Annual report pursuant to Section 13 and 15(d)

NSA PREDECESSOR CONTRIBUTIONS

v3.3.1.900
NSA PREDECESSOR CONTRIBUTIONS
 12 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
NSA PREDECESSOR CONTRIBUTIONS
NSA PREDECESSOR CONTRIBUTIONS
As further described in Note 1, NSA Predecessor contributed certain assets to the Company, and the Company assumed certain liabilities from NSA Predecessor in exchange for OP units, subordinated performance units and LTIP units. NSA Predecessor contributed a total of 88 self storage properties in connection with the formation transactions which were accounted for as a reorganization of entities under common control. Presented below is a summary of the financial position of NSA Predecessor as of April 1, 2013, and a reconciliation to the assets acquired and the liabilities assumed in exchange for the OP units issued to NSA Predecessor effective April 1, 2013 (in thousands):
 
Total Predecessor
 
Exclusions
 
Contributions to NSA
Assets acquired:
 
 
 
 
 
Self storage properties, net
$
171,537

 
$
(12,028
)
 
$
159,509

Cash and cash equivalents
3,528

 
(59
)
 
3,469

Restricted cash
2,567

 
—

 
2,567

Debt issuance costs, net
816

 
—

 
816

Other assets, net
910

 
(115
)
 
795

Total assets acquired
179,358

 
(12,202
)
 
167,156

Liabilities assumed:
 
 
 
 
 
Debt financing
(188,402
)
 
1,633

 
(186,769
)
Accounts payable and accrued liabilities
(3,021
)
 
101

 
(2,920
)
Deferred revenue
(1,339
)
 
97

 
(1,242
)
Predecessor deficit
$
(13,404
)
 
$
(10,371
)
 
$
(23,775
)

The exclusions shown in the table above relate to 22 self storage properties that did not meet the criteria for contribution to the Company.