Secured Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Secured Debt

The Company’s secured debt is summarized as follows:

Secured Debt	March 31, 2023			December 31, 2022			Interest Rate				Maturity Date
Huntington Credit Facility	$	95,091,351		$	95,091,351			7.41	%		11/30/2024
Skymar Loan		4,800,000			4,800,000			4.125	%		8/1/2024
SmartStop Delayed Draw Mezzanine Loan		50,000,000			35,000,000			7.87	%		12/30/2023
National Bank of Canada - Burlington Loan		11,949,630			12,055,230			7.20	%	(1)	9/20/2025
National Bank of Canada - Cambridge Loan		11,454,500			11,439,000			7.20	%	(2)	12/20/2025
National Bank of Canada - North York Loan		18,475,000			—			7.35	%	(3)	1/31/2025
Debt issuance costs, net		(1,256,923	)		(1,216,158	)
Total Secured Debt	$	190,513,558		$	157,169,423

(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 March 31, 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.

(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 March 31, 2023 and December 31, 2022, respectively. We entered into an interest rate swap agreement that fixes CDOR at 3.84% until the maturity of the loan.

(3)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 March 31, 2023. We entered into an interest rate swap agreement that fixes CDOR at 3.79% 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 March 31, 2023:

2023	$	50,379,353		(1)
2024		101,514,688
2025		39,876,440
Thereafter		—
Total payments		191,770,481
Debt issuance costs, net		(1,256,923	)
Total	$	190,513,558

(1)On May 2, 2023, we repaid the $50 million outstanding balance on the SmartStop Delayed Draw Mezzanine Loan. See Note 12 - Subsequent Events.