Subsequent Events	3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events Acquisition of Newark Property On April 26, 2022, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a self storage facility located in Newark, Delaware (the “Newark Property”) from an unaffiliated third party. The purchase price for the Newark Property was approximately $19.7 million, plus closing costs and acquisition fees, which was funded by proceeds from our offerings and a draw on the Huntington Credit Facility and Huntington Bridge Loan, as defined below. Acquisition of Levittown Property On April 26, 2022, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a self storage facility located in Levittown, Pennsylvania (the “Levittown Property”) from an unaffiliated third party. The purchase price for the Levittown Property was approximately $21.0 million, plus closing costs and acquisition fees, which was funded by proceeds from our offerings and a draw on the Huntington Credit Facility and Huntington Bridge Loan. Huntington Credit Facility On April 26, 2022, we borrowed approximately $12.9 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Vancouver Property. Huntington Bridge Loan On April 26, 2022, we, through three wholly-owned special purposes entities, entered into an approximately $30.6 million financing with Huntington as lender pursuant to a mortgage loan (the “Huntington Bridge Loan”). The Huntington Bridge Loan is secured by a first mortgage deed of trust on the Portland, Newark and Levittown Properties. The loan has a maturity date of July 25, 2022. Monthly payments due under the loan agreement (the “Huntington Bridge Loan Agreement”) are interest-only until the maturity date. The amounts outstanding under the Huntington Bridge Loan bear interest at a variable rate equal to Secured Overnight Financing Rate (“SOFR”) plus 2.61%, adjusted monthly, with a floor of 3.25%. We serve as a limited recourse guarantor with respect to the Huntington Bridge Loan. The loan may be prepaid either in whole or in part, at any time, subject to certain conditions as set forth in the Huntington Bridge Loan Agreement. Potential Acquisition of Chandler Property On April 28, 2022, an affiliate of our Sponsor assigned its interest in a purchase and sale agreement (the “Chandler Purchase Agreement”) with an unaffiliated third party for the acquisition of a self storage facility located in Chandler, AZ (the “Chandler Property”) to a wholly-owned subsidiary of our Operating Partnership. The Chandler Property is an existing self storage facility and has a purchase price of approximately $25.5 million, plus closing costs and acquisition fees. We expect the acquisition of the Chandler Property to close in the second quarter of 2022 and to fund such acquisition with a combination of net proceeds from our offerings and potential future debt financing. If we fail to complete the acquisition, we may forfeit $510,000 in earnest money deposits. Offering Status As of May 6, 2022, in connection with our offerings we have issued approximately 10.6 million Class P shares for gross offering proceeds of approximately $100.6 million, approximately 0.1 million Class A shares for gross offering proceeds of approximately $1.3 million, approximately 0.1 million Class T shares for gross offering proceeds of approximately $0.1 million and no Class W shares have been issued.

Subsequent Events

3 Months Ended

Mar. 31, 2022

Note 10. Subsequent Events

Acquisition of Newark Property

On April 26, 2022, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a self storage facility located in Newark, Delaware (the “Newark Property”) from an unaffiliated third party. The purchase price for the Newark Property was approximately $19.7 million, plus closing costs and acquisition fees, which was funded by proceeds from our offerings and a draw on the Huntington Credit Facility and Huntington Bridge Loan, as defined below.

Acquisition of Levittown Property

On April 26, 2022, we, through an indirect, wholly-owned subsidiary of our Operating Partnership, acquired a self storage facility located in Levittown, Pennsylvania (the “Levittown Property”) from an unaffiliated third party. The purchase price for the Levittown Property was approximately $21.0 million, plus closing costs and acquisition fees, which was funded by proceeds from our offerings and a draw on the Huntington Credit Facility and Huntington Bridge Loan.

Huntington Credit Facility

On April 26, 2022, we borrowed approximately $12.9 million on the Huntington Credit Facility, secured by a first mortgage deed of trust on the Vancouver Property.

Huntington Bridge Loan

On April 26, 2022, we, through three wholly-owned special purposes entities, entered into an approximately $30.6 million financing with Huntington as lender pursuant to a mortgage loan (the “Huntington Bridge Loan”). The Huntington Bridge Loan is secured by a first mortgage deed of trust on the Portland, Newark and Levittown Properties. The loan has a maturity date of July 25, 2022. Monthly payments due under the loan agreement (the “Huntington Bridge Loan Agreement”) are interest-only until the maturity date.

The amounts outstanding under the Huntington Bridge Loan bear interest at a variable rate equal to Secured Overnight Financing Rate (“SOFR”) plus 2.61%, adjusted monthly, with a floor of 3.25%. We serve as a limited recourse guarantor with respect to the Huntington Bridge Loan. The loan may be prepaid either in whole or in part, at any time, subject to certain conditions as set forth in the Huntington Bridge Loan Agreement.

Potential Acquisition of Chandler Property

On April 28, 2022, an affiliate of our Sponsor assigned its interest in a purchase and sale agreement (the “Chandler Purchase Agreement”) with an unaffiliated third party for the acquisition of a self storage facility located in Chandler, AZ (the “Chandler Property”) to a wholly-owned subsidiary of our Operating Partnership. The Chandler Property is an existing self storage facility and has a purchase price of approximately $25.5 million, plus closing costs and acquisition fees. We expect the acquisition of the Chandler Property to close in the second quarter of 2022 and to fund such acquisition with a combination of net proceeds from our offerings and potential future debt financing. If we fail to complete the acquisition, we may forfeit $510,000 in earnest money deposits.

Offering Status

As of May 6, 2022, in connection with our offerings we have issued approximately 10.6 million Class P shares for gross offering proceeds of approximately $100.6 million, approximately 0.1 million Class A shares for gross offering proceeds of approximately $1.3 million, approximately 0.1 million Class T shares for gross offering proceeds of approximately $0.1 million and no Class W shares have been issued.