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Real Estate Facilities
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Real Estate Facilities

Note 3. Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2023:

 

Real estate facilities

 

 

 

Balance at December 31, 2022

 

$

260,839,091

 

Facility acquisitions

 

 

248,841,711

 

Improvements and additions

 

 

1,557,429

 

Impact of foreign exchange rate changes

 

 

2,080,772

 

Balance at June 30, 2023

 

$

513,319,003

 

Accumulated depreciation

 

 

 

Balance at December 31, 2022

 

$

(5,093,282

)

Depreciation expense

 

 

(4,205,242

)

Impact of foreign exchange rate changes

 

 

(24,158

)

Balance at June 30, 2023

 

$

(9,322,682

)

 

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

 

 

$

147,184

 

 

$

2,310

 

North York – ONT

 

01/31/23

 

$

39,306,884

 

 

$

543,186

 

 

$

39,850,070

 

 

$

439,720

 

 

$

101,722

 

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

 

 

$

—

 

 

$

—

 

Vancouver – BC

 

05/04/23

 

$

32,913,632

 

 

$

224,040

 

 

$

33,137,672

 

 

$

57,247

 

 

$

(27,632

)

Mississauga – ONT

 

06/19/23

 

$

31,146,956

 

 

$

1,016,426

 

 

$

32,163,382

 

 

$

62,738

 

 

$

38,744

 

Mississauga II – ONT

 

06/19/23

 

$

35,700,426

 

 

$

227,843

 

 

$

35,928,269

 

 

$

13,820

 

 

$

(17,583

)

Burlington II – ONT

 

06/19/23

 

$

18,900,250

 

 

$

314,063

 

 

$

19,214,313

 

 

$

19,258

 

 

$

(3,930

)

Toronto – ONT

 

06/19/23

 

$

38,989,580

 

 

$

987,462

 

 

$

39,977,042

 

 

$

58,474

 

 

$

33,752

 

Hamilton – ONT

 

06/19/23

 

$

9,268,382

 

 

$

305,678

 

 

$

9,574,060

 

 

$

21,347

 

 

$

(3,949

)

Woodbridge – ONT

 

06/19/23

 

$

28,276,612

 

 

$

749,364

 

 

$

29,025,976

 

 

$

50,702

 

 

$

27,092

 

 

 

 

$

248,841,711

 

 

$

4,508,162

 

 

$

253,349,873

 

 

$

870,490

 

 

$

150,526

 

 

(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 $5 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 million, which we expect to fund with a combination of net proceeds from our Primary Offering and/or potential future debt financing.