XML 76 R55.htm IDEA: XBRL DOCUMENT
v3.22.4

Preferred Equity - Additional Information (Details) |  | 12 Months Ended |
--- | --- | --- | ---
Oct. 29, 2019 USD ($) d $ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 26, 2020 USD ($)
Class Of Stock [Line Items] |  |  |  |  |
Issuance costs |  | $ 601,345 | $ 971,752 | $ 656,524 |
Series A Convertible Preferred Stock Purchase Agreement |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Maximum purchase commitment amount | $ 200,000,000 |  |  |  |
Initial closing amount | 150,000,000 | 150,000,000 |  |  |
Second and final closing amount |  | $ 50,000,000 |  |  | $ 50,000,000
Issuance costs | $ 3,600,000 |  |  |  |
Preferred stock, dividend rate, percentage | 6.25% |  |  |  |
Preferred stock payment description |  | Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Convertible Preferred Stock will be entitled to receive a payment equal to the greater of (i) aggregate purchase price of all outstanding Preferred Shares, plus any accrued and unpaid dividends (the “Liquidation Amount”) and (ii) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such liquidation. |  |  |
Preferred stock redemption description |  | Subject to certain additional redemption rights, as described herein, we have the right to redeem the Series A Convertible Preferred Stock for cash at any time following the fifth anniversary of the Initial Closing. The amount of such redemption will be equal to the Liquidation Amount. Upon the listing of our common stock on a national securities exchange (the “Listing”), we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had such Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to the Listing, and then all of such Preferred Shares were sold in the Listing, or (ii) the Liquidation Amount, plus a premium amount (the “Premium Amount”) of 10%, 8%, 6%, 4%, or 2% if redeemed prior to the first, second, third, fourth, or fifth anniversary dates of issuance, respectively, or 0% if redeemed thereafter, as set forth in the Articles Supplementary. Upon a change of control event, we have the right to redeem any or all outstanding Series A Convertible Preferred Stock at an amount equal to the greater of (i) the amount that would have been payable had the Preferred Shares been converted into common stock pursuant to the terms of the Purchase Agreement immediately prior to such change of control or (ii) the Liquidation Amount, plus the Premium Amount, as set forth in the Articles Supplementary. In addition, subject to certain cure provisions, if we fail to maintain our status as a real estate investment trust, the holders of Series A Convertible Preferred Stock have the right to require us to repurchase the Series A Convertible Preferred Stock at an amount equal to the Liquidation Amount with no Premium Amount. |  |  |
Preferred stock redemption premium | $ 0 |  |  |  |
Preferred stock, conversion basis |  | Subject to our redemption rights in the event of a Listing or change of control described above, upon the earlier to occur of (i) the second anniversary of the Initial Closing or (ii) 180 days after a Listing, the holders of Series A Convertible Preferred Stock have the right to convert any or all of the Series A Convertible Preferred Stock held by such holders into common stock at a rate per share equal to the quotient obtained by dividing the Liquidation Amount by the conversion price. The conversion price is $10.66, as may be adjusted in connection with stock splits, stock dividends and other similar transactions. |  |  |
Conversion price per share | $ / shares | $ 10.66 |  |  |  |
Number of days after lifting of preferred stock to common stock | d | 180 |  |  |  |
Preferred stock, voting rights condition |  | This foregoing limited voting right shall cease when all past dividend periods have been paid in full. In addition, the affirmative vote of the holders of a majority of the outstanding shares of Series A Convertible Preferred Stock is required in certain customary circumstances, as well as other circumstances, such as (i) our real estate portfolio exceeding a leverage ratio of 60% loan-to-value, (ii) entering into certain transactions with our Executive Chairman as of the Commitment Date, or his affiliates, (iii) effecting a merger (or similar) transaction with an entity whose assets are not at least 80% self storage related and (iv) entering into any line of business other than self storage and ancillary businesses, unless such ancillary business represents revenues of less than 10% of our revenues for our last fiscal year. |  |  |
Required leverage ratio of our real estate portfolio | 60.00% |  |  |  |
Required percentage of self storage related assets of merger entity | 80.00% |  |  |  |
Required ancillary business revenue to total revenue | 10.00% |  |  |  |
Preferred stock, investors rights agreement |  | In connection with the issuance of the Series A Convertible Preferred Stock, we and the Investor also entered into an investors’ rights agreement (the “Investors’ Rights Agreement”) which provides the Investor with certain customary protections, including demand registration rights and “piggyback” registration rights with respect to our common stock issued to the Investor upon conversion of the Preferred Shares. |  |  |
Preferred shares outstanding | shares |  | 200,000 |  |  |
Aggregate liquidation preference |  | $ 203,200,000 |  |  |
Amount of accumulated and unpaid distributions |  | $ 3,200,000 |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Fifth To Tenth Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Dividend rate percentage of increase on preferred stock | 0.75% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Tenth Anniversary | Maximum |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Preferred stock, dividend rate, percentage | 9.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | After Tenth Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Dividend rate percentage of increase on preferred stock | 0.75% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | First Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 10.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Second Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 8.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Third Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 6.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Fourth Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 4.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | Fifth Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 2.00% |  |  |  |
Series A Convertible Preferred Stock Purchase Agreement | After Fifth Anniversary |  |  |  |  |
Class Of Stock [Line Items] |  |  |  |  |
Premium amount over liquidation amount on redemption, percent | 0.00% |  |  |  |

X
- Definition Amount from accumulated and unpaid distributions. + References No definition available. + Details
Name: | ck0001585389_AmountFromAccumulatedAndUnpaidDistributions
Namespace Prefix: | ck0001585389_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Dividend rate percentage increase per annum. + References No definition available. + Details
Name: | ck0001585389_DividendRatePercentageIncreasePerAnnum
Namespace Prefix: | ck0001585389_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Initial closing amount occurred on commitment related to preferred stock purchase agreement. + References No definition available. + Details
Name: | ck0001585389_InitialClosingAmountOccurredOnCommitmentRelatedToPreferredStockPurchaseAgreement
Namespace Prefix: | ck0001585389_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Maximum purchase commitment amount. + References No definition available. + Details
Name: | ck0001585389_MaximumPurchaseCommitmentAmount
Namespace Prefix: | ck0001585389_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Number of days after lifting of preferred stock to common stock. + References No definition available. + Details
Name: | ck0001585389_NumberOfDaysAfterLiftingOfPreferredStockToCommonStock
Namespace Prefix: | ck0001585389_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | duration

X
- Definition Redemption price percentage of premium amount redeemed + References No definition available. + Details
Name: | ck0001585389_RedemptionPricePercentageOfPremiumAmountRedeemed
Namespace Prefix: | ck0001585389_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Required ancillary business revenue to total revenue. + References No definition available. + Details
Name: | ck0001585389_RequiredAncillaryBusinessRevenueToTotalRevenue
Namespace Prefix: | ck0001585389_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Required leverage ratio of our real estate portfolio. + References No definition available. + Details
Name: | ck0001585389_RequiredLeverageRatioOfOurRealEstatePortfolio
Namespace Prefix: | ck0001585389_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Required percentage of self storage related assets of merger entity. + References No definition available. + Details
Name: | ck0001585389_RequiredPercentageOfSelfStorageRelatedAssetsOfMergerEntity
Namespace Prefix: | ck0001585389_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Second and final closing amount occurred on commitment related to preferred stock purchase agreement. + References No definition available. + Details
Name: | ck0001585389_SecondAndFinalClosingAmountOccurredOnCommitmentRelatedToPreferredStockPurchaseAgreement
Namespace Prefix: | ck0001585389_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ClassOfStockLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The cash outflow for cost incurred directly with the issuance of an equity security. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3291-108585 + Details
Name: | us-gaap_PaymentsOfStockIssuanceCosts
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Describe the conversion features of preferred stock if preferred stock is convertible. That is, shares of preferred stock into which another convertible security was converted, or shares of preferred stock into which another class of preferred stock was converted. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_PreferredStockConversionBasis
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Per share conversion price of preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 + Details
Name: | us-gaap_PreferredStockConvertibleConversionPrice
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Definition Specific information regarding dividend payment dates or timing and whether or not dividends are paid on a cumulative basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_PreferredStockDividendPaymentTerms
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The percentage rate used to calculate dividend payments on preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 + Details
Name: | us-gaap_PreferredStockDividendRatePercentage
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Value of the difference between preference in liquidation and the par or stated values of the preferred shares. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 + Details
Name: | us-gaap_PreferredStockLiquidationPreferenceValue
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Describe the contractual rights of preferred stockholders to receive dividends or returns from the entity's profits, cash flows, or returns on investments. + References No definition available. + Details
Name: | us-gaap_PreferredStockParticipationRights
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the registrant's balance sheet, during the accounting period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section S99 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=122038299&loc=d3e42851-122695 + Details
Name: | us-gaap_PreferredStockRedemptionPremium
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The redemption terms of preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity. The redemption features of this capital stock are solely within the control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21564-112644 + Details
Name: | us-gaap_PreferredStockRedemptionTerms
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_PreferredStockSharesOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | instant

X
- Definition Description of voting rights of nonredeemable preferred stock. Includes eligibility to vote and votes per share owned. Include also, if any, unusual voting rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_PreferredStockVotingRights
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_SubsidiarySaleOfStockAxis=ck0001585389_SeriesAConvertiblePreferredStockPurchaseAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodFiveToTenMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodTenMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodAfterTenYearMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodOneMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodThreeMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodFourMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodFiveMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentRedemptionPeriodAxis=ck0001585389_PreferredStockRedemptionPeriodThereafterMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |