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Real Estate Facilities
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Real Estate Facilities

Note 3. Real Estate Facilities

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

 

Real estate facilities

 

 

 

Balance at December 31, 2021

 

$

75,356,725

 

Facility acquisitions

 

 

156,756,353

 

Improvements and additions

 

 

550,427

 

Balance at September 30, 2022

 

$

232,663,505

 

Accumulated depreciation

 

 

 

Balance at December 31, 2021

 

$

(597,090

)

Depreciation expense

 

 

(2,918,860

)

Balance at September 30, 2022

 

$

(3,515,950

)

The following table summarizes the purchase price allocations for our acquisitions during the nine months ended September 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

 

 

$

533,596

 

 

$

324,638

 

Portland – OR

 

03/31/22

 

$

14,916,544

 

 

$

256,765

 

 

$

15,173,309

 

 

$

306,004

 

 

$

80,452

 

Newark– DE

 

04/26/22

 

$

20,004,449

 

 

$

243,259

 

 

$

20,247,708

 

 

$

251,356

 

 

$

81,980

 

Levittown – PA

 

04/26/22

 

$

21,164,957

 

 

$

260,555

 

 

$

21,425,512

 

 

$

265,954

 

 

$

64,274

 

Chandler – AZ

 

05/17/22

 

$

25,351,752

 

 

$

425,695

 

 

$

25,777,447

 

 

$

332,620

 

 

$

208,732

 

St. Johns – FL

 

07/08/22

 

$

14,167,605

 

 

$

380,645

 

 

$

14,548,250

 

 

$

197,260

 

 

$

118,637

 

Burlington – ONT

 

09/20/22

 

$

25,821,031

 

 

$

821,919

 

 

$

26,642,950

 

 

$

46,876

 

 

$

32,485

 

Oxford – FL

 

09/21/22

 

$

10,717,711

 

 

$

300,096

 

 

$

11,017,807

 

 

$

15,994

 

 

$

4,904

 

 

 

 

 

$

156,756,353

 

 

$

3,344,349

 

 

$

160,100,702

 

 

$

1,949,660

 

 

$

916,102

 

 

(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.