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STRATEGIC STORAGE TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2012 2011 ------------- ------------- ASSETSCash and cash equivalents $ 18,153,110 $ 13,217,410Real estate facilities: Land 160,035,416 149,269,391 Buildings 352,162,850 330,842,349 Site improvements 33,197,296 30,283,836 ------------- ------------- 545,395,562 510,395,576 Accumulated depreciation (26,077,138) (15,971,288) ------------- ------------- 519,318,424 494,424,288 Construction in process 5,490,980 1,754,582 ------------- ------------- Real estate facilities, net ($16,898,031 and $17,070,146 related to VIEs) 524,809,404 496,178,870Deferred financing costs, net of accumulated amortization 5,302,363 7,449,525Intangible assets, net of accumulated amortization 9,171,336 15,922,955Restricted cash 5,776,900 5,234,479Investments in unconsolidated joint ventures 10,426,258 9,180,538Other assets 5,966,732 3,250,490 ------------- -------------Total assets $ 579,606,103 $ 550,434,267 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITYSecured debt ($10,167,873 and $10,210,249 related to VIEs) $ 308,215,873 $ 330,043,207Accounts payable and accrued liabilities 12,733,221 7,855,033Due to affiliates 1,472,198 2,065,615Distributions payable 2,537,231 2,071,876 ------------- -------------Total liabilities 324,958,523 342,035,731Commitments and contingenciesRedeemable common stock 3,858,860 2,807,837Stockholders' equity:Strategic Storage Trust, Inc. stockholders' equity:Common stock, $0.001 par value; 700,000,000 shares authorized; 44,455,216 and 35,020,561 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively 44,455 35,021Additional paid-in capital 366,443,360 285,211,557Distributions (63,427,180) (42,602,530)Accumulated deficit (58,085,251) (42,955,433)Accumulated other comprehensive loss (519,177) (829,652) ------------- ------------- Total Strategic Storage Trust, Inc. stockholders' equity 244,456,207 198,858,963 ------------- -------------Noncontrolling interests in Operating Partnership 444,867 718,907Other noncontrolling interests 5,887,646 6,012,829 ------------- ------------- Total noncontrolling interests 6,332,513 6,731,736 ------------- -------------Total stockholders' equity 250,788,720 205,590,699 ------------- -------------Total liabilities and stockholders' equity $ 579,606,103 $ 550,434,267 ============= ============= STRATEGIC STORAGE TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- -------------------------- 2012 2011 2012 2011 ------------ ------------ ------------ ------------Revenues: Self storage rental income $ 16,519,825 $ 13,541,019 $ 46,566,368 $ 34,273,574 Ancillary operating income 578,348 389,788 1,588,996 833,706 ------------ ------------ ------------ ------------ Total revenues 17,098,173 13,930,807 48,155,364 35,107,280 ------------ ------------ ------------ ------------Operating expenses: Property operating expenses 6,639,055 5,473,623 19,437,251 14,010,707 Property operating expenses - affiliates 2,120,406 1,582,602 6,088,422 3,967,143 General and administrative 588,841 504,339 1,796,843 1,873,453 Depreciation 3,559,128 2,606,478 10,347,161 6,670,201 Intangible amortization expense 2,723,705 3,910,375 8,811,619 10,438,617 Property acquisition expenses - affiliates 770,915 1,132,628 1,034,065 3,476,509 Other property acquisition expenses 598,210 447,607 1,076,986 1,777,652 ------------ ------------ ------------ ------------ Total operating expenses 17,000,260 15,657,652 48,592,347 42,214,282 ------------ ------------ ------------ ------------Operating income (loss) 97,913 (1,726,845) (436,983) (7,107,002)Other income (expense): Interest expense (4,170,180) (3,322,089) (13,240,452) (8,447,257) Deferred financing amortization expense (913,391) (351,650) (2,900,719) (812,674) Equity in earnings of real estate ventures 206,761 199,841 660,764 646,551 Gain on sale of investment in unconsolidated joint venture -- -- 815,000 -- Other 158,074 (91,327) (60,711) (312,583) ------------ ------------ ------------ ------------Net loss (4,620,823) (5,292,070) (15,163,101) (16,032,965) Less: Net loss attributable to the noncontrolling interests in our Operating Partnership 17,784 3,088 67,480 10,590 Net (income) loss attributable to other noncontrolling interests (7,611) 142,563 (34,197) 411,126 ------------ ------------ ------------ ------------ Net loss attributable to Strategic Storage Trust, Inc $ (4,610,650) $ (5,146,419) $(15,129,818) $(15,611,249) ============ ============ ============ ============Net loss per share - basic $ (0.11) $ (0.16) $ (0.38) $ (0.52)Net loss per share - diluted $ (0.11) $ (0.16) $ (0.38) $ (0.52) ============ ============ ============ ============Weighted average shares outstanding - basic 43,774,622 32,447,080 39,690,382 30,156,290Weighted average shares outstanding - diluted 43,774,622 32,447,080 39,690,382 30,156,290 ============ ============ ============ ============ STRATEGIC STORAGE TRUST, INC. AND SUBSIDIARIES NON-GAAP MEASURE - COMPUTATION OF MODIFIED FUNDS FROM OPERATIONS (Unaudited) Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September September September September 30, 2012 30, 2011 30, 2012 30, 2011 ------------ ------------ ------------ ------------Net loss attributable to Strategic Storage Trust, Inc. $ (4,610,650) $ (5,146,419) $(15,129,818) $(15,611,249)Add: Depreciation 3,474,214 2,556,031 10,087,849 6,580,375 Amortization of intangible assets 2,723,705 3,910,375 8,811,619 10,438,617Deduct: Gain on sale of investment in unconsolidated joint venture -- -- (815,000) -- Adjustment for noncontrolling interests(2) (79,801) (219,482) (254,724) (626,922) ------------ ------------ ------------ ------------FFO 1,507,468 1,100,505 2,699,926 780,821Other Adjustments: Acquisition expenses(3) 1,369,125 1,580,235 2,111,051 5,254,161 Amortization of fair value adjustments of secured debt(4) (21,219) 92,009 136,110 271,268 Realized and unrealized (gains) losses on foreign exchange holdings(5) (165,232) 42,103 (119,864) 6,744 Debt defeasance costs (6) -- -- -- 49,750 Adjustment for noncontrolling interests(2) (19,786) (27,208) (56,576) (71,410) ------------ ------------ ------------ ------------MFFO(1) $ 2,670,356 $ 2,787,644 $ 4,770,647 $ 6,291,334 ============ ============ ============ ============
