Real Estate Facilities (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Summary of Activity in Real Estate Facilities |
The following summarizes the activity in real estate facilities during the nine months ended September 30, 2020:
|
Real estate facilities |
|
|
|
|
|
Balance at December 31, 2019 |
|
$ |
1,173,825,368 |
|
|
Real estate acquisitions |
|
|
812,892 |
|
|
Construction in process placed in service |
|
|
13,389,703 |
|
|
Impact of foreign exchange rate changes |
|
|
(4,145,778 |
) |
|
Improvements and additions |
|
|
7,155,135 |
|
|
Balance at September 30, 2020 |
|
$ |
1,191,037,320 |
|
|
Accumulated depreciation |
|
|
|
|
|
Balance at December 31, 2019 |
|
$ |
(83,692,491 |
) |
|
Depreciation expense |
|
|
(23,136,367 |
) |
|
Impact of foreign exchange rate changes |
|
|
272,635 |
|
|
Balance at September 30, 2020 |
|
$ |
(106,556,223 |
) |
|
| Summary of Reconciles Total Consideration Transferred |
The estimated fair value of the consideration transferred totaled approximately $111.3 million and consisted of the following:
|
Estimated Fair Value of Consideration
Transferred |
|
|
|
|
|
Cash(1) |
|
$ |
3,918,185 |
|
|
Class A-1 Units |
|
|
63,643,000 |
|
|
Class A-2 Units (contingent earnout) |
|
|
30,900,000 |
|
|
Total Consideration Transferred |
|
|
98,461,185 |
|
|
Fair value of our preexisting 50% equity
interests |
|
|
12,800,000 |
|
|
Total |
|
$ |
111,261,185 |
|
(1)We assumed a net asset of approximately $0.5 million, which per the Contribution Agreement we were required to pay to SAM the value thereof and such amount was included above as cash consideration.
|
| Strategic Storage Growth Trust, Inc |
|
| Summary of Reconciles Total Consideration Transferred |
The following table reconciles the total consideration transferred during the SSGT Mergers:
|
Fair value of consideration transferred: |
|
|
|
|
|
|
Cash |
|
$ |
346,231,561 |
|
(1) |
|
Issuance of limited partnership units in
our Operating Partnership to SS Growth Advisor, LLC |
|
|
4,217,399 |
|
|
|
Total consideration transferred |
|
$ |
350,448,960 |
|
|
|
(1) |
The approximately $346 million cash consideration consisted of approximately $320 million paid to the SSGT stockholders, approximately $19 million of SSGT debt that was repaid at closing, approximately $5 million of other SSGT liabilities paid at closing, and approximately $1 million in transaction costs. |
|