XML 40 R30.htm IDEA: XBRL DOCUMENT v3.26.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Secured Debt

The Company’s secured debt is summarized as follows:

Debt

 

December 31,
2025

 

 

December 31,
2024

 

 

Interest
Rate

 

 

Maturity
Date

Huntington Credit Facility(1)

 

$

86,937,660

 

 

$

107,574,000

 

 

 

6.30

%

 

11/30/2027

National Bank of Canada - Burlington Loan(2)

 

 

—

 

 

 

10,445,935

 

 

N/A

 

 

N/A

National Bank of Canada - Cambridge Loan(3)

 

 

—

 

 

 

9,663,950

 

 

N/A

 

 

N/A

National Bank of Canada - North York Loan(4)

 

 

—

 

 

 

16,754,775

 

 

N/A

 

 

N/A

Bank of Montreal Loan (5)

 

 

—

 

 

 

15,044,513

 

 

N/A

 

 

N/A

First National Loan(6)

 

 

—

 

 

 

6,125,639

 

 

N/A

 

 

N/A

National Bank of Canada - Ontario Loan(7)

 

 

—

 

 

 

86,428,202

 

 

N/A

 

 

N/A

National Bank of Canada - Four Property Loan(8)

 

 

45,960,783

 

 

 

—

 

 

 

4.85

%

 

1/8/2028

Skymar - Vancouver

 

 

13,000,000

 

 

 

—

 

 

 

7.55

%

 

4/1/2030

Meridian Loan(9)

 

 

7,617,239

 

 

 

—

 

 

 

5.95

%

 

1/31/2028

QuadReal - Seven Property Loan(10)

 

 

107,221,800

 

 

 

—

 

 

 

5.59

%

 

4/1/2030

Skymar - Bradenton

 

 

9,120,000

 

 

 

—

 

 

 

7.50

%

 

4/1/2030

SmartStop Bridge Loan

 

 

25,000,000

 

 

 

23,000,000

 

 

 

7.87

%

 

6/30/2027

Debt issuance costs, net

 

 

(1,949,228

)

 

 

(980,658

)

 

 

 

 

 

Total Debt

 

$

292,908,254

 

 

$

274,056,356

 

 

 

 

 

 

 

(1)
As of December 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 interest rate swap agreement that fixes SOFR at 2.29% 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 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.
(6)
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.
(7)
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.
(8)
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 December 31, 2025. We entered into an interest rate swap agreement that fixes CORRA at 3.03% until the maturity of the loan.
(9)
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 December 31, 2025.
(10)
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 December 31, 2025.
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, 2025:

2026

 

 

2,603,665

 

2027

 

 

111,426,803

 

2028

 

 

51,969,546

 

2029

 

 

326,349

 

2030

 

 

128,531,119

 

Total payments

 

 

294,857,482

 

Debt issuance costs, net

 

 

(1,949,228

)

Total

 

$

292,908,254