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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission File Number: 000-55617

 

SmartStop Self Storage REIT, Inc.

(Exact name of Registrant as specified in its charter)

 

 

Maryland

46-1722812

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

10 Terrace Road

Ladera Ranch, California 92694

(Address of principal executive offices)

(877) 327-3485

(Registrant’s telephone number)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

None

None

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

☒  

 

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

As of May 13, 2021, there were 76,180,550 outstanding shares of Class A common stock and 7,946,012 outstanding shares of Class T common stock of the registrant.

 

 

 


FORM 10-Q

SMARTSTOP SELF STORAGE REIT, INC.

TABLE OF CONTENTS

 

 

 

 

Page
No.

 

Cautionary Note Regarding Forward-Looking Statements

 

3

 

 

 

 

PART I.

FINANCIAL INFORMATION

 

4

 

 

 

 

Item 1.

Consolidated Financial Statements:

 

4

 

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

 

5

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

6

 

Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

7

 

Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

8

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

10

 

Notes to Consolidated Financial Statements (unaudited)

 

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

56

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

72

Item 4.

Controls and Procedures

 

73

 

 

 

 

PART II.

OTHER INFORMATION

 

74

 

 

 

 

Item 1.

Legal Proceedings

 

74

Item 1A.

Risk Factors

 

74

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

74

Item 3.

Defaults Upon Senior Securities

 

74

Item 4.

Mine Safety Disclosures

 

74

Item 5.

Other Information

 

74

Item 6.

Exhibits

 

74

 

2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-Q of SmartStop Self Storage REIT, Inc., other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission. We cannot guarantee the accuracy of any such forward-looking statements contained in this Form 10-Q, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Any such forward-looking statements are subject to risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, including without limitation changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of COVID-19, military actions, and terrorist attacks.  The occurrence or severity of any such event or circumstance is difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to realize the plans, strategies and prospects contemplated by such forward-looking statements, including our ability to generate positive cash flow from operations and provide distributions to stockholders, and our ability to find suitable investment properties, may be significantly hindered.

For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission, as supplemented by the risk factors included in Part II, Item 1A of this Form 10-Q.

 

3


PART I. FINANCIAL INFORMATION

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The information furnished in the accompanying unaudited consolidated balance sheets and related consolidated statements of operations, comprehensive loss, equity and cash flows reflects all adjustments (consisting of normal and recurring adjustments) that are, in management’s opinion, necessary for a fair and consistent presentation of the aforementioned consolidated financial statements.

The accompanying consolidated financial statements should be read in conjunction with the notes to our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report on Form 10-Q. The accompanying consolidated financial statements should also be read in conjunction with our consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2020. Our results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results expected for the full year.

4


SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS  

 

 

March 31,

2021

(Unaudited)

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Real estate facilities:

 

 

 

 

 

 

 

 

Land

 

$

392,801,173

 

 

$

335,800,354

 

Buildings

 

 

1,083,055,321

 

 

 

810,480,845

 

Site improvements

 

 

77,101,174

 

 

 

63,821,383

 

 

 

 

1,552,957,668

 

 

 

1,210,102,582

 

Accumulated depreciation

 

 

(124,490,121

)

 

 

(115,903,045

)

 

 

 

1,428,467,547

 

 

 

1,094,199,537

 

Construction in process

 

 

4,260,712

 

 

 

1,761,303

 

Real estate facilities, net

 

 

1,432,728,259

 

 

 

1,095,960,840

 

Cash and cash equivalents

 

 

30,371,284

 

 

 

72,705,624

 

Restricted cash

 

 

8,809,279

 

 

 

7,952,052

 

Investments in unconsolidated real estate ventures (Note 4)

 

 

17,488,416

 

 

 

 

Investments in and advances to Managed REITs

 

 

736,355

 

 

 

15,624,389

 

Other assets, net

 

 

15,202,719

 

 

 

7,734,276

 

Intangible assets, net of accumulated amortization

 

 

24,409,277

 

 

 

12,406,427

 

Trademarks, net of accumulated amortization

 

 

16,158,824

 

 

 

16,194,118

 

Goodwill

 

 

53,643,331

 

 

 

53,643,331

 

Debt issuance costs, net of accumulated amortization

 

 

2,481,254

 

 

 

 

Total assets

 

$

1,602,028,998

 

 

$

1,282,221,057

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Debt, net

 

$

822,490,580

 

 

$

717,952,233

 

Accounts payable and accrued liabilities

 

 

25,515,670

 

 

 

23,038,976

 

Due to affiliates

 

 

1,668,662

 

 

 

667,429

 

Distributions payable

 

 

7,446,393

 

 

 

6,650,317

 

Contingent earnout

 

 

19,500,000

 

 

 

28,600,000

 

Deferred tax liabilities

 

 

7,539,241

 

 

 

8,380,215

 

Total liabilities

 

 

884,160,546

 

 

 

785,289,170

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Redeemable common stock

 

 

60,388,518

 

 

 

57,335,575

 

Preferred stock, $0.001 par value; 200,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A Convertible Preferred Stock, $0.001 par value; 200,000 shares authorized;

    200,000 and 200,000 shares issued and outstanding at March 31, 2021 and

    December 31, 2020, respectively, with aggregate liquidation preferences of

    $203,082,192 and $202,928,620 at March 31, 2021 and December 31, 2020,

    respectively

 

 

196,356,107

 

 

 

196,356,107

 

Equity:

 

 

 

 

 

 

 

 

SmartStop Self Storage REIT, Inc. equity:

 

 

 

 

 

 

 

 

Class A common stock, $0.001 par value; 350,000,000 shares

    authorized; 76,096,756 and 52,660,402 shares issued and

    outstanding at March 31, 2021 and December 31, 2020, respectively

 

 

76,098

 

 

 

52,661

 

Class T common stock, $0.001 par value; 350,000,000 shares

    authorized; 7,948,354 and 7,903,911 shares issued and

    outstanding at March 31, 2021 and December 31, 2020, respectively

 

 

7,949

 

 

 

7,904

 

Additional paid-in capital

 

 

723,891,165

 

 

 

492,408,006

 

Distributions

 

 

(173,328,354

)

 

 

(163,953,169

)

Accumulated deficit

 

 

(155,353,544

)

 

 

(141,444,880

)

Accumulated other comprehensive loss

 

 

(2,937,741

)

 

 

(3,834,228

)

Total SmartStop Self Storage REIT, Inc. equity

 

 

392,355,573

 

 

 

183,236,294

 

Noncontrolling interests in our Operating Partnership

 

 

68,707,354

 

 

 

59,982,111

 

Other noncontrolling interests

 

 

60,900

 

 

 

21,800

 

Total noncontrolling interests

 

 

68,768,254

 

 

 

60,003,911

 

Total equity

 

 

461,123,827

 

 

 

243,240,205

 

Total liabilities and equity

 

$

1,602,028,998

 

 

$

1,282,221,057

 

See notes to consolidated financial statements.

5


SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Self storage rental revenue

 

$

29,503,442

 

 

$

25,568,019

 

Ancillary operating revenue

 

 

1,557,430

 

 

 

1,152,843

 

Managed REIT Platform revenue

 

 

2,287,740

 

 

 

1,783,787

 

Reimbursable costs from Managed REITs

 

 

1,216,043

 

 

 

1,793,474

 

Total revenues

 

 

34,564,655

 

 

 

30,298,123

 

Operating expenses:

 

 

 

 

 

 

 

 

Property operating expenses

 

 

10,343,281

 

 

 

9,675,026

 

Managed REIT Platform expenses

 

 

319,890

 

 

 

1,174,809

 

Reimbursable costs from Managed REITs

 

 

1,216,043

 

 

 

1,793,474

 

General and administrative

 

 

4,752,989

 

 

 

3,667,947

 

Depreciation

 

 

8,543,927

 

 

 

7,716,671

 

Intangible amortization expense

 

 

1,259,547

 

 

 

3,669,631

 

Acquisition expenses

 

 

305,650

 

 

 

28,105

 

Contingent earnout adjustment

 

 

2,119,744

 

 

 

(7,200,000

)

Impairment of goodwill and intangible assets

 

 

 

 

 

36,465,732

 

Impairment of investments in Managed REITs

 

 

 

 

 

4,376,879

 

Write-off of equity interest and preexisting relationships in

      SST IV upon acquisition of control

 

 

8,389,573

 

 

 

 

Total operating expenses

 

 

37,250,644

 

 

 

61,368,274

 

Operating loss

 

 

(2,685,989

)

 

 

(31,070,151

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

 

(7,975,464

)

 

 

(8,339,303

)

Interest expense – accretion of fair market value of secured debt

 

 

31,866

 

 

 

32,657

 

Interest expense – debt issuance costs

 

 

(672,473

)

 

 

(943,483

)

Net loss on extinguishment of debt

 

 

(2,444,788

)

 

 

 

Other

 

 

1,443,382

 

 

 

2,576,699

 

Net loss

 

 

(12,303,466

)

 

 

(37,743,581

)

Net loss attributable to the noncontrolling

     interests in our Operating Partnership

 

 

1,476,994

 

 

 

5,031,652

 

Less: Distributions to preferred stockholders

 

 

(3,082,192

)

 

 

(2,362,022

)

Net loss attributable to SmartStop Self Storage

     REIT, Inc. common stockholders

 

$

(13,908,664

)

 

$

(35,073,951

)

Net loss per Class A share – basic and diluted

 

$

(0.22

)

 

$

(0.59

)

Net loss per Class T share – basic and diluted

 

$

(0.22

)

 

$

(0.59

)

Weighted average Class A shares outstanding – basic and diluted

 

 

56,398,876

 

 

 

51,313,351

 

Weighted average Class T shares outstanding – basic and diluted

 

 

7,927,821

 

 

 

7,726,469

 

 

See notes to consolidated financial statements.

6


SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(12,303,466

)

 

$

(37,743,581

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

587,729

 

 

 

(4,567,120

)

Foreign currency hedge contract gains (losses)

 

 

(803,069

)

 

 

4,566,795

 

Interest rate swap and cap contract gains (losses)

 

 

1,241,434

 

 

 

(5,475,549

)

Other comprehensive income (loss)

 

 

1,026,094

 

 

 

(5,475,874

)

Comprehensive loss

 

 

(11,277,372

)

 

 

(43,219,455

)

Comprehensive loss attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

Comprehensive loss attributable to the noncontrolling

      interests in our Operating Partnership

 

 

1,347,387

 

 

 

5,761,649

 

Comprehensive loss attributable to SmartStop

     Self Storage REIT, Inc. common stockholders

 

$

(9,929,985

)

 

$

(37,457,806

)

 

See notes to consolidated financial statements.

 

 

7


 

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

of Shares

 

 

Common

Stock

Par Value

 

 

Number

of Shares

 

 

Common

Stock

Par Value

 

 

Additional

Paid-in

Capital

 

 

Distributions

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

SmartStop Self Storage REIT,

Inc. Equity

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

 

Preferred

Stock

 

 

Redeemable

Common

Stock

 

Balance as of December 31, 2019

 

 

51,435,124

 

 

$

51,435

 

 

 

7,699,893

 

 

$

7,700

 

 

$

491,433,240

 

 

$

(128,642,787

)

 

$

(87,090,486

)

 

$

(1,955,335

)

 

$

273,803,767

 

 

$

72,010,056

 

 

$

345,813,823

 

 

$

146,426,164

 

 

$

43,391,362

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,822

)

 

 

 

 

 

 

 

 

 

 

 

(28,822

)

 

 

 

 

 

(28,822

)

 

 

 

 

 

 

Preferred equity issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46,456

)

 

 

 

Changes to redeemable common

     stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,979,539

)

 

 

 

 

 

 

 

 

 

 

 

(3,979,539

)

 

 

 

 

 

(3,979,539

)

 

 

 

 

 

3,979,539

 

Redemptions of common stock

 

 

(42,040

)

 

 

(42

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

 

 

 

(42

)

 

 

 

 

 

 

Issuance of restricted stock

 

 

47,842

 

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

 

 

 

48

 

 

 

 

 

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,668,726

)

 

 

 

 

 

 

 

 

(8,668,726

)

 

 

 

 

 

(8,668,726

)

 

 

 

 

 

 

Distributions to noncontrolling

     interests