XML 43 R7.htm IDEA: XBRL DOCUMENT v3.23.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:          
Net income $ 9,290,680 $ 19,529,105 $ 21,669,452 $ (19,564,718) $ (51,206,803)
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 45,562,518 49,377,799 64,618,533 53,368,611 42,071,743
Change in deferred tax liability     (1,073,318) (2,025,869) (5,926,732)
Change in deferred tax assets and liabilities (1,527,275) (883,646)      
Accretion of fair market value adjustment of secured debt 9,690 (38,968) (35,738) (110,942) (130,682)
Amortization of debt issuance costs 2,026,249 1,920,545 2,594,163 1,676,309 3,586,381
Equity based compensation expense 4,078,572 3,042,874 3,968,494 2,907,808 1,738,873
Equity in loss of unconsolidated entities     1,690,205 1,050,250 0
Non-cash adjustment from equity method investments in JV Properties 1,215,114 611,526      
Non-cash adjustment from equity method investments in Managed REITs 1,315,043 647,548      
Accretion of financing fee revenues (575,976) (518,593)      
Unrealized foreign currency and derivative (gains) losses (839,210) (1,058,890) 8,496,914 467,989 (93,878)
Net loss on extinguishment of debt 0 2,393,475 2,393,475 2,444,788 0
Gain on equity interests upon acquisition 0 (16,101,237) (16,101,237) 0 0
Write-off of equity interest and preexisting relationships upon acquisition of control 0 2,049,682 2,049,682 8,389,573 0
Contingent earnout adjustment 0 1,514,447 1,514,447 12,619,744 (2,500,000)
Gain on deconsolidation of SST VI OP     0 (169,533) 0
Gain on sale of real estate     0 (178,631) 0
Impairment of goodwill and intangible assets     0 0 36,465,732
Impairment of investments in Managed REITs     0 0 4,376,879
Increase (decrease) in cash from changes in assets and liabilities:          
Other assets, net 7,176,586 (483,573) (780,731) (1,367,439) (1,170,734)
Purchase of SOFR interest rate caps     (6,053,700) 0 0
Accounts payable and accrued liabilities 5,527,159 7,444,338 3,293,359 99,039 298,510
Managed REITs receivables (4,561,168) 345,984 (315,672) (304,468) (428,284)
Due to affiliates 15,250 (18,351) (18,351) (537,527) (311,134)
Net cash provided by operating activities 68,713,232 69,774,065 87,909,977 58,764,984 26,769,871
Cash flows from investing activities:          
Purchase of real estate (15,616,741) (72,512,886) (72,512,886) (64,585,072) (612,892)
Additions to real estate (10,134,464) (7,603,913) (10,415,161) (10,288,805) (14,946,580)
Insurance proceeds on insured property damage 1,686,383 0      
Deposits on acquisition of real estate (753,047) (775,000) (1,384,665) (340,000) (298,317)
Redemption of preferred equity investment in SSGT II     0 13,500,000 19,000,000
Investments in unconsolidated JV Properties, net (7,488,639) (4,117,116) (4,822,869) (5,795,399) 0
Investments in Managed REITs 0 (5,003,000) (5,003,000) 0 0
Deconsolidation of SST VI OP     0 (3,011,368) 0
SST VI OP repayment of debt     0 5,600,000 0
Mezzanine loan repayments     42,000,000 0 0
Purchase of other investments     0 (1,967,476) 0
Settlement of company owned life insurance     0 2,894,561 0
Purchase of foreign currency hedge     0 0 0
SST VI preferred equity investment (15,000,000) 0      
SST VI preferred equity investment redemption 15,000,000 0      
SST VI promissory note funding (15,000,000) 0      
Capital Distributions from Managed REITs 443,968 0      
Settlement of foreign currency hedges designated for hedge accounting 2,850,916 0 0 (3,190,899) 398,951
Net proceeds from the sale of real estate 0 228,146 228,146 256,237 0
Net cash used in investing activities 3,488,376 (173,524,492) (205,151,158) (120,214,731) (28,958,838)
Net cash (used in)/provided by investing activities          
Gross proceeds from issuance of non-revolver debt 0 150,000,000 150,000,000 271,675,995 341,717
Repayment of non-revolver debt (12,016,875) (86,237,235) (86,237,235) (422,190,754) 0
Repayment of revolver debt (105,000,000) (175,000,000) (183,000,000) (15,000,000) 0
Scheduled principal payments on non-revolver debt (1,965,016) (1,865,650) (2,512,634) (1,294,637) (701,136)
Proceeds from issuance of revolver debt 105,000,000 280,000,000 318,000,000 246,505,250 0
Debt issuance costs 0 (2,078,543) (2,081,854) (6,970,064) (4,537)
Debt defeasance costs 0 (2,544,346) (2,544,346) (525,467) 0
Offering costs (10,886) (601,346) (601,345) (971,752) (656,524)
Redemptions of common stock (11,992,516) (1,763,301) (1,763,338) (4,622,000) (1,708,305)
Restricted stock withholding for payroll taxes (246,662) 0      
Distributions paid to common stockholders (31,894,638) (34,911,540) (49,391,782) (26,157,045) (19,160,171)
Distributions paid to preferred stockholders (9,349,315) (9,349,315) (12,500,000) (12,277,935) (8,786,655)
Distributions paid to noncontrolling interests (6,735,992) (5,264,528) (7,301,215) (6,139,772) (5,514,994)
Gross proceeds from issuance of equity in other noncontrolling interests 0 1,000 1,000 0 0
Gross proceeds from issuance of equity in SST VI OP     0 4,015,815 0
Gross proceeds from issuance of preferred stock     0 0 50,000,000
Offering costs related to issuance of equity in SST VI OP     0 (373,067) 0
Preferred stock issuance costs     0 0 (70,057)
Net cash provided by (used in) financing activities (74,211,900) 110,385,196 120,067,251 25,674,567 13,739,338
Impact of foreign exchange rate changes on cash and restricted cash (216,431) (1,454,029) (1,474,040) (196,135) 536,182
Change in cash, cash equivalents, and restricted cash (2,226,723) 5,180,740 1,352,030 (35,971,315) 12,086,553
Cash, cash equivalents, and restricted cash beginning of year 46,038,391 44,686,361 44,686,361 80,657,676 68,571,123
Cash, cash equivalents, and restricted cash end of year 43,811,668 49,867,101 46,038,391 44,686,361 80,657,676
Supplemental disclosures and non-cash transactions:          
Cash paid for interest, net of capitalized interest 38,847,871 23,112,227 36,523,574 27,220,673 32,834,244
Supplemental disclosure of noncash activities:          
Redemption of common stock included in accounts payable and accrued liabilities 6,999,574 0 0 1,676,874 732,725
Issuance of shares pursuant to distribution reinvestment plan 11,875,479 5,243,398 5,243,398 19,564,929 15,954,081
Distributions payable 8,927,503 9,088,802 9,324,453 8,360,420 6,650,317
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables 1,082,916 0      
Non cash additions to real estate and construction in process 416,136 28,793      
Conversion of A-2 Units into A-1 Units 0 31,514,447 31,514,447 11,219,744 0
Deposit applied to the purchase of real estate 400,000 190,000 190,000 156,940 200,000
Issuance of common stock and OP Units in connection with the mergers 0 168,791,577 168,791,577 231,412,470 0
Real estate and construction in process included in accounts payable and accrued liabilities     515,898 19,056 248,845
Debt assumed in Merger     0 81,165,978 0
SST IV Merger          
Cash flows from investing activities:          
Merger, net of cash acquired     0 (46,486,510) 0
SSGT II Merger          
Cash flows from investing activities:          
Merger, net of cash acquired 0 (65,540,723) (65,540,723) 0 0
SST VI Mezzanine          
Cash flows from investing activities:          
Mezzanine loan funding (15,000,000) (18,200,000) (28,200,000) (6,800,000) 0
Mezzanine loan repayments 50,000,000 0      
SSGT III Mezzanine          
Cash flows from investing activities:          
Mezzanine loan funding (8,000,000) (42,000,000) (59,500,000) 0 0
Mezzanine loan repayments $ 20,500,000 $ 42,000,000      
Preferred Stock          
Cash flows from investing activities:          
Purchase of SSGT II Preferred Units     $ 0 $ 0 $ (32,500,000)