Segment Disclosures (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Summary of Reportable Segments
The following tables summarize information for the reportable segments for the periods presented:
 
   
Year Ended December 31, 2021
  
   
Self Storage
    
Managed
REIT
Platform
    
Corporate
and Other
    
Total
  
Revenues:
        
Self storage rental revenue
   $ 150,610,337     $ —       $ —       $ 150,610,337  
Ancillary operating revenue
     7,552,597       —         —         7,552,597  
Managed REIT Platform revenue
     —         6,322,970       —         6,322,970  
Reimbursable costs from Managed REITs
     —         4,278,667       —         4,278,667  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
     158,162,934       10,601,637       —         168,764,571  
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
        
Property operating expenses
     48,127,657       —         —         48,127,657  
Managed REIT Platform expense
     —         1,451,166       —         1,451,166  
Reimbursable costs from Managed REITs
     —         4,278,667       —         4,278,667  
General and administrative
     —         —         23,265,196       23,265,196  
Depreciation
     40,203,484       —         742,922       40,946,406  
Intangible amortization expense
     11,134,100       1,288,105       —         12,422,205  
Other property acquisition expenses
     934,838       —         —         934,838  
Contingent earnout adjustment
     —         12,619,744       —         12,619,744  
Write-off
of equity interest and preexisting relationships in SST IV upon acquisition of control
     —         8,389,573       —         8,389,573  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
     100,400,079       28,027,255       24,008,118       152,435,452  
 
 
 
    
 
 
    
 
 
    
 
 
  
Gain on sale of real estate
     178,631       —         —         178,631  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
    
Year Ended December 31, 2021
  
    
Self Storage
    
Managed
REIT
Platform
    
Corporate
and Other
    
Total
  
Income (loss) from operations
      57,941,486       (17,425,618 )      (24,008,118 )      16,507,750  
Other income (expense):
         
Interest expense
      (31,641,943 )      —         (176,294 )      (31,818,237 ) 
Interest expense – accretion of fair market value of secured debt
      110,942       —         —         110,942  
Interest expense – debt issuance costs
      (1,676,309 )      —         —         (1,676,309 ) 
Net loss on extinguishment of debt
      (2,444,788 )      —         —         (2,444,788 ) 
Other
      (366,849 )      1,402,476       (1,279,703 )      (244,076 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
$
21,922,539
 
  
$
(16,023,142
) 
  
$
(25,464,115
) 
  
$
(19,564,718
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
    
Year Ended December 31, 2020
  
    
Self Storage
    
Managed
REIT Platform
    
Corporate and
Other
    
Total
  
Revenues:
         
Self storage rental revenue
    $ 104,888,883     $ —       $ —       $ 104,888,883  
Ancillary operating revenue
      5,286,042       —         —         5,286,042  
Managed REIT Platform revenue
      —         8,048,630       —         8,048,630  
Reimbursable costs from Managed REITs
      —         5,800,808       —         5,800,808  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
      110,174,925       13,849,438       —         124,024,363  
  
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
         
Property operating expenses
      38,305,199       —         —         38,305,199  
Managed REIT Platform expense
      —         2,806,921       —         2,806,921  
Reimbursable costs from Managed REITs
      —         5,800,808       —         5,800,808  
General and administrative
      —         —         16,471,199       16,471,199  
Depreciation
      31,773,526       —         521,101       32,294,627  
Intangible amortization expense
      5,234,312       4,542,804       —         9,777,116  
Other property acquisition expenses
      1,366,092           1,366,092  
Contingent earnout adjustment
      —         (2,500,000 )      —         (2,500,000 ) 
Impairment of goodwill and intangible assets
        36,465,732         36,465,732  
Impairment of investments in Managed REITs
      —         4,376,879       —         4,376,879  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
      76,679,129       51,493,144       16,992,300       145,164,573  
  
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
      33,495,796       (37,643,706 )      (16,992,300 )      (21,140,210 ) 
Other income (expense):
         
Interest expense
      (32,417,179 )      —         (180,434 )      (32,597,613 ) 
Interest expense – accretion of fair market value of secured debt
      130,682       —         —         130,682  
Interest expense – debt issuance costs
      (3,577,730 )      —         (8,651 )      (3,586,381 ) 
Other
      1,708,026       4,557,129       (278,436 )      5,986,719  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net loss
   
$
(660,405
) 
  
$
(33,086,577
) 
  
$
(17,459,821
) 
  
$
(51,206,803
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
    
Year Ended December 31, 2019
  
    
Self Storage
    
Managed REIT
Platform
    
Corporate
and Other
    
Total
  
Revenues:
         
Self storage rental revenue
    $ 99,494,560     $ —       $ —       $ 99,494,560  
Ancillary operating revenue
      3,706,700       —         —         3,706,700  
Managed REIT Platform revenue
      —         3,068,306       —         3,068,306  
Reimbursable costs from Managed REITs
      —         3,258,983       —         3,258,983  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
      103,201,260       6,327,289       —         109,528,549  
  
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
         
Property operating expenses
      35,723,111       —         —         35,723,111  
Property operating expenses – affiliates
      6,605,670       —         —         6,605,670  
Managed REIT Platform expense
      —         2,739,556       —         2,739,556  
Reimbursable costs from Managed REITs
      —         3,258,983       —         3,258,983  
General and administrative
      —         —         10,461,453       10,461,453  
Depreciation
      29,305,979       —         299,299       29,605,278  
Intangible amortization expense
      9,051,083       2,442,311       —         11,493,394  
Contingent earnout adjustment
      —         —         200,000       200,000  
Self administration transaction expenses
      —         —         1,572,238       1,572,238  
Acquisition expenses – affiliates
      84,061       —         —         84,061  
Other property acquisition expenses
      141,489       —         —         141,489  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
      80,911,393       8,440,850       12,532,990       101,885,233  
  
 
 
    
 
 
    
 
 
    
 
 
  
Gain on sale of real estate
      3,944,696       —         —         3,944,696  
  
 
 
    
 
 
    
 
 
    
 
 
  
Operating income (loss)
      26,234,563       (2,113,561 )      (12,532,990 )      11,588,012  
Other income (expense):
         
Interest expense
      (37,469,725 )      —         (93,522 )      (37,563,247 ) 
Interest expense – accretion of fair market value of secured debt
      131,611       —         —         131,611  
Interest expense – debt issuance costs
      (3,990,421 )      —         (6,255 )      (3,996,676 ) 
Net loss on extinguishment of debt
      (2,635,278 )      —         (12,355 )      (2,647,633 ) 
Gain resulting from acquisition of unconsolidated affiliates
      8,017,353       —         —         8,017,353  
Other
      (1,159,570 )      534,612       —         (624,958 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net loss
   
$
(10,871,467
) 
  
$
(1,578,949
) 
  
$
(12,645,122
) 
  
$
(25,095,538
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Summary of Total Assets by Segment
The following table summarizes our total assets by segment:
 
Segments
          
December 31,
2021
     
December 31,
2020
  
Self Storage
     
(1
 
)
 		    $ 1,546,835,094      $ 1,172,178,148  
Managed REIT Platform
     
(2
 
)
 		      21,707,326        44,482,625  
Corporate and Other
         49,750,356        65,560,284  
     
 
 
     
 
 
  
Total assets
     
(3
 
)
 		    $ 1,618,292,776      $ 1,282,221,057  
     
 
 
     
 
 
  
 
(1)
 
Included in the assets of the Self Storage segment as of December 31, 2021 and 2020 are approximately $49.8 million and $45.3 million of goodwill, respectively. Additionally, as of December 31, 2021 and 2020, there were no accumulated impairment charges to goodwill within the Self Storage segment. The increase in goodwill in the Self Storage segment during the year ended December 31, 2021 was the result of a reallocation of goodwill due to the SST IV Merger.
(2)
 
Included in the assets of the Managed REIT Platform segment as of December 31, 2021 and 2020, are approximately $3.9 million and $8.4 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million as of December 31, 2021 and 2020, which relates to the impairment charge recorded during the quarter ended March 31, 2020. See Note 5 – Self Administration Transaction, for further information regarding our goodwill and intangible asset impairment charges within the Managed REIT Platform segment. The decrease in goodwill in the Managed REIT Platform segment during the year ended December 31, 2021 was the result of a reallocation of goodwill due to the SST IV Merger.
(3)
 
Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets made during the years ended December 31, 2021 and 2020 were associated with our self storage platform.