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Real Estate Facilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Summary of Activity in Real Estate Facilities | The following summarizes the activity in real estate facilities during the years ended December 31, 2023 and 2022:
Real estate facilities |  |  |
Balance at December 31, 2021 |  | $ | 1,593,623,628 |
Facilities acquired through merger with SSGT II |  |  | 228,359,718 |
Other facility acquisitions |  |  | 69,981,850 |
Impact of foreign exchange rate changes |  |  | (12,984,154 | )
Improvements and additions |  |  | 8,224,603 |
Balance at December 31, 2022 |  |  | 1,887,205,645 |
Acquisitions |  |  | 23,696,536 |
Impact of foreign exchange rate changes and other |  |  | 4,342,673 |
Improvements and additions |  |  | 9,501,518 |
Balance at December 31, 2023 |  | $ | 1,924,746,372 |
Accumulated depreciation |  |  |
Balance at December 31, 2021 |  | $ | (155,926,875 | )
Depreciation expense |  |  | (48,400,073 | )
Impact of foreign exchange rate changes |  |  | 1,644,260 |
Balance at December 31, 2022 |  |  | (202,682,688 | )
Depreciation expense |  |  | (52,619,881 | )
Impact of foreign exchange rate changes and other |  |  | (541,715 | )
Balance at December 31, 2023 |  | $ | (255,844,284 | )
Summary of Purchase Price Allocation for Acquisitions | The following table summarizes the purchase price allocation for the real estate related assets acquired during the year ended December 31, 2023:
Acquisition |  | Acquisition Date |  | Real Estate Assets |  |  | Intangibles |  |  | Total (1) |  |  | 2023 Revenue(2) |  |  | 2023 Net Operating Loss(2)(3) |
San Gabriel Property |  | 7/13/2023 |  | $ | 23,696,536 |  |  | $ | - |  |  | $ | 23,696,536 |  |  | $ | 22,964 |  |  | $ | (157,676 | )
|  |  |  | $ | 23,696,536 |  |  | $ | - |  |  | $ | 23,696,536 |  |  | $ | 22,964 |  |  | $ | (157,676 | )
(1) The allocation noted above is based on a determination of the relative fair value of the total consideration provided and represents the amount paid including capitalized acquisition costs. (2) The operating results of the self storage property acquired have been included in our consolidated statements of operations since its acquisition date. (3) Net operating loss excludes corporate general and administrative expenses, interest expenses, depreciation, amortization and acquisition related expenses.
Strategic Storage Trust IV, Inc. |
Summary of Reconciles Total Consideration Transferred | The following table reconciles the total consideration transferred in the SST IV Merger:
Fair Value of Consideration Transferred: |  |  |
Common stock issued |  | $ | 231,412,470 |
Cash (1) |  |  | 54,250,000 |
Other |  |  | 365,703 |
Total Consideration Transferred |  | $ | 286,028,173 |
(1) The approximately $54.3 million in cash was primarily used to pay off approximately $54.0 million of SST IV debt that we did not assume in the SST IV Merger, as well as approximately $0.3 million in transaction costs.
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 SST IV Merger:
Assets Acquired: |  |  |
Land |  | $ | 54,385,560 |
Buildings |  |  | 257,618,228 |
Site improvements |  |  | 12,340,848 |
Construction in progress |  |  | 1,467,090 |
Intangible assets |  |  | 20,052,449 |
Investments in real estate joint ventures |  |  | 17,495,254 |
Cash and cash equivalents, and restricted cash |  |  | 7,763,490 |
Other assets |  |  | 4,145,394 |
Total assets acquired |  | $ | 375,268,313 |
Liabilities assumed: |  |  |
Debt |  | $ | 81,165,978 |
Accounts payable and other liabilities |  |  | 8,074,162 |
Total liabilities assumed |  | $ | 89,240,140 |
Total net assets acquired |  | $ | 286,028,173 |
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 related to the intrinsic 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 and acquired on July 13, 2023. 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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