Secured Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Secured Debt

The Company’s secured debt is summarized as follows:

Secured Debt	September 30, 2022			December 31, 2021			Interest Rate			Maturity Date
Huntington Credit Facility	$	95,091,351		$	37,062,500			5.63	%	11/30/2024
Skymar Loan		4,800,000			4,800,000			4.125	%	8/1/2024
SmartStop Delayed Draw Mezzanine Loan		25,000,000			6,800,000			6.14	%	12/30/2022
National Bank of Canada Loan (1)		12,007,050			—			6.27	%	9/20/2025
Debt issuance costs, net		(1,340,928	)		(805,642	)
Total Secured Debt	$	135,557,473		$	47,856,858

(1)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 September 30, 2022. We entered into an interest rate swap agreement that fixes CDOR at 4.02% 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 September 30, 2022:

2022	$	25,000,000
2023		—
2024		99,891,351
2025		12,007,050
Thereafter		—
Total payments		136,898,401
Debt issuance costs, net		(1,340,928	)
Total	$	135,557,473