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Debt - Summary of Secured Debt (Detail) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Apr. 13, 2023
Jul. 08, 2021
Line Of Credit Facility [Line Items]        
Total Debt $ 274,056,356 [1] $ 286,484,421    
Huntington Credit Facility        
Line Of Credit Facility [Line Items]        
Total Debt [2] $ 107,574,000 $ 107,574,000    
Interest Rate [2]   6.94%    
Maturity Date Nov. 30, 2027 Nov. 30, 2027 [2] Nov. 30, 2025  
Skymar Loan        
Line Of Credit Facility [Line Items]        
Total Debt [3] $ 0 $ 4,764,241    
Interest Rate       4.125%
Maturity Date       Aug. 01, 2024
National Bank of Canada | Burlington Loan        
Line Of Credit Facility [Line Items]        
Total Debt 10,445,935 $ 11,823,653    
Interest Rate   5.87%    
Maturity Date [4]   Sep. 20, 2025    
National Bank of Canada | Cambridge Loan        
Line Of Credit Facility [Line Items]        
Total Debt 9,663,950 $ 11,348,205    
Interest Rate   5.87%    
Maturity Date [5]   Dec. 20, 2025    
National Bank of Canada | North York Loan        
Line Of Credit Facility [Line Items]        
Total Debt 16,754,775 $ 18,857,500    
Interest Rate   6.02%    
Maturity Date [6]   Jan. 31, 2025    
National Bank of Canada | Ontario Loan        
Line Of Credit Facility [Line Items]        
Total Debt 86,428,202 $ 95,946,960    
Interest Rate   6.22%    
Maturity Date [7]   Jun. 15, 2025    
Bank of Montreal Loan        
Line Of Credit Facility [Line Items]        
Total Debt 15,044,513 $ 16,311,738    
Interest Rate   6.12%    
Maturity Date [8]   May 04, 2025    
First National Loan        
Line Of Credit Facility [Line Items]        
Total Debt 6,125,639 $ 6,641,612    
Interest Rate   8.60%    
Maturity Date [9]   Jun. 01, 2025    
SmartStop Bridge Loan        
Line Of Credit Facility [Line Items]        
Total Debt 23,000,000 $ 15,000,000    
Interest Rate   8.49%    
Maturity Date   Dec. 31, 2025    
Secured Debt        
Line Of Credit Facility [Line Items]        
Total Debt 0 $ 4,764,241    
Debt issuance costs, net $ (980,658) [1] $ (1,783,488)    
[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.
[2] 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.
[3] On August 1, 2024, the Skymar Loan was repaid and terminated in accordance with the loan agreement without fees or penalties.
[4] 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.
[5] 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.
[6] 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.
[7] 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.
[8] 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.
[9] 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.