Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS (Tables)

v3.5.0.2
SELF STORAGE PROPERTY ACQUISITIONS (Tables)
6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Schedule of business combinations
The following table summarizes the consideration for the business combinations completed by the Company during the six months ended June 30, 2016 (dollars in thousands):
Acquisitions Closed During the Three Months Ended:
 
 
 
Summary of Consideration
 
 
 
Number of Properties
 
 
 
Value of OP Equity(1)
 
Liabilities Assumed (Assets Acquired)
 
Total Fair Value
 
Cash
 
 
Mortgages(2)
 
Other
 
March 31, 2016
 
17
 
$
63,300

 
$
19,068

 
$
5,861

 
$
584

 
$
88,813

June 30, 2016
 
25
 
61,263

 
80,986

 
55,767

 
1,212

 
199,228

Total
 
42
 
$
124,563

 
$
100,054

 
$
61,628

 
$
1,796

 
$
288,041

(1) 
Value of OP equity represents the fair value of OP units, subordinated performance units and LTIP units. 
(2) 
$12.2 million of the mortgages assumed in connection with self storage property acquisitions were subsequently repaid during the six months ended June 30, 2016. 
Schedule of pro forma information
The following table summarizes on a pro forma basis the results of operations for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Pro forma revenue:
 
 
 
 
 
 
 
Historical results
$
47,284

 
$
31,650

 
$
86,933

 
$
59,941

Acquisitions subsequent to June 30, 2016
4,193

 
3,762

 
8,239

 
7,514

Acquisitions during the three months ended June 30, 2016
578

 
4,939

 
5,894

 
9,738

Acquisitions during the three months ended March 31, 2016(1)

 
1,831

 
842

 
3,590

Acquisitions during the three months ended June 30, 2015

 
961

 

 
3,782

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Acquisitions during the three months ended March 31, 2015

 

 

 
86

Total
$
52,055

 
$
43,143

 
$
101,908

 
$
84,651

Pro forma net income (loss):(2)
 
 
 
 
 
 
 
Historical results
$
6,045

 
$
93

 
$
10,847

 
$
(2,678
)
Acquisitions subsequent to June 30, 2016
414

 
(1,118
)
 
747

 
(2,250
)
Acquisitions during the three months ended June 30, 2016
1,363

 
(695
)
 
3,497

 
(1,567
)
Acquisitions during the three months ended March 31, 2016(1)

 
(384
)
 
1,592

 
(2,092
)
Acquisitions during the three months ended June 30, 2015

 
1,404

 

 
2,292

Acquisitions during the three months ended March 31, 2015

 
317

 

 
1,208

Total
$
7,822

 
$
(383
)
 
$
16,683

 
$
(5,087
)
 
 
 
 
 
 
 
 
(1) 
Reflects 15 of the 17 self storage properties acquired during this period because the information required with respect to the two remaining acquisitions during this period is not available to the Company. 
(2) 
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 1.87% as of June 30, 2016; (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 $3.0 million incurred during the six months ended June 30, 2016, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2015.