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v3.23.2

Related Party Transactions (Tables) | 6 Months Ended
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Jun. 30, 2023
Related Party Transaction [Line Items] |
Summary of Related Party Costs | Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2022 and the six months ended June 30, 2023, as well as any related amounts payable as of December 31, 2022 and June 30, 2023:
|  | Year Ended December 31, 2022 |  |  | Six Months Ended June 30, 2023 |
|  | Incurred |  |  | Paid |  |  | Payable |  |  | Incurred |  |  | Paid |  |  | Payable |
Expensed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfer Agent fees |  | $ | 1,242,655 |  |  | $ | 1,260,896 |  |  | $ | 68,751 |  |  | $ | 715,885 |  |  | $ | 712,635 |  |  | $ | 72,001 |
Additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfer Agent expenses |  |  | 100,000 |  |  |  | 100,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stockholder servicing fee |  |  | 53,660 |  |  |  | 209,980 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | — |  |  |  | — |  |  |  | 340,979 |  |  |  | — |  |  |  | — |  |  |  | 340,979 |
Total |  | $ | 1,396,315 |  |  | $ | 1,570,876 |  |  | $ | 409,730 |  |  | $ | 715,885 |  |  | $ | 712,635 |  |  | $ | 412,980 |
Summary of Related Party Fees and Reimbursable Costs | Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three and six months ended June 30, 2023 and 2022:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Managed REIT Platform Revenues |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Asset Management: |  |  |  |  |  |  |  |  |  |  |  |
SSGT II(1) |  | $ | — |  |  | $ | 326,870 |  |  | $ | — |  |  |  | 798,395 |
SST VI |  |  | 723,803 |  |  |  | 319,208 |  |  |  | 1,315,925 |  |  |  | 474,540 |
SSGT III |  |  | 222,590 |  |  |  | — |  |  |  | 393,997 |  |  |  | — |
|  |  | 946,393 |  |  |  | 646,078 |  |  |  | 1,709,922 |  |  |  | 1,272,935 |
Property Management: |  |  |  |  |  |  |  |  |  |  |  |
SSGT II(1) |  |  | — |  |  |  | 177,648 |  |  |  | — |  |  |  | 407,706 |
SST VI |  |  | 279,971 |  |  |  | 123,658 |  |  |  | 511,193 |  |  |  | 202,707 |
SSGT III |  |  | 76,180 |  |  |  | — |  |  |  | 130,495 |  |  |  | — |
JV Properties |  |  | 178,401 |  |  |  | — |  |  |  | 350,296 |  |  |  | — |
|  |  | 534,552 |  |  |  | 301,306 |  |  |  | 991,984 |  |  |  | 610,413 |
Tenant Protection Program: |  |  |  |  |  |  |  |  |  |  |  |
SSGT II(1) |  |  | — |  |  |  | 76,011 |  |  |  | — |  |  |  | 250,156 |
SST VI |  |  | 169,957 |  |  |  | 96,309 |  |  |  | 312,553 |  |  |  | 145,753 |
SSGT III |  |  | 34,946 |  |  |  | — |  |  |  | 49,654 |  |  |  | — |
JV Properties |  |  | 65,180 |  |  |  | — |  |  |  | 123,509 |  |  |  | — |
|  |  | 270,083 |  |  |  | 172,320 |  |  |  | 485,716 |  |  |  | 395,909 |
Acquisition Fees: |  |  |  |  |  |  |  |  |  |  |  |
SST VI |  |  | 1,922,336 |  |  |  | 661,525 |  |  |  | 2,465,017 |  |  |  | 1,061,525 |
SSGT III |  |  | 485,000 |  |  |  | — |  |  |  | 642,000 |  |  |  | — |
|  |  | 2,407,336 |  |  |  | 661,525 |  |  |  | 3,107,017 |  |  |  | 1,061,525 |
Other Managed REIT revenue(2) |  |  | 162,341 |  |  |  | 231,905 |  |  |  | 302,601 |  |  |  | 481,448 |
Total Managed REIT Platform Revenue |  | $ | 4,320,705 |  |  | $ | 2,013,134 |  |  | $ | 6,597,240 |  |  | $ | 3,822,230 |
(1) On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations. (2) Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.
SST VI |
Related Party Transaction [Line Items] |
Summary of Related Party Carrying Value Of Investments In Advances | The following tabl e summarizes the carrying value of our investments in and advances to SST VI as of June 30, 2023 and December 31, 2022:
Receivables: |  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Receivables and advances due |  | $ | 4,823,336 |  |  | $ | 1,828,990 |
Debt: |  |  |  |  |  |
SST VI Mezzanine Loan(1) |  |  | - |  |  |  | 35,000,000 |
SST VI Note |  |  | 15,000,000 |  |  |  | - |
Equity: |  |  |  |  |  |
SST VI OP Units and SST VI SLP |  |  | 2,578,400 |  |  |  | 3,221,410 |
Total investments in and advances |  | $ | 22,401,736 |  |  | $ | 40,050,400 |
(1) As of May 2, 2023, the SST VI Mezzanine Loan was terminated.
SSGT III OP |
Related Party Transaction [Line Items] |
Summary of Related Party Carrying Value Of Investments In Advances | The following table summarizes the carrying value of our investments in and advances to SSGT III OP as of June 30, 2023 and December 31, 2022:
Receivables: |  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Receivables and advances due |  | $ | 1,116,280 |  |  | $ | 156,081 |
Debt: |  |  |  |  |  |
SSGT III Mezzanine Loan(1) |  |  | 8,000,000 |  |  |  | 17,500,000 |
Equity: |  |  |  |  |  |
SSGT III OP Units and SSGT III SLP |  |  | 4,148,026 |  |  |  | 4,664,687 |
Total investments in and advances |  | $ | 13,264,306 |  |  | $ | 22,320,768 |
(1) As of June 30, 2023 and December 31, 2022, $9.5 million and $17.5 million was available to be drawn on the SSGT III Mezzanine Loan. On July 6, 2023, SSGT III paid down $3.0 million on the SSGT III Mezzanine Loan.

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611322-123010 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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