Quarterly report pursuant to Section 13 or 15(d)

SELF STORAGE PROPERTY ACQUISITIONS (Tables)

v2.4.1.9
SELF STORAGE PROPERTY ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2015 (dollars in thousands):
 
 
Summary of Consideration
 
Number of Properties
 
 
 
 
 
 
 
Liabilities Assumed
 
 
 
 
Cash
 
Value of OP Equity (1)
 
Settlement of Note Receivable
 
Mortgages
 
Other
 
Total
 
6
 
$
6,991

 
$
8,954

 
$
1,778

 
$
16,442

 
$
70

 
$
34,235

(2) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Value of OP equity represents the fair value of OP units and subordinated performance units. 
(2) 
Excludes the fair value of noncontrolling interests associated with self storage properties acquired in DownREIT partnerships which amounted to $6.8 million for the three months ended March 31, 2015. 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.
Schedule of pro forma information information
The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands, except per share amounts):
 
Three Months Ended
March 31,
 
2015
 
2014
Pro forma revenue:
 
 
 
Historical results
$
28,291

 
$
13,161

April-May 2015 Acquisitions
2,821

 
2,586

January 2015 Acquisitions (excluding those in historical results)
86

 
1,217

Total
$
31,198

 
$
16,964

Pro forma net income (loss): (1)
 
 
 
Historical results
$
(2,771
)
 
$
(2,803
)
April-May 2015 Acquisitions
888

 
(563
)
January 2015 Acquisitions (excluding those in historical results)
891

 
(839
)
Total
$
(992
)
 
$
(4,205
)
Earnings (loss) per share:
 
 
 
Basic and diluted—as reported
$
—

 
$
—

Basic and diluted—pro forma
$
—

 
$
—

(1) 
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 2.78% as of March 31, 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 $0.6 million incurred during the three months ended March 31, 2015, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2014.