Debt (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s secured debt is summarized as follows:


Debt	March 31, 2026			December 31, 2025			Interest Rate			Maturity Date
Huntington Credit Facility(1)	$	86,520,367		$	86,937,660			6.27	%	11/30/2027
National Bank of Canada - Four Property Loan(2)		44,991,750			45,960,783			4.82	%	1/8/2028
Skymar - Vancouver		13,000,000			13,000,000			7.55	%	4/1/2030
Meridian Loan(3)		7,829,088			7,617,239			5.95	%	1/31/2028
QuadReal - Seven Property Loan(4)		105,501,900			107,221,800			5.59	%	4/1/2030
Skymar - Bradenton		9,120,000			9,120,000			7.50	%	4/1/2030
SmartStop Bridge Loan		25,000,000			25,000,000			7.18	%	6/30/2027
Debt issuance costs, net		(1,772,399	)		(1,949,228	)
Total Debt	$	290,190,706		$	292,908,254

(1)

As of March 31, 2026, 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 1.54% until the maturity of the loan.

(2)

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, 2026 and December 31, 2025, respectively. We entered into an interest rate swap agreement that fixes CORRA at 3.03% until the maturity of the loan.

(3)

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, 2026 and December 31, 2025, respectively.

(4)

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, 2026 and December 31, 2025, respectively.

Schedule of Secured Debt Future Principal Payments

The following table presents the future principal payment requirements on our outstanding secured debt as of March 31, 2026:


2026		1,939,714
2027		111,411,086
2028		51,474,737
2029		326,349
2030		126,811,219
Total payments		291,963,105
Debt issuance costs, net		(1,772,399	)
Total	$	290,190,706