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Real Estate Facilities
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Facilities

Note 3. Real Estate Facilities

The following summarizes the activity in real estate facilities during the years ended December 31, 2024 and 2023:

Real estate facilities

 

 

 

Balance at December 31, 2022

 

$

260,839,091

 

Facility acquisitions

 

 

248,841,711

 

Improvements and additions

 

 

2,395,408

 

Impact of foreign exchange rate changes

 

 

1,930,675

 

Balance at December 31, 2023

 

 

514,006,885

 

Improvements and additions

 

 

7,898,421

 

Impact of foreign exchange rate changes

 

 

(23,613,326

)

Balance at December 31, 2024

 

$

498,291,980

 

Accumulated depreciation

 

 

 

Balance at December 31, 2022

 

$

(5,093,282

)

Depreciation expense

 

 

(10,493,167

)

Impact of foreign exchange rate changes

 

 

(73,888

)

Balance at December 31, 2023

 

 

(15,660,337

)

Depreciation expense

 

 

(12,680,596

)

Impact of foreign exchange rate changes

 

 

695,763

 

Balance at December 31, 2024

 

$

(27,645,170

)

There were no acquisitions during the year ended December 31, 2024.

The following table summarizes the purchase price allocations for our acquisitions during the year ended December 31, 2023:

Property

 

Acquisition
Date

 

Real Estate
Assets

 

 

Intangibles

 

 

Total(1)(2)

 

 

2023
Revenue(3)

 

 

2023
Property
Operating
Income (loss)(3)(4)

 

Edmonton – AB

 

01/31/23

 

$

11,198,071

 

 

$

140,100

 

 

$

11,338,171

 

 

$

467,252

 

 

$

152,844

 

North York – ONT

 

01/31/23

 

$

39,306,884

 

 

$

543,186

 

 

$

39,850,070

 

 

$

1,201,156

 

 

$

435,823

 

Bradenton land - FL (5)

 

02/16/23

 

$

1,390,987

 

 

$

—

 

 

$

1,390,987

 

 

$

—

 

 

$

—

 

Etobicoke land - ONT (6)

 

03/27/23

 

$

1,749,931

 

 

$

—

 

 

$

1,749,931

 

 

$

—

 

 

$

—

 

Vancouver – BC

 

05/04/23

 

$

32,913,632

 

 

$

224,040

 

 

$

33,137,672

 

 

$

321,012

 

 

$

(2,147

)

Mississauga – ONT

 

06/19/23

 

$

31,146,956

 

 

$

1,016,426

 

 

$

32,163,382

 

 

$

949,796

 

 

$

608,753

 

Mississauga II – ONT

 

06/19/23

 

$

35,700,426

 

 

$

227,843

 

 

$

35,928,269

 

 

$

313,550

 

 

$

(51,993

)

Burlington II – ONT

 

06/19/23

 

$

18,900,250

 

 

$

314,063

 

 

$

19,214,313

 

 

$

331,164

 

 

$

123,004

 

Toronto – ONT

 

06/19/23

 

$

38,989,580

 

 

$

987,462

 

 

$

39,977,042

 

 

$

939,812

 

 

$

554,272

 

Hamilton – ONT

 

06/19/23

 

$

9,268,382

 

 

$

305,678

 

 

$

9,574,060

 

 

$

350,312

 

 

$

158,907

 

Woodbridge – ONT

 

06/19/23

 

$

28,276,612

 

 

$

749,364

 

 

$

29,025,976

 

 

$

775,952

 

 

$

461,873

 

 

 

 

$

248,841,711

 

 

$

4,508,162

 

 

$

253,349,873

 

 

$

5,650,006

 

 

$

2,441,336

 

 

(1)
The amount shown is in USD based upon the foreign exchange rate as of the date of acquisition.
(2)
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.
(3)
The operating results of the facilities acquired above have been included in our consolidated statements of operations since their respective acquisition date.
(4)
Property operating income (loss) excludes corporate general and administrative expenses, asset management fees, depreciation, amortization, and acquisition expenses.
(5)
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.
(6)
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.