Real Estate Facilities (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Summary of Activity in Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2022:

Real estate facilities
Balance at December 31, 2021	$	75,356,725
Facility acquisitions		106,050,006
Improvements and additions		200,363
Balance at June 30, 2022	$	181,607,094
Accumulated depreciation
Balance at December 31, 2021	$	(597,090	)
Depreciation expense		(1,585,866	)
Balance at June 30, 2022	$	(2,182,956	)

Summary of Purchase Price Allocations for Acquisitions

The following table summarizes the purchase price allocations for our acquisitions during the six months ended June 30, 2022:

Property	Acquisition Date	Real Estate Assets		Intangibles		Total(1)		2022 Revenue(2)		2022 Property Operating Income(2)(3)
Vancouver – WA	03/29/22	$	24,612,304	$	655,415	$	25,267,719	$	267,746	$	148,926
Portland – OR	03/31/22	$	14,916,544	$	256,765	$	15,173,309	$	138,539	$	24,840
Newark– DE	04/26/22	$	20,004,449	$	243,259	$	20,247,708	$	86,699	$	20,099
Levittown – PA	04/26/22	$	21,164,957	$	260,555	$	21,425,512	$	88,159	$	11,170
Chandler – AZ	05/17/22	$	25,351,752	$	425,695	$	25,777,447	$	96,918	$	40,411
		$	106,050,006	$	1,841,689	$	107,891,695	$	678,061	$	245,446

(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 income excludes corporate general and administrative expenses, asset management fees, depreciation, amortization, and acquisition expenses.