Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (19,564,718)
|
$ (51,206,803)
|
$ (25,095,538)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
53,368,611
|
42,071,743
|
41,098,672
|
| Change in deferred tax liability |
(2,025,869)
|
(5,926,732)
|
(806,083)
|
| Accretion of fair market value adjustment of secured debt |
(110,942)
|
(130,682)
|
(131,611)
|
| Amortization of debt issuance costs |
1,676,309
|
3,586,381
|
3,996,676
|
| Equity based compensation expense |
2,907,808
|
1,738,873
|
404,540
|
| Contingent earnout adjustment |
12,619,744
|
(2,500,000)
|
200,000
|
| Equity in loss of unconsolidated joint ventures |
1,050,250
|
0
|
0
|
| Unrealized foreign currency and derivative (gains) losses |
467,989
|
(93,878)
|
(797,999)
|
| Net loss on extinguishment of debt |
2,444,788
|
0
|
2,647,633
|
| Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control |
8,389,573
|
0
|
0
|
| Gain on deconsolidation of SST VI OP |
(169,533)
|
0
|
0
|
| Gain on sale of real estate |
(178,631)
|
0
|
(3,944,696)
|
| Impairment of goodwill and intangible assets |
0
|
36,465,732
|
0
|
| Impairment of investments in Managed REITs |
0
|
4,376,879
|
0
|
| Gain resulting from acquisition of unconsolidated affiliates |
0
|
0
|
(8,017,353)
|
| Increase (decrease) in cash from changes in assets and liabilities: |
|
|
|
| Other assets, net |
(1,367,439)
|
(1,170,734)
|
(835,114)
|
| Accounts payable and accrued liabilities |
99,039
|
298,510
|
1,576,029
|
| Managed REITs receivables |
(304,468)
|
(428,284)
|
(122,629)
|
| Due to affiliates |
(537,527)
|
(311,134)
|
(405,505)
|
| Net cash provided by operating activities |
58,764,984
|
26,769,871
|
9,767,022
|
| Cash flows from investing activities: |
|
|
|
| Purchase of real estate |
(64,585,072)
|
(612,892)
|
(9,435,343)
|
| Additions to real estate |
(10,288,805)
|
(14,946,580)
|
(12,291,574)
|
| Deposits on acquisition of real estate facilities |
(340,000)
|
(298,317)
|
(200,000)
|
| Redemption of SSGT II Preferred Units |
13,500,000
|
19,000,000
|
0
|
| Settlement of foreign currency hedges |
(3,190,899)
|
398,951
|
918,558
|
| Investments in unconsolidated real estate entities, net |
(5,795,399)
|
0
|
0
|
| Deconsolidation of SST VI OP |
(3,011,368)
|
0
|
0
|
| SST VI OP repayment of debt |
5,600,000
|
0
|
0
|
| Investment in SST VI Mezzanine Loan debt |
(6,800,000)
|
0
|
0
|
| Purchase of other investments |
(1,967,476)
|
|
0
|
| Net proceeds from the sale of real estate |
256,237
|
0
|
15,721,610
|
| Settlement of company owned life insurance |
2,894,561
|
0
|
3,122,962
|
| Proceeds from sale of real estate joint venture |
0
|
0
|
3,358,814
|
| Self Administration Transaction, net of cash acquired |
0
|
0
|
(3,292,958)
|
| Purchase of foreign currency hedge |
|
0
|
(147,347)
|
| Net cash used in investing activities |
(120,214,731)
|
(28,958,838)
|
(347,783,873)
|
| Cash flows from financing activities: |
|
|
|
| Gross proceeds from issuance of non-revolver debt |
271,675,995
|
341,717
|
535,852,363
|
| Proceeds from issuance of revolver debt |
246,505,250
|
0
|
0
|
| Repayment of revolver debt |
(15,000,000)
|
0
|
0
|
| Repayment of non-revolver debt |
(422,190,754)
|
0
|
(251,732,077)
|
| Scheduled principal payments on non-revolver debt |
(1,294,637)
|
(701,136)
|
(802,789)
|
| Debt issuance costs |
(6,970,064)
|
(4,537)
|
(8,531,362)
|
| Debt defeasance costs |
(525,467)
|
0
|
(1,690,703)
|
| Common stock offering costs |
(971,752)
|
(656,524)
|
(709,842)
|
| Redemption of common stock |
(4,622,000)
|
(1,708,305)
|
(5,740,677)
|
| Gross proceeds from issuance of equity in SST VI OP |
4,015,815
|
0
|
0
|
| Offering costs related to issuance of equity in SST VI OP |
(373,067)
|
0
|
0
|
| Distributions paid to preferred stockholders |
(12,277,935)
|
(8,786,655)
|
0
|
| Distributions paid to common stockholders |
(26,157,045)
|
(19,160,171)
|
(18,207,418)
|
| Distributions paid to noncontrolling interests in our Operating Partnership |
(6,139,772)
|
(5,514,994)
|
(2,440,247)
|
| Gross proceeds from issuance of preferred stock |
0
|
50,000,000
|
150,000,000
|
| Preferred stock issuance costs |
0
|
(70,057)
|
(3,573,836)
|
| Redemption of noncontrolling interest |
0
|
0
|
(200,000)
|
| Net cash provided by financing activities |
25,674,567
|
13,739,338
|
392,223,412
|
| Impact of foreign exchange rate changes on cash and restricted cash |
(196,135)
|
536,182
|
352,354
|
| Change in cash, cash equivalents, and restricted cash |
(35,971,315)
|
12,086,553
|
54,558,915
|
| Cash, cash equivalents, and restricted cash beginning of year |
80,657,676
|
68,571,123
|
14,012,208
|
| Cash, cash equivalents, and restricted cash end of year |
44,686,361
|
80,657,676
|
68,571,123
|
| Supplemental disclosures and non-cash transactions: |
|
|
|
| Cash paid for interest |
27,220,673
|
32,834,244
|
35,942,900
|
| Supplemental disclosure of noncash activities: |
|
|
|
| Issuance of shares pursuant to distribution reinvestment plan |
19,564,929
|
15,954,081
|
16,046,534
|
| Distributions payable |
8,360,420
|
6,650,317
|
5,159,105
|
| Redemption of common stock included in accounts payable and accrued liabilities |
1,676,874
|
732,725
|
431,326
|
| Deposit applied to the purchase of real estate |
156,940
|
200,000
|
1,000,000
|
| Real estate and construction in process included in accounts payable and accrued liabilities |
19,056
|
248,845
|
1,420,217
|
| Foreign currency contracts, interest rate swaps, and interest rate cap contract in accounts payable and accrued liabilities and other assets |
4,335,673
|
4,862,285
|
3,575,580
|
| Issuance of common stock in connection with the SST IV Merger |
231,412,470
|
0
|
0
|
| Net liabilities assumed in SSGT Mergers |
0
|
0
|
1,712,596
|
| Conversion of A-2 Units into A-1 Units |
11,219,744
|
0
|
0
|
| Debt assumed in the Self Administration Transaction |
0
|
0
|
19,219,126
|
| Contingent earnout consideration issued in the Self Administration Transaction |
0
|
0
|
30,900,000
|
| Deferred tax liabilities related to the Self Administration Transaction |
0
|
0
|
7,415,654
|
| Accounts payable and other accrued liabilities assumed in the Self Administration Transaction |
0
|
0
|
722,286
|
| Transfer of other assets to debt issuance costs |
0
|
0
|
1,075,000
|
| SSGT Mergers |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Mergers, net of cash acquired |
0
|
0
|
(345,538,595)
|
| Supplemental disclosure of noncash activities: |
|
|
|
| Debt assumed |
0
|
0
|
5,038,435
|
| Issuance of units in our Operating Partnership |
0
|
0
|
4,217,399
|
| SST IV Merger |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Mergers, net of cash acquired |
(46,486,510)
|
0
|
0
|
| Supplemental disclosure of noncash activities: |
|
|
|
| Debt assumed |
81,165,978
|
0
|
0
|
| Self Administration Transaction |
|
|
|
| Supplemental disclosure of noncash activities: |
|
|
|
| Issuance of units in our Operating Partnership |
0
|
0
|
63,643,000
|
| Limited Partner |
|
|
|
| Supplemental disclosure of noncash activities: |
|
|
|
| Issuance of units in our Operating Partnership |
0
|
0
|
18,800,000
|
| Preferred Stock |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Purchase of SSGT II Preferred Units |
$ 0
|
$ (32,500,000)
|
$ 0
|