| Schedule of business combinations |
The following table summarizes the consideration for the business combinations completed by the Company during the nine months ended September 30, 2016 (dollars in thousands):
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Acquisitions Closed During the Three Months Ended: |
|
Number of Properties |
|
Summary of Consideration |
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|
|
Value of OP Equity(1)
|
|
Liabilities Assumed (Assets Acquired) |
|
Total Fair Value |
|
Cash |
|
|
Mortgages(2)
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|
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 |
|
September 30, 2016 |
|
34 |
|
199,890 |
|
|
4,841 |
|
|
— |
|
|
896 |
|
|
205,627 |
|
Total |
|
76 |
|
$ |
324,453 |
|
|
$ |
104,895 |
|
|
$ |
61,628 |
|
|
$ |
2,692 |
|
|
$ |
493,668 |
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(1) |
Value of OP equity represents the fair value of OP units, subordinated performance units and LTIP units. |
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(2) |
$12.2 million of the mortgages assumed in connection with self storage property acquisitions were subsequently repaid during the nine months ended September 30, 2016.
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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, 2016 and 2015 (dollars in thousands):
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Pro forma total revenue: |
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|
|
|
|
|
|
Historical results |
52,949 |
|
|
35,678 |
|
|
139,882 |
|
|
95,619 |
|
Acquisitions subsequent to September 30, 2016 |
419 |
|
|
382 |
|
|
1,206 |
|
|
976 |
|
Acquisitions during the three months ended September 30, 2016(1)
|
1,664 |
|
|
4,393 |
|
|
11,317 |
|
|
13,177 |
|
Acquisitions during the three months ended June 30, 2016 |
— |
|
|
5,053 |
|
|
5,894 |
|
|
14,791 |
|
Acquisitions during the three months ended March 31, 2016(2)
|
— |
|
|
1,865 |
|
|
842 |
|
|
5,455 |
|
Acquisitions during the three months ended September 30, 2015(3)
|
— |
|
|
109 |
|
|
— |
|
|
537 |
|
Acquisitions during the three months ended June 30, 2015 |
— |
|
|
— |
|
|
— |
|
|
3,782 |
|
Acquisitions during the three months ended March 31, 2015 |
— |
|
|
— |
|
|
— |
|
|
86 |
|
Total |
$ |
55,032 |
|
|
$ |
47,480 |
|
|
$ |
159,141 |
|
|
$ |
134,423 |
|
Pro forma net income (loss):(4)
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|
|
|
|
|
|
|
Historical results |
7,944 |
|
|
2,109 |
|
|
18,791 |
|
|
(569 |
) |
Acquisitions subsequent to September 30, 2016 |
77 |
|
|
(98 |
) |
|
153 |
|
|
(440 |
) |
Acquisitions during the three months ended September 30, 2016(1)
|
759 |
|
|
(1,214 |
) |
|
1,781 |
|
|
(3,608 |
) |
Acquisitions during the three months ended June 30, 2016 |
1,268 |
|
|
(610 |
) |
|
5,758 |
|
|
(2,177 |
) |
|
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|
|
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|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Acquisitions during the three months ended March 31, 2016(2)
|
478 |
|
|
(70 |
) |
|
2,548 |
|
|
(2,162 |
) |
Acquisitions during the three months ended September 30, 2015(3)
|
34 |
|
|
53 |
|
|
169 |
|
|
3,047 |
|
Acquisitions during the three months ended June 30, 2015 |
— |
|
|
472 |
|
|
1,055 |
|
|
2,764 |
|
Acquisitions during the three months ended March 31, 2015 |
— |
|
|
317 |
|
|
53 |
|
|
1,525 |
|
Total |
$ |
10,560 |
|
|
$ |
959 |
|
|
$ |
30,308 |
|
|
$ |
(1,620 |
) |
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(1) |
Reflects 32 of the 34 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.
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(2) |
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.
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(3) |
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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(4) |
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 1.93% as of September 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 $4.7 million incurred during the nine months ended September 30, 2016, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2015.
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