Real Estate Facilities (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Summary of Activity in Real Estate Facilities

The following summarizes the activity in real estate facilities during the three months ended March 31, 2023:

Real estate facilities
Balance at December 31, 2022	$	260,839,091
Facility acquisitions		53,645,873
Improvements and additions		600,445
Impact of foreign exchange rate changes		(456,760	)
Balance at March 31, 2023	$	314,628,649
Accumulated depreciation
Balance at December 31, 2022	$	(5,093,282	)
Depreciation expense		(1,922,074	)
Impact of foreign exchange rate changes		(227	)
Balance at March 31, 2023	$	(7,015,583	)

Summary of Purchase Price Allocations for Acquisitions

The following table summarizes the purchase price allocations for our acquisitions during the three months ended March 31, 2023:

Property	Acquisition Date	Real Estate Assets		Intangibles		Total(1)		2023 Revenue(2)		2023 Property Operating Income/(Loss)(2)(3)
Edmonton – AB	01/31/23	$	11,198,071	$	140,100	$	11,338,171	$	38,828	$	(14,258	)
North York – ONT	01/31/23	$	39,306,884	$	543,186	$	39,850,070	$	153,174	$	31,094
Bradenton land - FL (4)	02/16/23	$	1,390,987	$	—	$	1,390,987	$	—	$	—
Etobicoke land - ONT (5)	03/27/23	$	1,749,931	$	—	$	1,749,931	$	—	$	—
		$	53,645,873	$	683,286	$	54,329,159	$	192,002	$	16,836

(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/(loss) excludes corporate general and administrative expenses, asset management fees, depreciation, amortization, and acquisition expenses.

(4)The Bradenton land is an undeveloped parcel of land adjacent to our property in Bradenton, Florida. We intend to expand our current self storage facility on the Bradenton land. Estimated development costs are approximately $4.9 million, which we expect to fund with a combination of net proceeds from our primary offering and/or potential future debt financing.

(5)The Etobicoke land is an undeveloped parcel of land in Etobicoke, Ontario Canada. We intend to develop the Etobicoke land into a self storage facility. Estimated development costs are approximately CAD $20.2 million, which we expect to fund with a combination of net proceeds from our primary offering and/or potential future debt financing.