XML 21 R8.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 11,646,760 $ 21,669,452 $ (19,564,718)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 60,230,206 64,618,533 53,368,611
Change in deferred tax assets and liabilities (3,300,688) (1,073,318) (2,025,869)
Accretion of fair market value adjustment of secured debt 12,920 (35,738) (110,942)
Amortization of debt issuance costs 2,727,501 2,594,163 1,676,309
Equity based compensation expense 5,258,246 3,968,494 2,907,808
Non-cash adjustment from equity method investments in JV Properties 1,625,135 760,005 560,451
Non-cash adjustment from equity method investments in Managed REITs 1,694,393 930,200 489,799
Accretion of financing fee revenues (664,078) (681,151) 0
Contingent earnout adjustment 0 1,514,447 12,619,744
Unrealized foreign currency and derivative (gains) losses (1,035,341) 8,496,914 467,989
Net loss on extinguishment of debt 0 2,393,475 2,444,788
Gain on equity interests upon acquisition 0 (16,101,237) 0
Write-off of equity interest and preexisting relationships upon acquisition of control 0 2,049,682 8,389,573
Gain on deconsolidation of SST VI OP 0 0 (169,533)
Gain on sale of real estate 0 0 (178,631)
Increase (decrease) in cash from changes in assets and liabilities:      
Other assets, net 992,004 (780,731) (1,367,439)
Purchase of SOFR interest rate caps 0 (6,053,700) 0
Accounts payable and accrued liabilities (3,250,666) 3,293,359 99,039
Managed REITs receivables (2,751,258) 365,479 (304,468)
Due to affiliates 6,250 (18,351) (537,527)
Net cash provided by operating activities 73,191,384 87,909,977 58,764,984
Cash flows from investing activities:      
Purchase of real estate (15,616,741) (72,512,886) (64,585,072)
Additions to real estate (10,466,358) (10,415,161) (10,288,805)
Insurance proceeds on insured property damage 1,725,967 0 0
Deposits on acquisition of real estate (753,103) (1,384,665) (340,000)
Redemption of preferred equity investment in SSGT II 0 0 13,500,000
Settlement of foreign currency hedges designated for hedge accounting 2,850,916 0 (3,190,899)
Investments in Managed REITs 0 (5,003,000) 0
Capital distributions from Managed REITs 597,364 0 0
Investments in unconsolidated JV Properties (9,517,303) (4,822,869) (5,795,399)
Capital distributions from unconsolidated JV Properties 1,320,865 0 0
Deconsolidation of SST VI OP 0 0 (3,011,368)
SST VI OP repayment of debt 0 0 5,600,000
SST VI preferred equity investment (15,000,000) 0 0
SST VI preferred equity investment redemption 15,000,000 0 0
SST VI promissory note funding (15,000,000) 0 0
Purchase of SST VI Subordinated Class C Units (3,197,083) 0 0
Purchase of other assets (183,212) 0 (1,967,476)
Net proceeds from the sale of real estate 0 228,146 256,237
Settlement of company owned life insurance 0 0 2,894,561
Net cash used in investing activities 261,312 (205,151,158) (120,214,731)
Cash flows from financing activities:      
Gross proceeds from issuance of non-revolver debt 80,148,639 150,000,000 271,675,995
Repayment of non-revolver debt (12,016,875) (86,237,235) (422,190,754)
Scheduled principal payments on non-revolver debt (2,639,399) (2,512,634) (1,294,637)
Proceeds from issuance of revolver debt 135,000,000 318,000,000 246,505,250
Repayment of revolver debt (184,512,859) (183,000,000) (15,000,000)
Debt issuance costs (870,603) (2,081,854) (6,970,064)
Debt defeasance costs 0 (2,544,346) (525,467)
Offering costs (10,506) (601,345) (971,752)
Redemption of common stock (18,992,090) (1,763,338) (4,622,000)
Restricted stock withholding for payroll taxes (246,662) 0 0
Gross proceeds from issuance of equity in SST VI OP 0 0 4,015,815
Offering costs related to issuance of equity in SST VI OP 0 0 (373,067)
Gross proceeds from issuance of equity in other non controlling interests 0 1,000 0
Distributions paid to preferred stockholders (12,500,000) (12,500,000) (12,277,935)
Distributions paid to common stockholders (40,597,803) (49,391,782) (26,157,045)
Distributions paid to noncontrolling interest in our OP (8,272,896) (7,032,520) (6,139,772)
Distributions paid to other noncontrolling interests (587,530) (268,695) 0
Net cash provided by financing activities (66,098,584) 120,067,251 25,674,567
Impact of foreign exchange rate changes on cash and restricted cash 34,673 (1,474,040) (196,135)
Change in cash, cash equivalents, and restricted cash 7,388,785 1,352,030 (35,971,315)
Cash, cash equivalents, and restricted cash beginning of year 46,038,391 44,686,361 80,657,676
Cash, cash equivalents, and restricted cash end of year 53,427,176 46,038,391 44,686,361
Supplemental disclosures and non-cash transactions:      
Cash paid for interest, net of capitalized interest 55,647,072 36,523,574 27,220,673
Cash paid for income taxes 406,728 265,930 0
Supplemental disclosure of noncash activities:      
Issuance of shares pursuant to distribution reinvestment plan 17,636,337 5,243,398 19,564,929
Intangible assets applied to the purchase of real estate 8,370,000 0 0
Distributions payable 9,155,808 9,324,453 8,360,420
Redemption of common stock included in accounts payable and accrued liabilities 3,945,126 0 1,676,874
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables 1,194,942 0 0
Deposit applied to the purchase of real estate 400,000 190,000 156,940
Conversion of A-2 Units into A-1 Units 0 31,514,447 11,219,744
Real estate and construction in process included in accounts payable and accrued liabilities 433,039 515,898 19,056
Issuance of common stock and OP Units in connection with the mergers 0 168,791,577 231,412,470
Debt assumed in Merger 0 0 81,165,978
SST IV Merger      
Cash flows from investing activities:      
Merger, net of cash acquired 0 0 (46,486,510)
SSGT II Merger      
Cash flows from investing activities:      
Merger, net of cash acquired 0 (65,540,723) 0
SST VI Mezzanine      
Cash flows from investing activities:      
Mezzanine loan funding (15,000,000) (28,200,000) (6,800,000)
Mezzanine Loan repayment 50,000,000 0 0
SSGT III Mezzanine      
Cash flows from investing activities:      
Mezzanine loan funding (16,000,000) (59,500,000) 0
Mezzanine Loan repayment $ 29,500,000 $ 42,000,000 $ 0