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):
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Acquisitions Closed During the Three Months Ended: |
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Summary of Consideration |
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Number of Properties |
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Value of OP Equity (1)
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Settlement of Note Receivable |
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Liabilities Assumed (Assets Acquired) |
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Cash |
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Mortgages(2)
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Other |
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Total |
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March 31, 2015 |
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6 |
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$ |
6,991 |
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$ |
8,954 |
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$ |
1,778 |
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$ |
16,442 |
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$ |
70 |
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$ |
34,235 |
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(3) |
June 30, 2015 |
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21 |
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41,277 |
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22,971 |
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— |
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30,547 |
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288 |
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95,083 |
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September 30, 2015 |
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15 |
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84,673 |
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10,188 |
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— |
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2,866 |
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512 |
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98,239 |
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(3) |
Total |
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42 |
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$ |
132,941 |
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$ |
42,113 |
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$ |
1,778 |
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$ |
49,855 |
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$ |
870 |
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$ |
227,557 |
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(1) |
Value of OP equity represents the fair value of OP units and subordinated performance units. |
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(2) |
Includes fair value of debt adjustment for assumed mortgages of approximately $2.2 million.
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(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.
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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):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Pro forma revenue: |
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Historical results |
$ |
35,678 |
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$ |
20,863 |
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$ |
95,619 |
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$ |
50,239 |
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Acquisitions subsequent to September 30, 2015 (1)
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1,741 |
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1,598 |
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5,058 |
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4,476 |
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Acquisitions during the three months ended September 30, 2015 (2)
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109 |
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172 |
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537 |
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462 |
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Acquisitions during the three months ended June 30, 2015 |
— |
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2,794 |
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3,782 |
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8,009 |
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Acquisitions during the three months ended March 31, 2015 |
— |
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1,246 |
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86 |
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3,689 |
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Total |
$ |
37,528 |
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$ |
26,673 |
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$ |
105,082 |
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$ |
66,875 |
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Pro forma net income (loss): (3)
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Historical results |
$ |
2,109 |
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$ |
(5,025 |
) |
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$ |
(569 |
) |
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$ |
(13,986 |
) |
Acquisitions subsequent to September 30, 2015 (1)
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435 |
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(181 |
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1,308 |
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(737 |
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Acquisitions during the three months ended September 30, 2015 (2)
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53 |
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(26 |
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3,047 |
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(3,052 |
) |
Acquisitions during the three months ended June 30, 2015 |
472 |
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50 |
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2,764 |
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(1,287 |
) |
Acquisitions during the three months ended March 31, 2015 |
317 |
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(156 |
) |
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1,525 |
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(1,147 |
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Total |
$ |
3,386 |
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$ |
(5,338 |
) |
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$ |
8,075 |
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$ |
(20,209 |
) |
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(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.
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(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.
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(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.
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