300,000 | $ 700,000 | |||
Redemptions of common stock (in shares) | shares | 0.5 | 0.9 | 0.2 | |||||
Minimum percentage of ordinary taxable income to be distributed to stockholders | 90.00% | |||||||
Reduction in self storage rental revenue and property operating expenses | $ 1,700,000 | |||||||
Bad debt expense | $ 1,200,000 | $ 1,300,000 | ||||||
Subsequent Event | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Redemptions of common stock | $ 400,000 | |||||||
Real Estate Investment | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Gains (losses) on exchange rate changes in equity investments recorded in other income (expense) | $ 900,000 | $ (1,200,000) | ||||||
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 | ||||||||
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 | 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 | 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 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Redemptions of common stock | $ 4,500,000 | $ 7,000,000 | $ 1,500,000 | |||||
Non Revolving Debt | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accumulated amortization of debt issuance costs | 4,300,000 | $ 1,000,000 | ||||||
Self Storage | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 45,300,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2020 | 5,000,000 | |||||||
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, year 2023 | 100,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2024 | 100,000 | |||||||
Total estimated future amortization expense of intangible assets, thereafter | $ 1,000,000 | |||||||
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 | |||||||
Self Administration Transaction | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Trademarks acquired | $ 19,800,000 | |||||||
Number of trademarks acquired | Trademark | 2 | |||||||
Accumulated amortization | $ 2,900,000 | |||||||
Gross amounts of lease intangibles | $ 26,500,000 | |||||||
SmartStop Trademark | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets | 8 years | |||||||
Trademarks with indefinite lives | $ 18,700,000 | |||||||
Strategic Storage Trademark | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets | 7 years | |||||||
Total estimated future amortization expense of intangible assets, year 2020 | $ 220,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2021 | 220,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2022 | 220,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2023 | 220,000 | |||||||
Total estimated future amortization expense of intangible assets, thereafter | $ 108,000 | |||||||
Trademarks | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets | 15 years | |||||||
Strategic Storage | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets | 5 years | |||||||
Trademarks acquired | $ 1,100,000 | |||||||
Accumulated amortization | 100,000 | |||||||
Self Administration Transaction | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interest in joint venture | 100.00% | |||||||
Total estimated future amortization expense of intangible assets, year 2020 | 5,700,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2021 | 4,600,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2022 | 4,600,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2023 | 4,600,000 | |||||||
Total estimated future amortization expense of intangible assets, year 2024 | $ 4,100,000 | |||||||
Self Administration Transaction | Tenant Programs | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interest acquired in joint venture | 50.00% |
Estimated Useful Lives used to
Estimated Useful Lives used to Depreciate Real Property Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 40 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, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 311,700,000 | $ 200,600,000 |
Carrying Value | $ 302,820,786 | $ 207,357,391 |
Schedule of Activity in Real Es
Schedule of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate facilities | ||
Real estate facilities, beginning balance | $ 820,296,026 | $ 829,679,477 |
Facilities acquired through merger with SSGT | 334,139,296 | |
Asset disposals | (11,688,993) | |
Corporate office acquired through Self Administration Transaction | 351,070,238 | |
Other facility acquisitions | 10,430,942 | |
Impact of foreign exchange rate changes | 6,582,603 | (11,915,703) |
Improvements and additions | 7,565,494 | 2,532,252 |
Real estate facilities, ending balance | 1,173,825,368 | 820,296,026 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (54,264,685) | (34,686,973) |
Asset disposals | 202,416 | |
Depreciation expense | (29,188,668) | (20,134,068) |
Impact of foreign exchange rate changes | (441,554) | 556,356 |
Accumulated depreciation, ending balance | (83,692,491) | $ (54,264,685) |
Self Administration Transaction | ||
Real estate facilities | ||
Corporate office acquired through Self Administration Transaction | $ 6,500,000 |
Real Estate Facilities - Additi
Real Estate Facilities - Additional Information (Detail) | Oct. 18, 2019USD ($) | Jul. 11, 2019USD ($) | Oct. 01, 2018USD ($)StorageFacilityState$ / sharesshares | Jun. 28, 2018CAD ($) | Jan. 31, 2019CAD ($) | Jan. 31, 2018 | Dec. 31, 2019USD ($)State | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 24, 2019USD ($)$ / shares |
Restructuring Cost And Reserve [Line Items] | ||||||||||
Repayment of debt | $ 141,088,724 | |||||||||
Principal borrowing | 500,178,000 | |||||||||
Number of operating self storage facilities | StorageFacility | 28 | |||||||||
Number of states for self storage facilities | State | 10 | 17 | ||||||||
Debt Instrument Carrying Amount | $ 719,769,887 | |||||||||
Gain on sale of real estate | 3,944,696 | $ 0 | $ 0 | |||||||
Repayments of debt | $ 251,732,077 | $ 72,513,082 | $ 130,671,050 | |||||||
SmartCentres | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
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% | |||||||||
SmartCentres | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Percentage of units to be subscribed at closing in limited partnership | 50.00% | |||||||||
Percentage of units to be subscribed at closing in limited partnership | 50.00% | |||||||||
Percentage of membership interest | 50.00% | |||||||||
East York Lot | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Percentage of units to be subscribed at closing in limited partnership | 50.00% | |||||||||
Percentage of membership interest | 50.00% | |||||||||
Fair market value | $ 7,600,000 | |||||||||
Senior Term Loan | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Principal borrowing | 72,000,000 | |||||||||
Fixed Rate Secured Debt | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Principal borrowing | $ 89,178,000 | |||||||||
Canada | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Number of operating self storage facilities | StorageFacility | 1 | |||||||||
SS Growth Advisor LLC | Capital Unit, Class A | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Business acquisition partnership units issued | shares | 396,000 | |||||||||
Strategic Storage Growth Trust, Inc | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Common Stock, par value | $ / shares | $ 0.001 | |||||||||
Sale price per share | $ / shares | $ 12 | $ 12 | ||||||||
Repayment of debt | $ 141,000,000 | |||||||||
Principal borrowing | $ 500,000,000 | |||||||||
Purchase price | $ 350,448,960 | |||||||||
Debt Instrument Carrying Amount | $ 19,000,000 | |||||||||
SS Growth Operating Partnership, L.P | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Limited partners' capital account, units converted in to percentage | 112.70% | |||||||||
Gilbert Property | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Purchase price | $ 10,000,000 | |||||||||
Gilbert Property | Senior Term Loan | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Debt Instrument Carrying Amount | 4,300,000 | |||||||||
Gilbert Property | Fixed Rate Secured Debt | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Debt Instrument Carrying Amount | 5,700,000 | |||||||||
Gilbert Property | Smart Stop Asset Management LLC | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Business acquisition fees paid to advisor | $ 175,000 | |||||||||
San Antonio II Property | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Sales price | $ 16,100,000 | |||||||||
Gain on sale of real estate | 3,900,000 | |||||||||
San Antonio II Property | Senior Term Loan | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Repayments of debt | 5,400,000 | |||||||||
San Antonio II Property | Fixed Rate Secured Debt | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Repayments of debt | $ 9,900,000 | |||||||||
Strategic Storage Trust IV, Inc. | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Proceeds from sale of interest in partnership unit | $ 4,700,000 | |||||||||
Proceeds from land and development cost incurred | 4,600,000 | |||||||||
Acquisition cost that were expensed | $ 100,000 |
Summary of Reconciles Total Con
Summary of Reconciles Total Consideration Transferred (Detail) - Strategic Storage Growth Trust, Inc | Oct. 01, 2018USD ($) |
Fair value of consideration transferred: | |
Cash | $ 346,231,561 |
Issuance of limited partnership units in our Operating Partnership to SS Growth Advisor, LLC | 4,217,399 |
Total consideration transferred | $ 350,448,960 |
Summary of Reconciles Total C_2
Summary of Reconciles Total Consideration Transferred (Parenthetical) (Detail) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Debt Instrument Carrying Amount | $ 719,769,887 | |||
Business acquisition, transaction costs | $ 200,000 | $ 1,100,000 | $ 500,000 | |
Strategic Storage Growth Trust, Inc | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 346,231,561 | |||
Cash paid to shareholders | 320,000,000 | |||
Debt Instrument Carrying Amount | 19,000,000 | |||
Other liabilities paid | 5,000,000 | |||
Business acquisition, transaction costs | $ 1,000,000 |
Summary of Relative Fair Values
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Dec. 31, 2019 | Jun. 28, 2019 | Oct. 01, 2018 | ||
Assets Acquired: | |||||
Land | $ 975,000 | ||||
Buildings | $ 344,570,238 | 5,389,000 | |||
Construction in process | [1] | 5,370,773 | |||
Intangible assets | 1,600,000 | ||||
Cash and cash equivalents | 36,443 | ||||
Other assets | 1,084,629 | ||||
Total assets acquired | $ 363,512,776 | [2] | 60,267,071 | ||
Liabilities assumed: | |||||
Accounts payable and accrued liabilities | 722,286 | ||||
Total liabilities assumed | 27,357,066 | ||||
Total net assets acquired | $ 32,910,005 | ||||
Strategic Storage Growth Trust, Inc | |||||
Assets Acquired: | |||||
Land | $ 62,261,573 | ||||
Buildings | 255,743,767 | ||||
Site improvements | 16,133,956 | ||||
Construction in process | 5,370,773 | ||||
Intangible assets | 13,571,765 | ||||
Cash and cash equivalents | 692,965 | ||||
Other assets | 6,536,838 | ||||
Total assets acquired | 360,311,637 | ||||
Liabilities assumed: | |||||
Debt | 5,038,435 | ||||
Accounts payable and accrued liabilities | 4,824,242 | ||||
Total liabilities assumed | 9,862,677 | ||||
Total net assets acquired | $ 350,448,960 | ||||
[1] | Construction in process relates to the Torbarrie property in Toronto, Canada, which is a self storage property under construction. Such facility partially opened in March 2020. | ||||
[2] | The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. |
Summary of Purchase Price Alloc
Summary of Purchase Price Allocation for Real Estate Related Assets Acquired (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Jun. 28, 2019 | |||
Business Acquisition [Line Items] | ||||
Real Estate Assets | $ 344,570,238 | $ 5,389,000 | ||
Construction in Process | [1] | 5,370,773 | ||
Intangibles | 13,571,765 | |||
Total assets acquired | 363,512,776 | [2] | $ 60,267,071 | |
Debt Issued or Assumed | 199,078,846 | |||
2019 Revenue | [3] | 21,971,385 | ||
2019 Property Operating Income | [3],[4] | $ 11,988,096 | ||
SSGT Mergers | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | [5] | Jan. 24, 2019 | ||
Real Estate Assets | [5] | $ 334,139,296 | ||
Construction in Process | [1],[5] | 5,370,773 | ||
Intangibles | [5] | 13,571,765 | ||
Total assets acquired | [2],[5] | 353,081,834 | ||
Debt Issued or Assumed | [5] | 193,376,846 | ||
2019 Revenue | [3],[5] | 21,909,300 | ||
2019 Property Operating Income | [3],[4],[5] | $ 12,032,555 | ||
Riggs Rd - Gilbert | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | [6] | Jul. 11, 2019 | ||
Real Estate Assets | [6] | $ 10,430,942 | ||
Construction in Process | [1],[6] | 0 | ||
Intangibles | [6] | 0 | ||
Total assets acquired | [2],[6] | 10,430,942 | ||
Debt Issued or Assumed | [6] | 5,702,000 | ||
2019 Revenue | [3],[6] | 62,085 | ||
2019 Property Operating Income | [3],[4],[6] | $ (44,459) | ||
[1] | Construction in process relates to the Torbarrie property in Toronto, Canada, which is a self storage property under construction. Such facility partially opened in March 2020. | |||
[2] | The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. | |||
[3] | The operating results of the self storage properties acquired during the year ended December 31, 2019 have been included in our consolidated statements of operations since their respective acquisition date | |||
[4] | Property operating income excludes corporate general and administrative expenses, asset management fees, interest expenses, depreciation, amortization and acquisition expenses | |||
[5] | SSGT had stated investment objectives to acquire opportunistic self storage properties, including development, and lease-up properties. As a result, many of its properties were not physically and/or economically stabilized as of the date of the SSGT Mergers | |||
[6] | The Gilbert Property was recently developed and acquired, with 0% occupancy as of its acquisition date |
Summary of Purchase Price All_2
Summary of Purchase Price Allocation for Real Estate Related Assets Acquired (Parenthetical) (Detail) | Jul. 11, 2019 |
Gilbert Property | |
Business Acquisition [Line Items] | |
Occupancy percentage | 0.00% |
Self Administration Transacti_3
Self Administration Transaction - Additional Information (Detail) | Jun. 28, 2019USD ($)Employee$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 24, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Legal fees and fees and expenses of professional and financial advisors | $ 1,600,000 | ||||
Estimated fair value of consideration transferred | $ 111,300,000 | ||||
Gain resulting from acquisition of unconsolidated affiliates | 8,017,353 | $ 0 | $ 0 | ||
Increase in liability estimated fair value contingent earnout | 200,000 | ||||
Estimated fair value of the contingent earnout | 31,100,000 | ||||
Incremental assets under management | 135,000,000 | ||||
General and administrative | 10,461,453 | 4,848,447 | 3,457,907 | ||
Intangible amortization expense | 11,493,394 | 2,422,997 | $ 13,512,217 | ||
Principal borrowing | $ 500,178,000 | ||||
Noncontrolling interests in our Operating Partnership | $ 71,988,256 | $ (77,756) | |||
Agreement term | 3 years | ||||
Form S-3 | |||||
Business Acquisition [Line Items] | |||||
Registration rights agreement filing period | 30 days | ||||
Form S-11 | |||||
Business Acquisition [Line Items] | |||||
Registration rights agreement filing period | 60 days | ||||
Strategic Storage Advisor II, LLC | |||||
Business Acquisition [Line Items] | |||||
Partnership units exchanged | shares | 20,000 | ||||
Cash proceeds from partnership units exchanged | $ 200,000 | ||||
Gain (loss) from partners capital account units exchanged | 0 | ||||
Fair value of operating partnership units and special limited partnership interests contributed | 18,800,000 | ||||
Noncontrolling interests in our Operating Partnership | 9,100,000 | ||||
Ladera Office Loan | |||||
Business Acquisition [Line Items] | |||||
Principal borrowing | $ 4,200,000 | ||||
Debt instrument, interest rate | 4.29% | ||||
Debt instrument maturity date | Nov. 1, 2026 | ||||
KeyBank Tenant Program Loan | |||||
Business Acquisition [Line Items] | |||||
Principal borrowing | $ 15,000,000 | ||||
Debt instrument, interest rate | 5.90% | ||||
Debt instrument, description of variable rate basis | 1-month Libor plus 350 basis points | ||||
Debt instrument, basis spread on variable rate | 3.50% | ||||
Fair Value, Inputs, Level 3 | |||||
Business Acquisition [Line Items] | |||||
Alternative investment, measurement input | 5.16% | ||||
Minority and Marketability Discount | Fair Value, Inputs, Level 3 | |||||
Business Acquisition [Line Items] | |||||
Alternative investment, measurement input | 0.05 | ||||
Contribution Agreement | |||||
Business Acquisition [Line Items] | |||||
Percentage of fair value of equity interests | 50.00% | ||||
Gain resulting from acquisition of unconsolidated affiliates | $ 8,000,000 | ||||
Contribution Agreement | SmartStop Asset Management | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting membership interest | 100.00% | ||||
Number of on-site self storage employees | Employee | 350 | ||||
Cash | $ 769,126 | ||||
Debt assumption | $ 15,000,000 | ||||
Operating Partnership Agreement | |||||
Business Acquisition [Line Items] | |||||
Number of limited partnership units | shares | 20,000 | ||||
Cash received | $ 200,000 | ||||
Membership Interest Purchase Agreement | Terrace Rd LLC | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting membership interest | 100.00% | ||||
Cash | $ 2,300,000 | ||||
Debt assumption | 4,200,000 | ||||
Consideration transferred | $ 6,500,000 | ||||
Class A-1 Units | Contribution Agreement | SmartStop Asset Management | |||||
Business Acquisition [Line Items] | |||||
Number of limited partnership units | shares | 8,698,956 | ||||
Class A-1 Units | Operating Partnership Agreement | |||||
Business Acquisition [Line Items] | |||||
Lock-up expiration date | Jun. 28, 2021 | ||||
Conversion of stock, description | The Class A-1 Units are subject to the general restrictions on transfer contained in the Operating Partnership Agreement. In addition, until June 28, 2021 (the “Lock-Up Expiration”), the Class A-1 Units may not be sold, pledged, or otherwise transferred or encumbered except in certain limited circumstances set forth in the Contribution Agreement. The Class A-1 Units are otherwise entitled to all rights and duties of the Class A limited partnership units in the Operating Partnership, including cash distributions and the allocation of any profits or losses in the Operating Partnership. The Class A-2 Units may convert into Class A-1 Units as earnout consideration, as described below. The Class A-2 Units are not entitled to cash distributions or the allocation of any profits or losses in the Operating Partnership until the Class A-2 Units are converted into Class A-1 Units. | ||||
Class A-2 Units | Contribution Agreement | SmartStop Asset Management | |||||
Business Acquisition [Line Items] | |||||
Number of limited partnership units | shares | 3,283,302 | ||||
Class A-2 Units | Operating Partnership Agreement | |||||
Business Acquisition [Line Items] | |||||
Earnout unit exchange per share | $ / shares | $ 10.66 | ||||
Class of unit expiration year | 7 years | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature A | |||||
Business Acquisition [Line Items] | |||||
Class of unit conversion percentage | 33.33% | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature A | Minimum | |||||
Business Acquisition [Line Items] | |||||
Incremental AUM under operating partnership | $ 300,000,000 | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature B | |||||
Business Acquisition [Line Items] | |||||
Class of unit conversion percentage | 33.33% | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature B | Minimum | |||||
Business Acquisition [Line Items] | |||||
Incremental AUM under operating partnership | $ 500,000,000 | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature C | |||||
Business Acquisition [Line Items] | |||||
Class of unit conversion percentage | 33.33% | ||||
Class A-2 Units | Operating Partnership Agreement | Unit Conversion Feature C | Minimum | |||||
Business Acquisition [Line Items] | |||||
Incremental AUM under operating partnership | $ 700,000,000 |
Self Administration Transacti_4
Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Detail) - USD ($) | Jun. 28, 2019 | Jun. 28, 2019 |
Fair value of consideration transferred: | ||
Total | $ 111,300,000 | |
Contribution Agreement and Membership Interest Purchase Agreement | ||
Fair value of consideration transferred: | ||
Cash | $ 3,918,185 | |
Total consideration transferred | 98,461,185 | |
Fair value of our preexisting 50% equity interests | 12,800,000 | |
Total | 111,261,185 | |
Contribution Agreement and Membership Interest Purchase Agreement | Class A-1 Units | ||
Fair value of consideration transferred: | ||
Units | 63,643,000 | |
Contribution Agreement and Membership Interest Purchase Agreement | Class A-2 Units | ||
Fair value of consideration transferred: | ||
Units | $ 30,900,000 |
Self Administration Transacti_5
Self Administration Transaction - Summary of Estimated Fair Value Consideration Transferred (Parenthetical) (Detail) - Contribution Agreement $ in Millions | Jun. 28, 2019USD ($) |
Business Acquisition [Line Items] | |
Fair market value | $ 0.5 |
Percentage of fair value of equity interests | 50.00% |
Self Administration Transacti_6
Self Administration Transaction - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Dec. 31, 2019 | Jun. 28, 2019 | |
Assets Acquired: | |||
Cash and cash equivalents | $ 36,443 | ||
Restricted cash | 94,999 | ||
Land | 975,000 | ||
Buildings | $ 344,570,238 | 5,389,000 | |
Site Improvements | 136,000 | ||
Equipment, furniture and fixtures | 651,000 | ||
Investments in Managed REITs | 5,600,000 | ||
Other assets | 1,084,629 | ||
Intangible assets | 1,600,000 | ||
Trademarks | 19,800,000 | ||
Intangibles - management contracts | 24,900,000 | ||
Total assets acquired | 363,512,776 | [1] | 60,267,071 |
Liabilities assumed: | |||
Debt | 19,219,126 | ||
Accounts payable and accrued liabilities | 722,286 | ||
Deferred tax liabilities, net | 7,415,654 | ||
Total liabilities assumed | 27,357,066 | ||
Net identifiable assets acquired | 32,910,005 | ||
Goodwill | $ 78,372,980 | 78,372,980 | |
Non-controlling interest related to consolidated Tenant Programs joint ventures | (21,800) | ||
Net assets acquired | $ 111,261,185 | ||
[1] | The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. |
Pro Forma Financial Informati_3
Pro Forma Financial Information (Unaudited) - Summary of Consolidated Results of Operations on Pro Forma Basis (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Pro forma revenue | $ 113,886,094 | $ 84,190,199 |
Pro forma operating expenses | (103,374,709) | (68,661,890) |
Pro forma net income (loss) attributable to common stockholders | $ (27,684,937) | $ (3,296,311) |
Pro Forma Financial Informati_4
Pro Forma Financial Information (Unaudited) - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Pro forma acquisition related expenses | $ 1,600,000 | $ 0 |
Schedule of Summarized Real Est
Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($) | Jan. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 719,769,887 | |||
Premium on secured debt, net | 592,505 | |||
Debt issuance costs, net | (7,629,390) | $ (36,907) | ||
Total | 712,733,002 | 406,084,103 | ||
Amended KeyBank Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [1] | $ 0 | 98,782,500 | |
Debt Instrument, Interest Rate | [1] | 5.00% | ||
$11M KeyBank Subordinate Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [2] | $ 0 | 11,000,000 | |
Debt Instrument, Interest Rate | [2] | 6.25% | ||
KeyBank CMBS Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 104,000,000 | |||
Debt Instrument Fixed Rate | 5.00% | |||
Debt Instrument Maturity Date | Feb. 1, 2029 | |||
Canadian CitiBank Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [3] | $ 85,500,660 | 72,846,480 | |
Debt Instrument, Interest Rate | [3] | 4.24% | ||
Debt Instrument Maturity Date | [3] | Oct. 9, 2020 | ||
CMBS SASB Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [4] | $ 235,000,000 | 0 | |
Debt Instrument, Interest Rate | [4] | 4.76% | ||
Debt Instrument Maturity Date | [4] | Feb. 9, 2022 | ||
Secured Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [5],[6] | $ 85,512,000 | 0 | |
Debt Instrument, Interest Rate | [5],[6] | 4.26% | ||
Debt Instrument Maturity Date | [5],[6] | Jan. 24, 2022 | ||
Stoney Creek Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [7] | $ 5,591,950 | 0 | |
Debt Instrument, Interest Rate | [7] | 5.90% | ||
Debt Instrument Maturity Date | [7] | Oct. 1, 2021 | ||
Torbarrie Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [8] | $ 5,936,996 | 0 | |
Debt Instrument, Interest Rate | [8] | 5.90% | ||
Debt Instrument Maturity Date | [8] | Sep. 1, 2021 | ||
Ladera Office Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 4,179,994 | 0 | ||
Debt Instrument, Interest Rate | 4.29% | |||
Debt Instrument Maturity Date | Nov. 1, 2026 | |||
Fixed Rate Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Premium on secured debt, net | $ 592,505 | 1,228,996 | ||
Debt issuance costs, net | (7,629,390) | (3,385,395) | ||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [9] | $ 0 | 11,878,396 | |
Debt Instrument Fixed Rate | [9] | 5.73% | ||
Fixed Rate Secured Debt | Oakland and Concord Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [10] | $ 0 | 19,483,127 | |
Debt Instrument Fixed Rate | [10] | 3.95% | ||
Fixed Rate Secured Debt | KeyBank CMBS Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [11] | $ 95,000,000 | 95,000,000 | |
Debt Instrument Fixed Rate | [11] | 3.89% | ||
Debt Instrument Maturity Date | [11] | Aug. 1, 2026 | ||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [12] | $ 52,000,000 | 52,000,000 | |
Debt Instrument Fixed Rate | [12] | 4.65% | ||
Debt Instrument Maturity Date | [12] | May 1, 2027 | ||
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [13] | $ 47,048,287 | 47,249,999 | |
Debt Instrument Fixed Rate | [13] | 5.31% | ||
Debt Instrument Maturity Date | [13] | Aug. 1, 2024 | ||
Fixed Rate Secured Debt | CMBS Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | [14] | $ 104,000,000 | $ 0 | |
Debt Instrument Fixed Rate | [14] | 5.00% | ||
Debt Instrument Maturity Date | [14] | Feb. 1, 2029 | ||
[1] | As of December 31, 2018, this facility encumbered 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). This loan was repaid in conjunction with the SSGT Merger financing. | |||
[2] | This variable rate loan encumbered 49% of 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 was subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. This loan was repaid in conjunction with the SSGT Merger financing | |||
[3] | This variable rate loan encumbers 10 of our Canadian properties and the amount shown above is in USD based on the foreign exchange rates in effect as of the dates presented. W e have purchased interest rate caps that cap CDOR at 3.0% until October 15, 2021. | |||
[4] | This variable rate loan encumbers our 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79 % though February 15, 2022 . The separate assets of these encumbered properties are not available to pay our other debts . | |||
[5] | On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million | |||
[6] | This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts | |||
[7] | This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 3.95% as of December 31, 2019, and in no event shall the total interest rate fall below 4.65% per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2019 | |||
[8] | This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 3.95% as of December 31, 2019, and in no event shall the total interest rate fall below 4.65% per annum. The Torbarrie loan was assumed in the SSGT Mergers and had no outstanding balance as of the date of the SSGT Mergers. The Torbarrie loan is a construction loan, which allows for borrowings up to approximately $10.3 million CAD and is | |||
[9] | Fixed rate debt with principal and interest payments due monthly. This promissory note was encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. This loan was repaid in conjunction with the SSGT Merger financing. | |||
[10] | This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixed the interest rate at 3.95%. This loan was repaid in conjunction with the SSGT Merger financing. | |||
[11] | This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts | |||
[12] | This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. | |||
[13] | This fixed rate 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 became due monthly. | |||
[14] | This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). |
Schedule of Summarized Real E_2
Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail) | Oct. 29, 2019USD ($) | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Jan. 31, 2020USD ($) | Dec. 31, 2019CAD ($)Property | Jan. 29, 2019USD ($) | Jan. 25, 2019CAD ($) | Jan. 24, 2019USD ($) | Oct. 01, 2018USD ($) | Mar. 28, 2018CAD ($) | Feb. 18, 2016USD ($) | Dec. 22, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Derivative, notional amount | $ 161,200,000 | $ 90,000,000 | $ 101,000,000 | ||||||||||
Debt Instrument Carrying Amount | $ 719,769,887 | ||||||||||||
Strategic Storage Growth Trust, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Carrying Amount | $ 19,000,000 | ||||||||||||
Royal Bank of Canada Prime Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate | 3.95% | 3.95% | |||||||||||
Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative, notional amount | $ 161,000,000 | ||||||||||||
Amended KeyBank Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 21 | ||||||||||||
Debt Instrument, Interest Rate | [1] | 5.00% | 5.00% | ||||||||||
Debt Instrument Carrying Amount | [1] | $ 0 | $ 98,782,500 | ||||||||||
Maximum borrowings under credit facility | $ 145,000,000 | $ 105,000,000 | |||||||||||
Oakland and Concord Loan | Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate, maturity date | Apr. 10, 2023 | ||||||||||||
Derivative, notional amount | [2] | $ 19,483,127 | |||||||||||
$11M KeyBank Subordinate Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 34 | 34 | |||||||||||
Percentage of real estate property encumbered variable rate loan | 49.00% | ||||||||||||
Debt Instrument, Interest Rate | [3] | 6.25% | 6.25% | ||||||||||
Debt Instrument Carrying Amount | [3] | $ 0 | 11,000,000 | ||||||||||
KeyBank CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Fixed Rate | 5.00% | ||||||||||||
Debt Instrument Carrying Amount | $ 104,000,000 | ||||||||||||
Canadian Citi Bank Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 10 | 10 | |||||||||||
Canadian Citi Bank Loan | Interest Rate Cap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective interest rate cap on derivative instrument | 3.00% | 3.00% | |||||||||||
CMBS SASB Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | 29 | ||||||||||||
Debt Instrument, Interest Rate | [4] | 4.76% | 4.76% | ||||||||||
Debt Instrument Carrying Amount | [4] | $ 235,000,000 | 0 | ||||||||||
CMBS SASB Loan | Interest Rate Swap | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 1.79% | 1.79% | |||||||||||
Interest rate, maturity date | Feb. 15, 2022 | ||||||||||||
Secured Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | 16 | ||||||||||||
Debt Instrument, Interest Rate | [5],[6] | 4.26% | 4.26% | ||||||||||
Debt Instrument Carrying Amount | [5],[6] | $ 85,512,000 | 0 | ||||||||||
Secured Loan | Interest Rate Cap | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective interest rate cap on derivative instrument | 2.60% | ||||||||||||
Stoney Creek Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate | [7] | 5.90% | 5.90% | ||||||||||
Debt Instrument Carrying Amount | [7] | $ 5,591,950 | 0 | ||||||||||
Stoney Creek Loan | Strategic Storage Growth Trust, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, variable interest rate | 1.95% | ||||||||||||
Debt Instrument Carrying Amount | $ 5,000,000 | ||||||||||||
Stoney Creek Loan | Strategic Storage Growth Trust, Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Fixed Rate | 4.65% | 4.65% | |||||||||||
Torbarrie Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate | [8] | 5.90% | 5.90% | ||||||||||
Debt Instrument Carrying Amount | [8] | $ 5,936,996 | 0 | ||||||||||
Torbarrie Loan | Strategic Storage Growth Trust, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, variable interest rate | 1.95% | ||||||||||||
Debt Instrument Carrying Amount | $ 0 | ||||||||||||
Maximum borrowings under credit facility | $ 10,300,000 | ||||||||||||
Torbarrie Loan | Strategic Storage Growth Trust, Inc | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Fixed Rate | 4.65% | 4.65% | |||||||||||
Fixed Rate Secured Debt | Interest Rate Swap | Termination | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative, notional amount | $ 75,700,000 | ||||||||||||
Settlement payment of interest rate swaps | $ 600,000 | ||||||||||||
Fixed Rate Secured Debt | Raleigh Myrtle Beach Promissory Note | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 5 | 5 | |||||||||||
Debt Instrument Fixed Rate | [9] | 5.73% | 5.73% | ||||||||||
Debt Instrument Carrying Amount | [9] | $ 0 | 11,878,396 | ||||||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Fixed Rate | [10] | 3.95% | 3.95% | ||||||||||
Debt Instrument Carrying Amount | [10] | $ 0 | 19,483,127 | ||||||||||
Fixed Rate Secured Debt | Oakland and Concord Loan | Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 3.95% | 3.95% | |||||||||||
Fixed Rate Secured Debt | KeyBank CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 29 | 29 | |||||||||||
Debt Instrument Fixed Rate | [11] | 3.89% | 3.89% | ||||||||||
Debt Instrument Carrying Amount | [11] | $ 95,000,000 | 95,000,000 | ||||||||||
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 5 | 5 | |||||||||||
Debt Instrument Fixed Rate | [12] | 4.65% | 4.65% | ||||||||||
Debt Instrument Carrying Amount | [12] | $ 52,000,000 | 52,000,000 | ||||||||||
Fixed Rate Secured Debt | KeyBank Property Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 5 | 5 | |||||||||||
Fixed Rate Secured Debt | Midland North Carolina CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 11 | 11 | |||||||||||
Debt Instrument Fixed Rate | [13] | 5.31% | 5.31% | ||||||||||
Debt Instrument Carrying Amount | [13] | $ 47,048,287 | 47,249,999 | ||||||||||
Fixed Rate Secured Debt | CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties encumbered | Property | 10 | 10 | |||||||||||
Debt Instrument Fixed Rate | [14] | 5.00% | 5.00% | ||||||||||
Debt Instrument Carrying Amount | [14] | $ 104,000,000 | $ 0 | ||||||||||
[1] | As of December 31, 2018, this facility encumbered 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). This loan was repaid in conjunction with the SSGT Merger financing. | ||||||||||||
[2] | The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Mergers | ||||||||||||
[3] | This variable rate loan encumbered 49% of 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 was subordinate to the existing KeyBank CMBS Loan and KeyBank Florida CMBS Loan. This loan was repaid in conjunction with the SSGT Merger financing | ||||||||||||
[4] | This variable rate loan encumbers our 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). In June 2019, we purchased an interest rate swap whereby LIBOR is fixed at 1.79 % though February 15, 2022 . The separate assets of these encumbered properties are not available to pay our other debts . | ||||||||||||
[5] | On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million | ||||||||||||
[6] | This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts | ||||||||||||
[7] | This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 3.95% as of December 31, 2019, and in no event shall the total interest rate fall below 4.65% per annum. The Stoney Creek loan was assumed in the SSGT Mergers and had a balance of approximately $5 million USD as of the SSGT Mergers date. The Stoney Creek loan is secured by a first lien deed of trust on the Stoney Creek property and all improvements thereto, is cross-collateralized with the Torbarrie property, and is guaranteed by the Company. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2019 | ||||||||||||
[8] | This variable rate loan bears interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 3.95% as of December 31, 2019, and in no event shall the total interest rate fall below 4.65% per annum. The Torbarrie loan was assumed in the SSGT Mergers and had no outstanding balance as of the date of the SSGT Mergers. The Torbarrie loan is a construction loan, which allows for borrowings up to approximately $10.3 million CAD and is | ||||||||||||
[9] | Fixed rate debt with principal and interest payments due monthly. This promissory note was encumbered by five properties, Morrisville, Cary, Raleigh, Myrtle Beach I, and Myrtle Beach II. This loan was repaid in conjunction with the SSGT Merger financing. | ||||||||||||
[10] | This loan was assumed during the acquisition of the Oakland and Concord properties, along with an interest rate swap with USAmeriBank that fixed the interest rate at 3.95%. This loan was repaid in conjunction with the SSGT Merger financing. | ||||||||||||
[11] | This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts | ||||||||||||
[12] | This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. | ||||||||||||
[13] | This fixed rate 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 became due monthly. | ||||||||||||
[14] | This fixed rate loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). |
Debt - Additional Information (
Debt - Additional Information (Detail) | Oct. 18, 2019USD ($) | Jun. 07, 2019USD ($) | Jan. 24, 2019USD ($)PropertyExtension | Oct. 11, 2018CAD ($)PropertyExtensionSpecialPurposeEntity | Oct. 29, 2018USD ($) | Dec. 31, 2019USD ($)PropertyExtension | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Dec. 31, 2019CAD ($)Property | Oct. 29, 2019USD ($) | Aug. 30, 2019USD ($) | Jul. 11, 2019USD ($) | Jan. 29, 2019USD ($) | Jan. 25, 2019CAD ($) | Oct. 01, 2018USD ($) | Mar. 28, 2018CAD ($) | Feb. 18, 2016USD ($) | Dec. 22, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Weighted average interest rate on debt | 4.60% | 4.60% | |||||||||||||||||
Loss on extinguishment of debt | $ (2,647,633) | $ 0 | $ 0 | ||||||||||||||||
Debt Instrument Carrying Amount | 719,769,887 | ||||||||||||||||||
Line of credit facility, number of extension options | Extension | 2 | ||||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 4.25% | ||||||||||||||||||
Derivative, notional amount | $ 161,200,000 | $ 90,000,000 | $ 101,000,000 | ||||||||||||||||
Debt instrument face amount | $ 500,178,000 | ||||||||||||||||||
Repayments of debt | 251,732,077 | 72,513,082 | $ 130,671,050 | ||||||||||||||||
Senior Term Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face amount | $ 72,000,000 | ||||||||||||||||||
Percentage Of Equity Interest Securing Loan | 49.00% | ||||||||||||||||||
Line of credit facility, Additional borrowing capacity | $ 15,700,000 | $ 14,300,000 | |||||||||||||||||
Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, description of variable rate basis | LIBOR plus 2.5% | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||||
Derivative, notional amount | $ 89,200,000 | ||||||||||||||||||
Debt instrument, interest rate | 2.60% | ||||||||||||||||||
Debt instrument face amount | $ 89,178,000 | ||||||||||||||||||
Senior Term Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, description of variable rate basis | LIBOR plus 4.25% | ||||||||||||||||||
Derivative, notional amount | $ 72,000,000 | ||||||||||||||||||
Debt instrument, interest rate | 2.60% | ||||||||||||||||||
Debt instrument face amount | $ 72,000,000 | ||||||||||||||||||
Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of wholly owned properties | Property | 16,000,000 | ||||||||||||||||||
Debt Instrument Maturity Date | Jan. 24, 2022 | ||||||||||||||||||
Line of credit facility, number of extension options | Extension | 1,000,000 | ||||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||||
Debt instrument face amount | $ 89,200,000 | ||||||||||||||||||
Amended KeyBank Credit Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | [1] | $ 0 | $ 98,782,500 | ||||||||||||||||
Line of credit facility, number of extension options | Extension | 2 | ||||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||||
Debt instrument face amount | $ 110,000,000 | ||||||||||||||||||
Number of properties encumbered | Property | 21 | ||||||||||||||||||
Maximum borrowings under credit facility | $ 145,000,000 | $ 105,000,000 | |||||||||||||||||
Line of credit facility, description | The Amended KeyBank Credit Facility was 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”). On October 29, 2018, we amended our Amended KeyBank Credit Facility to extend the maturity date until February 20, 2019 and reduce the maximum borrowing capacity from $145 million to $110 million. Payments due pursuant to the Amended KeyBank Credit Facility were interest-only. As of December 31, 2018, we had approximately $98.8 million in borrowings outstanding under the Amended KeyBank Credit Facility. On January 24, 2019, we paid off and terminated the Amended KeyBank Credit Facility in conjunction with the SSGT Mergers. | ||||||||||||||||||
Line of credit facility, maturity date | Feb. 20, 2019 | Dec. 22, 2018 | |||||||||||||||||
Additional borrowing capacity | $ 40,000,000 | ||||||||||||||||||
Line of credit facility, initial term | 3 years | ||||||||||||||||||
Line Of Credit Facility Potential Additional Borrowing Capacity | $ 145,000,000 | ||||||||||||||||||
Amended KeyBank Credit Facility | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Outstanding balance on credit facility | $ 98,800,000 | ||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative, notional amount | 161,000,000 | ||||||||||||||||||
Interest Rate Swap | Termination | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 75,700,000 | ||||||||||||||||||
Interest Rate Swap | Fixed Rate Secured Debt | Termination | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 85,500,000 | ||||||||||||||||||
KeyBank and Citi Real Estate Funding | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | 235,000,000 | ||||||||||||||||||
CMBS SASB Mortgage Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 180,000,000 | ||||||||||||||||||
Number of wholly owned properties | Property | 29 | ||||||||||||||||||
Debt Instrument Maturity Date | Feb. 9, 2022 | ||||||||||||||||||
Derivative, notional amount | $ 180,000,000 | ||||||||||||||||||
Derivative, inception date | Jan. 24, 2019 | ||||||||||||||||||
CMBS SASB Mortgage Loan | Interest Rate Cap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 180,000,000 | ||||||||||||||||||
CMBS SASB Mezzanine Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 55,000,000 | ||||||||||||||||||
Number of special purpose entities | Property | 29 | ||||||||||||||||||
Debt Instrument Maturity Date | Feb. 9, 2022 | ||||||||||||||||||
Derivative, notional amount | $ 55,000,000 | ||||||||||||||||||
Derivative, inception date | Jan. 24, 2019 | ||||||||||||||||||
CMBS SASB Mezzanine Loan | Interest Rate Cap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 55,000,000 | ||||||||||||||||||
CMBS SASB Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, description | (a) the borrower with respect to the CMBS SASB Mortgage Loan has purchased an interest rate cap with a notional amount of $180 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022 and (b) the borrower with respect to the CMBS SASB Mezzanine Loan has purchased an interest rate cap with a notional amount of $55 million, with an effective date of January 24, 2019, whereby LIBOR is capped at 3% through February 15, 2022. On June 7, 2019, to effectively terminate our $180 million and $55 million existing interest rate caps, we sold an offsetting interest rate cap with a notional amount of $235 million, whereby LIBOR is capped at 3% through February 15, 2022. We simultaneously entered into an interest rate swap with a notional amount of $235 million, whereby LIBOR is fixed at 1.79% through February 15, 2022. None of the CMBS SASB Loan may be prepaid, in whole or in part, without satisfying certain conditions as set forth in the respective CMBS SASB Loan Agreements, such as the payment of a spread maintenance premium if the prepayment is made within the first two years. Thereafter the CMBS SASB Loan may be prepaid in whole or in part at par without penalty | ||||||||||||||||||
Debt instrument face amount | $ 235,000,000 | ||||||||||||||||||
CMBS SASB Loan | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, description of variable rate basis | LIBOR plus 3% | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||
CMBS SASB Loan | Interest Rate Cap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Maturity Date | Feb. 15, 2022 | ||||||||||||||||||
Derivative, notional amount | $ 235,000,000 | ||||||||||||||||||
Debt instrument, interest rate | 3.00% | ||||||||||||||||||
CMBS SASB Loan | Interest Rate Swap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Maturity Date | Feb. 15, 2022 | ||||||||||||||||||
Derivative, notional amount | $ 235,000,000 | ||||||||||||||||||
Debt instrument, interest rate | 1.79% | ||||||||||||||||||
KeyBank CMBS Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 104,000,000 | ||||||||||||||||||
Number of wholly owned properties | Property | 10,000,000 | ||||||||||||||||||
Debt Instrument Maturity Date | Feb. 1, 2029 | ||||||||||||||||||
Debt instrument, interest rate | 5.00% | ||||||||||||||||||
Minimum Number of Years to Defease the Loan | 2 years | ||||||||||||||||||
KeyBank CMBS Loan | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | [2] | $ 95,000,000 | $ 95,000,000 | ||||||||||||||||
Debt Instrument Maturity Date | [2] | Aug. 1, 2026 | |||||||||||||||||
Debt instrument, interest rate | [2] | 3.89% | 3.89% | ||||||||||||||||
Number of properties encumbered | Property | 29 | 29 | |||||||||||||||||
KeyBank and SunTrust Bank | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 96,400,000 | ||||||||||||||||||
Secured Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | [3],[4] | $ 85,512,000 | $ 0 | ||||||||||||||||
Debt Instrument Maturity Date | [3],[4] | Jan. 24, 2022 | |||||||||||||||||
Number of properties encumbered | 16 | ||||||||||||||||||
Secured Loan | Interest Rate Cap | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, interest rate | 2.60% | ||||||||||||||||||
KeyBank and SunTrust Bank Operating Partnership | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | 87,700,000 | ||||||||||||||||||
Canadian CitiBank | Canadian Debt Refinancing | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of special purpose entities | SpecialPurposeEntity | 10 | ||||||||||||||||||
Line of credit facility, number of extension options | Extension | 3 | ||||||||||||||||||
Line of credit facility, term of extension options | 1 year | ||||||||||||||||||
Derivative, notional amount | $ 112,000,000 | $ 111,300,000 | |||||||||||||||||
Debt instrument, interest rate | 3.00% | ||||||||||||||||||
Debt instrument, interest rate | 0.25% | ||||||||||||||||||
Number of properties encumbered | Property | 10 | ||||||||||||||||||
Maximum borrowings under credit facility | $ 112,000,000 | ||||||||||||||||||
Proceeds from line of credit | $ 99,300,000 | ||||||||||||||||||
Line of credit facility, description | The CitiBank Loan Agreement is a term loan that matures on October 9, 2020, which may, in certain circumstances, be extended at our option for three consecutive terms of one year each. Monthly payments due under the CitiBank Loan Agreement are interest-only, with the full principal amount becoming due and payable on the maturity date. | ||||||||||||||||||
Line of credit facility, maturity date | Oct. 9, 2020 | ||||||||||||||||||
Line of credit, interest rate description | The amounts outstanding under the CitiBank Loan Agreement bear interest at a rate equal to the sum of the “CDOR” (as defined in the CitiBank Loan Agreement) and 2.25%. | ||||||||||||||||||
Canadian CitiBank | Canadian Debt Refinancing | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, Additional borrowing capacity | $ 700,000 | ||||||||||||||||||
Strategic Storage Growth Trust, Inc | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Loss on extinguishment of debt | 1,500,000 | ||||||||||||||||||
Debt Instrument Carrying Amount | $ 19,000,000 | ||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||||
Gilbert Property | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | $ 5,700,000 | ||||||||||||||||||
Gilbert Property | Senior Term Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Carrying Amount | 4,300,000 | ||||||||||||||||||
Gilbert Property | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Additional amount to draw | $ 500,000 | $ 5,700,000 | |||||||||||||||||
Outstanding balance on credit facility | $ 95,400,000 | ||||||||||||||||||
San Antonio II Property | Fixed Rate Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of debt | $ 9,900,000 | ||||||||||||||||||
San Antonio II Property | Senior Term Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of debt | 5,400,000 | ||||||||||||||||||
San Antonio II Property | Secured Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of debt | $ 9,900,000 | ||||||||||||||||||
[1] | As of December 31, 2018, this facility encumbered 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). This loan was repaid in conjunction with the SSGT Merger financing. | ||||||||||||||||||
[2] | This fixed rate 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) with monthly interest only payments until September 2021, at which time both interest and principal payments will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts | ||||||||||||||||||
[3] | On January 29, 2019, we entered into a $161.2 million notional interest rate swap whereby LIBOR was fixed at approximately 2.6% until August 1, 2020. On October 29, 2019, in connection with the pay off of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million | ||||||||||||||||||
[4] | This variable rate loan encumbers 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties are not available to pay our other debts |
Debt - Summary of Merger Financ
Debt - Summary of Merger Financings (Detail) | Jan. 24, 2019USD ($) |
Debt Instrument [Line Items] | |
Principal Borrowing as of Merger Date | $ 500,178,000 |
CMBS SASB Loan | |
Debt Instrument [Line Items] | |
Principal Borrowing as of Merger Date | 235,000,000 |
CMBS Loan | |
Debt Instrument [Line Items] | |
Principal Borrowing as of Merger Date | 104,000,000 |
Fixed Rate Secured Debt | |
Debt Instrument [Line Items] | |
Principal Borrowing as of Merger Date | 89,178,000 |
Senior Term Loan | |
Debt Instrument [Line Items] | |
Principal Borrowing as of Merger Date | $ 72,000,000 |
Debt - Summary of Payment Relat
Debt - Summary of Payment Related to Merger Consideration and Repayment of Debt (Detail) | Jan. 24, 2019USD ($) |
Debt Instrument [Line Items] | |
Principal Repaid | $ 141,088,724 |
Amended KeyBank Credit Facility | |
Debt Instrument [Line Items] | |
Principal Repaid | 98,782,500 |
Raleigh Myrtle Beach Promissory Note | |
Debt Instrument [Line Items] | |
Principal Repaid | 11,862,471 |
Oakland and Concord Loan | |
Debt Instrument [Line Items] | |
Principal Repaid | 19,443,753 |
$11M KeyBank Subordinate Loan | |
Debt Instrument [Line Items] | |
Principal Repaid | $ 11,000,000 |
Debt - Summary of Payment Rel_2
Debt - Summary of Payment Related to Merger Consideration and Repayment of Debt (Paranthetical) (Detail) $ in Millions | Jan. 24, 2019USD ($) |
KeyBank Subordinate Loan | |
Debt Instrument [Line Items] | |
Subordinate Loan | $ 11 |
Future Principal Payment Requir
Future Principal Payment Requirements on Outstanding Debt (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt, Fiscal Year Maturity | ||
2020 | $ 86,208,937 | |
2021 | 12,823,585 | |
2022 | 323,426,829 | |
2023 | 3,384,578 | |
2024 | 47,035,146 | |
2025 and thereafter | 246,890,812 | |
Total payments | 719,769,887 | |
Premium on secured debt, net | 592,505 | |
Debt issuance costs, net | (7,629,390) | $ (36,907) |
Total | $ 712,733,002 | $ 406,084,103 |
Preferred Equity - Additional I
Preferred Equity - Additional Information (Details) | Oct. 29, 2019USD ($)Day$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) |
Class Of Stock [Line Items] | ||||
Maximum purchase commitment amount | $ 200,000,000 | |||
Initial closing amount | 150,000,000 | |||
Additional purchase commitment amount | $ 50,000,000 | |||
Issuance costs | $ 3,573,836 | $ 0 | $ 0 | |
Authorized but unissued shares of preferred stock | shares | 200,000,000 | |||
Preferred stock, dividend rate, percentage | 6.25% | |||
Fifth To Tenth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Dividend rate percentage of increase on preferred stock | 0.75% | |||
Tenth Anniversary | Maximum | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 9.00% | |||
After Tenth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Dividend rate percentage of increase on preferred stock | 0.75% | |||
Series A Convertible Preferred Stock Purchase Agreement | ||||
Class Of Stock [Line Items] | ||||
Maximum purchase commitment amount | $ 200,000,000 | |||
Initial closing amount | 150,000,000 | $ 150,000,000 | ||
Additional purchase commitment amount | $ 50,000,000 | |||
Rate of investor fee | 0.25% | |||
Issuance costs | $ 3,600,000 | |||
Preferred stock, dividend rate, percentage | 6.25% | |||
Preferred stock payment description | Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation. | |||
Preferred stock redemption description | Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount. | |||
Preferred stock redemption premium | $ 0 | |||
Preferred stock, conversion basis | At any time after the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions. | |||
Conversion price per share | $ / shares | $ 10.66 | |||
Number of days after lifting of preferred stock to common stock | Day | 180 | |||
Preferred stock, voting rights condition | This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year. | |||
Required leverage ratio of our real estate portfolio | 60.00% | |||
Required percentage of self storage related assets of merger entity | 80.00% | |||
Required ancillary business revenue to total revenue | 10.00% | |||
Preferred stock, investors rights agreement | In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares. | |||
Preferred shares outstanding | shares | 150,000 | 0 | ||
Aggregate liquidation preference | $ 151,700,000 | |||
Amount of accumulated and unpaid distributions | $ 1,600,000 | |||
Preferred stock, shares issued | shares | 0 | |||
Series A Convertible Preferred Stock Purchase Agreement | Series A Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Authorized but unissued shares of preferred stock | shares | 200,000 | |||
Series A Convertible Preferred Stock Purchase Agreement | Fifth To Tenth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Dividend rate percentage of increase on preferred stock | 0.75% | |||
Series A Convertible Preferred Stock Purchase Agreement | Tenth Anniversary | Maximum | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 9.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | After Tenth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Dividend rate percentage of increase on preferred stock | 0.75% | |||
Series A Convertible Preferred Stock Purchase Agreement | First Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 10.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | Second Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 8.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | Third Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 6.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | Fourth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 4.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | Fifth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 2.00% | |||
Series A Convertible Preferred Stock Purchase Agreement | After Fifth Anniversary | ||||
Class Of Stock [Line Items] | ||||
Premium amount over liquidation amount on redemption, percent | 0.00% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | Oct. 29, 2019USD ($) | Jul. 08, 2019USD ($) | Jan. 25, 2019USD ($) | Jan. 25, 2019USD ($) | Mar. 28, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 09, 2019CAD ($) | Jul. 08, 2019CAD ($) | Jan. 29, 2019USD ($) | Jan. 25, 2019CAD ($) | Jan. 24, 2019USD ($) | Mar. 28, 2018CAD ($) |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 161,200,000 | $ 90,000,000 | $ 101,000,000 | |||||||||||
Foreign currency forward contract gains (loss) | $ 600,000 | $ 2,100,000 | $ 2,100,000 | $ 2,200,000 | $ (3,226,682) | $ 5,251,438 | $ (4,101,495) | |||||||
Other income (expense) | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Change in fair value of derivatives not designated in hedging relationships | 600,000 | 0 | ||||||||||||
Gain (loss) on foreign currency hedge contract, ineffective portion | (400,000) | $ 1,000,000 | ||||||||||||
Interest Rate Swap | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 161,000,000 | |||||||||||||
Foreign Exchange Option | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 95,000,000 | |||||||||||||
Foreign Currency Forward | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 95,000,000 | $ 95,000,000 | $ 95,000,000 | $ 90,000,000 | ||||||||||
Senior Term Loan | Interest Rate Swap | Termination | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 75,700,000 | 75,700,000 | ||||||||||||
Settlement payment of interest rate swaps | $ 600,000 | |||||||||||||
Senior Term Loan | Interest Rate Swap | Termination | Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||||||
Settlement payment of interest rate swaps | $ 600,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Derivative Financial Instruments (Detail) | 12 Months Ended | ||||||||||||||
Dec. 31, 2019USD ($)$ / Unit | Dec. 31, 2018USD ($)$ / Unit | Dec. 31, 2019CAD ($)$ / Unit | Dec. 09, 2019CAD ($) | Jul. 08, 2019CAD ($) | Jan. 29, 2019USD ($) | Jan. 25, 2019CAD ($) | Jan. 24, 2019USD ($) | Dec. 31, 2018CAD ($)$ / Unit | Mar. 28, 2018CAD ($) | ||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 161,200,000 | $ 90,000,000 | $ 101,000,000 | ||||||||||||
Interest Rate Swap | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 161,000,000 | ||||||||||||||
Interest Rate Swap | Oakland and Concord Loan | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | [1] | $ 19,483,127 | |||||||||||||
Interest Rate Swaps, Strike | 3.95% | 3.95% | |||||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | May 18, 2016 | ||||||||||||||
Interest Rate Swaps, Maturity Date | Apr. 10, 2023 | ||||||||||||||
Interest Rate Swap | LIBOR Swap Effective January 24, 2019 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | [2] | $ 85,512,000 | |||||||||||||
Interest Rate Swaps, Strike | 2.61% | 2.61% | |||||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Jan. 24, 2019 | ||||||||||||||
Interest Rate Swaps, Maturity Date | Aug. 1, 2020 | ||||||||||||||
Interest Rate Swap | LIBOR Swap Effective June 15, 2019 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 235,000,000 | ||||||||||||||
Interest Rate Swaps, Strike | 1.79% | 1.79% | |||||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Jun. 15, 2019 | ||||||||||||||
Interest Rate Swaps, Maturity Date | Feb. 15, 2022 | ||||||||||||||
Interest Rate Cap | CDOR Cap Effective October 11, 2018 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 99,300,000 | [3] | $ 99,300,000 | [4] | |||||||||||
Interest Rate Swaps, Strike | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Oct. 11, 2018 | Oct. 11, 2018 | |||||||||||||
Interest Rate Swaps, Maturity Date | Oct. 15, 2021 | Oct. 15, 2021 | |||||||||||||
Interest Rate Cap | CDOR Cap Effective March 28, 2019 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | [3] | $ 1,000,000 | |||||||||||||
Interest Rate Swaps, Strike | 3.00% | 3.00% | |||||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | Mar. 28, 2019 | ||||||||||||||
Interest Rate Swaps, Maturity Date | Oct. 15, 2021 | ||||||||||||||
Interest Rate Cap | CDOR Cap Effective May 28, 2019 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | [3] | $ 11,700,000 | |||||||||||||
Interest Rate Swaps, Strike | 3.00% | 3.00% | |||||||||||||
Interest Rate Swaps, Effective Date or Date Assumed | May 28, 2019 | ||||||||||||||
Interest Rate Swaps, Maturity Date | Oct. 15, 2021 | ||||||||||||||
Foreign Currency Forward | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 95,000,000 | $ 95,000,000 | $ 95,000,000 | $ 90,000,000 | |||||||||||
Foreign Currency Forward, Notional Amount | $ 95,000,000 | [3] | $ 90,000,000 | [4] | |||||||||||
Foreign Currency Forward, Strike | $ / Unit | 1.323 | 1.2846 | 1.323 | 1.2846 | |||||||||||
Foreign Currency Forward, Effective Date or Date Assumed | Dec. 9, 2020 | Mar. 28, 2018 | |||||||||||||
Foreign Currency Forward, Maturity Date | Feb. 10, 2020 | [5] | Jan. 28, 2019 | [6] | |||||||||||
[1] | The Oakland and Concord loan interest rate swap was settled on January 24, 2019 in conjunction with the SSGT Mergers | ||||||||||||||
[2] | We entered into this Swap on January 24, 2019 for an initial notional amount of approximately $161 million, however, on October 29, 2019, in connection with the settlement of the Senior Term Loan, we terminated approximately $75.7 million of this interest rate swap which required a settlement payment of approximately $0.6 million | ||||||||||||||
[3] | Notional amounts shown are denominated in CAD. | ||||||||||||||
[4] | Notional amount shown is denominated in CAD. | ||||||||||||||
[5] | We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 . | ||||||||||||||
[6] | We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Derivative Financial Instruments (Parenthetical) (Detail) | Feb. 10, 2020USD ($) | Oct. 29, 2019USD ($) | Jul. 08, 2019USD ($) | Jan. 25, 2019USD ($) | Jan. 25, 2019USD ($) | Mar. 28, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 10, 2020CAD ($) | Dec. 09, 2019CAD ($) | Jul. 08, 2019CAD ($) | Jan. 29, 2019USD ($) | Jan. 25, 2019CAD ($) | Jan. 24, 2019USD ($) | Mar. 28, 2018CAD ($) | ||
Derivative [Line Items] | ||||||||||||||||||
Foreign currency forward contract gains (loss) | $ 600,000 | $ 2,100,000 | $ 2,100,000 | $ 2,200,000 | $ (3,226,682) | $ 5,251,438 | $ (4,101,495) | |||||||||||
Derivative, notional amount | $ 161,200,000 | $ 90,000,000 | $ 101,000,000 | |||||||||||||||
Subsequent Event | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Foreign currency forward contract gains (loss) | $ 500,000 | |||||||||||||||||
Foreign Currency Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 95,000,000 | $ 95,000,000 | $ 95,000,000 | $ 90,000,000 | ||||||||||||||
Foreign currency forward, maturity date | Feb. 10, 2020 | [1] | Jan. 28, 2019 | [2] | ||||||||||||||
Foreign Currency Forward | Subsequent Event | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 95,000,000 | |||||||||||||||||
Foreign currency forward, maturity date | Feb. 10, 2021 | |||||||||||||||||
Interest Rate Swap | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 161,000,000 | |||||||||||||||||
Interest Rate Swap | Senior Term Loan | Termination | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 75,700,000 | $ 75,700,000 | ||||||||||||||||
Settlement payment of interest rate swaps | $ 600,000 | |||||||||||||||||
[1] | We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021 . | |||||||||||||||||
[2] | We settled this foreign currency forward on January 25, 2019 and received a settlement of approximately $2.1 million |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | $ 0 | $ 361,802 |
Interest Rate Swap | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | 1,695,140 | 0 |
Interest Rate Cap | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | 28,847 | 87,808 |
Foreign Currency Hedges | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, assets | $ 4,016,806 | |
Foreign Currency Hedges | Accounts payable and accrued liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative fair value, liability | $ 1,425,632 |
Segment Disclosures - Additiona
Segment Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Summary of Reportable Segments
Summary of Reportable Segments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Total revenues | $ 109,528,549 | $ 80,412,257 | $ 76,108,906 | ||||||||
Operating expenses: | |||||||||||
General and administrative | 10,461,453 | 4,848,447 | 3,457,907 | ||||||||
Depreciation | 29,605,278 | 20,379,694 | 19,939,856 | ||||||||
Intangible amortization expense | 11,493,394 | 2,422,997 | 13,512,217 | ||||||||
Contingent earnout expense | 200,000 | 0 | 0 | ||||||||
Self administration transaction expenses | 1,572,238 | 0 | 0 | ||||||||
Acquisition expenses – affiliates | 84,061 | 72,179 | 212,577 | ||||||||
Other property acquisition expenses | 141,489 | 1,054,159 | 292,022 | ||||||||
Total operating expenses | $ 26,965,933 | $ 27,773,486 | $ 25,211,611 | $ 21,934,203 | $ 15,808,549 | $ 15,836,436 | $ 16,605,713 | $ 16,010,116 | 101,885,233 | 64,260,814 | 72,533,795 |
Gain on sale of real estate | 3,944,696 | 0 | 0 | ||||||||
Operating income | 7,055,456 | 1,814,528 | 768,906 | 1,949,122 | 4,378,666 | 4,476,633 | 3,439,803 | 3,856,341 | 11,588,012 | 16,151,443 | 3,575,111 |
Other income (expense): | |||||||||||
Interest expense | (37,563,247) | (18,002,274) | (16,356,565) | ||||||||
Interest expense – accretion of fair market value of secured debt | 131,611 | 413,353 | 340,382 | ||||||||
Interest expense – debt issuance costs | (3,996,676) | (1,582,049) | (2,177,833) | ||||||||
Net loss on extinguishment of debt | (2,647,633) | 0 | 0 | ||||||||
Gain resulting from acquisition of unconsolidated affiliates | 8,017,353 | 0 | 0 | ||||||||
Other | (624,958) | (701,203) | (367,385) | ||||||||
Net loss | $ (4,321,670) | $ (9,541,579) | $ (2,283,972) | $ (8,948,317) | $ (1,159,075) | $ (457,278) | $ (1,437,330) | $ (667,047) | (25,095,538) | (3,720,730) | (14,986,290) |
Self Storage Rental Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 99,494,560 | 78,473,091 | 75,408,257 | ||||||||
Ancillary Operating Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,706,700 | 1,939,166 | 700,649 | ||||||||
Managed REIT Platform Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,068,306 | 0 | 0 | ||||||||
Reimbursable Costs from Managed REITs | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,258,983 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Operating expenses | 3,258,983 | 0 | 0 | ||||||||
Property Operating Expenses | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 35,723,111 | 25,228,704 | 24,487,854 | ||||||||
Property Operating Expenses – Affiliates | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 6,605,670 | 10,254,634 | 10,631,362 | ||||||||
Managed REIT Platform Expenses | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 2,739,556 | $ 0 | $ 0 | ||||||||
Self Storage | |||||||||||
Revenues: | |||||||||||
Total revenues | 103,201,260 | ||||||||||
Operating expenses: | |||||||||||
Depreciation | 29,305,979 | ||||||||||
Intangible amortization expense | 9,051,083 | ||||||||||
Acquisition expenses – affiliates | 84,061 | ||||||||||
Other property acquisition expenses | 141,489 | ||||||||||
Total operating expenses | 80,911,393 | ||||||||||
Gain on sale of real estate | 3,944,696 | ||||||||||
Operating income | 26,234,563 | ||||||||||
Other income (expense): | |||||||||||
Interest expense | (37,469,725) | ||||||||||
Interest expense – accretion of fair market value of secured debt | 131,611 | ||||||||||
Interest expense – debt issuance costs | (3,990,421) | ||||||||||
Net loss on extinguishment of debt | (2,635,278) | ||||||||||
Gain resulting from acquisition of unconsolidated affiliates | 8,017,353 | ||||||||||
Other | (1,159,570) | ||||||||||
Net loss | (10,871,467) | ||||||||||
Self Storage | Self Storage Rental Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 99,494,560 | ||||||||||
Self Storage | Ancillary Operating Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,706,700 | ||||||||||
Self Storage | Property Operating Expenses | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 35,723,111 | ||||||||||
Self Storage | Property Operating Expenses – Affiliates | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 6,605,670 | ||||||||||
Managed REIT Platform | |||||||||||
Revenues: | |||||||||||
Total revenues | 6,327,289 | ||||||||||
Operating expenses: | |||||||||||
Intangible amortization expense | 2,442,311 | ||||||||||
Total operating expenses | 8,440,850 | ||||||||||
Operating income | (2,113,561) | ||||||||||
Other income (expense): | |||||||||||
Other | 534,612 | ||||||||||
Net loss | (1,578,949) | ||||||||||
Managed REIT Platform | Managed REIT Platform Revenue | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,068,306 | ||||||||||
Managed REIT Platform | Reimbursable Costs from Managed REITs | |||||||||||
Revenues: | |||||||||||
Total revenues | 3,258,983 | ||||||||||
Operating expenses: | |||||||||||
Operating expenses | 3,258,983 | ||||||||||
Managed REIT Platform | Managed REIT Platform Expenses | |||||||||||
Operating expenses: | |||||||||||
Operating expenses | 2,739,556 | ||||||||||
Corporate and Other | |||||||||||
Operating expenses: | |||||||||||
General and administrative | 10,461,453 | ||||||||||
Depreciation | 299,299 | ||||||||||
Contingent earnout expense | 200,000 | ||||||||||
Self administration transaction expenses | 1,572,238 | ||||||||||
Total operating expenses | 12,532,990 | ||||||||||
Operating income | (12,532,990) | ||||||||||
Other income (expense): | |||||||||||
Interest expense | (93,522) | ||||||||||
Interest expense – debt issuance costs | (6,255) | ||||||||||
Net loss on extinguishment of debt | (12,355) | ||||||||||
Net loss | $ (12,645,122) |
Summary of Total Assets by Segm
Summary of Total Assets by Segment (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,311,433,731 | $ 796,354,037 | |
Self Storage | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | [1] | 1,175,887,634 | |
Managed REIT Platform | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | [1] | 73,939,002 | |
Corporate and Other | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | $ 61,607,095 | ||
[1] | Included in the assets of the Self Storage and the Managed REIT Platform segments are approximately $45.3 million, and $33.1 million of goodwill, respectively. |
Summary of Total Assets by Se_2
Summary of Total Assets by Segment (Parenthetical) (Detail) - USD ($) | Dec. 31, 2019 | Jun. 28, 2019 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Goodwill | $ 78,372,980 | $ 78,372,980 |
Self Storage | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Goodwill | 45,300,000 | |
Managed REIT Platform | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Goodwill | $ 33,100,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 01, 2018USD ($)$ / shares | Oct. 02, 2017 | Feb. 01, 2017USD ($)$ / sharesshares | Oct. 01, 2015USD ($) | Dec. 31, 2019USD ($)StorageFacilityEmployee$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Feb. 01, 2017CAD ($) |
Related Party Transaction [Line Items] | ||||||||
Number of self storage professionals acquired | Employee | 350 | |||||||
Maximum dealer manager commission fee percentage of proceeds from Primary Offering | 3.00% | |||||||
Underwriting commission | 10.00% | |||||||
Self storage rental revenue | $ 109,528,549 | $ 80,412,257 | $ 76,108,906 | |||||
Number of self storage facilities | StorageFacility | 112 | |||||||
Debt Instrument Carrying Amount | $ 719,769,887 | |||||||
Due to affiliates | 1,624,474 | 2,203,837 | ||||||
Toronto Merger | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of self storage facilities | 5 | |||||||
Strategic Storage Trust IV, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Receivables due from related parties | 100,000 | |||||||
Strategic Storage Growth Trust, Inc | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common Stock, par value | $ / shares | $ 0.001 | |||||||
Cash | $ 346,231,561 | |||||||
Debt Instrument Carrying Amount | $ 19,000,000 | |||||||
Receivables due from related parties | 170,000 | |||||||
Tenant Programs | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operating revenue | $ 2,900,000 | 1,500,000 | 300,000 | |||||
Tenant Programs | TRS subsidiary | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interest in joint venture | 50.00% | |||||||
Percentage of net economics generated from tenant insurance received under terms of joint venture agreement | 50.00% | |||||||
Auction Company | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of limited partnership interests | 50.00% | |||||||
Self storage rental revenue | $ 45,000 | $ 43,000 | $ 0 | |||||
Type of Revenue [Extensible List] | us-gaap:ShareholderServiceMember | us-gaap:ShareholderServiceMember | ||||||
Class A Common stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale commission fees percentage of proceed from Primary Offering | 7.00% | |||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||
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 | |||||||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||
Advisory Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gross proceeds from offering, threshold percentage of expenses for reimbursement | 15.00% | |||||||
Reimbursement of offering cost | $ 0 | |||||||
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% | |||||||
Advisory Agreement | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Commission percentage of sale price of property | 6.00% | |||||||
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% | |||||||
SmartStop Asset Management | Strategic Transfer Agent Services, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of membership interest | 100.00% | |||||||
Transfer Agent Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Transfer agent agreement term | 3 years | |||||||
Transfer agent renewal agreement term | 1 year | |||||||
Transfer agent agreement termination description | The initial term of the transfer agent agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the transfer agent agreement upon 90 days’ prior written notice. In the event that we terminate the transfer agent agreement, other than for cause, we will pay our transfer agent all amounts that would have otherwise accrued during the remaining term of the transfer agent agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date. | |||||||
Property Management Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of self storage professionals acquired | Employee | 350 | |||||||
Agreement termination date | Oct. 1, 2017 | |||||||
Percentage of fee of former external property managers | 6.00% | |||||||
Construction management fee | 5.00% | |||||||
Cost of construction or capital improvement work | $ 10,000 | |||||||
Investment management revenue | $ 3,750 | |||||||
Property management fee, percent fee of gross revenues | 6.00% | |||||||
One time fee for former external property managers | $ 3,750 | |||||||
Property Management Agreement | SST IV Property Manager | ||||||||
Related Party Transaction [Line Items] | ||||||||
Construction management fee | 5.00% | |||||||
Cost of construction or capital improvement work | $ 10,000 | |||||||
Property Management Agreement | Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Our former external property management fee | $ 3,000 | |||||||
Strategic Storage Property Management II, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
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 Former External 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 Former External 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 Formal External Property Manager could have terminated a property management agreement on 60 days prior written notice to us. | |||||||
Strategic Storage Property Management II, LLC | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Signage and set-up costs associated with converting each property to extra space brand | $ 25,000 | |||||||
Strategic Storage Property Management II, LLC | Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Our former external property management fee | $ 2,500 | |||||||
Percentage of fee of former external property managers | 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 Former External Property Manager or Extra Space provided prior written notice at least 90 days prior to the expiration of the term. In general, if our Former External 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 Former External 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 Former External Property Manager. | |||||||
Sub property management agreement description | Under the sub-property management agreements, our Formal External 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] | ||||||||
Our former external property management fee | $ 2,500 | |||||||
Percentage of fee of former external property managers | 6.00% | |||||||
Termination of Sub-property Manager | Property Operating Expenses Affiliates | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement termination date | Oct. 1, 2017 | |||||||
Percentage of fee of former external property managers | $ 800,000 | |||||||
Former External Property Manager’s Affiliate | Tenant Programs | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interest in joint venture | 50.00% | |||||||
Percentage of net economics generated from tenant insurance received under terms of joint venture agreement | 50.00% | |||||||
SS Toronto | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Instrument Carrying Amount | $ 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 | |||||||
Cash | $ 7,300,000 | |||||||
Debt Instrument Carrying Amount | 38,400,000 | |||||||
Acquisition assumed other net liabilities | 800,000 | |||||||
Repayment of outstanding debt and accrued interest | 33,100,000 | |||||||
Business acquisition fees paid to 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 | |||||||
SST IV Advisor | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gross proceeds from offering, threshold percentage of expenses for reimbursement | 15.00% | |||||||
Monthly asset management fee | 0.0833% | |||||||
Monthly asset management fee one twelfth of less than one percentage of average invested assets | one-twelfth of 1% | |||||||
Operating expenses reimbursement percentage of average investment in assets | 2.00% | |||||||
Operating expenses reimbursement percentage of net income | 25.00% | |||||||
Maximum period for reimbursement of offering cost | 60 days | |||||||
Maximum offering cost rate | 3.50% | |||||||
SST IV Advisor | Class W | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of offering cost without reimbursement | 1.15% | |||||||
Organization and offering costs not reimbursed | $ 41,000 | |||||||
SSGT II Advisor | ||||||||
Related Party Transaction [Line Items] | ||||||||
Monthly asset management fee | 0.1042% | |||||||
Monthly asset management fee one twelfth of less than one percentage of average invested assets | one-twelfth of 1.25% | |||||||
Percentage of distribution from operating partnership | 10.00% | |||||||
Annual aggregate distribution percentage | 5.00% | |||||||
Administrative Services Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to affiliates | $ 300,000 | |||||||
Administrative Services Agreement | Managed REIT Platform Expenses | ||||||||
Related Party Transaction [Line Items] | ||||||||
Administrative service fees | 2,100,000 | |||||||
Reimbursements of administrative service fees | 200,000 | |||||||
Administrative Services Agreement | Rent and Overhead for Portion in Ladera Office | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursements of administrative service fees | $ 100,000 |
Summary of Related Party Costs
Summary of Related Party Costs (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | $ 8,720,375 | $ 12,927,373 | |
Related party costs, Paid | 9,646,872 | 13,689,440 | |
Related party costs, Payable | 1,624,474 | 2,203,837 | |
Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Related party costs, Payable | 1,277,340 | ||
Operating Expenses Expensed | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 975,985 | 2,199,596 | |
Related party costs, Paid | 1,185,370 | 2,336,075 | |
Related party costs, Payable | 209,385 | ||
Transfer Agent fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 324,943 | 352,300 | |
Related party costs, Paid | 374,404 | 302,839 | |
Related party costs, Payable | 49,461 | ||
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 3,622,558 | 5,445,528 | |
Related party costs, Paid | 3,622,558 | 5,445,528 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 2,983,111 | 4,809,106 | |
Related party costs, Paid | 2,983,111 | 4,809,106 | |
Acquisition expenses | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 84,061 | 72,179 | |
Related party costs, Paid | 84,061 | 72,179 | |
Acquisition costs | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 235,932 | 48,664 | |
Related party costs, Paid | 235,932 | 48,664 | |
Self Administration Transaction Working Capital True-up | |||
Related Party Transaction [Line Items] | |||
Related party costs, Incurred | 493,785 | ||
Related party costs, Paid | 493,785 | ||
Stockholder servicing fee | |||
Related Party Transaction [Line Items] | |||
Related party costs, Paid | [1] | 667,651 | 675,049 |
Related party costs, Payable | [1] | $ 1,944,991 | |
Stockholder servicing fee | Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Related party costs, Payable | [1] | $ 1,277,340 | |
[1] | (1) th |
Summary of Related Party Cost_2
Summary of Related Party Costs (Parenthetical) (Detail) - Class T Common stock | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | |
Dealer Manager | ||
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 | accrues daily in an amount equal to 1/365th of 1% of the purchase price per share |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees and Revenue Related to the Managed REITs (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | $ 3,068,306 | |
Strategic Storage Trust IV Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 1,153,137 | |
Strategic Storage Trust IV Property Management Agreement | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 602,162 | |
Strategic Storage Trust IV Tenant Program Revenue | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 254,148 | |
Strategic Storage Growth Trust II Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 310,786 | |
Strategic Storage Growth Trust II Property Management Agreement | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 91,594 | |
Strategic Storage Growth Trust II Tenant Program Revenue | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | 37,269 | |
Other Managed REIT Revenue | ||
Related Party Transaction [Line Items] | ||
Managed REIT Platform Revenues | $ 619,210 | [1] |
[1] | Such revenues primarily includes construction management, development, and acquisitions related fees. |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 4 years |
Unrecognized compensation expense related to non-vested restricted stock awards | $ 2,200,000 |
Unrecognized compensation expense, expected weighted average-recognition period | 3 years 10 months 24 days |
General and Administrative Expense | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share based compensation expense | $ 405,000 |
Employee and Director Long-term Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares available for issuance | shares | 5,630,071 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Non-vested Restricted Stock Grants (Detail) - Restricted Stock | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-Vested Shares, Beginning balance | shares | 21,438 |
Non-Vested Shares, Granted | shares | 251,993 |
Non-Vested Shares, Vested | shares | (7,625) |
Non-Vested Shares, Ending balance | shares | 265,806 |
Non-Vested Weighted-Average Grant-Date Fair Value, Beginning balance | $ / shares | $ 10.38 |
Non-Vested Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 9.48 |
Non-Vested Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 10.29 |
Non-Vested Shares, Ending balance | $ / shares | $ 9.53 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 09, 2017 | Nov. 30, 2016 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 26, 2019 |
Commitments And Contingencies [Line Items] | |||||||||
Additional shares issued pursuant to distribution reinvestment plan, value | $ 16,046,534 | $ 16,057,113 | $ 16,006,277 | ||||||
Amendment, suspension or termination period of share | 30 days | ||||||||
Redemptions of common stock, value | $ 592 | $ 788 | $ 188 | ||||||
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 | ||||||||
Distribution Reinvestment Plan | Maximum | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Additional shares issued pursuant to distribution reinvestment plan, value | $ 100,900,000 | ||||||||
Share Redemption Program | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Maximum weighted-average number of shares outstanding percentage | 5.00% | ||||||||
Redemptions of common stock (in shares) | 4,900,000 | 8,300,000 | 2,200,000 | ||||||
Redemptions of common stock, value | $ 1,300,000 | $ 700,000 | $ 500,000 | $ 900,000 | $ 200,000 | ||||
Share Redemption Program | Subsequent Event | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Redemptions of common stock, value | $ 400,000 | ||||||||
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 | $ 10.66 | ||||||||
Class A Common stock | Distribution Reinvestment Plan | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Shares issued pursuant to distribution reinvestment plan | 1,100,000 | 4,000,000 | |||||||
Class T Common stock | Distribution Reinvestment Plan | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Shares issued pursuant to distribution reinvestment plan | 100,000 | 600,000 | |||||||
Redeemable Common Stock | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Redemptions of common stock, value | $ 4,881,988 | 8,325,829 | 2,219,328 | ||||||
Redeemable Common Stock | Share Redemption Program | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Redemptions of common stock, value | $ 4,500,000 | $ 7,000,000 | $ 1,500,000 |
Stock for Redemptions Based on
Stock for Redemptions Based on Number of Years Stock Held (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 18, 2019 | |
Class A Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | $ 0.001639 | |
Cash distribution record date start | Jan. 1, 2020 | |
Cash distribution record date end | Mar. 31, 2020 | |
Class T Common stock | ||
Dividend Declared [Line Items] | ||
Common stock per share outstanding per day declared | 0.001639 | |
Cash distribution record date start | Jan. 1, 2020 | |
Cash distribution record date end | Mar. 31, 2020 | |
Common stock dividends payable per share per day | $ 0.0014 |
Selected Quarterly Data - Summa
Selected Quarterly Data - Summary of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 30,076,693 | $ 29,588,014 | $ 25,980,517 | $ 23,883,325 | $ 20,187,215 | $ 20,313,069 | $ 20,045,516 | $ 19,866,457 | |||
Total operating expenses | 26,965,933 | 27,773,486 | 25,211,611 | 21,934,203 | 15,808,549 | 15,836,436 | 16,605,713 | 16,010,116 | $ 101,885,233 | $ 64,260,814 | $ 72,533,795 |
Operating income | 7,055,456 | 1,814,528 | 768,906 | 1,949,122 | 4,378,666 | 4,476,633 | 3,439,803 | 3,856,341 | 11,588,012 | 16,151,443 | 3,575,111 |
Net loss | (4,321,670) | (9,541,579) | (2,283,972) | (8,948,317) | (1,159,075) | (457,278) | (1,437,330) | (667,047) | (25,095,538) | (3,720,730) | (14,986,290) |
Net loss attributable to common stockholders | $ (5,431,504) | $ (8,214,826) | $ (2,212,445) | $ (8,891,558) | $ (1,158,694) | $ (451,424) | $ (1,427,056) | $ (661,203) | $ (24,750,333) | $ (3,698,377) | $ (14,864,065) |
Class A Common stock | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Net loss per share-basic and diluted | $ (0.09) | $ (0.14) | $ (0.04) | $ (0.15) | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.42) | $ (0.06) | $ (0.27) |
Class T Common stock | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Net loss per share-basic and diluted | $ (0.09) | $ (0.14) | $ (0.04) | $ (0.15) | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.42) | $ (0.06) | $ (0.27) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions | Mar. 25, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Gross proceeds from issuance of common stock | $ 0 | $ 0 | $ 18,879,477 | |
Class A Common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of common stock issued | 4.3 | |||
Gross proceeds from issuance of common stock | $ 45,200,000 | |||
Class T Common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of common stock issued | 0.7 | |||
Gross proceeds from issuance of common stock | $ 6,900,000 |
Schedule III Real Estate Asset
Schedule III Real Estate Asset and Accumulated Depreciation (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 719,769,888 | |
Initial Cost to Company, Land | 334,865,685 | |
Initial Cost to Company, Buildings and Improvements | 823,989,800 | |
Initial Cost to Company, Total | 1,158,855,485 | |
Cost Capitalized Subsequent to Acquisition | 26,589,304 | |
Gross Carrying Amount, Land | 332,350,688 | |
Gross Carrying Amount, Buildings and Improvements | 841,474,680 | |
Gross Carrying Amount, Total | 1,173,825,368 | [1] |
Accumulated Depreciation | 83,692,491 | |
Morrisville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | 3,109,374 | |
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 | $ 402,431 | |
Date of Construction | 2004 | |
Date Acquired | Nov. 3, 2014 | |
Cary | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,289,973 | |
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 | 104,393 | |
Gross Carrying Amount, Land | 1,064,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,405,393 | |
Gross Carrying Amount, Total | 4,469,393 | [1] |
Accumulated Depreciation | $ 650,300 | |
Date of Construction | 1998/2005/2006 | |
Date Acquired | Nov. 3, 2014 | |
Raleigh | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,482,344 | |
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 | 206,819 | |
Gross Carrying Amount, Land | 1,186,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,746,819 | |
Gross Carrying Amount, Total | 3,932,819 | [1] |
Accumulated Depreciation | $ 615,086 | |
Date of Construction | 1999 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach I | South Carolina | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,606,670 | |
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 | 339,706 | |
Gross Carrying Amount, Land | 1,482,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,815,706 | |
Gross Carrying Amount, Total | 6,297,706 | [1] |
Accumulated Depreciation | $ 947,514 | |
Date of Construction | 1998/2005-2007 | |
Date Acquired | Nov. 3, 2014 | |
Myrtle Beach II | South Carolina | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,970,422 | |
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 | 216,056 | |
Gross Carrying Amount, Land | 1,690,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,870,056 | |
Gross Carrying Amount, Total | 5,560,056 | [1] |
Accumulated Depreciation | $ 793,377 | |
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 | 419,262 | |
Gross Carrying Amount, Land | 2,730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,336,137 | |
Gross Carrying Amount, Total | 6,066,137 | [1] |
Accumulated Depreciation | $ 692,786 | |
Date of Construction | 1989 | |
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 | 291,367 | |
Gross Carrying Amount, Land | 1,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,328,242 | |
Gross Carrying Amount, Total | 4,278,242 | [1] |
Accumulated Depreciation | $ 516,456 | |
Date of Construction | 1986 | |
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 | 308,327 | |
Gross Carrying Amount, Land | 4,890,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,315,202 | |
Gross Carrying Amount, Total | 9,205,202 | [1] |
Accumulated Depreciation | $ 931,310 | |
Date of Construction | 1978 | |
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 | 400,245 | |
Gross Carrying Amount, Land | 2,950,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,417,120 | |
Gross Carrying Amount, Total | 6,367,120 | [1] |
Accumulated Depreciation | $ 753,589 | |
Date of Construction | 1979 | |
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 | 303,463 | |
Gross Carrying Amount, Land | 2,060,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,660,338 | |
Gross Carrying Amount, Total | 4,720,338 | [1] |
Accumulated Depreciation | $ 518,792 | |
Date of Construction | 1981 | |
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 | 210,031 | |
Gross Carrying Amount, Land | 2,020,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,426,906 | |
Gross Carrying Amount, Total | 4,446,906 | [1] |
Accumulated Depreciation | $ 483,171 | |
Date of Construction | 1987 | |
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 | 420,732 | |
Gross Carrying Amount, Land | 5,460,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,277,607 | |
Gross Carrying Amount, Total | 10,737,607 | [1] |
Accumulated Depreciation | $ 1,048,530 | |
Date of Construction | 1986 | |
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 | 227,225 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,564,100 | |
Gross Carrying Amount, Total | 1,964,100 | [1] |
Accumulated Depreciation | $ 338,409 | |
Date of Construction | 1984 | |
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 | 326,487 | |
Gross Carrying Amount, Land | 200,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,843,362 | |
Gross Carrying Amount, Total | 2,043,362 | [1] |
Accumulated Depreciation | $ 429,551 | |
Date of Construction | 1980 | |
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 | 234,616 | |
Gross Carrying Amount, Land | 670,392 | |
Gross Carrying Amount, Buildings and Improvements | 3,946,040 | |
Gross Carrying Amount, Total | 4,616,432 | [1] |
Accumulated Depreciation | $ 619,503 | |
Date of Construction | 1991 | |
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 | 443,806 | |
Gross Carrying Amount, Land | 370,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,770,681 | |
Gross Carrying Amount, Total | 3,140,681 | [1] |
Accumulated Depreciation | $ 559,516 | |
Date of Construction | 1985 | |
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 | 99,100 | |
Gross Carrying Amount, Land | 730,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,045,975 | |
Gross Carrying Amount, Total | 3,775,975 | [1] |
Accumulated Depreciation | $ 616,798 | |
Date of Construction | 1984 | |
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 | 150,688 | |
Gross Carrying Amount, Land | 1,000,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,897,563 | |
Gross Carrying Amount, Total | 3,897,563 | [1] |
Accumulated Depreciation | $ 576,227 | |
Date of Construction | 1982 | |
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 | 369,705 | |
Gross Carrying Amount, Land | 3,150,000 | |
Gross Carrying Amount, Buildings and Improvements | 7,086,580 | |
Gross Carrying Amount, Total | 10,236,580 | [1] |
Accumulated Depreciation | $ 1,393,470 | |
Date of Construction | 1979-1981 | |
Date Acquired | Jan. 29, 2015 | |
Vallejo | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,237,821 | |
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 | 173,697 | |
Gross Carrying Amount, Land | 990,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,120,572 | |
Gross Carrying Amount, Total | 5,110,572 | [1] |
Accumulated Depreciation | $ 824,942 | |
Date of Construction | 1981 | |
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 | 344,130 | |
Gross Carrying Amount, Land | 1,100,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,691,005 | |
Gross Carrying Amount, Total | 4,791,005 | [1] |
Accumulated Depreciation | $ 833,053 | |
Date of Construction | 1983 | |
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 | 500,621 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,407,496 | |
Gross Carrying Amount, Total | 7,217,496 | [1] |
Accumulated Depreciation | $ 1,256,353 | |
Date of Construction | 1984 | |
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 | 281,681 | |
Gross Carrying Amount, Land | 1,680,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,738,556 | |
Gross Carrying Amount, Total | 4,418,556 | [1] |
Accumulated Depreciation | $ 569,293 | |
Date of Construction | 1985 | |
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 | 292,022 | |
Gross Carrying Amount, Land | 810,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,148,896 | |
Gross Carrying Amount, Total | 4,958,896 | [1] |
Accumulated Depreciation | $ 808,741 | |
Date of Construction | 1987 | |
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 | 289,225 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 2,386,100 | |
Gross Carrying Amount, Total | 2,636,100 | [1] |
Accumulated Depreciation | $ 500,125 | |
Date of Construction | 1987 | |
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 | 916,799 | |
Gross Carrying Amount, Land | 1,940,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,263,674 | |
Gross Carrying Amount, Total | 7,203,674 | [1] |
Accumulated Depreciation | $ 1,170,978 | |
Date of Construction | 1988 | |
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 | 414,426 | |
Gross Carrying Amount, Land | 230,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,381,301 | |
Gross Carrying Amount, Total | 3,611,301 | [1] |
Accumulated Depreciation | $ 661,863 | |
Date of Construction | 1996 | |
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 | 647,801 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,714,676 | |
Gross Carrying Amount, Total | 3,954,676 | [1] |
Accumulated Depreciation | $ 751,865 | |
Date of Construction | 1987 | |
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 | 687,046 | |
Gross Carrying Amount, Land | 250,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,973,921 | |
Gross Carrying Amount, Total | 4,223,921 | [1] |
Accumulated Depreciation | $ 738,112 | |
Date of Construction | 1977 | |
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 | 223,434 | |
Gross Carrying Amount, Land | 240,000 | |
Gross Carrying Amount, Buildings and Improvements | 4,400,309 | |
Gross Carrying Amount, Total | 4,640,309 | [1] |
Accumulated Depreciation | $ 838,838 | |
Date of Construction | 1988 | |
Date Acquired | May 8, 2015 | |
Troy | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,988,229 | |
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 | 56,417 | |
Gross Carrying Amount, Land | 150,666 | |
Gross Carrying Amount, Buildings and Improvements | 2,652,427 | |
Gross Carrying Amount, Total | 2,803,093 | [1] |
Accumulated Depreciation | $ 447,468 | |
Date of Construction | 2003 | |
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 | 280,370 | |
Gross Carrying Amount, Land | 400,000 | |
Gross Carrying Amount, Buildings and Improvements | 1,977,245 | |
Gross Carrying Amount, Total | 2,377,245 | [1] |
Accumulated Depreciation | $ 345,453 | |
Date of Construction | 1988 | |
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 | 592,662 | |
Gross Carrying Amount, Land | 2,010,000 | |
Gross Carrying Amount, Buildings and Improvements | 3,549,537 | |
Gross Carrying Amount, Total | 5,559,537 | [1] |
Accumulated Depreciation | $ 682,138 | |
Date of Construction | 1986 | |
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 | 597,640 | |
Gross Carrying Amount, Land | 1,839,000 | |
Gross Carrying Amount, Buildings and Improvements | 6,314,640 | |
Gross Carrying Amount, Total | 8,153,640 | [1] |
Accumulated Depreciation | $ 1,133,176 | |
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 | 544,520 | |
Gross Carrying Amount, Land | 718,244 | |
Gross Carrying Amount, Buildings and Improvements | 2,801,991 | |
Gross Carrying Amount, Total | 3,520,235 | [1] |
Accumulated Depreciation | $ 465,819 | |
Date of Construction | 1985 | |
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 | 401,381 | |
Gross Carrying Amount, Land | 1,983,491 | |
Gross Carrying Amount, Buildings and Improvements | 15,634,198 | |
Gross Carrying Amount, Total | 17,617,689 | [1] |
Accumulated Depreciation | $ 1,903,280 | |
Date of Construction | 2004 | |
Date Acquired | Jan. 7, 2016 | |
Milton | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,941,133 | [2] |
Initial Cost to Company, Land | 1,452,870 | [2] |
Initial Cost to Company, Buildings and Improvements | 7,929,810 | [2] |
Initial Cost to Company, Total | 9,382,680 | [2] |
Cost Capitalized Subsequent to Acquisition | 935,627 | [2],[3] |
Gross Carrying Amount, Land | 1,551,187 | [2] |
Gross Carrying Amount, Buildings and Improvements | 8,767,120 | [2] |
Gross Carrying Amount, Total | 10,318,307 | [1],[2] |
Accumulated Depreciation | $ 1,024,658 | [2] |
Date of Construction | 2006 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,471,372 | [2] |
Initial Cost to Company, Land | 3,293,267 | [2] |
Initial Cost to Company, Buildings and Improvements | 10,278,861 | [2] |
Initial Cost to Company, Total | 13,572,128 | [2] |
Cost Capitalized Subsequent to Acquisition | 1,161,001 | [2],[3] |
Gross Carrying Amount, Land | 3,516,127 | [2] |
Gross Carrying Amount, Buildings and Improvements | 11,217,002 | [2] |
Gross Carrying Amount, Total | 14,733,129 | [1],[2] |
Accumulated Depreciation | $ 1,343,310 | [2] |
Date of Construction | 2011 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Burlington | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,735,686 | [2] |
Initial Cost to Company, Land | 2,944,035 | [2] |
Initial Cost to Company, Buildings and Improvements | 5,125,839 | [2] |
Initial Cost to Company, Total | 8,069,874 | [2] |
Cost Capitalized Subsequent to Acquisition | 507,540 | [2],[3] |
Gross Carrying Amount, Land | 3,056,847 | [2] |
Gross Carrying Amount, Buildings and Improvements | 5,520,567 | [2] |
Gross Carrying Amount, Total | 8,577,414 | [1],[2] |
Accumulated Depreciation | $ 663,864 | [2] |
Date of Construction | 2008 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Oakville | Canada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,543,857 | [2] |
Initial Cost to Company, Land | 2,655,215 | [2] |
Initial Cost to Company, Buildings and Improvements | 13,072,458 | [2] |
Initial Cost to Company, Total | 15,727,673 | [2] |
Cost Capitalized Subsequent to Acquisition | 2,989,499 | [2],[3] |
Gross Carrying Amount, Land | 2,834,896 | [2] |
Gross Carrying Amount, Buildings and Improvements | 15,882,276 | [2] |
Gross Carrying Amount, Total | 18,717,172 | [1],[2] |
Accumulated Depreciation | $ 1,933,514 | [2] |
Date of Construction | 2016 | [2] |
Date Acquired | Feb. 11, 2016 | [2] |
Oakville | Canada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,663,201 | [2] |
Initial Cost to Company, Land | 2,983,307 | [2] |
Initial Cost to Company, Buildings and Improvements | 9,346,283 | [2] |
Initial Cost to Company, Total | 12,329,590 | [2] |
Cost Capitalized Subsequent to Acquisition | 707,360 | [2],[3] |
Gross Carrying Amount, Land | 3,097,623 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,939,327 | [2] |
Gross Carrying Amount, Total | 13,036,950 | [1],[2] |
Accumulated Depreciation | $ 1,218,853 | [2] |
Date of Construction | 2004 | [2] |
Date Acquired | Feb. 29, 2016 | [2] |
Xenia | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,705,559 | |
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 | 26,364 | |
Gross Carrying Amount, Land | 275,493 | |
Gross Carrying Amount, Buildings and Improvements | 2,691,057 | |
Gross Carrying Amount, Total | 2,966,550 | [1] |
Accumulated Depreciation | $ 400,301 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Sidney | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,817,166 | |
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 | 106,739 | |
Gross Carrying Amount, Land | 255,246 | |
Gross Carrying Amount, Buildings and Improvements | 1,913,088 | |
Gross Carrying Amount, Total | 2,168,334 | [1] |
Accumulated Depreciation | $ 415,302 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Greenville | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,897,929 | |
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 | 48,898 | |
Gross Carrying Amount, Land | 82,598 | |
Gross Carrying Amount, Buildings and Improvements | 1,958,364 | |
Gross Carrying Amount, Total | 2,040,962 | [1] |
Accumulated Depreciation | $ 286,401 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Washington Court House | Ohio | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,947,848 | |
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 | 28,346 | |
Gross Carrying Amount, Land | 255,456 | |
Gross Carrying Amount, Buildings and Improvements | 1,910,549 | |
Gross Carrying Amount, Total | 2,166,005 | [1] |
Accumulated Depreciation | $ 290,615 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Richmond | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,988,229 | |
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 | 23,738 | |
Gross Carrying Amount, Land | 223,159 | |
Gross Carrying Amount, Buildings and Improvements | 2,968,117 | |
Gross Carrying Amount, Total | 3,191,276 | [1] |
Accumulated Depreciation | $ 462,658 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Connersville | Indiana | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,857,548 | |
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 | 24,961 | |
Gross Carrying Amount, Land | 155,533 | |
Gross Carrying Amount, Buildings and Improvements | 1,677,251 | |
Gross Carrying Amount, Total | 1,832,784 | [1] |
Accumulated Depreciation | $ 263,158 | |
Date of Construction | 2003 | |
Date Acquired | Apr. 20, 2016 | |
Port St. Lucie | Florida | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,430,191 | |
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 | 135,087 | |
Gross Carrying Amount, Land | 2,589,781 | |
Gross Carrying Amount, Buildings and Improvements | 6,474,665 | |
Gross Carrying Amount, Total | 9,064,446 | [1] |
Accumulated Depreciation | $ 845,185 | |
Date of Construction | 1999 | |
Date Acquired | Apr. 29, 2016 | |
Port St. Lucie | Florida | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,264,947 | |
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 | 151,777 | |
Gross Carrying Amount, Land | 5,130,621 | |
Gross Carrying Amount, Buildings and Improvements | 8,562,251 | |
Gross Carrying Amount, Total | 13,692,872 | [1] |
Accumulated Depreciation | $ 1,136,769 | |
Date of Construction | 2002 | |
Date Acquired | Jun. 1, 2016 | |
Sacramento | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,157,058 | |
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 | 158,568 | |
Gross Carrying Amount, Land | 1,205,209 | |
Gross Carrying Amount, Buildings and Improvements | 6,775,335 | |
Gross Carrying Amount, Total | 7,980,544 | [1] |
Accumulated Depreciation | $ 800,959 | |
Date of Construction | 2006 | |
Date Acquired | May 9, 2016 | |
Oakland | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 13,325,887 | |
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 | 82,123 | |
Gross Carrying Amount, Land | 5,711,189 | |
Gross Carrying Amount, Buildings and Improvements | 6,984,569 | |
Gross Carrying Amount, Total | 12,695,758 | [1] |
Accumulated Depreciation | $ 834,038 | |
Date of Construction | 1979 | |
Date Acquired | May 18, 2016 | |
Concord | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 32,628,233 | |
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 | 144,116 | |
Gross Carrying Amount, Land | 19,090,003 | |
Gross Carrying Amount, Buildings and Improvements | 17,346,984 | |
Gross Carrying Amount, Total | 36,436,987 | [1] |
Accumulated Depreciation | $ 2,138,426 | |
Date of Construction | 1988/1998 | |
Date Acquired | May 18, 2016 | |
Pompano Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,590,310 | |
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 | 154,178 | |
Gross Carrying Amount, Land | 3,947,715 | |
Gross Carrying Amount, Buildings and Improvements | 16,810,180 | |
Gross Carrying Amount, Total | 20,757,895 | [1] |
Accumulated Depreciation | $ 1,797,481 | |
Date of Construction | 1979 | |
Date Acquired | Jun. 1, 2016 | |
Lake Worth | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,308,370 | |
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 | 149,355 | |
Gross Carrying Amount, Land | 12,108,208 | |
Gross Carrying Amount, Buildings and Improvements | 10,953,528 | |
Gross Carrying Amount, Total | 23,061,736 | [1] |
Accumulated Depreciation | $ 1,626,503 | |
Date of Construction | 1998/2003 | |
Date Acquired | Jun. 1, 2016 | |
Jupiter | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,568,280 | |
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 | 215,037 | |
Gross Carrying Amount, Land | 16,029,881 | |
Gross Carrying Amount, Buildings and Improvements | 10,771,870 | |
Gross Carrying Amount, Total | 26,801,751 | [1] |
Accumulated Depreciation | $ 1,330,037 | |
Date of Construction | 1992/2012 | |
Date Acquired | Jun. 1, 2016 | |
Royal Palm Beach | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,678,415 | |
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 | 73,709 | |
Gross Carrying Amount, Land | 11,425,394 | |
Gross Carrying Amount, Buildings and Improvements | 13,349,031 | |
Gross Carrying Amount, Total | 24,774,425 | [1] |
Accumulated Depreciation | $ 1,871,748 | |
Date of Construction | 2001/2003 | |
Date Acquired | Jun. 1, 2016 | |
Wellington | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 14,456,568 | |
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 | 65,191 | |
Gross Carrying Amount, Land | 10,233,511 | |
Gross Carrying Amount, Buildings and Improvements | 11,727,992 | |
Gross Carrying Amount, Total | 21,961,503 | [1] |
Accumulated Depreciation | $ 1,359,869 | |
Date of Construction | 2005 | |
Date Acquired | Jun. 1, 2016 | |
Doral | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 14,133,517 | |
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 | 207,247 | |
Gross Carrying Amount, Land | 11,335,658 | |
Gross Carrying Amount, Buildings and Improvements | 11,692,292 | |
Gross Carrying Amount, Total | 23,027,950 | [1] |
Accumulated Depreciation | $ 1,371,867 | |
Date of Construction | 1998 | |
Date Acquired | Jun. 1, 2016 | |
Plantation | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 15,969,792 | |
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 | 111,811 | |
Gross Carrying Amount, Land | 12,989,079 | |
Gross Carrying Amount, Buildings and Improvements | 19,336,730 | |
Gross Carrying Amount, Total | 32,325,809 | [1] |
Accumulated Depreciation | $ 2,245,241 | |
Date of Construction | 2002/2012 | |
Date Acquired | Jun. 1, 2016 | |
Naples | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 14,214,280 | |
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 | 167,417 | |
Gross Carrying Amount, Land | 11,789,085 | |
Gross Carrying Amount, Buildings and Improvements | 12,938,722 | |
Gross Carrying Amount, Total | 24,727,807 | [1] |
Accumulated Depreciation | $ 1,476,192 | |
Date of Construction | 2002 | |
Date Acquired | Jun. 1, 2016 | |
Delray | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 11,854,625 | |
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 | 173,022 | |
Gross Carrying Amount, Land | 17,096,692 | |
Gross Carrying Amount, Buildings and Improvements | 13,156,649 | |
Gross Carrying Amount, Total | 30,253,341 | [1] |
Accumulated Depreciation | $ 1,541,643 | |
Date of Construction | 2003 | |
Date Acquired | Jun. 1, 2016 | |
Baltimore | Maryland | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 16,293,926 | |
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 | 276,571 | |
Gross Carrying Amount, Land | 3,897,872 | |
Gross Carrying Amount, Buildings and Improvements | 22,704,414 | |
Gross Carrying Amount, Total | 26,602,286 | [1] |
Accumulated Depreciation | $ 2,739,385 | |
Date of Construction | 1990/2014 | |
Date Acquired | Jun. 1, 2016 | |
Sonoma | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,283,197 | |
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 | 51,077 | |
Gross Carrying Amount, Land | 3,468,153 | |
Gross Carrying Amount, Buildings and Improvements | 3,731,016 | |
Gross Carrying Amount, Total | 7,199,169 | [1] |
Accumulated Depreciation | $ 472,501 | |
Date of Construction | 1984 | |
Date Acquired | Jun. 14, 2016 | |
Las Vegas I | Nevada | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,210,195 | |
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 | 144,928 | |
Gross Carrying Amount, Land | 2,391,220 | |
Gross Carrying Amount, Buildings and Improvements | 11,262,820 | |
Gross Carrying Amount, Total | 13,654,040 | [1] |
Accumulated Depreciation | $ 1,179,359 | |
Date of Construction | 2002 | |
Date Acquired | Jul. 28, 2016 | |
Las Vegas II | Nevada | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,471,995 | |
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 | 111,618 | |
Gross Carrying Amount, Land | 3,840,088 | |
Gross Carrying Amount, Buildings and Improvements | 10,028,555 | |
Gross Carrying Amount, Total | 13,868,643 | [1] |
Accumulated Depreciation | $ 1,108,709 | |
Date of Construction | 2000 | |
Date Acquired | Sep. 23, 2016 | |
Las Vegas III | Nevada | Property Three | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,544,997 | |
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 | 169,906 | |
Gross Carrying Amount, Land | 2,565,579 | |
Gross Carrying Amount, Buildings and Improvements | 6,508,850 | |
Gross Carrying Amount, Total | 9,074,429 | [1] |
Accumulated Depreciation | $ 737,188 | |
Date of Construction | 1989 | |
Date Acquired | Sep. 27, 2016 | |
Asheville I | North Carolina | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 7,113,097 | |
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 | 288,193 | |
Gross Carrying Amount, Land | 3,619,676 | |
Gross Carrying Amount, Buildings and Improvements | 11,461,796 | |
Gross Carrying Amount, Total | 15,081,472 | [1] |
Accumulated Depreciation | $ 1,212,018 | |
Date of Construction | 1988/2005/2015 | |
Date Acquired | Dec. 30, 2016 | |
Asheville II | North Carolina | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,236,212 | |
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 | 78,177 | |
Gross Carrying Amount, Land | 1,764,969 | |
Gross Carrying Amount, Buildings and Improvements | 3,185,488 | |
Gross Carrying Amount, Total | 4,950,457 | [1] |
Accumulated Depreciation | $ 366,004 | |
Date of Construction | 1984 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville I | North Carolina | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,234,137 | |
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 | 105,475 | |
Gross Carrying Amount, Land | 1,081,547 | |
Gross Carrying Amount, Buildings and Improvements | 3,546,679 | |
Gross Carrying Amount, Total | 4,628,226 | [1] |
Accumulated Depreciation | $ 378,487 | |
Date of Construction | 1982 | |
Date Acquired | Dec. 30, 2016 | |
Asheville III | North Carolina | Property Three | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,657,189 | |
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 | 159,066 | |
Gross Carrying Amount, Land | 5,096,833 | |
Gross Carrying Amount, Buildings and Improvements | 4,779,079 | |
Gross Carrying Amount, Total | 9,875,912 | [1] |
Accumulated Depreciation | $ 558,244 | |
Date of Construction | 1991/2002 | |
Date Acquired | Dec. 30, 2016 | |
Arden | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,529,921 | |
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 | 199,741 | |
Gross Carrying Amount, Land | 1,790,118 | |
Gross Carrying Amount, Buildings and Improvements | 10,465,482 | |
Gross Carrying Amount, Total | 12,255,600 | [1] |
Accumulated Depreciation | $ 994,253 | |
Date of Construction | 1973 | |
Date Acquired | Dec. 30, 2016 | |
Asheville IV | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,394,350 | |
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 | 86,312 | |
Gross Carrying Amount, Land | 4,558,139 | |
Gross Carrying Amount, Buildings and Improvements | 4,541,430 | |
Gross Carrying Amount, Total | 9,099,569 | [1] |
Accumulated Depreciation | $ 544,682 | |
Date of Construction | 1985/1986/2005 | |
Date Acquired | Dec. 30, 2016 | |
Asheville V | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,051,449 | |
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 | 124,678 | |
Gross Carrying Amount, Land | 2,414,680 | |
Gross Carrying Amount, Buildings and Improvements | 7,951,095 | |
Gross Carrying Amount, Total | 10,365,775 | [1] |
Accumulated Depreciation | $ 854,206 | |
Date of Construction | 1978/2009/2014 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VI | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,474,411 | |
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 | 105,933 | |
Gross Carrying Amount, Land | 1,306,240 | |
Gross Carrying Amount, Buildings and Improvements | 5,227,265 | |
Gross Carrying Amount, Total | 6,533,505 | [1] |
Accumulated Depreciation | $ 513,159 | |
Date of Construction | 2004 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VIII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,517,556 | |
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 | 143,977 | |
Gross Carrying Amount, Land | 1,764,965 | |
Gross Carrying Amount, Buildings and Improvements | 6,306,832 | |
Gross Carrying Amount, Total | 8,071,797 | [1] |
Accumulated Depreciation | $ 693,448 | |
Date of Construction | 1968/2002 | |
Date Acquired | Dec. 30, 2016 | |
Hendersonville II | North Carolina | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,254,715 | |
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 | 160,072 | |
Gross Carrying Amount, Land | 2,597,584 | |
Gross Carrying Amount, Buildings and Improvements | 5,197,422 | |
Gross Carrying Amount, Total | 7,795,006 | [1] |
Accumulated Depreciation | $ 657,926 | |
Date of Construction | 1989/2003 | |
Date Acquired | Dec. 30, 2016 | |
Asheville VII | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 1,585,252 | |
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 | 58,418 | |
Gross Carrying Amount, Land | 782,457 | |
Gross Carrying Amount, Buildings and Improvements | 2,198,209 | |
Gross Carrying Amount, Total | 2,980,666 | [1] |
Accumulated Depreciation | $ 253,424 | |
Date of Construction | 1999 | |
Date Acquired | Dec. 30, 2016 | |
Sweeten Creek Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Initial Cost to Company, Land | $ 348,480 | |
Initial Cost to Company, Total | 348,480 | |
Gross Carrying Amount, Land | 348,480 | |
Gross Carrying Amount, Total | $ 348,480 | [1] |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Highland Center Land | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Initial Cost to Company, Land | $ 50,000 | |
Initial Cost to Company, Total | 50,000 | |
Gross Carrying Amount, Land | 50,000 | |
Gross Carrying Amount, Total | $ 50,000 | [1] |
Date of Construction | N/A | |
Date Acquired | Dec. 30, 2016 | |
Aurora II | Colorado | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,560,873 | |
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 | 96,060 | |
Gross Carrying Amount, Land | 1,584,664 | |
Gross Carrying Amount, Buildings and Improvements | 8,292,151 | |
Gross Carrying Amount, Total | 9,876,815 | [1] |
Accumulated Depreciation | $ 962,350 | |
Date of Construction | 2012 | |
Date Acquired | Jan. 11, 2017 | |
Dufferin | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 18,426,124 | [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 | 219,635 | [2],[3] |
Gross Carrying Amount, Land | 6,283,048 | [2] |
Gross Carrying Amount, Buildings and Improvements | 16,482,430 | [2] |
Gross Carrying Amount, Total | 22,765,478 | [1],[2] |
Accumulated Depreciation | $ 1,539,550 | [2] |
Date of Construction | 2015 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Mavis | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 12,743,301 | [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 | 155,843 | [2],[3] |
Gross Carrying Amount, Land | 4,675,492 | [2] |
Gross Carrying Amount, Buildings and Improvements | 14,631,092 | [2] |
Gross Carrying Amount, Total | 19,306,584 | [1],[2] |
Accumulated Depreciation | $ 1,348,393 | [2] |
Date of Construction | 2013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Brewster | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,385,269 | [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 | 107,094 | [2],[3] |
Gross Carrying Amount, Land | 4,152,546 | [2] |
Gross Carrying Amount, Buildings and Improvements | 9,618,287 | [2] |
Gross Carrying Amount, Total | 13,770,833 | [1],[2] |
Accumulated Depreciation | $ 897,554 | [2] |
Date of Construction | 2013 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Granite | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,199,444 | [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 | 109,913 | [2],[3] |
Gross Carrying Amount, Land | 3,138,703 | [2] |
Gross Carrying Amount, Buildings and Improvements | 8,799,085 | [2] |
Gross Carrying Amount, Total | 11,937,788 | [1],[2] |
Accumulated Depreciation | $ 782,623 | [2] |
Date of Construction | 1998/2016 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Centennial | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,391,273 | [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 | 170,347 | [2],[3] |
Gross Carrying Amount, Land | 1,721,366 | [2] |
Gross Carrying Amount, Buildings and Improvements | 11,592,163 | [2] |
Gross Carrying Amount, Total | 13,313,529 | [1],[2] |
Accumulated Depreciation | $ 1,013,267 | [2] |
Date of Construction | 2016/2017 | [2] |
Date Acquired | Feb. 1, 2017 | [2] |
Ft Pierce | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,479,547 | |
Initial Cost to Company, Land | 1,152,931 | |
Initial Cost to Company, Buildings and Improvements | 12,398,306 | |
Initial Cost to Company, Total | 13,551,237 | |
Cost Capitalized Subsequent to Acquisition | 22,461 | |
Gross Carrying Amount, Land | 1,152,931 | |
Gross Carrying Amount, Buildings and Improvements | 12,420,767 | |
Gross Carrying Amount, Total | 13,573,698 | [1] |
Accumulated Depreciation | $ 358,952 | |
Date of Construction | 2008 | |
Date Acquired | Jan. 24, 2019 | |
Russell Blvd, Las Vegas II | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 13,002,835 | |
Initial Cost to Company, Land | 3,433,634 | |
Initial Cost to Company, Buildings and Improvements | 15,449,497 | |
Initial Cost to Company, Total | 18,883,131 | |
Cost Capitalized Subsequent to Acquisition | 6,640 | |
Gross Carrying Amount, Land | 3,433,634 | |
Gross Carrying Amount, Buildings and Improvements | 15,456,137 | |
Gross Carrying Amount, Total | 18,889,771 | [1] |
Accumulated Depreciation | $ 562,583 | |
Date of Construction | 1996 | |
Date Acquired | Jan. 24, 2019 | |
Jones Blvd, Las Vegas I | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,902,999 | |
Initial Cost to Company, Land | 1,975,283 | |
Initial Cost to Company, Buildings and Improvements | 12,565,410 | |
Initial Cost to Company, Total | 14,540,693 | |
Cost Capitalized Subsequent to Acquisition | 35,094 | |
Gross Carrying Amount, Land | 1,975,283 | |
Gross Carrying Amount, Buildings and Improvements | 12,600,504 | |
Gross Carrying Amount, Total | 14,575,787 | [1] |
Accumulated Depreciation | $ 362,807 | |
Date of Construction | 1999 | |
Date Acquired | Jan. 24, 2019 | |
Airport Rd, Colorado Springs | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,664,395 | |
Initial Cost to Company, Land | 870,373 | |
Initial Cost to Company, Buildings and Improvements | 7,877,813 | |
Initial Cost to Company, Total | 8,748,186 | |
Cost Capitalized Subsequent to Acquisition | 97,297 | |
Gross Carrying Amount, Land | 870,373 | |
Gross Carrying Amount, Buildings and Improvements | 7,975,110 | |
Gross Carrying Amount, Total | 8,845,483 | [1] |
Accumulated Depreciation | $ 242,859 | |
Date of Construction | 1983 | |
Date Acquired | Jan. 24, 2019 | |
Riverside | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,461,036 | |
Initial Cost to Company, Land | 1,259,685 | |
Initial Cost to Company, Buildings and Improvements | 6,995,794 | |
Initial Cost to Company, Total | 8,255,479 | |
Cost Capitalized Subsequent to Acquisition | 102,225 | |
Gross Carrying Amount, Land | 1,259,685 | |
Gross Carrying Amount, Buildings and Improvements | 7,098,019 | |
Gross Carrying Amount, Total | 8,357,704 | [1] |
Accumulated Depreciation | $ 223,795 | |
Date of Construction | 1980 | |
Date Acquired | Jan. 24, 2019 | |
Stockton | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,653,407 | |
Initial Cost to Company, Land | 783,938 | |
Initial Cost to Company, Buildings and Improvements | 7,706,492 | |
Initial Cost to Company, Total | 8,490,430 | |
Cost Capitalized Subsequent to Acquisition | 1,232 | |
Gross Carrying Amount, Land | 783,938 | |
Gross Carrying Amount, Buildings and Improvements | 7,707,724 | |
Gross Carrying Amount, Total | 8,491,662 | [1] |
Accumulated Depreciation | $ 243,952 | |
Date of Construction | 1984 | |
Date Acquired | Jan. 24, 2019 | |
Azusa | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,530,028 | |
Initial Cost to Company, Land | 4,384,861 | |
Initial Cost to Company, Buildings and Improvements | 9,153,677 | |
Initial Cost to Company, Total | 13,538,538 | |
Cost Capitalized Subsequent to Acquisition | 135,589 | |
Gross Carrying Amount, Land | 4,384,861 | |
Gross Carrying Amount, Buildings and Improvements | 9,289,266 | |
Gross Carrying Amount, Total | 13,674,127 | [1] |
Accumulated Depreciation | $ 276,663 | |
Date of Construction | 1986 | |
Date Acquired | Jan. 24, 2019 | |
Romeoville | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,836,240 | |
Initial Cost to Company, Land | 964,701 | |
Initial Cost to Company, Buildings and Improvements | 5,755,146 | |
Initial Cost to Company, Total | 6,719,847 | |
Cost Capitalized Subsequent to Acquisition | 48,208 | |
Gross Carrying Amount, Land | 964,701 | |
Gross Carrying Amount, Buildings and Improvements | 5,803,354 | |
Gross Carrying Amount, Total | 6,768,055 | [1] |
Accumulated Depreciation | $ 189,896 | |
Date of Construction | 1986 | |
Date Acquired | Jan. 24, 2019 | |
Elgin | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,665,177 | |
Initial Cost to Company, Land | 1,162,197 | |
Initial Cost to Company, Buildings and Improvements | 2,895,052 | |
Initial Cost to Company, Total | 4,057,249 | |
Cost Capitalized Subsequent to Acquisition | 41,578 | |
Gross Carrying Amount, Land | 1,162,197 | |
Gross Carrying Amount, Buildings and Improvements | 2,936,630 | |
Gross Carrying Amount, Total | 4,098,827 | [1] |
Accumulated Depreciation | $ 121,271 | |
Date of Construction | 1986 | |
Date Acquired | Jan. 24, 2019 | |
San Antonio I | Texas | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 9,126,214 | |
Initial Cost to Company, Land | 1,602,740 | |
Initial Cost to Company, Buildings and Improvements | 9,196,093 | |
Initial Cost to Company, Total | 10,798,833 | |
Cost Capitalized Subsequent to Acquisition | 88,535 | |
Gross Carrying Amount, Land | 1,602,740 | |
Gross Carrying Amount, Buildings and Improvements | 9,284,628 | |
Gross Carrying Amount, Total | 10,887,368 | [1] |
Accumulated Depreciation | $ 279,444 | |
Date of Construction | 1998 | |
Date Acquired | Jan. 24, 2019 | |
Kingwood | Texas | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 6,299,510 | |
Initial Cost to Company, Land | 1,016,291 | |
Initial Cost to Company, Buildings and Improvements | 9,358,519 | |
Initial Cost to Company, Total | 10,374,810 | |
Cost Capitalized Subsequent to Acquisition | 64,973 | |
Gross Carrying Amount, Land | 1,016,291 | |
Gross Carrying Amount, Buildings and Improvements | 9,423,492 | |
Gross Carrying Amount, Total | 10,439,783 | [1] |
Accumulated Depreciation | $ 302,752 | |
Date of Construction | 2001 | |
Date Acquired | Jan. 24, 2019 | |
Aurora | Colorado | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,942,344 | |
Initial Cost to Company, Land | 1,678,141 | |
Initial Cost to Company, Buildings and Improvements | 5,958,219 | |
Initial Cost to Company, Total | 7,636,360 | |
Cost Capitalized Subsequent to Acquisition | 12,582 | |
Gross Carrying Amount, Land | 1,678,141 | |
Gross Carrying Amount, Buildings and Improvements | 5,970,801 | |
Gross Carrying Amount, Total | 7,648,942 | [1] |
Accumulated Depreciation | $ 243,322 | |
Date of Construction | 2015 | |
Date Acquired | Jan. 24, 2019 | |
San Antonio II | Texas | Property Two | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Initial Cost to Company, Land | $ 3,109,187 | |
Initial Cost to Company, Buildings and Improvements | 8,579,806 | |
Initial Cost to Company, Total | $ 11,688,993 | |
Date of Construction | 2004 | |
Date Acquired | Jan. 24, 2019 | |
Stoney Creek I | Ontario | Property One | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,591,950 | |
Initial Cost to Company, Land | 2,363,127 | |
Initial Cost to Company, Buildings and Improvements | 8,154,202 | |
Initial Cost to Company, Total | 10,517,329 | |
Cost Capitalized Subsequent to Acquisition | 321,104 | |
Gross Carrying Amount, Land | 2,423,704 | |
Gross Carrying Amount, Buildings and Improvements | 8,414,729 | |
Gross Carrying Amount, Total | 10,838,433 | [1] |
Accumulated Depreciation | $ 261,845 | |
Date of Construction | N/A | |
Date Acquired | Jan. 24, 2019 | |
Torbarrie | Ontario | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,936,996 | |
Initial Cost to Company, Land | 2,714,051 | |
Initial Cost to Company, Total | 2,714,051 | |
Gross Carrying Amount, Land | 2,783,623 | |
Gross Carrying Amount, Total | $ 2,783,623 | [1] |
Date of Construction | 1980 | |
Date Acquired | Jan. 24, 2019 | |
Baseline | Arizona | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,882,318 | |
Initial Cost to Company, Land | 1,307,289 | |
Initial Cost to Company, Buildings and Improvements | 11,385,380 | |
Initial Cost to Company, Total | 12,692,669 | |
Gross Carrying Amount, Land | 1,307,289 | |
Gross Carrying Amount, Buildings and Improvements | 11,385,380 | |
Gross Carrying Amount, Total | 12,692,669 | [1] |
Accumulated Depreciation | $ 362,892 | |
Date of Construction | 2016 | |
Date Acquired | Jan. 24, 2019 | |
3173 Sweeten Creek Rd, Asheville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,636,033 | |
Initial Cost to Company, Land | 1,036,164 | |
Initial Cost to Company, Buildings and Improvements | 8,764,558 | |
Initial Cost to Company, Total | 9,800,722 | |
Cost Capitalized Subsequent to Acquisition | 1,048,068 | |
Gross Carrying Amount, Land | 1,036,164 | |
Gross Carrying Amount, Buildings and Improvements | 9,812,626 | |
Gross Carrying Amount, Total | 10,848,790 | [1] |
Accumulated Depreciation | $ 276,861 | |
Date of Construction | 1982 | |
Date Acquired | Jan. 24, 2019 | |
Elk Grove | Illinois | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,670,067 | |
Initial Cost to Company, Land | 2,384,166 | |
Initial Cost to Company, Buildings and Improvements | 6,000,071 | |
Initial Cost to Company, Total | 8,384,237 | |
Cost Capitalized Subsequent to Acquisition | 26,971 | |
Gross Carrying Amount, Land | 2,384,166 | |
Gross Carrying Amount, Buildings and Improvements | 6,027,042 | |
Gross Carrying Amount, Total | 8,411,208 | [1] |
Accumulated Depreciation | $ 189,136 | |
Date of Construction | 2016 | |
Date Acquired | Jan. 24, 2019 | |
Garden Grove | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,885,408 | |
Initial Cost to Company, Land | 8,076,202 | |
Initial Cost to Company, Buildings and Improvements | 13,152,494 | |
Initial Cost to Company, Total | 21,228,696 | |
Cost Capitalized Subsequent to Acquisition | 68,311 | |
Gross Carrying Amount, Land | 8,076,202 | |
Gross Carrying Amount, Buildings and Improvements | 13,220,805 | |
Gross Carrying Amount, Total | 21,297,007 | [1] |
Accumulated Depreciation | $ 405,382 | |
Date of Construction | 2017 | |
Date Acquired | Jan. 24, 2019 | |
Deaverview Rd, Asheville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 2,830,546 | |
Initial Cost to Company, Land | 1,449,001 | |
Initial Cost to Company, Buildings and Improvements | 4,412,039 | |
Initial Cost to Company, Total | 5,861,040 | |
Cost Capitalized Subsequent to Acquisition | 121,594 | |
Gross Carrying Amount, Land | 1,449,001 | |
Gross Carrying Amount, Buildings and Improvements | 4,533,633 | |
Gross Carrying Amount, Total | 5,982,634 | [1] |
Accumulated Depreciation | $ 149,150 | |
Date of Construction | 1992 | |
Date Acquired | Jan. 24, 2019 | |
Highland Center Blvd, Asheville | North Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,267,324 | |
Initial Cost to Company, Land | 1,763,875 | |
Initial Cost to Company, Buildings and Improvements | 4,823,116 | |
Initial Cost to Company, Total | 6,586,991 | |
Cost Capitalized Subsequent to Acquisition | 16,000 | |
Gross Carrying Amount, Land | 1,763,875 | |
Gross Carrying Amount, Buildings and Improvements | 4,839,116 | |
Gross Carrying Amount, Total | 6,602,991 | [1] |
Accumulated Depreciation | $ 156,742 | |
Date of Construction | 1994 | |
Date Acquired | Jan. 24, 2019 | |
Sarasota | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,687,085 | |
Initial Cost to Company, Land | 1,084,165 | |
Initial Cost to Company, Buildings and Improvements | 7,359,913 | |
Initial Cost to Company, Total | 8,444,078 | |
Cost Capitalized Subsequent to Acquisition | 4,123 | |
Gross Carrying Amount, Land | 1,084,165 | |
Gross Carrying Amount, Buildings and Improvements | 7,364,036 | |
Gross Carrying Amount, Total | 8,448,201 | [1] |
Accumulated Depreciation | $ 214,523 | |
Date of Construction | 2017 | |
Date Acquired | Jan. 24, 2019 | |
Mount Pleasant | South Carolina | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 3,528,256 | |
Initial Cost to Company, Land | 1,054,553 | |
Initial Cost to Company, Buildings and Improvements | 5,678,794 | |
Initial Cost to Company, Total | 6,733,347 | |
Cost Capitalized Subsequent to Acquisition | 9,916 | |
Gross Carrying Amount, Land | 1,054,553 | |
Gross Carrying Amount, Buildings and Improvements | 5,688,710 | |
Gross Carrying Amount, Total | 6,743,263 | [1] |
Accumulated Depreciation | $ 167,246 | |
Date of Construction | 2016 | |
Date Acquired | Jan. 24, 2019 | |
Nantucket | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 25,198,238 | |
Initial Cost to Company, Land | 5,854,837 | |
Initial Cost to Company, Buildings and Improvements | 33,210,517 | |
Initial Cost to Company, Total | 39,065,354 | |
Cost Capitalized Subsequent to Acquisition | 49,887 | |
Gross Carrying Amount, Land | 5,854,837 | |
Gross Carrying Amount, Buildings and Improvements | 33,260,404 | |
Gross Carrying Amount, Total | 39,115,241 | [1] |
Accumulated Depreciation | $ 945,522 | |
Date of Construction | 2002 | |
Date Acquired | Jan. 24, 2019 | |
Pembroke Pines | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 8,559,709 | |
Initial Cost to Company, Land | 3,146,970 | |
Initial Cost to Company, Buildings and Improvements | 14,296,167 | |
Initial Cost to Company, Total | 17,443,137 | |
Cost Capitalized Subsequent to Acquisition | 6,192 | |
Gross Carrying Amount, Land | 3,146,970 | |
Gross Carrying Amount, Buildings and Improvements | 14,302,359 | |
Gross Carrying Amount, Total | 17,449,329 | [1] |
Accumulated Depreciation | $ 431,009 | |
Date of Construction | 2018 | |
Date Acquired | Jan. 24, 2019 | |
Riverview | Florida | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,674,089 | |
Initial Cost to Company, Land | 1,593,082 | |
Initial Cost to Company, Buildings and Improvements | 7,102,271 | |
Initial Cost to Company, Total | 8,695,353 | |
Cost Capitalized Subsequent to Acquisition | 9,552 | |
Gross Carrying Amount, Land | 1,593,082 | |
Gross Carrying Amount, Buildings and Improvements | 7,111,823 | |
Gross Carrying Amount, Total | 8,704,905 | [1] |
Accumulated Depreciation | $ 228,810 | |
Date of Construction | 2018 | |
Date Acquired | Jan. 24, 2019 | |
Eastlake | Canada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 10,193,371 | |
Initial Cost to Company, Land | 2,120,104 | |
Initial Cost to Company, Buildings and Improvements | 15,417,746 | |
Initial Cost to Company, Total | 17,537,850 | |
Cost Capitalized Subsequent to Acquisition | 5,411 | |
Gross Carrying Amount, Land | 2,120,104 | |
Gross Carrying Amount, Buildings and Improvements | 15,423,157 | |
Gross Carrying Amount, Total | 17,543,261 | [1] |
Accumulated Depreciation | $ 430,220 | |
Date of Construction | 2018 | |
Date Acquired | Jan. 24, 2019 | |
McKinney | Texas | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,990,094 | |
Initial Cost to Company, Land | 2,177,186 | |
Initial Cost to Company, Buildings and Improvements | 9,320,876 | |
Initial Cost to Company, Total | 11,498,062 | |
Cost Capitalized Subsequent to Acquisition | 4,202 | |
Gross Carrying Amount, Land | 2,177,186 | |
Gross Carrying Amount, Buildings and Improvements | 9,325,078 | |
Gross Carrying Amount, Total | 11,502,264 | [1] |
Accumulated Depreciation | $ 274,864 | |
Date of Construction | 2016 | |
Date Acquired | Jan. 24, 2019 | |
Hualapai Way, Las Vegas | Nevada | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,428,523 | |
Initial Cost to Company, Land | 742,839 | |
Initial Cost to Company, Buildings and Improvements | 9,018,717 | |
Initial Cost to Company, Total | 9,761,556 | |
Cost Capitalized Subsequent to Acquisition | 3,775 | |
Gross Carrying Amount, Land | 742,839 | |
Gross Carrying Amount, Buildings and Improvements | 9,022,492 | |
Gross Carrying Amount, Total | 9,765,331 | [1] |
Accumulated Depreciation | $ 264,977 | |
Date of Construction | 2018 | |
Date Acquired | Jan. 24, 2019 | |
Gilbert | Arizona | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 5,672,438 | |
Initial Cost to Company, Land | 1,379,687 | |
Initial Cost to Company, Buildings and Improvements | 9,021,255 | |
Initial Cost to Company, Total | 10,400,942 | |
Cost Capitalized Subsequent to Acquisition | 138,470 | |
Gross Carrying Amount, Land | 1,037,750 | |
Gross Carrying Amount, Buildings and Improvements | 9,501,662 | |
Gross Carrying Amount, Total | 10,539,412 | [1] |
Accumulated Depreciation | $ 145,982 | |
Date of Construction | 2019 | |
Date Acquired | Jul. 11, 2019 | |
Corporate Office | California | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Encumbrances | $ 4,179,994 | |
Initial Cost to Company, Land | 975,000 | |
Initial Cost to Company, Buildings and Improvements | 5,525,000 | |
Initial Cost to Company, Total | 6,500,000 | |
Gross Carrying Amount, Land | 975,000 | |
Gross Carrying Amount, Buildings and Improvements | 5,525,000 | |
Gross Carrying Amount, Total | 6,500,000 | [1] |
Accumulated Depreciation | $ 75,399 | |
Date of Construction | 2018 | |
Date Acquired | Jan. 24, 2019 | |
[1] | The aggregate cost of real estate for United States federal income tax purposes is approximately $1,220,069,468. | |
[2] | This property is located in Ontario, Canada. | |
[3] | The change in cost at these self storage facilities are the net of the impact of foreign exchange rate changes and any actual additions. |
Schedule III Real Estate Asse_2
Schedule III Real Estate Asset and Accumulated Depreciation (Parenthetical) (Detail) | Dec. 31, 2019USD ($) |
United States | |
Real Estate And Accumulated Depreciation [Line Items] | |
Aggregate cost of real estate for federal income tax purposes | $ 1,220,069,468 |
Schedule III Summary of Activit
Schedule III Summary of Activity in Real Estate Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate facilities | ||
Real estate facilities, Balance at beginning of year | $ 820,296,026 | |
Facility acquisitions | 351,070,238 | |
Impact of foreign exchange rate changes | 6,582,603 | $ (11,915,703) |
Improvements and additions | 7,565,494 | 2,532,252 |
Asset disposals | (11,688,993) | |
Real estate facilities, Balance at end of year | 1,173,825,368 | 820,296,026 |
Accumulated depreciation | ||
Accumulated depreciation, beginning balance | (54,264,685) | (34,686,973) |
Asset disposals | 202,416 | |
Depreciation expense | (29,188,668) | (20,134,068) |
Impact of foreign exchange rate changes | (441,554) | 556,356 |
Accumulated depreciation, ending balance | (83,692,491) | (54,264,685) |
Construction in process | ||
Construction in process, Balance at beginning of year | 130,383 | |
Net additions and assets placed into service | 12,107,339 | |
Construction in process, Balance at end of year | 12,237,722 | 130,383 |
Real estate facilities, net | $ 1,102,370,599 | $ 766,161,724 |