Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS (Tables)

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SELF STORAGE PROPERTY ACQUISITIONS (Tables)
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Schedule of business combinations
The following table summarizes, by calendar quarter, the consideration for the business combinations completed by the Company during the nine months ended September 30, 2015 (dollars in thousands):
Acquisitions Closed During the Three Months Ended:
 
 
 
Summary of Consideration
 
 
Number of Properties
 
 
 
Value of OP Equity (1)
 
Settlement of Note Receivable
 
Liabilities Assumed (Assets Acquired)
 
 
 
 
 
Cash
 
 
 
Mortgages(2)
 
Other
 
Total
 
March 31, 2015
 
6
 
$
6,991

 
$
8,954

 
$
1,778

 
$
16,442

 
$
70

 
$
34,235

(3) 
June 30, 2015
 
21
 
41,277

 
22,971

 

 
30,547

 
288

 
95,083

 
September 30, 2015
 
15
 
84,673

 
10,188

 

 
2,866

 
512

 
98,239

(3) 
Total
 
42
 
$
132,941

 
$
42,113

 
$
1,778

 
$
49,855

 
$
870

 
$
227,557

 
(1) 
Value of OP equity represents the fair value of OP units and subordinated performance units. 
(2) 
Includes fair value of debt adjustment for assumed mortgages of approximately $2.2 million.  
(3) 
Excludes the fair value of noncontrolling interests associated with self storage properties acquired in DownREIT partnerships which amounted to $6.8 million and $8.3 million for the three months ended March 31, 2015 and September 30, 2015, respectively. We estimate the portion of the fair value of the net assets owned by noncontrolling interests based on the fair value of the real estate and debt assumed. 
Schedule of pro forma information
The following table summarizes on a pro forma basis the results of operations for the three and nine months ended September 30, 2015 and 2014 (dollars in thousands, except per share amounts):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Pro forma revenue:
 
 
 
 
 
 
 
Historical results
$
35,678

 
$
20,863

 
$
95,619

 
$
50,239

Acquisitions subsequent to September 30, 2015 (1)
1,741

 
1,598

 
5,058

 
4,476

Acquisitions during the three months ended September 30, 2015 (2)
109

 
172

 
537

 
462

Acquisitions during the three months ended June 30, 2015

 
2,794

 
3,782

 
8,009

Acquisitions during the three months ended March 31, 2015

 
1,246

 
86

 
3,689

Total
$
37,528

 
$
26,673

 
$
105,082

 
$
66,875

Pro forma net income (loss): (3)
 
 
 
 
 
 
 
Historical results
$
2,109

 
$
(5,025
)
 
$
(569
)
 
$
(13,986
)
Acquisitions subsequent to September 30, 2015 (1)
435

 
(181
)
 
1,308

 
(737
)
Acquisitions during the three months ended September 30, 2015 (2)
53

 
(26
)
 
3,047

 
(3,052
)
Acquisitions during the three months ended June 30, 2015
472

 
50

 
2,764

 
(1,287
)
Acquisitions during the three months ended March 31, 2015
317

 
(156
)
 
1,525

 
(1,147
)
Total
$
3,386

 
$
(5,338
)
 
$
8,075

 
$
(20,209
)
 
 
 
 
 
 
 
 
(1) 
Reflects 14 of the 15 self storage properties acquired during this period because the information required with respect to the one remaining acquisition during this period is not available to the Company. 
(2) 
Reflects one of the 15 self storage properties acquired during this period because the information required with respect to the 14 remaining acquisitions during this period is not available to the Company. 
(3) 
Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of 1.79% as of September 30, 2015; (ii) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; and (iii) for acquisition costs of $4.2 million incurred during the nine months ended September 30, 2015, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2014.