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Debt (Tables)
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Summary of Secured Debt

The Company’s secured debt is summarized as follows:

 

Debt

 

June 30,
2023

 

 

December 31,
2022

 

 

Interest
Rate

 

 

Maturity
Date

Huntington Credit Facility

 

$

107,574,000

 

 

$

95,091,351

 

 

 

7.75

%

(1)

11/30/2025

Skymar Loan

 

 

4,800,000

 

 

 

4,800,000

 

 

 

4.125

%

 

8/1/2024

SmartStop Delayed Draw Mezzanine Loan

 

 

 

 

 

35,000,000

 

 

 

 

 

N/A

National Bank of Canada - Burlington Loan

 

 

12,078,974

 

 

 

12,055,230

 

 

 

7.52

%

(2)

9/20/2025

National Bank of Canada - Cambridge Loan

 

 

11,392,197

 

 

 

11,439,000

 

 

 

7.52

%

(3)

12/20/2025

National Bank of Canada - North York Loan

 

 

18,867,500

 

 

 

 

 

 

7.67

%

(4)

1/31/2025

Bank of Montreal Loan

 

 

16,320,388

 

 

 

 

 

 

7.77

%

(5)

5/4/2025

First National Loan

 

 

6,645,134

 

 

 

 

 

 

8.85

%

(6)

5/18/2025

National Bank of Canada - Ontario Loan

 

 

95,997,840

 

 

 

 

 

 

7.87

%

(7)

6/15/2025

SmartStop Bridge Loan

 

 

15,000,000

 

 

 

 

 

 

8.09

%

 

12/31/2023

Debt issuance costs, net

 

 

(2,417,739

)

 

 

(1,216,158

)

 

 

 

 

 

Total Secured Debt

 

$

286,258,294

 

 

$

157,169,423

 

 

 

 

 

 

 

(1)
This variable rate loan encumbers 12 properties (Phoenix I, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreements and an interest rate cap that fixes SOFR at 3.39% until the maturity of the loan.
(2)
This variable rate loan encumbers our Burlington, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023 and December 31, 2022, respectively. We entered into an interest rate swap agreement that fixes CDOR at 4.02% until the maturity of the loan.
(3)
This variable rate loan encumbers our Cambridge, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023 and December 31, 2022, respectively. We entered into an interest rate swap agreement that fixes CDOR at 3.83% until the maturity of the loan.
(4)
This variable rate loan encumbers our North York, ONT property and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023. We entered into an interest rate swap agreement that fixes CDOR at 3.79% until the maturity of the loan.
(5)
This variable rate loan encumbers our Vancouver, BC property and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023. We entered into an interest rate swap agreement that fixes CDOR at 4.47% until the maturity of the loan.
(6)
This variable rate loan encumbers our Edmonton, AB property and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023.
(7)
This variable rate loan encumbers our Ontario Portfolio and the amount shown above is in USD based on the foreign exchange rate in effect as of June 30, 2023. We entered into an interest rate swap agreement that fixes CDOR at 4.73% until the maturity of the loan.
Schedule of Secured Debt Future Principal Payments

The following table presents the future principal payment requirements on our outstanding secured debt as of June 30, 2023:

2023

 

$

15,358,887

 

2024

 

 

8,601,774

 

2025

 

 

264,715,372

 

Thereafter

 

 

 

Total payments

 

 

288,676,033

 

Debt issuance costs, net

 

 

(2,417,739

)

Total

 

$

286,258,294