Secured Debt (Tables)

12 Months Ended

Dec. 31, 2022

The Company’s secured debt is summarized as follows:


Secured Debt	December 31, 2022			December 31, 2021			Interest Rate			Maturity Date
Huntington Credit Facility	$	95,091,351		$	37,062,500			6.94	%	11/30/2024
Skymar Loan		4,800,000			4,800,000			4.125	%	8/1/2024
SmartStop Delayed Draw Mezzanine Loan		35,000,000			6,800,000			7.30	%	12/30/2023
National Bank of Canada - Burlington Loan (1)		12,055,230			—			6.27	%	9/20/2025
National Bank of Canada - Cambridge Loan (2)		11,439,000			—			6.09	%	12/20/2025
Debt issuance costs, net		(1,216,158	)		(805,642	)
Total Secured Debt	$	157,169,423		$	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 December 31, 2022. We entered into an interest rate swap agreement that fixes CDOR at 4.02% until the maturity of the loan.

(2)

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 December 31, 2022. We entered into an interest rate swap agreement that fixes CDOR at 3.84% 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 December 31, 2022:


2023	$	35,500,610
2024		100,835,991
2025		22,048,980
Thereafter		—
Total payments		158,385,581
Debt issuance costs, net		(1,216,158	)
Total	$	157,169,423