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Debt (Tables)

9 Months Ended

Sep. 30, 2024

The Company’s secured debt is summarized as follows:


Debt	September 30, 2024	December 31, 2023	Interest Rate		Maturity Date
Huntington Credit Facility	$107,574,000	$107,574,000	7.46%	(1)	11/30/2025
Skymar Loan	—	4,764,241	N/A	(2)	N/A
National Bank of Canada - Burlington Loan	11,230,164	11,823,653	6.85%	(3)	9/20/2025
National Bank of Canada - Cambridge Loan	10,384,284	11,348,205	6.85%	(4)	12/20/2025
National Bank of Canada - North York Loan	18,001,800	18,857,500	7.00%	(5)	1/31/2025
Bank of Montreal Loan	15,998,175	16,311,738	7.10%	(6)	5/4/2025
First National Loan	6,513,939	6,641,612	8.60%	(7)	6/1/2025
National Bank of Canada - Ontario Loan	92,847,859	95,946,960	7.20%	(8)	6/15/2025
SmartStop Bridge Loan	23,000,000	15,000,000	8.96%		12/31/2025
Debt issuance costs, net	(1,022,796)	(1,783,488)
Total Debt	$284,527,425	$286,484,421

(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 Secured Overnight Financing Rate ("SOFR") at 0.77% until the maturity of the loan.

(2)

On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties.

(3)

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, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.02% until the maturity of the loan.

(4)

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 September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.52% until the maturity of the loan.

(5)

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 September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.79% until the maturity of the loan.

(6)

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 September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.47% until the maturity of the loan.

(7)

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, 2024 and December 31, 2023, respectively.

(8)

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 September 30, 2024 and December 31, 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA 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 September 30, 2024:


2024	$	1,355,466
2025		284,194,755
Thereafter		—
Total payments		285,550,221
Debt issuance costs, net		(1,022,796	)
Total	$	284,527,425