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Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed (Detail) - SSGT II Merger Agreement | Jun. 01, 2022 USD ($)
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Assets Acquired: |  |
Land | $ 21,111,616 |
Buildings | 201,026,974 |
Site improvements | 6,221,128 |
Construction in process | 252,925 |
Intangible assets | 15,688,002 | [1]
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 | 2,143,313 | [2]
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. As a result of our acquiring SSGT II and terminating the preexisting advisory and property management agreements with SSGT II, we expensed approximately $2.0 million related to such assets on the acquisition date. SST IV Merger On March 17, 2021, we closed on our merger with SST IV (the “SST IV Merger”). On such date, (the "SST IV Merger Date"), we acquired all of the real estate owned by SST IV, consisting of (i) 24 self storage facilities located in nine states comprising approximately 18,000 self storage units and approximately 2.0 million net rentable square feet, and (ii) SST IV’s 50% equity interest in six unconsolidated real estate ventures located in the Greater Toronto Area of Ontario, Canada (collectively the “SST IV JV Properties”). The SST IV JV Properties consisted of three operating self storage properties and three parcels of land in various stages of development into self storage facilities as of the merger date, jointly owned with subsidiaries of SmartCentres. As of March 31, 2023 the three development joint venture properties had been completed and had begun operations. As a result of the SST IV Merger, approximately 23.1 million Class A Shares were issued in exchange for approximately 10.6 million shares of SST IV common stock.

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