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Investments in Unconsolidated Real Estate Ventures - Summary of Investments in Unconsolidated Real Estate Ventures (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Carrying Value of Investment $ 31,315,374 $ 28,522,082
Dupont, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [1] October 2019  
Carrying Value of Investment [1] $ 4,165,843 4,245,434
East York, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] June 2020  
Carrying Value of Investment [2] $ 6,053,558 6,039,951
Brampton, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] November 2020  
Carrying Value of Investment [2] $ 2,153,385 2,166,186
Vaughan, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] January 2021  
Carrying Value of Investment [2] $ 2,588,556 2,625,089
Oshawa, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] August 2021  
Carrying Value of Investment [2] $ 1,478,252 1,506,798
Scarborough, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] November 2021  
Carrying Value of Investment [2] $ 2,329,895 2,364,175
Aurora, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [1] December 2022  
Carrying Value of Investment [1] $ 2,413,304 2,546,407
Kingspoint Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [2] March 2023  
Carrying Value of Investment [2] $ 3,625,055 3,342,969
Markham, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [1] Under Development  
Carrying Value of Investment [1] $ 1,193,093 1,038,541
Regent, Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational [3] Under Development  
Carrying Value of Investment [3] $ 2,657,661 2,646,532
North Whitby Ontario    
Investments In Unconsolidated Real Estate Ventures [Line Items]    
Date Real Estate Venture Became Operational Under Development  
Carrying Value of Investment $ 2,656,772 $ 0
[1] These joint venture properties were acquired through the SSGT II Merger.
[2] These joint venture properties were acquired through the SST IV Merger.
[3] This property is currently leased as a single tenant industrial lease. The joint venture plans to develop this property into a self storage facility in the future.

 

We as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary were party to two purchase and sale agreements for the acquisition of land in Canada intended to be developed into self storage facilities which had not yet closed. Our 50% portion of the total purchase price for these properties was approximately USD $7.7 million, plus closing costs. There can be no assurance that we will complete these acquisitions. Additionally, we may assign some or all of such purchase and sale agreements to the Managed REITs. If we fail to acquire these properties, in addition to the incurred acquisition costs, we may also forfeit earnest money as a result.