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Real Estate Facilities (Tables)

12 Months Ended

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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