Debt (Tables)

12 Months Ended

Dec. 31, 2024

The Company’s secured debt is summarized as follows:


Debt	December 31, 2024			December 31, 2023			Interest Rate			Maturity Date
Huntington Credit Facility(1)	$	107,574,000		$	107,574,000			6.94	%	11/30/2027
Skymar Loan(2)		—			4,764,241		N/A			N/A
National Bank of Canada - Burlington Loan		10,445,935			11,823,653			5.87	%	9/20/2025	(3)
National Bank of Canada - Cambridge Loan		9,663,950			11,348,205			5.87	%	12/20/2025	(4)
National Bank of Canada - North York Loan		16,754,775			18,857,500			6.02	%	1/31/2025	(5)
Bank of Montreal Loan		15,044,513			16,311,738			6.12	%	5/4/2025	(6)
First National Loan		6,125,639			6,641,612			8.60	%	6/1/2025	(7)
National Bank of Canada - Ontario Loan		86,428,202			95,946,960			6.22	%	6/15/2025	(8)
SmartStop Bridge Loan		23,000,000			15,000,000			8.49	%	12/31/2025
Debt issuance costs, net		(980,658	)		(1,783,488	)
Total Debt	$	274,056,356		$	286,484,421

(1)

This variable rate loan encumbers 13 properties (Phoenix I, Las Vegas, Phoenix II, Surprise, Bradenton, Apopka, Vancouver WA, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into interest rate swap agreement that fixes SOFR at 2.89% 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 December 31, 2024 and 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.02% until the maturity of the loan. On January 8, 2025, in connection with entering into the National Bank of Canada - Four Property Loan the National Bank of Canada - Burlington Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

(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 December 31, 2024 and 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.83% until the maturity of the loan. On January 8, 2025, in connection with entering into the National Bank of Canada - Four Property Loan, the National Bank of Canada - Cambridge Loan was repaid in full and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

(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 December 31, 2024 and 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.79% until the maturity of the loan. On January 8, 2025, in connection with entering into the National Bank of Canada - Four Property Loan, the National Bank of Canada - North York Loan was repaid in full and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

(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 December 31, 2024 and 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.47% until the maturity of the loan. On March 7, 2025, in connection entering into the QualReal - Seven Property Loan, the Bank of Montreal Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

(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 December 31, 2024 and 2023, respectively. On January 8, 2025, in connection

with entering into the National Bank of Canada - Four Property Loan, the First National Loan was repaid in full and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

(8)

This variable rate loan encumbers the six properties in our Ontario Portfolio and the amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024 and 2023, respectively. We entered into an interest rate swap agreement that fixes CORRA at 4.73% until the maturity of the loan. On March 7, 2025, in connection entering into the QualReal - Seven Property Loan, the National Bank of Canada - Ontario Loan was repaid in full and terminated in accordance with the loan agreement without fees or penalties. See Note 13 - Subsequent events.

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, 2024:


2025	$	167,463,014		(1)
2026		—
2027		107,574,000
Thereafter		—
Total payments		275,037,014
Debt issuance costs, net		(980,658	)
Total	$	274,056,356

(1)

On January 8, 2025, we entered into a new credit agreement with National Bank of Canada - Four Property Loan, that has an initial term of three years and matures on January 8, 2028. We used the proceeds from the National Bank of Canada - Four Property Loan to repay and terminate in accordance with the loan agreements without fees or penalties the National Bank of Canada - Burlington Loan, National Bank of Canada - Cambridge Loan, First National Loan and National Bank of Canada – North York Loan totaling approximately $43.0 million. On March 7, 2025, we entered into a new credit agreement with QuadReal - Seven Property Loan, that has an initial term of five years and matures on April 1, 2030. We used the proceeds from the QuadReal - Seven Property Loan to repay and terminate in accordance with the loan agreements without fees or penalties the National Bank of Canada - Ontario Loan and Bank of Montreal Loan, totaling approximately $101.5 million.