XML 86 R69.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Reportable Segments (Detail) - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:                      
Total revenues                 $ 124,024,363 $ 109,528,549 $ 80,412,257
Operating expenses:                      
General and administrative                 16,471,199 10,461,453 4,848,447
Depreciation                 32,294,627 29,605,278 20,379,694
Intangible amortization expense                 9,777,116 11,493,394 2,422,997
Other property acquisition expenses                 1,366,092 141,489  
Contingent earnout adjustment                 (2,500,000) 200,000 0
Self administration transaction expenses                 0 1,572,238 0
Acquisition expenses – affiliates                   84,061  
Impairment of goodwill and intangible assets                 36,465,732    
Impairment of investments in Managed REITs                 4,376,879 0 0
Total operating expenses $ 29,307,135 $ 26,992,137 $ 27,497,027 $ 61,368,274 $ 26,965,933 $ 27,773,486 $ 25,211,611 $ 21,934,203 145,164,573 101,885,233 64,260,814
Gain on sale of real estate                 0 3,944,696 0
Operating income (loss) 3,586,438 4,370,985 1,972,518 (31,070,151) 7,055,456 1,814,528 768,906 1,949,122 (21,140,210) 11,588,012 16,151,443
Other income (expense):                      
Interest expense                 (32,597,613) (37,563,247) (18,002,274)
Interest expense – accretion of fair market value of secured debt                 130,682 131,611 413,353
Interest expense – debt issuance costs                 (3,586,381) (3,996,676) (1,582,049)
Net loss on extinguishment of debt                 0 (2,647,633) 0
Gain resulting from acquisition of unconsolidated affiliates                 0 8,017,353 0
Other                 5,986,719 (624,958) (701,203)
Net loss $ (1,943,884) $ (4,456,497) $ (7,062,841) $ (37,743,581) $ (4,321,670) $ (9,541,579) $ (2,283,972) $ (8,948,317) (51,206,803) (25,095,538) (3,720,730)
Self Storage                      
Revenues:                      
Total revenues                 110,174,925 103,201,260  
Operating expenses:                      
Depreciation                 31,773,526 29,305,979  
Intangible amortization expense                 5,234,312 9,051,083  
Other property acquisition expenses                 1,366,092 141,489  
Acquisition expenses – affiliates                   84,061  
Total operating expenses                 76,679,129 80,911,393  
Gain on sale of real estate                   3,944,696  
Operating income (loss)                 33,495,796 26,234,563  
Other income (expense):                      
Interest expense                 (32,417,179) (37,469,725)  
Interest expense – accretion of fair market value of secured debt                 130,682 131,611  
Interest expense – debt issuance costs                 (3,577,730) (3,990,421)  
Net loss on extinguishment of debt                   (2,635,278)  
Gain resulting from acquisition of unconsolidated affiliates                   8,017,353  
Other                 1,708,026 (1,159,570)  
Net loss                 (660,405) (10,871,467)  
Managed REIT Platform                      
Revenues:                      
Total revenues                 13,849,438 6,327,289  
Operating expenses:                      
Intangible amortization expense                 4,542,804 2,442,311  
Contingent earnout adjustment                 (2,500,000)    
Impairment of goodwill and intangible assets                 36,465,732    
Impairment of investments in Managed REITs                 4,376,879    
Total operating expenses                 51,493,144 8,440,850  
Operating income (loss)                 (37,643,706) (2,113,561)  
Other income (expense):                      
Other                 4,557,129 534,612  
Net loss                 (33,086,577) (1,578,949)  
Corporate and Other                      
Operating expenses:                      
General and administrative                 16,471,199 10,461,453  
Depreciation                 521,101 299,299  
Contingent earnout adjustment                   200,000  
Self administration transaction expenses                   1,572,238  
Total operating expenses                 16,992,300 12,532,990  
Operating income (loss)                 (16,992,300) (12,532,990)  
Other income (expense):                      
Interest expense                 (180,434) (93,522)  
Interest expense – debt issuance costs                 (8,651) (6,255)  
Net loss on extinguishment of debt                   (12,355)  
Other                 (278,436)    
Net loss                 (17,459,821) (12,645,122)  
Self Storage Rental Revenue                      
Revenues:                      
Total revenues                 104,888,883 99,494,560 78,473,091
Self Storage Rental Revenue | Self Storage                      
Revenues:                      
Total revenues                 104,888,883 99,494,560  
Ancillary Operating Revenue                      
Revenues:                      
Total revenues                 5,286,042 3,706,700 1,939,166
Ancillary Operating Revenue | Self Storage                      
Revenues:                      
Total revenues                 5,286,042 3,706,700  
Managed REIT Platform Revenue                      
Revenues:                      
Total revenues                 8,048,630 3,068,306 0
Managed REIT Platform Revenue | Managed REIT Platform                      
Revenues:                      
Total revenues                 8,048,630 3,068,306  
Reimbursable Costs from Managed REITs                      
Revenues:                      
Total revenues                 5,800,808 3,258,983 0
Operating expenses:                      
Operating expenses                 5,800,808 3,258,983 0
Reimbursable Costs from Managed REITs | Managed REIT Platform                      
Revenues:                      
Total revenues                 5,800,808 3,258,983  
Operating expenses:                      
Operating expenses                 5,800,808 3,258,983  
Property Operating Expenses                      
Operating expenses:                      
Operating expenses                 38,305,199 35,723,111 25,228,704
Property Operating Expenses | Self Storage                      
Operating expenses:                      
Operating expenses                 38,305,199 35,723,111  
Property Operating Expenses – Affiliates                      
Operating expenses:                      
Operating expenses                 0 6,605,670 10,254,634
Property Operating Expenses – Affiliates | Self Storage                      
Operating expenses:                      
Operating expenses                   6,605,670  
Managed REIT Platform Expenses                      
Operating expenses:                      
Operating expenses                 2,806,921 2,739,556 $ 0
Managed REIT Platform Expenses | Managed REIT Platform                      
Operating expenses:                      
Operating expenses                 $ 2,806,921 $ 2,739,556