Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS (Tables)

v3.4.0.3
SELF STORAGE PROPERTY ACQUISITIONS (Tables)
3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Schedule of business combinations
The following table summarizes the consideration for the business combinations completed by the Company during the three months ended March 31, 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
 
Other
 
March 31, 2016
 
17
 
$
63,300

 
$
19,068

 
$
5,861

 
$
584

 
$
88,813

(1) 
Value of OP equity represents the fair value of OP units, subordinated performance units and LTIP units. 
Schedule of pro forma information
The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands):
 
Three Months Ended
March 31,
 
2016
 
2015
Pro forma revenue:
 
 
 
Historical results
$
39,649

 
$
28,291

Acquisitions subsequent to March 31, 2016
4,702

 
4,212

Acquisitions during the three months ended March 31, 2016(1)
842

 
1,759

Acquisitions during the three months ended March 31, 2015 (excluding those in historical results)

 
86

Total
$
45,193

 
$
34,348

Pro forma net income (loss):(2)
 
 
 
Historical results
$
4,802

 
$
(2,771
)
Acquisitions subsequent to March 31, 2016
1,181

 
(741
)
Acquisitions during the three months ended March 31, 2016(1)
1,592

 
(1,708
)
Acquisitions during the three months ended March 31, 2015 (excluding those in historical results)

 
891

Total
$
7,575

 
$
(4,329
)
 
 
 
 
(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 2.04% as of March 31, 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 $1.3 million incurred during the three months ended March 31, 2016, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2015.