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Related Party Transactions (Tables)
 6 Months Ended
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 table 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.