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Real Estate Facilities (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2022 and 2021:
Real estate facilities |  |  |
Balance at December 31, 2020 |  | $ | 1,210,102,582 |
Facilities acquired through merger with SST IV |  |  | 324,344,636 |
Facility acquisitions |  |  | 47,162,974 |
Impact of foreign exchange rate changes |  |  | (138,457 | )
Improvements and additions (1) |  |  | 12,151,893 |
Acquisitions, additions and other (2) |  |  | 15,689,143 |
Disposition due to deconsolidation (2) |  |  | (15,689,143 | )
Balance at December 31, 2021 |  |  | 1,593,623,628 |
Facilities acquired through merger with SSGT II |  |  | 228,359,718 |
Other facility acquisitions (3) |  |  | 69,981,850 |
Impact of foreign exchange rate changes |  |  | (12,984,154 | )
Improvements and additions (4) |  |  | 8,224,603 |
Balance at December 31, 2022 |  | $ | 1,887,205,645 |
Accumulated depreciation |  |  |
Balance at December 31, 2020 |  | $ | (115,903,045 | )
Depreciation expense |  |  | (40,158,233 | )
Disposition due to deconsolidation (2) |  |  | 62,466 |
Impact of foreign exchange rate changes |  |  | 71,937 |
Balance at December 31, 2021 |  |  | (155,926,875 | )
Depreciation expense |  |  | (48,400,073 | )
Impact of foreign exchange rate changes |  |  | 1,644,260 |
Balance at December 31, 2022 |  | $ | (202,682,688 | )
(1) Included herein is an addition to our Riverview, Florida property of approximately $2.3 million, which added approximately 25,400 net rentable square feet and approximately 150 additional units, and opened in June of 2021. The remainder consists primarily of solar panel installations, LED lighting conversions, and other general capital improvements. (2) Such activity primarily represents the acquisition of a property completed by SST VI OP, which as of the acquisition date was consolidated within our consolidated financial statements. On May 1, 2021, we deconsolidated SST VI OP as we were no longer the primary beneficiary, which resulted in the removal of such facility from our consolidated balance sheet. Our investment in SST VI OP is now included within “Investments in and advances to managed REITs” within our consolidated balance sheet. (3) Such amount includes four individual property acquisitions completed during the year ended December 31, 2022. (4) Included herein consists of approximately $1.0 million of solar panel installations, the remainder being comprised of other general capital improvements.
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SST IV Merger:
Assets Acquired: |  |  |
Land |  | $ | 54,385,560 |
Buildings |  |  | 257,618,228 |
Site improvements |  |  | 12,340,848 |
Construction in progress |  |  | 1,467,090 |
Intangible assets |  |  | 20,052,449 |
Investments in real estate joint ventures |  |  | 17,495,254 |
Cash and cash equivalents, and restricted cash |  |  | 7,763,490 |
Other assets |  |  | 4,145,394 |
Total assets acquired |  | $ | 375,268,313 |
Liabilities assumed: |  |  |
Debt (1) |  | $ | 81,165,978 |
Accounts payable and other liabilities |  |  | 8,074,162 |
Total liabilities assumed |  | $ | 89,240,140 |
Total net assets acquired |  | $ | 286,028,173 |
(1) Debt assumed includes approximately $40.5 million of debt on the KeyBank SST IV CMBS Loan, a $0.1 million fair market value discount on such debt, and the approximately $40.8 million SST IV TCF Loan. See Note 5 – Debt for additional information.
Summary of Purchase Price Allocation for Acquisitions | The following table summarizes our purchase price allocation for the real estate related assets acquired during the year ended December 31, 2022:
Acquisition |  | Acquisition Date |  | Real Estate Assets |  |  | Intangibles |  |  | Total(1) |  |  | 2022 Revenue(2) |  |  | 2022 Net Operating Income(2)(3) |
Algonquin, IL |  | 2/8/2022 |  | $ | 18,156,701 |  |  | $ | 849,414 |  |  | $ | 19,006,115 |  |  | $ | 1,256,278 |  |  | $ | 759,563 |
Sacramento II, CA |  | 5/10/2022 |  |  | 24,625,559 |  |  |  | 754,564 |  |  |  | 25,380,123 |  |  |  | 906,035 |  |  |  | 483,837 |
St Johns, FL |  | 5/17/2022 |  |  | 15,531,636 |  |  |  | 773,279 |  |  |  | 16,304,915 |  |  |  | 681,421 |  |  |  | 485,119 |
SSGT II (4) |  | 6/1/2022 |  |  | 228,359,718 |  |  |  | 7,732,962 |  | (5) |  | 236,092,680 |  |  |  | 8,788,369 |  |  |  | 6,183,805 |
Aurora IV, CO |  | 6/28/2022 |  |  | 11,667,954 |  |  |  | 343,779 |  |  |  | 12,011,733 |  |  |  | 421,840 |  |  |  | 242,475 |
|  |  |  | $ | 298,341,568 |  |  | $ | 10,453,998 |  |  | $ | 308,795,566 |  |  | $ | 12,053,943 |  |  | $ | 8,154,799 |
(1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. (2) The operating results of the self storage properties acquired during the year ended December 31, 2022 have been included in our consolidated statements of operations since their respective acquisition dates. (3) Net operating income excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses. (4) This acquisition consisted of ten properties, three in Florida, one in Wisconsin, two in Washington, one in Texas, one in California, one in Arizona, and one in Nevada. Other assets and liabilities were also acquired in this acquisition, which are not described immediately above; refer to the disclosure within this footnote to the financial statements further above for additional information. (5) This represents the value of the in place lease intangible assets acquired in the SSGT II Merger, and excludes the approximately $8.0 million of value assigned to a purchase and sale agreement contract intangible asset acquired in the SSGT II Merger related to a property in San Gabriel, California.
Strategic Storage Trust IV, Inc. |
Summary of Reconciles Total Consideration Transferred | The following table reconciles the total consideration transferred in the SST IV Merger:
Fair Value of Consideration Transferred: |  |  |
Common stock issued |  | $ | 231,412,470 |
Cash (1) |  |  | 54,250,000 |
Other |  |  | 365,703 |
Total Consideration Transferred |  | $ | 286,028,173 |
(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.
SSGT II Merger Agreement |
Summary of Reconciles Total Consideration Transferred | The following table reconciles the total consideration transferred in the SSGT II Merger:
Fair value of consideration: |  |  |
Common stock issued |  | $ | 168,791,577 |
Cash(1) |  |  | 76,300,006 |
Preexisting investments in and advances to SSGT II(2) |  |  | 16,066,930 |
Total consideration |  | $ | 261,158,513 |
(1) The approximately $76.3 million in cash was primarily used to pay off approximately $75.1 million of SSGT II's debt that we did not assume in the SSGT II Merger, as well as approximately $1.2 million in transaction costs. (2) Upon our acquisition of SSGT II, we recorded a gain of approximately $16.1 million to record the then fair market value of our special limited partnership interest in SSGT II operating partnership.
Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the SSGT II Merger:
Assets Acquired: |  |  |
Land |  | $ | 21,111,616 |
Buildings |  |  | 201,026,974 |
Site improvements |  |  | 6,221,128 |
Construction in process |  |  | 252,925 |
Intangible assets (1) |  |  | 15,688,002 |
Investments in real estate joint ventures |  |  | 7,394,539 |
Cash and cash equivalents, and restricted cash |  |  | 10,759,283 |
Other assets |  |  | 847,359 |
Total assets acquired |  | $ | 263,301,826 |
Liabilities assumed: |  |  |
Total liabilities assumed (2) |  | $ | 2,143,313 |
Total net assets acquired |  | $ | 261,158,513 |
(1) Approximately $8.0 million of the intangible assets acquired relates to the value of a purchase and sale agreement for the acquisition of a property in San Gabriel, CA that we assumed in the SSGT II Merger. The remainder of the intangible asset relates to value ascribed to the in-place leases on the properties acquired. (2) Liabilities assumed represents accounts payable and other liabilities.

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