SMA — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• We are party to joint venture agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities. In connection with such agreements, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, we own 14 joint v…

• Our Operating Partnership is deemed to be a VIE and is consolidated by us as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our…

• Our investments in real estate joint ventures where we have significant influence but not control, and joint ventures which are VIEs for which we are not the primary beneficiary, are recorded under the equity method of accounting.

• We made an election under Section 856(c) of the Internal Revenue Code of 1986 (the “Code”) to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2014. By qualifying as a REIT for federal income tax purposes, we generally will not be subject to U.S. federal income …

• Our operating results for the three months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the three months ended June 30, 2025 included full period results for 164 self storage f…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• As of March 31, 2026 and December 31, 2025, the carrying value of this investment was approximately $6.8 million and $7.0 million, respectively, which represented an indirect investment of approximately 42% minority ownership of the property.

• We are party to joint venture agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities. In connection with such agreements, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, we own 14 joint v…

• We evaluate the consolidation of our investments in VIE’s in accordance with relevant accounting guidance. This evaluation requires us to determine whether we have a controlling interest in a VIE through a means other than voting rights, and, if so, such VIE may be required to be consolidated in our…

• We made an election under Section 856(c) of the Internal Revenue Code of 1986 (the Code) to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2014. By qualifying as a REIT for federal income tax purposes, we generally will not be subject to U.S. federal income ta…

• Our operating results for the three months ended March 31, 2026 included full period results for 177 self storage facilities. Our operating results for the three months ended March 31, 2025 included full period results for 161 self storage facilities and partial period results for three self storage…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• Subsequent to June 30, 2026, we fully repaid the KeyBank CMBS Loan with proceeds from our Credit Facility. As a result, $86.4 million of fixed rate debt due in 2026 above is subsequently now variable rate debt due in 2030.

• The interest rates for fixed rate debt were calculated based upon the contractual rate and the interest rates on variable rate debt was calculated based on the rate in effect on June 30, 2026. Debt denominated in a foreign currency has been converted based on the foreign exchange rate in effect as o…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• The interest rates for fixed rate debt was calculated based upon the contractual rate and the interest rates on variable rate debt was calculated based on the rate in effect on March 31, 2026. Debt denominated in a foreign currency has been converted based on the foreign exchange rate in effect as o…