Real Estate Facilities

3 Months Ended

Mar. 31, 2022

Note 3. Real Estate Facilities

The following summarizes the activity in real estate facilities during the three months ended March 31, 2022 (we had no real estate facilities during the three months ended March 31, 2021):


Real estate facilities
Balance at December 31, 2021	$	75,356,725
Facility acquisitions		39,528,848
Improvements and additions		132,964
Balance at March 31, 2022	$	115,018,537
Accumulated depreciation
Balance at December 31, 2021	$	(597,090	)
Depreciation expense		(527,296	)
Balance at March 31, 2022	$	(1,124,386	)

The following table summarizes the purchase price allocations for our acquisitions during the three months ended March 31, 2022:


Property	Acquisition Date	Real Estate Assets		Intangibles		Total(1)		2022 Revenue(2)		2022 Property Operating Loss(2)(3)
Vancouver – WA	03/29/22	$	24,612,304	$	655,415	$	25,267,719	$	3,154	$	(5,583	)
Portland – OR	03/31/22	$	14,916,544	$	256,765	$	15,173,309	$	—	$	(7,968	)
		$	39,528,848	$	912,180	$	40,441,028	$	3,154	$	(13,551	)

(1)

The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid for the transaction, including capitalized acquisition costs.

(2)

The operating results of the facilities acquired above have been included in our consolidated statements of operations since their respective acquisition date.

(3)

Property operating loss excludes corporate general and administrative expenses, asset management fees, depreciation, amortization, and acquisition expenses.