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Real Estate Facilities (Tables)

3 Months Ended

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.

X

- 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.

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+ 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
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