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Real Estate Facilities (Tables) | 3 Months Ended
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Mar. 31, 2023
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the three months ended March 31, 2023:
Real estate facilities |  |  |
Balance at December 31, 2022 |  | $ | 1,887,205,645 |
Impact of foreign exchange rate changes |  |  | 262,495 |
Improvements and additions |  |  | 2,993,460 |
Balance at March 31, 2023 |  | $ | 1,890,461,600 |
Accumulated depreciation |  |  |
Balance at December 31, 2022 |  | $ | (202,682,688 | )
Depreciation expense |  |  | (13,056,494 | )
Impact of foreign exchange rate changes |  |  | (34,896 | )
Balance at March 31, 2023 |  | $ | (215,774,078 | )
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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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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