Real Estate Facilities (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Activity in Real Estate Facilities

The following summarizes the activity in real estate facilities during the six months ended June 30, 2016:


Real estate facilities
Balance at December 31, 2015	$	156,244,550
Facility acquisitions		436,146,451
Impact of foreign exchange rate changes		3,666,459
Improvements and additions		2,484,450

Balance at June 30, 2016	$	598,541,910

Accumulated depreciation
Balance at December 31, 2015	$	(3,755,709	)
Depreciation expense and impact of foreign exchange rate changes		(3,865,873	)

Balance at June 30, 2016	$	(7,621,582	)

Summary of Preliminary Purchase Price Allocation for Acquisitions

The following table summarizes the preliminary purchase price allocation for our acquisitions during the six months ended June 30, 2016:


Property	Acquisition Date		Real Estate Assets		Intangibles		Total⁽¹⁾		Debt Issued or Assumed		Allocation of Debt Premium		2016 Revenue⁽²⁾		2016 Property Operating Income (Loss)⁽³⁾
Boynton Beach - FL		1/7/16	$	17,164,000	$	736,000	$	17,900,000	$	—	$	—	$	662,087	$	390,027
Lancaster - CA		1/11/16		4,445,000		205,000		4,650,000		—		—		310,423		172,309
Milton - ONT⁽⁴⁾		2/11/16		9,026,972		463,364		9,490,336		4,820,717		262,621		351,556		206,038
Burlington I – ONT⁽⁴⁾		2/11/16		13,969,287		486,389		14,455,676		6,917,254		279,170		376,082		221,909
Oakville I - ONT⁽⁴⁾		2/11/16		15,717,232		—		15,717,232		7,243,413		—		27,343		(97,153	)
Oakville II - ONT⁽⁴⁾		2/29/16		11,889,390		895,219		12,784,609		7,392,762		—		349,087		221,263
Burlington II - ONT⁽⁴⁾		2/29/16		8,049,568		532,692		8,582,260		4,962,733		—		254,981		152,586
Xenia - OH		4/20/16		3,000,000		210,000		3,210,000		—		—		91,128		56,435
Sidney - OH		4/20/16		1,750,000		140,000		1,890,000		—		—		66,323		34,154
Troy - OH		4/20/16		3,030,000		180,000		3,210,000		—		—		89,132		53,304
Greenville - OH		4/20/16		1,790,000		140,000		1,930,000		—		—		67,064		36,485
Washington Court House - OH		4/20/16		2,120,000		170,000		2,290,000		—		—		74,837		41,527
Richmond - IN		4/20/16		3,310,000		200,000		3,510,000		—		—		93,110		50,993
Connersville - IN		4/20/16		1,830,000		130,000		1,960,000		—		—		62,046		31,986
Port St. Lucie - FL		4/29/16		8,930,000		370,000		9,300,000		—		—		135,625		69,498
Sacramento - CA		5/9/16		7,820,000		330,000		8,150,000		—		—		117,330		50,329
Oakland - CA		5/18/16		12,940,000		510,000		13,450,000		10,000,000		200,000		156,817		85,018
Concord - CA		5/18/16		35,980,000		1,180,000		37,160,000		10,000,000		560,000		314,694		208,032
Pompano Beach - FL		6/1/16		17,896,855		680,000		18,576,855		13,714,676		—		84,113		43,360
Lake Worth - FL		6/1/16		22,374,525		690,000		23,064,525		11,089,560		—		112,148		75,733
Jupiter - FL		6/1/16		26,075,993		850,000		26,925,993		12,469,383		—		143,402		96,960
Royal Palm Beach - FL		6/1/16		23,163,788		840,000		24,003,788		12,097,235		—		128,222		81,837
Port St. Lucie - FL		6/1/16		13,986,635		520,000		14,506,635		7,280,380		—		82,012		44,981
Wellington - FL		6/1/16		21,136,510		780,000		21,916,510		10,644,805		—		120,371		73,918
Doral - FL		6/1/16		24,068,715		770,000		24,838,715		12,081,860		—		116,814		61,131
Plantation - FL		6/1/16		35,288,783		1,030,000		36,318,783		15,624,241		—		170,438		109,962
Naples - FL		6/1/16		24,923,615		750,000		25,673,615		13,504,110		—		118,275		81,392
Delray - FL		6/1/16		29,807,488		980,000		30,787,488		11,160,313		—		159,097		116,347
Baltimore - MD		6/1/16		27,517,095		770,000		28,287,095		15,333,437		—		139,364		95,416
Sonoma - CA		6/14/16		7,145,000		280,000		7,425,000		—		—		30,950		10,066

Total			$	436,146,451	$	15,818,664	$	451,965,115	$	186,336,879	$	1,301,791	$	5,004,871	$	2,875,843

⁽¹⁾	The allocations noted above are based on a preliminary determination of the fair value of the total consideration provided. Such valuations may change as we complete our purchase price accounting.

⁽²⁾	The operating results of the facilities acquired above have been included in our statement of operations since their respective acquisition date.

⁽³⁾	Property operating income excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization and acquisition expenses.

⁽⁴⁾	Allocation based on CAD/USD exchange rates as of date of acquisition.