Note 3. Real Estate Facilities

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


Real estate facilities
Balance at December 31, 2015	$	156,244,550
Facility acquisitions		472,311,451
Impact of foreign exchange rate changes		2,786,225
Improvements and additions		3,134,862

Balance at September 30, 2016	$	634,477,088

Accumulated depreciation
Balance at December 31, 2015	$	(3,755,709	)
Depreciation expense and impact of foreign exchange rate changes		(7,574,134	)

Balance at September 30, 2016	$	(11,329,843	)

The following table summarizes the preliminary purchase price allocation for our acquisitions during the nine months ended September 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	$	—	$	—	$	1,019,808	$	613,596
Lancaster II - CA		1/11/16		4,445,000		205,000		4,650,000		—		—		467,639		256,366
Milton - ONT⁽⁴⁾		2/11/16		9,026,972		463,364		9,490,336		4,820,717		262,621		585,546		342,229
Burlington I – ONT⁽⁴⁾		2/11/16		13,969,287		486,389		14,455,676		6,917,254		279,170		630,228		369,799
Oakville I - ONT⁽⁴⁾		2/11/16		15,717,232		—		15,717,232		7,243,413		—		94,640		(143,223	)
Oakville II - ONT⁽⁴⁾		2/29/16		11,889,390		895,219		12,784,609		7,392,762		—		610,542		382,971
Burlington II - ONT⁽⁴⁾		2/29/16		8,049,568		532,692		8,582,260		4,962,733		—		455,370		270,230
Xenia - OH		4/20/16		3,000,000		210,000		3,210,000		—		—		208,080		124,593
Sidney - OH		4/20/16		1,750,000		140,000		1,890,000		—		—		155,886		76,678
Troy - OH		4/20/16		3,030,000		180,000		3,210,000		—		—		204,434		117,052
Greenville - OH		4/20/16		1,790,000		140,000		1,930,000		—		—		150,785		78,840
Washington Court House - OH		4/20/16		2,120,000		170,000		2,290,000		—		—		172,569		97,070
Richmond - IN		4/20/16		3,310,000		200,000		3,510,000		—		—		216,954		109,424
Connersville - IN		4/20/16		1,830,000		130,000		1,960,000		—		—		143,566		67,085
Port St. Lucie I - FL		4/29/16		8,930,000		370,000		9,300,000		—		—		333,813		169,135
Sacramento - CA		5/9/16		7,820,000		330,000		8,150,000		—		—		300,403		137,389
Oakland - CA		5/18/16		12,940,000		510,000		13,450,000		10,000,000		200,000		467,067		269,962
Concord - CA		5/18/16		35,980,000		1,180,000		37,160,000		10,000,000		560,000		997,290		694,132
Pompano Beach - FL		6/1/16		17,896,855		680,000		18,576,855		13,714,676		—		464,026		291,315
Lake Worth - FL		6/1/16		22,374,525		690,000		23,064,525		11,089,560		—		479,787		311,982
Jupiter - FL		6/1/16		26,075,993		850,000		26,925,993		12,469,383		—		589,951		404,641
Royal Palm Beach - FL		6/1/16		23,163,788		840,000		24,003,788		12,097,235		—		536,427		347,373
Port St. Lucie II - FL		6/1/16		13,986,635		520,000		14,506,635		7,280,380		—		351,056		200,887
Wellington - FL		6/1/16		21,136,510		780,000		21,916,510		10,644,805		—		483,565		315,979
Doral - FL		6/1/16		24,068,715		770,000		24,838,715		12,081,860		—		485,855		289,607
Plantation - FL		6/1/16		35,288,783		1,030,000		36,318,783		15,624,241		—		688,497		464,843
Naples - FL		6/1/16		24,923,615		750,000		25,673,615		13,504,110		—		496,981		352,336
Delray - FL		6/1/16		29,807,488		980,000		30,787,488		11,160,313		—		648,205		460,856
Baltimore - MD		6/1/16		27,517,095		770,000		28,287,095		15,333,437		—		576,244		387,412
Sonoma - CA		6/14/16		7,145,000		280,000		7,425,000		—		—		178,439		74,066
Las Vegas I - NV		7/28/16		13,515,000		420,000		13,935,000		—		—		178,845		111,614
Las Vegas II - NV		9/23/16		13,740,000		460,000		14,200,000		—		—		18,226		5,819
Las Vegas III - NV		9/27/16		8,910,000		340,000		9,250,000		—		—		11,064		4,578

Total			$	472,311,451	$	17,038,664	$	489,350,115	$	186,336,879	$	1,301,791	$	13,401,788	$	8,056,636

⁽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.

The purchase price allocations included above are preliminary and therefore, subject to change upon the completion of our analysis of appraisals and other information related to the acquisitions. We anticipate finalizing the purchase price allocations within one year of their acquisition date, as further evaluations are completed and additional information is received from third parties.

We incurred acquisition fees to our Advisor related to the above property acquisitions of approximately $9 million for the nine months ended September 30, 2016.