XML 40 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Secured Debt - Additional Information (Detail) (USD $)
0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Oct. 28, 2013
KeyBank Revolver
Dec. 31, 2013
KeyBank Revolver
Property
Oct. 28, 2013
KeyBank Revolver
Knoxville Portfolio
Dec. 31, 2013
KeyBank Revolver
Maximum
Dec. 31, 2013
KeyBank Revolver
Minimum
Oct. 28, 2013
Second Restated Key Bank Loan
Property
Jan. 12, 2012
Second Restated Key Bank Loan
Dec. 27, 2011
Second Restated Key Bank Loan
Dec. 31, 2013
Second Restated Key Bank Loan
Option
Apr. 05, 2013
Second Restated Key Bank Loan
Oct. 10, 2012
Second Restated Key Bank Loan
Dec. 27, 2011
Second Restated Key Bank Loan
Atlanta Georgia
Property
Dec. 27, 2011
Second Restated Key Bank Loan
Jacksonville, Florida
Property
Dec. 27, 2011
Restated Key Bank Credit Facility
Mar. 05, 2013
SF Bay Area - Morgan Hill
Dec. 31, 2013
SF Bay Area - Morgan Hill
Dec. 31, 2012
KeyBank Bridge Loan
Dec. 27, 2011
KeyBank Bridge Loan
Debt Instrument [Line Items]                                        
Net book values of secured properties $ 647,000,000 $ 587,000,000                                    
Maximum borrowings under revolving loan     75,000,000             82,000,000           30,000,000        
Revolving credit facility syndicated to another participating lender     25,000,000                                  
Draw from revolving loan     71,000,000   26,000,000       5,400,000 56,600,000                    
Repayment of loan               45,000,000                        
Properties acquired               12           10 2          
Revolving loan initial term       3 years                                
Line of credit facility maturity date       Oct. 25, 2016             Dec. 24, 2014                  
Interest rate swap amount               45,000,000     45,000,000                  
Initial interest rate of interest rate swap       1.67%                                
Current interest rate of interest rate of swap       2.40%             5.41%                  
Credit agreement description       The KeyBank Revolver has an initial term of three years, maturing on October 25, 2016, with two one-year extension options subject to certain conditions outlined further in the credit agreement for the KeyBank Revolver (the "Credit Agreement")             Subject to two, one-year extension options (subject to the fulfillment of certain conditions), and required monthly interest-only payments.                  
Increase in aggregate commitment amount           200,000,000 10,000,000                          
Reduction in aggregate commitments             10,000,000                          
Amount syndicated             25,000,000                          
Self storage properties       5                                
Other recourse debt       25,000,000             25,000,000                  
Other non-recourse debt       75,000,000             75,000,000                  
Percent of collateral properties used for aggregate borrowing capacity       60.00%                                
Debt Service Coverage Ratio       1.35                                
Total Leverage Ratio       60.00%                                
Minimum Tangible Net Worth       250,000,000                                
Minimum Interest Service Coverage Ratio       1.85                                
Minimum Fixed Charge Ratio       1.6                                
Ratio of varying rate Indebtedness       30.00%                                
Percentage of required Loan to Value Ratio       60.00%                                
Worth of portfolio                   80,000,000                    
Amount outstanding under loan                 82,000,000     45,000,000 55,000,000     20,000,000        
Amount of monthly payments                     1,666,667                  
Line of credit facility, potential term of extension options                     1 year                  
Line of credit facility, number of extension options                     2                  
Principal amount                                 3,000,000     28,000,000
Commitments amount previously committed under KeyBank Working Capital Line                                       $ 10,000,000
Debt instrument variable interest rate                                     6.70%  
Debt instrument variable interest rate description                                     Under the terms of the KeyBank Bridge Loan, our Operating Partnership had the option of selecting one of three variable interest rates, which had applicable spreads. Our Operating Partnership elected to have a 30-day LIBOR rate apply, which, including the applicable spread, equaled an interest rate of approximately 6.7% for the period outstanding during 2012.  
Term of loan maturity period                                 30 years      
Fixed rate of interest                                 4.08%      
Maturity date       Oct. 25, 2016 [1]             Dec. 24, 2014 [2]           Mar. 06, 2023 Apr. 01, 2013 [3]    
Weighted average interest rate of fixed rate debt 5.40%                                      
[1] On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below.
[2] Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below.
[3] The SF Bay Area - Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area - Morgan Hill Loan. For additional discussion, see "Citi SF Bay Area - Morgan Hill Loan" below.