XML 52 R45.htm IDEA: XBRL DOCUMENT v3.25.1
Debt - Summary of Secured Debt (Detail) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Nov. 15, 2024
Apr. 13, 2023
Line Of Credit Facility [Line Items]        
Total Debt $ 278,152,442 $ 274,056,356    
Huntington Credit Facility        
Line Of Credit Facility [Line Items]        
Total Debt [1] $ 87,076,757 107,574,000    
Interest Rate [1] 6.93%      
Maturity Date Nov. 30, 2027 [1]   Nov. 30, 2027 Nov. 30, 2025
National Bank of Canada | Burlington Loan        
Line Of Credit Facility [Line Items]        
Total Debt [2]   10,445,935    
National Bank of Canada | Cambridge Loan        
Line Of Credit Facility [Line Items]        
Total Debt [3]   9,663,950    
National Bank of Canada | North York Loan        
Line Of Credit Facility [Line Items]        
Total Debt [4]   16,754,775    
National Bank of Canada | Ontario Loan        
Line Of Credit Facility [Line Items]        
Total Debt [5]   86,428,202    
National Bank of Canada | Four Property Loan        
Line Of Credit Facility [Line Items]        
Total Debt [6] $ 44,517,747      
Interest Rate [6] 5.32%      
Maturity Date [6] Jan. 08, 2028      
Bank of Montreal Loan        
Line Of Credit Facility [Line Items]        
Total Debt [7]   15,044,513    
First National Loan        
Line Of Credit Facility [Line Items]        
Total Debt [8]   6,125,639    
Skymar | Vancouver        
Line Of Credit Facility [Line Items]        
Total Debt $ 13,000,000      
Interest Rate 7.55%      
Maturity Date Apr. 01, 2030      
Skymar | Bradenton        
Line Of Credit Facility [Line Items]        
Total Debt $ 9,120,000      
Interest Rate 7.50%      
Maturity Date Apr. 01, 2030      
QuadReal | Seven Property Loan        
Line Of Credit Facility [Line Items]        
Total Debt [9] $ 102,400,200      
Interest Rate [9] 5.59%      
Maturity Date [9] Apr. 01, 2030      
Meridian Loan        
Line Of Credit Facility [Line Items]        
Total Debt [10] $ 1,452,160      
Interest Rate [10] 6.70%      
Maturity Date [10] Mar. 05, 2028      
SmartStop Bridge Loan        
Line Of Credit Facility [Line Items]        
Total Debt $ 23,000,000 23,000,000    
Interest Rate 8.41%      
Maturity Date Dec. 31, 2025      
Secured Debt        
Line Of Credit Facility [Line Items]        
Total Debt $ 124,520,200 0    
Debt issuance costs, net $ (2,414,422) $ (980,658)    
[1] As of March 31, 2025, this variable rate loan encumbers 11 properties (Phoenix I, Las Vegas, Phoenix II, Surprise, Apopka, Portland, Newark, Levittown, Chandler, St. Johns and Oxford). We entered into an interest rate swap agreement that fixes SOFR at 2.89% until the maturity of the loan.
[2] On January 8, 2025, the National Bank of Canada - Burlington Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[3] On January 8, 2025, the National Bank of Canada - Cambridge Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[4] On January 8, 2025, the National Bank of Canada - North York Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[5] On March 7, 2025, the National Bank of Canada - Ontario Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[6] This variable rate loan encumbers four properties (Burlington, Cambridge, North York and Edmonton) and the amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2025. We entered into an interest rate swap agreement that fixes CORRA at 5.58% until the maturity of the loan.
[7] On March 7, 2025, the Bank of Montreal Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[8] On January 8, 2025, the First National Loan was repaid and terminated in accordance with the loan agreement without fees or penalties. The amount shown above is in USD based on the foreign exchange rate in effect as of December 31, 2024.
[9] This fixed rate loan encumbers seven properties (Mississauga, Mississauga II, Burlington II, Hamilton, Vancouver, Woodbridge and Toronto) and the amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2025.
[10] This variable rate loan encumbers our Etobicoke, ONT development property and the amount shown above is in USD based on the foreign exchange rate in effect as of March 31, 2025.