XML 49 R38.htm IDEA: XBRL DOCUMENT v3.23.3
Debt - Additional Information (Detail)
$ in Millions
1 Months Ended 9 Months Ended
Sep. 28, 2023
USD ($)
Jun. 15, 2023
USD ($)
May 19, 2023
CAD ($)
May 10, 2023
CAD ($)
May 04, 2023
CAD ($)
Apr. 13, 2023
USD ($)
Jan. 31, 2023
USD ($)
Dec. 20, 2022
USD ($)
Sep. 20, 2022
CAD ($)
May 26, 2022
USD ($)
May 17, 2022
USD ($)
Apr. 26, 2022
USD ($)
Dec. 30, 2021
USD ($)
Nov. 30, 2021
USD ($)
SpecialEntity
May 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 15, 2023
CAD ($)
Jan. 31, 2023
CAD ($)
Dec. 20, 2022
CAD ($)
Dec. 19, 2022
USD ($)
Sep. 21, 2022
USD ($)
Jul. 08, 2022
USD ($)
Jul. 08, 2021
USD ($)
Line Of Credit Facility [Line Items]                                                
Weighted average interest rate                               7.89%                
Payments of interest on loan                               $ 50,000,000 $ 30,608,851              
CDOR                                                
Line Of Credit Facility [Line Items]                                                
Notional amount [1]                               $ 25,000,000                
SmartStop Delayed Draw Mezzanine Loan Agreement                                                
Line Of Credit Facility [Line Items]                                                
Repaid outstanding balance                             $ 50,000,000                  
SmartStop Delayed Draw Mezzanine Loan Agreement | St. John Property                                                
Line Of Credit Facility [Line Items]                                                
Additional borrowings from credit facility                                             $ 7,200,000  
SmartStop Delayed Draw Mezzanine Loan Agreement | Oxford Property                                                
Line Of Credit Facility [Line Items]                                                
Additional borrowings from credit facility                                           $ 11,000,000    
Huntington Credit Facility                                                
Line Of Credit Facility [Line Items]                                                
Number of Special Purpose Entities | SpecialEntity                           3                    
Line of credit facility, maximum borrowing capacity           $ 107,600,000               $ 50,000,000                    
Term loan maturity date Nov. 30, 2025         Nov. 30, 2025                   Nov. 30, 2025                
Applicable interest rate [2]                               7.93%                
Line of credit facility, amount borrowed           $ 12,500,000           $ 12,900,000 $ 14,700,000 $ 22,400,000                    
Debt Instrument, Interest Rate, Effective Percentage                               7.93%                
Huntington Credit Facility | Floor                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate 3.25%                                              
Huntington Credit Facility | Secured Overnight Financing Rate                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate 2.61%                                              
Interest rate term                               1 month Term                
Huntington Credit Facility | Second Amendment                                                
Line Of Credit Facility [Line Items]                                                
Line of credit facility, maximum borrowing capacity                     $ 100,000,000                          
Line of credit facility, amount borrowed                   $ 30,600,000 14,500,000                          
Line of credit, additional borrowing capacity                     $ 50,000,000                          
Huntington Credit Facility | Interest Rate Swap Agreement                                                
Line Of Credit Facility [Line Items]                                                
Notional amount           $ 60,000,000                                    
Huntington Credit Facility | Interest Rate Swap Agreement | Secured Overnight Financing Rate                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate           4.01%                                    
Huntington Credit Facility | Interest Rate Cap                                                
Line Of Credit Facility [Line Items]                                                
Notional amount $ 47,600,000         $ 47,600,000                                    
Huntington Credit Facility | Interest Rate Cap | Secured Overnight Financing Rate                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate 1.10%         2.60%                                    
Huntington Bridge Loan                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument carrying amount                       $ 30,600,000                        
Debt instrument maturity date                       Jul. 25, 2022                        
Huntington Bridge Loan | Floor                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate                       3.25%                        
Huntington Bridge Loan | Secured Overnight Financing Rate                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate                       2.61%                        
Skymar Loan                                                
Line Of Credit Facility [Line Items]                                                
Term loan maturity date                               Aug. 01, 2024               Aug. 01, 2024
Applicable interest rate                               4.125%               4.125%
Mortgage loan, amount                                               $ 4,800,000
Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Bradenton Property and Apopka Property                                                
Line Of Credit Facility [Line Items]                                                
Commitment fee percentage                         1.00%                      
Line of credit facility, amount borrowed                         $ 6,800,000                      
Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Line of credit facility, maximum borrowing capacity               $ 55,000,000                         $ 45,000,000      
Line of credit facility, amount borrowed               $ 10,000,000                                
Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Edmonton Property                                                
Line Of Credit Facility [Line Items]                                                
Additional borrowings from credit facility             $ 15,000,000                                  
Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Secured Overnight Financing Rate | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument, description of variable rate basis               SOFR plus 3%                                
Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement | Ontario Portfolio                                                
Line Of Credit Facility [Line Items]                                                
Line of credit facility, maximum borrowing capacity   $ 15,000,000                                            
Commitment fee percentage   1.00%                                            
Applicable interest rate                               8.31%                
Extension fee payment   $ 37,500                                            
Increase to interest rate   1.00%                                            
Debt instrument maturity date   Dec. 31, 2023                                            
Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement | Secured Overnight Financing Rate | Ontario Portfolio                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument, description of variable rate basis   SOFR plus 3.00%                                            
Debt instrument variable interest rate   3.00%                                            
Loans from SmartStop OP, L.P. | Maximum | SmartStop Delayed Draw Mezzanine Loan Agreement | Bradenton Property and Apopka Property                                                
Line Of Credit Facility [Line Items]                                                
Loan in connection with acquisition of Bradenton Property and Apopka Property                         $ 45,000,000                      
National Bank of Canada Loan | Acquisition of North York Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument carrying amount                                     $ 25.0          
National Bank of Canada Loan | CDOR | Acquisition of North York Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate             2.40%                                  
Interest rate term             one month                                  
National Bank of Canada Loan | Interest Rate Swap Agreement | Acquisition of North York Property                                                
Line Of Credit Facility [Line Items]                                                
Notional amount                                     $ 25.0          
Debt instrument maturity date             Jan. 31, 2025                                  
Debt instrument, frequency of payment             monthly                                  
Debt instrument amortization period             25 years                                  
National Bank of Canada Loan | Interest Rate Swap Agreement | CDOR | Acquisition of North York Property                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate             3.79%                       3.79%          
National Bank of Canada | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Repaid outstanding balance       $ 0.4                                        
Term loan                                       $ 15.5        
National Bank of Canada | Burlington Property                                                
Line Of Credit Facility [Line Items]                                                
Term loan                 $ 16.5                              
National Bank of Canada | CDOR | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate               2.25%                                
Interest rate term               one month                                
National Bank of Canada | CDOR | Burlington Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate                 2.25%                              
Interest rate term                 one month                              
National Bank of Canada | Interest Rate Swap Agreement | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Notional amount                                       $ 15.5        
Debt instrument maturity date               Dec. 20, 2025                                
Debt instrument, frequency of payment               monthly                                
Debt instrument amortization period               25 years                                
National Bank of Canada | Interest Rate Swap Agreement | Burlington Property                                                
Line Of Credit Facility [Line Items]                                                
Notional amount                 $ 16.5                              
Debt instrument maturity date                 Sep. 20, 2025                              
Debt instrument, frequency of payment                 monthly                              
Debt instrument amortization period                 25 years                              
National Bank of Canada | Interest Rate Swap Agreement | CDOR | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate               3.83%                       3.83%        
National Bank of Canada | Interest Rate Swap Agreement | CDOR | Burlington Property                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate                 4.02%                              
Bank of Montreal Loan                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument carrying amount         $ 21.6                                      
Debt instrument maturity date         May 04, 2025                                      
Debt instrument, initial term         2 years                                      
Extension option period         1 year                                      
Bank of Montreal Loan | CDOR                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate         2.50%                                      
Interest rate term         one-month                                      
Bank of Montreal Loan | Interest Rate Swap Agreement                                                
Line Of Credit Facility [Line Items]                                                
Notional amount         $ 21.6                                      
Bank of Montreal Loan | Interest Rate Swap Agreement | CDOR                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate         4.47%                                      
First National Loan                                                
Line Of Credit Facility [Line Items]                                                
Term loan maturity date                               May 18, 2025                
Applicable interest rate [3]                               9.10%                
Debt instrument carrying amount     $ 8.8                                          
Debt instrument maturity date     May 18, 2025                                          
Debt instrument, initial term     2 years                                          
First National Loan | Royal Bank of Canada Prime Rate                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate     1.90%                                          
National Bank of Canada - Ontario Loan                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument carrying amount                                   $ 127.2            
Debt instrument maturity date   Jun. 15, 2025                                            
Debt instrument, frequency of payment   monthly                                            
Debt instrument amortization period   25 years                                            
National Bank of Canada - Ontario Loan | CDOR                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument variable interest rate   2.60%                                            
Interest rate term   one month                                            
National Bank of Canada - Ontario Loan | Minimum                                                
Line Of Credit Facility [Line Items]                                                
Debt service coverage ratio   0.01                                            
National Bank of Canada - Ontario Loan | Maximum                                                
Line Of Credit Facility [Line Items]                                                
Debt service coverage ratio   0.013                                            
National Bank of Canada - Ontario Loan | Interest Rate Swap Agreement                                                
Line Of Credit Facility [Line Items]                                                
Notional amount                                   $ 127.2            
National Bank of Canada - Ontario Loan | Interest Rate Swap Agreement | CDOR                                                
Line Of Credit Facility [Line Items]                                                
Applicable interest rate   4.73%                               4.73%            
Extended Maturity | Huntington Credit Facility                                                
Line Of Credit Facility [Line Items]                                                
Term loan maturity date Nov. 30, 2027                                              
Extended Maturity | Loans from SmartStop OP, L.P. | SmartStop Delayed Draw Mezzanine Loan Agreement | Cambridge Property                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument maturity date               Dec. 30, 2023                                
Extended Maturity | Loans from SmartStop OP, L.P. | SmartStop Bridge Loan Agreement | Ontario Portfolio                                                
Line Of Credit Facility [Line Items]                                                
Debt instrument maturity date   Dec. 31, 2024                                            
[1] Notional amount is denominated in CAD and has been designated as a cash flow hedge.
[2] 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 2.72% until the maturity of the loan.
[3] 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 September 30, 2023.